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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 30th September 2025 on Monocle Radio. The Globalist in association with U hello, this is the Globalist broadcasting to you live from Midori House in London. I'm Georgina Godwin on the show ahead as the US Brings in draconian new visa fees for foreign workers. Will China be the beneficiary then?
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B
But the plan that we put forward.
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Today is focused on ending the war.
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C
Immediately, getting all of our hostages back, getting everything back.
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B
Hard to believe when you even say it.
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It is hard to believe that Trump and Netanyahu can end the conflict in Gaza when as yet, there's no buy in from the other major player, Hamas. We'll investigate. We'll be in Botswana to take the temperature. One year after the historic change in political power, we'll have a look at the global newspaper headline and get a roundup of economic news.
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Plus, the mold has got to be broken so that people are working where they're needed in this field.
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Sir Terry Farrell, the British architect who certainly broke the mould himself, has died at the age of 87. And do you know your career rare from your Putteketeke, The New Zealand Bird of the Year competition is back for its 20th edition. We'll have more later. That's all ahead here on the Globalist live from London. First, a look at what else is happening in the news. Talks between Republican and Democratic leaders have collapsed without agreement, leaving the United States on the verge of a government shutdown over disputes about health care and spending. Vladimir Putin has declared that Russian forces are prevailing in Ukraine even as Washington weighs whether to supply Kyiv with Tomahawk missiles in response to Trump's recent statements. And in Morocco, police have broken up a third consecutive night of youth led protests across major cities where demonstrators are demanding improvements to healthcare and education. Do stay tuned to Monaco Radio throughout the day for more on those stories. Now, India has been shaken by President Trump's plan to raise the fee for new H1B visas to $100,000. Washington has since said the fee is a one time charge for new applic Applicants only. But the future of the H1B pipeline is uncertain. At the same time, China is set to launch a new K visa on Wednesday aimed at foreign science and tech graduates. The question now is whether Beijing is serious about opening its doors or just trying to look more welcoming than Washington. And whether Indian students and workers, who make up 70% of H1B applicants, will really be tempted or prefer to stay at home. Well, I'm joined now here in the studio by David Schlestener, who is an independent advisor and a commentator on media, journalism and China. And on the line from Bangalore in India by Maya Sharma, who's a journalist, author and teacher. Thank you both for being with me this morning. Maya, what is the H1B visa and why has President Trump's fee hike caused such alarm in India?
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D
Well, honestly speaking, the American dream was alive and well in India until very recently. It was an aspiration of thousands, millions of educated Indians to go abroad, to study in America, to work in America and make a life there, becoming citizens eventually. And many of them followed this route with the H1B visa, which allows people to work there and they were sponsored by their companies at a much lower sponsorship fee. Of course, the H1B visa requires that you have a job and requires sponsorship from the employer, which makes it different from the China visa. So many Indians did go there for stayed there for years, applied for their green card and became citizens. Now with this $100,000 fee for new applicants, the United States, after causing a great deal of panic in India, did say it was for new applicants, not for people who write currently on an H1B visa. It's causing a lot of concern for new students, for students who had planned to follow that route to perhaps go there and study, try and get a job there to pay off the student expenses that they'd incurred. And it's really put a big dent in the American dream for millions of Indian who actually want to go there through the H1B visa and make a life there.
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A
I mean, David, when you look at this K visa, what's China actually putting on the table and are they genuine about welcoming foreign workers?
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E
I think when you look at China, symbolism is always important. And what President Xi is doing with his K visa is putting down a very important marker that China will be self reliant in technology. China will be an AI powerhouse. China will not be reliant on US Or Western technology. Now, will this actually work? That's an open question. I was just talking about the American dream. I'm not sure that there is really a China dream for Indian students. China is not a place where one can easily become a citizen or make a life, even if one wanted to. People on H1B visas in the United States ended up with $150,000 a year salaries, which allowed them to live a good and also send lots of money home. You're not going to make that in China. And of course, there's a huge language issue. Everyone going to the America from India knows English to a very high level. I don't think there are that many Indians who know Chinese.
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A
Yeah, absolutely. I mean, Maya, is there a Chinese dream for Indians? Do you sense that Indian students and skilled workers could be tempted by the move? I mean, language is obviously one of the issues. China's stance on Pakistan another.
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D
That is correct, yes. As David was saying, it is unlikely that there'll be a mass migration of people who wanted to go to America changing their minds and heading east instead to China. Language is a huge issue, of course. India, China. Tensions have been very much at a high level over the last few years. Right now, there's a bit of coziness, in fact, triggered perhaps by Donald Trump himself. President Donald Trump. But there is a background of tension between the two countries. There's also a certain lack of details still about the K visa and what it requires. And also, yes, it's not a route to citizenship. It's not a route to making a life in a different country, which is what many Indians want when they go to the United States. So it's more likely that people who are rethinking about going to the United States may in fact look to other countries, but China may not be on the top of the list. There are people working there, there are people studying there from India, but it's unlikely to be a huge aspiration comparable to the dream of heading to the United States.
