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Something extraordinary happened on Friday, but you likely didn’t see it in the headlines.

In Washington, the International Monetary Fund (IMF) quietly approved a $2.3 billion bailout package for Pakistan. On the surface, it was just another financial deal. But beneath the surface, this vote tied together three of the most pressing foreign policy theaters in the world: India-Pakistan, Ukraine-Russia, and U.S.-China.

And the common thread?

President Trump’s return to ‘Art of the Deal’ diplomacy.

The $2.3 billion IMF package included a $1 billion tranche under the Extended Fund Facility (EFF) and $1.3 billion under the Resilience and Sustainability Facility (RSF). But many experts were surprised this vote even happened, let alone passed.

Just last year, Pakistan’s IMF bailout was contingent on its assistance in rearming NATO during the Ukraine war. The Biden administration leaned heavily on Pakistan to support weapons transfers, using routes like the Nur Khan Airbase to send munitions to Europe.

This time around, the vote looked shaky. The Trump administration has made it clear it wants to end the war in Ukraine—and all wars that bleed U.S. taxpayers without clear gain. Meanwhile, India was lobbying both the IMF and the Financial Action Task Force (FATF) to block funding to Pakistan, citing terrorism financing concerns.

And then came the vote.

India abstained. So did China and Russia. The ‘yes’ votes came from the United States and the United Kingdom.

If you’re wondering why the U.S.—under Trump’s second term—would back a loan to a terror-linked state in the middle of a war, here’s the answer: because the deal was far bigger than Pakistan.

Let’s unpack what likely happened.

India’s abstention puzzled many. It had taken a strong stand against the IMF loan, arguing that it violated basic principles of counter-terror financing. For India to let it slide signaled something else was in play.

Trump’s first major diplomatic focus post-inauguration was reworking America’s global trade deals, and India was high on the list. The president had long called India the ‘tariff king,’ and negotiations had been underway to reduce agricultural and industrial tariffs. In fact, Vice President JD Vance had been dispatched to New Delhi—not a low-level envoy.

There were signs a deal was close. But the momentum was disrupted by a major terrorist attack in Kashmir, which India blamed on Pakistan-based groups. The India-U.S. trade deal went into a holding pattern.

Now, India’s IMF abstention appears less like inaction and more like a trade-off: a quiet concession, in return for favorable terms in the broader trade agreement with the U.S.

Pakistan, for its part, was running on empty. It reportedly had only four days of ammunition left and faced near-total economic collapse. Though some NATO members had sent emergency aid, the U.S. itself has been moving to reduce entanglements with NATO and phase out military support in Ukraine.

But here’s where it gets more interesting.

The United States has long had an internal debate over Pakistan. During the Cold War and the war on terror, some intelligence factions saw Pakistan as a necessary partner—even when it meant funding terror groups like the Mujahideen. In more recent years, others have shifted toward India as the natural counterweight to China.

This division within U.S. security circles matters, because it means that the fight over Pakistan is both internal and external.

And yet, the Trump administration pushed the vote through.

Why?

One likely condition: a ceasefire in the India-Pakistan conflict.

But there may have been another condition—one that had China’s fingerprints all over it.

If there’s one country that stands to gain from Pakistan’s financial boost, it’s China.

Pakistan is deeply indebted to China through Belt and Road infrastructure deals. And more to the point, most of its military imports come from Chinese manufacturers. Any fresh IMF cash would likely end up buying Chinese weapons.

So why did China abstain from voting on Pakistan’s loan?

Simple: Because Trump likely barred it.

Sources close to the matter suggest that strict terms were placed on the loan—stipulating that IMF funds cannot be spent on Chinese or Russian weapons systems, only American ones. That alone would have removed China’s incentive to back the package.

Add to that the increasing chatter over Chinese versus Western arms systems in the India-Pakistan conflict—and China’s abstention begins to make a lot of sense.

By pushing this IMF package forward under strict conditions, the Trump administration appears to have pulled off a remarkable maneuver:

Restarted the India-U.S. trade deal
Brokered a diplomatic win and ceasefire in South Asia
Weaned Pakistan off Chinese weapons dependency

All in one vote.

There were no headlines. No press briefings. No declarations of success.

But that’s often how real power operates.

Critics may scoff at the idea that Trump is capable of high-level diplomacy. But for those tracking the architecture of global influence—this vote was not noise. It was signal.

It was a reminder that American power, when wielded with strategic clarity, doesn’t need to announce itself loudly.

It just needs to move the board. Quietly. Completely. Effectively.

And if you were watching this one closely, you saw just that.

This post appeared first on FOX NEWS

Investing

Top 5 Canadian Mining Stocks This Week: Group Eleven Surges 69 Percent on Assay Results

The US Federal Reserve met on Tuesday (May 6) and Wednesday (May 7) for the third time in 2025. Ultimately, the committee decided to maintain its benchmark rate in the 4.25 to 4.5 percent range that was last set in November 2024.

Fed Chair Jerome Powell cited balance in the central bank’s dual mandate of price stability and maximum employment, but noted that the Trump administration’s tariffs have been more aggressive than anticipated. This was a prime factor in the Fed’s rate decision — officials are waiting for more data on how tariffs will affect inflation and employment.

