wall

Azerbaijan Grand Prix: Russell takes pole as Antonelli out after hitting wall

Leclerc was somewhat taken aback by Mercedes’ superiority, saying that the position was what he expected but the gap most definitely was not.

At the bottom of the top 10, there was finally some good news for Williams, for whom Carlos Sainz achieved the team’s first top 10 qualifying performance of the year.

Williams have introduced a new chassis this weekend which has brought them down to the weight limit for the first time this season, after being as much as 25kg over at the start of the year.

Along with some additional developments, it appears to have produced a big step forwards, although the caveat is that Baku is a track that suits the characteristics of the Williams car and does not expose its weaknesses.

Team-mate Alex Albon did not manage to secure a tow in the second part of qualifying, and was “anyway struggling with straight-line speed all session”, and was 13th, just under 0.4secs behind the Spaniard.

Antonelli’s error came on his second lap of the first session.

He turned into the first corner too early, and the left front wheel clouted the inside wall, breaking the suspension.

He initially tried to get the car back to the pits but was told by engineer Peter Bonnington to park up.

“Let me try,” Antonelli pleaded, before Bonnington told him that either the track rod or upright was broken and there was no way Mercedes could fix that in the time they had to turn the car around before the next session.

Antonelli had been on the back foot all Friday trying to catch up time lost to a hydraulic problem that had stopped his car on track halfway through first practice, and was not repaired until halfway into the second.

It was Antonelli’s first major mistake of the season since he crashed heavily in final practice at the first race of the season in Australia.

Source link

Wall Street’s Nasdaq hits all-time high as AI frenzy gathers pace | Financial Markets News

Investors shrug off AI safety concerns and Iran war, sending market to a new peak.

Wall Street’s Nasdaq stock exchange has hit an all-time high, shrugging off concerns about AI safety risks, sky-high tech valuations and the energy shock caused by the United States’ war on Iran.

The Nasdaq Composite index, which is dominated by US tech giants such as Nvidia, Apple and Microsoft, rose 0.45 percent on Tuesday, taking its gains to date this year to more than 17 percent.

Recommended Stories

list of 4 itemsend of list

The Nasdaq 100, a narrower index that tracks 100 top companies, jumped 0.82 percent.

The S&P 500, the most popular measure of the overall US stock market, closed essentially flat.

Monolithic Power Systems, a Florida-based manufacturer of power circuits, and Canadian e-commerce company Shopify led the gains, surging 8.1 percent and 7.1 percent, respectively.

Micron Technology, one of the world’s top three memory chip makers along with South Korea’s SK Hynix and Samsung Electronics, rose 5 percent.

Chip giant Nvidia, the world’s most valuable company, gained 0.7 percent, while Apple edged up 0.2 percent.

Meta Platforms, which soared 11.4 percent on Monday on excitement surrounding its new AI assistant Muse, dropped 0.63 percent.

Major Asian stock markets opened higher on Wednesday, with Japan’s benchmark Nikkei 225 and South Korea’s Kospi up about 1.4 percent and 0.1 percent, respectively, in morning trading.

Hong Kong’s Hang Seng Index opened lower, falling more than 0.7 percent during the morning trade.

Oil prices were largely flat on Tuesday, after falling more than 3 percent the previous day amid improving oil flows out of the Gulf and hopes of renewed diplomacy between Washington and Tehran.

Futures for Brent crude, the international benchmark, were trading at $99.18 a barrel as of 01:00 GMT.

⁠US President Donald Trump on Tuesday told reporters that US officials ‌held a “very good” meeting with their Iranian counterparts on the sidelines of the United Nations General Assembly in New York, hours after using his address to the session to warn that he could “annihilate” Iran if Tehran did not agree to a deal on the war.

Trump, whose war on Iran is nearing the seven-month mark, said US and Iranian officials would hold another round of talks in the “very near future”.

Jay Goldberg, a senior analyst at Seaport Research Partners in San Francisco, said signs of diplomatic progress between the US and Iran had refocused investor attention on the potential of AI to generate profits after years of multibillion-dollar investments.

“We have been searching for a clear consumer use case to justify the AI spend, and many see Muse as just that product,” Goldberg told Al Jazeera.

“Personally, I think Muse is just a step in the right direction; there will be better products – probably soon – but Muse is one of those things that are so useful they get investors excited about AI prospects again,” Goldberg said.

Source link

Trump administration begins building border wall in Texas’ Big Bend region

The Trump administration has started building a border wall through a west Texas section of the Big Bend region, marking the first major construction in an area of the U.S.-Mexico border where the administration’s plans have met heavy, bipartisan opposition.

