Individual Economists

10 Friday AM Reads

The Big Picture -

Three-day (or longer) weekend! Kick it off with our morning reads:

5 things mosquito experts do every summer to avoid getting bitten: Looking for pest prevention strategies that work? Researchers share how they prevent mosquito bites and keep the bugs at bay on their properties. Practical seasonal advice from the people who study the bugs for a living. File for May through September. (Washington Post)

The US is better off than it was in 1976. So why does it feel worse?America’s 250th birthday feels bleak. The numbers tell a different story. A bicentennial-to-now ledger that complicates the declinist mood. More fuel for the great why-are-we-so-grumpy debate. (Vox) see also Is America celebrating the wrong anniversary? John Adams thought so. The Founding Father anticipated “Pomp and Parade” to mark America’s birthday. But Adams didn’t think it would happen July 4. he was sure July 2 was the date that mattered. A fun bit of founding-era pedantry, perfectly timed. (Washington Post)

The world added nearly a million new millionaires in 2025 — but most people got poorer: Global personal wealth rose 10.8% last year, the fastest pace in years, yet median wealth fell in most markets. (Quartz)

What are the rules on insider betting, really? It’s more interesting than you might think. As betting markets expand, the line between edge and cheating gets blurry. (Financial Times) see also Will Betting on Wildfires Lead to Arson?: Prediction markets meet moral hazard in the American West. A genuinely unsettling question about what happens when you can profit from catastrophe. (High Country News)

World Cup visitors are losing their minds over these American foods From ranch dressing that converts Swedish fans on the spot to Carolina BBQ ribs that a Scotsman says ruined all other meat forever. Foreign fans discover the strange delights of the U.S. concession stand. A fun sidebar to the tournament’s culture-clash coverage. (Quartz)

You don’t have to swallow frogs: Klein and Coates show that if you don’t know what your core beliefs are, you’re going to get played. A contrarian riff on the productivity-guru gospel of doing the worst task first. Sometimes the frog can wait. (Degenerate Art)

Influencers: Turns Out, They’re Not So Influential at the Ballot Box: The failed campaigns of Jack Schlossberg and Spencer Pratt suggest it takes more than social media—and name recognition—to win an election. (Vanity Fair) see also We Need a Way to Prove Personhood Online: As bots flood everything, the case for verifiable humanity gets more urgent — and more fraught. A thoughtful take on a genuinely hard problem. The growing number of AI agents roaming the internet will eventually force us to verify what the old web mostly presumed: that there is a morally and legally accountable person somewhere in the chain. (NOEMA)

The Wheels Are Coming Off Putin’s War: The case that Russia’s war machine is finally sputtering, Crimea included. Read it against the Telegraph’s Kyiv piece for the optimistic read on the front. (The Bulwark)

Trump’s focus on his construction projects has increased, Post analysis finds: The president mentioned his planned White House ballroom, golf course changes and other projects on more than 75 percent of the days in June. The Post counts the days he brought up his building projects. A small, telling measure of presidential attention. (Washington Post)

A giant telescope goes on a decade-long search for dark matter: The Vera C. Rubin Observatory hopes to illuminate with a decade-long survey of the universe that began Monday night. By taking a comprehensive time-lapse of the sky over the Southern Hemisphere, the telescope will create an open dataset of unprecedented scale and detail for astronomers — and for the public — to zoom in on for further investigation. Inside the instrument built to chase the universe’s missing mass. A patient, well-illustrated look at long-horizon science. (Washington Post)

Video of the day: Your Brain is Making Reality Up | NOVA

Be sure to check out our Master’s in Business this weekend with McKeel Hagerty, CEO/Chairman of Hagerty Specialty Insurance. He transformed a family specialty-insurance agency into an enthusiast-driven platform focused on collectible cars, events, valuation data, and auctions. HGTY is now a public company that insures everything from classic cars to boats, trucks, tractors, and military vehicles for over 2.8M collectors.

See which 7 cities could soon see record-hot days and nights

Source: Washington Post

 

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The post 10 Friday AM Reads appeared first on The Big Picture.

Green Hypocrisy. The Case Of Baltimore's Bresco Waste-To-Energy Incinerator

Zero Hedge -

Green Hypocrisy. The Case Of Baltimore's Bresco Waste-To-Energy Incinerator

Authored by Geoffrey Pohanka via RealClearEnergy,

One definition of hypocrisy is pretending to have beliefs, values, or virtues that your actions do not match. In simple terms, it means saying one thing and doing another.

On June 4th, 2024, Maryland Governor Wes Moore signed executive order 01.01.2024.19, Implementing Maryland's Climate Pollution Reduction Plan. It stated Climate change poses an existential threat to the economy, natural resources, and public health for every Maryland resident. Maryland communities, particularly historically marginalized and overburdened communities, are disproportionately impacted by climate change. Maryland's Climate Solutions Now Act of 2022 set ambitious climate goals for the State, including reducing greenhouse gas emissions by at least 60% by 2031 and obtaining net-zero greenhouse gas emissions by 2045. The Climate Pollution Reduction Plan estimates that the implementation of new climate policies will generate up to $1.2 billion in public health benefits, $2.5 billion increase in personal income for Marylanders, and a net gain of 27,400 jobs between now and 2031.

Clearly an ambitious plan to take on climate change that some describe as the greatest single threat to human existence. But how serious are the green advocates in Annapolis in taking on one of the single largest CO2 emitters in the state, and one that can't possibly be missed while driving the interstate through Baltimore.

I am talking about that large smokestack along I-95 in downtown Baltimore. This is the Bresco waste incinerator, the waste-to-energy plant that burns up to 2,250 tons of Baltimore's municipal trash every day. The Bresco incinerator is the 10th largest incinerator in the country, the largest single polluter in the city, and accounts for 36% of its total air emissions. Bresco's one smokestack emits more NOx into Baltimore's air than ever other stationary industrial source in the city combined, some 75% of the total releases. It is also one of the largest NOx emitters in the state. The NOx emissions are so large that closing the facility would be equal to taking over half the cars off Baltimore's roads. Every year, the incinerator emits more sulfur dioxide into Baltimore's air than all the cars and trucks on the road eight times over. It is also the largest single source of greenhouse gas emissions, releasing 690,033 tons of CO2 into the atmosphere. Lead emissions have totaled over 10,000 pounds since the plant began operations in 1985. The plant emits between 60 and 120 pounds of airborne mercury annually. This is over 30 times more mercury emissions per unit of energy produced than regional coal plants.

Maryland is a member of RGGI, the regional greenhouse gas initiative, that caps and taxes CO2 emissions from fossil fuel power plants. According to a Baltimore Sun article, RGGI is equivalent to a 44% tax on fossil fuel power plant revenues and has, at least indirectly, caused most of the State's coal power plants to become uneconomic to operate and voluntarily close. Though the plant does generate usable steam for heating and cooling of 255 downtown businesses and electricity for up to 40,000 homes, the Bresco incinerator emits roughly double the amount of greenhouse gases per megawatt hour of energy produced than each of the largest coal power plants that had operated in Maryland.

One important goal of Maryland's Climate Pollution Reduction Plan is to protect historically marginalized and disproportionately impacted populations from pollution. Yet 114,000 people living just a few miles from the incinerator, are exposed to its pollution daily. In a clear case of environmental injustice, Baltimore's most economically and socially vulnerable neighborhoods are more affected by air pollution from sources like Bresco than Baltimore's wealthy neighborhoods. Bresco is located in South Baltimore among predominantly low-income and Black communities. The combination of emissions from Bresco and local vehicle traffic have proven to be a toxic mix. South Baltimore is unfortunately home to some of the most polluted air in Baltimore City. As a result of this, South Baltimore has the highest hospitalization rates for asthma. The communities closest to Bresco also suffer from lower life expectancies. This all means that the communities Bresco affects most directly are also the communities least able to manage the health damages that Bresco causes. A report determined that the Bresco incinerator was responsible for $55 million in health problems a year for people living near it.

Considering the many environmental challenges this plant presents, one would logically be shocked to learn that not only is this plant not on the chopping block, it has been heavily subsidized by the State of Maryland. Since 2011 Maryland has classified waste-to-energy incineration as a Tier 1 renewable energy source under the Renewable Portfolio Standard, which requires electric utility companies to source a portion of their energy from renewable energy sources. Between 2012 and 2022, over $100 million in subsidies have been granted to the two in-state trash incinerators to maintain operations, despite emissions of more greenhouse gas per unit of energy produced than other power sources and including coal power.

Very recently the Maryland General Assembly passed legislation ending the "misclassification" of trash incineration as renewable energy and will end subsidizing companies that burn trash, instead redirecting these funds toward investments more green sources of energy generation such as solar energy. This does not mean that Bresco's future will be in peril. When speaking with an important Maryland State Senator, I asked is it not better to put trash in a landfill instead of incinerating it? His response what that methane emissions from landfills was a greater menace to the environment the CO2 generated from burning waste. Perhaps he is unaware that modern landfills have the technology to capture methane before it enters the atmosphere and using it as a renewable resource. Studies have also shown that while methane has a powerful short-term impact on the climate, there is very little of it and it quickly dissipates once released into the atmosphere.

The latest word is that the 41 year old Bresco incinerator will likely continue to operate through the mid-2030s, according to a Maryland Department of Public works report.

Geoffrey Pohanka, Chairman, Pohanka Automotive Group, Capitol Heights MD

Tyler Durden Thu, 07/02/2026 - 20:55

These Countries Have The Highest Percentage Of Female Population

Zero Hedge -

These Countries Have The Highest Percentage Of Female Population

Across most of the world, men and women are present in nearly equal numbers.

Yet in a handful of countries and territories, women make up well over half the population, creating some of the world’s largest gender imbalances.

This visualization, created by Harris Saleem via Visual Capitalist, ranks the countries and territories with the highest female share of the population using the latest available World Bank data.

Longer female life expectancy is a major factor, but migration and age structure also shape these demographic patterns.

Where Women Make Up the Largest Share

Hong Kong leads the ranking, with women accounting for 54.9% of the population. Moldova, Macao, Latvia, and Armenia round out the top five, each with female population shares above 53%.

