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Trump Admin Fast Tracks Anfield’s Velvet-Wood Uranium Project in Push for US Energy Independence

Investing 4 Mins Read

The US Department of the Interior announced on Monday (May 12) that it will fast track environmental permitting for Anfield Energy’s (TSXV:AEC,OTCQB:ANLDF) Velvet-Wood uranium project in Utah

The decision slashes what would typically be a years-long review process down to just 14 days, and makes Velvet-Wood the first uranium project to be expedited under a January 20 statement from President Donald Trump. In it, he declares a national energy emergency and emphasizes the importance of restoring American energy independence.

This week’s decision signals what Anfield calls “a decisive shift in federal support for domestic nuclear fuel supply.”

The Velvet-Wood project, located in San Juan County, Utah, is expected to produce uranium used for both civilian nuclear energy and defense applications, as well as vanadium, a strategic metal used in batteries and high-strength alloys.

Secretary of the Interior Doug Burgum characterized the move as part of an urgent federal response to what he said is “an alarming energy emergency” created by the “climate extremist policies” of the previous administration.

“President Trump and his administration are responding with speed and strength to solve this crisis,” he said. “The expedited mining project review represents exactly the kind of decisive action we need to secure our energy future.”

Anfield acquired Velvet-Wood, which is currently on care and maintenance, from Uranium One in 2015.

The asset sits on the site of a previously active operation. Between 1979 and 1984, Atlas Minerals extracted approximately 400,000 metric tons of ore from the Velvet deposit, recovering around 4,000,000 pounds of U3O8. If approved, the revived project would disturb only three acres of new surface area, according to the interior department.

‘As a past-producing uranium and vanadium mine with a small environmental footprint, Velvet-Wood is well- suited for this accelerated review,’ said Anfield CEO Corey Dias.

He added that the company aims ‘to play a meaningful role in rebuilding America’s domestic uranium and vanadium supply chain and reducing reliance on imports from Russia and China.”

The company also owns the Shootaring Canyon uranium mill in Utah, which it plans to restart. The facility, described as one of only three licensed, permitted and constructed conventional uranium mills in the country, would convert uranium ore into uranium concentrate bound for nuclear fuel production.

Uranium market sentiment turning a corner?

After a rocky start to 2025, the uranium market is showing signs of renewed strength and resilience.

According to Sprott Asset Management’s latest uranium report, the U3O8 spot price rose by 5.4 percent in April, climbing to US$67.70 per pound from a March low of US$63.20. The price recovery continued into early May, with the spot price briefly touching US$70, a nearly 10 percent gain from 2025 lows.

This rebound has renewed investor confidence and appears to signal the beginning of a steadier climb, underpinned by tight supply conditions, resurgent utility activity and greater clarity around US trade and tariff policy.

The uranium term price, which remains steady at US$80, continues to reflect strong long-term fundamentals. This persistent premium over spot pricing has re-energized the uranium carry trade — where traders purchase spot uranium for future delivery under term contracts — helping to support spot prices and inject fresh liquidity into the market.

A major contributor to the uranium market’s renewed confidence has been improved policy visibility in the US.

The Trump administration’s decision to pause the implementation of its new reciprocal tariffs for 90 days provided utilities with the breathing room needed to resume contracting.

Although uranium was excluded from the initial tariff package, it remains part of an ongoing Section 232 investigation into critical minerals, a move that Sprott believes elevates uranium’s strategic profile.

As for the long-term outlook, uranium’s bullish case is also being bolstered by growing power demands from artificial intelligence and data centers. In April, Google (NASDAQ:GOOGL) announced funding for three new nuclear projects, each with at least 600 megawatts of planned capacity.

These moves align with a broader US Department of Energy strategy that includes identifying 16 federal sites for co-locating data centers and new energy infrastructure.

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

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Top 10 Gold Reserves by Country

Investing 11 Mins Read

Gold is one of the most important metals on the planet. For millennia it has been used in jewelry, art and currency, capturing the collective imagination as a thing of wonder. Gold’s association with royalty and wealth has inspired explorers and treasure hunters alike, who put themselves at risk for a chance to strike it rich.

Today, gold’s hold on us as a precious metal is no less powerful. Still used for jewelry and as a store of wealth, the metal also has a variety of modern industrial and electronic applications.

Even though gold seems to be everywhere, in reality it’s a finite resource. Only 244,000 metric tons of gold have ever been mined, and two-thirds of that has been extracted since 1950. Comparing that amount to the more than 700 million metric tons of copper that have been pulled from the ground provides an idea of how precious a resource gold truly is.

For investors interested in the yellow metal and the companies that mine it, it’s important to understand global gold reserves. This data can provide critical information on the long-term viability of supply and which countries have room to grow.

Data for this article comes from the most recent Mineral Commodity Summary from the US Geological Survey as well as Mining Data Online (MDO).

Although gold is often measured and discussed in ounces, the USGS uses metric tons for its gold data, so this article will contain a mix of the two measurements. For perspective, 1 metric ton of gold is equal to 35,274 ounces and worth US$116 million at a price of US$3,300 per gold ounce.

