The Rapid Support Forces, a militia warring with Sudan’s ruling military junta, announced a 72-hour ceasefire to mark the Muslim holiday of Eid al-Fitr. It said the truce would “open humanitarian corridors to evacuate citizens”. There was no immediate response from the army. Several attempts at a ceasefire have failed since fighting erupted on April 15th. Khartoum, Sudan’s capital, was bombed and shelled overnight, before the ceasefire was announced.

Dominic Raab resigned as Britain’s deputy prime minister and justice secretary after the release of a bullying probe. Britain’s prime minister, Rishi Sunak, ordered the inquiry in November after civil servants complained about Mr Raab’s intimidating behaviour towards subordinates. In his resignation letter, Mr Raab said that the report created a “dangerous precedent” by setting a “low” bar for bullying.

Alphabet, Google’s parent company, announced it would merge its two AI labs, DeepMind and Google Brain. Google acquired DeepMind—famous for developing an AI that beat the world’s Go champion in 2016—nine years ago but had allowed it to remain autonomous. It is falling behind in the race to develop generative AI: its chatbot, Bard, failed to impress when it launched one month ago.

A Russian Su-34 warplane accidentally bombed the Russian city of Belgorod, near the border with Ukraine, injuring two people and damaging several buildings. The country’s ministry of defence said it would investigate the “emergency release of an air ordnance”.

Rakuten Bank, Japan’s largest internet lender by customer numbers, raised around ¥83.3bn ($622m) in Tokyo’s biggest IPO since 2018. The bank’s share price rose by 33%. U Power, a China-based electric-vehicle startup, also had a bumper IPO in America. The firm’s shares soared by 620% during its debut, the biggest such rise among companies to list there this year.

Gabriel Boric, Chile’s president, announced plans to nationalise the country’s lithium industry in order to boost its economy and protect its environment. Mr Boric said that future contracts for lithium exploration and extraction would be issued as public-private partnerships with state control. Chile has the world’s largest lithium reserves and is the second-biggest producer of the metal, which is essential for electric-vehicle batteries.

Twenty countries in the EU, led by Slovenia, are lobbying for more regulation to prevent impure honey being sold in the bloc. Exporters, mostly from China, have been undercutting European beekeepers by selling cheaper products mixed with sugar syrup and water—a practice one official calls “honey laundering”. The group wants tighter rules around labelling and more stringent checks on imports.

Fact of the day: 3.9%, the chance that AI experts assign to the technology causing an existential catastrophe (where fewer than 5,000 humans survive) by 2100. Read the full story.


PHOTO: GETTY IMAGES

Horror and hope in Yemen

This weekend is the Eid al-Fitr holiday which marks the end of Ramadan. Festivities in Yemen will be muted by a stampede in Sana’a, the capital, on Wednesday: at least 78 people were killed in a crush to collect donations.

Before the tragedy, however, the country had seemed somewhat hopeful. Almost 900 former prisoners will celebrate Eid at home, having been freed as part of a detainee swap between the Houthis, a Shia militia that controls much of the country, and their Saudi-led foes. The exchange suggests both sides want to end their eight-year war.

After the holiday, negotiators will try to hash out a deal. The Houthis want the Saudi-backed government of Yemen to pay the salaries of civil servants in areas they control, among other demands. The Saudis, eager to exit the war, are willing to make concessions. But sadly even the departure of the Saudis would not end a longer conflict over how to share power in the fractious state.

PHOTO: GETTY IMAGES

The West assesses damage from the Pentagon leaks

On Friday Lloyd Austin, America’s defence secretary, must confront his country’s discomfited allies for the first time since top-secret Pentagon documents were leaked on social media. The “Ramstein group”, named for the American air-force base in Germany where they are meeting, includes officials from the 50-odd countries that arm Ukraine. In private they will want reassurances that America is acting to prevent future breaches. In public they will signal determination not to let the fiasco divert them from supporting Ukraine.

They would do well to carry a copy of one leaked page: a slide marked NOFORN (Not Releasable to Foreign Nationals) summarising Ukraine’s acute shortage of air-defence missiles. Drawn up in February, it predicted that Ukraine would run out of medium-range air-defence missiles in May. That could allow Russia to use its powerful air force to foil Ukraine’s looming counter-attack. Ukraine’s backers will argue that now is the time to scour Western armouries for precious missiles—and to start giving Ukraine advanced fighter jets.

PHOTO: ALAMY

P&G is pinched and gloomy

Procter & Gamble, one of the world’s biggest consumer-goods companies, reports its earnings on Friday. The figures will give a sign of how companies are navigating stubborn inflation and rising interest rates. Higher prices annoy consumers, but for some businesses steady inflation can be a quiet blessing: when matched with falling input costs, it can yield fatter profits on lower volumes.

