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EU defence commissioner calls for obligatory ammunition stockpiles

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The EU’s first defence commissioner wants to force countries to stockpile minimum levels of ammunition and other supplies, saying it is the best way to scale up the bloc’s undersized arms industry to ready it for war.

Andrius Kubilius, who will take the job this year if the European parliament approves, said the EU must prepare for Russian attack within a few years.

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He compared his plan to similar arrangements for natural gas, under which countries must keep reserves and share them with neighbours in need.

“Why do we not have some kind of criteria called military security to keep in storage such and such an amount of artillery shells and some other products . . . let’s say powder [explosives]?

“You bring added value to the security of member states but in addition, you are creating permanent demand for production, which is the biggest issue for the defence industry. They lack stable long-term orders for production.”

Commissioner-designate for Defence and Space Andrius Kubilius
‘Democratic Europeans should be as united as possible,’ said Andrius Kubilius, adding that Britain is considered ‘part of Europe’ © John Thys/PoolL/EPA-EFE/Shutterstock

The EU has tried to boost weapons output after Ukraine was forced to ration shells and missiles in its effort to push back Russian offensives. 

Finland, Russia’s neighbour, is one of the few member states with large reserves of weaponry while media reports in Germany in 2022 said its army would run out of ammunition after two days of fighting.

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Kubilius said he had no wish to duplicate the role of Nato. Officials at the US-dominated alliance have criticised the EU’s alternative set of equipment standards and procurement efforts.

In March, the EU allocated €500mn under the Act in Support of Ammunition Production (ASAP) to boost output capacity to 2mn shells annually by the end of 2025.

Kubilius, a former Lithuanian prime minister, said that was an improvement on the 300,000 annual limit when Russia attacked Kyiv in 2022. But more is needed, he said. “If I’m correct, we’re still behind the Russians.”

Commission President Ursula von der Leyen has said the bloc needs to spend €500bn to make up the shortfall in defence spending since the end of the cold war in the 1990s. 

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She has given Kubilius 100 days after taking office to produce a white paper on defence strategy. It should include a European air shield, which would cost hundreds of billions of euros, and a cyber defence system, she said.

Kubilius wants EU member states to borrow the money for this jointly, an idea opposed for now by net budget contributors Germany and the Netherlands.

He will also sketch out other projects of common interest that would be eligible for EU funding, including ways of incentivising defence industry companies to work together across borders.

The tendency of various European governments to favour their own national champions has led to a proliferation of different models of tanks, artillery pieces and fighting vehicles, denting efficiency.  

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To attract private money, meanwhile, the EU must change investment rules to classify defence spending as sustainable, Kubilius said.

He also said he wanted to work more closely with Ukraine arms manufacturers, as drones and missiles had transformed the modern battlefield. “They have real-world experience,” he said.

Kubilius warned there was no time to lose, citing Germany’s assessment that Russia could be ready to attack an EU member by 2029. 

The EU has been scouring the globe to get weapons to send to Ukraine. The Czech Republic is leading an effort to buy 300,000 artillery shells.

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Kubilius said EU industry plans could include the UK, which has left the bloc.

“We consider Britain as part of Europe,” he said. “Democratic Europeans should be as united as possible. I see the danger of our weakness . . . and Putin could be tempted to look for some additional adventures. 

“But the Chinese are [also] watching. The Chinese will make one simple conclusion. The West is quite weak. Despite the fact the combined Western economic spending power is 25 times stronger than Russian, we are not able to win. What is the reason? It’s a question of political will.”

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European steelmakers plead with Brussels to tackle flood of Chinese exports

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European steelmakers have appealed to trade officials to tackle a surge in Chinese steel exports that has driven European prices below the cost of production.

A new, comprehensive system of tariffs is needed to address the market-distorting effects of global overcapacity and protect domestic manufacturers battered by weak demand and high energy costs, producers and Europe’s main trade body told the Financial Times.

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China, the world’s largest producer of steel, is expected to export more than 100mn tonnes of the metal this year, more than any year since 2016. The surge has already raised trade tensions and prompted several countries to introduce tariffs on imports.

