Constellation Energy’s plans to restart the Crane nuclear power plant – formerly, and better known as Three Mile Island Unit 1 – were boosted Monday when the Federal Energy Regulatory Commission approved a waiver for the company from PJM Interconnection rules. FERC approved Constellation’s waiver request over the objections of PJM’s independent market monitor.
Under the decision, Constellation will be able to transfer 760 MW of Capacity Interconnection Rights, or CIRs, from its Eddystone power plant near Philadelphia to the Crane unit. The transfer will increase the amount of electricity the nuclear unit can deliver to the grid.
Under the DOE’s orders, the Eddystone units are not considered capacity resources, making their CIRs free to be transferred, according to Baltimore-based Constellation.
Constellation’s $1.6 billion plan to restart the 835-MW Crane nuclear unit hit a snag when PJM determined that transmission upgrades were needed to safely deliver all the unit’s power to the grid.
Those upgrades — including 765-kV and 500-kV projects — aren’t expected to be finished until December 2030 and could be delayed even longer, preventing full deliveries from the nuclear unit, which could restart in the second half of 2027, Constellation said in its March 31 waiver request at FERC.
Constellation’s request met FERC’s criteria for granting waivers, including that it solves a concrete problem, according to the agency.
“The requested waiver will allow for the transfer of CIRs between the Eddystone units and Crane, which may reduce or eliminate the number of Contingent Facilities for Crane and thereby potentially increase Crane’s interim deliverability and enable Crane to be fully operational before December 31, 2030,” FERC said.
Also, granting the waiver will not have undesirable consequences, such as harming third parties, FERC said.
“Rather, the requested waiver will provide a more efficient use of CIRs due to the Eddystone units’ current inability to use their CIRs as a result of DOE orders requiring them to operate as energy-only resources,” FERC said.
Constellation has a 20-year deal to sell all the energy, capacity and clean energy attributes from the nuclear unit to Microsoft for data centers across PJM’s Mid-Atlantic and Midwest footprint.
In its waiver request, Constellation said that reaching full deliverability status was especially important for the Crane unit. If run for extended periods below their rated power output, the equipment in nuclear units face risk of elevated vibration and wear, which can pose reliability problems, according to the independent power producer.
Running in parallel, however, has been a more gradual but persistent rise in official sector gold holdings. A common narrative, one which was started largely on this website, is that this shift began with the Russia–Ukraine conflict, when the freezing of Russia’s foreign exchange reserves heightened incentives for countries to diversify into assets such as gold. (Russia, for example, confirmed in 2021 that its gold reserves are fully held domestically.)
While that is true, UBS chief economist Arendy Kapteyn notes that the true turning point in official sector gold demand came well before 2022. The increase in official sector gold holdings began around the global financial crisis in 2008, not in 2022 (roughly 85% of the increase occurred between August 2008 and February 2022, and about 15% since then).
While sanctions risk has clearly accelerated and reinforced the trend – Russia also stepped up purchases after Crimea in 2014 – but it is likely not the root cause. As highlighted in this IMF paper, the GFC led emerging markets to reassess the safety of advanced-economy assets, given stresses in banking systems and sovereign balance sheets, making gold an attractive hedge.
At the same time, rapid reserve accumulation in the 2000s left many countries heavily exposed to a narrow set of “safe” assets, raising both concentration and correlation risks. In addition, post GFC policies (QE and ultra-low yields) sharply reduced the opportunity cost of holding gold.
What is perhaps most notable is how concentrated – across a universe of roughly 200 countries – the buying has been. Between 2008 and 2022, just six countries — Russia, China, Turkey, India, Poland, and Kazakhstan — accounted for almost the entire increase in official gold holdings. But since 2022, a slightly different group — China, Poland, India, Iraq, Czechia, and Qatar — has driven essentially all net purchases.
AI robotics company Figure posted several videos on X throughout May showcasing its robots performing basic tasks, including cleaning a room and sorting packages.
Modern artificial intelligence-powered robots are impressive in their capabilities, but are still years away from replacing humans as they can’t yet adapt to changing conditions, researchers say.
Last month, AI robotics company Figure showcased its humanoid robots performing basic tasks, such as cleaning a room, but a series of robots working for nine days straight sorting packages sparked conversation about how soon robots could replace jobs.
Welcome to Day 9 of our humanoid livestream: 191 consecutive hours and 238,000 packages.
Oliver Obst, an associate professor of robotics at the Australia based University of New South Wales, told Cointelegraph that repetitive jobs such as physical work in structured environments are currently most at risk of being replaced by robots, while administrative and document-processing tasks could be replaced by AI.
