73.9 F
Chicago
Friday, July 31, 2026
type here...
Home Blog Page 214

Uber Builds Large Stake In Germany’s Delivery Hero As Takeover Speculation Builds

survivalnomics
-
0
Uber Builds Large Stake In Germany’s Delivery Hero As Takeover Speculation Builds

Uber is exploring a potential takeover of Delivery Hero after building a large stake in the rival German food delivery company, Bloomberg News reports. This follows an earlier report that Uber had built a 19.5% stake.

On Monday, Uber disclosed that it owns 19.5% of Delivery Hero, plus an additional 5.6% through options. The position was built with the help of Morgan Stanley traders, according to people familiar with the matter.

Uber’s move to acquire Delivery Hero could be an attempt to expand Uber Eats’ global footprint and improve its competitive position against DoorDash outside the US.

Delivery Hero operates in more than 60 countries, giving Uber exposure to markets where it is either underscaled or trailing its competitors.

Map of Operatoins of Delivery Hero Brands

“While Uber’s ultimate intentions on further stake-building remain unclear, we view the move as a clear endorsement of the strategic attractiveness of Delivery Hero’s asset base for Uber,” JPMorgan analysts wrote in a note.

Earlier, Uber said it “currently” has no intention of increasing its stake in Delivery Hero beyond 30%.

Delivery Hero shares in Frankfurt are up nearly 50% this year and have more than doubled from their March lows of around 15 euros. Uber shares were marginally lower in early afternoon trading.

Berenberg analyst Wolfgang Specht wrote in a note that Delivery Hero’s investment case has changed following news of Uber’s stake. He said it now seems prudent to assign value to scenarios that include a potential takeover.

Tyler Durden
Fri, 05/22/2026 – 14:45

Iran Says 35 Ships Exited Strait Of Hormuz As Rubio Condemns Tolls

survivalnomics
-
0
Iran Says 35 Ships Exited Strait Of Hormuz As Rubio Condemns Tolls

The US blockade of the Iranian blockade is looking increasingly more porous.

Iran said 35 ships passed through the Strait of Hormuz in the past 24 hours in coordination with the Islamic Revolutionary Guard Corps, the Iranian state broadcaster reported on Friday. The navy had already reported on Wednesday that 26 ships had passed through the strait within 24 hours. On Friday, the data provider Kpler confirmed only 10 passages on Wednesday. This represented an increase from the four passages recorded the previous day.

The armed forces said the vessels included oil tankers, cargo ships and other merchant ships.

Tehran has repeatedly stressed that the Strait of Hormuz is not blocked. In practice, however, shipping companies must coordinate with Iranian contact points and are then only allowed to pass through a corridor near the Iranian coast. Then they have to also obtain permission to cross the US blockade located further out in the Arabian Gulf.

Iran’s leadership charges high fees (paid in bitcoin) for this. International law experts said such fees violate the right of transit.

US Secretary of State Marco Rubio, in Sweden for a NATO foreign ministers meeting, condemned Iran’s attempts at creating a tolling system for the strait. “I don’t know of a country in the world that’s in favor of it except Iran, but there’s no country in the world that should accept it,” he said.

Rubio confirmed a previous report from Bloomberg, saying Iran was trying to convince Oman to join the tolling system “in an international waterway.”

He said there is a UN resolution sponsored by Bahrain and “the highest number of co-sponsors of any resolution ever before” in front of the UN Security Council, but admitted that “a couple of countries” are “thinking about vetoing it” which Rubio called “lamentable.”

The United States is doing all it can to prevent an Iranian toll system from being established in the strait. Such a system is “just not acceptable. It can’t happen,” he said. He assumed all NATO countries had backed the resolution or would do so soon.

Rubio warned that if the Iranians are successful in pushing the toll system through it could happen elsewhere.

Tyler Durden
Fri, 05/22/2026 – 14:05

Tulsi Gabbard Resigns As Director Of National Intelligence

survivalnomics
-
0
Tulsi Gabbard Resigns As Director Of National Intelligence

Tulsi Gabbard is stepping down from her role as Director of National Intelligence (DNI) to support her husband, Abraham, as he battles an extremely rare form of bone cancer, according to Fox News.

Gabbard informed President Donald Trump of her decision during a meeting in the Oval Office on Friday. Her last day at the Office of the Director of National Intelligence (ODNI) will be June 30, 2026.

