Hugo Dixon
Reuters Top News
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Past articles by Hugo:
How US allies can mitigate Trump 2.0
A return to the White House by Donald Trump would create challenges for the world’s other rich democracies. After all, the former President likes Russia's Vladimir Putin, is sceptical about climate change and favours “Make America Great Again” protectionism. The best insurance policy for remaining members of the Group of Seven wealthy nations is to ramp up support for Ukraine, promote free trade… → Read More
Economic war with China would be MAD
The prospect of mutually assured destruction (MAD) helped avert nuclear conflict during the Cold War. Hopefully, fear of the economic equivalent will do a similar trick when it comes to a showdown with China. Still, the shooting down of a suspected Chinese spy balloon, which has led to a breakdown in diplomatic relations, is a reminder that errors can happen. → Read More
Green subsidy race may be what the world needs
“Don’t let the best be the enemy of the good” is an adage that applies to the green transition as well as most aspects of human life. → Read More
Creative green finance can go a long way in 2023
Rich democracies are increasingly keen to help the Global South fight climate change. Though they will struggle to write big cheques, there are ways to make a little cash go a long way. → Read More
The fog in the English Channel is clearing a bit
Britain won’t rejoin the European Union any time soon, despite voters’ regrets over Brexit. But if the two sides can resolve a dispute over Northern Ireland there could be progress on topics such as climate change, foreign policy and financial services. Even then, much may have to wait for a new UK government. → Read More
Polycrisis may lead to polycentric world order
The world is not destined for what Immanuel Kant called “perpetual peace”. The German enlightenment philosopher envisaged republics living in harmony with one another and not even needing standing armies to defend themselves. There are too many autocrats and nationalistic demagogues for that. → Read More
Democracy remains vulnerable despite a good year
Aristotle said there are three good forms of government – monarchy, aristocracy and constitutional democracy – in which the rulers act for the common benefit. And there are three bad forms of government where rulers act for themselves: tyranny, oligarchy and demagogy. The ancient Greek philosopher argued the latter are perversions of the former. → Read More
Friendshoring makes sense if done in the right way
The adage “don’t put all your eggs in one basket” applies as much to global trade as to a trip to the market. → Read More
How to design a formula to pay for climate loss
There will be no joy if countries get help for climate damage from a fund promised at COP27, but the planet still fries. This is why the recent United Nations climate conference in Egypt ended with a lot of hand-wringing. The European Union, in particular, had hoped to tie together the two issues of fighting climate change and supporting countries which suffer disasters, but failed. → Read More
The world can harness trade to save the planet
Trade is a major cause of global warming. Think of all those goods travelling from far away on polluting ships – and raw materials and components whizzing across the world in complex supply chains. → Read More
Breakingviews: The shafts of light in a dark, dark world
When John Major was Britain’s prime minister, he asked Boris Yeltsin how the Russian economy was doing “in one word”. Yeltsin, then Russia’s president, replied: “good”. Major asked him to elaborate in two words. “Not good”, Yeltsin quipped. → Read More
Don’t dump on U.S. coal plan. Make it better!
Sceptics fear an American plan to use voluntary carbon markets to accelerate the energy transition in poor countries could amount to greenwashing. But if it is done in the right way it could help developing markets close down one of the world’s biggest carbon emitters: coal power plants. → Read More
How Joe Biden can help save the planet at COP27
Joe Biden and other rich country leaders will get a lot of flak from poorer countries when they arrive at the United Nations climate conference in Egypt later this week. But if the United States’ president joins up his existing policies across geopolitics, trade and climate, he can change the narrative. → Read More
Delusions of grandeur are root of Britain’s chaos
The mess Britain is in can be partly explained by the fact that its politicians think it is more special than it really is. Prime Minister Liz Truss and her short-lived “Trussonomics” came hot on the heels of Brexit. Both are symptoms of a country that hasn’t fully come to terms with the loss of its empire. If the United Kingdom now realises it can’t defy the laws of economics and geopolitics,… → Read More
Xi Jinping has silver linings for rest of world
A third term for Xi Jinping would risk a cold war, or even a hot one. But the prospect of China’s nationalistic leader staying in power, which the ruling Communist Party is almost certain to approve at its congress this week, isn’t all bad for the rest of the world. Xi’s policies are hurting the economy. That makes it harder for the People’s Republic to throw its weight around – and helps fight… → Read More
How West can mobilise trillions to help save Earth
War, inflation, debt, hunger, energy security and fear of recession will dominate the discussions at the annual meetings of the World Bank and International Monetary Fund this week. But policymakers gathering in Washington also have good reasons to keep the existential priority of stopping the planet from frying at the top of their minds. → Read More
The end of cheap money reveals global debt problem
The global financial crisis of 2008 was supposed to have taught the world the dangers of excessive debt. But borrowing has shot up since then. The debt of governments, companies and households was 195% of global GDP in 2007, according to the International Monetary Fund. By the end of 2020 it had reached 256%. → Read More
How Italy could tip into a tailspin
Next month it will be 100 years since Benito Mussolini launched his fascist coup in Italy when his supporters marched on Rome. Later this month the country is almost certain to elect Giorgia Meloni, a former post-fascist and eurosceptic , as its new prime minister. So far, investors haven’t blinked. → Read More
Europe energy fallout will cascade down the years
Europe’s politicians, consumers and businesses are understandably focused on how to get through a rough winter. But nobody should kid themselves that the continent’s gas crisis will be over by the spring. → Read More
Trussonomics may freak out the markets
Britain’s new prime minister is facing a financial markets test. If Liz Truss was only planning big energy subsidies, investors might not worry too much. But the foreign secretary, who on Monday won the contest to be the leader of the Conservative party, is also planning tax cuts – and may pick a fight with the Bank of England and trigger a trade war with the European Union. If so, the pound… → Read More