According to the US Geological Survey, identified economic gold reserves currently stand at 64,000 metric tons globally. This is a significant jump from 59,000 metric tons in the previous report, with reserves for many countries revised to the upside. Read on to learn about the top 10 gold reserves by country.

1. Australia

Gold reserves: 12,000 metric tons

The sixth largest country by land area, Australia is tied for the most gold reserves of any nation at 12,000 metric tons, with over 60 percent of its gold deposits located in Western Australia.

The mining nation is also one of the top producers of gold, digging up 290 metric tons of the metal in 2024.

Australia is home to many large gold mines, including Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Boddington and Cadia Valley operations, which produced 590,000 ounces and 464,000 respectively in 2024. It also hosts the Tropicana mine, a joint venture between AngloGold Ashanti (NYSE:AU) and Regis Resources (ASX:RRL,OTC Pink:RGRNF) that produced 426,000 ounces of gold.

1. Russia

Gold reserves: 12,000 metric tons

Russia has the largest land area of any country, and unsurprisingly is now tied for the top country for gold reserves, boasting an impressive 12,000 metric tons of gold. Its reserves were raised from 11,100 in 2023, but they mark an even more sizeable increase from the 6,800 metric tons of reserves reported for 2022.

Additionally, Russia’s gold output remained steady in 2024 with 310 MT extracted. Russia has several large gold mines, but none are more prolific than Polyus’ (MCX:PLZL) Olimpiada mine in the Krasnoyarsk Krai region of Siberia. According to the company’s most recent data, the mine produced 1.48 million ounces in 2024.

Russian gold is having difficulties reaching most markets following the country’s invasion of Ukraine. The London Bullion Market Association halted trading and removed Russian refiners from its accredited list in March 2022. However, a significant portion of the metal was exported to the United Arab Emirates following the sanctions, according to Reuters, and Russian gold has also made its way into the country’s stockpiles.

3. South Africa

Gold reserves: 5,000 metric tons

South Africa remains a powerhouse in terms of global gold reserves, and the country’s Witwatersrand Basin is among the top gold jurisdictions in the world.

Although South Africa remains comfortably in the top three countries for reserves with 5,000 metric tons, the country has lost some of its luster when it comes to production. At the turn of the century, South Africa was the top gold-producing country, with 431 metric tons extracted in 2000. The country’s output has slowly fallen in the decades since though, and has hit all-time lows in recent years — South Africa produced just 100 metric tons of gold in 2024.

One reason for lowered production is decreasing gold grades, which have led miners operating in the country to move to greater depths. In fact, eight of South Africa’s gold mines are among the world’s 10 deepest mines for any commodity, with AngloGold Ashanti’s (NYSE:AU,JSE:ANG) Mponeng gold mine topping the list at 2.4 kilometers to over 4 kilometers below surface. This has made industrial mining operations prohibitively expensive and more dangerous.

Harder to reach resources and high electricity costs have resulted in limited investment in exploration as companies looked to lower cost projects in other countries like Australia and Canada.

4. Indonesia

Gold reserves: 3,600 metric tons

Indonesia is home to 3,600 metric tons of gold reserves. The country jumped significantly from 2023, adding more than 1,000 metric tons to its reserves and climbing to number four on our list.

Indonesia is home to the Grasberg complex, one of the world’s largest gold operations and host to 23.9 million recoverable gold ounces. Operated by Freeport-McMoRan (NYSE:FCX), Grasberg includes several underground mines and the Kucing Liar deposit, which is currently being developed.

Once Kucing Liar is operational, Freeport expects it to deliver an additional 520,000 ounces of gold per year for 6 million total ounces between 2029 and 2041.

5. Canada

Gold reserves: 3,200 metric tons

Canada’s gold reserves total 3,200 metric tons, up 900 metric tons in the latest USGS report. Its gold reserves had previously remained constant since 2012 at 2,300 metric tons. The country has more than doubled its gold output in that time, jumping from 97 metric tons in 2012 to 200 metric tons in 2024.

Canada has a rich history of gold mining since the metal was first discovered in Québec in the early 1800s. Mining operations can now be found across Canada, but more than 70 percent of the country’s gold is produced in Ontario and Québec. Other significant producers are BC with 9 percent, the Yukon with 4 percent and Manitoba with 2 percent.

Canada has a number of very large gold mines, the largest of which is Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) Canadian Malartic Complex in Québec. The mine produced 689,000 ounces of gold in 2023 and hosts proven and probable reserves of 7.92 million ounces.

Because of its well-established natural resource sector, Canada is leading the way in sustainable initiatives to protect the environment and communities. The Mining Association of Canada’s Toward Sustainable Mining initiative has been adopted by organizations around the world, including those in Finland, Brazil and the Philippines.

6. China

Gold reserves: 3,100 metric tons

China’s importance as a gold miner has been growing over recent years and made significant gains, moving from number nine on our list with 1,900 metric tons in 2022, to number six with 3,100 metric tons in 2024. Additionally, China’s gold output ranks first overall globally with 380 metric tons of gold last year.

