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The Rise of Tax-Break Trees On the English-Scottish border, a small species of butterfly, the northern brown argus, has fended off one of the biggest investors in the UK. Todrig, with its heath moorlands and hundreds of species of flora and fauna, represents an investment that could save Britain's wealthiest families millions of pounds in inheritance tax. Investment in Commercial Forests Land is increasingly being targeted for commercial forests. Only an hour away from Todrig at Stobo Hope, the ground has already been cleared, ploughed and sown with rows of tree saplings by a 'forestry carbon sequestration fund', managed by the London-based company True North Real Asset Partners. The Lucrative Business of Woodland Investment Industry calculations suggest the value of woodland has roughly doubled over the past decade, exceeding gains from some other physical assets such as commercial property – and helped by increasing numbers of wealthy families who have turned to the sector for a break from inheritance tax. Tax Breaks for Woodland Investors Commercial forests – where trees are planted and felled as soon as possible for timber – can qualify for business property relief after just two years of ownership. Investors in woodland also do not pay income or corporation tax on the value of growing timber, and no capital gains tax is due when trees are felled. Super-Rich Backers Dr Josh Doble, the director of policy and advocacy at the campaign group Community Land Scotland, says increasing demand for woodland is coming from buyers seeking a way to reduce their tax burden. The super-rich have long dabbled in woodland. The private equity tycoon Guy Hands and his wife, the hotelier Julia Hands, have been investors in the sector.

The LeadIn the heart of London's most exclusive neighborhood, a £210m palace stands empty while its only resident lives on the porch. The stark contrast between Britain's most expensive house and its sole occupant—a homeless man named Anders Fernstedt—highlights the growing disconnect between extreme wealth and housing inequality in global cities.The Empty Palace2-8A Rutland Gate is no ordinary house. With 45 rooms, four lifts, an indoor pool, and 116 windows (68 of which overlook Hyde Park), it's more accurately described as a palace. When it last changed hands in 2020, it became Britain's most expensive property, selling for £210m. Yet despite its staggering value and prime location in Knightsbridge, the property has remained vacant for years, its marble bathrooms and gold-leaf decorations gathering dust while Fernstedt lives in a makeshift tent on the porch.The Porch DwellerAnders Fernstedt has called the porch of this luxury property home for the past three years. His makeshift shelter, constructed mainly from umbrellas, is filled with personal belongings—baskets, books, newspapers, teddy bears, games, bicycles, and flowers. Despite the grandeur just feet away, Fernstedt must use a plastic bottle for bathroom needs, joking about 'Everest base camp problems.' His presence creates a powerful visual metaphor for the housing crisis in one of the world's wealthiest cities.The Ownership PuzzleThe property's ownership history is as complex as its architecture. Originally a row of terrace houses, they were purchased by Lebanese billionaire Rafik Hariri in the early 1980s and converted into a single palace. After Hariri's assassination in 2005, the property went to Saudi Crown Prince Sultan bin Abdul Aziz. Following his death in 2011, the house was sold again in 2020 to a company registered in the British Virgin Islands, reportedly owned by Chinese billionaire Hui Ka Yan, founder of the property giant Evergrande.The Global Property MarketThis story reflects broader trends in global real estate. Research shows that over the past decade, the value of offshore residential property in England and Wales has increased from £64bn to £80bn. London serves as the hub, with 47,000 overseas-owned residential properties—45% of the total and 81% by value. Half of this total value is concentrated in just two local authorities: Westminster (34%) and Kensington and Chelsea (16%), where Rutland Gate is located.The Uncertain FutureThe current status of the property remains uncertain. After Evergrande's collapse in 2024 and Hui's guilty plea to fraud charges, the house's ownership has become entangled in legal complications. While the property was reportedly transferred to Hui's ex-wife Ding Yumei, her assets have been frozen, preventing any sale. Meanwhile, the luxury palace continues to sit empty, its potential as a home unrealized, while its porch remains occupied by a man with nowhere else to go.