There has been growing concern that AI and robots will replace people in jobs as technology advances. A report in May from workforce consulting firm Challenger, Gray and Christmas found that US companies have laid off an estimated 49,135 people in 2026 due to AI.
However, Obst said that humanoid robots are unlikely to see a mass rollout soon because they don’t appear to be more efficient or less error-prone than current robotic manufacturing methods.
“Even in relatively structured settings, they still face problems with reliability, speed, safety, cost, and recovery from unexpected situations,” he said. “The harder the environment is to control, the harder the robotics problem becomes. Most human jobs involve more variation and more judgment than the package-sorting demonstration.”
“I would not say we are at the point of mass replacement by humanoid robots. We are much closer to the selective automation of some tasks. AI software is moving faster and is already affecting some forms of information work, but physical robots still have a much harder problem to solve.”
In another video in May, a human worker managed to sort more packages compared to a team of Figure’s robots, which swapped out when needing a recharge. Figure CEO Brett Adock said it would be the last time “a human will ever win.”
Congrats to Aime!! He said his left forearm is basically broken. Final scores: F.03: 12,732 packages (2.83 seconds/package) – Aime: 12,924 packages (2.79 seconds/package). This is the last time a human will ever win.
Markus Levin, co-founder of decentralized data network XYO, said AI models and automation software can perform repetitive tasks with far greater consistency and endurance than humans; however, robots still require charging, maintenance and supervision.
A report in September from the International Federation of Robotics found that global demand for factory robots has doubled over the last decade, with warehouses and logistics among the fastest-growing areas of adoption.
“I believe broad human replacement is still likely years away,” Levin added, “Reliability, safety, regulation, infrastructure costs, and trust remain major barriers to full-scale deployment across society. The challenge is no longer simply making machines capable of acting but ensuring they can operate safely and reliably as they take on greater autonomy.”
Dr Francisco Cruz Naranjo, a senior lecturer at the University of New South Wales with a PhD in robotics, said the efficiency of robots compared to people depends heavily on the activity and the environment.
“Robots are much better at repetitive tasks without the need for constant pauses, as showcased in the Figure livestream. However, in highly dynamic environments, robots still struggle to quickly adapt to changing conditions,” he said.
“Humans, in this case, are much better. This is precisely why robots at the moment are highly efficient in controlled environments, such as factories, but they have not yet succeeded widely in home settings.”
Naranjo said repetitive jobs performed in a less static setting are at risk of being replaced by robots, but it will depend on how quickly research advances and how quickly society adapts in areas like making spaces robot-friendly, which is likely years away.
Robots In Society Could Be Beneficial
Naranjo and Obst said that a mass rollout of robots in the workforce could be of some benefit, such as improving work-life balance, increasing the workforce in areas with shortages, and addressing dangerous environments that are too risky for humans.
“The social question is harder. If robots make dangerous work cheaper in human terms, that can be good. But it can also have unintended consequences. For example, keeping humans out of harm’s way in military operations may save lives, but it could also lower the perceived cost of conflict,” Obst said.
“Hypothetically, if we became very successful at automating almost all work, then society would need to rethink economies that are currently built around individual wages and employment.”
UBS Warns El Nino May Intensify Food Inflation Across Asia
By now, readers have a clear understanding that the Gulf-driven energy shock is on course to collide with a potential super El Niño weather event, creating what could be a dangerous second-order shock to food supply chains around the world.
The concern is that extreme heat and disrupted rainfall patterns could hit top agricultural growing belts, dent harvest output, and amplify existing supply stress. Even before those weather-driven impacts fully materialize, global food prices are already rising, suggesting that fertilizer and elevated diesel prices are beginning to be transmitted through the broader food supply chain.
Our Tuesday note on Thailand white rice, a regional Asian benchmark, surging 20% in May, the largest monthly increase in data going back to 2008, is another warning signal that the price action in the grain feeding half the world has entered a new upward impulse.
The troubling move in rice prices, including a 15% surge in Chicago rice futures last month, indicates that food-inflation pressures are already materializing. The concern is that these pressures could materially worsen once El Niño-driven weather disruptions begin affecting key growing regions.
UBS analysts led by Leigha Miyata published a note titled “Food Inflation & El Niño Evidence Check,”confirming what we have been tracking for months: the Middle East-driven fertilizer shock is now moving through the global food supply chain just as El Niño risks rise, creating the potential for an inflation surge across Asia later this year into 2027.
