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Anthropic Raises $65BN At $965 Billion Valuation, Surpassing OpenAI

Amid an unprecedented valuation battle between ChatGPT and Anthropic raging in the private markets ahead of their respective IPOs in a few months, Bloomberg reported that shortly after releasing its latest Claude Opus 4.8, Anthropic raised $65BN in a funding round that will nearly triple the start-up’s valuation and see it surpass arch-rival OpenAI as the most valuable AI lab.

The Claude chatbot maker was valued at $900bn, not including the new investment, as part of the fundraising led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.

The round comes just three months after Anthropic raised $30bn in a deal valuing it at $350bn as the popularity of its tools for software developers and workplace customers has propelled extraordinary growth and given it an edge over OpenAI, which was most recently valued at $852bn.

“Claude’s latest advancements have driven large-scale adoption among the world’s most demanding organisations. This momentum positions Anthropic to lead the next phase of AI innovation,” said Brad Gerstner, founder and CEO of Altimeter Capital.

While Anthropic’s run-rate revenue, a metric prefered by start-ups which estimates annual revenues based on short-term performance, crossed $47bn this month, some have expressed skepticism that the number is legitimate, with many suggesting that double counting and even extapolating of outlier is the reason behind the surge.

If true (and things in the press should be taken with grains of salt), this one customer was reported as $6b of ARR for OAI/Anthropic ($500m*12) the month this happened.

For reference, that is larger than (checks notes) yup, Snowflake's run-rate revenue as of Q1.

😳 pic.twitter.com/Dj67m6rUmi

— Jared Sleeper (@JaredSleeper) May 28, 2026

The more than fivefold increase since the start of the year is unprecedented for a start-up its size. It's also most likely bogus, but that will be for the company's new public shareholders to figure out in a few months when the company goes public at an even more ludicrous valuation. 

According to the FT, backers are looking to build their stakes in Anthropic ahead of an initial public offering which could come as soon as this year, as OpenAI and SpaceX also race towards public listings. Together, the three companies are expected to have a valuation of ~$3 trillion and will drain an unprecedented amount of liquidity from the market, likely sparking the next market drawdown. 

The funding caps an extraordinary period for Anthropic, led by former ChatGPT employee Dario Amodei, when the announcement of its new AI tools has rattled whole sectors of the stock market from wealth managers to cyber security groups.

The power of its Mythos model, which it released to a limited group of trusted partners because of its advanced cyber security capabilities, has prompted concern from governments and financial regulators around the world. On Thursday, Anthropic said it was making progress towards a wider release of Mythos “in the coming weeks”. It also released the latest version of its Claude model, Opus 4.8, which the company said was more “honest” and “more likely to flag uncertainties about its work and less likely to make unsupported claims”.

The company is also embroiled in a legal fight with the Department of Defense over the military use of its technology, a battle that has scarcely dented Anthropic’s financial progress.

The new funding includes investments from the three leading makers of memory chips: Micron, Samsung and SK Hynix. Anthropic is an end customer for their hardware, which has increasingly been in short supply because of huge demand from AI data centres.

Their participation follows other circular agreements by both OpenAI and Anthropic with cloud providers and other chipmakers, such as Nvidia.

These circle-jerking arrangements between customers, suppliers and investors - reminiscent of the circular deals that burst the dot com bubble - in the AI industry have added to concerns about a bubble in the sector. Anthropic initially targeted a $30bn raise from financial institutions. The company exceeded that total in part thanks to the participation of infrastructure partners, the same infrastructure partners that will now see their money returned to them for compute purchases.

This added to $15bn in previously committed funding from Big Tech “hyperscalers”, including $5bn from Amazon, to fill out the $65bn raising.

The new capital will go towards Anthropic’s effort to procure enough computing power to meet rising demand for its tools. It has struggled with capacity issues in recent months.

It recently struck a multibillion-dollar deal with Elon Musk’s SpaceX to use one of its data centres, as well as long-term agreements with Google, Broadcom and Amazon potentially totalling hundreds of billions of dollars.

“This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens,” said Krishna Rao, chief financial officer of Anthropic.

Other venture capital and fund managers who invested include Baillie Gifford, Blackstone and Brookfield and state-backed investors including Abu Dhabi’s MGX and Singapore’s Temasek. 

Tyler Durden Thu, 05/28/2026 - 18:31

Tilman Fertitta Nears $5.7 Billion Caesars Takeover

Tilman Fertitta, the Texas billionaire behind Golden Nugget and Landry’s, is nearing a $5.7 billion takeover of Caesars Entertainment — a deal that would dramatically expand his footprint across casinos, hotels, and restaurants, according to Bloomberg.

The merger would unite Caesars’ gaming operations with Fertitta’s hospitality empire, which includes brands such as Mastro’s, Bubba Gump Shrimp, Rainforest Cafe, and several casino properties. Certain assets, including the Houston Rockets and some hotels, are expected to stay separate from the deal.

Bloomberg reports that Fertitta, 68, began working in his family’s seafood business in Galveston before building Landry’s into one of the country’s largest hospitality companies. After weathering the Texas oil crash in the 1980s, he grew through aggressive acquisitions and entered the casino industry with the purchase of Golden Nugget in 2005.

Recognized for his hands-on leadership and lavish business style, Fertitta became a national media figure through CNBC’s Billion Dollar Buyer and later served as U.S. ambassador to Italy and San Marino under President Donald Trump.

Caesars would give Fertitta a larger presence on the Las Vegas Strip, something he has sought for years. He first attempted to acquire the company in 2018. More recently, he became Wynn Resorts’ largest shareholder after publicly criticizing the company’s direction.

Despite owning major casino and online betting businesses, Caesars has faced slowing Las Vegas demand, softer regional results, and increasing pressure from betting competitors including FanDuel and DraftKings.

Fertitta’s broader portfolio also includes hotels, luxury car dealerships, and entertainment venues. His personal assets reportedly include a 384-foot yacht and a Gulfstream G700 jet. The Houston Rockets, which he bought in 2017 for $2.2 billion, are now estimated to be worth about $5.5 billion.

Tyler Durden Thu, 05/28/2026 - 18:00

Watch: Hollywood Actress Blows Whistle On Systemic Anti-White Discrimination In Casting

Authored by Steve Watson via Modernity.news,

Actress Samaire Armstrong, known for her role in the hit series The O.C., stepped forward with a raw account of Hollywood’s entrenched discrimination. For years, she stayed silent as casting directors repeatedly rejected her for one reason: her race. When she couldn’t hold back any longer she broke that silence, revealing how merit has been sacrificed on the altar of identity politics.

That was five years ago. In the intervening time, Hollywood has doubled and tripled down on this momentum.

Armstrong explained, “Over the last 6 years, I’ve heard nonstop, ‘They’re not looking for white.’ — ‘They liked you, but you’re white.’ And, you know, I kept that to myself in silence…the pendulum has swung so far, you know, like, ‘We’re gonna fit this transgender character in here now that we’re PC.’ Natural, organic stories stopped being told.”

“You gotta wonder, what’s the point of acting school and putting this time into developing the craft if that doesn’t matter anymore?” Armstrong urged.

Her testimony, shared in a PragerU interview and amplified across platforms, underscores a troubling reality: Hollywood isn’t just leaning into diversity — it’s enforcing exclusion.

This isn’t one isolated voice. Armstrong’s experience reflects a broader industry shift where skin color determines opportunity more than skill, training, or audience appeal. In a country still majority white, the creative heart of American entertainment has turned against its foundational talent pool.

The Academy of Motion Picture Arts and Sciences formalized this bias with its “Representation and Inclusion Standards” for Best Picture eligibility. Starting with the 96th Oscars in 2024, films must meet at least two of four detailed standards, backed by a confidential Academy Inclusion Standards form (RAISE).

These rules prioritize “underrepresented” groups — defined to include women, racial or ethnic minorities, LGBTQ+ individuals, and the disabled or deaf — across every level of production.

Standard A: On-Screen Representation, Themes and Narratives
To qualify, a film needs at least one of these:

• A lead or significant supporting actor from an underrepresented racial or ethnic group.
• At least 30% of actors in minor and supporting roles from at least two underrepresented groups.
• A main storyline or theme centered on an underrepresented group.

Standard B: Creative Leadership and Project Team

• At least two creative leadership or department head positions filled by underrepresented groups (with at least one from an underrepresented racial or ethnic group).
• At least six other key crew or technical positions from underrepresented groups.
• At least 30% of the overall crew from at least two underrepresented groups.

Standard C: Industry Access and Opportunities focuses on paid apprenticeships, internships, and training programs targeted at preferred demographics. Standard D: Audience Development requires multiple senior executives or consultants from underrepresented groups in marketing, publicity, and distribution.

These mandates didn’t emerge in a vacuum. They accelerated after 2020 amid corporate panic over social justice pressures. The Academy framed them as promoting “equitable representation” to reflect a “diverse global population.” In practice, they function as barriers against projects centered on white characters or led by white creatives in a nation where whites remain the demographic majority.

