My morning train WFH reads:

• Renewable energy just broke a 100-year-old streak Coal’s century at the top of the world’s power mix is over. (Vox)

• I Just Drove a $10,000 Chinese EV and It Didn’t Suck: Geely’s EX2 is the hottest car in the Chinese market, and for good reason from what we could tell. (Motor Trend) see also The U.S. Wants to Ban China’s High-Tech Cars, but They’re Already Here in El Paso: Mexican dealers are selling cutting-edge Chinese cars that U.S. consumers can’t buy. Americans are warming to the idea of them. (Wall Street Journal)

• 8 Secrets for a Happy Retirement: People save for decades to fund a comfortable retirement, but a high net worth isn’t the only key to enjoying your golden years. There are other factors that determine if you will be happy when you walk away from your career. Here are eight ways your lifestyle can help lead to happiness in retirement. The usual advice — but the data on what actually correlates with retirement happiness (purpose, friendships, walking) keeps running away from the spreadsheet stuff. (Money)

• The Financial Crisis That Didn’t Happen: One of the hard parts of understanding market cycles is the fact that there are no counterfactuals. You don’t get to test the real world in a Monte Carlo simulation with thousands of potential paths. There’s only one path and that’s what actually happens. (A Wealth of Common Sense)

• I’ve Covered Robots for Years. This One Is Different: From sorting chicken nuggets to screwing in lightbulbs, Eka’s robotic claw feels like we’re approaching a ChatGPT moment for the physical world. A veteran robotics reporter argues we’re at robotics’ ChatGPT moment. If the cost curve cooperates, the labor implications are an order of magnitude bigger than chatbots. (Wired)

• How Iran Accumulated 11 Tons of Enriched Uranium: Since eight years ago when President Trump pulled out of a nuclear deal with Tehran, Iran has accumulated 22,000 pounds, or 11 tons, of enriched uranium. But the fate of Iran’s stockpile remains a mystery, two months after the United States began a war meant to prevent Iran from ever building an atomic bomb. (New York Times)

• King Charles praises Nato and urges defence of Ukraine in key speech: Remarks marking 250th anniversary of American independence tell US lawmakers: ‘The actions of this great nation matter’. The monarch said the quiet parts about NATO and Ukraine out loud while the President sat there. Diplomatic theater with a sharp edge. (The Guardian) see also The King’s Address to the Joint Meeting of Congress in Washington. King Charles’s full address to Congress, in his own voice — straight from the source rather than filtered through wire copy. Worth reading before the takes pile up. “The Alliance that our two Nations have built over the centuries – and for which we are profoundly grateful to the American people – is truly unique.” (Royal UK)

• The Secretary Of Health & Human Services Doesn’t Believe In The Foundation Of Modern Medicine: During RFK Jr.’s recent appearance before Congress, he bravely declared that the current measles outbreak in America has absolutely nothing to do with him, despite that definitely not being true. But, unsurprisingly, that wasn’t the only craziness that Kennedy put on display in the hearing. (Techdirt)

• How Netanyahu Hurt America’s Jews: The Israeli prime minister’s focus is, as always, on himself and his near-term political needs. The plight of American Jews is simply not his concern. A pointed look at how Bibi’s choices have reshaped the diaspora’s relationship with Israel — and made American Jewish life materially harder. The Atlantic on the collateral damage to the American Jewish community from Israel’s rightward lurch and the political choices that followed. The diaspora pays for decisions it didn’t make. (The Atlantic)

• The $50 Movie Ticket Has Arrived: Theaters raising prices for most avid moviegoers despite complaints from Hollywood studios. (Wall Street Journal)

Be sure to check out our Masters in Business this weekend with Lawrence Calcano, CEO and Chairman of iCapital, The firm is a fintech platform built to be the OS for alternative investments and complex products for financial advisors, wealth managers, and banks. The firm has over $1.2 trillion in active global assets on platform,  across 2,455 funds used by 123,ooo financial professionals.

 

The AI space continues to dominate, with semis now leading the charge. The hyper-scaler plays hardly budged during the Iran volatility and are now rocketing higher.

Source: Jurrien Timmer Fidelity Investments

 

Sign up for our reads-only mailing list here.

 

The post 10 Thursday AM Reads appeared first on The Big Picture.

What Does The End Of OPEC Mean For The Iran War And Global Energy Prices?

Did the UAE just trigger a once in a century shift in global energy markets?  The United Arab Emirates on Tuesday said it was quitting OPEC by May 1st after 60 years as a member, dealing a blow to the cartel ​as the Iran war exposes discord among Gulf nations and Iran.

The exit of the UAE, one of the group's biggest producers with 15% of total exports, weakens ‌OPEC's control over global oil supplies and widens a rift between the UAE and Saudi Arabia.  Furthermore, the dissolution of OPEC greatly hinders Iran's ability to wield oil exports as economic leverage in the future.  

The name of the game for OPEC is zero competition and artificial supply scarcity.  OPEC was formed in the 1960s as a trade consortium of oil producers but it became an economic weapon in the 1970s to maintain pressure on the US and any other nations providing aid to Israel.  This led to a stranglehold on 40% of the global oil supply and an initial explosion in gas inflation.  Prices quadrupling at the pump, feeding into a decade long stagflation event.

Restricted exports became the status quo, and higher prices the norm in the decades since (with brief moments of relief).  Iran, by extension, has long benefited from this bottleneck as an OPEC member.  But the world of energy just changed dramatically. 

An independent UAE no longer constrained by OPEC limits now has the ability to increase production from 3 million barrels a day to over 5 million barrels per day.  The introduction of renewed competition is likely to inspire higher production rates in Saudi Arabia as well.    

In his first public comments since the announcement, UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters in ​a telephone interview that the decision was taken after examining the country's energy strategies. He said the UAE had not discussed the issue with any other country. "This ​is a policy decision, it has been done after a careful look at current and future policies related to level of production," ⁠Mazrouei said.

He also said the world would demand more energy, implying the UAE would be positioned to meet that need.  Meaning, the UAE is attempting to strategically jump ahead of the competition in a bid to flood markets with oil as the situation in the Hormuz winds down.  Saudi Arabia has also stated intentions to boost production into 2027.  

This suggests that the post-Iran war era will be a supply side bonanza with far lower energy prices over the course of the next two years.  It could be a complete upending of the last 50 years of throttled markets.  

The UAE is well positioned to weather the crisis in in the Hormuz with its Habshan–Fujairah (ADCOP) pipeline, which bypasses the Hormuz entirely and moves around 2 million barrels per day.  The advantage allows them to lead the export pack when the war ends.  

An inevitable ramp up in competitive production in the Gulf as well as fading opposition to increased drilling and refinement in the US will lead to long term energy security for the west.  However, the short term view is less rosy.  In the best case scenario, with the Hormuz reopened within the next two months, shipping through the strait will still need to recover until the end of 2026.  

Gas prices would fall to around $3.50 per gallon by the end of the year, with prices dropping below $3 per gallon in 2027.  Beyond 2027, the drop in prices will be significant; the breakup of OPEC's largest contributing members is an unprecedented market event with world changing ramifications.

The Iran war is a primary contributor to this shift, but in order to gain any benefits the Hormuz will have to reopen sooner rather than later.  The greater strategic picture is the end of Iran's oil leverage, which the regime will seek to resist as much as possible. 

Recent reports of a "tank top" and Iran's dwindling storage capacity make negotiations a priority for the regime, otherwise, the loss of oil wells caused by shutdowns and pressure damage could ruin their ability to export for years to come.  It would seem that the UAE and other Gulf exporters are positioning for this eventuality.    

Tyler Durden Thu, 04/30/2026 - 04:15

UK Gov't Promises More Social Media "Restrictions"

Authored by Kit Knightly via OffGuardian.org,

While embattled PM Sir Keir Starmer takes a pointless grilling on the even more pointless existence of Peter Mandelson, other members of his cabinet were busily paving the way for the next construction phase of our increasingly dystopian society.

Speaking to Sky News earlier today, Education Secretary Bridget Phillipson promised…

“more action to keep young people safe online, including around social media”.

Which is delightfully vague.

Education Minister Olivia Bailey kept her cards similarly close to her chest, whilst trying to sound forceful:

“It is a question of how we act, not if, but to put this beyond any doubt, we are placing a clear statutory requirement that the Secretary of State ‘must’, rather than ‘may’, act […] We are clear that under any outcome, we will impose some form of age or functionality restrictions for children under 16.”

So we know they’re going to do something…we just don’t know what. And, if I had to guess, neither do Bridget or Olivia. Neither seems like the kind of people that get kept in the loop, and that flavour of waffle is usually the reserve of those who have no idea what’s going on.

