FT : Food to go? The question facing Unilever’s new ‘human tornado’ chief

Food to go? The question facing Unilever’s new ‘human tornado’ chief
Shareholders in the Marmite maker say future of food business should be on Fernando Fernandez’s in-tray

One of Unilever’s biggest shareholders has said it “doesn’t make sense” for the group to retain its food business alongside its beauty, personal care and home care divisions, adding to scrutiny of the margarine-to-soap conglomerate that ousted its chief executive this week.

David Samra, partner at Artisan Capital, a top-10 shareholder in the FTSE 100 group, said Unilever should look at selling the €13.4bn-revenue food business if it would create value for shareholders, following years of smaller divestments to boost the sprawling group’s performance.

“[The division] has to stand up to scrutiny over and over again, because it doesn’t make sense to have food and other products in the same company, and food gets you a lower multiple,” Samra told the Financial Times. “If the math shows that we will get more value out of [selling it], then they should do it.”

The future of the food business will be one of the issues on the in-tray of Fernando Fernandez, described by a former colleague as a “human tornado”, who was installed as chief executive this week following the sudden removal of Hein Schumacher after just over 18 months in the role.

The group is pursuing a listing of its ice cream division and pledged under Schumacher to sell off up to £1bn in food brands, as part of a major turnaround plan aimed at focusing on higher-margin areas such as beauty. It has sold off large chunks of its food business in the past decade, including spreads and tea.

Schumacher, who headed Dutch dairy giant FrieslandCampina and worked at Kraft Heinz for more than a decade, ruled out selling the entire food business last year. Shareholders said his replacement with Fernandez, the former head of Unilever’s beauty division, reinforced the company’s pivot into beauty and home care, reviving the perennial question of whether Unilever should abandon food.

“Narrowing their focus is part of this strategic plan, and that will continue,” said Samra. “What is the cost of disentangling? That’s the math the board is running.”

If the board “started with a blank sheet of paper . . . they wouldn’t have food there”, said Sue Noffke, head of UK equities at top-15 Unilever shareholder Schroders. She added, however, that food would be “relatively small post the demerger of ice cream” and that the remaining part of the unit was important to Unilever in emerging markets.


The question of whether to sell the entire food division has long been up for debate, with Unilever previously exploring selling it to fund its failed bid for GSK’s consumer health unit, now called Haleon.

But shareholders said the cost of disentangling the division’s sprawling supply chains from the rest of the group would be a deterrent to hiving it off. The investors said the board had their support in the leadership change and strategic direction.

Artisan Capital, which led a successful activist campaign at French consumer group Danone and has called for a break-up of German conglomerate Bayer, said it was not an activist at Unilever and was “100 per cent behind” the chair.

Bankers and analysts have long speculated that Unilever might pursue takeovers in the fragmented consumer health industry, potentially buying one of the consumer businesses spun off by pharmaceutical companies such as Johnson & Johnson or Sanofi.

But in calls to investors this week Meakins said the company would not be embarking on major dealmaking in the near future. Noffke told the FT that the chair had said there was no plan for major M&A, just “bolt-ons, where it made sense”.

The board’s decision to remove Schumacher, which people familiar with the matter said was unanimous, shone a spotlight on Meakins and the lengths the chair of two years is willing to go to drive forward Unilever’s turnaround.

Schumacher, who was in the US on Tuesday for shareholder meetings, was forced to cancel his appointments.

One former Unilever executive said Meakins, who is also chair of FTSE 100 company Compass Group and the former chief of building products group Wolseley, was “hard as nails”.

“People underestimate Ian Meakins at their cost. He’s a tough old boot chairman,” said a consultant who works with the company, adding that Meakins and Fernandez had a very close relationship. “He never chose Hein, but he chose Fernando. This is Ian placing his bet on a CEO he has chosen.”

Unilever declined to comment.

Analysts and people close to the company identified Unilever’s capital markets event in November as the day that clinched Fernandez’s ascent to the top job. The Argentine has worked at Unilever for almost four decades in Latin America, Asia and in management. He had outshone his boss since becoming CFO last January, the people said.

Veteran fund manager and shareholder Terry Smith told investors this week that he had nothing against Schumacher, who was “doing a fine job”. But he said Fernandez “really stood out” and was “basically dynamite”.

Shareholders and people close to the company said that while unexpected, the board’s abrupt ousting of Schumacher and decisive bet on Fernandez signalled a more ruthless approach from the group.

“We see quite a lot of pushback from investors on UK companies as being a bit dull, lacklustre, lacking in sharp elbows, needing to have activist interest to kind of get on with doing the right thing,” said Noffke.

“And here’s a company that’s kind of doing it for itself.”


Chart Unilver :

FT : Tui seeks ‘low-risk’ model through selling seats on other airlines’ flights

Tui seeks ‘low-risk’ model through selling seats on other airlines’ flights
German travel group aims to expand ‘flexibility’ deals similar to those struck with Ryanair and easyJet

Tui, Europe’s largest travel operator, has outlined plans to sell more seats on other airlines’ aircraft, betting on a “low risk” model to generate growth amid fears of a dent in consumer confidence.

Tui has traditionally sold flights on its own planes or bought seats in bulk from other airlines to sell on to consumers through its package holidays.

But the German group told the Financial Times it would expand so-called “dynamic packaging deals”, having made partnerships with airlines including Ryanair and easyJet in the UK. The arrangements allow consumers to choose from a range of providers’ flights and hotels when booking trips.

Chief executive Sebastian Ebel said he was keen to agree such arrangements with more airlines. He hoped to roll out the approach — similar to those of online travel agents such as Booking.com and Expedia — in the Nordic countries, Spain and the Americas.

Tui’s cautious approach comes as it navigates uncertainty in the travel sector, amid more unstable travel demand.

“The reason why we have been more conservative on the capacity was because we anticipated that there was maybe more risk capacity growth than the market growth,” Ebel said.

There was a “good opportunity” to grow with a low-risk model, he said, pointing out the high costs of growing via its traditional routes.

“If we put another aircraft . . . it’s a €30mn, €50mn investment,” he said.

While few major airlines have reported a dent in demand for travel, there are some signs that customers have become more price-conscious.

In a recent European travel survey by AlixPartners, 67 per cent of consumers said they intended to spend the same amount or more on travel in 2025 than they did in 2024. But almost half of respondents claimed to have less money to spend this year.

Shares in UK travel group Jet2 fell sharply in February after it warned that gloomy consumer sentiment and rising costs might put profit margins in the year ahead “under some pressure”.

Ebel said the conventional wholesale business was “always very attractive” when there was strong demand or in peak seasons. When there was oversupply, he said, dynamic packages were “very good”.

“We needed to have the flexibility in the system that we are not hit if there’s less demand,” he said.

Having its own fleet of aircraft, cruise ships and own-branded hotels was in the past a significant selling point for Tui. However, difficult market conditions during the coronavirus pandemic prompted the company to sell parts of the business that owned the assets, including Hapag-Lloyd Cruises and a minority stake in Riu hotels.

The “dynamic packaging” trend is the latest chapter in the sometimes unhappy story of relationships between budget airlines and travel agents. Ryanair engaged in a years-long row with online travel agents, which it accused of overcharging for its flights and extras such as seat selections.

The number of customers making a trip with Tui’s dynamically packaged holidays was up 18 per cent year-on-year in the three months to December, to 700,000. A fifth of all customers in the period travelled on such packages.

Ebel said he had “good confidence in the market” but acknowledged that trips to Turkey had become “slightly more challenging” because of cost increases and that some customers were choosing cheaper destinations such as Egypt.

Tui shares fell sharply after it revealed on February 11 that bookings for the summer season had slowed down from the previous year.

>>> Barrons Weekend summary

Cover:
-The MSCI China Index has seen an 18% increase this year, making it one of the better performing markets globally. This has led to a rethink among Morgan Stanley's China equity strategists, who upgraded their stance on China stocks to equal weight versus the benchmark. The early tariff salvos have been tamer than feared, fueling expectations that the US and China could spend the coming months in dealmaking instead of skirmishing. This, along with fresh efforts by Chinese officials to backstop the economy, has sparked optimism in a country that many thought was non-investible just a few months ago. Since the fall, Beijing has started to course-correct its approach to healing the economy, unveiling monetary and fiscal measures to put a floor under the economy and domestic market.

Interview:
-Food price inflation has led to a decline in consumer spending and the rise in appetite suppressants like GLP-1 drugs. This has also impacted the demand for restaurants and packaged-food companies. However, investment opportunities remain, particularly in smaller-cap food and restaurant stocks and niche product categories. Jim Salera, an investment bank analyst at Stephens investment bank, shared his insights on Americans' changing appetites and promising companies in the food industry. Salera has been following the food industry since 2019, focusing on small- and mid-cap growth stocks. He shares product trends, including prebiotic soda and notes that the while the outlook for food inflation in 2025 remains uncertain, it has cooled in the past two years. Among his food stock recommendations are Utz Brands, Campbell's, BellRing Brands and Zevia. He also likes Wingstop - a restaurant chain with a simple menu and consistent quality, has a strong franchisee base and strong cash-on-cash returns – and First Watch Restaurant Group, a full-service restaurant that serves brunch, refreshes its menu with popular items while boasting a good labor-retention rate.

Tech Trader:
-Nvidia, the artificial-intelligence chip giant, has surpassed Wall Street expectations in its latest quarterly report, with revenue increasing 78% to $39.3B in the January-ended quarter. The company's data center segment, fueled by AI chip sales, saw revenue nearly double to $35.6B. Nvidia provided solid guidance, projecting revenue for the current quarter to reach a midpoint of $43.0B above the consensus of $42.1B. These growth numbers are impressive, even for the world of technology. Apple, the other technology giant in the $3T market-cap club, grew its revenue by just 4% in the latest quarter. Nvidia trades at 27 times earnings, despite growing 20 times faster than Apple. Blackwell, Nvidia's latest-generation graphics processing unit, generated $11B in revenue, surpassing Nvidia's expectations. Nvidia CEO Jensen Huang said that demand for Blackwell is amazing, as reasoning AI adds another scaling law—increasing compute for training makes models smarter, and increasing compute for long thinking makes the answer smarter. The numbers should alleviate concern from some who believed demand for Nvidia's chips would soften following the release of newly efficient AI models from Chinese start-up DeepSeek.

The Trader:
-The US stock market has seen a decline after soaring in the post-election euphoria. The S&P 500 index is now flat for the year. The US has also been trailing behind major European and Asian equity indexes in 2025 due to concerns about tariffs, layoffs, and other factors. The American exceptionalism narrative may have been overdone, as the pendulum went too far on selling international equities after a strong year for the US stock market in 2024 and weaker performance for the rest of the world. The S&P 500 has fallen 2.5% this week, while the Nasdaq Composite tumbled 5.2%. The Dow Jones Industrial Average escaped relatively unchanged. The case against continued US dominance found more evidence this week, with Nvidia stock dropping 8.5% despite solid earnings, suggesting that the market had gotten too excited about its prospects and those of the Magnificent Seven.
-Formula One's stock, Liberty Formula One, has fallen 3.2% after reporting sales of $1.17B, which fell below forecasts of $1.36B. The stock has fallen more than 10% over the past two weeks, as investors used increased market volatility as an excuse to take profits in a stock that had gained more than 25% over the past 12 months. Formula One isn't simple, as tracking stocks don't give investors direct ownership. John Malone’s Liberty Media has been a fan of tracking stocks, using them in the past for stakes in Sirius XM and the Atlanta Braves baseball team. However, many investors have complained that tracking stocks are too convoluted, and in the case of Formula One, it also represents a 30% stake in concert promoter and Ticketmaster parent company Live Nation. Malone plans to spin off Liberty Live Group into a separately traded company, which will make F1 a cleaner pure-play story. Matthew Harrigan, an analyst at Benchmark, boosted his price target on F1 stock in late December, citing "the removal of a 10% complexity discount" and "the enthusiastic global market for sports assets."