The Lead Rachel Reeves, the UK's chancellor, has been quietly working on rebalancing the UK economy, despite being one of the least popular senior politicians. Her efforts focus on boosting jobs and growth, particularly in regions outside of London. Rachel Reeves' Strategic Approach Reeves has been determined to reverse the chronic underinvestment in the UK, changing the fiscal rules to make room for significantly more borrowing. She has brought public investment, political muscle, and a new development corporation for Greater Cambridge to the 'OxCam corridor', a project aimed at enhancing regional growth. The Data Analysis Reeves' approach includes: Changing the fiscal rules to allow for more borrowing Investing in public infrastructure, such as transport and housing Creating a new development corporation for Greater Cambridge Rewriting the Treasury's green book to prioritize regional spending The Impact Analysis Reeves' efforts are likely to have a lasting impact on the UK economy, particularly in regions outside of London. Her focus on devolution and regional growth may be continued by her successors, including potential future chancellor Andy Burnham. The initiative could allow mayoralties to borrow against future income, freeing them to make decisions about new projects. The Prediction As the UK continues to navigate economic challenges, Reeves' strategic approach to rebalancing the economy may prove crucial. Her legacy in this area could endure, even if her tenure as chancellor is short-lived. The success of projects like the 'OxCam corridor' and the Leeds tram may depend on continued government support and investment.

The Failure of Economic Growth We live in an age of manufactured scarcity. In a world richer than ever before, roughly one 10th of the world’s population still lives in extreme destitution. Millions of people cannot afford enough food, proper housing or basic healthcare, while a tiny minority accumulates unprecedented wealth and power. A New Economic Model These are not separate crises. They are symptoms of an economic model that has reached the end of the road. Poverty and inequality are not accidents; they are predictable outcomes of policy choices: how we design tax systems, regulate labour markets, value care, structure public services and decide whose needs and whose voices matter. The Data Analysis For decades, the recipe was simple: grow the economy, and poverty would gradually disappear. But the promise that economic growth would “lift all boats” has not been kept. While national incomes expanded, wages stagnated, work became more precarious and public services were cut. At the top, fortunes ballooned; at the bottom, families turned to food banks. The Impact Analysis It has also become ecologically unsustainable. We are edging towards a “hothouse Earth”, where rising emissions and biodiversity loss are destabilising the conditions that support human life. Around 92% of excess global carbon emissions can be attributed to the global north, and the wealthiest 10% of individuals are responsible for nearly half of global emissions. The Prediction That is why we have come together to develop and support the “roadmap for eradicating poverty beyond growth”. The roadmap provides a range of alternatives on how to move beyond the narrow “grow-tax-transfer” approach that has shaped policy for decades. We call on political leaders at all levels to use them, to listen to those most affected, and to treat the end of poverty, the reduction of inequalities and the effective realisation of human rights as the measure by which economic policy should be judged.

The Unbreakable Bond of Brotherly Love In a heartwarming display of sibling support, Guéla and Desiré Doué, brothers from Côte d'Ivoire and France respectively, are making headlines at the World Cup. The brothers, born to a French mother and an Ivorian father, have always been inseparable. A Family Rooted in Football The Doué brothers' love for football runs deep. Guéla, who plays for Côte d'Ivoire, and Desiré, who plays for France, have been involved in football since they were young. They were both signed by Rennes' youth academy after Guéla's trial, with Desiré doing keepy-ups on the sidelines at just five years old. Sibling Rivalry Takes a Backseat Despite playing for different teams, the brothers are showing immense support for each other. In a recent match, when Guéla scored for Côte d'Ivoire, the camera immediately panned to Desiré on the opposition bench, who wore a wry smile. The brothers even embraced at the end of the match, with Desiré happy for his older brother's achievement. The World Cup's Sibling Phenomenon The Doué brothers are not the only siblings at the World Cup. There are six other pairs of brothers playing in the tournament, with some playing for the same team and others for different nations. The brothers' bond is a testament to the power of family and support in the world of football. A Potential Reunion on the Horizon With Côte d'Ivoire and France potentially facing off in the knockout stage, Guéla and Desiré Doué could become the next pair of brothers to play against each other at the World Cup. Only once before have brothers played each other in the tournament's history, with Jérôme and Kevin-Prince Boateng facing off in 2010 and 2014.

