In the summer of 2020, the year “Ted Lasso” debuted on Apple TV, the largest audience for a televised soccer match in the U.S. was 1.7 million. Shortly before the soccer-based sitcom returned for a fourth season last Wednesday, nearly 63 million viewers in the U.S. watched the World Cup final.
Brendan Hunt, the actor who plays Lasso’s loyal sidekick Coach Beard in the series, can’t prove the show is responsible for that growth. But since he can’t disprove it either, he’ll just go with the flow.
“I would love it if we’ve had a role at all,” he said. “If we are a pebble in that avalanche, then I’m happy.”
What the Emmy-winning series has undeniably done is bring soccer into millions of unsuspecting households that had previously avoided the sport like a plague. So while Jason Sudeikis, the star and co-creator, alongside Hunt, of “Ted Lasso,” insists the show is not about soccer, the sport sure gets a lot of screen time. And that has made the game more palatable and popular for a public that can now relate to it.
“We tricked them by putting soccer in a comedy show,” Hunt said. “The first thing you’ve got to do to get somebody to become a soccer fan is just make them care about one team, to find one team.
“In this instance we’ve made them care about this fictional team and that easily can transmute, if you’re not careful, into caring about other teams. And then hopefully the sport itself.”
After a three-year hiatus, “Lasso” returned for Season 4 last week with the series’ eponymous title character, played by Sudeikis, returning to Richmond to coach a fledgling second-division women’s team. Hunt’s understated character makes his first appearance of the season in Episode 2 Wednesday.
“He is clearly going through something,” Hunt said. “Is it just what happens to Beard when he’s away from Ted for too long or is there something important that has happened? We’ll find out before too long.”
Speaking of having gone through something, Hunt, who plays a fictional coach for a fictional team, spent the first part of his summer being a very real journalist at a very real tournament, attending 14 World Cup games in more than half a dozen stadiums — including the Spain-France semifinal in Arlington, Texas, which he watched from the press box, and the Spain-Argentina final, part of which he watched from field level.
“That was a really cool experience,” said Hunt, who did a World Cup podcast with Rebecca Lowe, the studio host of Fox’s tournament coverage.
But for Hunt, 54, the most passionate soccer fan among the writers and actors on “Ted Lasso,” the sport was an acquired taste. Half a lifetime ago, Hunt was a die-hard Chicago Bears fan working in residence with an improv group at a small, aging theater in Amsterdam when he got swept up in Dutch soccer culture.
Eventually, he said, he was contributing weekly columns to Sp!ts, a free commuter newspaper in Amsterdam, chronicling his growing infatuation with the sport. When Sudeikis, another Midwesterner, joined the comedy troupe, Hunt began proselytizing about the sport, using PlayStation games to draw in Sudeikis.
“I found a secret that I had to tell everybody,” Hunt said. “When Jason came to Amsterdam, by that point I was fully a zealot. It was like a new recipe. ‘This thing is great!’
“I’ve been doing it ever since. I just have a slightly larger platform from which to do it.”
That platform is “Ted Lasso,” based around a soft-drawling college football coach, and Beard, his quiet but intense assistant. The concept debuted in a 2013 promo for NBC’s coverage of the English Premier League, then launched as a full-blown sitcom during the angst and fear of the coronavirus pandemic seven years later.
The series, with its message of optimism, kindness and patience and its call to “be curious, not judgmental” — a sentiment Lasso mistakenly credits to Walt Whitman — proved to be the perfect tonic for those trying times. Before it paused after Season 3, it had become the most-watched original streaming series across all platforms and the first Apple TV show to cross the billion-minute mark in a single tracking week.
But in addition to all the messaging and positivity, the show also included soccer. The offside rule and promotion and relegation are the butts of repeated jokes and there are discussions of tactics, positions, formations and other game-related details that would have previously frustrated viewers.
“Lasso,” however, proved U.S. soccer IQ was higher than expected; the sport may not have become fully mainstream, but it was no longer a foreign concept.
“There’s just a wider sense of like, ‘yeah, we’re fine. Soccer’s fine,’” Hunt said of the U.S. public. “We don’t need to explain it to people or impress it upon people. The World Cup has sort of finally cemented that.
“It feels like less and less of a capital S struggle right now.”
Brendan Hunt, left, and Jason Sudeikis in “Ted Lasso.”
(Apple TV)
For Hunt, who has been a season-ticket holder for LAFC and Angel City, getting to be a credentialed World Cup journalist — and a participant in the halftime show at the final — were once such far-fetched dreams that they never even made his bucket list. Getting paid to write scripts for a project he’s passionate about, then act out those scripts as a make-believe coach, was once only slightly less unbelievable.
Yet Hunt has done it all — and after a three-year break he’s back doing it again.
“It’s definitely fun,” he said. “For one thing it makes me a little more useful in the writers’ room than I would be on ‘Grey’s Anatomy.’ And it also means that a world that I already really enjoy has now opened its arms to us.
“The world of football, to have responded so well to this show, has been truly a touching part of this experience.”
And no one can’t prove the show hasn’t played at least a small role in making the U.S. a soccer country at last.
Can fintech bridge Colombia’s financial gap? Recent policy shifts and new leadership suggest it can.
This article appears in the July/August issue of Global Finance Magazine.
After several years of subdued growth, weighed down by weak fixed investment, high borrowing costs, persistent productivity constraints, and a complex political environment, Colombia’s next growth story is taking shape, centered on technology, particularly fintech and payments.
But first, the country must reckon with a paradox it has so far failed to resolve.
Over the past decade, Colombia has built one of Latin America’s largest fintech ecosystems, incubating more than 400 active companies. Their combined revenues have tripled over the past four years and are projected to double again by 2027, according to Finnovista’s Fintech Radar Colombia 2025.
Yet the country’s underlying financial system remains shallow. Fewer than one in six microenterprises have access to formal credit. Insurance penetration is just 3.3% of GDP and the financing gap for small and medium-sized enterprises is estimated at 13% of GDP, according to the World Bank.
“For years, we celebrated open accounts while ignoring that millions of people cannot use them to save, pay, or finance their projects without falling into informality,” notes Gabriel Santos, president of Colombia Fintech.
