Economy

Former airline captain charged with fraud after allegedly commanding more than 900 flights without required credentials.

A former airline pilot in Canada has been arrested for allegedly flying hundreds of flights without a proper licence for nearly 17 years.

Police in Peel, Ontario, said on Tuesday that they had charged former Air Canada captain Geoffrey Wall with fraud and other charges following a four-month investigation.

The Peel Regional Police said Wall, 59, had used fraudulent pilot licences to command more than 900 domestic and international flights between 2009 and 2025.

Police said they obtained evidence to suggest that Wall had deceived both Air Canada and civil aviation authorities about his credentials before his retirement in 2025.

While Wall did hold a valid commercial pilot licence, he did not have an airline transport pilot licence, the highest level of pilot certification required to captain commercial aircraft, police said.

Wall faces one count of fraud, two counts of uttering forged documents, three counts of possessing a counterfeit trademark, and one count of public mischief.

Al Jazeera was unable to locate Wall’s legal representatives for comment.

“This case is deeply concerning and strikes at the heart of public trust and safety, as the accused is alleged to have put hundreds of thousands of passengers at risk across more than 900 domestic and international flights,” Peel Regional Police Chief Nishan Duraiappah said in a statement.

Air Canada said that while it viewed the pilot’s alleged actions with “utmost seriousness”, passenger safety had not been compromised, as all pilots undergo mandatory training every six months to assess their competency, in addition to an annual flight check with a certified pilot.

The airline said that Wall had “successfully met or exceeded” his training requirements and demonstrated “a high level of competency to safely operate large aircraft”.

The Canadian flag carrier also said it had found no other instances of non-compliance with licensing requirements following an audit of its pilots.

“Immediately upon Air Canada’s discovery of this, the individual was removed from active duty, and the company voluntarily reported the matter to Transport Canada,” the airline said in a statement.

Hassan Shahidi, a licensed pilot who heads the US-based Flight Safety Foundation nonprofit, described the charges against Wall as an “exceptionally rare case”.

“If the allegations are proven, the key issue isn’t that an untrained person was flying airliners, but that this pilot bypassed a fundamental regulatory requirement for many years,” Shahidi told Al Jazeera.

“The case could point to weaknesses in licence verification and oversight processes, particularly if fraudulent credentials were able to evade detection for so long.”

Shahidi said that Wall’s alleged actions did not appear to have exposed passengers to the same level of risk that they would have faced if an untrained pilot were at the controls.

“The larger concern is the apparent failure of a regulatory safeguard that is supposed to ensure trust in the system,” he said.

Caracas, June 9, 2026 (venezuelanalysis.com) – Venezuela has registered the lowest month-to-month inflation figure since October 2024.

According to the Venezuelan Central Bank (BCV), consumer prices went up by 6.3 percent in May. Inflation has fallen for four consecutive months after hitting 32.6 percent in January, following the US military attack and kidnapping of President Nicolás Maduro.

Overall, prices have more than doubled in the first five months of 2026, and accumulated 12-month inflation currently stands at 525 percent. 

Despite the widespread use of the US dollar in cost structures, prices have likewise gone up by 12.5 percent over the last year when measured in USD, meaning a loss of purchasing power even for those with incomes pegged to the official exchange rate.

Venezuela’s inflation remains heavily correlated with currency instability. Despite the Central Bank devaluing the USD-bolívar exchange rate by more than 30 percent since March and providing significantly increased volumes offoreign currency to the private sector, a 30-40 percent gap remains between the official and parallel market rates.

Since January, the BCV has directed over US $5.5 billion in foreign currency via bank-run exchange tables, at more than double the rate of 2025, according to figures from Banca y Negocios. However, the chasmbetween official and parallel rates has persisted.

Many economists have identified the stabilization of the foreign exchange market as a necessary step for macroeconomic recovery, but critics have pointed to a lack of regulation and accountability in forex allocation as fueling currency speculation.

Caracas’ monetary and fiscal policy is presently subject to US control. Since January, the Trump administration has mandated that Venezuelan export revenues, principally oil sales, be deposited in US Treasury accounts. Washington returns an undisclosed portion of the proceeds at a time of its choosing.

The White House has likewise imposed that disbursed funds be channeled directly to the private sector via foreign exchange auctions, as well as outside auditing of Central Bank accounts by consulting giant Deloitte. Secretary of State Marco Rubio indicated in January that the Venezuelan government headed by Acting President Delcy Rodríguez would need to submit a “budget request” before accessing its own resources.

For its part, the Rodríguez administration has fast-tracked a series of pro-business reforms tailored to attract foreign investment, including in the oil, mining, and electricity sectors. 

As part of efforts to court US investors, Economic Vice President Calixto Ortega reportedly took part in a closed-door meeting with US officials and corporate representatives hosted by the Atlantic Council, a hawkish Washington-based think tank funded by the US government, its allies, and major corporations.

The opening to foreign investment has seen Western business executives flock to Caracas in recent weeks, often escorted by White House officials, to explore opportunities. Pro-Trump tech billionaires such as Fred Ehrsam have made repeated visits, while Peter Thiel’s Erebor Bank struck a corresponding banking agreement with Venezuela’s largest public bank.

Javier Kulesz, a strategist from investment bank Jefferies, relayed optimism after a visit to the South American country and forecast an imminent “stream of announcements” related to the country’s debt restructuring and investments in key economic sectors.

Edited by Lucas Koerner in Caracas.

The National Aeronautics and Space Administration, better known as NASA, has unveiled the crew for its upcoming Artemis III spaceflight, a preparatory mission as the United States plans to return to the Moon.

On Tuesday, it was revealed that astronauts Andre Douglas, Frank Rubio, Luca Parmitano and Randy Bresnik will be leading the flight. Serving as a backup is veteran test pilot Bob Heintz, who is able to substitute into any role.

Their two-week mission will focus on collecting research and practising in-space docking procedures in preparation for a future Moon landing.

While no women were named to the Artemis III flight, the newly announced crew represents a range of experiences and backgrounds.

Making his first spaceflight is Florida-born engineer Douglas, 40, who was a backup crew member for NASA’s last major spaceflight, Artemis II, which flew a loop around the Moon.

Douglas will serve as mission specialist on Artemis III, and his presence on the flight will make him one of roughly two dozen African American people to travel to space, out of a population of hundreds of space travellers so far.

Also serving as mission specialist will be Rubio, a 50-year-old Salvadoran American physician who used to pilot Black Hawk helicopters for the US Army. He currently holds the record for the longest single-duration spaceflight by a US astronaut, at 371 days.

The oldest member of the four-man crew is its 58-year-old commander, Bresnik. A former US Navy test pilot and Marine, Bresnik is the only Artemis III crew member to have participated in a space shuttle mission, back in 2009. That programme has since been retired.

More recently, in 2017, Bresnik served as the commander for the International Space Station.

The fourth and final member of the Artemis III mission is its pilot, Parmitano, 49. He will be the only astronaut on the mission who is not a US citizen.

Born in Paterno, Italy, Parmitano has a background in his country’s air force. In 2019, he too served as commander on board the International Space Station, becoming the first Italian to do so.

“ Each of you possess a unique background,” said NASA administrator Jared Isaacman, who introduced the astronauts. “Your vast experience and unwavering dedication to NASA’s mission enables you to help make us and take this next great step in space exploration.”