Miyata noted that El Niño odds currently stand around 82% for May to June and 96% for December into early 2027, raising the risk of hotter, drier conditions across South and Southeast Asia that could pressure harvests.
Via Miyata …
El Niño likelihood raised to 82%; expect Asia to be hotter and have less rain:
The El Niño is likely to emerge soon (82% chance in May-July 2026) and continue through Northern Hemisphere winter 2026-27 (96% chance in Dec 2026-Feb 2027, NOAA). Historical patterns show higher temperatures in Indonesia and northern Australia (Figure 1). Temperatures are normally lower in South Korea and Japan, though a “super El Niño” could reverse this, bringing intense heat and rainfall. Precipitation is lower in South and Southeast Asia, posing risks to harvests (Figure 2). Other El Niño impacts include higher power demand, lower supply, and increased disease risk (see p3).
Fertilizer Prices – Urea prices correcting, now +23% since the Iran conflict started:
Though nitrogen supply remains tight, we have seen diverging trends in the last few weeks on the product level. Ammonia pricing has been stable to higher, UAN pricing has been stable, while urea pricing has seen downward corrections, $190/MT (~23%) lower than its peak level in April. Overall the UBS chemicals team see this pointing to the market having moved past peak seasonal tightness, with 2Q likely marking the high point. We believe structurally tight supply from restricted trade flows and constrained production will continue to support the pricing outlook for 2H26/2027 above the cost curve however, and note that physical market flows have yet to improve (full report).
Gov’t measures have been helpful, but inflation is rising across Asia:
The FAO Food Price Index averaged 130.7 points in April 2026, up 1.6% from March, marking a third consecutive rise but at a slower pace. Gains in vegetable oils, meat, and cereals were partly offset by declines in sugar and dairy. The index was 2.0% higher year-on-year but remained 18.4% below its March 2022 peak. Inflation across all major Asian economies is increasing with the exception of Indonesia and Japan, and corn futures for 2026/2027 are up ~4%/5% since the Iran conflict started. UBS economists explain that inflation was likely lower in many Asian economies due to quick policy-action post Iran conflict, but that inflation will likely rise going forward (full report). In the Philippines, the level of inflation has shot up from 2.3%/3.9% in Feb/Mar to 7.1% in Apr. In Thailand, deflation in Feb/Mar has shifted to 2.9% inflation in April (Figure 5). For Japan, there are no clear signs yet of strong inflationary pressure from Middle East tensions. However, we expect national CPI for May to pick up slightly to 1.5% from 1.4% in April, suggesting April was likely the trough. Food inflation in Japan decelerated from 4.6% YoY in April to 4.1% YoY in May, though on a MoM basis, food inflation rose 0.3% (full report).
Packaging and freight costs are up; El Niño in 2026-27, fertilizer impact in 2027:
Plastic packaging prices in Japan are reported to be up 20 to 30%. This together with transport costs are expected to raise food prices, but this is not yet visible in the data for Japan. If El Niño materializes, we may see drought impact the harvests in Sep 2026- and Apr 2027- in South and Southeast Asia. Higher fertilizer costs may also affect harvests from April 2027 onwards.
UBS views on El Niño impacts
1. Agri-business: Tightening global balances and large speculative shorts mean an El Niño-driven disruption to India’s monsoon could reduce sugar production by ~3–8mn tons YoY and trigger price spikes.
2. Agriculture & Inflation (India): El Niño-driven weak monsoon risks (forecast ~92% of normal rainfall) could lift food inflation, though only ~21% of CPI is directly impacted, limiting first-round effects but raising second-round risks if shocks persist.
3. Health Care (Brazil): El Niño-driven changes in mosquito patterns could increase dengue cases, with prior events (2023/24) coinciding with record infections (~6.6mn cases).
4. Thermal coal / Power demand: A potential “super El Niño” could drive extreme heat across Asia, boosting electricity demand (especially for cooling) and increasing coal demand and imports, tightening seaborne markets.
5. Hydropower / Power supply: El Niño-related rainfall shifts could reduce hydro generation in LatAm and Africa, further supporting demand for thermal coal.
6. Insurance / Reinsurance: El Niño conditions are associated with below-average hurricane activity, which could improve insurers’ near-term book value but pressure pricing due to increased capital supply. In Australia, El Niño years tend to have lower catastrophe losses, though drought and bushfire risks rise.
Figure 6: Real GDP growth %y/y: pre- and post-Iran conflict
Figure 7: Asia’s inflation likely to pick up on base effects
Figure 12: Energy/fertilizer shock impact chain
Figure 13: Thailand and India are likely to be negatively impacted in APAC. All importers, including Japan will face higher prices
The BBC has once again demonstrated its role as a partisan propaganda machine rather than a neutral public broadcaster.
