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Olivia is pulling double duty.

Olivia Rodrigo makes her SNL hosting debut in the next new episode!

Starr is best known for his role in Canadian TV series "Due South."

Starr is best known for his role in Canadian TV series "Due South."

She was convicted on two counts of carnal knowledge of a child and statutory rape following her December 2022 arrest.

Ahead Of Trump-Xi Summit, Beijing Tells Chinese Firms To Ignore U.S. Sanctions On "Teapot" Refineries

President Donald Trump is set to travel to Beijing in mid-May for a summit with Chinese President Xi Jinping, the first U.S. presidential visit to China in eight years, and a meeting already delayed once by the Iran war.

The pair will obviously discuss the U.S.-Iran conflict and the resulting energy shock, which has hit Asia fastest and hardest. There is no shortage of issues for the two leaders to discuss, including Taiwan, trade, AI chip controls, rare earths, and sanctions.

One important topic the two leaders will likely spend time on is the energy shock and the maximum pressure campaign imposed by the U.S. Treasury Department's Office of Foreign Assets Control on Chinese independent "teapot" refineries, particularly in Shandong Province, due to their continued purchases and refining of Iranian crude.

Perhaps last week's sanctions on China's teapot refiners are part of a leverage campaign by the Trump team ahead of the upcoming meeting.

By Saturday morning, Beijing announced that companies in the country should ignore and not comply with U.S. sanctions targeting five domestic refineries. 

The refiners, including Hengli Petrochemical's Dalian refinery and several privately owned processors, had been hit with U.S. asset freezes and transaction bans earlier in the week, according to Bloomberg.

Beijing's Commerce Ministry called the sanctions unlawful, saying they restrict normal trade with countries and lack authorization under international law.

"The Chinese government has consistently opposed unilateral sanctions that lack authorization from the United Nations and a basis in international law," the department said.

It appears that Beijing is shielding its refiners to mitigate Washington's pressure campaign on Iranian crude flows as the energy shock still festers across Asia.

The good news last week is that China reopened its fuel export spigot to surrounding countries, as domestic inventories are now at comfortable levels. This will provide some relief to countries dealing with fuel shortages caused by the Hormuz chokepoint, which remains partially frozen to this day.

Tyler Durden Sat, 05/02/2026 - 19:15

The 2026 Kentucky Derby is in the books.

The ex-worker, who has not been publicly identified, reportedly used a rented Nissan Rogue packed with propane tanks and pipe bombs in the fiery incident at the Multnomah Athletic Club.

Tourists planning on a trip to the Happiest Place on Earth might want to check that your favorite Disney ride is open, following the several closures ahead of the summer months.

The Yankees are well on their way to their 29th winning season in 29 years under general manager Brian Cashman.

The latest brouhaha between President Donald Trump and Jimmy Kimmel has sparked a billboard campaign from MoveOne.org targeting Disney and ABC offices in Southern California.

Hezbollah launched rockets and drones carrying explosives at Israeli troops in Southern Lebanon Saturday as the warring sides continued to trade blows despite still under a cease-fire.

California is staring down soaring fuel costs and expanding fire danger, yet state leaders are sticking with an expensive, all-in wildfire strategy.

Cannon shares the 15-year-old twins with his ex-wife, Mariah Carey.

Cannon shares the 15-year-old twins with his ex-wife, Mariah Carey.

Trump On Hormuz Blockade: "We're Like Pirates - And It's Very Profitable"

Rare agreement with Iranian officials? President Trump has newly said the US Navy is acting "like pirates" as he described an operation about seizing a ship amid the ongoing blockade of Iranian ports.

"We … land on top of it and we took over the ship. We took over the cargo, took over the oil. It’s a very profitable business," Trump told a large audience at a rally in Florida on Friday. "We’re like pirates," he added as the crow cheered him on. "We’re sort of like pirates. But we’re not playing games." Watch the US President also declare "it's a very profitable business":

TRUMP ADMITS AMERICANS ARE PIRATES

“It’s a very profitable business. We’re like pirates.” pic.twitter.com/p7g6kMPCmG

— Sulaiman Ahmed (@ShaykhSulaiman) May 2, 2026

The irony in this statement is that it precisely echoes Tehran's own accusation that the Pentagon is indeed engaged in 'piracy' in Persian Gulf waters, and as the US seeks to interdict other Iranian vessels on the high seas globally, especially near Asia.

