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Here’s a quick recap of the crypto landscape for Friday (May 16) as of 4:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$104,223 as markets closed, up 1 percent in 24 hours. The day’s range for the cryptocurrency has seen a low of US$102,935 and a high of US$104,291.

Bitcoin performance, May 16, 2025.

Chart via TradingView.

Ethereum (ETH) finished the trading day at US$2,592.45, a 1.2 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,527.33 and saw a daily high of US$2,631.38.

Altcoin price update

  • Solana (SOL) closed at US$171.79, down 0.3 percent over 24 hours. SOL experienced a low of US$168 and a high of US$173.98.
  • XRP is trading at US$2.42, reflecting a slight 1.5 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.37 and a high of US$2.50.
  • Sui (SUI) is priced at US$3.87, showing an increaseof 2.0 percent over the past 24 hours. It achieved a daily low of US$3.79 and a high of US$3.94.
  • Cardano (ADA) is trading at US$0.7788, up 0.9 percent over the past 24 hours. Its lowest price of the day was US$0.755, and it reached a high of US$0.7905.

Today’s crypto news to know

Coinbase faces US$400 million fallout after major cyber attack

Coinbase Global (NASDAQ:COIN) disclosed that a sophisticated cyber attack has compromised a portion of its customer base and could cost the firm up to US$400 million.

Hackers reportedly gained access to internal systems by paying off employees and contractors, allowing them to impersonate Coinbase and scam users out of their crypto.

Less than 1 percent of customer data was breached, but the attackers demanded a US$20 million ransom—which Coinbase flatly refused to pay. Instead, the company has pledged to fully reimburse affected users and established a US$20 million reward for information leading to the perpetrators’ arrest.

the timing of the attack is significant, coming just days before Coinbase is set to join the S&P 500 (INDEXSP:.INX), a milestone for mainstream crypto acceptance.

Ripple’s US$50 million SEC settlement rejected by federal judge

A US federal judge has rejected a US$50 million settlement deal jointly proposed by Ripple Labs and the US Securities and Exchange Commission (SEC), calling the motion ‘procedurally improper’ and outside her jurisdiction.

The dispute stems from the SEC’s longstanding lawsuit accusing Ripple of conducting unregistered securities sales through XRP, a case now under appeal. Judge Analisa Torres said that because the litigation is at the appellate stage, the district court has no authority to modify the previous judgment.

Ripple’s chief legal officer responded by emphasizing that the ruling doesn’t affect the company’s earlier court wins and that both sides remain aligned on resolving the issue.

Bitget becomes world’s third top crypto exchange by trading volume

Bitget has officially surged into third place among global crypto exchanges, reporting a stunning US$757.6 billion in futures trading volume and US$68.6 billion in spot volume for April 2025.

The Seychelles-based platform has made a name for itself through features like copy trading, which allows users to mimic high-performing traders in real time. Bitget’s April performance stood out despite a broader market correction, expanding its market share to 7.2 percent and pushing its user base above 120 million.

The exchange’s rise signals increasing demand for advanced crypto trading products beyond the traditional buy-and-hold strategy.

Fifth Third Bank eyes expansion into crypto after regulatory green light

After five years of quietly exploring the crypto space, Fifth Third Bank now says it’s ready to expand its offerings amid friendlier US regulations. The Cincinnati-based lender, which holds over US$200 billion in assets, has been working with crypto firms since 2020 but delayed larger moves until clearer guidance from regulators arrived.

According to Chief Strategy Officer Ben Hoffman, the bank is now exploring stablecoin-powered cross-border payments, crypto payroll services and digital asset custody. Recent signals from the Office of the Comptroller of the Currency and the Trump administration’s pro-crypto stance have given institutions more confidence to act.

Fifth Third has formed internal teams across its business lines to integrate blockchain-based financial products responsibly. With mainstream banks finally stepping into crypto with more certainty, a new chapter of institutional adoption appears to be underway.

US lawmakers debate GENIUS Act as stablecoin regulation nears critical juncture

The GENIUS Act, a bipartisan bill aimed at establishing a regulatory framework for US dollar-backed stablecoins, is under intense scrutiny as lawmakers grapple with its potential implications.

