Zero Hedge

DOJ Sues DC Bar Over Its Prosecution Of Former Trump Lawyer, Calls It "Partisan Arm Of Leftist Causes"

DOJ Sues DC Bar Over Its Prosecution Of Former Trump Lawyer, Calls It "Partisan Arm Of Leftist Causes"

Authored by Troy Myers via The Epoch Times (emphasis ours),

The Department of Justice (DOJ) filed a complaint on May 13 against the D.C. Bar, alleging it has acted as a “partisan arm of leftist causes.”

The U.S. Department of Justice in Washington on April 27, 2026. Madalina Kilroy/The Epoch Times

According to the DOJ, the agency seeks to advance President Donald Trump’s directives to end the weaponization of the federal government while nullifying the D.C. Bar’s prosecution of former Assistant Attorney General Jeff Clark.

D.C. Disciplinary Counsel Hamilton P. Fox III, the D.C. Office of Disciplinary Counsel, the D.C. Court of Appeals, the District of Columbia itself, the D.C. Bar, and others are named as defendants and accused of unlawfully prosecuting Clark based on his internal deliberations of potential fraud in the 2020 presidential election.

The Epoch Times reached out to the D.C. Bar for comment and was referred to the D.C. Board on Professional Responsibility, which did not immediately respond to a request for comment.

Clark wrote a draft letter for his litigation on potential fraud, which was never issued, and the D.C. Court of Appeals’ disciplinary authorities punished him over it, according to the complaint.

The D.C. Bar and others’ investigation and discipline of Clark were improperly based on “their disagreement with Mr. Clark’s performance of his discretionary Executive Branch duties, particularly with respect to a predecisional and deliberative document about potential election fraud in Georgia, which remains the subject of criminal investigation and civil litigation years later,” the complaint said.

Allowing proceedings against Clark to continue would mean state bar authorities can exert control over the executive branch, the DOJ said, adding, “That is not the law.”

The DOJ cited the supremacy clause of the U.S. Constitution, or preemption, as a cause for dismissing proceedings and discipline against Clark. Preemption, the DOJ said, prevents states and the District of Columbia from regulating or interfering with federal officials performing their duties.

In the complaint, the DOJ also argued that a 2024 Supreme Court decision, Trump v. United States, offers protection for Clark.

In that landmark ruling, the justices said the president is entitled to absolute immunity “for conduct within his exclusive sphere of authority” because the president should have the “maximum ability to deal fearlessly and impartially with the duties of his office.”

The president would enjoy little immunity if federal attorneys could be targeted and disciplined for internal deliberations, the complaint said.

In the news release, the DOJ said this filing furthers Trump’s executive order, “Ending the Weaponization of the Federal Government,” and his presidential memorandum, “Preventing Abuses of the Legal System and the Federal Courts.”

“The D.C. Bar will no longer be permitted to probe sensitive Executive Branch deliberations and target Executive Branch officials with whom they happen to politically disagree,” Associate Attorney General Stanley Woodward said. “Federal attorneys will once again be free to share their candid legal advice with their bosses and colleagues.”

In a similar case to Clark’s, the DOJ said it filed a statement in support of former interim U.S. Attorney Ed Martin, who is looking to have the D.C. Bar’s prosecution of him taken up in a neutral federal court.

The DOJ noted in its news release that three former attorneys general have acknowledged that the D.C. Bar’s push to discipline federal attorneys “for making recommendations, factual assertions, and providing legal advice during confidential internal agency deliberations on law enforcement and sensitive public policy” is “improper and constitutionally impermissible.”

“President Trump promised to put an end to the weaponization of the legal process, and today’s lawsuit against the D.C. Bar makes good on that promise,” Woodward said.

Tyler Durden Thu, 05/14/2026 - 15:20

Zelenskyy's Former Right-Hand Man Yermak Arrested In $10.5 Million Money Laundering Scheme

Zelenskyy's Former Right-Hand Man Yermak Arrested In $10.5 Million Money Laundering Scheme

Ukraine’s High Anti-Corruption Court ordered the pre-trial detention of Andriy Yermak, the powerful former head of President Volodymyr Zelenskyy’s Office and once the country’s second-most influential figure, on money-laundering charges tied to a high-profile corruption scheme.

The ruling marks a dramatic fall for Yermak, who served as Zelenskyy’s closest aide from 2020 until his resignation in late 2025 amid earlier raids. He was taken into custody directly from the courtroom following the decision.

Charges and Allegations

Ukraine’s National Anti-Corruption Bureau (NABU) and Specialized Anti-Corruption Prosecutor’s Office (SAPO) named Yermak a suspect on May 11 in a scheme involving the laundering of approximately 460 million hryvnias (about $10.5 million or €9-10 million).

Prosecutors allege he participated in an organized criminal group that funneled illicit funds - originating from kickbacks at the state nuclear energy company Energoatom-through shell companies and fake contracts into the construction of a luxury residential complex (known as “Dynasty”) in the affluent village of Kozyn, south of Kyiv.

The broader “Midas” investigation into Energoatom reportedly uncovered a pattern where contractors paid 10-15% kickbacks to officials to secure or maintain deals. Funds were allegedly laundered between 2021 and 2025 via elite real estate development.

Yermak faces charges under Part 3 of Article 209 of Ukraine’s Criminal Code (legalization of criminally obtained proceeds). A conviction could carry up to 12 years in prison.

After multi-day hearings, the High Anti-Corruption Court (HACC) imposed 60 days of pre-trial detention starting May 14, with an alternative of bail set at 140 million hryvnias (roughly $3.2 million). Prosecutors had requested a higher bail of 180 million hryvnias (about $4 million).

Yermak was remanded in custody immediately, though he could secure release if the full bail is posted while the case proceeds. His legal team plans to appeal the ruling.

Yermak’s Response

Yermak has strongly denied all allegations, calling them “groundless” and “baseless.” He stated he owns only one apartment and one car, and has no involvement in the luxury development.

After the hearing, he told reporters: “I don’t have that kind of money, and my lawyer will now work with friends and acquaintances [to raise the money for bail].” He added that he respects the court, has “nothing to hide,” and is proud of his service to Ukraine during the war. He mentioned visiting the front lines weekly and receiving international support, though he said he would not use it to influence the judiciary.

His defense argues the case lacks merit and may carry political undertones.

Background and Political Impact

Yermak rose from a film producer and diplomat to become Zelenskyy’s chief of staff, wielding immense influence over policy, appointments, judiciary, and even early peace negotiations with Russia before the full-scale invasion. Critics accused him of consolidating power and sidelining longtime allies of the president.

He resigned in November 2025 after NABU raids on his properties linked to the wider Energoatom probe. Zelenskyy has not been implicated, and anti-corruption officials have stressed the president is not a subject of the investigation.

The case comes as Ukraine faces intense pressure to combat high-level graft to advance EU membership and sustain Western support amid the ongoing war with Russia. It has sent shockwaves through Kyiv’s political elite and fueled public frustration over wartime corruption.

This remains a developing story. The investigation is ongoing, with potential for more suspects and revelations as the case moves forward.

Tyler Durden Thu, 05/14/2026 - 15:00

Biden FBI Quietly Hid Trump Prosecution Files For Potential Post-2028 Case

Biden FBI Quietly Hid Trump Prosecution Files For Potential Post-2028 Case

Authored by Luis Cornelio via Headline USA,

Another trove of newly unearthed Biden-era files suggest that the FBI attempted to retain purported evidence related to its prosecution of President Donald Trump until 2030 — when he would presumably be out of office.

The documents, reported Tuesday by Just the News, add to a growing body of records that have detailed the breadth of the aggressive actions targeting Trump, Republican lawmakers and conservative organizations connected to the 2020 election.

According to the report, the retention effort came as part of a broader push to preserve materials gathered by then-Special Counsel Jack Smith following the dismissal of related cases. Such materials are typically handled under DOJ procedures once a case is closed.

The documents in question were reportedly created in 2025, as Trump was preparing to return to office in January, and relate to investigations tied to the certification of the 2020 presidential election.

The decision to retain the evidence has raised questions about whether federal officials were preserving the option to revisit the case after Trump leaves office, when DOJ rules barring the prosecution of a sitting president would no longer apply.

The case itself was closed without prejudice, meaning it could be refiled at a later date.

As reported by Just the News:

“One of the key ‘Case Closing’ documents obtained by Just the News – originating from the FBI’s Washington Field Office’s CR-15 team – was dated a couple of weeks into Trump’s second term, on February 5, 2025, when many holdover FBI agents and leaders were still in place.

