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- [00:04]
Georgina Godwin
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 11th March 2026 on Monacal Radio, the Globalist in association with U.
- [01:09]
Jenny Mathers
Hello,
- [01:10]
Georgina Godwin
this is the Globalist broadcasting to you live from Midori House in London. I'm Georgina Godwin. On the show ahead, the US is considering easing oil sanctions on Russia as internal political pressure mounts over turmoil in the energy markets. But what will this mean for Ukraine? Of course, it's the situation in the narrow channel between Iran and Oman that's caused the issue.
- [01:33]
Insman Rashid
The prospect of Iranian mines planted in the Straits of Hormuz is the worst case scenario for oil tankers trying to move through and for getting oil prices down. I'll be live overlooking the Strait of Hormuz to where the focus and geography of this conflict is shifting.
- [01:50]
Georgina Godwin
That's Insman Rashid, our Gulf correspondent whom we'll hear from shortly. We'll see how the papers are covering all this and more. And then we'll get a report on the Taipei Art Book Fair. Exciting news from Nepal where it looks like a 35 year old rapper is about to take over the leadership of the country. We'll be in Cannes with our team who are there to cover mipim, one of the world's biggest property and urban development conferences. And then we'll bounce to our Zurich studio for a roundup of Swiss news.
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Alfredo Ferrero
And finally, we believe that through gastronomy we can improve tourism, we can improve exports and also it's important matter for diplomacy.
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Georgina Godwin
Peru's ambassador to the US talks about the soft power of his national cuisine. That's all ahead here on the Globalist. Live from London. First a look at what else is happening in the news. The United States and Israel have traded airstrikes with Iran across the Middle east as the conflict enters its 12th day with Tehran warning security forces are ready to crush any anti government protests while fighting spreads from Israel and Lebanon to Gulf military bases. Ukraine says it struck a key Russian missile component factory in the Bryansk region using British supplied Storm Shadow missiles targeting a plant that produces electronics used in precision weapons. And South Korea's state auditor says the Transport Ministry approved unsafe airport structures and cut construction costs for more than two decades, a failure highlighted after the 2024 Jeju air crash that killed 179 people. Do stay tuned to Monocle Radio throughout the day for more on those stories. Now, oil markets are being severely affected by the war with Iran. And now Washington is looking at a move that could affect another conflict entirely. Ukraine. US President Donald Trump is considering easing oil sanctions on Russia as part of an effort to bring down energy prices. The US has already allowed Indian refiners to keep buying Russian crude without penalties. And officials are looking at whether broader relief could help stabilize the market. The idea was mooted just after Trump held an hour long phone call with his Russian counterpart, Vladimir Putin. Well, I'm joined in the studio now by Charles Hecker, political risk and Russia analyst and author, and down the line by Jenny Mathers, senior lecturer in international politics at Aberystwyth University. Welcome to you both. Thank you for coming in. Charles, what exactly is Washington considering?
- [04:34]
Charles Hecker
It's been very difficult to get a consistent message out of the White House on this issue because last week on Thursday, the White House issued, as you mentioned at the top of the broadcast, a 30 day license allowing India to buy more Russian oil. The next day, Treasury Secretary Scott Besant said he was considering removing further oil sanctions on Russia. And then at the beginning of this week, President Trump talked about lifting sanctions on sort of quote, unquote, some countries to get oil flowing again and then had to sort of correct himself and say that he was really primarily talking about India. What we know out of this is that the Trump administration is trying to push on any lever that it has available to try to get oil flowing again and reduce the price of a barrel of oil.
- [05:17]
Georgina Godwin
Jenny, why are petrol prices such a politically sensitive issue for a, the U.S. president?
- [05:22]
Jenny Mathers
So, I mean, Trump is, is very much held hostage to the fact that ever since he became president again in, in January, you know, the cost of living has gone up. The various practices that he has introduced policies, tariffs, for example, have really hit American consumers very hard. And in a lot of respects, you know, a rising cost of oil and sort of gas at the gas pumps for, for ordinary Americans would really be the last straw, especially if it's a very ongoing open ended situation with no
- [05:52]
Georgina Godwin
end which would affect the midterms, right?
- [05:55]
Jenny Mathers
Oh, absolutely. So, you know, November is when the country goes to the polls to elect, you know, half all of Congress are all of the House of Representatives and a third of the U.S. senate. So this is a moment when the Democrats are expecting to make great gains. But of course, you know, an ongoing war in the Middle east, incredibly high oil prices, difficulties for consumers, all of this would make the Democrats job much easier.
- [06:20]
Georgina Godwin
Right, right. Charles, sanctions on Russian oil was meant to cut the Kremlin's war income. What happens to Ukraine if the US Abandons this strategy?
- [06:29]
Charles Hecker
Well, that's right. I mean, the oil sanctions on Russia were among the toughest of all of the sanctions imposed on Russia and were designed really to sort of choke the Russian war machine. And in fact, they were recently by were tightened by the United States, by the European Union and by the UK if they go. I think that really means that Ukraine's being thrown under the bus. I mean, I think what Trump is showing is his priorities and he's signaling where his choices lie. And that is that when it comes to the trade off between the US Economy and energy markets and Ukraine, Ukraine loses in that equation.
- [07:08]
Georgina Godwin
So, Jenny, Trump said he had a very good call with Putin. Do we know what was discussed?
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Jenny Mathers
Well, the most information that we have about that call has actually come from the Russian side. So Putin's foreign affairs adviser, Yushakov has given some sort of statements to the Russian press which give a very positive view of this call. He says that it was, the tone was very positive and constructive that Putin offered some advice on how to end the war in Iran and offered to be a mediator and various things such as this. So it really gave the impression that Trump is turning to Putin as a key advisor and key kind of ally in trying to resolve this difficult situation.