Direct Chinese exports to Europe are small since the introduction of safeguards on certain steel products in 2018, but the industry has said it is suffering the knock-on effects of higher imports from elsewhere.

The volume of exports from China was “huge”, said Genuino Christino, chief financial officer at ArcelorMittal, Europe’s biggest producer. He said the industry was “back to the crisis that was led by the high exports from China in 2015 and 2016”.

The flood of “subsidised, below-cost Chinese steel exports” was threatening the sustainability of Europe’s steel industry and its low-carbon transformation, said German steelmaker Salzgitter.

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Column chart of  showing China’s steel exports are forecast to rise this year

Russell Codling, director of marketing and business development in the UK for India’s Tata Steel, said current market conditions were a “huge issue” for the industry, especially with “demand on the floor”.

“The [European] commission needs to take bold measures such as a tariffication scheme to tackle the root causes of the problem, which are huge excess capacities in China and other countries,” said Salzgitter.

Regulators should introduce a more “global, tariff-like measure” to help European producers, which were suffering the knock-on effects of Chinese sales to other markets, said Axel Eggert, director-general of Eurofer, the trade body.

Europe’s existing safeguards had lost their effectiveness and were unable to absorb the volume of imports, he added.

“Chinese export prices today are below production costs,” said Eggert. 

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Several countries have already taken action to address market problems, including Canada. In July, the US announced a 25 per cent duty on any steel coming from Mexico that had not been melted and poured in North America. India said last week it was in talks to tackle rising steel imports.

Imports of flat steel products to the EU rose 30 per cent in the first four months of 2024, according to Thyssenkrupp Steel, Germany’s largest producer. That trend, along with poor demand and high energy costs, was “putting significant pressure” on the European industry, the company said.

It was also jeopardising investment in the sector’s green transition, it added.

The EU market is “pretty weak”, said Bastian Synagowitz, global head of steel research at Deutsche Bank, adding that “imports are still rising”.

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Arcelor’s Christino said the situation in Europe was “particularly challenging” given the combination of weak demand, high energy costs and the rise in imports. He pointed out that the continent used to be a net exporter of steel.

“Now we are a net importer,” he said.

With Europe’s existing safeguards due to expire in two years, Christino said it was even more important that the EU “gets right” its proposed carbon border adjustment mechanism, which will tax products based on their carbon content. The levy should be expanded to cover a wider range of products, the company said.

Matthew Watkins, principal steel analyst at CRU Group, said an additional challenge for Europe’s steelmakers was a rise in imports of Chinese steel-containing goods, notably electric vehicles, which “then compete with European manufacturing industry — in other words, with the domestic European demand source for steel”.

The EU already has more than 40 investigations into dumped or subsidised Chinese goods exports of all types. In metals, there are punitive duties on organic coated steel products, aluminium foil and radiators, iron and steel pipes and tubes and fasteners, such as screws.

The commission is investigating complaints about Chinese exports of tin plate, steel track shoes and pipe fittings. A probe is under way into hot rolled flat steel from Egypt, India, Japan and Vietnam.

However, one commission trade official said there was no appetite for a fight with China on steel, while Brussels was trying to get member states to approve tariffs on Chinese electric vehicles. That process has already prompted trade retaliation from Beijing.

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The commission declined to comment.

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This $25,000 Bucket List NYC Experience Sells Out a Year in Advance

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(credit: courtesy of The Ritz-Carlton New York Central Park)

Situated on the corner of 59th St and 6th Ave just across the street from Central Park, The Ritz-Carlton New York, Central Park offers a yearly suite package not to be missed. Its location along the parade route of the iconic Macy’s Thanksgiving Day Parade makes it an idyllic location to wrap guests in the magic of the parade. 

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The hotel offers a $25,000-per-night Thanksgiving Specialty Suite package that includes unparalleled parade views from your room and brunch for up to eight guests in the Artists’ Gate Suite. Located on the 3rd floor, the suite offers exceptional views of Central Park and Sixth Avenue from its 13 large windows, providing a perfect viewpoint to the parade below. Designed for entertaining, the suite features two separate living rooms, a guest bathroom, billiards room and a dining room which seats eight. 

