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UK fintech Wise to move primary listing to New York

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UK fintech Wise plans to switch its primary listing to New York in an attempt to attract more investors and boost its valuation, dealing a fresh blow to the London market.

The company, which listed to great fanfare in London in 2021, said the move would increase its appeal to US investors and enhance its expansion plans in the world’s biggest economy.

Announcing the decision on Thursday, Wise said: “We believe the addition of a primary US listing would help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners.”

Founded in London in 2010 by Estonians Kristo Käärmann and Taavet Hinrikus, about a fifth of the company’s staff are based in the UK. Its decision to go public in London rather than New York was hailed as a rare coup for the UK market.

Wise began as a provider of money transfers that undercut banks but has recently expanded its services to include interest-yielding investment products and a debit card.

Wise said the decision to shift its primary listing to New York would be put to a shareholder vote. The company intends to retain a listing in London.

The decision by Wise is likely to fuel anxieties over the appeal of the London market, which has historically struggled to compete with Wall Street.

Construction equipment rental group Ashtead in December announced plans to move its listing to New York, saying that the US was its biggest market.

Women’s 4x200m Freestyle Relay: The Breakdown

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2025 U.S. NATIONAL CHAMPIONSHIPS

WOMEN’S 200 Freestyle – Final

Results:

  1. Claire Weinstein (SAND) – 1:54.92
  2. Katie Ledecky (GSC) – 1:55.26
  3. Torri Huske (AAC) – 1:55.71
  4. Anna Peplowski (ISC)/Erin Gemmell (TXLA) – 1:55.82
  5. Bella Sims (SAND) – 1:57.18
  6. Simone Manuel (TXLA) – 1:57.44
  7. Isabel Ivey (GSC) – 1:58.05

Five women broke 1:56 tonight, as Claire Weinstein out-touched Katie Ledecky for the second time in three years. Torri Huske was out fast through 150, and managed to set a huge best time as she skipped the 1:56s entirely.

With Ariarne Titmus sitting out Worlds this season and Mollie O’Callaghan nursing a slight knee injury, they could well be the favourites to reclaim their World crown from 2022.

The top four from tonight will be guaranteed a spot, whilst fifth and sixth will need to wait to see how the team shapes up elsewhere.

So, what does all this mean for Team USA’s 4×200 free relay this summer?

The Past Is History, the Future Is a Mystery?

Last year’s Trials were only the third-fastest ever – the first one we’ve seen so far that was not the fastest. The 200 free add-ups in 2016 and 2023 were faster, although their fastest two relay times have come in 2021 and 2024.

Here was what the gaps looked like between the add-up from the top four at Nationals and the relay times swum later that summer since 2000.

We love to predict how relays will perform before a major summer meet. There are almost no other real opportunities for a top-tier long course relay team to compete, so there’s limited data to go off.

Based on the U.S. Nationals results we’ve built a rough model to predict the final time for the American 4×100 free relay this summer. To calculate this we’ve considered the National Championship results (top four), previous history of the drops from Nationals to the relay in the summer, and the raw times themselves.

The past four years look something like this:

Year Trials Add-up Predicted Time Range (90% confidence band*) Range (50% confidence band) Actual Relay Time
2021 7:45.86 7:43.66 7:42.53 – 7:44.87 7:43.14 – 7:44.12 7:40.73
2022 7:47.20 7:44.68 7:43.61 – 7:45.91 7:44.18- 7:45.09 7:41.45
2023 7:42.85 7:41.46 7:39.80 – 7:42.60 7:41.00 – 7:42.11 7:41.38
2024 7:44.51 7:42.67 7:41.36 – 7:43.87 7:42.15 – 7:43.20 7:40.86

*This defines the upper and lower limits of a range in which we would be 90% sure that the result would fall – if this was raced 100 times, in 90 of those we’d expect a time in this range.

First things first, the model does have some limitations. It is only intended as a ballpark figure and the 90% and 50% confidence bands are too confident, especially for the last few years where the actual drops have ranged anywhere from 0.88 seconds to 2.92 seconds.

