Interim Air Force One Jet Gets Patriotic Paint Scheme Ahead Of America's 250th Party

One month after the U.S. Air Force confirmed that the Boeing 747 donated by Qatar, designated as the VC-25B Bridge and widely described as President Trump's interim Air Force One aircraft, had entered flight testing in Texas and was being prepared for a new red, white, and blue color scheme, an OSINT account on X claims the aircraft has now been painted.

"Ladies and gentlemen… your United States Air Force's new VC-25B," X user TGhormley Photography wrote Sunday morning.

TGhormley Photography said the image was taken Saturday evening, though they did not disclose the location.

pic.twitter.com/LAk8IqnLlR

— TGhormley Photography (@SkunkChaser25) June 7, 2026

The VC-25B Bridge is a former Qatari head-of-state Boeing 747-8i that will serve as an interim presidential aircraft until Boeing's delayed VC-25B replacements are ready, now expected in 2028.

Last month, the USAF said the VC-25B Bridge underwent flight testing in Texas and was being prepared for a red, white, and blue paint scheme.

The military blog TWZ recently noted that there are still many "questions swirling about the legality and ethics of receiving the gifted plane." Last May, the Pentagon took delivery of the aircraft and said it would rapidly undertake the required modifications.

The VC-25B Bridge appears to be ready ahead of the nation’s 250th anniversary celebrations on July 4, less than one month away

Tyler Durden Mon, 06/08/2026 - 20:30

529-To-Roth IRA Rollover Rules In 2026: Five Questions That Help Determine Whether You Qualify

Authored by Adam H. Douglas via The Epoch Times,

After funding a 529 college savings account for years, you realize there is money left over. Maybe your grandchild graduated early, earned a scholarship that covered more than expected, or decided college was not for them [ZH: or maybe your grandkid is an ungrateful little shit] . A federal rule now lets you move that leftover balance into a Roth IRA, tax-free. It may sound too good to be true, and for some account holders, it is.

Leftover 529 funds can now be rolled into a Roth IRA, but strict rules may limit who qualifies. Panchenko Vladimir/Shutterstock

The provision is real, but the eligibility window is narrow, and several states have created a tax trap that most account holders never see coming.

Under SECURE 2.0's Section 126, you can roll unused 529 funds into a Roth IRA, tax-free and penalty-free, up to a $35,000 lifetime limit. But the account must be at least 15 years old, the money being moved must be at least 5 years old, the Roth IRA must belong to the 529 beneficiary, and that beneficiary must have earned income. Several states, including California, impose their own taxes on the rollover regardless of the federal treatment.

Here are five gating questions to help you explore these rules in detail and determine whether the rollover is actually available to you.

Question 1: Is The Account Old Enough?

To qualify for a rollover, the 529 plan must have been maintained for at least 15 years before any funds can be transferred. This requirement starts from the date the account was originally established, not from when contributions began or when the beneficiary was designated.

Changing the beneficiary on a 529 plan will likely restart the 15-year clock. That would mean the new beneficiary must wait 15 years from the date they became the beneficiary before initiating a rollover. Treat any beneficiary change with caution if a rollover is part of your plan.

Question 2: Is The Money Old Enough?

The five-year rule: Any contributions made within the five years before the transfer, along with earnings on those contributions, are ineligible. Only money that has been in the account for a minimum of five years qualifies.

This rule can trip up grandparents who continued making contributions after a grandchild started college. Those recent deposits remain locked out until the five-year window clears, even if the account itself is decades old.

Question 3: Whose Name Is On The Roth IRA?

The funds cannot revert to the owner of the 529 account. They can only be transferred to a Roth IRA held by the 529 beneficiary. If you are a grandparent who owns the 529, the rollover goes into your grandchild's Roth IRA, not yours.

The beneficiary must also have earned income for the year at least equal to the amount transferred. A grandchild with no earned income in a given year cannot receive a rollover that year, even if every other condition is met.

Question 4: How Much Are You Planning To Move, And When?

The aggregate amount transferred from a 529 account to a Roth IRA may not exceed $35,000 per individual, and the amount transferred in any year is limited to the annual Roth IRA contribution limit. For 2026, the IRS has set that limit at $7,500 for those under age 50, and $8,600 for those 50 or older. Moving the full $35,000 lifetime cap takes a minimum of five years at current limits.

The good news is that 529-to-Roth rollovers bypass the usual Roth IRA income limits that phase out contributions for high earners, creating a unique opportunity for high-income families to fund Roth IRAs for their children or grandchildren.

Note that the rollover shares the annual limit with any other Roth IRA contributions the beneficiary makes that year. If the beneficiary contributes $3,000 in cash, only the remaining Roth room is available for the 529 rollover.

Question 5: What Does Your State Say?

This is the question people skip, and it's a costly one to miss. The rollover is federally tax-free - that's federal, not state.

Most states with income taxes, however, have indicated they will follow federal law. As of September 2025, 30 states have confirmed they conform, including New York, Ohio, Virginia, and Illinois, among others.

Several states have not.

• California residents who execute a 529-to-Roth rollover will be subject to both state income tax and an additional 2.5 percent California tax on the earnings portion.
• New Jersey's decision was listed as pending on tax-tracking boards until recently, but the state has since aligned with federal guidelines to allow tax-free transfers.
• Several states and the District of Columbia have indicated that 529 savers may be subject to state income tax recapture if 529 funds are transferred to a Roth IRA.

Verify your state's current position before initiating any rollover. State guidance on this provision continues to evolve.

FAQs About The 529-To-Roth IRA Rollover Does The Rollover Count Against The Beneficiary's Roth IRA Income Limits?

No, and this is one of the provision's most useful features. In 2026, single filers with modified adjusted gross income above $153,000 and married couples above $242,000 typically cannot contribute directly to a Roth IRA. However, 529-to-Roth rollovers bypass these restrictions entirely. This makes the rollover particularly valuable for families with high-earning adult children who would otherwise be shut out of direct Roth IRA contributions.

What Happens If The Beneficiary Has No Earned Income That Year?

The rollover cannot happen. The beneficiary must have earned income for the year at least equal to the amount transferred, just as with any Roth IRA contribution. If a grandchild is between jobs, attending graduate school without a stipend, or otherwise has no earned income in a given year, the rollover must wait. You can carry the unused rollover opportunity forward to a future year, as long as the lifetime $35,000 cap has not been reached.

Does The Rollover Have To Be A Direct Transfer?

Yes. The movement of assets must be completed in a direct trustee-to-trustee transfer. Do not withdraw the money from the 529 first and attempt to deposit it into the Roth IRA yourself. That path treats the distribution as a non-qualified 529 withdrawal, which triggers income tax and the standard 10 percent federal penalty on the earnings portion. Contact both the 529 plan administrator and the Roth IRA custodian to coordinate the transfer directly between institutions.

How Is The Rollover Reported At Tax Time?

The movement of assets is reported on IRS Form 1099-R from the 529 plan and Form 5498 from the Roth IRA custodian. The IRS refers to the transaction as a "qualified rollover contribution," reportable in Box 10 of Form 5498. It should appear on the beneficiary's tax return for the year of the transfer. Because the paperwork involves both the 529 administrator and the Roth IRA custodian, most advisers recommend working with a tax professional during the first year you execute a rollover to confirm reporting is handled correctly.

The views and opinions expressed are those of the author. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice.

Tyler Durden Mon, 06/08/2026 - 20:05

529-To-Roth IRA Rollover Rules In 2026: Five Questions That Help Determine Whether You Qualify

Authored by Adam H. Douglas via The Epoch Times,

After funding a 529 college savings account for years, you realize there is money left over. Maybe your grandchild graduated early, earned a scholarship that covered more than expected, or decided college was not for them [ZH: or maybe your grandkid is an ungrateful little shit] . A federal rule now lets you move that leftover balance into a Roth IRA, tax-free. It may sound too good to be true, and for some account holders, it is.

Leftover 529 funds can now be rolled into a Roth IRA, but strict rules may limit who qualifies. Panchenko Vladimir/Shutterstock

The provision is real, but the eligibility window is narrow, and several states have created a tax trap that most account holders never see coming.