In her formal resignation letter, obtained exclusively by Fox, Gabbard expressed deep gratitude to Trump, writing:

“I am deeply grateful for the trust you placed in me and for the opportunity to lead the Office of the Director of National Intelligence for the last year and a half. Unfortunately, I must submit my resignation, effective June 30, 2026. My husband, Abraham, has recently been diagnosed with an extremely rare form of bone cancer.”

She added that her husband “faces major challenges in the coming weeks and months,” and that she must step away from public service to be by his side.

“Abraham has been my rock throughout our eleven years of marriage… His strength and love have sustained me through every challenge. I cannot in good conscience ask him to face this fight alone while I continue in this demanding and time-consuming position.”

Gabbard noted the significant progress made during her tenure, including major declassification efforts (more than half a million pages), reducing the size of the intelligence community and saving taxpayers over $700 million annually, dismantling DEI programs, and establishing a “Weaponization Working Group” to address government weaponization.

The news comes roughly a week after a controversy involving the CIA reclaiming approximately 40 boxes of sensitive documents – including files related to the JFK assassination and MKUltra – from the ODNI. The incident sparked accusations of a “raid” on Gabbard’s office by some lawmakers, though her team pushed back against that characterization amid her broader push for declassification.

Gabbard was confirmed as DNI in early 2025 and has been a key figure in advancing transparency within the intelligence community.

Tulsi Gabbard out by June 30?
Yes 27% · No 73%
View full market & trade on Polymarket

This is a developing story.

Tyler Durden
Fri, 05/22/2026 – 13:07

Crowd Burns Ebola Treatment Center In Congo Amid Dispute Over Body

survivalnomics
-
0
Crowd Burns Ebola Treatment Center In Congo Amid Dispute Over Body

Authored by Zachary Stieber via The Epoch Times,

People set fire to an Ebola treatment center in a town at the heart of the outbreak in eastern Congo on May 21 after being stopped from retrieving the body of a local man, witnesses and police said.

“The police intervened to try to calm the situation, but unfortunately they were unsuccessful,” Alexis Burata, a local student who said he was in the area, told The Associated Press.

“The young people ended up setting fire to the center. That’s the situation.”

An Associated Press journalist saw people break into the center at Rwampara Hospital and set fire to objects inside, and also to what appeared to be the body of at least one suspected Ebola victim that was being stored there. Aid workers fled the treatment center in vehicles.

The crowd set fire to two tents fitted with eight beds run by a medical charity called The Alliance for International Medical Action (ALIMA), said Deputy Senior Commissioner Jean-Claude Mukendi, head of the public security department in Ituri Province.

Mukendi said the youths had not understood the protocols for burying a suspected Ebola victim.

“His family, friends, and other young people wanted to take his body home for a funeral even though the instructions from the authorities during this Ebola virus outbreak are clear,” Mukendi said. “All bodies must be buried according to the regulations.”

Mother Speaks Out

Family members of a man who died, soccer player Eli Munongo Wangu, wanted to bury their loved one themselves.

Munongo had played for several local teams and was a well-known figure in his neighborhood. He had been admitted to the hospital days earlier. A doctor said he was a suspected Ebola case, and the hospital had taken samples to run tests.

His mother told Reuters she believes her son had died of typhoid fever, not Ebola.

Authorities buried Munongo safely on Friday.

Calm Restored

Army and police reinforcements arrived to bring the situation under control, according to Mukendi.

Patrick Muyaya, Congo’s communication minister, said on X that “calm has been restored and care is continuing normally” at the center in Rwampara.

Muyaya and ALIMA said that six patients were being treated in the part of the facility set on fire.

They have all been located and are being cared for at a hospital. Security measures have been strengthened, Muyaya said.

Charred hospital beds stand in a smoldering Ebola treatment center in Rwampara, Congo, on May 21, 2026. Dirole Lotsima Dieudonne/AP Photo

Condemnation

Mukendi told reporters that “this is precisely a misunderstanding due to young people who do not understand the reality of this disease.”

ALIMA condemned in a May 21 statement what it called “the endangerment of human lives and the destruction of medical equipment essential for the safe care of patients, in the context of a particularly critical epidemic.”

