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Rising Governance Concerns at NationwideNationwide Building Society is facing mounting pressure to address "emerging governance issues" across the building society sector, amid concerns that executives are bundling voting options and failing to allocate board seats for members. The Stockport Labour MP Navendu Mishra has sent a formal letter to the chair of Nationwide, Kevin Parry, outlining growing unease over how executives engage with members who ultimately own their building societies.Specific Governance Issues RaisedThe MP's letter highlights several specific concerns about governance practices at Nationwide and across the building society sector. These include the use of "quick vote" options that critics say nudges members to simply back all board recommendations with one click at annual general meetings (AGMs). Mishra, who is a Nationwide member himself, acknowledged that while this option is "convenient," there are concerns it could "reduce scrutiny and advantage incumbents."Additionally, the letter criticizes the growing adoption of online-only AGMs, which may exclude members who struggle to use the internet and has raised concerns about question-filtering. The letter also takes aim at Nationwide's refusal to hold binding member votes on executive pay, despite similar practices being standard at listed banks such as Barclays, NatWest and Lloyds.Nationwide's Financial Growth and ScaleThese governance concerns come amid significant growth for Nationwide. The building society confirmed it was holding £382bn worth of assets after its £2.9bn takeover of Virgin Money. Mishra acknowledged that "their growth is exponential, which is fantastic," but emphasized the need to ensure that democratic values keep pace with this expansion.The timing of these concerns is particularly noteworthy, as they emerge just weeks before Nationwide's annual general meeting, which will feature its first member-nominated candidate up for boardroom election this century. James Sherwin-Smith, a Nationwide member, has formally asked Nationwide to suspend its use of quick vote at the upcoming AGM.Impact on the Building Society SectorThe concerns raised by Mishra reflect a wider debate about governance in the mutual sector. While the Labour government has been pushing ahead with reforms meant to deliver a manifesto pledge to double the size of the mutual sector, critics have raised concerns that some building societies, including Nationwide, have been letting their democratic values slip."There is a wider question as to whether building societies should allocate seats on boards to member-nominated directors in order to strengthen direct member representation," the MP's letter stated. "Where members are the owners, it is reasonable to ask why direct member voice in the boardroom remains the exception rather than the norm."Future Outlook for Nationwide's GovernanceThe upcoming AGM represents a critical moment for Nationwide's governance practices. The building society's chief executive, Debbie Crosbie, said during a media call that the board "haven't made a final decision" on suspending the quick vote option. In a statement, a Nationwide spokesperson defended the practices, noting that while pay votes were non-binding, 95% of votes cast were in support of the remuneration policy.The spokesperson also defended the use of online-only AGMs, stating they have reversed declining attendance and represent the fairest way to get millions of members to participate. Regarding the quick vote tool, they noted that most feedback from members was that it was "clear and easy to use" and similar systems are used by all building societies and listed companies."The chair will make these and other points in writing back to the MP in the next few days," the spokesperson added. As the AGM approaches, all eyes will be on whether Nationwide addresses these governance concerns and how it balances its growth with its mutual, member-owned principles.