Under SECURE 2.0's Section 126, you can roll unused 529 funds into a Roth IRA, tax-free and penalty-free, up to a $35,000 lifetime limit. But the account must be at least 15 years old, the money being moved must be at least 5 years old, the Roth IRA must belong to the 529 beneficiary, and that beneficiary must have earned income. Several states, including California, impose their own taxes on the rollover regardless of the federal treatment.

Here are five gating questions to help you explore these rules in detail and determine whether the rollover is actually available to you.

Question 1: Is The Account Old Enough?

To qualify for a rollover, the 529 plan must have been maintained for at least 15 years before any funds can be transferred. This requirement starts from the date the account was originally established, not from when contributions began or when the beneficiary was designated.

Changing the beneficiary on a 529 plan will likely restart the 15-year clock. That would mean the new beneficiary must wait 15 years from the date they became the beneficiary before initiating a rollover. Treat any beneficiary change with caution if a rollover is part of your plan.

Question 2: Is The Money Old Enough?

The five-year rule: Any contributions made within the five years before the transfer, along with earnings on those contributions, are ineligible. Only money that has been in the account for a minimum of five years qualifies.

This rule can trip up grandparents who continued making contributions after a grandchild started college. Those recent deposits remain locked out until the five-year window clears, even if the account itself is decades old.

Question 3: Whose Name Is On The Roth IRA?

The funds cannot revert to the owner of the 529 account. They can only be transferred to a Roth IRA held by the 529 beneficiary. If you are a grandparent who owns the 529, the rollover goes into your grandchild's Roth IRA, not yours.

The beneficiary must also have earned income for the year at least equal to the amount transferred. A grandchild with no earned income in a given year cannot receive a rollover that year, even if every other condition is met.

Question 4: How Much Are You Planning To Move, And When?

The aggregate amount transferred from a 529 account to a Roth IRA may not exceed $35,000 per individual, and the amount transferred in any year is limited to the annual Roth IRA contribution limit. For 2026, the IRS has set that limit at $7,500 for those under age 50, and $8,600 for those 50 or older. Moving the full $35,000 lifetime cap takes a minimum of five years at current limits.

The good news is that 529-to-Roth rollovers bypass the usual Roth IRA income limits that phase out contributions for high earners, creating a unique opportunity for high-income families to fund Roth IRAs for their children or grandchildren.

Note that the rollover shares the annual limit with any other Roth IRA contributions the beneficiary makes that year. If the beneficiary contributes $3,000 in cash, only the remaining Roth room is available for the 529 rollover.

Question 5: What Does Your State Say?

This is the question people skip, and it's a costly one to miss. The rollover is federally tax-free - that's federal, not state.

Most states with income taxes, however, have indicated they will follow federal law. As of September 2025, 30 states have confirmed they conform, including New York, Ohio, Virginia, and Illinois, among others.

Several states have not.

• California residents who execute a 529-to-Roth rollover will be subject to both state income tax and an additional 2.5 percent California tax on the earnings portion.
• New Jersey's decision was listed as pending on tax-tracking boards until recently, but the state has since aligned with federal guidelines to allow tax-free transfers.
• Several states and the District of Columbia have indicated that 529 savers may be subject to state income tax recapture if 529 funds are transferred to a Roth IRA.

Verify your state's current position before initiating any rollover. State guidance on this provision continues to evolve.

FAQs About The 529-To-Roth IRA Rollover Does The Rollover Count Against The Beneficiary's Roth IRA Income Limits?

No, and this is one of the provision's most useful features. In 2026, single filers with modified adjusted gross income above $153,000 and married couples above $242,000 typically cannot contribute directly to a Roth IRA. However, 529-to-Roth rollovers bypass these restrictions entirely. This makes the rollover particularly valuable for families with high-earning adult children who would otherwise be shut out of direct Roth IRA contributions.

What Happens If The Beneficiary Has No Earned Income That Year?

The rollover cannot happen. The beneficiary must have earned income for the year at least equal to the amount transferred, just as with any Roth IRA contribution. If a grandchild is between jobs, attending graduate school without a stipend, or otherwise has no earned income in a given year, the rollover must wait. You can carry the unused rollover opportunity forward to a future year, as long as the lifetime $35,000 cap has not been reached.

Does The Rollover Have To Be A Direct Transfer?

Yes. The movement of assets must be completed in a direct trustee-to-trustee transfer. Do not withdraw the money from the 529 first and attempt to deposit it into the Roth IRA yourself. That path treats the distribution as a non-qualified 529 withdrawal, which triggers income tax and the standard 10 percent federal penalty on the earnings portion. Contact both the 529 plan administrator and the Roth IRA custodian to coordinate the transfer directly between institutions.

How Is The Rollover Reported At Tax Time?

The movement of assets is reported on IRS Form 1099-R from the 529 plan and Form 5498 from the Roth IRA custodian. The IRS refers to the transaction as a "qualified rollover contribution," reportable in Box 10 of Form 5498. It should appear on the beneficiary's tax return for the year of the transfer. Because the paperwork involves both the 529 administrator and the Roth IRA custodian, most advisers recommend working with a tax professional during the first year you execute a rollover to confirm reporting is handled correctly.

The views and opinions expressed are those of the author. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice.

Tyler Durden Mon, 06/08/2026 - 20:05

"Replacing Lower Value Human Capital": Banks Cut Staff As Recent Grads Face Off Against AI For Jobs

As AI reshapes banking, students entering the industry are confronting a double challenge: navigating AI-driven hiring processes today while wondering how many traditional finance jobs will remain tomorrow, according to Bloomberg.

Warwick University student Andre Bonnick, for example, spends hours preparing for automated screening interviews rather than conversations with human recruiters. While he hopes to secure a role in finance, he is also weighing options such as further study as entry-level opportunities become more competitive.

Industry leaders have been increasingly candid about AI’s impact on employment. JPMorgan CEO Jamie Dimon stated that the technology “will eliminate jobs,” while other bank executives have acknowledged that some roles may no longer be needed as automation expands. Standard Chartered CEO Bill Winters described the shift as “replacing in some cases lower-value human capital” with technology investments, comments for which he later apologized.

Bloomberg writes that the pressure is already visible at the junior level. Banks are reducing analyst intake programs and investing heavily in AI capabilities, leading many graduates to question the long-term stability of careers that were once viewed as secure and lucrative. Even so, experts argue that banks cannot eliminate junior hiring altogether because the industry still relies on developing future leaders through apprenticeship-style career paths.

For now, most institutions are deploying AI in specific areas such as customer support, compliance, transaction monitoring, and wealth management rather than replacing entire functions. Banks including Citigroup and Barclays report efficiency gains from AI tools, while digital-first firms such as Revolut are embedding AI directly into customer-facing products.

Yet uncertainty remains. Employment lawyers warn that automation could disproportionately affect middle-office and administrative roles, while some industry observers question whether companies are attributing workforce reductions to AI when broader cost-cutting may be the real driver.

Although major banks continue to recruit interns and graduates, many are seeking productivity gains without increasing headcount. As a result, breaking into finance is becoming more difficult just as AI begins to transform the nature of the jobs themselves.

Tyler Durden Mon, 06/08/2026 - 19:40

"Replacing Lower Value Human Capital": Banks Cut Staff As Recent Grads Face Off Against AI For Jobs

As AI reshapes banking, students entering the industry are confronting a double challenge: navigating AI-driven hiring processes today while wondering how many traditional finance jobs will remain tomorrow, according to Bloomberg.

Warwick University student Andre Bonnick, for example, spends hours preparing for automated screening interviews rather than conversations with human recruiters. While he hopes to secure a role in finance, he is also weighing options such as further study as entry-level opportunities become more competitive.

Industry leaders have been increasingly candid about AI’s impact on employment. JPMorgan CEO Jamie Dimon stated that the technology “will eliminate jobs,” while other bank executives have acknowledged that some roles may no longer be needed as automation expands. Standard Chartered CEO Bill Winters described the shift as “replacing in some cases lower-value human capital” with technology investments, comments for which he later apologized.

Bloomberg writes that the pressure is already visible at the junior level. Banks are reducing analyst intake programs and investing heavily in AI capabilities, leading many graduates to question the long-term stability of careers that were once viewed as secure and lucrative. Even so, experts argue that banks cannot eliminate junior hiring altogether because the industry still relies on developing future leaders through apprenticeship-style career paths.

