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Disinformation Conference in Europe Caught Up in Transatlantic Politics
Europe’s top disinformation conference faces government withdrawals and pressure over its debate on foreign interference, free speech and the US.
Pediatricians renew call to ban raw milk as anti-science rhetoric reigns
In renewed policy, pediatricians review the benefits of heating milk to kill germs.
Who Controls the Technology Protecting Your Business?
Cybersecurity sovereignty gives organizations transparency, hybrid control, and resilience over critical systems, writes Claudio Martinelli.
Vietnam's banks tap investors for $7 billion as economy runs red hot
Vietnamese banks are planning nearly $7 billion in share sales as the country's fast-growing economy fuels demand for capital, opening a window for foreign investors to expand in the tightly controlled sector.
The London School of Economics and Political Science | New study finds major HIV service declines in Uganda and Zimbabwe after 2025 US aid cuts
The study is the first to measure what happened to HIV services after the US froze foreign aid and halted PEPFAR and USAID work in January 2025.
Health experts in touch with Russia since last Friday: US official
Fox News senior foreign policy correspondent Gillian Turner reports on Secretary of State Marco Rubio pressing Russia for information about a suspected plague death and the U.S. response on ‘Special Report.’
Washington Should Prepare for a Chinese Political Takeover of Taiwan
A bloodless political victory may be far harder for Washington to handle.
Brazil: Lessons from a Disaster
By Antonio Martins (Outras Palavras) Defeats become deeper and more prolonged when we misunderstand what caused them, avoid correcting course, and embrace “solutions” that only compound our mistakes. Lula’s government and the Brazilian left suffered a disaster in Sunday’s election. Contrary to every poll, the president finished the first round 2.2 million votes behind Flávio Bolsonaro—and, more significantly, 3.4 million votes below his total four years ago, when the machinery of the state was working against him and in favor of his opponent. His vote share declined in 98 percent of Brazil’s municipalities. The PL, the main party of the far right, elected 121 deputies and 28 senators, becoming the largest caucus in both houses of Congress. The parties aligned with the Centrão—Brazil’s bloc of transactional center-right parties—were somewhat diminished, but will still hold roughly 250 seats in the Chamber of Deputies and 35 in the Senate. That will make it easier to assemble the majorities needed to amend the Constitution or impeach Supreme Federal Court justices. If elected, Flávio Bolsonaro could appoint four members of the Court, substantially altering its internal balance of power. What produced these results? How can the far right be prevented from consolidating them into a prolonged political hegemony? And what is the essential change of direction the left now needs? Explaining the Disaster Across the commercial media and the exuberant chaos of digital platforms, interpretations are multiplying. Some focus on specific episodes: Lula’s absence from the Globo debate, his very close relationship with Alexandre de Moraes, or his emphasis on issues supposedly remote from most people’s everyday concerns, such as rare earth minerals. Among the more systemic interpretations, three seem especially questionable. One argues that the principal defeat was not the left’s, since its congressional representation declined only slightly. The decisive movement captured at the ballot box, according to this view, was a shift within the right itself—from the more moderate and transactional forces of the Centrão toward the more ideological and radicalized forces of the PL and Novo. A second interpretation holds that the nature of electoral and political processes has changed. The material interests and aspirations of society, it argues, no longer play the central role they once did; they have given way to forms of subjective self-identification that the left has yet to understand. And a third concludes that, because of these two developments, we should expect a political winter: a prolonged period in which the far right and the broader right dominate Brazilian political life. There are important elements in all three interpretations. The problem lies in what they deny or leave out: Lula’s third government was a small-bore government. It offered the majorities that elected it neither a clearly better life nor reasons to believe again in politics and its power to transform society. These failures flowed from two fatal accommodations, which I will examine below. As a result, the government suffered a slow but steady erosion of support. And, as has happened in so many Western countries, it gave the far right the opportunity to present itself as anti-system and to benefit from popular frustration and distress. The interpretation that emphasizes the migration of votes from the center-right and traditional right toward the far right has been advanced, among others, by the courageous journalist Leonardo Sakamoto. In his UOL column on Monday, October 5, he highlights the miserable behavior of the traditional conservative parties. Over the past four years, they repeatedly