Is the world ready for the next pandemic? 29 October 2024 — 6:00PM TO 7:00PM Anonymous (not verified) 9 October 2024 Chatham House and Online

In a joint event with The Elders, Helen Clark, Ban Ki-moon and other experts discuss the policies needed to prevent the next health catastrophe. A drinks reception will follow this event.

The world faces multiple interlinked existential threats such as pandemics and the climate crisis, exacerbated by conflict and extreme poverty. However, the multilateral system is failing to respond with sufficient urgency or impact. As the fifth anniversary of the COVID-19 pandemic approaches, Chatham House and The Elders will discuss the risk of a general slide into complacency. 

Amid the expanding outbreak of mpox in Africa, rich countries continue to withhold stockpiled mpox vaccines. The failure to release the required amount is contributing to the diseases spread across the continent. 

Meanwhile, the Pandemic Accord negotiations are in overtime, with nations unable to reach agreement over concerns around sovereignty and resource distribution in any future pandemic. Similarly, a proposal to include a UN Emergency Platform in the recent Summit of the Future to strengthen the multilateral response to complex global shocks was shelved due to political deadlock.

Can the world learn from past mistakes and break the cycle of panic and neglect? In today’s fractious and polarized geopolitical context, what would it take for leaders to do what’s necessary? And why is it so critical to have equity at the heart of any sustainable global response?

Join Chatham House for this event in which the panel discuss key questions including:

• Five years on from COVID-19, who is showing global leadership today in preparing for future pandemics?
• Are international organizations and institutions fit for purpose to respond to pandemics in a multipolar geopolitical environment? How can they best adapt?
• What can be done to clarify and detoxify current debates around sovereignty to improve global pandemic prevention, preparedness and response?

G protein–coupled receptors (GPCRs) initiate signaling cascades via G-proteins and beta-arrestins (βarr). βarr-dependent actions begin with recruitment of βarr to the phosphorylated receptor tail and are followed by engagement with the receptor core. βarrs are known to act as adaptor proteins binding receptors and various effectors, but it is unclear whether in addition to the scaffolding role βarrs can allosterically activate their downstream targets. Here we demonstrate the direct allosteric activation of proto-oncogene kinase Src by GPCR–βarr complexes in vitro and establish the conformational basis of the activation. Whereas free βarr1 had no effect on Src activity, βarr1 in complex with M2 muscarinic or β2-adrenergic receptors reconstituted in lipid nanodiscs activate Src by reducing the lag phase in Src autophosphorylation. Interestingly, receptor–βarr1 complexes formed with a βarr1 mutant, in which the finger-loop, required to interact with the receptor core, has been deleted, fully retain the ability to activate Src. Similarly, βarr1 in complex with only a phosphorylated C-terminal tail of the vasopressin 2 receptor activates Src as efficiently as GPCR–βarr complexes. In contrast, βarr1 and chimeric M2 receptor with nonphosphorylated C-terminal tail failed to activate Src. Taken together, these data demonstrate that the phosphorylated GPCR tail interaction with βarr1 is necessary and sufficient to empower it to allosterically activate Src. Our findings may have implications for understanding more broadly the mechanisms of allosteric activation of downstream targets by βarrs.

Brexit: Implications for EU–China Relations Research paper sysadmin 10 May 2017

For Beijing, the EU–China relationship will take priority over UK–China ties – with China’s relative focus on Germany becoming even more significant.

Summary

• The extent of current UK relations with China means that Brexit will notably reduce the scale and diversity of overall EU–China economic and commercial interactions. But the impact will vary across different areas.
• In policy terms, liberal voices on economic policy towards China will be somewhat weaker among the post-Brexit EU27. Brexit will not be the most important factor determining the future level of strategic coherence in EU policy towards China.
• The impact on post-Brexit EU27 trade with China will be felt both in the volume of trade and its composition. Following Brexit the EU will no longer be China’s largest trading partner.
• There will be some relative shift in Chinese investment in Europe away from the UK, though over time the impact of Europe-wide policy approaches to Chinese investment will have more impact than Brexit per se.
• EU–China educational exchanges will be weakened after Brexit, but inbound Chinese tourism will be less affected by Brexit.
• By 2025, the EU will have compensated for Brexit’s impact in some areas, but much depends on the EU’s own trajectory over the next decade.
• For Beijing, the EU–China relationship will take priority over UK–China ties. Within the EU, China’s relative focus on Germany will be even more significant.