For now, most institutions are deploying AI in specific areas such as customer support, compliance, transaction monitoring, and wealth management rather than replacing entire functions. Banks including Citigroup and Barclays report efficiency gains from AI tools, while digital-first firms such as Revolut are embedding AI directly into customer-facing products.

Yet uncertainty remains. Employment lawyers warn that automation could disproportionately affect middle-office and administrative roles, while some industry observers question whether companies are attributing workforce reductions to AI when broader cost-cutting may be the real driver.

Although major banks continue to recruit interns and graduates, many are seeking productivity gains without increasing headcount. As a result, breaking into finance is becoming more difficult just as AI begins to transform the nature of the jobs themselves.

Tyler Durden Mon, 06/08/2026 - 19:40

Eyewitness Testimony Undercuts Self-Defense Claim In Austin Metcalf Killing

Via American Greatness,

Testimony from multiple eyewitnesses cast doubt on Karmelo Anthony’s claim that he acted in self-defense when he fatally stabbed 17-year-old Austin Metcalf at a track meet.

Several student witnesses described a confrontation in which Anthony, 19, allegedly refused repeated requests to leave a tent occupied by students from Frisco Memorial High School before the encounter turned deadly.

One 17-year-old student-athlete testified that Anthony did not appear to be acting in self-defense.

According to the witness, Anthony kept his hands inside his backpack until Metcalf shoved him, at which point he allegedly pulled out a knife and stabbed the teen in the chest.

“That’s lethal force against non-lethal,” the witness told the court.

The testimony directly challenged a central argument advanced by Anthony’s defense team. Anthony has claimed that Metcalf and his brother, Hunter, confronted him together, forcing him to use the knife to protect himself.

However, the 17-year-old witness testified that he never observed the brothers ganging up on Anthony.

Other witnesses described an escalating confrontation after Anthony entered the Frisco Memorial team tent.

According to testimony, students repeatedly asked Anthony to leave, with one witness estimating that the requests were made as many as 15 times.

A 15-year-old witness told the court that Anthony “tried to provoke us” after being asked to leave. The witness later stated, “He committed murder.”

A 16-year-old student recounted that Anthony sat down inside the tent and attempted to start a conversation, allegedly saying, “Crazy weather, huh?”

Witnesses testified that members of the Memorial team then asked Anthony to leave. Instead, they said, he became increasingly agitated and refused to go.

According to testimony, Anthony responded by saying, “F–k y’all. I’m not going to leave.”

Witnesses further alleged that Anthony taunted the students, saying, “Y’all are a bunch of p–sies. Y’all not going to do anything. Touch me and see what happens.”

Several witnesses also testified that Metcalf sought to avoid a physical confrontation.

According to their accounts, Metcalf told Anthony, “I’m not going to fight you.”

One student offered a different version of events, testifying that Anthony had been invited into the tent by a teammate. However, the witness also stated there was no apparent reason for someone to bring a knife to a track event.

Tyler Durden Mon, 06/08/2026 - 19:15

Eyewitness Testimony Undercuts Self-Defense Claim In Austin Metcalf Killing

Via American Greatness,

Testimony from multiple eyewitnesses cast doubt on Karmelo Anthony’s claim that he acted in self-defense when he fatally stabbed 17-year-old Austin Metcalf at a track meet.

Several student witnesses described a confrontation in which Anthony, 19, allegedly refused repeated requests to leave a tent occupied by students from Frisco Memorial High School before the encounter turned deadly.

One 17-year-old student-athlete testified that Anthony did not appear to be acting in self-defense.

According to the witness, Anthony kept his hands inside his backpack until Metcalf shoved him, at which point he allegedly pulled out a knife and stabbed the teen in the chest.

“That’s lethal force against non-lethal,” the witness told the court.

The testimony directly challenged a central argument advanced by Anthony’s defense team. Anthony has claimed that Metcalf and his brother, Hunter, confronted him together, forcing him to use the knife to protect himself.

However, the 17-year-old witness testified that he never observed the brothers ganging up on Anthony.

Other witnesses described an escalating confrontation after Anthony entered the Frisco Memorial team tent.

According to testimony, students repeatedly asked Anthony to leave, with one witness estimating that the requests were made as many as 15 times.

A 15-year-old witness told the court that Anthony “tried to provoke us” after being asked to leave. The witness later stated, “He committed murder.”

A 16-year-old student recounted that Anthony sat down inside the tent and attempted to start a conversation, allegedly saying, “Crazy weather, huh?”

Witnesses testified that members of the Memorial team then asked Anthony to leave. Instead, they said, he became increasingly agitated and refused to go.

According to testimony, Anthony responded by saying, “F–k y’all. I’m not going to leave.”

Witnesses further alleged that Anthony taunted the students, saying, “Y’all are a bunch of p–sies. Y’all not going to do anything. Touch me and see what happens.”

Several witnesses also testified that Metcalf sought to avoid a physical confrontation.

According to their accounts, Metcalf told Anthony, “I’m not going to fight you.”

One student offered a different version of events, testifying that Anthony had been invited into the tent by a teammate. However, the witness also stated there was no apparent reason for someone to bring a knife to a track event.

Tyler Durden Mon, 06/08/2026 - 19:15

Xi Jinping Applauds Kim's 'Socialist Cause' In Warm North Korea State Visit

North Korean leader Kim Jong Un warmly greeted Chinese President Xi Jinping in Pyongyang Monday, kicking off Xi's two-day state visit to the internationally isolated country - which is his first trip there in seven years.

Xi has called for deepening "strategic coordination and cooperation" with North Korea shortly after receiving a lavish, red carpet welcome at the airport. The two sides should inject "powerful momentum" into their ties, Xi said according to a readout released by Chinese state media Xinhua.

Xinhua/ZUMA Press

The Chinese leader spoke of a friendship that was 'generational' with the DPRK, in advancement of the 'socialist cause'.

There is plenty that is ideological found within the official readout in the wake of the two leaders' initial meeting, per Xinhua:

No matter how the international situation changes, the Chinese party and government's firm stance on highly valuing China-DPRK traditional friendship will not change, the firm support for General Secretary Kim in leading the DPRK's socialist cause will not change, and the firm commitment to safeguarding the shared interests of the two countries and preserving a favorable strategic environment will not change, Xi said.

Xi pointed out that, in the face of the profound changes unseen in a century that are accelerating across the world, the two sides should take a broad and long-term view, build on past achievements and open up a new future, draw wisdom from the development process of the relations between the two parties and the two countries, seize opportunities in the prevailing trend of human history, inject new contemporary connotations and strong impetus into the traditional friendship between China and the DPRK, and open up a brighter prospect for the socialist cause of the two countries as well as regional peace and development.

This cooperation is expected to be on several fronts, including economics and trade, agriculture, health, construction, as well as science and technology, Xi underscored.

Kim along with his first lady, Ri Sol Ju, enthusiastically greeted Xi and were shown clapping as the Chinese presidential plane touched down earlier in the day. Huge portraits of Xi and Kim have been installed over Pyongyang's main Kim Il Sung Square, where Xi's motorcade was also greeted with big displays of pageantry, including a mounted cavalry escort.

NBC has some interesting commentary which points out that Kim is in a rare position of strength based on some recent firm, anti-West geopolitical stances taken and maintained:

But the North Korean leader is playing host from a position of rare strength, and his country has come a long way since Xi Jinping’s last visit seven years ago.

Kim’s backing of Russia’s war with Ukraine has paid dividends, his weapons program has cemented North Korea’s status as a de facto nuclear state, and an economy that buckled under the pressure of pandemic isolation and sanctions has since rebounded.

Indeed, Kim has of late been aggressively hyping his country's nuclear modernization and expanse program. There's not doubt he's also closely following and taking notes on the Iran crisis. 

WATCH: Xi Jinping landed in Pyongyang for his first North Korea visit in nearly seven years.

Kim Jong-un rolled out the red carpet personally, greeting Xi and Peng Liyuan with a full honour guard. pic.twitter.com/9X9kK44No0

— Clash Report (@clashreport) June 8, 2026

Iran, which does not yet have nuclear weapons status, has been attacked by the United States and Israel - and so Pyongyang sees its nuclear expanse path as more justified than ever at this point, also given Washington still views North Korea as a 'pariah' state.

