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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.
Iranian Spokesman Slams France’s Nuclear Double Standards
TEHRAN (Tasnim) – Iranian Foreign Ministry Spokesperson Esmaeil Baqaei criticized France’s contradictory positions on nuclear weapons, saying Western nuclear powers seek to monopolize the power to inspire fear and the perceived legitimacy to intimidate other countries.
Victoria Coates discusses US foreign policy on Iran, Taiwan
Heritage Foundation VP of National Security Victoria Coates and panelist Mike Lee discuss the latest U.S. foreign policy updates, focusing on indirect peace talks with Iran, military funding for Taiwan and ongoing economic pressure on Cuba.
Trump and crypto firm sued for profiting from foreign government
Donald Trump and World Liberty Financial, the cryptocurrency venture he co-founded with his sons, were sued by a shareholder in a rival crypto firm over claims the president illegally profited
Rubio heads to Central Asia as some wonder if he's keeping the most pressing matters at a distance
This tour is intended to promote U.S. economic and security ties with Central and South Asia. But it has only tangential links to the Trump administration’s current main foreign policy dilemmas in the Middle East and with the Russia-Ukraine war.
Trump to tout crackdown on overseas crypto scams
By Courtney Rozen WASHINGTON, Oct 21 (Reuters) - President Donald Trump will highlight his administration’s efforts on Wednesday to crack down on foreign criminal networks that lure Americans into
Rubio's India Trip Focuses on Business
The top U.S. diplomat’s three-day trip is focused largely on commercial interests.
IP Saves the Day On Streaming
(Welcome to my weekly streaming ratings report, the single best guide to what’s popular in streaming TV and what isn’t. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. If you were forwarded this email, please subscribe to get these insights each week.) Before we get started, I wanted to highlight a new idea I saw from Real Good AI, proposing a ratings system for AI use. (H/T to Anthony Kaufman’s article highlighting this.) It would look something like this: In general, I think that this is a solid, middle-ground solution that should appease both the pro-AI camp (who love AI) and the anti-AI camp (who wants to know if what they’re watching didn’t come from humans). Regardless of your feelings on AI/LLMs—I’ll never use it for my writing—transparency is often the best solution to many problems. In general, I think way more media outlets need to be using way more AI disclosures. My quick “Yes and...” to this idea: what about ads? In particular, I hate it when I see or hear ads that are obviously AI-generated, but a person or voice says, “I used this product”. AI doesn’t use products! Just today, I watched a YouTube ad where a “person” said they use some sort of rain wind chime...but that’s not a real person! They didn’t use this product. (Especially since the video of the wind chime itself also appeared to be AI-generated...) I believe most traditional advertising already has standards like this anyway.1 Okay, on to this week’s issue. We’re covering the week of 14-Sep, and then next issue, I’ll be fully caught up with Nielsen’s new release schedule. In the future, I plan to put out Streaming Ratings Reports each Monday after Nielsen’s Thursday releases. Overall, we had some big new shows this week, like Prime Video’s Reacher spinoff_, Neagley_, which is off to a big, big start, and Netflix’s latest in its Monster anthology, which is their largest opening since June and the second-largest since One Piece came out in March. All that, plus Slow Horses returns, the trio of returning shows (Lioness, Reacher and Ted Lasso) continue to dominate the top tens, Paramount+’s latest crime drama, a big whiff for a Netflix original film and a precipitous drop for Netflix film charts, all the flops, bombs and misses, and a whole lot more. Let’s dive right in! (Reminder: The streaming ratings report focuses on the U.S. market and compiles data from Nielsen’s weekly top ten viewership ranks, Luminate’s Top Ten Data, JustWatch and Reelgood interest data, Samba TV household viewership, company datecdotes, Netflix hours viewed data, Google Trends, and IMDb to determine the most popular content. While most data points are current, Nielsen’s data covers the weeks of September 14th to September 20th 2026. You can find a link to my terminology here.) Subscribe Television - IP For the TV Win Can I use the dirty word of entertainment journalism right now? IP. Shhh. Don’t tell anyone I said it. But IP works at the box office, and we’ve seen some evidence it works in TV too. Not as well, and not all the time—no absolutes here!—but often enough. And glancing at the Nielsen top ten…it worked this week! Take Prime Video, who has a monster hit in the crime drama Reacher. Would a spinoff work for that show? Yep! They binge-released Neagley, about a detective from the original Reacher series, and its eight episodes debuted to 29.6 million hours. Here’s how it stacks up to Reacher, one of Prime Video’s biggest shows: That’s great. Nearly as strong as Reacher’s opening! (Both shows started with eight, binge-released episodes, so this comparison is apples-to-apples.) Notably, Prime Video scheduled the debut of Neagley to overlap with Reacher’s most recent season, to help drive tune-in. Obviously, I love smart release strategies like that. And even though I wrote “obviously”, it’s not really that obvious, since streamers don’t often take advantage of natural overlaps like this_._2 Other data backs how well Neagley performed. It opened at second place on Samba TV for two weeks and got 51.7 million hours on Luminate. That’s the eleventh biggest opening on Luminate since May of 2024 and tied with Bridgerton’s third season opening. That’s a huge opening! Its IMDb is solid too, a 7.7 on 24K reviews. Netflix’s latest edition in the “Monster” series—which started with Jeffrey Dahmer and comes from Ryan Murphy—did well too, opening to 24.7 million hours. That’s the biggest opening for Netflix since I Will Find You in June, and second biggest since March. Unlike the Reacher series, this franchise is trending downward, though. The first Monster show—Dahmer - Monster—was giant. More than anything, I think this reflects that Netflix running out of extremely popular—if that’s the right word?