P&G, which makes Pampers diapers, Tide laundry detergent, Gillette razors and other premium home brands has been struggling with higher outlays and freight costs. P&G also had a disappointing previous quarter, as inflation-driven price increases failed to offset declining volumes. Customers, feeling the pinch, may have been “trading down” to discount brands. Similar results this time will send an ominous signal about consumer confidence. Combined with troubling signs from the property market, they may, yet again, suggest a looming recession.

PHOTO: GETTY IMAGES

The sorry state of the climate

On Friday the World Meteorological Organisation will publish the “State of the Global Climate” for 2022, one of its annual assessments of the impacts of global warming. The contents—unsurprisingly—will not be positive. Provisional estimates from the WMO have already suggested that the past eight years were the warmest on record for the globe as a whole. This was confirmed by Copernicus, the EU’s Earth-observation programme, in its own analysis, first published in January.

Within those eight years 2022 itself was among the coolest, with temperatures partially suppressed by La Niña, a global weather pattern. Even so, 2022 saw record-breaking heat across America, Asia and Europe. Catastrophic flooding in Pakistan affected some 33m people; a series of tropical storms battered countries in south-east Africa. All these extreme weather events, which impacted millions of people and cost billions of dollars, were worsened, to some degree, by climate change. And further warming is now inevitable, meaning that even more lives and money will be lost in the years to come.

PHOTO: EDWARD BISHOP

Everything But the Girl offer softness and spikes

It’s not like Tracey Thorn and Ben Watt have been idle in the 24 years since “Temperamental”, their last album as the English musical duo Everything But the Girl. Both have made several successful solo records, and Ms Thorn has written four acclaimed books. They got married—their accountant’s idea, Mr Watt claims—and raised three children together. Still, there’s something right about their recording as a pair again, the result of which is released on Friday.

“Fuse”, Everything But the Girl’s 11th album, is stark and yet soft. Ms Thorn’s voice is warm and comforting while Mr Watt’s accompaniments, usually electronic, are imaginative without being obtrusive. The mood is encapsulated in “Lost”, a track about the death of Ms Thorn’s mother, which opens: “I lost my mind today.” The raw pain of the lyric is contrasted with a song as pretty as a narcissus. Adventurous yet familiar, “Fuse” is the rare comeback album that might be better than its predecessors.

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Dominion Voting Systems agreed to settle its defamation lawsuit against Fox News for $787.5m, about half of what it had initially sought in damages. The deal came just as opening arguments were due to start in a closely watched trial in Delaware. Dominion, a voting-technology firm, had alleged that Fox defamed it by promoting the lie that Dominion’s machines helped throw America’s 2020 election for President Joe Biden.

Annual inflation in Britain fell to 10.1% in March, down from 10.4% in February. But that was still higher than expected. Though petrol and diesel prices dropped, food prices climbed steeply. The prices of some goods, such as bread and cereals, rose at a record-high pace. The figures—the last significant inflation data before the Bank of England’s next meeting, in early May—increase the possibility of further interest rate rises.

The EU agreed a €43bn ($47.2bn) plan to invest in the production of semiconductors. Europe currently produces around 10% of the world’s semiconductors, but the EU wants that share to reach 20% by 2030. The European Chips Act follows a similar plan signed by President Joe Biden last year, which aims to boost manufacturing of microchips in America and to curtail production in China.

India will overtake China as the world’s most populous country by mid-way through this year, according to new data from the UN. By then India’s population is estimated to hit 1.429bn, exceeding the 1.426bn in China. India is expected to grow to 1.668bn by 2050; China’s population is set to shrink to around 1.317bn by the same date.

Netflix reported revenues of $8.16bn for the first quarter of 2023, a year-on-year rise of 4%, beating analysts’ estimates. But the streaming giant offered a lower-than-expected earnings forecast of $8.24bn for the second quarter. Netflix also said it would delay the rollout of a scheme to make users pay to share passwords. Some annoyed subscribers cancelled their plans in markets where it has already been introduced.

Sudan’s ruling military junta and the Rapid Support Forces, a militia, accused each other of violating a 24-hour “ceasefire” that was meant to begin on Tuesday evening. The two forces have been fighting for four days, leaving at least 270 civilians killed and more than 2,600 injured. António Guterres, the UN’s secretary-general, warned that the humanitarian situation had become “catastrophic”.