The start of construction marks a milestone in the administration’s $46-billion efforts to line the border with walls, barriers, roads and technology as it seeks to make good on a campaign promise by President Trump to finish the wall. And it comes as Customs and Border Protection says it has doubled the pace at which it is building the wall across the border.

Customs and Border Protection said in a statement to the Associated Press that “border wall panel installation is underway” in a 47-mile stretch of Hudspeth County in west Texas known as Big Bend 1. There are five project areas that make up the roughly 500-mile Big Bend region stretching from an area of Hudspeth County south of El Paso to Lake Amistad.

CBP said the first panels were erected Wednesday. On a map on the agency’s website where it posts updates of wall construction along the southern border, a photo showed a crane lifting one of the 30-foot-tall steel wall panels into place as construction workers looked on.

The new activity was separate from a border infrastructure project in the nearby Big Bend National Park, where the administration has suspended construction in an attempt to reach out to opponents.

In the broader Big Bend region of Texas, CBP has run up against concerted opposition from landowners, environmental groups, business owners and ranchers who say the remote region isn’t a high-traffic area for illegal immigration. Political leaders from both parties, including U.S. Sen. John Cornyn (R-Texas), have joined the opposition.

Activists said Friday they would continue opposing the border infrastructure projects in the rest of the Big Bend region, even as the panels were being installed.

Clara Benson, one of the founders of the No Big Bend Wall Coalition, which has been fighting against CBP’s plans, said in an interview Friday that the organization had been receiving reports of trucks moving supplies into the remote area along the Rio Grande and that contractors had been clearing yards to stage supplies.

Speaking from Washington, D.C., where she and others in the coalition were meeting with lawmakers, she said that the organization and others would continue to fight the wall-building plans across the region.

“We will continue to fight for this land no matter what the outcome is. We will continue fighting to the end,” said Benson. “You talk to people in west Texas and they say even if they put it up, we’ll fight for them to take it down. So this fight is not over.”

The news comes as the administration is speeding forward with a plan to line the entire border with a combination of 30-foot-tall steel bollard walls, barriers designed to stop vehicles from crossing the border, new patrol roads, and various technologies to deter and detect migrants or smugglers from crossing the border.

Customs and Border Protection said it is building an average of 12 miles of barriers per week along the 2,000-mile border with Mexico and recently reached a milestone of 200 miles of new barriers built since the second Trump administration took office. The 12-miles-a-week average is double the pace that the agency’s head, Rodney Scott, cited earlier this year.

The agency has faced opposition from environmental groups, a small town that worries the wall will cause flooding in its area, Native Americans who say the construction is disturbing sacred sites and landowners who say the construction will infringe on their land.

In Texas, much of the opposition has centered on the agency’s plans for Big Bend National Park, in the state’s southwest on the Rio Grande that is a draw for tourists from around the world. But up- and downriver outside the park, much of the land is owned by private landowners, many of whom have organized against the government’s efforts.

Earlier this week, landowners, ranchers and business owners in the Big Bend region along with a nonprofit organization dedicated to protecting the region’s landscape and heritage sued to stop the administration’s plans.

Activists and landowners have also shown up at county meetings to push their elected officials not to cooperate with contractors hired by CBP to build the wall, and many landowners have refused to allow government officials or contractors onto their land to survey it.

Santana writes for the Associated Press.

Source link

Asian stocks track Wall Street rally as oil prices decline

Published on

Japan’s benchmark Nikkei 225 gained 1.9% to 65,332.57 after the Bank of Japan raised the benchmark interest rate to 1.25% from 1.0%, a 31-year high.


ADVERTISEMENT


ADVERTISEMENT

The move had been widely priced in, coming after the Federal Reserve also raised its key rate this week. Pressures have been coming from the US for Japan to raise rates because of concerns about the weakening yen.

The nations intervened together recently to prop up the yen. But the efforts haven’t had a big impact.

In currency trading, the US dollar rose to 157.11 Japanese yen from 155.95 yen. The euro cost $1.1487, up from $1.1480.

South Korea’s Kospi jumped 2.3% to 6,866.83. Australia’s S&P/ASX 200 was little changed, slipping less than 0.1% to 8,731.50. Hong Kong’s Hang Seng edged up nearly 0.7% to 24,769.80, while the Shanghai Composite added 1.0% to 3,916.08.

Falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its losses from the prior day.

The S&P 500 jumped 1.1% for just its second rise in the last nine days. The Dow Jones Industrial Average added 316 points, or 0.6%, and the Nasdaq composite climbed 1.7%.