Features:
-Bitcoin and gold share similarities, as they both fall between assets and currencies. They offer protection against inflation and cash, but their fortunes have diverged recently. Bitcoin's price has declined 24% since reaching a record high of over $109,000 on Jan. 20, while gold has continued to rally, gaining nearly 8% in the same span. This contrast highlights the different factors driving the prices of the two assets and suggests that investors looking for a store of value or an alternative investment uncorrelated to the stock market would likely do better with gold over Bitcoin. Eric Wallerstein, chief markets strategist at Yardeni Research, believes gold is a safe haven, with Yardeni seeing gold prices hitting $4,000 by the end of the decade. However, he doesn't maintain a Bitcoin target, as it is a super speculative asset.
-Big-box retailers have lowered their expectations for 2025, with Target, Nordstrom, Best Buy, and Macy's reporting in the coming week. As expected, their 2024 holiday results were solid, but their outlook for the current year was more muddled. Walmart, Home Depot, and Lowe's management teams said they aren't seeing any significant changes in the consumer-spending environment and that spending remains healthy. However, all three companies issued full-year guidance well below Wall Street's forecasts. Companies want to set a low, achievable bar for this year's results, but executives also appear to be baking in at least some degree of demand uncertainty over the next few months. This year's economic has raised concerns, with job growth being weaker than expected in January, the consumer price index spiked, and retail sales slumped. Uncertainty about how the Trump administration's policies, particularly tariffs, will affect the economy has weighed on consumer sentiment and fanned inflation expectations.

Europe:
-Ukrainian President Volodymyr Zelensky and President Donald Trump were supposed to sign a minerals deal, but their meeting at the White House turned into a heated exchange. Zelensky accused Trump of undermining the Trump administration, which is attempting to end the Russia-Ukraine war. Trump told Zelensky that he did not have the cards at the moment, leaving him without a deal. This incident accelerated Trump's campaign to redefine the US relationship with the world, which has included threats of tariffs on Europe and open discussions about absorbing Canada and Greenland into the US. In the short run, Trump's shake-up of US alliances may stimulate the global economy through greater fiscal spending and cheaper energy. However, the longer-run effects of his quasi-imperial ambitions could make it more difficult for US companies to do business globally.

Emerging Markets:
-No update

Commodities:
-Silver's price reached a record high of $49.95 per ounce in 1980, an artificial price due to the Hunt brothers' attempts to corner the market. The price then slid for two decades before reaching its second-highest all-time price of $48.70 in 2011. Today, silver is priced at $32.25 an ounce and would need to increase more than 50% to reach its 2011 peak. Gold, on the other hand, reached a record high of over $2,970 per ounce last week. The gold-silver ratio, which describes how many ounces of silver are required to buy one ounce of gold, stands at 91. The ratio has averaged around 65 since the 1970s and has swung between 40 and 70 in the past century. In March 2020, amid global Covid-19 alarm, the ratio spiked to 125 as investors sought the safety of gold and shied from silver, which is heavily used in manufacturing and technology. A history suggests that a ratio of 90 is meaningful and indicates that silver is undervalued relative to gold.

Streetwise:
-The Consumer Analysts Group of New York (CAGNY) conference in Florida has seen companies like Kraft Heinz, General Mills, and Conagra Brands spend a week discussing their strategies for overcharging for overeating. The conference moved from Boca Raton to Disney World, which is more inspirational for overcharging for overeating. Big Food could use fresh ideas, as the broad US stock market is up smartly over the past year, but shares of these companies have declined. Lingering inflation is pinching family budgets, and consumer confidence dropped sharply in February. Wall Street is worried about trade wars and obesity drugs as a looming threat to the long-term Cookie Monsterization of consumer eating habits. Spice seller McCormick is up 20% in a year, focusing on flavorings rather than sales of flavorings to fast-food restaurants. JP Morgan took a data-driven approach this year, counting topic mentions and comparing with past years.

>>> Weekend Papers Summary

FINANCIAL TIMES
-Donald Trump has accused Ukrainian President Volodymyr Zelenskyy of "gambling with WW3" as he cut short his meeting with the Ukrainian leader in the White House. The two leaders clashed before the meeting began, and Trump accused Zelenskyy of gambling with the lives of millions of people. The US president issued Zelenskyy an ultimatum, stating that he would either "make a deal [on the war] or we're out." The clash threw into doubt any attempt to end the three-year-long war. While Trump has pushed for a rapid deal with Russia and Ukraine, Kyiv has stated that no agreement would be stable without US security backing. In a statement announcing the breakdown of the White House talks, Trump stated that Zelenskyy is not ready for peace if America is involved, as he feels our involvement gives him a big advantage in negotiations.
-Donald Trump's relationship with Ukrainian President Volodymyr Zelensky has deteriorated, leading to a brawl in the Oval Office. This diplomatic meltdown will raise questions about Trump's ability to broker peace talks with Russia and America's commitment to ensuring security for its European allies. Trump's personal animosity with Zelensky dates back to their initial interactions during his first term, and has led to Washington calling for new elections in Ukraine that could lead to the latter’s ousting. Trump's disdain for Zelenskyy has roots in their first phone call in 2019, when he unsuccessfully pushed Zelenskyy to investigate Joe Biden's son Hunter's business dealings in Ukraine. This conversation formed the basis of his first impeachment by the House of Representatives. After Russia's invasion of Ukraine in 2022, Trump became a leading critic of Kyiv from the sidelines.
-The military delegation to China's National People's Congress is decreasing and may shrink further due to Xi Jinping's purges. The military delegation at the annual plenary session of the National People's Congress will number 267, down from 281 appointed in 2023. Fourteen have been removed due to corruption investigations. Of the 2,997 appointed to the NPC in 2023, 2,942 remain. The military delegation, including representatives from the People's Liberation Army and the People's Armed Police, has suffered a greater reduction in size than any other provincial delegation, government, or industry segment represented in the NPC and the Chinese People's Political Consultative Conference (CPPCC). The crackdown on discipline violations is taking a heavier toll on the armed forces than other parts of society.
-Top hedge funds, including Millennium Management, Citadel, Elliott Management, and AQR, have criticized global regulators for restricting their use of borrowing to finance trades. They argue that these funds are being wrongly blamed for recent market turmoil. The lobbying offensive aims to force them to be more open about their leverage usage. This raises concerns about the rapid growth of hedge funds and alternative finance outside the traditional banking sector. Central bankers and regulators have identified these non-bank actors as one of the biggest risks to the financial system. Hedge funds use leverage to boost returns, such as the controversial Treasury basis trade, which involves taking a short position on Treasury futures and borrowing money from a bank to take a cash Treasury position.
-US stocks rebounded on Friday, halting a sell-off caused by concerns that Donald Trump's tariffs would hurt the world's largest economy. The S&P 500 closed 1.6% higher, reversing losses earlier in the session and trimming its decline in February to 1.4%. The tech-heavy NASDAQ Composite index closed 1.6% higher but has fallen 4% over the past month. European markets had recouped most of their losses before Wall Street's close, having opened lower as President Trump's tariff threats on trading partners like the EU and China kept investors on edge. Trump stoked greater anxiety by accusing Ukraine's President Volodymyr Zelenskyy of "gambling with world war three" in a fiery White House meeting.
-The Kurdistan Workers' Party (PKK) continues to pose a threat to Turkey, despite a relentless military campaign against them. After four decades of fighting and 40,000 deaths, there is cautious hope that the conflict could end. Abdullah Öcalan, who founded the PKK in 1978 and is serving a life sentence, has called on his followers to disband the group. If the PKK follows Öcalan's call, it could deliver Erdogan a political coup, potentially securing support from pro-Kurdish lawmakers. This could lead to the extension of Erdogan's rule into a third decade when his term expires in 2028.
-Pakistan's government has been hit after New York scrapped a $220M contract with the century-old Roosevelt Hotel in Manhattan, which was acquired by Pakistan International Airlines over two decades ago. Since 2023, the hotel has hosted or processed over 100,000 immigrants from the US. New York Mayor Eric Adams announced the closure of the shelter, citing a drop in the number of immigrants entering the city from 4,000 to 350 per week. Over 232,000 migrants have come to New York in the last three years, with the Roosevelt Hotel being critical to the city's operations.
-Copper waiting to leave warehouses has reached its highest level since 2021, reaching 102,000 tonnes on Wednesday. This is the highest level since late 2021, with a similar increase in mid-2021. The metal is likely to be heading to the US before tariffs are implemented. The red metal, used in wiring and construction, is among the minerals threatened by tariffs by Donald Trump. The US president plans to introduce 25% tariffs on all steel and aluminum imports on March 12 and has ordered a probe into copper dumping in the US, laying the groundwork for tariffs on the metal. The LME data does not specify where the metal is going, but traders say some are likely to be heading to the US before tariffs are implemented.
-Donald Trump has criticized the UK's request for Apple to grant secret access to its most secure cloud storage system, comparing it to a move similar to what he heard about with China. In an interview with British Prime Minister Sir Keir Starmer, Trump said he told Starmer that Apple could not do this. This comes after Apple withdrew its Advanced Data Protection system for iCloud in the UK, refusing to comply with a legal demand to build a "back door" or vulnerability that would allow law enforcement or security services to access the system. Apple received a "technical capability notice" under the UK Investigatory Powers Act last month, requiring it to create a way to tap encrypted data stored in the cloud.
-The US trade goods deficit reached a record high in January, reaching $153B, as companies increased supplies of foreign products and metals ahead of President Trump's tariff imposition. The gap between exports and imports of goods increased by over 25% from the previous month, outweighing economists' predictions of a $116B shortfall. The figures suggest American companies were stockpiling goods purchased overseas as they prepared for tariffs on close trading partners, including Canada, Mexico, China, and the EU. Gold bullion shipments were also a possible driver.