(credit: courtesy of The Ritz-Carlton New York Central Park)

Along with an overnight stay for you and four guests in the Artists’ Gate Suite, this package includes other perks such as a $250 room credit, gourmet treats, luxury airport transfers and more. Due to the popularity of the three-hour parade in Manhattan and the hotel’s perfect vantage point to see the giant balloons, fabulous floats and great entertainers, the package is so popular that it sells out a year in advance! So if you and your friends and family are looking to celebrate Thanksgiving in true splendor, make sure to call the hotel to reserve for next year.

The property also offers a Thanksgiving Package for stays in rooms or suites with exceptional parade views, or regular non-parade view rooms, early reservations and special amenities designed to create lasting memories for families and loved ones. Rates vary but start at $3,000 per night for non-parade view rooms, with parade-view rooms also booking out a year in advance. 

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Guests who stay at the hotel will also have access to on-property restaurant Contour, numerous wellness experiences – including the first stateside La Prairie Spa and innovative Movement Studio – and an unrivaled starting point for an incomparable luxury retreat in the city. 

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Your Royal Rocky Mountain Getaway

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Have you ever stayed in a hotel or resort before and can’t believe it actually exists, let alone you are setting foot in such a magical place? That was the experience I had while visiting Fairmont Banff Springs; a castle-like historic hotel that makes fairytale dreams come true.

Banff National Park, adjacent to the property, was designated as a UNESCO World Heritage site in 1984, and when you visit, you understand why. The soaring craggy mountains, glacially-fed bright blue rivers and lakes, thick forests and picturesque meadows are all jaw-droppingly beautiful. Amidst the natural splendor, the Fairmont Banff Springs prominently reaches for the pristine blue skies, a bastion of architecture, historic significance, luxury accommodations and fine dining.

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Courtesy of Fairmont Banff Springs

A great way to orient yourself to the property is to take a history tour. Our guide, Ewen, was from Scotland and gave great insights to the property’s history, which itself is speckled with Scottish thistle motifs, European-inspired design and over 130 years of remarkable history. The tour helps to add the layers of appreciation to the space, from the fossil-speckled Tyndall stone flooring, to the explanation of the hotel’s footprint being 180 degrees off from the architect’s original orientation. Stories of original guests staying for a 3-4 month season and having their bank accounts verified at check in, to a hidden lounge behind a bookshelf in the Rundle Bar. A fascinating peek into the property’s past, the well-timed tour is a great orientation.

Courtesy of Fairmont Banff Springs

The Fairmont Gold Experience is a hotel-within-a-hotel luxury offering for guests, which I highly recommend. A private check-in desk as well as lounge with dedicated concierge staff only accent the beautifully appointed rooms and large lounge space which is home to an impressive breakfast spread, canapes and cocktails throughout the day. A quiet area lounge is backed by a large fireplace; ideal for curling up with a good book and enjoying a comfy afternoon.

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Courtesy of Fairmont Banff Springs

Vermillion dining room

Courtesy of Fairmont Banff Springs

Dining experiences abound at Fairmont Banff Springs, and you should try them all. The Vermillion Room is home to French-inspired cuisine. Sweeping views of the surrounding mountains can be enjoyed from the dining room and bar areas. Open for breakfast, lunch, dinner and Sunday brunch (which I enjoyed thoroughly with an impressive array of fare and perhaps the best profiterole I’ve ever had), Vermillion Room is charming and delightful.

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Courtesy of Fairmont Banff Springs

1888 Chop House fare

Courtesy of Fairmont Banff Springs

1888 Chop House is the award-winning steakhouse on property. Known for their Alberta beef, wild game and oceanwise seafood, no stay at Fairmont Banff Springs is complete without a meal at this storied steakhouse. Details and touches such as the nasturtium butter to go with the 1888 house bread, a delectable bison tenderloin, or a wagyu beef tenderloin with accompaniments such as Quebec blue cheese, lobster tails or foie gras will have you begging to return. Desserts such as the Textures of Chocolate or Forest Berries and Cream are worth saving room for as well.

