Three Studies of Lucian Freud. Francis Bacon 1969.
More chaff for your Friday.
The art by Francis Bacon. Here is an article on how to be an artist according to Bacon’s fractious, moodly works.
[1] Germany and Britain are negotiating a new treaty to strengthen defence and economic ties, focusing on military procurement and coordinated support for Ukraine. This marks one of the Labour government's first moves to reforge closer ties with Europe. Germany, Europe's largest economy, seems eager to tighten relations. Germany is the UK’s second largest trading partner after the US. Discussions are ongoing, with the treaty expected to be signed early next year. “We want to grasp this outstretched hand” Chancellor Schultz purred at the press conference.
[2] Fresh hopes for youth mobility under new British PM. During the same press conference on Wednesday with the Chancellor, the PM did not dismiss the possibility of a youth mobility scheme with Europe. However, since the left-wing government took office, it has consistently rejected calls to reinstate free movement between the UK and Europe. Reports on the statement seem optimistic. For there remain significant political obstacles to any mobility schemes. Just scrutinise the PM’s reply as to whether the scheme might be reinstated under the treaty:
In relation to youth mobility, obviously, we’ve been really clear – no single market, no customs union, no free movement, no going back into the EU. So the discussion about a close relationship within the EU or with the EU is in that context and within those frameworks.
Source: The Guardian UK
Three Studies for Figures at the Base of a Crucifixion, Francis Bacon, 1944. Source: Tate Modern, London. Such a relaxing scene.
[3] The Italian government, citing widespread concerns about over-tourism, is proposing a significant increase in taxes on tourists to raise city revenues and encourage more responsible tourism. However, hotel and travel groups strongly oppose this plan, arguing it will harm the industry. Travel and tourism contributed, directly and indirectly, about 10.5 percent of the country's 2023 GDP. Meanwhile, Italy's debt burden is already weighty, with IMF forecasts predicting it will reach nearly 140% of GDP.
[4] Hungarian consortium abandon bid to purchase Spanish train manufacturer, after they were rejected by the Spanish Government on the basis of national security. This is unusual within the European Union. The concern is that the consortium’s ties to Russia could lead to an illegal transfer of Talgo’s unique technology, which allows trains to adapt to different railway gauges. Although the consortium’s majority owner, Ganz-Mávag Holding, severed formal ties with a Russian trainmaker and financial institutions in 2022, allegations of informal connections remain. The Spaniards are suspicious.
[5] The German stock index DAX has just reached an all-time high. In my view, these headlines are cheap, but they draw attention to more important stories. While the DAX has tripled in value since 2000, the Italian and French equivalents have struggled. Meanwhile, the All-American S&P 500 has outperformed them all, increasing its value six-fold over the same period. Decline isn't only about falling; it's about rising more slowly than others.
Francis Bacon. Autoportait. Musée Cantini.