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  • Why it’s still radical to depict mothering in paint

    Why it’s still radical to depict mothering in paint

    In the first painting, the baby is one week old, mottled and skinny, his clenched fists raised to his shoulders in what is known as a newborn’s startle reflex. In the second, he is crying, his month-old body rigid in protest at the cold plastic of the scales on which he has been placed. In the third, in which he sits on the woman’s lap, he has an eight-month-old’s sturdiness, his cheek rounded and his mouth puckered in an expression of displeasure as she pulls his clothes up and over his face. An ear has been caught in the neckline of his top. Only one wrinkled navy sock remains.

    Without their titles, these three small oil paintings show a woman ministering to a small baby. She is perhaps a little old to be his mother, but she is gentle, her hands swift and confident as they perform actions they have carried out many times before. The series recalls the work of the 19th-century impressionist painter Mary Cassatt, who depicted the bonds between mothers and their infants in images of breastfeeding, bathing and dressing. In these contemporary equivalents, the scene is also private, domestic. The woman is a modern Madonna of sorts. As she dandles the child on her knee, there is tenderness, and an undisguised painterly delight in the pinkness and plumpness of his flesh.

    And yet the paintings are not sentimental. What is being portrayed is a more complex delineation of work and care. Look closer at “Sarah Weighing Laurie, 4 Weeks” (2024) and you’ll notice that in the mirror above the mantelpiece lined with cards celebrating the baby’s arrival, a second figure is present. This woman — only partially visible, her face obscured by the camera with which she records the scene — is his mother, and the painter of the picture. The delight in his flesh is her delight (he usually sits on her lap), but in painting herself off-centre holding a camera, she is also showing herself as an artist at work. In these paintings, her subject is not her son so much as his care under Sarah, a health visitor, for whom the undressing and weighing of small babies are necessary tasks of her job.

    ‘Sarah Weighing Laurie, 4 Weeks’, 2024 
    The same health visitor is back for another weigh-in. This time she is perched on the end of a dark green sofa, undressing the eight-month-old baby on her lap
    ‘Sarah Weighing Laurie, 8 Months’, 2023 
    We are in the garden of a nursery or playgroup. An awning is suspended between two tree trunks and three children sit round a table playing in its shadow. Another child looks on as a nursery assistant tries to fix a toy for them to play with. A bright orange canoe sits in the foreground
    ‘Morning, at Little Bugs’, 2023 

    A working artist who is also an expectant or new mother may well grapple with the question of whether to make motherhood the subject of her work. Will the work be thought sentimental? Will she be taken seriously? The Scottish painter Caroline Walker has done so, but in the questioning and quietly assertive vein of her previous work. Walker has long been interested in depicting women’s working lives. Previous subjects have included manicurists, hairdressers, shop assistants, waitresses, bakers, tailors and hotel cleaners. An ongoing series shows the painter’s mother, Janet, at her home in Fife as she goes about her daily round of domestic duties — unstacking the dishwasher, hoovering, making beds. In her cool, spacious paintings, Walker depicts these women engaged in a variety of often menial tasks. The paintings draw attention to their unseen labours, making clear the value of their work.


    In the past four years, following the births of her children, Walker’s world has shifted, but her gaze remains the same. A considerable body of new work — four series, now on display at the Hepworth Wakefield in Yorkshire, in an exhibition titled Mothering, her largest solo museum show to date — depicts babies and young children being cared for in environments rarely portrayed in paint. In one, a child is read to by a staff member on the floor of a nursery, her face uplifted inquisitively, the worker’s legs outstretched. For Walker, entering these settings has provided a prism through which to continue her commentary on the world of women’s work. Her new paintings reflect powerfully on the labour involved in bringing children into the world, both seen and unseen, paid and unpaid.

    The exhibition’s title is important. There is a distinction, Walker suggests, between motherhood, and the specificity of the mother-child relationship, and mothering, open to a constellation of women, engaged in innumerable acts of care.

    A mother — the artist — holds her baby in her arms and looks at their reflection in a mirror. Cards line the mantlepiece below. It’s hard to read the expression on the mother’s face; the artist described it as ‘not terribly happy’
    ‘Me and Laurie, Six Weeks Old’, 2024 
    A nursery assistant in black trousers and a blue top sits on the floor of the nursery with a small child on her lap. She is reading to the child from a book she has on a cushion next to her on the floor. The child look up at her adoringly
    ‘Reading Books’, 2024

    Walker’s inquiry into mothering begins behind closed doors. The first series is titled Lisa, depicting the painter’s sister-in-law at home, preparing for and in the weeks following the birth of her first child. Two paintings show Lisa in her bedroom, the roundness of her stomach mirrored by the birthing ball on which she sits. She fiddles with the pump, examines the mattress of the Moses basket, spreads tiny folded sheets in tidy piles on the bed. One senses that this feels new to her, and a little strange. The space has been carefully mapped: an open doorway, a sense of moving from room to room.