—serial killers to feature. Still, the data says this is a very good opening. It made it to third place on Samba TV for two weeks. It also opened to 40.0 million hours on Luminate. That’s not quite as elite as Neagley, but still very, very strong. I’ll be honest: my priors coming into any given week are that IP works to help drive buzz for new shows, but TV shows need to stand on their own even more than movies, so they will succeed or fail based on their quality. But these two spinoffs definitely worked. Quick Notes on TV The top show, film or special this week? Football, again. Specifically, Prime Video’s season opener of Thursday Night Football. The games run long (three hours) but mainly a lot of people watch each game. That adds up to a lot of viewership. Paramount released the second season of MobLand on an unusual day for that service, a Friday! Often, they put their new shows out on a Sunday, as they did last year with a run of shows (Lioness, Tulsa King and Landman). MobLand didn’t make Nielsen in its first week, but on Samba TV it got to eighth and seventh place. Luminate had a smaller opening too, only 5.3 million hours. MobLand missed the Nielsen charts for its first eight weeks, so this season is off to a stronger start. (Bonus note: the first season streams on both Prime Video and The Roku Channel, but I only have it as Paramount+ on those charts.) I’ve mentioned a few times that foreign-language originals do lower numbers than English-language originals on Netflix most of the time. But I don’t usually emphasize what country those originals come from, and observationally, they tend to be from Western or Northern European countries, in general. So credit to Not a Stranger, a Turkish Netflix original, for breaking through on Luminate, getting to 7.9 million hours in its first full week on those charts. As I mentioned last issue, Crew Girl ended up making the Nielsen charts in its second week. That’s still a soft performance compared to many shows, but again this, one looks affordable. And if you’re curious, here’s how it stacks up to some other sports romance shows: We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… …about a new data source and how it drives streaming viewership… ...what reality show is struggling in its latest season…. ...what Netflix film bombed…. ...How Reacher, Ted Lasso, and Lioness are doing on the charts… ...what obscure sport put up great viewership numbers… …how far streaming films are falling… …all the flops, bombs and misses for the last week… …and more… ...please subscribe! We can only keep doing this great work with your support. If you want an idea of just how much content you’d get in a full issue, check out this older issue. Coming Soon! Next week, we’ve got a double issue, then we’ll be all caught up with Nielsen’s data. Yes! The goal is to have my report out on the Monday after I get Nielsen’s data. So next issue, I’m looking at East of Eden, The Great British Baking Show, a Willy Wonka game show (that people are upset uses AI, but viewers might not care), and a Cosby show spinoff reboot on Netflix, and Brothers on Apple TV (starring Woody Harrelson and Matthew McConaughey). That’s about it for TV, but who’s going to win the streaming week, The Breadwinner or Backrooms on streaming? Answer: Toy Story 5. Plus Netflix has a Unabomber film and a new Tyler Perry film, Teenage Sex and Death at Camp Miasma tries to repeat The Substance’s run on MUBI, and Paramount+ has Jackass: Best and Last. Long term, Netflix is remaking Lonesome Dove. I love this choice, but man, there are a lot of westerns on TV right now. And they’re making Sega TV shows, including a Crazy Taxi TV show and Sonic show with an “edge”.
Washington Should Prepare for a Chinese Political Takeover of Taiwan
A bloodless political victory may be far harder for Washington to handle.
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.
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.
Mali’s AI Propaganda War: The Fake Fighter With a Real Audience
Bamako-based TikTok account built up more than 436,000 followers with AI-generated material praising the army and the Africa Corps.
Sustainable Development Impossible without Peace: Araqchi
TEHRAN (Tasnim) – Sustainable development is impossible without peace, respect for international law and multilateralism, Iranian Foreign Minister Abbas Araqchi said, calling for international solidarity to be translated into tangible development outcomes.
Over Land And Sea For Sunderland AFC
A first European trip in fifty three years has arrived, and it's a chance to fight the good fight on foreign soil.
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.
Iran’s Foreign Ministry Marks 2nd Anniversary of Nasrallah’s Martyrdom
TEHRAN (Tasnim) – The Foreign Ministry of Iran commemorated the second anniversary of the martyrdom of Hezbollah Secretary General Sayyed Hassan Nasrallah, hailing his decades-long leadership of the Lebanese resistance and reaffirming Iran’s support for Lebanon’s sovereignty.