Many commenters – both for and against – have interpreted this promised action as an Australia-style social media ban for children. Certainly, that’s what Conservative MP Laura Trott seems to think in her champagne-popping tweet:

…but the signs might be pointing in another direction.

After all, the Social Media Ban is practically on the books. It was introduced as an amendment to the Children’s Wellbeing and Schools bill, and has already passed the Lords four times. It could have become law already, but Ministers and MPs have repeatedly overturned the vote, declaring the need for further consultation.

Then, earlier today and coinciding with this government pledge to take action, the Independent published a report that suggests Australia’s social media ban doesn’t work.

Two thirds of Australian teens still using social media despite under-16s ban

The article quotes the head of the Molly Rose Foundation, who warns “an Australia-style ban would not deliver the improvements in online safety that parents and children deserved”:

“These results raise major questions about the effectiveness of Australia’s social media ban and show it would be a high stakes gamble for the UK to follow suit now,” the foundation’s head Andy Burrows said.

“Proponents of a ban argue it offers an immediate and decisive firebreak but the early evidence from Australia shows it only lets tech firms off the hook and fails to give children the step change in online safety and wellbeing they need.”

That’s interestingly timed, don’t you think? Why discredit the ban if the plan is to follow suit?

Sky’s article has their Technology Reporter list potential alternatives, including bans on infinite scrolling, or “digital curfews” that lock children’s accounts after a certain time.

It would be reasonable to assume, based on this, that whatever the UK government eventually does will be somehow…different. Perhaps stricter or enforced differently, perhaps centered on devices rather than platforms.

There are plenty of possibilities.

The head-scratching question is “why?”, and the only answer I can see that makes any sense is that Independent is telling the truth and Australia’s ban doesn’t work –  i.e for its real intended purpose (mass surveillance).

Maybe, and this is rampant speculation, but maybe the inevitable uptick in VPN usage actually made it harder to track people’s data and activity to the extent it offset the utility of and effort required in enforcing the ban.

Like I said, speculation, but we have an explanandum in need of an explanation.

Of course, it could be argued the specifics don’t really matter – because no matter the legislation or regulation, it can only be enforced one way: By mandating age verification for everybody, and using that to introduce digital IDs.

If it’s all heading in the same direction in the end, maybe picking apart the details is a waste of our time, maybe the differences only exist to create the illusion of variety or impression of dissenting views.

But it could be there’s something to learn, and perhaps in reading the wrinkles there’s insights to be gained that could help us resist when the government finally tell us what “restrictions” they’re putting in place.

Tyler Durden Thu, 04/30/2026 - 03:30

This Is What Europeans Are Most Proud Of

What people take pride in says a lot about how they see their country.

Across Europe, those sources range from culture and history to political systems and personal freedoms. But in some countries, a notable share of people say they feel little pride at all.

This visualization via Visual Capitalist, by The European Correspondent, based on Pew Research Center data, breaks down the top three sources of national pride in each country surveyed.

Top Sources of National Pride, by Country

Here’s a closer look at the top three sources of national pride cited by adults in each country:

Culture dominates in countries like Italy (38%) and France (26%), while history plays a major role in Greece (37%). Meanwhile, Sweden stands out with 53% citing politics—by far the highest single-category share.

The Core Drivers of Pride Across Europe

In much of Europe, national pride is rooted in shared identity and heritage. Southern European countries like Italy and Greece emphasize culture and history, reflecting their deep historical legacies and global cultural influence.

Elsewhere, people themselves are a key source of pride. Spain (32%) and France (24%) rank highly in this category, suggesting a strong sense of national community and social cohesion.

Where National Pride Is Weakest

Not all sentiment is positive. In the UK, 29% of respondents cite “negative feeling” when describing their country, which is higher than any single positive category. Hungary (23%) and Spain (25%) also show notable shares of dissatisfaction.

This aligns with broader research. According to Pew, individuals who express less pride are often those who do not identify with the governing political parties. In the UK specifically, findings from British Social Attitudes surveys suggest national identity has become more fragmented in recent years, often tied to political divisions.

These dynamics help explain why politics can be both a source of pride—as in Sweden—and frustration, as seen elsewhere.

Politics as a Source of Pride—and Division

Sweden stands out sharply, with 53% of respondents citing politics as a source of pride, which is the highest share of any single category in the dataset.

Germany (36%) follows at a distance. Meanwhile, in other countries, political dissatisfaction helps explain rising negative sentiment, particularly among those who feel disconnected from leadership.

Tyler Durden Thu, 04/30/2026 - 02:45

Berlin And Hamburg Spend At Least €4 Billion On Housing Asylum Seekers Since 2022

Via Remix News,

Two German cities, Berlin and Hamburg, have spent at least €4 billion to house migrants since 2022, with the cost of hotels proving to be especially high.

In Hamburg, the cost to house asylum seekers alone has amounted to €597 million. In 2025 alone, the costs of hotel accommodation and meals for asylum seekers in Hamburg was €160 million, which does not include security and administrative costs.

However, that is just for hotels. It costs Hamburg approximately €1 billion per year when other accommodations are factored in, such as container villages, asylum centers, and state-run units.

The data on hotel costs was released in a Senate response to a parliamentary inquiry by the AfD, according to Nius news outlet.

The Senate noted that the city first utilized hotels for refugee housing in late February 2022, but the figures are drawing the ire of the AfD. Thomas Reich, the AfD parliamentary group’s budget policy spokesman, pointed out that asylum seekers are creating “ever larger budget holes.”

The Hamburg Senate cited Russia’s war in Ukraine, which required the rapid and significant creation of asylum seeker spots, but the goal, according to the Senate, is to move them out of hotels and into other forms of housing.

Notably, hotels are not the only accommodations that taxpayers are paying for, which means the total cost of housing is far higher than the €593 million figure, which only pertains to hotel costs.

Berlin

Hotel rentals for asylum seekers are perhaps the most expensive housing solution in all Western countries. While a container village costs approximately €20 per person per day, the average price for a hotel or hostel spot is €60. As a result, Berlin has sought to move away from hotel rentals. As of 2025, Berlin’s State Office for Refugee Affairs (LAF) reported housing between 3,300 and 3,500 people in hotels or hostels.

The total figures for Berlin regarding only hotel places are not currently available, but the total cost for the accommodation, care, and integration of refugees in the capital between 2022 and 2025 has reached an incredible €2.24 billion. As Remix News reported last year, the cost for housing migrants in the city had reached nearly €1 billion a year.

Berlin’s senator for integration, Cansel Kiziltepe, confirmed that the city had rented 20 hotels but advocated for a change in strategy:

“I have said again and again: It is more cost-effective for the state of Berlin if we accommodate people in decentralized accommodation – whether in containers or in buildings…I fear that accommodation in hotels and hostels could become a case for the State Audit Office.“

When the Berlin and Hamburg expenses are totaled since 2022, they equal at least €4 billion, but the true cost is actually higher when administrative and security are factored in, not to mention education, welfare transfers, and healthcare.

In total, Germany spends over €50 billion a year on migrants, including accommodation, education, integration, social welfare, and other costs.

Read more here...

Tyler Durden Thu, 04/30/2026 - 02:00

Senate Rejects Resolution To Bar Trump From Attacking Cuba

The US Senate batted down a resolution on Tuesday that would bar President Trump from being able to attack Cuba without first obtaining Congressional approval.

The U.S. Capitol building in Washington on April 22, 2026. Madalina Kilroy/The Epoch Times

After Sens. Tim Kaine (D-Va.), Adam Schiff (D-Calif.), and Ruben Gallego (D-Ariz.) invoked the 1973 War Powers Act to force the Senate vote on Tuesday (undoubtedly knowing it would fail) - citing the recent US combat operations in Venezuela and Iran, and Trump's March comments that "Cuba's next" - Senators voted 51-47 against advancing it to a final vote. 

Similar votes related to US military actions against Venezuela and Iran have also failed in the GOP-controlled Senate in recent weeks. 

As the Epoch Times notes further, U.S.–Cuba relations have remained contentious since Fidel Castro swept to power in Havana in 1959 at the head of a communist revolution.

The U.S. government led efforts to overthrow Castro in the 1960s. CIA officers helped arm and train Cuban exiles who led a failed invasion to retake the country in April of 1961. After this failed invasion attempt, the CIA continued to develop covert methods to weaken Castro’s hold on power through an effort known as Operation Mongoose.

Since the 1960s, the U.S. government has maintained pressure on Cuba through economic sanctions and trade restrictions.