    With the arrival of the baby, Lisa’s interior space contracts. In “Refreshments” (2022), she is drawn down and on to the playmat on which her baby lies on the floor. But the painting’s subject is not so much the interaction between a new mother and her baby, than the objects accumulating on the table: undrunk glasses of water and juice, television remote controls, a folded cloth, a mobile phone. Walker draws attention to the visual changes wrought to the domestic landscape when a baby arrives — the endless laundry, the clutter. She is perhaps the truest chronicler of the domestic reality of early motherhood. Elsewhere, a draining board is illuminated by the buttery yellow of a Medela breast pump.

    A tender darkness creeps in. In “Night Feed I” (2022), Lisa nurses the baby by an uncurtained window, an image of companionship and acute aloneness. The light coming in from outside has the amber glow of a streetlamp. The brushstrokes are loose, languid. Time with a baby is often measured in phases. They can be fraught, also fleeting.

    The series includes Walker’s first registered self-portrait, “Me and Laurie, Six Weeks Old” (2024), in which the painter shows herself holding her son. She looks tired, and “not terribly happy”. She made the painting for herself, she told me, when I called her up after seeing her show at the Hepworth, as a way of marking the passage of Laurie’s babyhood in her own life.

    Walker is a documentarian of a kind. She begins with taking photographs, amassing a quantity of material from which she works in stages: pencil and charcoal sketches, small studies in oil, gridded-up drawings (no projections) on stretched linen, before underpainting freehand in acrylic and then oils. She works in series, so that each subject, explored across a number of related paintings, has the quality of a body of research. Alongside Lisa, Walker was beginning an artist residency at University College London Hospital, though which part of the hospital she would spend time in had yet to be determined. The event of her own pregnancy focused her attention on the maternity wing, and its predominantly female workforce. She would now be both patient and artist-in-residence at UCLH.

    We are inside an operating theatre at the end of a delivery. Four doctors and nurses in blue scrubs and masks surround the mother, her body hidden behind a blue curtain, on the operating table. Two nurses in brown scrubs hang back, while two other attend to the newborn baby in a crib at the side — which the mother is gazing at
    ‘Theatre’, 2021
    Two women try to engage a small child by holding up balls in a ball pit. The light is purplish, the plastic balls pearlescent, and the girl is wearing a dress with a colourful floral pattern
    ‘Sensory Play’, 2025
    A grey-haired woman wearing glasses sits next to a young girl at a kitchen table as they play with a sticker book. Other toys and activities are spread out across the table. An Aga sits in an alcove in the background and clothes hang off a drying rack, suspended from the ceiling
    ‘Sticker Dolly Dressing’, 2024 

    Attending her appointments and scans, the colours and surfaces of the hospital appealed to her. During her labour, she fixed her attention on the curtain drawn around her bed, deciding she would paint it ultramarine violet and cerulean blue. She described this process to me as a kind of “logging”: exciting, almost involuntary, difficult to switch off. The start date of her residency was ultimately deferred by the pandemic. A year after the birth of her daughter, Walker re-entered the wing as an artist, equipped, as a result of her own experience, with a kind of “knowingness”.

    From her research at UCLH, Walker began her most compositionally complex painting. “Theatre” (2021) is brightly lit, and the baby has already been born. In the long interval following delivery (stitching up, cleaning), two uniformed nurses attend to the baby in its crib, four to its mother, while two further figures stand behind a trolley towards the back. One clasps her hands behind her back, looking perhaps a little bored. The painting has an almost sensory quality, of hushed, airless warmth, of shoes squeaking on linoleum floor. Walker is describing the calm and efficiency of the operating theatre, the choreography of the figures, so that only afterwards do we notice how the new mother turns her head in the direction of her baby. All the painting’s vitality is concentrated into this sightline.

    A theatre shrinks to a cubicle. I particularly like the ink drawings Walker produced following her rounds of the postnatal ward with a midwife, armed with a pile of consent forms and books of her work. Implicit in each is Walker’s presence, and the generosity of the women, so lately having given birth, in allowing a stranger to observe their first bewildered attempts at mothering their babies. “I did some rounds with the midwife, and I would wait outside the curtained cubicle, and she’d ask them, and she’d say, ‘It’s OK, you can come in,’” Walker told me. Her loose, inky strokes convey such tenderness as a doctor examines a baby, or a midwife shows a new mother how to change a nappy, or breastfeed. Walker explores the concept of mothering in its most expansive sense, as something which can be taught and learnt.