Trump used foreign labor standards as tariff workaround, small businesses say
Small businesses will once again challenge President Donald Trump’s tariffs in the Court of International Trade in New York City this week.
The Meter: Foreign Business Ownership in MN
How many foreign-owned businesses operate in Minnesota?
Summerfest 2027 announces Foreigner as first BMO Pavilion headliner
MILWAUKEE (WKOW) — Summerfest and BMO announced the first headliner for the BMO Pavilion in 2027. Foreigner will perform July 2, 2027, as part of the band's 50th anniversary tour.
China has nominated health official Song Li as WHO head
China has nominated health official Song Li as a candidate to lead the World Health Organization, China's Foreign Ministry said on Thursday, confirming a Reuters exclusive that said Song was put forward to succeed the incumbent director general, Tedros Adhanom Ghebreyesus.
Lawsuit accuses Trump of illegally profiting from UAE crypto investments
The lawsuit claims the investments violate the Constitution’s foreign emoluments clause
Swiss voters reject bid to lock neutrality into Constitution
The country is known for neutrality, but Russia's war in Ukraine reopened questions over its non-engagement in foreign conflicts
Zambia says it is negotiating US minerals deal after 'decoupling' from health pact
LUSAKA, Oct 8 () - Zambia is negotiating a critical minerals deal with the US government after "decoupling" it from a separate health funding agreement it signed on Thursday, its foreign minister s...
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.
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.
PM says it is 'clear' Russia interfered with Brexit referendum
He says voters were not "sufficiently" informed about how foreign actors sought to disrupt UK democracy.
Justice Department charges more than 2 dozen in California sweep targeting noncitizen voters
Federal authorities are arresting more than two dozen foreign nationals in California who authorities said have illegally registered and voted in U.S. elections | KCBS All News 106.9FM and 740AM
Microsoft president pushes back against Trump's immigration crackdown
Brad Smith also defended Microsoft against JD Vance's claim that the company replaced laid-off Americans with foreign workers.
Open science is compatible with research security, says Canada’s chief science advisor
Open science is “not incompatible” with research security and science leaders and policymakers should “demystify” the false dichotomy between the two, according to Mona Nemer, Canada’s chief science advisor. More than a decade ago, EU policymakers were promoting open science, open innovation and open collaboration across the world. It was a political movement that aimed to make scientific research, data, software, publications and methodologies transparent, accessible and reusable for everyone.But that rhetoric has changed over the past few years. After Russia invaded Ukraine in 2022 and Donald Trump came back to power in 2025, international partnerships have become more pragmatic. Countries are trying to implement protectionist policies and governments are increasingly worried about technology espionage. According to Nemer, science can remain open if the sector can come up with improved security protocols that would protect research data from undue manipulation by foreign actors. “If anybody can fiddle with the with the data, then [open science] is actually quite dangerous and quite useless,” she told Science|Business. Universities and research institutions are increasingly vulnerable to attempted espionage and other types of foreign interference. In September, the UK’s domestic counter-intelligence service MI5 issued a security warning against collaborations with the China General Technology Research Institute. And earlier this year, Germany’s Helmholtz Center for Information Security was criticised by federal research minister Dorothee Bär, who told a parliamentary hearing that “existing rules and systems” at the institute “were not suitable” for preventing leaks to China. According to Nemer, universities and research institutions should perhaps follow the example of the private sector, as companies have been able to safeguard their research while still publishing results. “I think that there is a level of research security hygiene that researchers and institutions need to just adopt,” she said. “You don't have to tell Sanofi or IBM how to safeguard their research, which they end up publishing anyway.”While certain areas of research will not be open for collaboration with certain partners, in other areas cooperation is necessary even with researchers based in adversarial countries. “I stress this because politics change,” she said. “Science and politics don't make for good fellows, and whether we like it or not, politics will influence certain things.”Researchers will play an important role in “protecting the integrity of science,” said Nemer. “I think that it's time that there's a commitment to a certain scientific compact, so that citizens don't think that science is actually an open door for espionage and for anti-nationalism.”New partnershipsNemer spoke with Science|Business on the margins of the Hamburg Science Summit on September 17, the day when Canadian Prime Minister Mark Carney called for increased cooperation with the EU, including in science and technology. Canada is looking to strengthen ties with partners in other corners of the world, after the Trump administration threatened to put tariffs on Canadian goods and services and even openly suggested Canada could become the 51st state. In parallel, the US government has indicated it wants to retreat from international science projects, including US collaboration with Europe’s CERN particle accelerator and other big science labs.Related articlesThe stats we need to better understand R&DCanada looks to deepen research and education links with the EUCan researchers trust that AI models won’t leak their ideas?Nemer said the US is still a science “powerhouse,” but Canada and Europe will have to work closely together on global challenges. “It’s important for both [sides], but I think it's also important for the rest of the world, because the cut in funding for development, in health, in regions like Africa and other places, have dramatic effects.” The Trump administration is also planning a review of the Nelson memo, a Biden-era document that mandated that results of federally funded research would be openly available. With that idea being called into question, Nemer said it could be “very disruptive” to scientific collaborations and could jeopardise research on climate change, the Arctic and global health. “When your collaborator suddenly tells you I'm not going to share the data with you as a researcher, if this happens, I think it's very worrisome,” she said. “I'm certainly hoping that a lot of the Canadian institutions, funders, researchers, have started looking at joining forces on databases and using more European research infrastructures,” Nemer added.