The Lead The shadow of Joseph McCarthy's "red scare" loomed over this year's Cannes film festival as Canal+, France's leading media group, announced an effective ban on over 600 French cinema professionals who signed an open letter denouncing the growing influence of conservative tycoon Vincent Bolloré. The blacklist includes renowned actors like Juliette Binoche and acclaimed directors such as Jean-Pascal Zadi and Arthur Harari, raising profound questions about media consolidation, artistic freedom, and the future of French cultural expression. The Media Consolidation Crisis Over the past decade, Vincent Bolloré has consolidated control over a significant portion of France's news and entertainment media. His acquisitions span from the Fox News-like CNews to the Journal du Dimanche, Europe 1 radio, and the publisher Fayard. Critics accuse Bolloré of shifting the editorial line of these acquisitions toward a right-wing ideological project reminiscent of Rupert Murdoch's media empire. His recent firing of the CEO of literary publisher Grasset sparked a walkout by more than 100 authors across the political spectrum, from philosopher Bernard-Henri Lévy to feminist novelist Virginie Despentes. The Economic Impact on French Cinema Canal+'s decision to blacklist cinema professionals carries significant economic consequences for the industry. The company represents more than 40% of all private funding that flows into French broadcasting, streaming, and cinema. Given the typical co-financing structure of French productions involving both public and private funds, Canal+'s influence likely understates its critical importance to French cultural production. From international successes like "Mulholland Drive" to recent hits like "Paddington in Peru," few European producers match Studio Canal's global reach. The Ideological Battle for Cultural Control The protest letter signed by cinema professionals warns that "By leaving French cinema in the hands of a far-right owner, we risk not only the standardisation of films but a fascist takeover of the collective imagination." This reflects a broader concern about whether a single individual or small group should be able to meaningfully impact a nation's cultural output based on their desire to control political speech. The situation echoes historical tensions between artistic freedom and ideological control, raising questions about appropriate government intervention in media ownership. The Path to Media Independence The article suggests that strengthening public funding for journalism and the arts offers a potential solution. Democracy tends to be healthier where public media funding is robust, with 69% of French people expressing confidence in public media despite general dissatisfaction with public services. However, the structure of public funding matters significantly. The proposal suggests moving from annual, discretionary budgets to public media endowment funds governed independently across multiple electoral cycles. Such a "meta-endowment" at the EU level could provide supplementary funding for national, regional, and local public service media, journalism, publishing, and cinema across Europe, creating an additional layer of independence from both billionaire owners and political pressures.

The Diplomatic Standoff in Tehran Pakistan's powerful army chief, Field Marshal Asim Munir, arrived in Tehran on Friday as diplomatic efforts to broker a peace agreement between Iran and the United States intensified. Pakistani officials are reportedly playing a growing mediation role as regional powers push to prevent a wider conflict. But Iranian officials have tempered expectations for a quick breakthrough. Iran's Foreign Ministry spokesperson said differences in the mediated talks between Tehran and Washington remain "deep and significant", signalling that major obstacles still stand in the way of a formal agreement. Meanwhile, outrage is growing over Israel's treatment of Gaza aid flotilla activists after organisers of the Global Sumud Flotilla said at least 15 detainees reported incidents of sexual assault, including rape, following their seizure by Israeli forces in international waters. The allegations have added to mounting international scrutiny over Israel's handling of pro-Palestinian activists and detainees. Iran's Strategic Position on Hormuz Hormuz 'security service': Iran said fees and tolls linked to transit through the Strait of Hormuz are part of a "security service" provided to vessels crossing the strategic waterway, as Tehran rejects US threats of escalation and asserts control over the strait under what it calls a "new reality". Iranian officials say more than 30 vessels passed through the Strait of Hormuz in coordination with the Islamic Revolutionary Guard Corps navy over the past day. War halt 'essential': An Iranian official said stopping the war "on all fronts" is a necessary condition for any future negotiations with the US, while stressing that no final agreement has yet been reached despite ongoing efforts to bridge differences between Tehran and Washington. The source added that a positive diplomatic atmosphere alone is "not enough" to secure a deal. The Decisive Stage of Diplomacy 'Turning point': Iran said intensive diplomacy with the US has reached a "decisive" stage, with Foreign Ministry spokesman Esmaeil Baghaei citing the presence of senior Pakistani officials