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E
I think it's important to note that President Xi is probably not looking to India particularly. I think what Xi really wants to send a message to is Chinese scientists who are in the United States, who are working in American universities, who now feel very unwelcome under Trump and say, come back to China and with this K visa, you'll be able to bring your whole lab, you'll be able to open up a startup, maybe get some young people to help you. China is now welcoming you back. China did this once before with something called the 10,000 Talents visa, where they welcomed back Chinese who had established citizenship overseas. They got a lot of very important scientific talent that way back. I think this is, again, a way of saying, come back home. We're going to be a powerhouse. You can make a life here. And by the way, you can bring your whole lab with you. You can bring your postdoc students with you. You can have a startup here.
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A
Maya, I wonder what it means for India, US Ties coming as it does on the back of tariffs.
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D
India US Ties are not looking as great as they were just a few months ago when it was riding on what was seen as perception of the closeness between Prime Minister Modi and President Trump. We have this H1B visa and frankly, more than 70% of people on that H1B visa were Indians. So this is seen as a blow, as a way of making Indians female welcome. It comes, of course, yes, as you were saying, on top of the 50% tariff on Indian goods, especially as a punishment for buying Russian oil. It also comes after illegal immigrants from India were returned on military aircraft in chains to India. It comes after Donald Trump has repeatedly said that he stopped the skirmish, that the trouble, the violence between India and Pakistan, that he was responsible for stopping a war between these two nuclear powers. And also Donald Trump has been meeting Pakistan leaders, none of which has really gone down well in India. India is trying to sort of spin it, trying to say that Perhaps with the H1B visa becoming harder, more expensive for new people, it's a way of keeping talent in India, where of course, it is much needed of keeping bright people back in India. That is a spin which the government is trying to give, a spin of self reliance, a spin of work for your own country. But really speaking people who have decided to leave are probably likely to just look at other countries instead. So, yes, it is an extra strain to the ties between the two countries.
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A
And finally, David, what about the bigger picture between China, India ties and indeed China, US Ties?
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E
I think China sees the world under Donald Trump as being a place where it can really be much more of a power in the so called global South, a fulcrum against the west, against a US which is trying to alienate almost every country in the world, including its closest neighbors, Canada and Mexico, as well as Europe. Yes, there are ties between the US and the UK which seem to get warmer recently. But even that under Trump, I think is a matter of a coin flip, whether Monday, Wednesday, Friday, it's one thing, Tuesday, Thursday, Saturday, it's another. And so for China, China to be a solid, dependable, if not lovable creature is probably to its advantage. You know what you're getting with China, even if you don't particularly like it.
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David Schlesinger, who is an independent advisor and commentator on China, and Maya Sharma, journalist, author and teacher in Bangalore. Thank you both very much. This is the globalist. It's 911 in Gaza, 7, 7, 11 here in London. Israel's Prime Minister Benjamin Netanyahu met with US President Donald Trump at the White House yesterday. Previously, Trump had hinted that something special was in the works for greatness in the Middle east, even as Netanyahu doubled down in his speech at the UN which dozens of diplomats boycotted. Both men are known for their fiery rhetoric and their somewhat loose relationship with the truth. So has anything concrete, evidence based and viable emerged? Well, I'm joined now by Paul Rogers, open to Democracy's international security expert, who was watching the aftermath closely. Paul, many thanks for joining me. What did we see in the press conference following this meeting?
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F
It was a lot of very interesting body language. Obviously Trump was on a high, saying that this is the start of something new, sort of historic proportions. Netanyahu was much more cautious and almost looking as though he was not really happy to be there and essentially was seeing this as something which he could hang on to, that there's so much devil in the detail in this one that he can probably get what he wants in the longer term. What he wants, I think, is to destroy Hamas and to prove he's destroyed Hamas. That has nothing to do with what is being proposed now. But I think he feels that he can get it in some ways, as indeed has happened in the past. And I think one does have to remember that if Netanyahu is signing up to this, this is the same person who only a month or so ago ordered the attempted assassination of the Hamas negotiating team in Doha. So I think one has to be very cautious. On the other hand, at the moment, Trump has a lot riding on this. And if this deal, so to speak, collapses soon, that would look very bad for him. So there's some chance of making progress, but I wouldn't really expect it to be very high. I think the odds are against Trump this being the start of a lasting peace. One hates to say that, but I think that's the reality.
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A
Do we know if Hamas have even seen the plan?
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F
They said not about 12 hours ago, but there seems to be an indication they may well have seen it. They will have an idea of the gist of it. I mean, it's in the public domain now, or at least the main features are. But no, this is the curious thing. This has all been negotiated in the absence of one of the so called partners. Now the, well, the very idea as far as an Israeli point of view of calling Hamas a partner in a negotiation is anathema. But the reality is that Hamas is still there. Israel is conducting major military operations. Many people are being killed every day in the process to try and destroy Hamas, which is pretty strong proof that Ivated is still a viable body. Even now. How that is happening, who knows. But the reality is Hamas, they are proving very difficult to sort of undermine and get rid of. And the added thing is one suspects there are very many, many thousands, maybe tens of thousands of young Palestinians who are much more inclined to support Hamas and indeed join it or any future organization. And that I think is one of the things one tends to forget. The ordinary Palestinians are really key to all of this, but they to some extent are being sidelined at the present time.