On its flagship evening news show Newsnight, presenter Matt Chorley repeatedly claimed Reform UK leader Nigel Farage called for a “white cold rage” in response to the murder of 18-year-old student Henry Nowak.
Yet Farage said no such thing. He called for “pure cold rage” – a measured, determined pushback against institutional failures and anti-white bias in policing and justice.
The BBC had just sunk to a new low.
On Newsnight last night, presenter Matt Chorley claimed Nigel Farage said people should respond to the murder of Henry Nowak with “white cold rage”.
Chorley repeated the fabricated racial angle three times. The insertion was no accident. It transformed a call for equal justice and accountability into something that could be painted as divisive racial incitement.
When caught, Chorley issued a tepid apology on X, claiming a “misremembering” while insisting it “didn’t change the content of the interview.”
I owe Nigel Farage an apology.
During last night’s Newsnight we covered the murder of Henry Nowak and the political reaction to the case, including discussing Nigel Farage’s comments about “pure, cold rage”.
However I referred to “white cold rage”. This was a mistake on my part, a misremembering of the quote. It didn’t change the content of the interview but I should have got the quote right. I apologise to Nigel Farage for this.
Critics across the board rejected that claim outright.
Of course it changed the content of the interview, it added racially inflammatory comments where there were none. You’d never have made a similar revealing slip THREE times using black instead of white.
Reflects your innate bias and that of the BBC.
And I don’t trust Farage…
– Mark Kingsley-Williams (@Mark_A_K_W) June 3, 2026
Pure cold rage became “white cold rage” because the institutional mindset equates any pushback against two-tier standards with whiteness.
Completely unacceptable. Nigel Farage said “pure cold rage” and the BBC decided to report it as “white cold rage”.
This is why fewer and fewer people trust the BBC. They created BBC Verify to counter misinformation, but they are the biggest culprits of misinformation. https://t.co/DRFJiCc209
A full on-air correction and explanation of what Farage actually said is the minimum standard for any credible outlet. The pattern of one-directional “mistakes” – always inflating racial angles against critics of mass immigration, DEI, or institutional bias – tells its own story.
The Henry Nowak case has exploded back into the headlines following the release of the horrible Bodycam footage of the incident and the trial of his murderer. Nowak lay on the ground bleeding heavily, repeatedly telling officers “I’ve been stabbed” and “I can’t breathe.” Instead of providing urgent medical aid, officers dragged him across gravel, handcuffed him, and initially treated him as a suspect based on Digwa’s false racism allegations and minor complaints about a swollen eye.
Digwa was not handcuffed at the scene. His family stood over the dying victim pushing the race narrative. Hampshire Police’s initial statement claiming quick life-saving measures was later deleted once the footage emerged. Protests followed the footage release. Some turned violent in Southampton last night, with clashes injuring officers.
This latest incident fits the established pattern of BBC editorial choices that downplay or twist stories challenging progressive narratives on policing, identity politics, and institutional bias. Previous coverage on the same programme saw presenter Victoria Derbyshire act surprised when an ex-cop refused to excuse the initial response to Nowak. The discomfort was palpable as facts about prioritising a false racism claim over a dying victim’s pleas were laid out.
An ex-police officer appearing on BBC Newsnight described the response as “unfathomable.” Basic procedure demands prioritising medical assessment for anyone reporting stab wounds and bleeding out, not handcuffing or accepting unverified claims from the attacker. The Independent Office for Police Conduct is investigating. Nowak’s father demanded transparency, stating his son “did not die with dignity” and that being read his rights was among the last things he heard while dying.
The BBC consistently frames cases involving white victims and minority perpetrators through a lens that protects DEI-influenced institutions while pathologising any demand for colour-blind standards.
The “white cold rage” fabrication is the latest example of this reflexive racialisation – turning legitimate fury over two-tier policing into a smear. It mirrors broader BBC output that has portrayed Islamist issues sympathetically, pushed contested social agendas, and faced lawsuits over distorted editing, including the ongoing Trump case. The organisation’s charter obligations on impartiality appear secondary to its institutional worldview.
Farage’s actual words on the Nowak case called for cold, principled determination to restore equal treatment before the law – not hot-headed violence or racial payback. The BBC’s version injected race where Farage spoke of universal standards trashed by fear of labels. That single word change reveals more about the presenter’s and the organisation’s priors than about Farage.