But with the narrow victory in June of right-wing, Trump-backed outsider Abelardo de la Espriella, whose presidential campaign promised deregulation and a more business-friendly stance, Colombia’s industry — and the opportunity for foreign investors — appears to be entering a new era.
“Colombia is selling at a discount to its fundamentals,” says Juan Manuel Quintero, CEO of Precia, a leading provider of valuation services and financial information in Latin America. “For investors willing to look past the headline political noise, the risk-adjusted opportunity is more attractive than the country’s reputation currently suggests.”
At first glance, Colombia appears well-banked. In 2024, 95.8% of Colombian adults held a deposit product, according to Banca de las Oportunidades, and bank-led digital wallets such as Nequi and DaviPlata have driven much of that expansion.
But deposit access and financial depth are not the same thing. Only 35.5% of adults had access to any credit product in 2024, according to the Superintendencia Financiera de Colombia. The gap is even wider among businesses; just 15.3% of microenterprises had access to credit, compared with 74.8% of medium-sized enterprises, according to a report by the Organisation for Economic Co-operation and Development. Domestic credit to the private sector stands at about 50% of GDP, below the Latin American average of 54% and a fraction of Chile’s 116%, according to the World Bank.
“This is a powerful story of growth,” argues José Ignacio López, president of the National Association of Financial Institutions of Colombia (ANIF). “Colombia is lagging in many regards in terms of financial inclusion compared to peers in the region,” not just in credit but also in insurance and investment products. “The whole agenda of financial inclusion as an engine of growth is there.”
Start-ups are not the only leaders in Colombia’s fintech development; established banks have been among the most aggressive builders. Nequi, created by Bancolombia, and DaviPlata, from Banco Davivienda, highlight how the country’s largest financial institutions were willing to bet early on digital. DaviPlata alone reached 18.5 million customers by the end of 2024.
“The talent, the regulatory openness, the incumbent institutions willing to innovate, and a large, underserved population that represents both a social imperative and a commercial opportunity” are all there, says Quintero. What Colombia lacks is “the institutional architecture to convert those ingredients into compounding, systemic change. That gap is not a market failure; it is a policy choice. And it remains reversible.”
Colombia is building the plumbing to make that possible, and some of it is already functioning.
Bre-B, the country’s interoperable instant-payment system modeled on Brazil’s Pix, went fully live last October. Within months, it had registered 99 million aliases for more than 33 million customers and 2.8 million merchants.
Cash still accounts for 77.8% of transactions in Colombia, but Bre-B aims to change that by allowing anyone to send and receive money instantly across any bank, wallet, or fintech, using nothing more than a phone number or national ID.
Decree 368 of 2026, handed down in April by the outgoing administration of President Gustavo Petro, added a second layer, making open finance mandatory for supervised institutions and replacing an earlier voluntary framework that had seen limited adoption. Its significance goes beyond convenience. Most of Colombia’s small businesses have no credit history, operate on cash, and lack collateral or audited accounts. The formal credit system was not built to serve them.
But a business that processes payments through Bre-B immediately starts producing something it never did before: a timestamped, verifiable record of money moving in and out. Quintero calls it simply the “credit file” for businesses that have never had one. If open-finance rules allow lenders to access that data, the underwriting equation shifts from asking whether a borrower has the right documents to asking whether it generates enough cash to repay a loan.
The deeper opportunity, López argues, lies in open data: extending the logic to commercial records, utility payments, and supply-chain relationships that fall entirely outside formal finance. “The ultimate goal is to roll out open finance and then move on to open data. That combination of payments and open data could be a powerful tool,” he says.
When he takes office in August, De la Espriella’s government will inherit a fintech sector with solid private-sector momentum, but one that is still short on tax clarity, regulatory continuity, capital formation, data governance, and trust.
His win prompted an immediate rally in Colombian bonds and equities as investors priced in a more business-friendly policy environment. But the harder question remains: whether that agenda can reduce the structural frictions that keep isolated success stories from evolving into deeper financial infrastructure.
The fiscal framework is central to the problem. Early-stage companies face tax obligations disproportionate to their cash generation, while the treatment of reinvested capital, equity incentives, and technology investment does not reflect how digital businesses actually scale.
“A fiscal architecture not designed for innovation-stage businesses creates disproportionate burdens at exactly the moment when companies need to reinvest capital to scale,” Quintero notes.
López anticipates continuity despite political polarization. Financial inclusion and fintech are “not really controversial” areas, he says, even in a politically divided country. But investors still need “clear signals, especially long-term ones, so fintech firms and the broader financial sector can put their bets on the country.”
Financial inclusion alone will not solve Colombia’s growth problem. But if the country can turn payment data into access to credit and fintech momentum into deeper financial markets, it could show that parts of the informal economy can become more visible, financeable, and productive.
Thomas Monteiro is a contributing writer based in Spain.
Europe’s established technology companies are emerging as unexpected beneficiaries of the artificial intelligence boom, as businesses shift from AI experimentation to large-scale deployment. Rather than model developers capturing all the value, companies specializing in enterprise software, consulting, and cloud infrastructure are seeing stronger demand by helping organizations integrate AI into existing operations.
Recent earnings from SAP, Capgemini, Sopra Steria, and OVHcloud indicate that corporate AI spending is increasingly focused on implementation rather than simply acquiring AI models.
Large organizations require AI systems that integrate with legacy software, fragmented databases, compliance frameworks, and existing business processes. This complexity has created growing demand for firms with deep experience in enterprise technology integration.
Industry analysts argue that the next phase of AI competition lies in applications rather than foundation models.
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As businesses adopt multiple AI models for different functions, the challenge is no longer selecting the best model but ensuring those systems work securely across finance, supply chains, human resources, and customer operations.
This transition is benefiting European firms that have spent decades building enterprise software ecosystems and managing digital transformation projects.
SAP reported a 26% increase in its cloud backlog, reflecting continued migration of enterprise systems onto cloud platforms that increasingly support AI deployment.
Meanwhile, Capgemini and Sopra Steria upgraded their business outlooks after stronger-than-expected growth in bookings and consulting demand, particularly for AI integration, governance, and data management services.
These results suggest implementation services are becoming a major source of value creation within the AI economy.
Demand is also growing for AI infrastructure that provides greater control over corporate and government data.