- [07:55]
Georgina Godwin
And Charles, if Russian oil flows again, how much would that help Russia's economy?
- [08:01]
Charles Hecker
A spike in the oil prices is a very big win for Russia, but it's not a cure all and it won't solve all of Russia's economic problems all at once. What it allows Russia to do is top up this wealth fund, this essentially sort of rainy day fund that provides a buffer for the economy. It will also help Russian oil companies bring down some of their debts to Russian banks and to the Russian financial services sector. And I think most importantly, it will allow President Putin, and we've seen some swagger return to Putin on the energy question. It will allow Putin to try to redirect oil and gas, say, away from Europe and to other markets where he feels he can get the best price.
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Georgina Godwin
Now, Jenny, the White House says it's weighing several ways to cool oil prices. What else is under consideration and when might we hear actually what the plan really is?
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Jenny Mathers
Well, this is a good question because the White House gives lots of very different and contradictory messages about all kinds of things in relation to this conflict. And so, to be honest, it isn't really clear that they have much of a strategy. The US Allowed its strategic reserves to run down after the war in Ukraine began in 2022, hasn't really restocked them. So that was a missed opportunity. There's real questions about whether the Navy is willing to do what Trump keeps saying they'll do, which is escort oil tank through the Strait of Hormuz. That seems very unlikely at this stage. So there's a lot of big questions about how much the US Actually could do and whether Trump and his officials are just trying to calm the markets by throwing out different ideas that really have no possible, you know, real life application.
- [09:43]
Georgina Godwin
And, Charles, if Russia does suddenly earn more from oil again, why would the Kremlin feel pressure to compromise over Ukraine? I mean, doesn't this give Putin the whip hand?
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Charles Hecker
Well, exactly right. It removes almost any incentive for Russia to return to negotiating table. I mean, it was only just a few weeks ago that all the sides were in Geneva talking about a potential negotiation to ending the conflict. And as long as the economic picture is looking better, there really is nothing driving Putin's return to negotiations.
- [10:13]
Georgina Godwin
So, Jenny, is this crisis management, or does it point to changing alliances and a deeper shift in how the Trump administration wants to deal with with Russia?
- [10:25]
Jenny Mathers
Well, I think what we're seeing here is continuity rather than change, to be honest, because throughout this administration, Donald Trump has shown that he's a lot more sympathetic to the Russian side than he is to the Ukrainian side. He takes every opportunity to express sort of support in many ways for Putin and rather disdain for the Ukrainians. So I think it's just another example, but perhaps a very significant example of the way that the US Administration is leaning towards Russia as a solution to problems, rather than acknowledging that Russia is actually the source of many problems and instability in the world.
- [11:02]
Georgina Godwin
Jenny, thank you very much indeed. That was Jenny Mathers, senior lecturer in international politics at Aberystwyth University. And also to Charles Hecker, a political risk and Russia analyst. This is the Globalist. It's 11:11 in Fujairah City, 7:11 here in London. It is, of course, the events of in the Strait of Hormuz that are now putting pressure on global oil markets. The narrow waterway between Iran and Oman carries roughly a fifth of the world's oil supplies. But shipping companies are increasingly reluctant to pass through after attacks on commercial vessels in the area. Well, Iran has been accused of deploying naval mines in the strait. And the US says it's already destroyed a number of vessels believed to be capable of laying those mines. The regime has said that it will not allow 1 litre of oil to pass until Israel and US attacks cease while tankers are gathering offshore rather than risk entering the channel. Insomn Rashid, Monocle's Gulf correspondent, is at the entrance of the Strait of Hormuz where there are hundreds of ships waiting to pass. Insy welcome. Where are you exactly and what can you see?
- [12:45]
Insman Rashid
Hi, Georgina. So just in the Emirate of Fujairah and northern emirate of the UAE and overlooking essentially UAE and then in the distance, Iranian waters and to my left is very much the entrance to the Strait of Hormuz. There are hundreds of ships currently sat waiting to try and get through, to try and take their cargo, whatever it may be, oil, fertilizers, food, across the Strait of Hormuz to wherever they need to get to. And they are all parked up, anchored in the sea, not getting too close to the entrance of the strait, but staying well away to ensure that there are no incoming attacks from Iran, which is what we have seen over the last seven or eight days or so, ever since Iran shut the straits. I mean, not physically, there's no kind of physical barriers there, but they have warned a lot of these shipping companies and the world essentially that if you try and pass through, then we will target you. And that's exactly something that they have been doing. And as you mentioned, they vowed not to let a single liter of oil through the Strait of Hormuz and out of this region. So Iran does have de facto control of these waters. We're seeing that because there are no ships passing through, or very few. In fact, there are a few, but they are very. They are Iranian vessels or tankers which are carrying Iranian goods, mainly going through to China. And we are potentially also seeing some vessels who are actually turning off their transponder, their signals that these ships give out and trying to take a very risky journey by crossing through the Strait of Hormuz, by not giving off any signals. But that is happening very few and far between, as you can imagine. So this is now very much a perilous and dangerous waterway. Once very busy with, with loads of ships passing through around 20 million barrels of oil a day, but now it is very dangerous as Iran has control.
- [15:03]
Georgina Godwin
What can you tell us about the reports that Iran may have deployed naval mines in the strait and any evidence that the US has destroyed those boats, believed to be Laying the mines.