While the legislation seeks to provide clarity and oversight in the burgeoning stablecoin market, recent developments have introduced partisan divisions and raised concerns over consumer protections and financial stability.

Initially enjoying bipartisan support, the GENIUS Act has encountered resistance from Senate Democrats following revelations about former President Donald Trump’s involvement in digital asset ventures.

Lawmakers are now advocating for amendments to enhance consumer protections, enforce stricter financial controls and address potential ethical issues, particularly regarding the participation of large tech companies like Meta in the stablecoin space.

Despite these challenges, Republican proponents of the bill are pushing for its approval by Memorial Day (May 26), emphasizing the need for regulatory clarity to foster innovation and maintain the US dollar’s dominance in the digital economy.

Mastercard teams up with MoonPay to enable stablecoin payments worldwide

Mastercard (NYSE:MA) has announced a major new partnership with crypto payment processor MoonPay to bring stablecoin-based payments to more than 150 million global merchants.

The collaboration leverages Iron, a blockchain infrastructure company recently acquired by MoonPay, to enable real-time spending of stablecoins at any location accepting Mastercard.

The partnership is geared toward gig workers, digital creators and international businesses looking to send or receive money in a faster, cheaper and more flexible way. MoonPay says it already works with over 500 crypto platforms and can now expand its reach to over 100 million active users

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Coinbase Global (NASDAQ:COIN), one of the world’s largest crypto exchanges, has announced an investment in Stablecorp to bring QCAD — a Canadian dollar-denominated stablecoin — to Canadians.

The announcement was made in Toronto at the Blockchain Futurist Conference, where it was presented during a fireside chat by Lucas Matheson, Canada country director at Coinbase, and Alex McDougall, CEO of Stablecorp.

The pair positioned the launch as part of a global shift toward stablecoin integration and digital financial innovation, underscoring Canada’s unique opportunity to carve out a leadership role in the emerging digital currency ecosystem.

‘Stablecoins are probably the topic to draw this year in crypto, for a lot of good reasons,” said Matheson.

“When you look at volume around the world for cryptocurrencies, stablecoins currently account for about 70 percent of all volume in cryptocurrency, while maintaining about 10 percent of the market cap.”

Matheson pointed out that governments around the world, from the US to the UK, are moving quickly to legislate and define these assets as legitimate payment instruments. He stressed that Canada needs to be part of that conversation.

Stablecorp’s QCAD is not new to the scene. McDougall noted that the company has been working since 2020 to create a homegrown stablecoin that reflects Canada’s economic standing. Despite the US dollar’s dominance in the global stablecoin market, McDougall believes the Canadian dollar has a compelling case to make.

“The Canadian dollar trades over C$400 billion a day in foreign exchange. Over C$3.6 billion of goods cross the American border, back and forth every day,’ he told audience members. “There’s over C$316 billion in international central bank reserve currencies, and that’s up to C$65 billion over 2024 — the Canadian dollar quietly kicks ass.’

The Coinbase-Stablecorp partnership aims to fill this void by integrating QCAD into use cases ranging from simple peer-to-peer transactions to institutional finance and global trade. Matheson explained that Coinbase’s backing will bring the reach, trust and compliance capabilities needed to scale QCAD nationally and internationally.

Their discourse also revolved around real-world applications. McDougall described QCAD as a solution that dramatically lowers costs and increases speed in cross-border and domestic payments.

He pointed to practical examples already being piloted, such as Brazilian students paying Canadian tuition fees using QCAD, and Filipino workers receiving remittances via seamless FX-to-stablecoin pipelines.

In both cases, traditional banking systems are circumvented in favor of instant, lower-fee digital rails.

The stablecoin, McDougall added, also opens new doors for small business financing. Canadian businesses will soon be able to draw international lines of credit that settle in QCAD in real-time, with FX baked into transactions, a feature traditional banks currently do not offer. He also highlighted use cases in global telecommunications billing, where cross-border carrier settlements, a US$5 billion annual burden, could be simplified via programmatic stablecoin payments.

