"Global military spending rises to level not seen since Cold War"
NATO BILC STANAG 6001 SLP 2222 SLP 3333 English Listening. "Global military spending rises to level not seen since Cold War"
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Podcast episode Description
Defence expenditure rose by 9.4 percent worldwide in 2024 amid wars in Ukraine and Gaza, with researchers warning that rising military budgets will mean less funding for social welfare and humanitarian aid. Also in this edition: France aims to merge or eliminate one third of its government agencies amid a deficit crisis. Plus, the Chinese city of Chengdu sees a boom in panda tourism.
France Plans Major Cuts to Government Agencies to Reduce Deficit
- Brian Quinn reporting from France. The French government is planning some pretty drastic measures to tackle the country’s mounting debt.
- Stuart, the French Minister for Public Accounts, says the government will seek to either combine or eliminate one-third of all agencies by the end of the year. Amélie de Montchalin unveiled the plan in an interview with right-wing news channel CNews on Sunday.
- France is facing one of the highest annual deficits in the EU. Its shortfall hit 5.8% of GDP last year. Officials are aiming to reduce that to 5.4% this year, with the goal of returning to the EU limit of 3% by the end of the decade.
- De Montchalin says the government's various agencies employ some 180,000 people. The proposed mergers could save €2 to €3 billion in spending—though that’s still far from the €40 billion in cuts Finance Minister Éric Lombard has targeted for the next fiscal year.
- Agencies like the one formed to promote organic farming could be on the chopping block. De Montchalin stressed that the government can reduce headcount without extreme measures:
“We have to simplify. We need a stronger, more efficient state. Yes, we are going to be making staffing cuts. There will be fewer government jobs as a result. But we have many means to do this without creating a crisis or breaking out the chainsaw. We will do this with clarity, transparency, and strategy.”
Global Military Spending Reaches Cold War-Era Levels
- With conflicts raging around the globe, military spending has surged to a level not seen since the Cold War. In 2024, global military expenditure hit $2.7 trillion, according to the latest report from the Stockholm International Peace Research Institute (SIPRI).
- Europe and the Middle East are seeing some of the steepest increases, largely due to Russia’s invasion of Ukraine and Israel’s destruction of Gaza.
- Defense spending rose 9.4% over 2023, marking the 10th consecutive year of increases. The European region, including Russia, spent 17% more, totaling $693 billion. Russia alone has doubled its defense budget since 2015, with 2024 spending reaching $149 billion—up 34% from the previous year.
- The EU, in response to the threat from Russia, has launched a rearmament plan. Germany boosted its military spending by 28%. Meanwhile, the U.S. remains the world’s biggest military spender. Donald Trump’s reduced involvement in European security has pushed EU nations to increase their defense budgets.
A researcher explained the wider impact:
“To fund the unprecedented increase in military spending, countries have to make trade-offs. Many European nations are cutting spending in other areas, like international aid. Others are raising taxes or relying on debt.”
Market Update: Stocks Lifted by Trade Hopes and Earnings Week
- On a relatively calm day for Asian markets, the Nikkei in Tokyo rose a third of a percent after Donald Trump said on Friday that the U.S. and Japan are close to reaching a tariff deal.
- Toyota shares climbed nearly 4% amid reports the automaker may acquire one of its key parts suppliers.
- Chinese indexes were mixed. Hong Kong was up a quarter percent, while Shanghai hovered just below flat. This comes after China’s finance ministry pledged new policies to help meet domestic growth targets.
- In Europe, markets opened higher to kick off a busy week of earnings and economic data. Spain’s latest GDP numbers—due Tuesday—are expected to beat expectations. Porsche and Deutsche Bank will release earnings this week.
- DAX (Frankfurt): up 0.4%
- CAC 40 (Paris): up 0.5%
Panda Tourism Powers Chengdu's Local Economy
- Finally, there’s one part of China’s domestic economy seemingly immune to global trade tensions: panda tourism.
- The city of Chengdu, in southwestern China, is the epicenter of panda preservation and has seen a boom thanks to the global love for these adorable animals. It’s the only region where giant pandas are still endemic.
- Rare, fluffy, and irresistibly cute, pandas are big business. Tourists flock to Chengdu in droves, and locals are cashing in.
- “I never thought the image of pandas could be used in so many items. The most distinctive feature is this stamp. There’s even a stamp rally activity with panda-shaped stamps, small earrings, and bookmarks—all panda-themed.”
- Over 12 million tourists visited the Chengdu Research Base of Giant Panda Breeding last year. Around 10,000 local businesses are riding the panda wave. In 2024, panda-related sales topped $28 million.
- On a global scale, the panda is a soft-power symbol for China. Pairs are periodically sent abroad as part of diplomatic exchanges—like Hai Feng and Lan Yun, who departed for Austria on Wednesday.
- “We hope that after going abroad, the giant pandas will form a bond and successfully breed. These joint efforts in research and care will promote science, technology, and cultural exchange.”
- Still, it's not always smooth. Superfans often protest panda departures, leading to strict secrecy and even pandemonium for officials trying to ensure a quiet exit.
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