NATO chief Rutte calls for 400% increase in the alliance's air and missile defense
LONDON — NATO members need to increase their air and missile defenses by 400% to counter the threat from Russia, the head of the military alliance plans to say on Monday.
Secretary-General Mark Rutte will say during a visit to London that NATO must take a 'quantum leap in our collective defense' to face growing instability and threats, according to extracts released by NATO before Rutte's speech.
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Yahoo
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- Yahoo
Nigel Farage's pitch for Welsh elections: bring back coalmining
Nigel Farage has demanded the reopening of domestic coalmines to provide fuel for new blast furnaces, arguing that Welsh people would happily return to mining if the pay was sufficiently high. Speaking at an event in Port Talbot, the south Wales town traditionally associated with the steel industry, the Reform UK leader said it was in the 'national interest' to have a guaranteed supply of steel, as well as UK-produced fuel for the furnaces, a close echo of Donald Trump's repeated pledges to return heavy industry to the US. Pressed on whether this was a realistic plan, particularly given that even if Wales did elect a Reform-run Senedd next May it could be blocked by Westminster, Farage conceded that the idea was most likely only realistic if done in conjunction with the national government. 'Our belief is that for what uses coal still has, we should produce our own coal,' he told the event, intended to boost Reform's prominence in Wales in the run-up to next year's elections. 'I'm not saying, let's open up all the pits. What I am saying is there is coal, specific types of coal for certain uses, that we still need in this country, and we certainly will need for the blast furnaces here, that we should produce ourselves rather than importing. 'We are going to be using more steel over the next few years than we probably ever used, as we increase military spending and as we attempt a housebuilding programme … We are going to need a lot of steel. Our belief is we should be producing our own steel.' Asked during a media Q&A how long it would take to reopen defunct blast furnaces such as the Tata steel plant in Port Talbot which shut last year, and if this was even possible, Farage accepted it would be difficult, needing 'a change of mindset'. He said: 'Nothing's impossible, but it might be difficult. It might be easier to build a new one.' Quizzed on what evidence he had that young Welsh people would want to go down coalmines, Farage replied: 'If you offer people well-paying jobs, you'd be surprised. Many will take them, even though you have to accept that mining is dangerous.' Pressed then on whether even a Reform-run Welsh government could not achieve this alone, Farage accepted this was probably the case: 'It's difficult to know just how much leverage the Welsh government can have over these things. It probably needs to work in conjunction with a national government. It needs a complete change of philosophy. It needs a scrapping of net zero.' A YouGov poll last month of voting intentions in Wales found Plaid Cymru leading with 30%, but Reform on 25%, ahead of Labour and the Conservatives. In his speech, Farage said Reform 'hit a speed bump last week' with the sudden resignation of Zia Yusuf as the party's chair, although Yusuf did subsequently say he would return to carry on leading efforts to find costs to cut in Reform-run councils. Farage denied that he repeatedly falls out with colleagues, saying some people had worked with him for 25 years, and that he was still friends with former employees from his City of London metals trading job in the 1990s. But he added: 'I am someone that maintains long-term friendships, and I'll do that, but if ever anybody talks behind my back, or if anybody betrays that trust, then I'll never speak to them again. Quite simple, and they should expect the same level of trust back from me.'
Yahoo
20 minutes ago
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Spending review is ‘settled', says Downing Street
The spending review is 'settled', Downing Street has said, after the Home Office was the last department locked in budget negotiations. Chancellor Rachel Reeves is expected to announce funding increases for the NHS, schools and defence along with a number of infrastructure projects on Wednesday, as she shares out some £113 billion freed up by looser borrowing rules. But other areas could face cuts as she seeks to balance manifesto commitments with more recent pledges, such as a hike in defence spending, while meeting her fiscal rules that promise to match day-to-day spending with revenues. On Monday morning, Home Secretary Yvette Cooper was the last minister still to reach a deal with the Treasury, with reports suggesting greater police spending would mean a squeeze on other areas of her department's budget. Speaking to reporters on Monday afternoon, the Prime Minister's official spokesman said: 'The spending review is settled, we will be focused on investing in Britain's renewal so that all working people are better off. 'The first job of the Government was to stabilise the British economy and the public finances, and now we move into a new chapter to deliver the promise and change.' The Government has committed to spend 2.5% of gross domestic product on defence from April 2027, with a goal of increasing that to 3% over the next parliament – a timetable which could stretch to 2034. Ms Reeves' plans will also include an £86 billion package for science and technology research and development. Last week the Chancellor admitted that she had been forced to turn down requests for funding for projects she would have wanted to back, amid the Whitehall spending wrangling. Mayor of London Sir Sadiq Khan's office is concerned that Wednesday's announcement will include no new funding or projects for London. The mayor had been looking to secure extensions to the Docklands Light Railway and Bakerloo line on the Underground, along with the power to introduce a tourist levy and a substantial increase in funding for the Metropolitan Police. A source close to the mayor said on Monday that ministers 'must not return to the damaging, anti-London approach of the last government', adding this would harm both London's public services and 'jobs and growth across the country'. They said: 'Sadiq will always stand up for London and has been clear it would be unacceptable if there are no major infrastructure projects for London announced in the spending review and the Met doesn't get the funding it needs. 'We need backing for London as a global city that's pro-business, safe and well-connected.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
25 minutes ago
- CNN
China has a valuable card to play as it holds trade talks with the US today
