← The Globalist
Loading summary
Transcript100 lines
- [00:04]
A
Craft matters in small ways like how a coffee is brewed, and in not so small ways like how your money is cared for. Which is why for 160 years, UBS has elevated banking to a craft, tailoring unique strategies that combine human expertise with the latest technologies, all happening across 24 time zones and 12 key financial hubs. With you at the heart of it all, UBS advice is our craft.
- [00:38]
B
You're listening to the Globalist, first broadcast on 26 March 2026 on Monocle Radio. The Globalist in association with U. Live from London. This is THE Globalist with me, Emma Nelson. A very warm welcome to today's program. Coming up, can Marco Rubio sell the Iran war to America's allies? We'll look ahead to a meeting of the G7 group of leaders in possession of a sizable helping of skepticism. Also ahead in the next 60 minutes, having bet her career on an early election, Denmark's Mette Fredriksen admits defeat and steps down as the country's prime minister. But she's then told to pull her socks up and form a coalition government. We'll have the latest on a self inflicted mess and what makes a good airport as the annual top 10 rankings are published. Our editorial director, Tyler Brulee will join me to give his verdict from Zurich, which has slipped down the list. Plus the papers and the latest design news from Tokyo, too. That's all coming up on the Globalist live from London. First, a quick look at what else is happening in today's news. President Trump has insisted Iran is taking part in peace talks and is desperate to make a deal to end the war in the Middle east, something Iran has flatly denied. Australia has banned visitors from Iran in case some choose not to return home. And the British legacy fashion brand Mulberry has hired the Scottish designer Chris Christopher Kane to overhaul its women's ready to wear collection. Stay tuned to Monocle Radio throughout the day for more on these stories. But first, G7 foreign ministers gathered today in France at the Abbey of Vaudes. The preoccupation among several huge intractable issues, what to do about the Iran war? The US Secretary of State Marco Rubio is expected to try to persuade his allies to join in. What will he need to say? Well, I'm joined now by Paul Walder, Europe correspondent at the Globe and Mail, who's following events. Good morning, Paul.
- [03:01]
C
Good morning.
- [03:02]
B
So we have around the table Canada, France, Germany, Italy, Japan, the UK and the United States. Who's actually going to say yes to Marco Rubio out of this group?
- [03:13]
C
Well, that remains a big question. Of course, this is Rubio's first trip abroad since the war in Iran started, and of course, the big question is going to be the fate of the straight of Hormuz and trying to open it. And all of these countries have been pretty cool towards the US And Israel's airstrikes against Iran and launching this war. So it's going to be a tall order to try and get some of them on board, as Rubio will likely want to patrol or reopen forcibly the Strait of Hermes. So I think he's got a real tall order in front of him. But also, keep in mind, invited to this meeting as well are foreign ministers from Brazil, South Korea, India and Saudi Arabia, as well as the Ukrainian foreign minister. So there could be a lot of interesting bilateral discussions as well. But I think, you know, Rubio, for the most part, is going to be the odd man out here.
- [04:01]
B
I mean, Rubio has got himself a bit of a reputation here as being quite charming, and I think I read somewhere that someone described him as a chameleon. Is there actually enough in Rubio to bring people around?
- [04:14]
C
Well, I'm sure that's true. And I'm sure, you know, of all the people to sort of put in front of G7 foreign ministers, he's probably the best one in the administration. The problem he has is that back home, Donald Trump makes a comment every hour and changes his mind every hour and seems to give a different direction and a different scope of where the war is headed every hour. So I think for Rubio, the challenge is enormous because he comes to Paris for this meeting, not really knowing when the war is going to end, how the war is going to end, what the strategy is and what the plan is going forward. So I think it's going to be, yes, a massive challenge for him, and he may put the brightest, the bravest face on it as possible and sort of soothe some of the initial anger and resentments and come out of this meeting without everybody kind of yelling at the U.S. keep in mind, they're also not issuing any kind of formal statement to avoid obvious tension. So I think the best he can hope for is, you know, minimal commentary after this meeting.
- [05:06]
B
What does he actually want these countries to do? Because getting directly involved in the US Israeli operations has been something that everybody from Canada, France, you name it, Japan have all said no to. They've all pushed back. The United Kingdom has, as is helping, just as an example, by allowing US planes, military planes, to use its air bases to launch what it calls defensive strikes against Iran. But the idea that he wants to sell the war to his allies means what exactly?
- [05:42]
C
Well, I mean, I think he can point to one thing. Last week there was a statement released, signed by all of these countries, including Japan, saying that, you know, and South Korea saying that they were prepared to do something viable on the Strait of Hormuz. So, I mean, I think he can point to that and say, all right, you're willing to do something. Let's talk about what that is. I think at this point, he's going to have to talk specifics. You know, the sort of conversation about why the war started and how and whether it was legal or not is kind of, I think, for a lot of these countries over. And they want to see oil flowing again. They want to see it flowing through the Strait of Hormuz again. You know, particularly countries like Japan and South Korea, things are getting pretty dire in terms of the supply of oil. So I think at this point, he's going to have to point to them and say, you know, okay, look, how can we make this work? How can we get this oil flowing? He will face a lot of heat, I think, for easing sanctions on Russia, easing sanctions on Iran, of all things, for the sale of oil. So that's going to be problematic and how he justifies that in terms of driving down the price of oil, which really hasn't happened to a large degree. So I think he will try and cling to that statement they put out last week and saying they're willing to help in some fashion. But, you know, we heard from Canada's foreign minister yesterday saying no decisions have been made, and they're really a long way from deciding anything. But at least they did open the door. So perhaps that's one way forward for him.
- [07:00]
B
Indeed. And just looking at the other six countries, I mean, what are the concerns for them? What are the possible consequences of climbing on board with the United States?
