Hundreds of thousands join protest in defence of Erdoğan rival jailed in Turkey
Hundreds of thousands of people attended the protest called by Özgur Özel, the head of the opposition Republican People's party (CHP), in a spot far from Istanbul's city centre. Özel claimed 2.2 million people attended the protest in defence of the mayor Istanbul, Ekrem İmamoğlu. He told the French daily Le Monde that Saturday rallies would become a weekly occurrence in cities across Turkey, while the CHP would hold similar gatherings in Istanbul each Wednesday
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Spectator
an hour ago
- Spectator
The Sizewell delusion
The Chancellor's promise of £14 billion for the Sizewell C nuclear power station in Suffolk is hardly news. The project has been talked about for 15 years while the existing UK nuclear estate has gradually been shut down and the only other new station, Hinkley Point in Somerset, has stumbled to a decade-long delay and £28 billion of budget overruns. Quite some optimism – verging on Milibandian delusion – is required to embrace the idea that Sizewell will come quicker and cheaper because it will replicate Hinkley Point while avoiding its mistakes. And since Chinese money has been ruled out, it's still a mystery as to who else will pay for the project beside HMG and the French utility company EDF. Unarguably, we need a constant baseload of nuclear power to stop the lights going out in mid-century: commitment to Sizewell can't be all wrong, despite local objections. But what's intriguing about this week's news is that it coincides with the naming of Rolls-Royce as 'preferred bidder' to deliver the UK's first small modular reactors, in theory much easier to bring to fruition. If SMRs can really deliver nuclear power one town at a time by the mid-2030s, as planned, Hinkley Point and unfinished Sizewell will begin to look like dinosaurs. The simple truth is that both should have been done and dusted a generation ago. But nuclear decision-ducking has been a shame on successive governments for as long as most of us can remember. Defensive stocks My recent suggestion of a 'Rearmament Isa' that would incentivise savers to buy shares in UK manufacturers of military kit brought a positive response from one former defence minister but not from the current Chancellor who, let's face it, may not be among my most devoted readers. Nevertheless, I'm hoping the idea might feature in an Isa overhaul this autumn, because last week's £68 billion defence review wish-list of everything from ammo factories to autonomous weaponry was a reminder of how vital it is to sustain an innovative, well-capitalised, British-owned defence industry, rather than one that is picked off piece by piece by US and other foreign predators. And it's fair to say that the review's call for 'warfighting readiness' makes the sector a strong bet for investors anyway, with or without Isa tax benefits. Blue-chip defence stocks have already soared since the beginning of the year – BAE Systems up 68 per cent, Rolls-Royce 55 per cent – but may pause as the market discovers how much of the wish list the government actually commits to buying and to what extent UK firms are impeded (as President Emmanuel Macron of France has signalled) from supplying EU rearmament demand. In the meantime, smart stock-pickers will hunt for defence-related businesses that have yet to catch the upswing. Naturally on this theme I consult this column's veteran investor Robin Andrews, who suggests taking a look at 'engineering and electronics companies that are vital in the supply chain and whose customers are major defence companies and in some cases governments directly'. Here's his promising half-dozen: Melrose Industries in aerospace; Hunting in precision engineering; Filtronic, already a hot stock in telecom systems; and in various aspects of IT, Concurrent Technologies, EnSilica and the curiously named Raspberry Pi. As ever, we urge you to do your own research. City stampede Here we go again: three more tech companies abandoning London. Spectris, a listed precision instrument maker that descends from the Fairey seaplane company and might have featured in our roll call of defence-adjacent stocks above, is selling itself to the US private equity giant Advent for £3.7 billion. Alphawave, an Anglo-Canadian designer of 'high-speed connectivity solutions' that listed in London in 2021, has fallen to US microchip maker Qualcomm for £1.8 billion. Both deals are at huge premiums over the companies' last quoted share prices, reflecting the pattern of chronic undervaluation that has driven the decline of the London Stock Exchange and provoked a stampede of takeovers. Third to go this week is Wise, a money-transfer fintech founded in London by Estonian emigrés and now worth £11 billion, but moving its primary listing to New York. Time and again we're told City authorities, Treasury ministers and the Exchange itself are urgently pursuing reforms to make London's capital markets slicker and sexier; but so far, as the exodus accelerates, to no effect whatever. Top shopkeeper Last week, to some readers' irritation, I applauded a €100 million bonus for Michael O'Leary in his 31st year as the presiding genius of Ryanair. So if I'm in favour of high pay for high performance, logic might dictate that I should also favour the £7 million award to Stuart Machin for his third year's work as chief executive of Marks & Spencer. But I'm not so sure. The high street chain has certainly revived under Machin's leadership: profits are up, stores look fresher, the food offer outpaces rivals and the shares have risen 150 per cent since he took the helm in May 2022. And he's clearly not to blame for the cyber-attack that crippled M&S's website and cost the business £300 million. But nor is he a creator of the M&S brand: he's a hired hand (having previously worked for Sainsbury's, Tesco, Asda and in Australia) whose efforts have been closely mentored by his powerful chairman, Archie Norman. In that case, is it really fair to pay him 140 times the average store manager's salary? Then again, I hear you mutter, what's fairness got to do with it if £7 million is the going rate for global boardroom talent? Maybe, but it's a big number for running a shop and it puts Machin in a merciless media spotlight. Having said which, I'll pop out to buy my M&S picnic lunch.
