Assessing Biden’s summitry Iraq: a good-news story Hard truths about SoftBank Economic divergence: jabs and jab-nots JUNE 19TH–25TH 2021 Broadbandits The surging cyberthreat from spies and crooks 012 DOWNLOAD CSS Notes, Books, MCQs, Magazines www.thecsspoint.com Download CSS Notes Download CSS Books Download CSS Magazines Download CSS MCQs Download CSS Past Papers The CSS Point, Pakistan’s The Best Online FREE Web source for All CSS Aspirants. Email: [email protected] BUY CSS / PMS / NTS & GENERAL KNOWLEDGE BOOKS ONLINE CASH ON DELIVERY ALL OVER PAKISTAN Visit Now: WWW.CSSBOOKS.NET For Oder & Inquiry Call/SMS/WhatsApp 0333 6042057 – 0726 540141 Join CSS Point Forum Today Discuss, Learn and Explore The World of CSS www.csspoint.com.pk For any Query, Please Call/WhatsApp 03336042057 - 0726540141 ENGLISH PRECIS & COMPOSITION HAFIZ KARIM DAD CHUGTAI For Order Call/WhatsApp 03336042057 - 0726540141 Contents The Economist June 19th 2021 5 The world this week Britain 8 A summary of political 23 Northern Ireland and business news 24 Cop corruption An lgbt charity Leaders 25 Inbred thoroughbreds 11 Cyber-security 25 Broadbandits 26 A little more lockdown 12 The Biden-Putin summit 26 Out of town, on the up Worth the air miles 28 Not your dad’s army 12 Corporate governance 30 Bagehot The two cultures, The benefits of foresight revisited 14 Iraq Peace gives a chance Europe 16 Northern Ireland 31 The Biden­Putin summit On the cover Protocol problems 32 Albania’s pyramid The new age of cyber-attacks 33 German climate politics could have huge economic Letters 34 Charlemagne Made in costs: leader, page 11. 18 On gold and bitcoin, America Ransomware is not the only buses, air conditioning, challenge for governments: greenwashing, China briefing, page 20. Hacker gangs United States go where the money—and the Briefing data—are, page 70 35 The Biden domestic 20 The complexities of agenda stalls cyber­security Assessing Biden’s summitry 36 Pipeline politics The meeting with Vladimir Putin Technology Quarterly: Southern Baptists was a small step forward: leader, 37 Protecting biodiversity page 12. A return to traditional 37 Joe Biden and antitrust diplomacy in Geneva, page 31. The other emergency 38 California’s budget After page 44 America is an engine of 39 Emergency powers European integration, Lexington Terry McAuliffe intentionally or not: 40 Charlemagne, page 34 The Americas Iraq: a good-news story Few 42 Mexico’s refugee wave things are harder than building 43 Americans flock to Mexico a state. But hints of progress can 43 Venezuela and Iran be detected: leader, page 14, and analysis, page 45 44 Bello Latin America’s schools Hard truths about SoftBank The Japanese tech­investing group has pulled off a stunning Middle East & Africa comeback. But some of its flaws 45 Building a state in Iraq remain, page 59. Investors in 47 Israel’s new government technology firms too often put 48 Elections in Ethiopia up with ropy corporate governance: leader, page 12 49 Africa’s space race Jabs and jab-nots Uneven vaccination rates are creating Bartleby Picking the a new economic divide, page 67 right pattern for hybrid working, page 64 → Activating the digital element of your subscription means that you can search our archive, read all of our daily journalism and listen to audio versions of our stories. Just visit economist.com/activate Contents continues overleaf 012 6 Contents The Economist June 19th 2021 Asia Finance & economics 50 The Modi blues 67 An economic divide 51 Cry­babies in South Korea 68 America’s housing boom 52 Cabin fever in Singapore 69 Buttonwood China’s 52 Mongolia’s one­horse race rising currency 53 Banyan Wet winds of 70 America’s high­yield debt change 70 The new bank robbers 72 Free exchange Do robots China kill jobs? 54 Hong Kong’s beleaguered press Science & technology 55 Sino­American struggles 74 Drones are off the leash 56 Chaguan Green 75 Why Betelgeuse dimmed autocracy’s limits 76 Coelacanth lifespans 76 A covid­19 drug 77 Urban microbiology International 57 Covid­19 and the urban poor Books & arts 78 Covid­19 in America 79 A woman’s vengeance 80 Carlos Ghosn and Nissan 80 A South African library burns Business 81 Johnson The translator’s 59 Hard truths burden about SoftBank 63 Italy’s lipstick valley Economic & financial indicators 63 Ownership in India Inc 84 Statistics on 42 economies 64 Bartleby Remote rotas 65 Schumpeter Firms’ Graphic detail Olympic dilemmas 85 Crypto­miners and the chip shortage Obituary 86 Edward de Bono, father of lateral thinking Volume 439 Number 9250 Published since September Subscription service to take part in “a severe contest between For our full range of subscription offers, including The best way to contact our Customer Service Please intelligence, which presses forward, digital