Aggregator

Aluminum Giant Alcoa To Sell Dormant Smelter To Bitcoin-Miner NYDIG: Report

Authored by Amin Haqshanas via CoinTelegraph.com,

US aluminium giant Alcoa is reportedly nearing a deal to offload its long-idle Massena East smelter in upstate New York to Bitcoin mining firm New York Digital Investment Group (NYDIG).

The company is in advanced discussions and expects the transaction to close “in the middle part of this year,” CEO Bill Oplinger told Bloomberg on Friday. The site, located along the St. Lawrence River, has been inactive since 2014 after Alcoa shut it down amid rising energy costs and global competition.

Built for 24/7 heavy industrial operations, aluminum smelters come with pre-existing substations, transmission lines and high-capacity grid connections. That makes them attractive targets for Bitcoin miners and data center operators, who often spend years securing similar infrastructure approvals from scratch.

Massena East also benefits from hydropower supplied by the New York Power Authority, a key draw for energy-intensive computing firms seeking low-cost and lower-carbon power sources.

US smelters reborn as crypto, AI data centers

The potential sale comes amid a broader trend across the US, where retired industrial sites are being repurposed for digital infrastructure. Earlier this year, Century Aluminum sold its Hawesville smelter in Kentucky to TeraWulf for $200 million, with plans to convert it into a high-performance computing and AI facility rather than traditional industrial use.

TeraWulf shares are up 80% YTD. Source Bloomberg 

Meanwhile, NYDIG has been growing its footprint in Bitcoin mining infrastructure. The firm, owned by Stone Ridge, already holds a stake in Coinmint, which operates mining hardware at the same campus under a long-term lease.

Last year, Crusoe Energy also agreed to sell its Bitcoin mining business, including its digital flare mitigation operations, to NYDIG.

Bitcoin miners pivot to AI

NYDIG’s renewed push into Bitcoin mining comes as other miners are increasingly pivoting toward AI and cloud computing as shrinking margins in mining push them to diversify revenue streams.

Earleir this year, MARA Holdings acquired a 64% stake in French infrastructure company Exaion, giving the company a foothold in AI services. Other miners, including Hive, Hut 8, TeraWulf and Iren, are also repurposing mining facilities into data centers, while some, such as CoreWeave, have fully transitioned into AI-focused infrastructure.

Tyler Durden Mon, 04/20/2026 - 11:45

The Paris prosecutor's office told the BBC it had "taken note of the absence of the people summoned".

DoJ Opens Criminal Probe Into Meatpacking Cartel As Food Stocks Slide

Shares of Tyson Foods and Smithfield Foods fell in late-morning trading in New York after The Wall Street Journal reported that the Justice Department's antitrust division has opened a criminal probe into major meatpackers.

The report follows President Trump's push for an investigation into meatpackers as supermarket beef prices remain near record highs.

Criminal antitrust cases are typically brought for alleged price-fixing, collusion, or bid-rigging. While the DoJ previously disclosed an investigation into beef companies after Trump called for action, it had not provided details on whether it was criminal.

In early November, Trump publicly stated, "I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through illicit collusion, price fixing, and price manipulation."

"We will always protect our American ranchers, and they are being blamed for what is being done by majority foreign-owned meat packers, who artificially inflate prices and jeopardize the security of our nation's food supply," Trump continued.

Beef prices at supermarkets have soared to record highs after years of drought, and elevated input prices led to the smallest U.S. herd in a generation. Trump's tariffs on Brazil, a major beef exporter, have also curbed imports.

Also, last year, Trump suggested the U.S. would buy Argentine beef to increase domestic supplies and curb higher prices for Americans. This, in turn, angered U.S. cattle ranchers.

Shares of top publicly traded meatpackers, including Tyson Foods and Smithfield Foods, fell after the WSJ report hit.

Tyson Foods

Smithfield Foods

Rep. Thomas Massie (R-Ky.) has pointed out that "Four meat packers control 85 percent of the meat processed in the U.S."

Meanwhile, Senate Democratic Leader Chuck Schumer (D-N.Y.) and 12 other senators have proposed legislation that would force the nation's largest meatpackers to break up their operations across beef, pork, and poultry.

Related:

• The Problem Of The Meatpackers

• Drought Engulfs 60% Of U.S. As Farmers Begin Spring Planting

The DOJ's criminal investigation into beef companies comes as the Trump administration attempts to push forward with affordability policies as the K-shaped economy continues hammering the working poor.

Tyler Durden Mon, 04/20/2026 - 11:30

President Trump told The Post that he has two questions for Pope Leo XIV about his opposition to the Iran war — after the pontiff continued to voice opposition.

