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Norway plans temporary ban on power-intensive cryptocurrency mining

Norway plans temporary ban on power-intensive cryptocurrency mining

Economic Times20-06-2025
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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From landslide to letdown: Has Starmer squandered his year of power? Labour's magnificent mandate under scrutiny
From landslide to letdown: Has Starmer squandered his year of power? Labour's magnificent mandate under scrutiny

First Post

time14 hours ago

  • First Post

From landslide to letdown: Has Starmer squandered his year of power? Labour's magnificent mandate under scrutiny

Keir Starmer completes a year as the UK prime minister on Friday, having won the mandate on July 4 last year. But today, he faces questions. Has Starmer's first year in office lived up to the promise of change he made after the landslide victory. read more Exactly a year ago, Sir Keir Starmer emerged on television screens across the world beaming with confidence, representing a change in the political and economic mindset of the United Kingdom. On July 4, 2024, Starmer had ended the political exile of the Labour Party that lasted a decade and a half with a resounding victory over the Conservative Party, which faltered under a short-lived but historic prime ministership of Rishi Sunak, the first Indian origin PM of the country. STORY CONTINUES BELOW THIS AD By the evening of July 4 last year, King Charles III appointed Starmer as the third prime minister of his reign that began in 2022. Starmer-led Labour's victory seemed to offer the UK and King Charles some sense of stability. But a year later, Starmer stands as the least popular newly elected British prime minister, facing criticism that he has wasted a year in office when the UK needed a resolute leadership to deal with multi-pronged challenges emanating from across the Atlantic as well as the English Channel. The UK media is abuzz with reports speculating about Starmer's premature exit from office. At least two Labour MPs have gone public, in interviews with a national daily, to claim that Starmer could be removed within a few months. His Cabinet is not cohesive. The tears of his chancellor sent out an unmistakable signal that all is not well within the Starmer government or his Labour Party. So, what did Starmer do in one year to stand accused of having squandered not only a massive mandate but also people's faith in his political acumen? A new dawn, now looks like dusk A new dawn broke that day over central London as Keir Starmer stood before a jubilant crowd and declared, 'Change begins now. And it feels good, I have to be honest.' For millions, his words promised an end to years of chaos and decline. Twelve months on, that sunlight of hope feels dimmer, as the realities of government grind against the weight of expectation. After all, he was the architect of the Labour's turnaround. When Keir Starmer swept into Downing Street a year ago, the mood within the Labour Party was jubilant and the public expectation immense. After 14 years of Conservative rule, Labour's landslide victory — securing a 174-seat majority and 411 MPs — was hailed as a watershed moment for Britain. Starmer had spent nearly five years overhauling and rebranding his party and he promised a new era of 'national renewal' and a government that would 'restore Britain to the service of working people'. STORY CONTINUES BELOW THIS AD Yet, just one year later, the optimism of that summer morning has faded. The government's standing in opinion polls is now poor, with Labour's support plummeting from 34 per cent at the time of the election to just 24 per cent, trailing Reform UK by five points. And the Charmer Starmer faces tough questions in Westminster now. A modest vision, modest results Starmer's pitch to the electorate was deliberately unflashy. Unlike Tony Blair's 'third way' revolution, Starmer offered a set of 'foundations' and 'missions' — from economic stability and secure borders to National Health Service (NHS) reform and clean energy. These were accompanied by milestones and targets, some precise, others frustratingly vague. The hope was that this measured approach would bring order after years of political chaos. However, critics argue that the government's ambitions were too modest to begin with, and progress on even these limited goals has been painfully slow. Starmer's main mission — to kickstart economic growth — has delivered just 0.8 per cent growth since the election, ranking Britain around third in the G7 and far behind the United States, which grew by 13 per cent over the previous five years. Business confidence has turned negative, not helped by Chancellor Rachel Reeves' decision to raise employers' national insurance contributions and introduce a workers' rights bill, both of which have angered businesses. STORY CONTINUES BELOW THIS AD The cost of stability Starmer's first 'foundation' was economic stability: low inflation, stable public finances, and an end to policy flip-flops. Yet inflation remains 1.4 percentage points above its two per cent target, and 10-year gilt yields have hit a 17-year high. Reeves' first budget in October 2024 introduced the largest tax rises since 1993, setting the tax burden to its highest level in recorded history. The government also axed winter fuel payments for around 10 million people, a move that drew widespread criticism. On public finances, Reeves has focused on 'unlocking' private-sector investment, arguing that there is 'not a huge amount of money' for public spending. Several infrastructure projects have been cancelled, and surplus public sector land is being sold off. The government's cautious approach has left many feeling that the promised 'change' has yet to materialise. Amid all this, while Starmer got the blame for all that is wrong with Britain today, he tried to shake it off by indicating loss of confidence in Reeves, who broke down in Parliament. Her tenure looked certain to be curtailed. Hours later, however, Starmer made a U-turn, assuring that she will complete her full term. But by that time, the damage had been done. All the major newspapers of the UK had the photograph of a teary Reeves on their front pages. Starmer had failed to charm the British people. STORY CONTINUES BELOW THIS AD Immigration, borders and backlogs On immigration, Starmer pledged to 'dismantle' the networks of people-smugglers and reduce net migration. The government established a £150 million border-security initiative and introduced visa restrictions, but the number of small-boat migrants surged to 43,309 in the year to June 2025 — a 38 per cent increase on the previous year. Net migration did fall by half to 431,000, but this was largely expected after a spike in 2023. Efforts to clear the asylum backlog have had limited success: the number of cases awaiting assessment dropped by seven per cent to 110,000, and the use of hotels to house asylum-seekers fell by six per cent to 32,000. However, the government's pledge to 'smash the gangs' of people-smugglers has so far proved fruitless. NHS and public services: Stubborn challenges The NHS remains a critical battleground. Labour set a milestone for 92 per cent of people referred for consultant-led care to be seen within 18 weeks. In reality, 6.2 million people — one in 10 Britons — are still waiting, and only 60 per cent are seen within the target time. The government's push to prevent illness, speed up discharges, and adopt AI has yet to yield significant improvements. On housing, Labour's ambitious target of adding 1.5 million homes in five years looks increasingly unrealistic. Net additions to England's housing stock were just 201,000 in the year to March — the lowest in nine years. A planning bill is crawling through Parliament, expected to boost housebuilding by 25 per cent in the long run, but not enough to close the gap. STORY CONTINUES BELOW THIS AD Internal strife and waning authority Perhaps most damaging for Starmer has been the growing dissent within his own party. The recent political showdown over his welfare package forced him to abandon planned welfare cuts. In the face of a rebellion, Chancellor Reeves was reduced to tears in Parliament. Over 120 Labour MPs have openly rebelled on key votes, raising questions about Starmer's authority and ability to hold his party together. The government's most nebulous mission — breaking down barriers to opportunity — has seen little progress. Targets for early-years education and social mobility remain distant, and critics say the government's approach lacks both ambition and urgency. One year after Labour's historic victory, the government's performance index — measuring progress on key areas from immigration to the environment — shows only minimal improvement from its post-Brexit low point. Public dissatisfaction is palpable, with many voters more concerned about their personal finances, the cost of living, and basic public services than the government's broader missions. Starmer's allies argue that he inherited a country in crisis and that meaningful change takes time. But as Labour's poll ratings tumble and internal divisions grow, the risk is that the party's once-magnificent mandate could slip away before real change is delivered. The verdict, so far, is sobering: from landslide to letdown, Starmer's first year in office has been marked by slow progress, mounting challenges, and a growing sense that the promise of national renewal remains unfulfilled. Starmer, however, remains the most formidable Labour leader. It might be too early to write an epitaph of the leader who was hailed both as charismatic and capable only a year ago. STORY CONTINUES BELOW THIS AD