Overall though, we’re not looking for this to give us an absolute relay time to hold ourselves to for the summer – just a range which we (or you) can debate. Without further ado, here are all the numbers from this year’s trials you need to worry about.

The Numbers

 

Fastest three flat-start times of the top-six:

 

Fastest senior international three relay splits of the top six:

 

Fastest flat-start add-up:

 

Fastest flat start + relay split add-up:

Katie Ledecky is unlikely to be at 1:53 pace, and Bella Sims was a little off her 1:55-mid best from 2022, so these are not wholly representative. However, the relays have seemed to step up big over the last Olympic quad, so potentially a Sub-7:40 is not out of the question

As a final look ahead, here are the U.S. Nationals/Trials to summer relay drops since 2000 based on location. The circles get darker as the year gets later, and any hollow circles indicate a negative drop – that is, an increase.

 

 

Vietnam Abandons Two-Child Policy in Effort to Address Declining Birthrate | Demographics Update

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Vietnam’s declining birthrate is most pronounced in urban areas, while nationally, male births still outnumber female.

Vietnam has scrapped its longstanding two-child policy as it aims to reverse its declining birthrate and ease the pressure from an ageing society.

All restrictions were removed this week, and couples will be free to have as many children as they choose, according to Vietnamese media.

Minister of Health Dao Hong Lan said that a future shrinking population “threatens Vietnam’s sustainable economic and social development, as well as its national security and defence in the long term,” the Hanoi Times reported.

Between 1999 and 2022, Vietnam’s birthrate was about 2.1 children per woman, the replacement rate needed to keep the population from shrinking, but the rate has started to fall, the news outlet said.

In 2024, the country’s birthrate reached a record low of 1.91 children per woman.

Regional neighbours like Japan, South Korea, Taiwan, Singapore and Hong Kong all have declining birthrates, but their economies are more advanced than Vietnam’s.

Vietnam’s working-age population is expected to peak around 2040, according to the World Bank, and it aims to avoid the trap of “getting old before it gets rich”.

The country’s communist government introduced the two-child policy in 1988 to ensure it had adequate resources as it transitioned from a planned to a market economy. At the time, Vietnam was also still overcoming the effects of decades of war.

Newborn babies at the National Hospital of Obstetrics and Gynaecology in Hanoi, Vietnam, in 2022 [Nhac Nguyen/AFP]

Vietnam’s two-child policy was most strictly enforced with members of Vietnam’s Communist Party, according to the Associated Press, but families everywhere could lose out on government subsidies and assistance if they had a third or fourth child.

As well as a declining birthrate, Vietnam is also facing significant imbalances across different regions and social groups, the Ministry of Health said.

The declining birthrate is most pronounced in urban areas such as Ho Chi Minh and the capital Hanoi, where the cost of living is highest. But there are also significant disparities in gender. Last year, Vietnam’s sex ratio at birth was 111 boys to every 100 girls.

The disparity between male and female births is most pronounced in North Vietnam’s Red River Delta and the Northern Midlands and Mountains, according to the World Bank, and lowest in the Central Highlands and Mekong River Delta.

Vietnam prohibits doctors from telling parents the sex of their children to curb sex-selective abortions, but the practice continues, with doctors communicating via coded words, according to Vietnamese media.

Left unchecked, the General Statistics Office warned there could be a “surplus of 1.5 million men aged 15-49 by 2039, rising to 2.5 million by 2059”.

In a bid to reverse this trend, the Health Ministry separately proposed tripling the fine for “foetal gender selection” to about $3,800.

Akkodis at the Paris Air Show 2025: Leading the Way in Sustainable and Digital Innovation with AI

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AI and Sustainability: Akkodis showcases the future of sustainable and digital innovation at the Paris Air Show 2025

Musk denounces Trump’s tax bill as a ‘disgusting abomination’

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Elon Musk hit out at President Donald Trump’s signature tax and spending bill again on Wednesday, calling on Americans to tell their representatives in Washington to “kill the bill”.

