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The Lead Elon Musk's SpaceX has revealed plans for a highly anticipated $1.75tn (£1.3tn) flotation next month as he seeks investor backing for his quest to make life “multiplanetary”. SpaceX's Financial Performance SpaceX is a sprawling business, encompassing the eponymous rocket launch company, the Starlink satellite broadband service, Musk’s xAI artificial intelligence startup and the social media platform X, formerly known as Twitter. The entire business lost $4.9bn in 2025 on revenues of $18.7bn. Revenue is growing, however, rising by a third on 2024. The Data Analysis SpaceX's losses have widened since the start of the year, losing $4.3bn in the first quarter, compared with a loss of $528m in the same period last year. The company is split into three segments: space, which incorporates the rocket launch business whose clients include Nasa; connectivity, which houses Starlink; and AI, the unit behind xAI and the X platform. Connectivity makes the most revenue, at $11.4bn Space with $4.1bn AI at $3.2bn The Impact Analysis Musk will have 85% control of the business under the IPO plans, making it extremely difficult to unseat him from the company. Musk's control will be derived from majority ownership of a type of stock known as class B, which carries much more heft than the class A stock that everyone else will own. The Prediction Musk, who is already worth about $676bn, stands to make a vast sum from SpaceX although the exact amount is unclear. He has been granted 1bn class B shares that vest – meaning, Musk gets full ownership of them – if SpaceX manages to achieve the “establishment of a permanent human colony on Mars with at least one million inhabitants”.

The Bond Market Obsession in British PoliticsA spectre is haunting British politics: the bond markets. Recent political discourse has been dominated by fears of "bond vigilantes" punishing fiscal policies they deem irresponsible, as evidenced by Chancellor Rachel Reeves' warnings following local election results. This obsession has created a situation where democratic mandates for change are being vetoed by investors, leading to what economist Thandika Mkandawire termed "choiceless democracies."The Bank of England's Role in Rising Borrowing CostsThe Bank of England has become a significant factor in Britain's high borrowing costs, often overlooked in political debates. Since 2022, the Bank has sold £134bn in gilts, with its share of UK gilt holdings nearly halved in three years. This year alone, it sold £7.6bn in gilts, with another £12bn planned. Investors calculate that active quantitative tightening has added up to 0.7 percentage points to UK borrowing costs—what might be called the "Bailey premium," recognizing the role of Bank Governor Andrew Bailey in the gilt market.The Financial Impact of Inflation-Linked BondsBritain's unique vulnerability to inflation-linked gilts, or "linkers," has created a significant budgetary challenge. With about a quarter of its bonds inflation-pegged—more than twice as many as Italy or France—the British government has had to pay a staggering £153bn in additional debt service since the 2022 Russia price shocks. This creates an ironic situation: when the Bank misses inflation targets, the government pays bond investors compensation, further straining public finances.Pension Funds and the Future of UK DebtThe UK's pension system, particularly defined contribution schemes where workers bear investment risks, is reshaping the government bond market. These funds prefer high-yielding investments like stocks and private equity rather than government bonds. The Office for Budget Responsibility estimates that pension funds will halve their gilt holdings over the next decade, eventually resulting in an increase in annual debt interest costs of about £22bn. This represents a political choice that could be reversed through policy interventions.Toward a Democratic Model of Central BankingIf the UK wants transformative change, it needs a new model of central banking that serves the common good rather than being influenced by bond markets. This includes reevaluating the Bank of England's role, phasing out inflation-linked bonds, and redirecting pension fund investments toward public essentials. The recent Pension Schemes Act 2026 provides an opportunity to channel workers' capital into public ownership of essential services such as housing, water, and transport. These are hard political choices, but they exist for those willing to challenge the status quo of managed British decline.

Video Overview: Villa's Relegation ChallengeThe Guardian’s Football Weekly published a video that examines Aston Villa’s position in the Premier League as the club battles to stay clear of the relegation zone.Key Themes Highlighted in the SegmentVilla’s standing in the league table and recent resultsDiscussion of Turkish players or tactical influences linked to the clubBroader context of the Premier League relegation fightImplications for the Relegation BattleThe analysis underscores how Villa’s performance could affect the dynamics of the bottom‑half of the table, influencing both their own survival prospects and those of rival clubs.Looking Ahead: What’s Next for Villa?While the video does not provide definitive predictions, it suggests that upcoming fixtures and any strategic adjustments involving Turkish talent will be pivotal for Villa’s bid to remain in the top flight.

