The Monocle Minute

I have spent the past few weeks packing up my life and preparing to leave the US. But try not to read too much into the timing. While many Americans say that they’re considering their options ahead of the incoming administration and its very real potential for pandemonium, I’m hanging up my spurs with a heavy heart. For me, it has been an extraordinary three years of reporting all over this country, from the deepest south to the frigid north. If you asked me whether I had any insights for those trying to understand the present moment, I would offer an adage that has guided my time over here: never confuse the maelstrom of online America for the real thing.

If you open the disaster formerly known as Twitter right now, you will be served an image of an America in thrall to the cult of Donald Trump. But the wincingly triumphant devotional memes are an untrue reflection of where the country is really at. Yes, many voters backed the Republicans for the first time a few weeks ago. But I believe that a lot of them held their noses while doing so, making a cautious pact with the former president in the hope that he would bring them more bang for their buck.

I can somewhat understand this. My time in the US has coincided with the rise of the $10 coffee (before tip). The bill for a quick business lunch or a bag of groceries will leave you aghast and a less-than-salubrious motel room typically goes for $400 a night. Many Americans’ wallets are bulging but price has bidden farewell to value. Trump successfully – if unfairly – pinned this entirely on the current administration and it was a prevalent sentiment on election night at the only Republican watch party in deep-blue Washington, where I was stationed. Yet I also heard a lot of scepticism, even boredom, about the showmanship of the candidate on the campaign trail. There was a feeling among Republicans, old and new, that Trump needs to make good on his promises (or, at least, some of them). That will be the test of the next four years, of the president-elect and of America itself.

Christopher Lord is Monocle’s outgoing US editor. For more opinion, analysis and insight, subscribe to Monocle today.

EU countries are on course to spend a record €326bn on defence by the end of 2024, according to the European Defence Agency (EDA). This marks the ninth year in a row that the bloc’s combined defence spending has risen. The EDA’s announcement comes at a crucial moment. Donald Trump, who will be inaugurated as US president for a second time in January, has repeatedly criticised some European nations for failing to spend enough on defence.

Most of the money spent in 2024 went towards R&D, as well as equipment to replenish stocks of weaponry and ammunition sent to Ukraine. Despite the steady rise in investment over the past decade, the headline figure still only represents 1.9 per cent of the EU’s GDP, which though in this case refers to the bloc as a whole, falls below the 2 per cent threshold often held up as necessary to counter both military threats and Trump’s criticism.

Jacinta Allan, the premier of Victoria, has announced the construction of a large-scale solar and battery farm that will be capable of powering 51,000 homes. The SEC Renewable Energy Park is expected to open in 2027 in the city of Horsham and will include a 119-megawatt solar facility and a 100-megawatt two-hour battery. With a budget of AU$370m (€230m), plus a pledge to create a community benefits fund with an investment of $42,000 (€26,000) for each year of construction and $70,000 (€43,000) every year afterwards, the park will be Australia’s first fully government-owned energy project since its electricity grid was privatised in the 1990s.

The announcement is a significant step towards a more sustainable future for a nation whose politics has long been mired in the so-called “climate wars”. It will also create about 250 jobs and eventually help to lower energy prices, while bolstering Australia’s claim to be a clean-energy pioneer.

Finnish multinational Amer Sports saw its revenues rise by 17 per cent to €1.3bn in the third quarter of 2024. This growth was largely down to Arc’teryx and Salomon, which have become the stars of the group’s portfolio and grabbed market share from sportswear giants such as Adidas and Nike.

The premium technical-apparel labels have been investing in the expansion of their global physical-retail footprint, while refreshing their images by aligning with other fashion brands. Salomon, which was founded in the French Alps and specialises in outdoors wear, has been doubling down on its Sportstyle category and forging new relationships with brands such as Maison Margiela and Comme des Garçons. A Sportstyle shop has just opened in London, in addition to a pop-up in New York. James Zheng, the CEO of Amer Sports, expects growth to continue into 2025.

We meet the co-founder of European Sleeper, a railway company reviving night trains and connecting great cities across the continent. And to ensure we’re travelling in style, we’ll hear from the founder of Tom Àdam, a Berlin-based loungewear brand revered for its PJs.

For more business-minded insights, tune in to ‘The Entrepreneurs’ on Monocle Radio.