Iconic films from Hollywood’s golden eras would fail these tests. Casablanca, The Godfather, Saving Private Ryan, No Country for Old Men, or even Titanic in its original form wouldn’t check enough boxes. The rules don’t just encourage diversity — they penalize storytelling rooted in European-American cultural traditions or historical accuracy.

Armstrong didn’t arrive at her critique lightly. In her PragerU “Stories of Us” segment, she detailed the gradual erosion she witnessed. She acknowledged past imbalances — “Oscars were so white for decades” — but argued the correction overshot into absurdity. Natural character development and subtle narratives gave way to forced inserts and demographic engineering.

Organic tales of human struggle, ambition, love, and loss vanished under layers of ideological checklists.

This hits aspiring actors hard. Acting demands years of classes, auditions, rejections, and honing emotional range. When race becomes the deciding factor, that investment must feel pointless.

Reports from others in the industry echo her account. White actresses and actors describe similar experiences — agencies steering clients away from certain roles or auditions explicitly noting preferences for non-white performers. One parent recounted her son’s early acting opportunities drying up once “no whites” language appeared in casting calls. Families of talented young performers now face tough choices: pivot careers or accept systemic disadvantage.

Hollywood’s defense often falls back on “underrepresentation” statistics. Yet these ignore viewer preferences and box office realities. Audiences don’t reject diversity when it feels authentic; they reject pandering that prioritizes messaging over entertainment.

'This might actually be a good thing - but if you’re doing it to be tokenistic, it’s completely pointless!'

The Free Speech Nation panel discuss the Oscars’ new diversity and inclusivity rules.

🖥 GB News on YouTube https://t.co/Wa58gYGZwF pic.twitter.com/MLk5tcPb0c

— GB News (@GBNEWS) May 14, 2023

When every ensemble requires a precise racial mix, every leadership team checks ethnicity boxes, storytelling suffers. Characters become mouthpieces. Plots twist to accommodate themes rather than emerging from genuine conflict.

The decline isn’t imaginary. Recent years delivered a string of high-budget disappointments: franchise entries laden with awkward diversity lectures, remakes that rewrite history for contemporary politics, and originals that feel like committee products rather than visionary works.

Studios chase Oscar validation and corporate ESG scores. Meeting Academy standards boosts awards chances and shields against activist boycotts. But it alienates core domestic audiences who simply want compelling stories. International markets sometimes reward spectacle over messaging, yet even there, fatigue sets in when quality plummets.

Compare this to earlier eras. Classic Hollywood produced universal stories — tales of redemption, heroism, romance, and tragedy — that transcended demographics. Directors cast the best actors for roles, not the best demographic fit. Writers explored human nature without mandatory identity arcs. The result was timeless cinema that still draws viewers decades later.

Today’s approach inverts that. “Natural, organic stories stopped being told,” as Armstrong noted. Scripts now insert transgender subplots or racial redemption arcs mechanically. Casting directors scan headshots for skin tone checkboxes first. This creates a chilling effect: white performers self-censor or exit, while others game the system.

The financial toll shows. Major releases flop despite massive marketing. Streaming catalogs fill with forgettable content. Independent and international films — less beholden to U.S. Academy rules — often outperform in authenticity and engagement. Asian cinema, in particular, thrives on merit-based casting and culturally grounded narratives without Western-style guilt.

This discrimination fits a larger pattern of institutional hostility toward majority populations in Western nations. Policies that punish success and reward grievance thrive in elite circles detached from everyday consequences. Hollywood, overwhelmingly coastal and progressive, embraced these ideas enthusiastically after 2016 and 2020.

Armstrong’s conservative leanings — including past support for Trump and criticism of certain activist movements — make her voice especially threatening to the establishment. Speaking out risks career suicide in an industry known for enforcing ideological conformity. Her decision to go public anyway highlights growing cracks in the silence.

Critics of the standards face accusations of racism for pointing out anti-white bias. Yet the rules themselves codify racial preference. In a just system, opportunity flows from talent, work ethic, and market demand. Forcing outcomes by skin color inverts justice — it becomes discrimination with extra steps.

Entertainment should unite through shared humanity, not fragment by mandated identity tallies. When government-adjacent entities like the Academy dictate creative output, art dies. Viewers sense the fraud and tune out.

Broader society feels the ripple effects. Young white talent redirects energy elsewhere — tech, trades, entrepreneurship — where merit still rules. Cultural confidence erodes when a nation’s primary storytelling medium treats its founding stock as obstacles. Families notice the pattern in commercials, shows, and films: white characters often portrayed as clueless, evil, or sidelined.

Change won’t come from within Hollywood’s echo chamber. It requires audience rebellion — supporting projects that prioritize story over quotas. Independent creators, YouTube filmmakers, and platforms free from legacy gatekeepers already fill voids. Success stories like certain unapologetic comedies or action films prove audiences crave competence and fun.

Some performers and executives quietly admit the problems. Box office data reinforces the point: preachy content underperforms. Global competition from industries unburdened by these rules grows fiercer.

Armstrong’s stand adds to a chorus demanding restoration of merit. Her call to “break the silence before it’s too late” urges others in the industry to prioritize truth over career preservation. If enough voices join, pressure could build against the Academy’s rules and studio practices.

Ultimately, Hollywood’s anti-white tilt reveals deeper contempt for its audience and heritage. By sidelining skilled performers, the industry doesn’t just harm individuals — it degrades the art form itself. Viewers deserve better than propaganda disguised as entertainment.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Thu, 05/28/2026 - 17:40

Treasury Appointees Push To Put Trump's Face On A Brand-New $250 Bill

Two political appointees at the Treasury Department spent months pressing Bureau of Engraving and Printing staff to develop prototypes for a $250 bill bearing Donald Trump's portrait, even as bureau officials repeatedly warned them the project had no legal foundation and could take nearly a decade to execute properly, the Washington Post reports.

U.S. Treasurer Brandon Beach and senior adviser Mike Brown, both political appointees, began pushing bureau staff last year to prepare designs for the note. Beach handed over mock-up materials in August and September, including a design placing Trump's face at the center of the bill, flanked by Trump's and Treasury Secretary Scott Bessent's signatures. The effort would mark the first time a living person appeared on U.S. currency since 1866, and current employees, speaking anonymously out of fear of retaliation, claim the internal pressure was real.

The artist behind the designs, British painter Iain Alexander, said he discussed the project directly with Trump and received feedback on specifics. "He likes to call me his favorite British artist," Alexander said.

Trump reportedly pushed for American flag colors and a "250" logo tied to the nation's semiquincentennial, and Alexander said Trump "absolutely loved" the proposed reverse side of the note, which would feature a women's liberation theme with Betsy Ross.

Bureau director Patricia "Patty" Solimene, a 24-year Army veteran and the first woman to lead the bureau, told Beach and Brown plainly that the project was unauthorized. One employee described her position this way: "She had told them we're not authorized to do this. We can't progress any further, and all the stakeholders have not even met to discuss the next steps." The same employee noted that "currency often takes six to eight years to produce a new bill, particularly one of such high value."

Solimene was reassigned from her position on April 27. The following day, she sent a farewell email to staff that read, in part, "The buck stopped here," and acknowledged the move was "not my choice." Brown subsequently became the bureau's acting director. Treasury declined to comment on the circumstances of Solimene's reassignment, and the White House did not respond to requests for comment.

Legally, the proposed bill faces several obstacles. Federal law restricts living individuals from appearing on U.S. currency, a rule that has been on the books for over 150 years. Beyond the portrait question, the bureau is authorized to produce only specific denominations, and $250 is not among them. Former bureau director Larry R. Felix explained that "a $250 note is not statutorily authorized" without congressional action, adding, "The secretary has to be given authority to do that." Alexander said he, too, had been told legislation was necessary.

And it is unlikely that Congress would approve it. Rep. Joe Wilson (R-S.C.) previously introduced a bill in February 2025 directing the Treasury to issue $250 Federal Reserve notes featuring Trump's image, tied to the 250th anniversary celebrations beginning in July. The bill stalled in the House Financial Services Committee and did not receive a hearing.

A department spokesperson said the bureau is "conducting appropriate planning and due diligence" and would proceed with a commemorative $250 note only if Congress passes the required legislation. Treasury also said Beach has "never asked staff to print the bill before congressional passage." At the same time, the department confirmed Bessent would recognize Trump's "historic achievements" by adding his signature to existing currency, noting no law prohibits a sitting president's signature on bills. Solimene and her staff had separately agreed to print $100 bills featuring Trump's signature, which employees said were already in production at the bureau's Washington facility.

What's next?