International Arbitration: Exploring India’s Potential 15 November 2019 — 9:30AM TO 5:30PM Anonymous (not verified) 17 October 2019 Chatham House | 10 St James's Square | London | SW1Y 4LE

As India’s economic clout grows, so does its aspiration to become a favoured arbitration destination in a globalized world dominated by foreign investments flows and cross border transactions. India’s bid to enhance its status as an arbitration destination depends largely on the suitability of its legal environment in meeting the demands of an increasingly sophisticated approach to disputed resolution. This conference will assess these, and other related, issues.

To register your interest in attending this event, please contact Nisha Ramdas by phone +91 9650977833 or by e-mail nisha@globaldialoguereview.com.

US midterms: What to expect? Expert comment LJefferson 4 November 2022

The 2022 midterms have a heightened importance with long-term implications for the future of American democracy.

US voters will head to the polls on 8 November 2022 to cast their ballots for the midterm elections, which will see 35 of 100 Senate seats and all 435 seats in the House of Representatives up for re-election.

Midterm elections serve as a benchmark on voter’s approval of the sitting president’s party, but following a turbulent 2020 presidential election, with claims of a stolen election and voter fraud, the midterms have taken on a heightened importance with the processes and results having long-term implications for the future of democracy in the US.

When will we see results?

While many US voters expect to see results the night of an election, the complex voting process in the US often makes it difficult to ascertain the success of candidates in certain states after the polls close.

In Arizona, state laws allow 20 days for election officials to certify results while Nevada allows for additional time to count mail-in ballots following election day. Pennsylvania state laws prevent mail-in ballots from being counted before 7am on election day and the combined effect of counting in-person and mail-in ballots simultaneously, as well as the need to present votes to a state canvassing board could delay official results for weeks, and votes will not be officially certified by the state until 28 November.

In Georgia, the presence of a third-party candidate may lead to a run-off election if neither the Democrat or Republican contender receives over 50 per cent of the vote, which would take place on 6 December with results expected soon after.

Delays in determining election results may bolster claims made by Republican candidates that election results were fraudulent, especially if races are tight, as delays  counting mail-in ballots might cause results to differ over time. Early results favouring Republican candidates may also differ from the final tally as more mail-in ballots get counted, creating a ‘red mirage’, as the majority of Republican voters are expected to vote in-person, as seen in 2020.

In the vast majority of elections since World War II, the president’s party has often lost seats in the first midterm elections after taking office. While there have been exceptions and instances of the sitting party avoiding major losses during wartime, such as after the Gulf War and the 9/11 attacks, it’s unlikely Russia’s war in Ukraine will create the same rally around the flag effect.

Issues influencing voters

There are signs that US support for Ukraine on both sides of the aisle is starting to waver, as evidenced by the now recalled letter by the House Democratic Progressive Caucus pushing for a ceasefire and Republican House Leader, Kevin McCarthy’s recent comments about limiting US financial support for Ukraine.

US voters in general are more concerned with domestic issues rather than foreign policy, and both Democrats and Republicans have shaped their messaging around issues that will resonate with voters in key battleground states, with Democrats focusing heavily on abortion and reproductive rights and Republicans pushing the issues of crime and safety.

Democrats are hoping their focus on reproductive rights will motivate a higher turnout at the polls and have likely been encouraged by a recent referendum in Kansas where voters chose to protect abortion rights in the traditionally conservative state. In 2020, 52 per cent of the electorate in the swing state of Pennsylvania were female, and while not a huge majority, the difference could be enough to push the Democrats ahead.

Though the issue of abortion has gained more focus among Democratic voters, with 75 per cent of registered Democrats saying the issue was very important, 92 per cent of Republican voters rank the economy as their top issue.

The Senate race in Wisconsin, for example, was initially considered one of the Democrat’s most likely prospects for unseating an incumbent Republican senator, following US President Joe Biden’s win in the state in 2020.

Despite heavy fundraising from the Democratic party and a campaign visit by former US president Barack Obama, incumbent Senator Ron Johnson is now four points ahead of Democrat contender, Lieutenant Governor Mandela Barnes. A potential victory by Johnson, who has accused Barnes of being soft on crime and has shaped his messaging around growing the economy, may indicate whether  Democrats need to reshape their messaging ahead of the 2024 presidential election.

Threats of political violence

The risk of political violence in the US has increased in recent years, with many key officials under threat, as evidenced by the recent attack on US Speaker of the House, Nancy Pelosi’s, husband. A bulletin sent out by US agencies, including the Department of Homeland Security and the FBI, warned of attacks against not only political figures in the US, but also of attacks at locations like polling places, ballot box locations and voter registration sites.