On Thursday (May 8), the White House announced a trade deal with the UK. Although initial details of the deal were limited, what was provided indicates the UK will reduce or eliminate non-tariff barriers for US products and companies.

Among them are provisions for improved access to the UK market for US farmers and cattle ranchers and an increase in US ethanol exports. In exchange, the US will ease tariffs on British auto imports, with the first 100,000 vehicles being taxed at the 10 percent reciprocal rate and 25 percent on any additional vehicles.

Additionally, new negotiations will be held for an alternative arrangement to tariffs on steel and aluminum products from the UK. However, the deal does not remove the 10% reciprocal tariffs on any imports from the UK.

North of the border, Statistics Canada released its April labor force survey on Friday (May 9). The data showed little change in employment throughout the month, with just 7,500 jobs added to the workforce. Meanwhile, the employment rate declined 0.1 percent to 60.8 percent and the unemployment rate ticked up 0.2 percent to 6.9 percent.

The biggest increase of 37,000 new jobs was owed to the hiring of temporary workers related to the recent federal election. The next highest gains were in the finance, insurance and real estate sector, where 24,000 workers were added. The biggest losses were felt in manufacturing, which declined by 31,000 workers, and wholesale and retail trade, which shed 27,000 workers.

Markets and commodities react

In Canada, major indexes were mixed at the end of the week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 1.46 percent during the week to close at 25,357.74 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) moved up 3.57 percent to 683.4 and the CSE Composite Index (CSE:CSECOMP) falling 0.41 percent to 119.12.

US equities were flat this week, with the S&P 500 (INDEXSP:INX) flat gaining 0.08 percent to close at 5,659.90, the Nasdaq-100 (INDEXNASDAQ:NDX) gaining 0.67 percent to 20,061.45 and the Dow Jones Industrial Average (INDEXDJX:.DJI) rising 0.18 percent to 41,249.37.

The gold price strengthened in the middle of the week but remained off recent highs, but still managed to post a 2.72 percent gain, closing out Friday at US$3,328.93.

The silver price was also up, rising 2.38 percent during the period to US$32.76.

In base metals, the COMEX copper price was flat, falling just 0.64 percent over the week to US$4.66 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) rose 2.18 percent to close at 531.54.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

1. Group Eleven Resources (TSXV:ZNG)

Weekly gain: 69.44 percent
Market cap: C$53.2 million
Share price: C$0.305

Group Eleven Resources is an exploration company working to advance its flagship PG West zinc, lead, copper and silver project in the Republic of Ireland. The wholly owned asset consists of 22 prospecting licenses covering 650 square kilometers and hosts the main Ballywire prospect, which was discovered in 2022.

Shares in Group Eleven gained this past week after an exploration announcement on Thursday.

The company reported assay results from four holes at Ballywire, with one highlighted copper and silver result recording grades of 1.46 percent copper and 356 grams per metric ton (g/t) silver over 19.9 meters.

It includes an intersection of 3.72 percent copper and 838 g/t silver over 6.4 meters.

It also reported an additional zinc, lead and silver hole with grades of 3.1 percent zinc, 1.4 percent lead and 22 g/t silver over 47.1 meters, which included an intersection of 7.7 percent zinc, 3.2 percent lead and 57 g/t silver over 12.9 meters.

2. Element 29 Resources (TSXV:ECU)

Weekly gain: 66.67 percent
Market cap: C$61.62 million
Share price: C$0.50

Element 29 Resources is an exploration company focused on advancing a portfolio of projects in Peru.

Its primary projects consist of the Elida copper-molybdenum-silver project in West-Central Peru and the Flor de Cobre project in the Southern Peruvian copper belt. The Elida site is composed of 29 concessions covering 19,749 hectares and hosts five distinct exploration targets within a 2.5 by 2.5 kilometer alteration system.

A September 2022 resource estimate shows an inferred resource of 321.7 million metric tons (MT) containing 2.24 billion pounds of copper at a grade of 0.32 percent, 205.7 million pounds of molybdenum at a grade of 0.03 percent and 27 million ounces of silver at 2.61 percent.

The company’s less explored Flor de Cobre project is composed of 11 mining concessions and one mining claim covering 3,135 hectares. The company announced in March that it received environmental permitting for the site and would be partnering with the GlobeTrotters Resource Group, which discovered Elida, on exploration at For de Cobre.

Shares of Element 29 posted gains this week, but the company did not share any news.

3. Giant Mining (CSE:BFG)

Weekly gain: 56.1 percent
Market cap: C$18.48 million
Share price: C$0.32

Giant Mining is an exploration company working to advance its Majuba Hill District copper, silver and gold project north of Reno, Nevada. The site consists of 403 federal lode mining claims and four private property parcels that cover an area of 3,919 hectares. Mining at the property took place between 1900 and 1950, resulting in the production of 2.8 million pounds of copper, 184,000 ounces of silver and 5,800 ounces of gold.

Extensive exploration work has been carried out at Majuba Hill, with 89,930 feet being drilled since 2007.

The most recent news from the project includes a pair of releases this week.

