How will the Bondi beach attack affect the security landscape?

Summary

The Globalist – Detailed Episode Summary

Episode Title: How will the Bondi beach attack affect the security landscape?
Date: December 16, 2025
Host: Emma Nelson
Podcast: The Globalist (Monocle Radio)

---

Overview

This episode begins with a somber focus on the devastating attack at Bondi Beach, Sydney, where 15 people were killed. The discussion dissects the attack’s implications for Australian and global security, exploring the challenges of counterterrorism, intelligence sharing, and the evolving threat landscape. The program also covers other headline global developments: the status of Ukraine-Russia peace talks, the new U.S. national security strategy, the stalling EU-MERCOSUR trade deal, and lighter segments from the Tokyo Art Book Fair to cutting-edge tech Christmas gifts.

---

Key Segment: Bondi Beach Attack and Security Implications

Main Discussion Points

Participants:

• Emma Nelson: Host (London)
• Ghorana Gurgi: Monocle Security Correspondent (Zurich)
• Levi West: National Security Expert, Australian National University (Canberra)

New Revelations and International Links ([03:49])

• The two attackers, a father and son, spent about a month in the southern Philippines, a known hotspot for terrorist activity.
• Two homemade Islamic State flags were found in their vehicle ([03:49] Levi West).
• The younger attacker had previously been on the periphery of investigations into IS-linked activities in Australia.

Quote:
"It’s firmed up a pretty comprehensive picture now that the overarching ideological motivation for the attack was Islamic State inspired or Islamic State affiliated."
— Levi West ([04:29])

Intelligence Sharing and International Response ([04:50])

• The attack exposes gaps in intelligence and information sharing across borders.
• Australian Foreign Minister Penny Wong discussed this with her Filipino counterpart.
• The importance of transnational intelligence cooperation was underlined.

Quote:
"If someone is on an intelligence watchlist or known to law enforcement authorities... to better share information if these people are moving and going to places where we know these types of cells exist."
— Ghorana Gurgi ([04:50])

Failure and Deprioritization in Counterterrorism ([08:36])

• Australian security services historically have strong community ties, but the episode highlights the risks of deprioritizing counterterrorism amid a global focus on strategic competition rather than extremism.
• Staffing, funding, and training for counterterrorism have been neglected since the fall of IS’s caliphate.
• Political, not operational leaders, set these national security priorities; agencies act within government-imposed constraints.

Quote:
"Government departments don’t set their own budgets. Government departments don’t set national security priorities... Unfortunately, one of the things that inevitably flows from deprioritizing one particular aspect of your national security apparatus is that it’s not what it otherwise would be."
— Levi West ([09:52])

Broader Threat Assessment and Extremist Networks ([10:59])

• The current frameworks have shifted from terror to focusing on power rivalries and state competition, but extremism persists and adapts.
• Western democracies still grapple with counter-radicalization and fostering community resilience.
• Not every threat is state-sponsored; networks of self-radicalized individuals remain a substantial challenge.

Quote:
"This... looks more akin to this sort of networks of extremists that operate in ways that at the moment don’t appear state-sponsored..."
— Ghorana Gurgi ([12:00])

---

Ukraine-Russia Peace Talks: Progress or Illusion?

Guests:

• Stephen DL (London): Russia analyst, Monocle regular
• Stephen Erlanger (Berlin): Chief Diplomatic Correspondent, New York Times

State of Talks ([14:19–22:55])

• Positive rhetoric from Berlin, Washington, and Kyiv about security guarantees for Ukraine.
• Guarantees under discussion are modeled after Article 5 of NATO, but skepticism abounds regarding their credibility.
• Ukraine remains wary of Russian intransigence; historic security guarantees (Budapest Memorandum) proved unreliable.

Notable Moment:
"I think the danger is that anything that is couched in these terms of security guarantees... is really no stronger than the Budapest memorandum was, and Ukraine knows that..."
— Stephen DL ([17:25])

Russian Position & The Long Road Ahead ([18:38])

• Russia shows no flexibility. U.S. and European leaders are mostly negotiating with each other, not directly influencing Moscow.
• Suggested compromises heavily favor Russian demands (e.g., demilitarized Donbass, no reciprocal withdrawals).

Quote:
"Every public statement from Russia... indicates Russia is standing by its demands, which are not only all the Donbass, but severe restrictions on security assurances."
— Stephen Erlanger ([19:45])

---

U.S. National Security Strategy: Ideological Shifts

Guest:

• Orna Blum: Former U.S. State Department Senior Foreign Service Officer

America’s “Civilizational Battle” & Far-Right Engagement ([34:15–41:06])

• The Trump administration’s new national security strategy marks a break from established U.S. internationalist principles, focusing on America First and culture-war rhetoric.
• Key statement: "The days of the United States propping up the entire world order are over." — Donald Trump ([34:15] Orna Blum)
• The administration is deepening ties with European far-right parties (e.g., AfD Germany), emphasizing “fighting censorship” and reframing free speech.

Quote:
"These are coded words under this administration for combating what has been under previous administrations’ efforts to combat malign disinformation."
— Orna Blum ([37:15])

• The strategy signals the U.S. will gravitate toward European partners aligned with its ideological stance, not a full break from Europe.

Quote:
"This is not a breakup with Europe... The Trump administration is signaling with whom they wish to partner."
— Orna Blum ([39:37])

---

EU-MERCOSUR Trade Deal: Doubt and Delay

Guest:

• Suzanne Lynch: Bloomberg’s Brussels Bureau Chief

Stumbling Blocks & Political Calculations ([41:39–46:19])

• France and Italy seeking to delay or potentially block the agreement over agricultural concerns and fears of cheaper imports undermining EU standards.
• EU trade credibility at stake, as delays suggest indecision and internal division at a critical juncture for global trade diversification.

Quote:
"The optics of this at a time when they're trying to seal trade deals with other trading partners is just not good."
— Suzanne Lynch ([45:58])

---

Around the World – Monocle Desk Reports

Tokyo Art Book Fair ([47:07–51:39])

• Notable Quotes:
  "This is the first art book fair in Tokyo. We are the biggest art book fair in Asia."
  — Kanako Tsunoda, Project Manager ([47:29])
  "I really like the sense of publicness but also the feelings of the owner of the Keijiban."
  — Olivier Mignon, artist ([48:56])
  "The reason why I love art books: it is a format for everyone..."
  — Kanako Tsunoda ([49:39])
• Art books as an accessible path to art; increasing interaction between physical and digital worlds.