joined forces with the “neo”-fascists, helping to “normalize” them—a criticism that could equally be directed at almost the entire corporate media. Believing they could use the far right as a stepping stone, they instead ended up partly devoured by it. This was especially true in the Senate, where the PL’s gain of 13 senators and Novo’s gain of two came at the expense of the PSD, which lost nine; the MDB, which lost two; the PSDB, which lost two; and the PP, which lost one. Sakamoto’s observation is accurate and necessary, but it leaves uncomfortable questions unanswered. Why did the erosion of the Centrão benefit the far right rather than, for example, producing growth for the left—as has happened so many times before, both in Brazil and elsewhere? The answer is not difficult. Throughout its four years in office, Lula’s third government was almost invariably associated with the Centrão. Here lies its first accommodation: accepting the limits imposed by conservative institutions; avoiding, as much as possible, any attempt to strain those limits through popular pressure; and believing only in the modest changes that could be squeezed through openings in Congress. The failure of the campaign to end the six-day workweek is emblematic. Lula could have electrified the presidential race by pairing it with a popular campaign for passage of the measure. Instead, he chose to place his hopes in the hands of Senate president Rodrigo Alcolumbre. He generated no mass mobilization, did not force his opponents onto an uncomfortable defensive, and won no victory. In September 2025, the government squandered the greatest of its many opportunities to shake up conservative power in Congress. Popular opposition to the so-called Shielding Amendment—which, if approved, would have restricted criminal proceedings against members of Congress—brought crowds into the streets, mobilized primarily by artists and social movements. This opened the possibility for a broader political education: a campaign that could begin exposing the limits and dysfunctions of Brazil’s political system while putting Bolsonaro’s movement on the defensive for its predictable support of political privilege. The amendment was defeated. But the executive branch then backed away from the fight. It remained associated with an institutional world widely seen as corrupt, elitist, and indifferent to ordinary people’s struggles. In doing so, it forfeited its credibility as a vehicle for the protest vote. On Sunday, it reaped the bitter fruits. Are We Doomed? Taking a different approach from Sakamoto, the philosopher Moysés Pinto Neto and other writers have drawn attention, in their first analyses of October 4, to the fragmentation of the public sphere produced by Big Tech platforms. Through their algorithms, these platforms present each person with a different view of social reality. As a consequence, it becomes much harder to identify common material problems and demands—for example, the fight for labor rights or for a properly funded public health system. Voters no longer embrace such demands, these authors argue, because they no longer see themselves as part of a collective. Instead, they tend to value the identities assigned to them by neoliberal subjectivity—the role of the entrepreneur, for example. On this interpretation, the left’s possible error lies in clinging to outdated illusions. Moysés’s warning is highly relevant and resonates with arguments such as Naomi Klein and Astra Taylor’s “Apocalyptic Fascism and the Billionaires’ Bet.” Unlike a century ago, the far right no longer promises a radiant future. It concentrates instead on resentment—especially that of young men. “They belong to a generation that fears it may never own a home, but compensates with the pleasure it gets from constantly provoking progressives online. Convinced their future has been stolen, they share memes romanticizing historical authoritarian regimes,” the authors write. But Moysés seems to confuse this danger with inevitability. He fails to see that the left’s answer cannot be adaptation. On the contrary, it must strengthen the possibility of politics as collective action. Nor does he recognize that precisely such a reversal is already becoming possible in some of the most promising mobilizations of the twenty-first century: the election, at the end of 2025, of the young Muslim Zohran Mamdani as mayor of New York, on a platform centered on the intensely material fight for an affordable city; the Left Party’s victory in Berlin two weeks ago, built around the demand to expropriate private real-estate corporations; and the very recent wave of demonstrations in Spain—including an occupation of Madrid’s Puerta del Sol—in which tens of thousands of young people mobilized by the Tenants’ Union have demanded limits on rents. By putting itself in the straitjacket of the “fiscal framework” in the first months of 2022, Lula’s third government adopted the second fatal accommodation of its term. Faced with conservative institutions and a country devastated by four years of Bolsonaro, increased public investment was the government’s remaining weapon for offering a more dignified life to the majority and forging an anti-conservative pact with them. The same state that disburses 1 trillion reais a year to enrich a small class of rentiers could