Tomorrow's Testimony: Kevin Warsh To Walk Tightrope On Rates, Inflation And Fed Independence

President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, will appear before the Senate Banking Committee on Tuesday at 10AM ET in what is shaping up to be one of the most politically charged confirmation hearings in the central bank’s modern history.

Warsh, a former Fed governor who has spent years criticizing the institution as directionless and in need of “regime change," now has the chance to outline his vision for remaking the world’s most powerful central bank. But he faces a delicate balancing act: signaling loyalty to Trump’s push for lower interest rates while reassuring markets, lawmakers, and global observers that he will safeguard the Fed’s independence and keep inflation in check.

The hearing arrives against a backdrop of extraordinary tension. Trump has repeatedly attacked current Chair Jerome Powell, attempted to fire Fed Governor Lisa Cook (a move now before the Supreme Court), and backed a Justice Department criminal probe into Powell and the Fed over a $2.5 billion headquarters renovation project. Powell has called the investigation politically motivated.

Markets continue to price in meaningful confirmation risk. As of this writing, Polymarket currently assigns roughly 33% odds that Warsh will be confirmed in time to replace Powell when his term expires on May 15.

//--> //--> //--> Kevin Warsh confirmed as Fed Chair by May 15?
Yes 33% · No 68%
View full market & trade on Polymarket

ANZ Research expects him to affirm his commitment to the Fed’s independence and resistance to political pressure on rates, while arguing that strong productivity growth - aided by artificial intelligence - and the government’s deregulation agenda are structurally disinflationary forces that could support easier policy over time. Warsh has long described the Fed’s roughly $6.7 trillion balance sheet as “bloated” and views its reduction as central to restoring a sound monetary policy regime.

Warsh, 56, served on the Fed Board of Governors from 2006 to 2011, the youngest person ever appointed to the role at age 35. A Stanford public policy graduate and Harvard Law alum, he previously worked in mergers and acquisitions at Morgan Stanley and as an economic policy adviser in the George W. Bush White House. During the 2008 financial crisis, he acted as the Fed’s key liaison to Wall Street, helping navigate the Bear Stearns and AIG rescues.

After leaving the Fed, Warsh became a vocal critic, arguing the central bank had strayed from its core mandate through over-reliance on complex models, opaque communication, excessive regulation, and a bloated $6.7 trillion balance sheet that distorts markets. He has long called for shrinking that balance sheet to reduce moral hazard and free up resources for the real economy.

His views appeared to evolve in 2025 as Trump’s return loomed and Powell’s term wound down. In July interviews on Fox Business and CNBC, Warsh advocated for rate cuts, citing potential productivity gains from artificial intelligence, deregulation, and housing disinflation. He has argued that aggressive quantitative tightening (QT) could offset the stimulative effect of lower rates, allowing the Fed to ease policy without reigniting inflation.

The Economic Backdrop: Iran War Fuels Inflation Uncertainty

Warsh’s testimony comes at a fraught economic moment - as the US-Israel war on Iran has driven a sharp surge in energy prices, pushing up inflation and prompting the Fed to pause further rate cuts after three reductions in late 2025. The federal funds rate currently stands at 3.5%–3.75% - with officials largely expected to hold steady at their next meeting.

Wholesale prices jumped 4% in the latest month, with energy costs up sharply. Fed officials, including Governors Christopher Waller and others, have stressed a “wait-and-see" approach, noting that a swift resolution to the conflict could reopen the door to cuts later in 2026 - but prolonged disruptions risk embedding higher inflation.

Warsh has previously pitched a multi-pronged case for eventual rate cuts centered on productivity surges and balance-sheet reduction. Analysts say he may argue for lower rates a year out while cautioning against premature easing now.

Political Hurdles Cloud Confirmation Path

Even as the hearing proceeds, Warsh’s path to confirmation remains uncertain. Sen. Thom Tillis (R-N.C.), a key Republican on the Banking Committee, has repeatedly vowed to block any Fed nominee—including Warsh—until the DOJ probe into Powell is fully resolved. Trump has signaled he wants the investigation to continue.

Democrats are united in opposition. Sen. Elizabeth Warren (D-Mass.), the committee’s top Democrat, met with Warsh last week and emerged with “new concerns," citing incomplete financial disclosures. All 11 Democratic members of the panel have called for delaying the hearing until the DOJ investigations end.

Senator Elizabeth Warren Photographer: Al Drago/Bloomberg

Warsh’s financial disclosures, released earlier this month, show joint assets with his wife, Jane Lauder (of the Estée Lauder fortune), totaling at least $130 million - $192 million or more, depending on valuation ranges. He has pledged to divest conflicting holdings if confirmed, but transparency questions persist.