The myth of a stolen election

Electoral integrity in 2022 has become especially significant, with over 300 candidates who believe the 2020 election was stolen up for election in various races across the United States.

The role of governors, secretaries of states and attorneys general (state officials charged with approving election results) has become a key issue in 2022. Proposals to give state legislatures the ability to certify election results, a role typically occupied by state officials, have already been made in Wisconsin, Pennsylvania and Arizona, all of which have Republican legislature majorities.

While these measures have not been successful thus far, a number of election deniers who would have the ability to influence how election results are certified are on the ballot for 2022. In Arizona, for example, Republican candidate for governor, Kari Lakes, and for attorney general, Abe Hamadeh have both been endorsed by Trump and have also supported his claims that the 2020 elections were fraudulent.

The Republican candidate for Arizona secretary of state, Mark Finchem publicly made calls to decertify Arizona’s electors, and was placed at receiving 49 per cent of votes in a poll conducted by CNN in early October. If Republicans are successful in both the state governor and secretary of state races, the role of the attorney general in certifying the election results in a state Biden closely won in 2020 becomes ever more crucial given their ability to govern how elections are run in the state, as well as their ability to challenge certification in court.

Director's briefing: What next for America? 17 November 2022 — 8:00AM TO 9:15AM Anonymous (not verified) 7 November 2022 Chatham House

Chatham House’s Director of the US and America’s Programme discusses what is next for America following one of the most contentious midterms races to date.

Hosted by Bronwen Maddox, Director, Chatham House, this Director’s Briefing is an opportunity to digest the outcomes of the US Midterm elections with Chatham House’s Director of the US and Americas Programme, Dr Leslie Vinjamuri. 

Arguably one of the most contentious midterm races to date, this election has key implications for the rest of the world also. At this event, Dr Leslie Vinjamuri and Bronwen Maddox will discuss the crucial themes coming out of the election and the key issues on voters’ minds. What impact will the results have on US foreign policy more broadly? What might the outcome of the election signal about Trumpism? And how confident can we be about the strength of US democracy?

This event is only open to Chatham House Partners and Major Corporate Members as well as selected giving circles of Chatham House. If you would like to attend, please RSVP to Linda Bedford at RSVP@chathamhouse.org.

Next steps for EU-US cooperation on trade and technology 8 December 2022 — 3:00PM TO 4:00PM Anonymous (not verified) 21 November 2022 Online

How can the EU and US increase cooperation on AI, semi-conductors and funding information communication technology services?

On trade and technology policy, the EU and the US are making meaningful progress towards cooperation while at the same time navigating tensions. As senior officials meet on 5 December for the third meeting of the Trade and Technology Council (TTC), both sides have vowed to move towards concrete results. But can the US and EU increase cooperation on artificial intelligence, semiconductors, and funding information communication technology services? 

This event draws on insights from a forthcoming Briefing Paper by Marianne Schneider-Petsinger that explores next steps for US-EU cooperation on trade and technology, which is part of a project supported by the Hanns Seidel Foundation. 

Ilka Wittig
Jul 1, 2007; 6:1215-1225
Research

Hasmik Keshishian
Dec 1, 2007; 6:2212-2229
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Qin Liu
Aug 1, 2007; 6:1299-1317
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Mitsunori Fukuda
Jun 1, 2008; 7:1031-1042
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Tamar Geiger
Mar 1, 2012; 11:M111.014050-M111.014050
Special Issue: Prospects in Space and Time

Timothy J. Griffin
Apr 1, 2002; 1:323-333
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Roland Bruderer
May 1, 2015; 14:1400-1410
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Christian Tagwerker
Apr 1, 2006; 5:737-748
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Guoan Chen
Apr 1, 2002; 1:304-313
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Qiang Tian
Oct 1, 2004; 3:960-969
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Jesper V. Olsen
Jun 1, 2004; 3:608-614
Technology

Ludovic C. Gillet
Jun 1, 2012; 11:O111.016717-O111.016717
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Ignat V. Shilov
Sep 1, 2007; 6:1638-1655
Technology

Yasushi Ishihama
Sep 1, 2005; 4:1265-1272
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Linn Fagerberg
Feb 1, 2014; 13:397-406
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Philip L. Ross
Dec 1, 2004; 3:1154-1169
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Jürgen Cox
Sep 1, 2014; 13:2513-2526
Technological Innovation and Resources

Shao-En Ong
May 1, 2002; 1:376-386
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New essay anthology examines the future of the international order News release jon.wallace 7 May 2021

Featuring a new essay by Robin Niblett, Chief Executive of Chatham House, and Leslie Vinjamuri, Director of the US and Americas programme.