Mauritania has turned to an unconventional counter‑terrorism tool: women trained in Islamic scholarship who work in schools, prisons and community centres to undermine extremist narratives. Since the Ministry of Islamic Affairs launched the mourchidates programme in 2021, the country has avoided the large‑scale attacks that have ravaged its Sahel neighbours. The State‑Backed Religious Guidance Model The mourchidates are certified by the state, receiving formal training in Quranic interpretation, Islamic jurisprudence and social counselling. Their role mirrors Morocco’s programme launched after the 2003 Casablanca bombings, but Mauritania has expanded their deployment to every region of the country. Training includes theological study and community‑engagement techniques. Guides operate under the Ministry of Islamic Affairs, ensuring official backing. They address both extremist ideology and the socio‑economic factors that fuel radicalisation. Prison as a Battleground for Ideas In Mauritanian prisons, mourchidates sit with detainees linked to Sahel armed groups, challenging the theological justifications for violence point‑by‑point. By offering alternative readings of Islamic texts, they create space for detainees to reconsider violent paths. Preventive Outreach in Communities Beyond prisons, the guides travel to schools, youth centres, mosques and markets, delivering lessons on tolerance, charity and accountability. Their presence aims to intercept radicalisation before it takes root, especially among unemployed youth vulnerable to extremist recruitment. Impact on Regional Stability While exact metrics are scarce, Mauritania’s relative calm compared with Mali, Burkina Faso and Niger is widely attributed to this holistic approach. Analysts cite the programme as a case study in combining intelligence, community trust and religious reform to blunt extremist growth. Future Outlook and Replicability Critics note limited resources and question whether the model can be exported to other Sahel states where state‑society trust is weaker. Nonetheless, the success of the mourchidates suggests that investing in credible, female religious leadership could become a cornerstone of non‑military counter‑terrorism strategies across the region.

The Lead: International Outrage Over Ben-Gvir's Video Israel's far-right National Security Minister Itamar Ben-Gvir has posted a video of himself taunting foreign activists abducted from a Gaza-bound aid flotilla at a makeshift holding pen in Israel's city of Ashdod. The activists, abducted by Israeli forces in international waters, are seen cable-tied and kneeling while Israel's national anthem blares in the video, which was released on Wednesday. Several countries, including Italy and France, have summoned Israeli ambassadors to explain the stunt. As well as a global backlash, the video has even been met with sharp rebukes from Israeli Prime Minister Benjamin Netanyahu and staunch ally, United States ambassador to Israel, Mike Huckabee. Who is Ben-Gvir: The Far-Right Minister at the Center of Controversy The 50-year-old lawyer and politician has led the far-right Jewish Power (Otzma Yehudit) party in Israel since 2019. He was sworn into the cabinet after the 2022 elections and was later appointed as national security minister and given control of Israel's Border Police division in the occupied West Bank. A settler in Kiryat Arba, one of the most radical settlements on Palestinian land in the occupied West Bank – all of which are illegal under international law – Ben-Gvir has convictions for incitement to racism, destroying property, possessing a "terror" organisation's propaganda material and supporting a "terror" organisation – Meir Kahane's outlawed Kach group, whose founder advocated for expelling non-Jews from Israel and which Ben-Gvir joined when he was 16. He frequently carries out anti-Palestinian acts, including regularly storming the Al-Aqsa Mosque compound in occupied East Jerusalem's Old City, Islam's third holiest site, alongside Israeli settlers and under the protection of Israeli forces. The Flotilla Activists: International Aid Efforts to Gaza This refers primarily to the Gaza aid flotillas – groups of boats carrying activists from different countries which have set out across the Mediterranean in an attempt to deliver aid and raise awareness at various times since October 2023, when Israel launched its brutal assault on the Gaza Strip, which has killed more than 