Sectors such as defense, aerospace, healthcare, and critical infrastructure increasingly prioritize security, regulatory compliance, and data sovereignty when deploying AI.
This trend has supported European cloud providers such as OVHcloud, while companies including Airbus have chosen European AI infrastructure and cloud services for sensitive applications.
Despite improving demand, Europe’s technology incumbents must demonstrate that AI-driven growth is sustainable over the long term.
Automation could pressure consulting margins, while increasing competition among AI providers may compress pricing. Companies will also need to continue investing heavily in infrastructure and software development to maintain their competitive position.
The latest earnings reinforce a broader shift in the AI value chain. While much investor attention has focused on companies developing large language models, the commercialization of AI increasingly depends on firms capable of integrating those models into complex enterprise environments. Europe’s established technology companies possess decades of expertise in enterprise software, systems integration, cybersecurity, and regulatory compliance areas becoming increasingly critical as organizations deploy AI at scale. If businesses continue prioritizing implementation, governance, and digital sovereignty over standalone AI models, Europe’s incumbents could become some of the most durable long-term beneficiaries of the global AI transformation, despite not leading the race to build frontier AI models.
With information from Reuters.
Asian stock markets extended their sharp selloff on Wednesday as investor concerns over artificial intelligence (AI) valuations deepened ahead of a crucial round of earnings from major U.S. technology companies and the Federal Reserve’s latest monetary policy decision. The decline reflects growing skepticism over whether massive investments in AI infrastructure will generate sustainable profits, while renewed tensions in the Middle East added fresh inflationary risks through higher oil prices.
The market downturn comes after months of extraordinary gains driven by optimism surrounding AI, particularly among semiconductor manufacturers and technology giants. However, disappointing earnings signals and concerns over corporate cash flows are prompting investors to reassess whether the sector’s lofty valuations remain justified.
Technology heavy markets across Asia led the global decline as semiconductor stocks came under intense pressure.
South Korea’s KOSPI plunged more than 11 percent, reaching its lowest level since April after suffering another double digit loss a day earlier. Taiwan’s benchmark index dropped 5 percent, while Japan’s Nikkei declined 2.6 percent. The broader MSCI Asia Pacific index excluding Japan also fell sharply, highlighting widespread investor caution across the region.
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The weakness was concentrated in technology stocks that have largely fueled this year’s market rally through expectations of sustained AI demand.
Semiconductor companies remained at the center of the selloff despite reporting robust financial results.
South Korean memory chip giant SK Hynix reported operating profits that increased more than sixfold compared with the previous year. Nevertheless, its shares fell 9 percent after investors judged the results against exceptionally high expectations.
Market participants are increasingly demanding stronger evidence that companies can convert enormous AI related capital expenditure into long term profitability. Investors are also seeking clearer commitments regarding shareholder returns and long term supply agreements before assigning premium valuations.
The reaction illustrates how market expectations have evolved from rewarding growth alone to demanding measurable financial returns.
Attention has now shifted to earnings from Microsoft and Meta, which are expected to provide important insight into the financial sustainability of AI investments.
The results follow disappointing updates from Alphabet and Tesla, whose weaker cash flow performance raised concerns that rising AI spending may be placing increasing pressure on corporate finances.
Investors will closely examine whether major technology companies can demonstrate that billions of dollars invested in AI infrastructure are producing corresponding improvements in revenue growth and profitability.
Failure to provide convincing evidence could accelerate the ongoing market correction.
Geopolitical developments added another layer of uncertainty after renewed military activity between the United States and Iran pushed energy prices higher.
Brent crude rose more than 3 percent while West Texas Intermediate crude also gained over 3 percent following reports of Iranian ballistic missile launches and renewed concerns over the security of shipping through the Strait of Hormuz.
The waterway remains one of the world’s most strategically important energy corridors, and any disruption raises fears of tighter global oil supplies and renewed inflationary pressures.
Higher energy prices have complicated the outlook for financial markets by increasing uncertainty over future monetary policy.
The Federal Reserve’s policy announcement has become increasingly significant as investors attempt to balance slowing market sentiment against persistent inflation risks.
Markets remain divided over whether the central bank will maintain current interest rates or opt for another increase. Rising oil prices have strengthened expectations among some analysts that policymakers may adopt a more cautious stance toward inflation.
A more hawkish outcome could place additional pressure on technology stocks, whose high valuations remain particularly sensitive to higher borrowing costs.
The latest market correction suggests that the AI investment narrative is entering a more demanding phase. Investors are no longer rewarding technology companies solely for expanding AI infrastructure but increasingly expect tangible financial returns from unprecedented levels of capital expenditure.
At the same time, renewed geopolitical tensions in the Middle East have introduced fresh inflation risks through higher oil prices, complicating the Federal Reserve’s policy choices and adding further uncertainty to global financial markets. Higher interest rates typically reduce the attractiveness of high growth technology stocks by increasing financing costs and lowering future earnings valuations.
While the long term outlook for artificial intelligence remains strong, the market appears to be transitioning from optimism driven by expectations to a phase focused on profitability, efficiency, and sustainable returns. Companies that fail to demonstrate clear commercial benefits from their AI investments may continue to face heightened investor scrutiny, making upcoming earnings reports a defining test for the next phase of the global AI driven market cycle.
With information from Reuters.
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South Korean technology giant Samsung Electronics says it expects to post a 19-fold jump in its profits, driven by global demand for artificial intelligence (AI) memory chips.
The company forecast that it made 89tn won (£44bn; $58bn) between the start of April and the end of June, marking its third record quarterly operating profits in a row.
Major South Korean firms like Samsung release forecasts of their earnings ahead of official detailed reports to help guide investors.
Samsung’s latest forecast, released on Tuesday ahead of its full results due later in July, comes as demand for semiconductors continues to outstrip supplies – which has pushed up prices.
Samsung said in its preview, known as earnings guidance, that it brought in around 171tn won of sales during the quarter, more than double the amount for the same period last year.
The company’s projected earnings mark one of “the best quarterly performances ever”, which was close to the tech sector record set by Nvidia earlier this year, said industry analyst Marc Einstein from Counterpoint Research.
“This has everything to do with the AI boom as memory companies continue to ride a tidal wave driven by limited supply and unprecedented demand,” he added.