What to Watch Tuesday

According to Bloomberg, lawmakers from both parties are expected to press Warsh on:

• His commitment to Fed independence - how will he respond to Trump pressuring him on rates?
• How he hopes to shrink the balance sheet without disrupting money markets or liquidity.
• Banking regulation amid a broader deregulatory push.
• Greater Fed-Treasury coordination.
• Updates to the Fed’s economic models and public communication.

Experts like former Kansas City Fed President Esther George have welcomed Warsh's ideas but stressed the need for clarity to preserve credibility. European Central Bank President Christine Lagarde recently warned that perceived political interference anywhere undermines global central bank trust.

Investors will scrutinize every word for signals on future policy. A misstep - either appearing too deferential to Trump or too dismissive of inflation risks - could roil bond markets and push long-term yields higher. Deutsche Bank chief U.S. economist Matthew Luzzetti noted that Warsh must thread the needle: outline a credible path to lower rates over time while forcefully defending independence. Luzzetti also points out that Warsh's argument for rate cuts is driven by a belief in disinflationary forces from deregulation and AI. 

Although we have not heard from Warsh recently, his comments prior to his nomination indicated support for rate reductions based primarily on a forecast that anticipates strong disinflationary forces from deregulation and AI. While we expect he will maintain this narrative about the economy, recent developments have weakened the case for lower rates – labor-market data have stabilized, PCE inflation has surprised to the upside, and the war in Iran poses further upside risks to inflation. -Matthew Luzzetti, DB

Powell’s term ends May 15. Whether Warsh is in place by then hinges on resolving the Tillis standoff and navigating Senate dynamics. Republicans are growing impatient with the delay, with some quietly urging the administration to drop the probe.

Warsh has described the Fed as needing fundamental reform to better serve its dual mandate of price stability and maximum employment. Tuesday’s hearing will reveal whether senators believe he is the right person to deliver it—or whether the institution’s independence will emerge intact from one of its most turbulent periods. The stakes, as one political scientist put it, could hardly be higher.

Tyler Durden Mon, 04/20/2026 - 11:10

Though they're all grown up now, these childhood friends still have the same toxic bonds in this new season of Euphoria.

The trial will resume on Wednesday.

A mom and her six children, ages 3 to 11, were killed when their Pennsylvania home exploded, leaving it engulfed in flames too severe for rescuers to be able to get inside to reach them. The cause of the deadly blast and inferno Sunday morning remains under investigation, but police say a propane leak inside...

This is smarter than your average Death Wish wannabe.

The 13-year-old broke his leg after the crazed Army vet Shamar Elkins opened fire at the house in Shreveport, La., just after 6 a.m.

Schrodinger's Strait, Schrodinger's Market

By Benjamin Picton, Senior Market Strategist at Rabobank

Erwin Schrodinger famously proposed a thought experiment to illustrate the apparent absurdity of quantum mechanics when applied to the macroscopic world. In the theoretical experiment, Schrodinger’s eponymous cat, contained in a box with a radioactive atom, a Geiger counter and a vial of poison, exists in a state of superposition whereby it is simultaneously both alive and dead until the box is opened.

And so it is with the Strait of Hormuz, which exists in a state of both openness and closedness until a ship actually attempts the transit.

On Friday Iranian Foreign Minister Araghchi posted on X that the Strait was “completely open” to all commercial vessels for the duration of the 10-day ceasefire between Israel and Lebanon. Markets reacted swiftly, the S&P500 rose 1.20% to close at a new all-time high and the Brent crude front future fell more than 9% to settle at $90.38/bbl – its lowest weekly close since the war began. Even dated Brent (the physical oil price for immediate delivery) fell by more than 15% to $98.95/bbl – its lowest level since March 11th, which was the immediate aftermath of Trump’s comment that the war in Iran is “very complete”.

The all important dated brent is plunging pic.twitter.com/rPRiOMp0BV

— zerohedge (@zerohedge) April 17, 2026

However, the joy of financial markets has now turned to ash in our mouths as the Iranian Revolutionary Guard Corps moved to re-establish (or re-assert?) the closure of the Strait. Several vessels were turned back over the course of the weekend and two were fired upon by the IRGC, prompting the Indian government to summon the Iranian ambassador to protest. Al Jazeera reports that more than a dozen ships attempted to transit the Strait in the brief time that it was open – including 8 successful transits of oil and gas tankers – but shipping had ground to a standstill again by Sunday.