This week Iran issued formal request to the UN Security Council that it stop the "continuing internationally wrongful acts of the United States through yet another piracy-style seizure and deliberate targeting of commercial vessels, namely the M/T Majestic and M/T Tifani."

Some of Iran's embassies abroad have also directly responded to the fresh Trump piracy clip. Here's what the Iranian Foreign Ministry had to say on X through one of its diplomatic outposts in south Asia:

"Sort of like pirates"? No, Donny—that's textbook piracy. One upside to an incompetent opponent: moments like this. But the crowd cheering and clapping along? That's the truly disturbing part. U.S. urgently needs a swift and serious regime change.

Additionally, one show host with Russia's RT had this to say by way of reaction: "The only good thing about Trump is that he openly admits the US is a rogue state that doesn’t care at all about international law, he doesn't bother to cover up the US’ heinous actions with the bogus liberal PR language that previous Presidents used."

It is also akin to when Trump became the first US leader to declare that American troops were in Syria to "secure the oil" - contradicting prior presidents and officials who insisted Washington was merely engaged in 'counter-ISIS' operations.

Meanwhile, Iran’s Ministry of Foreign Affairs spokesman Esmaeil Baghaei has said on X this week Americans have an "undeniable right and the solemn duty" to demand accountability from the White House over the ongoing US-Israel "war of choice" against Iran.

The war is "a clear, unprovoked act of aggression" - he stated, and called on Americans to rise up challenge their leaders for "waging this illegal war against the nation of Iran and for all the atrocities perpetrated."

Tyler Durden Sat, 05/02/2026 - 18:05

University of California Regent Jay Sures asked the right question this week about free speech on campus: Does it apply to everyone equally? Or just the far left?

The Celtics will be without a key piece for a win-or-go-home game.

London’s top cop is warning that British Jews are facing the most serious threats yet as police probe a shadowy Iran-linked group taking credit for spree of antisemitic attacks.

Tether Reports $1.04B Profit In Q1 As Treasury Holdings Top $140BN

Authored by Nate Kostar via CoinTelegraph.com,

Stablecoin issuer Tether (USDT) reported $1.04 billion in net profit for the first quarter of 2026, as its excess reserves rose to a record $8.23 billion, according to its latest attestation on Friday.

The company said its reserves remain heavily concentrated in US Treasuries, with around $141 billion in direct and indirect exposure, while total assets of about $191.8 billion exceeded liabilities of approximately $183.5 billion as of March 31.

Tether said this level of exposure makes it the 17th largest holder of US Treasuries globally. Beyond Treasuries, reserves included about $20 billion in physical gold and $7 billion in Bitcoin (BTC).

USDT circulating supply remained broadly stable at about $183 billion at the end of the first quarter. After the period, CEO Paolo Ardoino said supply has increased by more than $5 billion into April.

Tether said its proprietary investments are held separately from reserves backing USDT (USDT) and are funded through excess capital and profits.

The report was prepared by accounting firm BDO. The company also said it has begun the formal audit process.

Tether is the issuer of USDT (USDT), the largest stablecoin by market capitalization. According to DefiLlama data, the total stablecoin market is valued at about $320 billion, with USDT accounting for roughly 59% of the sector.

 

Total stablecoins market cap. Source: DefiLlama

Demand for digital dollars rises in emerging markets

Ardoino said in a post on X on Friday that USDT’s user base reached an all-time high of about 570 million in the first quarter, citing demand for dollars across emerging markets.

In Latin America, stablecoins accounted for 40% of crypto purchases in 2025, surpassing Bitcoin’s 18% share, according to a report released by Bitso this week based on data from its nearly 10 million retail users. The report described the trend as “digital dollarization,” as users turn to stablecoins for savings and everyday transactions.

 

Source: Paolo Ardoino

Stablecoins are also gaining traction in Africa for remittance payments. Speaking at the World Economic Forum in January, former UN official Vera Songwe said traditional transfers can cost about $6 per $100 sent, while stablecoins allow funds to move more quickly at lower cost.

Songwe also said stablecoins can help users preserve value in high-inflation environments, noting that inflation has exceeded 20% in several African countries since the pandemic.

FSB annual report for 2025. Source: FSB

However, stablecoin adoption has drawn scrutiny from global regulators. The Financial Stability Board warned in its 2025 annual report that widespread use of US dollar-denominated stablecoins could pose risks to emerging economies, including currency substitution and reduced effectiveness of domestic monetary policy.

Tyler Durden Sat, 05/02/2026 - 17:30