Vladimir Putin's money machine is sputtering
FROM KALININGRAD to Vladivostok, something has changed. A high-frequency index produced by Goldman Sachs, a bank, suggests that, since the end of last year, Russia's annualised economic growth has fallen from around 5% to around zero (see chart). VEB, the Russian development bank, finds similar trends in its estimate of monthly growth. A high-frequency measure of business turnover compiled by Sberbank, Russia's largest lender, has dipped. Although more circumspect, the government acknowledges that something is up. In early April the central bank noted that recently 'a number of sectors recorded lower output because of plummeting…demand'.
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Daily Mirror
14 hours ago
- Daily Mirror
Elon Musk's dad says he's 'not a good politician' and Trump row 'was a mistake'
Elon Musk's dad Errol claimed his son was prepared to admit he had 'made a mistake' after lashing out against US President Donald Trump during their public fallout Elon Musk's father has arrived in Moscow to speak at a forum organised by Vladimir Putin 's closest aides. This comes after key Kremlin associates offered political asylum to his son - the world 's richest man - in the wake of his spectacular bust-up with Donald Trump. Errol Musk, 79, said there was PTSD in the White House, while also likening the ugly breakup to a marriage going wrong. He told Putin-controlled media: 'So at the moment, Elon is inclined to say that he's made a mistake.' Musk Snr added: 'Trump will prevail. He's the president, he was elected as the president. ' Elon made a mistake, I think, but he's tired, he's stressed. Five months of continuous stress, continuous, continuous stress, stress, stress. 'And then in the end, it's just him and Trump left... They still don't know what to do, so they fight with each other until they can come to normal conditions.' Suggesting his son was out of his depth in Washington's febrile politics, he told pro-Putin media outlet Izvestia: "They've been under a lot of stress for five months, a lot of stress for five months." Errol - a South African businessman - also predicted: "It's just a small thing. It'll be over tomorrow." And speaking to Tsargrad TV - owned by mogul Konstantin Malofeev, seen as linked to Russian military intelligence - Errol said: 'Elon with Trump and the new administration, they took over a somewhat broken United States, broken by the previous administration, with intent, evil intent. 'They've had five months at least of intense repair work, removing all the spurious opposition, all the crazies and so on. They've been under a lot of stress. 'Recently a new bill was put out - and Elon is still in the 'Let's get everything right' mode. He said, 'No, we must not include in such a bill more of this Democrat stupid schemes and money for them, it's not right'. 'But unfortunately, he doesn't realise that in order to get their votes in the Senate and the Congress, Trump has to do that... In order to take something, you have to give. 'So they had an argument about that, and as they are all suffering from a bit of PTSD, a post-traumatic stress disorder over the last few months, they started hitting out at each other. They are the only two people left in the arena, Trump and Elon, and all they were used to was fighting with the opposition 'So they took to each other, which is understandable. It happens in marriages, it happens in partnerships, it happens a lot. And people have to understand that at the moment, Elon is having second thoughts. 'He's not a great politician, he is still learning, he's a great tech innovator and so forth. But his politics is, as I've said before, is a swimming pool with no bottom, it's a swimming pool with no sides." Errol is set to speak at the Future Forum 2050, organised by Malofeev as well as Putin ideologist Alexander Dugin. A key speaker is Kremlin veteran foreign minister Sergei Lavrov, a war hardliner. Earlier Putin crony Dmitry Medvedev - formerly Russian president and prime minister - offered to mediate in the Trump-Musk row. He said on X: 'We are ready to facilitate the conclusion of a peace deal between D and E for a reasonable fee and to accept Starlink shares as payment. Don't fight, guys!' He also offered asylum to Musk. 'Elon @elonmusk, don't be upset! You are respected in Russia. If you encounter insurmountable problems in the US, come to us and become one of us,' he said. Senior lawmaker Dmitry Novikov also told state media Russia could offer asylum to Musk 'if he needs it'.
