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You're listening to the Monocle Daily, first broadcast on the 26th of September, 2025 on Monacle Radio.
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Israeli Prime Minister Benjamin Netanyahu receives extremely mixed reviews at the UN General Assembly. France ponders skimming the fortunes of its wealthiest citizens and a brisk leaf through the latest edition of Monocle magazine. I'm Andrew Muller. The Monocle Daily starts.
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Foreign.
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Hello and welcome to the Monocle Daily, coming to you from our studios here at Midori House in London. I'm Andrew Muller. My guests will discuss the day's big stories, and we'll have our weekly calculation of what we have learned in the last seven days. Stay tuned. All that and more coming up right here on the Monocle Daily. This is the Monocle Daily. I'm Andrew Muller. We start at the United Nations. Yesterday, Palestinian President Mahmoud Abbas addressed the UN General assembly remotely, having been denied a visa by US Authorities. Today it was the turn of Israeli Prime Minister Benjamin Netanyahu, who may have received a warmer welcome from American customs, but found his fellow national leaders in the UN Assembly Hall a tougher crowd. Well, I'm joined by H.J. mai, journalist and reporter currently in New York City, at the UN General Assembly. Jay, first of all, what kind of response did Netanyahu get when he presented himself?
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C
Well, you know, hey, thanks for having me again. But when he stepped out, you know, to the podium, pretty much the whole General assembly emptied out. You know, there were only a few delegations left, among them the US Delegation, but it was, you know, people staged a walkout. That's what we've seen. It's not a second year in a row that this has happened. I wasn't there last year. But this morning was very, very stark. I mean, the General assembly basically was empty to a large degree. So it clearly shows us where Israel is at the moment in the world. I mean, it's more and more isolated.
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B
Even if there weren't many people there to listen to him. Did Netanyahu have anything especially new, surprising or interesting to say?
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C
I'm not sure if anything was really surprising here, but he doubled down on continuing to fight until every Hamas leader is dead. He called once again for the release of the hostages, you know, the 20 some that are that are still thought to be alive and still held by Hamas in Gaza. And at the same time, you know, he criticized, you know, countries like France, the U.K. canada, others, you know, who this week used the General assembly to officially recognize a Palestinian state. He basically, I think, you know, his darkest quote of the day was, you know, that Doing so just sends one message to Palestinians that murdering Jews, you know, is. Is coming with some benefits.
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B
Did he address what I think probably most people would like to hear, which is some sense of when, how Israel's war in Gaza is going to end? Did he give any indication at all that there is any end to this in sight?
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C
No, not really. As I mentioned, he really talked about before anything, any discussions of a peace has to happen. Hamas has to release their last remaining hostages and, you know, put down its weapons. Those were his demands. And he says until that happens, you know, Israel will continue and will move forward and basically, you know, eradicate what is left of Gaza. He also very strongly denied any notion that Israel is conducting a genocide in Gaza. You know, basically claiming that, you know, sending text messages, dropping flyers, that a country who tries to kill everybody in Gaza wouldn't do that. But, no, there was no indication that he's willing to settle this war anytime soon.
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Not for the first time. When speaking at the United Nations, Netanyahu did bring some props. He had a couple of signs. Who does he think this plays with? Do we understand yet where he's going with the theatrics?
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C
I mean, based on his remarks, I mean, you know, he wanted for people in the rest of the world to understand why Israel is, you know, moving forward with this war that has now killed more than 60,000 people in Gaza. You know, he basically held up, you know, two signs that show that, you know, Hamas, other Iran, you know, related proxies. You know, they not only want to wipe Israel off the map, but they also, you know, have been accused of killing, you know, citizens of other states, European states. I think he mentioned Australia by name, Americans. And I think, you know, so the message was, you know, for people who don't understand why this war has. Has dragged on for now, almost two years and why Israel is not stopping and looking for peace. That, you know, he. I think the way he referred to it is, is Israel is fighting the war of other countries so that they are protected from terrorist attacks of those Iranian proxies.
