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The Globalist
Europe establishes a Ukraine war damages body, Christmas returns to Bethlehem and aviation news
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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 and 12 key financial hubs. With you at the heart of it all, UBS advice is our craft. You're listening to the Globalist, first broadcast on 17 December 2025 on Monocle Radio. The Globalist in association with U.
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Hello.
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This is the Globalist broadcasting to you live from Midori House in London. I'm Georgina Godwin. On the show ahead, what price do.
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You put on the killing of family members, the deportation of children, life changing personal injuries, sexual violence, torture? These are the questions that the Claims Commission will be dealing with over the next years.
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Compensation for Ukrainians and how to use frozen Russian assets are on the agenda as an EU summit kicks off tomorrow. We'll examine the legal and political intricacies and what this really means for Ukrainian victims. Then we'll look to Hong Kong, where the sentencing of Jimmy Lai heightens fears that the democratic space in the territory is rapidly disintegrating.
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Plus, this is our season for business. Supposed to be a lot of visitors from all over the world, but you.
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Know, people are afraid.
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They think it's danger for them to come.
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Despite this, many will return to Bethlehem. We'll find out how this holy place is once more celebrating Christmas. We'll hear all about an exciting new cultural platform in St. Moritz, rattle through the front pages and get a glimpse of how Brazilian telenovelas are heading to the U.S. and finally, a roundup of news from the world of aviation. That's all ahead here on the Globalist. Live from London. First, a look at what else is happening in the news. The Trump administration has ordered a blockade of sanctioned oil tankers linked to Venezuela, escalating pressure on President Nicolas Maduro by targeting the country's main source of income. China's newest aircraft carrier, the Fujian, has sailed through the Taiwan Strait for the first time since formally entering entering service, a move Taiwan says adds to Beijing's military pressure campaign. And Australia's most populous state is moving to fast track tougher gun and protest laws after a deadly shooting at a Jewish festival in Sydney shocked the nation. Do stay tuned to Monocle Radio throughout the day for more on those stories. Now European leaders face difficult decisions on Thursday when a summit begins on what to do over frozen Russian assets. A new international commission in The Hague has begun assessing compensation claims from Ukrainians whose homes and livelihoods have been destroyed by the war. A sum of more than 200 billion euros is already ring fenced, but converting that into actual payouts is politically and legally complex. I'm joined now by James Rogers, Associate professor of International Journalism at City University of London, and Jenny Mathers, Senior Lecturer in International Politics at Aberystwyth University. Welcome to you both. Jenny, tell us more about the International Commission and the register of damages. What are they and what are they attempting to to decide?
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So, back in 2023, the Council of Europe established a register of damages, and the idea behind that was to basically receive and collate and assess claims by individuals, companies and Ukrainian state bodies about your compensation that they wanted from Russia for damage that was done to them in the war against Ukraine. And they've already received over 86,000 compensation claims. So that body has been going for a few years now. And then this new organization which has just been established, called the International Claims Commission, would be the one that would actually pay out any reimbursement to Ukrainians and Ukrainian organizations.
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And, James, how close are we to any reimbursement being paid out to anyone at all?
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We're a long way off, Georgina. I mean, I think the significance of what's happened in the last 24 hours is, at this stage, it's two things. First, it's very symbolic. It's a very strong support, statement of support for Ukraine. As Jenny was saying, there have been more than 86,000 claims lodged over the last couple of years. But I think it's also an attempt to influence the shape of however this conflict is going to come to an end, be that temporary or be that permanent, by saying this is a very, very important factor that can only that must be addressed if there is to be any sort of stable and lasting peace in the region. But in terms of actually making payouts, well, that's extremely difficult. As you said in your introduction, the European leaders are going to consider this over the next couple of days. But there are great complexities to doing that, to actually taking Russian assets to pay for it. And last month, the Kremlin spokesman, Dmitry Peskov, sees this as well. He used the phrase, if someone wants to steal our property, they will all be held accountable. So I think those people who are planning to implement this are wary of any possible legal challenges further down the line.
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Well, because, Jenny, we know that Russia is suing Euroclear in Moscow. What exactly is Euroclear and what effect might that have on Europe's strategy.
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So Euroclear is the business, basically, that's based in Belgium, that is the holder of these Russian sovereign assets that have been frozen and they still have a presence in Russia. And so Russia is using the court system there to try and put pressure on them by making this legal claim. And this is exactly the sort of thing that the Belgian, Belgium is really worried about. And one of the big sticking points, which is stopping the use of these frozen sovereign assets against, you know, paying some sort of reparations to Ukraine or involving in reconstruction. And so it really demonstrates, firstly, that, you know, the Belgian concerns are real, that Russia is willing to take this kind of action. And secondly, that although there are steps being taken to try and move towards compensating Ukrainian organizations and people, there's a lot still to be worked out.
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So, James, where does the legal boundary sit between using the interests on frozen Russian assets and actually seizing the assets themselves?