    Having a small child has made me think about artmaking, and especially painting, differently. There are affinities between the processes involved in painting and those of looking after young children: choosing and arranging shapes and colours, feeling the tackiness of things, repeated actions like wiping. At my son’s settling-in session at his new nursery, I noticed the tactile and visual appeal of the activities laid out for him: kinetic sand, putty, a shallow tray filled with water and brightly coloured plastic sea creatures. A small world catering to a child’s developing aesthetic sense.

    In Walker’s Nurture paintings, depicting scenes from her daughter Daphne’s nursery, there is sheer pleasure in colour, light and surface texture. In “Sensory Play” (2025), the light is purplish, the plastic balls pearlescent, the floral pattern on the dress of the little girl almost juicy with paint. Elsewhere, one senses Walker’s enjoyment of reproducing the children’s artworks on the walls, even a nursery worker’s cascading blonde hair. The scale of the paintings is astounding. To stand before “Morning, Little Bugs” (2023), at over eight feet tall, is almost to walk beneath the protective tree canopy into an environment both stimulating and safe.

    A woman kneels on the floor of a bedroom, rattling a toy above a baby lying on a mat under a baby gym. Our eyes are drawn to the top of a chest of drawers in the foreground, where four glasses of water and a half-drunk bottle without its lid sit surrounded by other personal items
    ‘Refreshments’, 2022

    Walker is resistant to the idea that her paintings are radical, but perhaps nowhere in the history of art has a child’s outdoor or sensory play area been the subject of a large-scale oil painting. And as the curator Hettie Judah has observed, to paint creativity in early-years settings is inherently political, as Walker is describing the environment in which a child first encounters artmaking as it is being steadily removed from primary education in British schools.

    Instead, Walker would prefer to think of her work as the more muted yet respectful practice of paying attention. She paints what is happening, and what is there. The nursery workers are a continuation of the manicurists, hairdressers, shop assistants, waitresses and hotel cleaners of her previous works. Their profession can be menial, repetitive, certainly undervalued. There is a sense that they might glance out of the window or at the clock, concentration lapsing into their own thoughts. As she photographs her subjects, Walker looks for such small breaches in a person’s presentation of themselves to the world. In this way, her paintings of women caring for children narrowly resist becoming idealised portrayals of maternal care, or depictions of such womanly qualities as gentleness and compassion. Her subjects’ interior lives are unknowable; they are real individuals, existing in their own private worlds.

    Often in Walker’s paintings, a transaction is taking place. She has been permitted into a workplace, a woman’s home or a hospital cubicle shortly after she has given birth. Or, she is paying another woman to look after her children, so that she can do the work of painting them. Recent paintings reflect upon a no less complex phenomenon: the role of grandparents in the care of young children. In her ongoing series Janet, Walker reflects on the changing role of own mother, and the ways in which, in becoming a grandmother, Janet’s unpaid labours have expanded. In “Sticker Dolly Dressing” (2024), Janet sits at the kitchen table (at which Walker sat as a child), absorbing Daphne in a sticker book. In “Granny’s Hair Salon” (2025), Janet lovingly dries Daphne’s hair. One can almost hear the quiet murmurings, the little jokes.

    These paintings, among Walker’s most affectionate, are a meditation on familiarity, which has become both subject and methodology for her over the course of her career. Returning to recognisable places and settings allows her to record time passing, children growing and the ways in which even our most important relationships are subject to change. Janet has been influential in Walker’s working life for many years. Perhaps Walker’s most powerful message, if we are to look for one, is that nurture is the work of many hands, stretching across generations and beyond family. Care begins at the beginning, the web by which we are all connected.

    Harriet Baker is the author of “Rural Hours: The Country Lives of Virginia Woolf, Sylvia Townsend Warner and Rosamond Lehmann”

    “Mothering” is at the Hepworth Wakefield until October 26, then at Pallant House Gallery, Chichester from November 22-May 10 2026

    All images © Caroline Walker. Courtesy the Artist; GRIMM, Amsterdam/New York/London; Ingleby Gallery, Edinburgh; and Stephen Friedman Gallery, London and New York. Photos: Peter Mallet 

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  • Japan’s mayo king calls time on baby food as inflation bites and births fall

    Japan’s mayo king calls time on baby food as inflation bites and births fall

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    One of Japan’s largest producers of baby food is to close its business as inflation bites and births in its home market plunge to the lowest level since records began.

