Treat weapons investments as ‘ethical’ to help arm Ukraine and UK, MPs urge
Banks, investors and pension funds should treat weapons manufacturers as “ethical” investments so that more money goes to the industry to arm Ukraine and the UK, according to a group of more than 100 Labour MPs and peers.Ninety-six MPs and six peers have signed an open letter calling for financial businesses to “sweep away ill-considered anti-defence rules which are acting as a barrier to doing what is right”, in another sign of the backlash against environmental, social and governance (ESG) policies.Donald Trump’s talks with Russia and denial of US military aid and intelligence to Ukraine this week have prompted a scramble by European countries to boost defence spending.Keir Starmer has said the UK will increase spending to 2.5% of GDP, up from 2.
3%, and the French president, Emmanuel Macron, has pledged a raise, while Germany’s incoming chancellor, Friedrich Merz, wants to loosen strict debt rules to fund an increase.On Thursday the Italian defence group Leonardo announced a deal with the Turkish drone-maker Baykar to try to rapidly increase the manufacture of unmanned weapons for Ukraine within Europe.Roberto Cingolani, Leonardo’s chief executive, told the Financial Times Trump’s verbal “attacks” on Europe had given the region “an unprecedented sense of urgency” to spend more on defence.The Labour politicians who signed the letter argued that ESG rules adopted by some institutions have held back defence spending, echoing a longstanding gripe from weapons company bosses.However, it is unclear whether ESG rules have held back investment in defence companies.
The industry’s stock market value has soared in recent weeks in anticipation of higher spending,The market value of BAE Systems, the British maker of weapons ranging from shells to fighter jets and submarines, has nearly tripled since the start of the Russia-Ukraine war,The huge share-price surge of Rolls-Royce, which makes fighter jet engines and submarine reactors, has also benefited from increased defence spending, while the valuations of the British plane parts maker Melrose and the military services company Babcock International have more than doubled since the start of Russia’s invasion,The peers who signed the letter included George Robertson, a former Nato secretary general who is working on a strategic defence review for Labour,“There can be no more ethical investment than giving the Ukrainian people every ounce of support that can be mustered by their allies,” the letter said.
The letter was led by Alex Baker, MP for Aldershot, known as the home of the British army because it is the site of a major garrison.Baker won Aldershot for Labour in last year’s general election for the first time since the seat was created in 1918.That highlighted the scale of the landslide victory, but also the party’s renewed support for the armed forces.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionStarmer has been a keen proponent of the UK defence sector.His predecessor as Labour leader, Jeremy Corbyn, was much more critical of weapons spending after a career campaigning against arms exports to countries accused of humans rights abuses.
Baker said: “The businesses I speak to in Aldershot and Farnborough are ready to step up and help deliver the new defence capabilities this moment demands – but badly composed ESG rules are stifling the innovation we need to fire up our industrial base,”Emily Apple, from the UK-based Campaign Against the Arms Trade, said the manufacturers who would benefit from relaxing ESG rules “make vast profits from death and destruction across the world”,
Satori, Birmingham B13: ‘Pomposity chimed loudly in the air’ – restaurant review | Grace Dent on restaurants
You really can’t put a price on this kind of excitement, although in this case it came to £12The last time I dined in affluent Moseley, south Birmingham, a few years back and in quite a fancy establishment, a fight broke out mid-meal. It was more drunken argy-bargy than fisticuffs, but enough to count as floor entertainment. Sadly, no spats occurred on my recent visit to Satori, an enlightening Japanese restaurant in the same postcode, though that’s probably because it’s so dark in there – black walls, black floors, black tables – that its customers wisely choose to remain safely seated.But this is not a Dans Le Noir-style themed restaurant where you eat in a blackout; no, it has instead merely been designed by someone who clearly really loves shiny, black surfaces with blood-red trimmings and busts of dragons. It’s giving, as the kids say, 1980s MFI showroom doing international playboy lair