New York City is home to more millionaires than any other city, according to a ranking by Henley & Partners, an investment company. Some 340,000 of them reside—and splash their cash—in the Big Apple, up 40% from the number in 2012. Tokyo, first in the list ten years ago, slipped to second. Singapore overtook Hong Kong in the battle to lure Asia’s crazy rich—240,000 millionaires live in the city-state, as of 2022.

Fact of the day: 20 years, the average length of ongoing conflicts in 2021, up from 13 years in the mid-1980s. Read the full story.


PHOTO: GETTY IMAGES

India considers same-sex marriage

In 2018 India’s Supreme Court handed down a landmark judgment. Arguing that a colonial-era law banning sex between men violated the constitution, it decriminalised same-sex relationships in the country. This week it is hearing the final arguments in a case that may result in another historic judgment, based on a raft of petitions asking for the legal recognition of same-sex marriage.

The deliberations pit the court, which has indicated its support for expanding gay rights, against the government, which says that the demands to give same-sex couples the right to marry reflects “urban elitist views” at odds with Indian culture. The government also maintains that legalisation is a matter for parliament rather than the courts.

Polls suggest most Indians still oppose same-sex marriage, though acceptance of gay relationships is slowly becoming more widespread. If the petitioners prevail, India’s law would be among the most progressive in the region; Taiwan, for instance, allowed same-sex couples to marry in 2019.

PHOTO: ALAMY

Snapchat tries to snap up users

No social-media company has been hit as hard by the recent tech crunch as Snap. The Los Angeles-based firm, which runs the Snapchat messaging app, has lost nearly 90% of its market value since its peak in 2021. Apple’s tighter restrictions on tracking users’ behaviour have made it harder for companies to show relevant ads on their apps. Meanwhile TikTok has come for Snapchat’s 20-something viewers and creators.

On Wednesday at its annual “partner summit” Snap will try to tempt them back. Expect updates on the company’s new artificial-intelligence-powered chatbot, incentives to lure back creators, and new tricks with augmented-reality lenses (the filters that put you in a virtual Prada dress or turn you into a hamster). Snap faces an uphill struggle. But with TikTok facing a possible ban, Facebook turning into an online retirement home and Twitter under erratic new management, Snap will seldom have a better opportunity than it does right now.

PHOTO: ALAMY

Free speech and threats at SCOTUS

On Wednesday the Supreme Court of the United States will consider “true threats”, one of the few categories of expression that fall outside the protection of the First Amendment. The case, Counterman v the state of Colorado, concerns a barrage of strange and unwanted messages (including “Fuck off permanently” and “Was that you in the white jeep?”) that Billy Raymond Counterman sent to Coles Whalen, a musician, on Facebook over several years.

The missives terrified Ms Whalen and caused her to cancel shows, according to her lawyers. Mr Counterman was later convicted for violating Colorado’s anti-stalking laws. But Mr Counterman’s lawyer insists his client, who has a mental illness, never meant to be menacing and warns that innocent expression stands to be criminalised if the authorities can charge people for expression delivered without hostile intent. The lawyers for Colorado counter that such messages cause harm “no matter what the person making the threat had in mind”. The Court must decide whether a person’s words can be separated from their intentions.

PHOTO: GETTY IMAGES

Tesla keeps its foot on the accelerator

Elon Musk, the world’s second-richest man, is hoping to launch the most powerful rocket ever built this week (see next story). But investors on Earth are focused on Tesla, the electric carmaker Mr Musk runs and which announces first-quarter results on Wednesday. Tesla is trying to maintain speed amid an inflation-fuelled slowdown in consumer spending. It has cut prices six times this year in America, its biggest market, and is also slashing prices in China, its second biggest. That will dent profitability—analysts are forecasting gross margins of 21% for the first quarter, down from 29% the year before.

Still, that is nothing to scoff at—rivals Ford and General Motors are expected to clock in at 16%. A fall in the price of lithium, a key component in electric batteries, should also put some wind at Tesla’s back. Investors are used to a bumpy ride—after Tesla’s market value fell by around $672bn (or roughly two-thirds) during 2022, it has gained $204bn back since January.

PHOTO: REUTERS

The first launch of a new space age

Rocket-watchers this week are looking towards the Gulf Coast of Texas—where SpaceX intends to fire its Starship system into the sky. The launch, initially scheduled for Monday, was postponed due to a frozen valve. A second attempt is expected on Thursday.

SpaceX’s system combines its “Super Heavy” rocket with a prototype of the Starship spacecraft. If the launch is successful, the most powerful rocket ever built will put into orbit the largest spacecraft to be carried in a single launch since the space shuttle. The Starship system could begin a new space age in which large spacecraft take off, land and take off again. That will allow SpaceX, which already dominates the satellite-launch business, to put into orbit more and bigger satellites than ever before. Elon Musk, SpaceX’s boss, also wants it to take crews to the Moon and Mars. But much more work is needed. The process for landing has not been tested; those needed for flight beyond Earth orbit are further off still.