The newly-released closing document from early 2025 repeated the extensive claims of criminality against Trump, which had been pursued by Smith and the bureau, and it sought to retain all of the evidence for a half decade until at least February 2030, when Trump would be a former president once more and thus when the DOJ guidance prohibiting the prosecution of a sitting president would no longer be in force.”

According to the outlet, the document — titled “Arctic Frost – Election Law Matters – Sensitive Investigative Matter” — included supporting materials such as a “Deputy Special Counsel Concurrence” and the “Retention of Evidence Approval.”

In response to the findings, FBI Director Kash Patel said he had moved to eliminate the office involved in handling the matter.

“The American people deserve to know how this egregious weaponization of power to target political opponents and President Trump happened inside an institution meant to protect them,” Patel told Just the News.

“We shut down the weaponized CR-15 squad, and we are going to keep following the facts until there is full accountability. The FBI exists to protect the country, not to preserve political prosecutions for a future administration.”

Tyler Durden Thu, 05/14/2026 - 14:40

With GOP Help, House Dems Force Vote To Give Another $1.3 Billion To Ukraine

With GOP Help, House Dems Force Vote To Give Another $1.3 Billion To Ukraine

In a rebellion defying the priorities of Speaker Mike Johnson, House Democrats have teamed up with two Republicans and an independent in a parliamentary maneuver that will force a vote on a bill that would give another $1.3 billion in military aid and other assistance to Ukraine, as that country continues to lose territory in its war with Russia.  

"We look forward to seeing the House pass this bill quickly and encourage the Senate to take it up without delay. The ​brave men and women of Ukraine ​are waiting," said NY Rep. Gregory Meeks, ranking member of the House Foreign Affairs Committee and the author of the bill.  

All 215 House Democrats signed a discharge petition, a means by which representatives can bypass House leadership's agenda-setting role and compel a vote on a bill. Seldom used over House history, discharge petitions are showing their potency in a House ruled by a narrow majority, as is the case today. Most famously, Republican Rep. Thomas Massie and Democratic Rep. Ro Khanna used the maneuver last year to compel a vote on forcing the release of the Epstein investigation files. For this Ukraine bill, the Democrats were joined by two Republicans -- Pennsylvania Rep. Brian Fitzpatrick and Nebraska Rep. Don Bacon -- along with California independent Kevin Kiley, who earlier this year left the GOP. 

Kiley's signature on the petition pushed to the required 218. "Recent Ukrainian gains have created an opportunity for peace, but the collapse of the recent ceasefire shows that leverage is needed for diplomacy to succeed," he said in a statement. That will force Johnson to bring a vote to the floor on the Ukraine Support Act, which has three major thrusts: 

  • Reaffirming US support for both Ukraine and NATO, and enacting measures for Ukraine's reconstruction
  • $1.3 billion in aid and -- get this -- up to $8 billion more in direct loans that could prove to be LINOs -- loans in name only
  • More sanctions and export controls on Russia, targeting officials, financial institutions, and the oil and mining sectors
The yellow area shows the last part of the Donetsk oblast that Russia has yet to seize control of. The Luhansk oblast is to the northeast, while the next two oblasts moving southwest are Zaporizhzhia and Kherson, with Crimea at the southernmost end (via Russia Matters) 

Though the House may pass the bill, the push to give more money to Ukraine will face an uphill climb in the Senate. The discharge-petition development comes as Ukraine and Russia moved on from a brief ceasefire and resumed blasting each other, though -- for now -- at a reduced tempo. Russia has continued to make gradual progress in taking control of both the Luhansk and Donetsk "oblasts" which together comprise the Donbas region of Eastern Ukraine. Moscow is insisting that Ukraine's ceding of the last parts of the Donbas is a precondition to resumed peace talks.  

Not accounting for another potential $1.3 billion thrown into the Ukraine war -- to say nothing of the money pit that is the US-Israeli war on Iran -- the US government was in February projected to post a fiscal-year 2026 deficit of $1.9 trillion. Not that anyone in Washington cares. 

Tyler Durden Thu, 05/14/2026 - 14:20

Cable Crashes As Burnham Signals Challenge To UK PM Starmer

Cable Crashes As Burnham Signals Challenge To UK PM Starmer

Update (1345ET): Following Wes Streeting's earlier resignation "having lost confidence" in Starmer's leadership, the UK PM is now under further pressure as Andy Burnham opened a possible path to challenge Keir Starmer for the prime minister’s job, after a Labour member of Parliament resigned and urged the Greater Manchester mayor to run for his seat.

Andy Burnham

Bloomberg reports that the MP, Josh Simons, announced plans to step down from his Manchester area seat, freeing up a House of Commons constituency that Burnham would need to mount a bid to become leader of the governing Labour Party.

“I am standing aside so that Andy Burnham can return to his home, fight to re-enter Parliament, and if elected, drive the change our country is crying out for,” Simons wrote.

“Nothing short of urgent, radical, courageous reform will make a difference.”

With UK bond markets closed, the outlet for positioning after this headline (and the anxiety over "radical reform") was the FX market and cable plunged on the news...

Burnham separately said he would seek permission from Labour’s National Executive Committee, a panel dominated by Starmer loyalists that blocked a similar bid earlier this year.

“Much bigger change is needed at a national level if everyday life is to be made more affordable again,” Burnham said in a statement to Manchester Evening News.

“This is why I now seek people’s support to return to Parliament: to bring the change we have brought to Greater Manchester to the whole of the UK and make politics work properly for people.”

There will be several hurdles standing in Burnham’s way. Starmer’s allies on Labour’s governing body blocked him from contesting a seat in the Manchester area when it became vacant earlier this year, citing the need to avoid a costly election for the mayoral post he would have to vacate. They could do so again.

*  *  *

With UK PM Starmer's leadership under increasing scrutiny, UK Health Secretary, Wes Streeting, has issued a statement via social media that he is resigning his post.

Wes Streeting

Streeting says that while there are good reasons to remain in post, he has lost confidence in Starmer’s leadership:

"As you know from our conversation earlier this week, having lost confidence in your leadership, I have concluded that it would be dishonourable and unprincipled to [remain in post]."

He went on:

"It is now clear that you will not lead the Labour Party into the next general election and that Labour MPs and Labour unions want the debate about what comes next to be a battle of ideas, not of personalities or petty factionalism.

Setting out the reasons for his resignation, he pointed to last week's "unprecedented" local elections results, in which the government's "unpopularity" was "a major and common factor" across Britain, the threat of Reform UK as one of the key reasons for his departure from government, and policy "mistakes".

"Where we need vision, we have a vacuum. Where we need direction, we have drift. This was underscored by your speech on Monday," he wrote.

Streeting is widely thought to be planning to challenge Starmer for the Labour leadership, but he does not announce the start of a formal bid in his letter.

For now there is little to no reaction in GBP or gilts (as several market observers believe any new leadership will deliver more orthodox and less "free shit" fiscal policies) but Polymarket shows the odds of Starmer being gone by the end of May are soaring...

Allies of Mr Streeting, who handed in his resignation as the Health Secretary on Thursday, have made little secret that he is ready to become prime minister and has a comprehensive plan to change the country.

Here is The Telegraph laying out what a Streeting premiership look like?

The economy

Mr Streeting said last year that he was “really uncomfortable with the level of taxation in this country”, suggesting he would resist further increases. Speaking in December, he admitted the Government was “asking a lot” of individuals and businesses with historically high taxes. But he also warned Britain had “a level of indebtedness that we need to take very seriously”, indicating that tax cuts would also be unlikely. He has previously defended Labour’s decision to increase employers’ National Insurance, saying the raise had paid for more NHS appointments. Mr Streeting has previously proposed several radical changes to the tax system. In a 2020 interview, he suggested equalising capital gains tax with income tax, replacing inheritance tax with a “lifetime gifts tax” and increasing corporation tax. He also said all new tax and spending plans should be put through a “progressive impact test” to ensure they helped people on low and middle incomes. But unlike his Left-wing rivals, he has also long advocated that Labour should stick to strict fiscal rules, balancing day-to-day spending with tax revenues.

Defense

Mr Streeting caused a stir in Westminster last month when he suggested that savings should be found from the welfare budget to fund defence. The Health Secretary acknowledged that Britain needed to put more money into the military and that the cash “has to come from somewhere”. While he ruled out taking the money from the NHS budget, he signalled an openness to find it from other areas of spending, such as benefits. Other than on that issue, Mr Streeting has largely backed Sir Keir’s plans to boost defence spending to 3 per cent of GDP by the mid-2030s. Last month, he defended the Government’s handling of the military, insisting that Britain was still “the cornerstone of European defence and security”. Defending the repeated delays to the Government’s defence investment plan, he said Downing Street was taking the time to “get it right”.