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Well, I think that's what everybody's trying to work out at the moment, because it is not clear, and it depends which jurisdiction these court cases are going to take place in. I mean, whereas one might see that a European court might take a dimmer view of Russia, then I imagine a Russian court will take a rather dimmer view of any European institutions. I think when the Kremlin spokesman says that they will be held accountable in any court case in Russia, certainly the way the judicial system has gone over the last decade or so, one would be very surprised to see a judgment handed down against the Kremlin there. So I think this is really, really difficult to see how this goes. I think at the moment, it's symbolically extremely important, and it's a reminder that this must be part of it. But let's not forget, you know, we saw those talks earlier in Berlin earlier this week aimed at finding an end to, to the conflict, or at least a ceasefire. And there are still very, very large gaps between the two sides, particularly over the concessions of territory which the United States are suggesting demanding from Ukraine and, and, and, and then what Russia and Ukraine could possibly agree to. So none of this can really happen until there is a stable agreement or some sort of ceasefire. But the very great importance of setting up this commission is to show that this has to be part of any lasting solution.
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Earlier, at the very top of the show, we heard Kaya Kallas, who's the vice president of the European Commission, talk about the various crimes that need to be compensated for. So, Jenny, we're not just talking about, you know, restitution for property. This is about torture, it's about rape, it's about displaced children and so on. Just unpack that for me a little.
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Well, I think one of the features of this particularly brutal war has been the way that Russia has treated Ukrainian civilians as well as prisoners of war. So we've seen when areas of occupied Ukraine have been liberated by the Ukrainians, we've had the eyewitness testimony, personal testimony from people of what has happened to them, how badly they were treated, torture, murder, rape. We know about the abduction of Ukrainian children. You know, Russian officials, including Putin, have, have, you know, bragged about it. They're not ashamed of it at all. They're bragging about it. You know, we know from released Ukrainian prisoners of war that they've been terribly tortured by Russians, you know, flatly against the Geneva Convention. So there's a huge body of human suffering and loss which has been built up over the years of this war. And I think, you know, it's important to keep all of that in the forefront of our attention and not simply to think about, you know, destroyed property, as important as that is.
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And finally, I mean, James, is this process primarily meant to deliver compensation after the war or to increase pressure on Moscow?
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Right now, I think it's probably supposed to do both. I mean, I think the first of those is going to be the most important of it, if this compensation can eventually be granted to those people who have suffered all the injuries, moral and physical, that we've been talking about and the loss of property, etc. So I think it's important reassurance to them to say, we will. We are seeking this compensation. We are aware of the losses that you've suffered. We are aware that simply ending the war is not going to redress everything that you've been through. But at the moment, as I say, we're in a situation where it's very hard to see how any of this could be implemented until there is some sort of stable agreement on how to end the fighting, at least on a temporary basis. And while there's been some measure of progress towards that in the last few weeks, we're still a way off from it.
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James, thank you. That's James Rogers, Associate professor of International Journalism at City University of London, and Jenny Mathers, Senior Lecturer in International Politics at Aberystwyth University. Thank you both. This is the Globalist. It is 1511 in Hong Kong, 711 here in London. On Sunday, Hong Kong's only pro democracy group, the Democratic Party, voted to dissolve. The next day, the Media founder and pro democracy figure Jimmy Lai was found guilty under the National Security Law, a move that was praised by President Xi Jinping when he met Chief Executive John Lee in Beijing. Well, these developments highlight how pressure on the pro democracy camp in Hong Kong is rapidly intensifying. I'm joined now by Michael Mo, who's a former Hong Kong district councillor. Michael, thanks for coming on the program. Can you talk us through this? Jimmy Lai guilty verdict?
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Thanks for having me. This guilty verdict has three counts, consists three counts for two counts for conspiring to collude with foreign forces to endanger national security and one count on sedition. Well, the guilty verdict is no surprise to many of us who have been involved in the pro democracy movement. It is obvious that it was a sole trial and the sole objective is to get Jimmy Lai convicted and, and to make a statement to the pro democracy camp, the Hong Kong society and the hope, well, that any dissenting voices will be crushed.
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And what's the reaction been from the pro democracy camp?
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As I said, it is not a surprise. Even Sebastian Lai, his son, thought the guilty verdict is not a surprise. It also sent, well, at the same time, the democracy camp abroad in exile preparing for what we can to at least to exert our pressure to both Hong Kong and Beijing authorities that they cannot get away with the price for crushing Hong Kong's freedoms and to put Jimmy Lai perhaps in jail forever or even until his death.
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I mean, as you say, there's been a huge amount of international condemnation, including from the highest levels. Do you think that will sway the stance of the Hong Kong government or Beijing?
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Unfortunately, not much. We see that Donald Trump indeed walked away with his previous firm stance on demanding Jimmy Lai's release. And we also see that those Hong Kong officials and Beijing pretty much reacted quite rapidly with firm stance as supporting this guilty verdict. Given that Hong Kong is still using the British sentencing system or the court system, it is very. There's very little room for the Hong Kong authorities to maneuver for Jimmy Lai's early release or releasing him on bail to pretty much to leave Hong Kong and back to the uk why did.
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The Hong Kong Democratic Party dissolve? And bear in mind this comes before the live guilty verdict.
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So the decision to dissolve the party is pretty much in the making for months, according to the chair, Low Kinhy, pretty much. They said there is no room for them to meaningfully participate in the electoral politics in Hong Kong. So it is not a surprise. Also, even ever since the Hong Kong national security has been enacted, they have been facing tremendous Pressure in operating the party itself. For instance, they cannot do any fundraising or any gala or dinner gatherings publicly. So it's not surprised that they choose to disband for good.
