Nature : Almost half of traded wildlife carry disease-causing pathogens

Almost half of traded wildlife carry disease-causing pathogens
More than 40% of traded mammal species share at least one pathogen with humans, compared with only 6% of non-traded mammals.

Nearly half of all wild mammal species traded for food, fur, research and traditional medicines carry at least one pathogen that causes disease in humans, estimates a study1 in Science, the first to quantify the role of the global wildlife trade in the transmission of pathogens.

Many major disease outbreaks in humans, including the emergence of HIV, the 2014 West African Ebola epidemic and the COVID-19 pandemic, have been linked to traded wildlife. “We’ve known very definitively that viruses do jump from animals to humans,” says Arinjay Banerjee, a virologist at the University of Saskatchewan in Saskatoon, Canada. “What the world didn’t know was, could this be quantified? Could you actually put numbers on how many viruses make that jump?”

Comprehensive data on pathogens in the wildlife trade have only emerged in the past few years in response to the COVID-19 pandemic. They enabled Jérôme Gippet, an ecologist at the University of Fribourg in Switzerland, and his colleagues to analyse the correlation between the wildlife trade and the number of mammals that host pathogens. The study is the “first global quantitative evidence of that link”, Gippet says.

COVID-19 response
The team combined 40 years of records from three main wildlife-trade data sets with a database of species with known associations to pathogens that was developed in 2021 by ecologists contributing to COVID-19 research2. Gippet’s team focused on mammal species because of their abundance in the wildlife trade — about one-quarter of mammals are traded — and their history of transmitting pathogens to people.

To analyse the data, the team created models to predict the risk of pathogen spread through trade interactions, accounting for circumstances including the species’ evolutionary histories, how close the animals live to human communities, whether they are consumed as food and whether they are used in scientific research, all of which could influence transmission.

Of 2,079 traded mammal species, the team estimates that 41% share one or more pathogens with humans compared with just 6.4% of non-traded mammals. The trade of live animals, rather than animal products, increases the likelihood of pathogens being spread from animals to humans, too. Illegal trade of animals played only a modest part in influencing the probability of transmission. Finally, longevity mattered: on average, a species shares an extra pathogen with humans for every decade that it is present in the wildlife trade.

Gippet hopes that their findings can help to design trade regulations, in particular policies that will help to prevent future pandemics.

Terms of trade
Regulating the wildlife trade can be tricky, Banerjee says, because different countries and cultures have distinct definitions of ‘wild’ animals.

The finding that the risk of pathogen transmission did not differ significantly between legally and illegally traded animals might mean that a broad, complicated mandate for policy implementation is needed, too, Banerjee says. “I don’t think that you can go in and tell people not to eat [traded animals],” he notes. “Because the moment you clash with cultures, that policy doesn’t work.” Instead, he recommends asking communities to improve hygiene and safety at wildlife markets.

Jonathan Kolby, an applied research ecologist at the Smithsonian’s National Zoo & Conservation Biology Institute in Front Royal, Virginia, cautions against underestimating the role of domesticated animals in disease transmission — many domesticated species host a greater number of pathogens than do traded wildlife, according to data that were analysed as part of the research.

“It’s easy to kind of fall into the trap that if you were to magically stop the wildlife trade tomorrow, then there wouldn’t be more pandemics,” Kolby says. “But even if you erased all of that, we’re still left with this massive, massive domestic and international trade in domesticated animals, which is often also a source of zoonotic pathogens.”

Nature : One woman, three autoimmune diseases: CAR-T therapy vanquishes ultra-ra

One woman, three autoimmune diseases: CAR-T therapy vanquishes ultra-rare disease trio
Fourteen months after treatment with engineered immune cells, the recipient has no symptoms and doesn’t need to take medication.

A woman with an ultra-rare combination of three autoimmune diseases has had no symptoms since receiving a single dose of engineered immune cells, doctors in Germany report today1. She had previously received nine other types of treatment without getting better, could no longer work and was sometimes bedridden for weeks with pain and fatigue. “Her disease got completely out of hand” and became “very life-threatening”, says Fabian Müller, a haematologist at University Hospital Erlangen in Germany who helped to treat her and co-authored the report.

Without the engineered cells, the woman, who was 47 when she met Müller and his colleagues, would have had a “terrible” quality of life, says Carl June, an immunologist at the University of Pennsylvania in Philadelphia who pioneered the use of similar cells to treat cancer, “if she would even be alive”.

Rogue B cells
The woman’s trifecta of autoimmune diseases stemmed from problems with her B cells, a type of immune cell. Her B cells were making antibodies that mistakenly attacked her own red blood cells, causing the disease autoimmune haemolytic anaemia. They also attacked her platelets, causing immune thrombocytopenia, and some fat-binding proteins, causing antiphospholipid syndrome.

The depletion of her red blood cells required repeat blood transfusions — an average of one and as many as three bags a day. A loss of platelets increased the risk of uncontrolled bleeding, and a loss of fat-binding proteins made the blood more prone to clotting. The flaws in the immune system that make one autoimmune disease possible can also increase the likelihood of a second, says Müller, but the woman was the first person he had seen with three such diseases.

That combination “can kill you very rapidly”, says June. “Usually, there’s no cure other than treatment with long-term, high-dose steroids”, which broadly dampen the body’s immune system, boosting the risks of infection.

But because steroids and more advanced immunosuppressive medication failed to control her symptoms, says Müller, the woman was driven for 3 hours in an ambulance to his clinic, which has developed a reputation for manufacturing engineered immune cells called chimeric antigen receptor (CAR) T cells for one-off treatments. “It was her last chance,” says Müller, “for controlling the disease.”

Medication-free
For treatment with CAR T cells, the recipient’s own natural T cells are isolated and then engineered to attack and kill a specific target efficiently. Because CAR T cells are living cells that can divide, they can be effective for years and, sometimes, a decade after being infused back into the recipient.

The researchers harvested the woman’s T cells and engineered them to attack a protein found only on B cells. Within a month of receiving the CAR-T treatment and two chemotherapy drugs that also kill fast-dividing immune cells, the woman had normal levels of red blood cells.

TechCrunch : Sam Altman responds to ‘incendiary’ New Yorker article after attack

Sam Altman responds to ‘incendiary’ New Yorker article after attack on his home

OpenAI CEO Sam Altman published a blog post on Friday evening responding to both an apparent attack on his home and an in-depth New Yorker profile raising questions about his trustworthiness.

Early Friday morning, someone allegedly threw a Molotov cocktail at Altman’s San Francisco home. No one was hurt in the incident, and a suspect was later arrested at OpenAI headquarters, where he was threatening to burn down the building, according to the SF Police Department.

While the police have not identified the suspect publicly, Altman noted that the incident came a few days after “an incendiary article” was published about him. He said someone had suggested that the article’s publication “at a time of great anxiety about AI” could make things “more dangerous” for him.

“I brushed it aside,” Altman said. “Now I am awake in the middle of the night and pissed, and thinking that I have underestimated the power of words and narratives.”

The article in question was a lengthy investigative piece written by Ronan Farrow (who won a Pulitzer for reporting that revealed many of the sexual abuse allegations around Harvey Weinstein) and Andrew Marantz (who’s written extensively about technology and politics).

Farrow and Marantz said that during interviews with more than 100 people who have knowledge of Altman’s business conduct, most described Altman as someone with “a relentless will to power that, even among industrialists who put their names on spaceships, sets him apart.”

Echoing other journalists who have profiled Altman, Farrow and Marantz suggested that many sources raised questions about his trustworthiness, with one anonymous board member saying he combines “a strong desire to please people, to be liked in any given interaction” with “a sociopathic lack of concern for the consequences that may come from deceiving someone.”