    Kewpie, producer of the nation’s best-loved brand of mayonnaise, and whose famous logo resembles a chubby baby, will cease production of 72 items that have long delighted picky infant consumers, including sea bream rice porridge, pumpkin purée and banana pudding.

    The move, which has triggered a petition from thousands of dismayed parents across the country, follows government data published this year that showed only 686,000 Japanese babies were born in 2024, the lowest number since records began 125 years ago.

    The births figure also fell below the 700,000 level about 15 years ahead of when median estimates suggested Japan would reach that point. An increasing number of experts believe Japan should adopt more pessimistic forecasts, which predict annual births will drop below half a million in 2050.

    Japan’s third-largest baby food producer cited a “slump” in sales volume as the reason behind its action. It also blamed rising costs due to soaring raw material and energy prices, as a new era of inflation continues to rattle the country after a three-decade hiatus from rising prices.

    The biggest reason for falling sales, according to the company, was consumers’ inability to stomach price rises in 2022 and 2024. The declining number of babies in Japan was also an indirect factor behind the exit from the business after 65 years, it said.

    Baby food sales at Kewpie dropped to ¥3.85bn ($26.2mn) in the 2024 fiscal year and now represent less than 1 per cent of sales.

    “If the market is not growing, then they don’t have the ability to raise their prices when costs are growing. It is related to demographics,” said Mike Allen, director of independent research group Azabu Research.

    “Babies are the fastest declining part of the market, so there’s not too much hope unless there’s some new niche within that market.”

    The company’s range of children’s foods has been commended by parents for requiring minimal preparation compared with rival products, saving them time.

    “If I had to make baby food from scratch, then there’s absolutely no way I could manage working full-time, so please, don’t let it disappear,” said one mother on social media site X.

    The Tokyo-based group has experimented with new forms of packaging, extending the expiry date and more microwaveable products. Pivoting to overseas markets, as many other Japanese companies have done, was deemed difficult due to legislative hurdles to exporting baby food.

    Founded in 1919, originally as a manufacturer of sauces and canned goods, Kewpie took its name from a brand of baby cupid dolls popular in the 1920s.

    The company’s shares are at an all-time high as the group expands production and sales in the US market, where Asian food is growing in popularity. It has expanded margins through price increases and is focusing on more profitable divisions, as it concentrates on shareholder returns.

    Meanwhile, Kewpie’s rivals have reported a tailwind to the baby food market from another demographic development in Japan’s economy.

    As the government encourages record numbers of women to work and their free time to prepare baby food has disappeared, the market has grown 20 per cent in value since 2016, according to Asahi Group Foods, the market leader.

    The female labour participation rate hit a record 53.6 per cent in 2023, according to the Ministry of Internal Affairs and Communications.

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  • Jacob’s Ladder and Traveler’s Prayer album review — a spiritual quest

    Jacob’s Ladder and Traveler’s Prayer album review — a spiritual quest

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    At nearly 90, Steve Reich is in the autumn of his composing career. Even at this age his music is as recognisably Reich as it ever was and yet it has gradually acquired the feeling of a spiritual quest and there is a deep sense of calm self-assurance.

    Biblical references lie behind these two most recent works, which are receiving their first recordings. Traveler’s Prayer, for 11 instrumentalists and four singers, was given its premiere in 2021, and Jacob’s Ladder, also for four singers but a slightly larger ensemble, in 2023.

    The similar line-up of performers suggests that they might sound the same, but that is not case. The more sensuously beautiful Jacob’s Ladder (shades of Music for 18 Instruments) contrasts restless activity in the instruments against voices that are slow-moving, as though outside time. They sing lines from Genesis while the instruments describe angels moving between heaven and earth. The Synergy Vocals ensemble and the New York Philharmonic are conducted by Jaap van Zweden.

    The shorter Traveler’s Prayer, composed during the pandemic, is impressively darker and more pensive. Reich says that the events of that period increased the gravity of the texts, three short Biblical extracts. The contrapuntal complexity in his writing for the voices adds intellectual ballast. The Colin Currie Group is again paired with Synergy Vocals.

    At just over half an hour, this disc of Reich’s latest work is short and to the point. The artwork on the physical disc is by the composer’s wife, Beryl Korot.

    ★★★★☆

    ‘Reich: Jacob’s Ladder and Traveler’s Prayer’ is released by Nonesuch

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  • Is winning a Nobel Prize reserved for the wealthy? Seven eye-opening charts, free of politics | Society

    Is winning a Nobel Prize reserved for the wealthy? Seven eye-opening charts, free of politics | Society

    Last year, I wrote two newsletters using a simple formula: collecting interesting graphics. They were timeless pieces, free from the urgency of daily news. I was glad they resonated, because we live in a fierce attention economy — content has never been more abundant, yet our time and mental energy remain scarce.