Even more futuristically, he envisions QCAD being critical infrastructure for Canada’s artificial intelligence ambitions.

“From just simple everyday things like sending money around and taking that power back, all the way to having these fully automated global webs of commerce — stablecoins are the building blocks for every single one of those,” he said.

Despite the momentum, both Matheson and McDougall acknowledged that Canada’s regulatory environment has not kept pace with innovation. Unlike jurisdictions such as the US and UK, where stablecoins are being defined through legislation as distinct asset classes, often as e-money, Canada remains entangled in a fragmented regulatory landscape.

“Our challenge is that we have 13 different provincial securities regulators, each approaching crypto through the lens of securities law,” said Matheson. “That’s led to a square peg, round hole problem.”

The lack of a unified federal framework has made it difficult for firms like Stablecorp to fully operationalize a compliant and scalable stablecoin solution. However, the panelists hope this may be changing with a cabinet shakeup.

With the QCAD rollout and further announcements expected in the coming weeks, the pressure now shifts to Ottawa to match private sector ambition with public policy action.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

As the global energy transition accelerates, the mining sector is increasingly navigating a complex landscape of shifting demand, volatile prices and growing sustainability priorities.

During an S&P Global webinar on the state of the mining industry in Q1, analysts highlighted renewable power development and mine-site electrification as key sustainability drivers shaping the future of resource extraction.

Copper, a key component of the energy shift, remains a focal point, with average prices holding at US$9,412 per metric ton in the first quarter, though forecasts suggest a slight decline to US$9,317 by year end.

Meanwhile, the battery metals space continues to feel the squeeze.

Lithium prices slumped to US$9,000 per metric ton, leaving an estimated 27 percent of producers operating at a loss, according to S&P. Cobalt held above US$14 per pound, bolstered by the Democratic Republic of Congo’s export ban.

Nickel, driven by surging Indonesian output, is forecast to fall to US$15,730 per metric ton.

The webinar also touched on broader sector dynamics, including ongoing trade tensions, subdued financing activity and an uptick in M&A as companies reposition for long-term growth amid tightening supply and geopolitical uncertainty.

Copper supply disrupted, green demand bolstered

As mentioned, copper prices are expected to dip slightly to US$9,317 by year end.

While positive drivers like a weaker US dollar and resilient Chinese demand are offering some support, refined production cuts, bad weather in Chile and smelter challenges have added pressure to the global supply chain.

Notably, production disruptions in Chile — including a national blackout and Glencore’s (LSE:GLEN,OTC Pink:GLCNF) partial suspension at Altonorte — along with declining US consumer confidence, have led S&P to revise its US refined copper demand growth forecast down to just 1.5 percent for the year. Meanwhile, tightness in the concentrate market has sent spot treatment charges to record lows, amplifying strain on smelter margins.

“(A) developing demand driver for copper is the increasing demand from the green energy transition,’ said Naditha Manubag, associate research analyst, metals and mining research, at S&P Global Commodity Insights.

‘Despite the intensifying US-China trade disputes, copper demand in China has shown resilience, with copper concentrate imports growing by 10 percent in Q1 and cathode imports increasing month-over-month.’

Lithium, cobalt and graphite markets under pressure

In contrast, the battery metals space continues to reel from oversupply and weak pricing. Lithium carbonate CIF Asia dropped to just US$9,000, the lowest level seen since 2021.

“Overcapacity will continue to limit lithium prices until the next decade,” said Manubag. “With this, we have lowered the lithium carbonate CIF Asia price in 2025 to US$9,031. And using this price assumption, 27 percent of lithium operations will be loss-making on a total cash operating margin basis.”

Prices are expected to dip further to US$8,600 in Q3 before a modest recovery in 2027.

The cobalt market, while supported by the Democratic Republic of Congo’s export ban, is forecast to remain in surplus through 2025, though prices are likely to hold above US$14.

“The Democratic Republic of Congo accounts for over 70 percent of global cobalt mine output, yet its ongoing export ban is unlikely to trigger significant production cuts,” the analyst said, adding that the stockpiled supply is expected to re-enter the market once the ban lifts — supporting a sustained price recovery.