in Tehran as part of efforts to secure a peace agreement. He said Iran would not publicly discuss details of nuclear negotiations after past talks "led us into war", while reiterating Tehran's right to pursue peaceful nuclear energy. Sanctions not a priority: An Iranian official says ending the war, lifting the US blockade and ensuring stability in the Strait of Hormuz remain Tehran's main priorities in ongoing peace talks, while stressing that lifting sanctions on oil exports and releasing frozen assets are "not details for us". The official also praised Qatar's role in supporting Pakistani-led mediation efforts. UN push on Hormuz: France has drafted a United Nations Security Council resolution proposing an international mission to restore shipping through the Strait of Hormuz, as a competing US-Bahraini proposal faces resistance from Russia and China, which have signalled they may veto the measure. The dispute over control of the strategic waterway has become a key obstacle in efforts to end the US-Israeli war on Iran amid rising oil prices and shipping disruptions. US Position and Domestic Pressures Diplomatic efforts continue: The US said "some progress" has been made in talks with Iran, though major differences remain over Tehran's enriched uranium programme and control of the Strait of Hormuz. Pakistan and Qatar step up mediation efforts in Tehran as Secretary of State Marco Rubio warns Washington still has "other options" if diplomacy fails. Domestic pressure grows: Jason Campbell of the Middle East Institute said President Donald Trump is facing mounting pressure to de-escalate the war with Iran as oil prices rise and US midterm elections approach, despite Trump insisting the conflict "will be over soon". Campbell said Tehran believes it can withstand prolonged economic and security pressure, while "time is not a neutral factor" for the White House. Escalating Regional Conflicts US sanctions in Lebanon: Washington has imposed sanctions on nine individuals in Lebanon, including two military officers accused of links to Hezbollah, even as the US continues to mediate talks between Lebanese and Israeli officials. Deadly strikes in Lebanon: Israeli attacks across southern Lebanon have killed at least 11 people, including several healthcare workers and paramedics, in the latest violence to test the fragile US-mediated ceasefire between Israel and Lebanon. The strikes hit multiple locations in the Tyre district, including Deir Qanoun en-Nahr, Hannaouiyah and Nabatieh, as Israel says it will continue targeting Hezbollah despite the truce. Lebanon economy strained by war: Business owners in Lebanon said the wars involving Israel, Hezbollah and Iran are deepening the country's economic crisis, with rising fuel and supply costs driving inflation higher and hurting livelihoods. In Beirut, barber Mario Habib says soaring generator, petrol and product costs have reduced business, as economists warn Lebanon's fragile recovery could stall if the conflict continues. Hamas accuses Israel of seeking Palestinian displacement: Senior Hamas official Osama Hamdan said Israel's war on Gaza aims to "end the Palestinian presence" in the territory rather than merely occupy it, rejecting calls for Hamas to disarm and warning that Palestinians would continue to resist what he described as efforts to force them from their land.

The Lead: Liverpool's Strategic Coaching Move Liverpool are closing in on the appointment of Etienne Reijnen to their coaching staff, a move that would underline the club's continued support for Arne Slot despite recent pressure on the manager. Slot's position remains under scrutiny with Liverpool yet to secure Champions League qualification, but the club is backing his request to strengthen his backroom team. The Coaching Partnership: Reijnen's Background with Slot Reijnen played with Slot at PEC Zwolle and became the Liverpool head coach's assistant at Feyenoord in 2023. Slot wanted to bring the 39-year-old with him when first appointed at Anfield but work permit issues scuppered the move. A deal to reunite Slot with his former assistant has not been completed but is progressing, with Feyenoord's technical director seemingly confirming Reijnen's exit this week. The Salah Situation: Manager-Star Relations Under Pressure Slot refused to confirm the move but acknowledged his high regard for Reijnen. He also addressed the ongoing situation with Mohamed Salah, who has posted critical social media comments about the team's performance. Slot agreed with Salah on the importance of Champions League qualification, insisting Liverpool's focus must be on securing a top-five finish. Everton's Ambition: Moyes Calls for Summer Investment David Moyes says Everton need "a big summer" when the club's owners must show the ambition to push the team forward. The Everton manager admitted he is despondent over a poor end to the season that has squandered the opportunity to qualify for Europe. Having competed at the right end of the table for the first time in several years, Moyes believes the Friedkin Group's next moves will determine how far the team can progress. Resource Constraints: Everton's Financial Strategy Moyes clarified that "a big summer" might mean making just one top-quality signing rather than multiple transfers. "We are not a club to go and spend, as some other clubs do, £200m-£300m. We don't have that. We will need to dodge