Author: Rachel Maddow

Tech Shock Ripples Across Wall Street US markets fell sharply on Thursday after Alphabet shares dropped more than 4%, pulling major indexes lower and unsettling investors across asset classes. The S&P 500 slid 1.2%, marking its sixth decline in seven sessions since hitting a record high. The Dow Jones Industrial Average fell 606 points, while the Nasdaq dropped 1.5%. Alphabet weighed heavily on the market despite posting stronger-than-expected quarterly profits. Investors reacted instead to the company’s warning that capital spending could nearly double this year to about $180 billion, far exceeding forecasts. The move rattled confidence in a market already…

SpaceX Deal Redraws the Balance Elon Musk’s business empire has taken a dramatic turn after SpaceX’s merger with artificial intelligence firm xAI pushed the combined company’s valuation to $1.25 trillion (€1.06tn). That figure brings SpaceX within striking distance of Tesla, whose market capitalisation stands at roughly $1.58 trillion (€1.34tn). On paper, Musk now appears to derive more of his personal wealth from rockets and AI than from electric cars, marking a major shift in where his influence and value lie. The deal values SpaceX at $1 trillion, with xAI contributing a further $250 billion. It follows last year’s move in…

Conflicting Details Surround Killing Libyan media outlets have reported that Saif al-Islam Gaddafi has been killed near the city of Zintan in western Libya. According to initial accounts, he was attacked by four individuals, though details surrounding the incident remain unclear and no official explanation has yet been provided. Adviser and Lawyer Confirm Death The death was confirmed by Abdullah Othman, Saif al-Islam’s political adviser, who announced the news in a brief Facebook post without elaborating on the circumstances or naming those responsible. His French lawyer, Marcel Ceccaldi, also confirmed the reports, telling AFP that the identity of the attackers…

A Shift on Oil and Imports President Donald Trump said on Monday that the United States will reduce tariffs on Indian goods to 18%, down from 25%, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil. Trump said the deal also includes India lowering import taxes on U.S. products to zero and committing to purchase $500 billion worth of American goods. Trump framed the move as part of his broader push to end the war in Ukraine, arguing that cutting off Russia’s oil revenue would weaken Moscow’s ability to keep fighting. Posting on Truth Social, he said…

President Donald Trump says the United States has begun initial conversations with Cuba, even as his administration tightens economic pressure on the island by cutting off key oil supplies and targeting countries that continue to fuel Havana. Speaking to reporters Saturday night aboard Air Force One en route to Florida, Trump said the strategy is already pushing Cuba toward negotiations. Sanctions and Oil Cuts Turn Up the Heat In recent weeks, the Trump administration has moved aggressively to restrict Cuba’s access to oil, first cutting off supplies from Venezuela and later targeting shipments from Mexico. Earlier this week, Trump signed…

United Nations Secretary-General Antonio Guterres has issued a stark warning to member states, saying the organisation is on course to run out of money as early as July unless governments urgently meet their financial obligations. In a letter sent on Friday, Guterres said the UN is facing a mounting financial crisis driven by late and incomplete payments, forcing the organisation into hiring freezes and spending cuts that threaten its ability to function. Funding Gaps Push UN Toward the Brink Guterres said chronic budget shortfalls stem from some countries failing to pay their mandatory contributions in full or on time. He…

Hong Kong’s government has sharply criticized a decision by Panama’s highest court to cancel a long-standing concession that allowed a subsidiary of CK Hutchison Holdings to operate ports at both ends of the Panama Canal, calling the move unjustified and damaging to business confidence. The ruling, issued late Thursday, declared the concession unconstitutional following an audit by Panama’s comptroller that cited irregularities in a 25-year extension approved in 2021. Hong Kong Pushes Back In a statement released Friday, Hong Kong’s government said it “strongly disapproves of and firmly rejects” the court’s decision. It warned against what it described as the…

How banned goods slip through Europe Russia has been using a logistics hub in Berlin to sidestep EU sanctions, funneling restricted goods to Moscow through international mail that faces lighter scrutiny, according to an investigation by German newspaper Bild. Reporters tracked test parcels fitted with GPS devices containing sanctioned items. The packages passed through a logistics hall near Berlin Brandenburg Airport without interference, then travelled onward via Poland and Belarus before reaching Moscow. The shipments reportedly carried labels from Uzbekistan’s state postal service, despite the fact that Germany’s Federal Network Agency does not authorise that operator to work in the…

Rates Stay Put After Last Year’s Reductions The US Federal Reserve decided on Wednesday to leave interest rates unchanged, holding its key rate at around 3.6% after cutting it three times last year. The move signals caution from policymakers who see an economy that is still growing steadily and a job market showing signs of stability. In its statement, the Fed said economic growth remains “solid,” upgrading its assessment from last month, when it described growth as “modest.” With hiring holding up and no clear signs of economic slowdown, officials appear in no rush to push borrowing costs lower. Inflation…

Lawmakers Call for Clear Rules to Unlock Investment European lawmakers are urging the EU to take nuclear fusion seriously as a future energy source and to create a clear regulatory framework that can attract private investors. Members of the European People’s Party (EPP) made the case during a public hearing at the European Parliament, arguing that fusion energy has moved beyond pure research and now needs political backing to reach deployment. In a declaration signed by several EPP MEPs, lawmakers said fusion has reached a turning point, with European industry and private capital increasingly aligned. What’s missing, they argue, is…