Brexit

Mr Streeting is one of the most high-profile Remainers in the Cabinet and was a passionate campaigner for Britain to remain in the EU. Last year, he strongly suggested Labour should consider taking the UK back into a customs union with Europe, saying it would boost growth. But he did insist that the manifesto pledge not to return to freedom of movement with the Continent must stay, ruling out the single market. “The best way for us to get more growth into our economy is a deeper trading relationship with the EU,” he told The Observer in December. “The challenge is any economic partnership we have can’t lead to a return to freedom of movement.” Mr Streeting has long been an advocate of closer EU ties. In 2018, while a backbencher, he rebelled against then leader Jeremy Corbyn, calling for him to commit Labour to keeping Britain in the single market and a customs union.

Immigration

Mr Streeting is naturally a liberal on immigration and has repeatedly signalled his discomfort at the Government’s clampdown on visas and asylum. He criticised Sir Keir’s “island of strangers” speech and has previously said Britain relies on migrants to care for an ageing population. Last November, he admitted he was not comfortable with plans laid out by the Home Secretary to deport families who arrived in the UK illegally. In a 2018 speech, Mr Streeting argued that “we rely on attracting people from overseas, particularly with our ageing population and shrinking working-age population”. But as far back as then, the Health Secretary was stressing the point that Britain needed to increase education and training for its domestic workforce. It is a principle he has taken into government, criticising the health service’s reliance on foreign doctors and admitting voters had “lost confidence in the immigration system”.

The NHS

One of the most notable things Mr Streeting has done in his two years in post is abolishing NHS England, the world’s largest quango. The decision came as a surprise to Westminster and demonstrated that the Health Secretary was unafraid to make significant structural changes to government. It will also put him and his ministers back in direct control of the NHS, hinting at a hands-on approach and a willingness to take on personal responsibility. Waiting lists have fallen on Mr Streeting’s watch and pledges to further improve the health service would be a core part of his premiership. He has also shown himself willing to go to war with the medical unions, warning that their pay demands for junior doctors would “break the country”. But although he has repeatedly spoken of the need to reform the NHS, any change to its funding model would be off the table under Mr Streeting. The Health Secretary has attacked Nigel Farage, the Reform UK leader, for suggesting the UK should consider moving to a French-style public insurance model.

Streeting is only one of the party figures likely to throw their hats into the ring in the event of a formal leadership contest. Former deputy premier Angela Rayner said Thursday morning that she had been cleared of wrongdoing in a probe into her tax affairs, while there is a large faction on the party’s left working to secure a parliamentary seat for Manchester Mayor Andy Burnham, who can’t run without one.

For Starmer to face a formal leadership challenge, a potential successor would have to be nominated by 20% of Labour Members of Parliament. The party currently has 403 MPs, putting that threshold at 81. The ensuing contest would be decided by preferential votes by Labour Party members and affiliates, with precise voting eligibility set by Labour’s governing body.

Tyler Durden Thu, 05/14/2026 - 13:45

Separate Peace? Saudi Arabia Floats Regional Non-Aggression Pact With Iran

Separate Peace? Saudi Arabia Floats Regional Non-Aggression Pact With Iran

Are regional Gulf countries seeking to forge there own separate peace deals with Iran, apart from the United States? That's what fresh Thursday reporting in the Financial Times suggests.

The report says Saudi Arabia is supposedly considering a non-aggression pact between the Middle East states and Iran after the military conflict between the United States and Iran ends, the FT indicates.

via Express Tribune

Citing diplomatic sources, it describes that Riyadh is assessing a model of the Helsinki Process, which helped reduce tensions in Europe during the Cold War, and created an uneasy East-West peace in post-WW2 Europe. 

The driving rationale behind the potential diplomatic framework is that while Iran is "weakened," the reality is that it still "poses a threat to its neighbors."

An Arab diplomat cited by FT said that a non-aggression pact modelled along the lines of the Helsinki process is something likely to be embraced by most Arab and Muslim states, as well as by Iranian leader.

"It all depends on who is in it - in the current climate, you are not going to be able to get Iran and Israel... Without Israel, it could be counterproductive because after Iran, they are seen as the biggest source of conflict. But Iran is not going anywhere, and this is why the Saudis are pushing it," the source stated.

The Abraham Accords have theoretically attempted to build a normalization and non-aggression foundation involving Arab states and Israel, but other countries and populations in the region are suspicious of it for the very fact that it is seen fundamentally as a pro-US and pro-Israeli axis of alignment. 

As for for Tehran and Riyadh, they recently have experience with direct, good faith talks, given that it was only in 2023 that China made history when it brokered a landmark normalization deal between Iran and Saudi Arabia - after which mutual embassies opened and went into operation.

This week, Reuters and other sources revealed for the first time that at the height of Trump's Operation Epic Fury which began in late February and endured through March into early April, the UAE directly fired back on Iran as it was under attack by drones and missiles. Also interesting is the fresh revelation that Israeli PM Benjamin Netanyahu made a secret visit to the UAE as the Iran war was in full swing - though UAE has officially denied it, perhaps not wanting to inflame Arab public sentiment.

Kuwait also reportedly directly attacked Iranian interests, and additionally the Saudis attacked Shia Iraqi militias seen as cooperating with Iran.

Interestingly, US intelligence and the governments involved kept this under wraps for many weeks, and it suggests just how close the world was to witnessing a broader regional war that could have quickly spun out of control. Before the series of disclosures, it was widely assumed that only the United States military was 'defending' the UAE, Kuwait, Qatar, Saudi Arabia, and Bahrain. But clearly some of these countries were hitting back against the Islamic Republic on their own.

Tyler Durden Thu, 05/14/2026 - 13:40

After "Fantastic Day" With Xi, Trump Touts 200-Jet Boeing Deal As China Offers Hormuz Help

After "Fantastic Day" With Xi, Trump Touts 200-Jet Boeing Deal As China Offers Hormuz Help

Summary: 

  • Trump says Boeing Secured a 200 'Big' jet order from China

  • Trump says President Xi wants Hormuz reopened, won't give Tehran weapons 

  • Trump, Xi Put Hormuz, Iran, Trade, Taiwan At Center Of Historic Beijing Summit

Boeing-China Jet Deal

A highly anticipated Boeing jet deal appears to have materialized after the first day of President Trump's summit with President Xi Jinping. 

Fox News reports that Trump said Boeing secured an order for 200 "big" jets from China. He said the order was initially for 150, but the final figure will be 200

Trump Says China Will Help On Reopening Hormuz 

It is nearly midnight in Beijing, and President Trump is still speaking on the record with corporate media, offering additional insight on the first day of the summit and state banquet with Chinese President Xi Jinping.

In comments to Fox News, Trump said Xi offered to help pressure Iran to reopen the Strait of Hormuz, signaling that Beijing may be willing to use its leverage over Tehran.

This comes as energy insiders and traders warn that continued closure of the Strait through the end of the month could spark a worsening energy shock.

Trump also said Xi would not provide weapons to Tehran.

Trump, Xi Put Hormuz, Iran, Trade, Taiwan At Center Of Historic Beijing Summit

President Trump and Chinese President Xi Jinping are currently seated at the main table at a state banquet. President Xi called the visit historic, and said U.S.-China ties are "stable" amid talks with Trump's team.

According to a White House readout, Trump and Xi agreed that the Strait of Hormuz should remain open to free navigation and that Tehran should not charge a fee to ships using the critical waterway.

Key notes from the White House readout (courtesy of Bloomberg):

  • Trump Had A Good Meeting With Xi: White House Official

  • Leaders Discussed Increasing China's purchases of Agriculture

  • Trump, Xi Agreed Hormuz Must Remain Open: White House Official

  • U.S. Says Xi Made Clear China Opposes Militarization of Hormuz

  • Both Sides Agreed Iran Can Never Have A Nuclear Weapon: U.S.

  • U.S. Says Xi Expressed Interest in Purchasing More American Oil

Beijing also signaled interest in buying more U.S. oil to reduce China's reliance on crude and crude products transiting the Hormuz chokepoint. This signifies how the U.S.-Iran conflict is rewiring global energy flows.

Trump-Xi talks also covered fentanyl, securing market access for U.S. companies in the mainland market, and increasing Chinese investment in American industries and purchases of U.S. agricultural products.

"American enterprises are deeply involved in China's reform and opening up, a process from which both sides have benefited," Xi told the leaders of U.S. companies accompanying Trump on the trip. Those CEOs include Tesla's Elon Musk, Apple's Tim Cook, Boeing's Kelly Ortberg, and Nvidia's Jensen Huang.

