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The European Union’s trade gap with China has ballooned to a historic €1 bn (£0.8 bn) each day, according to Eurostat data for April, raising alarms about the sustainability of Europe’s industrial base.EU‑China Trade Gap Surges to Record Levels in AprilEurostat reports that the difference between EU imports from China and exports to China reached €31.9 bn in April, equivalent to a daily shortfall of €1 bn. The figure comes as EU leaders prepare for a Thursday summit to discuss measures against the widening imbalance, amid concerns over the influx of subsidised Chinese electric vehicles and component imports.€31.9 bn Imbalance: Numbers Behind the DeficitTotal trade deficit in April: €31.9 bnAverage daily shortfall: €1 bn (≈ £0.8 bn)Projected May‑June deficit: likely to stay above €1 bn per day according to Rafael Jimenez BuendíaImplications for Europe’s Industrial BackboneAlexander Julius, president of Eurometal, warned that reliance on Chinese supplies could allow Beijing to dictate component availability, pricing and quantities, threatening sectors from steel to defence. Trade expert Rafael Jimenez Buendía echoed the view, noting that customs data already show shipments “still at sea” that will push the deficit higher in the upcoming July‑August releases.Policy Paths and Outlook for the Next QuarterEuropean officials, including Trade Commissioner Maroš Šefčovič, have ruled out broad tariffs due to political complexity. Analysts favour targeted measures such as:Import quotas on Chinese chemicals and hybrid vehiclesStrengthening anti‑subsidy investigations for electric‑car componentsCo‑ordinated G7 dialogue led by France’s Emmanuel Macron to seek a cooperative approachWith China absent from the negotiation table, immediate breakthroughs appear unlikely, but acknowledgment of the problem is seen as a first step toward tougher EU trade policy.

The Divine Bloodbath Anish Kapoor's exhibition at the Hayward Gallery in London is a gutsy and gore-splattered show that explores the themes of sacrifice, mortality, and the divine. The exhibition features a series of large-scale installations, including three paintings entitled Plastic Sacrifice I, II, III, which are wrapped in transparent PVC, revealing three-dimensional purple and crimson entrails that slop off the wall. The Art of Sacrifice Kapoor's work is influenced by his experiments with the light-swallowing nanomaterial Vantablack, which creates an optical illusion of voids and portals. The exhibition also features a massive mountain hanging upside down from the ceiling, entitled Mount Moriah at the Gate of the Ghetto, which refers to the place where God told Abraham to sacrifice his son Isaac. The Emotional Impact The exhibition takes the viewer on a metaphysical rollercoaster ride, evoking emotions of pleasure, amazement, awe, fear, disgust, and nausea. Kapoor's use of blood-red pigment and pulsing globs of red creates a sense of violence and sacrifice, while his gold and purple hues add a sense of beauty and spirituality. The Future of Art Kapoor's exhibition is a testament to the power of art to move, frighten, and stun. In an era when art often seems content with small, dry efforts, Kapoor's work soaks the Hayward in the blood and guts of his unfettered imagination, pushing the boundaries of what art can be and what it can achieve.