Cobalt hydroxide prices have surged the most since the ban began due to tightening supply, and cobalt prices are expected to remain above US$14 through 2025. However, elevated prices may accelerate the trend toward substituting cobalt in battery chemistries as the lithium market braces for further cuts.

Meanwhile, graphite prices are under pressure despite tightening Chinese export controls.

China’s December export ban on key critical minerals, including gallium and germanium, has prompted tighter scrutiny on graphite exports to the US. With China supplying roughly half of America’s antimony and natural graphite imports, pressure on prices has mounted as Tanzanian supply grows, but export options narrow.

Despite current oversupply, a structural deficit is forecast in the medium to long term.

“Spot prices for natural graphite have come under further pressure,” Manubag said. “(US President Donald) Trump’s Section 232 probes import dependence on processed graphite, supporting US anode projects.”

As such, S&P sees US capacity growing to 236,000 metric tons in 2028.

“We maintain our view that continued high feedstock cost on the synthetic anode supply chain could support fine flake and spherical graphite prices,’ the expert added.

Gold leads Q1 mining M&A

M&A in the mining sector slowed sharply in Q1, with both the number and value of deals declining.

Although gold transactions accounted for 86 percent of total M&A value, overall gold deal value dropped 62 percent quarter-over-quarter to US$4.02 billion. In the lead for the period was Equinox Gold’s (TSX:EQX,NYSEAMERICAN:EQX) planned US$1.87 billion takeover of Calibre Mining (TSX:CXB,OTCQX:CXBMF).

Nickel followed, with MMG’s (OTC Pink:MMLTF,HKEX:1208) US$500 million acquisition of Anglo American’s (LSE:AAL,OTCQX:AAUKF) nickel business, including producing assets like Barro Alto and Codemin.

In copper, the top transaction was Hudbay Minerals’ (TSX:HBM,NYSE:HBM) purchase of Mitsubishi Materials’ (OTC Pink:MIMTF,TSE:5711) remaining stake in the Copper Mountain mine for US$44.3 million.

“Gold deals are expected to continue leading M&A activity as the metal maintains its safe-haven appeal amid global trade uncertainty,” Gian Seblos, associate research analyst, metals and mining research, at S&P Global Commodity Insights, said during this week’s webinar. He added, “Meanwhile, cash-rich producers may drive consolidation in base metals, either to secure future output or diversify amid shifting trade dynamics.”

Capital raised by mining companies surged to US$11.92 billion — doubling from the previous quarter and marking the second consecutive quarter of growth following the US Federal Reserve’s December rate cut. Debt financing jumped to 65 percent of total capital raised, up from 35 percent previously, fueled by a surge in senior debt offerings.

Major mining companies led the charge, raising US$7.57 billion — nearly six times more than Q4 2024.

Juniors saw a 25 percent increase, raising US$3.48 billion. Gold companies captured half of the funding, followed by those focused on base metals (33 percent) and specialty commodities (17 percent).

Regionally, Asia and the Middle East posted a 331 percent gain to US$1.58 billion, primarily driven by Saudi Arabia’s Ma’aden through two non-convertible bond offerings worth US$1.25 billion.

Africa and Europe also saw strong growth, while Australia, Canada and the US experienced declines.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Though new audio recordings released by Axios paint a picture of an elderly man suffering memory loss, rare exchanges showed glimpses into former President Joe Biden’s earlier days, and shed light on what could have led to Hur’s ‘sympathetic’ characterization and findings related to the investigation.

Biden reminisced during his interview with Special Counsel Robert Hur about a 2011 visit to Mangolia where he claimed to have ’embarrassed the hell out of the leader of Mongolia.’

‘I went to Mongolia and, and great pictures,’ Biden said. ‘They were showing — they were doing a what they would do at the time of the invasion of the Mongols into Europe in the 14 — in the 800s. And they — and then show what a normal day was, or how they, how they bivouac.’

