The Senate passed legislation Tuesday that would regulate a form of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to bolster its legitimacy and reassure consumers.

The fast-moving legislation, which passed by a 68-30 vote and will be sent to the House for potential revisions, comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.

Eighteen Democratic senators crossed the aisle to vote for the legislation on Tuesday, siding with the Republican majority in the 53-47 Senate. Republican Sens. Josh Hawley and Rand Paul were the only members of their party to oppose the measure.

It was the second major bipartisan bill to advance through the Senate this year, following the Laken Riley Act on immigration enforcement in January.

Still, most Democrats opposed the bill. They raised concerns that the measure does little to address President Donald Trump’s personal financial interests in the crypto space.

“We weren’t able to include certainly everything we would have wanted, but it was a good bipartisan effort,” said Sen. Angela Alsobrooks, D-Md., on Monday. Alsobrooks, a co-sponsor of the bill, added, “This is an unregulated area that will now be regulated.”

Sen. Bill Hagerty, R-Tenn., the bill’s sponsor, said on the Senate floor ahead of the vote that the legislation will have “far reaching implications” for the financial system — a “paradigm shifting development” that he believes will bring it into the 21st century.

“With this bill, the United States is a step closer to being a global leader in crypto,” Hagerty said.

Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.”

The bill only needed a simple majority vote to pass Tuesday, after it had already cleared its biggest procedural hurdle last week in a 68-30 vote, with 18 Democrats siding with Republicans. But the bill has faced more resistance than initially expected.

Trump’s stake in crypto

There is a provision in the bill that bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House.

Last month, the Republican president hosted a private dinner at his golf club in Virginia with top investors in a Trump-branded meme coin. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin, USD1.

Trump reported earning $57.35 million from token sales at World Liberty Financial in 2024, according to a public financial disclosure released Friday. A meme coin linked to him has generated an estimated $320 million in fees, though the earnings are split among multiple investors.

The administration is broadly supportive of crypto’s growth and its integration into the economy. Ahead of Tuesday’s vote, Treasury Secretary Scott Bessent urged the Senate to pass the bill, saying it could help stablecoins “grow into a $3.7 trillion market by the end of the decade.”

Brian Armstrong, CEO of Coinbase — the nation’s largest crypto exchange and a major advocate for the bill — has met with Trump and praised his early moves on crypto. This past weekend, Coinbase was among the more prominent brands that sponsored a parade in Washington commemorating the Army’s 250th anniversary — an event that coincided with Trump’s 79th birthday.

But the crypto industry emphasizes that they view the legislative effort as bipartisan, pointing to champions on each side of the aisle.

“The GENIUS Act will be the most significant digital assets legislation ever to pass the U.S. Senate,” Senate Banking Committee Chair Tim Scott, R-S.C., said ahead of a key vote last week. “It’s the product of months of bipartisan work.”

Some Democrats object

The bill did hit one rough patch in early May, when a bloc of Senate Democrats who had previously supported the bill reversed course and voted to block it from advancing. That prompted new negotiations involving Senate Republicans, Democrats and the White House, which ultimately produced the compromise version that won passage Tuesday.

Alsobrooks said “many, many changes” were made during negotiations and “it’s a much better deal because we were all at the table.”

Ahead of the vote Tuesday, GOP Wyoming Sen. Cynthia Lummis said that she is “OK” with where the stablecoin legislation has landed after negotiations.

“I’m not thrilled with it, but it’s OK,” said Lummis, one of the bill’s co-sponsors.

Still, the bill leaves unresolved concerns over presidential conflicts of interest — an issue that remains a source of tension within the Democratic caucus.

“Passing the GENIUS Act without strong anti-corruption measures stamps a Congressional seal of approval on President Trump selling access to the government for personal profit,” Democratic Sen. Jeff Merkley said in a statement after the bill’s passage.

Sen. Elizabeth Warren, D-Mass., has been among the most outspoken as the ranking member on the Senate Banking Committee, warning that the bill creates a “super highway” for Trump corruption. She has also warned that the bill would allow major technology companies, such as Amazon and Meta, to launch their own stablecoins.

Among the Democrats who backed the bill was first-term Sen. Elissa Slotkin, who received $10 million in support from a crypto political action committee during her Michigan race last year. Slotkin acknowledged the bill “wasn’t perfect” but called it a “good-faith, bipartisan start” to regulating stablecoins.

The stablecoin legislation still faces several hurdles before reaching the president’s desk. It must clear the narrowly held Republican majority in the House, where lawmakers may try to attach a broader market structure bill — sweeping legislation that could make passage through the Senate more difficult.

Trump has said he wants stablecoin legislation on his desk before Congress breaks for its August recess, now just under 50 days away.

This story was originally featured on Fortune.com

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All 50 U.S. states have agreed to the OxyContin maker Purdue Pharma ’s latest plan to settle thousands of lawsuits over the toll of opioids.

A judge on Wednesday is being asked to clear the way for local governments and individual victims to vote on it.

Government entities, emergency room doctors, insurers, families of children born into withdrawal from the powerful prescription painkiller, individual victims and their families and others would have until Sept. 30 to vote on whether to accept the deal, which calls for members of the Sackler family who own the company to pay up to $7 billion over 15 years.

If approved, the settlement would be among the largest in a wave of lawsuits over the past decade as governments and others sought to hold drugmakers, wholesalers and pharmacies accountable for the opioid epidemic that started rising in the years after OxyContin hit the market in 1996. The other settlements together are worth about $50 billion, and most of the money is to be used to combat the crisis.

In the early 2000s, most opioid deaths were linked to prescription drugs, including OxyContin. Since then, heroin and then illicitly produced fentanyl became the biggest killers. In some years, the class of drugs was linked to more than 80,000 deaths, but that number dropped sharply last year.

The request of U.S. Bankruptcy Court Judge Sean Lane comes about a year after the U.S. Supreme Court rejected a previous version of Purdue’s proposed settlement. The court found it was improper that the earlier iteration would have protected members of the Sackler family from lawsuits over opioids, even though they themselves were not filing for bankruptcy protection.

Under the reworked plan hammered out with lawyers for state and local governments and others, groups that don’t opt in to the settlement would still have the right to sue members of the wealthy family whose name once adorned museum galleries around the world and programs at several prestigious U.S. universities.

Under the plan, the Sackler family members would give up ownership of Purdue. They resigned from the company’s board and stopped receiving distributions from its funds before the company’s initial bankruptcy filing in 2019. The remaining entity would get a new name and its profits would be dedicated to battling the epidemic.

Most of the money would go to state and local governments to address the nation’s addiction and overdose crisis, but potentially more than $850 million would go directly to individual victims. That makes it different from the other major settlements.

The payouts would not begin until after a hearing scheduled for Nov. 10, during which Lane is to be asked to approve the entire plan if enough of the affected parties agree.

This story was originally featured on Fortune.com

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President Donald Trump’s tax cuts package would increase deficits by $2.8 trillion over the next decade after including other economic effects, according to a fuller analysis of the House-passed measure released Tuesday by the Congressional Budget Office.

The report, produced by the nonpartisan CBO and the Joint Committee on Taxation, factors in expected debt service costs and finds that the bill would increase interest rates and boost interest payments on the baseline projection of federal debt by $441 billion.

The analysis comes at a crucial moment as Trump is pushing the GOP-led Congress to act on what he calls his “big, beautiful bill.” It passed the House last month on a party-line vote, and now faces revisions in the Senate. Vice President JD Vance urged Senate Republicans during a private lunch meeting Tuesday to send the final package to the president’s desk.

“We’re excited to get this bill out,” said Senate Majority Leader John Thune afterward.

Tuesday’s report uses dynamic analysis by estimating the budgetary impact of the tax bill by considering how changes in the economy might affect revenues and spending. This is in contrast to static scoring, which presumes all other economic factors stay constant.

The CBO released its static scoring analysis earlier this month, estimating that Trump’s bill would unleash trillions in tax cuts and slash spending, but also increase deficits by $2.4 trillion over the decade and leave some 10.9 million more people without health insurance.

Republicans have repeatedly argued that a more dynamic scoring model would more accurately show how cutting taxes would spur economic growth — essentially overcoming any lost revenue to the federal government.

But the larger deficit numbers in the new analysis gave Democrats, who are unified against the big bill, fresh arguments for challenging the GOP position that the tax cuts would essentially pay for themselves.

“The Republican claim that this bill does not add to the debt or deficit is laughable, and the proof is in the numbers,” said Sen. Jeff Merkley of Oregon, the top Democrat on the Senate Budget Committee.

“The cost of these tax giveaways for billionaires, even when considering economic growth, will add even more to the debt than we previously expected,” he said.

Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget, said Tuesday on social media that considering the new dynamic analysis, “It’s not only not paying for all of itself, it’s not paying for any of itself.”

Treasury Secretary Scott Bessent and other Republicans have sought to discredit the CBO, saying the organization isn’t giving enough credit to the economic growth the bill will create.

At the Capitol, Mehmet Oz, who heads up the Centers for Medicaid and Medicare Services and joined Vance at the GOP Senate lunch, challenged CBO’s findings when asked about its estimate that the bill would leave 10.9 million more people without health care, largely from new work requirements.

“What will an American do if they’re given the option of trying to get a job or an education or volunteering their community — having some engagement — or losing their Medicaid insurance coverage?” Oz asked. “I have more confidence in the American people than has been given to them by some of these analyzing organizations.”

Republicans on the Senate Finance Committee unveiled their proposal Monday for deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making Trump’s tax breaks more permanent in their draft for the big bill.

The Senate’s version of the package also enhances Trump’s proposed new tax break for seniors, with a bigger $6,000 deduction for low- to moderate-income senior households earning no more than $75,000 a year for singles, $150,000 for couples.

The proposals from Senate Republicans keep in place the current $10,000 deduction of state and local taxes, called SALT, drawing quick blowback from GOP lawmakers from New York and other high-tax states, who fought for a $40,000 cap in the House-passed bill. Senators insisted negotiations continue.

Bessent said Tuesday that the Senate Republican proposal for the tax cuts bill “will deliver the permanence and certainty both individual taxpayers and businesses alike are looking for, driving growth and unleashing the American economy.”

“We look forward to continuing to work with the Senate and the House to further refine this bill and get it to President Trump’s desk,” he said in a news release.

While the House-passed bill exempted parents with dependents from the new Medicaid work requirements, the Senate’s version broadened the requirement to include parents of children older than 14, as part of their effort to combat waste in the program and push personal responsibility.