Lou Gramm to reunite with Foreigner for concerts, retire with a 'bang'
Former Foreigner vocalist Lou Gramm shared plans to retire: 'The second most important thing to putting your heart and your mind and your body into ... a great band is knowing when to walk away.'
Deutsche Bank CEO warns Germany’s political shift is troubling foreign investors
Deutsche Bank CEO Christian Sewing warned that recent election results could hurt Germany’s appeal to international investors.
Trump administration proposes a $70,000 fee for international students to work in the U.S.
The Department of Homeland Security on Wednesday proposed a $70,000 fee for international students seeking to work in the United States, the latest effort from the Trump administration to crack down on foreign enrollment.
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.
Vance unloads on tech titans using foreign visa holders to displace American workers
JD Vance targets H-1B visa abuse, saying large companies lay off thousands of American workers then claim they desperately need foreign labor.
Trump’s war on science sparks American brain drain as top researchers flee overseas
Many American scientists are being recruited by foreign universities holding out offers of stable funding and academic freedom
Politicization of science is leading American researchers to foreign universities
More than a year after the Trump administration began making seismic changes to U.S. scientific research, many American scientists are being recruited by foreign universities offering stable funding and academic
China nominates health official to lead WHO
TAIPEI, Taiwan (AP) — China has nominated health official Song Li to lead the World Health Organization, a Foreign Ministry spokesperson said Thursday, as Beiji
Trump admin bars Microsoft and other tech companies from seeking permanent residency for foreign workers
he Trump administration is suspending Microsoft from seeking permanent residency for foreign workers hired through the H-1B visa program, accusing it of taking advantage of the process so that it could replace American citizens with cheaper labor from abroad.
From the border to the Bible: Takeaways from Talarico interview
The Democratic Senate contender discussed education, immigration, taxes, foreign policy and his faith during an interview with The Dallas Morning News.
Meet the researchers leaving the US because of Trump's funding cuts and politicization of science
Many American scientists are being recruited by foreign universities holding out offers of stable funding and academic freedom. It began last year after the Trump administration began making seismic changes
Meet the researchers leaving the US because of Trump's funding cuts and politicization of science
Many American scientists are being recruited by foreign universities holding out offers of stable funding and academic freedom. It began last year after the Trump administration began making seismic changes
Political Prisoners Watch: Five Democracy Advocates Targeted for Seeking Help Abroad
Dictatorial regimes are retaliating against democratic activists who talk to foreign governments and international bodies.
Lawsuit accuses Trump of illegally profiting from UAE crypto investments
The lawsuit claims the investments violate the Constitution’s foreign emoluments clause
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.
China's space diplomacy lifts Pakistani astronaut toward orbit
Two Pakistani pilots are memorising Mandarin, spinning in centrifuge drills and learning to eat, sleep and repair equipment while weightless as a decision nears on which one will become the first foreign astronaut aboard China's Tiangong space station.
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
Chinese vice premier meets foreign representatives attending International Science Council meeting
Chinese Vice Premier Ding Xuexiang, also a member of the Standing Committee of the Political Bureau
Anti-torture committee calls for comprehensive mental-health law and protections for foreign-national children in Türkiye
Council of Europe’s Committee for the prevention of torture publishes reports on 2018 and 2022 visits to institutions in the state
Iran Condemns Attacks on Yemen’s Civilian Targets
TEHRAN (Tasnim) – The Iranian Foreign Ministry strongly condemned military attacks on various parts of Yemen that have killed and wounded scores of civilians and caused extensive damage to the country’s infrastructure, particularly deadly airstrikes on a market in Taiz.
India’s Jaishankar outlines key foreign policy objectives
India’s External Affairs Minister Subrahmanyam Jaishankar laid out his country’s approach to some of its most consequential relationships in a wide-ranging interview with Bloomberg Editor in Chief John Micklethwait on
WATCH: Trump announces $54 billion South Korean investment in Alaska natural gas pipeline
The investment marks the second time this week that the Republican president has sought to highlight the promise of foreign investment made possible by his administration's trade policy in states where Republican Senate candidates are in tight election campaigns.
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.
Macron slams as ‘stupid’ claims by Trump and others blaming Muslim migrants for French riots
PARIS (AP) — French President Emmanuel Macron said Wednesday that foreign leaders — including those “on the other side of the Atlantic” — are trying to exploit France's tense social climate for their ...