China’s gold-mining industry is dominated by state-owned operators. Some of the largest companies include Zijin Mining Group (HKEX:2899), which owns the Shanxi mine, the largest gold mine in the Shanxi province. The mine produced 107,700 ounces of gold in 2024.

Another of China’s largest companies is China Gold International Resources (TSX:CGG,HKEX:2099), which owns a 96.5 percent stake in the Chang Shan Hao gold mine located in Inner Mongolia, one of China’s largest gold mines. Chang Shan Hao produced 108,188 ounces of gold last year.

In addition to its high gold reserves and production, China also has a strong impact on the gold market through significant purchases by the People’s Bank of China in recent years. As of April 2025, the Chinese central bank holds an estimated 2,280 metric tons of gold.

7. United States

Gold reserves: 3,000 metric tons

Gold reserves in the US have remained steady at 3,000 metric tons since 2012. The country is home to well-developed infrastructure, highly experienced companies and an advanced workforce. However, over the last decade, production and refinement of the yellow metal in the US has been in decline, dropping from 230 metric tons in 2012 to 160 metric tons in 2024.

The largest gold-mining assets in the US are all owned by Nevada Gold Mines, a joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont, and consist of Turquoise Ridge, the Cortez Complex and the Carlin Complex. Between them, the mines produced 3.03 million ounces of gold in 2023.

8. Peru

Gold reserves: 2,500 metric tons

Gold has been an important part of Peru’s economy for centuries. The country has a well-documented mining industry, and it ranks as one of the top nations in the world when it comes to gold reserves. Its gold reserves peaked in 2022 with 2,900 metric tons before falling to 2,300 metric tons in 2023. Peru’s gold reserves were back up slightly in this report, helping it to land at number eight on our list with 2,500 metric tons.

Peru’s gold production has remained consistent over the past two years at 100 metric tons.

Large players make up the bulk of Peru’s gold industry, with major miner Newmont leading the way at Yanacocha, the biggest gold mine in Peru. In 2024, output from the mine reached 354,000 ounces of gold, a significant jump from 2023’s 276,000 ounces.

There are also artisanal operations in the country, along with operations being run by criminal organizations. While environmental concerns are common in the mining industry, illegal and small-scale gold miners often employ mercury during the extraction process, which is very damaging to the environment.

To counteract illegal mining operations, the Peruvian government instituted Operation Mercury in 2019, which involved military interventions at illegal mine sites and the destruction of mining operations. For small-scale and artisanal mining, programs such as the Fairmined Ecological Gold certification exist to encourage environmentally friendly mining methods by introducing premium prices for gold that meets particular requirements. This also allows gold buyers to identify gold from legal operations that reduce the use of toxic treatments like mercury during the extraction process.

9. Brazil

Gold reserves: 2,400 metric tons

Home to the first modern gold rush over 300 years ago, Brazil currently has 2,400 metric tons of economic gold reserves. Brazil has an undeniable history with the precious metal, although its extracted only 70 metric tons in 2024.

The largest gold mine in Brazil is AngloGold Ashanti’s AGA Mineracao Operaation in Minas Gerais. In 2024, the mine produced 271,000 ounces of gold. New production also came online last year. G Mining Ventures (TSX:GMIN,OTCQX:GMINF) declared commercial production at its Tocantinzinho mine in September 2024, and the mine produced 63,566 ounces of gold by the year’s end.

Much like Peru, gold mining in Brazil has a darker side as well. Illegal operators, many of which have found their into mining through social media sites like YouTube and TikTok, are impacting both sensitive rainforest ecosystems and local Indigenous communities. Despite government crackdowns, new operations continue to pop up throughout the Amazon.

10. Kazakhstan

Gold reserves: 2,300 metric tons

Kazakhstan’s gold reserves total 2,300 metric tons, up a sizeable 1,300 metric tons compared to the prior year, a big enough boost to break into this top 10 gold reserve list.

The jump is owed to a significant increase in exploration, which saw 23 new deposits, including 20 metric tons of gold, added to the country’s subsoil registry. Launched in 2023, the registry has helped to streamline the exploration process and allowed modern technology to be applied to historical data sets.

Kazakhstan’s largest gold-mining operation is the Altyntau Kokshetau mine, owned by mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF).

In its 2024 production report, Glencore stated that it produced 603,000 ounces of gold across all its Kazakhstan assets, the majority of which came from the Altyntau Kokshetau mine.

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

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Gabbard says Comey should be ‘put behind bars’ after picture allegedly ‘issuing a call to assassinate’ Trump

Politics 3 Mins Read

Director of National Intelligence Tulsi Gabbard said ex-FBI Director James Comey should be ‘put behind bars’ for a post he made on Instagram on Thursday allegedly ‘issuing a call to assassinate [President Donald Trump.]’

Earlier on Thursday, Comey shared a picture on Instagram with seashells formed in the numbers ’86 47.’ To some, the number ’86’ is a call sign for murdering or getting rid of someone or something and ’47’ is typically used to refer to the 47th President of the United States.