- [07:11]
C
Well, that's the balancing act for all of them. You know, as much as Rubio's in a bind, they're in a bind as well. You know, you've already heard officials out of Germany saying this is having an impact on their economy. Certainly, again, Asian countries are feeling it probably most acutely. So they've got a balance. You know, all right, we need the oil. We got to do something with the Strait of Hormuz versus do we get on board with the US in this entire war? So they're in a real bind as well as Rubio, which is why I think this meeting probably results in little if nothing and certainly nothing sort of dramatic coming out of it because I think both sides realize they've got a
- [07:42]
B
lot at stake here and indeed they also have a lot of stake in terms of the way that geopolitics and indeed international alliances are created in the future. The learning lesson that Europe, the rest of the world may need to see the United States is no longer a predictable partner is forcing is concentrating minds. But to what degree do we believe that actually it is forcing people to do things?
- [08:12]
C
Well, I mean, you're right. I mean, it's to some extent we've already seen Europe sort of coalesce. We've seen that over the Greenland issue and over other things as well. And Trump's, you know, tirades against NATO. I think we've seen the European countries kind of band together and say, okay, look, we've got to stand on our own, we've got to spend more on defense. We've got to, you know, start exerting some of our own foreign policy in a way that's different from the US So that's probably going to continue. How practical that will be going forward remains to be seen. But you know, they are spending an awful lot more on defense. Germany, Britain, other countries as well. And I think, you know, now it's going to be more on the diplomatic front and saying to the U.S. you know, no, we're not going to do this, we're not going to help you on that. But yeah, again, there's only so far they can go with that. And you know, the US Says they don't like NATO or they're going to pull out a NATO that really does affect obviously Europe.
- [08:56]
B
And indeed, just thinking much further ahead that in a post Donald Trump, the amount of destabilizing and unpicking which is which is being done at the moment will have effects across the world and across the likes of the G7 for a very, very long time.
- [09:12]
C
Well, I think absolutely, I mean, certainly from a Canadian perspective, Canada is already desperately trying to turn its trade attention elsewhere. And I think you're going to see that with other countries in Europe as well saying, look, you know, we just can't rely on the US Anymore. And maybe that's a big wake up call for a lot of countries who maybe relied too much on the US and going forward, that might be a silver lining out of all of this. But I think you're right, it'll be a lot of damage has been done to those relationships and they're not going to be the same going forward. I think pretty much everybody agrees on that.
- [09:40]
B
Let's talk about the other issues that are up for discussion. I mean, we cannot forget the fact that the war in Ukraine is still incredibly important for those sitting around the table today.
- [09:50]
C
Oh, absolutely. And I think this will be a major point of contention as well, that the US has, as I mentioned, easing some sanctions on Russia, which doesn't help matters at all. It fuels the Russian economy. It gives them more money to spend on armaments and to keep up this war in Ukraine. It looked like the Russian economy was teetering, looked like Putin might even be forced to do something. Now he's probably the pressure's off for him with the price of oil going up. So I think there's going to be a lot of criticism for the US on that move. I think also there's fear that the US has lost interest in Ukraine and that the support, the military support is going to dwindle as it mounts even a tougher war in Iran. So, oh, yeah, I think Ukraine is going to be a big part of this. As I mentioned, the Ukrainian foreign minister is going to be this, and he'll obviously have a lot to say, but maybe as well, this will force Canada and Europe and other countries to say, all right, we're going to have to pick up more of the slack here. But it's going to be very difficult to see how the Ukraine war ends diplomatically or militarily given the US and its distractions right now.
- [10:48]
B
And indeed, if we just look at some of the breaking news that Russia may be ready to send a package of aid and indeed drones to Iran, that connection between conflicts is something that world leaders really do need to bear in mind.
- [11:05]
C
Well, for sure. I mean, you've got as Russia gets more revenue from oil, they're going to do things with that beyond Ukraine, they can start trying to help Iran in some fashion. And there's been all kinds of reports already, and Trump seems to dismiss them. But at some point, the US Is going to have to take that seriously and decide what to do about it, if anything. But yeah, man, I think for Ukrainians, they just sit there looking at this, looking at all of the missile systems designed to shoot down drones and Iranian missiles and wonder why aren't they here to help us? And they must wonder that as the US Again refocuses its attention, it runs out of its own military capabilities or challenge them all in one way, what's going to go for them. So it's going to be up to Europe and whether Europe is up to it or can afford it remains to be seen. But I think that's going to be a huge part of the conversations in Paris tomorrow and Friday or today and Friday.
- [11:53]
B
Paul Waldy, Europe correspondent at the Globe and Mail, thank you so much for joining us on the Globalist. It's what, 8:11am in Copenhagen now. Two days ago, Denmark's Prime Minister Meta Fredriksen led her country to the polls, buoyed by her recent surge in popularity for standing up to Donald Trump and his pitch to possess Greenland. Well, as we go to air this morning, Denmark doesn't have a government. Ms. Fredriksen's Social Democrats came first but didn't enjoy enough votes to claim a majority. She stepped down as prime Minister yesterday only to be told to pull her socks up and form a new coalition. So to tell us more about what is happening in a very fast moving political climate in Denmark, Bruno Kaufman is global democracy correspondent for the Swiss Broadcasting Corporation, a regular voice here on Monaco Radio and he joins us on the line from Copenhagen. Good morning, Bruno.
- [12:50]
D
Hello Emma.
- [12:50]
B
So what have the last two days been like in Denmark?
- [12:54]
D
I mean it has been a very wild ride, you can say from an election which was celebrated, that is normally celebrated in Denmark. 84% of the people went to the votes. All parties who were running for the vote got seats. So firstly, everybody was really happy. And now after the results came in, it's really a hard challenge for everybody to see a government being built on this foundation. And the Prime Minister, Mette Fredriksen, which has been dominating Denmark for so many years, she's still there, she still has the role to build a new government. But all other parties are not very interested in really working with her. So that makes it extremely difficult indeed.
- [13:46]
B
I mean we had yesterday what, 12 party leaders going to see the king at some point yesterday. I mean that's a lot of Danish blue crockery being washed up as we have a revolving door. But it's a, suggests just how widespread a mess this is.