 

Many countries on the list are in Eastern Europe or are island territories, where aging, migration, and historical mortality patterns can all have an outsized effect on the population mix.

 

Although the differences may appear small, they are significant at the national level. A female share above 53% can represent hundreds of thousands, and in larger countries millions, more women than men.

Why Some Countries Skew Female

In many developed economies, the answer often comes down to longer life expectancy. Women tend to outlive men globally due to biological advantages and lower exposure to certain high-risk behaviors and occupations. As populations age, this longevity gap becomes more visible.

Healthcare improvements also play a role. While better medical care has increased life expectancy for both sexes, women generally retain a longevity advantage that becomes more pronounced in older populations.

Migration can also reshape gender balances. In some countries, working-age men leave for jobs abroad, increasing the share of women who remain. In others, male-dominated immigration has the opposite effect.

When the Pattern Reverses

Not every country skews female. Some Gulf states, including Qatar and the United Arab Emirates, have large male immigrant workforces, pushing their populations heavily male.

Meanwhile, parts of South Asia and China have historically seen male-skewed populations, partly reflecting son preference and imbalanced sex ratios at birth. National gender ratios are ultimately shaped by a combination of health, aging, migration, and social factors.

To compare the other side of the demographic divide, check out Countries With the Highest Percentage of Male Population.

Tyler Durden Thu, 07/02/2026 - 20:30

Feds, LAPD Announce Major Human Trafficking Sting In LA

Zero Hedge -

Feds, LAPD Announce Major Human Trafficking Sting In LA

Authored by Evgenia Filimianova via The Epoch Times,

Federal authorities have arrested 10 people in a major human trafficking investigation, with prosecutors saying the individuals targeted children and adults along South Los Angeles' Figueroa Corridor, marking the second large federal operation in the area in less than a year.

Acting U.S. Attorney Bill Essayli speaks as Los Angeles Police Department Chief Jim McDonnell (R) and Special Agent in Charge Kenny Cooper of the Bureau of Alcohol, Tobacco, Firearms, and Explosives, Los Angeles Field Division, look on at a press conference announcing an arrest in the Palisades Fire investigation in Los Angeles on Oct. 8, 2025. Mario Tama/Getty Images

The U.S. Attorney's Office for the Central District of California, alongside Homeland Security Investigations, the Los Angeles Police Department, and IRS Criminal Investigation, announced the arrests on July 1.

A 65-count superseding federal indictment, returned June 25 and unsealed July 1, alleges that members and associates of the Hoover Criminal Gang (HCG) controlled much of the sex trafficking and prostitution activity along the Figueroa Corridor between February 2021 and June 2026.

Prosecutors said the indictment identifies 51 alleged victims.

Nine defendants were arrested on July 1, while another defendant was taken into custody on June 29.

First Assistant U.S. Attorney Bill Essayli said the arrests were intended to disrupt one of the city's most persistent trafficking operations.

"Sex trafficking of young women and children ranks among the worst criminal offenses our office prosecutes - truly the lowest of the low," he said.

Essayli added that officials hope the arrests will "break the cycle of crime and abuse in one of L.A.'s most notorious human trafficking corridors."

Gang Members Charged

Federal prosecutors said six newly charged defendants are alleged members or associates of the HCG. They face charges that include racketeering conspiracy, sex trafficking of minors, sex trafficking through force, fraud, or coercion, drug trafficking conspiracy, and money laundering.

The indictment also charges Mukeshkumar Rambhai Ahir, 45, the manager of the Stadium Inn & Spas motel in South Los Angeles, with financially benefiting from the alleged trafficking operation.

Prosecutors allege that between September 2024 and January 2026, Ahir deposited more than $64,000 that he knew came from the gang's alleged sex trafficking activities.

They also allege he structured deposits by making smaller cash transactions to avoid federal reporting requirements. Those allegations have not been proven in court.

According to the indictment, gang members allegedly recruited vulnerable girls and young women through social media and face-to-face contact, focusing on minors, runaways, foster youth, and people facing financial or emotional hardship.

The suspects allegedly promised luxury lifestyles before using intimidation, violence, and drugs to maintain control over victims. They also allege that victims were forced to surrender all money earned from commercial sex work and were punished if they refused.

Federal prosecutors also announced separate indictments against three additional men accused of sex trafficking in unrelated cases connected to the broader enforcement effort.

Those cases involve allegations of trafficking minors between the ages of 15 and 17, as well as adults, through force, fraud, or coercion. Two of those defendants were arrested on July 1, while another was arrested on June 24, according to prosecutors.

If convicted, some defendants face mandatory minimum prison sentences of 15 years and could receive life sentences under federal law.

Meanwhile, the 11 defendants charged in the original federal indictment announced in 2025 have pleaded not guilty. Their trial is scheduled to begin on March 18, 2027.

Investigation To Continue

LA Police Chief Jim McDonnell said the operation represents more than a series of arrests.

"We are dismantling the criminal enterprises that profit from human trafficking, rescuing victims, and reclaiming the Figueroa Corridor for the community that has always deserved better," he said, according to the July 1 announcement.

During the news conference, McDonnell said the operation builds on "Operation Broken Blade," which began in August 2025.

"We promised results. Today, we're here to show them," McDonnell said.

He added that investigators "will continue with the relentless enforcement" and would not surrender the community to criminal organizations.

The investigation was led by Homeland Security Investigations, IRS Criminal Investigation, the Los Angeles Police Department, and the U.S. Attorney's Office, with assistance from several state and local agencies and victim support organizations, including the National Center for Missing and Exploited Children and Saving Innocence.

Tyler Durden Thu, 07/02/2026 - 20:05

Jill Biden's Memoir Sales Appear To Be Manipulated By Bulk Sales

Zero Hedge -

Jill Biden's Memoir Sales Appear To Be Manipulated By Bulk Sales

Former First Lady Jill Biden's memoir, View from the East Wing, debuted at No. 1 on the New York Times Hardcover Nonfiction bestseller list on June 21. But how much of its sales were genuine sales from interested readers is unclear.

Former First Lady Dr. Jill Biden speaks with journalist Paola Ramos (L) at the Sixth and I temple and venue on June 3, 2026 in the Chinatown neighborhood of Washington, DC. while promoting her new book, "View from the East Wing: A Memoir”.Tom Brenner—Getty Images

In fact, when the book appeared on the bestsellers list, it came bearing a dagger (†) symbol, the small mark the Times attaches when retailers report bulk purchases mixed in with regular sales. A book doesn't earn that symbol by accident. It earns it because the paper suspects something other than organic demand is propping up the number.

Whatever propped it up didn't hold.

The book slid to No. 3 the following week, then vanished from the list entirely. Circana BookScan, the retail data source most of the publishing industry actually trusts, tells an even blunter story: the memoir dropped from No. 2 to No. 5 to No. 16 on its hardcover nonfiction chart across successive weeks. By the week ending June 20, it had moved just 3,221 print copies, bringing its total U.S. print sales to 29,539. For a book marketed as a cultural event timed to a midterm cycle Democrats are already sweating over, those numbers look thin.

Statistician Nate Silver, the founder of FiveThirtyEight, noticed the pattern immediately.

However, not everyone in publishing sees a scandal. Lauren Cobello, founder and CEO of Leverage with Media PR, a firm that specializes in launching bestselling books, offered a more forgiving read. "I don't think there is anything sinister about it," Cobello said. "I think it's a strategy, a smart strategy for how people are engaging their network so that they can get more books in the hands of their readers." Cobello explained that bulk orders frequently come from bookstores hosting author appearances or conferences, where hundreds of copies get purchased ahead of an event, and that such sales stay legitimate even when the Times flags them.

She extended Jill Biden the same benefit of the doubt. "She probably had bulk purchases, but because she's on a book tour, that would make sense," Cobello said. "The bulk purchases are linked to her book tour." Cobello also pushed back on the idea that the book cratered outright, noting it kept a spot on the USA Today bestseller list after exiting the Times rankings. "It wasn't a complete flop," she said.

However, plenty of bestselling authors go on book tours without their books being flagged by the New York Times for bulk sales, suggesting Jill Biden's book relied on bulk purchases to a degree that stood out.

The paper relies on a proprietary formula rather than raw sales totals, which is exactly the kind of opacity that invites suspicion when a book behaves this strangely. A Times spokesperson told The New York Post that "when The Times has reason to believe that sales of a book include a mix of organic and bulk sales, the book's best-seller ranking is accompanied by a dagger."

In other words, the paper knew something looked off and slapped a warning label on it rather than fixing the ranking itself.

Bulk orders can hijack a bestseller list that's supposed to measure genuine reader appetite rather than the buying power of whoever wants a title to look popular. When one buyer scoops up hundreds or thousands of copies in a single transaction, that stack of books doesn't reflect individual readers choosing to spend their own money. It reflects one entity writing one check, then distributing the copies elsewhere, often to people who might not have purchased the book otherwise.

Bestseller ranking gives a book cachet and credibility, generating press coverage, media bookings, and momentum that might never have materialized organically. While Jill Biden arguably didn't need such publicity to get media attention, a legitimate lack of interest in the book would have been humiliating for the Biden brand.

There is nothing illegal about this practice, and companies do it for employee gifts, and campaigns do it for rallies. In fact, politicians' gaming book sales is nothing new. Forbes reported in 2021 that at least six senators, including Elizabeth Warren (D-Mass.), Tom Cotton (R-Ark.), Joni Ernst (R-Iowa), Tim Scott (R-S.C.), Tammy Duckworth (D-Ill.), and Sherrod Brown (D-Ohio), appeared to use campaign donor money to buy their own books in bulk.

Biden's publisher, Gallery Books, for its part, is sticking to the victory-lap script. "Gallery is thrilled with our publication of Jill Biden's memoir 'View from the East Wing,' which has spent two weeks on the New York Times bestseller list," a spokesperson told The Post, adding that "sales have been driven across retailers with a launch that included national media coverage and in-conversation events at venues partnered with independent bookstores."

It is not known how much of an advance Jill Biden received for the memoir. Joe Biden reportedly received $10 million for his presidential memoir, which still lacks a release date.