Daily Mirror
3 hours ago
- Daily Mirror
Greta 'mistreated and mocked' by dancing Israeli officials before deportation
French doctor Bapiste Andre was on 'freedom flotilla' with Greta Thunberg - he said the group were subject to 'mockery' when they were intercepted by Israeli officials An activist on the 'freedom flotilla' boat with Greta Thunberg has said the latter was mistreated by Israeli officials. There "were acts of mistreatment" according to Baptiste Andre, who spoke to French media after the group of 12 were brought to the port of Ashdod. Mr Andre, a doctor, said there were 'no acts of physical violence', but that they were subject to sleep deprivation and 'mockery' by Israeli officials. He said this was 'especially' focussed on Ms Thunberg. 'As soon as [ Thunberg ] fell asleep, the immigration services came to wake her up' he claimed, adding that music was turned loud and members of the immigration services 'danced in front of us'. Adding there was some difficulty for the detainees in gaining access to food, water and toilets, Andre said: 'It took three hours to get a piece of bread.' On X, the Israeli foreign ministry said: 'The passengers of the 'Selfie Yacht' arrived at Ben Gurion Airport to depart from Israel and return to their home countries. Those who refuse to sign deportation documents and leave Israel will be brought before a judicial authority.' Israeli government spokesperson David Mencer said Thunberg was party to ' Instagram activism'. Israeli officials have received criticism after calling the group anti-semitic amid their attempts to bring food to people in Gaza. The UN has warned Gaza's population is at risk of famine. Ms Thunberg was one of 12 passengers on the Madleen, a ship carrying aid to Gaza. Israeli naval forces seized the boat without incident early on Monday about 125 miles off of Gaza's coast, according to the coalition, which along with rights groups, said Israel's actions were a violation of international law. Israel rejects that charge because it says such ships intend to breach what it argues is a lawful naval blockade of Gaza. Speaking upon arrival at Paris' Charles de Gaulle Airport, Ms Thunberg called for the release of the other activists who were detained aboard the Freedom Flotilla. She described a 'quite chaotic and uncertain' situation during the detention. The activist added the conditions they faced 'are absolutely nothing compared to what people are going through in Palestine and especially Gaza right now'. 'We were well aware of the risks of this mission,' Ms Thunberg added. 'The aim was to get to Gaza and to be able to distribute the aid.' She said the activists would continue trying to get aid to Gaza.
The Herald Scotland
6 hours ago
- The Herald Scotland
UK agrees to check-free land border for Gibraltar but EU controls for flyers
But those flying into Gibraltar from the UK will face one check from Gibraltarian officials and another by the Spanish on behalf of the EU. An agreement for the future relationship between the EU and the UK in relation to Gibraltar is now a reality. It is a historic agreement. — Fabian Picardo (@FabianPicardo) June 11, 2025 This is because the land border will allow those arriving by air access to the European Schengen free travel area unchecked once they are in Gibraltar. The UK and Gibraltar insisted the changes would not affect the British overseas territory's sovereignty. The airport will operate under a model similar to London's St Pancras station, where passengers pass through both UK and French passport checks to board international trains. Goods and customs checks will also eventually be removed in both directions under the agreement. The move could also see airlines start to add flights to Gibraltar from countries other than the UK in a boost to tourism. Officials say a hard border would have been introduced under the EU's incoming exit and entry control system if no deal was reached, causing delays for some 15,000 people who cross the border every day as every individual passport was checked. Talks on rules governing the border have been ongoing since Britain left the European Union in 2020. Foreign Secretary David Lammy said the previous Tory government left behind a situation that 'put Gibraltar's economy and way of life under threat'. President of the EU Commission Ursula von der Leyen welcomed the deal (Leon Neal/PA) He said the agreement was a 'breakthrough' after years of uncertainty. He said: 'Alongside the government of Gibraltar, we have reached an agreement which protects British sovereignty, supports Gibraltar's economy and allows businesses to plan for the long-term once again. 'I thank the chief minister and his government for their tireless dedication throughout the negotiations. The UK's commitment to Gibraltar remains as solid as The Rock itself.' Spanish foreign minister Jose Albares said the deal marked 'a new beginning' in the relationship between the UK and Spain. He said that Spain 'will guarantee free movement of people and goods', adding that Gibraltar would now be linked to the Schengen Area with Spanish authorities controlling entry and exit. I have always said nothing about Gibraltar, without Gibraltar. — David Lammy (@DavidLammy) June 11, 2025 President of the EU Commission Ursula von der Leyen welcomed the deal. In a post on X, she said: 'It safeguards the integrity of Schengen and the single market, while ensuring stability, legal certainty and prosperity for the region.' Gibraltar's chief minister Fabian Picardo said the deal would 'protect future generations of British Gibraltarians and does not in any way affect our British sovereignty'. 'Now is the time to look beyond the arguments of the past and towards a time of renewed co-operation and understanding. Now the deal is done, it's time to finalise the treaty,' he said. The Conservatives have said they will carefully review the UK's agreement with the EU on Gibraltar's border to see if it crosses any 'red lines' the party set out during its own negotiations when in government. Shadow foreign secretary Priti Patel said: 'Gibraltar is British, and given Labour's record of surrendering our territory and paying for the privilege, we will be reviewing carefully all the details of any agreement that is reached.' Mr Lammy held talks with Gibraltar's leaders, members of the opposition and the business community before leaving the British overseas territory to head to Brussels on Wednesday morning. Gibraltar was ceded to the UK by Spain in 1713 and the population is heavily in favour of remaining a British overseas territory. The last time it voted on a proposal to share sovereignty with Spain, in 2002, almost 99% of Gibraltarians rejected the move. Gibraltar also hosts an RAF base at its airport and an important naval facility.