In his response, Altman said that looking back, he can identify “a lot of things I’m proud of and a bunch of mistakes.”

Among the mistakes, he said, is a tendency towards “being conflict-averse,” which he said has “caused great pain for me and OpenAI.”

“I am not proud of handling myself badly in a conflict with our previous board that led to a huge mess for the company,” Altman said, presumably referring to his removal and rapid reinstatement as OpenAI CEO back in 2023. “I have made many other mistakes throughout the insane trajectory of OpenAI; I am a flawed person in the center of an exceptionally complex situation, trying to get a little better each year, always working for the mission.”

He added, “I am sorry to people I’ve hurt and wish I had learned more faster.”

Altman also acknowledged that there seems to be “so much Shakespearean drama between the companies in our field,” which he attributed to a “‘ring of power’ dynamic” that “makes people do crazy things.”

Of course, the correct way to deal with the ring of power is to destroy it, so Altman added, “I don’t mean that [artificial general intelligence] is the ring itself, but instead the totalizing philosophy of ‘being the one to control AGI.’” His proposed solution is “to orient towards sharing the technology with people broadly, and for no one to have the ring.”

Altman concluded by saying that he welcomes “good-faith criticism and debate,” while reiterating his belief that “technological progress can make the future unbelievably good, for your family and mine.”

“While we have that debate, we should de-escalate the rhetoric and tactics and try to have fewer explosions in fewer homes, figuratively and literally,” he said.

WSJ : Wall Street Builds New Tool to Bet Against Private Credit

Wall Street Builds New Tool to Bet Against Private Credit
Credit-default swap index could help banks reduce exposure to private credit and let hedge funds profit from turmoil

  • Large banks and S&P Global are launching a new index, CDX Financials, for investors to bet against private-credit fund managers.
  • The index will include private-credit funds, insurers, regional banks, and credit-card companies.
  • Banks seek the index to trade and protect against losses, while hedge funds want to bet on a private-credit downturn.


Large banks including JPMorgan Chase are preparing to offer a new way for investors to bet against managers of private-credit funds.

The banks are working with S&P Global SPGI -2.10%decrease; red down pointing triangle to launch an index of credit-default swaps that would protect buyers against defaults by companies included in the index, called CDX Financials. Private-credit funds managed by Apollo Global Management, Ares Management and Blackstone will make up 12% of the index, which also includes insurers, regional banks and credit-card companies.

The index would rise when the market sentiment on those firms turned negative. If it gains traction, the so-called FINDX would give debt investors and traders a fast way to hedge or short what is now a more than $3 trillion industry. Private credit increasingly touches banks, insurance companies and other parts of the financial system.

“Private credit has grown fast and there’s a lot of financial exposure arising in different ways so there is a real demand for this product,” said Dominique Toublan, head of credit strategy at Barclays.

Banks want the index both as a product to trade and as a tool to protect against potential losses from their own loans to private-credit fund managers.

Hedge funds are keen for a way to easily make bets on a downturn in private credit. Stress has been building, as a spate of defaults and losses, combined with fears about the fate of loans to software companies, caused a stampede of individual investors asking for their money back. Some hedge funds began trying to short individual stocks and bonds issued by firms that invest in private credit, but the process was cumbersome and costly, one hedge-fund manager said.

Boaz Weinstein’s Saba Capital is among the investors advocating for the creation of the new product, people familiar with the matter said. Weinstein has had a big win trading similar indexes in the past. He is also stalking private credit in other ways, including his offer in February to buy out shareholders in a fund managed by Blue Owl Capital at discounted prices.

Firms including Bank of America, Barclays, Deutsche Bank and Goldman Sachs will start selling the derivatives next week with more banks possibly to come, people familiar with the matter said.

The new tool could also help the banks solve a sticky problem: They count both hedge-fund clients who want to short private credit and private-credit fund managers as clients. Bank of America proposed a bearish trading strategy that singled out private-credit fund managers in recent weeks, then backtracked and renounced the idea. The new index wouldn’t single out private-credit managers.

Credit-default swaps—long out of favor for their role in the 2008 financial crisis—have been experiencing a renaissance. Most of the activity is in indexes, rather than contracts insuring against default by a single company. Index trading hit a record $38 trillion in 2025, according to S&P.

Two of the most actively traded indexes bundle up credit-default swaps of companies with investment-grade and junk credit ratings, respectively.

S&P and investment banks started discussing an index for a range of financial companies when Silicon Valley Bank and other regional lenders failed in 2023, causing debt markets to spasm, but then stalled out, people familiar with the matter said.

Talks picked up again in the fourth quarter of 2025 when turmoil hit business development companies, private-credit funds that investment firms sell to individual investors.

Bankers hope that by launching a broader index, there will be a bigger push to create a market for credit-default swaps for each individual company that is a part of it. The index will also include banks like Jefferies and Truist Financial, insurers like MetLife and Radian Group and credit-card lenders like American Express and Capital One.

“This will be the first credit-default swap product linked to private credit,” said Nicholas Godec, head of fixed-income tradeables & commodities at S&P Dow Jones Indices. “Now feels like an opportune time.”

(ZeroHedge) : New Iran Leadership More Extreme, Israeli Intelligence Concludes

New Iran Leadership More Extreme, Israeli Intelligence Concludes

In what should not at all be a surprise to anyone who has been awake and observant over the past 20+ years of America's military interventions in the Middle East, the Israeli Army and intelligence officials have concluded that Iran's news leadership is more extreme than the previous one.

The IDF delivered a closed-door intelligence briefing to the Knesset Foreign Affairs and Defense Committee on Thursday, which involved presenting this finding, according to The Times of Israel.

Iran's new leadership consists of members of the elite Islamic Revolutionary Guard Corps (IRGC) which are now frequently described as far more ideologically rigid than the former political leadership - a development which was entirely predictable.

The slain Ayatollah Ali Khamenei's son Mojtaba has not been seen in public since the US-Israeli attacks began, but he is also said to be hardline than his father. And of course, this current crop of leaders have either lost family or been wounded in the strikes - giving them more incentive to take a rigid stance against Washington.

Still, NeoCon warmongers have been at times repeating old Iraq war, Bush era talking points of "they will greet us as liberators".

This certainly didn't happen in either Iraq or Afghanistan, and in the latter country the Taliban is now in complete control despite a more than two-decade long US coalition occupation and quagmire. America's 'nation-building' only produced a failed state followed by greater Taliban ascendancy and control.

In many cases, the very same officials advocating for regime change in Iran were on board with all the foreign policy failures of the past, also including Syrian and Libya.

The Trump administration itself in the opening days of the bombing campaign acted as if suddenly masses of people would rise up and overthrow the Islamic Republic and its long-standing institutions.

Yet the government has not fallen, and still President Trump has lately claimed that Iran's losses of dozens of senior civilian and military leaders is tantamount to "regime change". This has not changed facts on the ground.


Vice President JD Vance traveled Friday to Pakistan for high-level talks with Iranian officials, and reports say that some 70 Iranians are traveling with the Tehran team to present a 'unified front'. Talks are expected into Sunday, and they entered with contrasting demands which appear very far apart.

The New Yorker : Can Sponge Cities Save Us from the Coming Floods?

Can Sponge Cities Save Us from the Coming Floods?
As the planet gets warmer and the rains fall harder, the future of flood control is looking less like a wall and something more like a park.