Tyler Durden Thu, 07/02/2026 - 19:40

Alive And Kicking: News Of Woke's Death Is Greatly Exaggerated

Zero Hedge -

Alive And Kicking: News Of Woke's Death Is Greatly Exaggerated

Authored by John Murawski via RealClearInvestigations,

Just a few years ago, wearing a sombrero on Halloween could get you banished from polite society for the social crime of "cultural appropriation." Nutrition experts argued that preventing obesity was a form of racialized "fatphobia," even as scientific names of songbirds were purged in a moral campaign presumably aimed at white supremacy. Meanwhile, a slew of studies and papers and articles argued that punctuality, excellence, and other forms of professionalism are "the systemic, institutionalized centering of whiteness."

Today, as universities are dismantling their DEI bureaucracies, corporations are scaling back antiracism training, and academic trigger warnings and diversity pledges have become punch lines rather than cudgels, it is tempting to believe that the excesses of the woke movement have not just peaked but are a thing of the past, a passing fever dream of a peculiar era.

Such thinking, however, underestimates the power and persistence of "wokeness," which was never a spontaneous outburst of moral righteousness born of COVID lockdowns and rage over George Floyd's death, but a philosophy and a worldview that were decades in the making.

The success of candidates backed by the Democratic Socialists of America in recent congressional primaries in New York and mayoral races in Los Angeles and the District of Columbia underscores the enduring appeal of a leftist moral framework that casts American society as a Machiavellian struggle between the oppressors and the oppressed.

Although the DSA's ascendancy in Democratic Party politics is a relatively new phenomenon, RCI's analysis of high-profile issues that have defined the movement in recent years - from slavery reparations and polyamory to transgender advocacy and anti-colonialism - reveals that this dogma is still percolating through the culture, with some new outbreak almost every week. These deeper currents indicate that the DSA is not a driver but a reflection of wokeness - a worldview that continues to make advances and succeeds at the ballot box.

Major League Baseball's official condemnation this month of San Francisco Giants players who wore caps with Bible quotes on Pride Night is one example of enforcing ideological conformity that harkens back to the Great Awokening of 2020. A recent newspaper headline, "Minneapolis City Hall dances into Pride Month with a drag show," is further evidence of woke's staying power.

Cultural Paradigm

In some ways, the social justice activists and politicians who envisioned diversity, equity, and inclusion as the pillars of American society have moved on to flirting with the moral imperative of micro-looting, lionizing Luigi Mangione for murdering a healthcare company executive, and celebrating the murder of Charlie Kirk.

However one understands wokeness, it is not a mere hodgepodge of slogans and sporadic Twitter mobs. It is, instead, a cultural paradigm shared by millions of people in the West who espouse the inherent moral supremacy of the underdog and doubt the moral legitimacy of their own societies. These ideas have been honed in volumes of academic scholarship and backed by nonprofit funding over the past half-century, and they are increasingly codified into law and policy (see accompanying sidebar article).

"People have the idea that it's a fad. They don't understand the antecedents and the roots," said Jason Hill, a philosophy professor at DePaul University who specializes in political philosophy and moral psychology.

"The moral grammar of the movements we call wokeness comes out of political liberalism," Hill said. "Liberalism is ultimately a perfectionist and utopian project. It's a never-ending project."

Liberalism assumed its modern form in the 1960s, Hill said, when liberals abandoned the ideal of individual rights for group rights, in response to persistent Jim Crow-era discrimination. This shift led to a commitment to "radical egalitarianism," in which discrimination and injustice are measured not by individual bigotry but by unequal group outcomes, and "the state has a responsibility to rectify those disparities." Supporters refer to this commitment in a variety of ways - leveling the playing field, positive discrimination, or dismantling structures of oppression.

"Gestating Parents"

The critique of racism actually intensified after American society committed to fighting it - progressive scholars have described the scourge as "systemic racism" and "racism without racists" - expanding into a broader assault on other institutions and social norms, such as colorblindness, binary gender, colonialism, capitalism and other supposed legacies of European culture.

John McWhorter, a Columbia University linguist and longtime social commentator on race, said on a podcast this month that "the era of a particularly abusive kind of wokeness" - where opinions and speech were policed by the "excommunicator" and the "defenstrator" - has peaked in academia and in the arts. McWhorter said this militancy is "applied to different subjects" now - such as the Israel-Palestine debate, and in transgender advocacy.

"It's obvious that the leaders of the trans movement, especially since '20, have taken on that prosecutorial, anti-reasoning attitude," McWhorter said. "And I hate to say that a lot of them are still doing it, and they're modeling that on what they hoped would work in 2020 and 2021."

The continuing wave of social justice consciousness-raising will sound familiar to anyone who has been following the issue. State governments in states controlled by Democrats remain committed to establishing slavery reparations programs. The city of New York has issued a 375-page equity plan that sounds as if it were written in 2020 by Ibram X. Kendi - the bestselling author who argued that "the only remedy to past discrimination is present discrimination." And academic conferences by groups like the Modern Language Association and the American Academy of Religion continue to indulge in agitprop chic, featuring such topics as "Unpacking White Dominance" and "Structural Violence and Gendered Resistance."

In the realm of gender politics, the normalization of polyamory is making inroads in municipal governments and in progressive churches. New York State this month replaced the words "mother" and "father" in the state's family law with "gestating parent" and a "non-gestating parent." Biological males who say they are girls continue winning trophies in girls' high school sports. And a federal court recently ruled that a biological male with fully intact male genitalia who identifies as a woman must be granted access to an all-women's nude spa (see sidebar).

Even the Daughters of the American Revolution has been swept up in the rapid social changes. The patriotic heritage group has voted to continue granting membership to transgender daughters who were born as sons.

Core Beliefs

The persistence and strength of this activism is underscored by the fact that it is happening as the Trump administration, Republican-controlled states, and conservative legal advocates are doing everything they can to stop these ideas from spreading. President Trump has threatened to withhold billions of dollars of federal funding to institutions that don't comply with his demands to remove DEI, antisemitism, and other social justice activism from the curriculum. The U.S. Justice Department is investigating the nation's leading medical schools for allegedly giving black applicants racial preferences over whites and Asians. Conservative states and a number of private universities have resumed using standardized tests in college admissions. Alabama and Texas have essentially put the state university systems in receivership in a bid to stop professors from teaching Critical Race Theory and Queer Theory to undergraduates.

But not all is as it seems. Some colleges that use standardized testing have different cutoffs for Asians, whites, and African Americans, based on proxies such as school district or other "holistic" indicators. Universities have slashed DEI programs, but subsequently a number of them were forced to fire diversity officers who were caught on camera bragging that their campus is still fully committed to DEI, and university officials have merely rebranded, not eliminated, race-based and queer-advocacy programs.

The core philosophical premise of wokeness is that social structures and cultural norms privilege some groups and harm or oppress others, creating power asymmetries and inequitable outcomes. Specific to the United States and Europe, males, heterosexuals, whites, and Christians continue to hoard power, privilege, and resources, benefitting from unfair advantage. The way to address this unjust dominance is through redistribution - by affirmative action, by diversity programs, by inclusive language, and by education that emphasizes the imperceptible workings of privilege and power - in order to equalize group outcomes. The criteria expand over time for what counts as harm and oppression, so that even challenging progressive beliefs or questioning black and queer peoples' "lived experience" becomes an offense against the moral order. Meanwhile, the number of victimized identity groups multiplies, creating an endless mission creep that inevitably leads to culture wars and political conflicts.

Reparations for African Americans and descendants of slavery are one of the original progressive social justice commitments. For decades, it was a pipe dream of black activists, but in recent years, it has been taken seriously by policymakers. At least five states and more than a dozen cities have created task forces or commissions to study slavery reparations, according to the Associated Press, and there have been more than 460 reparations initiatives in this country, from commemorations to restitution. This year, Maryland became the latest state to vote in favor of studying slavery reparations for African Americans, establishing a 23-member reparations commission to formulate an apology, assess collective responsibility, and calculate monetary compensation. Last fall, California became the first state to create a Slavery Descendants Bureau to certify black beneficiaries who will receive reparations in "recognition and healing for the savagery of forced human slavery in the United States." Internationally, the United Nations General Assembly recently passed a reparations resolution declaring the European enslavement of Africans as the "gravest crime against humanity."

Racial equity advocates are keeping a low profile to evade unwanted attention from the Trump administration. One can only assume that these activists have not abandoned their goals, but are merely biding their time. However, they have not completely exited the public stage, as evidenced by an ambitious equity plan issued by New York City Mayor Zohran Mamdani's Office of Equity & Racial Justice. Among the plan's statements: "New York's history has been one of colonization, exploitation, and racial oppression." The 375-page document lauds Black Lives Matter, honors George Floyd, celebrates "intersectionality," and describes racism as a "public health crisis." Citing "grave injustices," "atrocities," "other forms of violence" committed against "Black, Indigenous, Latinx, Asian, Pacific Islander, Middle Eastern, and other People of Color, women, religious minorities, immigrants, people who are LGBTQ+, and people with disabilities" over the centuries, the plan declares: "Because racism is a race-explicit system, anti-racism requires race-explicit strategies."

Land Acknowledgements

Another front in the progressive playbook is the recognition of reparations for indigenous tribes that were displaced by European settlers. The wish list for this movement runs the gamut from reciting "land acknowledgments" at public gatherings to the Land Back movement's pursuit of sovereignty over ancestral lands.

The movement's ethos is captured in the science journal Nature, a once-prestigious and now highly politicized publication in print since 1869, which ran a piece last summer written by eight indigenous scholars advocating for an "indigenous agenda in science" rooted in indigenous "lived experience."

"White scholars must recognize, read and cite Indigenous scholarship," the essay says. "But they must also engage with it in deep, relational ways and be open to fully understanding its messages, even if it makes them uncomfortable - especially, we argue, if it makes them uncomfortable."

The scholars echo the spirit of Ibram X. Kendi and critical race theorists who insist that political neutrality is a myth, and that reluctance to endorse their cause is tantamount to endorsing white supremacy:

"Scientists must also attend to their own racism," the scholars state. "It is not enough to be non-racist. Structural issues and inequities exist in the Western academy. Those who avoid engaging with racism and colonialism in scientific works and spaces merely promote the status quo."