It also warned against “the spread of incorrect or unconfirmed information on social media and the internet, which is likely to fuel fear, misinformation and mistrust towards health facilities and the teams involved in the Ebola response.”

Congo Health Minister Samuel Roger Kamba told a briefing on May 19 that the first known Ebola patient in the current outbreak was placed in a coffin after dying, but that the coffin was damaged.

Family members of the patient put the person in a different coffin, “thus spreading the infection,” Kamba said.

He said that the virus that causes Ebola is mainly spread through touching and improperly handling dead bodies.

“It was from this first case, from this funeral ceremony, that the virus exploded,” he said. “Everyone who was around, of course, was probably infected, and many developed the illness, and everyone thought it was the coffin that was causing it.”

Latest Figures

As of May 20, there have been 64 confirmed cases, 671 suspected cases, six confirmed deaths, and 160 suspected deaths linked to the outbreak, according to the Congolese government.

The World Health Organization declared the outbreak a public health emergency of international concern, and multiple other countries have barred some or all flights from Congo, including Uganda and the United States.

Congo’s government said that the cases and deaths have all been in Ituri province or neighboring North Kivu province.

Rebels holding South Kivu province, though, said Thursday that an Ebola case has been confirmed there. Local officials said there were two suspected cases, including one who died.

Tyler Durden
Fri, 05/22/2026 – 13:05

Rubio Says ‘Not There Yet’ As Reports Of Draft Iran Deals Circulating Deemed Inaccurate

survivalnomics
-
0
Rubio Says ‘Not There Yet’ As Reports Of Draft Iran Deals Circulating Deemed Inaccurate

Summary

  • Rubio confirms that there’s been no deal and that “we’re not there yet” – amid broader late morning pushback against morning optimistic, premature headlines.
  • Saudi sources report Pakistan army chief & a Qatar delegation en route to Tehran, only for CBS to cite Pakistan Foreign Ministry which says “not aware” of Field Marshal Munir’s visit.
  • Influential Iranian parliament member threatens ‘preemptive’ military action if preparations & movements by US forces in region is perceived. 

US x Iran permanent peace deal by June 15, 2026?
Yes 40% · No 61%
View full market & trade on Polymarket

Pakistan FM: “Not Aware of Any Visit” to Iran by Army Chief

In a quick market update, Newsquawk says risk-off as reporters push back on optimistic geopolitical reporting + Rubio says not there on Iran deal.

And this bit of serious contradiction of earlier reports, via CBS:

Pakistan’s Foreign Ministry spokesman Tahir Andrabi said Friday that he was “not aware of any visit right now” when asked about reports by Iranian state media since Thursday that Army chief Field Marshal Syed Asim Munir, a key mediator between Iran and the U.S., was expected in Tehran.

“I am sure this will be announced in due course, if it is to be announced. I can neither confirm nor deny it now,” Abdrabi said.

“As regards the details of any agreement, our consistent position on this matter is that we do not talk of specifics. As a mediator and as a facilitator, it is the inherent ingredient of our mandate that we remain quiet on the individual positions and the process — also not ascribe any adjective to the process i.e. fast, slow, medium,” said Adrabi, adding that he would “stick to this consistent position.”

Pakistan, Qatar Delegations En Route to Tehran

Despite the attempts of some regional outlets to spin a narrative of imminent peace (which we saw yesterday), a senior Iranian source told Reuters on Thursday that “no deal had been reached with the US” – though he did also claim that “gaps had narrowed” – somewhat in line with the optimistic narrative.

The Islamic Republic is reportedly still reviewing the latest peace blueprint handed down by the Trump administration. However, this is the latest from a Wall Street Journal correspondent:

Trump has meanwhile explicitly warned that further military action remains firmly on the table if Tehran doesn’t bend the knee. Yet there’s more ‘action’ taking place in the interim – as Pakistan’s army chief once again is on his way to Tehran, per Al Arabiya, and this – though already previewed the day prior – caused oil to dump amid the usual daily optimistic headlines emerging just ahead of the US market open. And in an apparent first, Qatar is sending a delegation too:

Futs hits session high on Reuters report Qatar has sent negotiating team to Tehran with the US team to help secure a deal to end war.

Field Marshal Asim Munir is expected to receive and relay Tehran’s answer to Washington on the latest.