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So, I mean, many things were thrown up by this meeting. Not least the self congratulatory tone of Trump himself who kept talking about how he had reluctantly but felt he must take on the role of the chair of the so called Peace Committee. I wonder what that committee's going to do, what roles envision for the Palestinian Authority and also what. I mean, for instance, the Telegraph today is trumpeting that Trump and Blair will govern Gaza together. So what is the next step? Who will be in charge?
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F
Well, as far as Trump is concerned, he will be in charge with Blair almost as his right hand person and doing all the detail. And the Blair Institute of course, is funded by a range of organizations, including some extremely wealthy people. But the problem I think is that Blair is not held in high regard by ordinary people across the Middle East. He may be by some rulers, but not by ordinary people. And this I think is going to be a further problem for the development of it. One hopes that, you know, this is going to work, but I think one has very considerable doubts as to whether it's feasible. And that includes this idea that Trump is going to be the chair of the entire group. That does not bode well for somebody who not that long ago was seeing Gaza completely cleared of Palestinians and a kind of real estate bonanza. So this is where we are now, but it is possible. You always have to believe this. It's possible that it might lead onto something more. But frankly, don't hold your breath.
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I mean, is this about him getting the Nobel Peace Prize?
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F
I think it may well be, but the problem is I think he does have a difficulty with that in many other ways. I mean, it's really shown by the idea that he's changing the Pentagon's title, so to speak, to the Department of War rather than Depart of Defence. And that I think indicates that the idea of a Nobel Peace Prize, unless people are very much mistaken, is simply a non starter. And of course the Nobel Peace Prize is going to be announced within the next couple of weeks, so that will be a very interesting one to watch.
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A
How are the Arab and Muslim states responding to the proposal and what leverage might they have over whether it succeeds or fails?
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F
I think cautiously, they're certainly welcoming it in a sense, but with considerable caution. I'm talking about the more distant Muslim states, Pakistan, Indonesia and the rest. The ones close by, yes, they hope this will work. I think there are very big doubts as to whether it will, but at least it doesn't engage some side of progress. One of the things is that we're going to know, I suspect, within about a week whether this is a real starter. And if there's any easing of the Israeli operations, for example, in the next 48 hours, that will be significant. I mean, if you're getting scores of people killed every day in the bombings and the drone strikes, if that even eases in the Next sort of 48, 72 hours, then that is a good sign. But if it doesn't, then I think the idea that we're going to make progress does rather ease away in the distance.
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A
And finally, if Hamas says no or strings things out, how quickly does this whole plan collapse and then what happens on the ground in Gaza?
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F
Well, if Hamas is not sort of completely willing or if there's any sort of room for maneuver, then I think Israel basically will go straight in renewing its efforts. And that will just be what is happening now, only more so. One of the real problems for Israel is that it is proving very difficult, if not impossible, to dislodge the Hamas paramilitaries that remain. And you have to remember this vast array of tunnels, most of those still exist and some have probably even been repaired. So as far as Israel is concerned, it will be a great deal of force, almost razing much of Gaza as a preparation to getting rid of all the people in it through to this humanitarian zone in the south. So if the worst came to the worst, I think within a relatively short space of time, the best part of 2 million people would be stuck in a very limited humanitarian area right down towards the southwest, within very reach of the Egyptian border. That I think would be a recipe for very bitter anti eu, American and anti Western feeling across much of the Middle east, at least to the level of ordinary people, if not of the leaders.
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Paul, thank you very much indeed. That's Paul Rogers, who's Open Democracy's international security expert now. Still to come on the programme, that's the sound of the Karea Raya, the only falcon in New Zealand, but you'd be extremely fortunate if you heard one in the wild. However, things might be looking up for the rare bird. Stay with us on the Globalist for more. Craft is its own reward, which is why at UBS, we're honoured to work alongside over 50 of today's leading Nobel laureates, each an expert in the art of economic science, bringing you engaging discussions, actionable insights and inspired solutions, all focused around the questions that shape our world today. For a better outlook, find a Nobel perspective. UBS banking is our craft. Well, let's continue now with today's newspapers. And joining me in the studio is Claudine Fry, who's a partner at Control Risk. Claudine, many thanks for coming in. Good morning to you. I want to carry on talking about the United States because a lot is happening there this week. We've got the looming government shutdown. And then today, as Paul was talking about the Department of War headed by ex television host Pete Hegseth has called in every senior military commander from across the world to a meeting. They don't know what for. So these two really do go together in a way. And I'd like your take on these stories.
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G
Good morning. Thank you for having me. Yes, it is an extraordinary day, yet another extraordinary day in the United States. And the newspapers around the world are full of news, mainly focusing where it is on the United States, on tariffs and the trade war or on Trump's role in his proposed peace plan for Gaza. But I think perhaps the developments happening domestically are ultimately the most consequential, not only for the United States, but actually for all of us around the world as well. And as you say, yes, it's a big moment as it's the final 24 hours for politicians to try and avoid a shutdown, another shutdown. And yes, it is this extraordinary meeting that Peak Hegseth has called summoning 800 Generals and Admirals from around the world to a face to face meeting. And we don't know. It's very mysterious. We don't know what the focus of that meeting is going to be, but apparently it's going to be televised. So we'll find out, which in itself.