instead spend money to extend the Family Health Strategy to every Brazilian, at a cost of 30 billion reais; provide full-day public schooling and childcare to all adolescents and children—and, especially, relief to their mothers; achieve universal sanitation while cleaning up polluted urban rivers; multiply metro systems; begin transforming the urban peripheries; and undertake many other urgently needed projects. In April 2023, an article in Outras Palavras warned that the fiscal framework could “shrink the Lula government and preserve the forces that condemn the country to inequality and regression.” A year later, another article showed that restraints on public spending were strangling policies vital to ordinary people and undermining the president’s popularity. In November 2024 came a reality check, in the form of the government’s humiliating defeat in the municipal elections. Even then, the fiscal lock was neither removed nor loosened. On the contrary: throughout the government’s four years, fiscal restraint remained central to its political narrative. The administration proudly proclaimed that it had “put the state’s accounts in order,” without grasping either how misleading that phrase was—given the payment of 1 trillion reais in interest—or how badly the message was hurting it politically. Lula finally woke up in September 2026. The increase in Bolsa Família benefits, after four years of being frozen; the announcement that anti-obesity drugs would be offered through Brazil’s public health system; and the ban on online betting showed that the state has the power to act decisively on behalf of the majority when those in government are willing to confront obstacles. The huge marches that closed the campaign in Fortaleza, Salvador, Rio de Janeiro, and São Paulo on the eve of October 4 showed how such initiatives can mobilize activists and the broader public. But it was too late—and too little to change the outcome of the first round. History has not ended The possibility of a turnaround in the three weeks leading up to November 25 cannot be ruled out. It will not be simple or easy. Lula must not only make up a deficit of 2.2 million votes; he must also offset the movement of voters who backed other right-wing candidates in the first round, most of whom are likely to move toward Flávio Bolsonaro. Pulling that off will require a broad, grassroots effort to win over voters, potentially reinforced by new initiatives from Lula. The coming hours and days will be decisive. If Bolsonaro’s movement also wins the presidency, the result will create a high-risk situation for Brazilian sovereignty and democracy. The enormous challenges posed by such an outcome would require the left to reexamine, in depth and with a genuine willingness to engage in self-criticism, its political projects—or its lack of them—and its practices. But would that mean we are condemned to the long winter of far-right hegemony that some analyses are beginning to forecast? It is far too early to say, suggests a recent text by Álvaro García Linera, the thinker who served as vice president of Bolivia under Evo Morales. His central hypothesis is that this political current will prove short-lived. At a moment when the entire world is once again talking about sovereignty and protecting national economies, the far right offers a stale, recolonizing neoliberalism. Its submission to the United States is as blatant and pathetic as Flávio and Eduardo Bolsonaro’s overtures to Donald Trump. Its project amounts to something like every man for himself: greater inequality, capitalism without limits, devastation, and supremacism. Will it work? In the United States, just two years into his second term, Trump himself is reaching record levels of unpopularity and may be on the verge of losing Republican control of both the House and Senate in November. Every new beginning is difficult. Whatever the outcome of the second round, the defeats of October 4 show how profoundly the Brazilian left will have to rethink and rebuild. But just as it would be foolish to underestimate the seriousness of its mistakes, it would be equally foolish to conclude that rebuilding a political project is no longer possible. History has not ended. The times are moving faster than ever. Originally published in Portuguese by Outras Palavras. English translation by Eric Blanc; I’ve added the subtitles. More We can’t stop the far right at home or abroad without a revitalized labor movement, which is yet another reason why you should become a sustaining supporter of the Emergency Workplace Organizing Committee (EWOC) — one of US labor’s pivotal bright spots. Relatedly, Jacobin published a short piece of mine reflecting on a decade of Bernie Sanders inspiring a whole new generation of young worker organizers.
In Race With U.S., China Struggles to Recruit Foreign A.I. Researchers
China’s booming artificial intelligence sector has given local researchers good reason to remain in the country, but it has yet to lure overseas scientists despite a government push.
Former German spy chief detained on suspicion of espionage and treason, Bild reports
Former German foreign intelligence chief August Hanning has been detained on suspicion of espionage, treason and obtaining classified information for a foreign power, Bild newspaper reported on Tuesday.