Another interesting development mentioned in state media relates to efforts to open borders: "Xi called on both sides to leverage the opportunity of the full reopening of border crossings and the resumption of civil aviation flights and international passenger trains to increase people-to-people exchanges and foster mutual interaction," wrote Xinhua.

Tyler Durden Mon, 06/08/2026 - 18:50

Xi Jinping Applauds Kim's 'Socialist Cause' In Warm North Korea State Visit

North Korean leader Kim Jong Un warmly greeted Chinese President Xi Jinping in Pyongyang Monday, kicking off Xi's two-day state visit to the internationally isolated country - which is his first trip there in seven years.

Xi has called for deepening "strategic coordination and cooperation" with North Korea shortly after receiving a lavish, red carpet welcome at the airport. The two sides should inject "powerful momentum" into their ties, Xi said according to a readout released by Chinese state media Xinhua.

Xinhua/ZUMA Press

The Chinese leader spoke of a friendship that was 'generational' with the DPRK, in advancement of the 'socialist cause'.

There is plenty that is ideological found within the official readout in the wake of the two leaders' initial meeting, per Xinhua:

No matter how the international situation changes, the Chinese party and government's firm stance on highly valuing China-DPRK traditional friendship will not change, the firm support for General Secretary Kim in leading the DPRK's socialist cause will not change, and the firm commitment to safeguarding the shared interests of the two countries and preserving a favorable strategic environment will not change, Xi said.

Xi pointed out that, in the face of the profound changes unseen in a century that are accelerating across the world, the two sides should take a broad and long-term view, build on past achievements and open up a new future, draw wisdom from the development process of the relations between the two parties and the two countries, seize opportunities in the prevailing trend of human history, inject new contemporary connotations and strong impetus into the traditional friendship between China and the DPRK, and open up a brighter prospect for the socialist cause of the two countries as well as regional peace and development.

This cooperation is expected to be on several fronts, including economics and trade, agriculture, health, construction, as well as science and technology, Xi underscored.

Kim along with his first lady, Ri Sol Ju, enthusiastically greeted Xi and were shown clapping as the Chinese presidential plane touched down earlier in the day. Huge portraits of Xi and Kim have been installed over Pyongyang's main Kim Il Sung Square, where Xi's motorcade was also greeted with big displays of pageantry, including a mounted cavalry escort.

NBC has some interesting commentary which points out that Kim is in a rare position of strength based on some recent firm, anti-West geopolitical stances taken and maintained:

But the North Korean leader is playing host from a position of rare strength, and his country has come a long way since Xi Jinping’s last visit seven years ago.

Kim’s backing of Russia’s war with Ukraine has paid dividends, his weapons program has cemented North Korea’s status as a de facto nuclear state, and an economy that buckled under the pressure of pandemic isolation and sanctions has since rebounded.

Indeed, Kim has of late been aggressively hyping his country's nuclear modernization and expanse program. There's not doubt he's also closely following and taking notes on the Iran crisis. 

WATCH: Xi Jinping landed in Pyongyang for his first North Korea visit in nearly seven years.

Kim Jong-un rolled out the red carpet personally, greeting Xi and Peng Liyuan with a full honour guard. pic.twitter.com/9X9kK44No0

— Clash Report (@clashreport) June 8, 2026

Iran, which does not yet have nuclear weapons status, has been attacked by the United States and Israel - and so Pyongyang sees its nuclear expanse path as more justified than ever at this point, also given Washington still views North Korea as a 'pariah' state.

Another interesting development mentioned in state media relates to efforts to open borders: "Xi called on both sides to leverage the opportunity of the full reopening of border crossings and the resumption of civil aviation flights and international passenger trains to increase people-to-people exchanges and foster mutual interaction," wrote Xinhua.

Tyler Durden Mon, 06/08/2026 - 18:50

Researchers Identify World's Largest Scorpion That Roamed Earth 415 Million Years Ago

Authored by Maria Mocerino via Interesting Engineering,

The University of Manchester has discovered that the world's largest scorpion, which lived 415 million years ago, was hiding in the museum's collection for 150 years.

Since the 1870s, researchers have debated the identity of the strange fossil remains lurking in the Manchester archives. They possessed tiny fragments recovered from sites in England and Wales that puzzled them, but they could not piece them together. Was it a large woodlouse-crustacean?

Life reconstruction of Praearcturus gigas.Franz Anthony High Res

In the 1980s, some research suggested that a scorpion might be the source of the fossil remains. However, this hypothesis faced challenges due to a lack of fossil evidence of its most distinctive feature: its tail.

To resolve the debate, paleontologists conducted a study of the remains using modern imaging and analytical techniques, according to a press release from the University of Manchester. They were "able to build a clearer picture of the animal than was previously possible, which is really exciting."

The 3.3-foot-long Praearcturus gigas scorpion now joins the ranks of Earth's ferocious prehistoric beasts, boasting pincers 6.2 inches long. As it roamed the Earth over 400 million years ago, researchers sought to understand the factors that allowed this prehistoric predator to grow to such an astonishing size.

The T. Rex of Scorpions

According to the study authors, "Along with dinosaurs, mammoths, and other charismatic megafauna, giant arthropods are an iconic symbol of the Earth's deep paleontological history in popular culture."

Lead author Dr. Richard J. Howard, Curator of Fossil Arthropods at the Natural History Museum in London, described the imagery often associated with giant arthropods: "Carboniferous rainforests filled with giant millipedes or dragonfly-like insects... but Praearcturus lived at least 50 million years earlier, well before the evolution of trees, when life on land was just beginning."

In other words, researchers may have identified the T. rex of arthropods nearly two hundred million years before the rise of the dinosaurs. The Praearcturus gigas lived during the Early Devonian period - a time when forests had not yet evolved - so this giant scorpion lived among small plants and fungi, as per the press release.

What Did It Eat?

Researchers were stunned: how did the scorpion grow to such a size, surrounded by relatively unassuming and unimposing neighbors? The answer lies in its lack of competition. As few large animals were present at that time, Praearcturus was free to become a predatory giant, according to the NYPost.

Furthermore, the "cool" creature, which might inspire a new figurine in a child's toy collection, may have been partially aquatic, as suggested by its epimera - the descending lateral plates or flaps found on the bodies of crustaceans.

Dr. Howard stated in Live Science, "Without complex ecosystems to support Praearcturus on land, these animals probably spent part of their lives hunting in water." The Praearcturus was even "before its time," and its extraordinary size might be explained by one factor: water.

"This places Praearcturus at a pivotal moment in Earth's history when animals were first experimenting with life outside the oceans," as per a press release.

"The boundary between land and sea was much less defined at this time," Dr Greg Edgecombe, Merit Researcher at the Natural History Museum, London, and co-author of the study, continued. "Praearcturus gives us a fascinating glimpse into how early animals adapted to these changing environments."

"It may even represent a lineage that returned to the water after earlier ancestors had already begun living on land," AOL concludes.

You can read the study here.

Tyler Durden Mon, 06/08/2026 - 18:25

Researchers Identify World's Largest Scorpion That Roamed Earth 415 Million Years Ago

Authored by Maria Mocerino via Interesting Engineering,

The University of Manchester has discovered that the world's largest scorpion, which lived 415 million years ago, was hiding in the museum's collection for 150 years.

Since the 1870s, researchers have debated the identity of the strange fossil remains lurking in the Manchester archives. They possessed tiny fragments recovered from sites in England and Wales that puzzled them, but they could not piece them together. Was it a large woodlouse-crustacean?

Life reconstruction of Praearcturus gigas.Franz Anthony High Res

In the 1980s, some research suggested that a scorpion might be the source of the fossil remains. However, this hypothesis faced challenges due to a lack of fossil evidence of its most distinctive feature: its tail.

To resolve the debate, paleontologists conducted a study of the remains using modern imaging and analytical techniques, according to a press release from the University of Manchester. They were "able to build a clearer picture of the animal than was previously possible, which is really exciting."

The 3.3-foot-long Praearcturus gigas scorpion now joins the ranks of Earth's ferocious prehistoric beasts, boasting pincers 6.2 inches long. As it roamed the Earth over 400 million years ago, researchers sought to understand the factors that allowed this prehistoric predator to grow to such an astonishing size.

The T. Rex of Scorpions

According to the study authors, "Along with dinosaurs, mammoths, and other charismatic megafauna, giant arthropods are an iconic symbol of the Earth's deep paleontological history in popular culture."