Xi continued, "China's door to the outside world will only open wider."

On the agricultural front, Bloomberg reported that China renewed import licenses for hundreds of U.S. beef plants, reviving trade that will help ranchers and farmers.

Xi was quoted as saying that China and the U.S. agree to build a "constructive and strategically stable relationship" that will serve as a framework for China-U.S. relations over the next three years and beyond.

On the subject of Taiwan, Xi told Trump bluntly that Sino-U.S. relations would enter an "extremely dangerous place" if Trump ignored Beijing's demands over Taiwan.

Back at the state banquet, Trump invited Xi to Washington on Sept. 24.

Overall, it appears that day one of Trump's summit with Xi was positive.

Earlier, Trump and Xi took a walk at an ancient temple in Beijing.

"The China-U.S. Summit is ongoing, with expectations for any breakthroughs low," UBS analyst Justinus Steinhorst told clients earlier.

UBS analyst Shuo Yang noted, "It has been a subdued Asia session, with markets in wait-and-see mode into the Trump-Xi meeting."

Treasury Secretary Scott Bessent joined CNBC and said the U.S. and China are seeking to lower tariffs on some trade, starting with $30 billion in non-critical areas. Bessent also noted that Chinese officials are "doing what they can" to reopen Hormuz. 

Bessent added that Boeing is nearing a "large" plane order from China, but did not specify whether those orders would be for narrow-body or wide-body jets.

Tyler Durden Thu, 05/14/2026 - 13:30

Are Markets F***ed? Collum And Pomboy To Address Everything Bubble

Are Markets F***ed? Collum And Pomboy To Address Everything Bubble

LIVE NOW:

*************

As the S&P continues to reach new highs in the mid 7000s, leaving the COVID era 3000s as a forgotten fevered dream… and AI euphoria fueling increasingly speculative bets across Wall Street and Main Street, the sane among us need to ask the question: when will reality hit?

In tonight’s ZeroHedge debate, hosted by the legendary Dave Collum, Macro Mavens founder Stephanie Pomboy and Michael Lebowitz will break down the most dangerously overvalued sectors of today’s market. From AI to private credit… and debate how, when, and where the unwind may begin.

The discussion will examine whether the AI boom has become detached from economic reality, whether Nvidia’s 43 PE ratio makes any sense, and whether private credit gating is the canary in the coal mine. With liquidity tightening beneath the surface and credit conditions deteriorating, Collum and the gang will discuss ways to preserve wealth before the cycle turns.

The conversation will also focus heavily on the Federal Reserve’s next chapter under incoming Fed Chair Kevin Warsh, whose prior statements indicate a hawkish stance… but that’s been true of past chairs before they held the helm. Is Warsh a genuine monetary hawk willing to tolerate market pain to restore credibility to the dollar and contain inflation? Or will he ultimately cave under political and financial pressure like Jerome Powell during COVID?

For investors trying to position themselves ahead of what could be the next major repricing event, or for those who just want to hear about how horrible the economy really is… join Collum, Pomboy, and Lebowitz this evening.

The debate will stream live on the ZH X account and homepage at 7pm ET. See you there.

Tyler Durden Thu, 05/14/2026 - 12:20

Iran Proclaims Safe, Toll-Free Passage For 30 Chinese Tankers Amid Xi-Trump Summit

Iran Proclaims Safe, Toll-Free Passage For 30 Chinese Tankers Amid Xi-Trump Summit

During President Trump's ongoing state visit to China, he and President Xi Jinping agreed that the ‌Strait of ‌Hormuz must be open for ‌the ⁠free flow of energy. They along with their senior officials have expressed agreement that no country can ​be allowed to exact shipping tolls in the Strait of Hormuz.

Following this, Thursday saw Iranian state media proclaim that some 30 Chinese vessels are being allowed safe passage by Iran. Bloomberg also freshly reports, "The vessels were allowed to pass the Strait of Hormuz with the coordination of the Iranian authorities and Islamic Revolutionary Guard Corps’ navy, state TV reports, citing an IRGC naval official." While it's as yet unknown or unclear whether the US Navy side of the de facto blockade will also let them pass, Reuters has also reported the following:

Iran ‌has begun allowing some Chinese vessels to transit through the Strait of Hormuz following an understanding over Iranian management protocols for the waterway, the semi-official Fars news agency said on Thursday, citing an informed source.

via Reuters

In particular the move also follows formal requests by China's foreign minister as well as Beijing's ambassador to Iran, with Tehran reportedly agreeing based on safeguarding the two allies' strategic partnership.

Bloomberg cited the IRGC official as saying of the Iranian protocol for passage, "A new era in the Strait of Hormuz has started as many countries of the world and fleets have accepted that the best, quickest and simplest way for transiting this very important waterway is only though coordination with the IRGC’s naval forces."

This was after Wednesday saw the key milestone of a Chinese supertanker carrying 2 million barrels of Iraqi crude having successfully passed through the Strait of Hormuz, after previously being stranded for more than two months.

Also of note is that the Chinese Cosco Shipping tanker did not have to pay tolls. According to The Wall Street Journal:

Lloyd’s List Intelligence data show the Yuan Hua Hu crossed the waterway through the corridor in the north controlled by the Islamic Revolutionary Guard Corps.

Ship trackers said the vessel switched off its transponder while sailing from an anchorage in Dubai towards Larak, then came back online for a couple of hours before going dark again. Ships crossing through Larak pay an average of $2 million each, according to brokers.

The Yuan Hua Hu is the third Chinese state-owned tanker to leave the Gulf since the start of the war.

State Department spokesperson Tommy Pigott emphasized earlier this week that Washington and Beining "agreed that no country or organization can be allowed to charge tolls to pass through international waterways like the Strait of Hormuz."

China imports the bulk of its energy from the Middle East, and while it has amassed substantial crude oil stockpiles that are helping it weather the worst of the crisis - anecdotally over 1.4 billion barrels - restoring normal flows from the Persian Gulf is important for one of the world’s top energy importers.

Are Iran and China coordinating behind the scenes to seek to take negotiating leverage away from Trump?

Earlier in the war, reports emerged that Beijing had pressured Iranian officials to stop attacking vessels carrying crude oil and LNG via Hormuz. Judging from later events that involved Iranian strikes on vessels in the chokepoint, Tehran did not yield to the pressure.

Tyler Durden Thu, 05/14/2026 - 10:55

Indian Ship Sunk Near Oman; Iranian Commandos Seize Vessel Off UAE

Indian Ship Sunk Near Oman; Iranian Commandos Seize Vessel Off UAE

Summary: 

  • Indian Cargo Ship Sinks in Suspected Drone Attack off Oman 

  • Iranian Commandos Board & Seize Honduras-Flagged Ship Off UAE

Indian Cargo Ship Sinks Near Oman

Maritime data company Windward revealed on X:

Indian cargo vessel sunk by suspected drone attack off Oman The MSV HAJI ALI (MMSI: 419908021) has gone down in the Strait of Hormuz region. The 57m vessel was running dark (AIS disabled) at the time of the incident.

The ship had recently transited from Somalia. All crew members have been successfully rescued. No fatalities reported. Note: As a vessel under 500 GT, it does not have a formal IMO number.

This incident highlights the escalating risks for smaller commercial vessels operating in regional chokepoints. While attention is often on large tankers, small tonnage like the Haji Ali is increasingly exposed in this shadow war.

Iranian Commandos Board & Seize Honduras-Flagged Ship Off UAE

It appears the Iranians have boarded and seized another ship in the Persian Gulf region - this time as the vessel was anchored off the coast of the United Arab Emirates, and while it was reportedly en route to Iranian territorial waters.

The UK Maritime Trade Operations (UKMTO) said Thursday that the vessel was seized by "unauthorized personnel", with the initial incident being reported about 38 nautical miles northeast of the UAE port of Fujairah.

via Reuters

The agency said the ship's company security officer reported that "the vessel has been taken by unauthorized personnel while at anchor and is now bound for Iranian Territorial Waters."

UKMTO said it is seeking more information incident and urgently advised vessels operating in the area to report any suspicious activity. While the agency did not immediately identify the vessel, Reuters in follow up interestingly described that is a mere fishery research vessel. According to the report:

A vessel was boarded by unauthorized personnel ​on Thursday while at anchor northeast of the ‌United Arab Emirates port of Fujairah and was heading towards Iranian territorial waters, United Kingdom Maritime Trade Operations said.

Two maritime security sources ​said the ship was believed to be the Honduras-flagged ​Hui Chuan fishery research vessel.