On October 29, 2025, the Metropolitan Transportation Authority released an update to its Climate Resilience Roadmap. In the previous eighteen months, six floods, six heat waves, and the driest month on record had exposed weaknesses in the transit network. The M.T.A. proposed familiar remedies: $1.5 billion for upgraded flood controls, like high-capacity pumps and elevated station entrances. It also urged the city to modernize its sewage-and-stormwater system, because, when that system is overloaded, the discharge has only one place to go—down.
The next morning, the National Weather Service warned that the city would see a low-pressure system bringing gusty winds and one to two inches of rain. A 6:30 A.M. broadcast from NBC 4’s “Today in New York” featured the Climate Resilience Roadmap, and cut to video of water gushing into underground stations during a recent storm. “We’ve all seen those cascading water streams in the subway,” the co-anchor, Michael Gargiulo, said. “Yeah,” the meteorologist Maria LaRosa replied. “We don’t see that coming together today.”

For most of the day, the forecast held. But after 3 P.M. a band of heavy rain drifted over Brooklyn and dropped a downburst of near-Biblical force. Parts of the borough got more than an inch in less than fifteen minutes—far exceeding what meteorologists classify as a “heavy rate.”

The novelist Iris Murdoch once described a storm in which “the rain came down, straight and silvery, like a punishment of steel rods.” I asked David Radell, a meteorologist at the National Weather Service, if that described what Brooklyn had faced. He demurred, and instead offered, “Big, round drops, just a bit smaller than a dime. Unrelenting. Dense. Filling the air. Bouncing up from the ground. Potentially something folks haven’t experienced before.”

Sheila Goodwin had experienced flash floods before. Blue Doves, a day care that she runs on the first floor of her family’s home, sits at the bottom of a hill in East Flatbush, where rainwater can rush in fast enough to breach basements and even ground floors. Goodwin, a tattooed fifty-four-year-old with a doctorate in business philosophy, was minding a roomful of young children when the wind and rain grew more intense. In autumn, leaves and litter clog the storm drains; even a light shower can turn her block into a bathtub. When pipes fill during a big storm, pressure builds and the water comes back up through the plumbing, into homes and storefronts.

This time, the sound of hammering rain told her that trouble was coming. “The kids were doing our afternoon activities,” she said, “and they were, like, ‘Oh, the water’s coming up the door!’ ” A co-worker called down: water was rising into Goodwin’s car out front. When she opened the door of the day care, she recalled, “the water just rushed in. The kids were screaming and hollering.”

She and a colleague lifted the children onto tables. Stormwater, Goodwin pointed out, picks up “everything off the street”—gasoline, heavy metals, raw sewage, rodents. As the foul mix reached knee level, she called 911. Firefighters arrived, and they helped the day-care staff carry the children over a fence and up to a higher floor. Everyone made it out safely.

A few blocks away, at Kingston Avenue and Rutland Road, Aaron Akaberi, thirty-nine, was in a basement apartment with his two dogs when water began surging in. He carried one dog to higher ground and went back for the other. But the flood must have moved faster, and more forcefully, than he expected. Within seconds, Akaberi and his pet were fighting for air. Both drowned. Their bodies were recovered only after the Fire Department’s rescue dive team brought in a pump.

A flood sensor at the intersection recorded 22.4 inches of water at street level between 3:01 and 3:26 P.M.; underground spaces took on several additional feet. The downpour surprised almost everyone, yet the day’s total rainfall matched the forecast—about two inches. Flooding is less a matter of how much rain falls than of how fast it falls. Two inches over a day is one thing. Two inches in thirty minutes can overwhelm drainage systems and leave deep ponds in lower areas as water races downhill.

“This was, by our computation, about a five-to-ten-year event,” Radell told me, using a metric that, because it’s built on past patterns, grows less useful as climate change defies those patterns. Events like this have begun to feel ordinary—recurring evidence of the mismatch between aging infrastructure and an emerging ecological reality. That’s why a new generation of designers are reimagining flood control, starting with a counterintuitive premise: the safest city is one that can take water in.

There’s a formula behind the flooding. The Clausius-Clapeyron equation, which was introduced almost two centuries ago, describes the relationship between air temperature and atmospheric pressure. Warmer air holds more water, and the relationship is exponential, so small increases in temperature can yield huge jumps in rainfall intensity. For years, climate scientists have said that warming would bring heavier downpours. Now, it seems, that future has arrived.

In recent years, cities have been living through short storms that turn subway stations into lakes, streets into rivers, cars into boats. Zhengzhou, China, got nearly eight inches of rain in an hour on July 20, 2021. In the Libyan cities of Derna and Bayda, there were no monitors measuring hourly rates on September 10 and 11, 2023, but the totals suggest a storm of terrifying force: more than sixteen inches in twenty-four hours, followed by two dam collapses and more than eleven thousand deaths. The Valencia region of Spain drew global attention on October 29, 2024, when almost seven inches fell in an hour. Elsewhere, record-setting twenty-four-hour totals, including in São Paulo, Dubai, and Milwaukee, have underlined the new reality.
No city was designed for this kind of weather. Modern sewers took shape in the nineteenth century, typically after disasters pushed cities to upgrade their civil infrastructure. Hamburg rebuilt after the fire of 1842, London after summers like the so-called Great Stink of 1858. Engineers replaced streams and marshes with gravity-fed pipes that carried sewage and stormwater toward rivers and seas. These “combined systems” depended on rain to flush the network, and they were built for ordinary storms. When the skies really opened, they backed up.

In the nineteen-seventies, New York City standardized flood control for all five boroughs, requiring that new pipes, pumps, and treatment facilities be built to handle 1.75 inches of rain an hour. Until 1991, no storm on record reached that rate. Carolien Mossel, the lead author of a Scientific Reports paper on rising rainfall extremes, told me, “It was a perfectly acceptable system, at least for the climate we had then.”

Since the nineties, New York City has experienced eight storms with hourly rainfalls above 1.75 inches, and climate scientists expect that more extreme rain events are coming. New York is built over marshes and creeks and glacial moraines that announce themselves in a storm. Mossel’s data indicate that several of the city’s most intense hourly downpours on record have taken place in the past five years. Radell told me that Hurricane Ida, in 2021, was “the real turning point” for the National Weather Service in New York. It delivered 3.15 inches in an hour in Manhattan, prompted the city’s first flash-flood emergency, and killed thirteen New Yorkers. Four other recent storms have broken hourly and daily records as well, but those were predicted by forecasters. October 30, 2025, was in some ways more concerning—a routine low-pressure system with a water bomb concealed in its clouds.

As storms that meteorologists once treated as thousand-year events appear more frequently, cities are hunting for workable defenses. One answer is the “modernist” approach: tear up the old tunnels, pipes, and pumps built for a twentieth-century climate and replace them with larger subterranean systems. In practice, some version of this approach remains a staple of urban planning, because certain assets always have to be rebuilt. But in most cities wholesale replacement is logistically impossible. Big metropolitan areas contain hundreds of miles of streets and hundreds of thousands of buildings, all tied into a network that cannot be taken off-line for long. Imagine the time and money that would be required to rip up every block of Beijing, Boston, or Buenos Aires. Most cities cannot excavate their way to safety fast enough. As a result, the ambition is shifting from replacement to redesign.

