Author: Rachel Maddow

Alphabet Slide Sets the Tone Wall Street moved sharply lower on Thursday after shares in Alphabet fell more than 4%, pulling major US indexes into the red and unsettling markets well beyond equities. The S&P 500 dropped 1.2%, marking its sixth loss in seven sessions since hitting a record high. The Dow Jones Industrial Average fell 606 points, while the Nasdaq slid 1.5% by mid-morning in New York. Alphabet weighed heavily on the market despite reporting quarterly profits that beat expectations. Investors instead focused on the company’s warning that spending on equipment and other investments could surge to about $180…

SpaceX-xAI Deal Redraws the Balance Elon Musk’s SpaceX has surged to a valuation of $1.25 trillion (€1.06tn) following its merger with artificial intelligence company xAI, bringing it strikingly close to Tesla’s market value and reshaping the hierarchy of Musk’s businesses. Tesla is currently valued at about $1.58 trillion (€1.34tn), just 26% higher than SpaceX’s latest private valuation. On paper, the shift means a larger share of Musk’s personal wealth is now tied to rockets and AI than to electric cars. The merger values SpaceX at $1 trillion (€847bn) and xAI at $250 billion (€212bn). It builds on last year’s deal…

Conflicting Details Emerge From Western Libya Libyan media outlets have reported that Saif al-Islam Gaddafi, the son of former Libyan leader Muammar Gaddafi, has been killed near the western city of Zintan. According to early reports, he was attacked and killed by four individuals, though no further details about the incident or the suspects have been made public. Adviser and Lawyer Confirm Death Abdullah Othman, a political adviser to Saif al-Islam, confirmed the death in a brief statement posted on Facebook. He did not provide information on how the killing took place or who was responsible. Saif al-Islam’s French lawyer,…

Trade Deal Tied to Russia Oil Break President Donald Trump said he plans to cut tariffs on Indian goods from 25% to 18% after Prime Minister Narendra Modi agreed to stop buying Russian oil. The announcement follows months of pressure from Washington, as India continued to purchase discounted crude from Russia despite Western efforts to choke off Moscow’s war funding after its 2022 invasion of Ukraine. Trump also claimed India would slash import taxes on U.S. goods to zero and commit to buying $500bn worth of American products. Calling the move a step toward peace, Trump said targeting Russia’s oil…

President Donald Trump said the United States has begun talks with Cuba, even as his administration tightens economic pressure on the communist-run island by cutting off key oil supplies and targeting countries that help keep it fueled. Speaking to reporters Saturday night aboard Air Force One en route to Florida, Trump offered few details about the outreach but signaled a shift in engagement. “We’re starting to talk to Cuba,” he said. Oil Pressure Meant to Force Negotiations Trump suggested that recent US actions—especially efforts to block oil shipments to Cuba—are designed to push Havana toward negotiations. In recent weeks, his…

The United Nations could run out of money within months unless member states urgently pay what they owe, Secretary-General Antonio Guterres warned on Friday, describing the organisation’s financial situation as increasingly unsustainable. In a letter to member states, Guterres said the UN may be unable to meet its obligations by July, as chronic funding shortfalls continue to disrupt operations and force painful cutbacks. Late Payments and Mounting Debt According to Guterres, the UN’s financial problems are largely driven by countries failing to pay their mandatory contributions in full or on time. That pattern has led to hiring freezes, delayed programmes…

Hong Kong’s government has hit back after Panama’s Supreme Court struck down a concession that allowed CK Hutchison to operate ports at both ends of the Panama Canal, a decision that has quickly taken on geopolitical weight. The ruling came after an audit by Panama’s comptroller raised concerns over how a 25-year extension of the concession was granted in 2021, ultimately leading the court to declare the deal unconstitutional. Hong Kong Rejects the Court Decision In a statement released Friday, Hong Kong’s government said it “strongly disapproves of and firmly rejects” the ruling. It warned against what it described as…

How banned goods slip through the EU Russia has been routing sanctioned goods to Moscow through a logistics operation based in Berlin, taking advantage of looser checks on international mail, according to an investigation by German tabloid Bild. The report describes test packages fitted with GPS trackers and filled with prohibited items moving unhindered through a logistics facility near Berlin Brandenburg Airport. From there, the parcels were sent on via Poland and Belarus before reaching Russia. According to the investigation, the shipments used labels from Uzbekistan’s state postal service, despite the fact that Germany’s Federal Network Agency has not authorised…

A Steady Hand on Interest Rates The US Federal Reserve decided on Wednesday to hold interest rates steady, keeping its key rate at around 3.6% after making three cuts last year. The move signals that policymakers believe the economy is on solid footing for now, with growth described as “solid” and signs that the job market has stabilised. With hiring holding up and no immediate economic slowdown in sight, Fed officials appear in no hurry to push borrowing costs lower again. Inflation Still Drives the Debate Despite expectations that rates will eventually come down further this year, many policymakers want…

A Call for Clear Rules and Political Backing Lawmakers from the European People’s Party are urging the EU to take nuclear fusion seriously as a future energy source and to move quickly on setting clear rules that would encourage investment. In a declaration issued after a public hearing in the European Parliament, MEPs said fusion energy has reached a critical moment and now needs strong political support and a predictable regulatory framework to move from theory to reality. With fusion projects expected to require enormous financial backing, lawmakers argue that investors need certainty before committing. The appeal comes as the…