The Artemis III mission will be a public-private partnership. Three rockets will blast off as part of the initiative.

One will carry the four-man crew into orbit around Earth in an Orion spacecraft. Another two rockets will bear aloft Moon lander models from Blue Origin and SpaceX, private firms owned respectively by tech entrepreneurs Jeff Bezos and Elon Musk.

The Orion spacecraft will then practice rendezvous procedures with each of the two landers, in preparation for similar manoeuvres during future Moon missions. The Artemis III flight is set to take off before the end of 2027.

“Artemis III will be an extraordinary demonstration of what is possible when the greatest aerospace companies across the United States, alongside our European partners, come together to showcase the technological might and ambition of the free world,” said Isaacman, a Trump appointee who has experience commanding private space flights for SpaceX.

Explosion prompts concern

The mood at Tuesday’s unveiling ceremony was celebratory, as each newly announced astronaut took the stage to soaring music and standing ovations.

But looming over the event were concerns related to the explosion of an uncrewed Blue Origin New Glenn rocket in Florida on May 28.

That blast sent a mushroom cloud billowing above the city of Cape Canaveral, and it caused severe damage to a launchpad complex where the takeoff was scheduled.

Representatives from both NASA and Blue Origin, however, took the stage to wave aside any concerns.

“While we recognise there are questions about how Blue Origin’s recent anomaly impacts our plans, setbacks are a learning opportunity,” said Jeremy Parsons, NASA’s acting deputy administrator.

He added that NASA was taking an “active role” with its partners to “ensure the right outcomes are achieved”. The private firms, in turn, were granted “unparalleled access” to NASA experts, technology and test facilities.

“We are confident that New Glenn will be ready for Artemis III, together with Blue Origin,” Parsons said.

John Couluris, a representative for Blue Origin, likewise described the May 28 explosion as an “anomaly”.

“We’ve redoubled our efforts and are moving forward,” Couluris said, describing Blue Origin’s factories as “running around-the-clock shifts” to be ready for the Artemis III launch.

“We will measure ourselves not only by our successes but how we respond to setbacks.”

Race to the Moon

The race to beat China’s space programme was another theme that cropped up during Monday’s ceremony.

Several speakers alluded to China’s growing lunar landing programme, a rival to NASA’s efforts.

Earlier this year, the China Manned Space Agency announced its intentions to place a person on the Moon by 2030. Already, in 2024, China became the first country to retrieve soil samples from the far side of the Moon using robotics.

But lunar missions have been a point of pride for the US, which holds the distinction of completing the first crewed mission to the Moon in 1969.

Last April, the Artemis II flight marked the US’s return to lunar travel. For the first time since 1972, a crewed capsule flew beyond low Earth orbit, and it broke records for the farthest crewed flight into space.

Next year’s Artemis III mission is set to build on that effort. The administration of US President Donald Trump has signalled it would like to see astronauts land on the Moon before the Republican leader’s term ends in January 2029.

NASA officials have also described the Artemis programme as a stepping stone to establishing a permanent base on the Moon. Various speakers on Monday highlighted that vision.

Couluris, the Blue Origin representative, called the Moon an “eighth continent” for humans to explore.

NASA scientist Nicky Fox, meanwhile, described the Artemis III mission as part of the preparatory work that would enable the US “to plant astronaut boots back on the lunar surface — to stay”.

But the US’s lunar programme has faced numerous setbacks, as NASA engineers work to address technical issues that could otherwise cause life-threatening situations in deep space.

Originally, Artemis III was supposed to mark the US’s return to the Moon, bearing a crew to the lunar surface. But in February, that plan was scrapped in favour of the present-day project, which focuses on conducting practice drills in low Earth orbit.

“We will use this mission to reduce risk for our future crewed Moon missions with lander test articles from both Blue Origin and SpaceX, to ensure we will beat China back to the Moon,” Parsons said on Tuesday.

“This mission is deliberately designed to take calculated risks so that future crews will be safer and ultimately successful when we put boots on the lunar surface.”

Still, officials applauded Artemis III as a major step towards human beings reaching the Moon once more.

In a recorded statement, Senator Ted Cruz suggested that the Artemis III mission would also put the US a step ahead of China.

“At a time of growing competition with China in space, this mission will strengthen America’s leadership, expand our economy, and help secure a lasting American lunar presence,” he said.

“When America commits to a mission, we lead and we succeed.”

A MULTI award-winning airline has revealed it will be adding premium economy seats to its aircraft.

The boss of Turkish Airlines has said that it will bring back the seats for its passengers despite discontinuing them in 2013.

Talking to Skift, chairman of the airline, Murat Şeker said: “We are going to have premium economy.

“Our thinking is as early as 2028 – at the beginning of 2028 – we will be able to introduce a premium economy class in our Airbus A350s.”

These are expected to be rolled out later on the Boeing 787.

The hope is that it will be extended to all of the long-haul aircraft for Turkish Airlines.

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This isn’t the first time that Turkish Airlines has offered premium-style seats onboard.

It used to offer Comfort Class on some of its routes on Boeing 777 aircraft – but these were withdrawn in 2013.

On the subject, Murat Şeker added that the previous offerings were “not the right time” or “the right configuration”.

Currently, Turkish Airlines has economy seats which have adjustable headrests and arms as well as entertainment screens and USB ports in the seats.

The other are in business class which have lie-flat seats with a massage feature, a cocktail table, touchscreen media screens and adjustable head rests.

Turkish Airlines is considered one of the best in the world, and picked up the Skytrax Award for the ‘Best Airline in Europe’ last year.

This isn’t the first time either, in fact that award marked the tenth win in a row for the airline.

At the same awards, it scooped up eight accolades in total and placed sixth in the rankings for ‘World’s Best Airline’.

Turkish Airlines also won the ‘Best Economy Class in Europe‘, ‘Best Economy Class Onboard Catering in Europe’, ‘Best Business Class Onboard Catering’.

It also was awarded the ‘Best Business Class in Europe’, ‘Best Business Class in Southern Europe’, ‘Best Business Class Onboard Catering in Europe’, and ‘Best Airline in Southern Europe.’

Turkish Airlines also offers cheap flights from the UK to destinations like Istanbul, Antalya, and other Turkish cities, as well as other destinations like New York, Sharm El Sheikh, and Cape Town.

Orapa, Botswana – It is a year since Motshwegwa Rakhudu lost his job after 14 years working as an installer at Debswana diamond mining operations in northern Botswana. He says he had been on rolling three-year renewable contracts with Enabler Hires (Pty) Ltd, and expected the arrangement would continue through to 2027.

Instead, he was retrenched and made redundant without warning.

“The shock was too much,” Rakhudu, (not his real name), told Al Jazeera.

“In early 2025, I took a loan of 26,000 pula (about $1,900) to buy a car because I believed my job was secure. By mid-May, I was out of work.” He said the sudden retrenchment left him struggling with debt and household responsibilities, including school fees, with no compensation received.

“Being caught unprepared has been very difficult. Jobs are scarce, and even when work is available outside mining, the pay is much lower. I am still looking for work,” he said.

Rakhudu said he has considered farming or starting a small business, but lacks the capital. Selling his car, he added, would only cover the outstanding loan.

“I would want to go into farming, but if I sell the car, the money will only clear the loan,” he said.

Al Jazeera contacted Gaotlhobogwe Radikwata, a senior management official at Enabler Hires (Pty) Ltd, for comment on the retrenchments.