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A
Is bizarre, extraordinary because, I mean, you know, if you were a malicious actor in Another country. You've now had, what, a week's warning that the top brass are going to be out of the country. And you also know exactly where there will be. Along with. With Hegseth and with the president himself. There are a number of scenarios. People say that they're just there for a pep talk to be told how good they're doing, that also that they may be asked to swear allegiance to the president himself, which of course goes very much against the Constitution. People are also talking about possibly a state of emergency being announced, or in some circumstances, people talking about some kind of military rule. These completely insane.
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B
Unfortunately.
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G
I think we're living in times where it's actually impossible to rule anything out. But the chances are it is a piece of theatre, and a questionable one at that. I think we have to bear in mind the context in which this meeting is taking place, and that is one in which the military are being asked to do things on behalf of the executive which are contentious, controversial. They are both tasks within the United States. So domestically, for example, being deployed to provide security within. Within cities across the United States of America. And there is apparently a lot more of that to come along the lines of what we've already seen in places like Portland and Oregon most recently. But the military is also being asked to do things around the world which are contentious as well, including the recent activity targeting narco terrorists. Terrorists off the coast of Venezuela.
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A
Well, let's go to Venezuela, because this is. Nicolas Maduro says that he's ready to declare a state of emergency if the U.S. attacks. He says he's warning of catastrophic consequences if there is such an onslaught.
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G
That's right. This is a piece in the Guardian, as you say, reporting the vice president indicating that Venezuela is working, is ready to go into emergency mode in the event that the US Attacks it and indeed potentially even puts troops on the ground. There has been a buildup of US Military assets off the coast of Venezuela and a number of strikes this month targeting what the Americans call narco terrorists. The legal basis for this activity is unclear. And so there is a lot of speculation around what the United States is actually trying to achieve and whether there may actually be strikes inside Venezuela or even a ground invasion either aimed at toppling the government of President Maduro or being sort of positioned as and aimed at eliminating drug smuggling, which has been linked by the US to the use of fentanyl.
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A
I want to move to Madagascar where the government hasn't exactly been toppled, but the president has dissolved the government amid these protests led by the Youth. What more can you tell us?
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G
Yeah, it's been the latest in a series of eruptions of unrest by young people in different countries around the world. So Madagascar, Morocco over the past few days. But also we saw earlier in Nepal, Kenya, there's also been serious protests recently in Indonesia and some in Sri Lanka as well. And all of these protests, they all have certain sort of local characteristics and drivers, but, but there is a common theme and that seems to be that Gen Z is taking the streets. They've had enough of corruption. They're protesting about the failure of government authorities to provide basic services and about a fail, an inability to access employment. And in this case in Madagascar, one of the poorest countries in the world, despite being resource rich, young people have come out to protest about the poor provision of energy. And apparently they are all many of these Gen Z protesters using a pirate flag from a Japanese cartoon series as a symbol of their resistance to government rule. So we're expecting to see a lot more of this kind of unrest.
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A
Good news for tattooists, however, in Korea.
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G
Yeah, so we're all familiar with the Korean wave, the phenomenon that has been the explosion of the soft power from South Korea around the world over the past few years. We all know K beauty, K pop, K drama. And I think we're going to become a lot more familiar now with K tattooing. I didn't realize actually, but tattooing was not legal outside of in the medical context. In South Korea, the National assembly has only just this month voted to legalize cosmetic tattooing. The measure will take a while to come into effect. It won't be until 2027, but nonetheless, tattooists in South Korea who have been operating underground are celebrating this news.
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A
And do you have a tattoo?
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G
I do not have any exciting tattoos, unfortunately. Do you?
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A
I don't. Exciting or not? Neither. Just before we go, I just wanted to circle back to what we're keeping an eye on today. So it will be the government shutdown. And I think one point that it's worth making is that if it is heading towards a shutdown, as a consequence, the much watched September jobs report will not be released as it's due to be on Friday. Now, of course, that document is closely watched because it's a barometer for presidential performance. And I do wonder if that is one of the things that is driving this.
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G
Yes, I think this is also this whole question around the credibility, availability and transparency of data provision in the United States is ultimately going to be one of the issues which taps away at confidence in the country among businesses and will sort of feed a very different sort of perception about what sort of country the United States is.
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A
Claudine, thank you very much indeed. That's Claudine Fry, who's a partner at Control Risks. You're with the Globalist on Monocle Radio. Now here's what else we can keeping an eye on today. Talks at the White House between Republicans and Democratic leaders have ended in stalemate, raising the prospect of a government shutdown at midnight Wednesday. The dispute centres on whether health care provisions should be tied to broader funding bills. Vladimir Putin has insisted that Russian forces are prevailing in what he described as a righteous battle in Ukraine. His remarks come as Washington considers supplying Kyiv with Tomahawk missiles after Trump suggested Ukraine might regain lost territory. And for a third night in a row, Moroccan security forces have dispersed youth led demonstrations in cities including Rabat, Casablanca and Agadir. The protests, organized online under the banner of Gen Z212, are calling for better public health care and education. This is the Globalist. Stay tuned. Well, it's just coming up to 8:30 in Gaborone, 7:30 here in London. Botswana is celebrating 59 years of independence today and it also marks a year since the first change of power in Africa's oldest democracy. Well, I'm joined now from Cameron by Bruno Kaufmann, who's global democracy correspondent at the Swiss Broadcasting Company. Bruno, thanks for joining me. Now, Botswana, a British protectorate and the second largest diamond producer in the world, became independent in 1966. So for 58 years it was governed by the Botswana Democratic Party until last year when the opposition coalition, the Umbrella for Democratic Change, won a shock election victory. It was made even more extraordinary when the president gracefully ceded defeat and stepped aside. Now this is extremely unusual on a continent where the incumbents, usually the party of colonial liberation, rarely lose or fail to relinquish power. If they do so a year on, has this vote for change paid dividends?
