How Europe's militaries depend on US supplies; a big inflation burger; and summer holiday trends
Hello and welcome to another edition of The Crunch!
In this week's newsletter we have charts on strangers talking for 30 minutes, the unequal distribution of AI computing, when different European countries go on holiday, how dependent European countries are on US arms sales, various maps and charts about war in the Middle East, and more.
Woodside's North West Shelf gas project on the Burrup peninsula in Western Australia is one of the world's largest liquefied natural gas ventures.
In May the Labor government approved an extension for the project to run for an additional 40 years, from 2030 to 2070.
The extension is expected to be responsible for about 87.9m tonnes of carbon dioxide equivalent every year in the decades ahead, after the gas has been exported and burned. Our latest One Big Chart puts that number into context.
1. The global AI divide
This chart from the New York Times shows how the AI boom is unevenly distributed, with certain countries and companies dominating the market for AI datacentres:
You can read more here.
2. How Europe's militaries depend on the US
Europe's militaries still overwhelmingly rely on US-made weapons and equipment, according to Guardian analysis of stockpile data that raises doubts about ambitions for European-led rearmament.
This visual analysis by my colleague Alex Clark shows the source of arms sales to European countries over the years, in the context of the US pushing for increased military spending by Nato members.
Check out the full piece for more charts and analysis.
3. ♪ We're all going on a summer holiday ♪
Consider this chart a mental holiday from the rest of news. Sebastian Gräff from the European Correspondent has visualised when holidays peak in different European countries:
Northern European countries go on holiday earlier, with breaks more spread out, while southern European countries go on holiday later, and with holiday times more concentrated over the same weeks.
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4. It's a big inflation-burger
The winners of the Information is Beautiful awards have been announced, and this piece from the ABC in Australia took out the silver in the Business Analytics category.
We have featured this piece before, but it reminded me again of how much I liked it!
You think you're getting a straightforward explainer about inflation (which you are), but then it turns into an illustration of how multinational companies are able to manipulate intellectual property payments to themselves to send money offshore.
How effective was the US attack on Iran's nuclear sites? A visual guide
Mapping the conflict between Israel and Iran
Mideast conflict imperils a tiny waterway vital to the world economy
It's another banger by Alvin Chang for the Pudding! This visual essay illustrates the participants and effects of an experiment which paid participants to have a 30-minute conversation with a complete stranger.
It is fascinating, and I love the ASCII art style.
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The Sun
28 minutes ago
- The Sun
Best day to shop at retailers including Aldi, Lidl and B&M – including when Poundland cuts prices to 25p
WE all love a bargain and shopping at the right time might just bag you one. Many stores have one-off specials or heavily reduce items on certain days or at the same time each week. 1 If you know when, you can be front of the queue to get them. As the cost of living crisis continues, it's more important than ever to make sure you bag items at the lowest price possible. From B&M and Poundland, Primark, Boots and Aldi - here's our cut out and keep guide to help you plan your shopping trips and save pounds. B&M Wednesday morning is the best day to shop at B&M for the most significant savings. A store manager revealed that staff are given a list of items to reduce on a Tuesday night, with new prices ready to go by around 10am on Wednesday. You might also see reductions on Thursdays and Saturdays though, as these are the days stores try to flog old stock and seasonal items at lower prices. It's best to head in on these days in the morning, as staff begin reducing products around 7.30am. Poundland Poundland reduces the price of perishable items to 50p if the best-before date expires that day before shops open. But a little-known tip, which the retailer has previously confirmed, is that any food item unsold by 4pm will be reduced again to just 25p. So it could be worth popping in when your local branch opens OR mid-afternoon. Boots Head to Boots on a Tuesday to get amazing deals on everything from electrical goods to beauty and health products. That's when the chain runs its 24-hour £10 Tuesday flash sale. What's on offer varies every week but tooth whitening kits have been spotted for as much as 80% off. All deals are available online too. Home Bargains New stock is usually delivered around 7.30am so head to your local branch as soon as it opens for the best chance of snapping up good deals. Blogger Tom Church says this is when you have the biggest selection of items to choose from. Yankee candles worth £10 have been picked up for as little as £2.99 if you go early doors. TK Maxx Shoppers will get more money off if they head to stores on Tuesdays and Thursdays. On a Tuesday, they do something called "subs". This is further reductions on stuff that's already on clearance. On a Wednesday, the next round of clearance items are marked down so first thing on a Thursday is a great time to snap up whatever is left. Tesco Head to Tesco in the evening to get food for half price. Staff slap yellow stickers on around 8pm so go late to nab bargains. SkintDad blogger Naomi Willis said she found items reduced by as much as 50% by shopping after 8pm. Aldi Aldi launches new