“Anchoring the World”, a new anthology, features an important new essay by Robin Niblett, Chief Executive of Chatham House, and Leslie Vinjamuri, Director of the US and Americas programme. The essay, “The Liberal Order Begins At Home”, argues powerfully for the revival of a liberal international order.

The essay collection has been produced by the Lloyd George Study Group on World Order, and celebrates the centennial years of Chatham House, Georgetown University’s School of Foreign Service, and the Council on Foreign Relations.

Robin Niblett said:

“In this excellent collection, some authors argue that the United Nations should continue to anchor the international system, while others argue for the creation of a new Concert of Powers.

“Our essay argues that it is both necessary and possible to revive the idea of a liberal international order: necessary (and urgent) because of heightened global competition with China, and possible only if western democracies repair their deep social and economic problems at home.

“We hope this volume carries forward the fortitude and creative spirit that the School of Foreign Service, Chatham House, and the Council on Foreign Relations have brought to the study and practice of international affairs over the past century.”

The Lloyd George Study Group and book were made possible by the generosity of the family of Robert Lloyd George, the great-grandson of British Prime Minister, David Lloyd George.

Anchoring the World is published by Foreign Affairs magazine.

AUKUS reveals much about the new global strategic context Expert comment NCapeling 17 September 2021

The new AUKUS partnership as well as the furore in Paris surrounding its announcement says a lot about the new geopolitical landscape.

The growing diplomatic drama surrounding the announcement of the new Australia-UK-US (AUKUS) risks concealing rather than highlighting what the deal reveals about profound changes in the global strategic context. Several elements stand out.

First, Australia’s decision to break off the $66 billion contract it signed with France in 2016 to purchase a new fleet of diesel electric submarines underscores the heightened level of concern in Canberra about China’s growing naval capabilities.

Despite all the industrial, legal, and diplomatic disruption, the Australian government has decided only the stealthy nuclear-powered submarines developed by Britain with US support can provide the genuine naval capability it needs long-term.

Next, in helping Australia resolve this conundrum, the British government has revealed the versatility of its new foreign policy. Part of the reason UK prime minister Boris Johnson eschewed the concept of a formal foreign policy and security treaty in the post-Brexit deal with the European Union (EU) was to pursue freely new ventures such as the recent ‘G7-plus’ summit in Cornwall, and enhanced cooperation among the Five Eyes allies. AUKUS reveals that this approach can produce real results.

Europe or the Indo-Pacific

During this week’s Polish-British Belvedere Forum in Warsaw, one of the main Polish concerns was that this ‘tilt’ to the Indo-Pacific could overstretch Britain’s scarce resources when it should be focusing on Europe, where they are most needed.

But AUKUS does not over-extend Britain. There is no military commitment involved in the agreement. The UK also remains outside the Quad – made up of the US, India, Japan, and Australia. And the ongoing stately voyage of its new aircraft carrier from the Mediterranean into the South China Sea provides better insight into the substance of the UK’s Indo-Pacific tilt.

Much derided for not carrying enough of its own aircraft – and for depending on US and Dutch escort vessels – the UK has in fact managed to coalesce a flexible group of allies around the Queen Elizabeth while enabling it to fly the British flag in Asian waters and strengthening interoperability with its allies for future joint operations.

Despite the hype, Britain’s main defence investments and deployments remain firmly focused in Europe, as laid out by the recent Integrated Review. And the decision to draft a new NATO Strategic Concept – midwifed by Britain at the 70th anniversary NATO summit hosted in London in December 2019 and confirmed during Joe Biden’s visit to NATO headquarters in June – will give Britain’s role in European security a new purpose and focus in the coming years.

Alone on the strategic landscape

For France, of course, the cancellation of its submarine deal is a painful humiliation, and a severe blow to thousands of workers in its hi-tech defence industry. It also comes at a sensitive moment politically, with Emmanuel Macron keen to demonstrate his international standing ahead of the 2022 presidential election. Instead, France now looks rather lonely on the strategic landscape alongside the more homogeneous and collectively powerful AUKUS trio.

But, rather than take the high road, a furious French reaction has compared Biden to Donald Trump and argued that this defence industrial failure for France should drive an acceleration towards European – for which, read EU – strategic autonomy.

This implies France sees European strategic autonomy as protecting and extending its own sovereign power and industrial interests rather than as a process for EU members to achieve more together in security and foreign policy than they can alone – thereby undermining rather than enhancing its case.