Iran Favors Diplomacy to Prevent Regional Insecurity: Araqchi
TEHRAN (Tasnim) – Foreign Minister Abbas Araqchi emphasized Iran’s commitment to using diplomacy to prevent escalating insecurity in West Asia, saying the US has repeatedly disrupted diplomatic processes by violating commitments and resorting to force.
Iran indicates it’s received an official US response to its latest offer on ending the war
Iranian Foreign Minister Abbas Araghchi presented the U.S. response to President Masoud Pezeshkian at a Cabinet meeting, a government spokesperson told the state-run IRNA news agency.
Iran Won’t Back Off from Conditions for Reopening Hormuz: FM
TEHRAN (Tasnim) – Iran has clearly presented its conditions for reopening the Strait of Hormuz and advancing negotiations, Foreign Minister Abbas Araqchi said, stressing that Tehran will not back down from those conditions.
Calling payment processors ‘crucial intermediaries between businesses and consumers,’ FTC cracks down on two companies
Saying that taking action against payment processors is an effective way to reach foreign and domestic businesses that scam consumers, the FTC has
Trump awards science medals to Musk, Nadella and 4 other tech titans — 5 immigrants — hours after Vance targets them
Vance called foreign tech workers “indentured servants” and suspended Microsoft’s PERM program. Hours later, Trump gave its immigrant CEO a national medal.
PROFILE: Ben Sio
New President of CenterState CEO Brings Nearly Two Decades of Experience to Drive CNY Growth By Stefan Yablonski Ben Sio serves as president of the CenterState Corporation for Economic Opportunity — or CenterState CEO. The independent Syracuse-based nonprofit is committed to creating inclusive, equitable and sustainable economic growth in Central New York. “I started in this position in March, so it has been six months. I’m in my 19th year with CenterState,” he said in August. As president, he is responsible for overseeing the organization’s administration and governance, while leading and executing its vision to be an effective advocate, exceptional employer and a force for positive outcomes for the community. He previously served as chief of staff and senior vice president of strategy, policy and planning, overseeing the organization’s long-term strategic planning, consulting, corporate governance, fundraising and development, land-use planning and government relations. In his years with the organization, Sio has led or supported many high-profile strategic initiatives including the creation of the CNY Rising Plan, the launch of the NUAIR Alliance and the region’s UAS strategy, the creation of the Micron-enabled Community Priorities Document and the recently awarded NY Smart I Corridor Tech Hub. “When we decided to split Rob’s [Simpson] role into two positions, he has the CEO title and I got the president title. Rob remains focused on forward looking vision strategy for the organization and I’m more focused on the day-to-day operations,” he explained. “I’m also responsible for building consensus around strategic needs and priorities and managing the change necessary to drive execution. It’s an eventful job. “The experiment that we call CenterState is always evolving and shifting and addressing where we see market demand and market failure. “If we see something in our economy that isn’t going the way we think it should go, then whether it is housing development or workforce development or something else, we are always figuring out how to step into these situations and address those challenges.” “We are the largest ever in terms of staff that we have ever been. We are no longer the 20-person organization we were when we started out many, many years ago,” he said. “There are more day-to-day things to take care of. But also there is just so much happening in the community right now that is pulling CenterState and our expertise in so many directions. I tell people if we were bored and not busy, then I’d be really concerned about what we are doing. But we are not bored. We’ve certainly got our hands full — and that is a good thing.” CenterState has now approximately 63 employees on its staff, according to recent nonprofit database records. It’s involved in myriad programs, ranging from Genius NY, a business accelerator competition for uncrewed systems, IoT and robotics startups, to CenterState Up Start, a collaborative business development program that connects local, service-based businesses and aspiring entrepreneurs to the tools and networks that help them thrive. CNY Guy Through and Through A Central New York guy through and through, Sio was born and raised in Skaneateles. “My mom was a teacher, an art teacher. My father worked for many, many years with National Grid. He was there through the transition from Niagara Mohawk to National Grid,” he said. “Neither of my parents were touched by cutbacks and job loss. But I grew up going through that transition and being concerned that there were rounds of layoffs. My childhood connection to the economy here in Central New York … years ago it was on the decline. There were people that lived here that were concerned about losing their job. They were thinking they lived in a place that didn’t show much promise.” That narrative translated to his generation, he added. “The kids that grew up in the ‘90s in Central New York were very much told, directly or indirectly, by their parents, that they had to go somewhere else to find economic opportunity. That is what I grew up thinking,” he said. “I only went a few miles down Route 20 for college — in Geneva, New York; I graduated from Hobart and William Smith College with a bachelor’s degree in public policy and political science. “I got real interested in regional economies; because what makes regional economy is what makes the economy successful. And when I graduated, I had an opportunity to move to Washington, DC and work down there at a nonprofit doing this work.” However, he decided to stay