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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 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 the 6th of January, 2026 on Monocle Radio. The Globalist in association with U.
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Hello.
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This is the Globalist broadcasting to you live from Midori House in London. I'm Georgina Godwin. On the show ahead, Nicolas Maduro pleads not guilty in a New York court and the United nations meets to debate the situation. Our security correspondent joins us from Zurich to discuss the latest developments surrounding America's supposed takeover of Venezuela. Then protests in Iran intensify. Donald Trump has threatened to intervene here, too. We'll get analysis of the situation. We'll rustle through the papers and then look at the Portuguese presidential campaign which began yesterday, though in truth the 11 candidates have been hustling for weeks. We'll hear about a global movement to undam rivers before crossing to our Paris bureau for a roundup of the top stories in France and Italy. And as the new fashion season kicks off, we anticipate the highlights from Pitti Uomo in Florence. That's all ahead here on the Globalist. Live from London. First, a look at what else is happening in the news in Venezuela. Journalists were briefly detained while covering events in Caracas as political tensions deepened following the arrest of President Nicolas Maduro. Prime minister is in Beijing for high stakes trade talks with China as Dublin navigates growing tensions between Brussels and Beijing. And heavy snowfall across parts of Europe has grounded flights, halted trains and brought major disruption to transport networks in France and the Netherlands. Do stay tuned to Monocle Radio throughout the day for more on those stories. Now, yesterday, Nicolas Maduro pleaded not guilty to narcotics charges in a New York court while just blocks away, the UN Security Council met at Colombia's request, backed by China and Russia, to debate Donald Trump's decision to seize him, a move that Antonio Guterres has warned could set a dangerous precedent. Well, I'm joined now by Monocle security correspondent Guraana Gurgic to discuss this. Guarana's in our Zurich studio. What happens to Maduro and his wife now? They've pleaded not guilty. What's the next step?
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Well, that's right. So Nicolas Maduro insists that he's an innocent man who's been kidnapped. And everything that went on yesterday, that Manhattan courtroom had all the hallmarks of what we normally see in these courtroom dramas. It's been all very extensively telegraphed. And we know now, according to multiple sort of reports, that the next court date is set for March 17th. So in just over two months time when we again have yet another hearing. But this is not necessarily the beginning of the trial, which actually could take several months or even more than a year before it actually begins in earnest. So he will be given the same rights as any other American person or person who finds themselves in the United states subject to U.S. law. But this could be a very lengthy legal affair.
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And he remains in custody. There's no chance of bail on this.
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So far there was no talk of that.
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Yeah. So what did the United nations say about the situation?
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Well, just hours actually before the first sort of hearing in the case against Maduro and his wife, Julia Flores, happened, we saw the United nations convene this emergency session of the Security Council, which was called actually by Colombia, which we know is one of the countries that has been also on President Trump's mind as of this weekend, but also is one of the non permanent members of the UN Security Council to basically discuss what went on over the weekend. And almost predictably, and you already signaled that in your intro, the UN leadership called the action deeply troubling, warning that it sets a dangerous precedent and then is we could expect the splits, especially among the permanent five, were somewhat to be expected. Of course, China and Russia used this to really kind of grandstand and to talk about how the United States violated international law. But of course, they were joined by several others who also pointed out what this means for the UN Charter, which has been violated in this sense on the prohibition on the unilateral use of force, given that there was no imminent aggression or aggression against the United States. And of course, the U.S. ambassador to the United Nations, Mike Waltz, kept on repeating the line that we've heard from the US Administration that this is not a military intervention, that this is a law enforcement operation. And they keep on kind of toeing this line.
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I mean, I wonder if there is any action the UN can take, given of course, that the US Has a veto.
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That's exactly right. Right. Because the United States is a permanent Security Council member, it can block council members, including any kind of Chapter 7 enforcement. This is basically something that relates to response to the unlawful use of force in the international under the international law. But, but that said, the UN has some other somewhat limited avenues. We will see if any of these are pursued. Given that there is a kind of a strong opposition from a number of Latin American countries so region can initiate some of these procedures. So the General assembly can be convened under this Uniting for Peace procedure to have an emergency session. It could make some recommendations. They're of course non binding, but you know, they can be used as signaling. And then there are various other things that the Secretary General or various other bodies can initiate by way of, you know, starting inquiries or fact finding missions, even appointing special rapporteurs. But I would hold my breath on some of these. I think that there is just going to be a lot of this diplomatic grandstanding. And again, given that all all of these things have a non binding nature, there is very little we can expect from that front.
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And I wonder if international leaders are curtailed by their fear of annoying Trump. I mean, who is brave enough to call this out?
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Yeah, there are some that are brave. And this is actually something that Chris, Tom and I discussed yesterday during the briefing. In terms of what have been responses so far. Your absolutely right that there is this sort of visible thread in the coverage which is diplomatic caution, I would say, particularly you know, when you take a look at how some of the European statements came off. Allied governments, they all kind of insist that they are defenders of international law, but they all also call for, you know, all the facts to be straightened and things like that. Some of the voices that we've heard that have stepped up have been those that either have kind of traditional interests in the region or links, whether they're cultural, political and so on. From Europe, really, we've heard the kind of strongest opposition from the Spanish Prime Minister Pedro Sanchez. But everyone else basically is trying to walk this kind of very challenging diplomatic tightrope calling for restraint, legal scrutiny to ask us to explain itself rather than unequivocally condemning what has happened.