Transgender politics has now eclipsed racial equity as a rallying point for progressives. Trans "rights" has been a core commitment for Democrats at least since 2012, when then-Vice President Joe Biden first declared that trans rights is "the civil rights issue of our time," a claim Biden repeated over the years and turned into the moral cornerstone of his presidency while in the White House.

The list of the movement's demands is encyclopedic in scope. It includes puberty blockers with few questions asked, cross-sex hormones for adolescents, and access to sex-change surgeries. Activists also insist on the constitutional right of biological males who identify as women to access women's sports, changing rooms, and other facilities. Hundreds of K-12 schools ban "misgendering" and conceal student gender transitions from parents if the student requests it. These positions are underpinned by years of scholarship in queer theory and gender theory, which question the moral and scientific legitimacy of binary gender and biological sex (see sidebar).

Of the many political conflicts involving transgender advocacy, one involves Catholic nuns in New York who operate a care facility for dying cancer patients. The nuns were threatened with fines by state authorities who demanded that the nuns assign transgender patients to rooms based on stated gender identity rather than biological sex, even over the opposition of a roommate. The state also says the nuns must use patients' preferred pronouns, including when the patient is not present, or presumably even alive. The Dominican Sisters of Hawthorne have sued New York state officials in federal court to seek an exemption from state policy.

Polyamory Rising

Closely related to transgender activism is the push for full legal recognition for polyamory. Consensual non-monogamy is said to be as central to queer identities and the queer "lived experience," so that discriminating against polyamory becomes a proxy for discriminating against LGBTQ+ people.

The mainline Presbyterian denomination, PCUSA, considered a proposal this summer on whether its clergy should be required to be monogamous or if they can engage in consensual extramarital relations or non-monogamous sex. Notably, the denomination did not reject the idea outright, but referred it to further study.

The queer-affirming group, More Light Presbyterians, released a statement saying that enforcing monogamy is tantamount to discrimination and that a Presbyterian vote for monogamy "will inevitably be experienced and enacted as an attack on queerness."

The normalization of polyamory continues generating breathlessly supportive coverage from elite media that legitimizes and glamorizes free love: Scientific American ("An anthropologist's detailed research shows polyamorists focus on intimacy and honesty, not sleeping around"), Los Angeles Times ("People in polyamorous relationships fight 'shame,' demand legal protections"), and The Guardian ("Polyamorous Americans are celebrating new laws establishing their 'inherent worth and dignity'").

Not everyone in the world of arts and letters is so sanguine about the imminent demise of a protean ideology that seems to have nine lives. As the sombrero-flaunting novelist Lionel Shriver has observed: "This dogma has infected all our institutions like a fungus. It won't be easy to eradicate. Ever notice how quickly, after a full complement of treatments, athlete's foot comes right back?"

Tyler Durden Thu, 07/02/2026 - 19:15

Billionaire Governor Pritzker Embraces Socialist Candidates As The Future Of The Democrat Party

Zero Hedge -

Billionaire Governor Pritzker Embraces Socialist Candidates As The Future Of The Democrat Party

It's a common and almost inevitable component of communist history that the leaders of proletariat movements always end up becoming some of the wealthiest people in those movements.  The idea of "equity" is a fantasy; every society no matter how "progressive" has an elitist class with more money and more power than the common citizen. 

Socialist and communist societies have some of the most egregious power gaps imaginable; they even reinstate archaic systems of hereditary succession.  Just look at North Korea or the "princeling" (taizidang) system in China which favors the descendants of founding revolutionaries.  The notion of an economic Utopia where outcomes are equalized and no one has to struggle is a fantasy sold to the masses by clever elites seeking unfettered control. 

Someone always comes out on top, and it's usually the same money-players that leftists claim to be fighting against.

For example, Democrat Socialist and rising Democrat star Zohran Mamdani comes from an affluent family with a net worth in the tens of millions.  Socialist and Islamist influencer Hasan Piker is worth $8 million alone, but his family is affluent with extensive corporate and political connections.  Ilhan Omar's husband listed their net worth at up to $30 million before they suddenly revised it down to $95,000 in the face of voter backlash.  She is currently facing a DOJ investigation into her odd financial history.

The point is, these are not working class people who experience the struggles of the everyday laborer.  If they have not always been rich, they have at the very least always had a family safety net of considerable wealth.  Enter Illinois Governor JB Pritzker (a billionaire), who jumped on the Democrat Socialist train this week in an interview with CNN.

On CNN's "The Source", Pritzker defended progressive/Democratic Socialist candidates as the "recipe for winning" for the Democrat Party going into the future.  His statements come just as news hit that Kamala Harris has been in touch with Zohran Mamdani for months in preparation for the 2028 election cycle.  Meanwhile, new polls show that 32% of Democrat voters openly support socialist candidates.   

The trend is clear; the political left is either doubling down and embracing radicalism, or they are simply revealing their true nature.  The Democrat Party is riding the socialist wave and the extremists are in charge.  

Pritzker went on to suggest that Donald Trump's concerns over the radicalism of socialist candidates are unfounded and a "sign of dementia".  This is coming from the same man who outright denied that Joe Biden was showing signs of cognitive decline in the lead up to the 2024 elections, calling Biden "completely mentally sharp" during personal meetings.  

Pritzker, confronted with the potential hypocrisy of an ultra rich politician supporting his party's shift into open socialism, suggested that he's actually "one of the good billionaires".

At bottom, there is a large contingent of billionaires and ultra-wealthy elites backing the Democratic Party and, like Pritzker, none of them are worried about socialist ideology taking over.  Why?  Because they know what the leaders of every communist revolution have known - That they will end up in charge regardless, and militant activists are nothing more than useful idiots paving the way for the elites to gain even more power.      

Tyler Durden Thu, 07/02/2026 - 18:50

Building Codes For Energy Conservation Can Increase US Home Costs By $14,000: DOE

Zero Hedge -

Building Codes For Energy Conservation Can Increase US Home Costs By $14,000: DOE

Authored by Naveen Athrappully via The Epoch Times,

States that adopt the updated 2024 International Energy Conservation Code could see building costs for a typical single-family home go up by $14,000, the Department of Energy (DOE) warned on June 26.

The International Energy Conservation Code (IECC) is a model code developed by the Washington-based International Code Council (ICC) for setting minimum energy efficiency requirements for commercial and residential buildings.

While the ICC doesn’t mandate its code, states and local jurisdictions can choose to mandate the code in their building standards. The IECC is the most adopted across the United States as it is recognized in federal law as the national model energy code for low-rise residential buildings.

The DOE takes part in the ICC’s consensus process to update energy efficiency provisions of the IECC. The code is revised once every three years.

Regarding the latest IECC codes published in 2024, the DOE has determined that adoption of the code “would increase residential construction costs by more than $9.2 billion annually compared to the 2006 code levels, adding more than $127 billion in cumulative costs nationwide.”

The IECC model regulation forces “American families to pay thousands of dollars more upfront for a new home, while projected energy savings may take decades to materialize. In most states, estimated payback periods exceed 10 years, with some exceeding 20 years—locking American families into decades-long repayment timeframes and restricting consumer choice.”

According to the National Association of Home Builders, the 2024 IECC contains several provisions related to energy efficiency, including heat or energy recovery ventilation systems; installation of energy-efficient appliances such as refrigerators, dishwashers, and clothes washers; and the deployment of renewable energy resources on building sites.

In March 2024, when the 2024 IECC codes were approved by the ICC’s Board of Directors, the ICC said that the new codes were anticipated to improve energy efficiency for commercial buildings by roughly 10 percent, and for residential buildings by around 6.5 percent.

On Feb. 15 this year, the DOE sent a letter to the ICC, raising “serious concerns” about the trajectory of the IECC.

The purpose of IECC is to provide model building codes that can be adopted to provide energy efficiency gains for communities. However, in recent years, IECC has expanded its scope to focus on areas such as energy generation infrastructure requirements and greenhouse gas emissions. This shift risks undermining existing DOE objectives, the letter said. 

The department’s priorities for building energy codes involve ensuring affordability for American households and businesses, and safeguarding consumer choice to opt for their preferred appliances and equipment.

The DOE urged the ICC to return its codes to its traditional focus on building energy efficiency that would provide both “clear cost savings and beneficial efficiency advances” to consumers.

In its recent statement, the DOE said it encouraged the ICC to omit requirements related to onsite energy generation and greenhouse gas avoidance, which raise construction costs.

“This analysis shows how unnecessary regulations and ineffective building codes have drastically increased housing costs with little to no benefit for homeowners or communities,” Assistant Secretary of Energy Audrey Robertson said.

“Standard-setting bodies should take note: we prioritize the American homeowner and will not allow erroneous building requirements to push homeownership out of reach.”

The Epoch Times reached out to ICC for comment but did not receive a response by publication time.

Ensuring Housing Affordability

The DOE said in its recent statement that it would continue implementing President Donald Trump’s March 13 executive order titled “Removing Regulatory Barriers to Affordable Home Construction.”

In the order, Trump wrote that unnecessary regulatory barriers and “onerous mandates” have delayed construction and driven up the cost of new homes, making housing less affordable for Americans.

One of the provisions in the order directed the Secretaries of Energy, Housing and Urban Development (HUD), and Agriculture to take “appropriate action to reform and, where appropriate, eliminate unduly burdensome or costly energy-efficiency, water-use, or alternative-energy requirements regarding housing.”

This shall include reviewing and revising residential building energy codes, energy efficiency standards for certain new construction, and energy conservation standards for manufactured housing.

In a March 13 statement, HUD said that regulatory costs make up almost $94,000 in the final price of a new single-family home, with green energy mandates in building codes alone raising construction costs by $30,000.

As such, cutting red tape, including “onerous” energy and water requirements and “woke” green building codes, will boost housing stock and bring down the cost of newly built homes, the department said.

In April, HUD and the Department of Agriculture rescinded a policy related to energy standards, which HUD said would have pushed home construction costs by $20,000 to $31,000.