- [15:15]
Insman Rashid
So evidence on what the US has done, that the Central Command unit put out a video late last night suggesting that they had targeted around 16 of these mining vessels, which will basically be used by Iran to plant mines in the Strait of Hormuz. And then, yes, there are suggestions that Iran has been doing that over the last 24 hours. And if they have Jorginho, it's essentially the worst case scenario for oil tankers trying to move through the Strait of Hormuz and also for getting oil prices down. Basically, it just won't be safe at all for any tankers to move through. But also, this restricts any notion that Donald Trump had suggested that US Navy vessels and also European Navy vessels could potentially escort some of these tankers through the Strait of Hormuz. So it is a very dangerous place at the minute because these mines, some of them sit on the surface of the water, some of them below the surface, and then right down at the bottom, if a tanker passes through, it's. It's simple, it will explode and cause incredible damage to not only that vessel, but also the many crew members that will be on board. So Donald Trump has specifically said to Iran that if you continue mining some of these mines in the Strait of Hormuz, then we will attack you 20 times harder than we previously have done. In response, Iran's security chief last night said that the Strait of Hormuz will either be a place of peace or defeat for warmongers. And I think that really just gives you a sense, this rhetoric gives you a sense of where the focus and the geography of this conflict is shifting to.
- [17:10]
Georgina Godwin
So Gulf states are discussing a possible UN Security Council resolution condemning Iran. I wonder if this will make those states themselves a legitimate target for Tehran and its proxies. And if the resolution is tabled, how significant the positions of Russia, China, and Pakistan will be.
- [17:31]
Insman Rashid
Yeah, hugely significant. So this is a notion that has been submitted by Bahrain and obviously backed by the Gulf states. And it's there to condemn in the strongest terms. It says the egregious attacks by the Islamic Republic of Iran against the territories of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the UAE and Jordan and so forth. There are a number of different essential lists, the list of things that they want to table at the UN Here, a number of different condemnations and demands as well. From Bahrain calls upon the Republic of Iran to comply fully with its obligations under international law. I think what will be really interesting is that if this does go to the UN Security Council today is to see the reaction and the response, response of Russia, China and Pakistan. I imagine that Russia and maybe even China could abstain in this vote. It will be really interesting to see how Pakistan fares given the strong ties with Iran. They've congratulated the new Supreme Leader, much Toba Khamenei on his position. But of course Pakistan just recently signed a strong defense pact with Saudi Arabia as well, one of the countries that backs this, this UN resolution. So that will be very interesting to see where their allegiances lie. But I think with this UN Security Council resolution we will just get a clear understanding of what the world's feelings are towards this conflict. We're now heading into a third week of it, Georgina. We've seen huge military aggression between Iran, the US and Israel. Iran obviously targeting the Gulf states and of course Lebanon heavily involved in this as well. We've seen total of around 15 countries I think involved in this conflict across the world. And so we will get a real sense of what the mood is like around the globe towards this conflict. We know that clearly that military aggression continues, but it's here where the economic impacts from the Strait of Hormuz are affecting much of the globe.
- [19:50]
Georgina Godwin
Insi, thank you very much and do stay safe. That's Monocle's Gulf correspondent Insamum Rashid. Now still to come on the program, Celebrations in Kathmandu as it looks like a 35 year old rapper will become Nepal's next leader. 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. Let's continue now with today's newspapers and joining me in the studio is journalist and Monocle radio regular Vincent McEvinney. Good morning to you, Vinnie.
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Vincent McEvinney
Good morning, Georgina.
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Georgina Godwin
Now, looking at the world's front pages, there is really only one story in town but actually there's a lot going on in the world and we would be remiss to to forget that for instance, the situation in Ukraine continues. The New York Times is talking about that, saying that Ukraine has reached a milestone and that's making China free.
- [21:23]
Vincent McEvinney
Yeah, I thought we'd start with a somewhat positive story this morning when so intense the news. This is a mission that Ukraine set itself. Over the past year they've prioritised self sufficiency in producing sort of crucial battlefield weapons. We've seen, you know, the skill that they've had in recent years of building not only drones, flying drones, but also now increasingly ground drones as well. But this is a great piece from the New York Times about the workshops that they set up. And they have basements of guys now building men and women building circuit boards with no components from China. Now, China obviously has a strategic partnership with Russia. They had prioritized exporting components and materials to Russia, but Ukraine has of course, been using some of it, some of it just commercial, that they've managed to build, to procure, but now they've managed to flip this and they are starting to build drones without Russian components for the first time. And these drones, you know, they are taking around 90% now of casualties on the Russian front. They are absolutely crucial. And it's part of what we've seen in recent weeks with leaders from the US and the Middle east making trips to Kyiv because they want to get hold of their latest drone technology to take down things like the Shaheeds coming in.
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Georgina Godwin
Yeah, yeah. Let's go to France now, where Macron's had some, some great kind of photo ops recently, hasn't he? And it's been lucky in the positioning of his major aircraft carrier.
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Vincent McEvinney
Yeah, he's been incredibly lucky. This is a really interesting piece from the Telegraph, of all people in Britain, praising him, saying that it's his de Gaulle moment and he's showing he no longer cares really about domestic French politics. He got really lucky because, you know, aircraft carriers, they can be out on exercise anywhere in the world. They can be in dry dock undergoing serious repairs for periods. But it so happened that the Charles de Gaulle aircraft carrier, their only one, carrying some 20 Rafael latest generation fighter jets, happened to be in port ready to go, because it was preparing to go out on some exercises. And so France is sending a flotilla to the Mediterranean, including amphibious helicopter carriers, defence frigates and about 15 more vessels as well, which are going to go and protect Cyprus. And it's a bit of a coup internationally for Macron, because the reception from the Middle Eastern countries has been fantastic at a time where there are concerns that uk, which has huge strategic defence partnerships with the likes of Saudi Arabia and others, is looking completely unprepared on the naval front. It was the thing that the British Navy was the thing that defeated, in part, Napoleon. And that's why Britain projected power for so long, built that huge empire. But after the cuts of the predominantly conservative led coalition government from 2010 onwards, it is a much depleted force. We have sent out HMS Dragon, a destroyer now to Cyprus, but it's raised real issues for the British government in terms of continuing to have that base on the island if we cannot do more to protect them. And for Macron, who is a lame duck president now about a year out from being out of the Elyse palace, it's sort of building up his international reputation once again as he looks for his next chapter.