- [14:00]
D
That's right. I mean these are the traditions of course. And you know, it's, it's very different from country to country how governments are built. I mean we know countries like Belgium and Netherlands where it can take half a year. We know situations like in, in UK where the, the new government is built the day after the election, of course, dependingly on the outcome. But in Denmark, normally, you know, you have like a clear maturity on one or the other, then it's a negotiation to build this together with other parties. But now there is no real perspective for which kind of government which will be possible. So Mete Fredriksen, she already will start today to negotiate a possible government together with her leftist coalition partners. But that's not enough. She needs more support from the right wing parties, from the Liberal parties, especially from the current foreign minister, Larsla Geras, who is the kingmaker and he is not keen to work together with the leftist party. So it will be a major challenge for her, which has run the country since 2019, to succeed for a third term.
- [15:15]
B
So talk us through a little bit about what her options are. Because her party, as I mentioned, I think they won 70 seats, but they need 90 for a majority. So that's quite a big jump.
- [15:26]
D
That's right. I mean it was already in 2022 difficult to build a new government because at that time Mette Fredriksen survived, you can say, as the Social Democratic Party by reaching out to rural areas and by almost eliminating the populist right wing parties on immigration. And this, you can say this trick, but also this art of building new foundations for a party wasn't possible to do it this time. So at this moment you can say that the classical Liberal Party, which was until now the biggest, and it's still the biggest on the right wing side, this party has almost been eliminated in the big cities. It's mainly existent now on the rural areas, while Metefridiksen lost in both the cities and in the rural areas. So when they were talking about that this was a success for them, it's in fact a defeat and they have now to find new partners. And it's again, as I said, the party of the foreign minister, Lars Loki Rasmussen. He sits really with these keys to the future government. But he's very, let's say he wants to high in his price much more than he has done the last time.
- [16:49]
B
So we now have Meta Fredriksen, as you've just outlined, with this impossibly difficult task. She is the one who got herself into this mess by thinking that a snap election would actually, you know, keep her in power. Having been buoyed by what happened with, with Greenland and Donald Trump, are we now looking at the end of the Meta Fredriksen era as Danish Prime Minister?
- [17:14]
D
We do it of course in, in a little bit longer term, but I, I think she will still be the one now to, to be the only one, you can say, to really build this kind of, of. Of coalition. I don't see a real coalition without her at this moment, but just within two, three years, very differently. And we already see that on the right wing party side, many of the leaders really have given up, you can say, on the option to be in government this time. And they look forward to 2029, 2030, when the next elections will be. And they hope then, of course, that Mette Fredriksen will have left. I mean, she's only 48 years old and many expect her to maybe run for a European office in 2029 or after the next European election. So in 20, there will be no Meta Fredrickson anymore in Danish politics. And that will be the big opportunity for the right wing, for the liberal parties to build their what they say is the only option for a wealthy, successful Denmark. It's a government right off the middle.
- [18:23]
B
Very briefly, Bruno, if you're sitting there and you're the incumbent in the White House and you were pushed back when you wanted Greenland a few months ago because of Meta Fredrickson and the unity that that Denmark displayed, how much of an opportunity would you see here?
- [18:39]
D
I mean, I'm not incumbent in the White House and it's hard to imagine that. But in one, I mean, there's more to this story, of course, because also Denmark is represent Greenland is represented in the Danish Parliament and they send now somebody who is in fact interested in negotiations with the United States about Danish independence. So there are more chances to that there is more say, momentum for the harmony between Greenland and Denmark to be broken. So there is of course an option. But at the same time, you have to say that the current government with Meta Frederikson, with Lars Locke Erasmusen, I mean, they are still in office. They are so called interim government until the new government is built. So there is still a phone number to call in Copenhagen. I don't see that Denmark at this point is in a crisis when it comes foreign policy because all the parties basically also in this new Parliament, with these 12 parties, almost nobody in this parliament is not subscribing to the policies which have been run by Metaphritics and by Larslo Krasmussen in recent months vis a vis the United States.
- [19:54]
B
Bruno Kaufmann, global democracy correspondent for the Swiss Broadcasting Corporation, joining us on the line from Copenhagen. Thank you very much. Still to come on today's program, That's the sound of nightly vigils in Caracas calling for political prisoners to be released. But who's actually in charge in Venezuela? Stay tuned.
- [20:23]
A
Craft is a matter of perspective, a unique outlook, an obsessive attention to detail. With UBS chief investment office houseview, we're focused on identifying the latest investment opportunities and Market risks to help you achieve your financial goals. So you get the big picture broken down into thought provoking insights delivered daily and curated by over 200 globally connected, locally active analysts. UBS banking is our craft.
- [21:01]
B
7:20 here in London. Let's have a look at the newspapers. Joining me is Terry Stiazny, political journalist and Monocle regular. Good morning, Terry.
- [21:08]
E
Good morning.
- [21:08]
B
How are you doing?
- [21:09]
E
All right, thank you.
- [21:10]
B
Now we mentioned at, in the interview with Paul Waldy a little bit earlier on that there is these reports that Russia is now helping Iran with its war efforts. And that's a story that is on the front page of the Financial Times, isn't it?
- [21:23]
E
Yes, the Financial Times is leading with this, this and they say they have information from Western intelligence reports which are suggesting that Russia is supplying drones, medicines and food to Iran. And the FTA is reporting that Iranian and Russian officials began secretly discussing the delivery of drones days after the first strikes on Tehran by Israel and the U.S. they said they started processing these deliveries in early March and they will get them this month. And this is obviously, you know, significant in quite a few ways. I mean, it's just interesting to see, perhaps not surprising to see Russia and Iran attempting to cooperate in this way. And of course, I mean, the Kremlin spokesperson says that Dmitry Peskov says there's a lot of fakes going around right now, but said we're continuing our dialogue with the Iranian leadership. And it says it's, you know, the Western Westerners are saying that Russia's effectively trying to underwrite the broader political stability of the regime in Iran by trying to supply drones and, and food and medical supplies and also talking about the level of the capability that this would allow Iran to have.