Under Castro’s leadership, Cuba aligned with the Soviet Union.

Under the current leadership of Miguel Díaz-Canel Bermúdez, Cuba has continued to maintain ties with Russia, China, and Venezuela.

Havana acknowledged 32 Cuban soldiers attached to Nicolás Maduro’s security detail were killed during the Jan. 3 U.S. military raid to capture the Venezuelan leader.

Trump signed an executive order on Jan. 29 declaring Cuba “an unusual and extraordinary threat” to the national security and foreign policy of the United States. The order notes Cuba’s continued military cooperation with China, Russia, and Iran, and asserts Havana has welcomed designated terrorist groups like Hamas and Hezbollah.

As part of his Jan. 29 executive order, Trump imposed new tariffs on countries selling oil to Cuba. The Caribbean island nation has faced recent blackouts as it has struggled to maintain its energy supply.

“Donald Trump has bypassed Congress’s sole authority to declare war with attacks on Iran and Venezuela,” Schiff said ahead of the Tuesday vote. “The president’s saber rattling toward Cuba makes clear where his sights are next.”

Sen. Rick Scott (R-Fla.) took to the Senate floor to challenge the Democrat-led war powers resolution, arguing that the measure lacks relevance because U.S. troops aren’t currently deployed in Cuba.

“President Trump has never said he wants to put boots on the ground. I don’t think any of my Republican colleagues have said it. Even Lindsey Graham has not said it,” Scott said.

Though Trump recently referred to a potential “takeover” of Cuba, Gen. Francis Donovan, who oversees U.S. military operations for Latin America, testified at a March 19 Senate hearing that his command is not actively preparing for a military operation involving the island.

Tyler Durden Wed, 04/29/2026 - 23:20

Ex-Mossad Chief Stuns By Saying Settler Violence An 'Existential Threat' To State Of Israel

Via Middle East Eye

A former head of Israel's Mossad intelligence agency has said that settler violence against Palestinians in the occupied West Bank reminds him of the Holocaust.

Tamir Pardo, who served as director of Mossad from 2011 to 2016, made the remarks in an interview with Channel 13 while touring Palestinian villages affected by ongoing settler attacks, alongside former Israeli army officials. "My mother was a Holocaust survivor, and what I saw reminded me of the events that happened against Jews in the last century," he said.

"What I saw today made me feel ashamed to be Jewish." Pardo warned that settler crimes – met with little response by authorities, which sometimes abet them – could lead to the "next October 7".

Tamir Pardo, via Jerusalem Post

"It will be in a different format, much more painful, because the region is much more complicated. The state has chosen to sow the seeds for the next October 7," he said. 

While he believes Israeli law enforcement is aware of the situation, Pardo suggested that it has “chosen to ignore it”.

“What I saw today is the existential threat to the State of Israel,” he said, noting that efforts to curb such attacks could come at a high cost, including the risk of civil war.

He pointed in particular to the influence of settler groups, which enjoy support at the highest levels of government, including from far-right ministers such as Bezalel Smotrich and Itamar Ben Gvir.

“If we want, we can correct this, but the price will be very high,” Pardo said. “It is very much in our interest not to reach that point.”

'Corruption of Israeli society'

Pardo recalled warnings by Israeli philosopher Yeshayahu Leibowitz in 1968, who criticized the occupation of Palestinian territories and the imposition of military rule over millions of Palestinians.

In his article The Territories, Leibowitz warned that control over Palestinians would ultimately lead to the “corruption” of Israeli society. "Rule over the occupied territories would have social repercussions," Leibowitz warned at the time.

"The corruption characteristic of every colonial regime would also prevail in the state of Israel," he added, calling for withdrawal from occupied territories. While Pardo once believed Leibowitz was mistaken, he now says “there was a lot of truth” in his warning.

Israeli settler violence and expansion, while long-standing, have intensified sharply since October 2023, including the systematic forced displacement of Palestinians from their communities and an increased use of live fire against unarmed residents.

The Wall and Settlement Resistance Commission said Israeli settlers have killed at least 16 Palestinians so far this year.

Tamir Pardo, former Mossad Director, commented after observing settler violence in the West Bank

“My mother is a Holocaust survivor, and what I saw here reminded me of the events of the previous century against the Jews” pic.twitter.com/4SuKEEz2Ls

— Ounka (@OunkaOnX) April 28, 2026

A United Nations report released in March recorded that more than 36,000 Palestinians were displaced in the West Bank between November 2024 and October 2025 amid a surge in military and settler attacks.

During the same period, 1,732 incidents of settler violence causing casualties or property damage were documented – a 25 percent increase on the previous year.

More than 1000 Palestinians have been killed by Israeli forces in the occupied West Bank since the Hamas-led attacks on Israel in October 2023.

Tyler Durden Wed, 04/29/2026 - 22:35

Private Sector Struggles In Major Chinese Industrial Base As Export Orders Shrink: Local Businessmen

Authored by Alex Wu via The Epoch Times (emphasis ours),

Amid China’s persistently sluggish economy, Zhejiang Province, a major production and industrial base in eastern China, is seeing a decline in trade orders as private enterprises struggle to stay afloat, according to industry professionals who spoke with The Epoch Times.

Workers load goods for export into a container at a logistics hub in Yiwu, Zhejiang Province, China, on April 29, 2025. Kevin Frayer/Getty Images

As the “hollowing out” of the private sector economy in mainland China intensifies, profit margins for industrial enterprises in Zhejiang have been under pressure since 2024, local industry insiders say.

The coastal province bordering the megacity of Shanghai is an economic powerhouse for China. It ranked fourth nationwide in gross domestic product last year, with its capital city of Hangzhou being the primary economic driver, along with other well-known commercial cities in the province such as Ningbo and Wenzhou, according to official data.

However, a large number of family-run export enterprises, which had previously served as pillars of the local county-level economies within the provinces, have had to cease operations in the face of shifting supply chains and shrinking orders over the past few years, according to Huang, an insider in Zhejiang’s textile industry who gave only her last name out of fear of reprisal from the Chinese regime.

“Profits have now dwindled to below 3 percent,” she told The Epoch Times. “Most garment factories are either operating at a loss or have gone under.”

The situation in Zhejiang has changed, Huang said.

“It is no longer the profitable place it once was,“ she said. ”For many enterprises, the issue isn’t merely low profit margins—they are actually reaching their breaking point.

“Private enterprises in the Jiangsu–Zhejiang region have long been regarded as a barometer of the economy.

“If even these firms in this region can no longer hold out and begin shutting down en masse, it signals that the problems facing the entire Chinese economy have become extremely severe.”

Inflated Economic Data

Although Zhejiang’s GDP growth rate appears relatively stable, “the reality is that fabricated data mask the grim operational realities faced by businesses on the ground,” Liu Mao, a businessman in Wenzhou who used a pseudonym out of fear of reprisal, told The Epoch Times.

“Foreign-invested enterprises in China face an operating environment constrained by hostility from authorities. Meanwhile, private domestic enterprises are subjected to tax audits and heavy fines. Under such layers of systematic exploitation, it is nearly impossible for any business—regardless of its nature—to survive.”

In recent years, the business environment in China has continued to deteriorate because of the Chinese regime’s inconsistent policies and tightened controls, as well as geopolitical tensions and increasing trade frictions between China and the West that have led to supply chain diversification. As a result, a significant number of foreign companies, and even some Chinese companies, have been moving their factories from China to Southeast Asian countries.

According to official data released by Hangzhou Customs, the total value of goods trade imports and exports in Zhejiang Province reached 1.38 trillion yuan (about $201.83 billion) in the first quarter of 2026, a year-on-year increase of 7.1 percent, marking the fourth consecutive quarter in which both imports and exports have registered positive growth.

However, Liu noted that the province’s export trade figures are heavily inflated.

“According to internal data I obtained from friends within the system, this year’s export volume actually declined compared to last year,“ he said. ”It certainly did not grow by 7.1 percent.

“My friends told me that the public export data reported by various localities is rife with fraud. Some regions engage in double-reporting or filing false tax returns to swindle government subsidies, while those in higher positions turn a blind eye. This country is beyond saving.”

Workers wear face masks as they polish eyeglass frames at the Azure Eyeglasses Co. in Wenzhou, China, on Feb. 28, 2020. Noel Celis/AFP via Getty Images Layoffs and Lowered Wages

As businesses continue to struggle, workers are facing layoffs along with increasing difficulties in finding other jobs, according to local industry professionals.

An Zhiqiang, who works in the electronics business in Hangzhou, told The Epoch Times that local private enterprises are all downsizing and laying off staff.