The Lead Russia has unleashed one of its heaviest air raids on Ukraine in weeks, killing rescuers in the northeast and setting a historic cathedral ablaze in Kyiv, even as diplomatic moves elsewhere raised faint hopes of wider de-escalation. Massive Aerial Assault on Ukrainian Cities Ukraine's air force reported that Russia fired 70 missiles and 611 drones overnight, primarily targeting the capital. Air defenses managed to intercept 50 missiles and 582 drones. In Kyiv alone, at least four people were killed and about 30 injured, including children. The attacks damaged apartment blocks, markets, and power lines, leaving approximately 140,000 residents without electricity. Historic Cathedral Destroyed in Kyiv The Dormition Cathedral in the Kyiv-Pechersk Lavra, an 11th-century monastery complex and UNESCO World Heritage Site, caught fire after what local authorities described as a direct hit. Flames engulfed the roof of the landmark overlooking the Dnipro River. Metropolitan Epiphanius of the Orthodox Church of Ukraine condemned the strike as "a crime against humanity, history and Christianity." Double Tap Tactics Kill Emergency Responders In Kharkiv, Russian forces employed a "double tap" tactic, launching additional strikes on the site of an earlier attack. This strategy resulted in the deaths of four emergency service workers and a municipal official. Additional attacks were reported in Dnipro and the Sumy region, indicating a widespread assault across multiple fronts. Strategic Targets and Counterattacks Moscow's Ministry of Defense claimed its forces used long-range precision weapons and drones to hit military-industrial facilities, conscription offices, and airbases, asserting that their objectives had been achieved. In response, Ukraine has intensified its own long-range attacks, including a drone strike that killed three people in the Russian city of Tula and attacks on bridges to occupied Crimea aimed at disrupting supply lines. Diplomatic Efforts Amid Escalation The latest escalation occurred while Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin held separate calls with U.S. President Donald Trump. Additionally, Washington and Tehran announced a framework to end their war. These diplomatic initiatives underscore the challenges in resolving the conflict, which remains stalled more than four years after Russia's full-scale invasion of Ukraine.

The Potential Shift in Rangers' Managerial Lineup Rangers are likely to move for Hearts manager Derek McInnes if Danny Röhl completes a move to RB Salzburg. The Ibrox club and Salzburg are in talks over a deal for Röhl, who was appointed by Rangers last October. Röhl's Possible Departure and Its Implications The 37-year-old began his coaching career elsewhere in the RB stable, at Leipzig. There is a rising sense in Glasgow that he will accept Salzburg’s overtures, with a switch likely to happen within days. McInnes as a Potential Replacement In that scenario, Rangers are expected to turn towards McInnes. The former Rangers player guided Hearts to second place in Scotland’s Premiership this season, with the Edinburgh club losing out on what would have been their first title since 1960 on the final day of the season, after defeat at Celtic Park. McInnes' Past Connections and Future Prospects McInnes took over at Hearts after leaving Kilmarnock in the summer of 2025. He was Scotland’s manager of the year within 12 months. McInnes rejected the opportunity to manage Rangers in 2017, but it would be a surprise if the 54-year-old turned them down for a second time. Other Contenders for the Rangers Job Steven Gerrard has also been linked with the Rangers post, having managed there before. Rangers have already signed Hearts captain Lawrence Shankland after the striker exercised his right to leave Tynecastle for free at the end of the season.

The Verdict An Oslo district court has sentenced Marius Borg Hoiby, the stepson of Norway’s Crown Prince Haakon, to four years in prison for rape and other crimes. Hoiby, 29, became part of the royal family when his mother, Mette-Marit, married Haakon in 2001. The Charges and Convictions The court convicted Hoiby of two counts of rape as well as domestic violence against his former partner Nora Haukland and narcotics offences. He was acquitted on two separate rape counts with judges finding insufficient proof that the encounters were nonconsensual. One of the rapes he was convicted of took place in the basement of the crown prince’s official Skaugum residence. The Trial and Sentencing While denying the rape charges, Hoiby had pleaded guilty to domestic abuse and transporting 3.5kg (7.7lb) of marijuana in 2020. The seven-week trial captivated Norway, laying bare Hoiby’s struggles with drug addiction, self-recorded footage of intimate encounters and a trove of more than 800 electronic messages submitted as evidence. Hoiby, who has been in custody since February 1, did not attend the reading of the verdict in person, citing undisclosed medical reasons. Local media reported he followed proceedings via a secure videolink from Oslo Prison, where he remains held. The Royal Family's Response During the trial, Hoiby spoke about growing up adjacent to the throne without an official title. “I’m mostly known as my mother’s son, not anything else,” he told the court. “So I’ve had an extreme need for recognition my whole life, and that manifested itself in a lot of sex, a lot of drugs and a lot of alcohol.” Haakon distanced the monarchy from the case, telling reporters that Hoiby is not a member of the Royal House and faces the same legal accountability as any Norwegian citizen. “He is a citizen of Norway and, as such, has the same responsibilities as everyone else,” Haakon said.