Iran Threat of ‘Preemptive’ Military Action

Meanwhile, speaking to state television, Fadahossein Maleki, an influential member of Iran’s Parliament’s National Security and Foreign Policy Committee, strongly hinted that Iran might not wait around to be hit. When pressed on whether the ceasefire could collapse, Maleki bluntly stated, “Anything is possible.”

He took it a step further, openly floating the idea of an Iranian preemptive strike if Iran believed the Pentagon is moving its forces into position for resumption of military action.

“It could even come from Iran’s side, frankly,” Maleki warned, according to a report by Iran International. “If we feel that something is happening from a US base, Iran has the legitimacy to respond and prevent it.”

Despite these threats, US Secretary of State Marco Rubio has freshly said there has been some “slight progress” in talks with Iran to end the war, but followed by saying he did not wish to exaggerate how much.

Which helped push crude oil prices to the lows of the day…

More possibly premature reports of a ‘final draft’ being worked on…

Rubio Condemns Toll System: Unacceptable

Rubio is going full press against Iran’s efforts to impose a Hormuz toll system under its own permission protocols. “They’re trying to convince Oman, by the way, to join them in this tolling system in an international waterway. There is not a country in the world that should accept that. I don’t know of a country in the world that’s in favor of it, except Iran, but there’s no country in the world that should accept it,” Rubio said in Helsingborg, Sweden, on the sidelines of a NATO ministers meeting. 

“I don’t know of anyone in the world that should be in favor of a tolling system in an international waterway, that’s just not acceptable. It can’t happen,” Rubio continued.  

“If that were to happen in the Strait of Hormuz, it will happen in five other places around the world. Why would countries all over the world say, ‘Well, we want to do this too’? Not to mention how vital and critical that strait is to every country represented here today, but frankly, to countries not represented here today, particularly the Indo-Pacific,” he also said. Importantly, he also confirmed there’s as yet no deal – which should be obvious to all. He underscored “we’re not there yet”.

More Headlines

More latest developments via Newsquawk:

  • Arabiya and Al Hadath exclusively report the text of the anticipated US-Iran agreement in case of its approval. The agreement includes: an immediate, comprehensive, and unconditional ceasefire on all fronts, a halt to military operations, ensuring freedom of navigation in the Arabian Gulf, the Strait of Hormuz, and the Sea of Oman and establishing a joint mechanism for monitoring and resolving disputes.
  • US Secretary of State Rubio said there has been slight progress on Iran. Iran is trying to create a tolling system in the Strait, and no nation should accept that. We will be continuing talks with Iran, and there is progress.
  • “A Pakistani source says that cautious optimism is the prevailing sentiment in the ongoing discussions regarding the planned agreement.”, Al Arabiya reported.
  • Pakistan source said the US and Iran’s insistence on raising the bar for their demand regarding uranium and the Strait of Hormuz has led to a “crisis in negotiations”, Al Jazeera reported.
  • Pakistani Interior Minister met again with Iran’s Foreign Minister to study proposals for resolving disputes between US and Iran, Al Jazeera reported, citing the Pakistani Embassy.
  • Pakistan’s Interior Minister will remain in Tehran on Friday to continue consultations and meet with Iranian officials, while a high-level source said the Pakistani Army Chief would not travel to Tehran on Thursday night, according to Al Arabiya.
  • Pakistan’s Foreign Ministry spokesperson said China supports mediation efforts and has presented a 5-point initiative.
  • Iranian National Security Commission member Rezei posted “These negotiations are probably also a hoax and the Americans have no desire for diplomacy”; says “instead of diplomats, send missiles to negotiate.”
  • Iranian Foreign Ministry said “Everything being circulated about the status of the negotiations is not accurate”, Al ArabyTV reported.
  • UAE official said there is a ’50-50′ chance of US-Iran Strait of Hormuz agreement, AFP reported.
  • Unconfirmed reports of explosions in the UAE, Tasnim reported. Details of the explosions have not yet been released.
  • Iraqi ports said search teams have been mobilised within territorial waters after contact was lost with two ships, while they did not receive any distress calls from the two Bolivian-flagged ships with which contact has been lost.

Tyler Durden
Fri, 05/22/2026 – 09:55

Hope And Reality

survivalnomics
-
0
Hope And Reality

By Teeuwe Mevissen, Senior Macro Strategist at Rabobank

Since the start of the Iran war the market has had a tendency to view the likelihood of a peace agreement with a ‘glass half full’ attitude.