The gap between European strategic rhetoric and practical action was further highlighted by the AUKUS partnership being announced the evening before the EU launched its own Indo-Pacific strategy, and on the same day as China refused to allow a German frigate its first planned port visit to Shanghai.

America is still back

There is still a long way to go before the new submarine deal becomes reality. Australia needs to extricate itself from the French deal, decide how to secure the highly enriched uranium to power its new nuclear submarines, decide with the US and UK the division of labour and technology transfer of production, and assuage the International Atomic Energy Agency’s concerns about the precedent this deal sets. The fruits of this dramatic announcement will, therefore, be a long time in coming.

But, however the details play out, 15 September 2021 was a consequential day. The AUKUS announcement showed that China’s growing hard power is now eliciting a genuinely tough and structural political-military reaction.

Across the Atlantic, it also allowed President Biden – flanked ‘virtually’ by the British and Australian prime ministers – to send the global message that America is indeed back, just three weeks after the ignominious retreat from Afghanistan and chaotic exit from Kabul. And it offered him the opportunity to remind the world that the Indo-Pacific is where the US will be putting its main effort in the future.

For many in China, AUKUS now confirms their belief that the US and its principal allies are determined to contain China’s rise in its own ‘backyard’, where it believes it has the right to flex its muscles. For others, it will confirm Xi Jinping has overreached and China is now paying the price of his more assertive strategy. Either way, the Chinese are on notice that the ambivalent nature of the Obama pivot to Asia has given way to a more determined pivot under Biden.

While the US is stepping up, the UK has shown it is in the mix, leveraging opportunities as they arise. For example, the goodwill the UK has generated in Tokyo with this new partnership with Australia could help its case as it pursues membership of the Transpacific Partnership trade area in 2022.

The EU looks like a bystander in comparison and ill-equipped for the geopolitical competition inherent in this new strategic context. It is essential, therefore, once the dust has settled from these fraught few days, that the US and UK reach out to find ways to involve France and its EU partners in a meaningful, shared transatlantic approach to the Indo-Pacific.

Chatham House appoints new director and chief executive News release jon.wallace 5 April 2022

Bronwen Maddox will take up the role at the end of August, succeeding Dr Robin Niblett CMG.

The Royal Institute of International Affairs (Chatham House) is delighted to announce that its new director and chief executive will be Bronwen Maddox, who joins from the Institute for Government.

Bronwen Maddox has been the director of the Institute for Government, an independent think tank based in London promoting better government, since September 2016. 

She joined the institute from the current affairs magazine Prospect, where she spent six years as editor and CEO.

Bronwen was previously foreign editor, chief foreign commentator and US editor at The Times, and before that, she ran award-winning investigations and wrote economics editorials for the Financial Times, after a career as an investment analyst in the City. She writes frequent op-ed columns for the Financial Times and broadcasts widely.

She is also visiting professor in the Policy Institute at King’s College London, a non-executive board member of the Law Commission, and has just been appointed a council member of Research England, one of the research councils of UK Research & Innovation.

Ms Maddox succeeds Dr Robin Niblett CMG who is standing down in the summer after 15 years in the role. She will take up the role at the end of August.

Chair of Chatham House, Sir Nigel Sheinwald said:

‘This is an exciting appointment for the future of Chatham House and for London as a global hub. Russia’s invasion of Ukraine and the unprecedented response of the rest of the world reminds us that organizations like Chatham House, with its outstanding record of independent analysis and new ideas on how to build a secure and prosperous world, are needed more than ever.

‘Bronwen Maddox has an international reputation as a compelling commentator and analyst on world affairs, with a proven ability to spot emerging issues and frame them in ways which will provoke intelligent debate and fresh thinking. She has provided successful and innovative leadership at the IFG, Prospect and The Times, and is committed to continuing to broaden Chatham House’s diverse appeal and impact. She is the ideal person to lead the institute into the next stage of its development at this crucial time for the future of international relations.’

Bronwen Maddox said:

‘I am honoured and delighted to become Chatham House’s next director. It’s a momentous period in international affairs and Chatham House, with its reputation for rigour, independence and expert analysis, has a unique role to play in assessing these changes and prompting solutions to confront them – as it shows every day. I look forward to the privilege of working with its teams, and the many others who have come together to advance its work.’