US says foreign financial institutions doing business with Iran may be sanctioned without notice
WASHINGTON, Oct 5 (Reuters) - The US Treasury Department said on Monday it was alerting foreign financial institutions that continue to do business with Iran or its financial sector that they may be sanctioned by Washington without advance notice. DETAILS: • "Foreign financial institutions continuing to transact with sanctioned Iranian financial institutions could be targeted at any time without advance notification and should take immediate action to terminate such activity and relationship
US says foreign financial institutions doing business with Iran may be sanctioned without notice
WASHINGTON, Oct 5 (Reuters) - The US Treasury Department said on Monday it was alerting foreign financial institutions that continue to do business with Iran or its financial sector that they may be sanctioned by Washington without advance notice.
US says foreign financial institutions doing business with Iran may be sanctioned without notice
The US Treasury Department said on Monday it was alerting foreign financial institutions that continue to do business with Iran or its financial sector that they may be sanctioned by Washington without advance notice.
ER visits from foreign-born patients fell drastically during ICE raids, study finds
Those who did visit were more likely than U.S.-born patients to require hospitalization.
Reclaiming 'Health Sovereignty': EU Gastein Forum Confronts A Fragmenting Global Order
Health, long treated as a sanctuary of diplomatic consensus, has entered an era of high politics and ideological division. Leading the closing panel of the EU Health Forum Gastein (EHFG) on Friday (2 October), session chair Ilona Kickbusch, founder of the Global Health Centre at the Graduate Institute in Geneva, highlighted how recent votes at the UN General Assembly demonstrate that nation-states increasingly split and vote instead of searching for consensus.
Earth Shifted Quickly On Its Axis Four Times In Last 320 Million Years, Including When Dinosaurs Reigned
Frankly, it’s surprising the dinosaurs didn’t get dizzy.
Patriots’ HC Raves About Drake Maye Compared to Josh Allen
The New England Patriots needed a response after a lopsided loss. Head coach Mike Vrabel received one from his quarterback against a division heavyweight. New England stunned the previously unbeaten Buffalo Bills 29-26 on Sunday, Oct. 4, and Vrabel placed Drake Maye in the same conversation as reigning NFL MVP Josh Allen afterward. “Gets us […] The post Patriots’ HC Raves About Drake Maye Compared to Josh Allen appeared first on HEAVY.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
Ontario Reign drop home opener to Coachella Valley Firebirds
The Ontario Reign fall 6-2 to the Coachella Valley Firebirds in Ontario's home opener Saturday night. Jani Nyman scored three goals and Jagger Firkus found the back of the net twice while Koehn Ziemmer and Jared Wright scored for the Reign. Ontario starts the 2026-27 AHL season at 1-1 with two points.
Arsenal reignites interest in Spanish full back
Arsenal are one of the clubs that have held a long-standing interest in Ivan Fresneda, having followed the Spanish right-back since his time at Real Valladolid.Fresneda was tipped for greatness when h...
Trump, Putin, Ukraine and an Oil Deal: 5 Takeaways
A proposal to bolster relations with the Kremlin through the purchase of Russian energy assets is striking even for an administration that regularly mixes personal business interests with foreign policy.
Strategic sovereignty, social movements, and political agency: Evidence from the US-Israeli military campaign in Iran
Military intervention may be undertaken to weaken a hostile regime and strengthen the position of its opponents. This column argues that evidence from the 2026 US-Israeli strikes on Iran points to a different outcome: the strikes left total protest levels broadly unchanged but sharply reoriented mobilisation away from anti-government protest and toward pro-government activity. The findings suggest that overt foreign intervention can make sovereignty politically valuable to incumbent governments by making domestic opposition easier to portray as aligned with an external adversary.
Key Moments from the Wiener-Chan Debate
The two Democrats campaigning to represent District 11 in Congress debated AI safety, housing affordability and foreign policy.
Brazil’s future depends on science
With the upcoming Oct. 5 elections, the country has a new opportunity to strengthen scientific research as a foundation for addressing today’s challenges and bolstering its sovereignty.
Mamdani's Security Clearance Explained: Foreign Ties, Politics, and a 9-Month Wait
NYC Mayor Zohran Mamdani got his security clearance after 9 months. Here's how foreign ties and political views affect the clearance process.
