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Gold futures gained Thursday after a weaker-than-expected June employment report pressured the U.S. dollar and cooled near-term expectations for rate-tightening from the Federal Reserve.
Only 57K non-farm jobs were added in June, the Bureau of Labor Statistics reported, well below analyst forecasts
Ecobank is betting that saving African biodiversity is good business — and investors are all in.
In May, Togo’s Ecobank became the first commercial bank in Africa to issue a nature bond, mobilizing $450 million that will primarily be utilized to finance sustainable agriculture, biodiversity, and water infrastructure across sub-Saharan Africa. Floated at the main market of the London Stock Exchange, it is being touted as the world’s first commercial bank-issued nature bond that meets standards set by the International Capital Market Association (ICMA).
The ICMA last year introduced the nature bond label as a secondary designation under its Green Bond Principles framework. Ecobank thus becomes the first commercial bank to issue a green bond with the nature bond label.
The offering creates a new route for investors who want to help protect the continent’s biodiversity. Home to 1.5 billion people — about 20% of the global population — Africa hosts 25% of global biodiversity, although it has lost nearly a quarter of its pre-industrial total, according to a study by the Stockholm Resilience Centre (SRC).
Conflicts, perennial food insecurity, economic instability, and stunted development are among the culprits, and action is only becoming more urgent as the climate crisis worsens, yet Africa receives less than 3% of global nature finance.
Given the challenge, the Ecobank bond has generated unprecedented excitement. The 10.25-year, Tier 2 eurobond was oversubscribed nearly four times, attracting order books in excess of $1.36 billion against an initial target of $350 million. Owing to the overwhelming demand, Ecobank decided to increase the transaction by $100 million and tighten pricing by 50 basis points. Moody’s awarded the transaction its SQS1 Excellent score, the highest possible sustainability quality mark.
“This transaction is a defining moment for African sustainable finance,” said Jeremy Awori, Ecobank CEO. “Investors did not just support this bond. They demanded more of it, allowing us to increase the size and tighten pricing.”
FMO, the Dutch entrepreneurial development bank, was the anchor investor with a $50 million participation, noting that the bond aligns with its strategy of supporting green and sustainable finance that contributes to biodiversity in sub-Saharan Africa. It was the second time FMO has served as anchor investor for an Ecobank transaction. In 2021, it invested a similar amount in the bank’s inaugural $350 million Tier 2 sustainability notes.
Finnfund was another major investor, with a $15 million ticket; the bond falls in line with the Finnish development financier and impact investor’s broader focus on safeguarding biodiversity.
“By supporting investments that promote sustainable land use and protect natural resources, Finnfund aims to contribute to preserving the natural capital that economies and livelihoods depend on,” said Ulla-Maija Rantapuska, Finnfund’s senior investment manager, in a prepared statement.
For Ecobank, the nature bond’s debut was timely, enabling it to refinance its outstanding $350 million of 8.75% notes, which are due to mature in June 2031. The proceeds of the transaction will be ring-fenced to support smallholder farmers adopting sustainable agricultural practices. Additionally, the funds will back agri-processors with verified deforestation-free supply chains. Funding will also target water infrastructure protecting freshwater ecosystems that millions of people rely upon.
Ecobank operates in 34 sub-Saharan African countries, where it boasts 32 million customers and $801 million in pre-tax profits as of last year; it has identified 24 markets as key for biodiversity lending. Critical lending criteria favor countries where agricultural land-use change is the primary driver of biodiversity loss.
John Njiraini is a contributing correspondent based in Nairobi, Kenya.
Two of the biggest box-office standouts of 2026 so far were not made by established studio directors or built on franchise IP.
“Obsession” and “Backrooms” — horror films from internet-native directors in their 20s — have outperformed far more expensive studio releases.