Lead author Dr. Richard J. Howard, Curator of Fossil Arthropods at the Natural History Museum in London, described the imagery often associated with giant arthropods: "Carboniferous rainforests filled with giant millipedes or dragonfly-like insects... but Praearcturus lived at least 50 million years earlier, well before the evolution of trees, when life on land was just beginning."

In other words, researchers may have identified the T. rex of arthropods nearly two hundred million years before the rise of the dinosaurs. The Praearcturus gigas lived during the Early Devonian period - a time when forests had not yet evolved - so this giant scorpion lived among small plants and fungi, as per the press release.

What Did It Eat?

Researchers were stunned: how did the scorpion grow to such a size, surrounded by relatively unassuming and unimposing neighbors? The answer lies in its lack of competition. As few large animals were present at that time, Praearcturus was free to become a predatory giant, according to the NYPost.

Furthermore, the "cool" creature, which might inspire a new figurine in a child's toy collection, may have been partially aquatic, as suggested by its epimera - the descending lateral plates or flaps found on the bodies of crustaceans.

Dr. Howard stated in Live Science, "Without complex ecosystems to support Praearcturus on land, these animals probably spent part of their lives hunting in water." The Praearcturus was even "before its time," and its extraordinary size might be explained by one factor: water.

"This places Praearcturus at a pivotal moment in Earth's history when animals were first experimenting with life outside the oceans," as per a press release.

"The boundary between land and sea was much less defined at this time," Dr Greg Edgecombe, Merit Researcher at the Natural History Museum, London, and co-author of the study, continued. "Praearcturus gives us a fascinating glimpse into how early animals adapted to these changing environments."

"It may even represent a lineage that returned to the water after earlier ancestors had already begun living on land," AOL concludes.

You can read the study here.

Tyler Durden Mon, 06/08/2026 - 18:25

House Report Finds Minnesota Officials Ignored Fraud To Avoid Racism Accusations

A House Committee on Oversight and Government Reform report released Monday paints a devastating picture of both Minnesota Gov. Tim Walz and state Attorney General Keith Ellison, finding that they both knew about widespread fraud in state social services programs and failed to act.

The report centers on the Feeding Our Future scandal, in which a Minnesota-based nonprofit systematically exploited federal COVID-19 relief funds intended to provide meals to children.

So far, more than 60 people have already been found guilty of fraud in connection with the scheme, the majority of whom are of Somali descent. Some defendants used stolen taxpayer money to buy luxury goods, while others funneled proceeds to a radical Islamic terrorist group operating in Somalia. At least $300 million in federal child nutrition funds were placed at serious risk, and approximately $9 billion in Medicaid losses resulted from the broader fraud environment state officials allowed to fester.

"Fraud warnings were elevated to the most senior levels of the Minnesota state government, meaningful corrective action was delayed or avoided, and payments continued long after credible signs of fraud emerged," the report states.

Senior officials in Walz's office and Ellison's office knew about systemic fraud concerns as early as 2019 within the Minnesota Department of Human Services and, by April 2020, within the state Department of Education, the report says, directly contradicting Walz's and Ellison's public statements.

This matters because both men held legal authority to cut off payments to fraudulent operators. Neither exercised it, even though Walz was aware of the suspected fraud in Feeding Our Future by 2020, and the payments continued.

The fraudsters didn't just know how to exploit the system for financial gain; they knew how to blackmail state officials to keep their scheme going. When workers inside the Department of Education tried to audit child care and nutrition programs, providers accused them of racism. The accusation worked. Officials backed down despite holding evidence that funds were being fraudulently diverted. Dozens of human services department staff were warned, explicitly, that raising fraud concerns would get them labeled as racists and damage the government's reputation. Some were pulled into supervisory meetings. Others were excluded from the very internal discussions about the fraud they had flagged.

And the directive to look the other way from the fraud came from the top down. One Minnesota Department of Education official who first contacted the FBI about Feeding Our Future told investigators her supervisors pressured her to stop investigating "at every turn" and that she got her "hand slapped" for continuing to look into it. Staff feared reporting fraud to the Homeland Security Office of Inspector General because that agency would notify the Commissioner or HR, who would then retaliate against them. The internal culture the Walz administration built was one in which accountability was the threat, not the fraud.

Rather than combating the fraud, the Walz administration spent resources monitoring employees to keep them in line. The priority, the report shows, was getting ahead of press coverage about the fraud, not stopping it.

"Minnesota Governor Tim Walz and Attorney General Keith Ellison are responsible for one of the most stunning oversight failures this Committee has ever examined," Oversight Committee Chairman James Comer said in a statement. "Today's report is the culmination of months of investigative work and reveals hard evidence showing how the Walz Administration failed to stop widespread fraud, allowing criminals to enrich themselves at the expense of American taxpayers. Billions of dollars were stolen because Minnesota state leaders turned a blind eye to rampant fraud and retaliated against state employees who dared to raise concerns. It is now clear the Walz Administration chose to protect the system rather than protect the taxpayer."

The report makes clear that this fraud wasn't some bureaucratic mistake or a problem that went unnoticed. Senior officials were repeatedly warned about what was happening. They chose not to act in order to preserve their political relationship with Minnesota's Somali community, manage the fallout, and sideline the employees who were raising red flags and trying to stop it.

Tyler Durden Mon, 06/08/2026 - 18:00

House Report Finds Minnesota Officials Ignored Fraud To Avoid Racism Accusations

A House Committee on Oversight and Government Reform report released Monday paints a devastating picture of both Minnesota Gov. Tim Walz and state Attorney General Keith Ellison, finding that they both knew about widespread fraud in state social services programs and failed to act.

The report centers on the Feeding Our Future scandal, in which a Minnesota-based nonprofit systematically exploited federal COVID-19 relief funds intended to provide meals to children.

So far, more than 60 people have already been found guilty of fraud in connection with the scheme, the majority of whom are of Somali descent. Some defendants used stolen taxpayer money to buy luxury goods, while others funneled proceeds to a radical Islamic terrorist group operating in Somalia. At least $300 million in federal child nutrition funds were placed at serious risk, and approximately $9 billion in Medicaid losses resulted from the broader fraud environment state officials allowed to fester.

"Fraud warnings were elevated to the most senior levels of the Minnesota state government, meaningful corrective action was delayed or avoided, and payments continued long after credible signs of fraud emerged," the report states.

Senior officials in Walz's office and Ellison's office knew about systemic fraud concerns as early as 2019 within the Minnesota Department of Human Services and, by April 2020, within the state Department of Education, the report says, directly contradicting Walz's and Ellison's public statements.

This matters because both men held legal authority to cut off payments to fraudulent operators. Neither exercised it, even though Walz was aware of the suspected fraud in Feeding Our Future by 2020, and the payments continued.

The fraudsters didn't just know how to exploit the system for financial gain; they knew how to blackmail state officials to keep their scheme going. When workers inside the Department of Education tried to audit child care and nutrition programs, providers accused them of racism. The accusation worked. Officials backed down despite holding evidence that funds were being fraudulently diverted. Dozens of human services department staff were warned, explicitly, that raising fraud concerns would get them labeled as racists and damage the government's reputation. Some were pulled into supervisory meetings. Others were excluded from the very internal discussions about the fraud they had flagged.

And the directive to look the other way from the fraud came from the top down. One Minnesota Department of Education official who first contacted the FBI about Feeding Our Future told investigators her supervisors pressured her to stop investigating "at every turn" and that she got her "hand slapped" for continuing to look into it. Staff feared reporting fraud to the Homeland Security Office of Inspector General because that agency would notify the Commissioner or HR, who would then retaliate against them. The internal culture the Walz administration built was one in which accountability was the threat, not the fraud.

Rather than combating the fraud, the Walz administration spent resources monitoring employees to keep them in line. The priority, the report shows, was getting ahead of press coverage about the fraud, not stopping it.

"Minnesota Governor Tim Walz and Attorney General Keith Ellison are responsible for one of the most stunning oversight failures this Committee has ever examined," Oversight Committee Chairman James Comer said in a statement. "Today's report is the culmination of months of investigative work and reveals hard evidence showing how the Walz Administration failed to stop widespread fraud, allowing criminals to enrich themselves at the expense of American taxpayers. Billions of dollars were stolen because Minnesota state leaders turned a blind eye to rampant fraud and retaliated against state employees who dared to raise concerns. It is now clear the Walz Administration chose to protect the system rather than protect the taxpayer."