Canadian “Snow War” Avalanche Control ([31:37–33:21])

• Canadians deploy Army artillery (Operation Palaci) for avalanche control—North America’s longest-running hostile operation, winter’s “Snow War.”

---

Technology & Lifestyle

Gadget Gift Guide (Light-Hearted Segment, [52:10–59:03])

• Fujifilm XT33 camera: Compact, powerful, enthusiast/pro-grade performance.
• Dyson x Porter headphones: Premium audio, customizable, fashion-forward collaboration.
• Bertschat Heated Bicycle Gloves Pro: Top-of-the-line, palm-and-finger heating for winter rides.
• Notable Quote:
  "I was looking at these headphones, thinking that actually could make a person better looking simply by wearing them."
  — Emma Nelson ([55:45])

---

Notable Quotes & Moments

• On security failings and reprioritization:
  "There are some very uncomfortable questions that are going to fall out of all of this."
  — Levi West ([07:50])

• On EU trade:
  "[Delaying Mercosur]…is a last minute push for them to try and get one to try and get some other countries around to their way of thinking."
  — Suzanne Lynch ([43:08])

• On art book culture:
  "So many young people are really interested in the physical materiality of images. In balance to the internet, there’s such an overflow of imagery to be found online, and I think people just really like to hold something in their hands."
  — Ruth Van Beek, artist ([50:31])

---

Timestamps – Key Segments

• Bondi Beach attack analysis: [03:33]–[13:23]
• Ukraine-Russia peace talks: [14:19]–[22:55]
• Canada’s 'Snow War' avalanche control: [31:37]–[33:21]
• US national security/Europe rising far right: [34:15]–[41:06]
• EU-MERCOSUR deal debate: [41:39]–[46:19]
• Tokyo Art Book Fair: [47:07]–[51:39]
• Technology holiday gifts: [52:10]–[59:03]

---

Tone & Style

The discussion throughout is sober, insightful, and analytical, especially in the treatment of the Bondi Beach attack. Experts are forthcoming about the uncomfortable realities of intelligence and political decision-making, while other segments blend journalistic curiosity with a light, cosmopolitan touch (as in the art and tech coverage).

---

Summary

This edition of The Globalist blends deep analysis with global breadth: from the urgent reevaluation of counterterrorism in the wake of the Bondi attack, through the labyrinth of Ukraine-Russia peace posturing, to ideological shifts in U.S. strategy and EU trade policy jitters. Engaging desk reports and lifestyle features round out a broadcast rich with timely information and thoughtful commentary.

Transcript

[Emma Nelson]

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 16 December 2025 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, Australia pledges to tighten its gun laws. But how much will the attack on Bondi beach recalibrate security not just in Sydney, but but globally? Also ahead in the next 60 minutes, how close are we to a peace agreement between Ukraine and Russia? And if a deal is struck, will Moscow stick to it?

[Orna Blum]

And then and there's one statement that really stands out, which is the days of the United States propping up the entire world order are over.

[Emma Nelson]

We Assess the revised U.S. security strategy and ask whether it strengthens the far right movement here in Europe.

[Orna Blum]

And this is the first art book fair in Tokyo. Also, we are at the biggest art book fair in Asia.

[Emma Nelson]

We head to Tokyo for the Tokyo Art Book Fair. Plus the papers and the tech news 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 filed a multi billion dollar lawsuit for defamation against the BBC. In a Florida court, the US Military says it' carried out strikes on three boats it claims for trafficking drugs in the eastern Pacific Ocean. And Britain and South Korea have finalized a trade deal. It replicates exactly the same terms as South Korea's existing agreement with the European Union that Britain is no longer part of. Stay tuned to Monocle Radio throughout the day for more on these stories. But first, as mourners gathered at Bondi beach last night to pay their respects to the 15 people shot dead on Sunday, the wider issues of security and Australia's response are now being considered in earnest. We now know more about the two men responsible for the attack on the gathering to celebrate the start of Hanukkah. They were a father and son. The father held a firearms license. And authorities in the last few hours have confirmed that two homemade Islamic State flags were found in a vehicle used by one of the suspects. And the two attackers had also traveled to the Philippines last Month. Well, to decode this, I'm joined now from Zurich by Monocle security correspondent Ghorana Gurgi. And from Canberra, live from Levi West. He's national security expert, an Australian National University fellow with the time in Canberra has just gone 1800. A very good morning to G. Good evening to you, Levi.

[Levi West]

Hey, how you doing?

[Emma Nelson]

Good to have you with you, Levi. Let's just if you could possibly fill us in on these latest developments, please. The, the fact that the, the, the Philippines are somehow involved in this and the presence of his homemade Islamic State flags.

[Levi West]

Over the course of today, it's been revealed that the two perpetrators, the two gunmen spent about a month in seemingly the southern Philippines. And I think it probably important to point out for people that the southern Philippines is sort of the, the terrorist hot spot that's being referred to in, in, in the press coverage. In addition to that, there's confirmation that they had Islamic State flags. Obviously the younger of the, the son, the 24 year old had previously been investigated by our domestic intelligence service for his sort of relationships with people who were persons of interest in relation to previous Islamic State activity within Australia. So it's firmed up a fairly fair, pretty comprehensive picture now that the overarching ideological motivation for the attack was Islamic State inspired or Islamic State affiliated.

[Emma Nelson]

And we now go around, I guess, an idea of the size of the network that the world is trying to deal with here when we now include the likes of the Philippines.

[Ghorana Gurgi]

Absolutely. In terms of the international response, this is now coming down to all the possible fixes that there could be in terms of information sharing. In particular, if someone is on an intelligence watch list or is known to law enforcement authorities in a particular country to better share information, if these people are then seen moving and going to places where as we've just heard, we know that these types of cells exist. And this is exactly what was part of the conversations that Penny Wong, Australian Foreign Minister, had with her Filipino counter. But of course it's going to be a much broader sort of overview of where things have gone wrong in terms of not just information sharing, prevention of these things, local and state level responses which are just starting these days and are likely to continue for months and potential years to come.

[Emma Nelson]

And the point here that Guarana has just made is the information sharing here, Levi, isn't it? I mean Australia now has two jobs in terms of how it approaches this. Firstly is the, the immediate response in terms of what, what information was shared in the immediate run, run up to the attack on Sunday, but also the more long term assessment of how deeply these networks go.