He described being ‘out in the middle of nowhere’ and looking up on a hill, seeing a tiny line of a 20-mile horse race between kids under the age of 16 on bareback.

‘And you know, there are sumo wrestlers doin’ everything they do,’ Biden said lightheartedly.

He said the leaders walked over to a target with bales of hay a hundred yards away, where locals were practicing their aim.

‘I think — I don’t know if it was to embarrass me or to make a point, but I get handed the bow and arrow,’ Biden said. ‘I’m not a bad archer. But (indiscernible) where I can pull it back, so I — and pure luck, I hit the goddamn target.’

The people in the interview room burst into laughter, to which Biden assured them, ‘No, I really did.’

He went on to describe the scene — ’20 bales of hay with a big target in the middle of the bale of hay.’

‘And so I didn’t mean anything by it, I turned to the prime minister and handed it to him and the poor son-of-a-bitch couldn’t pull it back,’ Biden said.

The room roared with laughter once again.

‘I was like, ‘oh, God,’’ Biden said through the cackling.

Hur ultimately decided the former president should not be charged criminally for having classified Obama-era documents after leaving office, describing him as a ‘sympathetic, well-meaning, elderly man with a poor memory.’

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Leaked audio shared by Axios from President Joe Biden’s 2023 interview with Special Counsel Robert Hur has re-ignited serious questions about his mental sharpness, especially as he struggled to remember when his own son died and when Donald Trump was elected president.

In one moment, Biden tries to recall the death of his son, Beau: ‘My son. Is either been deployed or is dying. And so… What was happening though?’

‘What’s much about dying? May 30, 2015, he died,’ said Biden. ‘May 2015. I think it’s 2015. I’m not sure the months are, but I think that was it.’

Beau Biden passed away from brain cancer on May 30, 2015, at Walter Reed National Military Medical Center. He was 46.

In the audio, Biden also mixes up the year of Trump’s 2016 victory: ‘Trump gets elected in November of 2017. 2016. 2016. So… That’s when we left office, January of 2017. But that’s when Trump gets sworn in manually.’

The fumbling recollections are part of a six-hour interview that Hur used to support his conclusion that Biden’s memory was ‘significantly limited.’

The White House kept the audio under wraps at the time as critical moments in Biden’s own life and in recent American history appeared to be completely out of reach for the former president.

The conversation, part of a two-day interview in October 2023, led Hur to describe Biden as a ‘well-meaning elderly man with a poor memory.’

On Fox News’ The Ingraham Angle Friday night, host Laura Ingraham put it bluntly: ‘This is the biggest scandal that I remember in recent political history: that this man was allowed to continue as the commander in chief of the world’s greatest superpower.’

As Ingraham said later in the segment, ‘We still don’t really know who was making the tough calls. It obviously wasn’t the man we heard on that tape.’

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Former President Joe Biden joked that he was a ‘young man’ during an October 2023 interview with Special Counsel Robert Hur over his mishandling of classified documents, newly released audio shows.

Axios released audio on Friday from Biden’s interviews with Hur in which the then-president appeared to struggle to remember when his son Beau died, when he left office as vice president, what year President Donald Trump was elected to his first term or why he had classified documents that should not have been in his possession.

In addition to Biden’s memory lapses, the recordings showed him slurring his words and muttering when speaking to Hur.

Transcripts of the interviews — conducted on Oct. 8 and 9, 2023 — were released on March 12, 2024.

On the first day of the interview, Hur stressed the importance of answering truthfully and urged Biden to make his best effort to recall the events in question, which the prosecutor acknowledged happened years ago.

‘I’m a young man, so it’s not a problem,’ Biden, now 82, jokingly responded.

‘Okay, great. Glad to hear it,’ Hur replied. 

Hur, who was appointed by then-Attorney General Merrick Garland to investigate Biden’s handling of classified documents, said in his report, released on Feb. 5, 2024, that he declined to bring charges against the president, in part, because a jury would find him a ‘sympathetic, well-meaning elderly man with a poor memory.’ The report acknowledged that the documents were ‘willfully’ obtained by Biden during his time as vice president and as a senator.