Former GOP Rep. David Rivera sentenced to 10 years for secret Venezuela lobbying
David Rivera has been jailed since jurors found him guilty in May on all counts, including failing to register as a foreign agent and conspiracy to commit money laundering as part of his work for former Venezuelan President Nicolás Maduro’s government.
October 1 ushered in a new era in U.S. foreign aid. What's the plan? Will it work?
The America First strategy asks for a Memorandum of Understanding as a condition for healthcare and development aid. It's been praised for promoting self-reliance but criticized for its conditions.
Pokémon TCG’s Final 2026 Set Is Causing Major Preorder Chaos, Here Is How You Can Buy Delta Reign at MSRP Right Now
Find out where to preorder Pokémon TCG: Mega Evolution—Delta Reign at MSRP in the US and UK before Elite Trainer Boxes and Booster Displays sell out.
Debt-saddled Argentina pitches 'golden passport' scheme to woo wealthy foreigners
Argentina is putting a price on citizenship as President Javier Milei searches for dollars to help the country meet its debts.
Shohei Ohtani Injury Concern Gets Major Update Before Dodgers’ NLDS
The Los Angeles Dodgers are the reigning World Series champions, and they have their sights firmly trained on becoming the first team since the New York Yankees over a quarter century ago to win three straight rings.And one of the key pieces of their lineup is star Shohei Ohtani, who had a recent stay on […] The post Shohei Ohtani Injury Concern Gets Major Update Before Dodgers’ NLDS appeared first on HEAVY.
Victor Wembanyama sounds off on NBA players promoting gambling
The reigning Defensive Player of the Year says he has turned down far more endorsement money than he has earned to protect his values.
Finland probes suspected break-ins at politicians' homes
The Finnish prime minister has not ruled out the possibility of foreign involvement in the suspected break-ins at the homes of members of parliament.
Nerial shuts down after 13 years
Reigns series and Card Shark developer Nerial will shut down after 13 years of operation, the studio announced.
Reigns Dev Is Closing Down As Leads Go Independent Again
'At the moment, you feel like you're in the washing machine and it's turned on and you're like, "Well, oh my God, this is going so fast."'
Time lost to political haggling means lost momentum for research
While it’s not up to universities to set deadlines for EU institutions, “lost time” in the run-up to the launch of the next Horizon Europe would translate into “lost momentum” for universities, according to Dag Rune Olsen, president of the Young European Research Universities Network.“I think it's important to have [the EU budget] in place in order to be able to work on the research funding mechanisms, because we cannot afford to lose more momentum than we already have,” Olsen told Science|Business in an interview in September, just after EU research lobbies gathered in Brussels to push for a €200 billion budget for the next Horizon Europe programme.A funding gap would mean ramping down research activities, said Olsen. “You can do that quite swiftly, that’s not a problem, but ramping up again is much more difficult.”The last-minute push for an ambitious budget, and for a timely adoption of the research programme, comes at a time when the richest EU states have teamed up to call for significant cuts to European Commission’s proposal for the next multiannual budget, which allocates €175 billion for Horizon Europe. At the same gathering of research associations in September, the European Parliament’s budget rapporteur warned that the EU will need to raise its own taxes, otherwise political pressure and tighter national budgets will translate into a limited EU budget with a less ambitious envelope for research. The research sector hopes EU institutions will reach timely agreement on the budget and on Horizon Europe, but progress has been slow. Legislative progress has been delayed, partly because the European Parliament’s budget committee is still haggling over how to apply new EU-wide spending rules, known as the Performance Framework Regulation, and partly because EU governments have yet to agree on the size of the next EU budget. EU research Commissioner Ekaterina Zaharieva told Science|Business in July that she was hoping for an agreement on Horizon Europe by the end of 2026, but the timelines have been pushed back significantly, with the Parliament now aiming to announce its official position on Horizon Europe only in November. Avoid the funding gapAccording to Olsen, delayed EU funds could prompt universities and researchers to move on and do something else, potentially jeopardising years of work building consortia and collaborations. “If funding is interrupted, the networks fall apart in just a few months,” he said. Olsen also noted that an interruption would affect junior researchers first. PhD students and postdocs are on shorter term contracts and universities risk losing them if funding for EU projects is interrupted. Related articlesEU own resources ‘essential’ for future research budget, says