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I mean, as Gutierrez says, it sets a dangerous precedent and Trump seems to have developed a taste for it. I mean, where do we expect similar action or indeed do we expect similar action?
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That's the question. That is the sort of big strategic question on everyone's minds at this moment. So there is one school of thought that says Venezuela is basically a single and isolated case rather than a potential indicator of what would be more to come. However, if it's an isolated case, then it is really strange that Trump has again over the weekend used several other countries in the Western Hemisphere or even territories such as Greenland. Right. To basically express what sort of he sees as US Sphere of influence, we can say, right. And basically the sort of idea that the United States should be allowed to project force unchallenged and have its influence all across the Western Hemisphere. So this is why we've heard him mention everyone from Cuba, Colombia to Greenland. But even before that, throughout past year, there were other countries that were also thrown in the mix, from Panama to Canada. And so now the question is really where the United States goes next from this, whether Donald Trump sees that Venezuela actually starts posing more of a headache for his administration. Because we, of course, have Maduro's number two now sort of de facto leading the country, but the United States sort of pulling the strings as it seems, and whether this is a sort of model that he could emulate or what would be the next steps. But I think that certainly in terms of this sort of the talk of the Donroe doctrine, if you want sort of the Monroe and Roosevelt corollary extension, it's something that's still going to be the talk of the town. And I don't think it's going anywhere, given that it was also very much expressed in the U.S. national Security Strategy as the region of priority for the United States moving forward.
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Khurana, what happens when the world's policeman goes rogue?
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Well, the short answer is that this is yet another sort of stab into the multilateral system, into sort of path towards further erosion of norms and rules. Because if a dominant security actor, in fact a country that helped form this system, that underwrote it for so many decades, when it ignores legal constraints, what can smaller states expect? So they probably will start increasingly losing confidence that previously protected them. And I think that this also in terms of the broader geopolitical signaling gives others who have that might that they might start flexing them more and do similar or attempt to do similar sort of things in their own regions and in their own neighborhoods. And ultimately what this means as well for the UN System is that it yet again has now a sort of open wound of, of a loss of credibility because it simply cannot check powerful actors as we've seen go on just yesterday.
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Gick, our security correspondent, thank you very much indeed. This is the globalist. One place Trump might realistically intervene is Iran. Protests started there on 28 December, sparked by a cost of living crisis and has spread all over the country to 26 of Iran's 31 provinces. It's reported that at least 20 people have been killed in the protests. Trump has promised to hit Iranian authorities very hard if more Protesters die. Well, I'm joined now by Benoit Foucault, who is a Middle east correspondent for the Wall Street Journal. Benoit, many thanks for talking. Talking to us today. I wonder if you could tell us how and why these protests began and how they're progressing.
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So really what triggered the protests where traders in central Tehran who, you know, became extremely tired about the pace of inflation. So basically, you buy a good from a foreign country, and then you sell it at a loss, because by the time you sell it, the value of the currency has fallen. So it gets on falling mostly because of international pressure. You know, the war in June with Israel, previously, the sanctions. So at one stage, they felt their business model effectively was no longer sustainable, and they went on strike. They stopped trading.
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And how was that received then by the authorities?
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So initially, the reaction has been very conciliatory because it's about, you know, the economy. It's not seen as a fundamental threat to the regime itself. It's not even a direct criticism of its policies, even though it's a direct result of Iran's decision to continue enriching uranium for its nuclear program, which the west doesn't want them to do. The US And Europe is concerned that that could lead to development of nuclear weapons. But on the face of it, it's really criticism about economic policies or dissatisfaction. Even so, it didn't look like a threatening type of protest. What happened next is that the protest turned political. The students joined. It became a call to topple the regime. It became a call to restore the Pahlavi dynasty, which ruled Iran until 1979. So at one point, the regime, from a conciliatory tones, basically turned into. With a much more repressive attitude. And there's been a lot of deaths, and not only that, there's been at least 1,200 detentions. So the regime is basically having these two pronged response. One is about understanding on the economic side, and one is about the usual extremely repressive response on the political side.
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And tell me about the reaction of those in charge in terms of. I know there have been rumors that perhaps the religious leaders have been offered asylum in other countries. Do you think we're anywhere close to a regime change?
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I mean, there's no sign of that. One trigger would be mass demonstrations in Tehran. That's not been the case. The demonstrations are very widespread throughout Iran in many cities. I mean, more than 40, 60 actually, is the last time I counted. But they're not mass demonstrations, so that's one. Number two, there's no Defection at a very high level. You know, you don't see senior commanders or, you know, or ministers defecting from the regime, which normally is a sign that things are really starting to tank. So, and the last thing is the Supreme Leader has always said, you know, that he wants to be a martyr if he, if he dies, doesn't want to escape, he doesn't want to flee. I mean, remember, these are very ideological people. Is a religious leader. He's not just, you know, a regime leader. So the concept of him fleeing seems to be a bit contrary to his, you know, his ideology.