    This dynamic pushes journalists — and almost everyone else — to focus on the topic of the moment: the blackout in Spain, the new Pope, and whatever’s next tomorrow. It’s simply easier to find readers that way. That’s why these compilations feel like a small act of rebellion to me.

    Here are seven charts that tell a curious story about how we entertain ourselves, how we age, and how wealth influences the chances of winning a Nobel Prize.

    📱 1. How does your generation entertain itself? With a lot of screen time

    The first chart shows how many hours Americans of each age spend consuming different types of audiovisual entertainment. The first takeaway? It’s a lot of hours.

    People in their twenties in the U.S. spend nearly seven hours consuming audiovisual entertainment daily. This total includes time on social media (1.4 hours), streaming series and movies (1.3), playing video games (1.1), watching YouTube and Twitch (1.0), and listening to music (1.0). But this binge-watching habit is widespread — people in their forties and sixties also spend five to six hours daily with audiovisual content.

    It’s interesting to see that young people are moving away from traditional TV, spending less than an hour a day to it, compared to the two to three hours spent by those over 60.

    However, my sense is that this gap is closing. New formats are catching up with all of us. Even seventy-year-olds are users of streaming services (1.4 hours), social media (0.6), YouTube (0.4), and video games (0.2).

    🦠 2. A strain of flu disappeared in 2020

    Flus return every year. But one type seems to have become extinct. According to WHO data, not a single case of Yamagata influenza B has been confirmed since the spring of 2020.

    The Yamagata flu was common every season. The graph shows its annual peaks in different countries, with thousands of cases identified in 2018 and 2019. But in 2020, it vanished. The most likely explanation is that COVID-19 measures — masking, social distancing, travel restrictions — slowed its spread from person to person, so the strain failed to spread and eventually disappeared.

    This is extraordinary proof that it is possible to suppress a virus globally. Various organizations, including the WHO, the European Medicine Agency (EMA), and the Centers of Disease Control (CDC), recommend eliminating this strain from flu vaccines, which would make room for other, more relevant variants, and make them more effective.

    🏠 3. Buying a house is 60% more expensive

    In the last decade, the average home price in Spain has risen by 58%, according to INE indices, almost triple the inflation rate. Buying a home is much more expensive today in real terms.

    The increase was even more pronounced in the Spanish regions of Catalonia (+70%), Madrid (+79%), and the Balearic Islands (+81%). Only in Extremadura and Castilla-La Mancha have prices stayed close to the inflation rate.

    The graph is also a portrait of Spanish history. In 2008, housing prices soared, then plummeted during the financial crisis: by 2014, they had dropped by 33%. Since then, they have steadily bounced back. But only in recent years have they surpassed the peak seen during the real estate bubble. The simple conclusion is that more housing has to be built.

    🌍 4. In Madrid and Barcelona, the number of people born abroad has risen sevenfold

    It’s a huge transformation that goes unnoticed. In 1998, barely 5% of Madrid and Barcelona residents between the ages of 25 and 64 were born in another country. Today, that percentage has increased sevenfold. Foreign-born people now represent 36% of the population in Madrid and 43% in Barcelona. It’s a huge, and rapid, change.

    You might be wondering why Alfàs del Pi is mentioned in the graph. The reason is personal: it’s the town on the Alicante coast where I grew up. In the 1990s, my town and its surrounding areas — Benidorm, Altea — were peculiar places because almost half the residents were English, German, Swedish, or Norwegian. We had three schools from three different countries, something I later discovered wasn’t normal. The fascinating thing is that the globalization of large cities resembles that.

    🥶 5. Are you in the younger half of your country?

    I just turned 44, and that means I’m nearing the end of my career in the younger half of Spaniards. The median age in Spain is 45. That is, half of us are younger and the other half are older.

    If we look at the world as a whole, however, I’ve long been in the older half of the population: the global median age is barely over 30. In Colombia and Mexico, for example, it’s 32 and 29 respectively. However, if I moved to Japan, I would remain younger than the median until I turned 49.

    The other message from the chart is increasing longevity. In 1950, Spaniards had a median age of 26 years. The people you would have met on the street in 1950 were almost 20 years younger than they are today.

    🤖 6. China is already the world’s powerhouse in robotics (and more)

    In recent weeks, many in the U.S. have been wondering if this century will be China’s. Derek Thompson put it well: “Some people are still stuck in a mode of thinking about China as being a place that just makes things of little value and significance. But Made in China means something different now.”