Samsung is one of the world’s biggest semiconductor manufacturers, making chips for firms like Nvidia and Google. The shares major tech firms have soared in recent months due to surging demand for chips.
Shares in Samsung have more than doubled in price since the start of this year, while South Korean rival SK Hynix has jumped by more than 200%.
The strong performance of both firms has helped lift the value of South Korea’s benchmark share index, the Kospi, by more than 80% this year.
In its Annual Economic Report, published on Sunday, the Bank for International Settlements (BIS), known as the central bank for central banks, warned that the enormous spending on AI is accumulating financial vulnerabilities that could amplify any future shock and spread from markets into the wider economy.
Presenting the findings, BIS general manager Pablo Hernández de Cos said the message was one of “urgency”, with policymakers urged to act before any reversal makes the eventual adjustment more painful.
At the core of the warning is the scale of the spending, despite massive investment having supported global growth over the past year.
The five largest “hyperscalers”, the technology giants racing to build AI infrastructure, are on track to commit more than $1 trillion (€878bn) to AI-related investment across 2025 and 2026, a pace that is outstripping their earnings and free cash flow and pushing some to borrow heavily to keep up.
The BIS suggests this race is fuelled by a belief that only a handful of dominant players will ultimately prevail, encouraging firms to pour money into projects whose returns remain deeply uncertain.
The report sets today’s AI boom against a long historical lineage, from the canal mania of the 1830s and Britain’s railway mania of the 1840s to the electrification of the 1920s and the dotcom bubble.
Each began with a genuine technological breakthrough that attracted more capital than commercial returns could justify, the BIS notes, with each episode ending “with an eventual reversal in investment, inducing economy-wide recessions”.
Compounding the danger are stretched share prices and opaque financing.
The BIS highlights the spread of “circular financing”, in which chipmakers and cloud giants take equity stakes in AI labs that then commit to buying their chips and computing power, effectively recycling money back to the original investors as revenue.
Much of the funding now flows through hedge funds and private credit vehicles that face lighter scrutiny than banks.
According to Zhang Tao, the BIS chief representative for Asia and the Pacific, that reliance on non-bank channels means an AI downturn could unwind into a sharper, faster crash than a traditional banking crisis.
Beyond financial markets, critics argue the true cost of the AI build-out is being obscured in plain sight.
A central concern, examined by the Wall Street Journal, is how the technology giants account for their data centres.
By assuming the expensive equipment inside them will stay useful for longer, firms can spread its cost over more years, lowering the depreciation charged against profits in any given period and making earnings look healthier than the underlying cash burn implies.
However, the specialist chips at the heart of these facilities may become obsolete far faster than those extended schedules assume, leaving a gap between reported profits and economic reality, as well as a balance sheet more exposed than it appears should demand disappoint or a sizable need to replace hardware arise.
The physical scale is staggering.
Columbia University economist Stijn Van Nieuwerburgh estimates the build-out could cost in the region of $8 trillion (€7tn) over the next six years, financed in part through the kind of off-balance-sheet arrangements the BIS flagged.
The costs are also no longer confined to corporate accounts.
Some economists now warn of a so-called “third wave” of inflation, after the pandemic and tariffs, driven this time by the AI build-out. As chip manufacturers prioritise high-margin parts for AI servers, the resulting squeeze on memory and storage has rippled out to consumer electronics.
For example, Apple raised prices on its MacBooks, iPads and other devices last week, citing an “extraordinary surge in demand for memory and storage” and saying it had “never seen a component price increase this much, this quickly”.
The company’s shares fell around 6%, their worst day in over a year, as Microsoft, Nintendo and Sony have also made similar moves.
Beyond hidden costs and inflationary pressures, where the strain may spread furthest is raw power.
Goldman Sachs expects data centres to account for nearly half of the growth in US electricity demand by 2030, with consumer power prices forecast to rise around 6% a year through 2026 and 2027.
The BIS itself notes that the build-out’s hunger for electricity is already pressuring prices and input costs, with potential spillovers to inflation, though it stresses, as do many economists, that AI could yet prove disinflationary if its promised productivity gains eventually arrive.
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The family behind German industrial group Wegmann is preparing to cash in on Europe’s defense spending boom through the planned initial public offering of KNDS, the Franco-German tank manufacturer that could be valued at €15 billion to €18 billion, Bloomberg News reported Thursday.
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Micron, one of only a handful of companies able to make advanced memory chips at scale, said on Wednesday that revenue in the third quarter reached $41.4 billion (€36.5bn), more than four times the $9.3 billion (€8.2bn) it recorded in the same period last year.
The figure also comfortably beat the roughly $35.7 billion (€31.4bn) analysts had forecast, while profit climbed even more dramatically.
The Idaho-based group posted net income of $28.24 billion (€24.9bn), or $24.67 per share, against less than $2 billion (€1.7bn) a year ago. Adjusted earnings of $25.11 a share sailed past the $20.49 expected.
The market reaction to the impressive results was immediate.
Micron shares rose more than 15% in after-hours trading to around $1,213, leaving the company valued at roughly $1.16 trillion (€1tn).
The stock has now climbed about 700% over the past year, one of the most dramatic re-ratings of any large company through the AI boom, reflecting a fundamental shift in the economics of the AI build-out.
The vast data centres being constructed by hyperscalers such as Amazon, Microsoft, Google and Meta, which have collectively earmarked hundreds of billions of dollars in capital spending this year, depend on enormous quantities of high-bandwidth memory, a specialised chip that sits alongside the processors made by Nvidia and others.
Micron has said its entire 2026 output of these chips is already sold out under fixed-price contracts.
According to CEO Sanjay Mehrotra, the results reflect what he called the strategic value of memory in the AI era.
The company pointed to a series of multi-year customer agreements that it expects to make earnings more durable and predictable, a notable claim in an industry long defined by brutal boom-and-bust cycles.
What has startled analysts most is Micron’s profitability.
The company reported a gross margin of around 85% for the quarter, a level that now rivals or exceeds those of far larger technology names such as Nvidia and Meta, an extraordinary position for a memory maker historically squeezed by volatile chip prices.
The tightness of supply, with new factories not expected to add meaningful output until 2028, has handed producers exceptional pricing power.
Micron’s guidance was more striking still.