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How seriously should we take the idea that the son of the deposed Shah could come back?
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I mean, one thing is that he has said, and I think, which, you know, is probably the view of many of the demonstrators, is everything has to be carried out by elections. So he is popular in some quarters and his name is often mentioned in protests. But the concept in general that I've heard is from both sides, from both the protesters and from the Palavi camp, is that he may return to the country, but he would be coming in power for elections, not for just another autocratic regiment.
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So, of course, we know that Trump has said that if more protesters die, he will move. What exactly is he threatening?
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I mean, he hasn't said. But obviously the calculus has changed since Maduro, Nicola Maduro, the president of Venezuela, was captured in Caracas. That demonstrates hydrograph capability, but also the decision to really cross what are typical red lines in international relations. So obviously for the leadership in Tehran, that's a worrying move because that means everything becomes possible in theory. Now in practice, that's a little bit different because this was an operation in Venezuela that was very close physically from the US it was not far from the coastline. You know, when Iran is very far, it's also the capital. Tehran is right, you know, inland in the country, in the middle of the mountains. I mean, sending helicopters all the way to that destination has been tried before in 19, in the early 80s, where there was an attempted coup on behalf of the, of the US in Iran, and it completely failed. If I remember, he got called into technical issues and I think a sandstorm. So, you know, in theory, that is a red line being crossed. In practice, it's probably hard to duplicate such an operation in Iran.
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So finally, Benoit, I wonder what the end game is here for the Ayatila, for the people and for the us.
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I would say one end game, one very clear endgame for the US at this stage and ultimately for large part of the Iranian population, is having a nuclear agreement. And unfortunately for the current position of the regime, it means stopping enrichment. A lot of things could, could unlock from there. You know, there would be higher employment, there would be less inflation, there will be access to international market for Iranian manufactured product and its gigantic oil and gas reserves. But the end game for the regime is survive as an Islamic republic. And that's where the two are colliding at this stage. Because the way to survive if your population doesn't agree with your program is really more repression.
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Benoit, thank you very much indeed. That's Benoit Fracon still to come on the programme.
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A century ago, dams were built on the river to generate electricity. And then last year, four of those dams were removed, the reservoirs behind them emptied out and the river is flowing freely again.
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We hear about a global movement to undam our rivers. This is the globalist craft is a matter of perspective, a unique outlook, an obsessive attention to detail. With UBS 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. Well, let's continue now with today's newspapers and joining me in the studio is Inge Thordo, who is chief catalyst officer at Kanaloa and a former senior editor at CNN and the BBC. Now, Inge, you're originally from Iceland and I understand that today is a very important day for people from the region. Why is that?
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Yes, I mean, those of us from the sort of north who believe in the elves and the trolls, the last day of Christmas is very important. It's when the sort of veil between the worlds is the thinnest. It's when the elves move. So we're very careful and respectful of their movements during this time.
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That's extraordinary. And might they have bad intentions?
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No, not necessarily, you know, but there is a healthy respect, I think, on both parties that, you know, that we need to show respect. And I mean, Iceland has often been sort of laughed at for building their roads around rocks where we believe the elves live. But why take the risk if it's their home? We might as well build the rocks, the roads around them.
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Absolutely. Well, that's somebody who's not quite so respectful of somebody else's home. It's of course Donald Trump who wants to take Greenland. He's still going on about this despite the fact that of course, of course it's governed by Denmark, a NATO country. And I think what's particularly interesting to hear from you today is the perspective from the region, what the Danish papers are saying.
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Yeah, I mean, it's really interesting. I mean, you look at the papers today, and they are dominated by Venezuela, but in the Nordic region, it's Greenland. Because even when Trump sort of first raised this about a year ago or so, it was kind of considered a joke. Well, nobody's laughing now. I mean, I think people are extremely worried about what's happening. And the prime minister of Greenland spoke last night where he was kind of trying to calm situations down, talking about the good cooperation between Greenland and the United States and how that needed to be rebuilt. But he also said we have to stop this dialogue through the media. He's like, if you want to talk to Greenland, please talk to Greenland. And he also made the point that, as you said, Greenland, through Denmark, is a NATO country. So if this is about security, well, of course there's negotiations that can be had. And us being such a powerful ally in NATO cooperation, can pretty much do whatever it wants in Greenland with Greenland's cooperation. And there is this sense from Trump that he needs to control everything in order to get his way. And I think what the Greenland sort of government is trying to say is we are willing to talk, but this has gone too far now and you have to stop. And, I mean, you heard the Danish prime minister also say that, you know, if Trump did anything in Greenland, that would be the end of NATO. And I think it's important also to talk about that. I mean, the reaction in Greenland has been very strong. The reaction in Denmark has been very strong. But there are other. I mean, my own country is also reacting to this. Iceland, that does not have an army, but has a close cooperation and a NATO state has categorically said that none of its territory could ever be used for any military action directed at Greenland. So, you know, there's definitely a strong reaction, stronger reaction in the region now, I would say, than it was before.