Tyler Durden Thu, 05/28/2026 - 17:20

DOJ Launches Criminal Probe Into E. Jean Carroll Over Alleged Perjury In Trump Lawsuits

The Department of Justice has opened a criminal investigation into E. Jean Carroll, the veteran advice columnist and author who won two major civil lawsuits against President Donald Trump, CBS News reports. Carroll accused Trump of sexually abusing her in a Bergdorf Goodman dressing room in the mid-1990s and then defaming her when he denied the encounter ever happened.

The probe focuses on Carroll's 2022 deposition. She stated under oath that no outside parties were helping fund her cases. Later it came out that a nonprofit backed by billionaire Reid Hoffman – a sharp Trump critic and major Democratic donor – had covered some of her costs.

The investigation is being handled by the U.S. Attorney’s Office in the Northern District of Illinois, led by Trump-appointed Andrew Boutros. No charges have been brought yet, and Acting Attorney General Todd Blanche has stepped aside from the matter.

The Core Allegation: A Deposition Discrepancy

During her October 2022 deposition, when asked directly if anyone else was paying her legal fees, Carroll said she was on a contingency arrangement with her lawyers and denied any outside funding. But in April 2023, her team disclosed that money had come from American Future Republic, a nonprofit largely funded by LinkedIn co-founder Reid Hoffman.

Her lawyers called it an honest oversight – she simply forgot about the arrangement at the time. Trump’s side, however, called it suspicious and potentially damaging to her credibility.

The Carroll-Trump Verdicts

The lawsuits ended with big wins for Carroll:

• In 2023, a jury held Trump liable for sexual abuse and defamation, awarding Carroll about $5 million.
• In 2024, a second jury slapped him with an $83.3 million defamation verdict.

Trump has vigorously appealed both outcomes, describing the entire process as a politically driven effort against him.

The Reid Hoffman Connection

Reid Hoffman has never hidden his dislike for Trump, and he’s poured tens of millions into Democratic causes over the years. He defended funding Carroll’s case as a way to make sure an ordinary person could afford to take on someone as powerful as a former president.

As the NLPC noted in March of 2025: 

Through yet another nonprofit (or possibly the same one), Hoffman also paid the legal bills for Trump accuser E. Jean Carroll, who sued him for defamation over her allegations of rape against him going back to the 1990s. To set the stage for the lawsuit to be able to move forward – through yet another secretive nonprofit group backed by Hoffman – Carroll told CNN that she helped New York Democrats to pass a new law in 2022 to extend the statute of limitations for sexual assault civil lawsuits beyond 20 years, which enabled her to sue President Trump during a one-year window. And Hoffman also said last year, just days before the assassination attempt in Butler, Pa., that he wished he could have made Trump a real “martyr.”

The investigation is still in its early days. Prosecutors will be digging through transcripts, financial records, emails, and anything else that might show whether Carroll intentionally misled the court.

Tyler Durden Thu, 05/28/2026 - 17:00

Next Drone War: Hidden Shipping Containers Launching Kamikaze Swarms

Continuing our theme that the endgame in drone warfare is nowhere near complete, and in many ways is only just beginning, a U.S. company called DZYNE Technologies has developed a containerized mass-launch system for kamikaze drones.

Under the guise of a regular shipping container, DZYNE's BlitzBox signals the next phase of drone wars: not just cheaper drones, but the ability to launch them at scale from concealed, mobile, and rapidly deployable platforms. 

The American company Dzyne has introduced the BlitzBox system, a container for covertly launching a swarm of attack drones. On the outside, it looks like an ordinary cargo box, but inside, it can hold up to 100 Blitz drones, ready to launch in minutes.#DroneWars #UAS #UAV pic.twitter.com/w9aRaZYrCZ

— Drone Wars (@Drone_Wars_) May 27, 2026

The battlefield is shifting from individual launches to containerized swarm warfare, where dozens or even hundreds of low-cost suicide drones can be launched in waves to overwhelm some of the most advanced air defense systems, strike high-value assets, or generate mass effects at relatively low cost.

DZYNE's Connor Toler told defense tech outlet TWZ that BlitzBox can be operated with as much human control or automated functionality as the mission requires.

Toler noted that DZYNE is working on a 40-foot shipping container capable of launching upwards of 100 one-way attack drones.

He added that DZYNE has already "worked with several customers across the DOW [Department of War]" regarding the BlitzBox.

The drone playbook with BlitzBox appears similar to Ukraine's move about a year ago, where a box truck full of attack drones was deployed deep within Russia to strike several long-range bombers on the tarmac of a military base.

Asymmetric and irregular warfare is shifting into hyperdrive. As we've noted, Ukraine has become the world's AI weapons laboratory, and the drone wars are still only in their opening chapters. 

Tyler Durden Thu, 05/28/2026 - 16:40

Texas Authorities Arrest 6 Chinese "Special Interest Aliens" In Camouflage

Authored by Tom Ozimek via The Epoch Times,

Texas authorities arrested six Chinese nationals dressed in camouflage who were allegedly attempting to evade capture after crossing the border illegally into the United States, officials said, describing them as "special interest aliens."

U.S. Border Patrol agents monitor the Southern border outside of San Diego, on May 27, 2026. John Fredricks/The Epoch Times

Lt. Chris Olivarez, a spokesperson for the Texas Department of Public Safety (DPS), said on May 27 that the Chinese nationals were apprehended by U.S. Border Patrol agents on a private ranch in Maverick County near the Texas-Mexico border.

The six Chinese nationals were among a group of 12 illegal immigrants apprehended during the late-night operation, Olivarez said in a post on X. All six were dressed in camouflage clothing.

The Department of Homeland Security (DHS) defines a special interest alien as someone "who, based on an analysis of travel patterns, potentially poses a national security risk to the United States or its interests."

The apprehension was the second operation carried out in Maverick County on the night of May 26 involving illegal immigrants allegedly attempting to avoid detection.

Olivarez said that tracking K-9 Bona and her handler assisted Border Patrol agents in tracking and apprehending seven illegal immigrants on another private ranch in the county. The group included nationals from Mexico, Guatemala, India, Ecuador, and Cuba.

"These apprehensions highlight the ongoing efforts in deterring criminal activity along the southern border and the critical partnership between Texas DPS and our federal partners under Operation Lone Star," Olivarez said in a statement. "Border security is national security."

Texas Gov. Greg Abbott said in a post on X that "Operation Lone Star continues nonstop to arrest illegal immigrants along our border."

Operation Lone Star, launched in 2021, is a Texas-led border security initiative involving multiple law enforcement agencies aimed at curbing illegal immigration, drug trafficking, and other cross-border criminal activity.

Similar Cases Reported In South Texas

Texas authorities have reported several similar incidents in recent months involving Chinese nationals apprehended after illegally crossing the southern border, with some also allegedly wearing camouflage clothing.

In February, Texas DPS said troopers stopped a vehicle in Maverick County and discovered four people smuggled inside, all dressed in camouflage. One of the passengers was identified as Beibei Liu, 34, a Chinese national classified as a special interest alien.

In another case earlier this month, a DPS Brush Team working alongside U.S. Border Patrol agents apprehended six people during multiple encounters near Roma in Starr County. Olivarez later said one of the individuals was a Chinese national designated as a special interest alien.

Authorities said all six individuals arrested in the Starr County operation were wearing colored wristbands commonly used by transnational criminal organizations to indicate payment status and coordinate movement along cartel-controlled smuggling routes.

Expanded Immigration Enforcement Push

The latest arrests come amid a broader push by the Trump administration to intensify immigration enforcement and increase deportations.

White House border czar Tom Homan said in an interview published on May 20 that the administration was seeking to raise deportation numbers further, despite what he described as a temporary slowdown earlier this year tied to operational and funding disruptions.

"We are after everyone, but again, you've got to prioritize those who are the biggest threats to our national security, public safety," Homan told the Washington Examiner.

Homan said roughly 800,000 illegal immigrants had been removed from the country since President Donald Trump returned to office, adding that "hundreds of thousands" of those removed were criminals or public safety threats.

Meanwhile, DHS announced on May 26 a new directive aimed at combating fraud in the U.S. asylum system.

Under the policy, Immigration and Customs Enforcement attorneys will receive expanded authority to pursue enforcement actions against immigration lawyers accused of filing fraudulent asylum claims or coaching clients to conceal information from authorities.

DHS General Counsel James Percival said the administration was moving to address what he described as widespread abuse of asylum protections.

"Protection claims like asylum are intended to cover unique and narrow circumstances, but it is standard practice for immigration attorneys representing illegal aliens to assert that virtually every illegal alien is going to be persecuted or tortured in his or her home country," Percival said in a statement.

The American Immigration Lawyers Association criticized the directive, calling it a "chilling directive" targeting immigration attorneys and rejecting allegations of systemic fraud within the asylum system.

Jack Phillips and Naveen Athrapully contributed to this report.