Wall Street stocks got a boost after the price of a barrel ofBrent crude oil slid from the nearly $110 it reached earlier in the week on worries that the war with Iran will keep oil bottled up in the Middle East instead of going to customers worldwide.

In Asian trading, Brent, the international standard, lost 0.94% to $103.83 a barrel. Benchmark US crude slid 0.83% to $101.06 a barrel.

Brent is still more expensive than the $72 per barrel that it cost earlier this summer, but the recent drop helped pull yields lower in the bond market and removed some pressure on stocks. The yield on the 10-year Treasury fell to 4.93% from 5.01% late Wednesday.

The Federal Reserve on Wednesday raised the short-term interest rate that it controls, the federal funds rate, by a quarter of a percentage point for its first hike in more than three years. Officials also hinted that they may raise the federal funds rate one more time this year as they try to get high inflation in the US under control.

The signals sent Wall Street on a roller coaster. Stocks initially remained higher for the day after the Fed made its announcement Wednesday. They then slid sharply before recovering a chunk of the losses before trading ended.

On the upside for markets, the shift to higher interest rates built confidence that the Fed is committed to getting inflation back to its target of 2%. On the downside for markets, higher rates undercut prices for stocks and other investments.

All told, the S&P 500 rose 85.95 points to 7,637.76. The Dow Jones Industrial Average gained 316.14 to 51,778.04, and the Nasdaq composite rallied 439.87 to 26,418.30.

Additional sources • AP

Source link

Texas landowners ask a court to stop Trump’s Big Bend wall plans

Landowners, ranchers and business owners in the Big Bend region of Texas along with a nonprofit organization dedicated to protecting the region’s landscape and heritage are suing to stop the Trump administration’s plans to build a wall and other border infrastructure through the remote section of the state.

The lawsuit, filed by Conserve Big Bend and with the support of dozens of landowners, comes as the administration is ramping up a $46-billion effort to line the roughly 2,000-mile southern border with a collection of 30-foot steel bollard walls, vehicle barriers and technology intended to keep out smugglers and migrants.

In Texas, the effort has run up against numerous lawsuits and bipartisan opposition from sheriffs, elected officials, tour guides, environmental groups and landowners.

Officials backing the wall “were woefully unprepared for the hornet’s nest they stirred up because they had no idea how much we love this place,” said David Keller, an archaeologist and historian who specializes in the Big Bend and lives in the region.

“For us, the Big Bend is not an empty place on the map,” he said. “It is our home.”

As part of its wall-building efforts, the administration has waived numerous regulations and statutes designed to protect the environment, archaeology or wildlife, on the basis that there’s an urgent need to protect the border in what Homeland Security has called areas of “high illegal entry.”

But in the lawsuit announced Monday, the plaintiffs argue that when it comes to the Big Bend region, that’s not an accurate description. They’ve cited historical statistics issued by Customs and Border Protection showing how few people cross the border in Big Bend compared with other areas along the U.S.-Mexico border.

Big Bend has about 500 miles of border with Mexico — roughly one quarter of the length of the border from the Pacific Ocean to the Gulf of Mexico. But the region only accounted for about 1% of arrests, according to the lawsuit’s stats.

The plaintiffs are arguing that the Department of Homeland Security is misusing powers from Congress that allow the secretary broad authority to waive regulations in order to build border walls or other infrastructure in areas where there are large numbers of people trying to cross into the country illegally.

“That determination is legally and factually unsound and unsupported,” the plaintiffs wrote.

The lawsuit filed Monday is the latest in efforts to slow or stop the administration’s plans in Texas and elsewhere.

The biggest outcry has come over Customs and Border Protection’s plans for the Big Bend National Park, which sits in a far southwestern corner of Texas where the Rio Grande separates the U.S. from Mexico.

The park’s remote and rugged location, its steep limestone canyon walls and crystal clear starry night views attract visitors from around the world. The government has said in court hearings that no final plans have been decided for what will be built in the park but plans made public so far have included building a new road, installing detection technology and barriers to stop vehicles from crossing the border.

When bulldozers were spotted clearing land in the park in August, people across the state were outraged. CBP Commissioner Rodney Scott temporarily paused construction-related activity in the park but many activists and residents would like to see even more changes to the administration’s plans in the broader Big Bend region.

Native American groups have argued that the construction could inhibit their ability to practice their faith and is damaging important religious sites while environmentalists worry the wall will cause flooding or keep animals from migrating.

Landowners who’ve lived and worked along the Rio Grande for years have questioned how they’ll feed livestock or water their crops if they can’t access the river.

Santana writes for the Associated Press.

Source link

Landowners in Texas ask court to stop Trump border wall | Donald Trump News

Indigenous groups, environmentalists, and locals in several states have opposed the border wall construction.