The company expects revenue of around $50 billion (€44bn) in the current quarter and adjusted earnings of roughly $31 a share, implying the boom is accelerating rather than fading. It is ramping up investment to match, lifting planned capital spending to about $27 billion (€23.7bn) this fiscal year and signalling a further jump in 2027, management told analysts during the earnings call.
The results offer reassurance to investors betting that AI infrastructure spending remains robust, with Micron’s order book serving as a real-time gauge of that demand.
The open question, as ever in the memory industry, is how long the upswing can last before supply catches up. Even the most bullish observers acknowledge that risk has not completely disappeared.
TONOPAH, Nev. — Some years ago, Harry Chahal and his wife were on a trip to Las Vegas when, like countless motorists before and since, they passed through this high desert speck of a town.
Tonopah, built by the mining industry around 1900 and depleted as the gold, silver, lead and mercury waned, is a remote way station about halfway between Reno and Las Vegas. Signs on either side warn — ominously, given the unforgiving expanse ahead — that once you’ve left, the nearest gas station is not for another 100 miles or so.
Harry Chahal opened hometown pizza in 2015 after driving through town and seeing there was no pizza place.
(Mark Z. Barabak / Los Angeles Times)
As he passed through town, Chahal noticed something missing: a pizza parlor.
Pizza is not generally associated with Punjab, India, where Chahal — given name Harvarinderjit — is originally from. But he learned how to make pizza, and how much customers loved gobbling it up, while working at different gas station mini-marts around rural Nevada.
In that absence, Chahal saw opportunity.
He and his wife, Ravinder, moved to Tonopah and in 2015 opened Hometown Pizza in a vacant building on U.S. Route 95, which runs through the heart of town. Ten years later, they bought the Dream Inn Motel, a 39-room operation just up the road.
Views of the 47th president, from the ground up
Lately, Chahal has been sprucing up the motor inn: new cabinets, new furniture, fresh paint every few months. The reason is President Trump.
Tonopah and the surrounding desert, stretching farther than the eye can reckon, is verging on a boom, owing to vast reserves of lithium, boron and other sought-after materials and a Trump administration promise to turn the U.S., in the words of Interior Secretary Doug Burgum, into “a mineral powerhouse once again.”
Chahal, 40, is a repeat Trump voter and even though he has issues with some of what the president has done — he’s not happy about the war with Iran and inflation has taken a decent-sized bite out of his pizza business — he feels his faith in Republicans in general and Trump in particular have paid off.
A registered nonpartisan, Chahal is fairly apolitical. “I vote for Republicans because they’re better for business,” he said as a lunch-time crowd of locals and folks passing through tucked into the $11.99 pizza-and-salad buffet. Here’s proof: In the last year, Chahal said, he’s seen motel occupancy increase significantly, from around 15 rooms rented each night to 25 or more.
Those fresh touches to the Dream Inn are Chahal’s investment in the future and a belief that, with Trump in office, even better times lie ahead.
Tonopah was built as a mining town around 1900. It’s fortunes have waxed and mostly waned.
(Mel Melcon / Los Angeles Times)
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For much of its being, Tonopah relied on metal, minerals and other valuables scooped from the earth. Today, government is the largest employer.
But mining continues to hold fast to the town’s imagination.
A headframe — that’s the tower built directly over an underground mine shaft — is part of Tonopah’s logo. Mining-related sculptures, including statues of Jim and Belle Butler, who staked the first claim in the 20th century silver rush, dot the main thoroughfare. The high school’s athletes are called the “Muckers,” after those who shovel ore into underground rail cars.
The Tonopah Historic Mining Park is a big tourist attraction, along with the Clown Motel and other lodging establishments supposedly haunted by the ghosts of dead miners and other paranormal phenomena. (Chahal says there are no apparitions at the Dream Inn.)
The Clown Motel, which draws visitors from around the world, is said to be haunted by the ghosts of dead miners.
(Christopher Reynolds / Los Angeles Times)
Lately, however, mining is becoming more than just a part of nostalgic lore. It’s poised to again be a major boon to the local economy and the town’s 3,000 residents.
Plans are underway for a new lithium and boron mine at Rhyolite Ridge, approximately 30 miles southwest of Tonopah, in Nevada’s Silver Peak Range. (Lithium, most of which is now imported, is a vital ingredient in the batteries that store solar energy and power electric vehicles; boron is used, among other things, for bulletproof armor and vests.)
About 27 miles to the south of Tonopah, near the town of Goldfield, a new gold mine is set to open in 2028.
Joe Westerlund, Tonopah’s town manager, said fresh development and the prospect of hundreds of new, good-paying jobs are much welcomed. The median income here is about $37,000 annually, less than half the state average. The hospital in town closed in 2015. Venture off U.S. 95 and the rolling hills are flecked with weathered miner’s cottages and tumbledown homes no longer fit for habitation.
(A three-bedroom, two-bath home in a comfy subdivision on the north end of town can be had for around $250,000, but don’t hurry over to buy; inventory is low and could grow even leaner if demand for housing increases.)
The Tonopah Historic Mining Park is a big local tourist attraction.
(Mark Z. Barabak / Los Angeles Times)
While some of the groundwork for the mining resurgence was laid during the Biden administration, Trump is credited with fostering a much friendlier regulatory environment, which promises even more opportunities for extraction.
“As soon as he got into office, things started loosening up. We had 15 drill rigs,” said Westerlund, who has lived in Tonopah since 1972. “I had never seen that before in my life.”
There are, of course, environmental concerns — about pollution, water supply, native habitat — but those worries haven’t gained much of a toehold. Nye County, which is home to Tonopah, isn’t exactly tree-hugger country — and not just because most of the land is scrub-filled desert. Trump carried Nye County all three times he ran, with landslide support ranging from 68% to 70%.
“This is a pro-Trump town,” Westerlund said, “and I feel like his policies are doing good for the town.”
Chahal stands ready to cash in, knowing firsthand what economic good times feel like.
The Mizpah hotel, opened in 1908, offers the plushest accommodations in town.
(Chris Erskine / Los Angeles Times)
When he moved here in 2014, he and his wife were forced to stay in a motel for six months because workers finishing up a $1 billion solar energy project were taking up most of the living space. That’s the kind of extended-stay guest he’s after, not the tourists bedding at the Mizpah Hotel, the plushest resort in town, with its cut-glass chandeliers, Victorian furnishings and photo gallery of celebrities who’ve stayed the night.