leading MEPParliament haggle over EU-wide spending rules delays vote on Horizon EuropeZaharieva hopes for a Horizon Europe deal in 2026Universities usually have more employees, permanent and short-term staff, than they can cover with national funding, and external funding is essential to keep them all on the payroll. In case of an EU funding gap, “there will be a huge number of people that might end up without any contracts,” he said. Apart from the money issue, Olsen said EU projects forces universities to collaborate more which, in turn, increases the quality of teaching and research. In case of a funding dip, people will look around for opportunities elsewhere, in the private sector or abroad. “And then then you have to recruit again, and it's a tedious business,” said Olsen. “A gap is not a good idea, it's actually a waste of money.”According to Olsen, the difficult political context should encourage universities to make a stronger case for the EU increasing research funding, as universities can deliver on competitiveness, technological sovereignty, security and defence. “The reason why we ask for substantial investments in research is exactly what the Commission, what Europe, the Parliament have been discussing,” he said. “You really need to invest in order to thrive in the longer run.”Focus on the member statesBut EU and national R&D expenditure hasn't kept up with the times. EU governments have failed to reach a spending target set almost 25 years ago. Only six EU countries spend 3% or more of their GDP on R&D. Asked whether universities should put more effort into convincing the governments to ramp up their own spending, but also to support a strong budget for Horizon Europe in the ongoing budget negotiations, Olsen said “the answer is yes.”“We are very actively encouraging our members to talk to their ministries in order to enlighten them about the joint effort,” he said. The network is made up of 25 universities from across Europe, all established in the past 60 years or so.Who will call the shots?Budget and timing issues aside, the Parliament’s research committee has been locked in behind-the-scenes negotiations over the future structure of Horizon Europe, with MEPs disagreeing on the degree to which its collaborative research should be governed by councils of experts.The European Parliament’s lead rapporteur on Horizon Europe wants councils of independent experts to decide on the funding agenda, but the Commission, the Council, and parts of the Parliament disagree. For Olsen, it is normal for politicians to point at the big challenges, but when they start detailing how those challenges should be solved, the endeavour “fails utterly.” He does not necessarily think that “bureaucrats who don’t know the field” would be “much better at it” either. “There has to be a combination” of broad political directions and bottom-up implementation, Olsen said.
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By Alex Carlen The United Arab Emirates likes to present itself as part of the solution to the climate crisis. The oil-rich Gulf state has committed to Net Zero by 2050, hosted COP 28, and even declared “championing climate action” as one of three strategic objectives for this week’s session of the United Nations General Assembly. But behind the scenes the UAE has quietly built one of its closest political relationships in Europe with the party most hostile to climate action in Britain: Nigel Farage’s Reform UK. There is no evidence that the UAE is funding Reform. But a new FairSquare report, Petro-populism: the UAE–Reform threat, published today, documents a growing political relationship that should concern anyone interested in the integrity of British democracy. Reform’s leaders have embraced the UAE’s political model and promoted positions that align closely with the Emirati government’s priorities, while the UAE has given Farage and his party unusually warm access and public backing. What is emerging is not simply a relationship between British politicians and a wealthy Gulf state, but a channel through which an authoritarian government can cultivate political influence here, and abroad. Democracy for Sale relies on its readers. If you already support us, thanks so much. If you don’t, sign up to support fearless independent investigative journalism. Subscribe Back in January, Nigel Farage appeared at a GB News event in Dubai. On the 50th floor of a tower overlooking the luxury resorts and upscale residences of Palm Jumeirah, the Reform leader declared: “I want Clacton to look like this.” At the event – which Farage never declared on his official register of interests – senior Emirati officials mixed with British expats. Farage was keen to flatter. “We recognise you are our friends”, he said, assuring them that “a Brexit London, a Reform London, will remember you.” Controversy surrounding Reform’s finances and its susceptibility to foreign influence have centred around high-profile donations from billionaire crypto donors, and the jailing of Nathan Gill, Reform’s former leader in Wales, for accepting bribes to give pro-Russia speeches. Far