[Levi West]

Yeah, so I, I mean, I think there's some important things that have to be sort of clarified at the front end of that before you're right. There are some very substantial questions that need to be asked about all of this. The first of those is that the, of Navid the, the son that wasn't because he was a person of interest to our domestic intelligence services, because he was on the periphery of an existing cell and someone made it, the department organization made an assessment that he wasn't of any particular risk. And in 2019, which is, you know, nearly six years ago, that may well have been entirely an accurate assessment. You know, there's a lot of time has gone since that assessment was made. So there was no reason for him to have necessarily gotten flagged for much of five, six years later. The second part is that whilst they did seemingly go to the southern Philippines, we don't have any confirmation that they actually trained with an Islamic State or broader jihadist militant organization while they were there. If they did, then that in turn raises a number of very substantial questions about how it was that two individuals from Australia, regardless of any previous engagement they've had with law enforcement or intelligence, were able to go to the southern Philippines and train with a militant organization and for that to have gone undetected by both the Australian authorities and the Filipino authorities. So there are substantial questions, I think over the next 24 to 48 hours we'll get some more detail on exactly what happened in the southern Philippines and who they trained with, if they trained. But I think regardless of any of those things, there are some very substantial questions about what and was known or perhaps more to the point, what ought to have been known about these, these two individuals. So, you know, I think there's some very uncomfortable questions that are going to fall out of all of this.

[Emma Nelson]

Indeed. And one of them, Levi, and I'll stay with you with this one, if I may. It's, it's. The fact is that the level of engagement that the security services have with whatever has led to what happened on Sunday, the fact that is, is there a sense in Australia that the security services are adequately embedded with communities? Because by all accounts this looks like a failure were that to be the case.

Yeah.

[Levi West]

So I mean, I think it's important to note over the course of like the broad 20 plus years of the war on terror, and in particular over the period of sort of Islamic State's Caliphate declaration in 2014 and beyond, the Australian security services across law enforcement and intelligence have done an exceptional job of both disrupting and preventing attacks. And in the handful of incidents that have come through, you know, most of the investigations that have been had post incident have demonstrated that for the most part, they have, you know, generally excellent relationships, and that's between federal authorities and state authorities, excellent relationships into the communities that they need to. To be able to engage. On this topic. There are some broader things that have happened and this holds across the international community, particularly the Western international community, around the deprioritization of counterterrorism. And I think that that is an everyone who's familiar with the security space knows that that's happened over the past sort of five years or so. That post the caliphate's degradation, I won't call it defeat. You know, counterterrorism is not the first order of business for the national security community of most Western countries anymore. That's a strategic competition exercise for valid reason. But the cost of that deprioritization is that staffing isn't as sufficient as it otherwise would be. Funding and resourcing isn' efficient as it might be. Training and professional development isn't either. And unfortunately, one of the things that inevitably flows from deprioritizing one particular aspect of your national security apparatus is that it's not what it otherwise would be. So, you know, I think over the course of the next few days, we'll get a little bit more of a concrete picture. But these are decisions that are made by the political apparatus rather than by heads of services or departments. You know, government departments don't set their own budgets. Government departments don't set, you know, national security priorities. They contribute to those decisions, but they aren't capable of storming into a minister's office and demanding more money.

[Emma Nelson]

To go a little further on this, on this idea that the deprioritization of counterterrorism, I mean, just hearing Levi say the war on terror is. Is, you know, is a return of an expression that arguably has not been mentioned for quite a long time. What are the reasons behind the. Behind these. Is it financial? Is it strategic? Is it cultural?

[Ghorana Gurgi]

Well, I think this is then a broader discussion about how states actually diagnose what threats they are facing. Right. And in this sort of threat assessment, I think VIVA is absolutely right. We've moved away from this paradigm that was very much dominant in the early 2010s, right. And the sort of rise of Islamic State, where this was still sort of front and center, you know, in the aftermath of everything that was Going on throughout the early 2000s with the aftermath of 911 and all of the attacks we've seen across sort of political west and actually beyond. But of course this was substituted with the paradigm of strategic competition or great power rivalry. Right. But I would say that even with that there have been some voices that have tried to point out that there are still links even in the kind of paradigm of great power competition or strategic competition with the existence of the kind of support for non state actor, for extremists and terrorist organizations that actually even states who are the kind of challengers to what you could refer to as the kind of rules based order and those states that try to protect it have engaged in. So I don't think that has necessarily disappeared and some states actually tap a lot into that. But in this case does seem like something that's way more, at least from what we've so far read and found out is something that looks more akin to this sort of networks of extremists that operate in ways that at the moment don't appear state sponsored necessarily. Right. But they are part of what a lot of western democracies have been trying to grapple with and that is to try to counter radicalization. Right. To try to build communities resilience. And we don't know, we never know how many cases have been actually successful in thwarting potential attacks. This one of course was one where this sort of link of law enforcement to intelligence to various other things simply wasn't successful. And what this resulted in is unfortunately the tragedy we've seen in Bondijk two.

[Emma Nelson]

Days ago, Monocle security correspondent Karana Gurgic there on the line from Zurich. And joining us from Canberra, Levi west, national security expert and Australian National University research fellow. Thank you both for joining us on the Globalist. 9:13am in Kyiv, 7:13am here in London. Now, President Zelensky has said that the issue of giving up some territory to Russia remains painful. His comments came as the German Chancellor Friedrich Merz said that talks in Berlin have offered the biggest chance of peace since the war with Russia began. The US has been expressing some optimism too. Well, to tell us more, I'm joined in the studio by Stephen DL, Russia analyst and regular Monocle contributor. And from down the line in Berlin is Stephen Erlanger, who's a chief diplomatic correspondent covering Europe for the New York Times. Good morning, gentlemen.

[Stephen DL]

Good morning.

[Emma Nelson]

Stephen, let's begin with you. Where are we now with these talks? Because there were very, very positive words coming out from both Berlin, but also from Donald Trump.