in Central New York. “I got hired two weeks after I graduated. I got hired by the Greater Syracuse Chamber of Commerce. At the time it was one of two entities doing economic development in Central New York — [the Greater Syracuse Chamber of Commerce and the Metropolitan Development Association] — and it eventually became CenterState CEO,” he said, referring to 2010 merger between the two organizations. During his time at CenterState, Sio has also split time at the Brookings Institution in Washington, D.C., where he supported communities developing export and foreign direct investment (FDI), a long-term cross-border investment where an individual or company from one country buys a lasting stake or control in a business located in another country. The program — known as Global Cities Initiative — was designed to help leaders in major U.S. and international metropolitan areas reorient their local economies toward global markets. “Early on in my tenure at CenterState, we had done a lot of work with the Brookings Institution, just regional planning stuff. We worked with them on developing a regional export plan, to export more products out of Central New York and a larger business plan for the region. They hired me on to help replicate those plans in different parts of the country,”Sio explained. “So, I worked there for three or four years. I worked for CenterState, but I was technically loaned to Brookings for a period of time to help them do this work elsewhere.” Family ties “My wife is Carly. We have been married 14 years. We have two kids, a 3-year-old and a 7-year-old. “With a 3-year-old and a 7-year-old, fun is a relative term these days. We do a lot of hiking. The kids this summer got very interested in waterfalls. We’ve hit every waterfall we could in a short hike — we’ve done Skaneateles and some others.” “I do woodworking and wood turning — it’s a branch of woodworking; you use a wood lathe. My big thing there is making wood bowls. I do that in most of my free time, which is not much,” he quipped. “I like to get into my woodshop and make a bowl and decompress and turn off the rest of the world for a little bit. I usually do it late at night when the house is quiet. It is definitely my escape from the day to day. I make a lot of bowls; all different sizes, all different species of wood. It’s a fun thing to do for me.” He gives away many of his creations. “They are mostly gifts — I don’t really sell them. I really don’t have time to go set up a booth at a fair or craft show. I usually give them away. I donate them to different things. If you are in my periphery, you’ve likely received a salad bowl from me as a gift. I just need to find something to do with all the stuff that I create,” he said. Lifelines Name: Benjamin Sio Position: President, CenterState CEO Birth Date: Not provided Birth place: Syracuse Residence: Westvale Education: Hobart and William Smith Colleges in the Finger Lakes Affiliations: Member of the boards of Skaneateles Festival, Greccio Foundation, Interfaith Works, CNY Community Foundation Personal/family: Married with two kids Hobbies: Woodworking and woodturning
Hegseth directs military to defend US midterm elections from foreign interference
Defense Secretary Pete Hegseth has signed a memo directing the military to defend the US midterm elections from foreign interference, the Pentagon said Monday.
Business Insider: The Winners and Losers of the New H-1B Era
Partner Catherine Macris discusses how evolving H-1B policies are shaping employers’ ability to recruit foreign talent, particularly in highly specialized fields.
Andrews questions Graham’s family business ties to China; Graham fires back
A dispute that erupted during Monday’s U.S. Senate debate in South Carolina is spilling onto the campaign trail, with Democratic nominee Dr. Annie Andrews and Republican Sen. Darline Graham clashing over alleged foreign business ties.
Iran: Political infighting deepens as economic woes mount during war
Hardliners are stepping up pressure on Iran's government and calling for Foreign Minister Abbas Araghchi's removal. The oil minister resigned, but that's doing little to ease the pressure on President Masoud Pezeshkian.
DOJ announces indictments of several noncitizens for illegal voting in Minnesota
Attorney General Todd Blanche said the foreigners were from Brazil, Ghana and Liberia
John D. Rockefeller Is a Cautionary Tale for Today’s Business Titans
The oil tycoon was celebrated as a pioneer before the public turned on him.
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.’
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.
Rubio orders visiting Iranian UN delegation to leave NYC ahead of schedule
WASHINGTON (AP) — Secretary of State Marco Rubio ordered Iran’s foreign minister and his delegation to the U.N. General Assembly to leave New York earlier than
Opinion | Trump’s Deliberate Blurring of Foreign and Domestic Politics
In the final week of September 2026, the American political landscape appeared more complicated than the headlines suggested. Much of the attention focused on President Donald Trump’s September 22 …
Meet the researchers leaving the US because of Trump's funding cuts and politicization of science
Many American scientists are being recruited by foreign universities holding out offers of stable funding and academic freedom. It began last year after the Trump administration began making seismic...
Inside the Plague Research Labs at the Heart of a Russian Mystery
A Russian researcher, who died from an unknown illness, worked at a remote anti-plague facility. Few foreigners have visited these labs, which dot the former Soviet states, and are shrouded in secrecy.
France's Credit Agricole to expand in Germany with retail business
The French lender Credit Agricole on Wednesday laid out plans to expand in Germany with some services for ordinary consumers by the end of October, the latest such push into Europe's largest economy by a big foreign bank.