‘Cool shell formation on my beach walk…,’ Comey wrote in the caption of the picture, which has since been deleted.

Gabbard made the comments on ‘Jesse Watters Primetime’ Thursday night after Comey said he wasn’t aware that the number ’86’ stands for some sort of violence.

‘I posted earlier a picture of some shells I saw today on a beach walk, which I assumed were a political message,’ Comey said after deleting the initial picture. ‘I didn’t realize some folks associate those numbers with violence. It never occurred to me but I oppose violence of any kind so I took the post down.’ 

Gabbard said Comey and his people ‘need to be held to account according to the law’ regardless of why he said he posted the picture.

‘The rule of law says people like him who issue direct threats against the POTUS, essentially issuing a call to assassinate him, must be held accountable under the law,’ Gabbard said, adding that she thinks he should be in jail.

The national intelligence director said Comey’s post has her ‘very concerned for [the president’s life.]’

‘I’m very concerned for the president’s life; we’ve already seen assassination attempts. I’m very concerned for his life and James Comey, in my view, should be held accountable and put behind bars for this,’ she said.

Gabbard also said Comey has a lot of influence and that there are ‘people who take [him] very seriously.’

Shortly after Comey removed the post, Fox News Digital learned from a Secret Service source that the agency was aware of the incident and agents are being sent to investigate and interview Comey.

The White House also condemned Comey’s actions, with White House deputy chief of staff and Cabinet Secretary Taylor Budowich calling his post ‘deeply concerning.’

‘While President Trump is currently on an international trip to the Middle East, the former FBI Director puts out what can clearly be interpreted as ‘a hit’ on the sitting President of the United States — a message etched in the sand,’ Budowich wrote on X. ‘This is deeply concerning to all of us and is being taken seriously.’

Comey, who led the FBI during Trump’s first term before he was fired from the spot, had no comment when reached by Fox News Digital earlier on Thursday.

Fox News Digital’s Alec Schemmel and David Spunt contributed to this report.

This post appeared first on FOX NEWS

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Trump takes well-earned victory lap for Middle East peace triumphs

Politics 4 Mins Read
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Eight years ago, during the first few days of President Donald Trump’s first term, I joined his other senior advisers in the White House Situation Room to discuss our approach to Saudia Arabia, which was then in the midst of an internal power struggle. Should we work with the older generation of Saudi leaders, with whom the U.S. has done business with for decades? Or would we take a chance on the younger generation, who were untested, but are committed to massive social and economic change.  

Jared Kushner made the case for the new leaders, especially Mohammed bin Salman (MBS). Kushner argued they would take Saudi Arabia in a different direction — away from the religiously and socially conservative, insular, extremist-tolerant older generation of their grandparents – and build a modern, tolerant and open society, with rights for women.  

They wanted to diversify the Saudi economy beyond its reliance on oil and create a modern nation focused on technology, investment and infrastructure. They would stand against Islamic extremism and work with us to destroy terrorist movements. They were open to the idea of peace with Israel as the foundation of a wilder peace in the Middle East.  

The choice was Trump’s, and one of his first major foreign policy decisions. He would continue his rock-solid support of Israel, but he took a bet on the younger generation of Sunni Arab leaders. He withdrew from President Barack Obama’s flawed nuclear weapons deal with Iran, believing that the road to Middle East peace went through Riyadh and Israel, not Tehran. 

This week’s trip to Saudi Arabia, Qatar and the UAE was Trump’s victory lap. His big bet in 2017 paid off. He could say with great pride, ‘Before our eyes, a new generation of leaders is transcending the ancient conflicts and tired divisions of the past, and forging a future where the Middle East is defined by commerce, not chaos; where it exports technology, not terrorism; and where people of different nations, religions, and creeds are building cities together — not bombing each other out of existence.’ 

The Gulf Arab nations, led by Saudi Arabia, have accomplished extraordinary things in the last eight years, despite the cold shoulder given them during the Biden administration. They were crucial in destroying ISIS and other Islamist extremist movements. They played a major behind-the-scenes role in the Abraham Accords between Israel and the UAE, Bahrain, Sudan and then Morocco. While not yet a formal signatory to the Abraham Accords, Saudi Arabia is well on its way. 

The Saudis, along with the other Gulf Arab leaders, have now urged Trump to open a dialogue with the new leaders of Syria. He has taken another bet on peace during this trip, and is dropping crippling sanctions on Syria, to give them a ‘chance at greatness.’ If Trump is right, Syria will no longer be a scourge of the region it has been for decades; using chemical weapons on its own people, hosting extremist groups bent on spreading death and destruction, and welcoming in Russian influence. 

Perhaps most important of all, Trump has put a stake in the heart of American interventionist foreign policy pursued by both political parties for the last 20 years. We will no longer fight forever wars in the Middle East in a futile attempt to force them into the American mold. We will no longer give nations ‘lectures on how to live or how to govern their own affairs.’  

