Norway plans temporary ban on power-intensive cryptocurrency mining
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Norway aims to impose a temporary ban on the establishment of new data centres that mine cryptocurrency with the most power-intensive technology, in order to conserve electricity for other industries, the Nordic country's government said on Friday."The Labour Party government has a clear intention to limit the mining of cryptocurrency in Norway as much as possible," Minister for Digitalization and Public Administration Karianne Tung said in a statement."Cryptocurrency mining is very power-intensive and generates little in the way of jobs and income for the local community," she added.A temporary ban could be introduced during the autumn of 2025, the government said.
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Mint
2 days ago
- Mint
Sweden's Arctic Railway Prepares for a More Militarized Future
(Bloomberg) -- Linda Bjurholt had just gotten Swedish mining giant LKAB's trains back up and running after a costly derailment north of the Arctic Circle when she got a call from her company's traffic control center. There had been another accident in the area, the second in less than three months. It would be almost two weeks before trains could resume their travel along Malmbanan, or the Iron Ore Line, between the world's biggest underground iron ore mine and the export port on the coast of Norway. Her first thoughts were of sabotage. 'Could an outsider be involved?' the LKAB logistics boss wondered. 'It was an uncomfortable possibility, given the way the world looks today.' That turned out to be a red herring — the accident had been caused by harsh winter weather. But Bjurholt had good reason to suspect otherwise. The war in Ukraine was then entering its third year, and with Finland a new NATO member and Sweden close to becoming one, relations between Russia and the Nordic countries were strained. Since then, the situation has only gotten more tense, and the 500-kilometer-long (310 mile) Malmbanan line remains a prime target. For nearly 150 years, Malmbanan trains have hauled iron ore, the main component in steel, across the barren, mountainous landscape of Sweden's far north. The state-owned line supplied German steelmakers during the Second World War, and LKAB's iron ore now accounts for about 80% of the European Union's output, going into tanks, guns and other military equipment the bloc is racing to produce. Should Finland's more than 1,300-kilometer-long border with Russia ever become an active front, the track would also be one of the best ways for NATO to transport vehicles and supplies. Kiruna, the town that's home to the iron ore mine, is little more than 540 kilometers away from the Russian military hub of Murmansk. While war is not seen as imminent, it is a possibility that leaders are actively preparing for. Since Sweden became NATO's newest member in March 2024, the number of suspected hybrid attacks on the country's critical infrastructure has risen. Its banking services and a public broadcaster have been subjected to cyberattacks, water facilities have been mysteriously damaged and police are investigating incidents of suspected sabotage against about 30 cell phone towers in the east of the country. 'Sweden is not at war,' Prime Minister Ulf Kristersson said at a security conference in January, referring to the situation. 'But there is no peace, either.' Speaking in The Hague last week, Sweden's Foreign Affairs Minister Maria Malmer Stenergard said that Russia has singled out the Arctic region as its 'second-most important foreign policy priority' after the post-Soviet states. In recent years, she added, 'we've also seen how both the number and extent of the Russian military activities in the Arctic have increased.' While Sweden's Security Service declined to comment specifically on Malmbanan, it released a report in March that underscored the threats facing the country's critical infrastructure. LKAB also abstained from discussing the railway's security in any detail, simply calling it a 'big priority.' As NATO and Sweden ramp up military activity in the north, demands on the transit network will increase, said Magnus Stahl, Colonel and Commander of Sweden's Northern Military Region. 'Malmbanan is incredibly important for Sweden,' he said during an interview in the garrison town of Boden. But, he warned, 'it's very easy to damage infrastructure like a railway or a bridge.' Connecting this infrastructure to other parts of the region presents another challenge. Because Finland was part of the Russian empire when its railways were built, its gauge is about 90 millimeters wider than Sweden's, meaning trains can't seamlessly travel between countries like in most parts of Europe. A study recently estimated that replacing the tracks between the Swedish border and the towns of Oulu and Rovaniemi alone would cost about €1.5 billion ($1.8 billion). To address the issue, the Finnish government said last month that it may end up building new lines with narrower track gauges alongside existing ones, and in some places, interlacing the two. In the meantime, Malmbanan is in dire need of upgrades. After decades of underinvestment, demand for space on the line is outstripping availability. LKAB runs about 14 return trips a day, and other companies also use the railway to ship goods and offer passenger services. Sweden's Minister for Infrastructure and Housing, Andreas Carlson, described Malmbanan in an email interview as the most 'congested train line in the country.' With only one track, any accident or unexpected problem could shut down the entire system — as happened in December 2023, February 2024 and again just a few weeks ago. Albin Enbacke, one of LKAB's roughly 100 drivers, is used to delays. Some are caused by run-of-the-mill problems like track obstructions and gear failures, others by avalanches and traffic jams. He now shows up for shifts with yogurt or nuts, or anything he can cook on the hotplate in the driver's cabin. 