“Locals are unable to find work, making it even more difficult for people from other provinces,” he said.

“Since the spring, many of our local factories have had to halt production due to a lack of orders, and quite a few foreign-funded enterprises have pulled out as well.

“For instance, a Scandinavian company here that manufactures feed processing equipment has downsized its workforce from 80 employees to just 29, and further layoffs are expected.”

Amid the economic downturn characterized by reduced consumption and diminished purchasing power, the livestock industry’s demand for feed is also declining, resulting in sluggish sales for related equipment, according to An.

“Right now, industries across the board are downsizing,“ he said. ”The only places still hiring are essentially large foreign-funded enterprises—for instance, Japanese companies in Hangzhou. But they only recruit new staff to replace those who retire; consequently, only young applicants who aren’t afraid of hard work stand a chance.”

A worker is shown on the floor of a steel machinery factory in Hangzhou, Zhejiang Province, China, on June 6, 2025. STR/AFP via Getty Images

Currently, temporary workers are being paid 13 yuan ($1.91) per hour, whereas the government-mandated rate is 25 yuan ($3.66) per hour, he said.

“Although in the suburban districts of Tonglu and Chun'an, hourly rates of 22 yuan [$3.22] can still be found,” he said.

According to the latest official standards released in February, the minimum hourly wage in Hangzhou is 25 yuan ($3.66).

The current issue is not merely a shortage of jobs in Hangzhou, Liu said, “but rather that [all of] mainland China is undergoing a phase of accelerating economic downturn.”

Wang Yibo contributed to this report.

Tyler Durden Wed, 04/29/2026 - 21:45

Governor Powell

By Philip Marey, senior US strategist at Rabobank

Summary

• As widely expected, the FOMC remained on hold. Governor Miran dissented again because he wanted a rate cut.
• However, there were also three dissenters (Hammack, Kashkari and Logan) who wanted to remove the bias toward cutting from the statement.
• On balance, Powell said that the center of the Committee was moving toward a more neutral place in thinking about cuts versus hikes.
• Powell announced that this was his last press conference as Chair, but he would stay on as a Governor until he thinks it’s appropriate to leave, because of the legal attacks on the Fed.
• Our baseline forecast is still two rate cuts this year, one in September and one in December. Once Warsh becomes the new Chair, he will try to convince the Committee to make more than the single cut in their most recent projections. However, given the developments in the Middle East, we think that in the coming months we are more likely to drop a rate cut from our forecast than add one.

Introduction

As widely expected, the FOMC decided to keep the target range for the federal funds rate unchanged at 3.50-3.75% this month. Governor Miran repeated his dissent, preferring a ¼ percentage point rate cut at this meeting.

However, there were also three dissents (by Hammack, Kashkari and Logan) because they “did not support inclusion of an easing bias in the statement at this time.” This easing bias is currently expressed in the statement “In considering the extent and timing of additional adjustments to the target range for the federal funds rate…”. Since the last three adjustments were rate cuts, this sentence would suggest that the FOMC is still biased toward cutting.

In its assessment of the economy, the statement replaced “The implications of the developments in the Middle East for the U.S. economy are uncertain” by “Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook”, not a major change content-wise. However, inflation is now explicitly linked to global energy prices and described as elevated rather than somewhat elevated. “Inflation is elevated, in part reflecting the recent increase in global energy prices” instead of “Inflation remains somewhat elevated” This is a clear nod to the rise in CPI inflation to 3.3% in March from 2.4% in February.

Press conference

In his prepared speech, Powell reiterated the economic assessment in the FOMC statement, including that economic activity has been expanding at a solid pace. However, after announcing that this was his last press conference as Chair, he said he would stay on as a Governor. He was encouraged by the recent developments, meaning the suspension of the criminal inquiry against him – which in a Senate Banking Committee vote earlier today was sufficient for Senator Tillis to support advancing Warsh’s nomination to the Senate floor – but he was clearly not entirely persuaded yet. Nevertheless, he promised to maintain a low profile as a Governor.

The two main topics during the Q&A were Powell’s decision to stay on as Governor and the dissents on the easing bias.

When asked why he wanted to stay on as a Governor, Powell said it was because of the legal attacks on the Fed. He added this had nothing to do with the verbal attacks. He said he will leave when he thinks it’s appropriate to do so. Powell said he was staying because of the actions that have been taken (by the administration), and he actually had planned to retire. But first he wants to see things calming down. Comparing the Fed’s independence now to when he started, he said “I think it’s at risk because of legal assaults.” When asked what he exactly needed from the DOJ, he said “for the investigation to be well and truly over with finality and transparency.” Powell did not answer the question what message he was sending to the President by staying on and said he’ll stand by what he said earlier. In response to the question whether he was going to act as a Shadow Chair, he said that was something he would never do. He intends to be a constructive (FOMC) participant out of respect for the office of the Chair.

Regarding the easing bias, Powell said that the majority in the Committee – including himself – thought there was no rush to change this language. However, Powell said that the center (of the Committee) was moving toward a more neutral place in thinking about cuts versus hikes. He also said there were non-voters who favored changing the easing bias. He stressed that monetary policy was in a good place and if necessary the FOMC could hike or cut, but nobody was calling for a hike right now. In response to a question whether he was handing over a divided Fed to Warsh, Powell said that this was an unusually difficult situation with 4 supply shocks in 5-6 years, referring to the pandemic, Ukraine, tariffs and Iran. So it’s only natural that you have a range of views.

Conclusion

Our baseline forecast is still two rate cuts this year, one in September and one in December. Once Warsh becomes the new Chair, he will try to convince the Committee to make more than the single cut in their most recent projections. However, given the developments in the Middle East, we think that in the coming months we are more likely to drop a rate cut from our forecast than add one.

Finally, the attempts of the Trump administration to influence the Fed through legal attacks seems to have backfired, because Powell would have left on his own volition. Instead, he now intends to stay on until the legal attacks have ceased. This means that President Trump will have to delay his plan to nominate a Governor to replace Powell, which would give the Trump-loyalists a majority in the Board of Governors.

 

Tyler Durden Wed, 04/29/2026 - 21:32

Canadian Education Minister Says Parents Have No Rights Over Their Children

Canada is losing its collective mind.  During a recent debate in the Nova Scotia House of Assembly, Education Minister Brendan Maguire (Progressive Conservative MLA for Halifax Atlantic) responded angrily to concerns about school policies on gender transitioning (without parental notification in many cases) and provincial funding for gender-related medical interventions for minors. 

His argument?  Parental rights are not a factor and, essentially, do not exist in the eyes of the Canadian government.

The debate was sparked by concerns raised by another MLA about provincial funding for gender-reassignment surgeries for minors, school policies on social transitioning without parental notification, and reporting by groups like the Citizens’ Alliance of Nova Scotia (CANS).  Since 2014, Canada has instituted an ever expanding far-left initiative to encourage gender ideology in public schools and prevent parents from knowing about or interfering with this indoctrination.  

Parents "absolutely don't" deserve to have rights over their children, Nova Scotia Education Minister Brandan Maguire says, as he voices support for secret gender transitions at schools and taxpayer-funded gender reassignment surgeries. pic.twitter.com/qs5yxjqCyJ

— Rebel News (@RebelNewsOnline) April 27, 2026

“I’ll be damned if I’m going to stand here and listen to someone say that the parents deserve rights over a child. No, they don’t. They absolutely don’t..."

The assertion is a common one among woke political adherents who believe that children have the ability to "consent" to life changing psychological and chemical transitioning as well as sexualized LGBT propaganda programs.  These are, of course, the same kinds of people who ran rampant in the US during the Biden Administration, promoting gender reassignment for minors and exposing elementary school kids to drag queens. 

Maguire goes off the rails, asserting that because his parents abandoned him at a young age, this is a rationale for why parents in general do not deserve the right to dictate the decisions of their vulnerable kids.  But his logic is incredibly flawed.  The mistakes of deadbeat parents do not negate the overall need for good parents to protect their children from malicious indoctrination. 

Child consent concepts are so central to the woke left's ideology because they normalize state control of children and remove the greatest obstacle to progressive control:  The nuclear family. Leftists often appeal to "empathy" and "human rights", but what they are really doing is promoting moral relativism and destructive degeneracy in the name of "civil liberties".  At bottom it should be common sense - Children are not mentally mature enough to consent.    

Nova Scotia has used the "Guidelines for Supporting Transgender and Gender Non-Conforming Students" as policy since 2014, and like most Canadian provinces, has resisted any efforts by parents or conservatives to change the rules. 