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Can you tell me a little bit more about the meeting between President Xi Jinping and the Hong Kong Chief Executive John Lee that they met? And President Xi Jinping was very congratulatory about how the national security laws are being enacted. What does that mean for the political situation in the territory? And what else did he discuss?
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So John Lee is pretty much the first and the only chief executive that has passed the term the Domestic Security Law of Hong Kong. And that is the reason why Xi Jinping praised him. It was there for two decades that a previous chief executive couldn't make it. Having said that, the reason Hong Kong's fire, the tragedy that killed over 160 people, is still hanging around in the room in Beijing. So within the reporting meeting by John me to the Beijing officials other than Xi Jinping, pretty much John Lee skips the fire for most part to highlight his own achievements as the chief executive. But as far as I know, Beijing is trying to find alternative sources to reassess John Lee's performance, not only in the crisis handling itself, but also on the economy. So those meetings will be held after Johnny's report to Beijing.
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And finally, I mean, what democratic space is actually left? And do you expect political restrictions in Hong Kong to tighten further?
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So there is very little room for civil society or democracy camp to voice out in Hong Kong. For now, that's literally minimal. It's even worse than that of in mainland China. We will see the Hong Kong authorities will test pretty much every provision of their domestic national security law as much as they can when they pretty much arrest people and accusing them of committing those crimes. So, yes, I see the restrictions will go even further.
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Michael, thank you very much indeed. That's Michael Mo, who's a former Hong Kong district councillor now. Still to come on the program, Ted.
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Sarandos from Netflix said, if you make it in Brazil, you can make it anywhere. It's true, because we are a melting pot of so many people that came from all over the world to be in Brazil.
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We'll find out how the Brazilian soap opera has been adapted for an American audience. This is the Globalist. Stay tuned. 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. Let's continue you now with today's newspapers. And joining me is Charles Hecker, a risk analyst and a Russia expert and the author of Zero Sum the Arc of International Business in Russia. Chuck, I'm so happy to see you again. We just haven't seen each other for weeks.
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Welcome back, Georgina. I'm absolutely delighted to be here.
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You've been all over the United States since we last spoke.
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I have been running back and forth to the United States with more frequency than ever before. I've made two trips in November and I'm making another trip starting tomorrow morning.
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Oh, wow. So we're lucky to grab you in this little window.
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Very happy to be here.
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And I, in the meanwhile, have been in South Carolina, in Miami, in New York. And yesterday I got off a transatlantic liner, which was the most bizarre experience in the world, I have to say, super glamorous, very glad it wasn't a tanker. And I have to tell you that we only saw one vessel when we were mid Atlantic and it was an oil tanker. And the captain explained to me that what happens is oil tankers just kind of hang out in the mid Atlantic until the money is passed, until a deal is done. So they're just there and then they're told, okay, bang, the funds have transferred, off you go to X, Y or Z. Clearly at the moment, they're not going to want to go to Venezuela. Why is that, Georgina?
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That's fascinating. I had absolutely no idea. But the economics of the oil industry is genuinely absolutely fascinating. And so you're right, as you alluded to at the very top of the broadcast, we're looking at the New York Times and a headline about Venezuela that says, trump orders blockade of some oil tankers to and from Venezuela. And what this is about is the gradual tightening of the noose around Venezuela. It was done in a slightly clumsy fashion by the White House because initially they said they were ordering a complete blockade of Venezuela. What they meant to say and ultimately said was that they are ordering a complete blockade of those tankers that are sanctioned from coming into and out of Venezuela. It's very interesting to note that the high seas seemed a bit quiet. You know, we've got a lot of oil tankers around the world that are sanctioned these days. We've got tankers from Russia that are sanctioned. We've got tankers from Venezuela that are sanctioned. And what the Trump administration is trying to do, in addition to the military buildup off the coast of Venezuela is to choke off a source of income and revenue. Just last week, the Trump administration seized a Venezuelan oil and tanker that was destined for Cuba. And it turns out that there's quite a lot of financial and commercial support going back and forth between Venezuela and Cuba based on oil. And this is one more notch in the campaign of regime change in Venezuela by the Trump administration.
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And will it ultimately be successful, do you think?
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Well, with this kind of buildup, something has to happen. I mean, the hardware off the coast of Venezuela itself is a multiple of the strength of the Venezuelan army. And when you put that sort of threat on the coast, you either have to deliver or you have to retreat. And, you know, Trump doesn't strike me as the kind of person who wants to retreat. You know, this comes on top of the missile attacks on boats that President Trump claims are shipping drugs from Venezuela. There's a bit of irony behind all of this because really, Venezuela is not a source of fentanyl towards the United States, which is the primary cause for bombing the boats. And one of the. And one of the causes that the President is naming for surrounding Venezuela, what this really is all about at the end of the day, is the oil. There were a number of American oil companies on the ground in Venezuela who had their assets nationalized. If Maduro leaves the office and we're talking about the President of Venezuela, then you assume that there'll be a slightly wider playing field for the return of American oil interests to that country.