Tyler Durden Thu, 05/28/2026 - 16:20

Beirut Rocked By Israeli Airstrikes After Month Of Quiet, 14 Dead

For several days, the Israelis have been warning of new military strikes on Lebanon's capital. People have been seen flooding out of the southern suburbs which have been a historic stronghold of Hezbollah support.

Amid ongoing ground fighting between IDF and Hezbollah forces in the south, Thursday finally saw heavy airstrikes on the capital. "An Israeli strike hit a building in the southern suburbs of the Lebanese capital on Thursday, killing at least 14 people, the first strike to hit near Beirut in weeks amid a ceasefire that has failed to halt fighting between Israeli troops and Hezbollah in south Lebanon," Reuters reports.

Follow-up reporting indicates the death toll across the nation amid the flare-up in bombing raids is at 16 and counting, amid emergency crews picking through the rubble:

At least 16 people have been killed and 58 wounded in Israeli attacks in southern Lebanon, according to Lebanese health authorities, as Israel intensifies its assault and issues mass displacement orders across the region.

Lebanon’s state-run National News Agency reported on Thursday that six of the victims belonged to the same family. They were killed in an Israeli drone strike while trying to flee at dawn along the Adloun Highway, a key route linking Sidon and Tyre, it said.

Israeli strike on Tyre in southern Lebanon on Thursday, May 28, 2026. via AFP/AJ

The Israeli military confirmed what it called a "precise strike" but did not initially disclose who or what it was after.

Officials were later cited in Reuters as saying the target was the head of the missile division within the Imam Hussein Division, a paramilitary group which is closely aligned with Hezbollah and Iran. The man was identified as Ali Al-Husseini.

Reuters underscores that it has been a month since Israeli airstrikes last rocked the Lebanese capital: "Apart from a strike on Beirut’s southern suburbs in early May that killed a Hezbollah commander, the capital and its suburbs had been spared new bombardment during the truce," the report indicates.

But now, illusions of 'quiet' in Beirut have been shattered, as war returns to the whole country, given also Israel has long targeted other parts of the small Levantine Mediterranean nation like Bekaa Valley.

Prime Minister Benjamin Netanyahu announced Tuesday that Israel is "intensifying operations" in Lebanon by taking strategic positions deeper into the country with a wave of offensives north of the Litani River.

Officially, Tel Aviv is justifying the deep territorial grab as a "defensive" counter-measure against persistent Hezbollah drone strikes on occupation forces as well as communities in northern Israel.

"We are intensifying our operations in Lebanon. The IDF is operating with significant forces on the ground and taking control of strategically dominant positions. We are reinforcing the security buffer zone in order to protect the communities of northern Israel," Netanyahu has said in a fresh video released by his office.

🎥 In Choueifat Amrousieh, near the building that was struck, screams can be heard as residents call their relatives to make sure they are alive. https://t.co/nOd5cypU85 pic.twitter.com/9tjrLTnp0O

— L'Orient Today (@lorienttoday) May 28, 2026

"At the same time, we are carrying out a major national effort to advance creative and innovative solutions against explosive drones," he added, following a meeting with Defense Minister Israel Katz and IDF Chief of Staff Lt. Gen. Eyal Zamir in Tel Aviv.

The ground offensive comes as hawkish Israeli cabinet members openly lobby for a substantial escalation of the war and permanent occupations deeper into sovereign Lebanese territory.

Tyler Durden Thu, 05/28/2026 - 15:40

US To Start New Trade Talks With Mexico

Authored by Tom Gantert via The Epoch Times,

The Trump administration said Wednesday it will begin a series of trade negotiations with Mexico this week tied to the first review of the U.S.-Mexico-Canada Agreement (USMCA), with no talks involving Canada announced so far.

The talks are part of the first formal review process for the U.S.-Mexico-Canada Agreement since it replaced the North American Free Trade Agreement in 2020.

U.S. Trade Representative Jamieson Greer speaks during a tour of the Atomic Industries manufacturing facility in Warren, Mich., on April 9, 2026. AP Photo/Julia Demaree Nikhinson

The U.S. Trade Representative's office said the negotiations will focus on economic security, industrial rules of origin, agriculture, and maintaining what it described as a "level playing field" for American workers and businesses. Rules of origin determine how much of a product must be manufactured within North America to qualify for tariff-free treatment under the trade pact.

The announcement made no mention of negotiations involving Canada, despite the agreement formally including all three North American countries.

U.S. Sen. Todd Young (R-Ind.) stated on X that the first review of the USMCA "will be a key test of whether the pact reinforces confidence in the North American market or creates more uncertainty."

"The prices of fertilizer, fuel, and equipment, and whether corn, soybeans, and pork have steady buyers, all hinge on the outcome," Young wrote.

Young said the USMCA "is not perfect" and said that Mexico's threats against U.S. corn products and Canada's import controls of its dairy market "should be confronted directly."

The United States expects tariffs to be part of trade negotiations with Mexico this week as officials begin discussions on renewing the USMCA, U.S. Trade Representative Jamieson Greer said May 26.

Speaking at the Council on Foreign Relations in Washington, D.C., Greer said President Donald Trump remains concerned about the U.S. trade deficit with Mexico and indicated tariffs would remain part of U.S. trade policy. He also said negotiators are expected to discuss increasing requirements for American-made content in goods produced in North America.

Greer said Mexico has benefited from U.S. efforts to diversify supply chains away from China and said the administration wants a broader distribution of production. He added that the United States wants more supply chains based in the Americas following shortages experienced during the COVID-19 pandemic.

Greer said negotiations with Mexico are expected to be productive, but described trade talks with Canada as more difficult. Canada and China were the only countries that retaliated against the United States over tariffs.

U.S. officials said the negotiations are intended to strengthen North American manufacturing and reduce reliance on overseas supply chains.

Tyler Durden Thu, 05/28/2026 - 15:20

Trump Dismisses Delaney Hall Protesters As 'Paid' Amid Growing Scrutiny Of ICE Detention Facility

Authored by Evgenia Filimianova via The Epoch Times,

President Donald Trump has dismissed protesters outside a New Jersey immigration detention facility as “fake” and “paid for” as demonstrations intensified and Democratic lawmakers demanded investigations into conditions inside the center.

Video footage from the scene showed protesters clashing with ICE agents outside the Delaney Hall detention facility in Newark, New Jersey, on May 25 as tensions escalated over immigration enforcement.

Speaking during a Cabinet meeting on May 27, Trump praised federal immigration officials amid allegations of medical neglect and “perpetrating cruelty” against people.

“These aren’t protesters,” Trump said. “These people are fake. They’re all paid for.”

President Donald Trump and DHS Secretary Markwayne Mullin weighed in on anti-ICE protesters at Delaney Hall in NJ.

Here's why Trump called the protesters "fake": https://t.co/IkJdGqtR2l pic.twitter.com/HXTpL2cRui

— PIX11 News (@PIX11News) May 27, 2026

Trump also said Immigration and Customs Enforcement (ICE) officials “run the finest facilities anywhere in the world of their type.”

The comments came after days of protests outside Delaney Hall, where detainees and family members accused officials of poor medical care and mistreatment inside the privately run immigration detention center.

The controversy escalated this week after Reps. Daniel Goldman (D-N.Y.) and Jerrold Nadler (D-N.Y.) conducted an oversight visit at the Newark facility.

Nadler said in a May 27 post on X that what he observed inside the detention center was “deeply disturbing” and warranted further investigation.

“The medical neglect—denying people access to potentially life-saving care and withholding necessary medicine—is abhorrent,” Nadler wrote, calling for Delaney Hall to be closed immediately.

Sen. Andy Kim (D-N.J.) said he rushed to the facility on May 24 after hearing detainees had launched a hunger strike.

In a series of May 24 posts on X, Kim described seeing an 18-year-old high school student “crying and saying she just wanted to graduate senior year,” a pregnant woman allegedly unable to receive full obstetric care, and another woman who allegedly suffered a miscarriage while detained.

Kim said that the Trump administration and congressional Republicans are spending “tens of billions of dollars” on detention policies that he described as “perpetrating cruelty against people.”

Trump Administration Rejects Allegations

The Department of Homeland Security (DHS) rejected accusations surrounding conditions inside Delaney Hall and said that Democratic politicians are spreading misinformation about the facility.

DHS said in a May 25 statement that detainees receive “3 meals a day, clean water, clothing, bedding, showers, soap, and toiletries.”

The agency also said detainees have access to phones, lawyers, and medical care, including dental and mental health services.

“For many illegal aliens, this is the best healthcare they have received their entire lives,” said Acting Assistant Secretary Lauren Bis.

Immigration and Customs Enforcement (ICE) agents stand near a gate at a detention centre in Newark, N.J., on May 7, 2025. Timothy A. Clary/AFP/Getty Images

She said the actions of those she described as “sanctuary politicians” were a political stunt for fundraising clicks.

“There is no hunger strike at Delaney Hall. There are no subprime conditions or abuse at the facility,” Bis said.