For grades 7–12, if a student "has the capacity to consent" for using preferred pronouns and gender identity, parental consent is not required. Schools must get the student’s permission before disclosing their transgender/gender-nonconforming identity to their parents. 

Canadian authorities claim this prioritizes student self-identification and confidentiality "to protect the child" from potential harm at home. A planned update was abandoned in late 2025, with the province instead incorporating related expectations into a broader school code of conduct.  Citizens do not get a vote on these policies, they are implemented unilaterally by the education bureaucracy.  

Nova Scotia’s policies against parental rights also extend to gender-affirming care, including puberty blockers and cross-sex hormones for minors. These are publicly funded treatments with no hard age minimums. Eligibility starts after the onset of puberty (typically around ages 8–14).  Parents do not have to be told that these treatments are taking place, and schools can hide the information.   

Canada is what happens when leftists are allowed free rein to do as they please.  The kinds of horrific social and political revisions that take place can disrupt or destroy a nation for generations to come.  In such an environment, something as fundamental as parental rights can be flipped on its head and turned into a crime.  

Tyler Durden Wed, 04/29/2026 - 21:20

Iran War Cost $25 Billion in First 2 Months, Pentagon Says

Authored by Ryan Morgan via The Epoch Times,

Combat operations against Iran have cost the U.S. military about $25 billion in two months, a top Pentagon accounting official told House Armed Services Committee members on April 29.

The Wednesday hearing marked the first time Secretary of War Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine have testified publicly to Congress since U.S. and Israeli forces commenced attacks on Iran on Feb. 28. U.S. and Iranian forces exchanged fire for about five and a half weeks before the parties entered into a ceasefire agreement on April 8.

Rep. Adam Smith (D-Wash.), the ranking member on the committee, asked the Pentagon to account for the costs of U.S. munitions expended as well as for equipment destroyed in the course of the fighting.

Jules Hurst, the acting War Department comptroller, estimated those costs at about $25 billion.

Hurst said munitions accounted for most of it, but said he also factored in operations and maintenance and equipment replacement costs. Hurst joined Hegseth and Caine at the hearing, as Congress weighs military funding requests for fiscal year 2027.

The Trump administration has been working on submitting a supplemental funding request to Congress to cover the war’s costs, but has yet to finalize it or settle on an exact figure.

“We will formulate a supplemental through the White House that will come to Congress once we have a full assessment of the cost of the conflict,” Hurst said.

The Pentagon is already seeking a $1.5 trillion military and defense spending budget for fiscal year 2027. The request amounts to a 42 percent increase over fiscal year 2026 military spending, which totaled approximately $1.03 trillion.

Among other items, the Trump administration’s 2027 military budget request seeks $52.9 billion to boost procurement for 12 weapons systems that the Pentagon has classified as critical munitions.

In March, President Donald Trump announced he had met with the CEOs of BAE Systems, Lockheed Martin, Northrop Grumman, Raytheon parent RTX Corp., Boeing, Honeywell, and L3Harris Technologies to discuss boosting their munitions production levels. Weapons produced by the companies—including the Patriot and Terminal High Altitude Area Defense missile defense systems and offensive weapons like the Joint Air-to-Surface Standoff Missile—have featured heavily in the Iran war.

Beyond the immediate material costs to replace weapons and equipment, the Iran war has also disrupted global oil and gas flows out of the Middle East, leading to rising prices for consumers.

Tyler Durden Wed, 04/29/2026 - 20:55

"We Can't Move Forward": Brookfield-Backed Compass Abandons Virginia Data Center Project

Compass Datacenters is abandoning a massive data center project in Northern Virginia after what Bloomberg described as "intense pushback from local residents."

The retreat comes as local opposition to data center buildouts accelerates nationwide, with residents increasingly furious over surging power demand, soaring electricity bills, land-use battles, and transmission lines cutting through neighborhoods and farmland.

We were the first to describe the epicenter of the data center buildout revolt in the Mid-Atlantic area, all the way back in the summer of 2024. This is happening as the AI infrastructure boom collides with local resistance.

Many Marylanders were upset about transmission lines and rising power bills, some of which were not necessarily due to data centers, but rather failed "green" policies by the far-left regime in Annapolis.

The Brookfield-backed data center company told Bloomberg, "Compass has reached the unfortunate conclusion that we cannot move forward. While we still believe this project offered significant benefits for the region and our neighbors, recent legal actions and compounding regulatory hurdles have effectively closed a viable path forward."

Compass Datacenters was planning to develop more than 800 acres in Prince William County as part of the proposed 2,100-acre Digital Gateway corridor.

The project, along with a neighboring QTS development backed by Blackstone, would have created one of the world’s largest data center hubs to expand Northern Virginia’s global data dominance.

Earlier this month, Chamath Palihapitiya, founder of Social Capital and co-host of the All-In Podcast, warned on X that polling data shows data centers are more disliked than ICE by the American people.

Palihapitiya posted the polling data:

He warned that local opposition is growing against data centers:

Meanwhile, our most recent report shows that nearly half of U.S. data centers scheduled to break ground this year are at risk of being canceled or delayed.

The great data center land rush is no longer a story about chip stacks and power. It is becoming a localized fight over power bills against tech bros.

Tyler Durden Wed, 04/29/2026 - 20:30

China Loses Monopoly Over The Rarest Of Rare Earths

With less than three weeks to go the Trump-Xi summit in China, the scramble for leverage and superiority - whether in terms of the Iran war or the just as important supply chain of rare earths - is on. That explains why the Pentagon’s push to get its hands on the rarest of the rare-earth elements leads all the way to this small port city in Malaysia.

As the WSJ reports, Australia's Lynas Rare Earths has begun pumping out heavy rare earths, the elusive kind that China dominates. 

“No one had made a separated heavy rare earth outside of China in 20 years,” said Amanda Lacaze, Lynas’s chief executive. The company’s chief operating officer, Pol Le Roux, said it had actually been 30 years.

When China cut off exports of heavy rare-earth elements during trade tensions last year, automobile factories in the US and Europe were forced to stop production. Now, Lynas is at the vanguard of an effort by the US and allies to prevent Beijing from using its monopoly power to squeeze the rest of the world.

To minimize China's monopoly on rare earth supply, the Pentagon has been opening its wallet in unusual ways to ensure supplies. In March 2026, Lynas announced a preliminary $96 million deal in which the Pentagon would purchase Lynas’s rare earths.

Others are in hot pursuit of the Pentagon's money: Las Vegas-headquartered MP Materials, backed by billions of dollars in U.S. government support, is planning its own refinery for heavy rare earths that is set to come online later this year. And last week, USA Rare Earth announced a "transformative" $2.8 billion acquisition of Brazil's Serra Verde Group, owner of the Pela Ema rare earth mine and processing plant in Goiás, Brazil, which is a "one-of-a-kind asset and the only producer outside Asia capable of supplying all four magnetic rare earths at scale, together with other vital REEs, such as Yttrium."

Last month, Lynas began producing samarium oxide, a difficult-to-source rare earth in high military demand that is used in heat-resistant magnets for jet fighters and missiles.

“There is no doubt that 2025 was the wake-up call the United States needed to undertake bold industrial policy,” said Gracelin Baskaran, who leads the critical minerals program at the Center for Strategic and International Studies in Washington.

Rare-earth minerals are actually not that rare when it comes to mining: it is the refining - usually a very toxic process - that is the bottleneck, which is why China which has zero environmental regulation, has become a global leader in their producftion. As the WSJ notes, rare earth minerals are already mined outside of China, including Lynas’s, which come from Western Australia. But to gain independence from Chinese supplies, "the hard part is building refining capacity. It often requires hundreds of stages to separate the rare earths using industrial acids."

It often requires hundreds of stages to separate rare earths using industrial acids. Suzanne Lee for WSJ

For more than a decade, Lynas has had a refinery here in Kuantan, a Malaysian chemical-industry center. But it only produced light rare earths, which tend to be more common, while it sold heavy rare earths to China for processing. Last year, as the U.S.-China trade war was at its peak, Lynas finished a new heavy rare-earths processor in Kuantan.

Eliminating China from the supply chain looks as follows: machinery whirs loudly as a rare-earth mixture is bathed in hydrochloric acid and gradually separated into pure oxides that can be shipped to customers. Terbium, used in powerful magnets, comes out a deep, rich brown. Dysprosium appears as a whitish powder.

Because of their small quantities, the heavy rare earths are fitted into knee-high 55-pound cans that could be worth tens of thousands of dollars, while less-valuable rare earths such as cerium are stuffed into 1800 pound sacks. 

Heavy rare-earth elements are sprinkled in magnets so they can function at higher temperatures. That is important in cars and planes whose engines run hot.