Sir Nigel also paid tribute to Dr Niblett:

‘Robin Niblett has transformed Chatham House in his fifteen years as its head. The institute’s research, activities and impact have grown considerably in that time thanks to Robin’s own high-quality commentary, his productive relationships with our stakeholders, partners, supporters and members and his commitment to the institute’s staff. He leaves an institute which has a much wider and fresher appeal and has strengthened London’s standing as a great centre for international affairs.’

Dr Niblett said:

‘This appointment is excellent news for Chatham House. Bronwen Maddox is ideally placed to ensure the institute continues to play its part in helping governments, business and civil society tackle the serious challenges we face, not just from the return of geopolitical competition and interstate conflict, but also from climate change, unsustainable economic activity and growing inequality, priorities for the institute that have been underlined by the COVID-19 pandemic.’

Accumulation of the microtubule-associated protein tau is associated with Alzheimer's disease (AD). In AD brain, tau is abnormally phosphorylated at many sites, and phosphorylation at Ser-262 and Ser-356 plays critical roles in tau accumulation and toxicity. Microtubule affinity–regulating kinase 4 (MARK4) phosphorylates tau at those sites, and a double de novo mutation in the linker region of MARK4, ΔG316E317D, is associated with an elevated risk of AD. However, it remains unclear how this mutation affects phosphorylation, aggregation, and accumulation of tau and tau-induced neurodegeneration. Here, we report that MARK4ΔG316E317D increases the abundance of highly phosphorylated, insoluble tau species and exacerbates neurodegeneration via Ser-262/356–dependent and –independent mechanisms. Using transgenic Drosophila expressing human MARK4 (MARK4wt) or a mutant version of MARK4 (MARK4ΔG316E317D), we found that coexpression of MARK4wt and MARK4ΔG316E317D increased total tau levels and enhanced tau-induced neurodegeneration and that MARK4ΔG316E317D had more potent effects than MARK4wt. Interestingly, the in vitro kinase activities of MARK4wt and MARK4ΔG316E317D were similar. When tau phosphorylation at Ser-262 and Ser-356 was blocked by alanine substitutions, MARK4wt did not promote tau accumulation or exacerbate neurodegeneration, whereas coexpression of MARK4ΔG316E317D did. Both MARK4wt and MARK4ΔG316E317D increased the levels of oligomeric forms of tau; however, only MARK4ΔG316E317D further increased the detergent insolubility of tau in vivo. Together, these findings suggest that MARK4ΔG316E317D increases tau levels and exacerbates tau toxicity via a novel gain-of-function mechanism and that modification in this region of MARK4 may affect disease pathogenesis.

Alzheimer's disease (AD) is characterized by neuronal loss and accumulation of β-amyloid-protein (Aβ) in the brain parenchyma. Sleep impairment is associated with AD and affects about 25–40% of patients in the mild-to-moderate stages of the disease. Sleep deprivation leads to increased Aβ production; however, its mechanism remains largely unknown. We hypothesized that the increase in core body temperature induced by sleep deprivation may promote Aβ production. Here, we report temperature-dependent regulation of Aβ production. We found that an increase in temperature, from 37 °C to 39 °C, significantly increased Aβ production in amyloid precursor protein-overexpressing cells. We also found that high temperature (39 °C) significantly increased the expression levels of heat shock protein 90 (Hsp90) and the C-terminal fragment of presenilin 1 (PS1-CTF) and promoted γ-secretase complex formation. Interestingly, Hsp90 was associated with the components of the premature γ-secretase complex, anterior pharynx-defective-1 (APH-1), and nicastrin (NCT) but was not associated with PS1-CTF or presenilin enhancer-2. Hsp90 knockdown abolished the increased level of Aβ production and the increased formation of the γ-secretase complex at high temperature in culture. Furthermore, with in vivo experiments, we observed increases in the levels of Hsp90, PS1-CTF, NCT, and the γ-secretase complex in the cortex of mice housed at higher room temperature (30 °C) compared with those housed at standard room temperature (23 °C). Our results suggest that high temperature regulates Aβ production by modulating γ-secretase complex formation through the binding of Hsp90 to NCT/APH-1.

China’s economic policy pendulum has swung towards stimulus – but keep expectations low Expert comment jon.wallace 14 October 2024

Beijing historically swings between stimulus and frugality. But Xi Jinping’s ambition for self-reliance will constrain any new efforts to boost the economy.

Policymakers in Beijing have spent the past three weeks trying to convince the world that they are determined to deliver meaningful support to China’s sagging economy. 