“If I can rent 25 rooms a night, maybe 15 can be for the long term” of several weeks at a time, Chahal said. He’s done the math — $82 a night for a queen bed, single occupancy; $89 for a king — and likes how it pencils out.
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Chahal came to the U.S. in 2006, after marrying Ravinder, who grew up in the Sacramento area. She had family in Punjab and was a regular visitor to India. The two met when they were 10 years old. Chahal became an American citizen in 2020.
Politically, Indian Americans lean heavily toward the Democratic Party. But in the tiny Nevada communities where the couple lived — Lovelock, Battle Mountain and Ely before Tonopah — there was little or no Indian American presence. So Chahal wasn’t acculturated into the party the way many others have been. Rather, he embraced the GOP gospel of lower taxes and less regulation.
Working seven days a week, Chahal has little time these days for politics, beyond voting. He isn’t particularly ideological or, for that matter, worshipful of Trump.
“Every coin has a head and a tail,” he said, flipping his wrist as though tossing a quarter in the air. He sees two sides to the president. “Maybe you’re angry for some things,” Chahal said. “Maybe you agree with some things.”
He supports the notion of tariffs as a way of bringing manufacturing jobs back to the U.S. He also laments that the pizza boxes he uses, which are made in China, once cost him 30 cents and now run almost 67 cents apiece.
He backs Trump’s promise to round up and deport violent criminals who are in the country illegally. But he’s also mindful of the important role immigrants play, especially in areas like farming and construction, in sustaining the U.S. economy.
Chahal criticized the heavy-handed enforcement that resulted in the killing of two protesters in Minnesota. But he blamed their deaths on overzealous ICE agents, not Trump.
Living in a town greatly shaped by outside forces — the fluctuation of commodity prices, the changing of presidential administrations, the shifting priorities emanating from Washington — Chahal is familiar with vicissitudes and the business cycles of boom and bust.
Not everything Trump has done has helped the mining industry.
His tariffs and inflation have greatly increased construction costs. Cuts to the federal workforce have slowed the oversight and approval processes. His hostility toward green energy has dampened the market for electric vehicles and made solar energy considerably less attractive.
But based on the talk around town, Chahal believes a more prosperous future is in the offing. He certainly hopes so, and he’s counting on the president to deliver.
If the Constitution allowed for a third term, Chahal said, he wouldn’t hesitate voting for Trump again.
THE release of Rivals series two has thrust the Cotswolds into the spotlight once more.
Brits are seeking out the pretty scenery of Rutshire with its stone cottages, rolling countryside and delightful pubs in beautiful villages like Kemble.
Data from Trainline revealed that since Rivals returned on May 18, passengers to Cotswolds ‘gateway stations’ have risen by an average of 22 per cent.
That includes the tiny town of Kemble which is a 12-minute drive away from Cirencester.
Kemble is considered a ‘rail gateway’ for the southern Cotswolds as it’s one of the smaller spots that actually has a train station and a direct link to London.
With Great Western Railway, visitors can get from London Paddington to Kemble in just over an hour.
The small train station was built in 1882 and is now a listed building.
It’s considered one of the prettiest in the country thanks to retaining its original Victorian features.
It even has its old water tower which was once used to fill steam trains that called by the station.
Outside of the train station and visitors can easily explore Kemble, as it’s pretty tiny.
Kemble has a school, village hall, village shop, Cotswold-stone clad cottages and a pub called The Tavern Inn.
The Tavern Inn is a mere 10-minute walk from the train station and is ideal for a pint pit stop or hearty pub grub.
One visitor to the pub said: “Fantastic Spot. What a lovely place. From the moment you step inside you know you have found a gem.”
Another added: “Food and staff fantastic home from home feel – a lovely beautiful spot.”
A third said it serves up the ‘best’ Sunday roast.
The village is popular with hikers too, many take on the River Thames walk.
From Kemble, this walk takes you to Thames Head which is the official source of the River Thames.
Heading south, the path heads to the Cotswold Country Park & Beach which has the UK’s largest inland beach.
Along with the beach, it has swimming lagoons, snack huts and visitors can get on the water with paddleboards, pedalo swans or rowing boats.
During the summer it also has a huge aqua inflatable.
Right next door to the village is Cotswold Airport which is mostly used for private jets and charters.
But it is open to the public on certain weekend for events.
This year, Cotswold Airport Open Weekend is between July 4-5 with an aircraft, vintage aircraft displays, classic cars, live music and tours.
For those who want a great view of the runway, the airport has its own restaurant called AV8 where visitors sit on the terrace and look out over the airfield.
Other villages in the Cotswolds that have seen an increase in visitors since the release of series two of Rivals are Moreton-in-Marsh and Charlbury.
Benchmark Nikkei 225 tops 68,000 for first time as AI-driven buying frenzy shows no signs of slowing down.
Published On 3 Jun 20263 Jun 2026
Japan’s stock market has hit an all-time high as a global buying frenzy driven by AI shows no signs of slowing down.
The Nikkei 225 rose nearly 3 percent on Wednesday, lifting the benchmark index above 68,000 for the first time.
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The latest surge continues a banner year for Japan’s stock market, which is up nearly 33 percent so far in 2026.
“Investor enthusiasm over the AI boom is helping drive Asian equity markets higher,” Khoon Goh, head of Asia research at ANZ, told Al Jazeera.
“While strong demand for high-end chips has seen the top semiconductor companies in Taiwan and South Korea rally strongly, this is also benefiting Japanese markets, which are also getting some tailwind from a weak yen.”
Japanese firms involved in the semiconductor business led the gains.
Tokyo Electron, Japan’s largest manufacturer of semiconductor equipment, soared as much as 14 percent in morning trading.
Advantest, which supplies testing equipment to the semiconductor industry, rose more than 5.5 percent.
Shin-Etsu Chemical, a supplier of silicon wafers used in integrated circuits, gained about 4 percent.
Softbank, which is heavily invested in AI models, chips and data centers, fell about 3 percent, after overtaking auto giant Toyota on Monday to become Japan’s biggest company by market capitalisation.