Lynas and MP Materials are two of the leading Western rare-earths producers, and Washington wants more suppliers. In February, the U.S. International Development Finance Corp. extended $565 million in loans to Serra Verde, which operates a mine in Brazil with significant reserves of heavy rare earths. Then, as noted above, last week USA Rare Earth, the Stillwater, Okla., company that has recently commissioned equipment to make rare-earth magnets, said it would acquire Serra Verde in a deal valued at about $2.8 billion, part of an arrangement that will ensure a steady supply of heavy rare earths to the U.S.

Not everything has gone smoothly with U.S. efforts. Lynas has said there is “significant uncertainty” on whether it will go ahead with an effort to build a rare earth processing facility in Texas, which was allocated $258 million in Pentagon grant funding in 2023. The estimated project costs ballooned because of challenges in handling wastewater. Instead, Lynas is building out a second, larger heavy rare-earth processing facility in Kuantan, expected to be completed in 2028. Needless to say, environmental regulations are more "lax" in Malaysia.

The big break hit last month, when Lynas achieved commercial production of samarium. The mineral had been refined almost exclusively in China, causing a scramble among defense suppliers last year when China cut off exports in April. A report from the U.S. Geological Survey last year found samarium was the highest-risk mineral for disruption, with shortages potentially costing U.S. industry billions of dollars.

As the clock counts down to the Trump-Xi summit, where China still retains sole supplier monopoly across most rare earths, another clock is also counting down: American defense companies face a 2027 government deadline to ensure that no rare earths in their supply chain for magnets come from China. Lacaze said Lynas were supplying its non-Chinese rare earths to Japanese magnet makers that in turn supply the U.S. defense industry.

Still, Lacaze expressed concern that Western nations weren’t doing enough to ensure adequate demand. Military demand for rare earths is relatively small, so she advocated tax credits to induce larger commercial buyers—such as makers of cars and electronics—to choose non-Chinese rare-earth magnets.  

Baskaran, the critical-minerals specialist, told the WSJ that the effort to achieve rare-earth independence was still in its early stages. “While momentum is real, translating these announcements into production takes years,” she said.

Tyler Durden Wed, 04/29/2026 - 19:40

Billionaire Tim Draper: You Should Be Scared If You Don't Own Bitcoin

Authored by Micah Zimmerman via Bitcoin Magazine,

Speaking on the Nakamoto Stage, Tim Draper told attendees that bitcoin has entered the financial mainstream and that governments now roll out “the red carpet” for the industry. He said the community is “starting to feel like something is happening” as adoption grows, and he cast that shift as the early phase of a larger transition in the money system.

In his view, people will move in stages: first from dollars to stablecoins, then from stablecoins to bitcoin as the final store of value and unit of account.

Draper praised Satoshi Nakamoto’s design of BTC as a system with no government control, no middleman banks, and no traditional account records. He described his own early journey with the asset, including buying large amounts of BTC, then losing those holdings amid front-running and failures at Mt. Gox. That episode led him to question whether the experiment was worth the risk until he watched crypto usage spread in markets around the world and decided to buy again.

To illustrate the fragility of fiat money, Draper told a personal story about a “one–million–dollar bill” that his father gave him when he was young. The bill turned out to be a Confederate note with no value, which he held up as a warning that government currencies can fail, leaving savers with worthless paper.

He connected that story to his decision to purchase bitcoin from the U.S. government in an auction of seized coins, where he paid above market because he viewed bitcoin as a superior long-term asset.

Draper: You should be scared if you don’t own bitcoin

Draper outlined a scenario in which retailers begin by accepting bitcoin alongside other payment methods and then transition to accepting only bitcoin.

In that world, he said, consumers would rush to banks to pull out their money and convert into BTC as trust in national currencies declines. He told the audience that anyone who manages a family “ought to have about six months’ worth of bitcoin” as protection against such a breakdown.

He extended that warning to sovereigns facing inflation or fiscal stress. If a government encounters hyperinflation and holds no BTC on its balance sheet, Draper argued, its currency and the wealth of its officials could become worthless in real terms.

“You should be scared if you don’t own bitcoin,” Draper said he is telling people these days, adding that those without exposure “should be very, very worried.”

Draper closed with a call to action aimed at the entire BTC ecosystem around him. He said that “those of us who have bitcoin are gonna help steer the world” as legacy currencies lose value, and he told attendees to go home and tell their families to buy bitcoin, their governments to buy bitcoin, and their friends to buy BTC.

Addressing founders and builders, he urged entrepreneurs to “push it as hard as you can,” saying that broad BTC ownership is both a hedge against currency risk and a path to a new monetary standard.

Tyler Durden Wed, 04/29/2026 - 19:15

KPMG Ends U.S. Gov't Audit Business After Losing Army Contract

KPMG, one of the Big Four accounting firms, is winding down its federal government audit business after losing a $64 million-a-year U.S. Army audit contract, a major setback as the Department of War under Defense Secretary Pete Hegseth moves to bring in another accounting firm.

According to the Financial Times, the Army's shift to a new auditor comes as pressure intensifies on Hegseth to gain control of the DoW's finances after nearly a decade of failed independent audits.

The DoW, which oversees an annual budget of roughly $840 billion, has not passed an independent audit in eight years, and Washington lawmakers have set a deadline for the department to do so by 2028.

"We're ending the wasteful process of agency-by-agency opinions and slashing the number of disjointed separate audits by two-thirds," Hegseth said. "The mission is simple: break down bureaucratic barriers to get you, the taxpayer, concrete results."

FT sources said the Army was KPMG's largest federal audit client, and 450 U.S. staff who oversaw the federal audit work will be transitioning to other roles.

"Over the past few years, KPMG has prioritized advisory services for the federal government," KPMG said, adding, "We are transitioning out of federal audit roles through an orderly, multiyear process, meeting all client and regulatory obligations. As demand continues to grow across both audit and advisory, we will be redeploying our talented federal audit professionals across the firm to meet client needs."

Meanwhile, EY remains the prime auditor for the Air Force, Navy, and Marines. The Marines are the only military branch to have received an unqualified audit opinion.

The DoW says the new consolidated audit strategy will streamline the process toward full audit compliance by 2028.

Last month, Platte Moring, the Pentagon's inspector general, stated, "This new composite approach to auditing and its implementation reflect meaningful progress toward compliance with the statutory mandate for the department to achieve a clean audit opinion by 2028."

We have previously reported that DOGE has placed more than 400,000 DoW contracts under scrutiny, while Goldman has been bearish on government IT services for the same reason: the Trump administration is trying to clean up the financial mess inside the DoW.

The problem is that entrenched bureaucracy and swamp-like career DoW personnel appear more focused on preserving the status quo than fixing the department.

Whether Hegseth can fix the DoW remains an open question.

Tyler Durden Wed, 04/29/2026 - 18:50

Japan's Largest Airport Deploys Humanoid Robots For Baggage, Cargo

Authored by Jijo Malayil via Interesting Engineering,

Humanoid robots will soon assist ground crews in Tokyo as Japan Airlines launches a trial to address growing labor shortages.

Starting in May, the Chinese-made machines will assist with moving baggage and cargo on the tarmac at Tokyo’s Haneda Airport, working alongside human handlers.

The initiative, run with GMO Internet Group, comes as Japan faces rising tourism and a shrinking workforce. The trial will continue through 2028, with hopes of easing workloads and paving the way for permanent deployment.

Last month, researchers in Tokyo developed a 2.4 GHz Wi-Fi chip resisting extreme radiation, enabling untethered robot operations in hazardous sites like Fukushima.

Smart baggage handling

During a recent media demonstration, a compact humanoid robot carefully pushed cargo onto a conveyor belt beside a Japan Airlines aircraft and gestured toward a nearby worker, highlighting early-stage coordination in real airport conditions, reports the Guardian.

Japan Airlines officials said deploying robots for physically demanding tasks could significantly reduce strain on workers and improve overall working conditions. However, the airline emphasized that critical responsibilities such as safety management will remain under human control.

As seen in the footage, the humanoid model, known as G1, stands about 1.32 meters tall and weighs 77 pounds (35 kilograms), with a foldable design for compact storage. It features 23 degrees of freedom, enabling stable and coordinated movement. Equipped with 3D LiDAR, a depth camera, and voice input systems, the robot can navigate and interact effectively. Powered by a 9,000 mAh battery, it operates for up to two hours and can move at speeds of up to 4.5 mph (7.2 km/h).