[Stephen Erlanger]

Yeah, well, the White House is spinning that it's all 90% done, but of course it isn't. You still have this bizarre experience where the United States is negotiating with Europe and Ukraine, basically carrying a lot of Russian water, trying to come up with a joint proposal they can then bring to a Russia, which so far indicates very little flexibility. So the big progress, which is important, very important, is on what they're calling security guarantees. That should be similar to Article 5 of NATO, which of course isn't a security guarantee either. It's just a promise to consult about action. And the big question are the details of that security guarantee, because how would it respond to varying kinds of Russian actions? For example, Article 5. Right now, Russians are subverting lots of things all over Europe, but it doesn't go into Article 5, it doesn't trigger Article 5. So how would that work inside Ukraine? At the same time, you know, the only way Ukraine will feel at ease with security, I mean, with land concessions, with territorial concessions, is if there is a serious security set of assurances backed by the United States. So that was the essence of what was discussed in Berlin. Progress was made, according to everyone, which is very good, but there's a long way to go.

[Emma Nelson]

Stephen DL here in London. This idea that Article 5 can be reinterpreted so it can fit a non NATO member, it's the bedrock of NATO security, isn't it? It's stating that members should consider an attack on one as if it was an attack on all. How reliable or how strong a defence or protection does this offer Ukraine?

[Stephen DL]

I don't think it offers Ukraine any serious defense, to be perfectly honest. I think we're talking semantics, perhaps, but I think it would be wrong to talk about these discussions in terms of peace talks. It's far too early to talk about peace. There might be a ceasefire as a result of this, but there's a big difference between a ceasefire in this war and peace coming. I think we're a long way from peace because of the attitude of the Russians. Putin can't back down. He risks losing face at home and perhaps therefore losing his own head, certainly losing his presidency. And this idea that Ukraine is given security guarantees, well, we only have to look back to 1994 and the Budapest Memorandum, when Ukraine was also given security guarantees by Britain, America and Russia that the borders of Ukraine would be as they were in 1991. That, of course, was violated in 2014 by Russia and Britain and America. The other two guarantees, along with Ukraine and Russia, did nothing apart from sending a few diplomats out and putting a few sanctions in place. But I think the danger is that anything that is couched in these terms of security guarantees, the Article 5 type security guarantees, is really no stronger than the Budapest memorandum was. And Ukraine knows that, that, that when it came to it, counted for nothing. So I think that Zelenskyy is playing a very careful diplomatic game. He doesn't want to offend Mr. Trump or the Americans so that they will walk away. I noticed that they said, in fact, also that the phrase they use, which is very significant, that they said that this offer will not be on the table forever. You know, it's almost like a buy one, get one free, but it ends next week. And, and therefore, to my mind, the language around all this is decidedly shaky still and certainly doesn't actually guarantee anything.

[Emma Nelson]

Stephen in Berlin, that idea that it's the attitude of the Russians that counts, I mean, how much is that being discussed in Berlin?

[Stephen Erlanger]

Well, it does get discussed. I mean, Donald Trump said last night after talking to the European leaders over their dinner that he's been in, in contact with the Russians at the end that Russia wants it to end, wants the war to end. I don't believe that's true. British intelligence doesn't believe it's true. I don't think American intelligence believes it's true. I think the Russians are doing what Trump worried about is tapping him along because a decent security assurance, let's call it that, provided to, to Ukraine would involve things so far the Russians have been very much set against, like the presence of NATO country troops even as peacekeepers inside Ukraine, the presence of NATO country air forces. The Russians still insist on getting all of the Donbass. The Americans are trying to figure out some sort of compromise which is really favoring Russia that would create some sort of demilitarized zone in the Donbass, requiring Ukraine to pull its troops out of the Donbass, but not requiring Russia to pull its troops out. So there is a really a terribly long way to go. And every public statement from Russia, including the Russian ambassador to Britain the other day, indicates that Russia is standing by its demands, which are not only all of the Donbass, but severe restrictions on any kind of security assurances. And Russia is also very interested in a larger strategic negotiation with the United States about security architecture all over Europe, restrictions on NATO, blah, blah, blah, blah. So I agree with your other guests. There is a very, very long way to go.

[Emma Nelson]

Stephen in London with us, this long way to go. The rhetoric, however, in the last 24 hours from absolutely everyone. Zelensky, Merz, Trump has been that there is progress made. What can we take from what is happening in Berlin that could be construed as some way towards an end to this war?

[Stephen DL]

Well, Emma, I think the crucial thing is you've said from everyone, but you didn't mention the Russians and this is the trouble. And as, as Stephen in Berlin was saying, that they have not changed their demands at all. So President Trump came in sort of saying, I'm going to end this war in one day. He's realized it's a little more difficult, but he has bent over backwards to appease Putin, even giving him a red carpet welcome in Alaska. What is obvious from what he's saying is he wants Russia back as a business partner. Let us not forget that Trump sees everything in terms of business deals. Apparently that is his main aim. And of course, Russia is not going to be a business partner for the rest of the world while they're still carrying out a war in Ukraine. Putin is in a very awkward position, strangely, because he cannot back out. He started this war, he's got to show his people that he has some gain from it. He was supposed to take Kyiv in three days, Ukraine in a week. Obviously that hasn't happened. It hasn't gone the way that, that Russia expected it to go. And he cannot lose face. As I said, he runs the risk of being toppled and probably killed by his own people. So it's all very well, the Europeans, the Americans, the Ukrainians talking and trying to push Ukraine into a corner. But while Russia's demands remain as strong as they are, I really can't see us getting close to, as I said, getting close certainly to a peace, perhaps a ceasefire, but that won't suit Ukraine because they would still feel threatened by Russia.

[Emma Nelson]

Stephen DL here in London. And joining us down the line, the New York Times is Stephen Erlanger. Thank you both for joining us on the Globalist.

Still to come, the mission is officially called Operation Palaci. Unofficially, the annual deployment is known as Canada's longest running hostilities, the Snow War.

Seattle correspondent Greg Scruggs will tell us about how America's northern neighbour handles the snow. Stay with us. On the Globalist.

Craft is a matter of perspective, a unique outlook and obsessive attention to detail. With UBS's Chief Investment Office House View, 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.

It's 8:23 in Zurich, which is where we head next to have a look at today's papers. Joining us from Dufourstrasse 90, our studio in Zurich is Noel Salmi, travel, culture and sustainability writer. Good morning, Noel.

Good morning, Emma. I apologize for my radio unready voice today.

Join the club. We can both cough ourselves silly on the radio, much to the displeasure of everybody who's actually listening. We'll try and keep ourselves together before the end of the day. Just tell us a little bit. I mean, how's Zurich looking this morning?

Zurich is cold and. But it's beautiful with the Christmas lights as I was walking into Dufourstrasse 90 today. So it's got that Christmas air.