“I am not going to answer your questions even if you convince me you are from Al Jazeera. Who gave you my number? I never shared my contacts with journalists. I am not at liberty to share information,” she said.

Jobs vanish as diamond production slows

The retrenchments come as Botswana’s diamond sector, the backbone of its economy, slows sharply.

Debswana Diamond Company, a joint venture between the government and De Beers, cut production by about 27% in 2024 to 17.9 million carats amid weak global demand, and plans further reductions to around 15 million carats in 2025. The company accounts for roughly 90% of Botswana’s diamond sales.

That slowdown has rippled through the wider economy. Botswana’s output contracted by about 5.3% in the second quarter of 2025, the sharpest fall since the pandemic, driven largely by declining diamond production, according to Reuters.

Diamonds account for around 70% of export earnings and roughly a third of government revenue, according to Reuters and S&P Global Ratings, which in 2025 downgraded Botswana’s sovereign credit rating to BBB-, citing sustained pressure from the global diamond downturn and weakening fiscal revenues.

Household pressure builds across mining communities

For workers, the impact is no longer abstract.

“The diamond downturn is no longer just a business issue. It is a human issue affecting workers, families, contractors and entire mining communities,” said Mbiganyi Gaekgotswe, General Secretary of the Botswana Mineworkers Union.

He said uncertainty now defines everyday life.

“The first question on everyone’s mind is whether they will still have a job next year,” he said. “Will contracts be renewed? Will overtime be reduced? These are not abstract concerns. They affect school fees, loans, medical bills and family responsibilities.”

Even where jobs remain, pressure is rising as wages stagnate while food and transport costs increase.

Beyond diamonds: searching for new growth

Restructuring has already filtered through contractors and service providers, with more workers shifted onto short-term agreements, said Dominic Obusitse Mapoka, Chairperson of the Botswana Diamond Workers Union.

“Workers who remain employed are increasingly on short-term or temporary contracts,” he told Al Jazeera. “This makes it difficult for families to plan because they do not know whether contracts will be renewed.”

He said many earn between $190-250 a month, while the cost of living continues to increase, with knock-on effects for small businesses tied to mining activity.

Since independence in 1966, Botswana’s diamond wealth has transformed what was once among the world’s poorest countries into a middle-income economy, financing infrastructure, public services and sustained growth.

But that success has also left it heavily exposed to global shocks. The sector is now under pressure from weak demand, competition from lab-grown diamonds and reduced luxury spending in key markets, according to S&P Global Ratings.

The downturn exposes the risks of economic concentration, said Levy Ndou, a political scientist at Tshwane University of Technology.

“When citizens depend heavily on one sector, a fall in global demand becomes very damaging.”

He called for faster diversification into agriculture and beef production, alongside stronger regional trade links.

Botswana’s Minister of Labour and Home Affairs, Pius Mokgware, said the government is responding by trying to absorb job losses, including expanding copper mining and opening new projects. He added that diversification efforts are also targeting agriculture, tourism and Information and Communication Technology.

Minister of Minerals and Energy, Bogolo Joy Kenewendo, did not respond to repeated requests for comment.

Tshepo Modibedi, President of the Small Scale Miners Association of Botswana, said smaller operators remain largely excluded from the diamond value chain, which is dominated by large firms.

While not directly involved in diamonds, the downturn still spreads through households nationwide, he said.

“Lab-grown diamonds and strict regulations are challenges,” he told Al Jazeera. “But they could also be opportunities, if policy becomes more inclusive.”

For Rakhudu, however, structural shifts in the global diamond market remain distant from daily survival.

“I am still looking,” he said. “I just want another chance to work.”

Chinese embassy in Washington, DC, condemns designation, calling it ‘discriminatory’.

The United States has designated Chinese corporate giants Alibaba, BYD and Baidu as companies that support China’s military, expanding its blacklist to some of the country’s best-known commercial brands.

The Pentagon included the firms in an update on Monday that is likely to complicate the fragile detente under way between Washington and Beijing after years of rocky relations.

China’s embassy in Washington, DC, condemned the listing as “discriminatory” and an example of the US government “overstretching” the concept of national security.

“Chinese companies that do business overseas have been strictly observing laws and regulations of their host countries,” an embassy spokesperson said.

“The US should stop its wrong practice and create a fair, just and non-discriminatory environment for Chinese companies.”

Alibaba, BYD and Baidu did not immediately respond to requests for comment.

The Pentagon’s list of “Chinese military companies,” which is updated annually, now includes 188 firms, up from 134 in 2025.

Firms included on the list, which was created in 2021, will be barred from consideration for US defence contracts from later this month.

The Pentagon defines “Chinese military companies” as entities owned or controlled by the Chinese military, or that contribute to China’s “military civil fusion”, referring to Beijing’s strategy of melding civilian and defence-related research and innovation.

Companies must also carry out some of their operations in the US to be designated.

The expansion of the blacklist comes less than a month after US President Donald Trump met Chinese leader Xi Jinping in Beijing for a two-day summit aimed at lowering the temperature in their countries’ years-long trade war and tech rivalry.

Alibaba, Baidu, and BYD are among China’s most prominent brands, claiming the top spots in the e-commerce, internet search and electric vehicle markets, respectively.

The addition of several household brands not normally associated with the defence sector mirrors last year’s designation of tech firm Tencent, the owner of the ubiquitous messaging app WeChat.

Other additions to the list include RoboSense Technology, an AI and robotics company with headquarters in Shenzhen, and Hangzhou-based Unitree Robotics.

RoboSense Technology and Unitree Robotics did not immediately respond to requests for comment.

Dennis Wilder, a national security expert who worked on China at the CIA and the White House’s National Security Council, expressed scepticism about the feasibility of implementing such a “broad-brush” blacklist.

“Although it may make some US firms wary of engaging with the labelled entities, in fact, many US firms already have deep relationships with these entities, that they are not going to give up unless there are real penalties attached to working commercial deals with them,” Wilder told Al Jazeera.

“Sanctions that range this widely are sanctions that don’t work. Unless the US is willing to decouple from the Chinese economy altogether, these sanctions are simply performative,” Wilder said.

As the World Cup nears, many Iranians say their normal enthusiasm for the event has been dampened by the co-host US’s war against their country as well as economic hardships.

Anthropic is proposing that the world’s top artificial intelligence companies come up with a coordinated way to pause development of advanced AI systems, warning that the technology is improving so quickly that there’s a risk humans would lose control.

The company behind the Claude chatbot said in a blog post on Thursday that, as cutting-edge AI gets increasingly faster at carrying out tasks, “it would be good for the world to have the option to slow or temporarily pause” its development.

Anthropic said its internal research institute plans to explore the issue in collaboration with others and “take actions” to help build the systems for a credible slowdown or pause, without being more specific.

Anthropic rival OpenAI argued for a different approach in a report published on Wednesday, saying that “democratic governments — not private companies acting alone — must ultimately determine the rules, safeguards, and accountability mechanisms”.

“Our view is that decisions about the pace of AI innovation should not be left to any one lab, company, or special interest group,” it said.

AI models are getting faster, with rapid increases in how quickly they can carry out software tasks like coding on their own, Anthropic said in its post. Based on current trends and given enough computing power, an AI system could be able to design and develop its own successor, in what is known as “recursive self-improvement”.