The breakout success of these films has ignited debate across Hollywood about what made these movies so popular, especially among Gen Z moviegoers who haven’t been flocking to cinemas in recent years. Here’s what to know:
”Obsession” was directed by 26-year-old Curry Barker, who got his start on YouTube with sketch comedy and horror shorts. Released May 15 by Focus Features, the film was made for just $750,000 but opened to a staggering $17 million and has improved on its debut every weekend since.
“Obsession” set an all-time horror record for the biggest fourth weekend for a film at the domestic box office, raking in $25.4 million. It now ranks as the year’s fifth most popular film, nearing $200 million domestically and roughly $295 million worldwide — ahead of Pixar’s “Hoppers” ($166 million) and Paramount’s “Scream 7” ($121 million), per Box Office Mojo.
“Backrooms,” from 21-year-old Kane Parsons — known on YouTube as Kane Pixels — drew on an online fascination with liminal spaces, leading audiences through an endless run of nearly indistinguishable rooms.
Released May 29 by A24 (known for such acclaimed films as “Moonlight” and Everything Everywhere All at Once”) on a reported $10-million budget, it opened to $81 million and crossed $100 million in under a week.
Within two and a half weeks, it had outgrossed the entire theatrical runs of horror films “Five Nights at Freddy’s 2,” “Smile” and “Scream 7.” It sits as 2026’s eighth-highest-grossing film.
The audiences are young. In recent weeks, nearly 90% of “Backrooms’” viewers were under 35, with more than half under 25. Over “Obsession’s” first few weekends, 75% of the audience was 17 to 34, which is significant at a time when major studios have struggled to consistently get younger viewers to trek to the multiplex.
Audiences have clearly latched onto the stories, said Jason Blum of Blumhouse–Atomic Monster, who worked on both films.
“There’s been an audience kind of waiting to get back to the movie theaters, and we in Hollywood really have not landed on what would get them back,” he told The Times in an interview this week.
Blum, who upended horror genre with the “Paranormal Activity” franchise, ties the success of “Backrooms” and “Obsession” to a connection to the directors’ origins.
Because the films were made by creators who speak to younger viewers daily on YouTube, he said, that generation “feels like they’re being spoken to.”
David Gross, an analyst at FranchiseRe, framed it as a new pipeline of talent and material. Creators can build large followings very inexpensively, he said, and their stories arrive further developed — which expedites the development and discovery process. He called internet-based storytelling “another additive source for material for movies.” Blum added that the films’ success could make studios more willing to bet on undiscovered directors who “might not have been considered” before.
Rosie Ramirez, chief marketing officer at Galaxy Theatres, said a young first-wave audience tends to generate buzz. More than a month after “Obsession” was released, she said, the Nevada chain’s four California locations are only now seeing a second wave of moviegoers curious about the hype.
Notably, the rise of these two films has unfolded in the shadow of major releases like Disney’s “Star Wars: The Mandalorian and Grogu,” and Mattel’s “Masters of the Universe,” both of which returned underwhelming numbers in their respective opening weekends.
Whether this marks a lasting shift or a fluke is unclear. May crossed $1 billion in box office — with “Backrooms” and “Obsession” doing much of the heavy lifting. Despite the improvement, the box office has yet to full return to pre-pandemic levels, with the summer tracking roughly 3.5% behind summer 2019, said Comscore’s Paul Dergarabedian.
And Dergarabedian questioned how the industry could replicate a success that, in his words, was “authentically and organically created” rather than manufactured: “It just happened,” he said.
Ramirez argued the broader summer slate — franchise tentpoles like “Toy Story 5” alongside some original surprises — points to a healthy box office regardless, a reminder that “it doesn’t always have to be the big summer blockbuster.”
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Weekly insights and analysis on the latest developments in military technology, strategy, and foreign policy.
Norwegian missile-maker Kongsberg has finalized its acquisition of a majority stake in Zone 5 Technologies, bringing under its umbrella the U.S. start-up’s Rusty Dagger low-cost cruise missile, among others. With both those weapons already moving into large-scale production, the two companies are making the case for combining Kongsberg’s stealthy Joint Strike Missile (JSM) cruise missiles in operational scenarios. Zone 5 has also now confirmed that the Rusty Dagger, which is already being supplied to Ukraine, is now cleared for use on four different types of fighter aircraft, including the F-16.