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Courtesy of Fairmont Banff Springs

Another aspect to the resort that isn’t to be missed is the 40,000 sf spa. Dip into the mineral pool surrounded by various temperature waterfall whirlpools, or head outside for a hot tub that overlooks the valley beyond while birds sing in the branches above. While there, I tried the 60-minute Signature Rockies Rehydration service; an assortment of dry-brushing skin technique, relaxing massage and top-tier spa product treatments that my only wish was wanting to stay longer.

Courtesy of Fairmont Banff Springs

The indoor and outdoor pools are ideally situated to take in the view of the surrounding mountains, with lounge areas available in both. Paramount to this destination is the great outdoors; so whether strolling or biking into town, taking a horseback canter, riding the scenic gondola, or playing a round of golf, there is something for everyone.

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Courtesy of Fairmont Banff Springs

The hotel may have been opened in 1888 by the Canadian Pacific Highway, but there is no lack of luxury and memorable experiences to be had at this hotel and resort today. Enjoy one of the 739 hotel rooms, the opulent dining opportunities, 27 holes of internationally acclaimed golf, and spacious spa in the Rocky Mountains. For rates and reservations, visit https://www.fairmont.com/banff-springs/

Courtesy of Fairmont Banff Springs

Fairmont Gold loung food offerings

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Courtesy of Fairmont Banff Springs

The Rundle Bar

Courtesy of Fairmont Banff Springs

The Rundle Bar fare

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The Rundle Bar patio

Courtesy of Fairmont Banff Springs

Deluxe room

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Courtesy of Fairmont Banff Springs

The Rundle Bar quiet lounge

Courtesy of Fairmont Banff Springs

Crown Suite bathroom

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Courtesy of Fairmont Banff Springs

Junior Suite

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Yoga on outdoor patio

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Walk into town

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Running on trails in Banff

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Enjoy golf in the stunning mountain setting





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Bitcoin price strength extends to AVAX, SUI, TAO and AAVE — Are altcoins back?

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Bitcoin price strength extends to AVAX, SUI, TAO and AAVE — Are altcoins back?


Bitcoin’s rally to $64,000 increased traders’ interest in altcoins like AVAX, SUI, TAO and AAVE.



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Missy Mazzoli on turning the Hum into an opera with sociopolitical resonance

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A strange phenomenon has brought together a diverse group of people in a US suburb. For weeks or months, a persistent, low hum has been heard by each of them, but not by their families and friends. It has been causing headaches, nosebleeds, insomnia and — increasingly — panic. Some people have moved out of the family home. Others have lost their jobs.

What is this hum? One of the group suggests a kind of seance to see if, collectively, they can control it. Another blames the “deep state”, government surveillance or conspiracies by the Democrats. A cult-like atmosphere develops as the group looks desperately for leadership.

This is the plot of Jordan Tannahill’s The Listeners, which began life as the outline plot for an opera but first appeared as a novel in 2021, before being realised as an opera in 2022. Now it is being turned into a BBC television mini-series, starring Rebecca Hall, by Tannahill himself. Meanwhile, the opera, composed by Missy Mazzoli, will have its first US performances this month by Opera Philadelphia, which co-commissioned it.

The timing is not coincidental. With the US election less than two months away, the subject of how a group of people can fall under the influence of one individual with a strong personality is again likely to be scrutinised in the media.

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A woman with long brown hair in a brown top and white overshirt stands underneath trees as sunlight shines through
Composer Missy Mazzoli, who says ‘The Listeners’ opera was first conceived when Donald Trump became US president in 2016 © Daniel Dorsa/New York Times/Redux/Eyevine

“We conceived this idea initially in 2016, when [Donald] Trump was elected,” says Mazzoli, American composer of a series of successful operas. “We were asking what Trump offers Americans — a sense of belonging, of being listened to by a leader — and, on the darker side, whether he is exploiting people to his own end. The pluses and minuses of having a charismatic leader have certainly been more in the conversation in the last eight years. That election revealed a lot about America, about how people were frustrated, feeling alone and unheard.”

Mazzoli says she has long been fascinated by cults. “At the time there were a lot of documentaries about cults, from Wild Wild Country, about Bhagwan Shree Rajneesh’s community in Oregon in the 1980s, to The Vow, on the cult NXIVM in upstate New York. All these organisations tend to follow the same pattern, in that there is eventually some sort of betrayal, in which one person comes forward and says there is abuse from the leader, and within days or weeks the cult will disintegrate.”