Kim alleged on May 24 that he had seen hunger strikes at the center.

Delaney Hall houses individuals accused or convicted of crimes, including murder, sexual assault, and drug trafficking, the DHS said.

“These types of smears are contributing to our officers facing a more than 1,300% increase in assaults against them as they remove the worst of the worst,” Bis said.

During the Cabinet meeting, U.S. Homeland Security Secretary Markwayne Mullin criticized Democrats for protesting outside the facility.

“It shows the radical left Democrats’ priorities,” Mullin said, describing detainees as “rapists, child predators, murderers,” and drug dealers.

He also said that local police have refused to intervene during demonstrations.

Mullin also dismissed reports of a hunger strike, saying only a small number of detainees had refused food because they wanted meals tied to their ethnic preferences.

He said detainees were receiving adequate food, sanitation, and care, adding, “This isn’t Holiday Inn.”

Protests outside Delaney Hall have continued for days as immigration activists, community groups, and Democratic officials demand greater transparency over conditions inside the detention center.

Trump said protesters carried professionally produced signs.

“You can see by the signs,” Trump said during the Cabinet meeting. “The signs are all made by the same beautiful factory.”

Delaney Hall is owned and operated by private prison contractor GEO Group under a 15-year contract with ICE. The group announced the contract in February 2025.

Tyler Durden Thu, 05/28/2026 - 14:40

NANO Nuclear Demonstrates Key Supply Chain Role Covered By Recent Acquisition

NANO Nuclear Energy connected the dots on two stories we’ve been following closely. 

$NNE pleased to announce "Recently Acquired NANO Nuclear Subsidiary Secured Transportation Services (STS) Completes Three DOE and NNSA Aligned Nuclear Materials Transport Missions" The completed missions include a record-setting international shipment of high-assay low-enriched… pic.twitter.com/XuVYrFZn1o

— NANO Nuclear Energy (NASDAQ: NNE) (@nano_nuclear) May 28, 2026

The company's recently acquired subsidiary, Secured Transportation Services (STS), served as prime logistics contractor for the largest single international HALEU shipment in NNSA history (1.7 metric tons) from Japan, plus support for removing 13.5 kilograms of highly enriched uranium from Venezuela’s dormant RV-1 research reactor.

NANO also notes they transported an additional shipment of HALEU for advanced reactor testing in the US. 

As we covered recently, the NNSA framed the Japan transfer as a landmark win for America’s advanced nuclear fuel supply and nonproliferation goals. The Venezuela operation eliminated a long-standing proliferation risk in the Western Hemisphere. Logistics details stayed quiet at the time.

NANO acquired STS for $13 million. The deal instantly converted the pre-revenue microreactor developer into a revenue-generating business. STS posted roughly $1.3 million in profits for the twelve months ended December 31, 2025. 

Today’s update revealed that STS was the lead operator behind those exact missions. The company handled international licensing, maritime transport, port operations, security planning, customs, and final overland delivery for the Japan campaign; the full scope of a record-setting effort. 

It also provided planning and U.S. domestic transfer support for the Venezuela HEU removal and executed another domestic HALEU run supporting fuel qualification programs.

This is real execution on the logistics side of the nuclear supply chain, one of the parts that has been painfully missing from America’s broader nuclear comeback.
 

Tyler Durden Thu, 05/28/2026 - 14:15

Federal Judge Given "Private Reprimand" After Holding Sexual Trysts In Chambers... And Then Lying About It

Authored by Jonathan Turley,

There is a bizarre controversy out of the United States Court of Appeals for the Eleventh Circuit, where a federal judge has been reprimanded for engaging in repeated, loud sexual encounters during office hours in chambers with a police officer. While the judge lied to investigators and disrupted the work of court staff, the Eleventh Circuit decided to give only a “private reprimand” and to withhold the identity of the district court judge. However, legal sleuths have pieced together clues and identified one judge in Atlanta as the likely culprit.

In February, the Judicial Council issued an order with a “private reprimand.” The order contained an array of details that law professor John Blackman analyzed with impressive research. While he admits that he cannot conclusively prove that she is the referenced judge, he declared that “there is only one judge who checks all of those boxes: District Court Judge Eleanor Ross.”

Ironically, among the clues about the judge’s identity, the order mentions that the judge attended the “victory party for a District Attorney” in 2024, the night before “the judge’s summer interns’ first day.” The Georgia primary was on May 21, 2024, and the date coincides with the victory party for Fani Willis, who won the Democratic primary for Fulton County District Attorney. The irony would be crushing since Willis destroyed her own case against Trump and his associates after appointing an attorney with whom she had a sexual relationship.

Putting the judge’s identity aside, I am more concerned with the Circuit’s conclusion that the judge should be left with a private, anonymous reprimand, given the astonishing scope of the misconduct found by the Judicial Council.

The Court describes repeated sexual encounters during office hours that were so audible that clerks and staff were left in uncomfortable silence. The other individual is described as “a high-ranking PD officer.” The court states that

“It is also worth noting the fact that the Subject Judge created a vulnerability to extortion. For two years, the Subject Judge was a federal district judge who routinely heard criminal cases engaged in a secret extramarital relationship with a prominent officer of a large law enforcement agency in the judge’s district—with the affair consisting of sexual intercourse in the Subject Judge’s chambers during working hours.”

The Court describes the awkward moments as staff were subjected to moans and noises from the judge’s chambers as these trysts took place. The court recounts:

“The Subject Judge characterized the allegations as ‘outrageous’ and ‘baseless’ and specifically denied each one.11 Apparently aware that Law Clerk A was the source of the allegations, the Subject Judge noted that the judge had repeatedly chastised Law Clerk A for performance issues, including ‘being on [the clerk’s] cell phone in court and in the office,’ ‘arriving to the office late,’ and wearing attire that the judge considered ‘too casual.’ The Subject Judge implied that Law Clerk A might have made allegations as a means of retaliating against the Subject Judge.”

So this judge not only lied but attacked the clerk. The court order contained emails and communications in which the judge states that the clerk is disgruntled and unreliable. The result was an investigation as the judge continues to lie about the long-standing affair.

The other individual is described solely as a high-ranking police officer.

This is an extraordinary and serious series of ethical violations. It directly undermined the integrity of the court and created a dysfunctional work environment. The officer and the department are likely parties in cases before the court. The judge must be independent in dealing with officers and the department. The use of the chambers for sexual encounters must have created a hostile work environment for many clerks and staff.

Then there are the repeated lies to fellow judges and investigators. Lying to federal investigators can be a crime under 18 U.S.C. 1001, and such cases can come before this judge.

All of this leaves me baffled about the decision to enter a private reprimand. The judge agrees not to serve as Chief Judge or take positions on judicial committees. Yet the judge is allowed to continue to perform that most important function of being a judge. More importantly, counsel and parties are left without confirmation of the judge’s identity. There are myriad cases in which a judge could have a conflict of interest. Parties should be able to raise such conflicts rather than be left wondering if they have “that judge” in random assignments.

The use of court property for sexual liaisons with a police officer and then lying about it should warrant a bit more than an anonymous order, private reprimand, and a waiving of future positions. This judge, who has shown serious ethical concerns, will continue to render judgments on others.

If an officer had repeatedly lied to the court, would the contempt citation for the individual be anonymous with only voluntary waivers of future positions?

In the end, determining the identity of the judge is less challenging than the reasoning of the Judicial Council.

Here is the opinion: Eleventh Circuit Order

Tyler Durden Thu, 05/28/2026 - 14:05

Florida Governor Calls For Special Session To Eliminate Property Tax For Homeowners

Authored by Jacki Thrapp via The Epoch Times,

Florida Gov. Ron DeSantis on May 27 called for a special legislative session to pass his plan to exempt homeowners from paying property taxes on their permanent residence.

The Republican governor revealed his plans to sign a proclamation that would require state lawmakers to convene in Tallahassee and discuss his “Save Our Homes” proposal starting on June 1.

“Taxing something that you own repeatedly, which is a property tax, is the worst way to do taxation,” DeSantis said in a news conference on May 27.

DeSantis said he hopes that eliminating taxes from Florida homesteads could be a bipartisan effort.

“You pay all these taxes to acquire that property, and then year after year, you’re just having to write a check just for the privilege of being able to maintain ownership of something that is supposedly yours,” he said.

The proposal contemplates phasing in the exemption and creating a state trust fund to compensate local governments for lost revenue. Because the measure would involve a change to the Florida Constitution, if it passes the state Senate and state House, which are both Republican-controlled, it would need to be approved by voters in November.

Property tax revenue collected by local governments in the Sunshine State has nearly doubled in seven years, to $60 billion from $32 billion, according to the governor’s office.

DeSantis wants to make local governments use property taxes only for core public needs such as public safety, education, infrastructure, and natural resources.

The proposal would require new Florida residents to maintain residency for up to five years before they can receive the homestead exemption.