Since late September statements have come from the central bank, which promised to cut interest rates, release liquidity, and provide funding to securities firms; from the politburo, which said it wanted to stabilize the real estate market, boost the capital market and shift towards looser fiscal and monetary policy; from the government’s main planning body, which promised a package of policies to support domestic demand; and from the finance minister himself, who at the weekend committed to issue more debt to recapitalize banks, support local governments and aid unhappy consumers.

Though details have been scant, the Chinese stock market has responded enthusiastically to this flurry of rhetoric. But the bigger question for the global economy is whether a boost in Chinese demand can return the country to its former status as a reliable destination for global exports and capital.

With that measure of success in mind, it is worth keeping expectations low. For the past 15 years, Chinese authorities have been wrestling with two conflicting objectives: to grow the economy, and to minimize the risk of financial instability. Those goals sit uneasily with each other because the effort to boost growth has relied on borrowing; and yet a rise in debt can increase the risk of a debt crisis.  

Chinese policymaking has responded to this dilemma by taking on a pendulum-like quality. Sometimes the authorities boost the economy by funding more investment spending. At other times that stimulus gets reined back as policymakers worry about the economy’s indebtedness.

In the aftermath of the great financial crisis of 2008, for example, Beijing’s over-riding priority was to protect the Chinese economy from the risk of recession by implementing a huge credit-financed stimulus to spur investment in infrastructure and real estate. 

By 2012, though, concerns about over-indebtedness began to dominate, and a withdrawal of stimulus saw the Chinese economy sag. In late 2015,a new round of stimulus measures emerged, only to be withdrawn again around 2018.

With that pendulum in mind, the optimistic take on what policymakers have said in recent weeks is that we are now back in stimulus mode. That’s true in part, but three factors suggest that this time is a little different.

Different times

First, China’s rising debt burden increases authorities’ worries about financial stability. Data from the BIS show that China’s private sector debt almost doubled in the past 15 years to 200 per cent of GDP at the end of 2023. The comparable debt stock for the US and the Eurozone was much lower, at 150 per cent each.

Second, ideology is playing a growing role in shaping Chinese economic policy. The most visible effect has been to prioritize Chinese state-owned enterprises, at the expense of the private sector. This became especially visible in 2021 with a campaign against the ‘unrestrained expansion of capital’ – Beijing’s way of expressing its anxiety that China’s corporate sector was behaving in a manner inconsistent with Chinese Communist Party goals. 

Although that phrase is no longer current, entrepreneurs’ animal spirits remain in the doldrums. They are likely to stay there as long as President Xi Jinping’s preference is for ‘bigger, better, stronger’ state-owned enterprises, which use capital much less efficiently than private firms.

Third, today Chinese policy is shaped by Beijing’s perception of geopolitical risks that it faces. Those risks became starkly apparent in February 2022 after Russia’s invasion of Ukraine, when essentially every country that prints a reserve currency joined to freeze Russia’s access to its foreign exchange reserves. That enveloped the Russian economy in a network of sanctions that sharply constrained its access to a whole range of imports.

It is not difficult to consider a similar scenario confronting China. Beijing’s approach to economic policy is therefore heavily influenced by the need to insulate itself from that kind of risk (though Chinese policy had in any case been tilting in this direction for years).

‘Asymmetric decoupling’

This policy can be described as ‘asymmetric decoupling’: a simultaneous effort on the one hand to reduce China’s reliance on the rest of the world by substituting imports with domestic production; and, on the other hand, to increase the rest of the world’s reliance on China by establishing itself as a ‘zhizao qiangguo’, or manufacturing powerhouse.

This is the right context in which to understand a central economic goal of the authorities, which is to reduce the economy’s dependence on real estate investment. 

The intention is to allow capital and credit resources to migrate to new sectors of the economy that will help to build that manufacturing powerhouse: high-tech and green energy, in particular. What that means in practice is that any forthcoming support for the real estate sector will be rather limited.

Will the next US president invest in Middle East stability or walk away? Expert comment LToremark 17 October 2024

Harris and Trump look set to continue US deprioritization of the region, but they would do better to enlist the support of their partners.

When stability in the Middle East feels so distant, it is much to the dismay of America’s partners that conflict management in the region has fallen down the list of US priorities. As Israel’s war in Gaza has reached its tragic one-year milestone, a new front has opened in Lebanon and further direct escalation between Israel and Iran seems imminent, it is hoped that the next US president will take a bolder role.

Namely, leaders in the UK, Europe and the Middle East are looking to whoever is in the White House to do more to restrain Israel, deliver self-determination – if not a peace process – for Palestine, and contain Iran’s interventionist regional role and nuclear programme.