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Georgina Godwin
Now, of course, this whole oil crisis is bad news for a lot of people, most of us, but it might be good news for electric vehicle market.
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Vincent McEvinney
That's right. The EV market has been having a really tough year because there are increasing concerns about things like range anxiety. We've had the uk, one of several nations that have pushed back the time they were going to sort of stop, force the stopping of selling of fossil fuel cars from 2030 and push it. They've now pushed it back to 2035. They've realized the lead time is too short. But particularly with Donald Trump, who doesn't like them, despite his friend, friendship with Elon Musk, he has cut federal tax credits which were to incentivize people to make this swap. But what we're seeing is an uptick in interest in some states, where of course, California has always been a pioneer on this. But it's not just California, but the Los Angeles Times reporting that an uptick of interest with gas prices surging in the United States, particularly hybrid models. So most of the driving you do is within, in a normal day, maybe about sort of 60 to 70 miles. And the sort of charge that it's got can do that. But if you go on longer journeys, you'll then be using petrol. It can massively cut your bills. The cars are still more expensive because it's a transition technology. But there's apparently interest coming back to the levels of the time, just after the 2022 invasion of Ukraine, when we saw this last spike. So this might be something that really boosts an industry that has been slightly slugging not only with sort of domestic in Europe and the US demands or slowing demand, but also the fierce competition from Chinese models, which are just undercutting so massively on prices and flooding, particularly European markets.
- [26:28]
Georgina Godwin
Now, you've built this last story as a good news democracy story, but I know plenty of people alive and dead who are very much against it. This is about hereditary peers to be removed from the House of Lords.
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Vincent McEvinney
This is fantastic. So this was my dissertation topic about the attempts to reform the Labour attempts in 1999. To reform the House of Lords. Now, the House of Lords is our upper chamber here in the UK and it's been around for many hundreds of years, around eight sort of hundred years in one form or another. But it was a hereditary based chamber. It was the landed gentry and they were getting, you know, even in modern democracy times, they were getting to try to overrule elected representatives. Now numbers had been drastically cut down in the late 90s from a couple of hundred to just 92. But what this mad situation we've had over the Last sort of 26 years is that every time one dies there's then an election of this sort of landed gentry in between themselves to pick someone to then come and replace that person. Absolutely mad. The world's sort of smallest democratic quote, unquote election. Well, last night Labour had fulfilled, they fulfilled their sort of manifesto promise to get rid of those 96. Because I'm going to give you a quiz now. Do you know the only other country with hereditary element in its, in its democratic chamber, in its chamber of parliament?
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Georgina Godwin
Japan.
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Vincent McEvinney
No. Lesotho. That was the club. It was US and Lesotho. So thankfully the hereditaries are finally being booted out and you know, if they want to try and get it back in, they can do it on merit like the rest the of.
- [28:09]
Georgina Godwin
Well, that's very interesting and would send my ancestors spinning in their graves. Vincent McAfee, thank you very much indeed. Vincent is a journalist and a Monocle Radio regular. You're with the Globalist on Monocle Radio. Now here's what else we're keeping an eye on today. The United States and Israel have traded fresh airstrikes with Iran across the Middle east as the war enters its 12th day with Tehran warning security forces are ready to suppress any anti government protests. The fighting has spread from Israel and Lebanon to Gulf military bases and it's threatening global energy supplies as tensions grow around the Strait of Hormuz. Ukraine says it struck a key Russian factory producing missile components in the Bryansk region using British supplied Storm Shadow missiles. Kyiv says the plant manufactures electronics used in precision weapons that have been deployed against Ukrainian city. And South Korea's state auditor says the Transport Ministry approved unsafe airport safety structures and cut construction costs for more than 20 years. The findings come after the 2024 Jeju air crash at Mue, an airport that killed 179 people when a Boeing 737 struck a concrete embankment at the end of the Runway. This is the Globalist. Stay tuned. Now for a look behind the headlines. Here's Monocle's Garry Boyle on Taipei's Art Book Fair
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Dinesh Kali
Taiwan's appreciation for print was on full display over the weekend at the Taipei Art Book Fair. The annual event's 10th edition took place at the OMA Design Taipei Performance Space Arts center and featured 650 exhibitors, a talk with legendary Japanese editor Kiyoshi Suzuki, DJ sets and a 40 meter long laser art installation created by Aka Chang the first founder. Frank Huang, a Taipei based curator, called it a monumental collaboration with programming over three days that was denser than ever. Jie Zhi Chang, the founder and editor in chief of Verse magazine, was among the first through the doors on Friday afternoon. He visits every year to support his friends in the industry and look out for new illustrators and told me that it's been getting bigger and more international every year. The latest edition attracted 250 international exhibitors representing 28 countries. Japan accounted for the largest number, including Palm House Bookstore from Fukuoka. Owner and illustrator Toya Meg was selling her art and photography books about trips to T Thailand. Huang was running an artist residency village when he decided to start the first book fair. Back then, the independent publishing scene in Taiwan was still in its infancy, so he hoped to encourage more people to explore the medium of zines and art books. A decade later, success is clear to see Boven Taipei's One of a Kind magazine library took part again this year and its founder was in good spirits, manning a stall selling several books but Japanese illustrator Yunosuke and a special print created for Bovin's own 10 year milestone last year. So what's the fair's next chapter? Huang says he's planning to launch the Taipei Art Book Fair bookstore this summer, a community hub for book launches and performances and a retail space for its curated selections. As for the fair itself, Huang is considering doing smaller fairs throughout the year rather than one big jamboree. Taking Taking over the Taipei Performance Arts Centre certainly made a big anniversary splash, but he wants to focus on fostering more intimate physical communication.