72,000 Palestinians, mostly civilians. The modern flotilla movement emerged in 2006 during Israel's war on Lebanon and expanded after Israel imposed its blockade on Gaza in 2007. Since then, hundreds of vessels organised by international solidarity groups have attempted to reach the territory, carrying humanitarian aid and activists. In 2008, two boats from the Free Gaza Movement became the first to successfully reach Gaza by sea despite the blockade. But since 2010, Israeli forces have intercepted nearly every flotilla in international waters. On Tuesday, at least 430 activists from more than 46 countries were abducted during Israeli interceptions of the latest flotilla. The Video: Ben-Gvir's Taunting of Detained Activists In the video released on Wednesday, a woman approaches the minister and says in English, "Free Palestine!" before masked security officers put their hands on her head as they snap it down and push her away. "Good job," Ben-Gvir says to the officers, before stating, "Welcome to Israel. We are the landowners here; that is how it should be." Activists are then seen on their knees with their heads on the ground and arms tied behind their backs in "stress positions" as the figures of armed Israeli security officers look down on them from atop shipping containers. Ben-Gvir, waving an Israeli flag and heavily protected by security personnel, can be seen weaving in between the activists, appearing to relish the moment as he taunts them. International Response: Global Condemnation of Israel's Actions Several countries, including Italy, France, the Netherlands and Canada, have summoned Israeli ambassadors to their capitals to express their "indignation" over Israel's treatment of the abducted Gaza flotilla activists and to demand the release of their citizens. French Foreign Minister Jean-Noel Barrot also denounced Ben-Gvir's actions as "unacceptable", calling for the release of French citizens "as soon as possible". Canadian Foreign Minister Anita Anand called the incident "deeply troubling". United Kingdom Foreign Secretary Yvette Cooper said the video showed "totally disgraceful scenes". "The images of Israeli Minister Ben Gvir are unacceptable. It is unacceptable that these protesters, including many Italian citizens, are subjected to this treatment that violates their human dignity," Italian Prime Minister Giorgia Meloni said in a statement on X. Previous Treatment of Activists: A Pattern of Controversy In May 2010, when Israeli commandos stormed the Turkish ship Mavi Marmara, 10 activists were killed and dozens were wounded. Allegations of mistreatment by activists who have been brought to Israel after naval interceptions have been common, and organisers say they fear sanctions and accusations of Hamas links are being used to justify further crackdowns. The concerns come amid previous allegations by activists of abuse, including sexual abuse, during past interceptions by Israeli officials. Organisers have also accused Israeli naval forces of firing "rubber bullets" at activists during the latest interception, which occurred in international waters. Many activists who have previously been detained have been eager to point out that the focus should be on Palestinian prisoners in Israeli jails who are subjected to torture and do not have the option to be deported. In 2025, high-profile activist Greta Thunberg, who was on board a previous flotilla, told Swedish newspaper Aftonbladet that activists had been beaten, kicked and threatened with being gassed in cages. Palestinian Prisoners: The Broader Context of Detention Nearly 10,000 Palestinians are currently being held in Israeli prisons in Israel and in the occupied territory, according to the prisoners' rights group Addameer. Some 3,532 of them are administrative detainees – people held without charge or trial – while 342 are children. Israel is the only country in the world that tries children in military courts, often denying them their basic rights. Palestinians detained in Israeli prisons suffer near-constant dehumanising treatment by guards and soldiers. Under a new law passed this year and spearheaded by Ben-Gvir, military courts are now able to impose the death penalty on Palestinians convicted of killing Israelis in acts of "terror". This law will not impose the same penalty on Jewish Israelis convicted of killing Palestinians, which reinforces the legal inequalities that grant privileges to Jewish citizens while targeting Palestinians.