The report makes clear that this fraud wasn't some bureaucratic mistake or a problem that went unnoticed. Senior officials were repeatedly warned about what was happening. They chose not to act in order to preserve their political relationship with Minnesota's Somali community, manage the fallout, and sideline the employees who were raising red flags and trying to stop it.

Tyler Durden Mon, 06/08/2026 - 18:00

On The Kavanaugh Anniversary, Democratic Leaders Swap Me Too For Maine

Authored by Jonathan Turley,

...on the eighth anniversary of the Kavanaugh nomination. It now appears that there are some women who are not to be believed... when the Senate may be in the balance..

“It’s clear the fix is in.”

Those words from Sen. Elizabeth Warren (D-Mass.). came with her vote against confirming Brett Kavanaugh to the Supreme Court. Warren was outraged that her fellow senators refused to believe a woman who came forward with a decades-old allegation against Kavanaugh that lacked any corroboration.

It now appears that Kavanaugh’s former accusers are making the case that he was treated unjustly at their hands. At least they are now willing to swap “Me Too” for Maine.

Warren’s words were part of a mantra from Democratic members that either you believe women about sexual harassment and assault, or you are enabling abusers.

It was almost exactly eight years ago, in July 2018, that President Trump nominated Kavanaugh to fill the seat of retiring Associate Justice Anthony Kennedy. Kavanaugh, who was at first a very uncontroversial nominee, suddenly became the target of a well-financed, well-orchestrated campaign that would continue to resonate in that fall’s election campaigns. At the time, your failure to accept the word of Christine Blasey Ford that Kavanaugh had assaulted her in high school was just proof that you and the system were sexist.

Long after the Senate confirmed Kavanaugh, the left continued to claim that his presence on the Supreme Court “rests on a mountain of misogyny.” In Ms. Magazine, actress Kathleen Turner reminded people that not believing women was furthering misogyny: “Survivors who come forward break the rules of silence a sexist society demands, and society expects them to pay a price.”

If you recall, the lack of evidence led to the Senate Judiciary Committee combing through Kavanaugh’s personal calendars. Denials that such a thing had ever happened, coming from childhood friends, were treated as still more evidence of sexism.

Screenshot/Judiciary Committee

There was Sen. Sheldon Whitehouse (D-R.I.), who grilled Kavanaugh about using the term “boofing” (apparently referring to passing gas) with a high school friend as if it were a confession to a rape.

His inquisitorial barrage was something straight out of the McCarthy period.

Whitehouse expressed disgust that some would not take Ford’s word for it, declaring, “Today I stand with women who are brave enough to come forward with their stories of abuse and mistreatment. They deserve to be heard and credible allegations must be investigated. We must believe survivors, not bully them.”

Whitehouse is now a major donor and supporter of Graham Platner, the leading Democratic candidate for U.S. Senate from Maine.

He dismisses the New York Times accounts from women of Platner’s physically and mentally abusive behavior.

Instead of believing these women, he reportedly attacked Lyndsey Fifield, who “bravely” came forward publicly with her story at the request of Times reporters.

Whitehouse is quoted as saying that he was “unimpressed” by the allegations and the multiple women coming forward “seems like a lot of nothing.” He suggested that he is not prepared to believe a woman if she is a conservative. “I mean, the only one who had anything to say that seemed ‘unsettling’ was a woman who works for right-wing political operations,” he said.

That attack was picked up by others like writer Krystal Ball. She too had denounced those who did not believe Ford in the Kavanaugh controversy. In the past, she claimed at that time, “women just didn’t come forward. They knew they wouldn’t be believed.”

Now she cannot imagine why anyone would believe these women, particularly Fifield. “NYT published uncorroborated accusations against [Platner] of ‘unsettling’ and ‘toxic’ behavior that came from a Heritage staffer who previously worked for a conservative org that backs Collins,” she posted online.

Fifield, after sharing stories with the Times of Platner’s alleged abusive behavior, went public to complain that the newspaper had failed to include the corroboration she had provided. She posted that the paper not only failed to include that she has supported Democrats for office, but also asked, “Why does it say ‘nobody could corroborate’ when I offered them sources that COULD corroborate?”

She added, “The Times also failed to include any mention that I DID confide in multiple friends through the years that Graham had been abusive — long before he was running for office. Those friends confirm they told the Times so.”

If true, that is a strikingly different approach from the one taken by the media in reporting on the Kavanaugh allegations.

All the familiar faces are now attacking or dismissing these allegations.

That includes Rep. Ro Khanna (D-Calif.), who campaigned for Platner this week. Khanna had previously pounded his chest in public over the Kavanaugh allegations: “I believe Dr. Christine Blasey Ford.”

Some of the usual suspects are now quiet, and for good reason. Former New York Gov. Andrew Cuomo (D) and former Rep. Eric Swalwell (D-Calif.) dismissed Kavanaugh’s claims of innocence but later resigned from their respective offices after accusations of misconduct and harassment.

Of course, the sexual misconduct and mistreatment of women is not the only controversy surrounding Platner, who has reportedly ridiculed a wounded veteran, dismissed rape victims, and made other comments on his since-deleted Reddit account about Blacks and rural Mainers that would be considered disqualifying for most candidates. He made many other posts that were deeply offensive and some that were, frankly, gross.

Nevertheless, figures like Senate Minority Leader Chuck Schumer (D-N.Y.) would not even address the allegations, simply repeating awkwardly, “We’re going to … take back the Senate.”

Back in 2018, Schumer was proclaiming on the Senate floor, “For too long, when women have made serious allegations of abuse, they have been ignored. That cannot happen in this case.”

For her part, Sen. Kirsten Gillibrand (D-N.Y.) proclaimed her faith in any woman making such allegations in 2018. Now, she repeats, like Schumer, “I’m very optimistic we’re going to win Maine.”

In “A Man for All Seasons,” there is a scene where Sir Thomas More confronts Richard Rich, a former protege who lied in court to convict him in exchange for being named attorney general of Wales. As Rich passes by, More asks: “For Wales? Why, Richard, it profits a man nothing to give his soul for the whole world … but for Wales!”

The response by Democratic leaders today appears to be, “Well, yeah — not for Wales, but we’ll do it for Maine.”

Jonathan Turley is a law professor and the New York Times best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.“

Tyler Durden Mon, 06/08/2026 - 17:40

Campbell's CEO Serves Up Warning For Restaurants As "Resilient" At-Home Cooking Trend Gains Steam

There is not much to get excited about in canned-soup maker Campbell's third-quarter results, with sales slumping and softness in its snack unit weighing on performance. But one revealing detail from management's earnings call earlier on Monday offers a broader read-through on the consumer: households may be spending much more time cooking at home and pulling back from restaurants in the second half of the year. 

The canned-soup maker reaffirmed its full-year outlook, but Wall Street analysts were muted on the third-quarter results. 

BNP Paribas Max Gumport told clients that two key concerns remain: Campbell's ability to stabilize organic sales in the snack unit and to navigate another year of elevated inflation. He noted the quarterly beat was driven largely by SG&A and below-the-line items, while the guidance reaffirmation was partly supported by an expected fourth-quarter tariff refund benefit. 

Third-quarter adjusted EPS printed at 50 cents, beating the 48-cent Bloomberg Consensus estimate but down from 73 cents in the same period one year ago. Net sales fell 4.4% to $2.37 billion, slightly below estimates. Organic net sales declined 4%, worse than the 3.3% drop analysts tracked by Bloomberg expected, with both meals & beverages and snacks down 4%.

Margins remained pressured. RBC Capital analyst Nik Modi said, "The company is navigating a challenging environment marked by inflation-driven margin headwinds and tariff impacts, which compressed adjusted gross margins by -240 bps points." 

Campbell's still expects full-year adjusted EPS of $2.15 to $2.25, versus the Bloomberg Consensus of $2.17, and organic net sales to fall 1% to 2%, versus the estimate of -2.14%. 

Notice how Campbell shares were crushed in the era of food inflation.

After the earnings release, Campbell's held an analyst call.