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Now, Trump and his top aides have also been very busy defending Suzy Wiles. Explain to us who Suzy Wiles is and what she's doing.
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Georgina, this is just. This is one of the most uniquely Washington media White House scandals that you could really ever ask for. Susie Wiles is President Trump's chief of staff. She is a senior experienced political powerhouse from the rough and tumble politics of Florida, where she has been a local and indeed national campaign manager. Over the course of the past year, Susie Wiles has given a series of 11 interviews to Vanity Fair magazine. And over the course of those interviews, which were recorded and on the record, she let rip on the White House. She said that President Trump has the personality of an alcoholic. She said that J.D. vance, for the past 10 years, has been a conspiracy theorist. She called Russell Vogt, the head of omb, a very powerful government spending agency. She said that he was radical. And she said that Pam Bondi, the Attorney General of the United States, whiffed on the Epstein case. I don't know if that's an American term. But basically she sort of swung and missed on the handling of the Epstein case. What we see in the New York Times under the headline of Trump and top aides publicly defend Susie Wiles after explosive interviews is basically a sort of circling of the wagons around Susie Wiles. She has said that this is a hit job by Vanity Fair. Vanity Fair kept the receipts and played the recording showing that the quotes were all genuine. And what everyone is trying to do is to sort of say, look, you know, Susie Wiles is a great public administrator. She would never do anything to harm the administration. And she made a couple of offhand remarks that we're all trying to take in good humor. We shall see.
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Absolutely. That's pretty shocking, isn't it, the fact that she has been defended. And I love what J.D. vance said. He said, yes, I am a conspiracy theories, but a theorist, but I only believe the conspiracies that are true. That's right.
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It's very, very eloquent and agile backpedaling by the Vice President.
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Let's go to Japan now because there's this idea that they're going to start exporting lethal weapons. Now. This is a big step change.
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That's right. I mean, I guess I've got weapons on the brain today, Georgina. So apologies for that, but we're at the Japan Times. It says Japan has long had tough rules on arms exports. That may soon change. And this is part of a much more global aggressive and dare I say, muscular foreign policy approach from relatively new Prime Minister Sanae Takaichi. And Japan has for decades had restrictions on the kind of military hardware it can export and the purposes that it can be used for. And those are general, really been pacifist. It's for rescue operations, for transportation operations, for warning or surveillance or minesweeping. What happened was when Takaichi came to office, she entered into a coalition with a center right party that said, if we are going to support you, you are going to have to support our ambition to export more weapons and more hardware. And that coalition has come into force and she is now renegotiating the terms of the Japanese military industry.
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That's big news.
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It's big news, particularly because it comes on the heels of a fairly recent announcement from Takaichi that said that if China were to invade Taiwan, Japan would activate its military. And that's why I guess I chose to use the word muscular in this foreign policy approach because Japan is asserting itself. It's asserting itself more. This is a trend that has begun in Previous administrations. But you know, Japan's famous since World War II for its highly, highly pacifist foreign policy and military policy. There are cracks in that policy appearing right now.
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I know you're learning Japanese. How's that going?
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Slowly. Thank you for bringing that up. I love it enormously. It's a beautiful language and I find it fun and challenging. It's slow progress.
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Well, the opportunity to learn languages in places where they originate is about to be returned to British students because the Erasmus student exchange scene looks like it's coming back.
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That's right. After pitched negotiations over money and Brexit and all of the sort of political bells and whistles that you can imagine. The Times tells us today UK to rejoin EU Erasmus student exchange from 2027. This was a famous Europe wide exchange program where students from the UK could study in European universities and vice versa. The reason why this fell victim to Brexit was that UK politicians were complaining that more Europeans were coming to the UK than UK students were going to Europe. So of course, this is, you know, another one of these invasions that the pro Brexiteers were whinging about. This has all been unwound and this is part of, according to the Times, a broader drive from Prime Minister Keir Starmer to re. You know, this is at the student level. It's not a major commercial deal. There are commercial terms, by the way, we're getting. The UK is getting a bit of a discount for the students that it's sending abroad and it's the cost of supporting the program. But this is a gradual rapprochement between, you know, across the English Channel and, you know, this was an enormously popular program. And of course, being able to spend time abroad for a British student or for a European student, here is a major educational opportunity, as exactly as you pointed out.
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Carlotta Rebelo, I think was what was an Erasmus student.
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This is something that most students who participate in the program are extremely proud of and remember for years and years and years after it's finished.
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Charles, thank you so much. That's Charles Hecker. His book's called Zero Sum. This is the Globalist on Monocle Radio. Now here's what else we're keeping an eye on today. The White House has ordered what it calls a blockade of sun sanctioned oil tankers entering and leaving Venezuela, stepping up pressure on President Nicolas Maduro by choking off oil exports. It remains unclear how the measures will be enforced, though Washington has already deployed thousands of troops and several warships to the region. China's most advanced aircraft carrier the Fujian sailed through the Taiwan Strait on Tuesday in its first transit since being formally commissioned last month. Taiwan says the passage follows follows earlier crossings during sea trials and fits a broader pattern of near daily Chinese military activity around the island. And the premier of New South Wales says Parliament will be recalled next week to pass wide ranging reforms to gun and protest laws following the country's deadliest mass shooting in three decades. Police say a father and son opened fire at a Hanukkah celebration on Sydney's Bondi beach, intensifying fears over rising anti Semitism and violent extremism. This is the Globalist. Stay tuned. Bethlehem, the birthplace of Jesus and the heart of the Christmas story, has been dark for two years. But this December, for the first time since the war on Gaza began, a Christmas tree stands once again in Manger Square. It's a fragile moment of hope in a city struggling with economic devastation and the encroaching violence of the occupied West Bank. Monocle's contributor Liam Syed sent us this report.