Self-building AI would be a major technological milestone that would bring benefits in science, healthcare and other areas, Anthropic said, but it “also might increase the risks of humans losing control over AI systems”.

Some tech industry figures have long warned of such a scenario.

Anthropic’s post comes after a different warning this week from a team of researchers at the University of Toronto who showed how AI tools could be used to create a new kind of AI “worm” that adapts its hacking strategy as it spreads from device to device and takes over a vast computing network.

“I think it’s really important that people understand that it’s not just the biggest, most powerful language models that pose the security concerns,” lead researcher Nicolas Papernot said in an interview.

The authors of the Anthropic post, company cofounder Jack Clark and Marina Favaro, head of its research institute, said the pause would be used to enable “societal structures and alignment research” to keep up with AI advances. Alignment is industry shorthand for making sure the technology matches human values and intentions.

The proposed coordination would let advanced AI labs verify that global rivals have actually stopped or slowed their work, “and that a bad actor could not use the auspices of a coordinated slowdown to jump ahead in secret”.

The company said a coordinated global mechanism is needed because, without it, a slowdown in AI development could let the “least cautious” players catch up and add to pressure on companies and governments as they make tough choices about AI safety.

Fears that advanced AI systems may get out of human control and cause societal harm have risen as the technology becomes increasingly capable. Anthropic’s own Mythos model sent shockwaves through industries, including banking and software, earlier this year with its ability to find vulnerabilities in existing code.

But regulation has been slow, especially in the US, where most leading AI labs are based. A Trump administration executive order earlier this week put the onus on the labs themselves, asking them to voluntarily submit their most capable models for government cybersecurity testing before public release.

Safety focus

AI researchers have also urged a pause before, but have had little success. Elon Musk, who owns AI lab xAI, was among the backers of a 2023 push by the non-profit Future of Life Institute to halt AI development for six months to allow time for safety guardrails.

Anthropic has long positioned itself as a safety-focused AI lab. Earlier this year, it refused to let the US military use its models for domestic surveillance and fully autonomous weapons, prompting backlash from the government, which put it on a national security blacklist, set to take effect later in 2026.

Anthropic’s post comes as the company and ChatGPT-maker OpenAI race to sell shares on the stock market, in an IPO that could value Anthropic at nearly a trillion dollars.

Papernot notified Canadian cybersecurity authorities prior to releasing his report, which shows how researchers developed the worm in a laboratory by using an “open-source” AI tool that is easy for software developers to cheaply access and modify.

“In the past, cyber attackers would focus on targets that are very high value,” he said. “Banking systems, hospitals, electricity grids, water treatment systems, schools.”

Papernot agreed that there should be more collaboration between companies, government agencies and academic researchers to develop countermeasures as AI-powered hacking tools supercharge the search for computer vulnerabilities.

“That old laptop you have in your basement that you don’t check on regularly doesn’t seem like a very high-value target, but it can be used as a launch pad to attack these higher-value targets,” he said. “Anything connected to the internet is now at risk because of how low the cost has become to mount these cyberattacks.”

Elon Musk’s rocket company SpaceX is targeting a valuation of nearly $1.77 trillion in its blockbuster initial public offering (IPO), paving the way for the largest stock market debut in history.

In a filing with the US Securities and Exchange Commission on Wednesday, SpaceX said that it plans to sell 555.6 million shares at $135 apiece, raising approximately $75bn.

The eye-popping valuation would make SpaceX the world’s seventh-largest company by market capitalisation, ahead of Musk’s electric vehicle maker Tesla and social media giant Meta, and just behind Taiwanese chipmaker TSMC.

It would also eclipse energy giant Saudi Aramco’s 2019 debut, which raised $26bn at a valuation of $1.7 trillion.

Musk, who holds a roughly 42 percent stake in SpaceX, is poised to become the world’s first trillionaire upon the company’s debut on the New York-based Nasdaq stock exchange on June 12.

Despite the public listing, Musk will retain effective control of SpaceX with more than 82 percent of voting rights, the result of a dual-class stock structure that grants certain shares 10 votes instead of one.

The Texas-based firm’s decision to set a specific share price ahead of its IPO marks a break from usual practice.

Companies preparing for a public listing usually announce a preliminary price range that can be adjusted based on investor interest.

“The genuine surprise is that SpaceX fixed a price before the investor roadshow began,” Fabien Yip, a market analyst at online trading and investment company IG Group, told Al Jazeera.

“To me, this reflects Musk’s control over the deal terms and his confidence that the book will fill.”

Founded by Musk in 2002, SpaceX is best known for designing and launching rockets, spacecraft and reusable launch vehicles on behalf of NASA and private companies.

The company also provides internet services and artificial intelligence models through its Starlink and xAI divisions.

Musk has outlined lofty ambitions for SpaceX, including to establish a “self-sustaining” city on Mars, “make life multiplanetary,” and “extend the light of consciousness to the stars”.

SpaceX’s listing will be a test of investors’ confidence in Musk’s vision, which has yet to translate into profits at the company.

SpaceX reported a net loss of $4.9bn on revenue of 18.7bn in 2025, followed by a $4.3bn loss in the first quarter of this year.

Jay R Ritter, an emeritus professor at the University of Florida who specialises in IPOs, said the SpaceX IPO differs from Saudi Aramco’s blockbuster listing as the state-owned oil company had a track record of generating large revenues and profits.

“SpaceX, in contrast, has trailing annual revenue of less than $20bn, and is not profitable,” Ritter told Al Jazeera.

“So, one company’s valuation was – and is – based on its demonstrated profitability, while the other company’s valuation is based on potential.”

“With SpaceX, there is a risk that cash flows will be used to send hundreds of thousands of people to Mars, at a loss,” Ritter added.

Despite SpaceX’s lack of profitability, market sentiment is strong, said IG’s Yip, noting that buyers of investment products linked to the listing are pricing the company’s end-of-first-day market capitalisation at $2.2 trillion.

“The Tesla parallel is perhaps worth drawing: It debuted in 2010 as a loss-making company and largely tracked the S&P 500 for years, only breaking away decisively once it turned profitable for the first time in Q1 2013,” Yip said, referring to the benchmark stock index on Wall Street.

“SpaceX investors are making a similar bet on future growth, with the added complexity that SpaceX’s addressable market – rockets, satellite internet, AI – is considerably broader than Tesla’s was at listing.”

Tehran, Iran – Iran is facing more energy constraints as its summer season begins, with the widespread use of air conditioning and other needs during hotter months contributing to an imbalance between supply and consumption.

For decades, successive Iranian governments have kept utility bills well below supply costs for households and offices through a mix of implicit oil-and-gas subsidies, administered tariffs, state-controlled pricing, and sometimes direct financial support.

The negative impacts of the war with Israel and the United States on the economy mean the government has fewer tools at its disposal to deal with an energy crisis this summer.

Despite having the world’s third-largest proven crude oil reserves, Iran will have to import fuel again as demand outpaces refinery output.

President Masoud Pezeshkian has repeatedly urged households and offices to take practical steps to limit energy consumption. Last week, he removed his jacket during a government meeting to demonstrate how Iranians can avoid turning down their air conditioning thermostats in their offices.

Even though energy costs for households are much lower than in other parts of the world, corruption, mismanagement, sanctions, chronic inflation and currency devaluation have eroded the benefits Iranians usually feel from subsidised energy prices.