At the start of this century, a Chinese landscape architect named Kongjian Yu began making the case for a different kind of flood control. Raised in a coastal farming village in Zhejiang Province, Yu came to Harvard’s Graduate School of Design in the nineties after Carl Steinitz, a professor whose lectures Yu had translated, urged him to apply. What he had seen back in China worried him: new hardscapes—roads, plazas, embankments—were at odds with the region’s pattern of powerful rainstorms and periodic droughts.
“Just a reminder: I was significantly taller than you.”
Cartoon by Adam Douglas Thompson

The solution, he argued, was to build absorbent softscapes: nature-based infrastructure meant to slow, spread, sink, store, reuse, and release rainwater before it becomes destructive. Reuse was essential because in many contemporary cities, and especially across China, water shortages could be as much of a problem as flooding. In public lectures and research papers, he advocated adopting “a ‘monsoon culture’ philosophy, where water is revered as a life-giving force rather than an adversary to be conquered,” and he cast the modern city as a hydrological system smothered under concrete. For centuries, he said, engineers had tried to turn cities into funnels. By contrast, the “sponge city” concept was, he said, a way of “doing Tai Chi with water.”

Yu, who died last year, had forebears. In the eighteen-seventies, Frederick Law Olmsted designed the Emerald Necklace, a chain of parks that managed sewage and flooding in Boston’s Back Bay Fens. But the modern case for green infrastructure found particular inspiration in Ian L. McHarg’s “Design with Nature” (1969). McHarg, a landscape architect at the University of Pennsylvania, warned that hardened landscapes could produce hazards, and he put his theory into practice in the Woodlands, a residential development outside Houston, where forests, permeable soils, and drainage swales outperformed curbs and gutters in major storms. The lesson, for designers like Yu, was that parks could function like infrastructure—that a low-tech, low-cost method of flood control was surprisingly effective.

The appeal of Yu’s sponge-city idea comes less from its originality than from its rhetoric, and from the way it scales up an established design approach from the park or subdivision to the metropolis. But its influence was clear when the Chinese state, the most prolific builder of urban infrastructure in modern history, twice turned Yu’s arguments into policy. In 2006, the State Council of China approved his “national land ecological security pattern,” grounded in nature-based solutions. Then, in 2013—a year after Beijing experienced a flood that killed seventy-nine people, destroyed more than eight thousand homes, and caused $1.8 billion in damage—President Xi Jinping declared sponge cities a national strategy. China would keep investing in pipes, pumps, and pavement, but “natural accumulation, natural infiltration, and natural purification” would become part of its climate-security plan.

The sponge-city idea was only starting to circulate when, on July 2, 2011, an intense skybrud, or cloudburst, dropped more than five inches of rain on Copenhagen in a few hours, including nearly two inches in half an hour. The deluge overwhelmed the city’s combined sewer system, along with the six hundred and seventy thousand residents who depend on it. Within minutes, a dark brew of sewage, industrial waste, and stormwater was rising through basements and businesses, hospitals and the central rail station, knocking out power and causing a billion dollars in damage.

Danish policymakers were worrying about climate risk well before the storm. In 2008, Copenhagen put together a project group to assess the city’s climate risks. Early in 2010, the group issued a draft laying out weather scenarios, priority areas, and a menu of projects and financing options. Lykke Leonardsen, who runs Copenhagen’s Resilient and Sustainable City Solutions program and serves as the city’s informal water ambassador, told me that the intent was to hold hearings, win approval in August, and invest gradually. The flood rewrote both the schedule and the agenda.

In late 2012, the city issued an updated adaptation plan that paired classic civil engineering—“gray” solutions—with nature-based measures that it calls “green” (parks, plantings, swales) and “blue” (ponds, creeks, streams). The gray work meant new pumps and tunnels to move stormwater from the street to the sea. The visible transformation was above ground. Roughly three hundred ecological projects across seven catchment areas would be stitched into the drainage network by “cloudburst boulevards” and “green roads” designed to hold floodwater at street level until the underground system could catch up. Since then, Copenhagen has done as much as any city to make itself rain-resilient, so that the next superskybrud brings disruption rather than disaster.

This winter, Leonardsen, a trained archeologist with cropped blond hair and an amiable punk sensibility, invited me to see some of the work. I arrived, by chance, a few hours before a Category 2 winter storm, with forecasts calling for Arctic winds and as much as twelve inches of ice and snow. After navigating slippery sidewalks, I took the Metro to Havneholmen, one of five stations that opened in 2024. The stations were designed to withstand a two-thousand-year rain event, with entrances raised above street level, retractable barriers, floor-to-ceiling glass platform screens, and drainage grates meant to divert floodwater before it does damage.

Leonardsen lives on the second floor of a concrete-and-glass building along the harbor, which has stunning views of the sea. “You’ve missed this morning’s swim,” she told me. I looked out and saw a skin of ice. “I go every morning,” she said. “It’s a big part of how my water work began.”
Copenhagen, Leonardsen told me, was nobody’s model city when she first arrived, as a student, in 1981. It was spiralling toward bankruptcy, hit by factory closures and lost shipping traffic. “We had one crane in all of Copenhagen,” she said, “and it wasn’t for construction—it was for bungee jumping!” Nothing epitomized the city’s decline more than the harbor: it was fouled by chemicals and sewage, the end point of a system built around undersized pipes and overflow outlets that, in heavy storms, dumped untreated wastewater straight into the sea.

In the nineties, the Danish government launched an urban-regeneration plan that paired public money with private development and promised new transit and tourist infrastructure. To reduce pollution along Copenhagen’s waterfront, the city overhauled its combined sewer system, adding underground reservoirs to hold dirty stormwater and installing a “real-time control” system, managing outflows with a network of sensors and automated valves. Nearly all the outlets that had once discharged sewage into the harbor were capped. By the early two-thousands, Copenhagen was building again: new housing, new bike lanes, a lively bar district, an emerging culinary scene. In 2002, the city opened its first havnebad, a public harbor bath, and Leonardsen, along with thousands of her neighbors, took the plunge.

For policymakers, the way the public responded to the harbor’s transformation was a revelation. “Saying you’re improving water quality doesn’t win you a lot of political points,” Leonardsen observed. “But telling people that they will be able to swim in the harbor again? That works!” The lesson shaped her office’s approach to cloudburst management. Sewers rarely excite anyone, she said, but flood control takes on a different meaning when it arrives as blue-and-green social infrastructure—as pools, parks, and other places to play. The aim is to make the city better on good days, and safer on the worst ones.

To show me what she meant, Leonardsen put on a long olive parka and took me to Enghaveparken, a flood-prone park that, in 2019, Copenhagen turned into a sponge. Built in the late nineteen-twenties, the park sits on more than eight acres at the foot of the hill where Carlsberg ran its original brewery, and is ringed by apartment blocks, schools, and churches. As we entered, she pointed out its neoclassical bones—a sunken lawn, a symmetrical layout, a long brick pergola—and then gestured to heavy concrete barriers, waist-level, that line the park’s central space, with wide gaps for pedestrians.

“Look at the ground here,” she said, stopping at one of the gaps. “This is a hydraulic floodgate that goes up automatically when the water comes in. The park can hold twenty-two thousand cubic metres”—nearly six million gallons, enough to fill nine Olympic-size pools. The enclosure is designed to store stormwater for up to a day and then to release it, slowly, once the pipes clear. “If we can keep the stormwater out of the sewers,” she said, “there’s enough room to keep the sewage underground.”

We climbed toward a higher tier of the park, past a hockey rink that doubles as a reservoir and a lawn that had been planted over an underground retention chamber. A gust of wind sent tiny pellets of ice into our faces. Leonardsen tightened her scarf and kept moving. The chamber, she explained, allows for the recycling of stormwater, which the city uses to irrigate plantings and clean nearby streets, closing the urban water loop. Much of the system is invisible to the people who visit the park, but it matters for a warming future in which shortages become part of the problem, too. We passed a playground, a grove of new trees, and an old band shell that the renovation had preserved. “There’s a lot of history here,” she said. “And we didn’t want to come in and destroy everything. The question was how we meet our needs while making sure the people who live here have a place they enjoy.”