Global private equity fuels Indian healthcare’s push into smaller cities
Hospitals flush with foreign money are expanding rapidly and filling gaps in public infrastructure
Meet the researchers leaving the US because of Trump's funding cuts and politicization of science
Many American scientists are being recruited by foreign universities holding out offers of stable funding and academic freedom. It began last year after the Trump administration began making seismic changes
Zambia says it is negotiating US minerals deal after 'decoupling' from health pact
Zambia is negotiating a critical minerals deal with the US government after "decoupling" it from a separate health funding agreement it signed on Thursday, its foreign minister said.
75% of foreign parts found in Russian anti-jamming tech from US firms
Russia's Kometa systems for Shahed drones and Iskander-M missiles were found with 28 chips and other electronics made by US firms, per GUR.
Is the EU research budget actually increasing?
Is a Horizon Europe budget of €158 billion a 10% cut or a significant increase to the EU’s support for research and innovation? What would seem like a question of fact has divided opinion in Brussels since the Irish presidency of the EU Council presented its negotiation box on October 10. The answer depends on factors such as how you adjust for inflation, whether you account for increases in overall EU wealth and if you care about absolute or proportional figures. The €158 billion budget in current prices, proposed by the Irish presidency of the EU Council, was quickly criticised by university lobbies and rejected by the high-level expert group led by former Portuguese science minister Manuel Heitor. It was also decried by the four pro-European political groups in the European Parliament. “How can Europe close its competitiveness gap while cutting the European Competitiveness Fund by 13% and Horizon Europe by nearly 10%?” asked a joint statement by the European People’s Party (EPP), Renew Europe, the Socialists and Democrats and the Greens/European Free Alliance. Together, these parties hold 63% of seats in the Parliament.In stark contrast, Irish foreign affairs minister Helen McEntee said that the proposal “significantly increases investment in competitiveness, research and innovation,” Meanwhile, a presidency press release said that, compared to the current Multiannual Financial Framework (MFF), the proposal would “double the volume of competitiveness related programmes.” So, who is right? That depends on how you make the calculation.Compared to the Commission figure or the previous budget?The first thing to notice is the difference in baselines. When the MEPs say the Irish presidency will cut Horizon Europe by “nearly 10%” they are using the European Commission proposal for the MFF from July 2025, which allocated €175 billion in current prices to Horizon Europe. However, when the Irish foreign affairs minister said the research and competitiveness budget is increasing significantly, she is comparing it to the 2021-27 MFF, which had a Horizon Europe budget of €84.9 billion in 2018 prices.Her point holds when accounting for inflation. Applying a 2% annual inflation rate, the calculation method used by the Commission, the 2021-27 Horizon Europe would have a budget of €97.5 billion in 2025 prices. In comparison, the Irish presidency’s €158 billion figure in current prices translates to €140 billion in 2025 prices. Does the ECF count?But there is more to the dispute. In its statements, the Irish presidency lumped the research budget in with the overall budget for competitiveness. The Parliament statement, however, kept the two separate. This matters because the next MFF includes plans to add a new European Competitiveness Fund (ECF) to fund programmes meant to boost the continent's competitiveness. The Irish negotiating box allocated €245 billion in current prices to this programme.When this is added to the €158 billion for Horizon Europe, as well as programmes such as the EU education programme Erasmus+, the total for “competitiveness, prosperity and security” in the Irish proposal becomes €514 billion in current prices. But it is still uncertain how big a share of this competitiveness budget would go to research. The Commission proposal of July 2025 for the MFF included clear links between the ECF and Horizon Europe, indicating some ECF money will go to research. At the same time, the structure of the ECF is still being negotiated, and a substantial part of its budget is expected to support non-research activities such as defence manufacturing, decarbonisation and digital infrastructure. Related articlesCouncil floats 9.6% budget cut to next Horizon EuropeResearch community to appeal to national governments over planned EU budget cutEU own resources ‘essential’ for future research budget, says leading MEPSo, it is by looking at competitiveness rather than research, or combining the two, that the Irish presidency can claim that its proposed budget will significantly increase investment in competitiveness, research and innovation.According to the Irish presidency proposal, Horizon Europe and other competitiveness-related programmes in the current multiannual budget received €221 billion in current prices. However, since this money is being distributed from 2021 to 2027, it is not directly comparable to the €514 billion in current prices which will be distributed from 2028 to 2034.Research as a proportion of the MFFBut the relative rise in competitiveness-related programmes points to another important distinction: whether you look at the research budget in absolute terms or as a share of the overall MFF. Here, too, the size of the research budget has risen, although only slightly. In the 2021-27 MFF, Horizon Europe accounted for 7% of the total budget. In the Irish presidency’s proposal, it amounts to 8.7%. The share for the total competitiveness envelope went from 17.7% in the current MFF to 28.1% in the Irish presidency proposal.This proportional share may seem irrelevant to universities looking for research funding, but it is becoming significant as budget negotiations between the Parliament, the Commission and the Council begin. On October 2, a group of 17 southern and eastern European countries sent out a statement calling for the EU agriculture and cohesion budgets to be protected. The Parliament’s co-rapporteur on the budget, Siegfried Mureșan of the EPP, has also said that the research envelope is likely to be cut disproportionately as the budget is slimmed down during negotiations.