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Fighting broke out in Khartoum, Sudan’s capital, between the ruling military junta and the Rapid Support Forces, a militia that supported coups by the armed forces in 2019 and 2021. The militia claimed it had control of Khartoum airport. Civilian casualties have been reported. Last week the junta and the RSF failed to agree on a transition to a civilian government. The absorption of the RSF into the army was a stumbling block.

Japan’s prime minister, Kishida Fumio, was evacuated from an event at which he was due to give a speech, following an explosion. Mr Kishida was reportedly unhurt after what appears to have been a smoke bomb was hurled at him in a venue in Saikazaki. A man was arrested at the scene. The incident stoked painful memories of the assassination nine months ago of Abe Shinzo, Japan’s longest-serving post-war prime minister.

A Boston court charged Jack Teixeira, the man suspected of leaking hundreds of intelligence files, with the unauthorised removal and transmission of classified documents and materials. According to papers filed by the American government, Mr Teixeira’s work for the intelligence wing of the Massachusetts Air National Guard meant he had held top security clearance since 2021. On Thursday the FBI arrested Mr Teixeira, who allegedly ran the server on Discord, a messaging platform, where the classified documents were leaked.

France’s Constitutional Council validated pension reforms that were pushed through parliament by President Emmanuel Macron, sweeping away the final obstacle to their implementation. Mr Macron’s plan to raise the retirement age from 62 to 64 has triggered huge protests throughout the country. The court’s decision is unlikely to put an immediate end to those, or to the political crisis that ensued.

America’s Supreme Court temporarily blocked restrictions placed on mifepristone, a pill used for abortions. The hold expires on Wednesday. A lower court had earlier ruled that the drug could stay on the shelves, but in effect reintroduced some more onerous rules about how it can be obtained. Mifepristone has been at the centre of a complex legal battle, which began when federal judges in Texas and Washington state issued conflicting rulings over the drug’s approval last week.

Elon Musk plans to launch an artificial-intelligence start-up, according to the Financial Times. He is said to be recruiting engineers and seeking investments. On March 9th Mr Musk incorporated the name X.AI and is also believed to have bought thousands of high-powered processors from Nvidia, of the type required to build a language model. Last month he called for a pause on AI development because of safety concerns.

The Jupiter Icy Moons Explorer blasted off from French Guiana, beginning an eight-year journey to the gas-giant planet in search of water. The spaceship, run by the European Space Agency, was meant to take off on Thursday but was delayed because of bad weather. It will use photography, radar and magnetic readings to investigate Jupiter’s icy moons for water, and thus the possibility of life.

Word of the week: minilateralism, the use of alliances by non-aligned countries for particular ends, rather than joining a bloc (as opposed to multilateralism). Read the full story.


PHOTO: REX SHUTTERSTOCK

China’s rebounding property market

Last year China’s vast housing market was caught in a vicious circle. Tight borrowing limits and weak sales left over-indebted property developers with too little cash to finish building homes they had sold in advance. These construction delays then put off prospective homebuyers, further weakening sales.

But the sector seems on the brink of a remarkable recovery. Sales rose by 44% year-on-year in March in 30 big cities. New figures out on April 18th will reveal whether that turnaround is spreading to the rest of the country. The government has relieved pressure on property developers’ financing and increased pressure on them to finish building pre-sold homes. Households now seem more confident that purchased properties will actually be delivered. They also seem more confident that house prices will increase, according to a recent survey by the central bank. Indeed, figures released on Saturday showed that the price of a new home rose in 65 out of 70 cities in March, compared with the month before.

PHOTO: REX SHUTTERSTOCK

Germany’s nuclear nighty-night

The lights will go out at Germany’s last three nuclear power plants on Saturday. When a deadline to close them was set in 2011, following a deadly nuclear blow-out at Fukushima in Japan, most Germans expected to be cheering the demise of a “dangerous and dirty” industry. But war in Ukraine has yanked up energy prices, throttled natural gas supplies and forced Germany back to using far filthier coal. Polls show that 68% of Germans now want nuclear plants to stay open. So why is Germany bucking the global trend of reappraising nuclear energy as a good thing?

The answer is coalition politics. It may look daft to scrap 6% of your power capacity—which is what the three plants still provide, down from 31% when Germany’s nuclear industry peaked in the 1990s. But nuclear exit is a trigger issue for the Greens. If the two parties with which they share power touch that, Germany’s government might melt down.