First, on Wednesday, the company announced that it has completed four of the five planned drill holes in its 2025 exploration program, with one of the samples sent to the lab for analysis.

The second release came on Thursday, when Giant announced that it has begun drilling the final hole of the program and expected to reach a depth of 1,000 feet. The company said the current program was designed with artificial intelligence to expand the known zones of copper mineralization and advance the project toward a mineral resource estimate.

4. PPX Mining (TSXV: PPX)

Weekly gain: 55.56 percent
Market cap: C$44.58 million
Share price: C$0.07

PPX Mining is a precious metals company that is focused on its Igor project, which contains the operating Callanquitas underground mine, located in the Otuzco province of Northern Peru.

An updated resource estimate for Callanquitas released by the company in January 2024 shows measured and indicated amounts as oxides of 81,090 ounces of gold and 2.9 million ounces of silver. The inferred resource as sulfides stands at 34,450 gold equivalent ounces at 4.63 g/t gold equivalent.

In a prefeasibility study for Igor, which was amended in January 2022, the company indicates that the 1,300 hectare site previously hosted small-scale mining operations and holds a 50 MT per day gold-processing plant from the 1980s. In November 2024, PPX announced that it had started construction of a 350 MT per day carbon-in-leach and flotation plant that will be used to process oxide and sulfide ore from Callanquitas.

The latest construction update came on March 26, when the company said major plant equipment was ready to ship from China. The equipment includes crushing plant units, metal detectors, ball mills and flotation cells. The company has not provided a further update on the timeline for when the shipments would arrive on site.

The most recent news from PPX came on Monday (May 5), when it announced that it had closed an oversubscribed non-brokered private placement. The terms of the funding will see the company issue 17.83 million shares for gross proceeds of C$802,303. Funding raised will be used for further exploration of Callanquitas and general working capital.

5. Triumph Gold (TSXV:TIG)

Weekly gain: 50 percent
Market cap: C$11.97 million
Share price: C$0.03

Triumph Gold is an explorer and developer advancing projects in the Yukon and BC, Canada.

Its three properties in the Yukon are all within the Dawson Range and consist of its flagship Freegold Mountain project, which has 20 identified mineral resources hosting gold, silver, copper, molybdenum, lead and zinc deposits; the Tad/Toro copper, gold and molybdenum project; and the Big Creek copper and gold project.

Triumph’s property in Northern BC is called Andalusite Peak.

The most recent update from the company came on Wednesday, when it announced it has refined its exploration focus on geochemical surveys and detailed geological mapping at the Andalusite Peak project, as well as defining new targets at Freegold Mountain. Additionally, the company said it has engaged Independent Trading Group to provide market-making services and enhance the liquidity of common shares.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investing

Crypto Market Recap: Bitcoin Breaks US$100,000, Coinbase Makes US$2.9 Billion Power Play

Here’s a quick recap of the crypto landscape for Friday (May 9) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$103,116 as markets closed for the week, up 2 percent in 24 hours.

The day’s range has seen a low of US$102,526 and a high of US$103,636. After breaking through the US$100,000 threshold on Thursday (May 8), the digital asset has found support.

Bitcoin performance, May 9, 2025.

Chart via TradingView.

The crypto market’s surge is attributed to positive geopolitical developments, particularly surrounding a US-UK trade agreement and optimism over upcoming trade talks with China.

A better-than-expected jobs report also reignited institutional interest. Meanwhile, the MOVE index has cooled from its late March-early April spike, encouraging broader risk-taking across financial markets.

On the technical side, Bitcoin’s realized cap has hit an all-time high above US$893 million. Cointelegraph’s Marcel Pechman notes that strong options activity suggests that prices above US$105,000 could fuel further gains. Analyst Egrag Crypto is forecasting a rally to US$170,000, contingent on Bitcoin breaking past its previous all-time high of US$109,000.

However, with Bitcoin’s relative strength index approaching 70, overbought conditions are emerging, and investors are urged to be cautious of short-term volatility.

Ethereum’s (ETH) price surge has outperformed that of Bitcoin and can be attributed to an increase in transactions following Wednesday’s (May 7) Pectra upgrade. ETH’s price has increased by over 25 percent from last week and 42 percent month-on-month. It finished the week at US$2,325.35, a 10 percent increase over 24 hours.

The day’s range saw a low of US$2,288.24 and a high of US$2,372.09.

Altcoin price update

Solana (SOL) closed at US$171.67, up 7.1 percent over 24 hours. SOL experienced a low of US$168.64 and a high of US$172.75.

XRP was trading at US$2.35, reflecting a 3.6 percent increase over 24 hours. The cryptocurrency reached a daily low of US$2.33 and a high of US$2.40.

Sui (SUI) was priced at US$3.89, showing a decreaseof 0.6 percent over the past 24 hours. It achieved a daily low of US$3.87 and a high of US$4.03.

Cardano (ADA) was trading at US$0.7799, up 5.5 percent over the past 24 hours. Its lowest price of the day was US$0.7763, and it reached a high of US$0.7953.