Tyler Durden Thu, 07/02/2026 - 18:25

Feds Nab Alleged Member Of "Sprawling" Cuban Communist Subversion Network Linked To Hasan Piker's Havana Trip

Zero Hedge -

Feds Nab Alleged Member Of "Sprawling" Cuban Communist Subversion Network Linked To Hasan Piker's Havana Trip

Readers have been well ahead of both the federal government and the mainstream news cycle in asking whether there is a "Cuba connection" behind the radicalization of the Democratic Party and its aligned billionaire-funded nonprofit universe.

What was once dismissed as speculation is now beginning to look more like a foreign influence operation, one tied to an alarming rise of anti-American socialist networks that openly seek to dismantle capitalism and the American way of life.

Even mainstream Democrats are now sounding alarms over the socialists hijacking their party. Meanwhile, the federal government appears to be putting more pieces of the complex puzzle together, only now recognizing that some of these radical networks may be connected to foreign influence campaigns aimed at subverting the country from within.

On Wednesday, the State Department revealed that the three Cuban nationals were detained by federal agents after Secretary of State Marco Rubio terminated their legal status.

Carlos Antonio Lloga Dominguez, his wife, and his son are now in federal custody pending removal, according to the press release.

The department accused Lloga Dominguez of spending more than a decade working for the Cuban Institute of Friendship with the Peoples, or ICAP, which Washington describes as Cuba's top influence and intelligence front group in the U.S.

And where have we heard ICAP before? Let's revisit our December 2025 note in which we pointed out:

According to a defected Cuban intelligence officer and corroborating intelligence reporting, legacy Castro-aligned groups such as the Venceremos Brigade and the National Lawyers Guild have been controlled by Cuba's Dirección General de Inteligencia (DGI) since at least the 1980s. That influence is exerted through ICAP (the Cuban Institute for Friendship with the Peoples).

ICAP is an official Cuban government organization, founded in 1960, that promotes international solidarity and cultural exchange. On paper, it organizes delegations, volunteer brigades, educational tours, and international conferences that oppose U.S. sanctions and support Cuba's political system. It appears benign - almost quaint.

But declassified CIA documents dating back to the Cold War describe a consistent operational method: foreign recruits were brought to Cuba for training in intelligence tradecraft or guerrilla sabotage and were received by DGI officers posing as ICAP officials. ICAP functioned as the intake valve - political cover for intelligence operations designed to cultivate long-term assets rather than short-term spies.

What exists today is not a single organization but a complex ecosystem.

ICAP sits at the center, functioning as a coordinating hub. Orbiting it is the National Network on Cuba (NNOC), a deliberately loose coalition that links 77 organizations of activists, nonprofits, and campaigns while minimizing legal exposure or clear command structures. The National Lawyers Guild serves as the lawfare and agitation arm, training protesters, facilitating delegations, and litigating against U.S. institutions under the guise of civil rights.

Funding and infrastructure come from the Neville Roy Singham Network, a web of organizations tied to Chinese Communist Party-aligned capital that provides money, logistics, and professionalized organizing capacity. Public narratives are amplified by legacy anti-war organizations like CODEPINK and the ANSWER Coalition, which are also now under the Singham umbrella. They frame U.S. foreign policy as illegitimate while defending authoritarian adversaries. The Democratic Socialists of America (DSA) functions as the political activation channel, translating activist energy into electoral and legislative influence on behalf of the Cuban regime.

Last month, Rubio sanctioned ICAP under Executive Order 14404, calling it a central node in a Cuban intel and influence network that claims links to more than 2,000 organizations across 150 countries.

The State Department said ICAP has maintained close ties to Cuban intelligence, noting that its current president, Fernando González Llort, was convicted in the U.S. for his role in the Wasp Network, a Cuban spy ring uncovered in Florida in the late 1990s.

Bloomberg noted that Lloga Dominguez was one of the individuals who brought far-left streamer Hasan Piker and parts of the Neville Roy Singham Network on a recent trip to Cuba.

It should be noted that Piker, the unofficial spokesperson for the DSA, has told millions of his followers "to kill capitalists. Let the streets soak in their fucking red capitalist blood."

Related:

Alongside its Cuba focus, the Trump administration is also investigating China-based billionaire and self-described Marxist Neville Roy Singham over allegations that his NGO networks have helped sow chaos and propel far-left, anti-American movements across the U.S.

Related:

Earlier this week, U.S. Attorney Jay Clayton for the Southern District of New York, authorized by Acting Attorney General Todd Blanche, launched an investigation into whether Singham, NGOs he funded, or their leaders committed wire fraud, bank fraud, money laundering, or other financial crimes.

What is becoming increasingly obvious is that the pieces of the puzzle are coming together very quickly, giving readers a rough framework for understanding why the radical left has become so radical and why its rhetoric often sounds as if it were not organically born in the U.S.

That is because these movements may be operating within or adjacent to foreign influence networks with one main objective, as the DSA itself lays out: the destruction of the US.

With Democrats increasingly alarmed that socialists and Marxists are hijacking their party, Republicans may now have a simple and highly recognizable target: communism. For the first time in decades, the GOP has a message that can cut across partisan lines, because most Americans, regardless of political affiliation, still broadly understand one thing: communism is bad.

Tyler Durden Thu, 07/02/2026 - 18:00

Japan's Biggest LNG Buyer Creates Standalone Trading Arm

Zero Hedge -

Japan's Biggest LNG Buyer Creates Standalone Trading Arm

Authored by Michael Kern via OilPrice.com,

Japan's JERA is creating a wholly-owned subsidiary to develop and manage its LNG, upstream, low-carbon fuels, and shipping businesses, the biggest Japanese LNG importer and largest power producer said on Wednesday.

The new company, JERA Global Energy Solutions (JERA GES), will be the Japanese utility giant's response to increasingly volatile and complex energy markets. JERA GES will be a vertically integrated LNG company which can quickly respond to the market needs while maintaining security of supply for Japan as its highest priority, the company said.

JERA GES, which will be headquartered in Singapore, will focus on "developing a stable and diversified long-term LNG portfolio that balances supply sources with market opportunities, while advancing lower-carbon fuels such as ammonia and hydrogen," JERA said, adding that they will maintain close coordination with JERA's power generation and domestic energy market functions as Japan's biggest utility will look to enhance the country's energy security.

GES will gradually take over JERA's existing long-term LNG and lower-carbon fuel business activities according to a planned transfer schedule to keep continuity for existing business relationships.

Amid the current volatility and disarray in global LNG markets, JERA last month signed a contract for the supply of liquefied natural gas with Malaysia's state major Petronas for a period of 20 years, starting in 2028.

Japan is one of the most energy import-dependent countries in the world, with a lot of its oil and gas previously coming from the Middle East. The war-related disruption in export flows has prompted Japan to rush to secure alternative supplies.

The Petronas deal is for 2 million tons of liquefied gas annually, adding to earlier supply deals agreed by JERA. The company, which is the largest buyer of liquefied natural gas in the world, last year presented plans to triple its purchases from the United States alone to as much as 5.5 million tons annually. That would have been a 10% increase on its current imports from the U.S., making up a third of its total LNG purchases.

Tyler Durden Thu, 07/02/2026 - 17:40

World's Largest Data Center Project On Verge Of Collapse After Blackstone Unexpectedly Pulls Out

Zero Hedge -

World's Largest Data Center Project On Verge Of Collapse After Blackstone Unexpectedly Pulls Out

Up until now, when it comes to real estate, Blackstone was best known in recent years for dumping many of its trophy office properties - which in the aftermath of work from home never recovered their projected cash flow potential - at a huge discount. Now, it may be pulling a page from its old, pre-Lehman playbook  by calling the top in yet another commercial real estate segment: data centers. 

Two days ago we reported that Blackstone was selling its stakes in a trio of data centers across Northern Virginia for $3.5 billion, cashing out of part of a bet it made less than three years ago. According to Bloomberg, Digital Realty Trust would pay $1.2 billion of cash and offer $2.3 billion of its shares (which the PE giant has largely cashed in by now) to Blackstone funds; in exchange, the data center company will acquire Blackstone’s 80% interest in two 96-megawatt data centers in Manassas, Virginia, and a 50% interest in a 96-megawatt center in nearby Sterling.

We said that "the question is why did Blackstone decide to pull the cord now, just as fresh doubts are creeping whether the Mag 7s will continue funding the AI expansion with virtually unlimited capex."

Two days later we have an answer. 

The digital ink is barely dry on its Virginia data center sales, and we learn that Blackstone’s QTS (QTS Realty Trust) is again quietly fading its AI exposure by walking away from plans to build its portion (which at this point is the only portion left after its partner already pulled out days ago) of a 2,100-acre data center campus in Virginia - also known as Prince William Digital Gateway which would house as many as 37 data-center buildings - handing a win to residents who fought for years to topple the project. 

QTS's proposed facility at 9400 Godwin Drive in Manassas

The data center developer had planned to transform more than 800 acres in Northern Virginia’s Prince William County, a project that would have spanned 22 million square feet, making it the largest data center campus in the world. Located on the edge of an historic Civil War battlefield and on what used to be land protected from development, the project ignited strong pushback from homeowners and has been stalled by lawsuits.

As part of Wall Street’s broader push into data centers, investment has poured into Northern Virginia, which is considered the country’s largest data center market, and is better known as "Data Center Alley

But in a strategic U-turn, in recent days QTS executives decided that it isn’t worth pressing forward in court, the Bloomberg sources said. The firm’s attorneys plan to inform the court of their decision as soon as this week, the people said, asking not to be named discussing non-public information.

QTS’s rapid growth has made it a poster child of how private equity has fueled the data center industry’s breakneck expansion. Those ambitions are colliding with public anxiety over strains to electricity grids and home prices from AI data centers.

The retreat may be the final blow to Virginia’s “Digital Gateway” project, a mega site roughly twice the size of New York’s Central Park with city-sized power needs. The initiative was supposed to bring in some $100 billion in spending and create one of the world’s largest technology corridors. Not any more. 