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.
Reagan’s Immigration Policy ‘A Mess’ Says Schroeder
by Rachael Wright Forty-five years ago this week, Democratic U.S. Rep. Pat Schroeder, representing the 1st Congressional District and serving on the Judiciary Subcommittee on Immigration, Refugee and International Law, said the Reagan administration’s immigration policies were “a mess” and that she felt the administration manipulated refugee policy for foreign policy reasons. “States are left to bear […]
Nvidia CEO among top business execs to attend German investment summit
Germany is set to host top business executives, including Nvidia boss Jensen Huang, on Monday for a summit that Chancellor Friedrich Merz hopes will help to attract private investment to boost the sluggish economy. Europe's largest economy has struggled to attract foreign investment amid years of weak growth, with high energy prices and labour costs continuing to deter businesses.
Iran Ready to Resist Any Aggression, Even ‘Apocalyptic War’: Araghchi
TEHRAN (Tasnim) – Iran is fully prepared to confront any aggression and stands firm even if the confrontation escalates into an “apocalyptic war”, Foreign Minister Abbas Araqchi said, stressing that Tehran keeps the door open to diplomacy and a proposed seven-day plan to reopen the Strait of Hormuz.
Meet the researchers leaving the US because of Trump's funding cuts and politicization of science
Many American scientists are being recruited by foreign universities holding out offers of stable funding and academic freedom. It began last year after the Trump administration began making seismic changes
China sanctions Paraguay, Belize ministers over Taiwan ties
Chinese Foreign Ministry cites national sovereignty and Taiwan separatist activities as reasons behind the measures.
Recycling e-vapes, smartwatches could reduce Europe's dependence on foreign powers for critical minerals
Sales of fast tech like mini fans and disposable e-vapes, as well as wearable health tech such as heart monitors and smart watches are soaring. They're creating a new e-waste problem but are full of hidden treasure.
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.
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.
Meet the researchers leaving the US because of Trump's funding cuts and politicization of science
Many American scientists are being recruited by foreign universities holding out offers of stable funding and academic freedom. It began last year after the Trump administration began making seismic changes
Developing Nations Urged to Counter US Unilateralism
TEHRAN (Tasnim) – Iranian Foreign Minister Abbas Araqchi called on developing countries to safeguard their common interests and counter the destructive US unilateralism and violations of international law.
Turkey’s Deepening Somalia Partnership Has Political Limits
Somalia May Rely on Turkish Security Assistance but It Will Not Rubberstamp Turkish Foreign Policy
China Nominates Health Official to Lead WHO
TAIPEI, Taiwan (AP) — China has nominated health official Song Li to lead the World Health Organization, a Foreign Ministry spokesperson said Thursday, as Beijing seeks to expand its presence in international governing bodies. The World Health Assembly is set to elect the next WHO head in May. That ...
U.S. ends health aid to Zimbabwe after ‘America First’ deal is spurned
The African nation refused to make an agreement with the Trump administration, which has sought to slash foreign assistance and impose new terms on recipients.
Proposed New Visa for Home Health Aides and Nursing Assistants: What Healthcare Staffing Companies Need to Know
A new policy proposal published by the Brookings Institution recommends creating a temporary work visa that would let US employers sponsor foreign home health aides, personal care aides, and nursing assistants to help ease a growing shortage of caregivers. The September 29 proposal, authored by Brookings scholar Tara Watson through the Hamilton Project, would create an “H-1D” visa category built specifically for the direct-care workforce, launching as a pilot program of 30,000 visas per year. It would require employers to pay wages near the top of the local market, guarantee workers a minimum number of weekly hours, and contemplate a potential pathway to permanent residence after six years, although implementing that pathway would require additional changes to immigration law. The H-1D is only a proposal at this point. No H-1D legislation has been enacted, and employers cannot currently sponsor workers under this proposed classification. But if the idea gains traction, healthcare staffing companies could find themselves with both a significant recruiting opportunity and a new set of compliance obligations. This Insight walks through the proposal’s general immigration and employment requirements, then turns to the specific opportunities and challenges it could create for staffing firms.
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.
Iran Praises Turkey’s Push for Regional Peace, Security
TEHRAN (Tasnim) – Iranian Foreign Minister Abbas Araqchi lauded Turkey’s efforts to strengthen peace and security in the region, calling for greater regional cooperation and mutual trust in the face of foreign intervention.
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.
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.
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.
Pork Politics Heat Up as American Meat Producers PAC Targets Save Our Bacon Act Backers
While the campaign frames its messaging around family farms and foreign ownership, industry groups warn of animal rights strategists driving the multi-million-dollar push to preserve Prop 12.