David Palmer, senior managing director and head of restaurant and food producers at Evercore ISI, asked Campbell's CEO Mick Beekhuizen about trends surrounding the snack-related portfolio:

Obviously, heading into fiscal '27, you're going to be dealing with the inflation you talked about, and the choices you're making around snacks and those things will be cause for noise and varying degrees of sales or profit pressure. But I'm wondering if you're just thinking about your core businesses and the goal of returning those to at least some modest growth, profitable growth. Where do you think are the near and medium-term potential wins, most improved areas that we'll see from organic sales perspective? And then I have a quick follow-up.

Beekhuizen's response revealed one very important trend: he expects at-home cooking to remain resilient in the back half of the year.

His response:

Sure. even if you look at this quarter, I'll highlight a couple of areas, and I appreciate you asking the question because there are very clear proof points in this quarter that we can continue to support. Within the meals & beverage portfolio, the at-home cooking consumer trend is resilient, and we expect that trend to continue. And that is a big part of our meals & beverage portfolio plays right into that consumer trend.

The at-home cooking comment piqued our interest because it dovetails with a recent UBS note from analyst Dennis Geiger, the bank's U.S. restaurants equity research analyst, who expects restaurant spending to remain in a "difficult cycle" through the second half of the year. That only lends credibility to Beekhuizen's view that consumers are likely to continue leaning into home meals as mounting macro pressures weigh on discretionary dining. 

Tyler Durden Mon, 06/08/2026 - 17:20

From The City Of Angels To The City Of Zombies...

Authored by James Howard Kunstler,

The Jungle Drums Speak!

"Love that the crack heads on Skid Row are up on the issues, know the candidates, and are able to Make Their Voices Heard in between hits of meth."

- Peachy Keenan on X

Whaddaya know? Looks like the charismatic Nithya Raman has overtaken maverick candidate Spencer Pratt in the Los Angeles mayoral “jungle” primary because. . . jungle reasons. That is, the denizens of LA’s vast homeless encampments — once known as “hobo jungles” — apparently voted overwhelmingly by mail for the Harvard-credentialed champion of street-junkies in the Silver Lake, Echo Park, Los Feliz, Atwater, and Hollywood neighborhoods (SELAH) she represents on the LA City Council.

LA Mayoral Candidate, Nithya Ramen, Champion of the Down-and-Out

So, it will be a November runoff between the super-duper “progressive” incumbent Karen Bass, and merely super-progressive Ms. Ramen. Better reserve your U-Haul trailer ASAP, as the City of Angels completes its transformation to the City of Zombies. And no complaining, please. This is what you voted for.

By the way, what does “progressive” actually mean these days? Progress towards. . . what? The culminating disintegration of a civil polity? The concerted failure to govern a large, urban organism? Unconditional surrender to the forces of entropy? One might suspect a soupçon of racial animus in the mix, too, something of a middle-finger to this thing called white supremacy we hear so much about. It must be rooted out at all costs, including the cost of a place that a productive population once loved — the very people renting all those U-Hauls, dispersing out into the USA gloaming.

Of course, this “progressive” Democratic Party has transformed itself in a decade or so into an out-and-out racketeering operation, that is, to a criminal enterprise dedicated to the misappropriation of taxpayer money among its rank and file, many of whom are not citizens. The model is not unlike more primitive early versions, such as Boss Tweed’s ring in 19th century New York, or the gang under mayor James Curley, the “Rascal King” of Boston. The system was known as “patronage.” Voters were the party’s patrons, and the patrons were on the payroll. Some had actual party jobs. Some just got free stuff in exchange for their votes. They called it a “machine” because its operations became automatic, self-fulfilling.

There was one big difference, though: these earlier Democratic Party grifters, for all their moneygrubbing shenanigans, were American patriots. They celebrated a country so ostentatiously “free,” so fervently dedicated to upward mobility, that it made room for their garish political corruption. The Democratic machine of Los Angeles today is quite the opposite: It’s a faction that loathes and detests the American system and seeks sedulously to destroy it, even while grabbing as much loot as it can in the process.

Mayor Karen Bass was trained for that mission in Cuba. Beginning at age 19, in 1973, Ms. Bass made eight trips there with the Venceremos Brigade (founded in 1969 by the Lefty-left SDS) to “show solidarity with the Cuban revolution,” which, you might remember, was a straight-up communist revolution. One might infer, then, that Mayor Bass is a straight-up communist, with ambitions to destroy the capitalist city of Los Angeles, so as to replace it with a communist utopia — where all production (if there is any) is owned and controlled by the government, which then dispenses the fruits-of-production to the people, according to their needs, as officers of the government see fit.

In such a system, history shows, the people enjoy no ability to make decisions for themselves about what sort of work to pursue for their own improvement and well-being — what we call economic liberty. That’s all left to the political office-holders, the kommisars, the decision-makers, who tell everybody else what to do (because, you see, they know better). It has not worked too well in practice, as the collapse of Soviet Russia demonstrated, and the imminent collapse now of Cuba, will validate.

This is also exactly what you see in the aftermath of the Los Angeles fires of 2025. There was the fiasco of the fire itself in which everything that could go wrong, did go wrong, in the way of prevention and mitigation. The incompetence of Los Angeles city officials was so total — from the mayor’s absence in Africa, the fire chief’s cluelessness, the empty reservoirs, the broken fire hydrants, etc. — that Pacific Palisades and Altadena across town got completely destroyed. In the eighteen months since, the city’s bureaucracy (with “help” from the state) has made sure that next-to-nothing can be rebuilt. Since a large number of people employed in the movie industry lived in these places, and were left financially ruined, Karen Bass’s government has also neatly helped destroy the city’s signature business. . . a home run for communists!

Marxian economic theory is appealing to those who hate and oppose the natural fact that not all outcomes in human life are equal, who resent with red-hot passion the human tendency to social hierarchy, and work fanatically to defeat it. They never do, of course. In communist revolutions hierarchy always reorganizes itself — only within the party structure itself, while all extra-party human effort is outlawed. In California, as in the other “blue” states and cities, Democratic Party leaders perch in the upper branches of the social hierarchy while they cream-off all available revenue streams.

If you suspect there’s something shady about the California election system, you might be onto to something. President Trump thinks this is the case, and said so pretty forcefully on Sunday in his confab with the argumentative Kirsten Welker of NBC’s Meet the Press show. “There’s no evidence!” Ms. Welker repeated strenuously, of voting irregularity, either in this month’s California jungle primary, or in the 2020 national election. You think? I guess we’ll see about that.

Remember: former president Nicolás Maduro of Venezuela — home of the Smartmatic vote tabulation system — has been in US custody for months.

Do you suppose he might be trying to cut a deal for himself to avoid a very long prison sentence by disclosing what he knows about Smartmatic?

Do you suppose that Mr. Trump might know something about these ongoing negotiations?

Do you wonder if any of that has occurred to Kirsten Welker of Meet the Press?

Tyler Durden Mon, 06/08/2026 - 16:20

'Chat Is Dead': OpenAI's Pre-IPO Makeover Into A "Superapp"

The year the private-AI complex finally has to show its work has arrived, and ChatGPT maker OpenAI is about to add some major garnishing to the prospectus before their upcoming IPO - in what FT is calling the "biggest overhaul of ChatGPT since launch."

"It will transcend the actual surface . . . what we’re building towards is where you have your own personal agent that is capable of helping you . . . across everything in your life, be it personally or at work," said Thibault Sottiaux, who previously ran Codex and now leads all of OpenAI’s core product and platform.

Context: Over the last three weeks, the three most valuable private companies in the space announced IPOs. SpaceX filed its S-1 in May, months after folding xAI into itself. Anthropic filed a confidential draft S-1 on June 1, reportedly targeting an October listing. And OpenAI filed its own confidential draft around May 22, aiming for a debut as soon as September at a private valuation of roughly $730 billion to $850 billion, with IPO chatter pushing toward $1 trillion. The back half of 2026 is now the first real test of whether public investors will pay the prices private rounds have set.

"Chat Is Dead"

"Chat is dead," one senior OpenAI employee told the FT - which is a crazy thing to hear given that ChatGPT is what brought us here, and still has nearly a billion users. The obvious interpretation: OpenAI is moving away from chat because chat does not pay, at least not quickly enough to support a near-trillion-dollar valuation.