- [22:37]
B
Indeed, I mean, just looking at the capability that Iran will gain from the Russian help. I think the article mentions a spokesperson, I think it's Antonio Giustozzi from rusi, the Royal United Services Institute, saying the Iranians don't need more drones, they need better ones, they need advanced capabilities, which is astonishing. Giving them out of, of chaos that these drones have exerted all over the Middle east, you know, closing down the likes of Dubai Airport.
- [23:04]
E
Yes. And it suggests that, you know, contra to what the United States are saying that they will still have access to these supplies. I mean, we've seen other reports, different reports from the US suggesting that, well, you know, what if Iran runs out of drones, if they run out of capability. And of course you've got to think about the West's ability to be able to constantly shoot down these drones. And of course, the question is as well, how much is Russia able to produce? We know that Ukraine has been offering advice on how to deal with Russian made drones coming in and Ukraine has got very good at trying to counter those. You know, how much capability has Russia got to produce these if they are trying to use them both in Ukraine and send them to Iran as well?
- [23:47]
B
Let's have a look at a story which affects not just the British Museum cultural issues, but also a global question here. Which British ministers here in the United Kingdom are considering charging international tourists money to access some of the permanent collections which the United Kingdom enjoys? This is very much a London story, given the fact they're talking about the likes of the British Museum. Now, just to be clear, locals would not have to pay.
- [24:13]
E
Yes, this is interesting and I think it's interesting as to how, how you would decide this. I mean, I think if you look at international museums, most places, most places in the world you are expected either to, to make a donation or, or buy a ticket and you don't often get free entry to big museums and galleries. And I think, you know, this was one of, back in the early 2000s, a Labour government brought in free access to the biggest museums, you know, places like the British Museum for instance. And I think it's an interesting question here of on the one hand, you do want to support the cultural sector and you want museums to be able to have enough money to function. And obviously charging particularly tourists in London to go and see the British Museum, for instance, would presumably raise a lot of money to, to see those permanent collections. But, you know, how would you decide, how would you keep that access open to people who, who currently get that for free? And some of the heads of museums in the UK are dubious about this and they think that perhaps the better way to get money from tourism into the museum sector is to have this idea of having a sort of a tourist tax, having more contributions from people staying in London which then go to museums, whether they then visit them or not.
- [25:28]
B
I mean, I'm just looking at the practicalities of it as well. LO is quite an international city. So trying to determine between a tourist and someone who just lives here is going to be, it's going to be quite a fun question. I don't want to be the person having to do that job. But when we look a bit more broadly at it, the Louvre is doing this as well because I think from January they pushed prices up for people from outside the European economic area, which includes, you know, the United Kingdom here that you have to pay €28 to get in. Now that's an awful lot of money if you're a family of six or whatever to go in. And one wonders whether there will actually be a chilling effect here.
- [26:06]
E
Well, I think, yes, you know, the Louvre has obviously got a whole load of different problems going on at the moment. But I think certainly, yeah, given the cost of living, the cost of going out in, in somewhere like London or Paris at the moment, if you, as you say, if you do have to think, okay, well, you know, that's €28 per adult, you know, plus whatever. If they charge for children. Yeah, that might, might certainly think, well, I'm going to do something, something that is a bit cheaper and yes, that might, you know, reduce the queues for other people who want to go and see the Mona Lisa or whatever. But, you know, will the museums get the revenue that they hope to get from it?
- [26:40]
B
Finally, let's move to a story which has effectively prompted the world's media to publish endlessly entertaining pictures of UK. Well, actors from the 20th century dressed up as 17th century soldiers. Lots of lace collars, excellent swords and enormous hats. This is to do with the three Musketeers?
- [27:01]
E
Yes, this is to do with the three Musketeers. And they have possibly found the fourth and possibly most famous musketeer, d'. Artagnan. And this is in a church in Maastricht which, in something that sounds like a, you know, something from, from a movie, part of the floor in the Church of St. Peter and Paul in Volda in Maastricht collapsed and they looked under the floor to see what was there and they found what is long rumored to be there and possibly the remains of d', Artagnan, who was a real person, Charles de Bat de Castelmore, a Gascon nobleman. This seems somebody who has been looking for this corpse skeleton for the last 28 years have found a skeleton which has got a musket ball at chest height, that he was killed by a musket ball to the throat. They have a French coin minted in 1660 on, on the body. And so this archaeologist, he said he's trying to, trying to be cautious is a very exciting moment. Could be the highlight of my care. So he's waiting for DNA confirmation of this, of this skeleton and they're actually taking DNA from it and comparing it to a descendant of one of d' Artagnan's relatives to find out whether this really is the musketeer. So it's a bit like sort of Richard III under the car park in Leicester. You know, they have possibly found d' Artagnan under the floor of a church in Maastricht.
- [28:20]
B
How exciting. I mean, one does think though that if you have the musket ball in the right place and you have the coin strategically placed, this sounds like rather a bad sort of like murder mystery for a Sunday night on telly.
- [28:29]
E
It's almost, it's almost too sort of ready made, isn't it? You just kind of think, but, you know, if it was buried under the floor, you know, you couldn't have necessarily got there to put the coin and the musket in the right place. Or, you know, perhaps you could. It's, it is a little bit too good to be true, this story. So we will wait and see if the DNA confirms this.