The budget, which includes huge tax breaks and more defence spending, was passed by the House of Representatives last month and is now being considered by senators.

The tech billionaire posted on X earlier this week that the bill would add to the US budget deficit and saddle Americans with “crushing” debt.

On Tuesday, he described it as a “disgusting abomination”, in a widening rift between the two.

The bill has the backing of President Donald Trump and would be the legislative linchpin of his second-term agenda if it passes Congress.

“Shame on those who voted for it,” said Musk on Tuesday, hinting that he may try to unseat the politicians responsible at next year’s midterm elections.

Musk left the administration abruptly last week after 129 days working to cut costs with his team, known as Doge. The comments mark his first public disagreement with Trump since leaving government, after having previously called the plan “disappointing”.

Soon after Musk’s tweet on Wednesday, the White House sent out a “myth buster” statement, calling any assertion that the bill would lead to higher deficits a “hoax”.

“By every honest metric, President Donald J. Trump’s One Big Beautiful Bill dramatically improves the fiscal trajectory of the United States and unleashes an era of unprecedented economic growth,” the statement reads.

It made no mention of Musk or his tweets. The BBC has contacted the White House for comment.

The South African-born tech billionaire’s time in the Trump administration came to an end on 31 May, although Trump said that “he will, always, be with us, helping all the way”.

In its current form, the bill – which Trump refers to as the “big beautiful bill” – has been estimated to increase the budget deficit – the difference between what the government spends and the revenue it receives – by about $600bn (£444bn) in the next fiscal year.

In a series of posts on X on Tuesday, Musk said that the “outrageous, pork-filled” spending bill will “massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America [sic] citizens with crushingly unsustainable debt”.

In American politics “pork” refers to spending on projects in lawmakers’ constituencies.

Musk has previously vowed to fund campaign challenges against any Republican that votes against Trump’s agenda. But on Tuesday he fired a warning to those who backed the bill.

“In November next year, we fire all politicians who betrayed the American people,” he wrote.

Asked about Musk’s comments soon after the first post, White House press secretary Karoline Leavitt said “the President already knows where Elon Musk stood on this bill”.

“This is one, big, beautiful bill,” she added. “And he’s sticking to it.”

The legislation also pledges to extend soon-to-expire tax cuts passed during the first Trump administration in 2017, as well as an influx of funds for defence spending and to fund the administration’s mass deportations of undocumented immigrants.

To the dismay of fiscal conservatives, it would lift the limit on the amount of money the government can borrow, known as the debt ceiling, to $4tn.

The comments from Musk reflect wider tensions among Republicans over the plan, which faced stiff opposition from different wings of the party as it worked its way through the House.

The Senate has now taken it up, and divisions are already emerging in that chamber, which is also narrowly controlled by Republicans.

Kentucky Senator Rand Paul has said over the last few days he will not support the bill if it raises the debt ceiling.

“The GOP [the Republican Party] will own the debt once they vote for this,” he told CBS News, the BBC’s US partner, over the weekend.

Trump responded to Paul with a series of social media posts, accusing him of having “very little understanding of the bill” and saying that the “people of Kentucky can’t stand him”.

“His ideas are actually crazy,” Trump wrote.

Republican lawmakers pushed back on Musk’s comments, with Senate majority leader John Thune saying the party plans to “proceed full speed ahead” despite “a difference of opinion”.

Thune and other senators met Trump for a “positive discussion” on Wednesday, he told reporters at the White House.

He downplayed Musk’s posts, saying it would do little to scupper the work of lawmakers.

“We are moving forward,” he said, also adding that “the wheels are in motion,” and that “failure is not an option”.

Mike Johnson – the Republican Speaker who has ushered the legislation through the House – told reporters on Capitol Hill that “my friend Elon is terribly wrong”.

“It’s a very important first start. Elon is missing it,” Johnson said.

Johnson said he had a 20-minute phone call with the tycoon about the bill on Monday, adding that its phasing out of electric vehicle tax credits could “have an effect” on Tesla, Musk’s firm.