NEW YORK TIMES
-The US and Ukraine's President Trump and Vice President JD Vance have reportedly sparked a public confrontation in the Oval Office, causing a televised showdown. The two leaders criticized Ukraine's President Volodymyr Zelensky for not being grateful enough for US support in Ukraine's war with Russia. They urged Zelensky to make a peace deal on American terms. Trump threatened to abandon Ukraine if Zelensky did not agree, canceling the visit, including a joint news conference and signing ceremony for a deal on rare minerals. US officials also instructed Ukrainians to leave, and Zelensky departed the White House grounds. The situation has sparked tensions between the US and Ukraine.
- Trump's recent venomous exchanges with President Zelensky and Vice President JD Vance have shattered the three-year wartime partnership between Washington and Kyiv. The venomous exchanges, which were broadcast to an audience of Americans and Europeans, and to Putin and his Kremlin aides, have made it evident that Trump views Ukraine as an obstacle to a more vital project. One senior European official stated that Trump's real goal is a normalization of the relationship with Russia, which could involve rewriting the history of Moscow's illegal invasion three years ago, dropping investigations of Russian war crimes, or refusing to offer Ukraine long-lasting security guarantees. If this means rewriting the history of Moscow's illegal invasion, dropping investigations of Russian war crimes, or refusing to offer Ukraine long-lasting security guarantees, Trump is willing to make that deal.
-European leaders have pledged their continued support for Ukraine following President Trump's criticism of its president, Volodymyr Zelensky. Leaders from France, Germany, Poland, Spain, Denmark, the Netherlands, Portugal, the Czech Republic, Norway, Finland, Croatia, Estonia, Latvia, Slovenia, Belgium, Lithuania, Luxembourg, and Ireland have praised Zelensky. Canadian, Australian, and New Zealand leaders also contributed to the Europeans' support. While Western leaders generally avoided directly criticizing Trump, many in Europe addressed their statements of encouragement directly to Zelensky. European Commission president Ursula von der Leyen referred to Zelensky on social media, urging him to be strong, brave, and fearless.
-Measles cases are increasing in West Texas, leading to the first U.S. death from the virus in a decade. Health Secretary Robert F. Kennedy Jr. stated that the situation is "not unusual" and that "we have measles outbreaks every year." He has also stated that immunizations against measles and some other infectious diseases are unnecessary and risky. Experts have answered key questions about the severity of the virus and the effectiveness of the vaccine.
-Federal workers have been sent emails asking them to provide a list of their workweek accomplishments, a response to a previous request by Elon Musk that caused confusion and fear within the government. The email, titled "What did you do last week? Part II," echoed an earlier one that instructed workers to respond with a list of around five accomplishments. The Office of Personnel Management, the government's human resources arm, sent the email to workers at various agencies, including the F.B.I., the General Services Administration, and the Defense, Justice, Labor, and Agriculture Departments. The email also directed workers to send approximately five bullets describing their week's achievements.
-Trump plans to sign an executive order designating English as the official language of the United States, marking a significant victory for the country's English-only movement. The order, which is expected to be largely symbolic, would be a victory for the movement, which has long been tied to efforts to reduce immigration and restrict bilingual education. While more than three-quarters of Americans speak only English at home, there are about 42 million Spanish speakers in the country. Trump, now in his second term as president, is seeking to make what was once a political jab the official policy of the United States.
-Pope Francis has suffered another respiratory crisis, raising concerns about his prognosis. The Vatican reported that Francis, who has a history of respiratory ailments, suffered a bronchial spasm that led to inhaling vomit after a coughing fit. This worsened his respiratory condition and required aspiration. The crisis occurred early Friday afternoon after a morning spent on respiratory physiotherapy and prayer in the chapel. He required noninvasive ventilation, sedation, and remained alert and conscious at all times. Doctors estimate it will take 24 to 48 hours to determine if the crisis has worsened his condition.
-A camp in Panama has held over 100 asylum seekers for over a week, surrounded by fences and armed guards. Journalists and lawyers have been barred from speaking to their clients, and the government is in charge. The migrants are among several hundred people who arrived at the U.S. southern border in recent weeks to seek asylum in the U.S. and were deported to Central America. Panamanian officials claim that international aid groups are not organizing the operation.
-The World Health Organization has proposed a new theory that contradicts African medical experts, leading to the death of dozens in the Democratic Republic of Congo. The illness, characterized by fever, headache, chills, sweating, stiff neck, muscle aches, multiple joint pain, body aches, a runny or bleeding nose, cough, vomiting, and diarrhea, has killed at least 60 people and sickened over 1,000 in Congo's Équateur Province. Dr. Michael Ryan, director of emergencies for the WHO, said the illnesses were most likely caused by poisoning, contradicting a theory proposed by African Centres for Disease Control and Prevention, which suggested malaria was the cause. He also expressed strong suspicion that the poisoning was related to a water source.

NY POST
-President Trump's special envoy to the Ukraine War, Keith Kellogg, urged Ukrainian President Volodymyr Zelensky to sign a deferred mineral rights deal with Washington during his visit to Kyiv. However, Zelensky's chief of staff insisted on the signing, which went awry. After three days of negotiations, retired Gen. Keith Kellogg secured the agreement, which would have provided Washington with 50% of all future proceeds from Ukraine's critical and rare-earth minerals. The US official said that the deal had one item still to be finalized. Zelensky chief of staff Andrii Yermak pushed for Zelensky to join Trump at the White House to sign the agreement. Kellogg advised against it, knowing that the relationship between the presidents needed to be strengthened before meeting in-person.
-Defense Secretary Pete Hegseth warned Mexican officials last month that the US military would take "unilateral action" against Mexico's drug cartels if more isn't done to curb the flow of fentanyl and migrants into the US. Hegseth made the remark during a call with top Mexican military officials, urging them to address collusion between their government and violent criminal organizations. Mexican officials were "shocked and angered" by Hegseth's comments, which left them with the impression that US military strikes could occur south of the border.
-Over 75,000 digital subscribers have canceled their subscriptions to The Washington Post following Jeff Bezos' announcement that the paper's opinion section would be revamped to align with libertarian ideals. This decision triggered upheaval within the organization, including the resignation of opinions editor David Shipley. A previous mass exodus began in October when Bezos blocked a planned endorsement of Democratic presidential nominee Kamala Harris. Between that decision and Election Day, over 300,000 subscribers severed ties with the Post, accounting for over 12% of its digital subscribers.

The New Yorker : The Imperialist Philosopher Who Demanded the Ukraine War

The Imperialist Philosopher Who Demanded the Ukraine War
For decades, Alexander Dugin argued that Russia had a messianic mission, and that destroying an independent Ukraine was necessary to fulfilling it.

In August, 2022, six months after Russian troops invaded Ukraine, a cultural festival named Traditions was held outside Moscow, at the onetime summer retreat of Alexander Pushkin. The star speaker was Alexander Dugin, a scholar and a prominent proponent of the war who has been called the prophet of the new Russian Empire. In his book “Being and Empire” (2023), which runs to a Heideggerian length of seven hundred and eighty-four pages, Dugin characterizes Russia as nothing less than “the last place of the true subject of history in time and space.” His lecture at the festival, “Tradition and History,” was as sprawling as its title suggested. Sitting under a canopy, he extemporized on the seasonal labors of the Russian peasantry, finding in the pre-modern past the “secret center” of the nation’s spiritual life.

For Dugin, the greatest enemy of Russia is liberalism, which he has defined as the “false premise that a human is a separate, autonomous individual—a selfish animal seeking its own benefit. And nothing more.” He has written that “such a liberal person—completely detached from God, history, and society; from the people and culture; from the family and loved ones; from collective morality and ethnic identity—does not exist; and if they do exist, they ought not to.”

After the talk, some members of the audience gathered around Dugin. A young man asked, “This liberalism thing—is it possible that concealed within it is some link to the Lord that will take it and bring it down?”

“Perhaps,” Dugin told him. “That’s why there are people who fight against the liberal world, even within the liberal world.”

“Maybe there is simply a certain substance that has flooded everything, all the brains,” the young man went on. “Then a flame is lit inside it by its offspring, which instantly turns the game upside down?”

The crowd looked befuddled, but Dugin cottoned at once. “Ah,” he said. “That would be Donald Trump!”

Everyone laughed, including Dugin’s daughter, Daria Dugina, who’d accompanied him to the event. A writer and broadcaster, Dugina also worked as a publicist and scheduler for her father. That evening, as they drove in different cars, an explosive attached to the underside of Dugina’s S.U.V. detonated. Her father got out of his vehicle as other drivers stopped. Someone taped the scene; Dugin can be seen stepping among the flaming wreckage, holding his hands to his head. The next day, Russia’s President, Vladimir Putin, sent Dugin a telegram calling Dugina’s death “a vile, cruel crime.”

An obscure Russian paramilitary group claimed responsibility for the bombing, but Moscow insisted that the order had come from Ukraine’s intelligence services. Ukraine denied the charge, but Biden Administration officials reportedly agreed with Russia. The intended victim was presumably Dugin. In some ways, he was a curious target: Dugin is not a politician or a military commander, nor does he seem to be a secret agent, despite predictable rumors to the contrary. Yet his voluminous writings, from books to online essays, have indelibly shaped Russian politics and policy. His conviction that the Russian Federation’s destiny is to become a holy empire along tsarist lines, a notion that he has been promoting for more than three decades, has been adopted by much of the Russian political élite—including by Putin himself. So has Dugin’s long-held belief that Ukraine is a proxy battlefield for a larger mortal conflict with the West. Whereas the Biden Administration opposed Russia’s imperial aggression, the Trump Administration appears willing to ratify it, if not to mimic it.

Since invading Ukraine, Putin has regularly invoked old arguments about Russia’s imperial role in the world, yet his references amount to a mercenary patchwork. In contrast, Dugin’s fluency with these arguments is as formidable as his loathing for liberalism is sincere. A close reading of his work offers an answer to the central question of the war, a question that, after three years, has still not been adequately addressed: Just why did Putin want to conquer Ukraine?

Only some of Dugin’s writing is about matters of state. Other pet subjects are literature, art, theology, music, and philosophy. He composes poetry (the not bad “In a Soviet Basement” contains the lines “He spins in a waltz, black as a cat / In his hands a Walter, in his hands a Walter / In his hands, Walter Scott”), records experimental music, and translates an array of right-wing European writers into Russian, releasing the books through his publishing house. Until 2014, he taught sociology at Moscow State University. He is not a Kremlin insider but, rather, a member of Moscow’s intelligentsia—or what now passes for it. He has written, co-written, or edited nearly a hundred books, and in his graphomania, if not in the quality of his work, he is a throwback to the Golden Age of Russian literature, in the nineteenth century. And, like the conservative Slavophile authors of that era who first formulated the nativist views that have resurged under Putin—such as the historian Mikhail Pogodin—Dugin assails the West and its values. He inveighs against democracy, secularism, individualism, civil society, multiculturalism, human rights, sexual openness, technology, scientific rationalism, and reason in general, which he rejects in favor of the mystical revelations of the Russian Orthodox Church. Although he is an avid tweeter and frequently posts on Telegram and Facebook, he claims to have no use for modernity. He once wrote that “the best course would be to eradicate the state and replace it with the Holy Empire.”

“Dugin can write a book in one night,” Marat Guelman, a former political consultant to the administration of Boris Yeltsin and a former acquaintance of Dugin’s, told me. “He is full of words.” Some of those words are sound enough. In “Templars of the Proletariat,” from 1997, Dugin observes that “the Russian national idea” is “paradoxical,” and “a colossal labor of the soul is required in order to make sense of it.” But, just when you think he is onto something serious, he says something risibly unserious. In his 2012 book, “Putin vs. Putin,” he presents pages of admissible arguments about Putin’s lack of vision for Russia’s future, only to announce, with a note of portentous climax, that Putin took office on a date predicted by Nostradamus. A critique of the Soviet leader Mikhail Gorbachev, which lucidly dissects the contradictions of perestroika, is undercut by musings on the occult implications of the “characteristic mark” on the former premier’s forehead. Dugin’s Russian critics like to say that he has kasha v golove—porridge in the head. Alexander Verkhovsky, a scholar of Russian extremism, dryly told me, “His books are very impressive, especially if, when you read them, you’re not thinking much.”