The Veto on Palantir's £50m Policing ContractLondon Mayor Sadiq Khan has intervened to block a flagship £50m deal between the Metropolitan Police and the controversial US data analytics firm Palantir. The decision, made by the Mayor’s Office for Policing and Crime (Mopac), was driven by a "clear and serious breach" of procurement rules, effectively halting the Met's plans to use Palantir's AI to automate intelligence analysis in criminal investigations.Procurement Breaches and Cost ConcernsThe blockage highlights significant administrative failures in the Met's approach. Mopac found that the force had engaged with only one potential supplier, Palantir, rather than testing the market to ensure value for money.Financial Discrepancy: The Met originally costed the contract at £15m-£25m a year, but the proposed deal was at the top of that range.Legal Risks: Deputy Mayor Kaya Comer-Schwartz warned the process created "legal and reputation risks" for both the Met and the Mayor.Previous Controversy: A previous trial of Palantir's AI to monitor officer behavior was awarded directly without open competition.Political Values vs. Public Safety EfficiencyThe decision reflects a growing tension between the efficiency of AI tools and the political values of public procurement. Palantir, co-founded by Peter Thiel and linked to the Trump administration and ICE, has faced intense scrutiny over its work with the NHS (£330m contract) and the Ministry of Defence.While other forces like Bedfordshire Police have praised Palantir for helping dismantle organized crime gangs, Khan’s office emphasized that Londoners expect public money to go to companies that "share the values of our city."The Future of AI in UK Policing under Political ScrutinyKhan's move is a blow to the Labour government's push for AI in policing. Home Secretary Shabana Mahmood has called for police to "ramp up use of AI," and the government is investing £115m in a national "Police.AI" centre.However, this veto suggests that future contracts will face much higher hurdles. With public petitions and MP criticism mounting, the government may struggle to balance the drive for technological modernization with the political necessity of ethical procurement.

Turning Empty Space into a Physical Presence: Christo’s “Air” InstallationThe new show at Gagosian, Grosvenor Hill, London re‑imagines a vacant gallery as a sculptural object. By suspending a colossal polyethylene bag across the room, Christo makes the intangible—air—visible, heavy and almost flesh‑like, compelling viewers to negotiate the space physically.The Installation’s Core Concept: Enveloping Air in PolyethyleneChristo’s original 1960s idea to “contain air” was limited by the technology of the time. Fifty years later, a horizontal sack, anchored by white ropes, sags into the centre of the room, creating a bulge that feels like a body pressing against a garment. The work is a direct continuation of his earlier wrapped‑bubble experiments and the infamous 1968 Documenta tube, now realised with modern materials.Visitor Experience and Spatial DynamicsGuests must crouch beneath the sagging sack, turning a passive viewing into an embodied encounter. The installation’s dimensions—roughly a 4‑metre‑high room split by a 3‑metre‑wide bag—are not disclosed in the review, but the visual weight is emphasized through the bag’s droop and the tension of the ropes. The exhibition runs until 21 August 2026, giving ample time for audiences to experience the shift from empty void to tactile mass.Why the Work Resonates in Contemporary Art DiscourseBeyond its visual novelty, “Air” interrogates themes of memory, preservation and the body’s relationship to space. A wrapped Volvo, rescued from a dealer’s garage, serves as a “monument to its own past,” linking personal history to the broader gesture of containment. Critics note the paradoxical blend of the profound and the ridiculous, positioning the piece as a commentary on how simple materials can evoke deep emotional responses.Future Implications for Site‑Specific and Conceptual ArtThe successful materialisation of an abstract element suggests new pathways for artists seeking to make the invisible visible. As museums and galleries explore immersive, sensor‑driven experiences, Christo’s “Air” demonstrates that minimal intervention—rope, sheet and plastic—can still generate powerful discourse about presence, weight and the limits of perception.Exhibition dates: Opening 2026 – 21 August 2026Location: Gagosian, Grosvenor Hill, London