A group of landowners, ranchers, businesses and a non-profit organisation have sued the administration of United States President Donald Trump to stop construction of a wall along the country’s border with Mexico in the remote Big Bend region of the southern state of Texas.

Trump officials “were woefully unprepared for the hornet’s nest they stirred up because they had no idea how much we love this place”, David Keller, an archaeologist and historian who specialises in the Big Bend and lives in the region, said in a news conference announcing the lawsuit on Monday.

Recommended Stories

list of 3 itemsend of list

“For us, the Big Bend is not an empty place on the map,” he said. “It is our home.”

The lawsuit was filed by Conserve Big Bend and six landowners, with the support of dozens more people along the border.

It comes as the Trump administration is ramping up a $46bn effort to line the roughly 3,219km (2,000-mile) border with a collection of 9-metre (30-foot) steel bollard walls, vehicle barriers and technology intended to keep out smugglers and migrants.

In Arizona, federal officials are pushing ahead with construction of the border infrastructure, even though it cuts through land belonging to the Tohono O’odham Nation, an Indigenous tribe that has said it does not want the barrier and that it is unnecessary.

In Texas, the effort has run up against numerous lawsuits and bipartisan opposition from sheriffs, elected officials, tour guides, environmental groups and landowners.

As part of its wall-building efforts, the administration has waived numerous regulations and statutes designed to protect the environment, archaeology or wildlife, on the basis that there is an urgent need to protect the border in what the US Department of Homeland Security has called areas of “high illegal entry”.

But in the lawsuit announced on Monday, the plaintiffs argue that when it comes to the Big Bend region, that is not an accurate description. They cite historical statistics from US Customs and Border Protection showing how few people cross the border in Big Bend compared with other areas along the US-Mexico border.

Big Bend has about 805km (500 miles) of border, roughly one quarter of the total length of the border with Mexico from the Pacific Ocean to the Gulf of Mexico. But the region accounted for only about 1 percent of arrests, according to the lawsuit.

Source link

Revolut Fast Tracks to Wall Street With Conditional US Charter

Revolut gets an OCC thumbs up to launch a US bank, but lending ambitions are another issue.

Technically, financial technology company Revolut is already a bank across several regions—it holds licenses in the U.K., France, Mexico and Australia.

Now, in the U.S. market, it is one step closer to bankhood.

The London-based startup announced Thursday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter. The move would help the company grow its customer base from 80 million to 100 million by mid-2027.

It also exemplifies Revolut’s agility as a fintech compared to traditional banks, which typically take years to pull off similar expansion efforts.

“Legacy banks are working with legacy systems,” David Tirado, Revolut’s VP of Profitability and Global Business, told Global Finance in an interview last year. “Revolut, on the other hand, built our proprietary technology from the ground up with a global mindset. While competitors struggle to scale across different markets and regulatory landscapes, our systems were designed for this from day one.”

What Else Does Revolut Need?

Revolut still needs a green light from the Federal Deposit Insurance Corp. and the Federal Reserve, as well as final sign-off from the OCC, before it can open the proposed bank.

Once fully approved, Revolut said it would offer U.S. customers loans, credit cards, FDIC-insured deposits, and access to stablecoins and cryptocurrencies.

In a prepared statement, Revolut founder and CEO Nik Storonsky said the conditional approval was “an important first step towards establishing the proposed Revolut Bank US,” adding that it gives the company “the foundation to build in the world’s largest financial market.”

The U.S. bid follows Revolut’s expansion across Latin America, where the company recently launched a bank in Mexico and is pursuing licenses in Brazil, Colombia, Peru and Argentina. This year, Revolut has also obtained banking licenses in France, Australia and the U.K., a payments license in the United Arab Emirates, and is seeking a banking license in South Africa.

The company claims to add roughly 1 million customers every 17 days.

What About Lending?

Whether Revolut can become a customer’s primary financial institution without being a major loan underwriter remains to be seen. Revolut’s consumer lending segment remains small relative to its tens of billions in customer deposits. Still, it’s worth noting that the so-called neobank’s loan book, as of March, is up 120% year over year at $2.9 billion.

Felipe Peñacoba Martinez, CEO of Getnet Platforms Payments Hub and former CIO at Revolut Bank (EU), told Global Finance in June: “Revolut is aware this takes time, and they’re going slower than in other areas.”

Ultimately, the central question facing the industry is whether fintechs like Revolut can scale core banking products faster than traditional incumbents can modernize their digital ecosystems.

Anthony Noto covers corporate finance and private credit. Contact him at anoto@gfmag.com

Source link