PHOTO: EMAHOY TSEGE MARIAM MUSIC FOUNDA

An Ethiopian nun’s divine music

The 1960s and 1970s were a golden age for Ethiopian music. Among the musicians of “Swinging Addis”, as the capital became known, was a prolific pianist called Emahoy Tsegue-Maryam Guebrou, who was also a nun in the Ethiopian Orthodox Church. This month, Mississippi Records is reissuing two of her albums, recorded during the 1960s, in addition to a new LP called “Jerusalem”. It features three tracks that the nun wrote around 1970 and several from the 1980s, which were only recently discovered.

Ms Guebrou’s uplifting compositions blend Western classical traditions with jazz and Ethiopia’s holy music. The songs feel at once ancient and modern, and in many ways reflect her extraordinary life. Born in 1923, she studied piano in Switzerland as a girl, and was later imprisoned during Italy’s invasion of Ethiopia in 1935. Afterwards, she joined a monastery and eventually moved to Jerusalem in 1984. Ms Guebrou died in March, at the age of 99, but in each meandering piano solo, her spirit lives on.

PHOTO: GETTY IMAGES

A strikingly open playoffs

This year’s NBA playoffs are anyone’s to win. The post-season tournament begins on Saturday, with the Philadelphia 76ers tipping off against the Brooklyn Nets and the Boston Celtics playing the Atlanta Hawks. Pundits judged this season to be unusually open before it began: the tipsters at FiveThirtyEight, a data-journalism site, gave 11 teams at least a 5% chance of winning the title, the most since they started forecasting eight years ago. For the first time in more than two decades, no team managed to win 60 of their 82 regular-season games.

This may be because the top players are more evenly dispersed. There is not a single side this year who can put up three superstars, as did the Golden State Warriors when Steph Curry, Kevin Durant and Draymond Green were in their prime. The 20 players rated most highly by FiveThirtyEight represent 14 different teams. This increased parity will make for an unpredictable nine weeks.

Weekend profile: the two men at the heart of Yemen’s peace talks

It is not the end, but perhaps the beginning of the end. On April 9th a delegation from Saudi Arabia flew to Sana’a, the capital of Yemen, to meet representatives of the Houthis, a Shia militia that controls much of the country. At the Yemeni president’s request, a Saudi-led coalition stepped in to help topple the Houthis. They have been at war for eight years.

At the centre of this month’s talks were two men who probably never expected to be. The first, Muhammad Ali al-Houthi (pictured), is a senior figure in the militia that bears his family name. A forty-something cousin of the group’s leader, he has said the Saudis are a satrap of America and a stalking-horse for Israel. He has been a target of coalition airstrikes; one reportedly wounded him in 2015. He is third on Saudi Arabia’s most-wanted list in Yemen, with a $20m bounty on his head.

Yet there he was, shaking hands with an emissary of the enemy: Muhammad al-Jaber, the Saudi envoy to Yemen since 2014. Little is known about Mr al-Jabar, but well-connected Saudis describe him as a fearsome member of the Mukhabarat, or intelligence service.

The meeting of these two men is a mark of how dismal conditions have become in Yemen. The war has created the world’s worst humanitarian crisis: more than 200,000 people have died, and two-thirds of the population need foreign aid to survive. But it has not dislodged the Houthis from power. The Saudi-backed “legitimate government” of Yemen has been feckless and prone to infighting. The Houthis, backed by Iran, have lobbed thousands of rockets and drones across the border into Saudi Arabia.

After eight years of failure, the Saudis want out. Months of negotiations were given a boost by last month’s unexpected rapprochement between Saudi Arabia and Iran. On Friday the Saudis and Houthis began to exchange nearly 900 prisoners, the biggest such swap in two and a half years. Next may come a permanent ceasefire, extending the temporary truce that was agreed in April 2022. The truce is unlikely to end Yemen’s civil war, which predates Saudi involvement. But it should herald more uncomfortable meetings between two longtime foes.

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The FBI arrested Jack Teixeira, the alleged leader of a gun-loving online group that hosted leaked American intelligence files. America’s top prosecutor, Merrick Garland, said that Mr Teixeira, a 21-year-old man working for the intelligence wing of the Massachusetts Air National Guard, was accused of illegally sharing “classified national defence information” and that he will be arraigned on Friday. The classified materials include military assessments on the war in Ukraine and CIA reports on a range of global issues.