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Georgina Godwin
That was Monocle's Garry Boyle in Bangkok and for more you can sign up to our daily newsletter, the Monocle Minute. Head over to monocle.com minute this is the globalist.
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Jenny Mathers
Now.
- [32:09]
Georgina Godwin
If I massacre it correct it's 1316 in Kathmandu, it's 831 in Zurich and Nepal could soon have a rapper as Prime Minister Balendra Shah, a 35 year old rapper turned mayor of Kathmandu, looks set to become the country's next leader after his Rastriya saw Tantra Party swept the first election since last year's youth protests toppled the old political order. Final results are expected in the coming days. So I'm joined now from Kathmandu by Dinesh Kali, who is an academic, a journalist, and a regular columnist for the Kathmandu Post. Dinesh, welcome to Monocle Radio. Who is Balendra Shah?
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Dinesh Kali
Thank you very much. Balindra Saha is, as you have also already read in the newspapers, he is a former rapper, a very famous rapper who sang the songs of the people, the marginalized people in the developed communities and all. So he was very famous as somebody who spoke for the poor. But he is. He's also a structural engineer. He's a very educated man. And that identity has been sidelined because the rapper identity has been internationalized right now. But he's also someone who is known as somebody who doesn't. He doesn't speak. He picks fight with whoever is in power. When he was the mayor of Kathmandu, he picked fight with the prime minister, with all top political leaders, with bureaucrats. He even spoke ill of several foreign countries, all sorts of political parties. So he's basically considered as somebody who is not, who is not fearful of anyone, who doesn't fear anyone. And that's his identity.
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Georgina Godwin
And what did his party promise voters?
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Dinesh Kali
The party primarily promised the voters of chains. So the entire electoral campaign of the Rastriya Sotuntra party was a campaign of chains and a campaign of newness. So they said, we will bring newness. We will change the way the bureaucracy will works, we will change the way the coalition politics works. So what they were asking was just give us enough votes so that we do not have to participate with everyone in this coalition farming. Because Nepal had in the last several years had coalition governments, and that was considered the main cause of instability. So they were saying this time that if you give us enough votes, at least the majority, then we will ensure that we will give you a constant five years of government and that will bring instability and development that you need. So that was that. That was the currency, the currency of change that they were depending on. And that seemed to be working really well.
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Georgina Godwin
And this was, of course, the first election since those youth protests. How much did that youth movement shape the result?
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Dinesh Kali
Yeah, it did in a big way. Way one, because so many of the youth protesters who were very, very well known j leaders, they joined the Rashtriya Sutundra Party when the elections neared. And that's why the Rashtriya Sutundra Party came to be known as the party of the JG and also Balindra Saha, who is also known as Balin So he was the most looked after. Looked, yeah, looked after leader by the jnji. And so since he also joined the Rashkar Sultan Party, the party itself became known as the party of the jng. And that has really worked for both the party and also Balindra Saha.
- [36:08]
Georgina Godwin
So when are the final results expected and what happens next before he can finally take office?
- [36:14]
Dinesh Kali
The results are more or less out. It's just that the election commission has to submit a report to the president and and then the results will be officially out. But there are apparently just one seat less of a 2/3 majority. So out of the 275 member parliament, they are getting 183, whereas 184 is the 2/3 mark. So it's a huge mandate for the party and the election commission is speeding up its work. So maybe in the next one week we will see some form of crystallization of government formation.
- [37:01]
Georgina Godwin
And finally, what will Nepal look like with this new leadership in charge?
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Dinesh Kali
We cannot say for sure because Balin Saha is known as somebody who picks fight. Although in the last two days he has responded very well to foreign nations. When the prime ministers of India and Bhutan, they have sent him wishes. Earlier he had said very foul things about India. So now he is slightly moderate. And that's why we will have to see how at least the China and India factor is there. These are the big geopolitical friends and sometimes contestants also. So one is geopolitics, one is also how he works with the bureaucracy. But because bureaucracy is still dominated by the people who follow the older parties. So we will have to see whether the bureaucracy is willing to change itself. So it will depend on internal and external factors.
- [38:08]
Georgina Godwin
Dinesh, thank you very much indeed. That's Dinesh Kafle, academic and journalist in Katma. Do you're with Monocle Radio? In Cannes. This week, thousands of investors, developers and city leaders have gathered for mipim, one of the world's biggest property and urban development conferences. The event began on Monday and it runs until 13 March. March it's expected to see record participation from the UK as governments and businesses debate how cities will grow, attract investment and adapt to changing economic pressures. Well, let's cross now to our team there. So joining me is Monocle's executive producer, Carlotta Rebelo. Good morning to you, Carlotta.
- [38:58]
Carlotta Rebelo
Good morning, Georgina. We're outside the Palais de Festival in Cannes, so you might be hearing some of the music. Morning rush hour. Not just for mipim, of course, but the city is really bustling this morning.