‘I’m well-meaning and I’m an elderly man and I know what the hell I’m doing. I’ve been president, and I put this country back on its feet. I don’t need his recommendation,’ Biden said when questioned by Fox News White House correspondent Peter Doocy days after Hur released his report. 

The special counsel’s report, in addition to Biden’s gaffe-prone public appearances, amplified pressure from Republicans who said he lacked the mental fitness needed to serve as president.

Democrats and Biden’s White House initially criticized Hur for his report, insisting the then-president was ‘sharp’ and that the special counsel was politically motivated.

Later in 2024, during Biden’s re-election campaign, Democrats urged him to drop out of the race over his performance in the June presidential debate against Trump, citing his age and mental acuity. Biden formally dropped out of the presidential race in July and finished his term. His vice president, Kamala Harris, was defeated by Trump in November’s general election.

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‘For posterity’s sake.’

Those words from President Joe Biden sum up the crushing impact of the leaked audiotapes from the interview between him and Special Counsel Robert Hur. Not only did they remove any doubt over Biden committing federal crimes, but they also constituted what is akin to a political racketeering indictment against much of the Washington establishment, from the White House staff to Democratic politicians to the media.

The interview, conducted from Oct. 8-9, 2023, has long been sought by Congress, but was kept under wraps by Biden’s Justice Department even as Biden campaigned for a second term.

Many of us balked at the conclusion of Hur that no charges were appropriate despite the fact that the president had removed classified documents for decades, stored them in grossly negligent ways, and moved them around to unsecure locations, including his garage in Delaware.

Given President Donald Trump’s indictment for the same offenses, it was hard to imagine how the special counsel could not recommend the same criminal charges (presumably after he left office).

Instead, Hur declared it would have been hard to get a jury to convict Biden because he was ‘a sympathetic, well-meaning, elderly man with a poor memory.’

It appears that Trump, on the other hand, was presumptively not sympathetic or well-meaning and possessed a good enough memory to face prosecution.

The contrast was glaring and only reinforced the view of many citizens that there are two tracks for justice in Washington.

Soon after the report’s release, Biden gave an irate press conference at which he lied about the findings of his culpability and lashed out at any suggestion that he had gapped or stumbled in the interview.

For example, when reporters raised Hur’s assertion that Biden had forgotten when his son Beau died, Biden angrily responded, ‘How in the hell dare he raise that?’ Frankly, when I was asked the question, I thought to myself it wasn’t any of their damn business.’

However, it was not Hur but Biden himself who raised the death of his son, and he forgot a wide array of dates, including when he served in office.

The interview shows that in 2023 it was clear that Biden was mentally diminished despite claims from many allies and former aides that there was a sudden loss of capacity just before the disastrous debate in 2024. It is now undeniable that the White House staff actively hid the president’s incompetence from the American public. That includes the White House Press Secretary Jen Psaki (who left her post in May 2022) and her successor, Karine Jean-Pierre, who insisted that Biden was sharp and ‘running circles’ around the staff.

Of course, the media is now covering the story after the public saw the truth in the debate. Figures like CNN’s Jake Tapper have even written books that belatedly pursue the question despite previously insisting that there was no evidence of a diminishment in Biden’s mental state.

Tapper repeatedly dismissed the claim and even excoriated Lara Trump for raising it. In one interview, he pushed a White House talking point that such suggestions were mocking Biden for a childhood stutter.

‘It’s so amazing to me- a ‘cognitive decline,’’ he told the president’s daughter-in-law. ‘I think you were mocking his stutter. Yeah. I think you were mocking his stutter and I think you have absolutely no standing to diagnose somebody’s cognitive decline. I would think somebody in the Trump family would be more sensitive to people who do not have medical licenses diagnosing politicians from afar.’

When Lara Trump insisted that this was clearly evidence of a ‘very concerning’ cognitive decline, Tapper dismissed her statement by saying, ‘Thank you, Lara. I’m sure it’s from a place of concern. We all believe that.’

Keep in mind that others beyond Lara Trump were raising this issue and there were tapes showing obvious physical and mental decline. The media simply refused to seriously pursue the story until the cover-up no longer mattered after the debate.