    China builds more than any other country; it produces 20 times more cement and 13 times more steel than the United States. The Asian giant is leading in key technologies for the future: it manufactures 66% of the world’s electric vehicles, 75% of batteries, and 90% of solar panels. And it is at the forefront of robotics. The graph makes this clear.

    In 2012, China installed around 25,000 industrial robots per year, on par with Germany, Japan, and the United States. What about 10 years later? Now China installs 10 times more robots than any of those countries individually. The leap is spectacular.

    🧠 7. Half of Nobel Prize winners come from families in the top 5% wealth bracket

    We all know that being born into a wealthy family comes with advantages: it’s easier to go to university, you have more information, better networking opportunities… and you can take more risks because you have a safety net. That’s not the only thing that matters — luck and effort also play their part (you probably know people who climbed the social ladder) — but the influence of money is undeniable.

    The last chart illustrates this with an extreme case: half of Nobel laureates are children of parents belonging to the richest 5% in their birth country. This is the conclusion of research that traced the social origins of hundreds of laureates.

    Which parents’ professions are overrepresented? Scientists, civil servants, engineers, teachers, doctors, and even entrepreneurs abound. And which country offers the most scientific opportunities for low-income families? According to the study, it’s the United States.

    But the key insight of the graph is what’s missing: the children whose potential goes untapped. Talent is widely distributed, but opportunities are not. As the authors summarize, “there is a vast reservoir of untapped scientific talent in lower-income countries.”

    Many children lack the education, encouragement, and support needed to reach their full potential. And this isn’t just unfair — it’s a loss for everyone. We’re missing out on innovation, growth, discovery, and ultimately, a better future.

    Sign up for our weekly newsletter to get more English-language news coverage from EL PAÍS USA Edition

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  • Texan communities reel as holiday idyll becomes a disaster zone – Financial Times

    Texan communities reel as holiday idyll becomes a disaster zone – Financial Times

    1. Texan communities reel as holiday idyll becomes a disaster zone  Financial Times
    2. First the rain, then the flood: How Camp Mystic campers woke to devastation on July 4  ABC News – Breaking News, Latest News and Videos
    3. Body of girl who went missing from Camp Mystic found in wake of Texas floods  KIMA
    4. Kerr County has an emergency alert system. Some residents didn’t get a text for hours  Texas Public Radio | TPR
    5. Texas floods: death toll reaches at least 120 people as recovery efforts continue  The Guardian

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  • Tidings from my stock market humble pie

    Tidings from my stock market humble pie

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    It is time for me to eat some humble pie. Just the one slice, mind you. This also involves a doff of the cap to Graham from Portadown.

    I don’t know Graham personally, but our paths crossed during the ugliest days of the global markets shake-out in early April, when US stocks plunged in response to Donald Trump’s supercharged global trade tariffs.

    BBC Radio Ulster kindly asked me on air to explain to the masses what was going on. First question: “So Katie, what is a stock market?” (For the record, I unironically love that. There’s genuinely no such thing as a silly question in financial markets.)

    Anyway, Graham called in to share his view, which, to paraphrase, was that he didn’t know in any kind of detail how the tariffs would pan out, but he did know that whenever there’s a dip in the US stock market, you should buy it, and he was doing precisely that. If I remember rightly, this was at lunch time in London on April 9. US stocks were down 13 per cent in just a few days at this point and global markets were bleeding out.

    Now, I didn’t tell Graham he was wrong. But I did say, while stressing that I was not giving investment advice and never would, that he was braver than I am. Buying the dip is, indeed, a tried and tested tactic with a good record of success but, at that point, let’s just euphemistically say things were not looking great.

    We all know what happened hours later. Trump backtracked, stocks exploded higher. If Graham from Portadown was true to his word, and he really did pluck up the courage to buy (he sounded very determined), then he’s up by about 25 per cent on those US stocks since our brief chat. Kudos, Graham.

    Even after that point, I didn’t see that the coast was clear, writing a few days later that the case for the buying the dip was just too shaky for me. Hindsight is the most wonderful thing, especially in markets, but in retrospect, Trump really did chicken out, and that changed everything. US stocks, as measured by the S&P 500 blue-chip index, have sprung back to record highs and are up by around 7 per cent so far this year. 

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    “We have this divide,” said Vincenzo Vedda, chief investment officer at Germany’s DWS. “The experts are looking at this and saying ‘this is wrong’ and retail is saying ‘you experts have said for the last 10 years to buy the dip so we’re buying the dip’.”

    In any case, they were right. So, one slice of humble pie is duly consumed. Delicious.

    I’m not eating the rest of it yet, though. Since that April shake-out in markets, and indeed even before it, most big investment houses outside the US have been taking a fresh and critical look at their US exposure. This is the number-one topic of conversation among institutional investors right now, and it will take considerable time, possibly even years, for it fully to play out.

