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Category: Economics/Business

Trump-appointed regulator OKs banking license for Trump-linked crypto firm

Trump-appointed regulator OKs banking license for Trump-linked crypto firm

Politico reports: The Trump administration has granted preliminary approval for a cryptocurrency venture backed by President Donald Trump’s family to operate a federally chartered trust bank, over the protests of Democrats who decried the decision as riddled with conflicts of interest. The Office of the Comptroller of the Currency, the bank regulatory arm of the Treasury Department, said in a letter on Friday that it was conditionally approving World Liberty Trust Co.’s application for a trust bank charter. The company…

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The data center industry’s PR blitz is backfiring

The data center industry’s PR blitz is backfiring

By Lisa Sorg August 14, 2026 This article originally appeared on Inside Climate News, a nonprofit, non-partisan news organization that covers climate, energy and the environment. Sign up for their newsletter here. HENDERSON, N.C.—On a recent summer evening Mitzi Parrott, who lives in Vance County, saw a television commercial on the evening news that gave her pause. Kathie Hamm and Bobbie Lequire, also of Vance County, saw it, too, streaming on Sling and posted on Nextdoor. The ad extolled the…

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Potatoes ‘boil’ in the ground as record heatwave sweeps across swathes of Asia

Potatoes ‘boil’ in the ground as record heatwave sweeps across swathes of Asia

The Guardian reports: In a potato field in Yanggu county, 80 miles (130km) north-east of Seoul, Lee Sang-hyuk dug into the soil and found nothing worth saving. A week earlier the crop, located in Gangwon province, had looked fine. Now the potatoes came up soft and collapsing, “like boiled potatoes”, spoiled by heat that had turned the ground into something closer to an oven. “It’s not just one or two fields like this. How can I even put it into…

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Russian strikes on dozens of grain ships threaten global food supplies

Russian strikes on dozens of grain ships threaten global food supplies

Marc Santora reports: As families strolled along a promenade in the Ukrainian port city of Odesa recently, a lone cargo ship sailed in the distance. Suddenly, a drone dropped out of the clear blue sky and slammed into the vessel, sending smoke billowing across the horizon. The attack, which I witnessed in late July, was part of a Russian campaign targeting cargo vessels that has halted nearly all shipping in and out of Odesa, Ukraine’s most crucial link to the…

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‘Big Short’ investor Steve Eisman sees an Achilles’ heel in the AI boom

‘Big Short’ investor Steve Eisman sees an Achilles’ heel in the AI boom

CNBC reports: Steve Eisman is warning that the artificial intelligence boom has become increasingly dependent on the fortunes of just two companies: OpenAI and Anthropic. The investor, best known for his bet against the housing market ahead of the global financial crisis, said the two AI startups account for roughly 70% of AI-related revenue at Microsoft, Amazon, Alphabet’s Google and Oracle — and as much as 25% to 35% of their cloud revenue. “The futures of these massive companies, in…

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Money laundering gets easier: Treasury scales back scrutiny of U.S. shell companies

Money laundering gets easier: Treasury scales back scrutiny of U.S. shell companies

The New York Times reports: The Trump administration is moving forward with a plan to scale back scrutiny of the shadowy shell companies that criminals use to launder money and traffic drugs. The initiative follows a yearslong campaign by lobbying groups, which contended that new financial reporting requirements were too onerous for businesses. The Treasury Department said late on Tuesday that it was permanently halting the collection of data about the ownership of private American companies that was required as…

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SpaceX’s earnings show Elon wiped out two-thirds of Twitter’s ad business

SpaceX’s earnings show Elon wiped out two-thirds of Twitter’s ad business

Mike Masnick writes: When SpaceX filed for its IPO, we went through the S-1 to point out just how far off the mark Elon Musk’s predictions about his Twitter takeover turned out to be. Indeed, the failure of Twitter as a business was so catastrophic, Musk had to hide it by merging all his Xs together: he had xAI buy X (formerly Twitter), and then had SpaceX buy xAI. But when Musk was buying Twitter and needed investors, he made…

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Iran insists Strait of Hormuz will stay closed until U.S. complies with demands