Adoption was never the problem. ChatGPT has nearly a billion users, most of them on the free tier. The problem is that the flagship product remains a low-margin consumer chatbot while the company burns roughly $14 billion a year against revenue that crossed $20 billion by the end of 2025. Depending on how that revenue is annualized and what multiple investors apply, OpenAI's valuation range implies a price-to-sales multiple from the mid-30s to the low 60s. Walking into a roadshow near $1 trillion while presenting the golden goose as a beloved money-loser is not a viable option.

The company has also reorganized. ChatGPT, Codex, and other product teams have been consolidated under a single leader, Sottiaux, while several senior executives - including former product head Kevin Weil - have departed. Key-person churn in the weeks before an S-1 filing is, notable.

According to FT and other reporting, here's what's new:

• ChatGPT is being redesigned from a standalone chatbot into a gateway for higher-value products. The website and mobile apps are expected to be reworked so users are pushed toward coding tools, image generation, AI agents, and partner-built applications rather than simply returning to a general-purpose chat interface.
   
• OpenAI is adding prompts and interface features that steer users toward monetizable use cases. The company is expected to add new surfaces inside ChatGPT that direct users toward Codex, image tools, and apps from partners such as Canva and Booking.com. The partners themselves are not new; their more prominent placement inside the ChatGPT flow is.
   
• The company plans to remove that scaffolding over time. The longer-term goal is for OpenAI’s models to infer what users want without requiring explicit prompts, buttons, or routing cues. That roadmap detail appears to be one of the more specific new elements in the report.
   
• The “superapp” framing is being elevated as the new investor-facing story. OpenAI is increasingly presenting ChatGPT as a single interface that can absorb chat, coding, agents, search-like tasks, image generation, and third-party services. The underlying components have existed in pieces, but the report frames them as one consolidated product thesis.
   
• Codex is being pushed closer to the center of ChatGPT. OpenAI’s coding product is receiving greater prominence and resources as the company shifts attention toward products with clearer paid usage and enterprise demand. The Codex push was already underway, but the report makes it central to the ChatGPT overhaul.
   
• The personal-agent vision is being packaged as the next version of ChatGPT. OpenAI is positioning the product around a single assistant that can help across personal and work tasks, reachable through mobile, desktop, web, and voice. The company has been moving toward agents for some time; what is newly elevated is the idea that this agent becomes the primary ChatGPT experience.
   
• The enterprise pivot is being tied directly to the ChatGPT redesign. OpenAI’s push toward business customers and competition with Anthropic is not new. What is newly emphasized is the way the consumer interface is being reshaped to support that shift, turning ChatGPT into a funnel for higher-value, work-oriented products.

The revamp is expected to begin rolling out in the coming weeks - right inside the IPO window, when every interface change, resource shift, and product decision doubles as investor messaging meant to burnish the prospectus.

One issue with a 'superapp': structural coherence. A consumer funnel that routes users to third-party apps like Canva and Booking.com, an enterprise business built around Codex, and a long-horizon AGI bet are three different businesses with three different margin profiles, customer-acquisition dynamics, and capital requirements. OpenAI is now trying to staple them together within an agentic ecosystem - something that was always going to happen.

So OpenAI is building the only story that can survive diligence: enterprise seats, Codex, and agents that perform billable work. Codex's weekly active users have grown sixfold to more than five million since the February desktop launch, with the majority of users paying. Enterprise already accounts for around 40 percent of revenue and is expected to reach 50 percent by year-end. That sequencing is, almost line for line, the "make money first" approach Anthropic has followed for years. The convergence is no longer subtle.

That said, the revamp does not amount to panic. Agents and coding tools really are where the technical and commercial frontier is moving anyway. Codex's growth trajectory is real, and a majority-paying user mix is what you want going into an IPO. 

Meanwhile, what's Dario gonna do? Anthropic also burns substantial cash and has told investors it may not reach break-even until 2028. Both companies are walking into the same public-market daylight this year. 

Tyler Durden Mon, 06/08/2026 - 15:40

Judge Blocks Trump's $100,000 Fee For H-1B Visas

Authored by Zachary Stieber via The Epoch Times,

President Donald Trump's $100,000 fee for H-1B visas is not legal, a federal judge said on June 8.

President Donald Trump speaks before signing an executive order in the South Court Auditorium in the Eisenhower Executive Office Building in Washington on Aug. 5, 2025. Win McNamee/Getty Images

The fee for visas for specialty foreign workers "imposes a tax on H-1B petitions without the requisite delegation by Congress," U.S. District Judge Leo Sorokin said in a 42-page decision.

While the president is able to restrict noncitizen entry into the United States, Congress has the power to tax, and federal law does not delegate it, the judge said.

He also ruled that the fee violated a law called the Administrative Procedure Act because it was issued without allowing the public to comment before it took effect, and ordered officials to vacate the policy in its entirety.

The White House did not immediately respond to a request for comment.

The ruling came in response to a lawsuit filed by Massachusetts and 19 other states. They challenged the fee, which Trump announced in September as a way to reduce taxes and bring better people into the country.

A different judge in late 2025 had upheld the fee, finding that Trump had the authority to increase the fee from between $2,000 to $5,000 to the $100,000 level. An appeal is pending in that case.

This is a developing story that will be updated.

Tyler Durden Mon, 06/08/2026 - 15:20

UBS Warns America's Restaurants Locked In "Difficult Cycle" As Tax-Refund Sugar-High Fades

There is certainly a growing consensus on Wall Street that the tax-refund sugar high is fading just as consumers' financial profiles deteriorate. The latest read-through comes from UBS analyst Dennis Geiger, the bank's U.S. restaurants equity research analyst, who warns that a toxic cocktail of macro pressures is likely to crimp restaurant spending in the second half of the year.

Geiger warned in a note that elevated gas prices at the pump appear to be offsetting tax-rebate benefits, while lower-income, younger, and Hispanic consumers remain among some of the weakest demand cohorts.

"Challenged traffic and sales trends likely largely reflect depressed consumer sentiment across several cohorts, elevated gas prices, and other macro headwinds," the analyst said, adding, "We are more cautious on restaurant industry trends into 2H26, assuming near-term headwinds persist, rebate check benefits fade, and risk that gas prices stay elevated."

He said that margin pressure will likely persist for restaurants through summer and into fall as commodity inflation remains a problem.

Despite the negative backdrop, he pointed out valuations for restaurant stocks look attractive:

Despite challenged fundamentals, negative investor sentiment, and valuation pressure, we believe restaurants are in a difficult cycle currently, rather than a longer-term structurally challenged position. Valuations appear attractive relative to history, but with shares likely needing a positive inflection in sales / demand trajectory or favorable macro developments / headlines to realize notable upside.

His top picks are Dutch Bros, Brinker International, and Yum! Brands, while his least favorite restaurant stocks are Cheesecake Factory and Cracker Barrel Old Country Store.

Geiger's chartpack visualizing restaurant trends:

Sales Trends 

QSR Sales and Traffic Trends

Casual Dining Trends

Dismal Consumer Sentiment still a Problem 

The full chart pack can be viewed by Professional subscribers here at our new Marketdesk.ai portal.

Geiger's caution for the restaurant industry adds to our theme of emerging consumer stress (read the latest here).

Tyler Durden Mon, 06/08/2026 - 15:00

6.4 Magnitude Quake Rocks Western Cuba, Sends Tremors Into South Florida

The USGS reported that a magnitude 6.4 earthquake struck just off the coast of Cuba around 2 p.m. ET, with residents across parts of Florida reporting feeling the shaking.

Notable quake, preliminary info: M 6.4 - 118 km WNW of Mantua, Cuba https://t.co/EUaVqZo8M1

— USGS Earthquakes (@USGS_Quakes) June 8, 2026

The offshore quake was detected near Pinar del Río, located in western Cuba. Initial reports did not indicate major damage or a tsunami threat.

NWS Miami reported "shaking across Southwestern Florida within the past 30 minutes."

6/8 @ 2:15pm: We've received several recent reports of shaking across Southwestern Florida within the past 30 minutes.

An earthquake has occurred just west of Cuba in the southern Gulf. @USGS_Quakes has since revised the magnitude down to a 6.1 at a depth of 10km. https://t.co/f1OyzUI6Sf pic.twitter.com/MAB4ptNk74

— NWS Miami (@NWSMiami) June 8, 2026

*Developing...

Tyler Durden Mon, 06/08/2026 - 14:46