Once again, markets have found some comfort in encouraging remarks from both the US and Iran, even though both sides are making it clear that there are still major sticking points on critical issues.

US Secretary of State Rubio has suggested that there are “some goods signs” towards finding a resolution. This is despite Iran’s Supreme leader ordering that the country’s enriched uranium must not be sent abroad, which is a key objective of both the US and Israel. Rubio has also stated that any deal that involved Iran imposing tolls on shipping passing through the Strait of Hormuz would be unacceptable. This statement comes on the heels of this week’s news that Iran is looking to set up a new “Persian Gulf Strait Authority” to exert control over a maritime zone in the area and that the country’s authorities are also discussing with Oman how to set up a permanent toll system. Amid the confusion over the degree of progress towards peace, Brent crude prices have ticked higher this morning, though they remain in the lower part of this week’s range.

Reflecting movements in oil prices, US treasury yields are also trading in the lower part of this week’s range, though they remain at elevated levels. While asset prices continue to take their cue from speculation regarding the length of time that the Strait of Hormuz may be closed, economic data are increasingly reflecting the impact that the supply shock is already having.

Yesterday’s release of French preliminary May PMI data showed a plunge in the composite number to 43.5 from 47.6 the previous month, with weakness evident in both the manufacturing and the services sectors. The composite number, which is a 66-month low, would usually be associated with recession.

According to S&P Global, firms cited higher fuel and energy costs as reasons for lower output, with manufacturing firms citing material shortages.

The German PMI data was less of a shock but with a composite number reading 48.6, the economy is continuing to show signs of contraction. While this morning’s German IFO release was a little better than expected, it remains close to a 5-year low.

Yesterday’s release of the spring forecasts from the European Commission reflected the growing pessimism regarding the economic toll of the Iran war. GDP growth in the EU is now projected to slow to 1.1% in 2026, a downward revision of 0.3 ppts from the autumn forecasting round.

Growth for the Eurozone this year is now projected to be just 0.9%, while price pressures have been revised higher. The EC’s forecast for inflation in the EU has been revised a full percentage point higher to 3.1% in 2026. The forecast for the Eurozone stands at 3% this year up from an autumn forecast of 1.9%.

The data highlight the conundrum for the ECB. Price pressures are of clear concern, but weak activity data question whether the ECB needs to hike rates as much as markets have been expecting to rein back demand in the face of the supply shock. This morning the market is priced for a little more than two 25 bps ECB rate hikes on a 6-month view. Rabobank has pencilled in just one for now.

How weakening economic activity will impact central bank decisions has been a theme in many parts of the G10 this week. The releases of softer than expected UK and Australian labor data earlier in the week had a noticeable impact on rate hike expectations in their respective markets. Weak UK retail sales data this morning have further shone the spotlight on growth risks.

Cost of living pressures have been highlighted by UK voters as a primary concern and PM Starmer’s leadership continues to hang by a shoestring. In an effort to grapple back some control, the (current) Labour party leadership have this week announced steps to ease pressure on household budgets. This includes extending a freeze on fuel duty, cutting VAT on some hospitality services over the summer, and granting a 12-month road tax holiday for hauliers.

The package of measures will be funded by bringing forward changes to how oil and gas companies are taxed on overseas earnings. UK Chancellor Reeves’ adherence to her fiscal rules have won her some credibility in the gilts markets. Concerns that a leadership challenge would result in a swing to the left of the party and bring more spending pledges have unsettled the gilts market this month, though comments earlier in the weeks from Manchester Mayor Burnham that he would maintain the fiscal rules if he led the country have provided some reassurance.

Burnham may be the bookies’ favorite for the next leader of the UK’s Labour party, but he must win a seat in parliament before announcing a challenge. The most likely date for the Makerfield by-election is June 28. Reform will be fighting hard to win that seat ahead of Burham.

Tyler Durden
Fri, 05/22/2026 – 09:45

Trump Sending 5,000 Additional Troops To Poland, After Same Number Reduced From Germany

survivalnomics
-
0
Trump Sending 5,000 Additional Troops To Poland, After Same Number Reduced From Germany

President Trump announced in a post on Truth Social late Thursday that he will send 5,000 additional troops to Poland, which has raised a lot of questions and introduced some level of confusion, given this is precisely the same number of troops the Pentagon has announced it plans to pull out of Germany.