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Of course, America has an army base in Greenland. Is Greenland itself bumping up its security in anticipation of something?
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Well, Greenland is obviously protected by Denmark when it comes to defence, and Denmark has said that it will increase defense of Greenland. I mean, there is this narrative coming from Trump about China and Russian ships being all around Greenland. And with the opening up of the Arctic sea ice, there are shipping routes that have opened up now that were never there before. Is there any sign of any threats from these countries? Not really. Not yet. So there is no Real reason to think that the defenses that are there already aren't adequate. But I mean, of course that could prove to different. But at that point, things can change. As I said, as we've been saying, Greenland is part of NATO through Denmark, and therefore any defense or any security for Europe can still be strengthened without annexation of a country.
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Let's look at another trouble spot, Ukraine. But of course, peace talks have been happening.
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Yeah, well, they are due to happen today in Paris. And this was, I mean, it's quite a big sort of big deal really, because they, it was due to take place and there were 27 heads of states turning up for this, 35 countries in total. Of course, the US being represented by Steve Witkoff, who's the sort of envoy for Trump. Now, of course, everyone's thinking all eyes are on Venezuela. So the chances of success here and with Trump very disengaged from Ukraine, what sort of progress could be made here? And I think that the five areas that they are looking at are now not so clear about how they can move forward, especially with security guarantees. Because if the US Is not part of that deal, it's unlikely that things will land in the way that the Ukrainians and Zelenskyy had been hoping when he was speaking so optimistically before Christmas.
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And of course, Macron has promised that there will be concrete steps that will come out of the meeting today. And we just don't know what those could be.
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And a danger that he might be overpromising given recent events. But Zelenskyy, for his part, is trying to sort of shore up his leadership. He's making quite a lot of changes, probably the most significant reshuffle in recent sort of months or even years. So he is really kind of trying to shore up his defense intelligence and sort of operational excellence within the government, replacing his military intelligence. He's replacing the head of the security services and appointing Christia Freeland, which was an interesting appointment, as his economic adviser, the former Canadian finance minister. And I mean, he's really trying to send a signal to international partners that he is willing to talk and willing to be part of the international community.
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With this, let's turn to language because there's a new phrase entered the language quite recently, which being on the pen, which of course means taking weight loss jabs, but that might soon become redundant because now there's a pill, There is a pill.
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Novo Nordics just launched its first ever sort of pill for weight loss in the US On Monday. And the US Is the first country to approve this pill. But as you say, most people have been using the jab until now. What this has really caused is a price war for these pills. So Inova Nordics is first on the market with a pill before it's been the jab, but it's coming on the market cheaper than was expected at $149. Well, obviously depending on the dose. But its sort of main rival, should we say in the US has not been able to come to the market as quickly with a pillar. And therefore it will be interesting to see how well it will do. And of course, success of this is critical for Novo Nordics that really struggled last year with the price dropping and the competition it was facing, having to cut thousands of jobs and also suffering in the stock market. But they are putting a lot of hope on this pill. So let's see how it does and crucially, if it actually makes a difference to people living with obesity.
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So that price going down, however, the price of tuna up and very expensive. Tell us about this record sale. I think it was 2.4 million for a bluefin tuna.
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That's correct, 2.4 million pounds, which is the record forever for a bluefin tuna. I mean, the tuna itself was 243 kilos. So they did get some kilos for their money. But it was sold to Mr. Kimura, who runs the popular Sushi sun made chain in Tokyo. And he said he had been hoping to pay a little bit less, but that the price shot up. And according to him, he can never resist a good tuna. So he was willing to pay that price. But the good news for consumers in Japan is that this is not going to raise the prices for them. He said that they would not pass that on to customers. So it will be sold at the sort of usual price. I mean, the tuna was caught area that is known for good tuna and also an area that was almost overfished but is now coming back due to conservation efforts. So that's double good news there.
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Absolutely. Unless of course, you are on the pen, in which case you won't want to eat any of it anyway. Inga Tilda, thank you very much indeed. This is the Globalist on Monocle Radio. Now here's what else we're keeping in our on today in Venezuela, more than a dozen journalists were detained while covering events in Caracas, including a pro government march and the swearing in of a new legislature, according to the country's press association. All were later released, though one foreign reporter was deported days after Nicolas Maduro was detained by the US and pleaded not guilty to narcotics charges in New York. Ireland's prime minister is holding detailed trade talks in Beijing with China's number two official, Li Qiang, focusing on beef and dairy exports. The visit follows a meeting with President Xi Jinping as Ireland seeks to strengthen ties with China despite strained EU China relations. And heavy snowfall has caused widespread travel disruption across France and the Netherlands, with hundreds of flights cancelled and rail services suspended. Around Amsterdam, Operations at Amsterdam Schiphol Airport were reduced while roads around Paris were gridlocked as wintry weather continues to move across the region. This is the Globalist. Stay tuned. It is 7:31 in Lisbon, 8:31 in Zurich. The Portuguese presidential campaign began yesterday with a record 11 candidates in the race, meaning it's unlikely anyone will win an outright majority, leading to a run off vote. Well, I'm joined now by Monocle's senior foreign correspondent, Carlotta Rebelo. She's recently back from the capital, Lisbon. Carlotta, this was Christmas at home for you. And of course, because it is your home, Portuguese politics is something that you have grown up with. Did the looming election influence the holidays?