In November 2019, the government announced a tiered gasoline price scheme that would see huge increases for some consumers. This sparked nationwide protests, and since then, the government has been wary about similar price hikes.

While inflation has galloped on, continued subsidies have kept fuel artificially low.

The administration’s attempts to tackle the subsidies burden due to a mounting budget crunch have resulted in only limited increases in petrol through a complex three-tiered pricing system.

This is applied via a government-issued fuel card, giving most users of Iranian-made vehicles access to 60 litres (15.85 US gallons) per month of subsidised petrol at 15,000 rials (0.8 cents) and another 100 litres (26.42 gallons) at 1.6 cents.

Iranians going over this amount then must use an “emergency card” issued at petrol stations, permitting them to an additional 30 litres (7.9 gallons) of fuel a day at 50,000 rials (about 2.9 cents) per litre.

After a new cap was imposed during the war to limit fuel consumption, each card allows only 30 litres of fuel a day. Petrol stations are issued their own “emergency card” for uses beyond this limit.

Due to supply constraints, staff at petrol stations have now reportedly been instructed to limit the use of these cards to 10 to 15 litres (up to 4 gallons) or asked not to issue any new cards at all to customers.

The Iranian government is running similar schemes for natural gas, electricity and urban water, with fears of social unrest making them averse to any sudden price hikes.

There appears to be little the government can do to bridge the divide between lower energy production and growing demand for subsidised fuel, illustrated by the perpetual queues at petrol stations since the start of the war.

“Reforming and increasing the price of energy is currently not feasible and logical due to the current economic conditions and social concerns,” Esmail Saghab Esfahani, a vice president of the state-linked Organization for Energy Optimization and Strategic Management, said earlier this week.

There have been some changes to pricing structures, but this is impacting small businesses that are already struggling with the dire economic conditions in Iran.

One 35-year-old owner of a welding workshop near Tehran, who asked to remain anonymous, told Al Jazeera that a surge in his monthly energy bill from 40 million rials ($23) per month in the previous Persian calendar year to three times that today.

“I went to the electricity company, and they only kept saying the tariffs have gone up,” he said.

“I had a similar message from a friend who is paying much more now for roughly the same usage as before, so it looks like we’re to pay for the cost of war.”

Authorities say that any complaints about escalating bills will be reviewed. They also have a system where normal household energy consumption is kept artificially low, but excessive users can be billed as much as 45 times the normal prices.

Despite having the second-largest proven natural gas reserves in the world, Iran still suffers from perpetual supply shortages during its winter and summer, when consumption is at its highest.

The situation has worsened during the war, with strikes on Iranian energy facilities seeing Iran’s gasoline production capacity drop marginally from 115 million litres (30.37 million gallons) per day to 110 million litres (29.06 million gallons). Meanwhile, consumption has jumped from 10 million litres (2.64 million litres) in 2025 to 140 million litres this year (36.98 million litres).

US President Donald Trump’s threats of more strikes on power plants have heightened fears of further blackouts and gas shortages this summer, meaning the energy crisis is likely to continue in the coming months.

The administration of US President Donald Trump has proposed new tariffs of up to 12.5 percent on imports from 60 economies after determining they had failed to curb trade in goods made with forced labour, an assertion that was rejected by US trading partners.

The proposal from the Office of the United States Trade Representative (USTR), issued late on Tuesday, comes from a Section 301 unfair trade practices investigation designed to help rebuild US President Donald Trump’s emergency tariffs, struck down by a US Supreme Court decision in February.

Despite laws banning them, the products of forced labour are deeply embedded in supply chains across the world. European lawmakers bristle at the accusation that the region is less effective than the US at curbing the trade in such goods, with one describing the US findings as “utterly absurd”. Business leaders said the US move created more confusion for companies.

The USTR proposed 10 percent additional duties on imports from Canada, Ecuador, the European Union, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia, Taiwan and Britain. The USTR said all had plans or partial schemes in place.

The trade agency said it would impose additional duties of 12.5 percent on the remaining 45 countries that it investigated. These include China, India, Nigeria, Japan, South Korea, Vietnam, Australia and New Zealand.

“The failure of our most important trading partners to address the importation of goods made with forced labour is unacceptable,” US Trade Representative Jamieson Greer said in a statement. “This creates a dynamic where American workers are forced to compete globally on an unlevel playing field.”

The USTR said it would accept public comments on the proposed tariffs and other remedies through July 6, with a public hearing scheduled for July 7.

The announcement comes ahead of the July 24 expiration of a 10 percent temporary tariff imposed by the Trump administration on February 20, the day the Supreme Court struck down Trump’s tariffs under the International Emergency Economic Powers Act. It also shows how determined the Trump administration is about building a wall of tariffs around the US economy, the world’s largest, despite repeated setbacks in court.

After the loss in the Supreme Court, Trump turned to another law to impose temporary 10 percent tariffs globally. But those stopgap levies expire July 24. And a specialised trade court ruled last month that they, too, were illegal – though the government can continue collecting them while that case works its way through the courts.

Unjustified tariffs

The European Commission said the tariffs were unjustified and reiterated its commitment to the trade deal sealed with Washington last year.

Bernd Lange, the chair of the European Parliament’s trade committee, which voted on Tuesday to accept that trade deal, said the new tariffs were expected, but said the results of the US investigation were still “utterly absurd” given a 2024 EU law to ban imports of forced labour products.

“The impression is increasingly emerging that a tariff measure is sought first, and only then is a suitable legal justification found,” he said. However, he added that the key question would be whether the additional tariffs would exceed those agreed between both sides last July.

The US’s largest trading partner, the EU, agreed last July to accept tariffs of 15 percent on a broad range of its exports. In its report, the USTR said the EU anti-forced labour measures only came into force in December 2027 and lacked key elements.

It was unclear whether the proposed tariffs – which the US release described as “additional duties” – would come on top of levies agreed in bilateral deals signed with the US.

Britain said it was in regular talks with the US and was taking action to tackle forced labour. It added that the preferential access to US markets that it had negotiated for UK businesses remained in place.

Mexico said that goods that were compliant under the United States-Mexico-Canada Agreement (USMCA) would be exempt from the new tariffs.

Taiwan said it was “hopeful and confident” that the final results would reflect agreements already reached, securing relatively preferential treatment.

Beijing, facing 12.5 percent tariffs, said that it opposed all forms of unilateral tariffs and that there was no forced labour in China. India, confronted with the same rate, said it was engaged with Washington on the Section 301 proceedings, noting the proposed tariffs were not final.

“There will be deep concerns in the international business community that the US [forced labour law could] become a global template,” said Andrew Wilson, deputy secretary general of the International Chamber of Commerce.

“Anyone can make a claim, get a shipment impounded and the company has to prove no forced labour in supply chain.”

Certain exemptions

The USTR said it would exempt from tariffs products including energy, rare earths and some other metals, beef, coffee, certain fruits and vegetables, pharmaceuticals, organic chemicals and aircraft parts.

It also said it was proposing a textile mechanism that would allow for a certain volume of apparel and textile imports to enter the US at a reduced tariff rate, without giving details.

The ICC’s Wilson said the list of exemptions, stretching for more than 76 pages, suggested sensitivities over the potential cost-of-living hit to food and other goods with known forced-labour risks.

“It doesn’t make sense if the object of this is to enhance controls on modern slavery,” he said.

Benchmark Nikkei 225 tops 68,000 for first time as AI-driven buying frenzy shows no signs of slowing down.