Specialbuys every Thursday and Sunday - and that's the best time to nab them. Items can include anything from pizza ovens to air fans and power tools. For an even better chance of bagging the best times, head there at opening time. Once they're gone, they're gone. Lidl Lidl discount items that haven't sold on a Sunday, ready to make way for new lines. Sundays and Thursdays are also the days it refreshes the Middle of Lidl items, which can include all sorts from gardening essentials to outdoor furniture. Unlike other supermarkets, food items that are near the use-by date will often be reduced at the start of the day so it's better to go early if you can as you can expect as much as 30% off the original price. Sainsbury's Sainsbury's often slaps yellow stickers on around 5pm, so the best time to visit is between 5pm and 7pm - ideal if you are popping in after work. This does vary from branch to branch. On a Sunday, items are heavily reduced around 2.30pm before early closing. Morrisons Morrisons will reduce food by up to 90% at around 5pm. The best bargains are usually amongst ready meals, dairy, pies, fresh meat, bread and fruit and vegetables. Sunday lunchtime is a hot tip too - as they want to clear out stock near its due date by the end of the week. Ask staff about reduction times. They are often more than happy to help as reducing waste is part of their store policy. Asda Asda applies yellow stickers to food items twice a day - once in the morning and once in the evening. Fresh produce like fruit and veg can be reduced to as little as 10p, especially in the morning reductions. Stores that open early at 6am or 7am are great for nabbing bargains early doors. Primark New stock is delivered on Thursday nights so Friday mornings between 9am and 12pm is prime time to grab a bargain. If you find an item with minor imperfections it's also worth asking for a discount - you can expect around 10%. H&M Most branches do their biggest restock on a Monday. This means clothing that hasn't shifted may be reduced late first thing on a Monday morning. Be wary of buying clothes in a flash sale. The sale will continue until everything is sold so prices could be discounted further. M&S At M&S, staff put yellow stickers on food near its sell-by date through the night. So if you want a bargain, go when it opens. A second round of reductions takes place between 2pm and 4pm but most employees say the best stuff is often gone by then. Vegetables will be reduced in price again at 4pm. Next Next is famous for its seasonal sales giving customers the chance to save big on clothing and homeware. The biggest one is the Boxing Day sale where you can expect up to 70% off. But the summer sale - usually in July - can see prices slashed by up to 50%. Eager shoppers often head to their nearest store in the early hours before the earlier opening time at 6am. While this may seem excessive, getting down early does help you bag the best deals. 'We've saved serious cash by changing our shopping days' SAVVY saver Julia Maggiorana, 28, is an account manager who lives in West London, with her husband and three-month-old daughter Matilde. She says: "Since going on maternity leave, we are down to one salary at home so it is important to me to save money where I can and get good deals. "My friends call me the Queen of the bargains but my biggest win was finding out you can get stuff with big discounts if you go to Lidl either on a Sunday evening or first thing Monday morning. "I found out when I went in last year looking to buy some baking trays. When I saw the price, I realised they were more expensive than they had been the previous week. "I asked the man behind the till why they were now double the price and he said 'It's a bit of secret but if you come on a Sunday evening or early on a Monday morning, you might find items have a bigger discount'. "That is when they stock up with new products and have to try and shift some of the old lines. "This baking tray was from a new stock. I went back on the Sunday evening and he was right. I paid £4 instead of £10, so a saving of £6. I was really proud of this discovery. "Ever since then I've carried on shopping either late or Sunday or first thing on Monday and I've picked up some real bargains, especially kitchen items from the Ernesto range. "I've found that if items don't sell, they will often drop the price by 50% on a Sunday evening. The best ones were a casserole dish which was around £30 discounted to £14.99 and it's great quality and a Silvercrest air fryer that was reduced to £29.99 instead of £49.99. I've saved at least £300 this year." Esther Portlock, 52, is a nurse who lives in Bristol with her husband Greg, also 52. She says: "All my friends call me the coupon queen. I absolutely love getting a discount. I use lots of vouchers and I also have a blue light card which gets me lots of deals. "But one of my best tips is to go to Morrisons at lunchtime on a Sunday. It's amazing what you can get - the bargains are ridiculous. I'm coeliac so have to buy a lot of gluten free food, which can be expensive. "This week I went into Morrisons on Sunday lunch time and I got my preferred gluten free tiger loaf for 35p instead of £3.50. It's great value and has lasted me all week. "I've got into a routine now. I go to Pilates with my friend. We have a coffee and then get to Morrisons for around 1pm. "We don't fight for it but there is sometimes a bit of a squabble between us over what is left as there are so many amazing prices. "I got a cottage pie for my husband for 50p, reduced from £5.50. I fill the freezer with whatever is on offer - meat joints, gluten free food, ready meals, whatever I can find. "There might be ready-made sandwiches for 35p and last week I got some cookies as a treat. They were 50p reduced from £2. Getting these savings helps me end my week on a high!"