The work requirements “demonstrate that you are trying your hardest to help this country be greater,” Oz said. “By doing that, you earn the right to be on Medicaid.”

The CBO separately released another analysis on the tax bill last week, including a look at how the measure would affect households based on income distribution. It estimates the bill would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually.

This story was originally featured on Fortune.com

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The NAACP and an environmental group said Tuesday that they intend to sue Elon Musk’s artificial intelligence company xAI over concerns about air pollution generated by a supercomputer facility located near predominantly Black communities in Memphis.

The xAI data center began operating last year, powered in part by pollution-emitting gas turbines, without first applying for a permit. Officials have said an exemption allowed them to operate for up to 364 days without a permit, but Southern Environmental Law Center attorney Patrick Anderson said at a news conference that there is no such exemption for turbines — and that regardless, it has now been more than 364 days.

A 60-day notice of an intent to sue, a prerequisite to filing a lawsuit under the Clean Air Act, was sent to xAI in a letter. The SELC is representing the NAACP in its possible legal challenge against xAI and its permit application, now being considered by the Shelby County Health Department.

The xAI company responds

The company said Tuesday that it takes its commitment to the community and environment seriously.

“The temporary power generation units are operating in compliance with all applicable laws,” an xAI statement said.

Musk’s xAI has said the turbines will be equipped with technology to reduce emissions — and that it’s already boosting the city’s economy by investing billions of dollars in the supercomputer facility, paying millions in local taxes and creating hundreds of jobs. The company also is spending $35 million to build a power substation and $80 million to build a water recycling plant to the support Memphis, Light, Gas and Water, the local utility.

The chamber of commerce in Memphis made a surprise announcement in June 2024 that xAI planned to build a supercomputer in the city. The data center quickly set up shop in an industrial park south Memphis, near factories and a gas-powered plant operated by the Tennessee Valley Authority.

What opponents are saying

Opponents say the supercomputing center is stressing the power grid. They contend that the turbines emit smog and carbon dioxide, pollutants that cause lung irritation such as nitrogen oxides and the carcinogen formaldehyde.

The SELC said the use of the turbines violates the Clean Air Act, and that residents who live near the xAI facility already face cancer risks at four times the national average. The group also has sent a petition to the Environmental Protection Agency.

Critics say xAI installed the turbines without any oversight or notice to the community. The company requests to operate 15 turbines at the site, but the SELC said it hired a firm to fly over the facility and found up to 35 turbines operating there at times.

The permit itself says emissions from the site “will be an area source for hazardous air pollutants.” A permit would allow the health department, which has received 1,700 public comments about the permit, to monitor air quality near the facility.

A contentious public meeting

Opponents of the facility say city leaders have not been transparent with the community about their dealings with xAI, and they are sacrificing the health of residents in return for financial benefit.

At a community meeting hosted by the county health department in April, many of the people speaking in opposition cited the additional pollution burden in a city that already received an “F” grade for ozone pollution from the American Lung Association.

A statement read by xAI’s Brent Mayo at the meeting said the company wants to “strengthen the fabric of the community,” and estimated that tax revenues from the data center are likely to exceed $100 million by next year.

“This tax revenue will support vital programs like public safety, health and human services, education, firefighters, police, parks and so much more,” said the statement.

The company also apparently wants to expand: The chamber of commerce said in March that xAI had purchased a 1 million square-foot property at a second location, not far from the current facility.

The mayor of Memphis weighs in

Mayor Paul Young said In his weekly newsletter Friday that an ordinance now requires that 25% of xAI’s city property tax revenue be reinvested directly into neighborhoods within 5 miles of the facility.

Young also said that no tax incentives or public dollars are tied to the project.

“Let’s be clear, this isn’t a debate between the environment and economics,” Young said. “It’s about putting people before politics. It’s about building something better for communities that have waited far too long for real investment.”

Boxtown punches back

One nearby neighborhood dealing with decades of industrial pollution is Boxtown, a tight-knit community founded by freed slaves in the 1860s. It was named Boxtown after residents used material dumped from railroad boxcars to fortify their homes. The area features houses, wooded areas and wetlands, and its inhabitants are mostly working class residents.

Boxtown won a victory in 2021 against two corporations that sought to build an oil pipeline through the area. Valero and Plains All American Pipeline canceled the project after protests by residents and activists led by State Rep. Justin J. Pearson, who called it a potential danger to the community and an aquifer that provides clean drinking water to Memphis.

Pearson, who represents nearby neighborhoods, said “clean air is a human right” as he called for people in Memphis to unite against xAI.

“There is not a person, no matter how wealthy or how powerful, that can deny the fact that everybody has a right to breathe clean air,” said Pearson, who compared the fight against xAI to David and Goliath.

“We’re all right to be David, because we know how the story ends,” he said.

This story was originally featured on Fortune.com

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Kraft Heinz will be pulling artificial dyes from its U.S. products starting in 2027 and will no longer roll out new products with the dyes.

The move comes nearly two months after U.S. health officials said that they would urge foodmakers to phase out petroleum-based artificial colors in the nation’s food supply.

Kraft Heinz said Tuesday that almost 90% of its U.S. products already don’t contain food, drug & cosmetic colors, but that the products that do still use the dyes will have them removed by the end of 2027. FD&C colors are synthetic additives that are approved by the U.S. Food and Drug Administration for use in food, drugs and cosmetics.

Kraft Heinz said that many of its U.S. products that still use the FD&C colors are in its beverage and desserts categories, including certain products sold under brands including Crystal Light, Kool Aid, Jell-O and Jet Puffed.

The company said that it will instead use natural colors for the products.

“The vast majority of our products use natural or no colors, and we’ve been on a journey to reduce our use of FD&C colors across the remainder of our portfolio,” Pedro Navio, North America President at Kraft Heinz, said in a statement.

Kraft Heinz stripped artificial colors, flavors and preservatives from its macaroni and cheese in 2016 and said it has never used artificial dyes in its ketchup.

The company plans to work with licensees of its brands to encourage them to remove the dyes.

In April Food and Drug Administration Commissioner Marty Makary said at a news conference that the agency would take steps to eliminate the synthetic dyes by the end of 2026, largely by relying on voluntary efforts from the food industry.

Health advocates have long called for the removal of artificial dyes from foods, citing mixed studies indicating they can cause neurobehavioral problems, including hyperactivity and attention issues, in some children. The FDA has maintained that the approved dyes are safe and that “the totality of scientific evidence shows that most children have no adverse effects when consuming foods containing color additives.”

The FDA currently allows 36 food color additives, including eight synthetic dyes. In January, the agency announced that the dye known as Red 3 — used in candies, cakes and some medications — would be banned in food by 2027 because it caused cancer in laboratory rats.

Artificial dyes are used widely in U.S. foods. In Canada and in Europe — where synthetic colors are required to carry warning labels — manufacturers mostly use natural substitutes. Several states, including California and West Virginia, have passed laws restricting the use of artificial colors in foods.

Many U.S. food companies are already reformulating their foods, according to Sensient Colors, one of the world’s largest producers of food dyes and flavorings. In place of synthetic dyes, foodmakers can use natural hues made from beets, algae and crushed insects and pigments from purple sweet potatoes, radishes and red cabbage.

This story was originally featured on Fortune.com

© AP Photo/Keith Srakocic

SALT LAKE CITY (AP) — The man shot and killed while participating in the “No Kings” protest in Salt Lake City was a successful fashion designer and former “Project Runway” contestant who devoted his life to celebrating artists from the Pacific Islands.

Arthur Folasa Ah Loo, 39, was killed Saturday night when two men shot at a person allegedly brandishing a rifle at demonstrators, and one accidentally struck Ah Loo in the stomach, authorities said. Ah Loo later died at the hospital.

Salt Lake City police said it remained unclear Monday whether the individuals, one of whom identified himself as part of a “peacekeeping” team for the protest, were brought in by the event organizers or acted on their own initiative.

Arturo Gamboa, 24, never shot the rifle he pointed at protesters, but police arrested him on murder charges and said he created the dangerous situation that led to Ah Loo’s death. Police said they were investigating whether the man who shot at Gamboa — and fatally hit Ah Loo — was justified in firing his gun. He has not been identified publicly.

Victim was a self-taught designer

Ah Loo leaves behind a wife and two young children, according to a GoFundMe page for his family that raised over $100,000 in 48 hours.

The self-taught fashion designer known to many as Afa devoted his life to doing “good things for his neighbors and community,” state Rep. Verona Mauga, a close friend, told The Associated Press. Their families were from the small village of Lotopa in Samoa, she said.

Ah Loo was born in Samoa and has lived in Utah for about a decade, his friend Benjamin Powell said.

Mauga, who was born in Hawaii, was at the “No Kings” protest a few blocks from where Ah Loo was shot. The Democratic lawmaker said she only realized something was wrong when she saw the crowd scattering.

Peaceful protest turns deadly

The protest Saturday was one of hundreds in cities nationwide to counter President Donald Trump’s military parade in Washington, which marked the Army’s 250th anniversary and coincided with Trump’s birthday.

There is no record in the Salt Lake City event permit indicating that armed security would be present, police said.

Carl Moore, a 49-year-old Indigenous advocate, was filming the protest when three gunshots rang out through the crowd estimated at 10,000 people. Moore said he observed confusion among police as protesters hid behind barriers and took shelter inside parking garages and nearby businesses.

“They don’t know what they’re looking for. They’re just yelling like, ‘What does he look like?’” Moore recalled.

Weaving culture and community through fashion

Mauga said Ah Loo would have been proud that his last moments were spent advocating for what he believed in.

“If Afa was going to go out any other way than natural causes, it would be standing up for marginalized and vulnerable communities and making sure that people had a voice,” she said.

Powell, a hair salon innovator from Fiji, co-founded Create Pacific with Ah Loo shortly after they met four years ago. The organization uplifts artists from the Pacific Islands, allowing a new generation to connect with their heritage.

The two artists were friends with a rare creative synergy, Powell said. Ah Loo’s vibrant work weaves traditional Pacific Island attire with modern silhouettes and design. He used flowers indigenous to Samoa as motifs and frequently incorporated Tapa, a cloth traditionally made from tree bark in the Pacific Islands, into the garments he created.

Powell admired Ah Loo’s attention to detail that made his work distinctive.