'You need to bring some emergency food. You never know if there will be a stop and you'll get stuck.' Bolstering Malmbanan's capacity and long-term resilience is not only a Swedish priority. Bane Nor, the operator on the Norwegian side of the border, expects a 43% increase in traffic over the next 20 years and has already allocated 2.6 billion Norwegian kroner ($260 million) to upgrades. In Sweden, more than two dozen renovation and improvement projects are underway or slated to start in the next few years, according to the website of Sweden's Transport Administration, including ones to replace aging rails and install new signaling systems. Tracks will also be reinforced to accommodate heavier trains, Carlson said, and there are plans to install double tracks between Boden and Lulea. While LKAB has been pushing for double tracks along the entire length of the line, an early estimate from the Transport Administration suggests that this could take as much as €11 billion and up to three decades to plan and complete. As a project leader at the agency, Joran Gartner spends his days finding ways to implement fixes that will ease pressure on the system. During a recent visit to a site near Boden, Gartner pointed at three tracks that ran parallel to each other for several hundred meters. In the past, that was enough room for iron-ore trains to pass each other safely. But as the length of trains have expanded over the years, that's no longer the case. Once his latest upgrades are finished — including the construction of a roughly one kilometer-long track where trains can meet oncoming traffic — additional capacity will open up. Still, he cautioned, the system will remain vulnerable to disturbances and delays. 'These measures,' he said, 'are just about providing life support.' --With assistance from Kari Lundgren, Charlie Duxbury and Jade Khatib. More stories like this are available on
Mint
3 days ago
- Mint
U-turns wipe out UK welfare savings and strain budget, analysts warn
Government forced to scale back cuts to pass welfare reform bill Budget watchdog likely to downgrade growth projections Finance minister Reeves has tiny buffer to stay within fiscal rules Analysts predict government will have to raise taxes MANCHESTER, England, - Prime Minister Keir Starmer's U-turns to pass welfare reforms mean the plans will no longer save taxpayers any money and have shredded the margin Britain relies on to meet its fiscal rules, analysts said on Wednesday. Starmer won a vote in parliament on his welfare plans on Tuesday, but only after his Labour Party lawmakers forced him to scale back cuts, underlining the prime minister's waning authority. In particular, the government backed down on its plan to make it harder to claim the Personal Independence Payment, a benefit for people with health conditions. Starmer had hoped his welfare reforms would save 5.5 billion pounds in the current parliamentary term, which should end in 2029. "Without reform to Personal Independence Payment, the watered-down bill is not expected to deliver any savings over the next four years," said Helen Miller, the incoming director of the Institute for Fiscal Studies think-tank. The reforms will create "huge" disparities between the treatment of existing and future claimants with health conditions and disabilities, the IFS added. The watering down of the government's welfare bill further strains finance minister Rachel Reeves' budget plans, which hinge on a tiny buffer against the government's self-imposed fiscal rules - equivalent to less than 1% of annual spending. Reeves must also fund a partial reversal of cuts to winter fuel payments made to pensioners, as well as rising commitments to defence spending. On Tuesday, the Office for Budget Responsibility said its past economic growth forecasts had been too optimistic, meaning it is likely to downgrade its projections for this year's budget - another headache for Reeves. "The welfare concessions last night blow a hole in Rachel Reeves' fiscal rules. Combined with U-turns on fuel payments, her 9.9 billion pounds of headroom has almost gone," said Rob Wood, chief UK economist at consultancy Pantheon Macroeconomics. "With the OBR signalling that it's likely to downgrade long-term growth forecasts in the autumn, Reeves will have to raise taxes markedly again." While Britain's government has borrowed slightly less than the OBR predicted during the first two months of the 2025/26 financial year, economists say budget plans could yet be knocked off course by a fractious global economy and conflicts abroad. The British government bond market has become increasingly volatile in recent years, reflecting unease among investors over Britain's mix of slow economic growth, high debt interest costs and persistent inflation. This article was generated from an automated news agency feed without modifications to text.
