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 ...
Meta plunges on AI spending scrutinyMeta plunges on AI spending scrutiny
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 ...
AI-related imports prove to be drag on US growthAI-related imports prove to be drag on US growth
The US economy grew more slowly than expected in the second quarter, as AI-related imports weighed on otherwise robust economic data. Consumer spending picked up despite inflation and business investment driven by the AI buildout remained strong, but that AI boom cut against overall growth, as the country imported more ...
Trump says Board of Peace has reached agreement for disarmament of HamasTrump says Board of Peace has reached agreement for disarmament of Hamas
Israel and Hamas have yet to comment on the announcement. ...
Uefa to boycott World Cups if Fifa plans approvedUefa to boycott World Cups if Fifa plans approved
Uefa says “the World Cup is not for sale” after its 55 member associations vote to boycott future tournaments if Fifa and its president, Gianni Infantino, do not back down on their investment proposals. ...
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 ...
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 ...
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 ...
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 ...
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 ...