Source: CNN A new round of trade negotiations between the United States and China has started in London, with both sides trying to preserve a fragile truce brokered last month. The fresh talks were announced last week after a long-anticipated phone call between US President Donald Trump and Chinese leader Xi Jinping, which appeared to ease tensions that erupted over the past month following a surprise agreement in Geneva. In May, the two sides agreed to drastically roll back tariffs on each other's goods for an initial 90-day period. The mood was upbeat. However, sentiment soured quickly over two major sticking points: China's control over so-called rare earths minerals and its access to semiconductor technology originating from the US. Beijing's exports of rare earths and their related magnets are expected to take center stage Monday at the London meeting. A person familiar with the matter told CNN the US-China talks were underway. China's official news agency Xinhua also reported the start of the discussions. Experts say Beijing is unlikely to give up its strategic grip over the essential minerals, which are needed in a wide range of electronics, vehicles and defense systems. 'China's control over rare earth supply has become a calibrated yet assertive tool for strategic influence,' Robin Xing, Morgan Stanley's chief China economist, wrote in a Monday research note. 'Its near-monopoly of the supply chain means rare earths will remain a significant bargaining chip in trade negotiations.' Since the talks in Geneva, Trump has accused Beijing of effectively blocking the export of rare earths, announcing additional chip curbs and threatening to revoke the US visas of Chinese students. The moves have provoked backlash from China, which views Washington's decisions as reneging on its trade promises. All eyes will be on whether both sides can come to a consensus in London on issues of fundamental importance. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will meet a Chinese delegation led by Vice Premier He Lifeng. On Saturday, Beijing appeared to send conciliatory signals. A spokesperson for China's Commerce Ministry, which oversees the export controls, said it had 'approved a certain number of compliant applications.' 'China is willing to further enhance communication and dialogue with relevant countries regarding export controls to facilitate compliant trade,' the spokesperson said. Kevin Hassett, head of the National Economic Council at the White House, told CBS's Face the Nation on Sunday that the US side would be looking to restore the flow of rare earth minerals. 'Those exports of critical minerals have been getting released at a rate that is higher than it was, but not as high as we believe we agreed to in Geneva,' he said, adding that he is 'very comfortable' with a trade deal being made after the talks. On Monday morning in an interview with CNBC, Hassett said: 'This was a very significant sticking point, because China controls… something like 90% of the rare earths and the magnets. And if they're slow rolling, sending those to us because of some licensing deal that they set up, then it could potentially disrupt production for some US companies that rely on those things.' 'And there are enough of those, like, for example, auto companies, that President Trump took it very seriously, called President Xi and said, we got to we got to get this stuff coming out faster. And President Xi agreed,' he added. In April, as tit-for-tat trade tension between the two countries escalated, China imposed a new licensing regime on seven rare earth minerals and several magnets, requiring exporters to seek approvals for each shipment and submit documentation to verify the intended end use of these materials. Following the trade truce negotiated in Geneva, the Trump administration expected China to lift restrictions on those minerals. But Beijing's apparent slow-walking of approvals triggered deep frustration within the White House, CNN reported last month. Rare earths are a group of 17 elements that are more abundant than gold and can be found in many countries, including the US. But they're difficult, costly and environmentally polluting to extract and process. China controls 90% of global rare earth processing. Experts say it's possible that Beijing may seek to use its leverage over rare earths to get Washington to ease its own export controls aimed at blocking China's access to advanced US semiconductors and related technologies. The American Chamber of Commerce in China said on Friday that some Chinese suppliers of American companies have received six-month export licenses. Reuters, citing two sources, also reported that suppliers of major American carmakers – including General Motors, Ford and Jeep-maker Stellantis – were granted temporary export licenses for a period of up to six months. While China may step up the pace of license approvals to cool the diplomatic temperature, global access to Chinese rare earth minerals will likely remain more restricted than it was before April, according to a Friday research note by Leah Fahy, a China economist and other experts at Capital Economics, a London-based consultancy. 'Beijing had become more assertive in its use of export controls as tools to protect and cement its global position in strategic sectors, even before Trump hiked China tariffs this year,' the note said. As China tackles a tariff war with the US head on, it's clear that the disruptions are continuing to cause economic pain at home. Trade and price data released Monday painted a gloomy picture for the country's export-reliant economy. Its overall overseas shipments rose by just 4.8% in May, compared to the same month a year earlier, according to data released by China's General Administration of Customs. It was a sharp slowdown from the 8.1% recorded in April, and lower than the estimate of 5.0% export growth from a Reuters poll of economists. Its exports to the US suffered a steep decline of 34.5%. The sharp monthly fall widened from a 21% drop in April and came despite the trade truce announced on May 12 that brought American tariffs on Chinese goods down from 145% to 30%. Still, Lü Daliang, a spokesperson for the customs department, talked up China's economic strength, telling the state-run media Xinhua that China's goods trade has demonstrated 'resilience in the face of external challenges.' Meanwhile, deflationary pressures continue to stalk the world's second-largest economy, according to data released separately on Monday by the National Bureau of Statistics (NBS). In May, China's Consumer Price Index (CPI), a benchmark for measuring inflation, dropped 0.1% compared to the same month last year. Factory-gate deflation, measured by the Producer Price Index (PPI), worsened with a 3.3% decrease in May from a year earlier. Last month's drop marks the sharpest year-on-year contraction in 22 months, according to NBS data. Dong Lijuan, chief statistician at the NBS, attributed the decline in producer prices, which measures the average change in prices received by producers of goods and services, to a drop in global oil and gas prices, as well as the decrease in prices for coal and other raw materials due to low cyclical demand. The high base of last year was cited as another reason for the decline, Dong said in a statement. See Full Web Article