“You would know right away that it was an Ah Loo design,” he said.

Ah Loo was a contestant in 2019 on Bravo’s “Project Runway,” a reality show where fashion designers compete in front of celebrity judges to create runway looks on tight deadlines.

Recently, he designed a garment for the star of the animated Disney movie “Moana 2,” Hawaiian actor Auliʻi Cravalho. According to an interview with Vogue, Cravalho wore the outfit inspired by the Hawaiian ʻahu ʻula — a feather cloak worn by ancient Hawaiian royalty — to the film’s red carpet premiere in Hawaii last November.

A posthumous honor

In an Instagram post Monday, Cravalho said there were “no words to hold the grief of losing” Ah Loo.

“My deepest condolences, sympathies and Aloha to his family, and all who felt his impact,” Cravalho wrote.

Powell and Ah Loo were working on an upcoming August fashion show when he died. Powell said the show will continue and will honor Ah Loo’s unwavering commitment to his community.

Ah Loo also volunteered his time and resources to tailor clothing for people who needed help, often refusing to let people compensate him for his work, Mauga said. Sometimes, he would playfully criticize the outfits the state lawmaker wore on the campaign trail and invite her to his studio so he could make her new blazers or dresses.

“He was just very involved in whatever was going on in the community,” Mauga said. “He cared about making a difference.”

This story was originally featured on Fortune.com

Louisiana is poised to hike taxes on sports betting to pump more than $24 million into athletic departments at the state’s most prominent public universities.

Legislation pending before Gov. Jeff Landry would make Louisiana the first state to raise taxes to fund college sports since a judge approved a landmark settlement with the NCAA allowing schools to directly pay athletes for use of their name, image and likeness (NIL). Anticipating the court’s approval, Arkansas this year became the first to waive state income taxes on NIL payments made to athletes by higher education institutions.

More states seem almost certain to adopt their own creative ways to gain an edge — or at least keep pace — in the rapidly evolving and highly competitive field of college sports.

“These bills, and the inevitable ones that will follow, are intended to make states ’college-athlete friendly,’” said David Carter, founder of the Sports Business Group consultancy and an adjunct professor at the University of Southern California. But “they will no doubt continue to stoke the debate about the `perceived’ preferential treatment afforded athletes.”

The new NCCA rules allowing direct payments to college athletes kick in July 1. In the first year, each Division I school can share up to $20.5 million with its athletes — a figure that may be easier to meet for big-time programs than for smaller schools weighing whether to divert money from other purposes. The settlement also continues to allow college athletes to receive NIL money from third parties, such as donor-backed collectives that support specific schools.

Louisiana bill sponsor: ‘We love football’

The Louisiana legislation won final approval just two days after a judge approved the antitrust settlement between the NCAA and athletes, but it had been in the works for months. Athletic directors from many of Louisiana’s universities met earlier this year and hashed out a plan with lawmakers to relieve some of their financial pressures by dividing a share of the state’s sports betting tax revenue.

The biggest question for lawmakers was how large of a tax increase to support. The initial proposal sought to double the state’s 15% tax on net proceeds from online sports betting. But lawmakers ultimately agreed on a 21.5% tax rate in a compromise with the industry.

One-quarter of the tax revenue from online sports wagering — an estimated $24.3 million — would be split equally among 11 public universities in conferences with Division I football programs. The money must be used “for the benefit of student athletes,” including scholarships, insurance, medical coverage, facility enhancements and litigation settlement fees.

The state tax money won’t provide direct NIL payments to athletes. But it could facilitate that indirectly by freeing up other university resources.

The legislation passed overwhelmingly in the final days of Louisiana’s annual session.

“We love football in Louisiana – that’s the easiest way to say it,” said Republican state Rep. Neil Riser, who sponsored the bill.

Smaller universities are feeling the squeeze

Many colleges and universities across the country have been feeling a financial squeeze, but it’s especially affected the athletic departments of smaller schools.

Athletic departments in the top Division I football conferences take in millions of dollars from media rights, donors, corporate sponsors and ticket sales, with a median of just 7% coming from student fees and institutional and government support, according to the Knight-Newhouse College Athletics Database.

But the remaining schools in Division I football bowl conferences got a median of 63% of the revenue from such sources last year. And schools without football teams got a median of 81% of their athletic department revenues from institutional and governmental support or student fees.

Riser said Louisiana’s smaller universities, in particular, have been struggling financially and have shifted money from their general funds to their sports programs to try to remain competitive. At the same time, the state has taken in millions of dollars of tax revenue from sports bets made at least partly on college athletics.

“Without the athletes, we wouldn’t have the revenue. I just felt like it’s fairness that we do give something back and, at the same time, help the general funds of the universities,” Riser said.

Other states are investing in college sports

Louisiana would become the second state behind North Carolina to dedicate a portion of its sports wagering revenues to colleges athletics. North Carolina launched online sports wagering last year under a state law earmarking part of an 18% tax on gross gaming revenue to the athletic departments at 13 public universities. The state’s two largest institutions were excluded. But that might be about to change.

Differing budget plans passed by the state House and Senate this year both would start allotting sports betting tax revenue to the athletic programs at the University of North Carolina at Chapel Hill and North Carolina State University. The Senate version also would double the tax rate. The proposals come a year after University of North Carolina trustees approved an audit of the athletics department after a preliminary budget projected about $100 million of debt in the years ahead.

Other schools also are taking actions because of deficits in their athletic departments. Last week, University of Kentucky trustees approved a $31 million operating loan for the athletics department as it begins making direct NIL payments to athletes. That came after trustees in April voted to convert the Kentucky athletics department into a limited-liability holding company — Champions Blue LLC — to more nimbly navigate the emerging financial pressures.

Given the money involved in college athletics, it’s not surprising that states are starting to provide tax money to athletic departments or — as in Arkansas’ case — tax relief to college athletes, said Patrick Rishe, executive director of the sports business program at Washington University in St. Louis.

“If you can attract better athletes to your schools and your states, then this is more visibility to your states, this is more potential out-of-town economic activity for your state,” Rishe said. “I do think you’re going to see many states pursue this, because you don’t want to be the state that’s left exposed or at a disadvantage.”

This story was originally featured on Fortune.com

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President Donald Trump suggested on Tuesday that he would likely extend a deadline for TikTok’s Chinese owner to divest the popular video sharing app.

Trump had signed an order in early April to keep TikTok running for another 75 days after a potential deal to sell the app to American owners was put on ice.

“Probably yeah, yeah,” he responded when asked by reporters on Air Force One whether the deadline would be extended again.

“Probably have to get China approval but I think we’ll get it. I think President Xi will ultimately approve it.”

He indicated in an interview last month with NBC that he would be open to pushing back the deadline again.

If announced, it would be the third time Trump has extended the deadline. The first one was through an executive order on Jan. 20, his first day in office, after the platform went dark briefly when the ban approved by Congress — and upheld by the U.S. Supreme Court — took effect. The second was in April, when White House officials believed they were nearing a deal to spin off TikTok into a new company with U.S. ownership that fell apart after China backed out following Trump’s tariff announcement.

It is not clear how many times Trump can — or will — keep extending the ban as the government continues to try to negotiate a deal for TikTok, which is owned by China’s ByteDance. Trump has amassed more than 15 million followers on TikTok since he joined last year, and he has credited the trendsetting platform with helping him gain traction among young voters. He said in January that he has a “warm spot for TikTok.”

This story was originally featured on Fortune.com

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WASHINGTON (AP) — Retail sales fell sharply in May as consumers pulled back from a spending surge early this year to get ahead of President Donald Trump’s sweeping tariffs on nearly all imports.

Sales at retail stores and restaurants dropped 0.9% in May, the Commerce Department said Tuesday, after a decline of 0.1% in April. The figure was pulled down by a steep drop in auto sales, after Americans ramped up their car-buying in March to get ahead of Trump’s 25% duty on imported cars and car parts. Excluding autos, sales fell 0.3%.

The sales drop is hitting after sharp declines in consumer confidence this year. Still, inflation has cooled steadily and unemployment remains low, which could fuel steady spending in the coming months, as the economy has remained mostly solid.

A category of sales that excludes volatile sectors such as gas, cars, and restaurants rose last month by 0.4%, a sign that consumers are still spending on some discretionary items.

Overall, the report suggests consumers have pulled back a bit but not dramatically so. The retail sales report covers about one-third of consumer spending, with the other two-thirds consisting of spending on services. Economists expect overall consumer spending to grow in the April-June quarter.

“Today’s data suggests consumers are downshifting, but they haven’t yet slammed the brakes,” Ellen Zentner, chief economic strategist for Morgan Stanley wealth management, said in an email. “Like the economy as a whole, consumer spending has been resilient in the face of tariff uncertainty.”

Yet many categories saw sharp declines. Car sales plunged 3.5%, while sales at home and garden centers dropped 2.7%. They fell 0.6% at electronics and appliance stores and 0.7% at grocery stores. There were some bright spots: Sales rose 0.9% at online retailers, 0.8% at clothing stores, and 1.2% at furniture stores.

Sales at restaurants and bars, a closely watched indicator of discretionary spending, fell 0.9% in May, though that followed a solid gain of 0.8% in April.

It is a difficult time for retailers, many of whom built up large inventories this spring after Trump warned that he would impose widespread import taxes. Traffic at the port in Los Angeles has fallen sharply in recent weeks, suggesting fewer goods are entering the United States.

Some consumer products companies say they are seeing the impact of tariffs on their own costs and sales.

Paul Cosaro, CEO of Picnic Time, Inc, which makes picnic accessories like baskets, coolers, and folding chairs, said that orders from retailers are down as much as 40% this summer compared with a year ago. His company sells to a variety of stores like Target and Williams-Sonoma.

Cosaro noted that some stores have been cautious because they’re not sure how shoppers will react to higher prices. Some cancelled orders because Cosaro couldn’t tell them how much the new prices would be due to all the uncertainty. Roughly 80% of the company’s goods are made in China, with the rest in India and Vietnam.

The company, founded roughly 40 years ago and based in Moorpark, California, was forced to raise prices on average from 11% to 14% for this summer selling season, Cosaro said.

A folding outdoor chair now costs $137 this month, up from $120 in late 2024, he added. The company’s sales are still down this year, even though some shoppers accelerated their purchases out of concern that prices would rise.

“Shoppers are very price sensitive,” Cosaro said.