Ship tracking data on the MarineTraffic platform indicates vessel ⁠was last seen in the Gulf ​of ‌Oman, just within Iran's exclusive economic ​zone (EEZ) on ⁠May 12; however, an EEZ can still be considered international waters - though the Iranians are apparently not interpreting it that way.

In the face of the ongoing US naval blockade of Iranian ports, Tehran is seeking to assert its geographic and military leverage, enforcing an 'Iranian protocol' over the vital Strait of Hormuz oil and goods shipping waterway.

This week has seen Iran begin to let more Chinese vessels through, at the request of Beijing, and reportedly without imposing tolls either.

Bloomberg freshly reports Thursday of 30 Chinese ships, "The vessels were allowed to pass the Strait of Hormuz with the coordination of the Iranian authorities and Islamic Revolutionary Guard Corps’ navy, state TV reports, citing an IRGC naval official."

Diplomacy has taken a back seat at the moment, as each warring side seeks to 'wait out' the other in hopes that enough economic pain can be imposed to 'cry uncle' - as President Trump himself has recently expressed.

Tyler Durden Thu, 05/14/2026 - 10:45

Today's Soap Operas – Coronation Streeting, Eastenders, And Succession

Today's Soap Operas – Coronation Streeting, Eastenders, And Succession

By Michael Every of Rabobank

In the UK --where the 30-year gilt yield sits at 5.74%, the highest since 1997-- politics is abuzz with rumors centre-right Health Secretary will resign to take on PM Starmer in a leadership contest, which left-wing Energy Secretary Miliband is expected to join to prevent any Coronation Streeting, as left-wingers Rayner and Burns may try to as well. This is 24 hours after King Charles read out the Starmer government’s legislative agenda, which includes using a Henry VIII-era statute to force the UK to readopt EU laws without (yet) wanting to rejoin. As UK political commentators put it, the struggling Labour Party needs to decide what it’s for - and depending on what happens next, it remains to be seen if that includes the markets. Indeed, several left-wingers have been openly derisory about concerns over potential Labour policies lifting gilt yields. 

Logically, a (successful) political party should try to understand the context in which its policies will operate. As a social media commentator points out, while Labour built the welfare state in 1945 when the UK was broke, which remains its proud legacy, “Attlee's settlement was bankrolled by imperial surpluses, Marshall Aid, sterling's privileged role within Bretton Woods, capital controls that turned domestic savers into a captive bond market, and inflation that quietly torched the real debt. It sat on top of a state a fraction of today's size, financed by a young workforce, riding reconstruction productivity growth.” Raise your hand if you think the present geoeconomic backdrop, and that of the UK, meets those criteria – and the bond market will also get a vote. 

As the Financial Times relatedly underlines ‘Why global imbalances matter’, as they are the root of our geopolitical and geoeconomic problems (which, ironically, is why we rarely talk about them?), another long-running soap opera is playing in Beijing. 

In Eastenders, Trump, with a billionaire CEO entourage, is meeting Xi after posting in Air Force One that he will be asking him “to ‘open up’ China so that these brilliant people can work their magic, and help bring the People’s Republic to an even higher level!” Indeed, as some talk of UK Labour going back to the 1970s, the US language is also of Nixon–Mao 2.0, albeit from a very different starting point. Everybody gets how important these talks are, but few consider the full US *and* Chinese contexts, and many takes are colored by what they think of Trump. Some think Xi now has all the cards; others that the US still has some aces. 

We will have to wait and see if we get a Grand Bargain that reshapes geopolitics and geoeconomics – and, yes, imbalances; smaller agreement on tariffs, tech (as the Netherlands protests a US proposal to further bar chip giant ASML from the China market), and even Taiwan; a de minimis Farce Two Trade Deal can-kicking exercise, or a Great Escalation. 

On which note, some media suggest China might be prepared to put pressure on Tehran, yet the New York Times reports that Chinese firms are plotting arms sales to it. Which will it be? 

While Europe is on the sidelines of the UK, US-China, and Iran dramas, that doesn’t mean it’s absent. Yesterday, the FT reported Euroclear, one of Europe’s largest financial intermediaries with over €43 trillion of assets under custody, is considering accepting China onshore bonds traded in Hong Kong as collateral, not just offshore bonds as now. Euroclear states this would support Beijing’s efforts to promote yuan internationalisation to counterbalance the global dominance of the USD… at a time when the EU’s push for strategic autonomy, heightened by the Iran War energy crisis, is accentuating the need to boost global usage of the euro, not the yuan. 

That’s particularly the case in trade commodity finance, where the single currency only accounts for around 6% of the global total in SWIFT, and even less considering more of that trade is being done on China’s CIPS system. 

Of course, Euroclear is free to do whatever it wants, but it remains to be seen how this plays out politically and geopolitically now the news is out - the US will note the timing well, just as Trump is in Beijing looking for bargains. 

If this is seen as a European bargaining chip vs. the US in a game of geoeconomic poker, note USD swaplines have now been openly politicized by the US Treasury via Argentina and the UAE, and next Fed Chair Warsh has stated that even Fed swaplines are not an area subject to central-bank independence.  

Or is this a plan for Succession from the current Eurodollar system, which the US is now openly advertising it is going to transmogrify into something else via neo-mercantilist tariffs, economic statecraft, and US dollar stablecoins? Note successions can be disputed, and the candidates aiming to fill some large shoes can fall far short of the giants they have to replace. 

Against that backdrop, Warsh was just voted in as Fed Chair by the Senate, in the narrowest confirmation (55-45) in US history – that shows how contested even ‘apolitical’ central banking now is. He will take over that key role with his predecessor Powell refusing to leave the FOMC table, which will be an ‘interesting’ dynamic; and with the 30-year US Treasury yield hitting 5% for the first time since 2007 as headline and core CPI rise due to the Iran War.

On which, the Middle East remains on edge. Not only did the UAE, and Saudi, reportedly strike Iran pre-ceasefire, but the Saudis and Kuwait both just hit Iran-backed militias in Iraq; the Iranian foreign minister threatened the UAE after Israeli PM Netanyahu claimed he and the head of Mossad had visited Abu Dhabi during the fighting – which the UAE has denied; Lebanon has filed a UN complaint against Iranian interference; and the Gaza Board of Peace envoy has stated the stalled ceasefire has failed to meet the expectations of both Israel and Palestinians, which appears to be down to Hamas’ refusal to disarm.

Things are also fluid re: Ukraine. The Ukraine Support Act won enough signatures to force a vote in the US House of Representatives; the US is close to signing a strategic defence deal with Ukraine for drone tech; NATO boss Rutte is asking allies to commit 0.25% of GDP to Kyiv but is running into opposition from France and the UK; the US just cancelled the deployment of troops to Europe as part of Trump’s drawdown pledge; Switzerland is considering rival defence systems after Washington delayed delivering Patriot missiles to it; and the Russian parliament voted to allow Putin to order troop deployments abroad to protect Russian citizens facing arrest, detention, trial, or other perceived persecution by foreign nations and international courts – note the EU has several countries with Russian minorities, and aims to eventually expand to include others that also do.

So, back to today’s soap operas – Coronation Streeting, Eastenders, and Succession.

Tyler Durden Thu, 05/14/2026 - 10:30

Cisco Surges Most Since Dot-Com On Raised Outlook, AI-Focused Job Cuts

Cisco Surges Most Since Dot-Com On Raised Outlook, AI-Focused Job Cuts

Cisco Systems shares posted their biggest gain since the Dot-Com boom-and-bust era after the networking giant delivered third-quarter results that beat analysts' estimates. The company also announced a workforce restructuring, aligning with a broader hyperscaler playbook that cuts labor costs and redirects capital toward AI infrastructure and data-center buildouts.

Cisco raised its fiscal 2026 outlook, guiding for $62.8 billion to $63 billion in revenue and $4.27 to $4.29 in adjusted EPS, while also issuing a stronger-than-expected fourth-quarter sales forecast.

The catalyst that sent shares into a parabolic move early in the U.S. cash session was demand for AI. Cisco boosted its expected fiscal 2026 hyperscaler AI orders to $9 billion from $5 billion, signaling stronger traction in supplying the networking infrastructure needed for data center buildouts. Shares surged more than 16%, marking their best day since May 2002.

Stock is at a record high.

UBS analyst Simon Penn summed up third-quarter results and guidance:

They reported EPS and revenue beat and Q4 guided EPS and revenue was upgraded.

Q3 EPS was $1.06 versus forecasts of $1.04 and Q3 revenue was $15.8 bn versus forecasts of $15.5 bn.

Looking forward, they increased Q4 EPS guidance to $1.16-1.18, above forecasts of $1.07. Q4 revenue guidance also beat, at $16.7-$16.9bn versus estimations of $15.82.