Daily Mail
35 minutes ago
- Daily Mail
Flattery will get you everywhere: The world leaders who have decided sucking up to Trump is the best way to handle him
Donald Trump was in Europe for all of 24 hours this week, flying into The Hague to show his face at the NATO summit before hopping back aboard Air Force One and returning to Washington. But this very short window provided plenty of insight into how America's Western allies are approaching their interactions with the US President. The two-day event would typically see members of the transatlantic security bloc discuss a host of issues, particularly at a time when Russia 's war continues to rage in Ukraine, the Middle East is mired in turmoil and China is growing ever stronger. Instead, it was effectively watered down to a single-issue press conference in which NATO's European cohort promised to spend more on defence and thanked the US for the pleasure of doing so. If it wasn't clear enough the first time round, leaders have recognised in Trump's second term that stroking the former reality TV star and real estate mogul's ego likely constitutes the path of least resistance in their dealings with him. To be clear, a policy of knee-bending and fawnery is hardly a useful approach to conducting international diplomacy and advancing the interests of one's country. Indeed, Trump has gone on record expressing admiration for the likes of Vladimir Putin, Xi Jinping and Kim Jong Un – authoritarians and dictators whose strength has earned them respect from the Orange Don. But it seems that sucking up to the leader of the free world – at least in public – is the most efficient way to avoid his ire… or to simply get him out the door. With that in mind, here are just a few glaring examples of world leaders going out of their way to pump up the Trump. Rutte As Trump prepared to fly to the Netherlands for the NATO summit, the alliance's Secretary-General Mark Rutte sent him a flurry of fawning text messages. 'Mr President, dear Donald, Congratulations and thank you for your decisive action in Iran, that was truly extraordinary, and something no one else dared to do. It makes us all safer,' the gushing texts read. 'You are flying into another big success in The Hague this evening. It was not easy but we've got them all signed onto 5 percent! 'Donald, you have driven us to a really, really important moment for America and Europe, and the world. You will achieve something NO American president in decades could get done. 'Europe is going to pay in a BIG way, as they should, and it will be your win. Safe travels and see you at His Majesty's dinner!' Rutte signed off. We know the contents of the private messages because Trump gleefully plastered them on social media, forcing Rutte to bat down speculation that he was pandering to the President with texts that made him, and Europe, look weak. The NATO chief later suffered another gaffe during a press conference with Trump in The Hague. The US President, ranting about America's involvement in the Israel-Iran conflict, characterised the two foes as children having a squabble in the playground. 'They're not gonna be fighting each other. They've had it. Like two kids in a schoolyard - you know they fight like hell, and you can't stop them. Let them fight for about two three minutes and then it's easier to stop them,' Trump said. Rutte then quipped that 'sometimes Daddy has to use strong language', in a pointed reference to Trump's use of a forceful expletive in an interview when chastising the arch foes for breaking a ceasefire deal. A delighted Trump later told reporters Rutte had made the comment 'because he likes me'. 'He likes me, I think he likes me! If he doesn't, I'll let you know and I'll come back and I'll hit him hard OK?' 'He did it very affectionately though... 'Daddy, you're my daddy',' the president said playfully. The impression even managed to tease a laugh out of the normally stoic Secretary of State Marco Rubio, who could not contain a giggle as he stood behind Trump on the stage. The White House's press office also seized upon the opportunity to release what can only be described as a hype video, showing Trump's return to Washington set to the tune of Hey Daddy (Daddy's Home) by pop star Usher. Secretary of State Marco Rubio (right) giggles behind President Donald Trump (left) as he answered questions about being called 'daddy' by Nato Secretary General Mark Rutte during the Wednesday conference in the Hague, Netherlands Netanyahu Since Trump began his second term in the White House, Israeli Prime Minister Benjamin Netanyahu has unofficially headed the Donald Trump fan club. It wasn't always so – Netanyahu has previously infuriated Trump on several occasions, most notably in 2020 when he declared on camera that Joe Biden had won the US presidential race, despite Trump's claims the Democrats stole the election. But as Donald prepared to return to the Oval Office, Bibi was likely reciting lines praising Trump for his excellent decision-making acumen and cherished friendship. He understands Trump's maxims of 'MAGA' and 'America First' like no other, and has expressed such admiration for them that he manages to paint Israel like a plucky partner of the US, rather than a dependent. Now, Netanyahu counts the US President among his closest allies, and is no doubt cognisant that without his backing, his war on Iran and the ongoing military action in Gaza would face much greater resistance. Following the US intervention in the Israel-Iran conflict last week that saw American B-2 stealth aircraft drop the world's largest non-nuclear weapons on Iranian nuclear sites, Netanyahu delivered an address which doubled as a love letter to Trump and America. 