- [28:46]
B
Eyebrows raised all rounds. Terry Stasney, political journalist and regular Monocle contributor. Thank you so much for joining us on Monocle Radio. Now a quick look at some of the other stories we're keeping an eye on today. President Trump has insisted Iran is taking part in peace talks and is desperate to make a deal to end the war in the Middle East. Iran has flatly denied this, claiming Washington's talk of negotiations is an admission of defeat. Australia has banned visitors from Iran in case some choose not to return home. It's been suggested this could affect more than 7,000 people already granted visa to visa visas. North Korea has welcomed the Belarusian president on his first visit to Pyongyang. The two sanctioned states have supported President Putin's war against Ukraine. Canada's Prime Minister Mark Carney has criticized Air Canada for its response to the death of two of its pilots at a crash at LaGuardia Airport. A condolence message was published only in English, but one of the pilots killed was from French speaking Quebec. Prime Minister Carney said that Canada is a bilingual country and companies like Air Canada have a responsibility to communicate in both official languages. And the British legacy fashion brand Mulberry has hired the Scottish designer Christopher Kane to overhaul its women's ready to wear collection. The push towards clothing is part of a strategy to revive sales by transforming the firm from what it says is a leather goods brand into a culturally relevant British lifestyle brand. This is the globalist. Stay tuned. Now Venezuela's ousted leader Nicolas Maduro is set to appear in court in New York today. He's been in custody since the start of January after he and his wife were captured by US Forces. At a previous hearing, he described himself as a prisoner of war and has denied the charges against him. But back in Venezuela, daily life is continuing, and many people are still trying to make sense of increased US Involvement in their country and what it means for the country's future. Future. Well, Catherine Ellis has been speaking to Venezuelans in Caracas and sent us this report.
- [31:07]
F
In the Venezuelan capital of Caracas, a small, lively parade fills a downtown street. Dancers, jugglers and performers dressed up as Nicolas Maduro and his wife, Celia Flores, a show of support in their absence. But while some want them home, many Venezuelans like Carola disagree.
- [31:34]
C
Okay, as of December, we were actually
- [31:37]
B
absolutely hopeless because this is an autocratic regime, military regime.
- [31:42]
C
But after January 3rd, I was thrilled.
- [31:46]
B
I couldn't believe that we were being supported, been freed of Maduro.
- [31:52]
F
Nicolas Maduro had ruled Venezuela since 2013 following the death of Hugo Chavez, who led the country for 14 years. Chavismo, the movement named after Chavez, had ambitious social programs funded by oil wealth and championed anti imperialism. But over time, it became marked by corruption and authoritarianism, as well as allegations of fraud in the 2024 presidential election, an election Maduro is widely believed to have. But despite his removal this year, key allies still remain in power, like Delsey Rodriguez, now Venezuela's interim president, who seems to be complying with Washington's orders, something that appears to please President Trump.
- [32:58]
D
She's doing a great job because she's working with us.
- [33:00]
C
If she wasn't working with us, I would not say she's doing a great job.
- [33:03]
D
In fact, if she wasn't working with
- [33:06]
C
us, I'd say she's doing a very poor job.
- [33:08]
G
Unacceptable.
- [33:10]
F
For Caracas based analyst Phil Gunson at Crisis Group, what comes next is unpredictable.
- [33:16]
C
I mean, there's every reason to be skeptical about this process, and we don't know if it's going to lead to a political transition. But the process is being driven at the moment from Caracas and Washington over the heads of the Venezuelan population. Now, the danger, of course, is that what we end up with is something well short of democracy.
- [33:44]
F
So I'm just at one of the nightly vigils that they hold for political prisoners near to Elo Prison. But tonight they've done something a little different. They've actually blocked one of the main roads and put a rope across it. They're flying Venezuelan flags. They're demanding the relation of all political prisoners. Hundreds of political prisoners, activists, journalists, politicians, protesters have been released in recent weeks, but around 500 people still remain in jail. And families say they won't stop protesting until every one of them is freed. Jesus Armando an engineer and political activist was released in February and is cautiously optimistic.
- [34:33]
D
So right now it's a moment when many activists that were in the exile and coming back to Venezuela, this is the great opportunity for the opposition to reunite again.
- [34:44]
F
Like other opposition members, he's also waiting for the return of opposition leader Maria Corinna Machado, in hiding for months before a dramatic escape to receive the Nobel Peace Prize in Norway in December. But what will her comeback mean?
- [34:59]
D
That will be a game changer. She will inspire the people again. And our goal is to create a momentum and to be ready to raise our voice to have that fair and free election.
- [35:15]
F
After US intervention, Washington outlined a three stage plan. Stabilization, economic recovery, and eventually a political transition. But Maria Corinna Machado seems to have been sidelined, even though many credit her with the opposition's success in the 2024 election.
- [35:32]
C
The thing about Maria Corina is that she's seen as honest, brave, committed, determined. Hard to imagine that anybody else could have done what she did in that campaign. But that's not the profile of somebody you want for a transition.
- [35:45]
F
While she may have public support, key institutions, including the military, remain in the hands of hardline Chavista. And within the movement, Chavistas like Maximo Mendoza are processing how far cooperation between their government and the US should go.
- [36:09]
D
I have contact with family and friends who are very radical. They can't grasp the idea that we can't keep taking up arms and fighting. I think the smartest thing to do is what we've done, which is to remain calm, stay at the negotiating table, and accept some things that we didn't agree with in the past.
- [36:30]
F
Venezuela's natural resources remain deeply symbolic for many Chavistas. Yet the government has started opening up the economy, passing a law to allow more foreign investment in the oil sector, and plans to open up mining too. For many Venezuelans, the economy is a top priority. In central Caracas, workers and pensioners are protesting years of low salaries and pensions. They want to rise the minimum wage for a public sector worker. And the set pension is less than a dollar a. What's the most difficult for you? I ask people at the march. Having enough money to eat? One lady answers. Health, says another, explaining there's no functioning healthcare system. Where's the money? What happened to it? One protester asks of the government. Many hope new arrangements with Washington will ease the economic woes in the country and that money might finally reach ordinary people. And there's also the question of how to deal with the deep political divides here, which Carolla says won't be easy.
- [37:51]
B
And if you put me in this moment to reconcile myself with etavista, I don't know if I would be able to be frankly honest.
- [37:59]
F
But she says that doesn't mean they shouldn't be represented in Venezuela's political system. For her, that's part of having a true democracy, something she now believes may one day soon be possible in Venezuela.