The company has implemented a hiring freeze because of all the extra tariff costs, he added. So far this year the company, which employs from 70 to 100 people, has had to pay $1 million in tariffs. A year ago at this time, the bill was a third of that amount.

The retail sales report comes as other evidence indicates shoppers have been pulling back more amid worries about higher prices from Trump’s tariffs.

Naveen Jaggi, president of retail advisory services in the Americas for real-estate firm JLL, said that he’s hearing from malls that sales are slowing down heading into the official summer months. Retailers are pushing up back-to-school promotions to this month from July, he said. They want to get shoppers in early for fear consumers may not want to spend in the later months when prices will likely go up, he said.

So far, Trump’s tariffs haven’t yet boosted inflation. Consumer prices rose just 2.4% in May compared with a year ago, the government said last week.

Many stores and brands, including Walmart, Lululemon, and J.M. Smucker Co., have said they plan to or have raised prices in response to tariffs.

Deckers Outdoor, which is behind such shoe labels as Hoka and Uggs, said late last month that it plans price increases, which will likely hurt sales.

“We expect to absorb a portion of the tariff impact,” Chief Financial Officer Steven Fasching told analysts. “We also believe there is potential to see demand erosion associated with the combination of price increases and general softness in the consumer spending environment.”

This story was originally featured on Fortune.com

© Gary Hershorn—Getty Images

WASHINGTON (AP) — The Senate is expected to approve legislation Tuesday that would regulate a form of cryptocurrency known as stablecoins, the first of what is expected to be a wave of crypto legislation from Congress that the industry hopes will bolster its legitimacy and reassure consumers.

The fast-moving legislation, which will be sent to the House for potential revisions, comes on the heels of a 2024 campaign cycle where the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.

Eighteen Democratic senators have shown support for the legislation as it has advanced, siding with the Republican majority in the 53-47 Senate. If passed, it would become the second major bipartisan bill to advance through the Senate this year, following the Laken Riley Act on immigration enforcement in January.

Still, most Democrats oppose the bill. They have raised concerns that the measure does little to address President Donald Trump’s personal financial interests in the crypto space.

“We weren’t able to include certainly everything we would have wanted, but it was a good bipartisan effort,” said Sen. Angela Alsobrooks, D-Md., on Monday. She added, “This is an unregulated area that will now be regulated.”

Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.”

It’s expected to pass Tuesday, since it only requires a simple majority vote — and it already cleared its biggest procedural hurdle last week in a 68-30 vote. But the bill has faced more resistance than initially expected.

There is a provision in the bill that bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House.

Last month, Trump hosted a private dinner at his golf club in Virginia with top investors in a Trump-branded meme coin. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin, USD1.

Trump reported earning $57.35 million from token sales at World Liberty Financial in 2024, according to a public financial disclosure released Friday. A meme coin linked to him has generated an estimated $320 million in fees, though the earnings are split among multiple investors.

The administration is broadly supportive of crypto’s growth and its integration into the economy. Treasury Secretary Scott Bessent last week said the legislation could help push the U.S. stablecoin market beyond $2 trillion by the end of 2028.

Brian Armstrong, CEO of Coinbase — the nation’s largest crypto exchange and a major advocate for the bill — has met with Trump and praised his early moves on crypto. This past weekend, Coinbase was among the more prominent brands that sponsored a parade in Washington commemorating the Army’s 250th anniversary — an event that coincided with Trump’s 79th birthday.

But the crypto industry emphasizes that they view the legislative effort as bipartisan, pointing to champions on each side of the aisle.

“The GENIUS Act will be the most significant digital assets legislation ever to pass the U.S. Senate,” Senate Banking Committee Chair Tim Scott, R-S.C., said ahead of a key vote last week. “It’s the product of months of bipartisan work.”

The bill did hit one rough patch in early May, when a bloc of Senate Democrats who had previously supported the bill reversed course and voted to block it from advancing. That prompted new negotiations involving Senate Republicans, Democrats and the White House, which ultimately produced the compromise version expected to win passage Tuesday.

“There were many, many changes that were made. And ultimately, it’s a much better deal because we were all at the table,” Alsobrooks said.

Still, the bill leaves unresolved concerns over presidential conflicts of interest — an issue that remains a source of tension within the Democratic caucus.

Sen. Elizabeth Warren, D-Mass., has been among the most outspoken as the ranking member on the Senate Banking Committee, warning that the bill creates a “super highway” for Trump corruption. She has also warned that the bill would allow major technology companies, such as Amazon and Meta, to launch their own stablecoins.

If the stablecoin legislation passes the Senate on Tuesday, it still faces several hurdles before reaching the president’s desk. It must clear the narrowly held Republican majority in the House, where lawmakers may try to attach a broader market structure bill — sweeping legislation that could make passage through the Senate more difficult.

Trump has said he wants stablecoin legislation on his desk before Congress breaks for its August recess, now just under 50 days away.

This story was originally featured on Fortune.com

© Ian Maule / AFP—Getty Images

NEW YORK (AP) — Former U.S. Sen. Bob Menendez arrived at a federal prison on Tuesday to begin serving an 11-year sentence for accepting bribes of gold and cash and acting as an agent of Egypt. The New Jersey Democrat has been mocked for the crimes as “Gold Bar Bob,” according to his own lawyer.

The federal Bureau of Prisons confirmed that Menendez was in custody at the Federal Correctional Institution, Schuylkill in Minersville, Pennsylvania. The facility has a medium-security prison and a minimum-security prison camp. Given the white-collar nature of his crimes, it’s likely he’ll end up in the camp.

The prison is about 118 miles (190 kilometers) west of New York City. It’s home to about 1,200 inmates, including ex-New York City organized crime boss James Coonan and former gas station owner Gurmeet Singh Dhinsa, whom the New York Post dubbed “Gas-Station Gotti” for his ruthless, violent ways.

Menendez, 71, maintains his innocence. Last week, a federal appeals court rejected his last-ditch effort to remain free on bail while he fights to get his bribery conviction overturned. A three-judge panel on the 2nd U.S. Circuit Court of Appeals denied his bail motion.

Pleading for leniency, Menendez told a judge at his sentencing in January: “I am far from a perfect man. I have made more than my share of mistakes and bad decisions. I’ve done far more good than bad.”

Menendez has also appeared to be angling for a pardon from President Donald Trump, aligning himself with the Republican’s criticisms of the judicial system, particularly in New York City.

“This process is political and it’s corrupted to the core. I hope President Trump cleans up the cesspool and restores the integrity to the system,” Menendez told reporters after his January sentencing.

In posts Tuesday on the social platform X that were later deleted, Menendez criticized prosecutors as politically motivated and opposed to his foreign policy views and praised Trump for “rising above the law fare.”

Menendez resigned last year after he was convicted of selling his clout for bribes. FBI agents found $480,000 in cash in his home, some of it stuffed inside boots and jacket pockets, along with gold bars worth an estimated $150,000 and a luxury convertible in the garage.

In exchange, prosecutors said, Menendez performed corrupt favors for New Jersey business owners, including protecting them from criminal investigations, helping in business deals with foreign powers and meeting with Egyptian intelligence officials before helping Egypt access $300 million in U.S. military aid.

Menendez, who once chaired the Senate Foreign Relations Committee, resigned a month after his conviction. He had been in the Senate since 2006.

Two business owners were also convicted last year along with Menendez.

His wife, Nadine Menendez, was convicted in April of teaming up with her husband to accept bribes from the business owners. Her sentencing is scheduled for Sept. 11.

At his sentencing, Menendez’s lawyers described how the son of Cuban immigrants emerged from poverty to become “the epitome of the American Dream” — rising from mayor of Union City, New Jersey, to decades in Congress — before his conviction “rendered him a national punchline.”

“Despite his decades of service, he is now known more widely as Gold Bar Bob,” defense lawyer Adam Fee told the judge.

This story was originally featured on Fortune.com

© Yuki Iwamura / Bloomberg—Getty Images

The man charged with killing one Minnesota lawmaker and wounding another in what prosecutors have described as a meticulously planned attack, had dozens of apparent targets, including officials in at least three other states.

Vance Boelter allegedly made it to the homes of two other legislators on the night of the attacks, but one was on vacation and the suspect left the other house after police arrived, acting U.S. Attorney Joseph Thompson said Monday.

All of the politicians named in his writing were Democrats, including more than 45 state and federal officials in Minnesota, Thompson said. Elected leaders in Michigan, Ohio and Wisconsin said they, too, were mentioned in his writings.

Investigators say Boelter appeared to spend months preparing for the shootings — the latest in a string of political attacks across the U.S.

In Minnesota, Boelter carried out surveillance missions, took notes on the homes and people he targeted, and disguised himself as a police officer just before the shootings, Thompson said.

“It is no exaggeration to say that his crimes are the stuff of nightmares,” he said.

Boelter surrendered to police Sunday night after they found him in the woods near his home after a massive two-day search. He is accused of fatally shooting former Democratic House Speaker Melissa Hortman and her husband, Mark, in their home early Saturday in the northern Minneapolis suburbs.

Authorities say he also shot and wounded Sen. John Hoffman, a Democrat, and his wife, Yvette, who lived a few miles away.

Federal prosecutors charged Boelter, 57, with murder and stalking, which could result in a death sentence if convicted. He already faces state charges, including murder and attempted murder. At a federal court hearing Monday in St. Paul, Boelter said he could not afford an attorney. A federal public defender was appointed to represent him, and he was being held without bail pending a court appearance next week.

Manny Atwal, his lead attorney, declined to comment, saying the office just got the case.

Notebooks show careful planning

Boelter had many notebooks full of plans, Thompson said. Underscoring what law enforcement officials said was the premeditated nature of the attacks, one notebook contained a list of internet-based people search engines, according to court records.

But authorities have not found any writings that would “clearly identify what motivated him,” Thompson said. He said it was also too soon to speculate on any sort of political ideology.

Democratic Rep. Esther Agbaje, whose district includes parts of Minneapolis, said she stayed with friends and family over the weekend after learning that her name appeared on the list of targets.

In texts, the suspect said he ‘went to war’

Authorities declined to reveal the names of the other two lawmakers whose homes were targeted but escaped harm. Democratic Sen. Ann Rest said she was told the suspect parked near her home early Saturday. She said in a statement that the “quick action” of law enforcement officers saved her life.

Boelter sent a text to a family group chat after the shootings that said: “Dad went to war last night … I don’t wanna say more because I don’t wanna implicate anybody,” according to an FBI affidavit.