and weave a bit and hopefully make the right choices," he said. Everton visit Tottenham on the final day needing a result to secure a top-half finish. Merino's Recovery: From Mobility Scooter to Potential Title Glory Arsenal's Mikel Merino feared he might never play again after sustaining a stress fracture in "a very strange part of the foot where not even the specialists had seen before" that left him needing a mobility scooter for two months. The Spain midfielder is expected to be named in Luis de la Fuente's World Cup squad next week after returning to training. Mental Fortitude: Coping with Injury During Title Race Merino admitted it has been difficult to watch from the sidelines as his team closed on their first title for 22 years. "At the beginning I was a little scared," he said. "We didn't know what to expect, what path to take during the recovery and if I was going to be able to play again." The midfielder maintained a positive attitude, using the mobility scooter as "a fun way to see the light of day and enjoy time with the dog." Burnley's Challenge: Rebuilding After Third Relegation Mike Jackson has warned there are no guarantees Burnley will immediately return to the Premier League following the club's third relegation in five seasons. Since a five-year stay in the top flight, the Clarets have experienced multiple promotions and relegations, highlighting the competitive challenges of maintaining stability in England's top division.

The LeadMajor US social media companies including Meta's Facebook and Instagram platforms have blocked the accounts of Saudi Arabian dissidents so they are no longer visible inside the kingdom, following orders by Saudi authorities. Those affected include Abdullah Alaoudh, a US-based activist and vocal critic of Saudi human rights violations, and Omar Abdulaziz, a Canada and UK-based activist who worked closely with Jamal Khashoggi before the journalist's murder by Saudi agents in 2018.The Platform Response to Government DemandsAt least seven accounts had been blocked by Meta at the end of April, including those of two American citizens and two individuals based in Europe, according to the advocacy group American Committee for Middle East Rights (ACMER). Meta did not respond to the "dirty work" claim, but provided a statement to the Guardian saying that when "something happens" on one of its platforms that is reported as violating local law but not the companies' own community standards, the company may restrict the content's availability in the country where it is alleged to be unlawful.Meta operates a public "transparency center," where it acknowledges that Saudi authorities contacted the company and sought restrictions on a total of 144 Instagram accounts, Facebook pages, and Facebook profiles during April. The site also shows that Meta restricted access to 108 "items".Inconsistent Approaches to Government RequestsInterviews with some of the dissidents targeted suggest the companies approached by Saudi authorities did not all respond in the same way. While Meta did alert users that their content was being blocked due to a "local legal requirement, or a request from a government," Snapchat appears to have slowed or removed accounts in Saudi Arabia – including one used by Abdulaziz – without alerting the account owners of the change. It is not clear how many Snapchat accounts were affected, and its owner, Snap Inc, declined to comment.At least two users of X, which is owned by Elon Musk, received letters informing them that the platform had received a request from the Saudi communications, space and technology commission claiming their accounts violated Saudi laws. X told users including Abdulaziz that it had not taken any action on the reported content yet, writing that the company "strongly believes in defending and respecting the voice of our users". It then urged addressees to seek legal advice if they wished, or to delete the relevant content voluntarily.Human Rights Concerns and ImplicationsAbdulaziz told the Guardian: "I think this is just the introduction to a massive crackdown by the Saudi government to mute opposition. It could go as far as committing atrocities, just like they did with the murder of Jamal Khashoggi." The Saudi government did not respond to a request for comment, sent through the Saudi embassy in Washington.Other accounts targeted include those of individuals linked to the London-based human rights organisation ALQST, including its founder, Yahya Assiri. Dr Maryam Aldossari, an ALQST board member, stated: "These [account holders] are not dangerous actors; they are people documenting abuses, challenging state propaganda and giving voice to Saudis inside the country who cannot speak freely. Blocking these accounts would not protect public safety, it would project authoritarian power from scrutiny."The Future of Digital DissentDr Aldossari further commented: "This is how authoritarian censorship travels: through legal notices, platform pressure and the attempted outsourcing of repression to global technology companies." As social media platforms continue to navigate the complex landscape of international laws and human rights standards, the case of Saudi dissidents highlights the growing challenge of maintaining free expression in an increasingly interconnected digital world where governments increasingly seek to control online discourse beyond their borders.