The Life and Legacy of David Kemp David Kemp, an artist celebrated for his creative use of junk to craft surreal sculptures, has passed away at the age of 80. Kemp's artistic journey began in 1981 when he moved to Cornwall, where he started transforming discarded items into fantastical creatures and mythical beings. The Birth of a Unique Artistic Style Kemp's work was characterized by its imaginative and playful nature, often blurring the lines between art and fantasy. He created sculptures from a wide range of discarded materials, including agricultural machinery, cars, and household appliances. This unique approach earned him recognition and numerous commissions for public sculptures across the UK. Notable Works and Commissions The Navigators (1986): A 60ft-high sailing tower in Hays Galleria, London. The Old Transformers (1989): Two colossal figures, over 20ft high, of a miner and an ironmaster in County Durham. Tinner's Hounds: Dog sculptures created from old miners' boots. Garden of Plastic Delights: An ironic replay of Hieronymus Bosch, featuring flexi-plants made of land-drain pipes and disused compact discs. The Impact of Kemp's Art Kemp's art not only showcased his creativity but also provided a commentary on the world around him. His work often referenced historical and industrial themes, highlighting the relationship between nature and human activity. Through his sculptures, Kemp encouraged viewers to see the beauty in discarded materials and to imagine alternative narratives. A Lasting Legacy David Kemp's legacy extends beyond his individual works, as he inspired a new generation of artists to experiment with unconventional materials and themes. His 'Museum of the Future,' also known as the Art of Darkness, remains a testament to his innovative spirit and creative vision.

The Devastating Attack on Kyiv A large overnight Russian missile and drone barrage has killed at least nine people across Ukraine, knocked out electricity to 140,000 households and ignited a major fire at the Dormition Cathedral within the UNESCO-listed Kyiv-Pechersk Lavra monastery complex. Damage to Historic Landmarks The assault, which struck multiple cities, including the capital, marked one of the most destructive aerial bombardments on Kyiv’s cultural and civilian infrastructure in months, Ukrainian officials said on Monday. In Kyiv, emergency services battled a fire that broke out early on Monday on the roof of the 11th-century Dormition Cathedral, the spiritual heart of Ukrainian Orthodoxy. The Impact on Cultural Heritage Maksym Ostapenko, director general of the Kyiv-Pechersk Lavra National Preserve, told Ukrainian state broadcaster Suspilne that a Russian kamikaze drone made a direct hit on the cathedral’s roof, engulfing roughly 800sq metres (8,600sq ft) in flames. The Ministry of Culture reported that the barrage also heavily damaged the nearby Oleksandr Dovzhenko National Film Studios, destroying its primary costume repository and incinerating an irreplaceable collection of roughly 100,000 garments. Consequences and Reactions Metropolitan Epiphanius I, head of the Orthodox Church of Ukraine, condemned the attack on the cathedral in a post on X as “a crime against humanity, against history, and against Christianity”. First Deputy Prime Minister Yulia Svyrydenko added that the destruction exposed “the true face of Russia’s Orthodox values”. The Human Toll Local monitoring channels reported that Moscow deployed dozens of Shahed kamikaze drones and at least 15 high-speed ballistic missiles towards Kyiv alone. Mayor Vitali Klitschko said about 20 people were wounded in the capital, including a child and a pregnant woman, as residential high-rises took direct hits across the Obolonskyi, Solomianskyi and Pecherskyi districts. In the northeastern city of Kharkiv, a “double-tap” strike killed five State Emergency Service rescuers, Interior Minister Ihor Klymenko said. The first responders were targeted by a second drone attack while extinguishing a fire caused by an initial missile strike minutes earlier. At least five additional first responders were injured in the second blast, Governor Oleh Syniehubov reported.