At the ILA Berlin airshow yesterday, where TWZ was in attendance, officials from the two companies announced that Kongsberg has now formally acquired a 90 percent stake in Zone 5. California-based Zone 5 will continue to operate as an independent subsidiary under the Norwegian contractor. As well as discussing the industrial acquisition, the officials provided details of how the Rusty Dagger fits into the new-look portfolio, and updates on how that program is progressing.
Zone 5 Technologies – Rusty Dagger
Founded in 2011, Zone 5 is one of an emerging class of defense companies gaining prominence for developing low-cost, rapidly deployable capabilities. In many ways, they represent the inverse of traditional defense contractors, favoring speed, scalability, and cost efficiency over highly customized, high-priced systems.
Kongsberg first announced the acquisition in December, with executives noting that buying a stake in Zone 5 offered the fastest path to offering lower-cost missiles that still deliver meaningful combat capability, especially in terms of bringing these to the European market.
“What we’re doing here is that we’re combining Kongsberg’s niche, exquisite technologies with a company very capable of designing for cost efficiency and mass production,” explained Thomas Akers, founder and CEO of Kongsberg.
As to why Kongsberg didn’t choose to develop its own equivalent to the Rusty Dagger, Harald Aarø, Kongsberg’s executive vice president for business development and strategy, provided the following answer:
“Technically, could we be capable of doing it? Yes, but we are not as capable, as we will probably spend a longer time, and perhaps not strike as smart solutions,” Aarø said. “That doesn’t mean that our engineers aren’t just as smart. Our engineers are just as smart, but on a different sports field, so to speak.”
Aarø also described how the specific combination of the Rusty Dagger and the JSM makes for “a very effective future strike solution.” Namely, the Rusty Dagger provides cost-effective but still highly capable standoff strike, while the more exquisite JSM comes with a heftier price tag but offers a greater chance of making it through to even heavily defended targets, on account of its sophisticated guidance and low-observable characteristics.
As well as being launched from a pylon on a fighter, the Rusty Dagger can be configured for palletized employment from a cargo aircraft, reflecting growing interest in this type of munition employment. It can also be surface-launched both on land and at sea.
According to Tom Kanewske, Zone 5’s chief strategy officer: “What’s interesting about our missile is that the same base, light cruise missile is field retrofittable for all employment modes, and that puts us in a very unique space, in that a country and their [armed] services are able to purchase the same munition and field retrofit for that to be surface launched, whether from land or the deck of a ship, or pylon launched from a fighter aircraft, or palletized.”
Since larger numbers of Rusty Daggers can be launched in any given scenario, they can overwhelm enemy air defenses and improve the chances of success.
According to Kanewske, Rusty Dagger and JSM “offer a weapon pairing that truly no other missiles in the world do.”
While the JSM can be carried internally in the F-35, the same is not currently the case for the Rusty Dagger, although Kanewske said that this is “something that is of keen interest to the [U.S. military] services and several of our international partners.”
When it comes to utilizing the Rusty Dagger and JSM together in a combat scenario, Kanewske noted the possibility of integrating capabilities that would allow the Rusty Dagger to offer “cooperative behaviors” with the JSM. This reflects a growing trend toward leveraging artificial intelligence to help make all munitions more effective and survivable, something that has been demonstrated via Golden Horde and follow-on programs.
Both missiles fly at high-subsonic speeds, the Rusty Dagger being able to strike targets at a range of 250 miles, according to Zone 5, while the JSM has a range of more than 215 miles.
In one highlighted scenario, F-35s could penetrate closer to the target, with their JSMs carried internally to preserve their low-observable features. Meanwhile, much larger numbers of Rusty Daggers could be pylon-launched from fighters, and dropped in palletized form out of the cargo holds of transports, from outside of the range of hostile air defenses.