Lawmakers in Florida approved a ban on abortions after six weeks of pregnancy. Florida now looks set to join a group of at least 12 American states that have enacted similar bans. Meanwhile the Department of Justice is seeking an intervention from the Supreme Court after a federal appeals court approved women’s access to mifepristone, a pill used for abortions, but reintroduced onerous restrictions.

A prisoner swap began in Yemen between pro-Saudi forces and Iran-backed Houthi rebels; more than 700 Houthis will be released in exchange for about 180 Saudi coalition troops. A Chinese-brokered rapprochement between Iran and Saudi Arabia has bolstered efforts by the kingdom to end its involvement in the nearly decade-long civil war. On Thursday Saudi and Houthi diplomats failed to agree a truce, but committed to further negotiations.

The International Energy Agency said Russian oil exports rose to 8.1m barrels per day in March, the highest level for nearly three years, despite Western sanctions on crude. However, while the country’s oil revenues recovered by $1bn last month to $12.7bn, they remain 43% lower compared to a year earlier. India overtook China as the largest importer of Russian oil in Asia.

North Korea claimed to have successfully tested a solid-fuel intercontinental ballistic missile for the first time on Thursday. If true, this represents a significant advance—solid-fuel ICBMs take less time to prepare for launch and so are harder to detect than liquid-fueled missiles. Kim Jong Un, North Korea’s dictator, oversaw the test, saying it would “make the enemies suffer from extreme anxiety and horror”.

China said it was willing to co-operate with the G20 to negotiate a deal with poor countries struggling to repay their debts. Yi Gang, China’s central bank governor, suggested his country would drop its demand that multilateral lenders share losses with other creditors when restructuring debts. Western countries have blamed China’s position for holding up debt discussions and providing relief to countries like Zambia.

Boeing paused deliveries of some 737 MAX aeroplanes because of problems with fittings installed by a supplier. The Federal Aviation Administration, America’s regulator, said there was no immediate safety concern. Boeing has struggled with its supply chain as it tries to meet growing demand for planes amid a resurgence in global travel.

Fact of the day: $104bn, the total reconstruction cost from Turkey’s earthquake according to a report by the country’s strategy-and-budget office. Read the full story.


PHOTO: REUTERS

Macron’s next headache

After stirring controversy abroad with his remarks about Taiwan, on Friday Emmanuel Macron faces a crucial decision at home. The French Constitutional Council will rule on whether the president’s pension reform passes muster. His legislation raises the country’s minimum retirement age from 62 to 64 years, and has provoked ongoing protests and strikes. Mr Macron pushed the measure through parliament in March without a direct vote, narrowly winning a subsequent vote of no-confidence in his government.

It is rare, but not unprecedented, for the council to overturn legislation that has passed through parliament. An outright rejection of the reform would provoke a political crisis. But if the council validates it, this too will be met with an outcry. The council will also rule on an opposition initiative to launch a petition for a referendum on limiting the pension age to 62. Mr Macron’s political troubles are not over yet.

PHOTO: GETTY IMAGES

A reckoning for America’s banking system

America’s big banks, including JPMorgan Chase, Citigroup and Wells Fargo, report first-quarter earnings on Friday. After the collapse of Silicon Valley Bank and subsequent shocks, these results should reveal something of the lay of the land. There was widespread deposit flight from smaller banks to larger ones—just how much will now become apparent. Lower deposits should lead to rising funding costs for some smaller banks, which will squeeze their net interest margins (the difference between what they pay for funding and what they receive on loans). Whether that has imperilled any other banks will soon be clearer. And the extent to which certain banks have drawn on emergency lending facilities created by the Fed could also show up.

Some of those details, however, might only be revealed by the regional banks, which report next week. The smaller ones that have struggled, like First Republic, don’t report until the week after that. The worst of the storm appears to have passed. Now it is time for the fog to clear.

 
PHOTO: GETTY IMAGES

Two ill-timed Republican get-togethers

Republican presidential hopefuls are fine-tuning their Second Amendment talking points. Confirmed candidates such as Donald Trump and Nikki Haley—and unconfirmed ones, like Ron DeSantis and Mike Pence—are speaking on Friday at the National Rifle Association’s 152nd annual convention. As was the case in 2022, the meeting comes on the heels of two mass shootings; the cities in mourning this year are Louisville, Kentucky, and Nashville, Tennessee.

Nashville will also host a Republican meeting on Friday, as donors gather there for a long-planned retreat. They are sure to face uncomfortable questions about both the recent school shooting, in which a former student killed three children, as well as the subsequent vote by the state’s Republican-controlled legislature to expel two black Democratic lawmakers who agitated for gun control.