As Trump said in his first address to the United Nations General Assembly in 2017, ‘We do not expect diverse countries to share the same cultures, traditions, or even systems of government. But we do expect all nations to uphold these two core sovereign duties: to respect the interests of their own people and the rights of every other sovereign nation… 

‘In America, we do not seek to impose our way of life on anyone, but rather to let it shine as an example for everyone to watch.’  

Our policy is Peace through Strength – which encompasses all forms of our strength, not just our military strength.  

What better way to honor the spirit of our own founding 250 years ago, than to encourage other ‘sovereign nations let their people take ownership of the future and control their own destiny.’ 

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Snoop Dogg fires back at critics calling him a ‘sellout’ after Trump inauguration performance

Politics 6 Mins Read
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Snoop Dogg is ready to respond to all the ‘sellout’ comments he’s received after his Crypto Ball performance during President Donald Trump’s inauguration in January.

During a recent appearance on ‘The Breakfast Club,’ the legendary rapper addressed the criticism he’s received since his performance and announced that his new music is a direct response to the haters.

When asked if he’s bothered by the negative feedback, Snoop Dogg said he isn’t because he believes his performance was for a good cause.

‘I DJ’ed at the Crypto Ball for what, 30 minutes?’ he said.

‘Made a whole bunch of money, made a lot of relationships to help out the inner city and the community and teach financial literacy and crypto in a space that it don’t exist. 

‘Made a whole bunch of money, made a lot of relationships to help out the inner city and the community and teach financial literacy and crypto in a space that it don’t exist.’

— Snoop Dogg

‘That’s 30 minutes. [For] 30 years, Snoop Dogg been doing great things for the community, building, showing up, standing up for the people, making it happen, being all I can be,’ he continued. 

Snoop made it clear his performance was not a Trump endorsement.

‘Even if I would have done it for him and hung out with him and took a picture with him, can’t none of you motherf—ers tell me what I can and can’t do. 

‘But I’m not a politician. I don’t represent the Republican Party. I don’t represent the Democratic Party. I represent the motherf—ing Gangster Party period point blank, and G s— we don’t explain s—, so that’s why I didn’t explain. That’s why I didn’t go into detail when motherf—ers was trying to cancel me and say he a sellout,’ he said.

The rapper shared some examples of comments he received online after his inauguration performance.

Snoop Dogg said, ‘I would post s—, and I see motherf—ers like, ‘Oh he a sellout.’ You know what I would do? Jump right in their DM with a video, ‘You b—- a– … What’s happening … I’m Snoop Dogg … what you want to do?’ And guess what they would do? ‘Oh, man, I’m just a fan man. I’m sorry.’ Yeah … you got me f—ed up … I jump all off in your s— … and talk to you face to face.

‘The things that I do in real life should matter to you more, not what I do when I’m deejaying or making music or doing this and that,’ he said, before adding that people should be asking, ‘What is he like as a real person?’

Snoop Dogg’s album, ‘Iz it a Crime?’ was released May 15 and is his direct response to the criticism he’s received over the past few months, he told ‘The Breakfast Club.’

 
 
 
 
 
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Snoop Dogg’s representatives did not respond to Fox News Digital’s request for comment.

Shortly after Trump’s big day, the ‘Gin and Juice’ rapper shared a video of himself giving a blunt response to the backlash.

Snoop, 53, was listening to gospel music as he appeared to be smoking marijuana in a car. 

‘It’s Sunday. I got gospel in my heart,’ he said in the video clip posted on Instagram. ‘For all the hate I’m going to answer with love, I love too much.’

‘Get your life right, stop worrying about mine. I’m cool. I’m together. Still a Black man. Still 100% Black. All out ’til you ball out or ’til you fall out.’

‘The Next Episode’ rapper additionally spoke out about how he has previously dealt with negative responses after his pre-inauguration performance.

‘You ‘gon deal with hate when you get to the top, no matter who you are. … Me, personally, I answer it with success and love. That’s my answer to any hate and negativity that comes my way, ’cause it’s the strongest force that can beat it,’ he shared on the ‘R&B Money Podcast’ in January.

Snoop performed at the Crypto Ball event and played fan favorites from Journey’s ‘Don’t Stop Believin’’ to Bob Marley’s ‘Three Little Birds (Don’t Worry About a Thing).’ He also performed a few of his own hits, including, ‘Drop It Like It’s Hot.’

The ‘Young, Wild and Free’ rapper performed after he recently changed his tune about President Trump. 

Years after Snoop appeared on ‘The Apprentice‘ in 2007 and delivered laughs during a Trump roast in 2011, he called Trump a clown and mocked him in a music video. In his video for his song ‘Lavender’ in 2017, Snoop depicted Trump as a clown and shot the president in the head. 

In 2020, during an appearance on Big Boy’s radio show, Snoop argued Trump shouldn’t be in office. 

‘I ain’t never voted a day in my life, but this year I think I’m going to get out and vote because I can’t stand to see this punk in office one more year,’ the rapper said on ‘Big Boy’s Neighborhood on Real 92.3.’

Snoop explained he didn’t believe he was allowed to vote at the time due to his criminal record. Snoop was convicted of a felony in 1990 and 2007.