The Unitree G1 demonstrates an expanded range of motion, highlighting significant gains in flexibility, coordination, and adaptability in humanoid robotics. According to Unitree, its development begins in a virtual setting using Nvidia Isaac Simulator, where the robot is trained to perform complex behaviors.

Engineers create a digital twin of the G1 using motion capture and video data to replicate human actions. These movements are refined through reinforcement learning, allowing the system to improve through repeated simulation. The learned skills are then transferred to the real robot using the Sim2Real approach, enabling smooth execution in physical environments.

“By combining cutting-edge AI technology with the unique flexibility of humanoid forms, the project aims to realize a sustainable operational structure through labor savings and workload reduction,” said Japan Airlines in a statement.

Ground crew augmentation

Airport ground operations still rely heavily on manual labor, with workers managing baggage, cargo, and equipment in tight, high-pressure environments. The physically demanding nature of the job, combined with Japan’s shrinking working-age population, has created a growing labor gap across the aviation sector.

The challenge is intensifying as inbound tourism continues to rise. More than 7 million visitors arrived in the first two months of 2026, following a record 42.7 million the previous year, according to the Japan National Tourism Organization. At the same time, demographic trends suggest Japan may require over 6.5 million foreign workers by 2040 to sustain economic growth, even as political pressure mounts to limit immigration, reports The Guardian.

Attempts to automate airport tasks have so far been constrained by the limitations of conventional robots, which struggle in dynamic, unpredictable environments. Humanoid robots are now being considered as a more adaptable solution, as their human-like design allows them to function within existing airport infrastructure without extensive modifications.

The rollout will proceed in stages, starting with detailed observation of operations to identify suitable use cases, followed by testing in simulated real-world conditions. The long-term objective is to integrate robots alongside human workers, assigning them repetitive and physically intensive tasks to reduce strain and improve efficiency. Continuous evaluation will guide development, focusing on safety, performance, and practical deployment, reports Aero Time.

Tyler Durden Wed, 04/29/2026 - 18:25

Barclays Maintains Bullish Stance On Nuclear

Barclays is out with a report on nuclear and how the industry is progressing from conviction to construction. The report highlights year-to-date regulatory developments, demand and execution signals and market pricing across the industry. 

Last year, Barclays argued three core points regarding nuclear energy:

• A nuclear renaissance is underway driven by energy security, decarbonization, and AI power demand
• The nuclear fuel cycle is likely to be an upstream bottleneck that requires reshoring
• As the theme matures, practical hurdles will take center stage, such as speed to power, labor, permitting, and unit economics

Given the run up in their broad global nuclear ecosystem index (BCGLNUCL +19%) this year, there is undoubtedly a continued interest in the nuclear theme. This also correlates with “a broad rotation from capital-light to capital-heavy (HALO) sectors”.

The market seems to be distinguishing between the themes within the nuclear renaissance, with companies in the nuclear fuel chain (BCNUCLUR +30%) providing higher returns YTD than the broader nuclear ecosystem…

The bar is being set higher by investors lately, though, with money being “less willing to fund nuclear on narrative alone, instead increasingly rewarding delivery of existing megawatts, visible permitting progress or at least a credible bridge from concept to contracted project”. 

As we detailed long before most others started realizing it, Barclays also notes how the Iran war has accentuated national energy security concerns. It has not gone unnoticed how countries like France have had little to care about with the dramatic energy market price swings, while countries like Germany and other Asian nations have suffered. 

The Iran war has also led to a plus for nuclear energy adoption in Europe based on the broader concept of the strategic autonomy agenda at the EU.

As it should be well understood by our readers at this point, the underwriting of nuclear development by hyperscalers has given significant confidence to the adoption of nuclear energy in the US. Massive energy deals from Meta, Microsoft, Google, and Amazon have all highlighted the significant role to be played by a power source that's actually clean and reliable. 

While Barclays notes there are plenty of bottlenecks that remain throughout the nuclear industry, “progress has become more visible in areas that matter most for build out”. Issues are being worked on in concrete ways throughout the fuel cycle, licensing, and component supply areas. 

The report emphasizes that the clearest evidence of progress is in the fuel cycle. Progress is turning into production at US uranium mines and major projects are progressing through development in Canada. 

Other award programs from the U.S Department of Energy are also boosting the front end of the fuel chain, specifically the $2.7 billion for enrichment capacity. 

Significant progress has also been made on the regulation front with improvements to new licensing pathways and high speed programs for iteration and demonstration of new reactor technology. 

With site-specific planning ongoing, along with early component ordering, “the industry is beginning to bridge the gap between design ambition and concrete delivery”. 

Calling back to their previous point of the labor bottleneck, this challenge is starting to work its way to be the leading issue. Unlike a lot of the supply chain issues, which are mostly solved with more money, “workforce constraints remain deeply structural and are likely to take longer to ease”. 

And then there is the issue of where the US gets 300,000 engineers to build all this missing power supply by 2030 https://t.co/a18crhqZ4v pic.twitter.com/tinW8SHDwM

— zerohedge (@zerohedge) October 14, 2025

At Barclay's recent NextGen Energy Conference in New York, the participants reportedly highlighted labor as a critical and growing execution constraint on both the data center construction and power generation construction areas. Data centers and reactor plants will find themselves competing for the same limited pool of electricians, engineers, and experienced construction labor. 

This leads to Barclays making the closing statement that “labour is now emerging as perhaps the most important residual hurdle to the pace of the nuclear renaissance, with progress in this area likely to play a key role in determining whether improving policy support and hyperscaler demand can translate into build-out at scale”.

Tyler Durden Wed, 04/29/2026 - 18:00

Putin Presents Victory Day Truce In Ukraine During 90-Minute Trump Call

With things in the Persian Gulf and the Iran War 'stuck'... it's apparently time to pivot back to that other 'stuck' war, in Ukraine. President Trump on Wednesday spoke over the phone with his Russian counterpart Vladimir Putin, with the call reportedly lasting an impressive 1.5+ hours, and the talk centered on finding ways forward both with the Iran and Ukraine conflicts.

The most important item to emerge was that Putin reportedly proposed declaring a ceasefire in Ukraine on May 9, which is Russia's 'Victory Day' in World War II, and Trump endorsed the idea.

Pool via Reuters

Russian Presidential Aide for Foreign Affairs Yury Ushakov told reporters that the call was initiated by the Moscow side - and according to him, "Vladimir Putin informed his American counterpart of his readiness to declare a truce for the period of Victory Day celebrations."

Here is some of the readout and Ushakov's remarks to the press in Moscow:

"At Trump's request, Vladimir Putin described the current situation along the line of contact, where our troops are holding the strategic initiative and pushing back the enemy’s positions," Ushakov told reporters.

"Both Vladimir Putin and Donald Trump expressed essentially similar assessments of the behavior of the Kyiv regime led by [Volodymyr] Zelensky, which, incited and with the support of the Europeans, is pursuing a policy of prolonging the conflict."

Russia's invasion of Ukraine has devastated swathes of Ukrainian territory, killed thousands of civilians and forced millions to flee their homes.

Putin said he was ready "to declare a ceasefire for the duration of Victory Day celebrations. Trump actively supported this initiative, noting that the holiday marks our shared victory," Ushakov said.

The timing is interesting, given that the White House is clearly consumed with the Iran war, the Hormuz Strait crisis, and the expanding economic fallout globally and at home. Putin it seems is seeking the opportunity to soften Washington's stance toward Moscow's perspective of the Ukraine war.

But they did also heavily discuss Trump's Operation Epic Fury. Ideas for resolving the conflict were discussed - though few details on this have emerged. Putin as expected called for peace, and said that extending the ceasefire was the right move by Trump. According to some of the published statements:

"Vladimir Putin considers Donald Trump's decision to extend the ceasefire with Iran to be the right one, as this should give negotiations a chance and, overall, help to stabilize the situation."

But Putin also "highlighted the inevitable and extremely damaging consequences not only for Iran and its neighbors, but also for the entire international community, should the U.S. and Israel resort to military action once again," Ushakov said.

He added Russia was "firmly committed to providing every possible assistance to diplomatic efforts" on the Middle East war, and said the call was held at Moscow's initiative.

Despite that Iran remains a key regional ally of Russia's, it remains that Moscow has benefited from both the easing of sanctions on its oil exports at sea, and rising global oil prices - both the result of the Iran war.

//--> //--> //--> Russia x Ukraine ceasefire by end of 2026?
Yes 26% · No 75%
View full market & trade on Polymarket

Previously, Kremlin leaders have offered a deal where Iran could keep its enriched uranium but hold it on Russian territory, to ensure the continuation of its nuclear energy. This, Moscow has reasoned, could serve as a basis for a grand deal with the US.