The Leadership Survival and Rebuild ImperativeIn the aftermath of a disastrous Ashes campaign in Australia, England cricket finds itself at a critical juncture. Brendon McCullum, the head coach in all formats, and Rob Key, the managing director of men's cricket, remarkably retained their positions despite the team's comprehensive failure. This survival, while providing continuity, places immense pressure on both leaders to deliver meaningful change in England's cricketing approach and culture.As the team sets about its post-Ashes reset, the core challenge becomes transforming a philosophy that was brutally exposed during Australia's tour. The question now is whether McCullum and Key can evolve their approach while maintaining the attacking mindset that initially defined their tenure.The Cultural Reset After Ashes FailureEngland's winter in Australia revealed deep issues both on and off the field, necessitating a fundamental reassessment of team culture. The positive emerging from this failure is a recognized opportunity and appetite for change. McCullum, who established the current culture after his appointment in 2022, is now paradoxically tasked with changing it.Notably, the cultural reset extends beyond the squad to include the relationship with county cricket. After previous comments from Key and McCullum about domestic cricket were deemed crass and condescending, the creation of a County Insight Group—comprising head coaches who will regularly meet England's leadership—signals a tangible shift in approach.Performance Analysis and Coaching EvolutionMcCullum's coaching philosophy has come under intense scrutiny following the Ashes defeat. While he admits he is not a hugely technical coach, questions remain about whether he has surrounded himself with experienced specialists who can support players in the technical foundations of cricket.The dismissals of players like Zak Crawley and Ollie Pope highlighted technical deficiencies that cannot be ignored. England's coaching appointments since the winter will be crucial in determining whether the environment can become one where technical excellence complements the aggressive playing style.Shifting the Narrative and ExpectationsEngland's cricket landscape is undergoing significant transformation. The relationship between leadership and players, between international and domestic cricket, and between aggressive intent and smart execution all require recalibration.McCullum's messaging must evolve from simply 'running towards the danger' to a more nuanced approach that emphasizes winning key moments while maintaining an attacking identity. This represents a delicate balance that will test his adaptability as a coach.Summer Tests and the Road AheadWith England no longer considered a young, evolving side but rather an experienced unit approaching its peak, the upcoming series against New Zealand and Pakistan serve as critical litmus tests. Expectations will be high, with comprehensive victory against Pakistan anticipated and the New Zealand series viewed as a more significant challenge.Success in these series could restore positivity and move England beyond the winter's failures, positioning the team favorably for bigger tests against India and Australia—the true measures of whether McCullum and Key's rebuild has been successful.