Nevertheless, you can find Dugin’s latest works in Russian bookstores, and he has found some avid readers abroad. The more extreme elements of the European New Right love his disdain for democracy. His books have been translated into French, Spanish, German, Italian, and English; in the United States, at least one of them—a 2014 treatise on Martin Heidegger—was published by a company run by the white nationalist Richard Spencer. Dugin makes President Trump’s accounts of American decline seem modest by comparison. In “Being and Empire,” Dugin calls the U.S. an immoral wasteland—“the direct opposite of the Holy Empire.” (His writing is full of italics.)

Last April, Dugin was interviewed by Tucker Carlson during the pundit’s tour of Russia. The expression of amiable skepticism that Carlson had worn through an earlier interview with Putin descended into a baffled frown when Dugin told him that the triumph of Western liberalism, which promotes “individualism” and rejects all kinds of “collective identities,” had led mankind to “the historical terminal station” where all ties to the past—religion, family, nation-state—were cut and “human identity” was “abandoned.” His anti-Western militancy is so intense that the U.S. and the European Union have both placed sanctions on him.

More dramatically, Ukrainian prosecutors have charged Dugin with genocide, though he appears to have played no material role in the war. His crime is rhetorical: he argues that the destruction of Ukraine is essential to Russia’s continued existence. In his 1997 book “Foundations of Geopolitics: The Geopolitical Future of Russia,” which brought him to fame in his home country, he writes, “The existence of Ukraine within its current borders, and with its current status as a ‘sovereign state,’ is tantamount to delivering a monstrous blow to Russia’s geopolitical security.” Although other Russian intellectuals have called for Ukraine’s incorporation into the Russian Federation, none have done so for quite so long, or with such a murderous tone, as Dugin. “Russia can be either great or not at all,” he writes in his 2014 book “Ukraine: My War,” adding, “Of course, for greatness, people always, in all centuries, pay a very heavy price, sometimes shedding entire seas of blood.”

Putin was once known for his distaste for ideology. Just before becoming his country’s acting President, in 2000, he wrote, “I am against the restoration of an official state ideology in Russia in any form.” In the decade after he took office, whenever he did resort to violence abroad—continuing the war in Chechnya; invading Georgia, in 2008—no grand ideology lay behind it. These were acts of opportunism by a cold-eyed pragmatist. The same could be said of Russia’s 2014 annexation of Crimea, which was brazen and unlawful but also virtually bloodless, so much so that it moved Henry Kissinger to call Putin “a serious strategist.” (The mandarin of Realpolitik knew no higher praise.)

Putin’s decision, in 2022, to try to conquer all of Ukraine can’t be arrived at by extrapolating from those prior invasions. This was less the gambit of a master of Realpolitik than the reckless gamble of an ideologue, and the impulse to invade belongs to an antique tradition of Russian political thought—a messianic imperialism that originates not in the Soviet Union (which the former K.G.B. agent Putin has been accused, imprecisely, of wanting to revive) but in tsarist Russia.

Today, Putin talks like a Romanov-era zealot. This once terse apparatchik seems to have succumbed to the notion, as Dostoyevsky put it in “The Brothers Karamazov,” that “all true Russians are philosophers.” Putin has even taken to quoting Dostoyevsky; not too long ago, the idea that he’d ever read Dostoyevsky would have been laughable. Putin waxes on about the “civilizational identity” that underlies Russia’s claims to cultural dominance, and about the “historical and spiritual space” of Greater Russia, which, naturally, includes all of Ukraine. “The world has entered a period of fundamental, revolutionary transformation,” he declared in a speech several months after attempting to topple Kyiv. Russia, he said, was defending not only its national interests but also the oppressed of the world against the “Western élites” who exploited them. His country had made “a glorious spiritual choice.”

The speech could have been written by Dugin. In “Foundations of Geopolitics,” he writes, “The Russian people certainly belong to the messianic peoples, and, like any messianic people, it has a universal, pan-human significance.” Putin has come to sound like Dugin to such an extent that Dugin has been called Putin’s Rasputin and Putin’s philosopher. “Putin’s Brain” was the headline of a Foreign Affairs profile of Dugin; “Inside ‘Putin’s Brain’ ” is the title of a recent book. All oversell the point. Putin’s telegram of condolence to Dugin notwithstanding, there is little to suggest that the two men have a personal relationship. But wars don’t arise from personal relationships. They arise from ideas—from the accretion, and corruption, of ideas over time. Putin’s assimilation of Dugin’s thinking is likely indirect, maybe even unconscious. It might be more apt to call Dugin the Russian President’s imperial id. When I asked the historian Andrei Tsygankov, the author of “Russia and the West from Alexander to Putin,” about the pair’s connection, he said, “Putin uses Dugin in the way that the tsars used the Slavophiles”—for “mobilizing the population to their cause.”

When Putin announced the start of his “special military operation” in Ukraine, on February 24, 2022, he didn’t mention that country by name until the latter half of a nearly four-thousand-word speech. The first half was taken up with excoriating the West, and especially the U.S., that “empire of lies,” for forcing the war on Russia by seeking to “destroy our traditional values and force on us their false values . . . that are directly leading to degradation and degeneration, because they are contrary to human nature.” That speech, too, could have been written by Dugin, who has written that “the entirety of Russian history is a dialectical argument with the West and against Western culture.”

Putin and Dugin came to prominence simultaneously, in the nineteen-nineties. After leaving the K.G.B., Putin became the deputy mayor of St. Petersburg, then joined the staff of President Yeltsin, who made him chief of the Federal Security Service (the K.G.B.’s successor), then Prime Minister, and eventually tapped him for the Presidency. This was one way up in post-Soviet Russia. Another was through the reactionary underground. This was Dugin’s path. February 24, 2022, can be seen as the day those two trajectories, the official and the unofficial, collided.

Putin describes himself as a “pure and utterly successful product of Soviet patriotic education” in “First Person,” a collection of interviews with him published in 2000 and the closest thing we have to an autobiography. Dugin is a more exotic specimen in Russia: a child of the sixties, almost in the same sense that Westerners would use that term. He was born in Moscow to a minor official in 1962, nine years after the death of Joseph Stalin, from whose murderous purges the Russian intelligentsia was slowly recovering. Writers and other educated élites were then “under such monstrous ideological pressure that one wonders why art and the humanities have not altogether vanished in our country,” the dissident Andrei Sakharov wrote.

Stalin suppressed Ukrainian culture and caused the death of untold numbers of Ukrainians. While Stalin’s successor, Nikita Khrushchev, continued expanding the Soviet imperium, he reversed Stalin’s policy on Ukraine. Khrushchev, who grew up in Ukraine, elevated it to the status of the second most powerful Soviet republic after Russia and, in 1954, transferred Crimea to its control—an act for which Putin assails him today. He also instituted the thaw, as it was known, relaxing cultural restrictions. The year Dugin was born, Khrushchev both precipitated the Cuban missile crisis and approved the publication of Alexander Solzhenitsyn’s account of a Soviet Gulag, “One Day in the Life of Ivan Denisovich,” arguably the most subversive novel to have been legally published in the U.S.S.R. Beneath the sanctioned renaissance sprang up an illicit counterculture that defied the Soviet cult of reason with occult religion.

From this spiritualist subculture emerged the young Dugin, by all accounts unforgettably. Tall, regal, and formal looking, he looked like “a representative of a higher race,” one of his friends said. He was a walking paradox: in the aristocratic Russian manner, he wore cavalry jodhpurs and rolled his “R”s; at the same time, he adopted the style of a medieval peasant, complete with a “pudding bowl” haircut. The writer and poet Eduard Limonov recalls in his memoir “My Political Biography” that Dugin was a “plump, cheeky, belly, busty, bearded young man” who was “full of exaggerated emotions.”

While Putin got a law degree and entered the intelligence services, Dugin dropped out of aviation school and took up with a different sort of secret society: the Iuzhinskii Circle, a group of writers in Moscow’s “metaphysical underground.” The circle had been formed, in the nineteen-sixties, by Yuri Mamleev, a novelist who has noted, “We felt distinctly that there was a bottomless chasm beneath us and that the whole planet was sinking into it.” The first members of the salon gathered in Mamleev’s small Moscow apartment to listen to him read from his writings, which were too outlandish to be published even during the thaw. One novel, “Shatuny,” was regarded as a kind of sacred text. A late-twentieth-century answer to “Crime and Punishment,” it follows a half-witted, sex-crazed serial killer as he screws and slaughters his way through Russia, in an effort to glimpse his victims’ souls. Dugin said that the novel was “the secret seed of the nineteen-sixties,” writing, “It is as though what you hold in your hands is not a book, but an empty space, a black, impish vortex that can suck large objects into itself.” A similar feeling may have been induced by the circle’s initiation rites—Bacchic episodes with copious drinking and sex.

Mamleev immigrated to the U.S. in 1974, before Dugin joined the circle. When Dugin became a member, the group was meeting at the dacha of Sergey Zhigalkin, a mystical philosopher who became Dugin’s close friend. Zhigalkin told me that life in the circle was not just intellectually risky; members were in danger of being arrested or sent to a mental asylum. He said that Dugin opposed both the Soviet system and “modern civilization as a whole.” This gave Dugin a grim outlook, Zhigalkin explained: “In Russia, and America, too, we live in the paradigm of a new time: in postmodernism, which is purely earthly and has no spiritual dimension—that is the tragedy.”

Dugin began not as a writer but as a musician. He brought a guitar and an accordion to circle gatherings and performed original material. Charles Clover, who was a Financial Times correspondent in Moscow at the time, chronicles the metaphysical underground in his book “Black Wind, White Snow,” and writes that Dugin’s songs were “composed of as many antisocial elements as its creator could find.” Clover recalls, “Strumming away around a bonfire in the evening sunset, he belted out a song, ‘Fnck the Damn Sovdep.’ ” (The Soviet Deputies were the organs of local government in the U.S.S.R.) The lyrics essentially called for mass murder of the Soviet leadership: “Two million in the river / two million in the oven / Our revolvers will not misfire.” Eventually, Dugin had his own cult following. “We just fell down and worshipped him,” one acolyte told Clover. “He was like a messiah.”

Soon enough, Dugin came to the attention of Putin’s colleagues in the K.G.B. Dugin’s father—his government career hindered, or possibly ruined, by his son—may have tipped off agents. In 1983, Dugin was sent to K.G.B. headquarters after performing dissident songs at a Moscow art studio. Agents later discovered a samizdat archive of Mamleev’s writings at the home of Dugin’s parents. According to Clover, Dugin was told by his interrogator, “The U.S.S.R. will stand forever. It’s an eternal reality.”

Dugin was released after a night of questioning and started working odd jobs while exhausting library shelves. He inhaled the European canon and Eastern philosophy. M. Gessen, in their book “The Future Is History,” relates an anecdote about Dugin wanting to read Heidegger’s “Being and Time.” He couldn’t locate a Russian translation, so he tracked down a German copy—on microfilm. He retrofitted a 35-mm. hand-cranked projector on his desk. “By the time he was done with ‘Being and Time,’ Dugin needed glasses,” Gessen writes. He’d also taught himself German. He then learned English, French, and Italian, too, along with various ancient languages. He gravitated to latter-day Continental metaphysicians—Heidegger, the German radical conservatives Oswald Spengler and Carl Schmitt, the traditionalist school of René Guénon and Julius Evola—who shared a hopelessness about Western civilization, if not civilization generally, and a morbid aversion to modernity. A striking number of these thinkers were members of the Nazi Party, or were otherwise fascist. Dugin could declaim on their work for hours, and did.