The next morning, the snow was still coming down, reducing the colors of Copenhagen to white and gray. A warm fire burned invitingly in my hotel’s lobby, but I was in the city to see how it handles extreme precipitation, so I laced up my boots and trudged across slushy streets to a nature-based design studio called SLA. The elevator was out, which meant taking the stairs.

Near the studio’s entrance, open shelves held labelled glass jars of sand from the firm’s sites—a small archive of textures and hues. Around a coffee table, two designers were figuring out how to excavate a buried creek. In a conference room lined with awards, I sat down with Mette Skjold, the firm’s C.E.O., a fifty-two-year-old architect who has led some of SLA’s most prominent cloudburst work in Copenhagen. We had planned to visit two of the firm’s most celebrated blue-and-green projects. Overnight, the storm had turned both of them white. That morning, she had messaged to confirm: “The weather is demanding slow drive, but is awestriking. Do you need boots or socks?”

Skjold wore a navy cardigan, gray jeans, and black boots. She walked me through the workspace, introducing one of the firm’s biologists, who was sorting insects collected from a project in Abu Dhabi and from a hospital commission in Denmark (“because the bugs tell us a lot about the ecosystem”), and the firm’s cultural geographer, who asked if I’d heard Mayor Zohran Mamdani talking about New York’s “sneckdowns,” the piles of snow that form at road edges during blizzards. We went back down to the street. The sky was clearing. The pavement was not. “This is me,” she said, nodding toward a Mercedes E.V. at a public charger. “Don’t worry,” she added, as she eased out onto the ice. “I’m an excellent driver!”

Our first stop was Grønningen-Bispeparken, a lush five-acre park wedged between two social-housing complexes, one primarily for families, the other primarily for the elderly. A school and a playground stood at the base of a steep slope. “This used to be a great sheet of grass,” Skjold said. “A void. Rain used to flood through the field, pool here, and sink into the school playground.” The design process took more than five years, a negotiation between the city’s strict hydraulic requirements and the neighborhood’s shifting wishes; the result was something no one had pictured in advance.

As we climbed, snow crunching underfoot, the park’s structure emerged. There were a hundred and forty-nine trees, old and newly planted, in twenty-three varieties. People could move around and play in the dry, open spaces between the trees, but, in the Wet Bio Oases, wooden platforms rose above dense plantings where insects and wildlife have right-of-way. Lawns opened onto larger fields for recreation and neighborhood events. Near the top, mounds built over Cold War civil-defense structures offered city views. But the signature feature was a set of eighteen grass-and-stone basins that gather rain and, on calm days, gather people. SLA calls them “social swales.” Scattered through the park, furnished with picnic tables, they can hold about eight hundred thousand gallons during a storm.

As we made our way to the top, three children—two sisters and a brother—came skittering up behind us, giggling, boots slipping in the snow.
“Do you live near here?” I asked.

“Yes,” they said, with the youngest, an eight-year-old boy, as vocal as his sisters.
“How do you like the park?”
“It’s beautiful!” the older sister said.
“When it rains, the water goes down!” the younger sister added, and I saw Skjold smile.

“We reopened at the end of August, 2024,” she recalled. “The mayor was there. There was a band. It was exactly as it was meant to be. And five days later we had an extreme-rain event. Oh, my God, I was so nervous. We had all these new trees and plants, and I didn’t know what would happen.” But the park did what it was designed to do. In fact, it looked even better for it; the basins turned into a scattering of small ponds.

In 2025, an international jury awarded SLA the Rosa Barba Prize, one of landscape architecture’s most coveted honors, despite the project’s modest scale and peripheral address. The prize helped solidify Copenhagen’s reputation for ambitious climate adaptation, as has the $1.8 billion that the city has committed to its cloudburst plan. When I spoke with Leonardsen, though, she tempered the optimism. Copenhagen has still built only a fraction of its three hundred ecological projects; the unbuilt portion includes the green streets and cloudburst boulevards meant to link them into a functioning network. “For this system to fully work, all the individual projects need to be connected, like pearls on a string,” she said. For now, the new infrastructure is less a necklace around the city than a handful of gems.

Acountry like Denmark, where climate change is treated as a present danger and trust in government remains a civic reflex, might be expected to spend lavishly on social infrastructure. The surprise is that there’s an American city that has pursued a similar approach, and the greater surprise is that the city is Hoboken, New Jersey, better known as a post-industrial port and bedroom community across the Hudson River from Manhattan.

Hoboken is a dense urban settlement of sixty-five thousand wedged between the river to the east and the three-hundred-foot-tall Palisades to the west. Much of it sits in a shallow bowl, a hardscaped catchment about the size of the West Village. Flooding has always been part of the deal. In the twentieth century, the same storms that made headlines in New York wreaked quieter havoc across the river. In this century, Hoboken’s disasters have been vivid enough to make their own news. During Superstorm Sandy, a fourteen-foot surge from the Hudson poured into the city, producing images of National Guardsmen in boats ferrying residents through waist-high water. The water lingered for days and overwhelmed Hoboken’s sole operating flood pump. More recently, heavy rain alone has begun to produce the same effect.

On a frigid day not long ago, I met Caleb Stratton in the mayor’s office, where he was finishing his term as Hoboken’s chief resilience officer. A former college athlete with a sturdy build and a neatly trimmed beard, Stratton, forty, wears a watch on one wrist and an activity monitor on the other. He has the look of someone who can’t stop running scenarios.

When Stratton first came to city hall, as an intern, in the summer of 2012, Hoboken had no reason to expect an infrastructure overhaul. Then Sandy hit, and the Obama Administration launched Rebuild by Design, a competition that offered roughly a billion dollars in federal money, with more expected from state and local governments, for the winning proposals. The Dutch firm OMA submitted a plan called “Resist, Delay, Store, Discharge,” a hybrid system of walls and gates to block storm surge, absorbent landscapes to handle rain, and pumps to empty the system when the pipes fill. Hoboken won two hundred and thirty million dollars through the competition, later secured hundreds of millions in additional funding from the state and from Biden-era programs, and found itself unexpectedly awash in money and expertise. Stratton’s job was to make sure that the city used them well.

In the past decade, Hoboken has installed two more high-capacity pumps in low-lying neighborhoods and begun adding storm gates and floodwalls. The city’s “resiliency parks,” though, are the system’s showpieces, and not only because, as in Copenhagen, they’re built to hold water. When OMA architects met with residents and community leaders, Stratton told me, they heard as much about a lack of decent playgrounds and public space as they did about flooding. Hoboken didn’t want to limit itself to “black-sky infrastructure,” the stuff you need during emergencies. It also wanted “blue-sky infrastructure,” places that would make the city more inviting.

Hoboken’s dual-use strategy is on display at ResilienCity Park, a five-acre oasis in a part of town that used to flood whenever it poured. The park has a full-size soccer field, a sunken basketball court that doubles as a reservoir, a long wooden walkway raised above plantings and tall grasses, a community pavilion, a café, and a fifty-thousand-gallon cistern that captures rain for irrigation. There’s also a Great Lawn that hosts outdoor movies and neighborhood events, and, beneath it, a million-gallon stormwater tank. The playground would be the envy of children anywhere; Stratton, a father of two, pointed out a water park, a climbing wall, and rope climbing towers.