However, after a long history of condemning the President and his supporters, Snoop praised Trump in January 2024.

‘Donald Trump? … He ain’t done nothing wrong to me. He has done only great things for me. He pardoned Michael Harris,’ Snoop told The Sunday Times.

‘So, I have nothing but love and respect for Donald Trump.’

Michael ‘Harry-O’ Harris, an associate of Death Row Records co-founder Suge Knight and the founder of the label’s parent company, Godfather Entertainment, was pardoned in 2021 as one of Trump’s final decisions before leaving office for the first time. Snoop Dogg was famously signed by the label only to leave later in his career. Snoop acquired Death Row Records in 2022. 

Harris was imprisoned on charges of conspiracy and attempted murder for over three decades. Snoop Dogg praised Trump at the time for his commutation of Harris.

Fox News Digital’s Stephanie Giang-Paunon contributed to this report.

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Trump says US has given Iran proposal for nuclear deal

Politics 2 Mins Read

President Donald Trump said Friday that the U.S. has given Iran a proposal for a nuclear deal.

‘Yeah they have a proposal, but more importantly, they know they have to move quickly or something bad, something bad is going to happen,’ Trump said.

Secretary of State Marco Rubio warned this week that the United States is facing a critical moment with Iran to curb its efforts to develop a nuclear weapon and limit its uranium enrichment.

U.S. and Iranian officials have held four rounds of talks, primarily in Oman, since Trump took office to address Tehran’s nuclear program.

The International Atomic Energy Agency, often referred to as the United Nations’ nuclear watchdog, noted in a March report that Iran’s stockpile of 60% enriched uranium had alarmingly grown from 182 kg to 275 kg, approximately 401 pounds to 606 pounds, in early 2025.

‘Once you’re at 60, you’re 90% of the way there. You are, in essence, a threshold nuclear weapons state, which is what Iran basically has become,’ Rubio said Thursday on ‘Hannity’.

‘They are at the threshold of a nuclear weapon. If they decided to do so, they could do so very quickly. If they stockpile enough of that 60 percent enriched, they could very quickly turn it into 90 and weaponize it. That’s the danger we face right now. That’s the urgency here,’ he said.

The president also said Thursday in the United Arab Emirates that the U.S. and Iran have ‘sort of’ agreed to terms on a nuclear deal.

‘Iran has sort of agreed to the terms. They’re not going to make — I call it, in a friendly way — nuclear dust,’ Trump told reporters. ‘We’re not going to be making any nuclear dust in Iran.’

Congressional Republicans are urging Trump to remain committed to a hardline Iran strategy, calling for the complete dismantlement of the regime’s nuclear enrichment capabilities in a letter that drew wide support. 

Fox News Digital’s Ashley Carnahan and Christina Shaw contributed to this report.

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Dick’s Sporting Goods to buy struggling Foot Locker for $2.4 billion

Business 4 Mins Read

Dick’s Sporting Goods is buying the struggling footwear chain Foot Locker for about $2.4 billion, the second buyout of a major footwear company in as many weeks as business leaders struggle with uncertainty over President Donald Trump’s tariffs.

Dick’s said Thursday that it expects to run Foot Locker as a standalone unit and keep the Foot Locker brands, which include Kids Foot Locker, Champs Sports, WSS and Japanese sneaker brand atmos.

“Sports and sports culture continue to be incredibly powerful, and with this acquisition, we’ll create a new global platform that serves those ever evolving needs through iconic concepts consumers know and love, enhanced store designs and omnichannel experiences, as well as a product mix that appeals to our different customer bases,” Dick’s CEO Lauren Hobart said in a statement.

Both companies are led by women. Hobart became CEO at Dick’s in 2021, while Mary Dillon has served as CEO of Foot Locker since 2022.

Foot Locker announced a turnaround plan in 2023 in part to help improve its relationship with big brands. Speaking at the J.P. Morgan Retail Round Up Conference last month, Dillon said that Foot Locker is working closely with Nike, specifically in categories including basketball, sneaker culture and kids.

Earlier this month, Skechers announced that it was being taken private by the investment firm by 3G Capital in a transaction worth more than $9 billion.

A Foot Locker store in San Diego.Kevin Carter / Getty Images file

The retail industry has been growing increasingly concerned over Trump’s trade war with other countries, particularly China. Athletic shoe makers have invested heavily in production in Asia.

Shares of sporting goods and athletic shoe companies have been under pressure all year. Foot Locker’s stock has plunged 41% this year. It is also facing pressure elsewhere, with major athletic companies like Nike and Adidas shifting their sales strategies.

Skechers had fallen almost 8% this year.

About 97% of the clothes and shoes purchased in the U.S. are imported, predominantly from Asia, according to the American Apparel & Footwear Association. Using factories overseas has kept labor costs down for U.S. companies, but neither they nor their overseas suppliers are likely to absorb price increases due to new tariffs.

Foot Locker, based in New York City, offers Dick’s a lot of potential, namely its huge real estate footprint, and would give the Pittsburgh company its first foothold overseas.