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.

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.

Mexico and Canada have backed extending the USMCA trade agreement for another 16 years as negotiations over its future continue. The proposal comes amid an ongoing trade dispute with the United States.

The administration of United States President Donald Trump has proposed a new 25 percent tariff on imports from Brazil amid allegations of unfair trading practices.

US Trade Representative Jamieson Greer announced the new punitive tariffs late on Monday, stemming from issues including digital trade and illegal deforestation.

The new tariffs would be imposed under Section 301 of US trade policy — a statute that gives the US government broad authority to impose trade sanctions based on violations of trade agreements, as well as what it deems “unfair” trade practices under the Trade Act of 1974.

Greer said there has been an investigation that began in July. The practices under investigation were related to issues such as illegal deforestation, ethanol market access, and anticorruption enforcement, among other key issues, according to the summary released by the US Department of Commerce on Tuesday.

In the 107-page document, the US government said that trade practices between the two nations “are unreasonable and burden or restrict US commerce”, and pointed to agreements that Brazil has with Mexico and India.

“Brazil’s trade arrangements with Mexico and India also create incentives to offshore US production by creating a financial advantage to exporting to Brazil from these countries, as opposed to exporting from the United States,” the document says.

There is a comment period for the general public to weigh in on the proposed tariffs, which begins on Thursday. The written comment period ends on July 1, and there will be a public hearing in Washington on July 6.

Beef, coffee, rare earths, other metals, energy, and aircraft parts are among the products that would be exempt from the tariffs.

On CNBC, Greer said that it would release more findings on unfair trade practices in the next several weeks in order to address what Greer called a “giant” trade deficit.

However, the data shows that the US maintains a trade surplus with Brazil. In March, Brazil bought more goods, worth $3.3bn, from the US than it exported at $2.9bn, representing a $420m trade surplus.

Other countries under investigation include China and Vietnam.

The new tariff would partially replace a tariff of 50 percent on many Brazilian goods imposed last year by Trump, with 40 percent serving as a punishment for Brazil’s prosecution of former President Jair Bolsonaro, a Trump ally.

The White House also recently dropped tariffs on select aluminium, copper, and steel imports, which include agricultural equipment such as harvesters. Those tariffs will drop from 25 percent to 15 percent. The tariffs expire in December 2027.

The new tariffs come after the Supreme Court, in February, struck down the use of the International Emergency Economic Powers Act (IEEPA), which the White House used to impose its sweeping global tariffs.

“They are the first of many new tariffs to replace the IEPPA national security tariffs. The period of public comment will allow for potential modest tweaks and exemptions. Ultimately, it will add to some inflation pressure compared to the last few months but not compared to a year earlier,” Rachel Ziemba, a senior adjunct fellow at the Center for a New American Security, told Al Jazeera.

Political tensions

The changes come despite President Luiz Inacio Lula da Silva’s visit to Washington last month, as relations have deteriorated in recent months.

The US State Department has also designated two of Brazil’s criminal gangs as “terrorist organisations”, a move that supported Senator Flavio Bolsonaro’s position, Lula’s main rival in October’s election, and over the objections of Brazilian officials.

“I expressly asked President Trump not to tariff our companies,” Bolsonaro wrote on X on Tuesday. “Tariffs are not the solution.”

The White House did not respond to Al Jazeera’s request for comment.

US tech giant says fundraising drive includes deal to sell $10 bn of stock to Berkshire Hathaway.

Alphabet, Google’s parent company, has announced plans to sell $80bn worth of shares to fund its rollout of artificial intelligence.

Alphabet said on Monday that the equity offerings would finance the rollout of AI infrastructure needed to meet “unprecedented customer demand”.

The US tech giant said the fundraising drive included a deal to sell $10bn of stock to Berkshire Hathaway, the conglomerate led for six decades by legendary investor Warren Buffett.

The remaining $70bn will come from $30bn in underwritten offerings – a type of share issuance where a financial institution buys stock to sell on to investors – and $40bn in staggered sales on the open market.

“The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the company’s available supply,” Alphabet said in a statement.

“By scaling its investments, the company seeks to expand its foundational infrastructure to support the significant growth opportunity ahead.”

Shares of Alphabet, which has a market capitalisation of more than $4.5 trillion, were down about 1 percent in after-hours trading following the announcement.

Like other Silicon Valley giants, Alphabet, whose AI business spans the Gemini family of assistants, data centres and cloud services, has committed eye-watering sums to AI-related infrastructure.

The company said in its most recent earnings call that it expected its capital expenditures to reach $180-190bn this year, and rise “significantly” in 2027.

US tech behemoths, such as Alphabet, Microsoft, Amazon and Meta, are expected to spend some $800bn on AI-related capital investment in 2026, according to an analysis by Goldman Sachs.

Troy Hooper, co-head of equity capital markets for the Americas at the financial intelligence provider Mergermarket, said Alphabet’s funding plans underscored the intensity of the race to lead the AI buildout.

“For hyperscalers, compute capacity is a direct driver of future revenue,” Hooper told Al Jazeera.

“By leaning into equity, Alphabet is bringing in permanent capital rather than burdening a balance sheet already absorbing record capex,” Hooper said, using the shorthand for capital expenditure.

Hooper said US tech giants have come to view underinvestment in AI as an “existential risk” and over-investment as “merely expensive”.

“The logic is simple: under-investing is an existential risk; over-investing is merely expensive. Microsoft, Amazon, and Meta are following the same calculus,” Hooper said.

“Ownership at scale lowers the marginal cost of training advanced models, building a moat smaller competitors will struggle to match. The message is clear: The winners of the AI era will be decided not just by algorithms, but by who owns the largest and most efficient compute platforms.”

Zee will broadcast the 2026 and 2030 World Cups and the 2027 Women’s World Cup among 39 FIFA tournaments until 2034.

FIFA has struck a deal with India’s Zee Entertainment to broadcast the World Cup in the country, ending a months-long ⁠⁠standoff over the tournament’s availability in one of the last major markets where rights remained unsold.

While the financial terms of the package – signed on Monday – were not disclosed, FIFA reportedly sought about $100m for the 2026 and 2030 tournaments before ‌‌slashing its asking price to $60m.

The deal gives Zee a toehold in India’s sports broadcast market, where the Reliance-Disney joint venture JioStar holds rights ranging from the Indian Premier League (IPL) cricket tournament to the English Premier League football.

It covers 39 FIFA events over eight years through 2034, including ‌‌the ‌‌Women’s World Cup in 2027, according to a joint statement from FIFA and Zee.

Shares ⁠⁠of Zee were about 7 percent higher on the day ⁠⁠after the announcement.

The agreement came just 10 days before the tournament kicks off on June 11 across the United States, Canada and Mexico.

Last month, experts told Al Jazeera that the kickoff times for the majority of the matches are the biggest concern for Indian broadcasters since many games will be played at odd hours for the Indian audience, with a 10-12 hour time difference between the host cities and the South Asian nation.

Only 14 out of the total 104 World Cup games will begin before midnight for fans in India.

The final will be held in New Jersey on July 19, beginning at 19:00 GMT, which will be 12:30am on July 20 in India. By comparison, 98.4 percent of matches at the 2018 World Cup started before midnight, and 82.5 percent at the following edition in Qatar.

Karan Taurani, executive vice president at investment firm Elara Capital, sees TV as a “struggling” medium in India.