- [38:16]
B
And that was Catherine Ellis in Caracas. You're listening to Monocle Radio, 8:38am In Zurich, which is where we head now. For the 13th time, Singapore's Changi Airport has claimed the number one spot in the world's top 10 airports. Not so unique a story, you might argue. But the interesting bits come lower. Down this year's list, spotlight on, for example, all the wrong reasons. Poor Zurich last year, number nine. This year sees a drop of ten spots to number 19. Well, we'll get to that in a moment, but first let's hear from our studio in Zurich, Monocle's editorial director, Tyler Brulee, perusing the list. Good morning, Tyler. How are things where you are?
- [38:57]
G
Good morning, Emma. Things are fine. It is a kind of a sleety, snowy morning here, which probably won't be great for operations at Zurich airport on a Thursday morning.
- [39:07]
B
No. But we'll examine what went wrong, or rather what's going right for other people when it comes to Zurich in a moment. But first, let's broaden this out. What exactly constitutes a good airport?
- [39:17]
G
Oh, well, listen, this is. Yeah. How much time do we have till the end of the program? We can spend a lot of time on. This is a good airport about scale and about humanity. And that doesn't mean hell has to be confined in one terminal either. But are you overwhelmed when you walk into a terminal? And this is a good point, and I was just looking at this ranking because we're talking about. This is the Skytrax top 100 airports ranking which came out yesterday. It's. It's causing, of course, a lot of discussion. I boarded the aircraft with my mom yesterday at Savanna. Boom. In. In Bangkok. You want to talk about sort of overwhelming. It's got a sense of place. You're definitely in Bangkok on arrival and departure. It's sort of giving you that sort of last embrace before you leave Thailand. But it is just. It is so massive and there are people moving everywhere and you could sort of talk about the overall flow is. Is not. Not fantastic. But, you know, is an airport also supposed to somehow envelop you when you get there so you could Say, well, maybe that, that does work. Is, is a good airport, Emma, reasonably close or, or very well connected to the city center or does it involve, you know, only a taxi or only taking a shuttle bus at great distances, you know, with a lot of traffic? And then of course it is, it is connectivity as well. How many, of course, how many destination destinations can you get around the world? Get to around the world? And then I would say probably the last point is also just a good home carrier. You could say that Singapore does well because Singapore, it is in lockstep, it's a national program. You know, Singapore takes great pride in this. I think if Singapore was knocked to the second or fifth position, heads would roll because so much is at stake. This country markets itself as a hub. And also going back to the home carrier, Singapore Airlines of course is a well regarded, well respected and again often a top ranked if the number one airline in the world.
- [41:10]
B
It's interesting that the, the, the approach that you've just taken is from the connectivity and the sort of logistics aspect. But when you travel, you often cannot choose the airport that you go to. You have to go to the one which is going to get you, get you home or get you to your next destination. But I sometimes wonder whether people kind of forget that the purpose of an airport is to get people from entrance to plane in a seamless and easy way that actually becomes to a certain extent a pleasure. And we've seen so many airports nowadays which are prioritizing self check in and this and that, which actually makes you sort of exhausted and angry by the time that you've, you know, you've taken your shoes off and you've gone through the security control.
- [41:51]
G
Absolutely. And you could also argue on the other side, if it is so seamless and it is so friction free. Now of course, you know, maybe you want 80 or 90% friction free, but if it's 100% perfect, then does that also remove some sense of where I am? I'm not, I'm not saying that you need a bit of chaos, but where are those moments to pause? If it is so efficient that it gets me from curbside to the aircraft in record time, and I don't really have a moment to absorb that I'm potentially I'm in Geneva or I'm, I'm in Johannesburg or I'm in Portland, Oregon, maybe that's not great as well. And I think that's also where then the story of great design and good architecture comes into the mix. You know, and I think we talk about, you know, design and architecture. Architecturally, Singapore airports, the terminals, I should say, are very respectable. But if you want square, many, many, many square kilometers of probably the ugliest carpet in the world, that's also Changi Airport as well.
- [42:50]
B
Okay, let's talk about the rankings this year. It's no great surprise that that Changi is. Is number one and one. Sometimes wonders, can something win for 13 years on the trot? Is. Is that actually possible? The top five are all in Asia. We have Seoul, Tokyo, two Tokyo and one Hong. What does that say? Not necessarily about the airports, but also the way that this list is pulled together.
- [43:13]
G
Well, I think part of it is. Is. Is volume. Part of it comes back to also home carriers as. As well, sometimes. I also think in these lists, is there a little bit of lobbying going on and how active are the airport authorities and the nations? And look at, you know, did K Pop come along? Because everyone wants to, you know, watch, you know, groups of seven, seven or nine, you know, boys or girls, you know, dancing in unison or was a lot of it also a state project brought to you by Korea? And I think that that is, you know, maybe also why Seoul Incheon does well. Seoul Incheon, to me, not, you know, not a great train connection out there. It's a very long drive. And then I find it literally soulless as an airport. It is. I have really sort of no sense of where I am. It is hulking. It is huge. You know, yes, reasonably efficient, but not great lounges. I don't think the retail offer really speaks to being in Korea, unless, of course, you know, you want to stock up on, you know, hundreds of face masks with, you know, you know, various peels involved in them. But that is, you know, so that is again, I think, question mark. So as you said, Singapore, Changi, Tokyo, Haneda, of course, does well. Two of the world's biggest airlines as well, both Japan Airlines and ANA flying out of there. I would say Haneda does well because it's also close to the city center and serves, you know, a number of, of course, domestic passengers, as, of course, internationally. And when we look at these big. What's interesting, Emma, this top 10, you know, largely these are big airports. So when it comes down to just sheer amount of traffic, you know, customer surveys, all of these things, volume is going to win. Paris, Charles de Gaulle. I like Air Force France a lot. I think Air France is a very good airline. But Charles D. Number six in the world. I mean, have you tried to transfer between terminals? Have you tried to, I Mean, and never mind of just trying to drive to the airport in the morning, you know, take your life into the, into your own hands. If you want to take public transport now, there's going to be faster connectivity out to the airport, hopefully within the next two years. But again, Emma, it is, you know, that, that is one where I sort of just, I scratch, I scratch my head and say, yes, okay. Architecturally, of course, very, very, you know, iconic terminal there as well and was really sort of one of the, the modern faces of global transport and infrastructure. But a lot of it doesn't function that well. And heaven forbid, I mean, if you are somewhere past, you know, 68 and your eyes might be failing or you get again, a little bit overwhelmed every day, a bit of a challenge indeed.