The UK's Cooling Revolution More than 4 million homes in the UK now have air conditioning, double the figure from just three years ago, marking a significant shift in how British households cope with increasingly hot summers. Types of Cooling Systems and Their Usage Portable units with power ratings around 1kW are slightly more common than the more powerful built-in versions that can guzzle 2.7kW of power – more than an electric oven. Of the 4 million households with air conditioning, nearly 1.9 million have built-in units, while 2.2 million homes use portable air conditioning units. More than 260,000 UK households have heat pumps that can be used to cool homes. When used in cooling mode, heat pumps work like traditional air conditioning units by extracting heat from the home and releasing it outside. The Financial Impact of Cooling The energy consumption and associated costs of air conditioning are substantial. In a typical week, households use their built-in units for about four hours at a cost of £2.93. However, during heatwaves when usage increases to over nine hours daily, weekly costs soar to £42.43. Portable units, which use 1kW of power, typically cost 83p per week with three hours of usage. During hot spells, when used for more than nine hours daily, this rises to £15.71 weekly. Climate Change Drivers Experts suggest the increase in air conditioning ownership is the result of more people working from home and rising summer temperatures. Some of the UK's warmest summers have been in recent years, with the record high of 40°C set in July 2022. The government's climate advisers have warned that British homes will need air conditioning to survive predicted levels of global heating, as traditional cooling methods like drawing curtains and opening windows become insufficient. Future Projections and Recommendations The Climate Change Committee has recommended that air conditioning should be installed in all care homes and hospitals within the next 10 years, and in all schools within 25 years. Heatwaves were expected to exceed 40°C in all parts of the UK by 2050, potentially leading to an additional 10,000 heat-related deaths annually. With about nine in ten UK homes likely to overheat, the adaptation to higher temperatures is becoming increasingly urgent. However, air conditioning is energy intensive, accounting for about 4% of global greenhouse gas emissions. Sustainable Cooling Solutions Sam Alvis, head of energy security at the IPPR thinktank, called for more solar panels on roofs alongside air conditioning installations. "We are going to have to get used to being a hot country, which is quite a mindset shift for the UK," he said. "Air conditioning is actually a great pair for solar from an energy system point of view because it matches supply and demand." More efficient modern systems using heat pumps, which are already subsidized by the government to replace gas boilers, could provide a more sustainable cooling solution, though these are rarely installed at present.

Lead: Burnham’s Vision of “Manchesterism” Gains MomentumAndy Burnham used the Great North Investment Summit in Leeds to argue that Britain has been on the wrong path for four decades, urging a return to a more publicly‑controlled, regionally‑balanced economy. His call for “Manchesterism” – a blend of historic free‑trade liberalism and modern public ownership – is resonating within Labour’s left‑wing circles and among northern voters.Burnham’s North‑Focused Narrative at the Great North Investment SummitSpeaking to an audience of devolution advocates, Burnham highlighted the “draining away of economic, social and political power” from the North, blaming deregulation, privatisation and austerity. He cited everyday hardships – “people paying over the odds for energy, housing, water, transport” – as evidence that the current model is unsustainable. The speech also referenced his own political journey, from a 2015 Labour leadership contender to mayor of Greater Manchester in 2017.Economic Indicators Highlighting the North’s DeclinePolls give Burnham only 45% chance of winning a future national election, yet his regional appeal remains strong.Rising costs for basic services are cited as a symptom of “the worst of modern capitalism”.The Bee Network’s uniform £2 fare is presented as a successful public‑ownership model that could be scaled nationally.Potential Shift in Labour Strategy and Regional Power DynamicsBurnham’s ideas are prompting a re‑evaluation within Labour. Rachel Reeves has announced a “summer of cost‑of‑living activism”, while Wes Streeting is now open to a wealth tax – both moves echoing Burnham’s critique of austerity‑driven policies. If Labour adopts a “Manchester‑centric” platform, it could reshape the party’s relationship with northern constituencies and challenge Keir Starmer’s current direction.Outlook: Can Manchesterism Shape a New National Agenda?The next test will be whether Burnham’s blueprint can move beyond regional rhetoric to a viable national policy package. Critics point to the potential cost of public‑ownership schemes, but supporters argue that a “productive state” – directly owning essential capital – could restore economic balance. If Labour integrates these ideas, Britain may see a renewed focus on northern investment, public control of utilities, and a political narrative that positions the North as the engine of future growth.