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One country which has not hastened to recognize Palestine this week is the host nation of the United Nations. That is the United States. And yet we did hear also in the last 24 hours, US President Donald Trump say that he would not allow, as he put it, Benjamin Netanyahu to proceed with any big ideas he might have about annexing the West Bank. Does that suggest that perhaps even Donald Trump's patience with Israel is wearing a bit thin?
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I mean, I think there have been indications in the past as well. I mean, you know, when, when Israeli fighter jets went the air tried, you know, wanting to, to, to strike targets in Iran, you know, he basically gave a, a blunt comment saying, you know, they better turn back. You know, so it's not the first time that they have disagreements. But I think, once again, you know, the US Position is very much in support of Israel. But I think President Trump also really wants to, you know, find a solution for this, for this war, you know, if maybe he's not concerned about the Palestinian lives, but, you know, just so he can finally get his Nobel Peace Prize. So I think, you know, he's definitely trying to, to broker something. And it seems like this came out of, of a meeting that the president, after his speech at the General assembly had with Arab and Muslim leaders where he and Steve Witko, as, you know, top negotiator when it comes to those peace deals, promised Arab nations that the US Would stop Israel from annexing the West Bank. And I think this is just making sure that this message is out there. And we've heard him this morning before he boarded Air Force One on his way to New York, that he's confident that we could see a breakthrough in the next couple of days and maybe have a peace deal. So we have to wait and see when it comes to that.
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H.J. we came into this talking about those countries whose representatives and leaders got up and left when Netanyahu started talking. And it sounds like it was most of them. Was there any pattern discernible about those countries who chose to sit there and listen?
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I mean, like I said, I mean, the most visible and the one that I kept my eye on was certainly the US Delegation who remained. You know, it's definitely was the countries you expect. I mean, it's the ones, you know, who have not recognized, you know, the Palestinian state so far. I'm pretty sure the Japanese delegation was still there. There were some, you know, small island and African nations were still remaining, but the vast majority of Western countries, you know, left. I have to admit, I didn't check if the German delegation also stayed or walked out, but it was really, you know, the ones you would expect who stay, you know, close US Allies and Israeli allies and some nations, you know, who maybe have business dealings or other political attachment to those countries.
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H.J. mai at the New York sorry. At the UN General assembly in New York City. Thank you for joining us. You're listening to the Daily on Monocle Radio. This is the Daily on Monocle Radio. And to France, where The next characteristically picturesque demonstrations may be staged by the super rich, if not by the super rich themselves, then by people they may hire to throw cafe tables at the gendarmes on their behalf. The idea of a wealth tax is gaining traction, and unsurprisingly so. In France, as elsewhere. Tax may be defined as a levy that everybody thinks everybody else should pay more of. And the wealth tax under consideration is. Is an annual slug of 2% on fortunes assessed at over 100 million euros, which accounts for just 1,800 households in the country who will accrue little sympathy if forced to sell a couple of Cezannes. I'm joined with more on this by Monocle's Paris bureau chief, Simon Bouvier. Simon, first of all, this wouldn't be the first time France has maintained some sort of wealth tax. So why has the idea come back into fashion?
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Well, Andrew, I think it's come back into fashion because we are in a public finances crunch, and the one demographic that has gotten the best deal out of all of the policy changes of the last decade or so of the Macron era is the top earners in this country. And so I think that is the place where the government is now going to have to turn to one way or the other. They already did on a temporary basis with the exceptional tax on the highest earners and on businesses that had an exceptionally good year on the previous budget. But I think now they're going to have to do more than that and find some kind of permanent mechanism to, as you say, revive some form of taxation on the wealthiest of our citizens.
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Is there anybody trying to raise an argument against it? I mean, you would, of course, be tempting a chorus of tiny violins if you did so. But is anyone making the case that this won't work or doesn't matter or isn't useful?