Today’s crypto news to know

Coinbase to acquire Deribit in US$2.9 billion crypto derivatives deal

Coinbase has announced plans to acquire Deribit, a leading crypto derivatives exchange, for $2.9 billion — the largest deal in the crypto industry to date. This strategic move positions Coinbase to expand its offerings in the crypto options market, catering to the growing demand for advanced trading products.

The acquisition includes US$700 million in cash and 11 million shares of Coinbase Class A common stock.

Deribit, which processed US$1.2 trillion in trading volume last year, controls approximately 85 percent of the global crypto options market. This deal is expected to enhance Coinbase’s presence in the international derivatives market and diversify its revenue streams. Analysts view the acquisition as a significant step for Coinbase to compete with other major exchanges like Binance and Kraken in the derivatives space. The transaction is subject to regulatory approvals and is anticipated to close later this year. Until then, Deribit will continue its operations as usual.

Rumble’s crypto wallet launch and Q1 earnings

Rumble’s (NASDAQ:RUM) CEO confirmed the firm will launch a Bitcoin and stablecoin wallet to compete with the Coinbase Wallet in Q3. The Rumble Wallet will launch in partnership with Tether.

“Our goal is to become the most prominent non-custodial Bitcoin and stablecoin wallet, powering the creator economy,” according to a May 9 (Friday) X post by Chris Pavlovski.

On the earnings front, Rumble reported a net loss of US$2.7 million for Q1 on Thursday, a significant improvement over the US$43 million loss reported in Q1 2024. The company’s revenue of US$23.7 million exceeded analysts’ estimates; however, the firm reported a decrease in monthly active users to 59 million, down from 68 million in Q4 2024.

Rumble opened 2.44 percent higher on Friday (May 9) and closed the week with a gain of over 17 percent.

Meta’s potential stablecoin integration

Meta Platforms (NASDAQ:META) is reportedly in discussions with cryptocurrency enterprises regarding the potential implementation of stablecoins for select, smaller-scale creator disbursements.

Five informed sources told Fortune that the corporation has engaged in consultative deliberations with multiple cryptocurrency infrastructure providers, albeit without having yet settled upon a definitive strategic approach.

An insider suggests that the entity may adopt a multi-token framework, encompassing the integration of established stablecoins such as Tether’s USDt and Circle’s USD Coin, amongst other alternatives.

This news comes the day after Democratic lawmakers withdrew support for the GENIUS Act after concerns arose over the lucrative crypto dealings of companies tied to US President Donald Trump. The bill stalled on the floor of the Senate, prompting a public statement from US Treasury Secretary Scott Bessent:

“This bill represents a once-in-a-generation opportunity to expand dollar dominance and US influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework.’

Celsius founder sentenced to 12 years for crypto fraud

Alex Mashinsky, founder and former CEO of Celsius Network, has been sentenced to 12 years in federal prison for defrauding customers and manipulating the price of the company’s CEL token.

Between 2018 and 2022, Mashinsky misled investors about the safety of their funds, using customer deposits to inflate CEL’s value and personally profiting over US$48 million. Celsius, which once managed over US$25 billion in assets, collapsed in 2022 amid a broader crypto market downturn, leaving thousands of users unable to access their funds.

SEC considers crypto exemptions

The US Securities and Exchange Commission (SEC) is “considering a potential exemptive order” to let crypto firms bypass requirements to register as a broker-dealer, clearing agency exchange to issue, trade and settle securities. SEC Commissioner Hester Peirce made the announcement in a speech published on Thursday.

Companies would still be expected to comply with rules to prevent fraud and market manipulation and may also need to meet certain disclosure and recordkeeping requirements.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investing

Tech 5: OpenAI Restructures, Apple Pursues AI Search, Constellation Shares Jump

This week proved pivotal for the tech and energy sectors as market dynamics and the regulatory landscape shifted.

Apple (NASDAQ:AAPL) made waves by signaling a foray into artificial intelligence (AI) search and challenging app store regulations, while OpenAI underwent a major restructuring amid legal battles with Elon Musk.

Meanwhile, legislation targeting AI chip tracking gained momentum, and the nuclear energy sector saw increased activity with Ontario Power Generation’s new reactor project and potential White House actions.

Earnings reports from major players like Palantir (NASDAQ:PLTR), AMD (NASDAQ:AMD), Arm Holdings (NASDAQ:ARM) and Super Micro Computer (NASDAQ:SMCI) painted a complex picture of growth and challenges in a turbulent economic environment.

The interplay of innovation, regulation and market forces played out against a backdrop of trade developments between the US and the UK, with optimism regarding forthcoming negotiations with China boosting sentiment toward the end of the week.

Read on to dive deeper into this week’s top stories.

1. Apple’s App Store appeal, AI search plans and chip news

Apple is formally contesting last week’s judicial ruling mandating a reduction in its App Store commission.

The company filed an appeal against the order that would compel it to lower the existing 27 percent fee imposed on businesses offering links within their apps to external payment processing alternatives.

In related news, Apple executive Eddy Cue revealed during federal court testimony that the tech giant is investigating the development of its own AI-powered search engine for the Safari web browser. The news had an immediate impact on Alphabet’s (NASDAQ:GOOGL) shares, resulting in a 9 percent decline on Wednesday (May 7) afternoon.