And rejected: the two tankers taking the neutral route, Minerva Evropi and Nissos Keros, have turned around; the Sanmar Herald which appears to be taking the Iran-sanctioned Larak island route is proceeding. https://t.co/aceBI7ki0B pic.twitter.com/gmkM37iA1U

— zerohedge (@zerohedge) April 18, 2026

Also on Sunday, the US Navy seized the MV Touska, an Iranian-flagged cargo ship that had been attempting to break the blockade en-route from Gaolan in China to the Iranian port of Banda Abbas. After a 6-hour radio standoff, the USS Spruance fired its main gun to disable the Touska’s propulsion systems before the vessel was boarded by US marines, marking the first known use of force in enforcing the blockade. The Washington Post reports that Gaolan is a known port of origin for sodium perchlorate, the primary oxidizer in solid rocket fuel for Iranian ballistic missiles.

U.S. Marines depart amphibious assault ship USS Tripoli (LHA 7) by helicopter and transit over the Arabian Sea to board and seize M/V Touska. The Marines rappelled onto the Iranian-flagged vessel, April 19, after guided-missile destroyer USS Spruance (DDG 111) disabled Touska’s… pic.twitter.com/mFxI5RzYCS

— U.S. Central Command (@CENTCOM) April 20, 2026

Thus, the seizure of the Touska marks a potential point of escalation for both sides. The IRGC has nominated lifting the US blockade as a red line for opening the Strait, which they say would need to be done under Iranian auspices, and the US has threatened secondary sanctions against any country that provides Iran with weapons.

Unsurprisingly, markets this morning are once again repricing the status of the Strait and the diminished prospect for a peace agreement ahead of the expected expiry of the US-Iran ceasefire on Wednesday. Brent crude has opened 7% higher, high beta FX is being sold sharply, and US equity futures are pointing to losses of ~0.8% at market open.

IRGC commander Vahidi is reported to have said that the Strait will open “by order of the [Supreme] Leader, not by the tweets of some idiot” in an apparent reference to Araghchi, highlighting the divisions between the IRGC and the civilian government in Tehran. US Senator Lindsey Graham has summarized the situation succinctly by tweeting “the guy in the suit (Araghchi) is not in charge. It’s the guys with the guns (the IRGC) who are in charge.”

Unfortunately, the US has been negotiating with the guys in the suits. This may be what Donald Trump was referring to when he previously said that regime change has already taken place. This also means that the progress that US negotiators have reportedly made with Iranian chief negotiator Ghalibaf are likely subject to an IRGC veto.

Ghalibaf himself has been issuing defiant tweets over the weekend peppered with oil trading advice and mini tutorials on how to use a Bloomberg terminal to effectively ‘monitor the situation’. One suspects that these are ghost-written by the IRGC in a similar fashion to the proclamations of Mojtaba Khamenei, who still hasn’t been seen since the war started.

Vibe-trading digital oil is like vibe-hedging in treasuries during Hormuz risk-off. Both share one house of cards that works on paper.
Difference: oil at least has Dated Brent. Treasuries? Vibes all the way down.

EUCRBRDT Index GP

— محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) April 19, 2026

With Wednesday’s ceasefire expiry looming as a critical risk event for markets, the Wall Street Journal reports that Vice President J.D. Vance is set to lead a fresh round of peace talks with Iran in Pakistan on Tuesday. Awkwardly, there is no confirmation so far that the Iranians will turn up. Multiple outlets are citing Iranian state media reports that Iran will not be attending the talks due to the unreasonableness of US demands and the ongoing blockade of Iranian ports. Meanwhile, the US has been moving more and more military assets toward the region, including the Gerald R. Ford and George H.W. Bush carrier strike groups.

So, while we have Schrodinger’s Strait we also have Schrodinger’s market where we are simultaneously in the grip of the largest energy shock in history (according to the IEA) with physical shortages of loads of things needed for 21st century life, but this is also incredibly bullish and stock indices remain close to all-time highs.

Wrapping your head around this paradox might approach the impenetrability of quantum mechanics.

* * *

Tyler Durden Mon, 04/20/2026 - 10:50

The Bakersfield neighborhood is not the first to experience such cancellations ahead of America’s 250th Independence Day anniversary.

“Just another day at work,” influencer Mara Flávia, 38, wrote alongside the poolside snap just two days before she drowned at the race.

The Barstool Sports personality threatened to "spill" details of Cooper and Earle's beef if they don't do it themselves soon.

The Barstool Sports personality threatened to "spill" details of Cooper and Earle's beef if they don't do it themselves soon.

Ah yes, the old interoffice hookup.

Texas Attorney General Ken Paxton sued ActBlue on Monday, alleging "rampant donor fraud" on the Democratic fundraising platform.

Eat your plushy heart out, Labubu — there's a new hot toy in town.

The "Pitch Perfect" star appeared at a Sydney court on Monday to defend herself against a defamation lawsuit filed by actress Charlotte MacInnes.

The "Pitch Perfect" star appeared at a Sydney court on Monday to defend herself against a defamation lawsuit filed by actress Charlotte MacInnes.