Glad to hear it. Right, you've been looking at the papers for us. What have you spotted, please?

Well, my first story is a little bit sad or actually very sad. It is a follow up on what's happening with Brown University where the shooting occurred on Saturday. A gunman entered into the engineering building, went into a classroom where kids were preparing for final exams, killed two students and injured nine others. As you might know, Emma, my son is a student at Brown University and he was in that building. He did not hear the shots. He was holed up in the design a workshop where the machinery kept things quiet. He walked a friend out and he saw that there was a huge mess of bags, no people in the building. Somebody said there's been shots. He ran back, helped his friends evacuate from the workshop. They went outside. Police said hide and cover. And he went into a dorm across the street and spent the night there. So that was his Saturday night. Where we are now is that the gun man still hasn't been found. The latest news is Brown did not have a lot of cameras, but police have gone door to door around the leafy neighborhood there. It's kind of an affluent neighborhood where Brown University is and have asked people if they have any camera footage. They have now released images of the gunman. He is wearing a mask. You can't see his face. But it's really disturbing just to see this stocky, not very tall man just walking around with a mask on as if nothing's going happen and he's about to shatter lives. The other piece of news is that they've released the names of the students who were affected. There is Mukhamad Aziz Umuruzokov. He was a naturalized US citizen from Uzbekistan. He was considered gentle and extroverted, planned to be a neurosurgeon. Ella Cook, 19, from a small town in Alabama was called a bright light by her pastor and she was vice president of the College Republican Club. There's not a lot of Republicans at Brown, but there are some. It really celebrates diverse points of view. And then Kendall Turner from North Carolina is a recent graduate and she is critically wounded. She is the roommate of a good friend of my son's. So this is really hurtful on, you know, personal level, but as well. I mean, I was really shocked for Rhode Island. A lot of people say, well, how can you send your kids to school in the US the fact is that nothing has happened really severe in rhode island in 20 years. So it's really shattering for the state as well. And a question might be Already enrollment by international students in US Universities has been affected by how difficult it is to get visas. 17% is a decline in enrollment this year from by international students. My son's roommate was from Sri Lanka and it was touch and go for him whether he was going to get a visa in time to make it. And there has been severe cuts by the Trump administration to research institutions. And now I wonder if international students will make the choice to come to the United States. And it's too bad because the US University experience is really a unique one.

We wish your son the very best. Thank you for telling us that story, Noel. Let us look at some other stories which are making the headlines where you are in Switzerland. Something in the Tagus and Saige.

Yeah. Well, this is also near and dear to my heart. One of the things I love about Switzerland is clean food. And in its negotiations with the United States as the Tiger Saga, Anziger is reporting, Switzerland has agreed to in principle to allow more U. S made automobiles and meat products. And this is going to run up against its place in its negotiations with the eu. Switzerland is not an EU country, but it generally abides by EU rules. The EU has banned chlorinated chicken from the United States and there's an open question whether Switzerland's going to let it in. Probably not, but it has. It has said, well, we're open to considering changes. And meat from the US has hormones. Pork has additives. So the EU and Switzerland are trying to figure out what they're going to do with that. Another one is US Made cars. There might be an opening there. They're talking about maybe trying to standardize their crash tests and other things to allow US Cars into Europe. But it looks like Tesla's cybertruck won't be let in anytime soon. It is. With its sharp steel edges, it's considered too dangerous for European roads. So much so it violates so many EU regulations that even the US army said we can't allow our soldiers to drive cybertrucks here in Europe.

And one wonders when it comes to any sort of trade deal that the negotiations between Switzerland and the United States have been quite rocky, to put it that way. Things are have calmed down a little, but will there be a sense that the United States can just sort of hold Switzerland a little firmer when it comes to what it wishes to export there?

Yeah, I mean, I think Switzerland's really feeling the pressure because initially Trump had raised tariffs on Swiss goods up to 35%. They apparently got them down to 15%. But I mean, the good thing is I think when you're negotiating with Trump, a lot of times he seems to be happy with like promises and intense tents and stuff. So hopefully they can sort of kick the ball down the road whether they're actually going to input those meat products and just sort of talk about processes towards letting them come in.

Noel Salmi in du foor Strasser 90, thank you so much for joining us and for battling through with your voice. It was good to hear you on THE globalist. Now here's a quick look at some of the other stories we're following today. President Trump has filed a $5 billion lawsuit for defamation against the BBC in a flor. It concerns a documentary that spliced together two separate parts of a speech he gave on 6 January, 2021. The US military says it's carried out strikes on three boats it alleges were trafficking drugs in the eastern Pacific Ocean. Eight men have been reportedly killed, with more than 90 people now dying since September in such strikes. And Britain and South Korea have finalized a trade deal. It replicates the same terms as South Korea's existing agreement with the European Union that Britain is no longer part the of, of. And those are the headlines. Stay tuned. Now let's hear from Monocle's Greg Scruggs. He tells us now about how Canada is keeping avalanche prone mountain passes clear.

Winter might be cherished for its peace and quiet, but in terrain prone to avalanches, a concussive boom can be a regular soundtrack track. In ski resorts and along high altitude highways, professionals have used explosives to preemptively trigger slides for decades In North America, vintage military hardware has long been employed for this purpose, from M101 howitzers used in World War II to M60 tanks whose heyday came during the Cold War. But as ammunition supplies dwindle, the US army recalls, artillery and transportation departments install remote detectives detonation systems. The days appear to be numbered for these military relics this winter. Rather than load a shell, aim and fire as though they're in the Battle of the Bulge, highway crews responsible for Interstate 70 through the Colorado Rockies and Interstate 90 through Washington's Cascade Mountains will instead push a button from a heated office, thus remote triggering explosives via their modern Swiss designed Vissen avalanche control system system. There is one holdout. Rogers Pass, where the Trans Canada highway cuts through the Selkirk Mountains in Glacier national park, has the highest avalanche rating of any highway in North America, with 135 known slide paths. Over the last three days alone, the mountain pass received 50 centimeters of snow. Avalanche forecasters with Parks Canada make the calls while the Canadian army armed forces still fire the shots. 15 to 20 artillery specialists are on duty from November to april armed with C3 howitzers. The mission is officially called Operation Palaci. Unofficially, the annual deployment is known as Canada's longest running hostilities, the Snow War.