Ferocious demand for AI chips has been driving record-breaking rallies in stock markets across the globe, taking key indexes in the US, Japan, South Korea, Taiwan to record highs.
During the past month, three memory chip makers – South Korea’s SK Hynix and Samsung Electronics, and US-based Micron – entered the elite club of firms with a market capitalistion of at least $1 trillion.
Only 17 companies have hit the milestone, all but five of which are based in the United States.
Despite concerns about the sustainability of the sky-high valuations in the sector among some investors, tech companies are continuing to commit huge sums to AI-related infrastructure.
US tech giants are expected to spend about $800bn on AI-related capital investment in 2026, according to Goldman Sachs.
Google parent company Alphabet on Monday became the latest Silicon Valley giant to outline its AI-related investment plans, announcing that it would sell $80bn worth of shares to help fund expected capital expenditures of $180-190bn in 2026.
AI giants are racing towards public listings as valuations soar.
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A union worker holds a sign with the message “No more starvation wages” at a May Day rally in Caracas, Venezuela, on May 1, 2026. (Graphic by Truthdig; images by AP Photo, Adobe Stock)
More than 1,000 workers, union members and retirees marching toward downtown Caracas were blocked by riot police during a May Day demonstration. Chanting, “A bonus is not a salary,” they took to the streets in Caracas to protest the only-modest increase in the so-called comprehensive minimum wage, from the equivalent of $190 per month to $240. A short distance away, a small group of workers — convened by the Bolivarian Socialist Workers Federation of Venezuela — celebrated the raise. For the first time in over 20 years, the government had not organized a large rally. Instead, it provided a concert — a Festival for Peace — featuring dozens of international performers.
“People are really happy. They are dancing in the streets because there is a lot of money coming in through the big oil companies,” U.S. President Donald Trump said a few days later. His administration is still managing a political transition process following U.S. military attacks and the abduction of Venezuelan President Nicolás Maduro earlier this year.
But even ultraright-wing polling firms such as Meganálisis suggest Trump is wrong about the mood in Venezuela. According to the firm, the proportion of Venezuelans who are “grateful” to the U.S. for its intervention has dropped from 92% in January to just 47% in April. Trump’s attempt to cast himself as the savior of Venezuela’s economy isn’t working — especially as Venezuelans say they haven’t seen any improvements since January, nor since the U.S. imposed economically devastating sanctions in 2015.
Rafael Venegas, Jacques Derose and Yrma Rivero have different work situations. Venegas works in the public sector, Derose is in the private sector and Rivero is self-employed. But all three have something in common: Their income is not enough to live on.
Venegas is 70 years old and has spent 14 years teaching undergraduate and graduate courses at the Central University of Venezuela, the country’s oldest and largest higher education institution. However, his latest proof-of-employment document, seen by Truthdig, shows his salary is the equivalent of $1.37 a month. Any benefits like severance pay, end-of-year bonus and holiday pay are calculated based on that amount.
At the same time, Venegas, who survived a stroke and who is looking after his 93-year-old mother, receives — as all public sector workers do — a monthly food bonus of $40, and what is called an “economic war bonus” worth $150. The explanation is as simple as it is complex: Venezuela’s legal minimum wage has been frozen at 130 bolivars (about 27 cents) a month for four years. To bring actual take-home income closer to a living wage, workers get monthly bonuses paid in bolivars at the official exchange rate. Together, these amounts are known as the “comprehensive wage” and are only for formal workers.
Thirty kilometers away, Derose, a 27-year-old who dropped out of the university to work at a hardware store in La Guaira, receives a comprehensive wage of $200 a month, which may sometimes go up to $230 or $260 if he takes on extra work loading or moving merchandise.
Derose, who does not have children, tells Truthdig that his income goes to food, transit and paying rent for a single room. The room costs $120, while an apartment in Caracas costs at least $250 a month.
“That’s why my other two brothers, though they’re older, are still living with our parents,” he says.
Meanwhile, Rivero travels around the city cleaning apartments to support herself, as well as her son’s university studies.
“He got into a public university, but we spend a lot on transportation and food, not to mention medical expenses. Right now, my son has severe sinusitis, and an MRI of his sinuses costs $300,” she says.
She charges $30 to $40 for each deep clean, depending on the size of the property. She tries to have at least four clients a week in order to earn around $400 a month. As the highest earner of the three, Rivero’s situation illustrates why many young people are choosing not to study but to work informally or in trades instead.
All three workers tell Truthdig they use the same strategy to get by: working multiple jobs. Venegas earns intermittent extra income by proofreading books or giving workshops, Derose works as a bricklayer some weekends and Rivero sometimes irons or cooks. They all say that no one can get by on less than $400 a month, and a family of five requires at least $1,500.
According to the Caracas-based, union-run research center Center for Documentation and Social Analysis, the basic food basket for a family of five, which includes 61 essential products, reached $703.11 in March, a 7.2% increase from February. Venezuelans must also pay for transportation or gasoline, utilities, rent or condominium fees, medicine, clothing and much more.
Thousands of workers, especially in sectors like education, healthcare and public services, share this sentiment and have been protesting in the streets of Caracas for weeks, demanding a living wage. But how would that be achieved?
“It would be difficult to have a salary — not bonuses, but a legal minimum wage — that covers basic needs. But there are no ethical or economic reasons to keep it at 27 cents,” Hermes Pérez, economist and former head of the Exchange Desk at the Central Bank of Venezuela, tells Truthdig.
He says the legal minimum wage should be at least $300, but that’s not feasible for either the public or private sector. “The resources simply aren’t there, and since wages are practically zero, raising them to that level would be very expensive. But at least $70 or $100 would be possible. Furthermore, it’s estimated that Venezuelan revenues will grow significantly in 2026 compared to last year. We received $18 billion in oil revenues alone in 2025, and that amount could rise to $33 billion,” Pérez says. Despite attempts at diversification, oil remains Venezuela’s primary source of foreign currency, and the country is dependent on oil revenue to finance public spending.
Pérez stresses that a key indicator must be addressed regardless of how much salaries increase: inflation. “According to the Central Bank, Venezuela ended 2025 with an annual inflation rate of 465%, and by March 2026 it was already at 650%. That’s enormous. In Colombia, for example, inflation is around 5%, and in Latin America, in general, it’s in the single digits,” he says.