“He liked to give a lecture,” Misha Verbitsky, a mathematician and a former friend of Dugin’s, told me. “He dared to think in directions where nobody else would. Like Nietzsche, I suppose. Of course, some of the directions were very unhealthy.”

Dugin also read deeply in the Russian canon. The notion that Russia is more than a state or nation—that it is a holy empire with a world-saving duty—goes back at least half a millennium. “All Christian realms will come to an end and will unite into the one single realm of our sovereign, that is, into the Russian realm, according to the prophetic books,” the Russian theologian Filofei predicted in 1510. “Both Romes fell, the third endures.” The idea was brought to its highest polish in the nineteenth century, the apex of tsarist imperialism and, not coincidentally, of Russian letters. That era is the origin of Dugin’s views of the West and Ukraine, and of Putin’s recent thinking. Indeed, it can be seen as the true start of the Ukraine war.

As hard as it is to imagine now, Russia was then seen, and saw itself, not as the existential foe of the West but as its protégé. When Tsar Alexander I chased Napoleon Bonaparte from a charred Moscow to Paris, in 1814, he was hailed as the deliverer of Europe. Alexander came to believe that God had ordained him to save Europe, and also all of humanity and Christianity. Russia was both a physical and a spiritual empire—the Third Rome, as Filofei suggested. So holy was Russia that the two words merged in the language: svetlorusskaia, or Holy Russia. Tellingly, in “Being and Empire” Dugin calls Russia “the last kingdom—the Third Rome.”

If Alexander was the progenitor of the messianic imperialism that Putin expresses today, Alexander’s most imaginative acolytes were poets and novelists, not his court propagandists. As Eugene Onegin rides home from Europe, in Alexander Pushkin’s verse novel, he longs for “Holy Russia, her fields, her deserts, cities and her seas.” In “Dead Souls,” Nikolai Gogol rhapsodizes at Russia, “You are overtaking the whole world, and shall one day force all nations, all empires to stand aside,” and, geographically speaking, at least, he wasn’t wrong. By the time Alexander expired, in a fog of lunatic spiritualism, in 1825, his empire was the largest the world had ever known, stretching from the Baltic Sea to the far side of the Pacific Ocean, from the Black Sea to the Arctic Ocean.

Simultaneously, the Russian intelligentsia was in a debate about the empire’s soul. The so-called Westernizers, reform-minded writers who believed that Russia must continue looking to Europe to keep up in a changing world, stood against the Slavophiles, who countered that Russia was its own place with its own history, its own Church and traditions, with no need of a constitution, a free press, settled law, or other indignities of Western modernity. Ironically, the Slavophiles’ argument came straight out of European Romanticism and idealism, which similarly questioned the rationalist claims of the Enlightenment. The Slavophiles’ distinction was their tone of self-pity. The radical journalist Alexander Herzen, a Westernizer, determined that Slavophilia was not so much a philosophy as “a wounded national feeling.”

The debate remained largely theoretical until the Crimean War broke out, in 1853. Russia’s former allies France and Britain became its opponents, joining the Ottoman Empire against Tsar Nicholas I, Alexander’s younger brother. The war gave the Slavophile argument a deadly rationale, and convinced Nicholas that Europe could no longer be trusted. When Mikhail Pogodin, the leading Slavophile historian, wrote a memorandum to the tsar, saying, “We can expect nothing from the West but blind hatred and malice,” Nicholas commented in the margin, “This is the whole point.” Nicholas came to see the war as a personal holy struggle—but this time Russia was not saving Europe from conquest but saving the world from Europe.

Russia lost the Crimean War, but the aftershocks can still be felt today. In Putin’s 2014 speech celebrating the annexation of Crimea, he suggested that he was belatedly righting the defeat of Nicholas, whose bust greets visitors to Putin’s Kremlin offices. Nicholas never psychologically recovered from his loss, but his ideology permanently shaped Russian politics and literature. Perhaps its most impassioned proponent was Dostoyevsky. Although he turned out monuments to humanism in his fiction, in his political writings Dostoyevsky adopted an apocalyptic nativism. “Any closer intercourse with Europe might even exercise a harmful and corrupt influence upon the Russian mind,” he warns in “A Writer’s Diary,” which brought him to fame when it was published, in the eighteen-seventies.

Dugin has written that Dostoyevsky is his country’s “greatest national genius” and “the writer who wrote Russia,” and Dugin’s political writing can be seen as a decades-long fugue on “Diary.” In “Putin vs. Putin,” he writes that the Russian Empire is “something alive, sacred,” chosen by God to “speak for all of those who have been humiliated and insulted.”

The Crimean War also helped incite an independence movement in Ukraine, which was then known in Moscow as Malorussiya, or Little Russia. The Russian intelligentsia had once admired Ukraine, seeing in it the birthplace of the Muscovite dynasty and Orthodoxy. That admiration ended, and contempt for the prospect of Ukrainian autonomy was one matter on which the Slavophiles and Westernizers agreed. The literary critic Vissarion Belinsky, a Westernizer, argued that Ukrainians were “a people without consciousness of itself.” Dugin echoes this in “Foundations of Geopolitics,” calling Ukrainian culture “devoid of any universal meaning.”

Alexander II, Nicholas I’s son and successor, banned Ukrainian-language publications. The tsar did this even as he abolished serfdom, with an eye on a new empire with messianic pretensions: the United States. Certain Westernizers such as Herzen saw promise in the U.S. But Slavophiles such as Pogodin, who, in his essay “The Slav and World Mission of Russia,” called America “no state, but rather a trading company,” saw the zenith of the soulless materialism that they believed was ruining Europe. America was the future, and the future was loathsome.

The Slavophilia debate ended with the Bolshevik Revolution of 1917, which gave rise to Russian fascism and to the short-lived Ukrainian People’s Republic, a state that was stamped out by Moscow. In the Soviet era, Slavophilism was eventually revived by exiled thinkers such as Nikolai Trubetzkoy, an accomplished linguist and Lithuanian royalty. Trubetzkoy’s hatred for his Communist dispossessors was matched by his hatred for Europe, which had, after all, exported Communism to Russia. He envisioned a post-Soviet Russian Empire based on Orthodoxy, high Russian culture, anti-Westernism, and the subjugation of Ukraine. In his 1927 essay “The Ukraine Problem,” Trubetzkoy argued that Ukraine was the vector of inferior Western ideas into Russia. For Russia to realize its imperial destiny, he wrote, “Ukrainian culture must become an individualized variant of all-Russian culture.” Dugin, whose publishing house has reissued Trubetzkoy’s work, repeats this argument nearly verbatim in “Foundations of Geopolitics,” demanding that “Ukraine should be strictly a projection of Moscow.”

As it turned out, the Soviet regime that Trubetzkoy opposed was meeting his demands. Stalin reinstituted the ban on the Ukrainian language, liquidated Kyiv’s political class and intelligentsia, and starved millions of Ukrainians to death.

In Dugin’s 1997 book “Templars of the Proletariat,” he writes that, after the U.S.S.R. disbanded, “that which had seemed without end had collapsed in a single moment.” What this meant intellectually was that “the meaning and content of Russian history is a question addressed these days to everyone.”

In the West, we tend to view the end of the Soviet Union as the beginning of a tragically brief period of Russian democracy. In Russia, it is thought of less wistfully, as a period of social collapse and economic ruin. Former Soviet territories descended into a civil war that recalled the nineteenth century. The Russian Federation’s first President, Boris Yeltsin, wrote in his 1994 memoir that he was choosing “a path of internal development rather than an imperial one.” Yeltsin signed an agreement with the newly independent Ukraine that deemed it and Russia “equal and sovereign States.”

The fear and shame felt by Russians in this era can’t be overstated. Putin once said, “We remember the horrible nineteen-nineties,” when the West “called us friends and partners, but they treated us like a colony, using various schemes to pump trillions of dollars out of the country.” One result was the resurgence of Russian fascism. The movement was led by the National Patriotic Front, a party that had, for a time, a banner depicting the Romanov double eagle, a swastika, and Jesus, along with the slogan “God! Tsar! Nation!” The group’s manifesto stated that democratic reform was a plot to “open the floodgates to Western capital,” which sounds like something Dugin would write, though it’s unclear whether he contributed to the document. The main appeal for him may have been that the name by which the party was popularly known, Pamyat, or Memory, was apparently taken from an experimental novel.

Dugin ultimately left the National Patriotic Front and began meeting with Eduard Limonov, the writer, who had just returned to Russia after nearly two decades in exile. In his absence, Limonov had become an underground legend. He had been a petty thief in Kharkiv, a samizdat poet in Moscow, a punk sensation in New York, and an acclaimed litterateur in Paris. In a series of autobiographical novels about his poverty, crimes, and sexual exploits, he helped invent the genre we now call autofiction. But Limonov, though a libertine, was no liberal. His success in the West hadn’t left him applauding its freedoms but, rather, made him despise its materialism; in “My Political Biography,” he describes the U.S. as “the enemy of all.” Dugin wrote, “When I saw Limonov at an opposition rally for the first time, it seemed to me that a myth was coming true.”

Limonov loathed what he found in the new Russia no less. He wrote that he abhorred “Yeltsin with all my being,” as Dugin did, for adopting Western neoliberal policies—and for relinquishing the Soviet Empire. The two men were in synch: Dugin wrote that “all of Russia’s misfortunes can be attributed” to it being a “copy of the secular European model,” and Limonov argued that “what the insensitive Russian citizens, who react only to extremely brutal, horrifying and shocking events, really want is the arrival of Fascists.”

In 1993, Dugin and Limonov founded the National Bolshevik Party. Article 1 of its charter stated, “The essence of National Bolshevism is the incinerating hatred of the anti-human system of the Trinity: liberalism/democracy/capitalism.” Article 2 was the party’s enemies list: the U.S., Europe, NATO, and the United Nations. Article 3 was the group’s main policy goal: the creation of a “giant continental empire” that must include “the accession of the former union republics.” In other words, the independent state of Ukraine would be abolished.

The group cited a mishmash of historical inspirations, ranging from Russian heroes of the Second World War to Hermann Göring and Joseph Goebbels. This paradox was reflected in its official banner: a red background with a white circle in the middle and, in the place of a black swastika, a black hammer and sickle. According to Limonov, they liked to suggest at press conferences that he was the Hitler to Dugin’s Goebbels. Marat Guelman, the former political consultant for Yeltsin, who knew Dugin and Limonov, told me that Limonov didn’t himself know whether the party was “an art project or real politics.” From one perspective, their fascism was a punk gesture. The National Bolshevik headquarters, the basement of a residential building near a metro station, also served as a performance space, a literary salon, a drinking hall, a sex den, and the sole bureau of the party newspaper Limonka, which can translate to either little lemon or grenade. Dugin claims to be descended from a radical priest who was beheaded by the state, and the proof of it may be in his fearlessly splenetic Limonka columns. In one such column, he lambasts Yeltsin’s Kremlin, writing, “We are disgusted by the mafia-market society of violence and oppression, we passionately love our Motherland, our people and our culture and do not want traders and bastards to squander the lands watered with the blood of our fathers.”