less attention has been paid to Reform’s blossoming new alliance with the UAE, an oil-rich authoritarian state with a track record of ruinous anti-democratic interventions. Farage wasn’t always so fond of the UAE. Back in 2023 he called it an “absolute monarchy with an abysmal human rights record.” Now Reform’s hierarchy calls the UAE home. Deputy leader Richard Tice splits his time between his constituency and Dubai and has called on the UK to learn from the UAE. The party’s treasurer Nick Candy runs a firm which has been in partnership with a UAE-state linked firm since 2024. Nadhim Zahawi sits on the board of an Abu Dhabi think tank alongside an array of the most senior UAE officials and is reportedly close to three brothers of the country’s despotic ruler Mohammed Bin Zayed. Reform’s leading lights have effusively praised the UAE’s governance model, defended it from criticism, and advanced its political agenda in the UK. GB News, whose two major shareholders – the Legatum Foundation and Paul Marshall – have strong links to the UAE, has been more than happy to broadcast UAE propaganda and was forced to pay damages in 2025 after airing a false claim about a UK charity by the UAE “disinfluencer” Amjad Taha. The UAE has responded in kind. When the UAE Minister for Foreign Affairs conducted an official visit to the UK in May, Farage was the only non-government figure granted an audience. UAE state media publicised the meeting, and said that they discussed “the strategic relations between the two countries and ways to enhance them in a manner that serves mutual interests.” For the UAE these ‘mutual interests’ largely concern its paranoia over political Islam, and in this regard the UAE-Reform alliance is part of a broad and troubling pattern. Following a crackdown on dissent at home in the aftermath of the Arab Spring, the UAE has offered material and political support to a range of violent and authoritarian actors willing to oppose the Muslim Brotherhood with no regard for the consequences. Its meddling in Egypt, Tunisia, Yemen, and most notably Sudan, have been devastating. The UAE’s strategy of seeking out partners on the political fringes who it believes will advance its interests is not unique to Britain – it extends beyond the Middle East to Europe and the US. In France, it has offered clandestine support to Marine Le Pen through secret meetings, as well allegedly funding trips to the region after which Le Pen returned with a renewed focus on the UAE’s perceived enemies – Qatar and the Muslim Brotherhood. Left-wing opposition leader Jean-Luc Mélenchon has accused the UAE of smearing him and of “encouraging discrimination, hatred or violence”. In the US, the UAE actively supported the rise of Donald Trump, establishing itself as a key ally during both his first and second terms. Around these relationships sits a wider ecosystem of figures willing to amplify UAE narratives, that even extends to Andrew Tate and Tommy Robinson. Subscribe In Britain, the UAE has used a combination of aggressive diplomacy and illicit, disruptive tactics to achieve its policy goal of eliminating any perceived threat from political Islam. In 2012, for instance, it threatened to block billion-pound arms deals with the UK and stop inward investment if David Cameron did not act against the Muslim Brotherhood and rein in the BBC’s coverage of the group – going so far as to suggest, with no supporting evidence, that the group had infiltrated the BBC. It has financed smear campaigns against a high-profile UK charity and funded a mercenary to secretly surveil, and possibly assassinate, a British national on British soil. In Reform UK, the UAE has finally found an ally willing to not only ban the Muslim Brotherhood, but to publicly vilify the group and repeat the UAE’s claims that dangerous Muslims are a fifth column in British society, a narrative that aligns with the Islamophobia and anti-immigration sentiments that underpin Reform’s populist politics. The Rycroft review into foreign interference concluded that “hostile states and non-state actors have a clear incentive to attempt to undermine UK democracy.” The UAE’s network and alliance with Reform must be understood within that framework. It is a powerful, disruptive and deeply authoritarian actor with the resources and networks to intervene in our politics, and a track-record of doing so in a multitude of other countries. The evidence of the threat the UAE poses is overwhelming. The question is whether parliamentarians are willing to call the UAE out and demand action using the tools that the government has to respond. Placing the UAE on the “Enhanced Tier” of the Foreign Registration scheme alongside Russia and Iran would send a powerful signal to the UAE that its meddling will no longer be tolerated, and would place Farage’s next trips to the UAE under the scrutiny they deserve. Alex Carlen is research and advocacy manager at London based human rights organisation FairSquare and author of its new report Petro-populism: the UAE–Reform threat. Subscribe
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