Kanewske confirmed that, this year, its first year of production, “well above 1,000 units for Rusty Dagger” will be completed, including for the U.S. Air Force, as the AGM-188, under the Family of Affordable Mass Missiles (FAMM) program. The Air Force’s proposed budget for the 2027 Fiscal Year laid out plans to buy nearly 28,000 FAMM munitions over the next five years.
Last month, the Pentagon laid out plans to acquire at least 10,000 lower-cost cruise missiles over the next three years, as part of a broader strategy to dramatically bolster its stockpiles of standoff strike munitions and prepare the industrial base to sustain those inventories going forward. This is seen as especially critical for supporting the demands of future high-end fights, such as one in the Pacific against China, and doing so in a cost-effective manner.
The Rusty Dagger has so far been cleared for use from four different types of fighter aircraft, Kanewske said. One of these is the F-16, which used the weapon in end-to-end live-fire trials at the Eglin Test and Training Range in Florida earlier this year. Another platform may be the A-4, with a contractor-operated example of the attack jet having been used in company trials. Then there is the Ukrainian Air Force, which is using the Rusty Dagger, under the Extended Range Attack Munition (ERAM) program, although the specific platforms have not been disclosed. Any of the MiG-29 Fulcrum, Su-25 Frogfoot, and Su-27 Flanker are likely candidates — as well as its own F-16s.
A series of unverified photos, first published by Russian sources, showing purported parts of Rusty Dagger missiles retrieved after being used by Ukraine:
It appears that the AGM-188A “Rusty Dagger” cruise missile has undergone field testing in Ukraine.
Russian sources are publishing photos of an unknown 8-element CRPA antenna. On the back side of the unit there is a circuit board with a large heatsink, which carries the CAGE code… pic.twitter.com/phZeOJfHJ0
— 𝔗𝔥𝔢 𝕯𝔢𝔞𝔡 𝕯𝔦𝔰𝔱𝔯𝔦𝔠𝔱△ 🇬🇪🇺🇦🇺🇲🇬🇷 (@TheDeadDistrict) June 7, 2026
In the case of the F-16, Kanewske said that only 72 hours were required to integrate the Rusty Dagger on the jet during the trials at Eglin.
“We’re the only affordable mass munition that is currently on contract with an export international customer, and we are actively involved with them at this time,” Kanewske said, clearly referring to Ukraine.
Zone 5 is currently under U.S. Air Force contract for both FAMM and ERAM, and is also under contract with the U.S. Army for its Low-Cost Containerized Missile (LCCM) program, and for the U.S. Navy as part of its Coalition Heterogeneous Affordable Offensive Strike (CHAOS) program, which seeks a low-cost anti-ship cruise missile to provide to partner countries. Both LCCM and CHAOS involve surface-launched missiles.
As well as the ability to rapidly scale up production and a relatively low unit cost, the Rusty Dagger brings with it an open-architecture concept, applying to both software and hardware. This means new, sovereign features and capabilities can be introduced at short notice by customers. In the past, an operator might have to wait up to five years for unique subcomponents to be integrated in a similar weapon, Kanewske contended. With the Rusty Dagger, Zone 5 has demonstrated that this can be achieved in under 12 months.
Then, when it comes to producing the missile at mass, rather than having to “make that factory bigger and bigger,” Kanewske explained that the company offers a franchise model “that allows us to roughly parachute in the design, the equipment, the tooling, the fixtures, the quality control, so that countries can drop in their own subsystem capabilities, and we can achieve manufacturing at pace and at scale.”
Speaking in Berlin yesterday, Kongsberg’s Harald Aarø confirmed that Germany is a particular target for this franchise model, including for the Rusty Dagger. He identified Germany as having “probably the best manufacturing capabilities on this planet,” making it an obvious choice for a European manufacturing footprint.