And that was Monocle's Greg Scruggs. For more high altitude stories, pick up a copy of Monocle's Alpino winter newspaper, available now Monocle shops and [e-mail]. Now. The Trump administration's national security strategy, released earlier this month, could be seen as a battle of ideologies. It warns that Europe is facing a civilizational erasure. It's a document that sets the standard for public servants of the U.S. state Department and other agencies. They're charged with implementing a its mission. And Orna Blum is a former senior foreign services officer in the State Department for transatlantic relations and public diplomacy. Monocle's Chris Chermack heard from her a little earlier and began by asking her whether she could remember another president's mission statement causing as much of a ruckus as this one.

[Orna Blum]

I don't. I don't remember. I mean, what's interesting, just as a quick frame of reference, I was thinking back to past national security strategies. You know, Clinton was very focused after the fall of the Berlin Wall and building a community of democracies. And President Bush After 911 was on the sort of pre emptive engagement for security, making sure that battles were fought overseas instead of at home. President Obama for the first time had used climate change as a national security threat. So there's always the question of how does one reframe with a change of administration. That happens for career public servants. We only have to figure out how to explain the differences. But there's always been a common thread that the United States stands for democracy, human rights, free trade and a multilateral cooperation. I think what you're going to see, and from my experience under the first Trump administration, and just one month into this latest administration, because I did leave, I think what we'll be seeing is that more of this strong language is framed by the political appointees. And it isn't quite a divergence from the first Trump administration. Observers of US Politics know well that President Trump and his administration are very focused on the framework of America first. And he continues with that in this latest national security strategy. But it takes a hard, harder turn. It starts out with an introductory message from the president. And in that message, Donald Trump refers to taking America back from the brink of disaster. And he talks about the military being purged from radical ideology and woke lunacy. And there's one statement that really stands out, which is the days of the United States propping up the entire world order are over. What's happening also is that members of his administration, senior appointees, are framing it within their own messaging as a battle for and in their word, civilization. And the big question is, which civilization and how does one define that?

[Emma Nelson]

And in going about reframing that world order, we've seen obviously the Trump administration embrace far right parties in Europe. Just this weekend, the alternative for Germany's, the far right party in Germany, its foreign policy voice, Martin from was on a tour of the US Meeting with US Officials in the State Department. What is your sense of that kind of shift? Do you see the US and the Trump administration really leaning into those parties as the voices that it wants to do dialogue with?

[Orna Blum]

Absolutely. As you mentioned, Frohmeyer met with our new under Secretary for Public diplomacy, whose name is Sarah Rogers. When he came out of that meeting, he was very robust in his own X account, exclaiming the meeting was a brand of approval. But this has been starting since the very beginning of the Trump administration. This time around we've been seeing, for example, Vice President J.D. vance in February met with the co leader of the AfD, Alice Vidal. And he was very outspoken in saying that the so called firewall that exists among the political parties in Germany to not make coalitions with extremist groups, that that was seen as censorship. And one of the reasons that I believe Grohenmaier met with Sarah Rogers is because Sarah Rogers has been very outspoken in using the word censorship, saying that the United States under the Trump administration would fight so called censorship and would would promote from their perspective, freedom of speech. And these are coded words under this administration for combating what has been under previous administration's efforts to combat malign disinformation. That's, I think, a very important distinction because it's using words that I think the global community would absolutely agrees important to combat. Nobody wants in a free country to have censorship. But these words are being turned around and used differently now.

[Emma Nelson]

And that's something that's happening in Europe as well, obviously. And it's hard to discuss, of course, motivations of the Trump administration. But I do wonder when you talked about that introductory statement of the national security strategy as well, no longer wanting to be the world's policeman, sort of breaking away from allies in Europe. Is it your sense of that the US and the Trump administration is actually breaking away from Europe or would they re engage if say, Jordan Bardela becomes president of France, Alice Weidel becomes chancellor of Germany, Nigel Farage becomes prime minister here in the UK Absolutely.

[Orna Blum]

You're making such an important point, Chris. This is not a breakup with Europe. And of course, let's be honest, you know, United States and our European partners have not seen eye to eye on a number of things over the years. We were in April under President Obama to pass the transatlantic trade Agreement. There had been famously, senior officials had a phone call tapped around, Maybe it was 2014 regarding frustrations with the European Union over the lack of sanctions against Russia when they first invaded Ukraine. So differences exist. And I think that as a national security strategy document, the Trump administration is signaling with whom they wish to partner. And if I can quickly divert over to the Western Hemisphere, we've seen, of course, the Trump administration continue its very close relationship and support with former Brazilian President Jair Bolsonaro and enacted global Magnitsky sanctions against the head of the Brazilian Supreme Court for what they determined were so called censorship efforts. But those sanctions have apparently been withdrawn by the Treasury Department. So this is a global demonstration of how the Trump administration wants to engage and it seems to be with those that are farther on the right of the political spectrum.

[Emma Nelson]

And that was Orna Blum, a former senior foreign services officer in the U.S. state Department, in conversation there with Monocle's Chris Chamak. You were the globalist. 8:40 in Paris, 7:40 here in London. Now, Italy and France have agreed on the need to delay a final vote on the Mercosur deal. Paris has reportedly been trying to rally support from other EU countries to put the brakes on the agreement. Well, to tell us More I'm joined I to want by Bloomberg's Brussels bureau chief, Suzanne Lynch. Good morning, Suzanne.

[Suzanne Lynch]

Good morning.

[Emma Nelson]

Could you just briefly recap MERCOSUR and why it's such a big problem for France? Yes.

[Suzanne Lynch]

So the MERCOSUR deal is a trade deal, proposed trade deal between the European Union and four South American countries. But it has been in the works now for nearly, would you believe, 25 years. This has been a long process of discussion and it has always been controversial, mainly because the farming groups in Europe are worried about an influx of cheaper imports from South America into Europe. They say that a lot of South American products don't have to reach the same standards as European products and they're very concerned about that. On the other side, a lot of countries, including Germany and many the countries, most of the countries in the EU do favor this deal because there are advantages to other sectors. So for example, the car sector, they're going to be able to export more into the South American markets. But we were expecting a final deal. A lot of progress has been made on this in the last year or two. Von der Leyen, the president of the commission, signed a deal with her South American counterparts in, in December 2024 and an agreement had been expected by the end of this year. But now France on Sunday announced that they were pushing to delay an agreement on this.

[Emma Nelson]

And is this a delay with the express intention, the longer term strategy of actually killing it off?