- [39:11]
Georgina Godwin
And I mean, lucky you being in Cannes. Are you getting that usual sort of celebratory mood that, that Cannes is so good at when it hosts large events like this?
- [39:22]
Carlotta Rebelo
Absolutely. I mean, there's something so fantastic about seeing a city just absolutely packed with people, you know, every day from breakfast to dinner. Restaurants are packed, the terraces are full. And you know, for mipim, because of course we're talking about real estate. Real estate becomes a really hot commodity with people taking out and companies taking out entire restaurants and terraces for their events. So it feels very busy almost from 7am onwards.
- [39:50]
Georgina Godwin
So MIPIM started with a big focus on housing. What were some of the conversations happening on stage?
- [39:57]
Carlotta Rebelo
Yes, so this was on Monday, which began with what used to be called the Pre MIPM Summit, but now has fully well become day one of mipim and it's a summit called Housing Matters. Just for your reference, Regina. This year the attendance was 1700 people, the record ever for Housing Matters. So it was really interesting to see how the issue of housing has progressed at a conference like this. One of the people on stage was the United Nations Executive Director, Anna Claudia Rosbach. She is from the UN Habitat. Pardon me. So it is United Nations Housing Agency. And it was really interesting to hear from her why the UN is putting housing at the center of their policies. And this is ahead of the World Urban Forum which happens in May. And it is after the General assembly, the most attended United nations conference, which really surprised me because, you know, while here at Monocle and on the Urbanist, we love talking about urban issues. Seeing it at that scale was something else. We also heard from the French and the Irish housing ministers on their own action plans at a national level to unlock more housing. And this is not just about, you know, curbing second homes or curbing short term rentals, but actually unlocking some of the bureaucracy around construction so that houses can be built faster.
- [41:26]
Georgina Godwin
There's also plenty to see. What stands have stood out to you so far?
- [41:30]
Carlotta Rebelo
Oh, Georgina, absolutely my favorite. This win, and I think it's going to win the award for the best stand is from Albania. They set up their stand as if if it's a record shop. And each project is almost as if you collect a vinyl. So you can browse the vinyls, that is, you can browse the 70 projects that Albania is showcasing at MIPIM. And they have a DJ. It's just beautifully done. I've never seen a stand or a booth at a trade fair built like that.
- [41:59]
Georgina Godwin
It sounds absolutely amazing. Who have you Spoken to. And what are the projects worth paying attention to?
- [42:06]
Carlotta Rebelo
So yesterday we spoke to quite a few people, but one of the two projects that stood out, one was in Azerbaijan and it's called Sea Breeze. And this is a new development where they want to attract people who might have been looking at the Gulf before for relocation and they want to bring them to Azerbaijan. And the other one is a project called Aion and this is just north of Istanbul. And it's a new neighborhood in Turkey which began its planning before the devastating earthquake in Hatay. And it was really interesting to speak with the architects about how their endure work. Rebuilding Hatay has actually informed the sense of place that they want to bring to Ion. So this is an entire new neighborhood that includes obviously not just the residential side, but cultural centers, well being facilities and really putting nature at the core of it all.
- [43:01]
Georgina Godwin
Now, Carlos, you, you're there with Andrew Tuck, host of the Urbanist, and you guys are hosting an event tonight. What is it? Who's coming?
- [43:09]
Carlotta Rebelo
Absolutely. Well, we are hoping that everyone around the Palais will come, but it is of course we're our own Monocle Drinks at our stand. So inside Le Palais de Festivals we have our own radio studio. Monocle Radio is broadcasting from there. We have a little lounge. And this evening we'll be hosting some drinks for not just our friends, architects and designers, but also a few partners who are in town. And this is open to all and really a chance for us to be able to have a more informal conversation because there are so many thousands of people here. It's really tricky.
- [43:43]
Georgina Godwin
Georgina, Carlotta, I'm sure you're having a whale of a time. Thank you very much indeed. That's Monocle's Carlotta Rebella in Cannes at mipim. And this is the Globalist. I'm Monocle ra, 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. Time now for a roundup of all things Swiss news. And for that I'm joined from our Zurich studio by Monocle Radio senior producer Laura Kramer. Good morning to you, Laura.
- [44:42]
Laura Kramer
Good morning, Georgina. It's actually light out here in Zurich. For a second there I thought I came late to the studio, but spring is indeed on the way.
- [44:50]
Georgina Godwin
It makes such a difference coming in into work with this with the sun coming up, doesn't it? It's just absolutely big psychological difference. Listen, we're going to start with quite a grim story because at least six people have died and others injured in a bus fire on Tuesday, yesterday in western Switzerland. Tell us more.
- [45:06]
Laura Kramer
Yeah, this happened in the town of kur, it's about 20 kilometers from Bern. Now, police say there is evidence that so far is potentially pointing to a deliberate act by somebody on board that reports that a person may have doused themselves with fuel and then set themselves alight, triggering the blaze that then engulfed the bus. Three people are also injured. Others, of course, managed to escape. Now, authorities say it is too early to say whether this was a broader movement, whether this was terror related, but of course investigations are going. The Swiss president, Guy Palmerong, has offered his command condolences and it's tough for him because of course it makes us think of the Crown Montana fire that happened earlier in January at the ski resort there. So it's opening a fresh wound for the country. Definitely.
- [45:59]
Georgina Godwin
Yeah. Let's go on to another story now about Swiss arms exports because they've jumped 43%.