Tyler Durden Wed, 04/29/2026 - 17:20

Meta Plunges After Boosting Capex Outlook Again On "Higher Component Pricing"

The last of the giga-caps to report today, the increasingly more misnamed Meta Platforms, had some good news to report for the just completed Q1. It also had bad news, and judging by the plunge in the stock price, the market is focusing on the latter. 

First, the good news: the company reported revenue and EPS both of which beat estimates, and guided Q2 revenues which came in roughly in line with estimates. Here is the breakdown. 

• EPS $10.44 vs. $6.43 y/y, and beating estimates of $6.66; one note: the EPS print included a $8.03BN income tax benefit recognized in the first quarter of 2026. Excluding this benefit, EPS would have been $3.13 lower or $7.31 (at a 37 effective tax rate)

Revenue was also solid across the board

• Revenue $56.31 billion, +33% y/y, beating estimate $55.51 billion
  • Advertising rev. $55.02 billion, +33% y/y, beating estimate $54.16 billion
  • Family of Apps revenue $55.91 billion, +33% y/y, beating estimate $55 billion
  • Reality Labs revenue $402 million, -2.4% y/y, missing estimate $508 million
  • Other revenue $885 million, +74% y/y, beating estimate $741.4 million

Going down the line:

• Operating income $22.87 billion, +30% y/y
• Operating margin 41% vs. 41% y/y

Broken down by segment: 

• Family of Apps operating income $26.90 billion, +24% y/y, beating estimate $24.26 billion
• Reality Labs operating loss $4.03 billion vs. loss $4.21 billion y/y, vs estimate loss $4.77 billion

Ad impressions were more mixed with ad impressions beating, Avg price per ad in line, and Avg family service users per day missing

• Ad impressions +19% vs. +5% y/y, beating estimate +16.2%
• Average price per ad +12% vs. +10% y/y, in line estimate +12%
• Average Family service users per day 3.56 billion, +3.8% y/y, missing estimate 3.61 billion

The last one is a problem because as shown below, this is the first drop in the company's DAP in years.

Looking ahead, the guidance was also solid with a modest increase in Q2 revenue:

• Meta sees revenue $58 billion to $61 billion, in line with the estimate $59.56 billion
• Meta still sees total expenses $162 billion to $169 billion, also in line with  estimate $164.6 billion

That was the good news. The bad news, as a quarter ago when the company was slammed for its massive increase in forecast capex spending, had everything to do with - what else - capex.

Just like last quarter, Meta raised its capex outlook for the year, again, extending its streak of plowing historic levels of investment into the race to build ever-advancing artificial intelligence systems. 

The social-media giant projected full-year capital expenditures between $125 billion and $145 billion, far exceeding analysts’ estimates and marking a roughly 7.4% increase from the $115-$135 billion range the company had previously projected. The company is dealing with “higher component pricing” and additional data center costs", CFO Susan Li said in a statement. At this rate, which has seen the company raise its capex by $10BN every 3 months, the company's Free Cash Flow will be deeply negative soon. 

And as capex soars without a corresponding increase in revenue/EBITDA, the company's Free Cash Flow is now set to turn negative in 2026.

To offset its AI spending, Meta has recently imposed a number of cost-cutting measures. Last week, it alerted staff in an internal memo that it would be cutting roughly 8,000 jobs and wouldn’t be filling 6,000 open roles. The company had already carried out other, more limited cuts earlier this year that hit its hardware division Reality Labs, among other teams.

Evercore ISI estimated the May layoffs will save the company about $3 billion annually, and that companies will rely more on AI agents to help do tasks that once required human employees. “We believe the industry is just beginning to realize the growth opportunities coming out of agentic deployments – and the stepped-up level of investments required to support them,” Evercore analyst Mark Mahaney said in a note to investors.

Meta CEO Mark Zuckerberg had already signaled that his company will spend hundreds of billions of dollars on AI infrastructure before the end of the decade. And that was before a memory chip shortage triggered a surge in prices. The firm has announced billion-dollar deals with Nvidia Corp., Advanced Micro Devices Inc. and Broadcom Inc. for chips and other hardware and is building several massive data centers to power its efforts. 

The silver lining is that there are some early signs that Meta’s investments in AI are beginning to pay off. Earlier in April, Meta debuted its latest artificial intelligence model, Muse Spark — the first released since Zuckerberg embarked on a multibillion-dollar overhaul of the company’s AI organization last year. Additional large language models are expected to roll out later this year.

The company is also facing its various legacy risks: Meta faces a threat from mounting child safety litigation. In a landmark ruling in March, a jury found Meta liable for a 20-year-old woman’s mental health struggles, which she said were caused by her addiction to social media. While Meta must pay millions to the plaintiff, the ruling could expose the company to billions of dollars in risk from additional lawsuits. Two other bellwether cases are scheduled to go to trial in California state court later this year. Meta acknowledged on Wednesday that it continues to “see scrutiny on youth-related issues and have additional trials scheduled for this year in the U.S., which may ultimately result in a material loss.”

While Meta’s stock rallied following Muse Spark’s unveiling, wiping out prior losses, it tumbled after the market was less than happy with the yet another capex increase which has yet to show tangible returns on the top line. META plunged as much as 6%, sending its stock back to red for the year.

Tyler Durden Wed, 04/29/2026 - 17:14

Is This A Sign That The Schumer Era Is Coming To An End?

Senate Minority Leader Chuck Schumer spent months cultivating what appeared to be a solid roster of Democratic recruits for 2026. He cleared the field in Ohio, North Carolina, and Alaska — all states where flipping the seats would be a major victory for the Democrats and potentially hand them a majority in the upper chamber in a year with an otherwise brutal map for their party.

But in the races that may ultimately define Democratic fortunes this November, Schumer's preferred candidates are losing — badly — and the people doing the damage are members of his own party.

That inconvenient reality is crystallizing across three of the most competitive Senate battlegrounds in the country, prompting an uncomfortable question for the longtime Democrat leader: Is Schumer's grip on the Democratic caucus slipping?

The most dramatic evidence comes from Maine, where Schumer made no secret of his support for Gov. Janet Mills — a two-term incumbent whose statewide track record, he argued, made her the most electable Democrat in a race against incumbent Republican Sen. Susan Collins. 

Despite all the advantages, Mills’ campaign lacks momentum. Progressive challenger Graham Platner, a 41-year-old Marine veteran and harbormaster, has built a staggering lead in the polls despite multiple scandals plaguing his candidacy, including revelations of old internet postings by Platner that were racist, demeaned victims of sexual assault, and minimized rape. Platner has also survived revelations that he has a Nazi tattoo on his chest, which he has since covered up. These are revelations that would have ended most campaigns before they started, and all signs indicate that the Collins campaign sees Platner as the candidate they want to face in November.

Michigan isn't any better for Schumer. Though he hasn't publicly endorsed Rep. Haley Stevens, his allies believe she's the strongest candidate to take on former GOP Rep. Mike Rogers in the fall. The theory rests partly on her manufacturing-focused message and partly on the expectation that she'll run well with black voters. The problem: she's stuck in a statistical three-way tie with state Sen. Mallory McMorrow and former health official Abdul El-Sayed, and the progressive wing of the party has made its objections to her candidacy unmistakably clear.

In Iowa, Schumer's allies are backing state Rep. Josh Turek against state Sen. Zach Wahls, who has Sen. Elizabeth Warren's endorsement, a larger national fundraising footprint, and a message that leans explicitly on his criticism of Schumer's leadership. 

What ties these contests together is the emergence of the Senate's progressive flank as an active counterforce. Warren, Sen. Bernie Sanders, and others aren't merely offering endorsements — they're campaigning in these states against candidates their own caucus leader recruited. That kind of internal insurgency would rattle any leader, and it carries additional weight in a cycle where Schumer's hold on the minority leader's gavel faces quiet but serious scrutiny.

The math of primaries, though, is only part of Schumer’s problems.

He was once a formidable fundraiser, but now, Democratic donors are increasingly routing money directly to candidates, bypassing the party committees that leadership controls.

“Schumer is not anybody's favorite. It's been a great run, but it's run its course,” one major donor told Puck News. 

Frustrated donors haven't fully closed their wallets — one Democratic fundraising operative acknowledged the checks still get written, accompanied by complaints. "People are really pissed at Schumer," the operative said. 

Democratic voters in the swing states Schumer needs to win are rejecting his hand-picked recruits, turning these primaries into a clear referendum on who actually leads Senate Democrats—and the answer is increasingly looking like it isn’t Chuck Schumer.

Notypist Wed, 04/29/2026 - 16:40