His wife got another text that said: “Words are not gonna explain how sorry I am for this situation … there’s gonna be some people coming to the house armed and trigger-happy and I don’t want you guys around,” the affidavit said.

Police later found his wife in a car with her children. Officers found two handguns, about $10,000 in cash and passports for the wife and her children, according to the affidavit.

Just hours after the shootings Saturday, Boelter bought an electric bike and a Buick sedan from someone he met at a bus stop in Minneapolis, the federal affidavit said. Police found the sedan abandoned on a highway Sunday morning.

In the car, officers found a cowboy hat Boelter had been seen wearing in surveillance footage as well as a letter written to the FBI, authorities said. The letter said it was written by “Dr. Vance Luther Boulter” and he was “the shooter at large.”

The car was found in rural Sibley County, where Boelter owned a home.

Coordinated attacks on legislators

The Hoffmans were attacked first at their home in Champlin. Their adult daughter called 911 to say a masked person had come to the door and shot her parents.

Boelter had shown up carrying a flashlight and a 9 mm handgun and wearing a black tactical vest and a “hyper-realistic” silicone mask, Thompson said.

He first knocked and shouted: “This is police.” At one point, the Hoffmans realized he was wearing a mask and Boelter told them “this is a robbery.” After Sen. Hoffman tried to push Boelter out the door, Boelter shot him repeatedly and then shot his wife, the prosecutor said.

A statement released Sunday by Yvette Hoffman said her husband underwent several surgeries after being hit by nine bullets.

After hearing about a lawmaker being shot, officers arrived just in time to see Boelter shoot Mark Hortman through the open door of the home, according to the complaint. They exchanged gunfire with Boelter, who fled into the home before escaping, the complaint said. Melissa Hortman was found dead inside, according to the document. Their dog also was shot and had to be euthanized.

Search for motive continues

Writings recovered from the fake police vehicle included the names of lawmakers and community leaders, along with abortion rights advocates and information about health care facilities, said two law enforcement officials who spoke to The Associated Press on condition of anonymity because they were not authorized to discuss details of the ongoing investigation.

Friends and former colleagues interviewed by the AP describe Boelter as a devout Christian who attended an evangelical church and went to campaign rallies for President Donald Trump.

Boelter also is a former political appointee who served on the same state workforce development board as Hoffman, records show, though it was not clear if they knew each other.

This story was originally featured on Fortune.com

© Cedric Hohnstadt via AP

The Senate is expected to approve legislation Tuesday that would regulate a form of cryptocurrency known as stablecoins, the first of what is expected to be a wave of crypto legislation from Congress that the industry hopes will bolster its legitimacy and reassure consumers.

The fast-moving legislation, which will be sent to the House for potential revisions, comes on the heels of a 2024 campaign cycle where the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.

Eighteen Democratic senators have shown support for the legislation as it has advanced, siding with the Republican majority in the 53-47 Senate. If passed, it would become the second major bipartisan bill to advance through the Senate this year, following the Laken Riley Act on immigration enforcement in January.

Still, most Democrats oppose the bill. They have raised concerns that the measure does little to address President Donald Trump’s personal financial interests in the crypto space.

“We weren’t able to include certainly everything we would have wanted, but it was a good bipartisan effort,” said Sen. Angela Alsobrooks, D-Md., on Monday. She added, “This is an unregulated area that will now be regulated.”

Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.”

It’s expected to pass Tuesday, since it only requires a simple majority vote — and it already cleared its biggest procedural hurdle last week in a 68-30 vote. But the bill has faced more resistance than initially expected.

There is a provision in the bill that bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House.

Trump hosted a private dinner last month at his golf club with top investors in a Trump-branded meme coin. His family holds a large stake in World Liberty Financial, a crypto project that provides yet another avenue where investors are buying in and enriching the president’s relatives. World Liberty has launched its own stablecoin, USD1.

The administration is broadly supportive of crypto’s growth and its integration into the economy. Treasury Secretary Scott Bessent last week said the legislation could help push the U.S. stablecoin market beyond $2 trillion by the end of 2028.

Brian Armstrong, CEO of Coinbase — the nation’s largest crypto exchange and a major advocate for the bill — has met with Trump and praised his early moves on crypto. This past weekend, Coinbase was among the more prominent brands that sponsored a parade in Washington commemorating the Army’s 250th anniversary — an event that coincided with Trump’s 79th birthday.

But the crypto industry emphasizes that they view the legislative effort as bipartisan, pointing to champions on each side of the aisle.

“The GENIUS Act will be the most significant digital assets legislation ever to pass the U.S. Senate,” Senate Banking Committee Chair Tim Scott, R-S.C., said ahead of a key vote last week. “It’s the product of months of bipartisan work.”

The bill did hit one rough patch in early May, when a bloc of Senate Democrats who had previously supported the bill reversed course and voted to block it from advancing. That prompted new negotiations involving Senate Republicans, Democrats and the White House, which ultimately produced the compromise version expected to win passage Tuesday.

“There were many, many changes that were made. And ultimately, it’s a much better deal because we were all at the table,” Alsobrooks said.

Still, the bill leaves unresolved concerns over presidential conflicts of interest — an issue that remains a source of tension within the Democratic caucus.

Sen. Elizabeth Warren, D-Mass., has been among the most outspoken as the ranking member on the Senate Banking Committee, warning that the bill creates a “super highway” for Trump corruption. She has also warned that the bill would allow major technology companies, such as Amazon and Meta, to launch their own stablecoins.

If the stablecoin legislation passes the Senate on Tuesday, it still faces several hurdles before reaching the president’s desk. It must clear the narrowly held Republican majority in the House, where lawmakers may try to attach a broader market structure bill — sweeping legislation that could make passage through the Senate more difficult.

Trump has said he wants stablecoin legislation on his desk before Congress breaks for its August recess, now just under 50 days away.

This story was originally featured on Fortune.com

© Richard Drew—AP

U.S. President Donald Trump and British Prime Minister Keir Starmer said Monday that they had signed a trade deal that will slash tariffs on U.K. auto and aerospace industry imports — but they are still discussing how to handle steel production.

The pair spoke to reporters at the Group of Seven summit in the Canadian Rockies, with Trump brandishing the pages of what he said was a long-awaited agreement. The rollout was anything but smooth, however, as Trump dropped the papers and at first said his administration had reached an agreement with the European Union when he meant the United Kingdom.

The president nonetheless insisted the pact is “a fair deal for both” and would “produce a lot of jobs, a lot of income.”

“We just signed it,” Trump said, “and it’s done.”

Starmer said it meant “a very good day for both our countries, a real sign of strength.”

Reaching an agreement is significant as Trump has threatened much of the world with steep import tariffs that have unsettled markets and raised the possibility of a global trade war.

He has since backed off on many of his proposed levies but also continued to suggest that administration officials were furiously negotiating new trade pacts with dozens of countries — even as few have actually materialized.

Trump said “the U.K. is very well protected,” from tariffs. “You know why? Because I like them.”

The signing of the deal at the G7 followed Trump and Starmer’s announcement in May that they’d reached a framework for a trade pact that would slash U.S. import taxes on British cars, steel and aluminum in return for greater access to the British market for U.S. products, including beef and ethanol.

But Monday’s agreement fully covers only British cars and aerospace materials, with more work to come on steel.

The British government said the new agreement removes U.S. tariffs on U.K. aerospace products, exempting Britain from a 10% levy the Trump White House has sought to impose on all other countries — a boost to British firms, including engine-maker Rolls-Royce.

It also sets the tax on British autos at 10% from the end of the month, down from the current 27.5%, up to a quota of 100,000 vehicles a year.

U.K. Business and Trade Secretary Jonathan Reynolds said the deal protects “jobs and livelihoods in some of our most vital sectors.” Mike Hawes, chief executive of Britain’s Society of Motor Manufacturers and Traders, said it was “great news for the U.K. automotive industry.”

But there was no final agreement to cut the tax on British steel to zero as originally foreseen — seen as vital to preserving the U.K.’s beleaguered steel industry. Britain’s steel output has fallen 80% since the late 1960s due to high costs and the rapid growth of cheaper Chinese production.

Monday’s agreement fleshes out the terms of the framework deal announced in May. That framework didn’t immediately take effect, leaving British businesses uncertain about whether the U.K. could be exposed to any surprise hikes from Trump.

British businesses, and the U.K. government, were then blindsided earlier this month when Trump doubled metals tariffs on countries around the world to 50%. He later clarified the level would remain at 25% for the U.K.

After the two leaders spoke, the White House released a statement seeking to clarify matters, saying that with respect to steel and aluminum, Commerce Secretary Howard Lutnick will “determine a quota of products that can enter the United States without being subject” to previous tariffs imposed by the Trump administration.

The British government said Monday that the plan was still for “0% tariffs on core steel products as agreed.”

Trump’s executive order authorizing the deal contained several references to security of supply chains, reflecting the U.S. administration’s concerns about China. It said the U.K. “committed to working to meet American requirements on the security of the supply chains of steel and aluminum products intended for export to the United States.”

There also was no final deal on pharmaceuticals, where “work will continue,” the U.K. said.

The deal signed Monday also confirms that American farmers can export 13,000 metric tons (29 million pounds) of beef to the U.K. each year, and vice versa — though a British ban on hormone-treated beef remains in place.

This story was originally featured on Fortune.com

© Mark Schiefelbein—AP

Senate Republicans on Monday proposed deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making President Donald Trump’s tax breaks more permanent in draft legislation unveiled for his “big, beautiful bill.”

The proposals from Republicans keep in place the current $10,000 deduction of state and local taxes, called SALT, drawing quick blowback from GOP lawmakers from New York and other high-tax states, who fought for a $40,000 cap in the House-passed bill. Senators insisted negotiations continue.

The Senate draft also enhances Trump’s proposed new tax break for seniors, with a bigger $6,000 deduction for low- to moderate-income senior households earning no more than $75,000 a year for singles, $150,000 for couples.

All told, the text unveiled by the Senate Finance Committee Republicans provides the most comprehensive look yet at changes the GOP senators want to make to the 1,000-page package approved by House Republicans last month. GOP leaders are pushing to fast-track the bill for a vote by Trump’s Fourth of July deadline.

Sen. Mike Crapo, R-Idaho, the chairman, said the proposal would prevent a tax hike and achieve “significant savings” by slashing green energy funds “and targeting waste, fraud and abuse.”