We also knew this would be the leftist establishment playbook in the Nowak case when it finally received the attention it warranted.
Public trust in the BBC continues to erode precisely because of episodes like this. Licence fee payers subsidise an outlet that treats one side of the political spectrum as requiring constant racial vetting while giving institutional failures a pass.
Reform voices and ordinary citizens demanding accountability for the Nowak case and similar incidents are not the problem. The problem is an entrenched media class that cannot report straight when the facts challenge their worldview.
The weak apology changes nothing substantive. Full transparency, on-air correction, and serious consequences for editorial failures would be the start of rebuilding credibility. Until then, the BBC remains what its actions show it to be: a publicly funded vehicle for advancing selective narratives rather than pursuing truth.
Those who value free speech, equal justice, and genuine accountability know the only long-term answer involves stripping away its compulsory funding and letting it compete in the open market like every other outlet.
Germany, France, UK See Opportunity To Revive Putin Talks Without Washington
Europe’s most influential powers of Germany, France, and the United Kingdom are trying to again jump-start Ukraine war peace talks, collectively operating as the E3 group.
They seek to implement a new framework aimed at engaging Russian President Vladimir Putin in direct negotiations to end the war. Reuters on Wednesday reports that “A window for dialogue is slowly opening between Russia and Europe on Ukraine, although it is likely to be months before talks can begin, a German government official said at a briefing on Wednesday.”
It seems this window of opportunity is based to some degree on perceptions that the war tide and momentum is finally shifting in Ukraine’s favor, given the increasing effectiveness of Ukraine’s devastating cross-border drone attacks of late.
European leaders apparently view the current battlefield and political dynamics as having strengthened Kiev’s bargaining position, creating what they believe is the optimal moment to press Moscow for talks.
Zelensky himself is suddenly talking about directly engaging Putin this week, saying that he’s ‘ready’ to go to the table:
🇺🇦🇷🇺Zelensky just went nuclear on the wait-and-see game:
“I’m ready for direct negotiations with Putin RIGHT NOW! Not sitting in line while the world finishes every other war first.”pic.twitter.com/yLEkLAc9zD
The groundwork was reportedly laid in late May, when Zelenskyy sat down for a high-stakes meeting with French President Emmanuel Macron, UK Prime Minister Keir Starmer, and German Chancellor Friedrich Merz.
The leaders have sought to revamp the entire Western negotiation strategy, presenting a fiercely united European front, at a moment the Trump administration is seen as on the sidelines, or even perhaps ambivalent and apathetic to the question of Ukraine peace.
The EU has been pushing back against external influence on selecting negotiators for peace talks, and apparently trying to wrest any potential peace framework from Washington influence. It was the US leading the way on this, but nothing has happened especially since the Iran war took prominence in the US administration’s thinking.
Europe’s traditional power brokers are desperate to prove they still hold the leverage to dictate the terms of their own backyard security. Whether Putin feels any compelling reason to play ball with the E3 framework remains an entirely different question of course.
But according to more from Reuters, “The German official said recent fighting indicates it is likely to take months, rather than weeks, to reach a point where talks could begin, and that it was key to ensure they were conducted in full agreement with Ukraine.”
So for now it seems the battlefield will continue to determine who has the leverage or not, as each continues inflicting more and more pain on the other. Russia’s aerial attacks on Ukrainian cities have only grown more deadly and expansive. The same cam be said for Ukraine’s cross-border drone attacks on Russian territory, which on Wednesday wreaked havoc on St. Petersburg.
Amnesty International’s reaction to the murder of Henry Nowak has prompted outrage, with the organization having nothing to say about the atrocious and inhumane actions of the police during the incident, but sharply condemning the “political commentary” in the wake of Nowak’s death.
“At a time when hate crimes are rising, and violence and fear are becoming a daily reality for people of colour and migrants, calls for ‘cold, hard rage’ are completely reckless. Henry Nowak’s murder is an awful tragedy and his family have said “we do not want his death to be used to create further division, hatred or tension”. The very least politicians can do is respect that,” wrote Amnesty International.
Not everyone is happy about Amnesty International’s remarks on the case, which has up until now, said nothing about the manner in which the police handcuffed a dying Nowak as he bled out from eight stab wounds.
Swedish MEP Charlie Weimers wrote on X, “Amnesty has been morally bankrupt for a long time. A pure left-wing organization.”
