Meta’s stock plunged 8% Thursday, continuing its historic losing streak after lackluster earnings and revenue projections dimmed investor confidence in CEO Mark Zuckerberg’s AI vision. The company, which is pushing more premium social media services to fund its eye-watering AI bills, could enter negative free cash flow for the first ...
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Europe revolts against FIFA planEurope revolts against FIFA plan
Europe’s soccer federation voted to boycott the World Cup on Thursday, after FIFA moved to spin off its commercial rights to private investors. The $20 billion plan blindsided the soccer world: UEFA said its boycott of all FIFA competitions will persist as “long as these proposals remain alive.” FIFA’s North ...
Gulf states push China to restrain IranGulf states push China to restrain Iran
Gulf states are pushing for China to rein in Iran as doubts grow about the US’ ability to end the five-month conflict. The Gulf is hoping that Beijing will use its economic clout to steer Tehran to a negotiated deal that will reopen the Strait of Hormuz, as fresh strikes ...
US emissions reductions fall short of Biden-era goalsUS emissions reductions fall short of Biden-era goals
The US is on track to reduce its greenhouse gas emissions by between 27-41% below 2005 levels by 2040, falling far short of Biden-era emissions goals, a new Rhodium Group report found. Emissions fell across all scenarios the researchers mapped, despite a boom in electricity demand sparked by AI data ...
The gold rush is on to build Gulf energy projectsThe gold rush is on to build Gulf energy projects
Tim’s view With the number of drones and missiles flying toward energy infrastructure in the Gulf these days, it might seem like a strange time to pour capital into that sector, in that region. But a gold rush is shaping up to profit from new workarounds to the Strait of ...
Warsh’s Fed holds, but Trump stands by his manWarsh’s Fed holds, but Trump stands by his man
The News President Donald Trump’s poll numbers are sliding and the national mood is souring. So when the Fed again ignored his demands to cut interest rates, one might have expected him to lash out. He didn’t. Kevin Warsh, his pick to run the central bank, is “fantastic… a brilliant ...
Bond markets flinch at Fed’s non-guidanceBond markets flinch at Fed’s non-guidance
US long-term borrowing costs hit their highest levels since 2007 as investors balked at Federal Reserve Chairman Kevin Warsh’s new stripped-down communications strategy. Yields on 30-year Treasury bonds touched 5.24% after Wednesday’s Fed meeting, when Warsh made good on his promise to pare back guidance that, in his view, the ...
High-flying hedge fund sells holdings to Citadel after AI lossesHigh-flying hedge fund sells holdings to Citadel after AI losses
A high-flying hedge fund founded by former OpenAI researcher Leopold Aschenbrenner dumped its stock holdings to Citadel, an AI-age sequel to the Archegos fiasco that rocked Wall Street a few years ago. Situational Awareness sold its public book to Ken Griffin’s hedge fund, people familiar with the matter said. The ...
Saudi soccer enters an era of prudent spendingSaudi soccer enters an era of prudent spending
The Scene Saudi Arabia’s push to become a global soccer power is evolving on and off the pitch after the country spent huge sums signing up international stars. Saudi clubs have paid roughly $2 billion in transfer fees since summer 2023, comparable to the Spanish league in the same period ...
Iran complicates Iraq’s charm offensive in WashingtonIran complicates Iraq’s charm offensive in Washington
The News American and Saudi strikes on Iran-backed militias this week laid bare the dilemma at the heart of the Trump administration’s Iraq policy: Washington wants to pull Baghdad closer, but Iraq remains on the front lines of a widening confrontation with Iran. Following US-Saudi strikes in eastern Iraq, President ...