THE MUSTS

World

I won’t even get started with Milan

Housing crisis in Europe hits record high figures

With almost 1 million people on the streets, European countries are trying to cope with an increasing housing crisis.

To give you an idea, comparing figures from 2010 to 2023, house prices in the EU have risen by 48%, while rents have increased by 41.5% in the last ten years.

Context: As house prices rise - a consequence of the pandemic, rising inflation etc - the number of homeless people who can't afford to live increases.

• Homeless people in France, for example, has more than doubled in the last decade, from 133,000 to 330,000.

• In Spain, the same number has risen by 24% in 10 years.

There was one country that “escaped” this whole situation though...

“The Finnish way”. Finland is not only the happiest place in the world, it is also the only EU country to have taken almost all of its homeless people... off the streets. A special project of the Finnish government has provided apartments for 60% of the homeless. In numbers, the number has fallen from 20,000 in the 1980s to 3,600 today.

Quick round around the globe:

• Turkey: As of May 2024, the inflation rate has soared to 75.45% — the fastest pace since Nov. 2022. This record inflation, now in its third year, but economists believe the peak is near. (Read)

• North Korea: In a further provocation, more than 200 North Korean balloons were sent to South Korea. The content of the baloons? Plastic bottles, batteries, shoe parts and... feces. Really mature Kim. (Read)

• US: With up-coming elections, Biden has signed the strictest immigration measure of his entire administration. Meanwhile, Trump becomes first former US president convicted of felony crimes. (Read)

• Japan: Japan's capital is to launch its own dating app in a further attempt to boost the country's birth rate. Who needs Tinder when you have the government? (Read)

• Europe: More than 400 million Europeans voted at the weekend and the Right wing will lead the European Parliament for the next five years. With ever-higher interest rates, inflation in most countries and a frightening wave of immigration, the results might be disappointing, but not all a surprise. (Read)
  

New tax could tax all the world's billionaires

Where do we sign it? On the table of the G20, the group of the world's 20 largest economies, is a proposal for the global taxation of the super-rich.

• After years of debate, the finance ministers and central bank presidents of the member countries must decide on the matter by November.

What's the idea? The world's 3,000 or so billionaires would pay a tax of at least 2% on all their assets every year. This tax could raise $250 billion a year.

The proposal comes at a time when the number of billionaires is growing at the fastest rate in history, as are their fortunes are exceeding US$ 14 trillion.

However a global tax decision by the G20 would not automatically create this taxation. In fact, it would only work as a guideline - each country would need to vote on it according to its own laws.

Far from a consensus...

• On one side those in favor say the proposal is a step towards reducing inequality. Brazil, France, Germany, Spain and South Africa are here.

• On the other those against say that the decision would be a violation of each country's sovereignty and would cause a reduction in investment in the countries. The US is here.

Personal Opinion: Let's face it, capital flight or not, the ultra-rich already pay much less taxes proportionally than the average person. It's true that inequality is increasing, but it's a bit too hopeful to think that a billionaire wouldn't find a way not to pay his taxes if he wanted to - As they already do.

That said, it would be a conceptual shift in the right direction that could influence future generations of billionaires to see paying taxes not as something to be avoided, but as a duty to try to balance out an increasingly unequal system - as happened earlier this year when a group of billionaires signed an open letter calling for more taxation.

What else in on

• Arrivederci, ragazzi! After an 0.8% GDP increase, Brazil rises to 8th largest economy in the world, leaving Italy behind. (Read)

• The sky is the limit. With 98% of the S&P 500 having reported their earnings, Wall Street is wrapping up the first quarter with optimism as the S&P 500 marked its 14th consecutive quarter of revenue growth. (Read)

• 76 billion dollars. The american basketball league NBA is heading for its biggest contract in history, increasing their profits from broadcasting rights by 205%. (Read)

• Trouble ahead, Captain? Between pirates, droughts, and congestion in the canals, cargo ships are facing serious challenges, affecting more than a third of all products imported worldwide. (Read)

 30 Minutes Abs workout by Caroline Girvan: I've recommended books, albums, TV shows, films, places, and events, but it never occurred to me that one of the main questions I receive from you is about my body, exercises, and training routines. So, I've decided to open up this space to share a bit about my workouts, alongside my usual recommendations.

I've been following Caroline since the pandemic when we were all forced to quit the gym and adapt our training routines to keep our bodies moving. In fact, her videos were one of the main reasons I was able to maintain my shape during COVID.

This particular video is my absolute favorite for abs. It's a 30-minute workout with no repetitions. I used to do it once or twice a week, and the results were outstanding - If you don’t believe me, just look at my pictures from that year.

Hope you enjoy the workout as much as I do! (Rating: 10/10)

Hey there,

Last month felt like a rollercoaster, filled with full-circle moments that I could easily dedicate an entire edition to it. And I've shared many of these moments with you already, but there's a crucial part of my life that I haven't quite known how to break to you: I left my job.

I never quite understood how I ended up at ING in the first place. I was the only applicant without a master's degree, getting rejected from every position related to my previous experiences, and had the most bizarre interview process in my life.

When I was selected though, I couldn't join the team immediately because my citizenship wasn't finalized yet—and they waited for me. With every reason not to be chosen, they picked me, and even after receiving other job offers, something told me to choose them - the higher salary and a potential trip to Australia might have had something to do with it…

My years at ING shaped my perspective of myself and my future in countless ways. If I now have a clear vision of where I want to go in the next 3-4 years, it's because ING allowed me to explore various areas and sectors, helping me understand myself better. And let's not even start on the fantastic people I met along the way. Over the years, I heard so many friends complain about toxic work environments, bad managers, and lack of support, and I happily couldn't empathize with any of that because ING was truly an amazing place to be.

But more than that, I had a really interesting realization.

I never understood when people talked about the hardships of leaving a comfort zone. Whenever I moved forward in life, it was always quite easy. When I came to Italy, when I graduated from college, when I left the music industry to join banking—each time was a relief because I was always struggling in some way, making the current situation impossible to sustain—so change for me was always easy. Change was always coming from a place of discomfort, and therefore was liberating. But this time was different. I was happy in ING. I was growing, and I was quite satisfied. For the first time, I had a comfort zone. And for the first time, I understood how hard it is to actually leave it.

Don’t get me wrong, I know it was the right decision for me, but that doesn't mean it was an easy one.

Sometimes, making the (hard) decision to move on can be the best way to show appreciation and gratitude for the period you are currently living - if it no longer fits you.

With love,

Micael.

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