We warmed ourselves up over lunch at the café. A few young professionals were working remotely, and our table wobbled. Stratton lifted it, carried it off, and replaced it with a steadier one. As we tucked in, he described “the downstream effect” of the upgrade: parks draw people in, property values rise, businesses and jobs follow. “It all ties together,” he said. Lower flood risk, he added, should also ease insurance costs. “Our flood map will be redrawn when we complete our projects,” he said. “It’s conditional. But if we get there—when we get there—that will be a very big deal.”
“I’m anxious and she’s avoidant, so we’re committed to raising the baby anxious-avoidant.”
Cartoon by Maddie Dai

Before we left, Stratton wanted to show me a facility where, last May, the city installed five new high-capacity pumps that control stormwater discharge from the park and nearby streets. As we approached, we caught a gassy smell. Stratton stopped at a large grate and peered down.

“Can you see the water?” he asked, suddenly alert. “It’s pretty high right now.” He pulled out one of two phones he carries and called the chief sewer engineer for the area. The engineer told him that it was runoff from a commercial corridor a few blocks away, where the city has been raising streets and sidewalks so that stormwater drains toward the park and the pumps. The corridor had just been tied into the new system. What we were smelling was the system working.

Hoboken’s network, like Copenhagen’s, is a work in progress. It has already started to change what a hard rain means, though. In September, 2023, the remnants of Tropical Storm Ophelia dropped more than two inches in a few hours, the kind of downpour that used to guarantee flooding. This time, the city held. The pumps pulled seventeen million gallons of stormwater off the streets, and the new blue-and-green infrastructure absorbed runoff to alleviate pressure on the pipes. “When the news reporters came to see the damage,” Stratton told me, “we were already open for business.”

Across the Hudson, cloudburst management is a problem of a different order. New York City’s size, density, and patchwork topography make comprehensive protection hard to design and harder to build. Some planners argue for abandoning the low-lying neighborhoods that used to be ponds, creeks, and marshes. The ecologist Eric Sanderson told me that roughly twenty per cent of the city’s land—home to two major airports, nearly a third of the public-housing stock, and about 1.2 million people—sits in what he calls “blue zones,” places that “were wet, are wet, and will be wet in the future.” In his view, New York needs to “restore nature, restore the stream, restore the wetlands.” The housing will have to be replaced by building more densely “someplace else that’s safer, on higher ground.”

Planners call this “managed retreat,” and the idea has begun to shape urban policy. After Sandy, hundreds of homeowners on Staten Island’s shore accepted buyouts through a state program. The city has since explored smaller buyouts in places that flood repeatedly, including the Jewel Streets neighborhood, also known as the Hole, at the Brooklyn-Queens border. But a relocation program for 1.2 million New Yorkers is far too complex and costly for any official to contemplate. For now, the city’s strategy is to build better gray, blue, and green infrastructure in every borough, and to do as much as possible to hold and absorb rain. Eliminating flood risk remains a fantasy. Flattening the curve—making bad floods somewhat less bad—feels achievable.

The climate keeps raising the stakes. Last year, First Street, a Manhattan-based climate-risk group, modelled a “hundred-year” storm—a Category 1 hurricane on a Sandy-like track and rainfall of four inches an hour. In that scenario, Kissena Park, in Queens, could be inundated by more than nineteen feet of stormwater. Yankee Stadium and Bedford-Stuyvesant could get eleven. Ten feet of flooding would cripple highways along Manhattan’s edges and damage vital infrastructure, including transit links to the airports. The estimated property loss, at twenty billion dollars, would be twice that of Sandy. The human toll would be incalculably steep.

There is a danger, in climate planning, of investing in protection against the previous disaster rather than against the next—the engineer’s version of fighting the last war. In the United States, federal policy encourages the habit, because FEMA recovery money tends to favor rebuilding damaged infrastructure over redesigning it. That was visible after Sandy. The storm, which hit the New York area in October, 2012, unlocked billions of dollars in resilience spending, with hurricanes, rather than heat waves or cloudbursts, as the focus. The East Side Coastal Resiliency project, a 2.4-mile flood barrier that doubles as parkland along Manhattan’s Lower East Side, is the city’s largest and costliest climate initiative. The original design, led by the firm BIG, imagined a floodable landscape—planted slopes rising from the East River and a grassy berm on the western edge meant to capture storm surge. Engineers judged that version infeasible. The city chose a more muscular solution, raising the park and lifting the river’s edge to form a wall intended to hold back sixteen feet of surge. It also added submerged, deployable tide gates that, when closed, turn sewer outfalls into watertight barriers, keeping river water out of the pipes and wastewater out of the river.

In solving one problem, though, elevated walls and hardened gates can create another: rainfall gets trapped on the streets. The city is building a work-around. I recently walked to the Lower East Side to meet Joseph Lione, a Staten Island-raised civil engineer who manages infrastructure and coastal resilience for the city’s Department of Design and Construction. We met at a construction site under the Williamsburg Bridge that was painfully loud, even by New York standards. He handed me a hard hat and led me to what is currently the largest open drop-pipe manhole in Manhattan—a vertical shaft twenty-six feet across and forty feet deep. Halfway down was a work platform. At the bottom, a river of raw sewage moved north.

“We call this ‘parallel conveyance,’ ” Lione said. The point is to keep eight low-lying pockets of the Lower East Side from turning into basins once the floodgates close. “The bathtub effect would have been a problem back here,” he told me. The system diverts stormwater into a giant tank and then, at Fourteenth Street, pumps it out at up to three hundred and fifty million gallons a day, sending it on to the Newtown Creek wastewater facility. When the full project is finished, he added, with the pride of a new parent, “a hundred and twenty thousand people will no longer be in the flood zone.”

During a lull in the bridge traffic, I asked which local flood projects had made the biggest difference. “Most Staten Islanders, including myself, love the Bluebelt,” he said, referring to a thirty-five-year-old network of streams, ponds, and wetlands that filters, stores, and slowly releases stormwater across sixteen watersheds at the island’s southern end. The system spans roughly ten thousand acres—about a third of Staten Island—making it the largest such project in the country, and New York’s closest approximation of a landscape-scale intervention.

The Bluebelt takes the rain that falls on it and also accepts runoff piped from street catch basins, routing it through restored topography instead of into the sewers. In storms like Ida, it has proved its value by absorbing hundreds of millions of gallons that otherwise would rush into the combined system and back up into basements and storefronts. The approach has been introduced in other outer boroughs, because with every additional acre the city expands capacity without digging another mile of pipe.

The next day, in Brooklyn, a team from the city’s Department of Environmental Protection walked me through some of the newest green-infrastructure work. At Green-Wood Cemetery, an almost five-hundred-acre burial ground in western Brooklyn that rises and falls along an old push moraine, a nonprofit has partnered with the city on interventions meant to keep stormwater out of sixteen nearby sewersheds during heavy rainfall.

A particularly elegant fix is found in Sylvan Water, a pond within the cemetery. Engineers from the Dutch firm Arcadis installed a water monitor and an outlet-control structure. When the National Weather Service forecasts a major storm, operators draw the pond down, sending water into the combined system before the deluge, while there’s still capacity. The control system, along with permeable pavers and a large underground tank, is expected to keep roughly fifty-five million gallons of stormwater out of the sewers each year.

In flood-prone Gowanus, where wastewater has a tendency to surface on sidewalks and streets during storms, absorbent ground was installed more than a decade ago in the form of Sponge Park, a rain garden that the landscape architect Susannah Drake created along the canal. Now the neighborhood is changing again. With a hundred and forty-one residential projects in development and twenty thousand new residents projected for the neighborhood by 2035, the city is attempting to reproduce the idea at building scale.