In other news, Apple is reportedly making advances in its in-house silicon development.

The company is designing new proprietary chips intended to serve as the main central processing units for a range of future Apple products. These include anticipated devices such as smart glasses, more powerful iterations of its Mac computer line and specialized AI servers.

Combined with this week’s macroeconomic and geopolitical developments, Apple’s share price experienced turbulence, ultimately closing 2.25 percent below Monday’s (May 5) opening price on Friday (May 9).

2. OpenAI announces restructuring, acquisition and leadership changes

In a notable week for AI giant OpenAI, CEO Sam Altman shared a reorganization strategy on Monday, announcing that its operational arm will transition into a new public benefit corporation, with its non-profit arm acting as the primary shareholder. The decision follows talks with civic leaders and state attorneys general.

A person familiar with the matter told Business Insider that the new plan will let the company receive the full US$30 billion investment from SoftBank (TSE:9984). Meanwhile, sources told Bloomberg on Monday that Microsoft (NASDAQ:MSFT) and OpenAI are still in negotiations regarding a restructuring plan. A later report from the Information reveals that OpenAI plans to slash its 20 percent revenue-sharing agreement with Microsoft to 10 percent by 2030.

Regarding the ongoing legal dispute between Sam Altman and Tesla (NADAQ:TSLA) CEO Musk, who alleges that the company has strayed from its founding mission, Musk’s attorney, Marc Toberoff, told Reuters on Monday that the team intends to proceed with the lawsuit. Toberoff also called the restructuring a “cosmetic” move that turns charitable assets into private wealth, adding that “the founding mission remains betrayed.”

In other news, OpenAI made its largest acquisition to date this week, agreeing to buy AI-assisted coding tool Windsurf for about US$3 billion, and named ex-Instacart (NASDAQ:CART) CEO Fidji Simo as its new head of applications.

According to reports, Simo will manage operations and report directly to Sam Altman, who will retain his title as CEO. Altman will shift his focus to research, safety efforts and advancing artificial general intelligence.

3. AI chip regulatory developments

US Representative Bill Foster is preparing to introduce legislation aimed at tracking the location of AI chips, such as those produced by NVIDIA (NASDAQ:NVDA), after they are sold.

The proposed bill, first reported by Reuters on Monday, would task US regulators with developing rules to monitor these chips, ensuring they remain in authorized locations under export control licenses.

It would also seek to prevent unlicensed chips from being activated outside of authorized locations.

In other chip-related news, NVIDIA shares rose following news that the Trump administration plans to eliminate the so-called “AI diffusion rule.” However, a spokesperson from the US Department of Commerce clarified upcoming plans in a statement to CNBC’s Kif Leswing on Wednesday, commenting:

“The Biden AI rule is overly complex, overly bureaucratic, and would stymie American innovation. We will be replacing it with a much simpler rule that unleashes American innovation and ensures American AI dominance.”

The announcement highlights the Trump administration’s intention to keep some guardrails in place to protect US interests, despite pushback from tech industry executives.

At a Congressional hearing on Thursday (May 8), OpenAI CEO Sam Altman emphasized the importance of maintaining US leadership in AI development. He cautioned against overregulation, warning that poorly designed rules could hinder America’s competitive edge, particularly against China.

4. Palantir, AMD, Arm and Super Micro share results

Palantir’s Q1 revenue rose 39 percent year-on-year to US$884 million, driven by demand for its data analytics software in the US. The company expects demand to continue, forecasting Q2 revenue between US$934 million and US$938 million. Palantir’s share price fell by 8 percent after hours as investors anticipated even stronger results. The company posted a loss of 5.6 percent for the week after a volatile week for tech stocks, as overvaluation concerns persist.

Advanced Micro Devices’ Q1 earnings report shows quarterly revenue of US$7.4 billion, an annual increase of 36 percent, with adjusted earnings per share of US$0.96. Despite an initial 7 percent stock surge following a positive quarterly report, AMD shares fell following the company’s announcement of a projected US$1.5 billion revenue decrease this year, attributed to US government limitations on the sale of AI chips to China.

Palantir, Super Micro, AMD and Arm performance, May 6 to 9, 2025.

Chart via Google Finance.

For Q4 2024, Arm Holdings reported quarterly revenue of more than US$1 billion for the first time in its history, but forecast revenue and profit for Q1 2025 below Wall Street estimates, resulting in a 4 percent slump on Thursday morning

Super Micro Computer’s net sales increased from US$3,85 billion in Q3 2024 to US$4.6 billion, while the company’s earnings per share fell year-on-year from US$0.66 to US$0.17.

The company lowered its full-year revenue guidance from US$23.5 billion to US$25 billion, down to US$21.8 billion to US$22.6 billion, with trade war-induced uncertainty and increasing competition cited as obstacles to growth. The company’s share price opened over 5 percent lower the next day and fell by over 3 percent this week.

5. Constellation shares jump, White House plans reactor push

Shares of Constellation Energy (NASDAQ:CEG) rose nearly 10 percent in two days ahead of the Tuesday (May 6) release of its Q1 earnings report, which revealed revenue that exceeded expectations by over 20 percent.