Cisco reported FY2026 orders from hyperscalers $9 bn, up from prior $5 bn.

CEO Chuck Robbins wrote in a blog, "The companies that will win in the AI era will be those with focus, urgency, and the discipline to continuously shift investment toward the areas where demand and long-term value creation are strongest."

"While we are reducing roles in some areas, we are making clear, strategic investments," Robbins added. That includes spending on chips, fiber optics, security, and the use of AI by its own employees, he noted.

Robbins said the company will undergo a workforce restructuring and shed fewer than 4,000 jobs, or less than 5% of the total employee base. This restructuring comes as it pivots toward data center buildouts.

Here's analyst commentary from Goldman's Nelson Armbrust:

Cisco Earnings Validate Networking is an AI Bottleneck

Drivers of the Earnings Beat : Cisco +15% pre mkt, the primary catalyst was a massive acceleration in AI infrastructure orders, which reached $1.9 billion in the quarter alone. Year-to-date AI orders hit $5.3 billion, prompting management to nearly double its full-year AI order guidance from $5 billion to $9 billion. Beyond AI, the beat was supported by a 50% year-over-year surge in networking product orders and a multi-billion-dollar campus networking refresh cycle. Additionally, Cisco announced a strategic restructuring to cut approximately 4,000 jobs (5% of its workforce) to reallocate capital toward high-growth areas like silicon, optics, and AI.

Broader Market and AI Infrastructure Implications

  • Validation of Hyperscaler Capex: Cisco's results provide a "clean" data point confirming that AI spending by hyperscalers (Meta, Microsoft, Google) is not just sustained but accelerating. This reduces fears of an imminent "AI air pocket" in capital expenditures.

  • Networking as the New AI Bottleneck: The shift in demand toward Cisco's Silicon One and Acacia optics suggests that the market is moving from a "compute-first" phase (Nvidia GPUs) to a "connectivity-first" phase, where high-speed networking is critical to prevent data bottlenecks in massive AI clusters.

Goldman's Delta One desk noted:

Cisco delivered strong guidance while continuing to cut heads… effectively reinforcing the "AI replacing labor while driving infrastructure demand" story.

Across the major hyperscalers, white-collar workers remain on edge as layoffs accelerate - from Meta's plan to cut roughly 10% of its workforce to Oracle's elimination of thousands. The pattern of behavior among hyperscalers is capital reallocation by slashing labor costs to free up more spending for AI infrastructure, with capex estimates approaching $700 billion this year. That AI-driven 

Tyler Durden Thu, 05/14/2026 - 10:15

Europe's Dependence On US LNG Set To Surge

Europe's Dependence On US LNG Set To Surge

By Irina Slav of OilPrice.com

The European Union’s dependence on liquefied natural gas from the United States is set to rise significantly, reaching 80% of all LNG imports in two years, the Institute for Energy Economics and Financial Analysis has warned.

In a report cited by Reuters, IEEFA noted that the European Union already imports significant volumes of U.S. liquefied gas, creating a potentially risky dependence on a single supplier.

LNG imports from the United States into the EU accounted for 58% of overall LNG imports.

Yet this dependence is only going to increase in the coming years, the outlet said, recommending more wind, solar, and heat pumps as an alternative.

This year, the United States will become the European Union’s biggest supplier of liquefied gas, even as the bloc also gobbles up every ton of Russian LNG it can buy ahead of the 2027 ban on Russian energy imports.

The motivation for that ban, in addition to punishment for the war in Ukraine, has been to avoid overwhelming dependence on a single energy supplier, which is what the EU is currently doing with the U.S.

Energy commodities are a big part of the trade deal signed last year by President Trump and European Commission President Ursula von der Leyen.

The deal featured a commitment on the part of the EU to buy $750 billion worth of U.S. energy commodities over a period of three years.

The European Parliament earlier this year signaled it has problems with the deal, which angered the U.S. president, and he threatened to hike tariffs on EU goods unless the bloc signs the deal as is.

The arrangement elevated American LNG, oil, and refined fuels in Europe’s energy supply mix.

The actual supply of so many energy commodities, however, would be physically - and financially - challenging both for the suppliers and the buyers.

Tyler Durden Thu, 05/14/2026 - 07:20

Why UBS Is Bullish On Take-Two Ahead Of Grand Theft Auto VI Launch

Why UBS Is Bullish On Take-Two Ahead Of Grand Theft Auto VI Launch

UBS analysts reiterated that Take-Two Interactive is their top U.S. gaming pick, with the highly anticipated release of Grand Theft Auto VI still scheduled for early November.

"We recently framed TTWO as our top pick in the U.S. interactive gaming space," analyst Christopher Schoell told clients.

Schoell said, "Concerns around AI and the potential for a new wave of content to hit the market/compete for engagement have weighed on the sector," adding, "We believe the fears for TTWO are overdone and expect new GTA VI announcements, trailers, and gameplay to drive sentiment, while industry consolidation highlights TTWO's potential strategic value as the remaining publicly traded U.S. AAA developer."

Schoell expects TTWO to guide to a record fiscal 2027, with $9 billion in bookings, including about $2 billion in GTA VI full-game sales.

Schoell and his team noted, "We build on our conviction that a strong GTA VI launch in the near term, coupled with expanding RCS and in-game monetization, will likely drive more stable long-term economic returns."

Here's that bullish framework:

  • Turning Hits into Recurring Cash Flows: In the mid-2010s with the launch and scaling of GTA Online and NBA 2K RCS, TTWO successfully evolved its CFROI (Cash Flow Return on Investment) profile from extreme volatility to high and stable economic returns. Strong historical execution supports our view of a successful mix shift to higher margin RCS revenues ahead and continued CFROI expansion.

  • How Big Could GTA VI Be? TTWO's CFROI Forecast vs Past Blockbusters: Leveraging the breadth of the HOLT framework, we compare TTWO's forecasted CFROI in the launch year to CFROI levels in other blockbuster game launches. Notably, we believe the launch of GTA VI will push CFROI to one of the highest levels we've seen compared to historical game launches.

  • Framing Long-Term Market Expectations: In HOLT's default valuation framework, TTWO has around 80% potential upside and market expectations appear muted vs forecasts. TTWO has earned a median CFROI level of 13% the last 10 years in conjunction with a high rate of reinvestment, and the GTA VI launch should increase CFROI to near all-time high levels. Despite this, long-term market expectations imply CFROI will fade to 9%, below its historical median. We see this as a relatively low bar to clear given a bookings mix shift to higher margin RCS revenue, likely supported by a steady cadence of content releases for the established GTA VI player base long-term.

Schoell offered clients his expectations ahead of earnings and guidance next Thursday:

As highlighted in our recent earnings preview, we expect TTWO's F4Q results to come in at the high-end of guidance (company reporting May 21). The main focus however will be the initial F27 outlook. We expect management to guide to a record year alongside GTA VI's release, where our prior survey work points to significant pent up demand and pricing power. Similar to precedent, we believe initial guidance could be conservative, setting up for a beat and raise narrative. This was the case for both GTA V (Fiscal 2014) and RDR II (Fiscal 2019), when the company outperformed its initial bookings outlook by several hundred million. We look for $9.0B of bookings in F27, incl. $2.0B of full game sales for GTA VI. Our est. assumes higher amort and S&M alongside GTA's release, albeit visibility into magnitude is limited and could drive variability to NT EPS (UBSe $6.16/$11.47 of Adj. EPS in F27/F28). We recently published an interactive model which allows investors to input their own unit/pricing assumptions for GTA VI and underlying PC/console/mobile growth.

Shares peaked in late 2025 at around $260 and have since tumbled to $190. Shares are currently clawing back some of those losses.

UBS maintains a Buy rating and a $300 price target, implying about 33% upside from Wednesday's levels.

Professional subscribers can read the full TTWO/GTA VI note here at our new Marketdesk.ai portal. 

Tyler Durden Thu, 05/14/2026 - 06:55

US Wants To Restore Nord Stream & Purchase From Europeans At Steep Discount: Lavrov

US Wants To Restore Nord Stream & Purchase From Europeans At Steep Discount: Lavrov

The Nord Stream pipelines have long slipped from headlines, apart from the occasional whodunnit narratives, and they have remained damaged and offline. The Nord Stream 1 and Nord Stream 2 pipeline bombings occurred on September 26, 2022 - but their future fate is still up in the air and being wrangled over, including by Washington.

Russian Foreign Minister Sergey Lavrov has alleged that Washington now it wants to buy the part of the pipelines owned by European companies, in order to assert influence and control over European energy.