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Well, you couldn't escape it, Georgina, because every time you turned on the tv, the presidential debates were on. So different stations would be holding debates, even the radio stations as well. The candidates, even though the campaign officially began yesterday, were already, you know, traveling through certain towns and going to certain regions. When I was in my hometown of Madeira for part of my Christmas holiday, two different presidential candidates were flying through the autonomous regions of Madeira and the Azores to try to bolster support ahead of the vote. So it feels very strange that, you know, officially the campaigning is beginning now because it's been going on for a while and it dominated everything over Christmas.
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And who's leading?
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Well, so the latest polls, which actually came out yesterday, show that Antonio Jose Seguro is leading with 19.3% of the vote. Now, we need to remember that for the presidential election, you're not voting for a party, but for an individual who everyone runs technically as an independent. But obviously parties put their support behind candidates. So Josette Seguro is from the Socialist Party, so the left wing party. But then very close to him is Henrique Gouvelo, which he's at 19.2%. So just like a minimal difference there. And he's an independent candidate leaning towards the right. He's a former Navy admiral who gained recognition and acclaim because he led the COVID vaccination campaign. So that's what kind of pushed him away from the military armed forces circle and into the public sphere. And he's running as not necessarily an anti establishment, but let someone else have a go at this. And then immediately after that at 18.9. So we're talking here less than 0.5% difference is Andreventure from the far right party, Chiga. So these numbers have been moving up and down in these 0.5% points throughout the campaign. And that's what's so tricky about this, because the top four, so there's another candidate after this who's at 18% are all within less than 1 point point margin. So really, up until today, we won't really know who goes through to the second round of voting. Now, as we enter these last two weeks ahead of the 18 January election, there's been discussions publicly between parties about this idea of should the entire left put their support in one candidate, but none of the other candidates will be dropping out. So is almost this conversation about what usually is described as a vote that you know is not necessarily on the candidate you want, but it's to stop the candidate you don't want getting in. And this is why the question of who's making it into the second round is impossible to answer at the moment.
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So we know that parliament in Portugal has shifted to the right. What will it mean for the country if the president is also from the right?
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F
Well, it means quite a fair bit. So, yes, the Portuguese Parliament has shifted towards the right, even though it is the Social Democrats in power with the CDS party in the coalition, they do have the support of the Chiga Party. So it is leaning towards there. And, you know, the presidential figure in Portugal is very much a figurehead. It doesn't have executive power, but it has some quite important powers. It has the power to veto legislation from Parliament, even though of course, the veto can be overturned, but the president can veto legislation, and it can also dissolve the parliament and call for snap elections. And more than any of the other powers at a time of such contention, that is quite important. Having a president that's also on the right means that a lot of legislation that's been debated that is seen as controversial, there's a bigger chance that it would actually go through. And the one that comes to mind that we've spoken in this program several times is the changes to the citizenship law or to the labor laws, all of which are big questions for 2026.
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Carlotta, thank you very much indeed. That's Carlotta Rebelo, who is our senior foreign correspondent. This is Monocle Radio. Two thirds of the world's major rivers are now dammed we get hydroelectricity, irrigation and fishing at the cost of flooded valleys and ecosystem devastation. But a movement to undam rivers has gained pace across the globe, as Ash Bardwaj, author of why We Trav, found out in Oregon in the United States.
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I'm standing next to a river that hasn't been seen for a hundred years. Klamath river rises in Southern Oregon, passes through California, and empties out into the Pacific Ocean. But a century ago, dams were built on the river to generate electricity. And then last year, four of those dams were removed, the reservoirs behind them emptied out, and the river is flowing freely again. The thing that you can now do is navigate the entire length of the river.
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Hello, I'm Michael o'. Petrillo. I'm a raft guide for Momentum River Expeditions based out of Southern Oregon. So today we're doing a day trip down the Klamath, but we're going through the Kickesackie Canyon, which is exciting because it has been dry for over 100 years. And it's exciting because most whitewater sections have been done since the 60s and 50s. So there's a lot of information that they know about it. And this is all brand new, so it's really exciting. It's a beautiful canyon, and it's all so new that we had to scout it out a lot this spring. And so it's just fresh and new and exciting run for whitewater, the trend is to dam rivers, not undam them. And this, this was the biggest dam removal project in US History, at least. And so it's really hopeful because it was basically kind of a big question mark for them. How come back have those salmon wood reminders return? How the silt from the lake or the reservoir would affect a lot of it. But it's been really a great success story environmentally and culturally for the Native American tribes in this area.