From a bridge over the Gowanus Canal, the D.E.P. team pointed out small sponges quietly softening the neighborhood: planters, gardens, tanks, and densely planted “green roofs.” Since 2022, the city’s Unified Stormwater Rule has required stormwater controls in every large new development. Each building becomes part of the city’s rainfall-capture network. The Dutch go even further, by subsidizing homeowners who add green roofs or pull up pavement so that rain can soak in.

Washington’s commitment has been erratic. In April, 2020, FEMA launched the Building Resilient Infrastructure and Communities program, or BRIC, after Congress authorized the agency to reserve up to six per cent of estimated disaster-relief spending for pre-disaster resilience. Under the Biden Administration, FEMA expanded the program and approved more than three hundred and fifty million dollars for nineteen New York City flood-control projects. In April, 2025, FEMA cancelled BRIC, calling it “wasteful” and “ineffective.” A federal judge ordered the funding restored that December. In March, 2026, the agency reversed course again, reviving the program and reopening applications.

Meanwhile, New Yorkers have been improvising. A group of residents pushing for better rain infrastructure introduced me to Eric Wiseman, a sixty-one-year-old retired Verizon technician whose home sits where two sloping streets meet in Crown Heights. Wiseman, whose parents bought the house in 1968, has grown so anxious about flooding that, he told me, “I feel like a prisoner in my own home.” He pulled out his phone and showed me photographs of his street underwater, then scrolled to an image of himself in a full-body rainsuit, standing ankle-deep. “I do this every time there’s a rainstorm,” he said. “We know we can’t do nothing about the climate here. But we can do something about the infrastructure.”

From Wiseman’s house, I went to East Flatbush to meet Shayla Hamlin, a former federal worker whose three-story home sits in a shallow depression a few lots down from a polluted commercial strip dotted with auto-repair shops and a junkyard. She took me to the garage, where, on October 30th, a surge of wastewater, rodents, feces, and industrial runoff rose three feet in minutes, leaving a stench, along with a high-water mark that has yet to fade. She has borrowed about a hundred thousand dollars for mitigation, but she is reluctant to invest in further upgrades, she said, “because I know it’s going to happen again.”

Hamlin grew up in the house. Her family has been there for more than forty-six years. She has a three-year-old daughter and a community. Since the most recent flood, however, she has become jumpy. “I’ve been talking to my parents about just selling the property,” she said. “I feel like it’s time to cut our ties.” She’s ready for a new city, where the weather feels less menacing. The problem is finding one.

WWD : Polarization Deepens in China’s Road to Luxury Recovery

Polarization Deepens in China’s Road to Luxury Recovery
The latest report from Barclays said China is now looking less like an emerging engine of growth and more like a mature, highly selective arena where only the sharpest strategies win.

LONDON — Gucci’s latest retreat in China, capped by the closing of its flagship in Shanghai’s iAPM mall last month — having shut two locations in the city a year before — is fast becoming the symbol of a market where the luxury recovery is not just uneven but starkly polarized.

The latest report from Barclays said China looks less like an emerging engine of growth and more like a mature, highly selective arena where those with clear positioning, disciplined execution and compelling local relevance are extending their lead, while laggards, Gucci most visibly among them, are struggling to re-ignite demand.

Calling the luxury sector “an industry in churn,” Bernstein’s latest trackers across Chinese and Western social media also showed how quickly momentum can diverge.

In China, Ralph Lauren, Zegna and Chanel top the brand-momentum rankings, while in the West, Zegna, Chanel and Ferragamo lead, the tracker found.

Zegna, in particular, is the rare crossover winner, climbing to the top-two spot in China and top-one in the West, helped by a consistent, ambassador-led narrative fronted by Mads Mikkelsen and William Chan.

Chanel, meanwhile, is in the middle of a highly anticipated brand re-ignition story.

The Parisian fashion house has jumped five positions in China and 11 in the West, supported by the continued buzz around Matthieu Blazy’s spring 2026 debut, the fall 2026 runway, and the arrival of the spring 2026 collections in stores, which dominated chatter among showgoers in Paris last month.

By contrast, Gucci was at the bottom of Bernstein’s momentum rankings in both regions, and in Chinese retail, as Barclays pointed out, the brand is still posting double-digit declines although with “meaningful green shoots.”

Other major players in the sector are hardly immune.

Bernstein observed the first quarter of broad-based deceleration at both Miu Miu and Louis Vuitton on social media, with Miu Miu failing out of the top 10 in both Chinese and Western trackers for the first time.

Louis Vuitton’s monogram mania 130th anniversary push has not matched the viral energy of earlier collaborations, including the Takashi Murakami revival and “The Louis” in China. Barclays’ report also suggested a softer start for Hermès, although Louis Vuitton is broadly stable.

Yet pockets of strength are clear on the ground. Barclays anticipated low- to midsingle-digit growth in luxury sales in mainland China for the first quarter of 2026.

Outperformers such as Loro Piana, Brunello Cucinelli, Moncler and Burberry — as well as Miu Miu for now — according to Barclays, are offsetting brands still shrinking at a double-digit pace.

Domestic players like Laopu Gold and aspirational global brands, including Longchamp and Coach, are also benefiting from a shift toward more accessible luxury and a shifting consumer sentiment toward quality and long-term value.

Zegna’s ambassador strategy; Ferragamo’s renewed focus on communication, assortment and store network, and Burberry’s Forward plan — now pivoting from brand clean-up to driving store productivity across categories — were all cited by Bernstein as examples of self-help that are starting to take off.

Both reports also highlighted Richemont and Cucinelli as emblematic of a “plain vanilla,” high-quality core — jewelry-led in Richemont’s case, quiet luxury in Cucinelli’s — that feels well-suited to China behaving more like Europe or Japan.

Barclays described China today as “structurally more selective, with growth driven less by macro expansion and more by market-share gains, execution, and brand strength.”

In such an environment, double-digit market growth is unlikely to return in the medium term. Instead, relative winners will be those able to continuously refresh desire without overextending, the bank added.

Looking to the second half of 2026, luxury observers in China will be watching several fault lines: whether Gucci’s reset can find a stronger footing in China before 2027, how far the current outperformance of Burberry and Moncler in China can extend, and whether revivals at Dior and Ferragamo can be translated from improved online buzz into meaningful growth.

Chanel’s next move in the market can be seen as a key barometer. The house’s Le19M program is headed to Shanghai this fall for a wide-ranging takeover at the Museum of Art Pudong, set to spotlight its network of specialist ateliers while placing them in dialogue with Chinese craftsmanship and contemporary creators from both China and France.

In a market where depth, heritage and local resonance are increasingly decisive, the initiative looks like a blueprint for how global brands can speak to China as a mature audience.

NYT : European Airports Warn of Fuel Shortages if Gulf Supplies Remain Shut

European Airports Warn of Fuel Shortages if Gulf Supplies Remain Shut
An association of airports told European Union officials that fuel shipments through the Strait of Hormuz had to restart within three weeks to avoid a “systemic” shortage.

Europe could face shortages of jet fuel if ships are not allowed to pass through the Strait of Hormuz soon, an association of airports warned top European Union officials on Thursday.

The warning, from the Airports Council International Europe, came days after President Trump announced a cease-fire agreement with Iran that was supposed to unblock the strait. But ship traffic through the passageway, which lies between Iran and the Arabian Peninsula, remains far below prewar levels.