The basic idea was presented to Tannahill, the Canadian playwright and author, who produced a seven-page outline for an opera. From there to a full libretto was still a sizeable undertaking and that fell to Royce Vavrek, who had already worked with Mazzoli on her opera Proving Up. Meanwhile, Tannahill went his own way writing the novel, so The Listeners has a complex family tree.

Vavrek says he was not involved in Tannahill’s dramaturgical journey, and Tannahill was not involved in theirs: “When you plant two seeds, they’re the same genus of flower and yet they grow in different ways in different environments.”

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He says that watching Trump and Kamala Harris develop their campaigns has taken on extra resonance. “Even though [the opera] is not a direct allegory to the political climate we’re living in, it is interesting to compare the rhetoric coming out of the two presidential candidates with that of Howard [the cult leader in The Listeners] and see how they are encouraging people to fall in line with their platform.”

What neither the opera nor the book does is offer easy answers as to why people are drawn into cults. It may often be politics or religion that is the conduit, but those who feel the attraction are not easily categorised.

The story that Tannahill proposed brings them together through the allegorical symbol of “the Hum”, a real-life phenomenon felt by an estimated 4 per cent of the world’s population. Here it signifies an unquantifiable human need in search of a solution. One of music’s unique strengths is that it can be ambiguous, and Mazzoli’s opera makes the most of that quality, suggesting a powerful but unknown force at work, drawing the audience into another world.

A group of about 30 people mainly dressed in blue standing on an opera stage with windows and an ox head with horns on the wall behind them
The cast for the opera of ‘The Listeners’, showing from this month at Opera Philadelphia © Erik Berg

“That is the true mysteriousness of the Hum,” says Lileana Blain-Cruz, the opera’s director. “People are asking themselves: ‘Am I going crazy? What is reality? Am I alone in this?’ It’s wonderfully dense and complex. Missy and Royce like to go deep into the subterranean layers of our consciousness, and that’s why I love this opera. Yes, it’s the politics, but it’s also psychology. What makes us people?”

We follow the human story through the character of Claire, the role taken by Hall in the TV series. A middle-class wife and mother, she finds her life upended by the unceasing hum, losing her job as a teacher and leaving her family. In group meetings at Sequoia Crescent she starts to find solace — until it all goes wrong.

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For Mazzoli, the moral ambiguity of Claire’s character adds to the many-layered story. We are rooting for her and yet she starts down a questionable path in her relationship with Kyle, one of her students, who also hears the Hum. It is a measure of how isolated they feel that they gravitate towards the cult.

“In this incredibly divided nation each side is finding a sense of identity with a certain party,” says Mazzoli. “I think that’s, in part, because we don’t have a social safety net. The idea of individualism, of being able to take care of yourself and not have the government intervene, means that people often don’t have a sense of community.

“But a need for community is part of human nature. We just have to go to greater extremes to find it, whether that means joining a cult or finding some extreme community online. America seems ripe for that scenario just now.”

Missy Mazzoli’s opera ‘The Listeners’ runs September 25-29, operaphila.org

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Election day is already here for some US voters as states open the polls early

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For a growing number of Americans, election day is already here.

Polling day may be officially set for November 5, but in several states early voting is under way, with tens of millions of Americans expected to cast their ballots before then.

In-person voting began on Friday in three states — Minnesota, South Dakota and Virginia. A handful of others, including Alabama and Wisconsin, have started mailing absentee ballots to voters who have requested them, and several more will follow suit in the coming weeks.

“Happy voting season!” declared one Democratic party activist outside a government building in Arlington, Virginia, on Friday, where several hundred voters lined up before the polls opened at 8am to be among the first in the country to cast their ballots for the White House.

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“We want to win in October, not November 5,” said Rose Fabia, a 65-year-old Democratic party volunteer wearing an “I VOTED” sticker on her lapel.

“It is psychological, showing to the other side that we have the numbers.”