Amnesty är moraliskt bankrutt sedan länge. En ren vänsterorganisation. https://t.co/6W2UaEgNdW
He was responding to a comment from Lauren Chen, who wrote:
“Incredible statement from Amnesty International UK on Henry Nowak: Not a single word of conveying outrage or horror over the brutal murder, or of how police left him to die without dignity. Instead, their statement is about policing the political commentary around the case. I kid you not. What a grotesque betrayal of any moral purpose.These NGOs aren’t just useless – they actively despise you. They are hostile to everything you value and everything you hold dear.”
Amnesty International, however, is known for its pro-migration and left-wing stances and has a long history of funding from the Open Society Foundation of George Soros. Nevertheless, the organization is often critical of police conduct, which makes it all the more remarkable that the organization has nothing to say about the police’s actions in this case.
🇬🇧 The distressing bodycam footage of Henry Nowak’s final minutes has been released by the Crown Prosecution Service.
Henry was stabbed by Vickrum Digwa, with an 8-inch blade he said he carried as part of his Sikh faith, while walking home alone in December last year in… pic.twitter.com/mIM1BgGdkj
The Southampton officers in the case disregarded Nowak’s pleas for help while immediately taking the claims of Vickrum Digwa, who said Nowak made racist comments to him, at face value. Notably, Nowak told the police multiple times that he had been stabbed and warned them: “I can’t breathe.” When he told the officer he had been stabbed, the officer replied, “I don’t think you have, mate.”
At the same time, the murder weapon was given to his mother, and police later found it at the family home along with more than 20 other weapons. His mother is due to be sentenced for removing the murder weapon from the crime scene.
The Nowak case has many parallels with the George Floyd case, where Police Officer Derek Chauvin was controversially convicted for murdering Floyd after placing him in handcuffs and kneeling on his back while Floyd said, “I can’t breathe.” Although the left weaponized the case, sparking mass riots the resulted in billions of damage across the United States, Amnesty International never condemned the left’s political rhetoric in the Floyd case. The Soros-funded organization also never condemned the mass riots, which left stores and homes burned out across major American cities.
If anything, Amnesty International’s “political commentary” around the case only served to inflame tensions and put vulnerable communities under further threat.
This double standard has not been lost on English protesters, who gathered in the streets and chanted “I can’t breathe,” at police officers in Southhampton yesterday, before unrest broke out. Notably, no shops were burned and no businesses harmed during the small-scale unrest — a far cry from the mass riots following Floyd’s death.
JUST IN: 🇬🇧
Thousands of English protesters chant, “i can’t breathe,” in front of the Southampton police station.
They are protesting the treatment of Henry Nowak by British police, who handcuffed the youth as he lay dying from multiple stab wounds.pic.twitter.com/kXg35Rnw1R
The murder of Nowak had sparked anger across Britain, but parties on the right, in particular, have been the most critical. Amnesty International appears unhappy that political commentators are pointing out the racial double-standard at work, including the police immediately taking the side of the murderer because he cried, “racist.”
Meanwhile, the leader of Restore Britain, Rupert Lowe, is making headlines for his call to return the death penalty for killers like Digwa.
A Restore Britain Government would give the British people a referendum on removing men like Digwa from society for good.
All of this explains Amnesty’s position and why that organization will never try to hold the police accountable for their actions in the Nowak murder case.
EU Could Lose 1.3 Million Jobs Due To Energy Price Surge From Iran War
Up to 1.3 million jobs across the EU are at risk because of the ongoing war in the Middle East, European Commissioner for jobs Roxana Mînzatu said on Wednesday.
“Due to the war in the Middle East, up to 1.3 million jobs are at risk, particularly in energy-intensive industries,” Mînzatu said at a press conference.
“Let me also underline that increased energy costs will have a particular negative impact on lower-income households in Europe, which is why we recommend that all member states take targeted measures so that they can support vulnerable groups,” the Commissioner added.
According to the report, the EU automotive sector could face the biggest layoffs of up to 600,000. Construction, metals, chemicals, transport could lose 56,000 jobs. Some 85,000 jobs in battery projects could be at risk and 58,852 jobs in solar manufacturing. Another 4,500 jobs could go in the steel sector because of low-carbon measures.
In a stagflationary double whammy, Low-income households could spend an additional 1.4% of income on transport fuel.
As Euronews reports, the warning came during the presentation of the 2026 Spring Semester Package, a bi-annual publication by the EU executive that provides guidance to the 27 member states on the bloc’s economic priorities.
The conflict has already had tangible effects on the European economy, with energy prices surging as a result. According to the latest European economic forecasts published in May, the war has slowed European growth while pushing inflation higher. Yesterday we learned that Euro Area inflation topped 3% for the first time since 2023, cementing an ECB rate hike next week.