'President Trump, your bold decision to target Iran's nuclear facilities with the awesome and righteous might of the United States will change history... America has been truly unsurpassed. It has done what no other country on earth could do.' 'History will record that President Trump acted to deny the world's most dangerous regime, the world's most dangerous weapons,' he continued. 'His leadership today has created a pivot of history that can help lead the Middle East and beyond to a future of prosperity and peace. 'President Trump and I often say peace through strength. First comes strength, then comes peace. And tonight, President Trump and the United States acted with a lot of strength.' 'President Trump, I thank you. The people of Israel thank you. The forces of civilisation thank you. 'God bless America. God bless Israel and may God bless our unshakeable alliance, our unbreakable faith.' Starmer Sir Keir had only been in power himself for four months when Trump stormed to victory in the November 2024 US presidential election and from the outset was keen to display his admiration. In fairness, he had to do some damage control. Labour deputy Angela Rayner had openly called Trump an 'absolute buffoon' who had 'no place in the White House' while Foreign Secretary David Lammy once referred to him as 'a racist KKK and Nazi sympathiser'. Since Trump's inauguration, the Prime Minister has worked to strike a careful balance, positioning the UK as a valued Atlantic intermediary, connecting North America with the EU. He has played on the so-called 'special relationship' between the UK and US, and has seemingly got along well with Trump so far. But Sir Keir has also had his fair share of moments that highlighted his eagerness to please the American leader. On his first visit to the White House to see Trump in February, Starmer was all too happy to present the US President with a letter from King Charles in the middle of a press conference. 'Am I supposed to read it now?' Trump asked flippantly. Sir Keir insisted that Trump read the letter aloud, before grasping the President's shoulder and flashing a giddy grin as he unfurled the envelope and scanned its contents. Then, earlier this month, the Prime Minister was sent scrambling at Trump's feet when the 79-year-old dropped the contents of a US-UK trade deal the pair had just inked at the G7 summit all over the floor. As Trump opened a black binder with the signed agreement inside, several papers spilled out. 'Oops, sorry about that,' Trump quipped, looking down to see the Prime Minister plucking the papers from between his legs. Moments later, Trump went on to announce he had struck the deal with the European Union, rather than the UK. Sir Keir had neither the appetite nor the heart to correct him. Macron The state of relations between Trump and French President Emmanuel Macron serves as a cautionary tale to other leaders who may be tired of sucking up to the US President and want to air their grievances in public. In their first term, the pair often appeared firm friends. Macron boasted of himself as a 'Trump whisperer' and recently said he had 'the best relations in the world' with the US President prior to 2020. Their 29-second handshake-cum-handholding session during Trump's visit to Paris for Bastille Day in 2017 is the stuff of legend, and both leaders garnered a reputation for being notably tactile with one another. Early in Trump's second term, the bromance appeared alive and well. Macron performed admirably during his visit to the White House in February, laughing at Trump's wisecracks while managing to politely and charmingly correct his American counterpart's mistakes. But relations have rapidly soured since then – a decline seemingly sparked by the outspoken Macron's willingness to challenge Trump in public and criticise his policies on the world stage. After Trump abruptly departed this month's G7 summit early, Macron tried to spin the exit as strategic, telling reporters the US might play a key role in brokering peace between Israel and Iran. But Trump, already aboard Air Force One, launched a furious riposte online. 'Wrong! He is 'publicity seeking' and always gets it wrong,' the President fumed on Truth Social. 'He has no idea why I am now on my way to Washington… Much bigger than that. Stay tuned!' Tensions only mounted further when Macron offered a rebuke of Trump's hawkish stance on Iran. As Trump called for Tehran's 'UNCONDITIONAL SURRENDER,' Macron warned that pushing for regime change would only sow 'chaos' across the Middle East. 'We do not want to see Iran acquire nuclear weapons or ballistic capabilities,' Macron said. 'But the greatest mistake today would be to pursue regime change in Iran through military means – that would lead to chaos.' 'Does anyone think what was done in Iraq in 2003 was a good idea? Or in Libya last decade? No.' When asked later about the spat, Trump couldn't resist a jab.