But Dugin and Limonov were also fascists in the foulest sense. They craved absolutism and suffering, believed in cruelty for its own sake, and thought war to be the most exultant mode of existence. Their movement was an imperial death cult. The National Bolshevik greeting was an arm thrown forward and to the side—Sieg heil style, but with a clenched fist—alongside the exclamation “Yes, death!” Dugin’s former friend Misha Verbitsky told me that Dugin’s “favorite idea is that the whole world will be destroyed, and that it’s actually a good thing.”

Yet the National Bolsheviks, who gained an international following, did at least reject the bigotry of classical fascism: they forbade ethnic and religious discrimination. The party had Asian, Muslim, and Jewish members and at least one Black member—a Latvian activist who would later be arrested in Ukraine for supporting pro-Russia activists. Although Dugin’s obsession with Nazis is undeniable, there is surprisingly little antisemitism in his writing.

In the nineties, Limonov joined separatists fighting in Georgia and Moldova. After attempting to smuggle weapons into Kazakhstan to incite a pro-Russia insurgency, he spent two years in prison. He then went to Crimea to urge on pro-Russia separatists, and got banned from Ukraine in the process. Dugin’s concession to action was a 1995 run at a parliamentary seat. The title of his platform was “With the People Against the Dictatorship of Scum.” He won less than a per cent of the vote. But by that point he’d found a surer entry into the main arena of Russian politics.

Dugin was hired to write for another publication, Den: Journal of the Spiritual Opposition, by its editor, Alexander Prokhanov, a veteran of the Iuzhinskii Circle, a cult novelist, and an unabashed imperialist who wrote the mission statement for a group of reactionary politicians and generals who tried to depose Gorbachev in a coup, in 1991. Prokhanov told me that Dugin “astonished me with his vocabulary, terms, philosophical categories, which he brought into our public debate.” Den ran a column called “Conspiratology.” In a nine-part series, “The Great War of the Continents,” published in 1992, Dugin outlined the “geopolitical conspiracy” of the Soviet Union’s demise and the establishment of Ukrainian independence. Among other things, he claimed that NATO was turning Ukraine into a cordon sanitaire through which it would infiltrate Russia—the very claim that Putin would adopt two decades later. The West was, Dugin wrote, “luring Russia into a Ukrainian trap.”

The Russian intelligentsia, many of whom had opposed Ukrainian independence when the Soviet Union fell, was receptive to this line of thinking. In the book “Rebuilding Russia,” Alexander Solzhenitsyn, who had gone from being an anti-Soviet dissident to a neo-Slavophile, says that the Ukrainian language was a “falsehood” and warned against Ukrainian self-governance, even though much of his family was Ukrainian.

Prokhanov introduced Dugin to Moscow’s reactionary élite, and in the mid-nineties Dugin became an informal adviser to Gennady Zyuganov, the leader of the still powerful Communist Party, who ran against Yeltsin for the Presidency on a platform of a “voluntary” reconstitution of the Soviet Union. Dugin simultaneously advised the candidate Vladimir Zhirinovsky, the leader of the Liberal Democratic Party, who wanted to invade Ukraine and even go to war with NATO, to win back the Soviet Empire. Zhirinovsky was the son of a Ukrainian Jew, but such was the vicious vaudeville of Russian politics in the nineties. When he and Zyuganov overperformed in parliamentary elections, in 1995, a chill went through Ukraine and the West.

Dugin’s Den series was the basis for his 1997 book “Foundations of Geopolitics.” It appeared shortly after Yeltsin won reëlection. Russian conservatives were crestfallen, and Dugin’s book provided fresh inspiration. “The battle for Russian world domination is not over,” he reassured readers. Describing the Russian Federation as a merely “transitional formation,” he wrote that, throughout history, the Russian people had perpetually moved “towards the creation of an Empire.” More than that, any “refusal of the empire-building function” wasn’t just unnatural but “national suicide.” And the first order of business of the new empire must be the end of Ukraine: “The continued existence of a unitary Ukraine is unacceptable.”

“Foundations of Geopolitics” was a sensation. The historian John B. Dunlop observed, “There has perhaps not been another book published in Russia during the post-Communist period” that has exerted as much influence “on Russian military, police, and foreign policy elites,” adding, “If its ideas were to be implemented, then Ukraine would cease to exist.”

After Putin took office, three years later, Dugin told an interviewer that the new President was “the ideal ruler” for the times—ideal not because he was particularly competent but because he was “a tragic figure.” This was an unseasonable claim; Putin was then being hailed as an optimist, an internationalist, and a reformer. He declared that Russia might even join NATO. He was one of the first heads of state to call George W. Bush on 9/11, and, on meeting him, Bush found him “straightforward and trustworthy.” But Dugin looked at Putin’s sphinxlike frown and sensed something else. With Putin, Dugin promised, “the dawn is breaking,” but it would be a “dawn in boots.”

On December 30, 1999, Putin published an essay in the newspaper Nezavisimaya Gazeta titled “Russia at the Turn of the Millennium.” He has since lamented the collapse of the Soviet Union, but he didn’t take that view in the essay. Concentrating instead on the “outrageous price our country and its people had to pay for that Bolshevist experiment,” he wrote that “only fanatics or political forces that are absolutely apathetic and indifferent to Russia and its people can make calls to a new revolution.”

Putin didn’t mention Ukraine. Not until 2004 did his thoughts seem to turn to his country’s neighbor. Ukraine held a Presidential election that year. In the memoirs of Condoleezza Rice, then Bush’s national-security adviser, she recounts paying a visit to Putin in the Kremlin. Rice was surprised when a Ukrainian politician, Viktor Yanukovych, suddenly emerged from a side room. “Oh, please meet Viktor,” Putin said to her. “He is a candidate for President of Ukraine.” Rice writes that she “took the message that Putin had intended: the United States should know that Russia had a horse in the race.”

When Yanukovych prevailed in the second round of the election, amid allegations of fraud, Ukraine erupted with protests that became known as the Orange Revolution. When he relented to his Western-friendly opponent, Viktor Yushchenko, suspicious Russians smelled a plot: Ukraine had been host not to a popular uprising, they believed, but to a foreign coup. At a 2005 press conference in Moscow, Dugin warned that “an absolutely serious threat of the Orange Revolution looms over Russia.” Putin appears to have adopted the same view around this time. Looking back, the Orange Revolution may have marked a switch in his thinking comparable to that of Tsar Nicholas I’s revelation during the Crimean War: Putin became convinced that the West could not be trusted, and that its leaders sought only to undermine Russia’s domestic stability.

In a 2007 speech to the Munich Security Conference, Putin jolted the room when he said that the U.S. had “overstepped its national borders in every way.” He was actually voicing a sentiment felt by many, as the U.S. was carrying on two wars, in Iraq and Afghanistan, and making noises about a third, in Iran. But it was a breach of diplomatic decorum. At a NATO summit in Bucharest the next year, Bush, possibly wanting to return the favor, shocked the assembled statesmen when he called for Ukraine to be fast-tracked for membership. Russia was not in NATO, but the organization and the Kremlin had a good rapport, so much so that Putin was at the summit. The American diplomat Angela E. Stent was also present, and in her 2014 book, “The Limits of Partnership,” she recalls that Putin took Bush aside and said, “You have to understand that Ukraine is not even a country.” Four months later, Russia invaded Georgia, which, like Ukraine, was in talks with NATO.

At the same time, Putin was becoming a more devout Orthodox believer, and he was evidently doing some reading. “If you look at the reasoning of our thinkers, philosophers, and representatives of classical Russian literature, they see the reasons for the disagreements between Russia and the West,” he said in an interview. “The Russian world view is based on the idea of good and evil, higher powers, and the divine principle. The basis of Western thinking—I don’t want this to sound awkward, but the basis is still interest, pragmatism.”

In 2012, Putin published a series of essays in Russian papers laying out his new vision of the country’s future—and the world’s. In Nezavisimaya Gazeta, he noted that the West was foundering because of its lack of traditional values. Russia offered a more conservative and harmonious alternative. The echoes of Dugin were unmistakable. “European politicians have started to talk openly about the failure of the ‘multicultural project,’ ” Putin wrote. He compared the “U.S.-style ‘melting pot,’ where most people are, in some way, migrants” to Russian culture, which “has been a joint affair between many different peoples.” Putin cited Dostoyevsky’s claim that the “great mission” of the Russian people was to “unite and bind together a civilization,” one in which identity is “based on preserving the dominance of Russian culture.” (Putin didn’t mention that Dostoyevsky had arrived at this vision only after spending four years in a Siberian prison.) As though answering Dugin’s call, in “Templars of the Proletariat,” for the new Russia to wash itself in blood, Putin declared that Russians “have confirmed their choice time and again during their thousand-year history—with their blood, not through plebiscites or referendums.”

Dugin’s emerging intellectual alliance with Putin was underscored when Dugin quit the National Bolshevik Party, having fallen out with Limonov, who dismissed his old friend as a “degenerate servitor of the regime.” Dugin was given a chair in the sociology department of Moscow State University, where he formed a think tank, the Center for Conservative Studies.

He also founded a party of his own: the Eurasia Party. Ostensibly, the party was devoted to promoting Nikolai Trubetzkoy’s notion, articulated in the nineteen-twenties, that Russia’s future rested among the ancient truths and autocratic traditions of Asia. Dugin apparently believes in this notion, but, on a practical level, the party, with minimal membership and no seats in parliament, may have been a front for a more shadowy political group led by Dugin: the International Eurasian Movement. One of this group’s projects was forming a pro-Russia Fifth Column in Ukraine. Dugin’s followers set up branches around the country, according to Anton Shekhovtsov, a Ukrainian researcher who spent time with them. A member of the group told Shekhovtsov, “Our foremost priority is to focus on the creation of the empire.” They trained for violent street protests and collected signatures for a referendum to establish a breakaway republic in the Donbas region of Ukraine. The Ukrainian government learned of Dugin and his followers’ insurrectionary activities, and he was banned from the country.

As for Putin, his distrust of the West increased with his hostility toward Ukraine, which he contended was both a security problem and the primary vector of Western cultural infection. He may have arrived at the same syllogism as the Slavophiles and Trubetzkoy: Ukraine was essentially the West, the West was modernity, and modernity was loathsome; therefore, Ukraine was loathsome. Thomas Graham, a senior director of Russian affairs on the National Security Council in the Bush Administration, told me, “The evolution in Putin’s thinking about Ukraine parallels the evolution in his thinking about the United States.”

Russian politicians and media portrayed Ukraine as a puppet of the U.S. Russian diplomats increasingly spoke about NATO aggression and Ukrainian waywardness, often depicting them as the same phenomenon. The idea that the Ukrainians might have their own legitimate concerns about their powerful neighbor was dismissed. In February, 2014, Russia invaded Crimea. Putin claimed that he was heading off a NATO takeover of the peninsula—the threat that Dugin had warned of more than two decades before.

Dugin lavishly praised Putin. He called the President “predetermined by history,” and said, “Putin is becoming more and more like Dugin, or at least implementing the program I have been building my entire life.” In “Ukraine: My War,” published the same year as the invasion, he writes that at stake was not just Crimea or the Donbas, where Russia had begun backing an insurgent war, but “the victory or defeat of Russia in the battle with the existential enemy (Atlanticism, the global financial oligarchy, the West).”

In an interview, Dugin offered a revelation. “I myself am Ukrainian,” he said. “I’m ashamed of that small but still significant part of my blood. And I want this blood to be cleansed with the blood of the scum, the Kyiv junta.” He went on, “And I think, Kill, kill, and kill! There is nothing else to say.” That is never true of Dugin, of course, so he added, “I am saying so as a professor.”