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For the first time in two years, a Christmas tree stands tall in Manger Square in Bethlehem. Strings of light illuminate the ancient stone buildings and the families gather in the plaza near the Church of the Nativity, the site where Christians believe Jesus was born. But the return of celebrations to this holy city tells a complicated story, one of cautious hope mixed with deep economic hardship, ongoing grief and the shadow of violence that looms ever closer aboud. A shopkeeper in Bethlehem who was born in raised in the city, explained what it means to see the tree back after two years of darkness.
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You know the Christmas will be this.
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Year and we will celebrate the Christmas.
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In Bethlehem because you know, since two years, since 7 of October until now, we haven't seen any Christmas trees being hauled here in Bethlehem and stuff like that. But you know, hopefully this year will be baby.
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The absence of Christmas celebrations over the past two years marked a profound shift for Bethlehem. This is after all where the Christmas story began, the small town that has drawn pilgrims for centuries. For two years, Manger Square stood shuttered and silent during what should be its most vibrant season, a stark departure for a city whose identity is intertwined with this holiday. But even with a ceasefire in Gaza, Abud says it's still difficult for Palestinian Christians to fully embrace the holiday spirits.
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Since the ceasefire been until now nothing changed brother.
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This tell Israeli military attacking Gaza. How come a Palestinian Christian like celebrated Christmas here and they seeing in front of them eyes every day they hear the news Palestine people cult. You wouldn't have hope to do that.
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H
Adding to the anxiety is the situation in the west bank itself. Bethlehem finds itself in the occupied west bank, where violence has been escalating dramatically. The city has traditionally been a haven of relative calm, a place of pilgrimage that remained largely insulated from violence. But that sense of sanctuary has been steadily eroding. Israeli military raids have been creeping closer and closer to the holy city, and communities surrounding Bethlehem have seen increasing settler violence. The war has also devastated Bethlehem's economy in ways that will take years to recover from. The city's lifeblood has always been tourism. An estimated 80% of residents depend on the steady stream of pilgrims and visitors who come to walk at the footsteps of Jesus, to stand in the grotto where tradition says he was born, to experience Christmas in the place where it all began. When the war started, that stream dried up completely. Unemployment has soared and poverty spread rapidly. And many residents left the city forced to search for opportunities elsewhere. For Abood, who runs a souvenir shop in the heart of Bethlehem, this Christmas season should be the busiest, most profitable time of year. Instead, his store sits mostly empty, the shelves stocked with the goods that few are there to buy.
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B
Look, the business, you know, is supposed to be like, you know, this is our season for business. Supposed to be a lot of visitor from all over the world come here and celebration, you know, the Christmas, and we'll have really good business.
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But you know, people are afraid.
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They think it's danger for them to come and stuff like that. But hopefully, you know, people will come. But as a shopkeeper here, there is nothing. As you see by your eyes, brother, you are first people who enter my shop Today, there is no people.
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H
The contrast with the previous year is stark. Abuard remembers when Bethlehem was packed with visitors, when the Church of the Nativity had long queues of people with waiting hours just to enter. When every hotel, restaurant and shop in the city thrived during the Christmas season.
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B
Look, before 7, October used to be a thousand people, used to be a lot of visitors from all over the world. We start from beginning of November until the end of February. A lot of visitors from all over the world. The city will have a lot of business. Hotel, restaurant, souvenir shop. Everyone will work because we at least all income. And Bethlehem come out of tourism. And if there is no tourist, there is no business.
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H
Still, the lighting of the Christmas tree represents something important, a deliberate choice by Bethlehem's residents to reclaim their city's identity and send the message of hope to the world. Some tourists are beginning to return. Hotels report bookings reaching their Highest level since the war began, still far below the four houses of years past. But that sign that slowly, tentatively, people are coming back. For now, shopkeepers and tour guides wait and pray, hoping that peace will bring back the crowds that once filled Manger Square. And with them, a path forward for a city that has endured two of the hardest years in its history.
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A
Many thanks to leon syed in bethlehem. You're with monocle radio. St. Moritz is best known for seasonal spectacle. But a new cultural initiative is testing a slower, deeper model. Giorgio Pace, formerly co founder of Nomad, has launched De Pavilion, a four week residency style platform designed to embed art, design and performance into the life of the Engadin year round. Well, joining me to tell us more, we welcome Giorgio himself. Giorgio, you helped build Nomad into a highly mobile, short format fair. Why did you want to leave that model behind?