The Lead Swedish-Egyptian film-maker Tarik Saleh has long been a brilliant satirist of the corruption and shabby political compromises and conspiracies of post-Mubarak Egypt. Now he brings us the third of his “Cairo trilogy”, after The Nile Hilton Incident in 2017 and Cairo Conspiracy in 2022. This new film is a seductive black-comic political thriller set in Egypt of the present day, showing us that everyone in the glamorous world of the movies, infatuated as they are with made-up stories acted out by narcissists believing in their own publicity, can so easily be pressed into the service of political propaganda. The Event Details The result is a rackety, despairing, funny film with something of Billy Wilder, or István Szabó’s Mephisto, or Bertolucci’s fascism parable The Conformist. For me, it also had echoes of Daniel Kehlmann’s novel The Director, about 1930s Austrian movie director GW Pabst, fatally tempted by the blandishments of Goebbels. Saleh’s lead is his longtime leading man Fares Fares, playing an ageing Egyptian movie star; this is pampered matinee idol George Fahmy, a man comfortable doing cheesy crowd-pleasing potboilers, now bullied into playing the lead in a sinister government-sponsored biopic of the president (with news footage of the current president, Abdel Fatah al-Sisi, cheekily cut in). The Character Analysis Fares’s gaunt, handsome face so eloquently conveys vanity, but also a poignant emotional woundedness, anxiety and self-pity. George is notionally a Coptic Christian, which has made him an object of suspicion for the government, though he is hardly pious, and is separated from his wife (Donia Massoud) and grownup son Ramy (Suhaib Nashwan). The Impact Analysis It is at one of these events that a general smoothly assures the company that western bigots, who wish to efface Arab achievements, are in a conspiracy to conceal the fact that William Shakespeare was from the Arabic world and his name was “Sheikh Zoupir” – which explains, he adds, why he disliked Jews. This is an unimprovable bit of satirical mischief in Saleh’s script. George flies high with his eagles before a horrible and sickening descent. The Prediction Eagles of the Republic is in UK and Irish cinemas from 22 May.

Islamabad and Beijing marked 75 years of diplomatic ties on May 21, 2026, reflecting a relationship forged in shared rivalry with India and reinforced by strategic land swaps, nuclear collaboration, and massive infrastructure projects. While official rhetoric celebrates “iron brothers” and “all‑weather friendship,” analysts argue that structural complementarity, not ideological affinity, has kept the partnership resilient. The 1963 Shaksgam Valley Transfer: Cementing Early Trust In March 1963 Pakistan ceded the 5,180 sq km (2,000 sq mi) Shaksgam Valley to China, a move that gave Beijing control over a strategically sensitive segment of the Karakoram range. The deal, negotiated by Zulfikar Ali Bhutto as foreign minister, was driven by Pakistan’s desire to counterbalance India after the 1962 Sino‑Indian war. Numbers that Define the Bond: Land, Infrastructure, and Nuclear Milestones 75 years of formal diplomatic relations (1950‑2025). 5,180 sq km of territory transferred in 1963. 3,000 km (1,900 mi) China‑Pakistan Economic Corridor (CPEC) linking Gwadar to Xinjiang. 1998 nuclear tests in Chagai, with documented Chinese technical assistance in the 1970s‑80s. Four‑day state visit by Shehbaz Sharif scheduled for May 23 2026. Strategic Ripple Effects: Regional Power Balance and the US‑China Channel The alliance gave Pakistan a powerful counterweight to India and positioned it as a back‑channel for the 1972 US‑China rapprochement, when Henry Kissinger used a Pakistani flight to Beijing. While the United States benefited from the diplomatic breakthrough, Pakistan received limited material reward, underscoring the asymmetrical nature of great‑power mediation. Economic Integration: CPEC and the Emerging All‑Weather Partnership Since 2015, the CPEC has become the flagship of the partnership, delivering highways, energy projects, and the Gwadar deep‑sea port. Analysts note that the economic dimension has shifted the relationship from a purely security‑driven pact to a multi‑layered interdependence, yet debt sustainability and regional security concerns remain contentious. Looking Forward: Scenarios for the Next Decade of China‑Pakistan Relations Experts anticipate three possible trajectories: Deepening convergence: Expanded defence co‑production and a broader Belt‑and‑Road footprint. Transactional plateau: Continued CPEC maintenance without major new initiatives, as both sides manage domestic pressures. Strategic strain: Escalating India‑China tensions or US policy shifts could force Pakistan to recalibrate its alignment. Regardless of the path, the “iron brothers” narrative will likely persist as a diplomatic shorthand for a partnership that has survived ideological divides and shifting global orders.