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H
Good morning, Georgina and Tumala. Like we say here in Botswana, yes, this year has been very, very exciting in a way for Botswana, but also very challenging because it's not only the first year with another kind of government, another party. It's also a year when Botswana experienced a lot of economic problems because the diamonds, as you said, has been the backbone of the economy of Botswana for so many years. It was the success story. But the diamonds are not going as well as they have done. And this is especially due to lab grown diamond industry has taken a lot of shares in the international market. So the whole business model of Botswana is At stake, I mean, when we.
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A
Look back, what would you say is the story behind the success of Africa's longest uninterrupted democracy?
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H
I would say it's a mixture of different factors. One, of course, Botswana is a landlocked country which is about the size of France, but which had been very underdeveloped. International interests were very limited to this area because there was nothing to get out of it. And it was only one year after independence in 1967 that the first real diamonds were found. And that was one factor. The second factor then was that the government at that time, they were really smart in investing this money into the development of the country, especially into education. And you can say Botswana is one of the best educated countries. Most people have a university degree. But of course this creates also problems today when the country needs to change its path from a diamond dependency economy to a more diversified where also for instance, agriculture and tourism plays a much bigger role.
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A
Tell us about how the change in political leadership unfolded. Because it really was very unusual for, for the party of liberation to step aside like that.
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H
That was extremely remarkable. I mean that happened a few days, you can say, ahead of the, of the election in, in the United States. And it was so, I mean people didn't really see that from outside, but this kind of gratefulness to the democratic process, to the vote also by the defeated party after 59 years, this was really remarkable. And it's of course a model for other countries, especially in Africa, where there is a specific price, the Ibrahim price, for governments and presidents who are ceding power after election. And this price hasn't been given in many years. So this Khwana model, of course in that way is a role model.
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A
I mean, just looking back, I think so. Soaretse Kama had a great deal to do with stability in the country. And even in this new government, his son Ian does seem to be playing a big advisory role.
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H
That's right. I mean the Karma clan had had a very symbolic and important role in developing Botswana. While also of course this family rule has created a lot of, of questions about corruption, about interests behind closed doors. And this is in fact the big problem Botswana also today that all this money of the diamonds, they have created a system where many things are done on a, let's say, relation related basis. And there has also been a big, big company from South Africa, the Bears Diamond Company who have been an important role. And this, this kind of balance which was upheld for many years, this is in question now. And the former president Masisi, he Wanted to change this agreement with the bears. And this has created a lot of uncertainty. And it's the question now how Botswana can use its strengths today for a future which is not dependent on diamonds. And the new government has a big problem with that, of course, because they cannot pay all the salaries, they cannot pay back suppliers. So they have a challenge now in its first year, and you can see that many people are a little bit, let's say, not frustrated, but they. They see that the new government cannot solve all these problems.
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A
And what is that? What are the new government's options here? I mean, is it looking towards more agriculture? Is it looking towards manufacture?
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H
Yes, I mean, the agriculture is, of course, a very important factor because Botswana is still about 70% of the people are working in agriculture, but only about 2% of the GDP comes from it. So developing agriculture is one factor. The second factor is, of course, the tourism, which is basically concentrated to the north, to the Okavanga Delta. Very, very, let's say, pricey, touristic offers. They bring in a lot of money. But the third and most important factor is obviously that Botswana use its praying power, power to develop its products, not only diamonds, but also many other things, like in health sector, other resources, that they can use this brain power to become something like a developing country. Also on this. And this is the big challenge for this government. But the government will, in three years already face new elections. And at this point, it's very questionable if this party, who have won the. The power basically, on saying no to the former one, will be able to do that. And the big reclaim or the big request by many people is that there's more of cooperation and less of confrontation in Botswana politics.
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A
And Bruno, of course, you're there on a day of huge celebration. How will the country market?
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H
Yes, it's in fact, I mean, you see everywhere the Botswana flag, the blue, white and black, the blue for the water. Water, which everybody likes, the pula, which is also the name of the currency. And then white, black is the zebra. And people are really celebrating in a way also because Botswana is celebrating that its athletics team, in fact, won a very historic gold medal in Tokyo at the World Championship in four. Four times, 400. The first African win for that. So the Botswana people, with just 2 million people, they're very proud about their sportsman and they are celebrating today. But it's mainly also a family day. People go out on the countryside. I will also travel outside Gaborone to a village to celebrate this national day, which is called Beipuzel.