Curd surge: TikTok recipes drive a national cottage cheese shortage
If you’ve spotted a cottage cheese-shaped hole in the dairy aisle recently, you’re not alone. Australians’ suddenly insatiable appetite for the product has left dietitians grinning and supermarkets scrambling to restock.The curd surge is being driven by trending recipes on social media, which emphasise the cheese’s high protein content. On TikTok, cottage cheese is touted as a core ingredient in everything from dips to ice-cream to bagels.It’s a welcome development for accredited practicing dietitian Anna Debenham
Grape news! Australia’s best-value fruit and veg for March
While summer stone fruit is on the outs, a bushel of vegetables is affordable at the start of autumn, including cabbage, capsicum, corn and celeryCapsicums, cabbage and potatoes are plentiful in the first month of autumn, but it’s time to say a fond farewell to summer fruits, such as mangoes, peaches and nectarines. Instead, pick up a bunch of red or white grapes.“There are a huge variety of grapes at the moment,” says Pat Senserrick, owner of Senserrick’s Fruit and Flowers in Keilor, Melbourne. “We get more and more every year … As far as fruit goes, they are probably the best value.”Grapes can be found for $4 to $5 a kilo
Georgina Hayden’s sausage, kale and lime black-bean stew recipe
This one-pan sausage, kale and black bean stew is a week night staple in our house, not least because I can put it on the table with a range of toppings and accompaniments, and everyone gets excited. (If you have green-fearing children, feel free to leave out the kale – I won’t tell anyone). I like to serve this with a stack of charred tortillas, a pot of soured cream and slices of lime-dressed avocado. And if you prefer a more hearty offering, add some fluffy steamed white rice. Anything goes
What’s the secret to great vegan yorkshire puddings? | Kitchen aide
I can never get my vegan yorkshire puddings to work – help!Traditional yorkshire puddings have eggs and milk to thank for their golden, crisp and puffy looks, so it’s no wonder people run into bother in their absence. “Vegan yorkshires are a mighty task,” says Lianna Lee Davis, who is behind the much-lauded vegan Sunday roast at Our Black Heart in Camden, London. Your first task is to decide on their replacements, and for that you have a few options. “I use aquafaba and whisk it with apple cider vinegar, rapeseed oil, dijon mustard, unsweetened soya milk and water,” she says. She then combines plain flour, chickpea flour, salt and turmeric (“for a bit of colour”), and whisks that into the wet mix to make a batter
Rukmini Iyer’s quick and easy recipe for leeks with white beans, polenta and hazelnuts | Quick and easy
This is such a lovely warming dish, and a total hit with the one-year-old, so you might want to consider saving a portion for any resident small children. The leeks essentially look after themselves, while the polenta takes just minutes to pull together, making this an easy and filling weeknight win.Prep 15 min Cook 30 min Serves 250g blanched hazelnuts 1 tbsp olive oil 1 tsp butter 4 sprigs thyme 2 garlic cloves, peeled and grated200g leeks, trimmed and sliced into thin rounds400g tin haricot or cannellini beans, drained and rinsed2 heaped tbsp ricotta Juice of ½ lemonExtra-virgin olive oil Salt 500ml vegetable stock 100g quick-cook polenta 1 tsp butter 45g parmesan (vegetarian, if need be), finely grated50ml milkHeat the oven to 200C (180C fan)/390F/gas 6. Tip the hazelnuts on to a baking tray and toast in the oven for 10 minutes. Remove, leave to cool, then roughly chop
Galthié’s gamble with lopsided bench pays off for France as Ireland unravel | Andy Bull
Fabien Galthié fears Antoine Dupont suffered ‘serious’ injury against Ireland
Scotland produce performance of extremes but survive Wales fightback
All the ingredients but no signature dish: England’s attack seeks sizzle
France take Six Nations title race to the wire with thumping win over Ireland
Cheltenham festival at crossroads five years after infamous Covid meeting