The AI Layoff Wave Something strange is happening in tech right now. Companies are posting record profits and revenue while laying off tens of thousands of people, citing AI as the official explanation. So far this year, there have been an estimated 363 layoffs at tech companies, affecting nearly 150,000 people — a pace of about 974 people per day, 44% faster than last year — according to TrueUp, a tech job board and recruiting platform. The Layoff Numbers Tech layoffs hit their highest single month in two years last month, with nearly 40,000 cuts. AI was the most-cited reason for layoffs across every industry for the third month running, according to outplacement firm Challenger, Grey & Christmas. The Skepticism There’s growing skepticism that AI is really the culprit, though — that it’s more of a convenient cover story than the actual cause. Few examples illustrate the pushback better than what happened at Block earlier this year. After getting hammered over laying off nearly half of Block earlier this year, citing AI as the reason, Jack Dorsey denied the cuts were a sign of trouble at the payments company. The Data Analysis Early last month, AI chipmaker Cerebras Systems closed its first day on the Nasdaq up 68% from its $185 IPO price, giving the chipmaker a market cap of roughly $67 billion — the largest US tech IPO since Snowflake’s 2020 debut. SpaceX meanwhile went public on Friday and enjoys, as of this writing, a $2.1 trillion market cap, turning Musk into a paper trillionaire and potentially minting an estimated 4,400 millionaires, and around 400 centimillionaires in the process. The Impact Analysis Set against that backdrop, Mark Zuckerberg’s latest purchase takes on new meaning. In early March, he purchased a $170 million mansion on Miami’s “Billionaire Bunker” — setting the all-time record for the most expensive home sale in Miami-Dade County history. Two months later, Meta announced it would lay off 8,000 people, or roughly 10% of its workforce. The Prediction Taken together, this isn’t just a story about job losses in isolation. It’s tens of thousands of laid-off tech workers hitting an unusually unforgiving cost environment at the same time that tens of thousands of AI insiders are seeing once-in-a-generation paper wealth materialize. If the optics of 2008 were, “We’re bailing out the people who broke the economy while you lose your job,” the optics here could end up being, “We’re getting richer than ever, off the very tech we’re using to replace you.”

Gina Rinehart announced that Hancock Prospecting has taken a significant equity position in SpaceX after the company debuted on the Nasdaq, underscoring a new partnership aimed at AI infrastructure and advanced space technologies.Rinehart’s Landmark Investment in SpaceXThe Australian billionaire described the move as a vote of confidence in Elon Musk and the company’s long‑term vision. Rinehart highlighted SpaceX’s “technically exceptional” leadership and its potential to shape multiple industries for decades.Financial Scale of the Deal and Early ReturnsReported investment size: at least $1.4 bn (≈A$1.4 bn).SpaceX IPO raised $75 bn, valuing the firm at $2.1 tn after the first trading day.Shares were purchased at $135 on Friday morning; closing price was $160.95, delivering a 20 % return for Hancock.Hancock’s broader U.S. holdings include $0.7 bn in an Invesco Nasdaq index fund, $0.7 bn in MP Materials, $73 m in Amazon, $61 m in Meta, $57 m in Alphabet, and $7.7 m in Tesla.Strategic Implications for Australian Mining and the Global AI RaceThe investment aligns Hancock’s mineral portfolio with the emerging demand for rare‑earths and critical materials needed for AI‑driven space hardware. By leveraging the Grok AI platform, Hancock aims to position itself as a supplier for SpaceX’s next‑generation data‑center and satellite projects.Rinehart’s statement also signals a broader trend of Australian capital flowing into high‑tech U.S. firms, potentially increasing indirect exposure for Australian superannuation funds as SpaceX joins Nasdaq‑100 index funds.What the Partnership Could Mean for SpaceX’s Future GrowthIf the collaboration materialises, SpaceX may secure a reliable source of critical minerals for its proposed “up to 1 million” space‑based data centres and lunar‑Mars colonisation hardware. Hancock’s AI expertise could accelerate the development of on‑orbit computing platforms, giving SpaceX a competitive edge over rivals such as OpenAI and Anthropic, which are also preparing IPOs.Analysts will watch for joint announcements on mineral supply contracts, AI infrastructure pilots, and any co‑development of satellite‑based AI services, all of which could bolster SpaceX’s path to profitability despite its current multi‑billion‑dollar annual losses.