“Based on the successful Election of the now President of Poland, Karol Nawrocki, who I was proud to Endorse, and our relationship with him, I am pleased to announce that the United States will be sending an additional 5,000 Troops to Poland,” Trump wrote.

Weeks ago, the White House began threatening a significant and historic force reduction from Germany, following Berlin officials’ repeat criticisms of the US-Israeli war against Iran. This was initially presented in media reports as part of a broader drawdown from Europe, but now it appears US forces are just being shifted around, and with 5,000 to be placed closer to Russia.

All of this was first reported and confirmed by Punchbowl News’ Briana Reilly, citing the words of House Armed Services Committee Chairman Rep. Mike Rogers (R-AL)…

Rogers indicated that the 5,000 new troops for Poland will be in addition to the delayed deployment of 4,000 US Army soldiers to Poland.

As it stands, reports from a week ago suggest that the 4,000 has been paused or even canceled, with Pentagon commanders cited in media reports saying they were “blindsided” by the decision.

Some of this surprise and frustration was echoed in public, with Lt. Gen. Ben Hodges, the former commander of the U.S. Army in Europe, stating that the Army’s role in Europe “is all about deterring the Russians, protecting America’s strategic interests and assuring allies.”

But it remains that “now a very important asset that was coming to be part of that deterrence is gone.” He added: “The Poles certainly have never criticized President Trump, and they do all the things that good allies are supposed to do. And yet, this happens.”

Trump’s announcement that he’s sending a separate contingency of 5,000 to Poland could be an effort to smooth over Pentagon fears, while keeping European allies happy, and seeking to demonstrate the US is not ‘backing down’ from Russia. 

Germany itself can’t complain too loudly either, given it too has long been worried about Russia, and now more US forces are en route to NATO’s ‘eastern flank’. This move might have even been long in planning, with Washington trying to spin everything in terms of punishment and reward actions.

Tyler Durden
Fri, 05/22/2026 – 09:15

Great Again: Blue-Haired Liberals Seen Enjoying Beautifully Restored DC Park Fountain

survivalnomics
-
0
Great Again: Blue-Haired Liberals Seen Enjoying Beautifully Restored DC Park Fountain

Authored by Steve Watson via modernity.news

Decline is a choice

Just weeks ago, Meridian Hill Park – also known as Malcolm X Park – stood as a graffiti-scarred reminder of neglect, overrun by vagrants, trash, and decay. Today, its iconic 13-basin cascading fountain flows powerfully once more, drawing families, dog walkers, and even those with blue hair who once might have sneered at such efforts.

The transformation is undeniable: clean pathways, flowing water, and people reclaiming public space in the heart of Washington, D.C.

It’s the direct result of President Trump’s determination to restore the nation’s capital ahead of America’s 250th anniversary. As one viral video captured, locals are visibly enjoying the revived park where needles and encampments once dominated.

President Trump has been clear about his personal investment in these projects. In a statement shared widely, he detailed the progress:

“So far, over 20 have been revitalized, and fixed, looking better than the day they were built, many years ago. We have some left, some were in very bad and difficult condition, but we will get them all done in a short time. D.C. is being reawakened as to its Beauty, Elegance, and Charm.”

He continued on the grand prize:

“The “Granddaddy” of them all will be The Reflecting Pool – 2,500 feet long, and almost 200 feet wide, the biggest such structure ever built, but also, the most troublesome for many Administrations in that, from the time it was built in 1922, it essentially never really worked! It leaked from all angles, drew dirt, grime, and decay, was often filled with garbage, and wasn’t at all representative of the two Great Monuments it connects – The Lincoln Memorial, and the Washington Monument.”

“I, together with Doug Burgum and the Department of Interior, am fixing it the right and proper way – It will last for many decades into the future,” Trump added.

Trump further stated, “The Fountains are now working, and look magnificent as the Park is being entirely rebuilt, using far better and more beautiful materials than originally used. As the Entrance to the White House, it’s got to be spectacular – There is no other way! Again, check out what’s going on at Lafayette Park.”

The fountain revival aligns with Trump’s revived executive order promoting classical architecture for federal buildings – an order Biden scrapped in 2021 but Trump reinstated to prioritize beauty, tradition, and civic pride over modernist ugliness.