Later, during an earnings call, CEO Joe Dominguez said the company was close to inking multiple long-term deals to provide nuclear power to meet surging energy demands, further bolstering investors’ optimistic outlook.

In another significant development within the nuclear energy sector, Ontario Power Generation said it has secured the necessary approvals to commence construction on the first of four small modular reactors (SMR) designed by GE Verona (NYSE:GEV), which will be located at the company’s Darlington site near Toronto.

The Darlington project is anticipated to be the first deployment of this particular SMR technology within a G7 nation.

Separately, Axios reported on Tuesday that sources familiar with the matter say the White House is in the final stages of preparing executive actions intended to accelerate the deployment of nuclear reactors. These plans, reportedly under consideration for several weeks, could be officially announced imminently.

On Friday, NPR said its reporters have seen a draft of such an order. According to the report, the order instructs the Nuclear Regulatory Commission (NRC) to send new reactor safety guidelines to the White House for review and possible amendments. The draft also calls for a reduction of NRC’s staff and a “wholesale revision of its regulation” in coordination with the administration and the Department of Government Efficiency.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

World

Diver dies in preliminary operations to recover tech tycoon’s sunken superyacht

A diver died on Friday during preliminary operations to recover British tech tycoon Mike Lynch’s superyacht from the waters off the coast of northern Sicily, local police said.

The 56-meter-long (184-foot) Bayesian was moored off the small port of Porticello, near Palermo, in August last year when it was likely hit by a downburst, a very strong downward wind, killing seven people, including Lynch and his daughter Hannah.

The accident happened on Friday happened while the diver was underwater in Porticello, police said, adding that the precise cause of death was still unknown.

The attempt to lift the yacht off the sea bed is expected later this month and should help shed light on how a supposedly unsinkable vessel disappeared into the sea.

Italian news agencies reported that the diver was a 39-year-old Dutch national who worked for the Dutch specialist salvage company Hebo Maritiemservice.

Hebo was not immediately available for comment.

This post appeared first on cnn.com

World

Rodrigo Duterte is being held at The Hague. Next week he might be elected mayor of his hometown

In the southern Philippine city of Davao, a spirited mayoral election campaign is in full swing, with candidates and their supporters out canvassing for votes.

But one of the leading contenders is conspicuously absent from the stump. Instead he’s 7,000 miles away, languishing in the custody of the International Criminal Court (ICC) in the Netherlands.

Former Philippine President Rodrigo Duterte is awaiting trial at The Hague for crimes against humanity, over a brutal war on drug dealers that killed possibly thousands of people, including many innocents and bystanders, with barely any kind of due process.

None of this affects the 80-year-old’s eligibility for the role of mayor of Davao – a job he held, on and off, for two decades. Under Philippine election law, only a criminal conviction in a local court can keep a candidate off the ballot.

Duterte could well win Monday’s election, thanks to his enduring popularity in the region, where many credit his two-decade iron grip with tightening up law and order, before he took his brutal zero-tolerance policy nationwide as president from 2016 to 2022.

“I grew up here all my life and when I was younger it was very dangerous, killings and fighting everywhere,” said Ian Baldoza, 46, a native of Davao who remains a loyal Duterte supporter.

“But as I grew older, I started to understand that those who were killed were drug addicts, dealers and troublemakers.”

Many Davao voters feel similarly, said Cleve Arguelles, a political scientist and head of polling firm WR Numero.

“His ICC arrest doesn’t really shake their core of who Duterte is but rather, paradoxically, it only reinforces what Duterte stands for,” he said.

Baldoza, the Duterte voter, said he witnessed neighbors killed by hitmen under Duterte’s drug war, yet his Facebook profile is full of pro-Duterte posts.

“We’re not looking for a saint, we’re looking for a leader with political will, and the Duterte family has that, especially in the patriarch,” he said.

While he has not commented publicly on the race, Duterte’s daughter Sara, the Philippine vice president, thanked supporters on her father’s behalf at a rally on Thursday.

“President Rodrigo Duterte thanks you all for your love, your continued support, and your prayers that he will one day be brought back to our country,” she told a crowd in the capital Manila, under heavy rain.

Thousands of local posts are up for grabs in the midterm elections across the archipelago nation of about 120 million people, ranging from district councilors and mayors all the way up to legislators.

Three generations of the Duterte clan are fighting elections. Duterte’s son Sebastian, the incumbent Davao mayor, will be his father’s running mate, while his other son, Paolo, is seeking re-election to the national congress. Two of Paolo’s sons are running for local council seats.

While his popularity seems impervious to decline, Duterte is not politically immortal. His old age and frail health also raise questions on the succession for the dynasty, which has not been as solid as it once was, said Ramon Beleno, a political analyst and former professor from Ateneo de Davao University, who has observed elections in the Duterte clan’s bailiwick for more than a decade.

“The people of Davao have this perspective that a political dynasty is OK if it’s working,” Beleno said.

“But it’s only working as long as the patriarch, the person who established the political dynasty, is still strong.”

Opposition camps, in the elder Duterte’s absence from the country, are re-emerging across Davao, according to Beleno.