Campaign billboards outside a polling station in Arlington, Virginia, on Friday
Campaign billboards outside a polling station in Arlington, Virginia, on Friday © Lauren Fedor, FT

About 20 miles, or 32km, away, outside a polling station in nearby Fairfax, Virginia, Mary Lyn Field-Nguer, 76, was also leafleting for the Democrats after casting her own ballot for Kamala Harris.

“I really wanted to be the first person in line,” Field-Nguer added. “Anything could happen, and if anything prevented me from voting I would never forgive myself.”

Voters have long been able to request absentee ballots in advance of US elections. But the practice of early voting — either in person or by mail — exploded four years ago in the Covid-19 pandemic. A record of more than 100mn Americans exercised their franchise before election day in 2020.

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While it remains unclear whether a new record for early voting will be set this election cycle, there are strong signs that the practice remains popular in many parts of the country.

According to the US Census Bureau, just under half of people casting ballots in the 2022 midterms voted before election day — a trend experts say is likely to continue this year.

On Friday morning in Arlington, a queue of waiting voters had already stretched on to a second floor of the government building within the first hour of the polls being open.

Gretchen Reinemeyer, who has been general registrar and director of elections for Arlington county since 2019, said the precinct could “easily be on track” to match the number of early votes seen on the first day of voting in 2020, when some 1,400 people cast ballots.

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“Any October surprise is probably going to have less potency because so many early votes have already been banked,” said J Miles Coleman, a non-partisan analyst at the University of Virginia Center for Politics.

Arlington, just outside Washington DC, is a heavily Democratic area: the county backed Joe Biden by an 81-17 margin over Donald Trump there in 2020. Biden won statewide in Virginia by a 10-point margin.

A small but critical share of the electorate swung to the right the following year in an off-year governor’s election to support the more-moderate Republican Glenn Youngkin, and on Friday morning several Republican volunteers were also outside the polling station encouraging people to back Trump over Harris.

The Financial Times poll tracker shows Harris with a lead of more than seven points over Trump in Virginia, but some recent surveys of the state have suggested the race may be closer.

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GOP volunteers in Arlington were also urging people to vote early.

“You never know what is going to happen on election day,” said Matthew Hurtt, chair of the Arlington Republicans, who added that “from a campaign perspective,” voting early also helped organisers better target their efforts in the run-up to polling day.

While people’s votes are kept secret, records are updated in near real-time showing how many ballots have been cast and who has already voted. That allows campaigns and both political parties to stop reaching out to people who have cast ballots, and focus their resources on those who have not.

“It takes you off the list to receive mailers and to receive other campaign materials, so you save the campaign money and you save your mailbox,” Hurtt added.

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Still, early voting has emerged as a divisive issue among Republicans in particular, who have tended to favour voting in person on election day over early voting in recent cycles.

Trump has sowed distrust in the electoral system and continued to maintain, without evidence, that the 2020 election was “rigged” and “stolen” from him. The former president has repeatedly claimed that mail-in voting in particular is a major source of fraud, and earlier this month he vowed that if elected president again, he would prosecute anyone who “cheats” in this year’s ballot.

Katie Gorka
Katie Gorka questions the need for early voting now that the pandemic is over. © Martha Muir, FT

In Fairfax, Katie Gorka, chair of the Fairfax County Republican Committee and a former Trump administration official, questioned why voters needed access to expansive early voting now that the pandemic was over.

“But as long as these are the rules we encourage Republicans to abide by them so that we can win,” she added.

“The whole Republican party is trying to get people to vote early because the Dems vote early,” said Bart Marcois, a 60-year-old consultant who cast his ballot for Trump in Fairfax. “We show up on election day and say ‘yay we had a big turn out’ but theirs is already in the bag.”

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“They’re harvesting ballots and carrying them in,” Marcois added, in an apparent reference to Trump’s unsubstantiated claims that Democrats are submitting illegal ballots. “Every Republican is worried about fraud.”

Other Republican voters, however, were more optimistic.

“Voting is just one of the most important gifts our Founding Fathers gave to this country,” said Mariam Bell, a 69-year-old retiree holding a “Women for Trump” sign in Fairfax.

“This is not about Republicans or Democrats, though, it’s about elites versus the average American,” she added. “Trump understands this and has changed the paradigm.”

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