Meridian Hill Park’s cascading fountain, one of North America’s longest, had been dry for years. Now it cascades with renewed vigor, part of a $54 million initiative restoring seven major D.C. fountains.

The Lincoln Memorial Reflecting Pool – long plagued by leaks and grime – is undergoing a major overhaul with upgraded materials and a striking “American flag blue” finish for enhanced reflection and durability.

As Trump noted, Lafayette Park, right at the White House entrance, is also being fully rebuilt with superior materials. Additional fountains and public spaces across D.C. are in the pipeline, all timed for the 250th celebrations.

The most striking images show everyday Americans – including those who might not vote Trump – relaxing by the flowing water. Blue Haired liberals were even spotted enjoying the surroundings.

Crime in D.C. is dropping, encampments are cleared, and families are returning. Beauty and order draw people in; neglect repels them. Trump’s approach proves that enforcing basic standards and investing in public spaces benefits everyone, regardless of politics.

Leftist critics can fume about “wasted” money or “gentrification,” but the footage tells the truth: people love safe, clean, beautiful spaces. They always have. Decades of Democrat-led decay turned the capital into a embarrassment. Trump is reversing it.

The fountains are flowing, the parks are alive, and the capital is reawakening.

Tyler Durden
Fri, 05/22/2026 – 08:55

Regulators Circle StanChart After CEO’s AI Layoff Comments Spark Uproar

survivalnomics
-
0
Regulators Circle StanChart After CEO’s AI Layoff Comments Spark Uproar

It has been a tumultuous week for Standard Chartered CEO Bill Winters.

Winters appeared out of touch with the growing anxiety surrounding mounting white-collar AI-related job losses. He described the bank’s AI adoption push as “not cost-cutting,” but rather as “replacing lower-value human capital with financial and investment capital.”

Such language ignited a firestorm for the CEO and the bank, and by the end of the week, regulatory scrutiny had descended on the firm.

Reuters reports that authorities in Hong Kong and Singapore have pressed the bank for clarity on Winters’ comments and the scope of upcoming AI-related layoffs.

On Tuesday, StanChart began labor restructuring to cut 15% of its corporate roles (about 7,800 jobs) by 2030 as part of a broader efficiency push amid the adoption of AI.

Hong Kong authorities asked StanChart whether AI was being used as a pretext to reduce headcount.

By midweek, Winters scrambled into damage control following the “lower-value human capital” remarks. Early today, he apologized for his “choice of words” in a LinkedIn post.

“For that, I am sorry. I am therefore showing below a verbatim transcript of what I actually said, which I hope allows for a better understanding of the important point I was raising…”

Here’s the transcript:”

“For example, this new core banking system in Hong Kong, which is a major, major accomplishment. This is not an everyday thing. It happens once in 40 years. And when it goes wrong, it’s a disaster. It did not; it was practically perfect. That was a two and a half year programme, to get that right. The people that were gonna be affected, who were very important for helping us get to the right answer, knew that they were gonna be affected, and we began reskilling them at the earliest possibility. We’re not long on talent in the markets where we operate, because these markets are growing fast. So the people that want to reskill, that want to carry on, we’re giving every opportunity to reposition. And the people that say, yeah, you know, I’ve done my bit, I’m ready to do something else. I take a package at the end of the application migration. So this isn’t, it’s not cost cutting. It’s replacing, in some cases, lower-value human capital with the financial and investment capital we’re putting in. But almost always, with good clear notice going forward.”

Beyond StanChart, corporate America is firing engineers and other white-collar workers as AI adoption accelerates. This era will likely be remembered as the great “white-collar purge,” and the response may be continued backlash toward data centers.

Meta Platforms began firing 8,000 workers earlier this week, while leaked audio of CEO Mark Zuckerberg described how AI is monitoring highly skilled employees. According to X user Official Layoff, who leaked the audio: “AI is replacing the contractor. Then the employee trains the AI. Then the AI replaces the employee.”

Take a look at Bloomberg story count data for “ChatGPT” and “layoffs” …

Labor-market disruption for white-collar workers has arrived with the rise of AI adoption. In 2023, Goldman detailed just how many jobs AI may eliminate. That number is absolutely alarming.