- [37:51]
B
Well, I founded Nomad 2016, was a great model, but after all these years and the success of Nomad, the city of St. Moritz and the tourism office always asked me why I couldn't really think of something that can embrace all year round projects or events. And I said to them, I'm happy to do it, since I'm living in St. Moritz and since I started Giorgio Pache projects in 2009 when I moved from New York to St. Moritz and to create a sort of experiences for all this crowd in Saint Moritz with art, design, architecture and so on. So I said to them, yes, I'm happy to do it, but I mean, he don't have a location, I mean, where can I do anything? I could think. And so I said, you need to create a sort of pavilion, a place where everybody can organize things, you know, an exhibition, a performance, a fashion show or anything. So I proposed to do this pavilion. The city received this very well, but in the meantime I need to prepare the field for the upcoming pavilion, who may come maybe in three or four years. So the idea is to create different scenarios, a constellation of events starting in end of January in conjunction with the ice. And I'm starting with this solo shows of artists and designers and performances. And then I go on in March with architects, interior designers, showcases, and then I go in July with the first flower show in St. Moritz and then again with three performances of Teatro San Carlo from Naples. I will bring it to St. Moritz and then at the end in December 26th, I will do the first chocolate show. So you know, I'm trying to help the city with different scenarios to accommodate every taste and also to help the locals to have something tangible. And interesting for them.
- [39:47]
A
And I think it's so clever the way that you're curating this seasonally, so it always chimes with what's going on right there. Tell me where the project will be centered within St. Moritz. You've found a building.
- [39:58]
B
Yeah. So the first, temporary, first project will be in the former Hotel Hedden. And then we'll go to the Palace Hotel. The palace. And I'm sorry, the flower show will be in the garden on the Kempinski Hotel. And then the theater of San Carlo will be inside the small theater of the Bedroot palace, and so on, and have other locations. So, unfortunately, as I said, said, there's not yet a permanent location. So I need to adapt for at least three years until the real pavilion will be ready.
- [40:33]
A
But there's the Hotel Eden as well. I mean, that's currently slated for redevelopment.
- [40:38]
B
Yes, they've been bought. They are, they are, they are. I mean, I'm sure they will open in few years when they finish their restoration. I don't think they started yet. They need to start the restoration. That's why I can. I can still use it this year.
- [40:51]
A
So, Giorgio, how would you say. How would you describe the kind of cultural ecosystem that you're trying to create?
- [41:00]
B
Well, as you know, in the last few years, St. Maurice became a center of international tourists more and more and more, and mostly the city. And the tourism office is trying to enlarge the season. And next year, the hotels will be open until end of October, which is the first time happens. So, you know, there are more people coming here for many reasons. And so, you know, these people need to do something. Something, you know, in the winter, yes, they can ski, but also in the afternoon, there's nothing to do. So I'm trying to accommodate all the different tastes of the people, the needs. And so I speak with so many people, because I've been living here since 2009, as I said, so I know what the people needs and also the locals, because also the locals needs to be. To think about.
- [41:54]
A
So how would you describe the demographic that you're catering for?
- [41:58]
B
Well, I want to deliver to everybody, you know, the. The local people that are living here, the children. That's why I thought like a chocolate exhibition. And of course, all the international people that are living here, or they're coming here often, as most of the people, they moved here from different countries, from Europe, from some from America, some from Middle East. I mean, you cannot imagine the people that are moving here. It's incredible.
- [42:28]
A
So do you think De Pavilion is a one off experiment. Or could this be the start of a new template for how cultural platforms operate beyond the fair calendar?
- [42:40]
B
It's different. I mean, as I said, it's not a fair, it's more like an experience. It's more like a sort of Wunderkammer of things. And again, St. Maurice is a small city, but unfortunately there's not so much happening in culture. So we can compare St. Morris to other cities like New York or London or Paris, where of course they will still having fairs and they're still having millions of other things. But I mean the population and the audience is much, much, much bigger. Here everything is smaller, but still there's a very high quality of people. And these people, of course, they used to have the best. So, you know, and St. Morris is the best place as a winter resort. So I guess that culture should be equal as a sport and other things and food as well.
- [43:32]
A
I mean, this is a tremendously exciting opportunity, not just for the people who are the intended recipients, but for galleries, for brands, for institutions, for everybody who's involved in actually making this happen.
- [43:46]
B
Yes, absolutely. This is exactly what my target is. I mean, even foundation, even museums, even public or private institutions, they would like to have a sort of base or a sort of a place where to present, what to do. You know, I think that's very, very important because the same people that come here, they can travel all over the world so they can have a little appetizer here and then they can see what they do in different parts of the city, in the world.
- [44:16]
A
Absolutely. And just finally, Giorgio, what's the timing on this?
- [44:20]
B
So the opening of the pavilion is the 29th of January at the same time of the ice. The organizer of the ice asked me if I could think to do something at the same time of the opening. And so this is why I'm doing at the end of January.
- [44:35]
A
Well, very many congratulations to you and very good luck too.
- [44:39]
B
Thank you so much.
