Good morning. European officials are said to be planning to send British and French troops to Ukraine. Stocks are set for a rough day after a tech rout on Wall Street. And we take a look at how hotter summers threaten tourism in Europe. Listen to the day’s top stories.
— Lily Nonomiya
A package of security guarantees for Ukraine will take shape as soon as this week as leaders seize on Donald Trump’s backing for a plan that involves sending European troops as part of a potential peace deal, according to people familiar. Read our explainer about the territory at the heart of Russia’s war in Ukraine.
Trump called Viktor Orban to discuss why the Hungarian prime minister was blocking Ukraine’s accession talks with the EU, people familiar said. Listen to our Big Take Podcast about what’s next in the Russia-Ukraine peace process.
Switzerland said itwould grant Russian President Vladimir Putin immunity from arrest as part of a proposal to host peace talks on the war in Ukraine. The country last year organized a Ukraine peace conference during which Zelenskiy failed to win over a number of key nations (a Russian delegation wasn’t invited).
The UK’s CPI print for July is due today. Traders see the data cementing the case for the Bank of England to hold off on interest-rate cuts. British commuters will be focused on the fine print, namely the retail price index figure, which is usually used to calculate next year's train ticket price hike.
Tourists in the rooftop bar of the Montesol Experimental, Ibiza's oldest hotel, in July. Photographer: Maria Contreras Coll/Bloomberg
Overtourism and climate change have created a dangerous feedback loop that endangers Southern Europe’s tourism industry.
Surging tourist numbers and the impacts of climate change are putting unprecedented stress on the ecosystems and economies that support the industry, calling into question the business models that have sustained it for decades.
But while the summers are hotter, they’re also longer, bringing more people to the Med in the so-called “shoulder months” outside of the old peak season.
The Montesol, Ibiza’s oldest hotel, has made tweaks to its accommodations to cope with restraints, including taking out bathtubs in room due a shortage of fresh water on the island and setting the minimum temperature for air conditioning to 19C.
Restaurants and bars line an alley near Shinjuku station. Photographer: Soichiro Koriyama/Bloomberg
Japan’s tourism boom has sparked a wave of quirky tours, from drift racing to bar crawls. A record 37 million tourists visited last year, spending about $55 billion. Customized travel is expected to capture 68% of the tourism market in 2025.