Over on MSNBC, Joe Scarborough was equally apoplectic at those raising the issue and stated

‘Start your tape right now because I’m about to tell you the truth. And eff you if you can’t handle the truth. This version of Biden intellectually, analytically, is the best Biden ever. Not a close second. And I have known him for years…If it weren’t the truth, I wouldn’t say it

This media effort continued all the way up the debate itself. On CNN.com, Oliver Darcy wrote ‘Right-wing media figures are desperately pushing conspiracy theories about Biden ahead of the debate.’

Once the public found out, the media was ready to tell the story when it became impossible, and no longer politically beneficial, to deny it. Articles began to appear with the same realization of, ‘Oh you meant THAT mental decline. Well sure.’

It was the same belated acknowledgment that came, after the election, with Hunter Biden’s laptop. The media just moved on with a shrug and a collective ‘our bad’ concession.

As for the then-president himself, the one moment of clarity in the interview may have been his most incriminating line. When asked why he removed classified material on Afghanistan, Biden admitted ‘I guess I wanted to hang on to it for posterity’s sake.’

That is precisely what critics on CNN and MSNBC accused Trump of doing: removing material as types of keepsakes or trophies.

One president was indicted for that and one was sent along his way to pursue a second term in office.

The real indictment that comes out of these tapes is a type of political racketeering enterprise by the Washington establishment. It took a total team effort from Democratic politicians to the White House staff to the media to hide the fact that the president of the United States was mentally diminished. It there were a political RICO crime, half of Washington would be frog marched to the nearest federal courthouse.

Of course, none of this complicity in the cover-up is an actual crime. It is part of the Washington racket.

After all, this is Washington where such duplicity results not in plea deals but book deals.

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President Donald Trump’s bold executive order on drug pricing isn’t just policy—it’s a revolution in healthcare affordability. The plan is simple yet transformative: ensure Americans pay no more for medications than citizens of other wealthy nations.

Consider this stark reality: a GLP-1 drug costing $88 in London commands $1,000 in the United States. Even after manufacturer discounts to insurers, Americans still pay over $400—for the identical medication, from the same company, produced in the same facility. This disparity is especially galling when pharmaceutical companies extract 70% of their profits from America—a nation representing just 4% of the world’s population. This global free-riding on American patients ends now.

Industry leaders recognize this imbalance. I’ve already engaged with CEOs from four major American pharmaceutical companies and a foreign manufacturer eager to relocate to the U.S. Their response has been encouraging, but we’re prepared to act decisively if necessary. U.S. Health and Human Services and Centers for Medicare & Medicaid Services (CMS) possess the statutory authority to deliver on President Trump’s commitment: other developed nations must pay more, so Americans can pay less, thus preserving the innovation pipeline.

Americans deserve both groundbreaking therapies and affordable access to them. Yet according to the Kaiser Family Foundation, nearly one-third of patients skip prescribed medications due to cost—an unacceptable reality in the world’s wealthiest nation.

While prevention through healthier lifestyles remains our best strategy for reducing medication dependence, certain treatments will always be essential. The pharmaceutical industry has delivered remarkable advancements in cancer and autoimmune therapies that benefit patients worldwide. 

We value continued innovation as a core American principle, but we cannot indefinitely subsidize global medical progress while other wealthy nations contribute disproportionately little.

President Trump’s negotiation approach has already proven effective with NATO, where European countries responded to accountability by making historic reinvestments that strengthened the alliance. The same principle applies here. The President and I stand united: global free riding on American patients must end.

CMS, with Dr. Mehmet Oz at the helm, extends beyond payment reform to fundamentally realigning care delivery incentives. This initiative will protect safety nets for vulnerable populations while addressing the financial pressures facing state partners and federal programs—particularly Medicaid, which has seen dramatic growth in both enrollment and costs.

The coming months will be decisive in achieving President Trump’s prescription for a healthier America—one where innovation thrives, and patients no longer shoulder an unfair share of the global healthcare burden.