- [44:40]
A
Giorgio Pace, who's founder of Giorgio Pace Projects and this is the globalist on Monocle Radio. Here, craft is a matter of perspective, a unique outlook, an obsessive attention to detail. With UBS's 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. Deliver day daily and Curated by over 200 globally connected, locally active analysts, UBS Banking is our Craft. The Brazilian telenovela with all their melodrama, suspense and hairspray will Keep a new cohort of viewers gripped in 2026. Thanks to an unexpected international expansion to the USA. A string of popular Globo telenovela hits will be adapted to the North American market by Los Angeles based studio MFF & Co Monacle Radio senior correspondent Fernando Augusta Pacheco, a big telenovela fan, spoke with Mira Kite, president of global content at MFF and co founder Estella Renner.
- [46:10]
C
It. I am Estella Renner. I'm co founder of Maria Farina Films. We call it MFF because it's hard in English. But this is an 18 year company that was based in Brazil, but now we have a branch in LA in which Miura Kait, my colleague, runs it. As president of global content. I'm also a director and writer. I wrote and directed the Beginning of Life, this global series for network Netflix, Way Beyond Weight, which is this international documentary on childhood obesity. And also I created and show ran with my writing partner Marcos Nischi, the scripted series Aruanas at.
- [47:14]
B
Globo. I've seen.
- [47:15]
C
It. Oh, you have seen it. I'm so glad. Okay, this is one of my.
- [47:19]
B
Favorite. Good introduction. What about.
- [47:21]
D
Miura? You're not Brazilian, but you're very.
- [47:23]
B
Involved now, all this Brazilian content.
- [47:25]
E
Right? Yes.
- [47:26]
C
Yes. I'm based in Los Angeles and I'm the president of Content. As she mentioned, I've known Maria Farina for six years and enjoyed working with them. My most recent job was at Participant, which is a film and TV company in Los Angeles. But about a year ago, we opened the Los Angeles branch of Maria Farina and the telenovelas was something we were really excited about jumping into because it's something where we can we have the connection with the Brazil team to bring these amazing formats from Globo. And I have connections with American writers and American networks. And so making that bridge between the two was very exciting. It was one of the first things I said when we started the job is can we please do some.
- [48:12]
D
Telenovelas? I love that. And before we talk actually about this project, I want to talk to.
- [48:16]
B
You, Stella, because I'm a big defender of the Brazilian telenovela. I feel, I think, you know, I know that they're famous worldwide, we export them to many countries, but a lot of people say, oh, it's a telenovela. But we're talking here Hollywood production values, right? It is a big deal, don't you.
- [48:31]
C
Think? Yeah, I think it is a big deal. In our case, we're not going to produce telenovelas. We're adapting them into series. So we're talking about 200 chapters becoming 20, like two seasons of 10 episodes. And the reason we're doing that is because the telenovelas have a proven audience and the audience in Brazil is so diverse. So, as Ted Sarandos from Netflix said, if you make it in Brazil, you can make it anywhere. It's truth. Because we are a melting pot of so many people that came from all over the world to be in Brazil. And the importance of it, I would say it personally, the first gay kiss I saw at Anatella novel, the first trans person was in a telenovela. The first actor with down syndrome was in a telenovela, all at Globo. So Globo shapes culture in a very progressive way in Brazil. So I'm very proud to be making this deal with.
- [49:27]
B
Them. That's amazing. And Bura. So, as Stella's saying, it's going.
- [49:31]
D
To look a little bit.
- [49:32]
B
Different. Of course, it's adapting to the American market. So how is it going to work? So you have some stories that some tele novellas which we can talk about later. Will it be American actors? I wonder if you can tell us a bit more about.
- [49:44]
C
That. Our main remit is to do them in America with American networks. So we are taking all of the scripts of 200 episodes of one season and distilling it down and having writers come up with takes, you know, keeping all of the amazing plot twists and character connections and. But having less time. So in the typical US form, it will be a season, so they'll need to come up with cliffhangers for each episode and big season finales. So it'll be just in that format.
- [50:19]
B
Yeah. Knowing the American audience, Miro, do.
- [50:23]
D
You think, are they ready for something like.
- [50:25]
B
This? How do you think it's going.
- [50:26]
D
To be kind of welcomed in the country?
- [50:29]
C
Something? Yeah, I think 100% they're ready. People are looking for lighter fare. Definitely interested in romance, humor, levity. Those things are really sought after right now. So I think there's definitely a big window for.
- [50:44]
B
It. Stella, give us a little taster of what Telenovel is. I think as Brazilians, you know, some of our Brazilians listeners will know some of them, but I wonder if you can give us a selection, because there's a lot to.
- [50:55]
C
Choose. Yeah, it was really hard to choose. We all have our favorites, and there are many. We're all raised watching telenovelas at Globo, but you know that telenovelas at Globo, they're written in a near real time, adapting to daily audience feedback. And this unique process creates storylines that deeply resonate with viewers a ready made proof of concept for the US So by reimagining these narratives for US platforms, we're not only tapping into extraordinary creative legacy and proving rating track record, but also inviting new audiences to experience the imagination, emotion and diversity that defines these stories. So for the slates that we have now for those adaptations, you know, the telenovelas into series for the English speaking audience in the US the niche slate includes includes standout titles like Empire, which in Portuguese is called Imperio, winner of the 2015 International Emmy Awards for best telenovela. And also Bellissima, a classic.
- [52:01]
D
Telenovela. I love.