- [45:52]
B
I would absolutely echo everything you just said about Paris. What I, what I found interesting, the latter half of the list, I mean, we mentioned that the top half of the list is Asia. The latter half of the top 10. I mean, we haven't even got to the, to the, to the other 90 that we've got a few minutes to talk about, but we have Paris, Rome, Istanbul, Munich and Vancouver. Welcome Vancouver to the list this year, up from number 13. But to me, these are actually quite forgettable places and it, and it makes you wonder again what people are looking for and. Well, actually it makes me wonder what kind of market research was there done?
- [46:23]
G
Yeah, well, I think it's interesting because you speak to a lot of Canadians, a lot of people who transit through Vancouver. You know, Vancouver was, you know, one of the world's most respected airports for a long time. Did, did incredibly well. It's dropped down in the rankings, but it's an airport which is a bit past its sell by date. It's just, it is not up to, up to speed as is the case with many Canadian airports. Of course, you know, we've heard from Prime Minister Carney recently that Canada does want to roll out, you know, the, the red and white carpet, you could say, to, to the world and they do want to look at improving infrastructure, looking for new partners and operators. But you know, you can say, you know, same for Toronto, Montreal Airport as well, you know, not, not great ports of, of entry into one of the big world's biggest economies. So, you know, the rest, as you said, top five ends with, with Tokyo. You know, then it goes six Charles de Gaulle Rome, Fiumicino, number seven, Istanbul at number eight, and then number nine, Munich. And then you have Vancouver at number 10 where I think it starts to get a Little bit more interesting and I think that's where there's, you know, definitely probably a bigger discussion to be had. Helsinki, Vanta. Yeah, but you know, this is an airport which has been through a lot of construction. Much of it is, is finished from a connectivity point of view. Russian aerospace closed. We just had a story in the monocle a minute yesterday. But, but finish. They're really relooking at their whole business model becoming much more focused on Europe, putting an emphasis on, on Europe because, you know, until this conflict is over in the Ukraine and Russian aerospace reopens their business model of flying people from Europe quickly or connecting people from Europe quickly through Helsinki to get to Asia and vice versa has been challenged. You know, they become like any other airline because they have to either go over the pool or they have to take the long way around. And we know two today, the long way round is, is incredibly long given everything that of course is ongoing in the Gulf.
- [48:17]
B
Let's talk about your two local airports. Zurich down from 10 to 9 to 19. So one wonders what went wrong there or just other people doing it better. But also your local in Lisbon, number 91.
- [48:30]
G
Exactly. Reverse those numbers. Listen, Zurich airport still does a very good job, but it, listen, it has had punctuality issues. There is a big discussion. Does, does the this, does Zurich want to be a globally connected city or not? Meaning that there is an ongoing battle between, of course, you know, local residents, the city of Zurich versus the Canton of Zurich, you know, versus the rest of the country as well, where you have a lot of people saying, you know, that they, you know, they don't want aircraft taking off after a certain hour. That there's fines and penalties of course, if aircraft. Yeah. Take off after 11 o' clock at night. Where of course you have many other countries, countries in the world when there are hubs. A hub is a hub. A hub is open round the clock. It is not a 6am to 11pm operation. Now that's a whole other story about whether Europe wants to be in a global game or not. Zurich is also suffering from. Yeah, there's some real construction woes. So you know, I, I don't know why. They're really building a massive new extension. So they're basically taking sort of the A gates, the extreme airport, their work. It's probably going to be one of the biggest timber constructions sites in the, in Europe, Emma. And so, you know, they're adding more gates. They're doing this in parallel. This is a good thing. It's not like they've shuttered everything. And then they're, they're, they're constructing, they're actually building this in parallel. Some gates have of course, had to close, but when the new A gates open, then they will of course tear down the existing gates as well. You know, to me, and you know, you come to Zurich many times, you know, if you don't come through on an EU passport, that can also be a pain at the moment as well. Or let's say a non Schengen passport because the queues have been absolutely horrendous. They've been trying to implement a new security system. There's also been teething issues as well with also leave your bag in the bin, don't take out your liquids, don't take out your laptop. That's being phased in. I don't quite understand why kind of country and a city as wealthy as Zurich has taken so long to get on that bus. So there's just been a number of things that have impacted it. But I think also other people have been, have been doing it better. But I have to say I got off the plane from Bangkok last night and I think this is where we also need to look at other things that make an airport experience great. Landed, what, 7ish, had bags and was able to be on the train by 7:30. So it was incredible to be able to get off the aircraft, get your bags. But here's the, the great bit. Of course I'm going home, been away for a while, traveling with my mom. So is there milk? Is there yogurt? Are the basics in the fridge? No. Is there a great grocery store right at the airport, right by the train station? Yes. So I think these are the other factors that are missing because I think we have to look at the totality of going back to the point of, you know, the E word experience. That to me is also part of what makes a great airport. It's not just getting to the gate and getting on the plane. What is that sense of a arrival? How does it sort of, you know, fulfill and support your, your, your daily needs as well? And that's where you know that, that of course, Zerk as well. Last Point, Lisbon 91. It is, it is a bit chaotic. It is, it's patched together. They're adding, you know, they're adding maybe 10, 12 new gates to the airport. Much needed. A new airport is coming. A lot of people say, will it be in our lifetime? Don't know. But the magic about Lisbon airport, and I would rank it up higher, it Is what early in the morning if you've got a 6am flight, it's probably seven minutes, eight minutes in the city center. Incredible. It is just, it's a little bit like Hong Kong used to be that you're sort of flying in, you know, on your, you know, whatever the aircraft may be in between people's sort of laundry. It's a little bit like that. Still one of the last airports you can do that in the world.