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D
Definitely. And on your point on tiny violins, I don't think a protest of 1800 people, even if they did all band together to march from Bastille to Republique, would have quite the same impact than what we're used to here. But there is definitely a chorus of opposition from essentially the wealthier classes. And it's not limited to the top 0.1%. I think people who are homeowners, people who are business owners, feel like, you know, today it's the billionaires, but tomorrow it could be me. And there is a consistent line of argument from the business community that it is the opposite of what we should be doing because we've made so much progress here in France to encourage foreign investment, to encourage entrepreneurship, and that this would be a step back in the wrong direction.
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Does anybody have any persuasive numbers though on what kind of dent this might make in France's parlor's public finances? Because aside from anything else, surely somebody with 100 million euros in the bank can afford to hire better accountants than the government can.
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Definitely. And to that point, Andrew, I think it's. Even if you compare the difference in France between the effective tax rates of billionaires and the effective tax rates of the top 0.1%, we're talking about a huge difference there already. I think the effective tax rate for the billionaires is 26% and for the 0.1% is just below 50. So 48, if memory serves. So there's already a huge differential in effective tax rate within the wealthiest tax bracket. So I think the argument that people like Zuckman are making is look, we need to have a minimum level. And he's saying that it could raise this tax could bring in 20 billion euros a year. That's a significant amount when you think about the fact that Francois Bayroux now defunct budget that essentially cost him his job, was looking for about 44 billion in total and that was already of savings and that was already considered a pretty draconian budget. So I don't think we're going to see the tax in that form adopted in any way. But as I was saying earlier, I do think, think that most political parties are coming around to the idea that this is a necessity because otherwise the hole in the public finances will not be filled and also people will be on the street.
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Well, that'd make a change. Zucman is of course the economist who is pitching this idea. And understandably and unsurprisingly it's been proving very popular among the more excitable left wing tendencies in the National Assembly. Does he appear to have the ear of the new Prime Minister, Sebastian Lecorgny?
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I think so. I think that Lecorgny is looking at the numbers. First of all, his destiny is essentially tied on the cooperation of the Socialist Party. So the moderate left and this is kind of their signature ask. And secondly, I think he's looking at the polls and unsurprisingly for attacks that only concerns, as we have been discussing less than 2,000 people, 86% of French voters view this tax favorably and the rate of approval does vary based on their political tendencies, but it's between 75% and 96%. So in other words, even conservatives, who traditionally are for fiscal restraint and for a more laissez faire attitude, support this to the height of 75%. So the prime Minister cannot ignore this.
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And will it find favor with the President? Perhaps it was Macron who abolished, if memory serves, the previous wealth tax, which was one which affected vastly more people than the proposed one is. But would he see this perhaps as a means of shoring up his government in the national assembly and thereby perhaps creating an amount of stability?
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I think so, Andrew. I think the framing I would use for this is more he hates this. I think he sees it, I think, as a step backwards. But I think because Le Cornue is his protege and because he realizes that if he loses his job so soon after being named, then the political crisis will only deepen, he knows he needs to let go of his insistence so far of just holding on to all of the reforms in the economic sphere that have happened since he came to power. So I think he is definitely inclined to give his blessing to something like this. But again, what form does it take? I think again, the 2% that Zuckerman has been lobbying for might be too much for the business community to swallow. Again, the argument against it is that it's going to discourage innovation, that there's going to be massive flight of these people. As you say, it's not just that they can afford to hire the most creative accountants, they can also afford to relocate their companies in other countries. That's the argument, at least. To which Zucman replies. Bill Gates started Microsoft in the United states in the 70s when the corporate tax rate was higher than 50%. And he didn't decamp and it didn't prevent him from creating one of the most innovative companies in history. I think there is a bit of a question of potato, potato there, considering that we are in a different world now. But it's going to be tricky, bottom line, for the government to and for Parliament to avoid this subject of how do we make the richest among us Contribute more.
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Simon Bouvier in Monocle's Paris bureau. Thanks for joining us. You're listening to the D.
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Foreign.
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This is the Daily on Monocle Radio. On a newsstand near you now or now abouts is the October issue of Monocle magazine. And joining me now to leaf through it is Grace Charlton, Monocle's associate editor, design and fashion. Grace, hello. The magazine arrives with the satisfying wump.