Agenzia Nova

"Take a look at how the Americans are planning to restore Nord Stream. I am talking about two gas pipelines, and they were blown up," he told RT in an interview this week.

"The Americans under Biden said that these gas pipelines would not work, but now they accuse the Ukrainians of blowing up these two pipelines," he continued, before noting: "Actually, four pipelines. Three out of four were blown up. The Americans want to buy out the part that was owned by European companies."

He further explained that the US "wants to strike the deal at a price that is 10 times lower than the initial European investments" - according to Russian state media.

He explained that this would be about US control, and the ability to dictate the price of gas - instead of what would have been a prior mutual agreement between Russia and Germany, before the pipelines were sabotaged.

"They [the US] openly stated that they wanted to halt gas transit via pipelines from Russia to Europe through Ukraine in order to control these flows as well," he alleged.

Last year ZeroHedge asked Trump directly about who was behind the Nord Stream sabotage op. "If you can believe it they said Russia blew it up," Trump initially responded at the time.

"Well probably if I asked certain people they would be able to tell you without having to waste a lot of money on an investigation," the president said. "But I think a lot of people know who blew it up, but I was the one who blew it up originally because I wouldn't let it be built, and then when Biden got in he allowed it to be built."

President strongly suggested that based on classified intelligence he knows exactly who was behind the September 26, 2022 covert operation which ended in the Baltic Sea explosions and major leaks which took the vital Russia to Germany natural gas pipelines permanently offline. Of course, with no investigation whatsoever (a serious European inquiry didn't even begin till the following year), Western mainstream press coalesced around the dubious "Russia bombed their own pipeline!" narrative.

In early 2023, famed journalist and Pulitzer price winner Seymour Hersh published a bombshell report which concluded that the United States blew up the Russia-to-Germany natural gas pipeline as part of a covert operation under the guise of the BALTOPS 22 NATO exercise. Hersh's report has been subject to a lot of pushback since then, but he's not backed off this initial reporting and investigation.

Tyler Durden Thu, 05/14/2026 - 04:15

Emmanuel Macron Says France's Fate Is "Tied To The African Continent"

Emmanuel Macron Says France's Fate Is "Tied To The African Continent"

For anyone who doubts that "Multiculturalism" is the preeminent political religion of the new age, the rhetoric of the majority of the European ruling class consistently proves the case. 

French President Emmanuel Macron was the co-host (with Kenyan President William Ruto) at the Africa Forward Summit this week in Kenya, where he repeated multicultural rhetoric in favor of mass immigration from Africa into Europe.  His comments seemed to be a message to the many anti-immigration movements now gaining momentum across the EU; asserting that without Africa, the French have no future.

It was France’s first major Africa summit in an English-speaking country, signaling a deliberate pivot away from French speaking African nations with an eye towards broader, “equal-footing” partnerships.  Macron argued that the French youth need to be made to understand that France is now part of Africa due to mass immigration.

“I have no regrets. I have immense ambition for this continent that I love, which is a treasure for the world, the youngest and most dynamic continent on the planet. I want our young people in France to understand that their future is bound up in this continent. Africa will succeed, and we will succeed alongside it.”

"...There are some 17 million French people who were part of the African Diaspora. So we are part of this continent. It is a great chance for us as French. There are millions of French people who are French Malian or French Algerian or French Senegalese. So we have this great chance to be able to succeed alongside the African continent..."

France has been overwhelmed by third world immigration in the past decade.  Around 11% of the population is foreign born.  They represent around 20% of all welfare recipients in the country and have a poverty rate of 32%.  They also make up nearly 20% of all homicide suspects, 15% of all sexual assault suspects and 40% of all property crime.  

Surprisingly, Macron admitted during the summit that a large percentage of revenues to African nations actually come from remittances.  Immigrants travel to Europe, siphon money from the economy and send the cash back to their families in Africa.  It is a little known fact that remittances from the immigrant invasion into western nations are absolutely integral to the economies of the third world.  Without this cash transfer many of these economies would collapse.  

The third world has been feeding on the west for generations, not just through remittances, but a steady flow of foreign aid.  Macron, however, presents this dynamic as if it's a good thing.  

“First, we need to be realistic about the main source of financial flows towards African countries: remittances from the African diaspora. They come from all those who have emigrated, who are working hard in many countries to send money back to their families. These flows exceed the aid provided by governments.” 

The notion that mass immigration is necessary for western countries to remain economically viable is consistently debunked.  Third world populations take far more than they contribute, and they do not add any significant relief for the labor pool (unemployment rates continue to climb in Europe because of the influx of foreign nationals).  Europe is also experiencing growth deceleration and economic stagnation. 

Migrants bring nothing to the table, yet, European leaders continue to gaslight their respective populations with tales of multicultural Utopia.  Any day now, this magical future will arrive...  

Tyler Durden Thu, 05/14/2026 - 02:45

The Hidden Cost To The American Worker From The AI Boom

The Hidden Cost To The American Worker From The AI Boom

Authored by Steven Edginton via American Intelligence,

While many warn that artificial intelligence itself will displace American workers, far less attention is paid to the fact that the very companies building AI are already replacing American employees with cheaper foreign labor. In many cases, though, the immediate threat to American workers is not the technology itself, but the hiring practices of the firms developing it.

In 2025, 406,348 H-1B visas were given to foreign workers in the United States, according to the latest U.S. Citizenship and Immigration Services data. For hundreds of thousands of Americans, that figure is a nightmare.

The H-1B visa program, created in the 1990s as a temporary work visa supposedly for highly-skilled migrants, has flooded America with millions of cheap foreign workers.

For the last few months, I have been investigating the issue of the H-1B program and its impact on Americans for a new documentary for GB News. During that process, I received a flood of messages from workers across the country describing how they were forced to train their foreign replacements, saw their jobs were sent overseas, or witnessed ethnic tribalism in hiring that shut Americans out of jobs altogether.

The largest users of the H-1B program are Big Tech companies, many of which lobby Congress aggressively against reforms that could disrupt their pipeline of foreign labor.

Tech workers in Silicon Valley, one of America’s great civilizational achievements, are now overwhelmingly foreign born. According to the 2025 Silicon Valley Inde, roughly two-thirds of Silicon Valley tech workers were born outside the United States. There are more Indian-born tech workers there than those born in California. Highly-educated tech workers from India and China outnumber those from the United States, making up 41 per cent of the workforce compared with 30 per cent.

Lawmakers should evaluate the national security implications of a strategically vital American industry becoming taken over by, and increasingly dependent on, foreigners.

But the most visceral impact of this change has been on American tech workers.

According to an analysis by Harvard economist George Borjas, H-1B workers are on average 16% cheaper to employ than their American counterparts. For each H-1B worker employers save an average of $100,000 over the six-year term of the visa. Employers then have the ability to sponsor H-1B workers for green cards, ensuring they replace American workers in perpetuity.

One Silicon Valley based employee told me she lost her job after her Indian manager forced her to hire an Indian assistant, who she was later told to train so that he could replace her. Since then, she has been struggling to find work for two years, and was forced to sell her home.

In another case, a whistleblower, who until recently worked at FedEx, said her entire team’s jobs were off-shored to India. A former Google contractor said he was told to train his replacements in the Philippines. These stories are not atypical, especially for older workers who are competing for jobs with young, cheaper foreigners.

Many have also seen ethnic tribalism in hiring. At Google one former employee said he saw Indians give other Indians confidential interview questions to help them secure jobs. Others told me similar stories, where ethnic nepotism has led to workplaces becoming hives for foreign workers who all spawned from one particular city or even village in India. One high-profile example of this can be seen in the case of Cognizant Technology Solutions, an IT consulting company founded in India. Several successful lawsuits against the company in recent years have found discrimination against non-Indian employees in hiring and promotions.

To deal with these challenges, the Trump administration has attempted to crack down on the H-1B visa. Last year a new $100,000 fee was announced which would apply to employers hiring foreign talent. While official figures on the impact on H-1B applications are not yet available, experts estimate that applications may have fallen by between 30 and 50 per cent.

However, veteran anti-immigration campaigner and lawyer Rosemary Jenks said the new fee has had little overall impact as it doesn’t apply to domestic H-1B applications. Those who convert their visas to H-1Bs, such as students, or those renewing their H-1Bs are exempt from the $100,000 charge. Jenks’ view was confirmed to me by an immigration lawyer in Silicon Valley, who said she had seen a significant increase in domestic H-1B applications.

And when it comes to foreign competition for jobs, the H-1B program isn’t the only challenge for American workers.