The Rise of AI-Generated World Cup Songs World Cup fans are using artificial intelligence to create viral songs supporting their teams ahead of next month's tournament. These fan-made football anthems are racking up millions of plays across YouTube, TikTok, and Instagram. The Trend Takes Shape The trend appears to have started with a song dedicated to the French team, 'Imbattables', released in February by artist Crystalo, who is listed on Spotify as France's 'premier AI musical creator'. A Brazilian anthem followed with a similar name-chanting format and a trending phonk melody. The Data Analysis Millions of plays across YouTube, TikTok, and Instagram Tracks for top sides Portugal, Argentina, and Germany, as well as many others, have sprung up across platforms The Impact Analysis Experts say that the viral tunes raise questions about song ownership, artist compensation, and the valuation of human creativity. While some users do not appear to mind, with some even showing a preference for the AI-generated songs over an official anthem that football's world governing body FIFA commissioned from musicians Jelly Roll and Carin Leon. The Prediction The music industry has to cross the 'thorny Rubicon' of knowing what goes into a generative output, like a World Cup fan song. Quick-fix songs that can be chanted by fans or featured in advertisements are a clear use case for AI-generated music in its current stage.

The LeadEleven weeks after the start of the Iran war, the Strait of Hormuz has remained closed to naval traffic, bleeding the global economy far beyond the Gulf. Iran's Islamic Revolutionary Guard Corps (IRGC) maintains an iron grip over this narrow, strategic waterway, while a corresponding United States naval blockade on Iranian ports has failed to reopen it.Before the war began, between 120 and 140 ships travelled through the strait each day, about half of them oil tankers carrying some 20 million barrels of oil between them. Now, only a few vessels whose owners have negotiated with the IRGC are permitted to pass.The Strategic Control of HormuzOn Wednesday, Iran said it coordinated the transit of 26 vessels through the Strait of Hormuz in 24 hours, two days after announcing the formation of the Persian Gulf Strait Authority (PGSA), a new body to provide "real-time updates" on operations in the strait.Since the announcement of a temporary ceasefire between the US and Iran in April, Iran has been working on formalising a mechanism to charge a transit fee from ships crossing the critical chokepoint, through which 20 percent of the world's oil and liquefied natural gas (LNG) are shipped during peacetime.Tehran has reportedly already charged fees as high as $2m per ship for transit since the war started. Even though countries opposing Tehran say this is illegal, it may still be less expensive than the overall cost of the closure of the strait each day.The Economic Cost of BlockadeNearly one-fifth of global oil and LNG exports were shipped by Gulf producers through the Strait of Hormuz before the US and Israel bombed Iran on February 28, triggering the Iranian closure of the waterway. The strait is the only waterway linking Gulf producers to the open ocean – there is no other route through which they can ship exports.About 20.3 million barrels per day of oil passed through the Strait of Hormuz in peacetime – nearly 27 percent of global maritime oil trade. The lion's share of that crude went to Asian markets.Global LNG trade has been similarly hard hit. On the day before the war broke out, Brent crude – the global benchmark for oil prices – closed at $72.48 per barrel. After Iran closed the waterway on March 4 and began attacks on vessels attempting to sail through, traffic came to a standstill, stranding about 2,000 ships on either side of the strait.In terms of lost oil revenues, this amounts to $114.8bn of losses per day. About 10 billion cubic feet of LNG per day also used to pass through the strait, worth a further $7.8bn.The Cost-Benefit Analysis of Transit FeesFor hundreds of ships stranded in the Gulf with thousands of sailors on board, the cost of remaining anchored is steep, including crew wages, loan repayments, repair and management, coupled with inflated