Some conservatives have expressed concern about the party’s image. Even before the latest tragedies, a majority of Americans said they favoured stricter gun laws. In the wake of these events Nancy Mace, a Republican congresswoman from South Carolina, said that members of her party “aren’t showing compassion”.

PHOTO: GETTY IMAGES

British doctors on strike

On Saturday morning nearly 50,000 junior doctors in England and Wales conclude a 96-hour strike for better pay. As many as 300,000 operations and procedures will have been cancelled as a result of the walk-out; disastrous given that hospital waiting lists already top 7m. Despite this, polling suggests that over half of Britons still support the strikers.

Doctors, many of whom are not actually so junior, are tired of working on understaffed wards. Adding insult to injury are the years of real-terms pay cuts: a union talking point is that one in ten of their number are paid little more than baristas at a popular chain of coffee shops. But the government will never agree to their demands for a 35% pay rise—which would make salaries equivalent to their level 15 years ago—and thus genuine negotiations have never begun. Meanwhile, a third of junior doctors, according to the British Medical Association, plan to leave to work abroad in the next 12 months.

PHOTO: UNIVERSAL PICTURES

The vampire strikes back

“Dracula” films are rising from the grave. Since “Dracula Untold” came out in 2014, the archetypal vampire from Bram Stoker’s 1897 novel has been seen only in the “Hotel Transylvania” cartoons. But now he is back in the flesh in “Renfield”, a gory action comedy. Nicolas Cage plays the Transylvanian blood-sucker; Nicholas Hoult plays the minion who realises that he has the boss from hell (in more ways than one).

In August a more serious chiller, “The Last Voyage of the Demeter”, will depict Dracula’s sea voyage from Carpathia to England. And Mr Hoult will appear again in Robert Eggers’ forthcoming remake of “Nosferatu”, the classic German adaptation of Stoker’s book.

Hollywood is counting on the Count because monster movies and slasher movies are currently making a killing, as this year’s “M3gan” and “Scream VI” demonstrated. Besides, now that studios are running out of comic-book superheroes to put in their blockbusters, they need new blood.

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Manhattan’s district attorney charged Donald Trump with 34 felony counts of falsifying business records over payments made to suppress stories about alleged sexual infidelities before the 2016 presidential election. Mr Trump pleaded not guilty. Prosecutors allege that those hush-money payments were misreported as legal expenses, in violation of election laws. The judge said that a trial could potentially start in January 2024. Never before has a former president been charged with a crime in America.

Finland officially joined NATO, becoming the 31st member of the military alliance, in a ceremony outside the organisation’s headquarters in Brussels. The Nordic country applied to join the alliance in May 2022, less than three months after Russia invaded Ukraine. Its accession has doubled the length of NATO’s border with Russia. Dmitry Peskov, a Russian spokesperson, said the move was an “encroachment” on Russian security.

The number of job openings in America fell to 9.9m in February from 10.6m a month earlier, in a sign that the country's stubbornly hot labour market is cooling slightly. The last time vacancies fell below 10m was in May 2021; they are yet to return to pre-pandemic levels. The unemployment rate is expected to remain at a historic low of 3.6%.

A Russian court charged Darya Trepova, an anti-war activist, with terrorism. On Monday Russian investigators released footage—likely taped under duress—of Ms Trepova confessing to leaving a bomb in St Petersburg café. The blast killed a blogger who had supported Russia’s invasion of Ukraine, and injured 30 others. The Russian investigative committee accused Ukraine of facilitating the attack; Ukraine denied involvement.

A British regulator fined TikTok, a video-sharing app, £12.7m ($15.9) for collecting and using the personal data of children without their parents’ consent. The Information Commissioner’s Office said that the app had failed to enforce age limits; as a consequence, 1.4m children in Britain were users in 2020. TikTok said that it “disagreed” with the decision.

Virgin Orbit, Richard Branson’s satellite-launch firm, filed for bankruptcy in America just 15 months after going public. The California-based company has struggled to raise money. Its last launch in January ended in failure because of an engine issue. Last month it halted operations and announced it would cut 85% of its workforce to save cash. Dan Hart, the firm’s boss, said he hopes to find a buyer for the business.

Pakistan’s Supreme Court ruled that the decision to delay elections in two provinces was “unconstitutional”. Last month the country’s government postponed votes in Punjab and Khyber Pakhtunkhwa, citing concerns over security and funds. Imran Khan, the former prime minister and leader of the main opposition party, had tried to force early elections in both provinces: his large following was angered by the delay.

Fact of the day: 56%, the proportion of Americans that believe a degree is no longer worth the time and money spent on it.