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Oh, that was satisfying.
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That's actually, I cannot tell. I know that's, that's the September issue. I, I feel we have perpetrated a ghastly fraud upon our listeners. But I can promise that the October 1st will land on your desks or tabletops with an equally satisfying. Anyway, what's actually in it, Grace?
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A lot of fashion, a lot of design. Two of your favourite topics, I want to say. Are you excited?
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I'm beside myself with indifference. No, I'm agog to read about design and fashion. As always, Grace, do you think you'll.
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Pick up any, like, good little tips in there? Not that you need to.
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Well, obviously not, but you tell me.
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I mean, perhaps. Yeah, up to you. Are you feeling the need for a renewal? I think this is a good time.
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Of year to, you know, Trying to tell me something?
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I don't know. If you're looking for someone to refresh your wardrobe, I would do it for a small fee.
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Okay, it would be a very small fee. But what actual tips along those lines are in the issue? What can people glean about what they should be wearing?
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I think it's a lot of, like, autumnal outfits. There's also, I think, actually, I'm gonna say this is the best time of the year to be getting dressed. I think the temper is, like, irrelevant. You know, it's like a nice 17 degrees. You can wear stuff like boots with shorts and like a leather trench coat.
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I don't know if I've got the links for that at this point.
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Oh, that's not true. We can talk about it when we do your wardrobe refresh later. But what can people learn? I think it's just knowing, like, the up and coming brands from around the world that they could perhaps start investing in, but also gleaning information on what's going on in terms of, like, the higher levels, the big houses. We're talking Gucci, we're talking Margiela, we're talking all of those people.
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Are there any perceptible trends, you know, that you can. That you've managed to, I guess, light upon in your research for this issue? Is there a particular line on what we're all supposed to be wearing this autumn?
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No, there never is. But we can sort of try and manufacture them for the sake of a magazine. I feel like actually there's a little bit of a Scottish flair going on, maybe a little bit of tartan, and not necessarily from Scottish brands, from French ones. I interviewed this designer called Philippine Nami, based in Paris, but she takes inspiration from Scotland every time she's doing a collection. So, like golf, tartan, all of that, but it's not gimmicky, it's very chic.
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I'm in favor of tartan. Less so of golf.
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Yeah. I can picture you in a bold print, like a tartan. Yeah.
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So who did you speak to while putting this together?
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I spoke to probably the biggest name is Renzo Rosso, who's the president of otb. That stands for Only the Brave. Pretty cool.
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Okay.
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Bit of a maverick of the fashion industry. He owns this group and they own a stable of brands that include Marnie, Gill, Sander, Maison, Margiela, Victor and Rolf. And he's done an outstanding job because there's this big carousel, this revolving carousel of creative directors coming in of a house, leaving a house. He's done such a good job at hiring names that are sort of unexpected but really clever. So it was fun to talk to him. And he was really nice and he was super honest. You know, often when you're interviewing a big CEO, they come with an entourage of people and, you know, someone sort of mediating the interview. But he was just super relaxed. Although he did have an entourage of people.
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How relaxed was he about the state of his business, though? Because I do know from speaking to Natalie Theodosi, Monocle's fashion director, that this has not been a stellar last year or so for the upscale fashion sector.
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He was very honest about it. He said that the only solution, really, is to keep sort of clientelling, which means constant interaction. He was even saying that he encourages people in shops to, like, WhatsApp clients. And I know it sounds kind of hellish. I was like, oh, okay. Because the thing is, you're not necessarily going to get more customers, but the customers that you do have, the top 1%, you've got to convince them to spend instead of 5K, maybe 10K. So he was quite honest about that. And then he also talked about how creativity really is the source of this industry. Like, you can't sell something if it doesn't have a narrative behind it. And he spoke about working with John Galliano, who was like, the real king of this. And he said every dress has, like, a muse behind it. And he would sort of imagine, like, a woman lying in her bed and, like, all this stuff. So he was really fun.