    Each week, men in Florida with Hotmail addresses email to tell me I’m an idiot with, as one charming recent correspondent put it, a “stupid face”, for suggesting this phenomenon is real. No serious money manager, they say, will sell their US stocks and bonds.

    But this remains a misreading of the situation. It is not that big investors are unlikely to sell US assets in meaningful volumes. The question is whether they will continue to buy them on the scale we have become accustomed to in a world where US stocks account for something like 70 per cent of developed-market indices. Maybe of every new pound that flows in to a stocks portion pension now, we won’t see 70p head to the US in five years’ time, but something more like 65p or even 60p.

    That means a bigger chunk heads to Asia and to Europe — much smaller markets that many global investors have shunned for years. Little wonder, then, that many of them have comfortably outstripped the performance of US stocks in 2025. Several European indices are up by more than 20 per cent this year. Meanwhile, for euro-based investors, the steady drop in the dollar has eaten up any gains. They are still down by some 6.5 per cent on US stocks so far this year in euro terms.

    Any big asset manager who is not thinking about how to avoid or at the very least hedge this pain is not doing their job properly, hence the global popularity of building defences against damage from a sliding dollar and the newfound introspection around whether already rather expensive US stocks are really worth the volatility or the political risk.

    “We have to break free from the mindset we have had for the past 20 years,” said Talib Sheikh, a portfolio manager at Fidelity International. “Why can’t we have Asia ex-China ex-Japan being a greater part of your portfolio than the US? Why can’t we have Europe as a bigger part? Fads come and go but I think this has more staying power.”

    Much of the market disruption from the opening months of 2025 has passed now that we are in the second half of the year, and Graham from Portadown is taking a well-earned victory lap. But the oldest certainties in finance are crumbling.

    katie.martin@ft.com

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  • Pak rupee sees gains against Saudi Riyal – 12 July 2025 exchange rate

    Pak rupee sees gains against Saudi Riyal – 12 July 2025 exchange rate

    KARACHI – Saudi Riyal (SAR) registered slight decline against Pakistani rupee in open market on Saturday as 1 SAR dropped to Rs75.84.

    The selling rate of Saudi Riyal also plunged by two paisa and settled at Rs76.19, according to the Forex Association of Pakistan.

    The exchange rate of Saudi Riyal is closely monitored by overseas Pakistanis who are employed in Saudi Arabia and send remittances every month.

    1,000 Saudi Riyal to Pak Rupee Today

    As the SAR buying rate stood at Rs75.84, 1,000 Saudi Riyals can be exchanged for Rs75,840 in open market.

    Meanwhile, Pakistan recorded workers’ remittances inflow of $3.4 billion in June 2025, according to the data released by the State Bank of Pakistan (SBP) on Wednesday.

    It showed workers’ remittances increased by 7.9 per cent on a year-on-year basis.

    During fiscal year 2024-25, workers’ remittances rose by 26.6 per cent to $38.3 billion as compared with $30.3 billion in 2023-24.

    During June 2025, Saudi Arabia led the chart as $823.2 million were sent in remittances by overseas Pakistanis from the Kingdom.

    It is followed by United Arab Emirates with $717.2 million, United Kingdom with $537.6 million and United States of America with $281.2 million.

    On the other hand, the price of 24 karat per tola gold increased by Rs2,300 to climb to Rs357,000 as compared to its sale at Rs354,700 on the last trading day.

    The prices of 10 grams of 24 karat also surged by Rs1,971 to Rs306,069 from Rs304,098.

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  • Crypto investors look ahead to policy wins, propelling bitcoin to record high

    Crypto investors look ahead to policy wins, propelling bitcoin to record high

    Crypto investors are betting that a slew of long-sought policy wins for the industry, expected next week, could invite new investment in the asset class.

    Those hopes helped propel bitcoin to another high on Friday and gave a boost to U.S.-listed crypto stocks.

    Starting on Monday, the House of Representatives will debate a series of crypto bills to provide the digital asset industry with the U.S. regulatory framework it has long demanded. Those demands have resonated with U.S. President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favor of the industry.

    Crypto Tracker

    Trump himself is involved in several crypto ventures, including World Liberty Financial, a platform that his sons Eric and Don Jr. run. Members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act during “crypto week,” as the industry’s strained ties with Washington continue to thaw. The most significant bill is the Genius Act, which would create federal rules for stablecoins.