“When you have these kinds of sporting events, effectively it is mostly digital that is monetising and raising big money,” Taurani told Al Jazeera. “That is a big reason why no one’s showing interest in the FIFA World Cup.”

Taurani explained that cricket leads the sports economy market in India.

“Only a small fraction of people who watch the Indian Premier League will watch the FIFA World Cup,” he said, adding that an even smaller fraction tune in past midnight to watch a match.

Viacom18 paid ⁠⁠about $60m for rights to the 2022 ⁠⁠World Cup, which was hosted in Qatar in time zones far more favourable for Indian audiences. Most of this year’s matches will be screened late at night in India due to the ‌‌time difference, something that dampened broadcaster appetite and complicated FIFA’s sales efforts.

Media freedom advocates condemn move as latest effort to curtail independent reporting on the US military.

The United States Department of Defense has barred journalists from its press office, the latest move by the Pentagon to restrict media access since President Donald Trump’s return to the White House.

Acting Pentagon Press Secretary Joel Valdez said on Monday that the administration had re-designated the office as a “Sensitive Compartmented Information Facility” due to its use by speechwriters with access to classified government information.

“These speechwriters routinely handle classified material and require SIPRNet access,” Valdez said in a statement provided to Al Jazeera, referring to the secure computer network used by the Pentagon to share classified information.

“As a result, journalists will no longer be permitted to enter the office space. Access to the office of the Assistant to the Secretary of War for Public Affairs and to the Press Secretary remains available by appointment only,” Valdez added, using the Trump administration’s preferred title for Defense Secretary Pete Hegseth.

The Washington Post first reported the change.

The move follows a slew of steps by the Trump administration to curtail the ability of US media outlets to report on the military and other areas of the government.

In March, the Defense Department said it would no longer allow media outlets to maintain offices at the Pentagon after a judge sided with The New York Times in a lawsuit challenging the imposition of new rules for obtaining press credentials.

The Pentagon also announced that journalists would require an official escort while inside the complex, a policy that The New York Times is seeking to overturn in a separate lawsuit filed in May.

The National Press Club, the main professional organisation for journalists in the US, condemned the latest restrictions as a “troubling escalation” in the Trump administration’s efforts to curtail media scrutiny of the Pentagon.

“Independent reporting on the US military is not optional,” National Press Club President Mark Schoeff Jr said in a statement.

“When journalists are pushed farther from the institutions they cover, the American people are left with less information, less transparency, and less oversight. Any effort to restrict that access should alarm everyone who values a free and informed society.”

The Freedom of the Press Foundation, a nonprofit advocacy organisation, also criticised the move.

“It’s rare for anything other than disingenuous spin and outright lies to come out of the Pentagon’s press office these days, so it’s hard to imagine what basis they have to call the space classified,” Seth Stern, chief of advocacy at the organisation, told Al Jazeera.

“The only thing sensitive or confidential about the information released by Pete Hegseth’s Pentagon is that it’s not true.”

Anthropic, which operates AI chatbot Claude, did not disclose the size or the terms of the offering.

Artificial intelligence giant Anthropic has confidentially filed for an initial public offering (IPO) in the United States, teeing up what could become a watershed moment for Wall Street’s AI frenzy.

The move, announced on Monday, sets up a high-stakes test of whether investor appetite for the AI revolution that has reshaped white-collar work around the world can match the sky-high expectations surrounding the booming sector.

Anthropic, which operates AI chatbot Claude, did not disclose the size or the terms of the offering. Confidential submissions let companies advance IPO preparations while shielding sensitive financial details from rivals and the public.

Anthropic last raised $65bn at a post-money valuation of $965bn in late May, putting it ahead of rival OpenAI. The company said at the time it was making annualised revenue of $47bn from selling its technology to people and organisations using Claude to write code and do other work and personal tasks on their behalf.

The crucial step towards a listing comes on the heels of SpaceX’s mega-IPO, which is on course to rewrite the record books as the Elon Musk-led company pursues a $75bn offering at a $1.75 trillion valuation.

Anthropic was formed in 2021 by ex-OpenAI leaders, and now both AI firms, along with Elon Musk’s rocket and AI company SpaceX, are all expected to become publicly traded. All three are also still losing more money than they make, fuelling concerns of an AI bubble.

OpenAI and Anthropic have become the face of the AI boom that has redrawn corporate strategies, sparked a global arms race for computing power and talent, and turned AI-linked companies into some of the market’s most richly valued firms.

Anthropic’s rapid rise in early 2026 rattled markets, triggering sharp sell-offs in software and IT stocks as investors worried its increasingly autonomous AI tools could upend traditional business models and accelerate disruption across industries.

“OpenAI and Anthropic are in a race to go public before capital runs out,” said analyst Gil Luria from the investment firm DA Davidson.

“The other reason for Anthropic to try to beat OpenAI out to the public market is that they will get to set the agenda for how a frontier model reports financials and do so in a way that is favourable to their financial model.”

OpenAI is also preparing to confidentially file for a US IPO in the coming weeks, adding to a wave of blockbuster ‌listings anticipated in the year ahead.

A market milestone

As many blockbuster listings race towards public markets, companies from SpaceX to AI giants are competing for a finite pool of investor capital.

“The combined demand for capital from SpaceX, OpenAI and Anthropic will be so considerable that it is likely to create disruptions in the capital markets, so going early will be a great advantage,” Luria said.

The listing would represent one of the most consequential stock market debuts in years, potentially reshaping benchmark indexes, investor flows and the broader narrative driving US equities.

At close to a $1 trillion valuation, Anthropic would vault into the top tier of the S&P 500, alongside a handful of elite companies that dominate global equity markets.

An Anthropic debut would be a major boost for the long-sluggish IPO market, though experts and bankers warn an offering of such scale could drain liquidity and investor attention from smaller listings.

Nvidia is set to bring artificial intelligence to laptop and desktop computers with brands like Microsoft and Dell later this year as the US tech giant broadens its AI presence.

The Santa Clara, California-based AI chipmaker unveiled on Monday at its annual Nvidia GTC event in Taipei new powerful chips that would bring advanced AI functions to laptops and desktop computers.

CEO Jensen Huang said that the new development is “going to reinvent the PC [personal computer]”.

The changes come amid three years of collaboration between Microsoft and Nvidia and pit the latter against companies like chipmaker Advanced Micro Devices and personal computer brands Intel and Apple.

“This is going to be the new PC,” Huang said as he unveiled Nvidia’s RTX Spark superchip — which combines CPU, or central processing unit, and GPU, or graphics processing unit, capabilities — that would power new Windows laptop and desktop computer models in what the company called “AI personal computers”, expected to debut in the fall of this year.

The chip, developed with Taiwan’s MediaTek, will be in compact desktops from Dell, HP, Lenovo, ASUS, Microsoft Surface and MSI, with models from Acer and GIGABYTE to follow.

Nvidia, which is already the world’s most valuable company, said the reinvention will be for creating and gaming.

“When it has an autonomous [AI] agent, an agent that’s helping you, that understands you, you could talk to it. It could look at you. You could ask it to read files, go help you do some research. It could do a lot more,” Huang said.

Microsoft said in a separate statement that the personal computers running on Nvidia’s RTX Spark superchips would be able to support “highly capable AI models” and complex workloads. With the new superchips, these personal computers can run AI agents locally, Nvidia said.