The project had sparked contentious, drawn-out public hearings. A clerical blunder related to a key zoning meeting created setbacks for developers. Already, Brookfield-backed Compass Datacenters, which was supposed to build on more than 800 acres at the site, had pulled out in May

The U-turns by both firms, Bloomberg writes, amount to one of the most dramatic retreats by developers from a data center project.

It’s a reminder of how tech firms’ race for the computing infrastructure to support AI advances is increasingly facing the same bottlenecks, from power shortages to supply crunches, we have been warning about for the past two years and which Citadel Securities warned about just yesterday.

Organized opposition is mounting, forcing firms and developers to be more deliberate about where they choose to build. This is precisely what we warned one year ago would happen as more grassroots organizations pushed back against the relentless data center rollout. At least we haven't gotten to the arson stage (yet).

To account for the costs of such build outs, Virginia recently passed a budget with an energy consumption tax on data centers, and more states are threatening moratoriums on new development. Data centers - and how their costs and benefits are shared - are now emerging a major swing issue in the lead up to the US midterm elections. These hurdles raise questions for investors over whether the AI build out can keep going at this pace. 

For community organizers and residents that spent the last five years opposing the Digital Gateway, QTS’s pullout will now validate a playbook that involved pressure campaigns on local politicians and legal attacks. It will also unleash even more powerful blowback nationwide against these unwanted developments.

As Bloomberg recalls, hundreds of proponents and critics showed up at a 27-hour zoning hearing in 2023 to lobby authorities on the project. After county officials narrowly voted to approve the conversion of agricultural and semi-rural land for data centers, community organizers and residents pursued lawsuits.

The outcome of the meeting - and whether the county properly advertised the event - was at the center of legal challenges. The lawsuits hinged on one detail: The first two newspaper notices publicizing the hearing weren’t separated by at least six days, as state and local codes required at that time. While it is unclear if Blackstone agents had tried to "grease" the zoning board's palms to quietly fast-track the data center, in the end the outcome was catastrophic to the builders. 

In March, Virginia courts upheld an earlier ruling that the zoning approvals were invalid because the public notices for the meeting fell short of rules.

Opponents of the Digital Gateway data center project rallies at Manassas Battlefield Park.

“While we still believe this project offered significant benefits for the region and our neighbors, recent legal actions and compounding regulatory hurdles have effectively closed a viable path forward,” Compass Datacenters President AJ Byers said in a statement following the ruling.

After Compass bailed on the project, that left QTS as the lone developer. It was the only party that petitioned for an appeal of the case in Virginia’s Supreme Court.

Originally, the firm’s executives were concerned about the prospect of setting a legal precedent on the back of an administrative oversight. After Compass’s retreat, QTS lost a partner who would share the costs of upgrading various utilities needed for the massive developments, said one of the people familiar with the matter. QTS decided it was not worth proceeding with the project.

Blackstone, which acquired QTS in 2021, is a major financier of data centers, with a portfolio of more than $150 billion of such assets around the world

The increasingly bitter political and grassroots pushback against new data center construction explains why Blackstone has been getting cold feet just as the AI bubble is peaking, first selling existing data centers and now walking away from upcoming projects.  A recent Gallup poll found that 7 in 10 Americans oppose constructing data centers for artificial intelligence in their local area, including nearly half, 48%, who are strongly opposed. Barely a quarter favor these projects, with 7% strongly in favor.

Half of opponents mention data centers’ excessive use of resources, including 18% each mentioning their use of water and energy. Sixteen percent mention a related environmental concern of pollution, including noise pollution and air and water pollution.

About one in five opponents are concerned with the impact on local quality of life, including increased population, increased traffic and preferring that the land be used for other purposes. A similar share mention potentially negative economic consequences, including higher utility bills, cost-of-living increases, and the cost of building the data centers (which could involve the use of taxpayer funds).

Most of the remaining opposition stems from general or specific concerns about artificial intelligence.

Blackstone, which manages more than $1.3 trillion, bills itself as the largest global provider of data centers, and also owns some of the utilities that power them. It acquired QTS in 2021 and bought Australian computing provider AirTrunk in 2024. In May, the firm held an initial public offering for Blackstone Digital Infrastructure Trust Inc., its data center acquisition vehicle, which aims to buy already built and leased properties benefiting from the artificial intelligence boom.

And now that the protest movement knows how to push back against uninvited Wall Street occupants, thanks to the BlackStone capitulation, expect an exponential increase in legal (and other) attempts to hinder the rollout of data centers across the US, assuring that the AI supercycle, which is already years behind schedule with just half of the data centers meant to be built in progress and on time, will expect to see an avalanche of delays and cancellations assuring that the return on debt-funded capex will be even less as eventual launch dates gradually move ever further into the unknown future. 

Tyler Durden Thu, 07/02/2026 - 17:20

US Nuclear Regulator Proposes Changes To Nuclear Safety Standards

Zero Hedge -

US Nuclear Regulator Proposes Changes To Nuclear Safety Standards

Authored by Jill McLaughlin via The Epoch Times,

A U.S. nuclear regulatory agency proposed sweeping reforms July 1 to modernize nuclear reactor licensing and safety practices, shifting away from a global radiation measurement standard after 50 years.

The cooling towers for units 4 (L) and 3 (R) are seen at Plant Vogtle, operated by Georgia Power Co., in east Georgia's Burke County near Waynesboro, Ga., on May 29, 2024. Arvin Temkar/Atlanta Journal-Constitution via AP, File

The regulatory changes are expected to make it faster and easier to build more nuclear reactors to meet increased energy demands.

The Nuclear Regulatory Commission (NRC), an independent federal agency that oversees licensing and regulation of nuclear energy and radioactive materials, expects the changes will streamline regulations without lowering safety standards.

"NRC's regulations have not kept pace with new technologies and our energy needs," Chairman Ho Nieh said in a July 1 statement. "This proposed rule strips out rigid frameworks and unnecessary conservatism to accelerate the safe deployment of new reactors and expand existing capacity across America."

The effort is part of President Donald Trump's executive order, "Ordering the Reform of the Nuclear Regulatory Commission," signed May 23, 2025, calling for his administration to reform the agency's regulations and operations to achieve dominance in the global nuclear energy market.

The order also sets out goals to quadruple American nuclear energy capacity from about 100 gigawatts in 2024 to 400 gigawatts in 2050.

To get there, the order calls for adopting science-based radiation limits and reconsidering reliance on the decades-old framework of the linear no-threshold model for radiation exposure and the "as low as reasonably achievable" (ALARA) standard.

"Those models are flawed," Trump's order stated.

The agency was directed to consider adopting determinate radiation limits and consult with the Department of Defense, Department of Energy, and the Environmental Protection Agency.

Changing the model would represent the first major shift in U.S. nuclear policy in half a century.

Critics say that the deregulation could prioritize economic growth over public health.

Changing the radiation model has drawn criticism from nuclear safety expert Edwin Lyman, director of nuclear power safety at the Union of Concerned Scientists.

Last year, Lyman told the agency in July 2025 there was "absolutely no technical or practical basis" for changing the agency's use of the ALARA principles in its radiation protection regulations.

A report last year by the Conservative Coalition for Climate Solutions found the change would be a step in the right direction for nuclear energy.

Using ALARA standards is enormously costly, raising the price of building and operating nuclear plants by billions of dollars, the 2025 report found. The standards have also created public phobia and misinformation that "any radiation is harmful," according to the report by the coalition's Nick Loris and Prasanna Pydipalli.

Other countries - France and South Korea - are shifting toward threshold-based models using data collected from worksites but haven't yet made the change, the report found.

The coalition concluded that adopting the new threshold standard for radiation would unleash the potential of nuclear innovation.

"By moving from outdated fear-based models to proportionate, risk-informed regulation, the U.S. can lead the next era of safe, reliable, clean, and globally competitive nuclear energy," Loris and Pydipalli wrote.

The commission issued proposed rules to modernize reactor oversight and radiation protection, and issued draft text to reshape its environmental review process under the National Environmental Policy Act.

The agency's proposed changes would give nuclear power plant operators more flexibility in evaluating radiation doses to workers and the public using more up-to-date methods.

Jay Timmons, president of the National Association of Manufacturers representing 13 million workers, commented on the announcement.

"Building more nuclear reactors here at home is how we secure America's energy future and unleash American energy dominance," Timmons posted on X on July 1.

The U.S. Department of Energy's "Reactor Pilot Program shows what is possible when policymakers embrace innovation instead of standing in its way," Timmons said.

Energy Secretary Chris Wright testifies before the Senate Armed Services Committee hearing on the budget request for the Energy Department on Capitol Hill in Washington on May 13, 2026. Manuel Balce Ceneta, File/AP Photo Tyler Durden Thu, 07/02/2026 - 17:00

Warren Pushes Progressive Agenda In Senate Primaries As Schumer Prioritizes Path Back To Majority

Zero Hedge -

Warren Pushes Progressive Agenda In Senate Primaries As Schumer Prioritizes Path Back To Majority

Senate Minority Leader Chuck Schumer and Sen. Elizabeth Warren are engaged in a high-stakes contest for influence over the future direction of Senate Democrats, with the Massachusetts progressive working to reshape the caucus through targeted primary support while the New York leader focuses on expanding the map to retake the majority.

Warren has thrown her weight behind several challengers who have explicitly said they would not support Schumer remaining as leader if Democrats regain control. She has framed her involvement as a response to voter demand for bolder action on economic issues and systemic change, pointing to recent primary successes by candidates aligned with New York City Mayor Zohran Mamdani as evidence that the party's base is ready for a sharper break from the status quo.

In comments to The Hill, Warren highlighted the outcomes in New York's House primaries, where three Mamdani-backed candidates prevailed against establishment-backed incumbents. She described the results as a reflection of broader voter sentiment rather than isolated events. "It says more about the state of voters. Voters want change. They want people who have clear ideas about how to make their lives better and to know that they will fight for them," Warren said.

Those New York victories were widely viewed as setbacks for the Democratic establishment. The wins featured strong showings by progressive and democratic socialist candidates and included moments of open frustration with party leadership, such as crowds at victory events chanting "You're next" when House Minority Leader Hakeem Jeffries appeared on screen. Warren had endorsed Mamdani during his successful 2025 mayoral bid; Schumer did not publicly support him.