It comes as Americans broadly support levels of funding for popular safety net programs, according to the poll from The Associated Press-NORC Center for Public Affairs Research. Many Americans see Medicaid and food assistance programs as underfunded.

What’s in the big bill, so far

Trump’s big bill is the centerpiece of his domestic policy agenda, a hodgepodge of GOP priorities all rolled into what he calls the “beautiful bill” that Republicans are trying to swiftly pass over unified opposition from Democrats — a tall order for the slow-moving Senate.

Fundamental to the package is the extension of some $4.5 trillion in tax breaks approved during his first term, in 2017, that are expiring this year if Congress fails to act. There are also new ones, including no taxes on tips, as well as more than $1 trillion in program cuts.

After the House passed its version, the nonpartisan Congressional Budget Office estimated the bill would add $2.4 trillion to the nation’s deficits over the decade, and leave 10.9 fewer people without health insurance, due largely to the proposed new work requirements and other changes.

The biggest tax breaks, some $12,000 a year, would go to the wealthiest households, CBO said, while the poorest would see a tax hike of roughly $1,600. Middle-income households would see tax breaks of $500 to $1,000 a year, CBO said.

Both the House and Senate packages are eyeing a massive $350 billion buildup of Homeland Security and Pentagon funds, including some $175 billion for Trump’s mass deportation efforts, such as the hiring of 10,000 more officers for Immigration and Customs Enforcement, or ICE.

This comes as protests over deporting migrants have erupted nationwide — including the stunning handcuffing of Sen. Alex Padilla last week in Los Angeles — and as deficit hawks such as Kentucky Sen. Rand Paul are questioning the vast spending on Homeland Security.

Senate Democratic Leader Chuck Schumer warned that the Senate GOP’s draft “cuts to Medicaid are deeper and more devastating than even the Republican House’s disaster of a bill.”

Tradeoffs in bill risk GOP support

As the package now moves to the Senate, the changes to Medicaid, SALT and green energy programs are part of a series of tradeoffs GOP leaders are making as they try to push the package to passage with their slim majorities, with almost no votes to spare.

But criticism of the Senate’s version came quickly after House Speaker Mike Johnson warned senators off making substantial changes.

“We have been crystal clear that the SALT deal we negotiated in good faith with the Speaker and the White House must remain in the final bill,” the co-chairs of the House SALT caucus, Reps. Young Kim, R-Calif., and Andrew Garbarino, R-N.Y., said in a joint statement Monday.

Republican Rep. Nicole Malliotakis of New York posted on X that the $10,000 cap in the Senate bill was not only insulting, but a “slap in the face to the Republican districts that delivered our majority and trifecta” with the White House.

Medicaid and green energy cuts

Some of the largest cost savings in the package come from the GOP plan to impose new work requirements on able-bodied single adults, ages 18 to 64 and without dependents, who receive Medicaid, the health care program used by 80 million Americans.

While the House first proposed the new Medicaid work requirement, it exempted parents with dependents. The Senate’s version broadens the requirement to include parents of children older than 14, as part of their effort to combat waste in the program and push personal responsibility.

Already, the Republicans had proposed expanding work requirements in the Supplemental Nutritional Assistance Program, known as SNAP, to include older Americans up to age 64 and parents of school-age children older than 10. The House had imposed the requirement on parents of children older than 7.

People would need to work 80 hours a month or be engaged in a community service program to qualify.

One Republican, Missouri Sen. Josh Hawley, has joined a few others pushing to save Medicaid from steep cuts — including to the so-called provider tax that almost all states levy on hospitals as a way to help fund their programs.

The Senate plan proposes phasing down that provider tax, which is now up to 6%. Starting in 2027, the Senate looks to gradually lower that threshold until it reaches 3.5% in 2031, with exceptions for nursing homes and intermediate care facilities.

Hawley slammed the Senate bill’s changes on the provider tax. “This needs a lot of work. It’s really concerning and I’m really surprised by it,” he said. “Rural hospitals are going to be in bad shape.”

The Senate also keeps in place the House’s proposed new $35-per-service co-pay imposed on some Medicaid patients who earn more than the poverty line, which is about $32,000 a year for a family of four, with exceptions for some primary, prenatal, pediatric and emergency room care.

And Senate Republicans are seeking a slower phase-out of some Biden-era green energy tax breaks to allow continued develop of wind, solar and other projects that the most conservative Republicans in Congress want to end more quickly. Tax breaks for electric vehicles would be immediately eliminated.

Conservative Republicans say the cuts overall don’t go far enough, and they oppose the bill’s provision to raise the national debt limit by $5 trillion to allow more borrowing to pay the bills.

“We’ve got a ways to go on this one,” said Sen. Ron Johnson, R-Wis.

This story was originally featured on Fortune.com

© J. Scott Applewhite—AP

President Donald Trump abruptly left the Group of Seven summit Monday, departing a day early as the conflict between Israel and Iran intensified and the U.S. leader declared that Tehran should be evacuated “immediately.”

World leaders had gathered in Canada with the specific goal of helping to defuse a series of global pressure points, only to be disrupted by a showdown over Iran’s nuclear program that could escalate in dangerous and uncontrollable ways. Israel launched an aerial bombardment campaign against Iran four days ago.

At the summit, Trump warned that Tehran needs to curb its nuclear program before it’s “too late.” He said Iranian leaders would “like to talk” but they had already had 60 days to reach an agreement on their nuclear ambitions and failed to do so before the Israeli aerial assault began. “They have to make a deal,” he said.

Asked what it would take for the U.S. to get involved in the conflict militarily, Trump said Monday morning, “I don’t want to talk about that.“

So far, Israel has targeted multiple Iranian nuclear program sites but has not been able to destroy Iran’s Fordo uranium enrichment facility.

The site is buried deep underground — and to eliminate it, Israel may need the 30,000-pound (14,000-kilogram) GBU-57 Massive Ordnance Penetrator, the U.S. bunker-busting bomb that uses its weight and sheer kinetic force to reach deeply buried targets. Israel does not have the munition or the bomber needed to deliver it. The penetrator is currently delivered by the B-2 stealth bomber.

By Monday afternoon, Trump warned ominously on social media, “Everyone should immediately evacuate Tehran!” Shortly after that, Trump decided to leave the summit and skip a series of Tuesday meetings that would address the ongoing war in Ukraine and global trade issues.

As Trump posed for a picture Monday evening with the other G7 leaders, he said simply, “I have to be back, very important.”

Canadian Prime Minister Mark Carney, the host, said, “I am very grateful for the president’s presence and I fully understand.”

Crises abound

The sudden departure only heightened the drama of a world that seems on verge of several firestorms. Trump already has hit several dozen nations with severe tariffs that risk a global economic slowdown. There has been little progress on settling the wars in Ukraine and Gaza.

But in a deeper sense, Trump saw a better path in the United States taking solitary action, rather than in building a consensus with the other G7 nations of Canada, France, Germany, Italy, Japan and the United Kingdom.

British Prime Minister Keir Starmer, French President Emmanuel Macron, Italian Premier Giorgia Meloni and German Chancellor Friedrich Merz held an hourlong informal meeting soon after arriving at the summit late Sunday to discuss the widening conflict in the Mideast, Starmer’s office said.

And Merz told reporters that Germany was planning to draw up a final communique proposal on the Israel-Iran conflict that will stress that “Iran must under no circumstances be allowed to acquire nuclear weapons-capable material.”

The G7 leaders all signed a joint statement Monday night saying Iran “can never have a nuclear weapon” as they urged a “broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.”

Trump, for his part, said Iran “is not winning this war. And they should talk and they should talk immediately before it’s too late.”

But by early Monday evening, as he planned to depart Kananaskis and the Canadian Rocky Mountains, Trump seemed willing to push back against his own supporters who believe the U.S. should embrace a more isolationist approach to world affairs. It was a sign of the heightened military, political and economic stakes in a situation evolving faster than the summit could process.

“AMERICA FIRST means many GREAT things, including the fact that, IRAN CAN NOT HAVE A NUCLEAR WEAPON. MAKE AMERICA GREAT AGAIN!!!” Trump posted on Truth Social, his social media platform.

It’s unclear how much Trump values the perspective of other members of the G7, a group he immediately criticized while meeting with Carney. The U.S. president said it was a mistake to remove Russia from the summit’s membership in 2014 and doing so had destabilized the world. He also suggested he was open to adding China to the G7.

High tension

As the news media was escorted from the summit’s opening session, Carney could be heard as he turned to Trump and referenced how the U.S. leader’s remarks about the Middle East, Russia and China had already drawn attention to the summit.

“Mr. President, I think you’ve answered a lot of questions already,” Carney said.

The German, U.K., Japanese and Italian governments had each signaled a belief that a friendly relationship with Trump this year can help keep public drama at a minimum, after the U.S. president in 2018 opposed a joint communique when the G7 summit was last held in Canada.

Going into the summit, there was no plan for a joint statement this year.

The G7 originated as a 1973 finance ministers’ meeting to address the oil crisis and evolved into a yearly summit meant to foster personal relationships among world leaders and address global problems. It briefly expanded to the G8 with Russia as a member, only for Russia to be expelled in 2014 after annexing Crimea and taking a foothold in Ukraine that preceded its aggressive 2022 invasion of that nation.

Beyond Carney and Starmer, Trump had bilateral meetings or pull-aside conversations with Merz, Japanese Prime Minister Shigeru Ishiba and European Commission President Ursula von der Leyen.

He talked with Macron about “tariffs, the situation in the Near and Middle East, and the situation in Ukraine,” according to Macron spokesperson Jean-Noël Ladois.

On Tuesday, Trump had been scheduled before his departure to meet with Mexican President Claudia Sheinbaum and Ukrainian President Volodymyr Zelenskyy. Zelenskyy said one of the topics for discussion would be a “defense package” that Ukraine is ready to purchase from the U.S. as part of the ongoing war with Russia, a package whose status might now be uncertain.

Tariff talk

The U.S. president has imposed 50% tariffs on steel and aluminum as well as 25% tariffs on autos. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire.

He announced with Starmer that they had signed a trade framework Monday that was previously announced in May. The trade framework included quotas to protect against some tariffs, but the 10% baseline would largely remain as the Trump administration is banking on tariff revenues to help cover the cost of its income tax cuts.

Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, through some products are still protected under the 2020 U.S.-Mexico-Canada Agreement signed during Trump’s first term.