“This is the first across the lineup of PC reinvention for 40 years,” Huang said.

Nvidia’s move is significant at a time when demand is growing for the use of personal AI agents, said Lian Jye Su, chief analyst at the technology research and advisory group Omdia.

“For consumers, it means more choices, which is always a good thing,” Su said.

Neil Shah, analyst and co-founder of Counterpoint Research, described Nvidia’s announcement as a move that’s “revolutionising how PCs would look like in the next 10 years”.

The new laptops and desktop computers “will drive agentic AI applications in every home”, Shah said, with an aim of having an “AI supercomputer” in each household.

Also during Monday’s speech, Nvidia’s Huang said its new Vera CPUs for data centres are in full production and are “going to be our new major growth driver” on the boom of AI agents, with early customers including Anthropic, OpenAI and SpaceXAI.

Huang also revealed a humanoid robot reference design that could act as a blueprint for future research, especially within the higher education sector. Nvidia said its “Isaac GR00T” stands nearly 1.83 metres (6 feet) tall and has the humanoid chassis of Chinese robot maker Unitree’s H2. It is equipped with five-fingered dexterous hands, made by Singapore-based robotics startup Sharpa, that are capable of finely controlled movements.

Reception for AI PCs has been mixed so far. HP reported last week that the devices helped prop up quarterly sales, but Dell said earlier this year that demand had fallen short of initial expectations. Qualcomm, looking to capitalise on AI demand, has also been offering AI PCs with Microsoft.

On Wall Street, Nvidia stock rose nearly 4 percent on the news in midday trading. Microsoft ticked up 2.5 percent and Dell surged 9.3 percent. Competitors AMD and Intel, on the other hand, are on the decline. AMD is down 0.1 percent from the market open, and Intel is down by 2.5 percent.

Jerome Powell says the US central bank is undergoing a ‘stress test’ like other institutions in the current era.

Former US Federal Reserve Chair Jerome Powell has warned against the politicisation of monetary policy amid President Donald Trump’s repeated attacks on the independence of the central bank.

In a speech at an awards ceremony in Boston on Sunday, Powell said that the Fed had been undergoing a “stress test” like many other institutions in the Trump era.

Powell said the US Congress had “wisely” chosen to insulate the central bank from political pressure and that all other advanced economies had similar norms upholding the independence of monetary policy.

“These protections have served the public well, and administrations from both parties have respected them,” Powell said after accepting the 2026 John F Kennedy Profile in Courage Award.

“If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” Powell said.

“The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.”

Powell, who stepped down as the head of the central bank last month, said that the Fed’s credibility would be “lost” in such a scenario.

“That credibility enables the Fed to support a strong and stable economy for the benefit of American families and businesses,” he said.

“Our credibility has been built and sustained over many decades, and we have a duty to safeguard that priceless asset for our fellow citizens and for generations to come.”

Powell, who made the usual decision to stay on as one of the seven members of the Fed’s Board of Governors after stepping down as chair, also offered a broader defence of democratic institutions generally.

“Partisan political differences are normal – indeed essential – in a thriving democracy. But we ought to be united in our commitment to the higher principles that define our nation,” Powell said.

“Chief among them is respect for the rule of law. As John Adams wrote, ours is ‘a government of laws and not of men’. Our public institutions carry us forward through change. These institutions embody our commitment to freedom, democracy, and service of the public good.”

While Powell did not mention Trump by name, the US president has waged a sustained pressure campaign against the central bank for not heeding his demands to cut interest rates more sharply.

Trump repeatedly threatened Powell with dismissal during his tenure, while Trump appointee and ally Jeanine Pirro opened a short-lived criminal investigation into Powell’s congressional testimony about ongoing renovation works at the Fed’s headquarters.

Trump also ordered the removal of Fed governor Lisa Cook over unproven claims of mortgage fraud, though the Supreme Court has ruled that she can remain in her position while it considers a legal challenge against her firing.

Under the Federal Reserve Act, the US president must demonstrate “cause”, widely interpreted to mean malfeasance, to remove any of the Federal Reserve’s governors.

The John F Kennedy Profile in Courage Award was created in 1989 to honour those who demonstrate courage in public service without regard to professional or personal consequences.

Past winners of the award, which is named after Kennedy’s Pulitzer-winning book Profiles in Courage, include former US President Barack Obama, then-Ukrainian President Viktor Yushchenko, and then-UN Secretary-General Kofi Annan.

Department of Commerce issues guidance on chip restrictions amid concerns about loopholes in export control regime.

The United States has issued a notice affirming its restrictions on shipments of semiconductors to subsidiaries of Chinese companies located outside China amid concerns about loopholes in Washington’s export control regime.

The Department of Commerce said in the guidance issued on Sunday that its licensing requirements for the export of advanced AI chips applied to all businesses with headquarters or a parent company in China.

The Bureau of Industry and Security (BIS), which falls under the Commerce Department, said it issued the clarification in response to questions about whether it was enforcing preexisting licence requirements after it had overturned former President Joe Biden’s AI Diffusion Framework.

“The answer is yes,” the BIS said in the notice.

Unveiled in the final days of the Biden administration, the AI Diffusion proposed the implementation of a globe-spanning framework to control access to AI chips, including export caps for all but the closest US allies.

The framework drew backlash from tech firms, including Nvidia, the world’s most valuable chip company, which cast the proposal as a threat to innovation and cross-border collaboration.

President Donald Trump’s administration scrapped the framework last May, ahead of its implementation, citing the “burdensome new regulatory requirements” and the harm it would do to Washington’s diplomatic relations with other countries.

Chip giant Nvidia, whose top-of-the-line Blackwell GPUs are banned for export to China, said it had already been operating in keeping with the clarified rules.

“The guidance reaffirms that NVIDIA’s sales and vetting process is correct – consistent with our existing approach, licences are required to ship controlled products to PRC headquartered companies,” a Nvidia spokesperson told Al Jazeera, using the acronym for the People’s Republic of China.

AMD and Intel, Nvidia’s main competitors in the GPU space, did not immediately respond to requests for comment.

TSMC, which manufactures the most advanced chips on behalf of clients such as Nvidia, did not immediately return an email seeking comment.

The BIS also did not respond to inquiries.

Chris McGuire, a former State Department official who worked on technology policy in the Biden administration, accused the Trump administration of providing Chinese companies a loophole to buy export-controlled chips.

“Chinese companies have been buying these chips, very likely at scale. And because BIS has not updated export control regulations to clearly state what it IS enforcing, all of this was legal,” McGuire said in a post on X.

“This clarification does make clear that Blackwell shipments to China-headquartered companies outside of China are now illegal again – which is good, although obviously we have to see how many shipments have already gone to assess how much damage was done,” McGuire said.

“BIS’ statement acknowledges these shipments have been happening when it says companies who bought chips under this loophole don’t have to stop using them.”

The US has rolled out numerous restrictions on the supply of high-end technology to China, as Washington and Beijing battle for dominance in AI.

In December, Trump announced that he would allow Nvidia to sell its H200 chip to China, in a major loosening of Washington’s export controls.

While not Nvidia’s most advanced chip, the H200 is about six times as powerful as the H20, the most advanced chip previously allowed for export to China.

Cuba has begun distributing donated powdered milk from Mexico and Uruguay as the island faces severe shortages and a deepening economic crisis. Officials say young children, pregnant women and paediatric facilities will be prioritised.