    “Even if final passage stalls, the optics of legislative engagement are bullish,” said Jag Kooner, head of derivatives at crypto exchange Bitfinex. Bitcoin’s surge has triggered a broader rally in the crypto market, with strong and sustained inflows into the related spot exchange-traded funds driving prices higher, said Nicolai Sondergaard, research analyst at Nansen. The world’s largest cryptocurrency was last up 3.3% at $117,333.32, taking its gains for the year to 26%. The digital asset has surged nearly 41% in the last three months.

    Bitcoin buyer and holder Strategy rose 1.9%, while crypto miners Riot Platforms, Hut 8, and Mara Holdings gained between 0.7% and 1.6%.

    “Investors are racing to take positions ahead of the extra publicity this event could attract,” said Dan Coatsworth, investment analyst at AJ Bell, referring to “crypto week.”

    Rising confidence in bitcoin is resulting in investors chasing higher returns in smaller tokens. Ether, the second-largest token, was last up 5.13%, while XRP and solana gained 9.7% and 0.8%, respectively.

    The sector’s total market value has swelled to about $3.67 trillion, according to data from CoinMarketCap.

    CRYPTO WEEK

    The House of Representatives is set to pass a series of crypto-related bills next week, including a bill that would establish a regulatory framework for stablecoins after Trump subsequently approves it.

    Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. The bill, dubbed the Genius Act, received bipartisan support in the Senate, with several Democrats joining most Republicans to back the proposed federal rules. It is expected to pass the House and would then head to Trump, who has said he will sign the bill into law.

    The bill would require tokens to be backed by liquid assets – such as U.S. dollars and short-term Treasury bills – and for issuers to publicly disclose the composition of their reserves on a monthly basis.

    Crypto proponents say those rules could legitimize stablecoins, making banks, retailers, and consumers more comfortable with using them to transfer funds.

    The House next week is also expected to pass a bill that aims to develop a regulatory regime for cryptocurrencies and would expand the Commodity Futures Trading Commission’s oversight of the digital asset industry.

    That bill, called the Clarity Act, has yet to be considered in the Senate, where it would need to pass before heading to Trump for final approval.

    If signed into law, the bill would define when a cryptocurrency is a security or a commodity and clarify the Securities and Exchange Commission’s jurisdiction over the sector, something crypto companies disputed during the Biden administration.

    Crypto companies have argued that most crypto tokens should be classified as commodities instead of securities, which would enable platforms to more easily offer those tokens to their customers.

    SKEPTICS RAISE RED FLAGS

    Bitcoin’s sharp rally has drawn caution from some corners of the market.

    As crypto gets embedded in the traditional financial system, some analysts warned the hype may be outpacing reality.

    “The (regulatory) backdrop has supported prices, and attention has turned to bitcoin’s role in portfolios, with some likening the crypto-asset to ‘digital gold.’ This moniker is likely premature,” said Dirk Willer, Citi’s global head of macro, asset allocation, and emerging market strategy.

    With likely volatility ahead, some analysts have cautioned investors to pause and weigh their time horizons before jumping in.

    “It’s hard not to be optimistic about bitcoin at this moment in time, but the risk of a fall in price or short-term pullback still exists,” said Simon Peters, crypto analyst at online brokerage eToro.

    Critics have argued the Trump administration is conceding too much to the crypto industry at the expense of protecting consumers and retail investors.

    “I’m concerned that what my Republican colleagues are aiming for is another industry handout that gives the crypto lobby exactly its wish list,” Democratic Senator Elizabeth Warren said this week. Trump has faced criticism from political rivals and ethics experts over the potential for conflicts of interest regarding his family’s crypto ventures.

    The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children.

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  • More details emerge about the iQOO 15

    More details emerge about the iQOO 15

    Back in May we heard that the iQOO 15 would have a 6.85-inch QHD+ Samsung-made flat LIPO OLED screen, and today the same prolific leaker going by Digital Chat Station on Weibo is back with more details.

    The phone will have a 50 MP periscope telephoto camera with 3x optical zoom, something the iQOO 12 had but the iQOO 13 gave up on, sadly (it only had a non-periscope 2x optical zoom telephoto).

    iQOO 13

    The iQOO 15 also has an in-display ultrasonic fingerprint sensor, vivo’s self-developed independent display chip, as well as support for 100W wired charging. iQOO is apparently still deciding whether to include wireless charging as well, but it does seem to be leaning towards adding this feature according to DCS.

    Alongside the periscope, it was one of the few things missing from the iQOO 13 if one wanted to declare it a true all-out flagship device. Of course, the iQOO 15 is expected to be powered by Qualcomm’s upcoming Snapdragon 8 Elite 2 SoC, due to be made official in September.

    vivo iQOO 12

    vivo iQOO 13

    Source (in Chinese)

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