Reflecting on the changing security situation on the continent since Russia’s full-scale invasion of Ukraine, Aarø said that now is “a natural time to start looking at a production site in Europe,” providing nations there with national sovereign capabilities based on the Kongsberg/Zone 5 joint portfolio.
Kongsberg’s acquisition of a majority stake in Zone 5 evidences a broader shift in Western defense planning toward affordable, mass-produced precision weapons that can be fielded at scale alongside more sophisticated strike systems.
The war in Ukraine has exposed the harsh reality that Europe needs far more standoff weapons than it currently possesses, and it needs them at a price point that allows stockpiles to be measured in the thousands rather than the dozens. Rusty Dagger is very much indicative of a new generation of systems designed around that requirement, prioritizing low-cost mass production over the exquisite but scarce munitions that have traditionally dominated Western arsenals.
As conflicts in Ukraine and the Middle East continue to highlight the operational value of low-cost, long-range munitions, demand for capabilities such as the Rusty Dagger is likely to grow. In an increasingly crowded marketplace, Kongsberg and Zone 5 will hope they can leverage their partnership, the Rusty Dagger’s combat use in Ukraine, and the potential to harness its capabilities in combination with the JSM, to build on the missile’s success.
At the same time, Kongsberg’s interest in establishing European production reflects a wider recognition across the continent that long-range strike capacity, industrial resilience, and the ability to sustain missile inventories are becoming increasingly important elements of national and collective defense.
Contact the author: thomas@thewarzone.com
Michele Spagnuolo allegedly used insider information to profit from bets on people on Google’s most-searched list.
Published On 28 May 202628 May 2026
A Google software engineer has been charged with fraud by US authorities after allegedly using insider information to win more than $1.2m in bets on the prediction market platform Polymarket.
Michele Spagnuolo, an Italian citizen residing in Switzerland, is accused of using confidential information to wager on the results of Google’s annual most-searched list, according to a criminal complaint unsealed on Wednesday.
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US prosecutors accuse Spagnuolo of using an account named “AlphaRaccoon” to make trades on various markets linked to the results of Google’s 2025 Year in Search.
The total sum of the bets was approximately $2.75m, according to the complaint, filed in federal court in New York.
Among the bets, Spagnuolo successfully predicted that indie pop musician d4vd would top the list for the most-searched for person last year, hours after accessing confidential data at Google, according to prosecutors.
Spagnuolo, 36, faces charges of commodities fraud, wire fraud and money laundering.
“Today’s charges reinforce a decades-old message: corporate insiders cannot use confidential business information to turn a profit in our markets,” US Attorney for the Southern District of New York Jay Clayton said in a statement.
“Insider trading compromises the integrity of our markets, and the American people want this greed-driven conduct investigated and prosecuted,” Clayton added.
Google said in a statement that it is working with law enforcement and that using confidential information to place bets is a serious breach of company policy.
Spagnuolo has been placed on leave, according to a Google spokesperson.
A Polymarket spokesperson said the company had worked closely with the US Attorney’s Office on the investigation and that the firm “is the only prediction platform to date whose cooperation has led to insider trading charges in the United States”.
“We are committed to maintaining accurate, fair, and transparent markets as well as enforcing our rules and working with our regulators and law enforcement,” the spokesperson added.
Last month, a US soldier was charged with using classified military information to place bets on Polymarket regarding the abduction of Venezuelan President Nicolas Maduro.
Prosecutors accuse Gannon Ken Van Dyke, 38, of cashing in on the US operation against Maduro, to the tune of more than $400,000.
Spotify Technology SA announced several new initiatives — from concert ticket perks to a major AI-generated music licensing deal — that the Swedish audio streaming company said will help fuel growth over the next four years.
At the first investor day led by new co-chief executives Gustav Söderström and Alex Norström, Spotify outlined a vision revolving around features that will allow people to personalize their listening experience, whether with music, podcasts, audiobooks or working out. Investors liked what they heard, pushing Spotify shares up as much as 18% over the course of the presentation.