“It’s not just the isolated [price] increase of one or two things; it’s the generalized increase across the board. Given this context, it’s very difficult for the average worker to actually perceive any economic improvement.”
Economist Asdrúbal Oliveros agrees. He believes the country will enter a phase of recovery in purchasing power this year, but a “notably slow” one, as Venezuela must first increase incomes, sustainably reduce inflation and stabilize the exchange rate.
On April 8, acting President Delcy Rodríguez took a stance for the first time on low wages and precarious working conditions in the country. She acknowledged some of the problems and noted that there are more pensioners (5.7 million) than formally employed workers (5.3 million), a figure that reveals the extremely high rate of informality that now prevails in Venezuela.
On May 1, Rodríguez then announced a 26% income increase through the country’s bonus system. This raised the comprehensive minimum wage — which includes the official minimum wage and bonuses — from $190 to $240 per month by increasing the economic war bonus by $50. For pensioners, the war bonus increased from $58 to $70. She also announced a one-off “professional recognition” bonus for the education, health and security sectors of around $195, with the exact amount varying by job.
Organizations such as the Professors Association of the Central University of Venezuela rejected “the policy of replacing salaries with bonuses,” which they argued do not affect workers’ social security contributions and “ignore merit, experience and seniority.” The workers also demanded respect for salary scales and collective bargaining agreements.
The acting president acknowledged that the $240 increase is “insufficient” but said it is “a responsible increase” to improve purchasing power “without generating an excessive inflationary impact.” According to the Central Bank, annual inflation in Venezuela reached 130,000% in 2018, the peak of a four-year hyperinflationary period that ended in 2021. It was then that the government decided to freeze wages and implement a bonus policy to avoid a relapse.
However, some economists also attribute the high inflation rates to the uncontrolled issuance of money by the Central Bank to finance the fiscal deficit. Unions argue that the economy will not collapse from paying off labor liabilities like wages and benefits.
“For the past four years, salaries have been frozen and increases through bonuses have been meager. So, clearly, workers’ salaries or benefits haven’t contributed to causing the current inflation rates,” Venegas says. “There are millions of us in the public sector, but benefits are only received by those who retire, resign or are dismissed — a small amount per year.”
Venegas believes the government and business leaders are currently colluding to try to reform the Organic Law of Labor and Workers (LOTTT) in order to eliminate the country’s social benefits system.
The LOTTT, passed by then-President Hugo Chávez in 2012, is considered a bastion of workers’ rights. Among its provisions, it prohibits unjustified dismissal and subcontracting, provides 26 weeks of maternity leave, guarantees the right to work for women and people with disabilities and extends retirement pensions to all workers, including full-time mothers and the self-employed.
Now, businesspeople have argued at the Council of the International Labour Organization for reform of the LOTTT, especially Article 104, which defines what constitutes a salary, and Article 122, which establishes the basis for calculating social benefits and severance pay. They say the current model of accumulating social benefits would be structurally unsustainable if the legal minimum wage is increased.
Amid these debates, the acting Venezuelan president has said that the economic situation of workers will improve “progressively” thanks to restored relations with the U.S. and the recovery of oil production, which — after some relaxing of sanctions — has exceeded 1.2 million barrels per day.
“In 2025, Venezuela produced a similar average number of barrels, but they were sold at a 30% to 35% discount to get around the sanctions,” sociologist and political analyst Franco Vielma said on X. These discounts acted as a key economic incentive for private buyers and intermediaries to assume the high legal and financial risk of violating the sanctions imposed by the U.S. Furthermore, the price per barrel exceeded $126 at the end of April 2026, reaching its highest level in four years due to the conflict between the United States and Iran.
Rodríguez has said the latest salary increase is backed by oil and fuel oil income. But Venezuelans still do not know how much oil revenue they are receiving, where it is deposited, what percentage the U.S. is getting or what the new agreements mean.
In January, Trump stated that the U.S. would control Venezuelan oil sales, saying Venezuela would submit monthly budgets to the White House, which would then be reviewed by auditors. Rodríguez said at the time that citizens could track every oil dollar through a new website. However, this website has not materialized.
The United States, after attacking Venezuela four months ago and, according to the Venezuelan Anti-Blockade Observatory, having imposed 1,081 sanctions on the country since 2015, has argued that increased oil income will benefit Venezuelans. Trump asserted in January that Venezuela would experience “an unprecedented economic upswing … It will earn more money in six months than in the last 20 years.”
In this regard, the U.S. Office of Foreign Assets Control issued 14 licenses in April that allow for the development of the Venezuelan oil sector and the possibility of conducting banking transactions with Venezuela, although each transaction requires OFAC approval. Payments in gold or cryptocurrencies are prohibited; Venezuela cannot trade with China, Russia, Iran, North Korea or Cuba; and the country’s frozen assets will not be released. Crucially, all revenues from oil and mineral exports must be deposited into accounts controlled by the U.S. Treasury Department, which then decides when and how much to return to Venezuela from its own resources.
Although the international media has framed this as a “lifting of sanctions,” the licenses granted by the U.S. are only conditional and temporary permits that allow some oil and banking operations in Venezuela. Executive orders blocking state assets and controlling and supervising the operations of the state oil company PDVSA remain in place, limiting the legal certainty that is necessary for long-term investments.
Many Venezuelans did believe the economic situation would improve after Jan. 3. In fact, some pollsters claimed that 70% to 80% of the population then had “hope for the future.” Now, in April, according to an AtlasIntel poll, 77% of Venezuelans rate the current economic situation as “bad,” and 76% hold a negative opinion about the state of the labor market.
According to Datanálisis, economic despair also prevails, with 55% of those surveyed identifying inflation and low wages as their main problems. These worries are followed by devaluation and failures in the electrical system.
Datanálisis also found in April that 65% of the population agrees that Venezuela’s priority should be resolving the economic crisis above any political transformation or electoral process. However, Trump hinted on May 12 that beyond the current intervention, he’s also “seriously considering” making Venezuela the 51st U.S. state, posting a map of the country with a U.S. flag. Joke, threat or a reflection of how Trump already sees Venezuela, Venezuelans have much to worry about.
The views expressed in this article are the author’s own and do not necessarily reflect those of the Venezuelanalysis editorial staff.
Source: Truthdig