- [52:02]
C
Bellissima. You do? I love it too. With captivating characters by Silvio Jabrillo and I love Silvio Jabrillo because he was our mentor at Aruanas. We also have the Other side of Paradise, Ultro Lado do Paraiso, which was light, licensed to 85 countries. And we also have All Flowers, Todos Flores, a classic melodrama with a thriller like Pace by Joo Manuel Carneiro, author of the hit Brazil Avenida Brazil that stopped the country when Avenida Brazil Last Chapter was on and one of Globo's best selling titles. And also the Normals Os Normais, a hit sitcom in Brazil that was cultural phenomenon running for three successful cities seasons starring Oscar nominee and Golden Globe winner Fernando.
- [52:45]
A
Torres. Thank you all, especially to Miura and Estella. And you can listen to the full interview with them on the Monocle Weekly and also read more in our December January issue of Monocle. You're listening to the Globalist on Monocle Radio. Well, it's time now for a roundup of aviation news. And to do that I'm joined by Sally Gethen, an aviation analyst. Good morning to you.
- [53:30]
E
Sally. Morning.
- [53:32]
A
Georgina. So good news for airlines. It looks like profitability is stabilising. Tell us more about this report from the International Air Transport.
- [53:41]
E
Association. Yes, that's right. Well, it's good news and bad news really. So obviously, if things aren't getting worse. Right. That's a lot better. So it's stabilized at the same profit, total net profit year on year, which is 3.9%. That is not great in the sense that the industry isn't moving forward and really it equates to just under $8 in net profit per passenger. And that, that is very. I mean, that's about the price of a coffee these days, a takeout coffee. And so airlines themselves have to make huge investments all the time. They're also up against a shortage of aircraft supply. So in the long run they want to see that profit increase, that percentage.
- [54:34]
A
Increase. Right. Looking at air cargo performance, the report says that's of particular interest because it's defied many predictions of gloom and it has held its own. I mean, I see that it's up 2.4% on 2025. That's the prediction.
- [54:50]
E
Yes. Air cargo is such an interesting sector. You know, it was the hero during the pandemic, of course, transporting all those medical goods and now it's waving, it's riding the wave of new electronics and components, particularly on the back of the AI industry. So it's very adaptable and it wasn't expected to show such strong profitability. So that is very welcome in the industry and also globally, for global economies.
- [55:25]
A
Too. Now I want to go on to how aircraft engine technology has advanced and what we can expect in the future. I understand that you recently attended a very interesting lecture about.
- [55:35]
E
This. Yes, I did. I popped over to the Royal Aeronautical Society here in London and actually met in person Dr. Michael Winter, who is renowned in the industry. He's the chief scientist for rtx, which is behind the Pratt and Whitney engines. And in fact this year has marked the centenary 100 years of those engines. And it was such a fascinating deep dive into how aero engine technology has evolved. And listen, I'm no, you know, a scientist in that sense, but even for a layperson going into this, it was such an interesting story and the geared turbo fan was the real game changer. And in fact that particular engine technology powers the A320neo, which is in operation by many airlines around the world, United Airlines and in Europe, Wizz Air for example, and many airlines in Lufthansa Group. But also we're looking forward now to sustainable aviation fuel, new technologies, new propulsion technologies which are clean, stable and safe and sustainable in the future. So that there is so much to look forward to as.
- [56:54]
A
Well. So that would be hydrogen, would.
- [56:55]
E
It? Hydrogen is very much the excuse, the pound bright spark on the horizon for Pratt and Whitney wealth and most aero engineering providers. But they're really looking at that. They had some early forays into that type of technology many moons ago, 50 years ago, and they've reclaimed that moving forward. But that's not likely to be result. There's usually pros and cons with each type of clean technology. So sustainable aviation fuel, which comes from many sources, but they do have an engine, Pratt and Whitney does have an engine prepared to run 100% SAP, as we call them, and that's likely to be the first generation of sustainable aviation going forward. And then there's a hybrid electric engine they're working on. They're also working on engines for advanced air mobility, which will be the urban airspace around cities, replacing helicopters, for example, making air taxis viable. So, yes, a huge amount going.
- [58:00]
A
On. Sally, very quickly, we've just got a minute left, but Lapland visitors have increased 6% year on year. Everybody's heading to the home of Father.
- [58:09]
E
Christmas. Oh, yes, it's. This is such a good feel vibe from this story. Yes, a company called OAG has researched this and you're absolutely right. Up to half a million visitors can be expected to visit Lapland by the end of March. Well, Lapland of course covers three countries actually. Norway, Finland and Iceland. I think I've got that right. And yeah, so the UK is also the biggest market and to, to that area, obviously it's very family orientated and yeah, just under 150,000 airline seats available this.
- [58:55]
A
Winter. But great stuff, Sally, thank you very much indeed. That's Sally Gethin, an aviation analyst. And that's always have time for today. Thanks to our producers, Hassan Anderson, Tom Webb, Carlotta Rebella and Ryoma Takahashi. Our researcher, Joanna Moser and our studio manager, Elliot Greenfield, with editing assistance by Christy o'. Grady. After the headlines. There's more music on the way. The Briefing is live at midday in London and the Globalists will return at the same time tomorrow. I'm Georgina Godwin. Thank you for listening. 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 us. Not just work, but a craft. UBS advice is our.