Economic data on growth and inflation vary sharply across the EU, a disparity the Commission considers a threat to competitiveness.
Key priorities
The package dedicates significant space to employment, focusing on the promotion of quality jobs and how EU countries can tackle persistent shortages of skilled workers in strategically important sectors.
“Improving educational outcomes and better aligning people’s skills with labor market needs remain key priorities, also to address labour and skills shortages which are particularly acute in strategic sectors such as cybersecurity, quantum, artificial intelligence and semiconductors,” the Semester Package states.
At the press conference, Mînzatu said that 77% of European companies report that skill shortages remain a significant barrier to investment. She identified poor working conditions as the main driver of those shortages.
“We cannot attract talent, we cannot reduce shortages, we cannot improve people’s earnings without making sure we have good working conditions,” the Commissioner said.
Since the beginning of this mandate, European Commission President Ursula von der Leyen has made competitiveness one of the Commission’s highest priorities as geopolitical uncertainties mount.
The latest Semester Package reflects this, focusing on how Europe can strengthen its position on the global stage.
In particular, the bloc wants to reduce economic barriers in the single market, create a more business-friendly environment for companies and capital, and minimise strategic dependencies – especially on China and the US.
To that end, the Commission is pushing member states towards a more robust industrial policy, greater investment in capital markets, and a simplification agenda that would, among other things, reduce administrative burdens both in the private and public sector.
In parallel, the Commission is working to accelerate economic reforms at the EU level, though progress relies heavily on the willingness of member states to act – a longstanding coordination challenge.
Iranian Parliament Speaker and special representative for China affairs, Mohammad Bagher Ghalibaf, held the first joint meeting with key economic officials on Wednesday to align Tehran’s economic strategy toward Beijing.
The session in Tehran included the ministers of economy, oil, and industry, alongside the central bank governor and the head of the Plan and Budget Organization.
The assembly focused on establishing a unified government approach to elevate bilateral relations and coordinate the administration’s economic priorities. During the proceedings, officials evaluated China’s economic conduct amid the US-Israeli war on Iran and the closure of the Strait of Hormuz to the US and Israel.
Participants agreed to submit formal proposals to Ghalibaf to resolve outstanding challenges and deepen cooperation.
This coordination effort supports a developing strategy to position China as Iran’s “principal strategic partner” while expanding collaboration on regional and international issues.
Roughly 30 China-linked vessels crossed the Strait of Hormuz in a single day in mid-May under the supervision of Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy.
These transits follow a “management protocol” established after Iran restricted the waterway to US and Israeli-linked vessels in February.
While the strait remains largely closed, passage is permitted for commercial ships that comply with Iranian naval procedures and utilize designated corridors
In parallel, since the ‘illegal’ US blockade on Iranian ports was implemented in April, Iran has tripled its rail exports of oil and liquefied petroleum gas (LPG) to China in an effort to bypass the economic stranglehold.
Iran’s special representative for China affairs @mb_ghalibaf held a joint meeting with the ministers of economy and oil, the Governor of the Central Bank of Iran (CBI), the head of the Plan and Budget Organization, and the Minister of Industry, Mine, and Trade. pic.twitter.com/0qHZlb2zIm
Freight trains on the 10,400-kilometer corridor now depart every three to four days, a significant increase from the previous weekly schedule, and halve traditional sea transit times to roughly 15 days.
Despite this, rail capacity remains a modest alternative to maritime shipping; one train carries 60,000 to 70,000 barrels of oil, while large tankers can transport upwards of 2 million barrels.
The US has reaffirmed “the sovereignty and territorial integrity” of Somalia, in a move seen as a blow to Somaliland, the breakaway region recently recognized by Israel and close to the United Arab Emirates. In a report to Congress on “Potential Areas for Improved United States Engagement with Somaliland”, the US State Department stated that Somaliland was included in the Federal Republic of Somalia.
“Within that framework, the United States maintains a positive, constructive relationship with Somaliland and continues to explore additional opportunities for engagement with Somaliland authorities,” the report says. Israel became the first country in the world to formally recognize Somaliland on December 26 last year.
The month before, Somaliland President Abdirahman Abdullahi Mohamed secretly visited Israel, meeting with Israeli Prime Minister Benjamin Netanyahu and other “top officials”, according to multiple sources in Somalia and Somaliland.
Those other officials included Mossad chief David Barnea and Foreign Minister Gideon Saar, who visited Somaliland immediately after Israel formally recognised the former British colony’s sovereignty.