Merz said of trade talks that “there will be no solution at this summit, but we could perhaps come closer to a solution in small steps.”

Carney’s office said after the Canadian premier met with Trump on trade that “the leaders agreed to pursue negotiations toward a deal within the coming 30 days.”

This story was originally featured on Fortune.com

© SUZANNE PLUNKETT—POOL/AFP via Getty Images

LEAVENWORTH, Kan. (AP) — Leavenworth, Kansas, occupies a mythic space in American crime, its name alone evoking a short hand for serving hard time. The federal penitentiary housed gangsters Al Capone and Machine Gun Kelly — in a building so storied that it inspired the term “the big house.”

Now Kansas’ oldest city could soon be detaining far less famous people, migrants swept up in President Donald Trump’s promise of mass deportations of those living in the U.S. illegally.

The federal government has signed a deal with the private prison firm CoreCivic Corp. to reopen a 1,033-bed prison in Leavenworth as part of a surge of contracts U.S. Immigration and Customs Enforcement has issued without seeking competitive bids.

ICE has cited a “compelling urgency” for thousands more detention beds, and its efforts have sent profit estimates soaring for politically connected private companies, including CoreCivic, based in the Nashville, Tennessee, area and another giant firm, The Geo Group Inc., headquartered in southern Florida.

That push faces resistance. Leavenworth filed a lawsuit against CoreCivic after it tried to reopen without city officials signing off on the deal, quoting a federal judge’s past description of the now-shuttered prison as “a hell hole.” The case in Leavenworth serves as another test of the limits of the Republican president’s unusually aggressive tactics to force migrant removals.

To get more detention beds, the Trump administration has modified dozens of existing agreements with contractors and used no-bid contracts. One pays $73 million to a company led by former federal immigration officials for “immigration enforcement support teams” to handle administrative tasks, such as helping coordinate removals, triaging complaints or telling ICE if someone is a risk to community safety.

Just last week , Geo Group announced that ICE modified a contract for an existing detention center in southeastern Georgia so that the company could reopen an idle prison on adjacent land to hold 1,868 migrants — and earn $66 million in annual revenue.

“Never in our 42-year company history have we had so much activity and demand for our services as we are seeing right now,” said CoreCivic CEO Damon Hininger during an earnings call last month with shareholders.

A tax-cutting and budget reconciliation measure approved last month by the House includes $45 billion over four years for immigrant detention, a threefold spending increase. The Senate is now considering that legislation.

Declaring an emergency to expedite contracts

When Trump started his second term in January, CoreCivic and Geo had around 20 idle facilities, partly because of sentencing reforms that reduced prison populations. But the Trump administration wants to more than double the existing 41,000 beds for detaining migrants to at least 100,000 beds and — if private prison executives’ predictions are accurate — possibly to more than 150,000.

ICE declared a national emergency on the U.S. border with Mexico as part of its justification for authorizing nine five-year contracts for a combined 10,312 beds without “Full and Open Competition.”

Only three of the nine potential facilities were listed in ICE’s document: Leavenworth, a 2,560-bed CoreCivic-owned facility in California City, California, and an 1,800-bed Geo-owned prison in Baldwin, Michigan.

The agreement for the Leavenworth facility hasn’t been released, nor have documents for the other two sites. CoreCivic and Geo Group officials said last month on earnings calls that ICE used what are known as letter contracts, meant to speed things up when time is critical.

Charles Tiefer, a contract expert and professor emeritus of law at the University of Baltimore Law School, said letter contracts normally are reserved for minor matters, not the big changes he sees ICE making to previous agreements.

“I think that a letter contract is a pathetic way to make big important contracts,” he said.

A Kansas prison town becomes a priority

CoreCivic’s Leavenworth facility quickly became a priority for ICE and the company because of its central location. Leavenworth, with 37,000 residents, is only 10 miles (16 kilometers) to the west of the Kansas City International Airport. The facility would hold men and women and is within ICE’s area of operations for Chicago, 420 miles (676 kilometers) to the northeast.

“That would mean that people targeted in the Chicago area and in Illinois would end up going to this facility down in Kansas,” said Jesse Franzblau, a senior policy analyst for the National Immigrant Justice Center.

Prisons have long been an important part of Leavenworth’s economy, employing hundreds of workers to guard prisoners held in two military facilities, the nation’s first federal penitentiary, a Kansas correctional facility and a county jail within 6 miles (10 kilometers) of city hall.

Resistance from Trump country

The Leavenworth area’s politics might have been expected to help CoreCivic. Trump carried its county by more than 20 percentage points in each of his three campaigns for president.

But skeptical city officials argue that CoreCivic needs a special use permit to reopen its facility. CoreCivic disagrees, saying that it doesn’t because it never abandoned the facility and that the permitting process would take too long. Leavenworth sued the company to force it to get one, and a state-court judge issued an order requiring it earlier this month.

An attorney for the city, Joe Hatley, said the legal fight indicates how much ill will CoreCivic generated when it held criminal suspects there for trials in federal court for the U.S. Marshals Service.

In late 2021, CoreCivic stopped housing pretrial detainees in its Leavenworth facility after then-President Joe Biden, a Democrat, called on the U.S. Department of Justice to curb the use of private prisons. In the months before the closure, the American Civil Liberties Union and federal public defenders detailed stabbings, suicides, a homicide and inmate rights violations in a letter to the White House. CoreCivic responded at the time that the claims were “false and defamatory.”

Vacancies among correctional officers were as high as 23%, according to a Department of Justice report from 2017.

“It was just mayhem,” recalled William Rogers, who worked as a guard at the CoreCivic facility in Leavenworth from 2016 through 2020. He said repeated assaults sent him to the emergency room three times, including once after a blow to the head that required 14 staples.

The critics have included a federal judge

When Leavenworth sued CoreCivic, it opened its lawsuit with a quote from U.S. District Court Judge Julie Robinson — an appointee of President George W. Bush, a Republican — who said of the prison: “The only way I could describe it frankly, what’s going on at CoreCivic right now is it’s an absolute hell hole.”

The city’s lawsuit described detainees locked in showers as punishment. It said that sheets and towels from the facility clogged up the wastewater system and that CoreCivic impeded the city police force’s ability to investigate sexual assaults and other violent crimes.

The facility had no inmates when CoreCivic gave reporters a tour earlier this year, and it looked scrubbed top to bottom and the smell of disinfectant hung in the air. One unit for inmates had a painting on one wall featuring a covered wagon.

During the tour, when asked about the allegations of past problems, Misty Mackey, a longtime CoreCivic employee who was tapped to serve as warden there, apologized for past employees’ experiences and said the company officials “do our best to make sure that we learn from different situations.”

ICE moves quickly across the U.S.

Besides CoreCivic’s Leavenworth prison, other once-shuttered facilities could come online near major immigrant population centers, from New York to Los Angeles, to help Trump fulfill his deportation plans.

ICE wants to reopen existing facilities because it’s faster than building new ones, said Marcela Hernandez, the organizing director for the Detention Watch Network, which has organized nationwide protests against ICE detention.

Counties often lease out jail space for immigrant detention, but ICE said some jurisdictions have passed ordinances barring that.

ICE has used contract modifications to reopen shuttered lockups like the 1,000-bed Delaney Hall Facility in Newark, New Jersey, and a 2,500-bed facility in Dilley, Texas, offering no explanations why new, competitively bid contracts weren’t sought.

The Newark facility, with its own history of problems, resumed intakes May 1, and disorder broke out at the facility Thursday night. Newark Mayor Ras Baraka, a Democrat who previously was arrested there and accused of trespassing, cited reports of a possible uprising, and the Department of Homeland Security confirmed four escapes.

The contract modification for Dilley, which was built to hold families and resumed operations in March, calls its units “neighborhoods” and gives them names like Brown Bear and Blue Butterfly.

The financial details for the Newark and Dilley contract modifications are blacked out in online copies, as they for more than 50 other agreements ICE has signed since Trump took office. ICE didn’t respond to a request for comment.

From idle prisons to a ‘gold rush’

Private prison executives are forecasting hundreds of millions of dollars in new ICE profits. Since Trump’s reelection in November, CoreCivic’s stock has risen in price by 56% and Geo’s by 73%.

“It’s the gold rush,” Michael A. Hallett, a professor of criminal justice at the University of North Florida who studies private prisons. “All of a sudden, demand is spiraling. And when you’re the only provider that can meet demand, you can pretty much set your terms.”

Geo’s former lobbyist Pam Bondi is now the U.S. attorney general. It anticipates that all of its idle prisons will be activated this year, its executive chairman, George Zoley, told shareholders.

CoreCivic, which along with Geo donated millions of dollars to largely GOP candidates at all levels of government and national political groups, is equally optimistic. It began daily talks with the Trump administration immediately after the election in November, said Hininger.

CoreCivic officials said ICE’s letter contracts provide initial funding to begin reopening facilities while the company negotiates a longer-term deal. The Leavenworth deal is worth $4.2 million a month to the company, it disclosed in a court filing.

Tiefer, who served on an independent commission established to study government contracting for the Iraq and Afghanistan wars, said ICE is “placing a very dicey long-term bet” because of its past problems and said ICE is giving CoreCivic “the keys to the treasury” without competition.

But financial analysts on company earnings calls have been delighted. When CoreCivic announced its letter contracts, Joe Gomes, of the financial services firm Noble Capital Markets, responded with, “Great news.”

“Are you hiding any more of them on us?” he asked.

This story was originally featured on Fortune.com

© Nick Ingram—AP Photo

The first direct flight from the U.S. to Greenland by an American airline landed in the capital city of Nuuk Saturday evening and is set to make its return flight on Sunday morning.

The United Airlines-operated Boeing 737 Max 8 departed from Newark International Airport in New Jersey at 11:31 a.m. EDT (1531 GMT) on Saturday and arrived a little over four hours later, at 6:39 p.m. local time (1939 GMT), according to the flight-tracking website FlightAware.

A one-way ticket from Newark to Nuuk cost roughly $1,200. The return flight had a $1,300 to $1,500 price tag.

Saturday’s flight marks the first direct passage between the U.S. and the Arctic island in nearly 20 years. In 2007, Air Greenland launched a route between Baltimore/Washington International Thurgood Marshall Airport and Kangerlussuaq Airport, some 315 kilometers (195 miles) north of Nuuk. It was scrapped the following year due to cost.