The proclamation comes as the term-limited Republican nears the end of his term as governor, set for Jan. 5, 2027.

“I want to make sure people can go and vote for something, and then see something that’s going to be very, very meaningful in their lives, and the way to do that is to focus on the homestead property owners,” he said.

Florida House Democratic Leader Fentrice Driskell warned that eliminating property taxes would have “devastating consequences” for county budgets.

“We’re open to solutions that create affordability but not at the expense of working families, our small businesses and local governments who rely on property taxes to repair roads, provide public safety through law enforcement and police department and fire to maintain beautiful parks and support our schools and so much more,” she said.

Driskell suggested that the governor’s focus on eliminating property taxes was a “distraction” from the state’s skyrocketing property insurance rates, as well as grocery and gas prices.

The Miami-Dade Democratic Party previously warned in November 2025 that eliminating homestead property taxes could cause budget shortfalls, which could result in local governments raising the sales tax to make up for lost funds.

By contrast, the proposal was welcomed by state Sen. Ben Albritton, a Republican, who urged his peers to act quickly.

“All Senators are encouraged to watch this meeting and to be prepared for the Floor on Tuesday and, if necessary, Wednesday,” Albritton wrote in a memorandum on May 27.

The Epoch Times contacted the Florida Senate Democratic Caucus for comment but did not hear back by time of publication.

Tyler Durden Thu, 05/28/2026 - 13:30

Stellar 7 Year Auction Sees 3rd Highest Foreign Award On Record

In the week's final coupon auction, the US Treasury sold $44 billion in 7 Year notes to stellar demand. 

Extending on the strength yesterday's solid (if tailing) 5 Year auction, today's 7 Year sale printed at a high yield of 4.290%, up from 4.175% and the highest since Jan 2025. It also stopped through the When Issued 4.291% by 0.1bps, the first stop through since December 2025.

The bid to cover was 2.518, up from 2.513 and the highest since July 2025; it was obviously higher than the six-auction average of 2.478.

The internals were stellar, with Indirects surging from April's los 58.35% to a stunning 78.39%, the 3rd highest indirect award on record!

Naturally, for Indirects to soar this much, one of the other two categories had to drop, and sure enough Directs plunged from 30.01% to 11.19%, the lowest since December 2024. Dealers were left largely unchanged at 10.42%, down from 11.64%.

Overall, this was a fitting close to a solid week for Treasury auctions, as today's 7Y auction was an absolutely blockbuster, with all metrics stronger but it was the surge in foreign demand that was the showstopper. It appears that EMs are no longer dumping US paper - which they did in record mounts in March and April - to fund oil purchases and to prevent their currencies from crashing. 

Tyler Durden Thu, 05/28/2026 - 13:22

EU Wants Crisis Powers To Seize Control Of Chip Supplies, Seeks Restrictions On Chinese Imports

The EU - which is badly lagging the rest of the world when it comes to AI development - is preparing sweeping emergency powers to intervene in Europe’s semiconductor supply chains during shortages, including by forcing chipmakers to override existing contracts, the FT reported. So much for the sanctity of those "contract-backed" backlogs... 

The draft law also enables common purchasing to boost the bloc’s negotiating power, and would mark a clear expansion of the EU’s powers to intervene directly in industrial supply chains.

Amid tensions between Beijing and Washington, there are growing fears in Europe that semiconductors can become a tool of economic coercion, heightened by European reliance on Taiwan for high-performance chips.

The clearest example of Europe's heavy hand was laid bare last year when the Dutch government took control of chipmaker Nexperia from its Chinese owner over concerns that it was moving production and assets out of Europe. The flow of chips from Nexperia’s China arm slowed dramatically, forcing some European car companies to reduce production.

The Dutch government last year took control of chipmaker Nexperia from its Chinese owner over concerns it was moving production out of Europe

The draft law, which is still subject to change ahead of its expected publication next week, would allow the European Commission far-reaching powers in the event of semiconductor shortages that threaten supplies of weapons, medical devices, digital infrastructure and other key categories of goods. In such a crisis, the Commission could impose fines of up to €300,000 on companies that fail to provide requested information on their supply-chain capacity. It could also “force semiconductor manufacturers to prioritize orders for crisis-critical products, overriding existing contracts”, the draft reads.

Brussels could also enable common purchasing to “strengthen negotiating power and prevent competition between EU countries for limited supplies”. The Commission would then act as a central buyer for multiple EU countries, as it did to acquire vaccines during the pandemic.

According to the FT, the so-called Chips Act forms part of a wider push from the bloc to reduce its dependence on US technology by backing European alternatives in sectors from semiconductors and cloud computing to AI. In the document, Brussels acknowledges that the bloc is “almost entirely dependent on the US and Asia” for the most advanced chips.

Semiconductor supply chains are vast and complex, with a typical Nvidia system tapping thousands of suppliers in dozens of countries. And yet, the EU currently produces less than 10% of global semiconductors. Earlier plans to double the EU’s global market share in semiconductors by 2030 are far behind schedule.

The bloc, like the rest of the world, is overwhelmingly dependent on Taiwan for its supply of high-performance chips, with the home of semiconductor company TSMC accounting for more than 90 per cent of leading-edge chip manufacturing. China has made repeated threats to use force against Taiwan if Taipei continues to resist its sovereignty claims. Any conflict in the region could cause global shortages of components critical to electronics from smartphones and AI data centres to cars and medical gear. 

Separately, the Guardian reports that EU commissioners will meet on Friday for talks aimed at imposing new restrictions on imports from China amid growing concern that Beijing is fuelling conditions for US-style rust belt towns in Europe.

The surge in imports of everything from electric cars to key components in machines, medical devices and food stuffs - which many including us warned long ago would lead to collapsing European domestic production as Chinese exports are dumped in European markets and overwhelm local producers - has been dubbed China Shock 2.0, potentially mirroring the experience in the US 25 years ago when Beijing joined the World Trade Organization.

Ironically, it was the Trump administration which warned that Europe's attempts to offset US sanctions by overreliance on China, would lead to just this outcome. Well, Europe is now there. 

Commissioners representing each member state have been asked to bring examples of Chinese activities in all 27 portfolios, spanning trade to agriculture, defence, health and digital initiatives to the talks. While no decisions would be taken on Friday but the talks would help “align” the commission’s thinking and address overproduction in China, which is leading imports into the EU to be sometimes up to 40% cheaper than local products.

It will also feed into the next leaders summit on 18 June when China will be one of the handful of items on the agenda.

Ignacio García Bercero, a senior fellow at the Brussels thinktank Bruegel and a former official at the European Commission’s trade department, said the EU needed to formulate “a clearer strategy about how to deal with China”.

He said quotas and tariff rate quotas could be introduced on Chinese goods, as they were safeguards that were much faster to implement than tariffs and could focus on areas that China is targeting, such as hybrid cars and chemical components.

“I think that sometimes there’s a little bit of a tendency to sound very tough, but then not to act tough, and I don’t think that is a clever way to handle things.”

He said while showing it was prepared to act, the EU must also engage with China.

“The US has an engagement with China, Canada has an engagement with China. Everyone is having an engagement with China. I think in my view … we need to find a way to make sure that we are properly respected by China when we have that engagement.”

Earlier this month industry leaders told the Guardian of fears that EU factories would cannabilise themselves through their reliance on Chinese components, an issue which rarely makes the headlines.

Longer term, the EU could also look to a slew of laws: its never used anti-coercion instrument; legislation such as the cybersecurity act 2.0 that could stop procurement of certain Chinese products and the industrial accelerator act commonly known as the “made in EU” law.

Grzegorz Stec, the head of the Brussels office of the Mercator Institute for China Studies (Merics), said China has not set out to destroy European business but it is potentially the consequence of its steeling focus of the survival of its own industries now, and into a post-AI world future.

Tyler Durden Thu, 05/28/2026 - 13:00

DOJ Urges Supreme Court To Take Up Case That Could Lead To Pre-Election Voter Roll Cleanups

Authored by Matthew Vadum via The Epoch Times,

The U.S. Department of Justice (DOJ) has urged the U.S. Supreme Court to hear a case that could determine whether states are allowed to remove noncitizens from their voter rolls in the 90 days leading up to an election.

In the case, the DOJ argues that the National Voter Registration Act (NVRA) of 1993 does not prevent states from taking noncitizens off voter rolls before elections.

The National Voter Registration Act is also known as the Motor-Voter law because it allows people to register to vote with relative ease at motor vehicle agencies and government offices. The NVRA requires states to make a reasonable effort to remove ineligible individuals’ names from voter rolls, but a federal appeals court ruled that names cannot be removed in the 90 days before an election.

The DOJ made its argument on May 26 in a brief urging the high court to grant the petition in Republican National Committee (RNC) v. Mi Familia Vota.

If the Supreme Court grants the RNC’s petition, states may be allowed to purge voter rolls close to elections.