The Timeless Allure of Boogie Nights Masculinity was never more fragile than in Paul Thomas Anderson’s picaresque porn comedy from 1997, inspired by the life and times of 70s/80s LA adult movie star John Holmes. It’s a film that delivers the era’s jukebox slams on the soundtrack, though oddly not the Heatwave classic that provides the title. But Boogie Nights gives the male-gaze world of porn a taste of its own phallocentric medicine. How does it feel for a guy to be known and valued for just one thing, and then mocked and even hated when that one thing shrivels? The Fragile Hero of Porn What happens, in fact, is that our detumescent hero symbolically turns to the more reliably priapic world of guns and crime, although not without first embarrassingly trying to make it as a singer. (David Foster Wallace, in his 1998 essay Big Red Son, about the Adult Movie awards in Las Vegas, compares the event’s musical interludes to the ghastly screeching in Boogie Nights.) Twenty-six-year-old Mark Wahlberg plays handsome young teen Eddie, or Dirk Diggler, as he is later professionally to style himself who, while working behind the bar in a nightclub in California’s San Fernando Valley in 1977 (where he supplements his income by jerking off in the kitchens at the bidding of paying voyeur customers) he meets silver-fox porn impresario Jack Horner, played with leathery assurance and style by Burt Reynolds. A World of Excess and Addiction With his industry sixth-sense for untutored talent, Jack picks up on what a later generation would call Eddie’s BDE; he offers him a job on his latest dirty movie, where Eddie morphs into “Dirk”, wowing colleagues with his size, stamina and quick turnaround time. Dirk gets to know his supportive new industry family. These include Julianne Moore, who here establishes the sexy-tragic drama queen persona that has surfaced so often in her career. She is Maggie, a divorced mother and elder stateswoman of porn, clenched with the secret anguish of not seeing her child and displacing that maternal longing on to her hardcore scenes with Dirk. Nicole Ari Parker is Becky and Heather Graham is Brandy, known as “Rollergirl”, for never removing her roller skates; her awful destiny is to be forced to play a scene with a guy who once mocked her in high school. The Influence of Cinema Legends Behind or above or within all of this is cocaine, a vast omnipresent glittering mountain of white powder, powering the rush behind the success-surge in Dirk’s career montage. Porn and coke merge into a single entity – a compulsive, addictive demon which destroys Dirk’s endowment. Then there is the industry’s great crisis. Jack is an artist of adult entertainment, a celluloid purist who resents the new world of videotape arriving like the talkies in Singin’ in the Rain; at the end, there’s a premonition of homemade gonzo content, though that was hardly more than a rumour in 1997. A Lasting Cinematic Experience As a film, Boogie Nights is clearly influenced by Scorsese: not just the epic rise-and-fall trajectory of GoodFellas but in Dirk running his lines in front of the mirror like Jake LaMotta. There is also something of Tarantino in the late-night store stick-up that leaves Buck covered with blood and with a brown paper-bag full of cash. Yet at this stage Anderson arguably didn’t have Scorsese’s gift for making his dramas about something more than themselves.

The Alarming State of Bee Populations Last winter, commercial beekeepers lost more than 60% of their colonies, marking their worst losses on record. This decline is not just an environmental issue but also a significant threat to the US food system, which relies heavily on bees for pollination. The Role of Industrial Agriculture Managed honeybees are essentially gig workers in agriculture, contributing over $15bn to the US food system and pollinating more than 130 types of fruits, nuts, and vegetables. However, their management is grueling and involves being trucked cross-country, fed supplements, bred for productivity, and exposed to pesticides. The Impact of Almond Pollination The annual almond bloom in California is a prime example of the challenges faced by bees. Beekeepers truck more than 2m bee colonies to the state, which is over 95% of the country's commercial colonies, to pollinate 1.4m acres of blooming almonds. This event poses significant risks, including the spread of parasitic varroa mites and exposure to agrochemicals. The Financial and Environmental Consequences The consequences of bee declines are far-reaching. Beekeepers may charge farmers more for their pollination services or have fewer bees to offer, leading to smaller harvests, more expensive fruits and vegetables, and less diversity in the produce aisle. The problem is exacerbated by the loss of floral oases where beekeepers historically produced honey and the reduction in bee research funding. A Call to Action To support bees, it is crucial to restore and increase funding for pollinator research, maintain and plant more conservation lands, and require pesticide labels to better disclose sublethal toxicities. The time has come for the food system to take responsibility and make changes to protect these vital pollinators.

The Uncertain Path to Peace The question on everyone's mind is whether there will be a deal to end the Iran war this time. The ongoing conflict has been a point of contention for years, with various attempts at negotiation. Diplomatic Efforts Continue Despite the challenges, diplomatic efforts are ongoing. The international community, including key players such as the United States, European nations, and regional actors, is engaged in talks aimed at finding a peaceful resolution. Challenges to a Peace Deal Several factors complicate the path to peace. These include issues related to Iran's nuclear program, missile capabilities, and the country's involvement in regional conflicts. Additionally, domestic politics in Iran and the stance of hardline factions pose significant hurdles. The Stakes are High The outcome of these negotiations has far-reaching implications. A successful deal could lead to a reduction in tensions, potentially stabilizing the region and allowing for economic growth. Conversely, failure could exacerbate the conflict, leading to further instability and violence. A Long Road Ahead While the prospect of a deal seems uncertain, the continued engagement of international diplomats and the willingness of all parties to negotiate are positive signs. The road to peace is fraught with challenges, but the alternative makes the effort worthwhile.