Iran insists Strait of Hormuz will stay closed until U.S. complies with demands

The New York Times reports: Iran said on Monday that any deal with Oman on shipping in the Strait of Hormuz would not lead to the waterway being fully reopened and that the route would remain closed until the United States agreed to demands including lifting a naval blockade. The comments were the latest sign that Iran sees its grip on the strait — which has driven up global energy prices, creating a political headache for President Trump — as…

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Money laundering: Trump crypto took $100 million from a shady businessman under investigation

Money laundering: Trump crypto took $100 million from a shady businessman under investigation

The New York Times reports: During the World Cup soccer final in New Jersey last month, Zach Witkoff, co-founder of President Trump’s cryptocurrency company, took in the action from a luxury suite. Joining him was a man who had made the president, and all the company’s co-founders, much richer. Two years earlier, the man, Guren “Bobby” Zhou, was a failed hardwood flooring retailer in Britain who had come under investigation there for money laundering and presided over the collapse of…

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Iran plots to deal Trump a blow in midterms by keeping him entangled in war

Iran plots to deal Trump a blow in midterms by keeping him entangled in war

Patrick Wintour writes: Tehran has set out a protracted negotiating timetable designed to keep Donald Trump embroiled in the Iran conflict until the midterm elections, in the hope of inflicting the same ruinous blow on his presidency as Jimmy Carter suffered over the 1979-81 US embassy hostage crisis. For many inside Iran, inflicting meaningful revenge on Trump is a legitimate and self-standing war aim, reflected in the mood of those attending the funeral of the supreme leader Ali Khamenei where…

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Capital One says it closed Trump Organization’s accounts after anti-money laundering probe

Capital One says it closed Trump Organization’s accounts after anti-money laundering probe

Reuters reports: Capital One Financial, hit back on Friday against a lawsuit over its decision to close ‌the Trump Organization’s bank accounts years ago, stating that it did so after a review by anti-money laundering experts. The disclosure marks the first time a bank has formally tied money laundering concerns to U.S. President Donald Trump’s family business. Capital One is seeking to dismiss ​the case by casting doubt on claims of illegally debanking — or denying services on religious or…

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Data center companies discover that secrecy doesn’t set the stage for public support

Data center companies discover that secrecy doesn’t set the stage for public support

Politico reports: The companies that build and run data centers are on the losing end of a populist backlash — and they’re struggling to respond. Fears that the server-packed data hubs will drive up electricity prices, deplete water supplies and gobble farmland have prompted people across the country to pack meetings of zoning boards and county commissions to oppose the projects, while fueling calls from leaders in both parties for state or national moratoriums. That opposition has become a rising…

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How Larry Ellison went from being the richest person in the world to the most vulnerable player in AI

How Larry Ellison went from being the richest person in the world to the most vulnerable player in AI

The New York Times reports: [Larry Ellison’s] big bet on A.I. was built on an astronomical amount of debt in every imaginable form — bonds, letters of credit, asset-backed securities — available in seemingly unlimited quantities, because the more you spent building A.I. infrastructure, the more you would earn, or so the logic went. Computer theorists called it the scaling hypothesis. It held that advancements in A.I. were directly tied to the generation of unprecedented amounts of computing power to…

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How Leopold Aschenbrenner built a $45 billion AI hedge fund — and lost most of it in days

How Leopold Aschenbrenner built a $45 billion AI hedge fund — and lost most of it in days

CNBC reports: Two years ago, Leopold Aschenbrenner argued he was one of few people in the world who saw the future clearly. In a sprawling, 165-page essay that became required reading in Silicon Valley, the former OpenAI researcher positioned himself as a kind of prophet for the coming age of artificial super intelligence. But this week, the limits of Aschenbrenner’s vision were on display when the AI-themed hedge fund he runs — named Situational Awareness, also the title of his…

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Situational Awareness hedge fund fell into a ditch

Situational Awareness hedge fund fell into a ditch

The New York Times reports: One of the hottest hedge funds in artificial intelligence received a bailout to stay afloat on Thursday amid a sudden drop in value for its investments. The fast-moving crisis unfolded over just 36 hours at Situational Awareness, a once-envied investment firm in San Francisco led by 20-somethings, including a former employee of OpenAI. The firm put out an emergency call for help to rivals, seeking to sell more than $10 billion of its stock to…

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