Foot Locker has about 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand. It also has a licensed store presence in Europe, the Middle East and Asia. The company had global sales of $8 billion last year.

Jefferies analyst Jonathan Matuszewski said that about 33% of Foot Locker’s sales come from outside the United States. He anticipates that the combined company would generate approximately 12% of sales internationally on a pro forma basis.

The deal also broadens Dick’s customer base, with sneaker collectors anxiously anticipating new drops from Foot Locker.

Neil Saunders, managing director of GlobalData, said in an emailed statement that Foot Locker, which has a 4.3% share of the sporting goods market, would give an immediate boost to Dick’s.

“It would also give Dick’s substantially more bargaining power with national brands, especially in the sneaker space,” he added.

Foot Locker shareholders can choose to receive either $24 in cash or 0.1168 shares of Dick’s common stock for each Foot Locker share that they own.

Dick’s said that it anticipates closing on the Foot Locker deal in the second half of the year. The transaction still needs approval from Foot Locker shareholders.

Dick’s stock dropped more than 10% before the market open, while shares of Foot Locker surged more than 82%.

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Politics

Blue state congressman ditches Dem playbook, seeks to codify Trump’s latest executive order

Politics 5 Mins Read

While Rep. Ro Khanna, D-Calif., has been a vocal opponent of President Donald Trump’s tariff and deportation policies, the president’s latest executive order targeting prescription drug prices inspired the Silicon Valley congressman to trade political disses for diplomacy. 

Khanna proposed legislation on Wednesday to codify Trump’s executive order aimed at lowering drug prices, and the Democrat is urging his Republican colleagues to follow his lead, reaching across the aisle to deliver for everyday Americans. 

‘President Trump’s executive order says that Americans should pay the least price. We should not pay any more than people are paying in countries overseas. Then, it gives the Cabinet secretaries the ability to go after Big Pharma companies that are price-gouging. Now, he tried something similar in his previous administration. Big Pharma sued him, it got tied up in courts, nothing happened. That’s why we need Congress to act. I have introduced something that codifies President Trump’s language, and I’m hoping we get a Republican co-sponsor,’ Khanna told Fox News Digital in an exclusive interview. 

As Democrats search for party unity after losing the White House, the Senate and failing to regain the House of Representatives last year, Democrats have gravitated toward an outright rejection of the Trump administration, as depicted through ongoing protests. Khanna, however, said he does not mind if Trump ‘gets a political win’ if it benefits the American people. 

‘If Donald Trump says that’s something that’s good for the American people, I’m not going to oppose it just for political points,’ Khanna said. 

Khanna is considered a potential 2028 presidential candidate and, like many ambitious Democrats, has crisscrossed the United States this year, bringing his vision for America to the national conversation. Gov. Gretchen Whitmer, D-Mich., also expected to harbor 2028 ambitions, faced some flack within the party this year for engaging directly with Trump to deliver for Michiganders. 

‘If Donald Trump has a good idea that’s going to help the American people, we should work with him. If we have a philosophical disagreement, we shouldn’t. But the barometer for me, the test case is, is this helping people? Is this something that I think is going to help this country? Where I have philosophical disagreements, I speak up. But when I think that it is good legislation, I am willing to support him. And I don’t care, like some people, if he gets a political win. So much of politics is, ‘Oh, we don’t want to give the other side a political win.’ For all I care, he can have a great political win if the American public gets lower drug prices,’ Khanna told Fox News Digital. 

While Khanna said he has not communicated with Trump directly about codifying his executive order, he delivered a now-viral House floor speech Wednesday, urging his Republican colleagues to join the bipartisan effort to lower prescription drug prices. 

‘Are you on the side of the people, or are you on the side of the $16 billion in Big Pharma lobbyist money that was spent last year? My legislation, there’s no trick to it. It is President Trump’s idea, President Trump’s executive order, President Trump’s language into law. Every Republican should support this, and every Democrat should,’ Khanna added. 

Ahead of Trump’s executive order signing, Khanna affirmed his support for lowering drug prices, reminding Americans that he proposed similar legislation alongside Sen. Bernie Sanders, I-Vt., with the same goal in mind. 

‘I just don’t understand why any Republican wouldn’t support this. It’s President Trump’s executive order, and every American agrees that prescription drug price costs are too much, that it’s so unfair that Americans are stuck with all these high bills when other countries are paying pennies on the dollar for their drugs. It’s time that Americans be treated fairly,’ Khanna said. 

As Khanna, who was a surrogate for then-President Joe Biden’s re-election campaign in 2024, finds common ground with the current administration, he told Martha MacCallum on ‘The Story’ Wednesday that Biden should not have run in 2024. 

‘I do think it’s important that, given what has come out, that we take accountability,’ Khanna said. ‘Obviously, he should not have run. We should be clear to say that. Obviously, there should have been an open primary. And, I don’t think that’s very difficult that Democrats should just be straight up that he should not have run, now that we have all the facts. There should have been an open primary. I think to move on and move forward, it’s important to take accountability and be straight-forward with the American people.’