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B
I cannot help but notice that you did manage to find a way to spend quite a bit of time in Paris putting this issue together. So I commend your enterprise on that front. But who else did you speak to and where else did you visit?
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So I had a little visit to Jacques Moussafir, who's a Parisian architect. He's got an incredible house that Sits on the Rue du Verbois in the Aux Marais, which is like a delightful neighborhood of Paris. And he has the top two floors. That's his penthouse with his family, where he lives with his wife and daughters and cats. And then below that he's got his studio. So his workplace.
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He literally lives above the shop.
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Exactly. Would you be able to live at Midori House, Andrew?
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It would depend on the scale of the accommodations. It's to say if I'm being confined to the radio bunker, I might go even crazier than this place may already have driven me. But if it was on one of the upper floors with like a nice view over the little penthouse, I could stand that.
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Yeah, I thought so too.
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I mean, as long as obviously nobody ever came to visit.
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Yeah.
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But it says here Acne Studios as well.
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Yes. They've got a new. It's a Swedish brand.
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It's a bold choice of name.
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Acne Studios, I know also they're from the 90s, you know, I think they're so sort of rode that grunge wave, you know, and it was sort of edgy to have.
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I was there at the time. Pimples were not edgy.
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Yeah, I don't think they've. Well, yeah, that's a different debate. But they've got a big headquarters in Paris, so they're quite interesting. They started in Stockholm, but then they had a really important presence in Paris because. And I interviewed the founder of Acne Studios, Johnny Johansson, and he said, like, ugh, try to get people to Stockholm. And it's like impossible. Like, no one wants to go there.
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Stockholm's nice.
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I know. That's what I said. But he was like, no, no, Paris is where it's at. So they've got massive headquarters which he designed in partnership with Studio Hallowad, so another Stockholm based creative firm. And it's very, very cool. It's very edgy. Like, think concrete, cool lamps. Yeah. Like communal spaces, statues, lots of artworks, lots of furniture that doesn't really look that comfortable, if I'm being honest. But it looks edgy.
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Just finally then, we don't want to give away the whole thing because we do obviously want people to go out and buy this issue, as they very much should. But I, I know you and Natalie did a roundup of the 25 best brands and shops and products, et cetera, et cetera. Is there one from that list which especially leapt out at you?
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Ooh, actually there was. And you're gonna roll your eyes so deeply, like far back into your cranium. Yeah, it's a brand called Horse. And they make the most beautiful horses. No, just Horse. Just Horse. And they make the most beautiful sportswear. It's just, it's really simple. It's just shorts and a polo, but it costs maybe 400 pounds each.
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But they are nevertheless defying the naysayers. Grace Charlton Monocles Associate Editor, Design and Fashion thank you for joining us. This is the Daily with me, Andrew Muller. And finally, on today's show, our weekly assessment of how much wiser we are for having put up with another seven days of it all. We learned this week that humanity's frankly erratic stint at running its own affairs may be drawing to a merciful close. We learned that the future of governance may sound like this, which is, we learned, Diella, an entirely AI generated apparition to whose handsome traditional Albanian costume we cannot entirely do justice in this audio medium who has been awarded a role in Albania's cabinet, allegedly to make impartial and incorruptible decisions on procurement for public works and so on. We learned, applying our admittedly rudimentary Albanian, that what she said there was the.
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Real danger to constitutions has never been machines, but human decisions made by those in power.
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Which, if we're honest, does sound a bit like what a megalomaniac computer program would say shortly before harvesting our blood for coolant. But we learned nevertheless that it could be worse and indeed is.
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I like to teach the world to say, sing with me all day long.
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For we learned of the latest steps in the ceaseless quest of US President Donald Trump to heal his divided nation.
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He did not hate his opponents. He wanted the best for them. That's where I disagreed with Charlie. I hate my opponent and I don't want the best for them. I'm sorry. I am sorry, Erica.
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And its rancorous politics.
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You know, Biden was always a mean guy, but never a smart guy. You know, even you go back 30 years ago, 40 years ago. He was a stupid guy, but he was always a mean son of a.