- [37:49]
A
Have fun. Bruno. That was Bruno Kaufmann, who's global democracy correspondent at the Swiss Broadcasting Company. You're with Monocle Radio. The maverick British architect Sir Terry Farrell has died at the age of 87. He was best known for his post modernist style, often bold and playful. His major UK works include London's MI6 headquarters and the TV AM studios, famous for the giant egg cups on the roof. Overseas, he built on a much larger scale, particularly in China. The Peak Tower in Hong Kong, finished in 1997, became a landmark with its striking upturned crescent shape. He also designed two of the world's biggest railway stations in Beijing and Guangzhou, and the KK100 Tower in Shenzhen, the tallest building by a British architect. Monocle's editor, Josh Fenner spoke to Sir Terry in 2021 for the big interview on Monocle Radio. He started by asking him whether young people are encouraged to think about the built environment enough.
- [39:05]
C
It's a posh profession, is architecture. You need a moneyed client and you tend to be old during your life, not doing the ordinary. And I think my bequesting the archive to Newcastle University, which I'm doing, will be an incentive for boys and girls, people like me, that will come from that kind of background.
- [39:37]
I
So do you think we need to encourage a wider range of voices to talk about the city and to talk about architecture? You mentioned different classes, but I suppose different ethnic minorities and the imbalance of, I suppose, women who are architects as well. Do we all need to talk and have these urgent conversations about the city?
- [39:55]
C
We need to have people involved in the environment, environment making and city making who are from the broadest spectrum of the population. Because the architects are just a fraction, they do just a fraction of what's needed and what city making is about. They do a small posh spectrum.
- [40:26]
I
I tend to agree with you. I'm going to ask you to fast forward. We've spoken a little bit about your childhood, but when you graduated, you took a bit of a plunge. Rather brave one to work for yourself. Not to go and work in the office of a well known architecture practice, but to seek commissions on your own and do things under your own steam. If you could go back to that time now, what would you tell yourself? What advice would you give to.
- [40:53]
C
I've no idea really about what I would do right now, but I did then, in the 60s, just after I'd finished college, I was invited by a middle class, well heeled person that I'd befriended, Nick Grimshaw, to undertake a project for his uncle. And I set up from that point, and I only lasted six months working for someone else.
- [41:28]
I
I feel like you're being very modest and putting it down to the luck of the commissioning, but it must have taken some drive, I suppose, and some grit to think to yourself, well, actually, I'm going to do this. I'm going to do this on my own. I have a strong enough opinion about what I do and a faith in my ability to, you know, to run your own practice.
- [41:46]
C
Well, I'm unusual. I'm the only one of my generation that earned his keep as he went. I relied upon designing an architecture as my sole source of income. And I have five children and I. I moved homes and the children all had comfortable homes and so on, and I earned it from architecture, which is unusual.
- [42:18]
I
And is there any advice? We live in a world where the notion of entrepreneurship is kind of fetishized to some extent. Everyone has a project that they're working on, an idea that they'd like to bring to fruition. But what advice would you give after. After all the years that you've, as you say, run your own business to people that are starting out today? Or is the landscape so different?
- [42:39]
C
I think the mold needs to be broken. It's got to be rewarding and financially having some incentive to work for other than libraries and art galleries or property developers. It's got to be. The mold has got to be broken so that people are working where they're needed in this field. If you look around you, the streets and the houses and the hospitals are solely in need of design and dedication of professionals that whatever they are, you know, whether they're in surveying or landscape or architecture or planning or engineering, they need to go about making the ordinary, the everyday.
- [43:36]
I
Absolutely. And your vast range of work over these past decades defies description in the short and limited time that we have, from Charing Cross Station to the station in Shenzhen, embassies, factories and master planning project. But I ask you, Terry, which of these projects do you remember most fondly?
- [43:55]
C
Well, my standard reply is, you're asking me to choose between my children.
- [44:05]
I
Absolutely. And to do so in broadcast format, so it'll be immortalized.
- [44:09]
C
Yes, I do remember some. They presented particularly challenges and they were the first. The Clifton Nurseries building were the first thing I did in my own right. I split from Grimshaw in 1980, but TVAM, the headquarters of the Television Breakfast Company, was a particular memorable.
- [44:36]
I
So that's the project in Camden that has become so famous, so famous since. Since you built it. And I wonder, are there some buildings that you'd rather forget?
- [44:48]
C
Yes. I think there are some always that maybe I don't feel as proud of, but I won't mention them.
- [45:04]
I
You're too much of a gentleman for.
- [45:06]
C
Your own good, Frank Lloyd Wright. I think it was said that doctors can bury their mistakes, but architects can just grow ivy over them.
- [45:16]
A
That was the late British architect Sir Terry Farrell, speaking to Monocle's editor, Josh Fennett. Sir Terry Farrell has died at the age of 87. This is the Globalist on Monocle Radio. 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 banking and our craft. Well, I'm joined now by Vicky Price, an economist and former joint head of the UK Government's Economic Service, for some trade and economy news. Good morning to you, Vicky.
- [46:17]
B
Good morning.
- [46:18]
A
Now, of course, the story everybody's watching is this looming U.S. government shutdown. What effect is that having on global stocks?