This week Immigration and Customs Enforcement (ICE) announced it has found more than 10,000 cases of potential fraud in the Optional Practical Training (OPT) program. This scheme allows foreign students to work in the United States for up to two years after graduating (who can then convert their student visas into H-1Bs, and eventually green cards). ICE officials said they had found “empty buildings and locked doors at addresses where hundreds of foreign students are allegedly employed”.

Unlike the H-1B program, which requires employers to pay the “prevailing wage” for roles, those employed under OPT can be paid any wage. The result is that American graduates are competing for entry level jobs with foreigners who are willing, and able, to work for far less. As of last year, 294,253 students are in the US on the OPT program.

Some Republicans, including Florida Governor Ron DeSantis, have called for the H-1B visa to be abolished entirely. But until Congress is willing to confront the political influence of the Big Tech lobby, America’s dependence on cheap foreign labor is unlikely to end. The irony is that while Americans are told to fear displacement by artificial intelligence in the future, many are already being displaced in the present by hiring practices of the very firms building it.

Tyler Durden Wed, 05/13/2026 - 22:35

Israel's Netanyahu Made Clandestine Trip To UAE During Height Of Iran War

Israel's Netanyahu Made Clandestine Trip To UAE During Height Of Iran War

Amid the fog of the Iran conflict, some serious geopolitical chess moves were happening in the shadows, with Israeli PM Benjamin Netanyahu having slipped behind what were once enemy lines, into the the quarters of UAE President Mohamed bin Zayed Al Nahyan, for a clandestine summit which could help realign the region.

"This visit has led to a historic breakthrough in relations between Israel and the UAE," Netanyahu's office confirmed in a Wednesday statement.

It provides top level confirmation of a new CBS report, which revealed that "Netanyahu made a secret visit to the United Arab Emirates recently, where he met with Mohammed bin Zayed, the country's president."

The clandestine meeting occurred in late March, and out of that grew out of the Abraham Accords, given UAE was the first to sign onto normalization with Israel back in 2020. Strangely, later in the day Wednesday, the UAE Foreign Ministry denied the trip ever took place.

It was also revealed this week Israel actually deployed its prized Iron Dome batteries and IDF personnel directly onto UAE soil during the conflict to defend against the significant Iranian attacks.

But the diplomacy didn't stop with the heads of state. Intelligence sources indicate that Mossad chief David Barnea has been a frequent flier to the UAE, making at least two trips during the heat of the Iran war to synchronize "military operations" - a move first reported by The Wall Street Journal.

US Ambassador Mike Huckabee "There’s an extraordinary relationship between the UAE and Israel." This developing realignment means that the defense of the Gulf is now inextricably linked to Israeli tech and intelligence. 

"I'd like to say a word of appreciation for United Arab Emirates, the first Abraham accord member," Huckabee said at a Tel Aviv Conference this week. "Just look at the benefits. Israel just sent them Iron Dome batteries and personnel to help operate them."

"The Gulf states now understood they will have to make a choice - is it more likely they will be attacked by Iran or Israel?" Huckabee posed before the Israeli audience. "They see that Israel helped us and Iran attacked us. Israel is not trying to take over your land, and is not sending missiles to you."

So clearly there is a coordinated effort to finally make public very sensitive information - that for the first known time in history Israel is directly transferring weapons to a Gulf Arab state, while its head of state is making personal secret drop-ins for direct face time.

Even long before the current Iran conflict, there was a growing covert relationship between Israel and some Gulf states going back to the early phase of the Syrian proxy war, in the last decade.

Israel and the Sunni autocrats conspired to overthrow Bashar al-Assad, a longtime key ally of Iran, and they cooperated on funding and supplying anti-Damascus jihadi insurgents. Out of this shadow war came a greater mutual understanding.

Tyler Durden Wed, 05/13/2026 - 22:10

Trump Says Cuba Is Seeking Help: 'We Are Going To Talk'

Trump Says Cuba Is Seeking Help: 'We Are Going To Talk'

Authored by Troy Myers via The Epoch Times,

Cuba wants help, and the United States will hold talks with the communist island nation, President Donald Trump announced in a Tuesday post on Truth Social.

He did not specify when those talks would take place.

“No Republican has ever spoken to me about Cuba, which is a failed country and only heading in one direction—down! Cuba is asking for help, and we are going to talk!!! In the meantime, I’m off to China!” Trump wrote in his post.

The president has made Cuba a focus of his second term, increasing pressure on Havana in the form of sanctions, an oil blockade, and repeated comments from himself and others in his administration about how Cuba is next after the U.S. military captured former Venezuelan leader Nicolás Maduro, a longtime ally of Cuba, in January.

As he left for his trip to China, Trump declined providing any further information to reporters at the White House.

“Cuba is not doing well. It’s a failed nation, and we'll be talking about ‌Cuba at ⁠the right time,” Trump said.

Asked about any planned talks with the country, a White House official said, “Within a short period of time, they will fall, and we will be there to ​help them out.”

Trump has imposed multiple rounds of sanctions against the Cuban regime to choke the leadership out and push it toward making a deal.

Secretary of State Marco Rubio, who is of Cuban descent, announced some of those sanctions on May 7.

On May 1, Trump signed a presidential action broadening sanctions on the communist government, imposing them on individuals, entities, and affiliates of the regime. It also targeted anyone complicit in human rights violations or corruption.

“[Cuba’s policies] constitute an unusual and extraordinary threat,” Trump’s order said. “Not only are these policies, practices, and actions designed to harm the United States, but they are also repugnant to the moral and political values of free and democratic societies.”

On Jan. 29, Trump signed an executive order imposing tariffs on any country that provides Cuba with oil. Days later, the president said Mexico would cease oil shipments to the country.

The oil blockade, sanctions, and U.S. capture of Cuba’s main oil provider in Maduro have crippled the nation’s energy infrastructure.

Blackouts, shortages, and fuel rationing have become part of daily life in Cuba.

Although the United States offered some relief in allowing a Russian-flagged tanker to bring 730,000 barrels of oil to Cuba on March 31, the supply lasted less than 10 days.

Cuban Americans, including Fidel Castro’s daughter, have sharply denounced the communist government, calling on Trump to turn his attention to Cuba.

Trump has pitched the idea of a  “friendly takeover” of the country, or a military takeover, adding that he believes he will have the “honor of taking Cuba.”

“That’s a big honor, taking Cuba in some form,” Trump told reporters in March. “Taking Cuba. I mean, whether I free it, take it, I think I can do anything I want with it.”

Trump will meet with Chinese leader Xi Jinping from March 13–15, the first presidential visit to the country since Trump’s 2017 stop in his first term. China has called for the United States to end its oil blockade and sanctions against Cuba.

“We’re going to have a very good meeting,” Trump said before departing.

Tyler Durden Wed, 05/13/2026 - 21:45

Rising Jet Fuel And Ticket Prices Could Disrupt Summer Air Travel

Rising Jet Fuel And Ticket Prices Could Disrupt Summer Air Travel

Submitted by Tsvetana Paraskova of OilPrice.com

Summer travel could be disrupted for millions of airline passengers as airlines pass on higher jet fuel prices onto air fares and cancel unprofitable routes, according to the global association Airports Council International.

The surge in jet fuel prices as a result of the Middle East crisis leads to higher air fares. Passengers should be prepared for higher ticket prices for longer, Stefano Baronci, the Airports Council International’s director general of Asia Pacific and Middle East, told Bloomberg in an interview published on Wednesday.  

Supplies of the fuel from the Middle East cannot move past the Strait of Hormuz, while Asian refiners slashed exports amid reduced run rates and preference and/or orders to keep more supply for their respective domestic markets.

So, the recent crash in global exports of jet fuel – which is the most stressed barrel during the ongoing supply shock – was not unexpected. 

Jet fuel supplies from Northeast Asia and India West Coast crashed and tightened the global jet fuel market so much that officials and airline executives started talking about fuel shortages in a few weeks’ time.

Fatih Birol, executive director of the International Energy Agency (IEA), warned in mid-April that Europe has “maybe six weeks or so” of remaining jet fuel supply.

But the Airports Council International’s Baronci dismissed concerns about shortages, noting that the high prices remain the key problem for the industry going forward. With higher air fares, demand destruction is inevitable and airlines could opt to slash more routes this summer, he added. 

Earlier this month, Lufthansa Group, Europe’s biggest airline, said it expects the surge in jet fuel prices to cost it an additional $2 billion this year as the closure of the Strait of Hormuz “is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices.” 

The war in Iran and the closure of the Strait of Hormuz have severely constrained Europe’s jet fuel supply, while jet fuel prices spiked to over $200 per barrel in April before easing to about $150 a barrel this month, which is still way above pre-war levels. 

Tyler Durden Wed, 05/13/2026 - 19:15

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