Ukraine signs drone production agreement with US company, Zelenskiy says
'Interceptors for destroying enemy drones and missiles, quadcopters for reconnaissance and fire adjustment, long-range strike drones — there will be much more of all this,' he wrote on social media during a trip to Denmark.
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Arab News
34 minutes ago
- Arab News
UK Labour's first year in power
This time last year Britain's Labour Party was celebrating one of the most memorable general election victories, a win that swept new Prime Minister Keir Starmer into 10 Downing Street with a decisive working majority of 172 seats. Admittedly, it was as much the unpopularity of the Conservative Party — after 14 years of austerity, division, and sheer incompetence — as it was the hope that Labour would usher in a new dawn for British politics and society that contributed to Labour's stunning success. Starmer and his government should have assumed power with a spring in their step, with confidence, and an inner belief befitting a party that had just received a mandate from the British people for a radical change of direction. Instead, the approach has been one of trepidation, risk aversion, and more focusing on the difficult legacy left by the previous government in order to justify a lack of any overarching vision or plan to achieve it. There is much truth in the claim that the Conservatives left the UK in a sorry state, but this does not exonerate the current government and its leader from a slow, stuttering, and uninspiring first year. A year on, it has become apparent that there are no quick fixes for the ills of Britain's economy and society, and that this is a government that is more comfortable with incremental change and continuity — when, in fact, there has been a need for some far-reaching changes to instill hope, a sense that a departure from the past is possible, and that 'we are all in it together.' There have been flickers of all that, but in a most disjointed manner, and Starmer has shown more leadership on the international stage than on the domestic one. Symbolically, on the week of its first anniversary, the government whips had to contain a rebellion by dozens of backbenchers and others in the party who opposed planned benefit cuts, and only some significant last-minute concessions saved it from losing a vote in the House of Commons. There are mitigating circumstances for the government's inability to set a reformist social-democratic agenda, among them an extremely costly Brexit; the Conservatives' neglect of public services, their general listless approach to social equality, opportunities for all and social justice in general; and even the necessity to divert resources to defense as a result of the immediate need to support Ukraine in its war with Russia. Nevertheless, a year into this government, British people do not see or feel that enough has improved on the issues that really matter to them, from reviving the National Health Service to progress on economic growth, education, infrastructure, and affordable housing. To be sure, we should cut Labour some slack. The public coffers were, indeed, rather empty when they came to power, and finding a balance between raising funds, mainly through taxation, while not sending the economy into stagnation is never easy. The UK economy is suffering from decades of structural vulnerabilities, and while there are pockets of economic buoyancy, at the same time there is also weak productivity, low business investment, persistent long-term unemployment, a constant decline in manufacturing, growing social inequalities, and a lack of competition in the utilities market. A year on, there is little evidence that these issues have been dealt with convincingly since Labour returned to power. Prime Minister Keir Starmer has shown more leadership on the international stage than on the domestic one. Yossi Mekelberg At the same time there is hardly any reason for doom and gloom, and unlike many previous administrations, Labour under Starmer is responsive when things go wrong. This may be down to either a genuine attentiveness to concerns raised by the public or dissenting voices within the party, or sheer pragmatism, but in any case the result is a government that is not averse to changing course, or at least to adjusting when it faces resistance. Frequent U-turns project both weakness and bad policy-making processes, and hence should not become habitual, especially if this compromises core principles or throws the government's agenda off course. Yet, there is something refreshing about it as a corrective mechanism. Previous administrations have adhered to policies even when it became obvious to everyone, even themselves, that this was damaging for the party and the country. One could argue that depriving millions of pensioners of winter fuel payments, not agreeing immediately to hold a statutory inquiry into grooming gangs, and most recently cutting benefits for some of those most in need was hardly what you would expect from a Labour government, but the British prime minister deserves some credit for reversing most of those decisions, even if not for political foresight or astuteness. Moreover, making mistakes early in the electoral cycle, especially with the safety net of a huge majority, enables not only a learning from mistakes, but also the opportunity for a mini-opposition to emerge within the ruling party to serve as the government's conscience and compass, as long as it is aimed at keeping the party in touch with its roots and support base. While Starmer is hardly seen as an inspirational leader at home, his record on the world stage is mixed. On Ukraine and on the need to rebuild the UK and European military capabilities to stop the Russian threat, he has been bold and determined to lead from the front. On the issue of a ceasefire in Gaza and recognizing Palestinian statehood, he has been too slow to recognize that giving Israel a blank cheque will only end in further disaster, and he always has one eye on what Washington says. He is still more respected abroad than at home. There is no escape from the fact that voters are already disillusioned with the Labour government, as they express it time and again in opinion polls. With the Conservatives incapable of picking themselves from the canvas after last year's election knockout, the big winner is the populist-nationalist party Reform, which in its opportunism is devoid of any constructive policies, only specializing in exploiting societal malaise, and people's resentments and fears. It is for Starmer to start his second year in power by diving deeper to address the fundamental sources of disquiet in British society and to resurrect the welfare society by enabling hard working people to have a decent life and for young people to see the prospect of enjoying the kind of life that the post-war generations enjoyed. This will require more than just tweaking with the current state of affairs.