- [52:12]
B
Final. Very, very quick point from you, Tyler. You've just arrived to check in at your favorite airport. Where are you checking in?
- [52:17]
G
Oh goodness. I think I'm in Taipei. I think I'm at Chungshan Airport in Taipei or number 20 on the list. Em. And again, Chungshan is like a, is a, is a city center airport. Doesn't serve many destinations. But I think actually the one that really needs to do well and I feel sorry for them because the airport is in a way shuttered at the moment is Manama is Bahrain Airport. Amazing, fantastic airport and should be higher. Perfect scale. Flies to most the right places. But sadly of course a victim of of course what's happening in the region.
- [52:48]
B
Joining us from Derek, Tyler Brule, Monacle's editorial director. Thank you so much. The time here in London is 7:52 8 if you are in Zurich.
- [53:01]
A
Iq, EQ and AI. Three components key to the craft of innovation at ubs. Because to stay ahead in a rapidly evolving age, you need a partner with decades of experience, endless passion for the work and a finger on the pulse of leading technologies. Bridging human expertise with artificial intelligence, all to elevate you. Ubs Banking is our craft.
- [53:38]
B
Finally, let's head to Tokyo to get the design news from Asia. Jeremy Smart is editor in chief of Design Anthology. He joins me on the line up for a good afternoon to you. Jeremy.
- [53:47]
H
Hello Emma. How are you? Nice to be with you.
- [53:49]
B
Very well. Good to have you with us. Now we were just talking about connectivity and hu. Talk about this within, within design context as well. Art Basel and Hong Kong.
- [53:58]
H
Indeed. Good segue. It's. It kicked off yesterday so it's, it's obviously a big moment for the city and it's a big moment for the city every year. But I guess the last few years we've really been watching it to I guess really take the temperature of the city and see, see where it's going and see the position that it, that it holds in the region. I think one of the things that I've been hearing is that there's a real lack of European Visitors that are showing up and think I. And I think that's maybe more of a consequence of the travel challenges in the Middle East. But it does seem like, from what I'm hearing, I'm obviously not there this week. But my colleagues who are there are telling me that there's a lot going on. The champagne's being opened, there are a lot of openings and late nights, and I guess you've got that movement through the city, which, in a place that's so dense and compact, really gives it a really lovely energy.
- [54:48]
B
Okay, lovely. Thank you. Thank you very much indeed for that. Let's whip over to Japan and to Salone del Mobel coming up. Normally, Japan is famous just for the number of people who are visiting the country at the moment, but is that actually shifting at the moment? It is.
- [55:05]
H
I mean, I guess it's something that's well reported. The weekend here obviously affects a lot of things throughout the economy, but I find, and I have noticed one of the biggest concepts, consequences, that it's stopping Japanese travelers from going overseas. I think a lot of the story has been about people coming to Japan and about it being, you know, a cheap place to visit. But for a country and I guess a contemporary culture that was really built on importing ideas from around the world and, you know, and often making them a lot better and improving on them, that's really stopped happening in a lot of ways because people just can't afford to travel. And so I guess where the design. The design angle in this is, you've got big design fairs. Really, the biggest one is Salone del Mobile, which takes place next month. So coming up in a few weeks, and when you've got a country where only 17% of citizens are holding passports, you already have a bit of a problem. But if you're a young designer and you're coming up here and you know your wage has been flat for the last decade, two decades, and now you're seeing 5% inflation, and then you're seeing. Seeing your yen continue to weaken. It makes it really hard to go and show at these. At these fairs. And so I think for the larger brands and the larger companies, they can still justify that investment. You know, you've got a big brand like Itoki, which are known for their office furniture, so they will, of course, have a big showing in Milan. And there's a couple of other, I guess, platforms for emerging designers. You've got Alcova and Salone Satellite, which are good and obviously help with that, given the support that they provide. But at the end of the day, you need to book a flight and you need to book a hotel and you need to pitch up in Milan for a good five or six days. And it's really expensive and it's quite unaffordable for a lot of people. And so many are just choosing to stay home. So I suppose the flip side of that is that a lot of designers are now expecting people to come to them. People can come to Japan. So so many, obviously, as we know, so many people are visiting Japan, but there's also a lot of, I guess, interest in collaborating with Japanese designers. So you know those companies and you know, both the customer and the brand are coming here looking for talent. So I suppose that's helping to make up for it. But it, it really is a systemic problem and it doesn't seem to be getting better anytime soon.
- [57:32]
B
Indeed, we've got about 30 seconds before we run out of time on our program, but there's something important here that you mentioned. Is that the ability for Japanese designers to travel for them, to other designers globally as well, it's not just about showcasing Japanese things.
- [57:45]
H
That's exactly right. I mean, a big part of this industry is really around sharing ideas and sharing, you know, being inspired and meeting people. It's actually just about relationships. It's also about materials and processes, and you really need to go and see these things and experience them for yourself. And if you aren't able to do that, you stagnate to a large degree. So, yeah, absolutely. It's a really big problem for the industry. It's obviously not unique to Japan, given the challenges around travel generally at the moment, but it's felt acutely here.
- [58:13]
B
Jeremy Smart, editor in chief of Design Anthology, joining us on the line from our Tokyo bureau. Thank you so much. And that's all the time we have for today's program. The warmest of thanks to all my guests and to the producers, Angelica Jopson and Carlotta Rebelo. Our researcher is Annalise Maynard. Our studio manager was Elliot Greenfield. After the headlines, more music's on the way. The briefing's live at midday here in London. The Globalist is back at the same time tomorrow. Hope you can join me for that if you. But for now, from me, Emma Nelson. Goodbye. Thank you for listening. Sam.
- [59:32]
A
With ubs, you have a truly global partner incorporating new technologies, innovative approaches and unexpected opportunities, leading you to insights that help answer the questions that matter. Delivered with passion, care and unmatched expertise. Because it's about rising with the dawn each day, knowing that we can do even better. That's what banking is to to us. Not just work, but a craft. UBS advice is our craft.