Reuters
35 minutes ago
- Reuters
Take Five: Half-time for markets
LONDON, June 27 (Reuters) - A momentous first half of 2025 comes to an end with trade, Federal Reserve independence and geopolitics staying high on the market watch list for the second half. And there's plenty to chew over: U.S. jobs data, a European Central Bank conference and Chinese business activity numbers. Here's all you need to know about the week ahead in global markets from Marc Jones, Yoruk Bahceli and Anousha Sakoui in London, Rae Wee in Singapore and Lewis Krauskopf in New York. The year crosses the halfway line and while U.S. President Donald Trump's return to power in January was always going to ruffle markets, even the most grizzled of traders have been shocked by the rodeo ride. Some describe it as a once-in-a-generation "great rotation". The main evidence is that King Dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s, as U.S. debt worries grow. The "Magnificent 7" stocks are flat for the year too, compared to a near 20% leap by Chinese "Big Tech", gold's 25% surge and a 60% boom in European defence stocks. There won't be much time for an H2 breather either. Trump wants to ram his "Big Beautiful" fiscal bill though by the Independence Day holiday, his temporary ceasefire in the global trade war is due to run out five days later. Latest U.S. jobs data will shed light on the health of the labour market at a time when investors are debating at what point the Fed will next cut rates. June numbers, due on July 3 in the holiday-shortened week, are expected to show employment grew by 129,000 jobs, according to a Reuters poll. That would be modestly slower growth than May's 139,000 increase. While a possibly weaker labour market is one consideration for rate cuts, the Fed is also monitoring inflation. Fed Chair Jerome Powell just told Congress that higher tariffs could begin raising inflation this summer. Investors are also watching the progress of Trump's tax-cut and spending bill in Congress, with his Republican party hoping to keep it on track for the president to sign into law before the July 4 holiday. Central bankers meet for the ECB's annual forum in the foothills of Portugal's Sintra Mountains on Tuesday, with focus on what rates-setters from ECB chief Christine Lagarde to the Fed's Powell say on never-ending geopolitical turbulence. Whether it's the economic impact of renewed Middle East tensions or the July 9 tariff deadline, there's little clarity ahead, blurring rate cut expectations. Investors will look for clues on ECB policy, and Powell is in the spotlight with Trump considering naming his successor early, fanning worries over Fed independence. The ECB could also announce the results of its strategy review. For all the post-pandemic turmoil, policymakers are seen side-stepping calls for self-criticism, standing by the last decade's aggressive stimulus. And Tuesday's data should show whether euro zone inflation returns to its 2% target in June after dipping below it in May. It's already midway through the year, but China's long-awaited economic recovery has barely taken off. Monday's official purchasing managers' index figures are likely to paint the same bleak picture investors have faced for most of the year as Trump's tariffs hit manufacturing activity. The Caixin/S&P Global manufacturing PMI reading follows the official release a day later, and the bar to surpass May's dismal numbers is relatively low. Chinese officials sound upbeat about the growth outlook, but huge uncertainties loom. Domestic deflationary pressures continue to deepen and a fragile Sino-U.S. trade truce is hardly the endgame. Tensions between the world's two largest economies remain, even if they are out of sight for now. Given tariffs and heightened market volatility, the first half has not gone too badly for dealmakers. China and Japan, for instance, saw huge jumps in M&A, Dealogic data in the year to June 23 suggests. Hong Kong awaits a possible Shein IPO - which would give Asia equity issuance a further boost. Global M&A remains off 2021 highs but is still up on the same period last year by nearly 25% at just over $2 trillion. The activity was driven by fewer but bigger deals like Charter Communications' (CHTR.O), opens new tab $22 billion bid for rival Cox Communications. This trend is likely to persist, at least in the U.S., where M&A rose 8% to nearly $885 billion. While a KPMG survey of U.S.-based corporate and private equity dealmakers found that nearly all said tariffs had impacted dealmaking plans, nearly three quarters expected M&A to exceed last year's levels. For about two-thirds, potential tax policy changes would increase their appetite for M&A, and the new U.S. administration's approach to anti-trust would make deals easier.