- [46:26]
B
Well, it's meant to be happening on Wednesday, which is really tomorrow, unless something happens in between. And you would have expected that certainly US stocks and others were going to be worried about the implications of all this, but in fact, they're doing slightly better than they had done just before, you know, the approach to this deadline. So it's a little bit confusing, of course, when you look at this. But of course, one does understand that what this also means is that, you know, we're going to have the Fed meeting in late October. So there had been all sorts of expectations of whether there would be another cut or not. And obviously if the economy slows down as a result of that, because obviously quite a lot of what the government spends will have to be put on hold. A lot of government employees will not get their pay. And of course, we've already seen a very substantial reduction in federal staff because of the attempts to improve efficiency in the US originally, of course, by Elon Musk and now continuing. So the expectation then would be that there would be a negative impact on the economy. And if interest rates come down perhaps faster than would otherwise be the case, both stocks would be doing better because they expect those cuts to be happening, the interest rate cuts to be happening faster. And indeed, it may also persuade the Fed to do something, you know, both in October and then again in the meeting that follows after that. So the expectations of cuts have gone up. The other thing to bear in mind is that on the other hand, and the things that would worry Jay Powell and others, is the fact that tariffs are coming up on all sorts of other items on Wednesday as well. So we have tariffs on heavy trucks, on drugs, and a number of other items, of course, are being threatened right now in areas such as films and furniture and so on. So they will have to balance that against what may happen to inflation. So it's not clear cut. I'm afraid that perhaps if there is a shutdown, the situation will be such that interest rates will indeed be cut faster than would otherwise have been the case.
- [48:35]
A
But of course, gold is at a record high and that must show that people are worried.
- [48:40]
B
Yes, they are worried. But of course, what they're worried is that this shutdown might eventually mean that more borrowing will need to be done in order to make up for whatever happens in the short term. And for the moment, of course, the shutdown will be in order not to encourage that extra spending and the extra borrowing, but it will eventually have to come because all those salaries that need to be paid will be paid. And of course, there will be issues about the economy slowing down. And if the economy slows down, you get fewer revenues coming in. And given that President Trump has already expanded in a lot more sort of tax cutting and more borrowing as a result, and the debt is meant to be ballooning, then yes, gold seems to be the area that people are moving into for safety.
- [49:24]
A
Now here in Britain, the Chancellor, Rachel Reeves, has delivered her party conference speech and she's announced a tranche of measures aimed at sparking growth in the economy. Tell us more about this.
- [49:36]
B
Yes, it's interesting. We had a speech at the Labour Party conference yesterday by the Chancellor and of course everyone would have liked to have heard a little bit more about what there may be in the budget, which is coming at the end of November. But the suggestion, of course, that everyone was left with is that the fiscal side is pretty tight and there will be be tax increases in the budget, which is worrying both consumers and businesses, where you've seen actually confidence being quite weak. But the interesting thing is that the way in which the figures are done in terms of looking at what the fiscal gap might be and therefore how much you need to raise in taxes, it takes into account now more than used to be the case by the over to budget responsibility, which is doing all the figures, which is independent, doing all the figures for the Chancellor to see how much can be forwarded. They take a lot of what is being spent, both on the current side, in other words, day to day spending with the government and also on the investment side, into what it might do to growth in the longer term and to productivity. And I think one of the themes of yesterday's speech was we're going to encourage more people to come into work, young people coming to work with extra measures, and that will improve the longer term availability of labor, growth in the economy and possibly productivity. And that will be fed into the model that the OBR is using. And then of course, we're also going to have this EU UK youth mobility scheme, which had been talked about for ages but now seems to be, you know, something that we really need to have so that we can get loads of skilled young people coming in and helping our growth. So I think that the measures are sort of highlighted as being, being possibly contributory to that faster growth and faster productivity, which might give Rachel Reeves, the Chancellor in the uk, a bit more room for maneuver, if indeed the OBR buys that story and says, yes, yes, we're going to have faster growth. I don't think very many of us think that that's going to make huge difference. And yet it was the highlight of what was being raised yesterday by leaving all the other stuff there, I'm afraid. And, and it's, it's a real problem. I don't think we're going to see huge changes in the forecast for next year, the year after and the year after that in terms of growth and.
- [51:55]
A
The pressures will remain bad news for Labour. Let's go to Europe now, because the ECB is thinking about introducing a digital euro. Tell us more.
- [52:05]
B
Well, they've been working on that, of course, for quite some time and it's interesting also that the bank of England has been doing some work on this as well, but it seemed to have cost tooled on. The idea recently on the eurozone side is a little bit different. It's really about the importance, if you like, of, of the euro as an international currency. And it's perceived by some anyway, within the ECB and certainly on the Executive Council, that perhaps a digital euro will enhance the attractiveness of the euro generally as an international currency, as a reserve currency for trading purposes, effects, dealings and all that sort of stuff, given that the US dollar has been reducing, in terms of its acceptability, if you like, because of all the policies of President Trump, but also that they're no longer as important in the world economy as they used to be, given the emergence of everyone else and therefore disentangling yourself by having this sort of digital euro and from all the payment systems such as card issuing and payments which are all dominated by the us. So if you have a more eurocentered approach in terms of paying for whatever it is that you're buying, rather than depending on US firms which basically are behind all those credit cards and debit cards one uses, it's going to be considerably safer and will make the Eurozone more resilient and therefore enhance its status, if you like, as a major currency area.