- [46:06]
Laura Kramer
That's right. This is a story that people can find in the Swiss, the Swiss Monocle Minute. I wrote about it. But basically Switzerland arms exports, it's kind of a politically sensitive story because of course, Switzerland is a neutral country. However, arms exports basically passed around 1 billion euros last year and it's because they're exporting more. In December they had relaxed the laws a little bit because they can't export too much to countries that are in active conflict, for example, like Ukraine. However, if you do go to the Monocle Minute and subscribe, it's the Free Monocle newsletter. You can find out more about that story.
- [46:41]
Georgina Godwin
Yeah, because Swiss arms are sold to what, six, 64 countries, I think that's right.
- [46:45]
Laura Kramer
And US is number two. Germany is the first one in a slew of other countries as well, including Hungary and Luxembourg as well.
- [46:53]
Georgina Godwin
As part of that now the IG Nobel Prizes are moving to Zurich. Now, first of all, just remind us what the IG Nobel Prize is.
- [47:01]
Laura Kramer
It's a very fun prize because it's looking at signs. Now, recent winners of this very prestigious prize include whether whether painting cows with zebra stripes stop flies from biting them. Now, there was another one too that was an investigative team looking into what kind of pizza lizards prefer to eat. So it's very fun. Now the ceremony is moving to Switzerland this year. For decades it's been held in Boston, often at Harvard or MIT but organizers say they are concerned about visa and travel to the US and so they're relocating them in September with the help of two Swiss universities here in Zurich. So, yeah, so it's Nobel level prestige. It is not. But in the scientific world, the prize is very beloved and plenty of serious researchers happily show up to collect their paper airplane themed trophies. And organizers say the ceremony could even be expanded to potentially host it every other year. So very fun. I'm very much looking forward to what they will award this year.
- [48:04]
Georgina Godwin
And of course, the move matters because if scientists and journalists, journalists can't easily travel to the us, even quirky events like this start relocating. Right. It's really bad for the soft power of the us I think.
- [48:16]
Laura Kramer
Yeah. Brand USA has definitely taken a hit. Even yesterday we were reading about how Canadian travel to the US is down by around 30% from before Trump's tariffs were. So definitely something to consider. Especially looking forward to the World cup this year and, of course, summer travel.
- [48:34]
Georgina Godwin
Now, I am completely upfront about the fact that I'm on the fat jabs. And so I'm particularly interested in this story about Lindt chocolate.
- [48:44]
Laura Kramer
Absolutely. And I picked it because you are so open about it. And let's be a little bit. You know, I'm going to be somewhat critical here in a way, because, let's be very honest, Lindt, the chocolate maker, they thought to themselves, Easter is around the corner, it's in a few weeks. The market geniuses there. What always grabs headlines, GLP1s do. Of course they do. How can we possibly make it that, that we can get our name in the press? And look, it's working, we're talking about it. But yeah, they say that despite the fact that popular medications like Wegovy, Manjaro, Zempic, they of course make your appetite be suppressed. But they say, but look, for chocolate, the opposite effect is happening. They're arguing is with their internal research. I should say that people are taking the drugs, they are cutting back on, of course, calorie foods, like big ones like pizzas and pastas, but they still allow themselves a small treat every now and then. And rather than having the whole bag of chocolates, they're maybe choosing a finer chocolate, a more premium one. And yeah, I thought you would enjoy that. Georgina, do you think it's true? Are you seeing that?
- [49:50]
Vincent McEvinney
I do.
- [49:51]
Georgina Godwin
I mean, because I've spent a lifetime, I'm sort of forcing myself to avoid things like chocolate and now I know I can have the occasional one and that's all I want there's no kind of craving. I want it for a little sugar hit and. Yeah, and if you're going to do that, I mean, the thing about these drugs is it makes you really mindful about what you eat, so you don't want to shove any old rubbish in your mouth. If you're going to have a chocolate, you're going to have a really fine chocolate. And I guess that's where lint comes in.
- [50:18]
Jenny Mathers
Sounds like an infomercial now.
- [50:20]
Georgina Godwin
Absolutely.
- [50:21]
Laura Kramer
I think what's really important, though, you can still have your champagne and wine. I think that's where I would draw the line.
- [50:26]
Georgina Godwin
Well, absolutely. Although even that, you just don't want as much as you used to, which is a little bit sad.
- [50:30]
Laura Kramer
But you learn something new every day. Maybe they can do this at the IG Nobles. Then this year, something related with chocolate and GLP1s.
- [50:39]
Georgina Godwin
So what else do you have for us, Laura? Because I know that it's been a very, very busy time at our Zurich studios and there's been a lot of activity going on. There's always lots and lots of events there, particularly around the cafe, which is often thronged with dog lovers and radio lovers alike.
- [50:57]
Laura Kramer
Absolutely. Today it's very packed with many dogs. We had a little incident earlier when I got here, but it's all right because it's still doing well. We've been busy in the Swiss office. A lot of travel's happening. I have to say, another story that had caught my eye that I was going to bring up, but I don't know if I should. Last week, I don't know if, you know, the burn flag has a bear on it. It, and it's a male bear. And I'm just going to leave it at that. There is a part of its anatomy that is on there. It's a red part of it. And last week they voted that they want to keep that on the flag because there was a motion put forward to remove it to be more inclusive. But the burn bear is staying on the flag with its appendage.
- [51:37]
Georgina Godwin
So to be clear, we're talking about an ursine pudenda. That's right.
- [51:42]
Laura Kramer
I'm covering all the big stories here in Switzerland.