Scottish Sun
14 hours ago
- Scottish Sun
Elon Musk has PTSD & made a MISTAKE by helping Trump, his dad claims as he reveals verdict on what caused explosive feud
ELON Musk has "White House PTSD" and thinks he made a mistake by helping Trump get reelected, his dad has claimed. Errol Musk, 79, made the explosive remarks in Moscow, where he's set to appear at a Kremlin-backed forum organised by Putin's inner circle. Advertisement 9 Errol Musk claims his son Elon has 'PTSD from the White House' Credit: East2West 9 Musk Snr also believes the Tesla boss regrets helping Trump get reelected Credit: Reuters 9 Errol is currently in Moscow to appear at a Kremlin-backed forum Credit: East2West 9 Elon reportedly donated $288 million to Trump's 2024 campaign Credit: AFP It comes just days after his billionaire son's high-profile alliance with the US President imploded in a fierce online feud. The world's richest man — who reportedly donated $288 million to Trump's 2024 campaign and briefly served as a White House aide — has now turned on the president over his sweeping tax and spending bill. Elon even claimed on X that Trump was tied to disgraced paedophile Jeffrey Epstein, though the post was later deleted and the White House dismissed the allegation outright. Their bromance is now beyond repair. Advertisement On Sunday, Trump confirmed to NBC that he has no interest in making amends: 'I would assume so, yeah,' he said when asked if their relationship was over. 'I have no intention of speaking to him.' Now, the Tesla and SpaceX boss is said to be grappling with regret and fatigue from his turbulent stint in Washington. Musk Snr told Putin-controlled media: 'So at the moment, Elon is inclined to say that he's made a mistake.' 'Trump will prevail. He's the president, he was elected as the president. Advertisement 'Elon made a mistake, I think, but he's tired, he's stressed. He added: 'Five months of continuous stress, continuous, continuous stress, stress, stress. Trump crushes 'peace talk' hopes with Musk as he insists Elon has 'lost his mind' and 'vows to get rid of his Tesla' 'And then in the end, it's just him and Trump left… They still don't know what to do, so they fight with each other until they can come to normal conditions.' The South African businessman likened the split to a "marriage going wrong" and suggested his son was out of depth in the brutal political arena. Advertisement He told Russian outlet Izvestia: 'It happens in marriages, it happens in partnerships, it happens a lot . 'And people have to understand that at the moment, Elon is having second thoughts... 'He's not a great politician, he is still learning, he's a great tech innovator and so forth. 'But his politics is, as I've said before, is a swimming pool with no bottom, it's a swimming pool with no sides. Advertisement 'When you're in a swimming pool of politics, you've got to really know where to go. 'And he [Elon] doesn't realise that.' 9 Errol made the explosive claims on Putin-controlled media in Russia Credit: East2West 9 He said his son had a very stressful five months Credit: East2West Advertisement Errol added that Elon had been trying to "get everything right" with a recent bill, but clashed with Trump over what he saw as excessive Democratic spending concessions. 'But unfortunately, he doesn't realise that in order to get their votes in the Senate and the Congress, Trump has to do that,' he said. 'They are the only two people left in the arena… and they took to each other, which is understandable.' Errol's comments were made to Tsargrad TV — owned by Konstantin Malofeev, a businessman with alleged links to Russian military intelligence. Advertisement He praised Moscow, saying: 'Whoever designed this city is a true genius. These majestic buildings remind me of Ancient Rome.' He also dismissed Western portrayals of the Russian capital as 'nonsense.' 9 Trump and Musk's bromance fell through in a spectacular public feud online Credit: AFP 9 The feud erupted over Trump's 'big, beautiful bill,' which proposed stripping billions in government subsidies from Tesla Credit: AP Advertisement Errol will speak at the Future Forum 2050, organised by Malofeev and Putin ideologist and 'philosopher' Alexander Dugin. Meanwhile, Russia appears eager to capitalize on Musk's estrangement from the US political elite. Putin crony Dmitry Medvedev cheekily offered to mediate peace talks between 'D and E' — Trump and Elon— 'for a reasonable fee and to accept Starlink shares as payment.' Another Kremlin loyalist, ex-space chief Dmitry Rogozin, publicly offered Musk asylum. Advertisement 'You are respected in Russia. If you encounter insurmountable problems in the US, come to us and become one of us,' Rogozin wrote. Russia would offer him 'reliable comrades and complete freedom of technical creativity'.
Daily Mail
2 days ago
- Daily Mail
Candidate emerges as HSBC hunts for new chairman
A former McKinsey boss turned Goldman Sachs banker has been tipped to replace Mark Tucker as chairman of HSBC. City sources told the Mail that Scottish-born Kevin Sneader has been approached about taking Tucker's job when he leaves in September to become chairman of Hong Kong-based insurer AIA. Sneader, 59, left his job as boss of management consultant giant McKinsey in 2021 following a string of crises. He is now president of Asia-Pacific at Goldman Sachs. It was announced last month that Tucker, 67, would retire by the end of 2025, ending an eight-year tenure at the helm of the bank's board. AIA confirmed he would start his role as non-executive chairman on October 1 – a move that sees him return to the group he led as chief executive for seven years until 2017.