war risk premiums.In turn, Iran has reportedly been charging up to $2m for authorisation to pass. Experts say many will see this as worthwhile purely in terms of monetary cost."There is no doubt that paying Iran is cheaper than a continuous blockade because a sitting tanker bleeds money," said Nader Habibi, an Iranian American economist."It makes sense from an economic point of view, but it is not politically feasible," he added. "The companies are under pressure from the US sanctions and not to make arrangements with Iran. This is not just a purely economic cost-benefit analysis, but long-term considerations that are taken into account."International Legal PerspectivesInternational law protects free transit through strategic waters such as natural straits like Hormuz, barring countries from imposing passage tolls even where the waterways fall entirely into territorial waters, like in the case of Hormuz.However, services such as security controls, inspections and insurance regimes can be charged for. Chargeable fees also partly depend on whether a waterway is a man-made passageway or a natural one.These are three different precedents in maritime traffic flow:Panama Canal: An artificial waterway connecting the Atlantic and Pacific oceans. Vessels pass through a unique system of locks that raise and lower vessels across elevated terrain. Since Panama built, maintains and operates the canal, it can charge transit fees based on vessel size, cargo capacity and booking priority. These range from several hundred thousand dollars per transit to some slots sold for millions of dollars.Suez Canal: Another artificial canal, linking the Mediterranean and Red seas. Egypt charges transit fees for the use of canal infrastructure, maintenance and traffic management services through the narrow waterway. Container ships and oil tankers pay from several hundred thousand dollars to more than one million dollars per voyage.Turkiye's Bosporus Strait and Dardanelles: These are different because they are natural straits, rather than man-made canals. Turkiye charges for navigation-related services such as lighthouse operations, rescue readiness, medical support and traffic management – and tightly controls ship scheduling and navigation.Regional Cooperation PossibilitiesIran's newly-formed PGSA published a new map of Hormuz, stretching from Kuh-e Mubarak in Iran to south of Fujairah, in the UAE, at the eastern entrance of the strait, and from the tip of Qeshm Island to Umm al-Quwain at the western entrance.Given how the Iran war has spilled over into the Gulf region – with the UAE taking the brunt of Iranian strikes – economist Mohammad Reza Farzanegan said "regional cooperation with Iran is the most realistic path to stable transit through the Strait of Hormuz."The UAE, Oman, Qatar and Iran will have to work together because their economies require it, he argued. A workable arrangement could include a joint maritime authority, shared monitoring, emergency coordination, environmental protection and service-based contributions for maintaining safe passage."This would give Iran a recognised role in the security of the waterway while giving Persian Gulf economies more predictability," Farzanegan added. "Such a framework is also more realistic than relying on external military enforcement, which has been more a source of trouble for these states."The Future OutlookWhile it may seem that the economics of the closure of the strait are currently skewed towards Iran, Aniseh Tabrizi, an associate fellow on the Middle East and North Africa Programme at think tank Chatham House, noted that "the economics by itself is not going to be the driver to change calculation or move from the current standpoint."She emphasized that Iran and the US need to reach a "diplomatic compromise, with other calculations linked in to the economic factor", before there can be an end to the energy supply crisis.Farzanegan added that if the world expects stable access to the Strait of Hormuz, then paying Iran could well be accepted as the price of keeping the vital waterway predictable. "From an economic perspective, a negotiated transit arrangement [with Iran] now makes more sense than continued closure," he concluded.