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We've got our flotation devices on, splash jacket on, and we've got a big blue raft that we're going to be going in. Let's do it.
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Let's do it. So I'm on these big oars. You guys have the paddles. There's two up front here and two in this row right here.
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Here.
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Most important thing is just staying together.
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So we're now on the river, and we're going through what used to be the Copco Reservoir. Copco was the name of the company that built the dams and generated the power. And what's remarkable is you can see a river in real time creating its new pathway. Because on the bottom of the reservoir, there was lots of sediment. Sediment laid down over time. And now the river is cutting through it. And we're looking up at the banks that mark the edge of the old reservoir. There's tree roots sticking out, and there's even houses that have decks that used to sit in the water that are now standing dry.
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B
My name is Vikram Joshi.
- [40:22]
G
I come from the northern part of.
- [40:24]
A
India, from the mountains.
- [40:25]
G
I've been raft guiding and kayaking for almost 38 years now. I've been guiding rafts and kayaking all over the world. I've been on rivers which were rivers and then they got dammed. But this is the first time ever that I'm getting onto an undammed river, which is great. And I hope every river in the.
- [40:42]
B
World gets undammed, because that's how rivers.
- [40:45]
G
Should be, in my opinion. We've only been running this a few months. It's been documented that the salmon have come up already. We've seen bald eagles. People have spotted bear. We've seen the deers, and we never used to see them earlier. So they are coming back straight away.
- [41:00]
D
That's.
- [41:00]
G
That's beautiful.
- [41:04]
E
So we're going past the final putting point into the river before the canyon with the big rapids in it. And there's a sign saying caution grade four plus rapids. Advanced paddlers only. Well, I'm not very advanced, but we just have to listen to the commands of Mike. We might get through this.
- [41:28]
G
Right side.
- [41:29]
E
Back one.
- [41:30]
C
Nice.
- [41:31]
G
Spin the wind. Let's get it all together. Back two. Let's try that again. Try to be really synchronized with everyone. Back one. And it's going to get down.
- [41:40]
H
Get down.
- [41:42]
A
Oh, no.
- [41:44]
B
All right.
- [41:45]
E
Looking good. That's a lot of water that came in. So we're about halfway down Kikucheki Canyon now, which is the main stretch where all the rapids are. And I'm absolutely soaked. I've been sat at the front of the boat, and every time we hit a wave, it comes right up the front and drenches me. This gorge is actually where two of the dams on the river were. And as we came through, when I was. I wasn't holding onto the boat or paddling hard. I could see where the dams were, where the concrete had colored the cliffs. And Mike was telling me that this part of the gorge was completely dry. They would pipe the water around the top so that it had the maximum height when it went through the generator to create electricity. So no water flowed through here at all. And it is remarkable to be rock rafting. Down this powerful, beautiful river, knowing that there was no water here at all a couple of years ago. I can see a kayaker on his own just coming down it, having so much fun.
- [42:52]
G
My name is Tay. I work with travel Southern Oregon. I grew up in a town called Klamath Falls in a county that's called Klamath, on a lake that's called Klamath Lake. But growing up, very rarely would we access the river. And for all of us that have been working around the tourism industry, it's really interesting to start to see another asset, another resource, and honestly, just like another thing for us and any anyone else to have fun on too. It was a really interesting way to see, like, an area that I know pretty well and honestly also see some areas that I don't know that well just because access wasn't, you know, wasn't previously what it is now.
- [43:29]
C
So.
- [43:31]
G
It'S really fascinating in kind of the course of human history to see something that has happened and then be unwound. And I am really interested in the ecological impact, the way that that not only affects the land, but also affects the economy. You know, I mean, in the future, there will be salmon running all the way up into Klamath Lake. And. And it's a pretty different thing to think about, you know, the community and the economy when we have that asset as well.
- [44:00]
C
Helmets are on.
- [44:07]
G
Six main rapids.
- [44:09]
E
Not only is the reopening of this river great for ecology and for the salmon to be able to run back up the river, but people are just having so much fun.
- [44:20]
G
That was awesome.
- [44:21]
E
That was great. Loved it.
- [44:23]
A
That was Ash Bardwaj, author of why We Travel, reporting from Monocle in Oregon. This is the globalist on Monocle Radio. Iq, EQ and AI. Three components key to the craft of innovation at ubs. Because to stay ahead in a rapidly evolving age, you need a partner with decades of experience, endless passion for the work, and a finger on the pulse of leading technologies. Bridging human expertise with artificial intelligence. All to elevate you. Ubs. Banking is our craft. Let's cast our eyes across Europe now to get the big stories from the region. And I'm joined from our Paris studio by Monocle Radio producer Anita Riota. Good morning to you, Anita.
- [45:25]
I
Good morning, Georgina.
- [45:27]
A
Tell me about Paris this morning. Is it all frosty and lovely?
- [45:30]
I
I arrived yesterday and I was welcomed by some beautiful snow. And I was told by our Parisian colleagues that while snow sometimes does come to Paris, it never sticks. And yesterday I was lucky enough to see the snow stick so to be welcomed by sort of a Paris enveloped in white and I, I mean, you couldn't complain. It was very, very beautiful.