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Nvidia said it won’t be sending graphics processing unit plans to China following a report that the artificial intelligence chipmaker is working on a research and development center in Shanghai in light of recent U.S. export curbs.

“We are not sending any GPU designs to China to be modified to comply with export controls,” a spokesperson said in a statement to CNBC.

The Financial Times was the first to report the news, citing two sources familiar with the matter. CEO Jensen Huang discussed the potential new center with Shanghai’s mayor, Gong Zheng, during a visit last month, the FT reported.

The center will assess ways to meet U.S. restrictions while catering to the local market, although production and design will continue outside China, according to the report.

AI chipmakers such as Nvidia have been hit with major China roadblocks since 2022 as the U.S. began cracking down on sending advanced chips to China because of concerns of possible military use.

Last week, the Trump administration said it would replace restrictions put in place under President Joe Biden with a “much simpler rule that unleashes American innovation and ensures American AI dominance.” Nvidia said last month that it would take a $5.5 billion charge tied to selling its H20 GPUs in China and other countries.

Huang has previously commented on the significance of China, which is one of the company’s major market after the U.S., Singapore and Taiwan. He told CNBC this month that getting shut out of the world second-largest economy would be a “tremendous loss,” estimating that China’s AI market could hit $50 billion over the next two to three years.

“We just have to stay agile,” Huang told CNBC’s Jon Fortt, in an interview alongside ServiceNow CEO Bill McDermott. “Whatever the policies are of the government, whatever is in the best interest of our country, we’ll support,” he added.

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Cava on Thursday reported better-than-expected sales in its latest fiscal quarter, shaking off the malaise the broader restaurant industry has felt as consumers have cut back on dining.

The Mediterranean chain said its same-store sales grew 10.8% in the three months that ended April 20, lifted by traffic growth of 7.5%. Analysts surveyed by StreetAccount were projecting same-store sales growth of 10.3%.

“When we look at our consumers in the quarter, we saw an increase in premium attachment on higher priced items, like our pita chips or amazing housemade juices. We also saw that our per person average continued to increase, and then when we look at our results, there’s positive traffic across all of our geographies, across all of our income cohorts, as well as the different formats of our restaurants and dayparts,” Chief Financial Officer Tricia Tolivar told CNBC.

She added that diners have been trading up from fast food and down from casual-dining restaurants into Cava’s bowls and pitas, a trend the company has seen for several quarters.

Elsewhere in the restaurant industry, companies have been reporting very different behavior from consumers, although many companies’ results did not include any time in April, when the industry’s sales and traffic performance improved.

Fast-casual rival Chipotle said its transactions fell 2.3% in the first quarter as consumers pulled back their spending in February, spooked by economic uncertainty. Sweetgreen reported its first quarterly same-store sales decline since it went public in 2021. McDonald’s CEO Chris Kempczinski said fast-food industry data showed both low- and middle-income consumers spending less. The burger giant said U.S. same-store sales declined 3.6% for the first quarter.

Despite the strong quarterly performance, Cava reiterated its same-store sales forecast, sticking with its projections of a 6% to 8% increase. The chain said last quarter that it is expecting slower growth in the back half of its fiscal 2025.

The stock fell 5% in extended trading. As of Thursday’s close, Cava shares have slid 11% so far this year, hurt by investor concerns over its conservative outlook for the fiscal year and the economic fallout from the Trump administration’s tariffs.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

The company reported fiscal first-quarter net income of $25.71 million, or 22 cents per share, up from $13.99 million, or 12 cents per share, a year earlier. Cava reported an income tax benefit of $10.7 million related to stock-based compensation, which boosted its earnings this quarter.

Net sales climbed 28% to $332 million. On a 12-month trailing basis, Cava’s revenue has surpassed $1 billion, representing a major milestone for the company.

The company did raise some of its projections for the fiscal year.

Cava now anticipates adjusted earnings before interest, taxes, depreciation and amortization of $152 million to $159 million, up from its prior forecast of $150 million to $157 million. The company also plans to open between 64 and 68 new locations, higher than its previous outlook of between 62 and 66 restaurant openings.

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