Schumer, a prolific fundraiser, has concentrated on recruiting and backing candidates he believes have the best shot at winning competitive general elections. A spokesperson for the leader emphasized that his sole priority is "taking back the Senate" to block President Trump's agenda and deliver results for Americans, arguing that recent recruitment efforts have created a credible path to majority status that few anticipated a year ago.

The friction between the two senators has become harder to downplay. Democratic strategist Steve Jarding noted that successful Warren-backed candidates would likely serve as "soul mates" on key issues, elevating her standing within the progressive wing of the caucus.

An anonymous Democratic senator aligned with Warren described to The Hill growing unease among progressives that Schumer and DSCC Chair Kirsten Gillibrand are too closely tied to corporate interests. The senator singled out Gillibrand's role in advancing cryptocurrency deregulation legislation as particularly problematic and questioned Schumer's recruitment of 78-year-old Maine Gov. Janet Mills to challenge Sen. Susan Collins. The source called Mills a "conservative, business-oriented Democrat" lacking grassroots energy at a moment when the party's base wants the system disrupted, drawing parallels to concerns raised after President Biden's 2024 debate performance.

Warren has endorsed multiple Senate primary candidates who have distanced themselves from Schumer's leadership, including Graham Platner in Maine, Lt. Gov. Juliana Stratton in Illinois, and state Sen. Mallory McMorrow in Michigan. She has also backed Lt. Gov. Peggy Flanagan in Minnesota and Zach Wahls in Iowa, neither of whom has committed to supporting Schumer. Schumer, by contrast, backed Mills in Maine and Rep. Haley Stevens in Michigan.

In Iowa, the super PAC VoteVets - historically aligned with Schumer - spent roughly $10 million supporting Josh Turek, who defeated Wahls. Schumer and Gillibrand issued a joint statement celebrating Turek's nomination as putting the seat "firmly in play" for November.

Warren has supplemented her candidate endorsements with substantial fundraising, contributing a total of $800,000 to state Democratic parties in six battleground states this cycle: Alaska, Georgia, Maine, Michigan, North Carolina, and Ohio.

She has defended her choices, particularly her support for Platner, arguing that he connects directly with Mainers struggling economically and is committed to fighting corruption and lowering costs in Washington.

Despite the visible tensions, most Democratic senators do not expect Warren to mount a formal challenge to Schumer's leadership after the midterms. She is seen primarily as a policy advocate rather than someone positioned to manage a large and diverse caucus. A Warren spokesperson confirmed she "has no interest in being the Senate Democratic leader." When asked directly about the possibility, Warren laughed softly and replied: "I want to do everything that I can to help working families. We need a Democratic Party that's ready to be in the fight."

Tyler Durden Thu, 07/02/2026 - 16:40

Ex-CIA Chief John Brennan Sues Trump, Admin Officials Over Allegedly Vindictive Investigations

Zero Hedge -

Ex-CIA Chief John Brennan Sues Trump, Admin Officials Over Allegedly Vindictive Investigations

Authored by Timothy Frudd via The Epoch Times,

Former CIA Director John Brennan is seeking a court order requiring the Trump administration to retain records related to allegedly vindictive investigations into him and his involvement in probing alleged Russian interference in the 2016 presidential election.

Former Director of the U.S. Central Intelligence Agency (CIA) John Brennan testifies before the House Permanent Select Committee on Intelligence on Capitol Hill in Washington on May 23, 2017. Alex Wong/Getty Images

While the Justice Department hadn't formally brought an indictment against Brennan, his lawsuit noted that it had undertaken grand jury investigations in recent months. He accused prosecutors of abusing their authority and said there was reason to believe the administration wasn't preserving records as required under law.

Brennan said the judge's order was necessary to preserve his constitutional rights and evidence that he could use to prove vindictiveness in a would-be prosecution.

"This Administration has adopted a policy of using criminal process and prosecution to punish the President's perceived adversaries," Brennan's legal team wrote in the court filing.

"It is against this backdrop that former Director of the Central Intelligence Agency, John O. Brennan ... is being vindictively singled out for investigation and prosecution."

The lawsuit filed by Brennan's legal team on Wednesday names President Donald Trump, acting Attorney General Todd Blanche, FBI Director Kash Patel, CIA Director John Ratcliffe, White House chief of staff Susie Wiles, and other government officials as defendants.

A Justice Department spokesperson told The Epoch Times, "While we cannot comment on the existence, or lack thereof, of an investigation, it is certainly rich that John Brennan is accusing anyone of a 'retribution campaign.'"

Brennan's lawsuit focused on two investigations. One centered on an alleged conspiracy to deprive Trump of his rights by probing alleged Russian interference. Another was related to statements he made to Congress regarding an intelligence community assessment of Russian influence during the election.

Brennan's legal team said Justice Department officials have "taken steps that clearly violate well-established norms and limitations on prosecutorial conduct" as part of the Trump administration's investigations.

"Those overreaching actions have violated Director Brennan's constitutional rights and will serve as the basis for challenges to any resulting charges, including motions to dismiss any indictment on the grounds that it is the result of selective and vindictive prosecution," they wrote.

The lawsuit noted that the examination of prosecutors' emails, texts, and other communications would allow the courts to determine if decisions were based on legitimate law enforcement concerns or an effort to "selectively" and "vindictively" prosecute the former CIA director.

"There is a very real risk, however, that some of these materials and communications will no longer exist by the time any such challenges are filed and the court hears them," the lawsuit stated.

Brennan's legal team cited technology changes that it said do not ensure the routine preservation of communications and "ample evidence in the public record" of Trump administration officials failing to meet legal obligations to preserve records as the two reasons for its concern.

The lawsuit said the Trump administration is obligated to preserve records and evidence that would be relevant in a potential challenge if Brennan were indicted. Brennan's legal team pointed to both the Presidential Records Act and the Federal Records Act as regulations covering many of the communications and materials involved in the two investigations.

Brennan was previously referred for criminal prosecution by the House Judiciary Committee over his connection with an investigation that was launched in 2016 into suspected Russian influence on Trump's presidential campaign. Rep. Jim Jordan (R-Ohio), chairman of the House Judiciary Committee, said in October 2025 that Brennan allegedly "knowingly made false statements during his transcribed interview" in May 2023 and that his testimony on the 2016 investigation into Trump included "numerous willfully and intentionally false statements of material fact."

In the House Judiciary Committee's criminal referral, Jordan wrote, "Brennan falsely denied that the CIA relied on the discredited Steele dossier in drafting the post-election Intelligence Community Assessment."

Brennan previously accused the Trump administration in December of attempting to judge shop, a practice used to file a lawsuit in a court with a judge likely to give a favorable ruling. The former CIA director asked U.S. Chief Judge Cecilia Altonaga of the Southern District of Florida to prevent U.S. District Judge Aileen Cannon, who dismissed the classified documents case against Trump in 2024, from being involved in future proceedings.

Tyler Durden Thu, 07/02/2026 - 16:20

Iran Runs Into Big Problem: No Buyers For Its Oil, As Full Tankers Pile Up Off China

Zero Hedge -

Iran Runs Into Big Problem: No Buyers For Its Oil, As Full Tankers Pile Up Off China

Iran was euphoric when as part of the Trump MOU, it got permission to flood the world with its oil after Trump effectively eliminate sanctions that had been in place for 40 years. However, it has quickly run into another, potentially far bigger problem: as the armada of Iranian oil tankers exits the Persian Gulf, it is now struggling to find buyers before the expiry of a 60-day window granted by Washington,

According to Vortexa data and Bloomberg calculations, there are more than 58 million barrels of Iranian crude and condensate was on-the-water as of July 1, yet more than 90% has no clear destination. The vessels are either indicating "for orders" or Singapore as their next port of call, a sign they may conduct ship-to-ship transfers in the Malacca Strait.

A failure to quickly sell the crude will not only deprive Tehran of much-needed revenue, but more importantly, will weaken its hand in the ongoing negotiations with Washington. The Islamic Republic has until mid-August to find buyers after the US lifted sanctions on the oil in the middle of June and ended a blockade of Iranian ports, part of an interim peace deal.

And here is the culprit : demand from Chinese independent refiners - Iran's main customers prior to the conflict - has been muted as the sector's run rates crash to a nine-year low. China's state-owned refiners have also stayed on the sidelines, citing concerns over the ability of banks to finance any deals.

Translation: as we suspected a month ago, China's economy is in far worse shape than telegraphed, and as a result it does not need Iranian oil (what oil it does need it just sources from its massive strategic reserves). 

In Early June we said that confirming our recent reporting on China's oil demand collapse, crude oil imports to China in May fell to their lowest since October 2017 because of the price spike resulting from the Persian Gulf tanker traffic disruption, plunging refinery margins (due to price ceilings imposed by Beijing), of a slowing economy and the rapid slowdown in the economy. 

The May total stood at 33 million barrels, or 7.8 million barrels daily, Bloomberg reported, citing Chinese customs data. This is roughly a 30% drop vs the average daily import rate of 11.6 million barrels last year. As previously noted, refinery run rates are down as well, as are fuel exports, with Beijing careful to make sure there is enough diesel and gasoline for the domestic market. All this is happening as the latest batch of Chinese data was "shockingly bad", promptly fears of a China hard landing.

Most of Iran's oil is in and around the Persian Gulf, in the Indian Ocean or the Malacca Strait near Singapore. However, with Indian imports largely coming from Russia, that only leaves China as the biggest export target. Alas, suddenly China does not want Indian oil, not because it disapproves of the Iranian regime, but simply because its economic slowdown means far less oil is needed!

Iran said on Wednesday that it had shipped more than 40 million barrels of oil since the US lifted its naval blockade to signal strength. However, half of this shipment, or more than 20 million barrels of Iranian crude, has been idling in Asian waters for seven days or longer, up almost 18% from a week earlier, according to Kpler Ltd. The reason is the same: China does not need the oil.

Estimates for the overall volume of the country’s oil on water - either in transit or stationary - have ranged from 58 million to 68 million barrels since the US sanctions waiver kicked in last week. 