- [45:52]
A
It sounds absolutely magical, particularly around where our Monocle Studio and cafe are. It's such a beautiful street anyway.
- [46:00]
I
Absolutely. It's still, and you know, you still have the twinkly lights and everything sort of set up from the holidays. So it's. I, I would always recommend stopping by, but especially at the moment, you have a unique scene.
- [46:13]
A
Now, Anne Hidalgo, I think most people agree she has been a good thing for Paris, but after 12 years, she says she's not standing again. So what are the prospects? What is Paris thinking about when it looks at the upcoming mayoral election?
- [46:28]
I
Well, as you said, it's been 12 years that an Hidalgo has been in office. So these new mayoral elections feel like a brand new litmus test for the city to see where its politics have, have gone in a decade plus. And it will be, the timing is right a year before the next presidential election. So it feels like it is more significant and might sort of bear more of a representation of where the country is going. Of course now Paris, like a lot of other cosmopolitan capitals, is less right wing and so you're not seeing the right word shift that we have seen in a lot of French politics. But still there is a surprise that perhaps could the right sort of bring to an end The Socialist Party's 25 year tenure in the mayoral position. Uh, there's, there are quite a few candidates that have now hit the field. We are seeing the leading candidate coming in at 32% polling is Emmanuel Craig War on the left. He is backed, interestingly by the outgoing administration, but not by Mayor Hidalgo herself. The two have had a bit of a spat as he was supposed to be her deputy, left to go run for parliament and hopefully, you know, generate more name recognition for himself. And that did not go over very well with his former boss. On the right, you have Rashida Dati, who French listeners will know she's a household name here. She's been in French politics for about two decades, but she's also known as a very combative person. She has, she's launched on these new social media campaigns. People have likened her videos to Zoran Mumdani's in New York. The, the actually newly inaugurated mayor of New York. Obviously hers have a far more right wing tone. Uh, you know, she's been seen confronting migrants on the street and, and has made some sort of more complicated statements. But she is the, the leader on the right polling the highest so again, it just will be interesting in March, what when Parisians head to the polls to see if the city has swung one way or another. And of course, it's a major role to occupy mayor of Paris.
- [48:54]
A
Absolutely. Well, as you say, she's been running a successful social media campaign. However, if she thinks she's going to reach children under 15 come next year, she might be mistaken because lawmakers are going to debate the use of social media for children. Tell us about more.
- [49:12]
I
Absolutely. A new bill on social media restrictions is going to hit French Parliament this month. It's likely one of the bigger votes at the beginning of the year. The draft includes banning social media for all children under 15, which we have seen in other places. Listeners, of course, will know that the similar law was just put into effect in Australia. So it's interesting to see how has this sort of had a ripple effect around the world as, as international governments start taking the possibility of this outcome more seriously. The bill though will also see would also see mobile phones prohibited in high schools. And interestingly, this is something I had not seen before. It would introduce a digital curfew for 15 to 18 year olds. As another thing that President Macron wants to tackle is extended screen time. Just being on the phone too long, that is seems a bit harder sort of to implement and regulate. But it would. The law would come into effect if the bill passes this month. It would come into effect this September for the start of the new school year. So for all French listeners with teenagers or our teenage French listeners, that would be something that would, you know, is coming down the pipeline actually quite quickly.
- [50:31]
A
So get off your phone and get out there, go and see things, go to museums, go to castles, which apparently people have been doing in record levels according to numbers for 2025.
- [50:42]
I
Absolutely. You know, when I arrived yesterday, I did see quite a few Paris 20 Tour 2024 tote bags still on sale. And I thought, oh, you know, it's 2026. Maybe this, this is a little bit old news. But actually French museums and castles are still experiencing a burst of attendance that started from the 2024 Olympics and actually drove visitors to record highs in 2025. And you saw that all across museums, the army museums, some, some also lesser visited museums like the Army Museum, the Museum of History, of Immigration, all saw record attention attendance. The Louvre also did. And interestingly at the Louvre, the attendance was really boosted by young people and about 44 of visitors were under the age of 26. I found that really interesting. I wonder now if post heist Maybe there's almost a. A heist tourism of the Louvre itself. But I was just getting recommendations from Carlotta in the production studio, and I've found a few other exhibits that I'm very excited to see. So I'm very eager to contribute to 2026 numbers.
- [51:57]
A
Excellent. Finally, let's go to your home country of Italy. It seems that Italians are postponing important expenses in order to spend on food.
- [52:09]
I
Absolutely. Well, you know, I would posit it that it's sort of, you know, economic uncertainty has hit Italy in the way that it's hit most countries around the world. And Italians are putting off major decisions like buying a car, renovating their home, even whether they will become parents in the short term. But interestingly, you know, as this sort of mood of sacrifice or postponing big life decisions, something that is absolutely not being hit in the country is spending on food. A new poll has earned. A poll has come out, and we see that 7 in 10. So a substantial majority of Italians expect no change in their food spending. They are also saying that actually, as you're having to give up maybe these, these larger budget items, whether it's the renovation or the car, you just want to still enjoy life and still enjoy something. So if it means getting that better cut of meat, whether it means getting, you know, the better pasta brand or the nicer cheese, that's something that Italians just are going to continue to enjoy into 2026, and that's just one of.