Arizona law allows only U.S. citizens to vote in federal elections. It requires people registering to vote to produce documentary proof of citizenship, such as a passport, birth certificate, or naturalization papers. It also allows the names of noncitizens to be removed from voter rolls.

If election officials procure “information” from periodic inspections of the state’s voter rolls that confirm a “person registered is not a United States citizen,” they “cancel the registration,” according to the brief.

A 2018 consent decree, reached as part of a court-enforced settlement from a previous lawsuit, required the state to register applicants who lack proof of citizenship as “federal-only” voters who could participate in federal elections but not state or local elections. A consent decree is a legally binding court-enforced settlement made with the consent of the litigants.

Mi Familia Vota and other groups sued, alleging that the Arizona law violates the NVRA and the consent decree.

A federal district court ruled mostly for the plaintiffs, issuing an injunction that blocked certain parts of the state law, including the proof of citizenship requirement, the brief said.

The Supreme Court in August 2024 issued a partial stay of the district court order that allowed Arizona to continue to enforce its proof of citizenship requirement when voters register using state forms.

In February 2025, the U.S. Court of Appeals for the Ninth Circuit upheld the injunction, finding that the consent decree blocks the proof of citizenship requirement and that the NVRA preempts, or supersedes, the requirement—among other things. The appeals court also blocked the removal of names from the voter rolls in the 90-day run-up to an election, a practice it said the NVRA already forbids, according to the brief.

The Supreme Court’s partial stay prevails over the Ninth Circuit’s block of the proof of citizenship requirement. The high court’s stay will remain in effect until the circuit court disposes of the appeal, or the Supreme Court issues a final decision or denies the RNC’s petition for review.

Does Not Apply to Noncitizens: DOJ

The DOJ argues in its brief that the NVRA’s restrictions on taking individuals’ names off the list of eligible voters in the 90 days preceding an election “do not apply to noncitizens who were never eligible to register in the first place.”

The Ninth Circuit’s ruling to the contrary is “badly mistaken,” deepens a split among federal courts of appeals, and “risks significant harm,” said Hashim Mooppan, filing as acting U.S. solicitor general for the purposes of this case. Solicitor General D. John Sauer himself is recused in the case.

Using the reasoning of the Ninth Circuit, “a State could never remove a noncitizen from its voter rolls once registered,” he said.

“That cannot be correct and cries out for reversal,” Mooppan said, urging the Supreme Court to grant the RNC’s petition.

Although the current federal voter registration form requires only that applicants attest that they are citizens, the NVRA gives states the flexibility to mandate that applicants supply documentary proof of citizenship when using state voter registration forms, he said.

Mooppan said the Supreme Court in Arizona v. Inter Tribal Council of Arizona Inc. (2013) gave Arizona’s prior proof of citizenship requirement as an “example” of the rule that “state-developed forms may require information the Federal Form does not.”

The Ninth Circuit’s decision “cannot be reconciled” with this precedent, and the majority on the circuit panel “did not even try,” he said.

The RNC’s petition “presents both of these questions and provides a good vehicle to address them,” Mooppan said.

It is unclear when the Supreme Court will consider the petition.

The Epoch Times contacted the RNC’s attorney, Gilbert Dickey of Consovoy McCarthy in Arlington, Virginia, and Mi Familia Vota’s attorney, David Fox of Elias Law Group in Washington, for comment. No replies were received by publication time.

Tyler Durden Thu, 05/28/2026 - 12:45

Consumer Isn't Dead Yet: US Retail Stocks Surge As Resilient Shoppers Surprise Markets

The S&P Retail Select Industry Index rose more than 1% Thursday morning as shares of Kohl's, Best Buy, and Dollar Tree surged on better-than-expected earnings results. Results suggest the U.S. consumer was stronger than feared in the prior quarter, even as households were battered by a fuel-price shock at the pump, persistent inflation, and softening confidence, which has led to them draining what little savings they have left.

As Bloomberg notes, the three chains operate in very different parts of the retail sector, yet all surprised investors to the upside in a sign of strength by US consumers who are facing multiple hurdles. Here are the earnings highlights from this morning:

• Kohl's comparable sales declined 1.1%, beating the estimated decline of 1.71%
• Best Buy reported first-quarter sales of $8.9 billion, beating analyst estimates, with comparable sales rising 2%
• Dollar Tree boosted comparable sales 3.5% in the first quarter, topping estimates, driven by a 4.5% gain in average transaction

The result was a surge in their respective stock prices: 

With gas prices soaring since the start of the war in Iran, and workers worried about the impact of artificial intelligence amid still elevated inflation, consumer confidence has collapsed. And yet, Americans are still opening their wallets. US data released Thursday showed that consumer spending edged up in April despite accelerated price increases. In fact, spending growth is now drastically outpacing income growth, in a trend that is certainly unsustainable and the only buffer - personal savings - is rapidly being depleted.

This is unsustainable: personal spending growth is surging while income growth is collapsing, resulting in an extremely rapid drain of personal savings https://t.co/uXTN4wOKNp pic.twitter.com/d0uujZknU0

— zerohedge (@zerohedge) May 28, 2026

At Kohl’s, stronger-than-expected sales boosted the department-store chain’s turnaround. Electronics seller Best Buy said revenue across major categories gained and this month was off to a strong start. Dollar Tree highlighted that customers spent more per transaction.

“Across all income levels, customers are value focused and definitely prioritizing affordability,” Dollar Tree CEO Creedon said on the earnings call.

Shares of all three retailers jumped on Thursday. Kohl’s soared 25%, followed by Dollar Tree with a 16% advance and Best Buy at a roughly 8% gain.

Despite these results, retailers and consumer brands have been saying throughout this earnings season that there is plenty to worry about. S&P Retail Select Industry Index has been range bound since mid-2025. 

Last week, big-box retailers including Target and Walmart signaled that shoppers remain resilient despite years of elevated inflation. But higher prices on essentials like groceries and gas have squeezed shoppers’ discretionary budgets, pushing them to trade down to cheaper brands and cut back on less essential purchases. Earlier, new personal savings rate data showed that Americans are frantically digging into their savings to keep up with inflation.

Earlier this month, Kraft Heinz CEO Steve Cahillane said lower-income Americans were “literally running out of money at the end of the month” because of higher costs, especially gasoline. 

At Dollar Tree, its lower-income customers are visiting less because of their pressured finances, wrote Neil Saunders, managing director of GlobalData, in a note to clients. The retailer boosted comparable-store sales last quarter 3.5%, but that growth came from a gain in shoppers spending more on each transaction as the number of purchases fell 1%. 

“The trips they’ve cut out are those of a more discretionary nature which, on some level, is pleasing because they’re still using Dollar Tree for essentials,” Saunders said. 

Meanwhile, Burlington Stores shares tumbled 14%, the most since May 2022, despite beating Bloomberg Consensus estimates.

Some chains have kept prices low amid their own rising costs to maintain market share. But it’s not clear how long they can maintaining that strategy. Walmart warned last week that if fuel prices stay at current levels, prices across the board could rise throughout the year.

While wealthier shoppers have been the driving force behind the US consumer economy for some time, even they are feeling pressure and increasingly trading down to cheaper options. Dollar Tree and other low-priced chains have been courting higher-income shoppers, often with great success. That’s a good outcome for these retailers, but raises doubts about the sustainability of these spending levels.

US consumer confidence edged down this month amid anxiety over the economy, according to the Conference Board. Two-thirds of shoppers reported cutting back on spending due rising prices, with many respondents saying they are delaying expensive purchases and buying cheaper versions of the same item.

Tyler Durden Thu, 05/28/2026 - 12:30

'Tank Bottoms' Loom At Cushing After Across-The-Board Inventory Draws, Another Huge SPR Drain

Oil prices bounced higher overnight after the US and Iran exchanged new strikes despite their purported ceasefire, rekindling uncertainty about an end to the Middle East war.

The latest strikes were the most serious since an April ceasefire, and came despite a series of headlines suggesting talks on a deal were progressing.

"A fresh exchange of strikes between the two countries is testing the fragile ceasefire and forcing a reassessment of the chances of a near-term agreement which can reopen the Strait of Hormuz and dial down the pressure the crisis is putting on the global economy," said AJ Bell investment director Russ Mould.

But then, around 1000ET, Axios reports that U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran's nuclear program.

That sent oil prices reeling lower...

With the geopolitical headlines so dominant, this morning's official US crude inventory and supply data is taking a back seat to Washington and Tehran again (despite some chunky draws reported by API overnight).

API

• Crude -2.8mm

• Cushing -2.9mm

• Gasoline -3.19mm

• Distillates +1.1mm

DOE

• Crude -3.33mm (-3.2mm exp)

• Cushing -2.79mm - biggest draw since Aug 2023

• Gasoline -2.57mm

• Distillates -2.11mm

Inventories saw across the board drawdowns with Cushing standing out. Distillate draws returned as gasoline stocks fell for the 15th straight week

Source: Bloomberg

'Tank Bottoms' loom as inventory at Cushing is the lowest for this time of year since 2014...