Among them are descendants of the late former national House speaker Prospero Nograles, reigniting a decades-old family rivalry that typifies the nation’s clan-tinged politics.

Karlo Nograles is running against Rodrigo Duterte for the mayoralty while his sister, Margarita, a lawyer and rising TikTok influencer, is challenging Paolo.

Scandal-hit political dynasty

And cracks in the Duterte family name are beginning to show.

Vice President Sara Duterte is in a long-running feud with President Ferdinand Marcos Jr., and faces calls for her impeachment for alleged corruption, which she denies.

“In the past months my name and my family name has been dragged through the mud,” she said at the recent rally.

“I have repeatedly said this before, and I will say it again now – I am not the problem of this country. The Dutertes are not the problem of the Philippines,” she said, in a vailed dig at the incumbent Marcos administration, the family’s allies turned enemies.

Marcos Jr. hails from perhaps the most famous political family in the nation – he is the son of the late Philippine dictator Ferdinand E. Marcos.

Paolo Duterte and his bodyguards were recently embroiled in a nightclub brawl, prompting a businessman to file a complaint against him. He said in a video statement that the clip of the melee circulating on social media was “taken a very long time ago.”

If Duterte wins the mayoral election, he can still be sworn in by proxy or in absentia – possibly by a Zoom call, if the ICC allows it, according to political scientist and pollster Arguelles. His day-to-day duties would be delegated to the vice mayor.

But if Rodrigo Duterte is not allowed to be sworn in virtually, the runner-up – projected to be Karlo Nograles – would ascend to the seat.

Duterte ran the Philippines for six turbulent years, during which his brutal crackdown on drugs – which he openly boasted about – killed many young men from impoverished shanty towns, shot by police and rogue gunmen.

According to police data, 6,000 people were killed – but rights groups say the death toll could be as high as 30,000.

Duterte’s tough approach on drugs prompted strong criticism from opposition lawmakers who launched a probe into the killings. Duterte in turn jailed his fiercest opponent and accused some news media and rights activists as traitors and conspirators.

The ICC has set his next hearing for September 23.

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World

European leaders arrive in Kyiv in show of support for Ukraine

The leaders of Germany, France, the United Kingdom and Poland have arrived in Kyiv for meetings with Ukraine’s President Volodymyr Zelensky, a symbol of a united European position to publicly pressure Russian President Vladimir Putin.

Friedrich Merz, the new German Chancellor, French President Emmanuel Macron, Britain’s Prime Minister Keir Starmer and his Polish counterpart Donald Tusk arrived together Saturday morning at Kyiv’s main railway station, where they were met by Zelensky’s chief of staff Andriy Yermak.

The meetings are a sign of a renewed diplomatic urgency aimed at achieving a ceasefire in the war between Russia and Ukraine, which is grinding on despite US efforts to broker peace.

“There is much work to be done and many issues to discuss. This war must be ended with a just peace. Moscow must be forced to agree to a ceasefire,” Yermak wrote on his Telegram channel.

The first stop for the European leaders was Kyiv’s Independence Square where they stood to honor fallen Ukrainian soldiers.

Ukraine, supported by the Europeans, has been calling for an immediate unconditional 30-day ceasefire, something that US President Donald Trump is also demanding.

Russia has so far refused to commit, saying it supports the idea of a 30-day ceasefire in principle but insists there are what it calls “nuances” that need addressing first.

Kremlin spokesman Dmitry Peskov in an interview with ABC News on Saturday suggested that one of these “nuances” was putting a halt to the supply of US and European weapons to Ukraine.

Putin has often spoken about the need to address what he calls “root causes” – which are taken to mean, among others, the eastward expansion of NATO.

In a Truth Social post on Thursday, Trump wrote that “if the ceasefire is not respected, the US and its partners will impose further sanctions,” adding to a sense he is growing frustrated with Russian stalling.

The inauguration of Trump in January ushered in a complete change in the US’ diplomatic focus on the war, with Ukraine and key allies fearful of a significant tilt in US policy towards Moscow.

European leaders have convened a series of meetings in response, aimed both at showing the US that Europe can do more to support Ukraine militarily, as well as providing a single voice urging the US president not to take Russia’s side in the war.

“A just and lasting peace begins with a full and unconditional ceasefire. That is the proposal we are advancing with the United States,” French President Macron wrote on his X account Saturday morning.

“Ukraine accepted [the ceasefire proposal] on March 11. Russia, however, delays, sets preconditions, plays for time, and continues its war of invasion. If Moscow continues to obstruct, we will step up the pressure—together, as Europeans and in close coordination with the United States. We welcome President Trump’s call to move forward in this direction,” Macron added.

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World

Toxic cloud forces 160,000 Spaniards to stay inside after fire

Around 160,000 people in Spain’s northeastern Catalonia region were warned to stay inside on Saturday after a fire at an industrial estate caused a toxic cloud of chlorine over a wide area, emergency services said.

The blaze at a swimming pool cleaning products company started at 2.20 a.m. local time (8:20 p.m. Friday ET) in Vilanova i la Geltru, a town 48 kilometers (30 miles) south of Barcelona and caused a huge plume of chlorine smoke over the area.