By that point, however, such rhetoric was commonplace among Russia’s growing movement of neo-imperialists, and a rebuke from the traditional intelligentsia was a badge of honor. Dugin was made the editorial director at Tsargrad TV, a network affiliated with the Russian Orthodox Church. His fame spread abroad, and his Twitter account surpassed two hundred thousand followers.

Dugin has said that “the American scenario in Ukraine is to bring neo-Nazis to power,” along with “their Jewish sponsors.” This was far-fetched even for him. But by 2021—as Russia prepared to invade Ukraine again—these claims, too, were commonplace. In an essay that Putin published on the Kremlin’s Web site that summer, titled “On the Historical Unity of Russia and Ukraine,” he claimed that Ukraine, with its Jewish President, was overrun by neo-Nazis. Many other passages of the seven-thousand-word essay, which is full of tendentious scholarship and specious interpretations, call to mind Dugin’s “The Great War of the Continents” series in Den three decades earlier. “Western authors of the anti-Russia project set up the Ukrainian political system,” Putin wrote, adding—in what could have been a direct quote from “Foundations of Geopolitics”—that this was “comparable in its consequences to the use of weapons of mass destruction.” He concluded, “Our spiritual unity has also been attacked.”

Putin even attempted to marshal literature to his cause. He listed famous Ukrainian writers to make the case that, although they may have been born in a place called Ukraine, they wrote in Russian. His chief example was Nikolai Gogol, whom Putin saw as “a Russian patriot.” He failed to mention that Gogol wrote his magnum opus, “Dead Souls,” not in Russia, where Nicholas I censored him, but in Europe. Putin also omitted the fact that Gogol was as proud of his Ukrainian heritage as he was of his Russian heritage. Gogol once wrote, “I never would give preference to the ‘Little Russian’ before the Russian, nor to the Russian before the ‘Little Russian.’ ”

After Russia launched its full-scale invasion of Ukraine, Dugin became one of the war’s most vocal advocates. He wrote that it followed “the logic of the entire historical path of Russia.”

In his lecture at the Traditions festival, Dugin moved from peasants to a survey of modern Russian intellectual history. “The eighteenth century was generally serfdom, Westernism, total degeneration, rejection of all sacred aspects, traditions, modernization, science, these damned institutions,” he told the audience. “But in the nineteenth century the Slavophiles, and our colossal achievements, begin.” And “when our children begin to see history this way,” he said, “they begin to love our past.” A few hours later, the child whom Dugin had taught to see history this way—his daughter, Daria Dugina—was incinerated.

The Moscow élite turned out for her memorial service, at Ostankino Tower, near the headquarters of Channel One, Russia’s largest state TV channel, which broadcast the event. National Bolshevik demonstrators had once occupied the tower as Dugin cheered them on in the pages of Limonka. Now, in a cavernous, black-draped studio, politicians and oligarchs lined up at a microphone and read aloud condolences from Foreign Minister Sergey Lavrov and Patriarch Kirill I, of the Russian Orthodox Church. The billionaire Konstantin Malofeev, the chairman of Tsargrad TV, vowed that there would be a Daria Dugina Street in the Ukrainian capital after Russia rebuilt “Kyiv and all the other cities of Ukraine as part of a future Great Russia.”

The parliamentarian Sergey Baburin said, “The entity that was the most interested in this atrocious crime is the demonic West.” The organizer of Traditions, Zakhar Prilepin, singled out “the civilized world, all Europe.”

Dugin finally stepped to the microphone, looking noble in his grief. He said, of his daughter, “Almost her first words, which of course we taught her, were ‘Russia,’ ‘our state,’ ‘our people,’ ‘our empire.’ ” Tearing up, he went on, “She lived in the name of victory and died in its name, in the name of our Russian victory.”

Putin awarded Dugina the Order of Courage—a state medal whose prior recipients include generals, an astronaut, and the President of Chechnya. In a speech commemorating the annexation of portions of Ukraine, he said that “the collective West,” which seemed to encompass Ukraine, “sees our thought and our philosophy as a direct threat,” He added, “That is why they target our philosophers for assassination.”

In a macabre form of poetic justice, Dugina’s death has become the subject of the sort of conspiracy theories that her father traffics in. A former Russian parliamentarian claims to have proof that she was actually killed by Russians, as part of a false-flag operation. In Paris, a man stood before the Eiffel Tower yelling that French intelligence was involved. A British scholar of Russia tweeted, “There is zero evidence that Alexander Dugin killed his daughter as part of a ritual sacrifice. I can’t believe I have to write that.”

Since his daughter’s death, Dugin has remained prodigiously productive: along with publishing “Being and Empire,” among other books, he has posted many essays online. He has a fellowship at Fudan University, in Shanghai, and has given lectures and interviews. But Dugina is never far from his thoughts. On Facebook, he regularly posts her picture or writes something about her. Last year, he told The Spectator that her death had made the war personal for him: “They have killed not only her. They have killed me and my wife. Everything stopped on 20 August 2022. It was a success for Satan and his slaves.” In the same interview, he urged Putin to use nuclear weapons on Ukraine.

In Dugin’s preface to “Eschatological Optimism,” a book of inspirational Neoplatonic philosophy that Dugina had been writing, which was published posthumously, he says, “I’d rather believe that I don’t exist, that we all don’t exist, than her.” He calls her a “philosophical hero,” adding, “A Russian hero is first and foremost a victim. He knows that his fate is tragic, and his path is suffering.”

Suffering was also the theme of a speech that Putin gave, in September, 2022, celebrating the annexation of captured Ukrainian territories. For a speech meant to mark a victory, it was oddly victimized in tone. Before Putin fell in thrall to the idea that Ukraine is a Western puppet and an existential threat to Russia that must vanish from maps, he was—publicly, at least—as allergic to self-pity as he was to ideology. But the speech was a paean to that “wounded national feeling” which the journalist Alexander Herzen had identified in the Slavophiles. Putin didn’t dwell on the suffering of the thousands of Russian soldiers who had died for the cause of annexing Ukraine, nor did he touch on the suffering of the millions of Ukrainians whom he claimed to be saving from themselves. Instead, he focussed on the centuries of Russian suffering at the hands of the West, which was “ready to cross every line to preserve the neocolonial system that allows it to live off the world, to plunder it thanks to the domination of the dollar and technology.” He decried the Western “overthrow of faith and traditional values,” which was “coming to resemble a ‘religion in reverse’—pure Satanism.” The invasion, then, was meant to save not just Ukraine, or Russia, but Christianity, and therefore all mankind. The speech might have been written by Nicholas I or Fyodor Dostoyevsky—or Alexander Dugin. ♦

The Information : Why Sergey Brin Should Push Harder to Shake Up Google

Why Sergey Brin Should Push Harder to Shake Up Google

When I last checked, Google co-founder Sergey Brin was still one of the two people who between them control the massive tech company. As of last year, at least, Brin had a 25% voting stake, while his co-founder, Larry Page, had a tad more. So why on earth is Brin suggesting people on Google’s Gemini team come into the office every day and in general work harder (like 60 hours a week), as The New York Times reported? If Brin thinks that should happen, why doesn’t he make it happen?

Instead, a Google spokesperson says the official policy mandating that people work in the office just three days a week has not changed. Maybe Brin was simply expressing his views on work habits to the Gemini team—the one under the most pressure at Google—as a way to energize them. We hear that back in 2016 he made the same point to employees about 60 hours a week being the “sweet spot” of productivity. If that’s the case, fair enough. But maybe Brin’s reluctance to push harder is part of Google’s problem.

An iconic co-founder and major shareholder like Brin should be best positioned to effect change at Google, so why doesn’t he try? Is his reluctance to do so one reason why Google’s Gemini is lagging in the increasingly competitive artificial intelligence market? It’s surely not the only reason. My colleague Erin Woo reported last week on the internal divisions that have complicated Google’s AI efforts, a sign of how hard it is for a company as big as Google to work smoothly toward a clear goal.

Conflicting priorities show up in products: On my Google Pixel 9 phone, for instance, I have to choose between deploying Google Assistant or Gemini. I’ve picked Gemini, but, depending on how I ask a question, Google Assistant may answer—responding with less information than Gemini would. It’s not an ideal experience.

All big companies suffer from internal tensions, of course, but those run by strong leaders tend to move more quickly on stuff, as Elon Musk and Mark Zuckerberg have demonstrated. Google should be in the same position: Brin and Page have control. They should exercise it.

The Information : SoftBank’s Son Goes on a New Borrowing Binge to Fund AI

SoftBank’s Son Goes on a New Borrowing Binge to Fund AI
The tech investor is in talks to borrow $16 billion, with potentially more to come

The Takeaway
• SoftBank is in talks to borrow $16 billion to fund AI, just after borrowing $18.5 billion
• It’s another borrowing binge for CEO Masayoshi Son, who has sometimes struggled to pay off loans
• SoftBank’s investment in OpenAI and data-center project Stargate is one of the company’s biggest ever

The biggest risk-taker in tech investing is back to his old playbook, loading up on debt to fund his latest obsession: artificial intelligence.

SoftBank Group CEO Masayoshi Son is planning to borrow $16 billion to invest in AI, his company’s executives told banks last week, according to a person with direct knowledge of the discussions. The talks haven’t been previously reported. The company might borrow another $8 billion in early 2026, the executives also told bankers.

This could strain SoftBank’s already debt-heavy balance sheet. The new loan discussions come after SoftBank recently arranged to borrow $18.5 billion using its stake in British chip designer Arm Holdings as part of its collateral. Some of that money will be used to refinance existing debt.

Son put himself at the center of the AI boom when he stood next to President Donald Trump at the White House during the announcement for Stargate, the giant data center project tied to OpenAI. SoftBank is investing in AI, chips, data centers and energy. He pledged to invest $30 billion in AI startup OpenAI, among other bets.

Son is doing what he’s always done when he’s excited about an investment—borrowing. He founded SoftBank in 1981 and since then has gone through several cycles of building up debt, then paying it down, often under pressure after investments fail to meet his lofty expectations.

He’s only recently finished paying down debt from major losses on investments such as WeWork that were part of his Vision Fund. He borrowed heavily to buy mobile carrier Sprint, which he struggled to sell after business slowed. An earlier borrowing binge in the 1990s almost bankrupted Son.

“You have to respect a guy who bets on his conviction,” said venture capitalist Vinod Khosla of Khosla Ventures, speaking at The Information’s AI Agenda Live event on Thursday.

Son’s planned investments in OpenAI and Stargate would be one of SoftBank’s largest bets ever. OpenAI has told investors that SoftBank’s investment would put the AI company’s valuation at $260 billion. That’s on top of the $18 billion SoftBank plans to invest in Stargate, as The Information previously reported. Son will be Stargate’s chair, and SoftBank will be responsible for its finances.

Those investments significantly exceed the $31 billion in cash SoftBank had on its balance sheet at the end of December, making it necessary to arrange big loans. So far, SoftBank’s own shareholders are comfortable with the company’s current debt levels, in part because they have seen far riskier situations in the past, analysts say.

The loans are expected to come from major Japanese banks and global lenders. Top Japanese banks such as Mizuho Bank, SoftBank’s main lender, are expected to keep backing SoftBank because the company is a valuable client when few other Japanese companies want to borrow much.