- [51:44]
Georgina Godwin
Georgia, you know, Laura, we salute you. Thank you very much indeed. That was Monocle's Laura Kramer in Zurich. And for more Swiss news, do sign up for our free daily newsletter, the Monocle Minute. Today's edition includes that piece by Laura on why the country's arms exports jumped to nearly 1 billion euros last year. This is The Globalist on Monacle Radio. Finally on today's show, Peruvian cuisine is riding a wave of acclaim and the South American nation has been a repeat winner of the World Travel Awards leading culinary destination. But what does that do for a country's soft power? Alfredo Ferrero is Peru's Ambassador to the United States. And Monocle's Charlotte MacDonald Gibson visited his residence in Washington D.C. to talk about the soft power of Peruvian cuisine cuisine over a five course meal prepared by the embassy's chef.
- [52:52]
Charlotte MacDonald Gibson
Up a long winding driveway on one of the largest plots of diplomatic land in D.C. a colonial revival style house in a gated woodland property has been welcoming a stream of very grateful guests. It is the residence of Alfredo Ferreiro, Peru's ambassador to Washington. And a man who knows knows the value of serving up soft power on a beautifully presented plate. Peruvian cuisine is riding a wave of acclaim and has been a repeat winner in the World Travel Awards leading culinary destination. Last year, the Lima based Maido was named the world's best restaurant. Then here in D.C. in July, Michael Ciafardi, a decorated Peruvian chef who caters for the embassy's events, won the 2023 D.C. embassy Chef Challenge in which chefs from 32 Washington embassies competed to serve the best diplomatic dish. And Ambassador Ferrero, a former trade and tourism minister, is well aware of the value these kinds of accolades bring as he seeks to promote Peruvian interests in the United States. Monocle spoke to the ambassador at his residence over a five course meal prepared by Chef Ciofordi, who served up Peruvian flavors of the land and sea in dishes including lomo saltado ca and of course, his own spin on Peru's famous ceviche.
- [54:12]
Vincent McEvinney
It's a fresh fish, lime juice, salt,
- [54:17]
Dinesh Kali
Peruvian chili pepper, ajilimo ch is cheese, plantain, Peruvian corn, canchita, sweet potato and lechetire is a blended onions, ginger, garlic, fish. That's it.
- [54:35]
Charlotte MacDonald Gibson
Once lunch was served, I started by asking Ambassador Ferrero what it was that made Peruvian cuisine so unique.
- [54:42]
Alfredo Ferrero
There are a number of different plates and dishes that make us food so different, even different in the sense that some kind of food comes from the jungle, some other food comes from the mountains, from the sierra, and some other food comes from the sea. So our food is so different between itself with original products like potatoes, like quinoa, but also the mixture of fusion of foods between Peruvian original products and also the important cuisines in the world like Japan, Spain, Italy, China.
- [55:16]
Charlotte MacDonald Gibson
What this means in practice, he tells me, is that food becomes a conversation starter, an icebreaker, a Good meal brings people together. It provokes conversations about history and culture and a deeper understanding of one another. In an age where geopolitics can be fraught with tensions, there are many, many,
- [55:32]
Alfredo Ferrero
almost all of the meetings that we had with politicians, with congressmen, with Department of States, even with the business people, they end having some gastronomy. In talking about Pico Sour or what are the good western restaurants in the town, what do you recommend? If I go to Peru, where do I have to go? So it's really a way to introduce Peru through gastronomy. That's why we believe that gastronomy is a very powerful tool for Peru. This is strategic power. When I met Marco Rubio On July 4th, we talk a little bit about Peru and one of the things that Marco Rubio mentioned was I love Peruvian cuisine. I had a meeting with Nancy Pelosi 2024 in the Congress. He also talked about Peruvian cuisine and Disco Sour.
- [56:15]
Charlotte MacDonald Gibson
From that starting point, Ferreiro says it's a natural next step to use cuisine as a way to showcase Peru to the world. And with each Peruvian dish melding ideas, nations and cultures, it also serves as a great metaphor for diplomacy itself.
- [56:29]
Alfredo Ferrero
It's a way to sell Peru in every dish. We believe that through gastronomy we can improve tourism, we can improve exports, and also it's important matter for diplomacy. Peru has a wonderful cuisine that is being exploited in a good sense with diplomacy ties, with building relationship, with making our country well known.
- [56:52]
Charlotte MacDonald Gibson
This year Peru and the United states are celebrating 200 years of diplomatic ties. This means plenty of opportunities for CIO Fardi and Ferraro to impress at events at the embassy in the region. Residents, including their Peruvian Independence Day celebrations in July and a Pisco Sour evening in the autumn. And when your chef is one of the hottest tickets in town. Ferrero has no problem attracting high profile guests to the embassy for functions and dinners.
- [57:16]
Alfredo Ferrero
They always like to come to Peru because they know that they have good food here. It's quite popular in Peru. In Washington, the Peruvian embassy, they know it, so they are happy to come here.
- [57:30]
Georgina Godwin
Peru's U. S Ambassador Alfredo Ferreira there in conversation with Monocle's Charlotte Macdonald Gibson in Washington D.C. and that's all for today's show. Thanks to our producers Angelica Jopson and Chris Chermack, our researcher Anneliese Maynard and our studio manager Steph Chungu with editing assistance from Christy o'. Grady. After the headlines, more music on the way. The briefing is live at midday in London and the globalists will return at the same time tomorrow. I'm Georgina Godwin. Thank you for listening. With ubs, you have a truly global partner incorporating new technologies, technologies, innovative approaches and unexpected opportunities, leading you to insights that help answer the questions that matter. Delivered with passion, care and unmatched expertise. Because it's about rising with the dawn each day, knowing that we can do even better. That's what banking is to us. Not just work, but a craft. UBS advice is our craft.