A week ago, Bloomberg reported that sellers including middlemen and representatives from the National Iranian Oil Co. made contact with refiners in India, Japan, South Korea and elsewhere even before the license was officially granted, traders involved in the discussions told Bloomberg. That urgency has since increased, they said, however so far there is little favorable response.

Tehran faces a number of obstacles in trying to sell the oil. European Union and UK restrictions are still in place, complicating insurance, while some ports may be hesitant to accept the dark-fleet vessels that Tehran uses to carry its crude. There's also a chance the barrels could get stranded mid-deal if President Donald Trump decided to end the window early.

Buyers remain wary that Washington could reimpose sanctions if negotiations collapse, US Treasury Secretary Scott Bessent told Fox News on Tuesday. "No one other than China, who was already buying it when it was sanctioned, has bought it, so it's still trading at a discount." 

The other major barrier to Iran offloading the crude is a lack of demand in major Asian markets, where there's been little interest despite Tehran's efforts to court buyers. As we have extensively reported, the region is well-supplied, both with non-Iranian Persian Gulf oil that can now transit the Strait of Hormuz and crude from farther afield that was bought during the war.

China's imports of Iranian crude - which have never been subject to US sanctions as Beijing simply ignores them - more than halved in June to about 654,000 barrels a day from a month earlier, according to Kpler. Still, at least one tanker has discharged a cargo of the oil in China over the past week, according to Kpler and Vortexa.

Indian Oil Minister Hardeep Puri met his Iranian counterpart in New Delhi last week, but stopped short of committing to imports. The country's state-run processors are avoiding the Iranian oil for now, because they've already secured Russian crude supplies through at least the end of August. They are also still seeking clarity from Washington over US-denominated payments, they added.

India would consider resuming purchases once payment channels are clarified, while a complete withdrawal of sanctions could enable refiners to buy from Iran over the longer term, the people said.

Still, Asian interest in Iranian oil could quickly emerge if the price is right. Refiners that have already secured crude supplies can resell some oil to free up some space, should the shipments be highly discounted, and there's also the option of raising operating rates if raw material costs are cheap. 

Tyler Durden Thu, 07/02/2026 - 15:40

Justice Department Sues California Over Glock Ban, Handgun Roster

Zero Hedge -

Justice Department Sues California Over Glock Ban, Handgun Roster

Authored by Michael Clements via The Epoch Times,

The Justice Department (DOJ) on July 1 sued California over its ban on "machinegun convertible pistols" and its "handgun roster."

A Glock handgun and two magazines in a file photograph. Rich Pedroncelli/AP Photo

The law bans the purchase of Glock pistols and guns with similar firing mechanisms, according to a DOJ press release.

The handgun roster limits the handguns California citizens can legally buy.

The DOJ claims both are unconstitutional.

Gov. Gavin Newsom signed legislation known as Assembly Bill 1127 in October 2025 to prohibit licensed firearms dealers from selling, transferring, or delivering "semiautomatic machinegun-convertible pistols."

The law went into effect on July 1, the same day that DOJ sued.

Under the law, a machinegun-convertible pistol is "any semiautomatic pistol with a cruciform trigger bar that can be readily converted ... into a machinegun by the installation or attachment of a pistol converter ... without any additional engineering, machining, or modification of the pistol's trigger mechanism."

New York, Maryland, and Connecticut have similar bans.

The law was passed in response to so-called "Glock switches," which are not manufactured or endorsed by Glock.

The switches have been used by criminal gangs around the country.

Pistols sold before Jan. 1, 2026, are grandfathered under the law, which became effective on July 1.

The devices are prohibited by 29 states and under federal law, according to Everytown Research & Policy.

The lawsuit also alleges that the state's handgun roster illegally limits Californians' access to state-of-the-art firearms.

According to the lawsuit, the roster requires specific features such as a chamber-load indicator, which shows the gun is loaded, and a magazine-disconnect mechanism, which prevents a gun from firing when the magazine is out of the gun.

Until recently, the roster also required each gun to mark the handgun's make, model, and serial number onto shell casings fired by the gun. This is commonly called microstamping.

"As a result of these requirements, no new handguns were added to the roster between 2013 and 2023," the lawsuit states.

There is currently an injunction against enforcement of the roster.

However, the lawsuit states the DOJ has a responsibility to act because "these provisions of the roster statute violate the Second Amendment."

Gov. Gavin Newsom criticized the lawsuit in a social media post on X.

"The Trump administration is once again trying to dismantle California's commonsense gun safety laws. California is seeing historic low crime rates and gun death rates. These laws save lives," the post reads.

A spokesperson for Newsom's office reiterated the governor's statement.

Spokesperson Diana Crofts-Pelayo stated that the state has data showing its gun laws have saved lives.

"We won't be intimidated by another politically motivated lawsuit. We'll continue defending the laws that protect Californians and keep dangerous weapons off our streets," Crofts-Pelayo stated in an email to The Epoch Times.

According to the DOJ, the U.S. Supreme Court has ruled that the Second and Fourteenth Amendments protect the individual right to carry handguns outside the home for self-defense.

The lawsuit contends the California laws infringe on that right.

"The Civil Rights Division will defend law-abiding citizens from states that seek to disarm them illegally," said Assistant Attorney General Harmeet K. Dhillon.

California Gov. Gavin Newsom announces new gun legislation in Sacramento on Feb. 1, 2023. Courtesy of Office of Governor Gavin Newsom Tyler Durden Thu, 07/02/2026 - 15:20

SAP Slows Hiring, Freezes Travel As AI Push Accelerates

Zero Hedge -

SAP Slows Hiring, Freezes Travel As AI Push Accelerates

Not even a day after reports swirled that Microsoft was preparing to cut thousands of employees, and as the broader tech sector continues to hemorrhage white-collar workers replaced by chatbots, the latest AI-related job-displacement news is coming from Europe's largest software company.

Bloomberg reports that German enterprise software giant SAP, best known for software that supports large corporations running core business operations, is preparing to slow hiring and cut travel costs as it diverts more capital toward developing AI tools.

More color from the report:

Going forward, SAP will "exclusively focus new hiring on selected profiles only, mainly core Al roles, that are critical for our long-term success," the executive board said in an email to staff on Wednesday evening that Bloomberg reviewed.

Internal travel unrelated to AI development will be paused, and the company will look for ways to cut spending with suppliers.

"As Al reshapes the future of our industry, we are making significant investments in the products and Al capabilities we build, complemented by strategic acquisitions in data and Al where we need additional expertise and technology," the managers said in the memo.

"By balancing where we invest and where we save, we ensure that SAP remains strong, competitive, and well- positioned for the long term."

SAP has also been pursuing acquisitions to bolster its AI offerings and reportedly lost out on a deal to purchase industrial AI and data firm Cognite, which instead agreed to a $3.1 billion deal with Schneider Electric.

The move comes as CEO Christian Klein reorganizes SAP around AI innovation, taking on a larger role in overseeing product development. It also comes as legacy software names have been battered this year on fears that AI rivals such as Anthropic and OpenAI could disrupt their core businesses.

According to Bloomberg data, SAP had around 110,000 employees as of the first quarter of this year. While the report made no mention of future layoffs, the company's workforce appears to have already peaked in the third quarter of 2022, suggesting the latest "efficiency" push could further unwind years of overhiring.

New report: 

SAP shares in Frankfurt were down around 2% on Thursday and about 33% on the year.

The selloff mirrors declines of Salesforce, Workday, and Microsoft, which have cut thousands of jobs while investing heavily in AI. The latest from The Market Ear suggests that, after months of declines, software could be set for a squeeze (read report). 

Tyler Durden Thu, 07/02/2026 - 15:00

FDA Allows Label Saying Zyn Nicotine Pouches Less Harmful Than Cigarettes

Zero Hedge -

FDA Allows Label Saying Zyn Nicotine Pouches Less Harmful Than Cigarettes

Authored by Zachary Stieber via The Epoch Times,

The Food and Drug Administration is letting Philip Morris International market its Zyn nicotine pouches as being safer than cigarettes.

Zyn nicotine cases and pouches on a table in New York City on Jan. 29, 2024. Michael M. Santiago/Getty Images

The FDA said on June 30 that the pouches can now feature the statement, "Using Zyn instead of cigarettes puts you at a lower risk of mouth cancer, heart disease, lung cancer, stroke, emphysema, and chronic bronchitis."

The authorization of the modified risk statement followed an extensive scientific review, regulators said.

That process concluded that Philip Morris subsidiary Swedish Match demonstrated the claim was scientifically accurate, that consumers understand the claim, and that marketing the products with the claim would benefit the population.

"FDA's review of modified risk products is intended to ensure that adult users have clear, science-based information about the relative harms of tobacco products, so they can make informed choices," Bret Koplow, acting director of the FDA's Center for Tobacco Products, said in a statement.

"Today's decision allows these products to be marketed with a modified risk claim that informs adults who smoke about the lower risks associated with these products."

The FDA initially cleared Zyn pouches in 2025. Officials at the time said that the benefits to adult cigarette smokers outweighed the risks to adults and youth, based in part on the finding that the pouches contain fewer harmful chemicals than cigarettes.

An FDA advisory panel in January said the proposed statement was likely accurate.

The Campaign for Tobacco Free Kids opposed the proposal at the time. The nonprofit said that Swedish Match did not meet the standard for authorization, in part because there was no demonstrated benefit.

The authorization of the new claim includes the requirement that the pouch manufacturer carry out studies and surveillance, including assessing how people interact with the updated products and understand the updated risk-related information.

The authorization lasts for five years and can be extended.

If the FDA determines that the marketing under the adjusted statement no longer benefits the population, such as a scenario that involved a spike in uptake among young people, the agency may withdraw the authorization, officials said.

Philip Morris CEO Stacey Kennedy hailed the development. Kennedy said in a statement it "ensures these adults have access to accurate, science-based information, including FDA-authorized evidence that switching from cigarettes to Zyn reduces the risk of smoking-related diseases like heart disease and lung cancer."

"More broadly, it reinforces the agency's science-based approach to evaluating products across the continuum of risk and communicating those findings transparently," she said.

Tyler Durden Thu, 07/02/2026 - 14:40

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