“If you are in the zone that is affected do not leave your home or your place of work,” the Civil Protection service said on social media site X.

No one has been hurt in the fire, Catalan emergency services said on Saturday, but residents in five towns were sent a message on their mobile phones telling them to remain inside.

“It is very difficult for chlorine to catch fire but when it does so it is very hard to put it out,” the owner of the industrial property, Jorge Vinuales Alonso, told local radio station Rac1.

He said the cause of the fire might have been a lithium battery.

Trains which were due to pass through the area were held up, roads were blocked and other events were canceled.

The fire was under control, Civil Protection spokesperson Joan Ramon Cabello told the TVE television channel.

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World

Pope Leo signals he will closely follow Francis and says AI represents challenge for humanity

Pope Leo XIV indicated on Saturday that his papacy will follow closely in the footsteps of the late Pope Francis, telling church cardinals that they should take up that “precious legacy” and identifying artificial intelligence as a main challenge for working people and “human dignity.”

Pope Leo, born in Chicago as Robert Prevost, was elected Thursday, becoming the first US-born pope to the surprise and delight of many Catholics across the Americas.

In his first formal meeting with cardinals, which began with a standing ovation, the new pontiff said he chose his papal name to continue down the path of Pope Leo XIII, who addressed “the social question in the context of the first great industrial revolution.”

Pope Leo XIII ruled the Roman Catholic Church from 1878 until his death in 1903 and is remembered as a pope of Catholic social teaching. He wrote a famous open letter to all Catholics in 1891, called “Rerum Novarum” (“Of Revolutionary Change”), which reflected on the destruction wrought by the Industrial Revolution on the lives of workers.

“In our own day, the church offers to everyone the treasury of her social teaching in response to another industrial revolution and to developments in the field of artificial intelligence that pose new challenges for the defense of human dignity, justice and labor,” the new American pontiff said Saturday, speaking in fluent Italian.

Wearing the white robes of the papacy, he strongly signaled to the cardinals that his leadership will build upon Pope Francis’ church reforms and legacy of social justice.

“It has been clearly seen in the example of so many of my predecessors, and most recently by Pope Francis himself, with his example of complete dedication to service and to sober simplicity of life, his abandonment to God throughout his ministry and his serene trust at the moment of his return to the Father’s house,” Pope Leo told the gathering. “Let us take up this precious legacy and continue on the journey, inspired by the same hope that is born of faith.”

He went on to ask the other senior church leaders to renew their commitment to the pivotal Second Vatican Council, which enacted sweeping church reforms in the 1960s. The modernizing reforms included allowing Mass to be celebrated in local languages rather than Latin for the first time.

Setting out that vision on Saturday, Leo said the church should be guided by a missionary focus, “growth in collegiality and synodality,” courageous dialogue with the contemporary world and “loving care for the least and the rejected.”

He also suggested that he will approach the weighty office with humility and fraternity.

“You, dear cardinals, are the closest collaborators of the pope. This has proved a great comfort to me in accepting a yoke clearly far beyond my own limited powers, as it would be for any of us,” Leo added.

“Your presence reminds me that the Lord, who has entrusted me with this mission, will not leave me alone in bearing its responsibility,” he said, also specifically thanking Dean of the College of Cardinals Giovanni Battista Re and the Camerlengo Cardinal Kevin Joseph Farrell, who was responsible for shepherding the church through the papal transition.

Pope Leo will appear on the balcony of St. Peter’s Basilica for a second time on Sunday to greet crowds of people in the square below. His installation Mass will take place the following week on Sunday, May 18.

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Politics

Massachusetts suspect charged with attempting to assassinate a Cabinet nominee

A Massachusetts suspect was charged this week with attempting to assassinate a cabinet nominee, the U.S. Department of Justice said.

Ryan Michael English, 24, was arrested in January after allegedly attempting to bring a knife and two improvised Molotov cocktails into the U.S. Capitol to assassinate then-Treasury Secretary nominee Scott Bessent during his nomination.

On Thursday, English was charged with the attempted assassination of a cabinet member nominee and carrying a dangerous weapon on the grounds of the U.S. Capitol Building.

English had an initial court appearance on Thursday afternoon.

Prosecutors said that English had also originally plotted to kill House Speaker Mike Johnson, R-La., and Defense Secretary Pete Hegseth, and was inspired by United HealthCare CEO murder suspect Luigi Mangione.

English walked up to a U.S. Capitol Police officer on Jan. 27 and allegedly stated, ‘I’d like to turn myself in,’ according to initial charging documents.

English claimed to have two Molotov cocktails and two knives and expressed being there ‘to kill Scott Bessent,’ according to court documents. Federal prosecutors said English left home in Massachusetts and traveled to Washington with the intent of killing Hegseth, whom the suspect referred to as a ‘Nazi,’ and Johnson, and burning down the Heritage Foundation, a conservative think tank near the White House.

Capitol Police officers found a folding knife and two improvised incendiary devices made of vodka bottles with a grey cloth affixed to the top inside English’s jacket during a search.

They found a green lighter in another pocket.

Fox News’ Danielle Wallace and Louis Casiano contributed to this report.

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