While it is naive to expect either Kamala Harris or Donald Trump to prioritize conflict management in the Middle East above immigration, the economy, the war in Ukraine or competition with China, the past year has shown the danger of ignoring or sidestepping cascading and glaring regional challenges. 

For Harris or Trump to have a more sustainable impact in the region, they must enlist the support of European, British and Middle Eastern partners and work collectively to build multilateral processes that can set a stronger foundation for regional stability.

Repercussions of deprioritization

The Abraham Accords, which normalized relations between Israel, the UAE and Bahrain, led many to believe that a new era of integration was possible in the Middle East. To some, it also vindicated the US decision to deprioritize the region that had started with Barack Obama’s presidency and his drawing down from ‘forever wars’ in Iraq and Afghanistan. Presidents Trump and Biden continued that approach, encouraging America’s partners in the Middle East to assume greater responsibility for regional stability. Notably, neither renewed negotiations with Iran despite both committing to deliver a stronger deal with Tehran.

The shock of the 7 October attacks shattered that view, and the longer overhang of the US decision to deprioritize the region has visibly played out over the past twelve months. 

While the Biden administration marshalled full political and military support for Israel and there is not – yet – a direct regional war with Iran, the US has been unsuccessful in multiple areas: delivering a ceasefire agreement, securing the release of hostages, maintaining regular humanitarian relief and producing a so-called ‘day after’ plan of action.  

Moreover, the US temporary arrangement with Iran to prevent nuclear acceleration in exchange for marginal sanctions relief has also shown the limits of compartmentalization when managing a portfolio of issues with Tehran.  

No new approach

Trump and Harris’s policy approaches to conflict in the region further show their limited intent to change course on the Middle East. Both leaders are aware that Middle East politics, particularly on Israel–Palestine and Iran – the key issues requiring urgent attention – has become a US partisan minefield that could alienate voters. Despite their different plans, with Trump inclined to be more unilateral, they will both continue the trend of gradually deprioritizing conflict management in favour of greater burden sharing by those in the region.  

President Trump has promised a tougher approach aimed at curtailing conflict and advancing US interests. On Iran, Trump has made clear that he would return to a policy of maximum pressure on the Islamic Republic, perhaps to come to new agreement with Tehran or alternatively to constrain Iran even further.  He has championed his administration’s withdrawal from the 2015 Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal. Trump has argued that this approach put economic strain on Iran and reduced its ability to fund proxy groups. 

His advisers have also indicated that they would extend this pressure campaign and provide maximum support to the Iranian opposition and activists. Yet without clear goals or a willingness to negotiate with Tehran to contain further nuclear advancements, the result may well be another round of instability.  

Should he return to office, Trump has indicated that he would immediately put an end to the war in Gaza, though how remains unclear. More broadly, he would likely double down on the agreements to promote Israeli–Saudi normalization and attempt to bypass the Palestinian leadership, focusing on broader regional normalization. But sidestepping Palestinian self-determination, which since 7 October has been the condition for broader Arab normalization, will be difficult for Saudi Arabia to sell to its broader, now politicized, public.  

Many Middle East leaders, including those from the Arabian peninsula, might welcome the return of a Trump presidency, but Trump’s ‘America First’ policy did not provide Arab Gulf leaders, especially Riyadh, with protection from Iran’s attack on Saudi oil facilities seen in September 2019.  

Trump also promised without success to deliver a bigger, better Iran deal that would extend the JCPOA and include compromises on Tehran’s support for proxy groups and constraints on its missile programme. Rather than imposing his previous strategy, a second Trump presidency would be more effective if it worked collaboratively with transatlantic and regional partners on regional security issues pertaining to Israel–Palestine and Iran.  

Continuation and reinforcement?

Despite her recent tough talk on Iran, it is expected that Harris will reinforce the current wave of diplomatic efforts to deescalate and manage tensions with Tehran, rather than advocate for ‘maximum pressure’.  

Harris would likely build on efforts to revive a new paradigm that could contain Iran’s nuclear programme. She is expected to emphasize a strategy of engagement combined with pressure to prevent Iran from obtaining a nuclear weapon, while addressing its regional activities.   

Now that Iran has provided missiles and drones to Russia, it is clear that Tehran’s transfer of lethal aid needs an urgent response beyond continued reliance on sanctions. Harris’s team would be wise to pursue a multilateral negotiation process bringing together Europe and the UK, who are already discussing these issues, to collectively engage Tehran on a broader deal.

Moreover, winning support from Israel and the Gulf is a necessary condition to build a more sustainable Iranian agreement.