PHOTO: GETTY IMAGES

European leaders go to China

Who speaks for Europe? That question will be tested in Beijing on Wednesday, when France’s president, Emmanuel Macron, arrives with the head of the European Commission, Ursula von der Leyen. Their visit takes place amid heightened tension between China and America, and worries about President Xi Jinping’s closeness with his Russian counterpart, Vladimir Putin. The two Western leaders want to persuade China to put pressure on Mr Putin over his war on Ukraine.

The two Europeans provoke different expectations. In a recent speech Mrs von der Leyen took a hard line towards China, arguing that Europeans should “de-risk” their commercial ties to the country, and screen proposals for investments in Chinese industries that have potential military uses, like AI. Mr Macron, who has also warned Europe to be wary of China, is nonetheless bringing with him more than 50 contract-hungry business leaders. It will require deft European diplomacy to manage such differences and resist Chinese attempts to exploit them.

PHOTO: REX SHUTTERSTOCK

Taiwan’s president meets America’s House Speaker

On Wednesday Taiwan’s president, Tsai Ing-wen, will meet the Speaker of America’s House of Representatives, Kevin McCarthy, in Los Angeles. The two countries do not have formal diplomatic relations: America’s recognition of China, which claims Taiwan as its own territory, precludes that. So Ms Tsai’s trip is a “transit” rather than an official visit. Although she has “transited” through America six times before, her meeting with Mr McCarthy will be her highest-level encounter yet. China sees it as tacit support for Taiwanese independence.

American and Taiwanese officials are determined to maintain a strong relationship in the face of rising tensions with China. Still, they have downplayed the significance of the trip, with good reason. Last year, when Nancy Pelosi, then the House speaker, visited Taiwan, China fired missiles over the island and conducted a mock blockade of it. Taiwan’s government is keen to avoid another crisis. But its efforts may not be enough. China’s government has threatened “resolute countermeasures” if the meeting goes ahead.

PHOTO: GETTY IMAGES

Sergio Ermotti returns to UBS

On Wednesday Sergio Ermotti will return to his old job as boss of UBS, the Swiss banking behemoth he led from 2011 to 2020. His comeback comes at one of the most challenging moments in the bank’s 161-year history. It is in the process of taking over Credit Suisse, its smaller Swiss rival, after the latter nearly collapsed following a series of missteps and scandals. On Tuesday Axel Lehmann, Credit Suisse’s chairman, told shareholders that he was “truly sorry” for failing to restore trust in the bank.

Mr Ermotti will have his work cut out. Naysayers worry that the creation of a Swiss “monster bank” is a bad idea: if a bank of its size fails, taxpayers might have to bail it out. Mr Ermotti needs to win shareholders’ approval while engineering a restructuring programme that will involve substantial job cuts. But he is not one to shy away from difficulty: in 2011 he took charge of UBS when it was still suffering from the aftermath of the global financial crisis.

PHOTO: UNIVERSAL PICTURES

Nintendo and Universal team up

Mario leaps from the small screen to the big one on Wednesday, as “The Super Mario Bros. Movie” opens in cinemas. The first Mario film, 30 years ago, was panned by critics. Nintendo has learned its lesson: the new, animated adventure was made with the help of Illumination, a studio owned by Universal Pictures. Illumination’s catalogue includes hits like “Minions” and “Sing”.

Nintendo and Universal are collaborating on more than movies. Super Nintendo World, a themed area in the Universal Studios park in Osaka, opened in 2021. This February Universal Studios in Hollywood launched a Nintendo-themed zone, too. For Nintendo, movies and parks help deepen fans’ love of Mario and other gaming franchises. For Universal, gaming provides a new source of intellectual property, as audiences complain of sequel-itis (Universal’s tenth “Fast and Furious” movie is out next month). Expect to see more video games at the cinema—and beyond.

PHOTO: HISTORIC ROYAL PALACES / COURTES

An exhibition about royalty and red carpets

In 2019 Sam Ratelle, a celebrity stylist, toured Kensington Palace in London. He was looking for inspiration for awards-season outfits, particularly for the Oscars, which he considered a “kind of a royal event” for celebrities. He asked Giles Deacon, a designer, to make something for the actor Billy Porter. Mr Deacon produced a dress with a gold top and patterned skirt inspired by the palace’s Cupola room.

The gown is one of more than 200 objects displayed in “Crown to Couture”, the largest exhibition ever hosted by the royal palace. The show demonstrates the similarities between 18th-century courtiers and 21st-century stars and the enduring importance of dressing the part. Just as those vying for royal favour would don expensive clothes at court, actors and models seek to stand out on the red carpet. The sumptuous gowns, suits and jewels are arranged across grand state apartments—surely the most apt place to admire them.

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