But even so, Son’s huge bets on startups with very high valuations such as OpenAI raise questions about future returns, which determine SoftBank’s ability to continue its debt-fueled deals in the long run.

Apart from loans, SoftBank has few other obvious ways to raise new cash without selling more of its stake in publicly traded Arm Holdings, a linchpin of its AI strategy. Many of its largest holdings from the Vision Fund, including ByteDance, Fanatics and Didi Global, remain private.

That leaves the company to fall back on its borrowing capacity, which already includes $29 billion in net debt. SoftBank executives told banks during a conference call last week the $16 billion loan would finance part of its investment in OpenAI and part of its planned acquisition of chip design firm Ampere, according to the person with knowledge of the discussions.

During the call, SoftBank executives discussed potential future investments, such as more AI deals and data center acquisitions in the U.S. and Europe, as well as nuclear power and other energy-related deals in the U.S.

For decades, Son has financed his aggressive dealmaking with equally aggressive borrowing. When he launched his Vision Fund in 2017, it raised about $100 billion through a combination of preferred debt and equity. Then in 2018, Son borrowed $8 billion using SoftBank’s stake in Alibaba as collateral. In the early days of the Vision Fund, Son said that by backing tech startups, SoftBank was playing its part in an “information revolution” that would reshape the world.

“Masa’s impulse was to push leverage to the limit,” wrote Alok Sama, a former SoftBank executive, in his book “The Money Trap,” about his time working for Son.

But some of the Vision Fund’s largest bets turned sour. The biggest flop, WeWork, resulted in a loss of billions of dollars for the fund. During SoftBank’s annual shareholder meeting in 2023, Son described his WeWork investment as a “black mark” in his career and said it was all his own fault because he didn’t listen to his executives, who were opposed to the idea of doubling down on WeWork.

That failure highlighted the risk of overpaying for unicorns with already high valuations. It also highlighted the risk of capital-heavy investments that rely on debt.

Son is not alone in borrowing to fund the AI buildout. Meta is in talks to borrow roughly $35 billion to develop data centers in the U.S., Bloomberg reported.

For a while, Son seemed to have learned a lesson and was taking a cautious stance toward new deals. In 2022, Son said he wanted to be “more careful when we invest new money.”

But the global generative AI boom in the past two years has reignited his appetite for huge deals. And the rise of Arm’s share price after its 2023 initial public offering provided him with more capacity to borrow.

Son is once again touting a grand vision behind his AI investments, saying SoftBank’s mission is to contribute to the progress of mankind through the realization of “artificial superintelligence,” which will be 10,000 times smarter than a human brain, within the next decade. At a SoftBank event in Tokyo last month, Son held a crystal ball in his hand and said a magic crystal ball in science fiction is about to become reality with AI.

“This reminds me of the beginning of the internet,” Son said of his current AI investments, during his onstage discussion with OpenAI CEO Sam Altman at the Tokyo event. “People initially said, ‘The internet is just virtual stuff. It’s not really useful. It’s mostly free service, so there is no business model.’ All those criticisms seem [like] nonsense now,” Son said.

Son’s early enthusiasm for the internet almost wiped him out. In the 1990s, Son bought the Comdex trade show and PC Magazine publisher Ziff Davis. He invested in numerous tech firms including Yahoo, which was then still a small startup. But when the tech bubble burst in 2000, Son almost went bankrupt, as SoftBank’s Tokyo-listed stock lost nearly 99% of its value.

To be sure, Son also invested in Alibaba, which then was a tiny startup less than a year old. That investment later became one of the most successful venture capital deals ever when Alibaba went public in New York in 2014 in a record IPO raising $25 billion.

And some of his debt-fueled deals did work out. In 2006, SoftBank borrowed heavily to buy U.K. telecom company Vodafone’s Japanese unit for more than $15 billion, a risky bet that in the long run yielded a consistently profitable business. Sprint did eventually merge with T-Mobile, giving SoftBank a decent return on its investment.

“I’m good at borrowing money. I think debt is the ingredient for growth,” Son said during SoftBank’s most recent shareholder meeting last June.

FT : James Bond, the British spy under US ownership

James Bond, the British spy under US ownership
Ian Fleming’s fictional creation, a boon and burden to UK intelligence agencies, will now be defined by tech giant Amazon

James Bond was last seen on the concrete rooftop of a villain’s lair in the Faroe Islands, blown to ashes in a hail of missile fire. Infected with deadly nanobots and bloodied by gunshots, he was condemned even before the weapons struck. 

Resurrecting him was always going to require deftness, but 007 must now be reborn under new ownership: after three decades, franchise producers Barbara Broccoli and her stepbrother Michael Wilson have relinquished control to Amazon MGM Studios. 

After Daniel Craig’s 007 was killed off in No Time to Die, Bond is now a character in search of a lead actor, a creative vision and, some believe, a modern identity. Britain’s most famous spy — whose worldwide appeal has been both boon and burden to the UK intelligence agencies — is looking to a future defined by an American tech giant and its Hollywood ambitions.

The Bond franchise, handed down to Broccoli by her father, the American film producer Albert “Cubby” Broccoli, is a lucrative legacy the family has fiercely defended. “We are very, very protective of Bond. Bond is our baby,” Broccoli said a decade ago. Even after MGM was sold to Amazon for $8.45bn in 2022, a deal that included distribution rights for the Bond films, Broccoli and Wilson retained creative control, including final say over casting and direction.

It was not a happy relationship. Amazon, widely seen as having overpaid for MGM, was eager to exploit the Bond property and establish itself as a Hollywood hitmaker. But Broccoli — described by people who have worked with her as a “born producer” — frequently resisted ideas brought to her by two Amazon Prime Video executives, Mike Hopkins and Jen Salke. 

“For years Barbara had to weather partners who had ‘Bondsplained’ to her how to make these films when she was practically born on set,” said a person who knows her. “Barbara is used to having power. The control-iness of Amazon was bearing down on her.”

Bond was created in 1953 by Ian Fleming, a British novelist who learnt his tradecraft in the offices of naval intelligence during the second world war. It was here he gained the inspiration for 007, a spy who travelled the world dispatching villains, seducing women and drinking martinis — enabled by a seemingly unlimited expense account.

Broccoli, who holds dual British-American citizenship, stayed loyal to Fleming’s intelligence heritage by forming ties with the UK’s real Secret Intelligence Service, also known as MI6. “Barbara has what you might call a ‘red phone’ to MI6, which tends to spark into life when the next movie is coming,” says one national security veteran.

Over the years, Broccoli has leveraged her access to the spy establishment, asking for advice on what the next Bond villain might look like, or on how they might handle the death of an agent. In exchange, MI6 chiefs have been invited to Bond premiers. Alex Younger, the former chief, even visited the set of No Time To Die at Pinewood Studios to see the office of M, his fictional counterpart.

Still, MI6 has always been wary of too close an association with Bond. For one, Bond’s ethics are a liability (“it’s the shooting and the shagging they get antsy about”, says one person familiar with the agency). But the spy has also built a brand synonymous with skill, resourcefulness and ingenious uses of high-end technology. Sean Connery was the first and perhaps the steeliest Bond — opening the franchise with Dr No in 1962. Since then, five subsequent Bonds have lent their own styles to the role, from Roger Moore’s assured comic delivery to Pierce Brosnan’s campier portrayal to Craig’s dive into the spy’s background and psychology.

Christopher Andrew, a Cambridge university history professor and official biographer for MI5, MI6’s sister agency, believes Bond has been a net positive for British spies. “Most of the world’s major intelligence agencies during the cold war were not popular,” he says. “The one exception was MI6, and MI6 owed its global popularity, primarily, to Bond. So I do think that it was something which made recruiting agents rather easier.”

The question is how Amazon will now reimagine Bond for a younger audience. Speculation about a female Bond has been quashed, not only by Broccoli but also by Phoebe Waller-Bridge, the British comedy writer brought in to sharpen the script of No Time To Die. Waller-Bridge — who has a $60mn exclusivity deal to develop programmes for Amazon Studios — told reporters in 2021: “I think Bond is James Bond. We just need to cook up someone to rival him.”

When it was announced that Broccoli and Wilson were handing over creative control, Amazon executive chair Jeff Bezos appeared to crowdsource the search for a new 007. “Who’d you pick as the next Bond?” he posted on X. His question received 32,000 replies — a sign, if nothing else, of the character’s enduring appeal.

The job of selecting a lead actor is never easy: Broccoli made a bold choice when she named Daniel Craig as the new 007 in 2005. “It was a big swing for her to hire Daniel and stick with him,” says the person who knows her. “She didn’t really want to think about a horizon beyond him, which maybe explains why he was killed off in the last film. That was quite symbolic for her.”

Craig has claimed that he plotted secretly with Broccoli almost two decades ago that Bond would die with his last movie, leaving space for another actor to make their mark on the brand. “You need to reset again,” he said as he finally took his leave of the franchise. “Go find another Bond and go find another story”. This, now, is Amazon’s mission — the world awaits.

TechCrunch : Startup co-founded by longevity guru Peter Attia emerges from steal

Startup co-founded by longevity guru Peter Attia emerges from stealth

Longevity is a hot trend in Silicon Valley these days, driven by rising interest — especially among the wealthy — in preventing disease through regular testing.

A new player, Biograph, has just emerged from stealth, and it’s co-founded by one of the biggest names in longevity science: Dr. Peter Attia. Attia is a Canadian-American physician best known as the author of the bestseller “Outlive: The Science and Art of Longevity” and for his podcast.

Biograph’s CEO and other co-founder is John Hering, a prominent Silicon Valley figure. A cybersecurity founder who infamously scanned celebrities’ cellphones at the 2005 Academy Awards, Hering has become best known as one Elon Musk’s biggest backers through his role as a partner at Vy Capital. There, Hering has poured billions into Musk’s startups and donated $500,000 to a pro-Trump super PAC before the election, per a WSJ profile.

Biograph calls itself the world’s “most advanced” preventive health and diagnostics clinic. It currently has a location in Silicon Valley with plans to open in New York City this quarter, and eventually expand globally, according to an announcement on its website.

The startup says it will collect over 1,000 data points across 30+ evaluations to paint a holistic picture of someone’s health and optimize their lifespan. It doesn’t come cheap: Its Core membership costs $7,500 per year while the premium Black membership — which it says provides the “deepest insights” — runs $15,000.

Biograph is backed by Vy Capital, Human Capital, Alpha Wave, and WndrCo, along with angel investors including Balaji Srinivasan, the startup told TechCrunch. Biograph declined to specify how much funding it has raised.

In a statement, Hering said he was inspired to co-found Biograph by the cancer diagnosis of his Vy Capital partner and friend Alexander Tamas. Tamas posted on X that a check-up in his late 30s resulted in an early thyroid cancer diagnosis that probably saved his life — and caused him to encourage Hering to get checked, too.

Biograph claims that over 15% of members have reported discovering “urgent or life-alerting health” insights through its services. The company has been quietly operating since 2020, according to the LinkedIn profile of its executive medical director, Michael Doney, a doctor with a background in longevity.

While Biograph’s announcement doesn’t mention AI, the company is currently looking for a founding AI engineer to build an AI-powered assistant, according to its careers page.

Biograph is part of a quiet boom in startups dedicated to living longer, with Andreessen Horowitz-backed Function Health seeking a $2 billion valuation this year and Sam Altman-backed Retro Biosciences in talks to raise a cool $1 billion last month.