Spotify addressed one of Wall Street’s biggest concerns about artificial intelligence by announcing a major new licensing deal with Universal Music Group NV. The agreement will let Spotify launch a tool to let fans create covers and remixes of their favorite songs from artists and songwriters who opt in. Powered by generative AI, the tool will be available as a paid add-on for Spotify Premium users. It will open up additional revenue streams for Spotify and create a new source of income for artists and songwriters on top of what they already earn on the platform, according to the companies.
Spotify has been working with the music industry on ways to harness the power and consumer interest in AI without violating artists’ rights. Last October, the company announced an agreement with the biggest record labels to use AI in a “responsible way,” but didn’t specify at the time what those tools would look like.
“This era of generation doesn’t need to threaten the future of music,” said Charlie Hellman, Spotify’s head of music. “Because we built the system legal, trusted and aligned, we can make sure that the value flows back to the people who created it.”
In another big announcement, the company laid out plans to work with Live Nation Entertainment Inc. to offer Spotify subscribers the option to purchase two tickets to their favorite star’s concert before they go on sale to the general public. The move could help resolve some of the issues fans have had in beating ticket resellers to face-value tickets, while encouraging customers to stay on as subscribers even as Spotify raises monthly fees.
Fans have long complained about the ticketing process for live performances, which often pit people against bots and scalpers, leading to high prices and sold-out shows.
“It’s frustrating for fans,” said Rene Volker, head of live events. “It’s frustrating for artists too, who look out at a crowd and wonder, are the fans who built my career actually here?” The new “Reserved” perk is designed to relieve some of that tension. “No racing bots, no chasing around online for presale codes. Just two tickets held for you,” she said.
The presentations Thursday were designed to comfort investors and prove that Spotify can still innovate. Wall Street has been skeptical that the company can rein in costs while staying ahead of competitors, particularly as it relates to AI. Those concerns have weighed on shares this year, sending them down 25% through Wednesday’s close. While the company makes most of its money through subscriptions, the executives sought to reinforce the idea that they have other levers to pull in order to generate sales beyond monthly fees and that people are willing to spend more for certain features.
The company outlined its growth targets through 2030, including a compound annual growth rate in the mid teens, a gross margin of 35% to 40% and an operating margin above 20%. Spotify remains committed to its long-term goal of 1 billion subscribers, $100 billion in revenue and over 40% in gross margin, the executives said.
Spotify sees its podcast and audiobook features as complementary to music and said the combination of the multiple verticals has helped broaden its community and convert users from free listeners to paid subscribers. Today, more than 500 million people have streamed a video podcast on Spotify, up nearly 50% from a year ago. And in just a few years, Spotify has captured about 20% of the audiobooks market in the US, executives said. People who use all three verticals — music, podcasts and audiobooks — are engaging with Spotify almost every day of the month, according to the company.
Giving people the tools to personalize their listening experience helps keep them in Spotify’s universe — creating what executives described as the “all day user.”
Personal Podcasts, for example, lets people write a prompt in the Spotify app and AI will create a unique podcast in response.
“We see this much more as a daily brief and a recommendation engine than something that would replace you listening to one of your favorite podcasts,” Söderström said in an interview. He noted that 60% of users in mature markets for Spotify don’t yet listen to podcasts, so features like Personal Podcasts could get them to dive into the medium.
The company said its podcast business has been profitable for two years.
Spotify’s Audiobook+ tier gives listeners more than their allotted 15 hours of audiobook listening per month for an additional fee. It has 1 million subscribers and is on track to generate $100 million in annualized revenue, the company said. To capitalize on the demand, Spotify will start selling even more audiobook hours to super users. Additionally, it will allow podcasters to offer memberships, so subscribers can access special episodes and other content. Spotify will take an undisclosed slice of revenue from the memberships.
Carman writes for Bloomberg.