Al Arabiya
7 hours ago
- Al Arabiya
Butter's global price surge hits croissants and kitchens alike
At the Mamiche bakeries in the 9th and 10th arrondissements of Paris, their famous pains au chocolat and croissants depend on an essential but increasingly scarce ingredient — butter. The bakery's regular supplier can no longer provide a steady flow of French beurre de tourage, a type of flat butter used to make the pastries. Mamiche has gone searching elsewhere to ensure the steady flow of sweet treats from its ovens, but it's coming with a cost. Butter prices in most of the world are lingering near record highs, with little end in sight to the surge. It's the result of a complex interplay of factors — challenges faced by dairy farmers from France to New Zealand, changes in Asian consumers' appetites that's spurring global demand, and commercial decisions by milk processors defending their bottom line. The end result is more cost pressure on consumers' favorite foods. 'When we have to change supplier, we can really see the difference' said Robin Orsoni, commercial operator for Mamiche. Other providers are charging prices 25 percent to 30 percent higher but Mamiche has to absorb the cost because 'we want to make our customers happy, we need the butter.' Around 70 percent of the butter exported around the world comes from two places — Europe and New Zealand. Each began 2025 with historically low stockpiles, and this supply tightness has caused prices to spike to a record, according to the Food and Agriculture Organization. The roots of the squeeze can be traced back to 2022, when the price of milk in Europe peaked as inflation and fuel costs hit farmers hard, pushing dairy processors to look at the best way to maximize profits. Butter is made by removing cream from raw milk and churning it. Once the process is complete, you are left with butter and buttermilk, the latter of which 'has some industrial uses, but those are relatively limited,' said Monika Tothova, an economist at the FAO. It's used for some cooking, to make other dairy products, and for livestock feed. In contrast, 'if you make cheese, you process the entire volume of milk,' said Tothova. Even the by-product from cheese-making, called whey, is in high demand from commercial food makers for flavoring and nutrition, or gym enthusiasts to bulk out the protein in their diets. European Union dairy processors have making more and more cheese. As a result, the bloc's butter production has steadily declined and is expected to hit an eight-year low this season, according to estimates from the US Department of Agriculture. Milk production itself is also becoming more challenging. In Europe, farmers' herd sizes are shrinking due to financial pressures, and they now face added risks to their cows from bluetongue virus, said Jose Saiz, a dairy market analyst at price reporting agency Expana. Lumpy skin disease, which can curb an infected cows' milk yields, is also making its way into Italy and France. Just as butter has fallen out of favor with dairy processors, consumers are developing a stronger taste for it, particularly in Asia. Global consumption of butter is expected to grow 2.7 percent in 2025, outpacing production, according to the USDA. In China demand has already grown by 6 percent in just one year. Usage in Taiwan between 2024 and 2025 rose 4 percent, while in India, the world's largest consumer, it is up 3 percent. Hong Kong's French bakery chain, Bakehouse, has been tapping into Asian consumers changing tastes. Its annual butter use is currently about 180 tons, an increase of 96 tons from the prior year after they opened two new stores, in addition to another 180 tons of cream, according to co-founder Gregoire Michaud. The firm only buys from well established suppliers — New Zealand has a top-tier reputation but China isn't good enough yet, he said. In New Zealand, which is a major dairy exporter and produces about 2.5 percent of global milk supply, butter production has yet to return to pre-pandemic levels, fluctuating around 500,000 tons a year since 2020. As in Paris, supply scarcity and high butter prices have forced Hong Kong's Bakehouse to cycle through three different providers in just a short period - from Australia, to New Zealand and then Belgium. Now they're potentially looking for a fourth. Western consumers are also eating more butter, which for years was shunned for being unhealthy, as they look to cut ultra-processed foods out of their diets. Purchases of pure block butter in the UK have grown, said Susie Stannard, lead dairy analyst at the UK Agriculture and Horticulture Development Board. 