While Khanna said he did not have the full picture of Biden’s health and mental acuity when he defended him before the disastrous debate performance, Khanna admitted, ‘We should be honest as a party that we made a mistake.’

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Business

Netflix says its ad tier now has 94 million monthly active users

Business 1 Min Read

Netflix said Wednesday its cheaper, ad-supported tier now has 94 million monthly active users — an increase of more than 20 million since its last public tally in November.

The company and its peers have been increasingly leaning on advertising to boost the profitability of their streaming products. Netflix first introduced the ad-supported plan in November 2022.

Netflix’s ad-supported plan costs $7.99 per month, a steep discount from its least-expensive ad-free plan, at $17.99 per month.

“When you compare us to our competitors, attention starts higher and ends much higher,” Netflix president of advertising Amy Reinhard said in a statement. “Even more impressive, members pay as much attention to mid-roll ads as they do to the shows and movies themselves.”

Netflix also said its cheapest tier reaches more 18- to 34-year-olds than any U.S. broadcast or cable network.

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‘Shark Tank’ alum Bombas taps former Under Armour exec as CEO as it looks beyond digital roots

Business 5 Mins Read

Bombas founder David Heath is stepping down from his role as CEO as the socks and apparel company looks to expand beyond its direct-to-consumer roots.

Bombas President Jason LaRose, a former Under Armour and Equinox executive, will take over as the company’s next CEO effective Thursday. Heath said he realized it was necessary for a retail veteran to lead the company through its next phase of growth.

“We’ve reached a size and scale that is beyond my expertise. I didn’t come from a big apparel company before … I found myself more so over the last 18 months saying, ‘I don’t know what to do next,’” Heath, who is staying at Bombas as its executive chair, told CNBC in an interview. “So then, when I looked at someone with Jason’s background … having that tried and true experience is what will set Bombas up to succeed for the next chapter and I think I feel more comfortable having someone with Jason’s experience in the driver’s seat.” 

LaRose, who spent six years at Under Armour and oversaw its North America business, takes the helm at a critical point in Bombas’ growth story. 

Bombas’ revenue has grown 22% in its current fiscal year through April, it’s reached more than $2 billion in lifetime sales and its EBITDA is at a “super healthy, double digit” margin, LaRose told CNBC. The company’s footwear segment, such as its ultra-popular Sunday Slipper, is expanding the fastest. The company expects footwear revenue will soar more than 70% this year, but socks are still growing steadily, with sales up 17% in April compared to the prior year. 

But in order to reach its goal of growing from a “Shark Tank” startup into a multibillion dollar company over the next five-to-10 years, Bombas needs to expand its wholesale presence. Retailers that primarily sell online like Bombas tend to reach a growth ceiling and need to turn to other channels to keep scaling profitably.

Under LaRose’s direction, Bombas is looking to grow its wholesale revenue from around 7% of sales to between 10% and 20%. The company also wants to test out physical stores. 

“More than 60% of socks in this country are sold in physical locations, you know, whether that’s stores we could open, or stores that we fill with our partners … the wholesale opportunity is big for us,” said LaRose. “It’s also a billboard for us, right? It’s a chance to tell our story. When the customer walks by, we have a chance to tell them about the mission every time, why we’re here, let them touch and feel the product, which is always important when you’re introducing somebody to a new apparel brand.” 

Bombas currently sells in Nordstrom, Scheels and Dick’s Sporting Goods, and unlike some of its peers, it isn’t considering Amazon as a wholesale channel. Instead, it’s looking to expand its assortment offered by its current partners, try out its own stores and perhaps bring on some new wholesalers — if they’re the right fit. 

Digitally native brands that have long enjoyed the benefits of a direct model, such as customer data and the ability to stay close to customers, are often wary about expanding too deeply into wholesale because it’s less profitable and it’s harder for brands to tell their stories. For a company like Bombas, which spent years developing what it calls the “most comfortable socks, underwear, and T-shirts” on the market, that storytelling is extremely important — especially at a price point of around $15 per pair of socks. 

However, it’s that very attitude that has led some to criticize the direct selling model because of how it can stymie growth and lead to unsustainable business models. Many of the early direct-to-consumer darlings have seen their valuations shrivel up as they chase profitability years after they were founded. E-commerce has become harder to do profitably, and at a certain point, stores and wholesale are a more effective and profitable customer acquisition tool for some companies than marketing online. Selling goods through wholesale channels allows brands to scale and acquire customers more profitably than just selling online.

Brands like Bombas that were early to move to wholesale — Heath joked that the company “focused on profitability before it was cool” — understand the need for expansion but have looked to be strategic about who they partner with. Growth is important, but so is maintaining a brand, which is critical to staying ahead of rivals. 

“As a DTC brand, we care so much about our brand and our story, it has to be somebody who’s going to do an excellent job taking care of our brand. We’re not out there to be out there,” said LaRose. “We’re looking at some other partners. We’ll continue to always look for people who we think strategically give us access to the right customer, you know, nothing to announce yet on that front, but we’ll keep looking.” 

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”

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