- [53:34]
A
Vicky, thank you very much indeed. That's Vicky Price, economist and former joint head of the UK government's economic service. This is the Globalist on Monocle Radio. The Kurearea, New Zealand's only falcon and the country's fastest bird, has just been crowned Bird of the Year. The contest, now in its 20th year, has become a much loved fixture, attracting a record 75,000 votes and a good dose of memes, posters and campaign debates. But beyond the fun, it's a serious reminder the Kerakera is at risk. As few as 5,000 left and most of New Zealand's native birds are in trouble too. Well, I'm joined now by Stephen Moss who's a naturalist and author of many books including 1010 Birds that Change the World. Stephen, many thanks for coming on the show. Why has this particular bird captured the public imagination this year?
- [54:39]
J
I think mainly because as you said, New Zealand birds, endemic birds, in particular birds that are only found in New Zealand are really in trouble. And this beautiful bird is also known as the New Zealand falcon. It's the only falcon in New Zealand. You know, we have kestrels, hobbies, peregrines, etc. They've only got the one, so they really, really care about it. And you know, it's, it's a pattern actually that's been followed with this competition and the competition similar one in Australia, that it tends to be the rare endangered birds that get picked, which is brilliant because they really need all the help they can get.
- [55:13]
A
I mean, how does this translate into conservation outcomes?
- [55:18]
J
Well, New Zealand's very, very good at this kind of thing. You know, they really lead the world in saving their native species. Unfortunately that often means, and it's something we find quite distasteful over here sometimes. It often means killing the non native predators that mammals in particular that were brought here by European, brought there by Europeans many years ago. But I think they're quite right, you know, they really do need to do this because otherwise they're native Creatures and, you know, are in real trouble.
- [55:48]
A
We've seen scandals in previous years, from voter fraud to John Oliver's global Puteketeke campaign. How important is the international spotlight for a local conservation course? Cause.
- [56:00]
J
Well, I think we've got two things happening here. We've got John Oliver's one, actually, I don't think was a scandal. I think it was great because he. He picked the bird because it got a great name. I can't even say. And it's a grunting, puking bird, bizarre mating rituals. Well, that got international publicity and it won, so that's great. Less hilarious was the Australians. And of course, it could only be the Australians who decided to vote for the. One of the species of shadow. I think you can guess the reason why that didn't win. There are accusations of Russian interference. You know, even a blooming bird election gets Russian interference, for goodness sake. You know, Trump will probably get in soon, so. Yeah, there have been scandals.
- [56:43]
A
Only. Only if it means he can feather his nest.
- [56:45]
J
Oh, very good.
- [56:46]
A
Yeah.
- [56:46]
F
Yes.
- [56:47]
J
But we should be having this here. We should have one here. I have contacted if there are any, you know, newspaper editors listening, get in touch with me because I would love to run a British bird of the year. It would be won by the robin and then we would bar the robin from future competitions, which is what they did in Australia when. When things like fairy wrens won every year. They said, okay, let's. Now you're not allowed to enter if you've won already, which seems fair enough.
- [57:12]
A
But is the robin at risk?
- [57:15]
J
No, it's not particularly, but it is Britain's favorite bird. So.
- [57:18]
A
Right.
- [57:18]
J
It would win the first year, but that's fine. And second year, it could be something like the hen Harry. It could be something that is at risk. So, you know, let's go for it. But, you know, we, we. I will get on to this. I'm banging on about this all the time, but I. I can't believe that the Australians and Kiwis do it and we don't.
- [57:34]
A
Absolutely. And finally, just going back to New Zealand with this falcon set to be celebrated in a new Maori waiata. That's a song, I believe. How do cultural connections shape the way that New Zealanders value and protect their bird life and. And say, that'd be something we could adapt here, I think, hugely.
- [57:54]
J
I mean, they. A lot of the names, they have an official English name if you like, new, you know, New Zealand falcon. And then they have the Maori name, which is great, you know, having both. Now we actually have a lot of folk names here. We just don't realize we have names like white throat or chiff chaff or black cap. They're all folk names. They were coined hundreds of years ago and then made official. So we don't quite have the same cultural connections, but we do, you know, we probably have the deepest cultural natural love of birds of any nation on earth, even more than New Zealand, dare I say so. But good for them for doing this contest. It's a great idea.
- [58:31]
A
And Stephen, finally, what's your favourite bird?
- [58:34]
J
Oh, that's a very good question. It's now now, I've lived in the countryside in Somerset for 20 years. It used to be the swift and I converted to the swallow, which I haven't seen. I've probably now seen the very last ones heading off south to sum South Africa. And that is the bird for me that brings the coming of spring and now the coming of autumn as they disappear.
- [58:54]
A
Stephen Moss, naturalist and author, thank you for joining us. And that's all for today's program. Thanks to our producers Anita Riota, Chris Chermack and Monica Lillis, our researcher, Daniella Brau Smith, and our studio manager, Lily Austin, with editing assistance by Steph Chungu. After the headlines, there's more music on the the Way. And the Briefing will be live at midday in London and the Globalist will return at the same time tomorrow. Do stay with us for the continental shift. Lots of sharp programming and lots of great music, too. I'm Georgina Godwin. Thanks for listening.