[Suzanne Lynch]

Well, this is the issue. I mean, the problem for France is it has made no secret about its opposition to this, but it knows it doesn't have the votes to block. This is one of these policies in the EU where you just need a qualified majority of countries, you don't need all countries to back it. And at the moment, France does not have a blocking minority and this is, I think a last minute push for them to try and get one to try and get some other countries around to their way of thinking. But to answer your question, I mean it is a delaying tactic and EU officials are saying here that they are concerned that if this is not done this week and it goes into next year, well then the South American partners are going to become increasingly frustrated, they're going to start wanting extra concessions, etc. And this whole thing will just get delayed infinitum again. So that's why there's such a push that this time, particularly at a time when the EU is trying to strike trade deals across the world, it's obviously looking to diversify now that it can't rely on the United States, the way they once did, that this would be a very bad look for the EU if it can't agree this.

[Emma Nelson]

And in that context, why is it that Italy has jumped in with France?

[Suzanne Lynch]

Yeah, so this is interesting. So there are a number of countries who are very strong against it, France being one of them, Poland being one of them. And Poland obviously is a very big country in the eu. But the Prime Minister of Poland, Donald Tusk, has previously said they're against it, but they know they don't have enough votes to block it. Also countries like Romania and Ireland, but Italy, if they came on board, they would have enough votes to, to side with France and block this if needed. So Italy has not commented on this publicly, but our reporting shows that they are considering, they are looking at this and they haven't committed to it. So I think one of the specifics they're looking for is that the European Commission, to try and appease the agricultural sector, did propose a number of safeguards earlier this year. So that was things like the tariffs would be changed if imports from South America exceeded a certain quota or if a number or percentage, and if there was an influx, there would be a mechanism that would kick in that would protect European farmers. Now, today in the European Parliament, there's going to be a vote on those safeguard measures. And Italy is going to be quite looking at this closely and seeing is there anything more they can do on these safeguards, get more protection essentially for European farmers. And that's going to be the key to see if that's enough to keep Italy on board and to get to make sure that they do vote in favor of this deal and that a vote can take place this week.

[Emma Nelson]

But briefly, Suzanne, finally, the issue from the outside, though, looks as if there is a European Union here that can't make up its own mind on how it wants to deal with the rest of the world. Does this not threaten the EU's credibility?

[Suzanne Lynch]

Yeah, as I said there, I mean, they think the EU officials are worried that the, the optics of this at a time when they're trying to seal trade deals with other trading partners is just not good. And they are aware of that. And that's one of the reasons I think they are the commission and countries like Germany are so keen to get this over the line before the end of the year.

[Emma Nelson]

Suzanne lynch, thank you so much for joining us on the line from Brussels. That was Bloomberg's Brussels bureau chief. They're talking to us on the globalist. 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.

We head to Japan now for the Tokyo Art Book Fair being held at the Museum of Contemporary Art Tokyo. At the venue, independent publishers and art book creators are coming together together showcasing a wide range of printed works centered all on art books. Well, Monocle's Ryuma Takahashi has been to the fair and has heard from its project manager, Kanako Tsunoda.

[Orna Blum]

This is the first art book fair in Tokyo. Also we are the biggest art book fair in Asia, so we have big capacity like open for so many people. I think that is one of the important role that people who are interested in art books like they can meet lots of publishers and artists if they come here.

[Emma Nelson]

This year marks the 15th edition of the Tokyo Art Book Fair. Over two weeks, around 560 exhibitors are taking part from around the world. One thing that stood out to me at this year's fair fair was just.

[Ghorana Gurgi]

How much art books are continuing to diversify.

[Emma Nelson]

The fair features a wide range of books from titles on art and design from around the world to publications by character artists who've gained attention online as well as book exploring Japan's street naughty sports. I spoke with Olivier Mignon based in Kanazawa, who is presenting work inspired by Japan's Keiji band. Noticed the for culture, keijiban means notice board in Japanese and I'm using an actual notice board in the center of kanazawa near the 21st century museum as a very tiny gallery. So I use it as a display for art, but in general it's more for community information, for some sentence that a priest at a temple would like to transmit to his community. I really like the sense of publicness but also the feelings of the owner of the Keshe bands. So most of the time I am not meeting the public of my kejban.

[Levi West]

Because it's there in the public space.

[Emma Nelson]

And I don't see nor meet the people who kindly come see the show. So this fair is an occasion to actually meet the people, people who see the work and buy the additions. The project manager of the fair says that in recent years, art books have increasingly come to serve as a gateway for people who want to engage with art.

[Orna Blum]

The reason why I love art books is like I think that is a format for everyone. Like I feel its art Book is so open most of the time the art piece is expensive. There are some like rare books, like the value of the book sometimes going up, but if the publisher decided to reprint it, the barrier is going down again. Because of that, the people who just started getting interested in art scene, they can make their art books easier than making like big art pieces.

[Emma Nelson]

Dutch artist Ruth Van Beek is also joining this year, sharing her thoughts on current trends in the artwork world and her impression of this fair in Tokyo.

I've been sort of there for many years now and it's only getting more popular I see on all the book fairs. So many young people are really interested in the physical materiality of images. I think imbalance to the Internet, there's such an overflow of imagery to be found online and I think people just really like to hold something in their hands. And what I also notice is that there's people coming for my, from my books at least from very young girls who are sort of fan via Instagram and they buy a postcard to people who have a little bit more budget and can buy a more expensive artist edition book. So this variety of audience all comes together at the art book fair and.

I think that is very nice. Art books in Japan are increasingly merging with online visual culture, becoming more diverse and turning into a valuable physical medium through which creator can reach new fans and also connect with existing fans. For Monaco in Tokyo, I'm Ryu Matakah.

And that was Ryuma Takahashi talking to us from the Tokyo Art Book Fair. You're listening to the Globalist. 7:51 Here in London. Father Christmas has walked in everybody in the shape of David Phelan, our technology correspondent, and has laid before me an array of. I'm assuming, David, welcome. By the way, these are all Christmas presents. How are we? How are you? Happy Christmas.

[David Phelan]

Very good. Merry Christmas to you as well.

[Emma Nelson]

Ho ho, ho, ho ho. Well, what have we got? So if I woke up on Christmas morning and had these laid before me, I'd be a very happy girl. So what are we having? Should we start with a very beautiful camera? Yes.