'Consumers who can afford it will still buy butter,' she said, but they aren't immune from price pressures. At the newly opened Morchella restaurant in London's Clerkenwell district, the brown butter and bread that was so popular at its sister eatery, Perilla in Newington Green, has been replaced with olive oil. Before the recent price hikes 'you'd put a lot of butter into the pan to base that piece of fish and meat,' said Ben Marks, who heads up the kitchens at Perilla. 'Now you've just got be much cleverer.' Relief for consumers isn't expected to come any time soon. Butter prices are also affected by the global conflicts, supply chain disruptions and tariff wars that have roiled every other commodity. Amid this 'very hot market,' Hong Kong's Bakehouse is now prioritizing butter from closer providers to avoid a loss of supply, said Michaud. Orsoni said Mamiche will absorb the higher cost of butter to keep French staples affordable for its customers, but Perilla's Marks said it's 'inevitable' that diners will face higher prices. The heat wave seen in Europe in recent weeks could also exacerbate the situation. High temperatures can reduce yields from diary cows, while also pushing up demand for other products that compete with butter for the fatty cream taken off the top of milk. Tennis fans reaching for cream to accompany their strawberries as they watch Wimbledon, or workers cooling down with an ice cream in city plazas, 'can only hold butter prices up,' said Stannard.
Al Arabiya
8 hours ago
- Al Arabiya
BlackRock halted Ukraine fund talks after Trump's election win: Report
BlackRock Inc. halted its search for investors to back a multibillion-dollar Ukraine recovery fund earlier this year after Donald Trump's election victory saw the US sour on the eastern European country, people familiar with the discussions said. The fund, meant to be unveiled at next week's Ukraine Recovery Conference in Rome, was close to securing initial support from entities backed by the governments of Germany, Italy and Poland, the people said, declining to be identified discussing private information. However, in January, BlackRock decided to pause talks with institutional investors due to a lack of interest amid increased uncertainty over Ukraine's future. Donald Trump ran his reelection campaign on a promise to immediately end the war in Ukraine and bring the country's president, Volodymyr Zelenskyy, and Russian counterpart Vladimir Putin together for peace talks. Since his inauguration at the start of the year, the US president has clashed with both men and issued inconsistent proposals for a path forward, while indicating an end to US military support for Ukraine. The US government was a notable absence from the fund's backers in December. Reconstruction funding The Ukraine Development Fund was on track to secure at least $500 million from countries, development banks and other grant providers, along with $2 billion from private investors, Philipp Hildebrand, vice chairman of BlackRock who was among the financiers leading the discussions, said last year. At the time, Hildebrand said that could bring together a consortium of equity and debt investors who could finance at least $15 billion of reconstruction work in Ukraine. The total bill to rebuild Ukraine following Russia's invasion was estimated at more than $500 billion by the World Bank and others in February. A BlackRock spokesperson said the firm completed its pro-bono advisory work on the Ukraine Development Fund in 2024 and is currently not engaged in 'any active mandate' with the Ukrainian government. 'The only conversations that drive our decision-making are those with our clients,' the spokesperson added. BlackRock was set to unveil the fund in Italy, some of the people said, during the Ukraine Recovery Conference on July 10-11 that Italy's Giorgia Meloni and Ukraine's Zelenskyy are set to attend, though the timeline was never made public. Spokespeople for Prime Minister Meloni and the foreign ministry didn't respond to a request for comment. France has been working on a fund proposal to replace the canceled BlackRock initiative but it's not clear how effective the new plan will be without US backing, the people said.