- [53:23]
A
The reasons we love them. Anita, thank you very much indeed. That's Anita Riota there in our Paris studio. You're listening to the Globalist on Monocle Radio. Now it's a busy time for our fashion department, and January will see the Monocle team on the road for the beginning of the fashion calendar, with prime seats at Florence, Paris and Milan. Grace Charlton is Monocle's associate editor for design and fashion and joins us to tell us more. Good morning to you, Grace.
- [54:00]
H
Good morning, Georgina.
- [54:02]
A
Packed, locked and loaded, as Mr. Trump would say, and ready to hit the shows Now, Florence, let's start with Petit Uomo. What are you expecting?
- [54:13]
H
I'm going to be there from next Monday. I'm expecting a very big Japanese influence this year. Two of the guest designers are Japanese. There's Soshi Otsuki and Shinya Kazuka. And it's sort of something that I've reflected over the past year or so. There's just this growing influence of Japan at the fair, which is always very interesting. I love it.
- [54:38]
A
Of course, Petit Homo is menswear but there will be a focus on perfume.
- [54:43]
H
Yes, niche perfumes especially. They're debuting this new segment called High Beauty, which will sort of sit in the middle of all the menswear and it's sort of a nod to how, you know, fashion also means beauty now. And the, the lines are blurring between different departments and perhaps I'm assuming it means, means that there's growth in that industry that Pitti uomo wants to tap into.
- [55:08]
A
So what will be the smell of the season, do you think?
- [55:11]
H
Oh, that's such a good question. I'm sure it will smell delightful. If it's, if it's that Pitti Uomo, it might smell like cashmere and suede or pollution maybe. Yeah.
- [55:23]
A
I'm sure it will be great. But let's move on and have a look at Milan now and Paris. Paris, what are you expecting there?
- [55:32]
H
Yes, so we're expecting the autumn, winter 2026 men's collection. That's sort of how we slowly ramp up the season before womenswear. It's a little bit of a reduced calendar this year, especially in Milan. A lot of the houses are sitting out, including Loewe and Balenciaga, but a few sort of interesting additions. Paul Smith, the British designer, is going to show in Milan, which he hasn't done in a while. But then all eyes will really be on Paris afterwards, where Veronique Nicanon is doing her final collection for Hermes before Grace Wales Bonner takes over. And she's been at the house for a record breaking 37 year tenure. So that will be really interesting. And the other thing that I'm looking forward to, actually, is seeing designers like Jonathan Anderson, who has taken over Dior, you know, a lot of media frenzy around that. He's going to be evolving his language. I think 2025 was so historic and it was just debut after debut. But I'm actually a little bit more interested in 2026 and seeing how these designers can evolve their language.
- [56:46]
A
Because what we saw was revolving doors really in the fashion industry, didn't we? There were so many changes. Do you think we've come to the end of that cycle?
- [56:55]
H
We still have a few more doors to revolve through, including at Versace after Dario Vitale sort of left at the end of last year. But yeah, I think now it's time to get down to business and it'll be interesting to see how well these collections sell after the, you know, the hype around the first ones.
- [57:15]
A
Now, you said people in Milan, some big houses in Milan are actually sitting it out this year. Why is that?
- [57:21]
H
I think, I wonder if we're going to go down the route in Milan and Paris that we've already seen in New York and London, which is. There isn't a separate men's week and a separate women's week. They've sort of been condensed into one. I would be. I'm really intrigued to see if this is what happens in Paris and Milan. I have a feeling there's almost too much pride for that to happen. They don't want to collapse them into one, but it would make sense. And, you know, this calendar is so hectic. I know, from being on the road myself. Like, it would be nice to actually, you know, optimize it a little bit, for a lack of a better word, and do it all in one go. That's a hot topic.
- [58:03]
A
I mean, and I wonder if this is an economic reality, too. Are companies just deciding it's not worth the outlay?
- [58:10]
H
Yeah, exactly. And I do think men's collections are slightly less exciting than the women's one, just by virtue of, you know, how many times can you reinvent and deconstruct a suit? But I think, yeah, I'm really intrigued to see, like, within five years, what's going to happen to the Men's Fashions week.
- [58:29]
A
Absolutely. Grace, thank you very much indeed. That's Grace Charlton, Monocle's associate editor for design and fashion. And of course, you can hear her on Monocle on Design, the program that she presents with Nick Moniz. That's all for today's program, though, thanks to our producers, Carlotta Rebelo and Angelica Jopson, our researcher, Anneliese Maynard, and our studio manager, Steph Chungu. After the headlines, there's more music on the way and the briefing is live at midday. In London, the Globalist will return at the same time tomorrow. I'm Georgina Godwin. Thank you for listening, Sam. 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. Better. That's what banking is to us. Not just work, but a craft. UBS advice is our craft.