[David Phelan]

So that's the latest camera from Fujifilm, the XT33. Fujifilm had a big success with compact but powerful and highly effective cameras in the last few years. None more so than the X100VI, which they still can't keep up with production. The demand is so high. It's such an amazing camera. This is similar, it's actually smaller, but it is a more. It is designed, styled like a classic slr. It has a Swappable lens so you've got greater flexibility than with some cameras. 26 megapixel sensor, a new processor designed for autofocus and video. And it's just the saying is the best camera is the one you've got with you. That's always our phone but if you carry that with you that will easily outdo any smartphone.

[Emma Nelson]

And it is that big step up, isn't it? Because we talk about the smartphone and then you talked about the medium compact cameras that Fuji has like you say conquered the world with. How tight a market is the digital SLR market that Fuji thinks actually it could make a play here?

[David Phelan]

Yeah, I think it is definitely it is a big market. The full on digital SLRs are from the likes of Sony and Nikon and Canon. Those are in a different price league this is but they're also because they've got bigger sensors, they're also bigger devices. This is small, very pocketable and it's got controls designed for a professional or an enthusiast but you get used to them and when you do you can take amazing pictures.

[Emma Nelson]

Are we asking Father Christmas for this?

[David Phelan]

I think it's a beautiful camera and I would really like it.

[Emma Nelson]

Father Christmas. David says yes. Yes to The Fuji X XT 30, is that right?

[David Phelan]

That's right. Third generation written.

[Emma Nelson]

Yes, it has to be third generation Father Christmas otherwise he's sending it back. Right, okay. We're now moving to the second present. This is so much fun. I wish everybody could be in the studio to see but now I'm going to keep it all. So we have headphones made by a company that makes vacuum cleaners and hair dryers. What's going on here David?

[David Phelan]

So this is Dice. Their on track headphones were actually launched in 2024 and have been very successful. They've been praised. They've got great noise cancelling, amazing battery life and they've got a beautiful sound to them. They're quite big and they're also very configurable. You can change the ear pads, the soft bit that touches your ear and the bit on the outside, the caps for different colours, different materials. Apparently there's up to 2,000 different combinations if you want to go that far. Well now there's 2001 because D has now collaborated with the brilliant luggage brand Porter and has created a limited edition bundle of headphones and shoulder bag. The, the headphones themselves have a beautiful Porter logo on the cap outside the the earpiece and the bag is very clever. It's got a special hook that you, you, you Take a popper and fold it round and the headphones can attach outside your bag so they don't take up space inside your bag.

[Emma Nelson]

I mean, I'm literally going weak at the knees in front of these things because they're so. I mean, you bring in good tech, but dare I say, you don't always bring in phenomenally handsome tech. And this. I was looking at it, looking at these headphones, thinking that actually could make a person better looking simply by wearing them. I mean, the idea of collaborations are quite wearisome nowadays, but the fact is that they seem to have got some sort of. Well, for me at least some sort of magical sort of alchemy going on here.

[David Phelan]

Yeah, I think it's a very good choice. It's. It's. You're right, there are surprises. It's a surprise that Dyson makes headphones for some people, and it's a surprise that they would necessarily collaborate with Porter, the Japanese luggage brand. But they certainly seem to have pulled it off.

[Emma Nelson]

Okay, is that. Are we asking Father Christmas for those?

[David Phelan]

I'm pretty keen on those as well.

[Emma Nelson]

I think. I'll fight you for them, actually. They're quite phenomenal. And the Portabag is water repellent. Of course it's water repellent. What have they not thought of? Right, okay. So what they've not thought of, actually is warming your hands up. But don't worry. You've brought us a pair of gloves in with buttons on them.

[David Phelan]

Yes. I wore these this morning on my ride in on a Boris bike to the studio through the brisk December morning that is London. And these are the Burt's Chat Heated Bicycle Gloves pro.

[Emma Nelson]

They're big.

[David Phelan]

They are big.

[Emma Nelson]

I mean, I've got small hands.

[David Phelan]

Yes.

[Emma Nelson]

It would look quite funny if I wore them.

[David Phelan]

They come in different sizes.

[Emma Nelson]

I'm very glad.

[David Phelan]

The website gives you very detailed instructions on which pair you would suit. And they have buttons, as you can see, I'm pressing them and very good.

[Emma Nelson]

Nothing's happening.

[David Phelan]

You're pressing a little harder. If it might work. Or press and hold. And you will see that there are two little pictures of hands. One of the reasons these are so good, and I've tested a lot of these kinds of gloves and these are easily the best, is that they heat on the palm side of the hand as well as the back side of the hand. If you want that, you can choose. That's why there's two buttons. And please do try.

[Emma Nelson]

I'm literally putting them on. My fingers are getting boiling. They do work very well, they work very well. I mean, it's like. Yes, I've never. This is the strangest sensation I've had in the radio studio for a very, very long time. But the tips of my fingers are now on fire. Yes.

[David Phelan]

You can control their own levels of heat. If you tap those buttons again, you'll see they'll go up and down.

[Emma Nelson]

I've got full agar going on in here. This is absolutely enormous. I'm going to come out and. Are you sure that your hands aren't. Oh, they're a little. Yes. I'll take them out before they get too warm, but yes. No, they're absolutely amazing. How much are these?

[David Phelan]

These aren't cheap. They're £189. You can get much cheaper ones, but they are nowhere near as good. And these are effective. The battery is big. They have nice little touches like as some others do, that the fingertips are touchscreen compliant so that they will work if you need to tap things on your phone without taking your glove off.

[Emma Nelson]

That is one of those things. Apart from the fact that they're so big on my hands that I wouldn't even be able to pick the phone up. You end up with sausage hands, but fine. Are they going? Is Father Christmas being asked for these as well?

[David Phelan]

Well, I'm hoping you worn them. Santa will feel that I ought to keep using them.

[Emma Nelson]

So we have three things. We have the camera, we have the natty bag and headphones. And we have. Have the. The hot hands which we. What are we having?

[David Phelan]

The headphones are pretty special.

[Emma Nelson]

They are great. I'll fight you for them later. David Phelan, thank you so much for bringing so many gadgets into the studio. That's all the time we have for today's program. The warmest of thanks to all my guests and I mean it's warm because my hands are hot. Thanks to the producers, Chris Chairmack and Laura Kramer. Our research was Jonah Mosa and our studio manager was Lily Allen. After the headlines. More music on the way. The briefings live at mid midday here in London. The globalist is back tomorrow. But for now, from me, Emma Nelson, goodbye. Thank you very much 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 craft.