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B
Bitch, you know, and a roiling world.
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I'm really good at this stuff.
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B
Your countries are going to hell and slash. But we learned that despite the derisive sniggering emanating from some cynical quarters.
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D
Like.
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That one of President Trump's further placating of the dogs of war, silencing of the cries of havoc, etc. After learning last week of Trump's heroic labours to end the long bitter and non existent war between now apparently AI governed Albania and and probably Azerbaijan.
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A and Albania as an example. It was going on for years, was never going to be settled.
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We this week learned of another potentially destructive conflict nipped decisively in the bud by the Clemens von Metternich of our.
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Time, Cambodia and Armenia. It was just starting and it was a bad one.
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Yes, we learned that there would be no war between Cambodia and Armenia, though they must have been pretty angry with each other about something, given that their capital cities are we'll need a spinning globe sound effect about 6,800 km apart, give or take, which if we're quibbling, and to be clear, clear we are quibbling, elevates this particular diplomatic triumph to about the level of forestalling conflict between, say, Bhutan and Come on, give it another spin. Malta. Big hello to all our listeners in Malta.
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Hello.
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B
But we learned, because it's not like he is ever shy about reminding us of how very tough life is for St. Donald the Peacebringer, who, even as you listen to this monologue, may well be tirelessly and diligently wrangling a cessation of hostilities between Freedonia and Legoland. For a start, as Trump explained to his fellow national leaders at the UN General assembly during the course of a typically sane, focused, constructive, coherent, self effacing and above all, completely normal speech, he gets none of the respect he abundantly.
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Deserves, which is a very big thing for which our country received no credit, never receives credit. Everyone says that I should get the Nobel Peace Prize for each one of these achievements.
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B
Well, not quite everyone.
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F
What an idiot.
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B
We learned, however, that it gets even worse than that. We learned that the escalators at the UN building don't work.
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E
All I got from the United nations was an escalator that, on the way up, stopped right in the middle.
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B
We still have that chorus we made back when obscure UK Minister Will Quince resigned. Right, that one. We sometimes wheel out and get the producer to leadenly intone, whatever the thing is, over every mention of Will Quince, we're going to need that with the UN's escalators. Over every will quince, the UN's escalators.
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A
The UN's escalators. The UN'S escalators.
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B
What are we going to do? We learned, however, and as always, that the President's advisors could be relied upon to help him keep things in proportion.
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And if we find that these were UN staffers who were purposefully trying to trip up, literally trip up, the President and the first lady of the United States, well, there better be accountability for those people. And I will personally see to it.
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B
And that the same could be said of the President's media outriders on Fox News, ready as always, to stoutly resist any temptation to report inane pettifogging trivia like it's Pearl harbor or something.
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What we need to do is either leave the US or we need to bomb it.
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B
We can, of course, be absolutely sure that Jesse Watters for it was he would be totally cool with it if a liberal broadcaster breezily discussed their Timothy McVeigh fantasies during a news program. We learned, however, and this will be extremely difficult to believe, but stick with us, that American conservative media had incredibly this is all completely beyond the realm of expectation. Just have never imagined, let alone heard of, anything like this happening before. Run hogs wild on a lurid conspiracy narrative without waiting until the facts were in. Yes, we're as shocked as you are. And so on.
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The Associated Press reports that the UN Understands that someone from the President's party who ran ahead of him inadvertently triggered the stop mechanism on the escalator.
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We learned therefrom, however, of a possible explanation for the President's apparent distraction while up there on the literal and metaphorical world stage. He just had to walk further than he ever had in his life. For Monocle Radio, I'm Andrew Muller. That's all for this edition of the Monocle Daily. Thanks to our guests HJ Mai Simon, Simon Bouvier and Grace Charlton. Today's show was produced by Hassan Anderson and researched by Danielle Abroad Smith. Our sound engineer was Steph Chungu. I'm Andrew Muller here in London. The Daily is back at the same time on Monday. Have a great weekend weekend. Go Cats. SA.