Warren Rieutort-Louis, a 38-year-old passenger from San Francisco, decided to visit Nuuk for just one night to be a part of the historic flight.

“I’ve been to Greenland before, but never this way around. I came the other way through Europe, so to be able to come straight is really amazing,” Rieutort-Louis said after the plane landed.

The United Airlines flight took place on U.S. President Donald Trump’s 79th birthday, which was celebrated in Washington with a controversial military parade that was part of the Army’s long-planned 250th anniversary celebration.

Trump has repeatedly said he seeks control of Greenland, a strategic Arctic island that’s a semi-autonomous territory of Denmark, and has not ruled out military force.

The governments of Denmark, a NATO ally, and Greenland have said it is not for sale and condemned reports of the U.S. stepping up intelligence gathering on the mineral-rich island.

United announced the flight and its date in October, before Trump was re-elected. It was scheduled for 2025 to take advantage of the new Nuuk airport, which opened in late November and features a larger runway for bigger jets.

“United will be the only carrier to connect the U.S. directly to Nuuk — the northernmost capital in the world, providing a gateway to world-class hiking and fascinating wildlife under the summer’s midnight sun,” the company said in a statement at the time.

Saturday’s flight kicked off the airline’s twice weekly seasonal service, from June to September, between Newark and Nuuk. The plane has around 165 seats.

Previously, travelers had to take a layover in Iceland or Copenhagen, Denmark, before flying to Greenland.

The new flight is beneficial for the island’s business and residents, according to Greenland government minister Naaja Nathanielsen.

Tourists will spend money at local businesses, and Greenlanders themselves will now be able to travel to the U.S. more easily, Nathanielsen, the minister for business, mineral resources, energy, justice and gender equality, told Danish broadcaster DR. The route is also an important part of diversifying the island’s economy, she said. Fishing produces about 90% of Greenland’s exports.

Tourism is increasingly important. More than 96,000 international passengers traveled through the country’s airports in 2023, up 28% from 2015.

Jessica Litolff, a 26-year-old passenger from Louisiana, said she also hopes the new route will benefit the U.S. and Greenland.

“Distance-wise it’s only like four and a half hours, so by flying you can get to Greenland faster than you can to some parts of the United States,” she said.

Visit Greenland echoed Nathanielsen’s comments. The government’s tourism agency did not have projections on how much money the new flights would bring to the island.

“We do know that flights can bring in much more than just dollars, and we expect it to have a positive impact — both for the society and travellers,” Tanny Por, Visit Greenland’s head of international relations, told The Associated Press in an email.

Aria Varasteh, a 34-year-old traveler from Washington, had wanted to travel to Greenland “for a very long time.”

“I do hope that we receive a warm reception from the locals. From those I’ve talked to already, it seems that they’re excited to have us here,” Varasteh said. “And so we’re excited to be here and just be the best versions of ourselves.”

This story was originally featured on Fortune.com

© Mads Claus Rasmussen—Ritzau Scanpix via AP

President Donald Trump would have unique influence over the operations of U.S. Steel under the terms of what the White House calls an “investment” being made by Japan-based Nippon Steel in the iconic American steelmaker.

Administration officials over the past few days provided additional insight into the “golden share” arrangement that the federal government made as a condition for supporting the deal.

The Pittsburgh-based steel maker and Nippon Steel plan $11 billion in new investments by 2028 after indicating that they plan to move forward with the deal under the terms of a national security agreement that has the White House’s approval.

The White House has described the deal as a “partnership” and an “investment” by Nippon Steel in U.S. Steel, although Nippon Steel has never backed off its stated intention of buying and controlling U.S. Steel as a wholly owned subsidiary in a nearly $15 billion offer it originally made in late 2023.

Commerce Secretary Howard Lutnick posted on social media on Saturday how the “golden share” to be held by the president would operate, revealing that the White House is willing to insert itself aggressively into a private company’s affairs even as it has simultaneously pledged to strip away government regulations so businesses can expand.

Under the government’s terms, it would be impossible without Trump’s consent to relocate U.S. Steel’s headquarters from Pittsburgh, change the name of the company, “transfer production or jobs outside the United States,” shutter factories, or reincorporate the business overseas, among other powers held by the president.

Lutnick also said it would require presidential approval to reduce or delay $14 billion in planned investments.

“The Golden Share held by the United States in U.S. Steel has powerful terms that directly benefit and protect America, Pennsylvania, the great steelworkers of U.S. Steel, and U.S. manufacturers that will have massively expanded access to domestically produced steel,” Lutnick posted on X.

That $14 billion figure is higher than what the companies disclosed on Friday when Trump created a pathway for the investment with an executive order based on the terms of the national security agreement being accepted.

Lawmakers from Pennsylvania say the higher figure includes the cost of an electric arc furnace — a more modern steel mill that melts down scrap — that Nippon Steel wants to build in the U.S., bringing the value of the deal to at least $28 billion.

The president has the authority to name one of the corporate board’s independent three directors and veto power over the other two choices, according to a person familiar with the terms of the agreement who insisted on anonymity to discuss them. The details of the board structure were first reported by The New York Times.

Details of the agreement emerged as Trump was traveling to Alberta in Canada for the Group of Seven summit.

Still, the full terms remain somewhat unclear. The companies have not made public the full terms of Nippon Steel’s acquisition of U.S. Steel or the national security agreement with the federal government.

On Sunday, the United Steelworkers, the labor union representing U.S. Steel employees, posted a letter raising questions about the deal forged by Trump, who during his run for the presidency had pledged to block Nippon Steel’s acquisition of U.S. Steel.

The union said it was “disappointed” that Trump “has reversed course” and raised basic questions about the ownership structure of U.S. Steel.

“Neither the government nor the companies have publicly identified what all the terms of the proposed transaction are,” the letter said. “Our labor agreement expires next year, on September 1, 2026, and the USW and its members are prepared to engage the new owners” of U.S. Steel “to obtain a fair contract.”

If Trump has as much control of U.S. Steel as he has claimed, that could put him in the delicate position of negotiating the salary and benefits of unionized steelworkers going into midterm elections.

As president, Joe Biden used his authority to block Nippon Steel’s acquisition of U.S. Steel on his way out of the White House after a review by the Committee on Foreign Investment in the United States.

After he was elected, Trump expressed openness to working out an arrangement and ordered another review by the committee. That’s when the idea of the “golden share” emerged as a way to resolve national security concerns and protect American interests in domestic steel production.

As it sought to win over American officials, Nippon Steel made a series of commitments.

It gradually increased the amount of money it was pledging to invest in U.S. Steel, promised to maintain U.S. Steel’s headquarters in Pittsburgh, put U.S. Steel under a board with a majority of American citizens and keep plants operating.

It also said it would protect the interests of U.S. Steel in trade matters and it wouldn’t import steel slabs that would compete with U.S. Steel’s blast furnaces in Pennsylvania and Indiana.

This story was originally featured on Fortune.com

© Julia Demaree Nikhinson—AP

“How to Train Your Dragon” took flight at the box office this weekend, proving that some remakes still have teeth.

The Universal live-action adaptation of the beloved animated franchise soared to a strong $83.7 million debut in North American theaters, according to Comscore estimates Sunday. The film, directed by franchise veteran Dean DeBlois, follows the unlikely friendship between a young Viking named Hiccup (Mason Thames) and a dragon called Toothless.

The reboot easily outpaced 2019’s “How to Train Your Dragon: The Hidden World,” which opened with $55 million. The latest film earned more than $114.1 million internationally, bringing the global total to $197.8 million.

“This is yet another example of a live-action remake really delivering on the promise of the marketing,” said Paul Dergarabedian, the senior media analyst for Comscore. “I think the longevity and playability of some of these films particularly in the summer has been nothing short of miraculous.”

“How to Train” also claimed the No. 1 spot ahead of Disney’s “Lilo & Stitch,” which slipped to second place after topping the charts for three weekends. That hybrid live-action remake added another $15 million, pushing its domestic total past $386.3 million.

“Materialists,” a modern-day New York love story starring Dakota Johnson, Pedro Pascal, and Chris Evans, rounded out the top three films of the week with a $12 million debut. The romantic dramedy features Johnson as a savvy matchmaker caught between two suitors: a broke, struggling actor who happens to be her ex, and a wealthy “unicorn” who seems too good to be true.

“Mission: Impossible — The Final Reckoning” slid to fourth place, taking in $10.3 million and avoiding a dip into single-digit territory.

The John Wick spinoff “Ballerina” fell to fifth place with $9.4 million, despite strong reviews from both critics and audiences. Directed by Len Wiseman, the action film stars Ana de Armas and features Keanu Reeves reprising his role in a supporting turn.

Dergarabedian said “Ballerina” could have a surge later down the line similar to 2014’s “John Wick.”

“It took a while for that franchise to really catch on,” he said. “You saw a huge outpouring of interest for the first ‘John Wick’ when it hit home video or streaming, I should say, and I think the same will happen here.”

In sixth place, “Karate Kid: Legends” earned $5 million followed by “Final Destination: Bloodlines” at seventh with $3.9 million. Wes Anderson’s latest “The Phoenician Scheme” brought in $3 million eighth place. “The Life of Chuck,” based on a Stephen King story, placed ninth with $2.1 million.

Rounding out the top 10 was “Sinners.” The Ryan Coogler film starring Michael B. Jordan, drew $1.4 million – which is impressive since the movie is available to watch at home through online and digital platforms after being released two months ago.

Overall, the box office is up 23% from this point in 2024.

Dergarabedian said he’s looking forward to films in the coming weeks that could have a positive presence at the box office, such as “Eilo,” “F1,” “Superman” and “28 Days Later.”

Top 10 movies by domestic box office

With final domestic figures being released Monday, this list factors in the estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore:

• 1. “How to Train Your Dragon,” $83.7 million
• 2. “Lilo and Stitch,” $15.5 million.
• 3. “Materialists,” $12 million.
• 4. “Mission: Impossible – The Final Reckoning,” $10.3 million.
• 5. “From the World of John Wick: Ballerina,” $9.4 million.
• 6. “Karate Kid: Legends,” $5 million.
• 7. “Final Destination: Bloodlines,” $3.9 million.
• 8. “The Phoenician Scheme,” $3 million.
• 9. “The Life of Chuck,” $2.1 million.
• 10. “Sinners,” $1.4 million.

This story was originally featured on Fortune.com

© Universal Pictures via AP