Tyler Durden
Fri, 05/22/2026 – 08:35

Mortgage Rates Hit 9-Month High, Freezing Out Homebuyers In Peak Season

survivalnomics
-
0
Mortgage Rates Hit 9-Month High, Freezing Out Homebuyers In Peak Season

The average rate on a 30-year fixed mortgage climbed to its highest level since August, threatening to derail the spring selling season as higher Treasury yields and renewed inflation pressure push loan costs higher and freeze more prospective buyers out of the market.

Freddie Mac data released Thursday show the 30-year fixed mortgage rate for the week ending May 21 jumped to 6.51% from 6.36%, the highest rate since Aug. 28, 2025.

Soaring mortgage rates stem from turmoil in the Gulf region, with the U.S.-Iran war driving up oil prices, inflation, and bond yields over the last three months. Rates on 10-year Treasuries hit their highest level in one year, while 30-year yields neared 2007 highs. 

Mortgage rates fell to around 6% in early February, lifting hopes for a housing market rebound after three consecutive years of depressed activity. Yet hopes for a robust selling season were dashed because the conflict in the Middle East began in late February, and once the Hormuz chokepoint closed, energy prices surged, followed by rates.

“Each uptick in rates narrows the pool of buyers who can make the numbers work,” Realtor.com analyst Anthony Smith told News Corp.

The impact of higher rates is significant for buyers: Before the conflict, a buyer with a $2,500 monthly budget and 20% down could afford about a $400,000 home at a 6% mortgage rate, but only about $384,000 at a 6.5% rate.

Realtor.com analyst Jake Krimmel told Bloomberg, “We’ve been surprised so far that we haven’t seen deterioration like we did this time last year.” 

“May is where the rubber will meet the road because that’s when things tend to really start picking up,” Krimmel said. 

The end result of surging rates over the last few months was flat existing-home sales in April, well below Bloomberg Consensus expectations.

The continued housing market slowdown, which feels like an eternity for those in the industry, has pressured businesses tied to housing, such as furniture manufacturers, home builders, mortgage lenders, and real estate brokerages.

Home improvement retailers such as Home Depot and Lowe’s warned this week that consumers remain reluctant to splurge on big-ticket home improvement items, as elevated mortgage rates, high home prices, energy inflation, weakening sentiment, and broader macroeconomic uncertainty weigh on demand.

Lowe’s CEO Marvin Ellison warned analysts earlier this week that the housing market is the “most difficult” since the financial crisis. 

He continued:

I think overall this has been the most difficult housing market that I’ve faced in this business since the financial crisis. And as Brandon mentioned, it’s almost exclusively or disproportionately on the DIY customer.

That’s the majority of where our revenue comes from. And so I look at it from this perspective, you know, we’ve delivered four quarters of positive comps in an environment where the DIY has faced more economic pressure than I’ve ever seen before.

Housing affordability for first-time homebuyers remains at a four-decade low.

“Decisions made during the period of ultra-low interest rates coming out of the pandemic are still shaping behavior,” said Torsten Slok, the chief economist at Apollo Global Management, citing the unwillingness of homebuyers with sub-4% rates to move. “The shift to higher rates has fundamentally changed the economics.”

“If you’re looking for relief on 30-year conventional mortgage rates, you’re not going to get it anytime soon,” said Kevin Flanagan, head of investment strategy at WisdomTree.

Nick Barta, a regional manager at Security First Financial, a Colorado-based mortgage company, told Bloomberg that the surge in rates because of the US-Iran war has had a chilling effect on the industry so far. 

“All you hear about is gas prices and higher interest rates,” said Barta, who has worked in the mortgage industry for nearly four decades. “It freaks people out.”

President Trump has directed Fannie Mae and Freddie Mac to begin buying $200 billion in mortgage-backed securities to pressure mortgage rates lower.

“FHFA and the administration are actively evaluating a range of tools and policy options to improve affordability and expand access to homeownership for American families,” Federal Housing Finance Agency Director William Pulte said.

Sarah Wolfe, a senior economist at Morgan Stanley Wealth Management, warned that higher mortgage rates continue to leave an entire generation of homebuyers stuck in rentals.

“They want the same things as the generation before them,” Wolfe said, “and the bar to entry is getting higher and higher.”

Tyler Durden
Fri, 05/22/2026 – 06:55

1...213214215...4,309Page 214 of 4,309

About Us

Popular Category

Editor Picks