The Strategic Petroleum Reserve saw another major drawdown (over 9mm barrels)...

Source: Bloomberg

US Crude production ticked higher as rig counts are rising rapidly...

Source: Bloomberg

The market has backed away from believing the Axios report (after a denial from Iranian news) and the big draw is helping WTI recover...

"The bigger picture is that crude is still on course for a second weekly decline, suggesting investors are not yet pricing in a worst-case disruption," Hargreaves Lansdown analyst Matt Britzman said.

"For now, the market looks caught between short-term nerves over renewed hostilities and a lingering hope that both sides still have enough incentive to get energy flows moving," he added.

Investment strategist Ed Yardeni wrote in an overnight note that "oil markets will be in dire straits" if the Strait of Hormuz doesn't open soon. He sketched out looming crisis points that have turned the U.S.-Iran negotiation into the "ultimate game of chicken."

The U.S. blockade of Iranian ports means the country's oil industry is producing too much and storage capacity is quickly filling. Yardeni concludes that Iran has until mid- or late June before storage is maxed out, forcing a sharp cut in production to domestic consumption levels. "The toll on Iran's oil industry and its broader economy is certainly one of President Trump's best negotiating cards," he wrote.

Yardeni further notes that oil inventories in Asia are already approaching minimum levels, meaning the war-driven dearth of oil imports will soon lead to shortages.

Europe faces the same situation, possibly by late June.

Yardeni highlighted International Energy Agency Director Faith Birol's warning that depleted stocks and high usage during the summer travel season could push global oil markets into "the red zone in July or August."

Tyler Durden Thu, 05/28/2026 - 12:09

Bank Of Canada Warns Markets More Vulnerable To Sharp Correction Due To AI Concentration, Basis Trades

The Bank of Canada said the global financial system has functioned (surprisingly) well through recent global shocks, but underscored the risk of a sharp asset price correction as well as vulnerabilities related to the role hedge funds are playing in debt markets.

The central bank’s 2026 financial stability report released Thursday noted financial asset valuations have continued to rise, while the stock market is increasingly concentrated in a handful of large tech companies that are heavily invested in artificial intelligence. That makes asset managers more vulnerable to a sudden correction, and a negative shock to AI sectors would have an outsized impact on broader stock indexes.

The central bank also reminded markets that the risk of basis trades remains front and center, warning that the increased role of hedge funds in overnight funding markets poses a vulnerability to the overall financial system, Bloomberg reported.

“A sharp pullback in hedge fund activity in government debt markets, for example, could negatively affect the liquidity and functioning of these markets and other fixed income markets. This, in turn, could generate financial system stress,” the report said.

While senior Deputy Governor Carolyn Rogers said individually, these vulnerabilities look “manageable", he added that “the economic and geopolitical environment has become more volatile. And this has made it more likely that a new shock or a combination of shocks could cause several vulnerabilities to crystallize at once."

The report analyzes risks to the Canadian financial system, but doesn’t assign probability and isn’t a projection from the central bank.

Meanwhile for households and businesses, the bank said the main financial health vulnerability relates to a geopolitical or economic shock that leads to a deep recession and a spike in unemployment. While the central bank previously flagged mortgage renewals as a concern, it noted on Thursday that most borrowers have managed this risk well.

“With the final wave of these renewals set to happen over the next 12 months, we expect this risk to have fully passed by the second half of 2027,” Deputy Governor Toni Gravelle said.

While the ratio of household debt to disposable income has increased slightly over the past year, the central bank noted households appear better off when wealth is taken to account.

It attributes that improvement to higher home prices over time, but noted the recent increase in net worth has been driven by gains in financial markets as the housing market softened.

As for Canada’s big banks, the report says they have become more resilient over the past year amid higher profitability and healthy capital buffers.

“They have also set aside additional funds to absorb potential loan losses. This positions them to support the economy and financial system, even in a severe downturn,” Gravelle said.

The report cautioned that in the stress‑test scenario, as unemployment rises and housing prices fall, households and businesses come under significant stress. Rates of mortgage arrears increase and reach a multi‑decade high. Businesses face increased costs and a decline in demand, which pushes corporate default rates close to levels seen during the global financial crisis.

Meanwhile, the aggressive use of repo markets has further increased their importance in Canada’s financial system. More than $130 billion in repo transactions now take place in Canada each day, about double the amount from five years ago. A wide range of market participants use repos to obtain leverage, borrow and lend securities, earn returns on extra cash and manage funding liquidity.

The report cautioned that repo activity is rising in part because more Government of Canada bonds are being issued and traded.

Repos are a flexible and cost‑effective way to finance trading in government bonds and therefore play an important role in facilitating dealers’ market‑making activities. They also allow hedge funds to finance their activities, including basis trades in government bonds and futures. These activities, in turn, support liquidity and efficiency in the markets for government securities.

Government bonds are widely used as collateral and liquid assets to manage risks. They are also used as pricing benchmarks for other securities. Because of this, a disruption in repo markets would have broad implications for the financial system. These include:

• A sudden deleveraging by asset managers. For example, if hedge funds or other asset managers cannot obtain repo funding, they may need to quickly sell government bonds, further reducing market liquidity.
• A reduction in overall market liquidity. Wider bid‑ask spreads and higher trading costs in government bond markets could spill over into other fixed‑income and derivative markets. If this led to significant margin calls, it could result in a liquidity spiral as market participants are forced to sell liquid assets to raise cash.
• Sharp movements in the Canadian Overnight Repo Rate Average (CORRA). This would affect the large numbers of financial instruments that use CORRA as a risk‑free rate, such as interest rate derivatives and floating rate notes.

The report concludes that if any of these situations were to occur, "borrowing costs across the economy would go up, leading to potential second‑round effects."

Tyler Durden Thu, 05/28/2026 - 12:00

Bessent Warns Oman On Hormuz Toll Scheme, After Trump Threatened To 'Blow Up' US Ally

On an official level at least, Oman remains a close strategic partner and key ally of the United States in the Middle East; however, that relationship has been severely strained this month amid apparent Iranian-Omani cooperation regarding a potential toll system for the Strait of Hormuz. This of course flies in the face of the US posture in the region.

US Treasury Secretary Scott Bessent is the latest top Trump admin official to chastize Oman: "The United States Government will not tolerate any effort to impose a tolling system in the Strait of Hormuz," he said on X Thursday.

"Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved - directly or indirectly - in facilitating tolls for the Strait and any willing partners will be penalized," Bessent continued. "All nations should reject outright any efforts by Iran to disrupt the free flow of commerce. Tehran’s days of terrorizing the region and the world are over."

Sky News/Getty Images

Starting a week ago, official 'discussions' between Oman and Iran were widely reported:

Iran and Oman have discussed setting up a toll system to charge vessels transiting through the Strait of Hormuz, despite President Trump’s condemnation of charging fees to pass through the waterway.

“Iran and Oman must mobilize all their resources both to provide security services and to manage navigation in the most appropriate manner,” Iranian Ambassador to France Mohammad Amin-Nejad on Wednesday told Bloomberg News, which first reported the talks.

Given the country's geography, in the southeastern Arabian Peninsula, it is likely to play a key role in any final agreement or outcome, in terms of opening Hormuz back up to international maritime transit.

Bessent is continuing the pressure campaign soon on the heels of President Trump in somewhat shocking and surprise remarks saying that Oman could come under American military attack if it doesn't cooperate.

Trump said in the Oval and in front of cameras that the US would "blow up" Oman if it doesn’t "behave". The serious threat was issued in response to a reporter's question on whether the US would accept a short-term deal that involved Iran and Oman jointly controlling the Strait of Hormuz.

"No, the strait’s got to be opened to everybody, it’s international waters. Nobody’s going to control it. We'll watch over it, but nobody’s going to control it. That’s part of the negotiation," Trump told reporters during a cabinet meeting.

"Oman will behave just like everybody else, or we’ll have to blow them up. They understand that they’ll be fine," the president then emphasized.

President Trump threatens to attack Oman if they don't "behave."

"Oman will behave just like everybody else or else we'll have to blow em up." pic.twitter.com/Eae4h8BcmP

— The American Conservative (@amconmag) May 27, 2026

Iranian Foreign Ministry spokesman Esmail Baghaei sought to explain earlier this week: "There is no toll. We need to pay attention to the words we use. We’re not after money. Iran and Oman need to create protocols for the safe passage of ships, and this will be based on international laws."

But then came the catch: "It’s only natural that the services we provide, like navigation and the preservation of the ecosystem of the Strait, the Persian Gulf and the Sea of Oman will have costs. These should not be considered tolls. Iran and Oman are being responsible in our efforts and I hope we will reach a conclusion soon," the spokesman said.

Tyler Durden Thu, 05/28/2026 - 11:40