A significant share of global oil and jet fuel supply is exported from the Middle East through the strait. But that has been virtually cut off since the United States went to war with Iran. The shortage so far has mainly resulted in higher fuel costs for airlines, which have cut unprofitable flights, raised ticket prices, added fuel surcharges and increased bag fees.

“At this stage, we understand that if the passage through the Strait of Hormuz does not resume in any significant and stable way within the next three weeks, systemic jet fuel shortage is set to become a reality,” the group said in a letter to E.U. officials.

Fuel supply shortfalls could “severely disrupt airport operations and air connectivity,” risking “harsh” economic consequences, according to the group, which represents most airports on the continent.

Europe is particularly reliant on the Middle East for fuel. At least 40 percent of Europe’s jet fuel imports last year came from the Persian Gulf through the Strait of Hormuz, according to Amaar Khan, European head of jet fuel pricing for Argus Media, a company that tracks commodity prices. Kuwait is Europe’s largest jet fuel supplier.

Asia is also very reliant on the Persian Gulf for energy, and some airlines there have had to cancel flights because of low supplies of jet fuel.

NYT : No Doors, No Roof, No Worries: A Tiny Racecar Sets Its Sights on the U.S.

No Doors, No Roof, No Worries: A Tiny Racecar Sets Its Sights on the U.S.
The British company Caterham is making a push into the American market with the lone car in its catalog, the Seven, based on the original Lotus Seven.

Among modern automobiles, a model that remains in production unchanged for more than five years is a rarity. Much longer than that and the vehicle has entered serious outlier territory. What then to make of Caterham’s tiny Seven, the sole model in the British sports car maker’s current catalog, now in its 53rd consecutive year of production?

Based on the Lotus Seven, an ode to lightweight minimalism, Caterham’s Lilliputian Seven is fundamentally the same austere car first introduced in 1957. Updated for the better over time, but visually and conceptually identical to its forebear, the model is actually closing in on 70 years and counting, surpassing the original Volkswagen Beetle, which was retired in 2003 at age 65.

Founded by Colin Chapman in 1952, Lotus would become the most successful of the myriad small start-ups in postwar Britain aiming to build racing and sporting road cars. With engines and gearboxes from larger manufacturers, tubular steel space-frame chassis and stressed aluminum body panels, the Lotus Seven constituted an early hit for Mr. Chapman and his company. It has remained a modest but steady seller through the years.
Its bare-bones appeal was decidedly not for everyone, yet the Lotus Seven remained in production for 17 years. Though perceived as even more raw than its no-frills sports car competition, the model underscored Mr. Chapman’s defiant credo — “simplify, then add lightness.” It was as suited for attacking racetracks as it was for bombing down winding country lanes with a single companion and, in the tiny well behind its two occupants, a maximum of two small gym bags and a six-pack.

Weighing in at around 1,100 pounds (or almost one-quarter of a Tesla Model 3), it was the essential driver’s car: a highly effective dart out among the heavy artillery, quick despite scant horsepower, yet faster through corners than most cars this side of a Formula 1 machine.

By 1973, however, the Seven no longer fit with Mr. Chapman’s plan to make more money by moving Lotus upscale. But this petite, bug-eyed thing with no doors, a tiny windscreen and barely enough room for two slender Britons wasn’t killed off. Far from it. In a testament to both the Seven’s enduring appeal and Mr. Chapman’s constant need to refill Lotus’s coffers — drained regularly by the expense of running a Formula 1 racing team — all rights, design and tooling were sold in 1973 to an especially enthusiastic Lotus dealer in Surrey, England: Caterham Car Sales & Coachworks.

Like a latter-day cover of a hit song, a new chapter was born, with the reanimated model from Caterham going on to sell almost 10 times more than the original ever did. To date, some 22,000 Caterham Sevens have been delivered.
Now with offices and a new factory in Dartford, Kent, Caterham was bought in 2021 by a Japanese holding company, VT Holdings, a large automobile distributorship and dealer network, injecting much-needed capital into the carmaker. Capacity — always a constraining factor — rose, and Caterham, which historically sold 500 cars worldwide in a good year, now looks to sell up to 800 in a year. A major push into the American market is high on the company’s to-do list.

Reflecting Caterham’s new ambition, Trevor Steel, the senior vice president for operations and chief financial officer, recently visited Miami, where he spoke of the company’s American dream. “Our cars have trickled into the U.S. for many, many years,” Mr. Steel said. “But we’ve never really focused on the market, simply because we’ve never had the ability to service it properly. We didn’t want to let consumers and enthusiasts down by having extraordinarily long lead times on delivering the product, which would have been the case.”

The Seven is a scalpel for the road, perfect for those who might enjoy hurling themselves around a closed course.

The new factory, he said, will allow for more timely deliveries, and the plan is to double the company’s dealer count from the current six: in Buffalo, Miami and Nashville (opening this year), along with Golden, Colo.; Irvine, Calif.; and Redmond, Wash. “They’re a great fit for us,” Mr. Steel said. He added, “the new owners take a very long view on things. They came over and assessed the position we’re in, realized that we needed some investment, which the business quite frankly had needed for decades.”

Along with the factory, the cash infusion has allowed the company to hire its first-ever American press officer, and it’s planning a Caterham-only racing series in the United States, similar to the one it also puts on in Britain and several European countries. “It builds community and demand,” Mr. Steel said.

Meanwhile, proximity to affluent customers with track-day aspirations explains the company’s new partnership with the Precision Drive Club, housed at Miami’s Hard Rock Stadium in Miami, home of the Dolphins football team, the Formula 1 Crypto.com Miami Grand Prix and the Miami International Autodrome. Members of this exclusive (100 members tops) and expensive club — it reportedly calls for a $375,000 initiation fee, along with $35,000 in annual dues — will have access to the track and Caterham’s race-ready Seven R.

A test drive by this reporter did not disappoint. The Seven is a scalpel for the road, perfect for drivers who are well acquainted with the elements, and who might enjoy hurling themselves around a closed course in a potent racer that asks nothing of you other than that you pay close attention to what you are doing.

Happily, one needn’t possess Drive Club wealth to get behind the wheel of a Caterham. The company offers a radically basic sports car, too. With a choice of power plants, less potent models start at $70,000, depending on options, while used ones run in the range of $20,000 to $40,000. Unusually, but as always with Caterham, new cars are delivered without engines to the American dealers who place the orders. The machines are shipped either unassembled in flat packs or partly assembled to be completed by the dealer, an approved shop or, should one be so inclined, the new owner, a task made possible with dexterity and only moderate mechanical skill. Under a 2022 law, up to 325 such “replicas” may be exported annually to the United States by their maker, though the cars must employ engines that meet federal and California emissions standards.
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Caterham’s Seven is visually and conceptually identical to Lotus’s original model from nearly 70 years ago.
Depending on engine choice, Caterhams range from brisk to insanely fast. Two four-cylinder Ford engines, Sigma and Duratec, are available, with multiple states of tune ranging from 155 to 310 horsepower. The lusty 210-horsepower, two-liter Duratec we drove proved rapid indeed, hitting 60 miles an hour in 3.8 seconds.

Steering is endlessly communicative, direct and razor sharp. Every bit of road and surface information is telegraphed, just as a serious driver might hope, through the small, suede-covered wheel. The Seven R may be driven on the street with as much ease and vigilance as any Caterham (which is to say, enjoy yourself but watch out for bigger vehicles whose drivers might not see you).

Recalling an earlier era, Caterham expects that many enthusiastic owners will drive their cars to and from track and race days. The cars’ light weight, Mr. Steel emphasized, makes them much more economical propositions as weekend racers, with less punishment delivered on components like brakes and tires. But it’s more than that, he said.