only or print and digital bundled, visit: team is via phone or live chat. You can contact us and an unworthy, timid ignorance Economist.com/offers on or ; please check obstructing our progress.” our website for up to date opening hours. If you are experiencing problems when trying to Editorial offices in London and also: subscribe, please visit our Help pages at: PEFC certified Amsterdam, Beijing, Berlin, Brussels, Chicago, www.economist.com/help This copy of The Economist Dakar, Dallas, Dubai, Johannesburg, Madrid, for troubleshooting advice. is printed on paper sourced Mexico City, Moscow, Mumbai, New Delhi, New from sustainably managed York, Paris, San Francisco, São Paulo, Seoul, forests certified by PEFC Shanghai, Singapore, Tokyo, Washington DC PEFC/-- www.pefc.org Registered as a newspaper. © 2021 The Economist Newspaper Limited. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of The Economist Newspaper Limited. Published every week, except for a year-end double issue, by The Economist Newspaper Limited. The Economist is a registered trademark of The Economist Newspaper Limited. Printed by Walstead Peterborough Limited 012 8 The world this week Politics The Economist June 19th 2021 Myanmar’s ruling junta put Pedro Castillo, a hard­leftist, Aung San Suu Kyi on trial claimed victory in Peru’s Coronavirus briefs behind closed doors. The army, presidential election. He To 6am GMT Jun 17th 221 which took power in a coup in finished 44,000 votes ahead of February, has charged the his rival, Keiko Fujimori, the Weekly confirmed cases by area, m 3 country’s former leader with hard­right daughter of a India seven crimes, including cor­ former president. She claims 2 ruption and possessing walk­ that the count was inflated by Western Europe ie­talkies. If found guilty she fraud and has promised to 1 faces decades in prison. challenge the result in court. Other US 0 Tens of thousands of people Criminal violence in Port­au­ 2020 2021 Joe Biden and Vladimir Putin rallied in Madrid against the Prince, the capital of Haiti, has Vaccination doses met in Geneva for a summit. It government’s plan to pardon 12 led 8,500 people, mostly wom­ % of over-11s with lasted less than four hours, but separatists from Catalonia who en and children, to flee their Total ’000 1st dose nd both men described it as con­ were behind an illegal in­ homes, according to Unicef. UAE 13,964 99 62 structive. The two sides agreed dependence referendum in Some 14,000 people have been Malta 596 88 65 to return their ambassadors, 2017. Nine of the separatists displaced. Israel 10,632 82 77 who were recalled earlier this were found guilty of sedition, Mongolia 3,566 78 69 year, and said they would work in what was Spain’s biggest Naftali Bennett was sworn in Bhutan 483 78 0 Iceland 327 78 36 on new nuclear­arms­control political crisis for decades. as prime minister of Israel, Canada 29,918 75 16 measures. Mr Biden criticised Some 60% of Spaniards oppose ending Binyamin Netanyahu’s Chile 20,657 73 55 Russia’s human­rights record, their pardons. 12 years in power. Mr Bennett Uruguay 3,358 73 43 but said the topic should be faced an immediate test when Britain 72,041 72 52 dealt with separately from At a referendum in Switzer- Jewish nationalists marched Sources: Johns Hopkins University CSSE; other matters, such as security land, voters narrowly rejected through the Old City of Jerusa­ Our World in Data; United Nations and climate change. Mr Putin a plan to levy taxes on airline lem, some chanting racist denied that Russia engages in tickets and car fuel to tackle slogans. Hamas, the Palestin­ The number of infections cyber­attacks. climate change, complicating ian militant group that runs continued to fall in India. the government’s ambitions Gaza, launched incendiary Tourist attractions, including China rejected criticism made under the Paris accord. balloons at Israel, which the Taj Mahal, re­opened to by g7 countries at their responded with air strikes in visitors. There are worries summit in Britain. The g7 had Boris Johnson postponed the Gaza. There were no casualties. that easing restrictions will called for peace in the Taiwan final lifting of covid restric­ It was their first big clash since cause a new wave of cases. Strait and asked China to tions in England for what had last month. respect human rights, espe­ been labelled “Freedom Day”. Officials in Moscow told cially in Xinjiang and Hong Cases of the Delta (Indian) Lebanon’s currency, which people to work from home, as Kong. A Chinese official said variant are rising. Britain’s has lost more than 90% of its new daily cases in the city America was sick and the g7 prime minister hopes that by value since October 2019, hit a leapt to their highest level should give it medicine.