Sweden's Arctic Railway Prepares for a More Militarized Future
Sweden's Arctic Railway Prepares for a More Militarized Future

Mint

timea day 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

Britain launches 10-year plan to save health service in crisis
Britain launches 10-year plan to save health service in crisis

Time of India

time2 days ago

  • Time of India

Britain launches 10-year plan to save health service in crisis

London: British Prime Minister Keir Starmer on Thursday will launch a 10-year strategy to save a National Health Service he said was in crisis, as he aims to alleviate the burden on overstrained hospitals and provide care closer to people's homes. The state-run, publicly funded NHS has struggled to recover from the impact of COVID-19, endured annual winter crises and several waves of industrial action, and currently reports long backlogs for elective procedures. Starmer has previously warned that the NHS must "reform or die" and pledged an overhaul of the system that would manage the rising costs of looking after an aging population without hiking taxes. In a statement, Starmer said that his Labour Party had inherited a health system in crisis when it came to office one year ago, but that the plan would "fundamentally rewire and future-proof" the service. The plan included establishing new health centres bringing a broader range of services under one roof. The government said that would free hospitals from "perpetual firefighting" and bring down waiting lists. After a rocky first year in government marked by unpopular spending cuts - and in some cases followed by costly policy reversals - health care is one area where Starmer's party can claim some success. It has delivered 4 million extra appointments - double its first year target - and cut waiting lists to a two-year low. Starmer said the NHS could not be fixed overnight, but that his government was "already turning the tide on years of decline". Nevertheless, the government remains in an impasse with the pharmaceutical sector on drug pricing. It also faces possible fresh industrial action from healthcare staff and is yet to publish a promised strategy to fast-track development of the country's life sciences sector.

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