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First Post
3 days ago
- First Post
Starmer makes dramatic welfare U-turn to quell Labour revolt
UK Prime Minister Keir Starmer has made a dramatic U-turn on planned disability and sickness benefit cuts delaying key reforms in a bid to quell a major internal Labour rebellion and avoid a humiliating parliamentary defeat read more UK Prime Minister Keir Starmer narrowly avoided the most damaging parliamentary defeat of his premiership by performing a dramatic U-turn on proposed cuts to disability and sickness benefits. This came as he faced a potentially disastrous rebellion from within his own Labour Party. Starmer made last-minute concessions just hours before the Commons vote on the controversial Universal Credit and Personal Independence Payment (PIP) reforms. These concessions ultimately ensured the bill's survival, but at a significant political and strategic cost. STORY CONTINUES BELOW THIS AD Despite commanding a commanding majority of 165 MPs in the House of Commons, the scale of internal unrest was enough to shake the foundations of his authority. Forty-nine Labour MPs voted against the welfare reform bill, the largest rebellion of Starmer's premiership to date. Starmer's government managed to push the legislation through with 335 votes to 260, securing a majority of 75. However, this success was achieved only after the core components of the bill were diluted to the point of near impotence. Concessions to calm the storm The concessions made to avert a defeat were substantial. The government announced a delay to the proposed benefit cuts, shifting the implementation date to November 2026 and restricting the changes to new applicants only. Existing recipients of PIP and the health element of Universal Credit will be fully protected under the current system. Furthermore, a ministerial review of the PIP assessment will now take place before any changes are enacted. This review, to be led by Social Security and Disability Minister Stephen Timms, aims to involve disabled people and advocacy groups directly in shaping future reforms. Work and Pensions Secretary Liz Kendall formally outlined these commitments in a letter to MPs, emphasising the government's intention to 'reduce anxiety' and place fairness at the heart of reform. These reversals, while welcomed by some MPs and disability rights organisations, have severely weakened the fiscal impact of the legislation. The government originally hoped to save £5 billion annually through tighter eligibility rules and reduced benefits. These ambitions have now been halved, with current estimates putting the savings at around £2 billion. It remains unclear what the actual financial yield will be after the delayed implementation and narrowed scope. STORY CONTINUES BELOW THIS AD Starmer's leadership under pressure While Starmer succeeded in winning the vote, the broader political narrative is one of a leader embattled by his party and under mounting criticism for a series of policy reversals. This latest climbdown follows a string of U-turns that have begun to define his first year in office. Earlier in June, his government reversed plans to scrap winter heating support for pensioners after another intra-party backlash. Days later, Starmer announced a national inquiry into child sexual exploitation — a move he had previously resisted. The cumulative effect of these reversals has been a steady erosion of Starmer's personal approval ratings and public perception of his leadership. Pollster John Curtice has cllaed Starmer as the most unpopular newly elected prime minister in modern British history. The YouGov poll released last week showed that Labour is bleeding support not just to the right, with Reform UK rising under Nigel Farage, but also to the Liberal Democrats and Greens on the left. Critics within Labour have pointed to a growing disconnect between Starmer's centrist governance and the party's traditional base. The welfare cuts, in particular, alienated both left-wing MPs and grassroots members, many of whom saw the proposals as antithetical to Labour values. Paula Barker, one of the MPs leading the opposition, described the attempt to push through the original reforms as 'the most unedifying spectacle' she had ever witnessed. STORY CONTINUES BELOW THIS AD Economic dilemma for Rachel Reeves The dilution of the welfare reforms poses an immediate problem for Chancellor Rachel Reeves. With reduced savings from the welfare budget, the government will need to identify alternative funding sources to maintain fiscal discipline. Reeves now faces a dilemma of either raising taxes, cut spending elsewhere or consider increasing borrowing — all options she has previously vowed to avoid. The broader economic context compounds these pressures. The UK economy has been sluggish, with limited signs of growth despite Labour's promises to rejuvenate it after years of Conservative austerity and Brexit uncertainty. Reeves, once seen as a pragmatic and disciplined steward of public finances, now faces the challenge of patching a budgetary gap without undermining Labour's credibility or alienating core voters further. A fractured political strategy This episode exposes the challenges Starmer faces in balancing competing political pressures. On one hand, he must present Labour as a responsible governing party capable of managing the economy and welfare state. On the other hand, he must retain the support of a diverse coalition of MPs, party members, and voters with strong views on social justice and public spending. While some MPs, such as Dame Meg Hillier, welcomed the concessions as a positive compromise that protects the vulnerable, others remain unconvinced. Rachel Maskell, representing the party's left flank, warned that reforms still lacked genuine inclusion of disabled people and dismissed the revised package as a 'backroom deal.' The opposition has been quick to seize on Labour's internal discord. Conservative Party finance chief Mel Stride described the government as having 'ripped the heart' out of its own legislation, while Reform UK leader Farage derided Starmer's first year in power as a catalogue of political backtracking. Reports suggest that even before the vote, the revised legislation was widely labelled as 'farcical' for its incoherence and diluted impact. STORY CONTINUES BELOW THIS AD Reform with caution Despite surviving the Commons vote, the episode leaves Starmer politically bruised. His ability to command discipline within his party is increasingly in question, and his reputation as a steady, pragmatic leader has taken a hit. A government that came to power promising stability and competence is now being described by critics — even some within Labour — as reactive and adrift. The welfare reform saga serves as a cautionary tale about governing with a large majority but a fragmented party. The lesson for Starmer may well be that technocratic efficiency cannot replace the need for clear political values and effective coalition-building within his ranks. As the ministerial review of PIP unfolds and further economic decisions loom in the autumn budget, Starmer's leadership will continue to be tested. Whether he can reconcile fiscal pragmatism with Labour's traditional social commitments remains an open question — and the answer may define not just the rest of his premiership, but Labour's long-term identity.