‘Recognition is bigger than anything else. Do you have an alternative for us?’
– Rooble Mohamed, Somaliland government adviser
Somaliland has since recognized Jerusalem as Israel’s capital, establishing an embassy there as meetings between Somaliland and Israeli ministers have continued and pro-Israel figures in the media have taken up the cause of independence for the breakaway Somali region.
Jake Wallis Simons, former editor of the Jewish Chronicle, and Andrew Fox, an associate fellow at the right-wing Henry Jackson Society, were flown out to Somaliland for the May 18th self-declared independence day celebrations in Hargeisa, the region’s capital. Both men are ardent supporters of Israel. The UK’s former defence minister, Conservative MP Gavin Williamson, another keen supporter of Somaliland, was also part of the trip.
Somaliland is hoping that Israel’s recognition will be followed by the UAE, with Ethiopia, India, Cyprus and Georgia also in its sights.
Trump not expected to recognize Somaliland
A congressional source told Middle East Eye they did not expect US President Donald Trump’s administration to recognise Somaliland. Though lobbyists, including former Trump officials Tibor Nagy and Peter Pham, had raised the hopes of Somalilanders over US recognition, “there was never a sign that the president would go through with it,” the source said.
Trump has persistently singled out Somalia and Somali Americans for abuse during his second term in office. He has referred to Somalis as “low IQ people” and said that all Somalis are “crooked as hell”. He has said that Somali American congresswoman Ilhan Omar “is garbage”, and that “her friends are garbage”.
A Somali analyst and policy adviser, who could not be named as he works with officials in both Somalia and Somaliland, told MEE he thought the report to Congress was “a consequential announcement that may effectively close the door on any lingering hopes of US recognition for Somaliland”.
The #UnitedStates affirms its recognition of the sovereignty and territorial integrity of the Federal Republic of #Somalia, which encompasses the region of Somaliland.
“From a strategic perspective, why settle for part of the cake when the whole cake remains within reach,” he said, referring to US ambitions across the whole of Somalia.
Asked if he agreed with this analysis, Rooble Mohamed, who is a consultant for the Somaliland communications ministry, told MEE: “The United States does not currently recognize Somaliland, so unless there is a formal recognition, such a statement is the reality for now. “The US does not officially recognize Taiwan as a sovereign state but has its own arrangements with it as a separate entity from China. This proposal seems to be the same.”
Somaliland’s strategic importance for Israel, UAE and US
Somaliland and its location on the Red Sea have become more strategically important to the US, Israel and its allies with the rise of the Houthis in Yemen, the war on Iran and threats to shipping in one of the world’s busiest sea lanes. After it entered the war in Yemen, the UAE began building a ring of bases to control the Gulf of Aden.
This was done with the help of Israeli military and intelligence officers, even before relations between the two countries were normalised as part of the Abraham Accords in 2020. Berbera, Somaliland’s main port, was part of this circle of bases, which is no longer fully intact following the rift between the UAE and its coalition partner in Yemen, Saudi Arabia.
The State Department’s report to Congress is clear on this matter. “Somaliland’s strategic location near Yemen and the Bab al-Mandab Strait positions it as a potential partner on shared security interests, including freedom of commercial and military navigation from the Red Sea to the Indian Ocean,” it says.
Israeli and Somaliland officials are in talks about the establishment of an Israeli base at Berbera. The UAE’s DP World also runs its own port there, which is co-owned by the British government through its foreign investment arm.
“Somaliland authorities have encouraged US investment in minerals and outlined priorities in infrastructure, trade, and economic growth,” the report to Congress says. Somaliland officials have said their soil is rich in lithium, coltan and other sought-after resources, and they have suggested that US access to these riches could come alongside recognition.
The State Department report also mentions the “ongoing development” of Berbera’s airport and seaports “into a trade and transportation hub for Somaliland and landlocked Ethiopia”, saying this could “create increased opportunities” for the US. However, the report concludes, “regional security concerns and the dispute over Somaliland’s status, including its refusal to cooperate with national authorities, present challenges for investment, banking, and trade.”
Asked if he thought Israel’s recognition was doing Somaliland more harm than good, given the genocide in Gaza and Israel’s plummeting popularity worldwide and particularly in the Muslim world, Rooble Mohamed said the government in Hargeisa had “no alternatives”.
“Recognition is bigger than anything else. Do you have an alternative for us? We are one of the Muslim countries of the world, I don’t think we are different. I think it’s normal to have a relationship with Israel,” Mohamed said. “It does not mean the Palestinians are our enemies.”