“I lament that,” Johnson said, expressing surprise that Musk criticised the bill despite their call. “I just deeply regret he’s made this mistake.”

Among the issues that upset Musk involved air traffic control at the Federal Aviation Administration (FAA), according to Axios.

Musk was hoping it would be run on his Starlink satellite system, but he was denied because of issues relating to the technology and the appearance of a conflict of interest, the political outlet reported.

Some Democrats welcomed Musk’s comments despite their previous criticism of him and the work of Doge.

“Even Elon Musk, who’s been part of the whole process, and is one of Trump’s buddies, said the bill is bad,” Senate Minority Leader Chuck Schumer said. “We can imagine how bad this bill is.”

Trump and Republicans in Congress have set a deadline of 4 July to get the measure passed and signed into law.

Musk supported Trump in last year’s November election with donations of more than $250m.

To make peace with spending hawks, Trump is also asking Congress to pass a plan that would reduce current spending by $9.4bn, a figure derived from Doge’s work.

It would mainly slash funding for foreign aid, the United States Agency for International Development (USAID) and for broadcasters NPR and PBS.

Trump reinstates travel ban, preventing entry from Afghanistan, Eritrea, Iran, Sudan, Yemen and additional 7 countries

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President Donald Trump is resurrecting the travel ban policy from his first term, signing a proclamation Wednesday night preventing people from a dozen countries from entering the United States.

The countries include Afghanistan, Burma, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen.

In addition to the ban, which takes effect at 12:01 a.m. Monday, there will be heightened restrictions on visitors from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela.

“I must act to protect the national security and national interest of the United States and its people,” Trump said in his proclamation.

The list results from a Jan. 20 executive order Trump issued requiring the departments of State and Homeland Security and the Director of National Intelligence to compile a report on “hostile attitudes” toward the U.S. and whether entry from certain countries represented a national security risk.

During his first term, Trump issued an executive order in January 2017 banning travel to the U.S. by citizens of seven predominantly Muslim countries — Iraq, Syria, Iran, Sudan, Libya, Somalia and Yemen.

It was one of the most chaotic and confusing moments of his young presidency. Travelers from those nations were either barred from getting on their flights to the U.S. or detained at U.S. airports after they landed. They included students and faculty as well as businesspeople, tourists and people visiting friends and family.

The order, often referred to as the “Muslim ban” or the “travel ban,” was retooled amid legal challenges, until a version was upheld by the Supreme Court in 2018.

The ban affected various categories of travelers and immigrants from Iran, Somalia, Yemen, Syria and Libya, plus North Koreans and some Venezuelan government officials and their families.

Trump and others have defended the initial ban on national security grounds, arguing it was aimed at protecting the country and not founded on anti-Muslim bias. However, the president had called for an explicit ban on Muslims during his first campaign for the White House.

This story was originally featured on Fortune.com

United States Blocks U.N. Resolution Calling for Gaza Cease-Fire

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new video loaded: U.S. Vetoes U.N. Resolution for Gaza Cease-Fire

transcript

transcript

U.S. Vetoes U.N. Resolution for Gaza Cease-Fire

The U.S. was the only member nation to veto the U.N. Security Council resolution. The resolution also sought the release of all the hostages and the continuation of full-scale aid deliveries.

“The result of the voting is as follows: 14 votes in favor, one vote against, zero abstentions. The draft resolution has not been adopted owing, to the negative vote of a permanent member of the council.” “The United States has taken the very clear position since this conflict began that Israel has a right to defend itself, which includes defeating Hamas and ensuring they are never again in a position to threaten Israel. In this regard, any product that undermines our close ally Israel’s security is a non-starter.”

Recent episodes in Middle East

Refuse to Settle: The Music Business Worldwide

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MBW Views is a series of op-eds from eminent music industry people… with something to say.

The following open letter comes from Ed Newton-Rex.


An open letter to Sony Music Entertainment, Universal Music Group, and Warner Music Group.

To the good people at the three major record labels,

I implore you: do not settle.

This week, Bloomberg broke the news that you are considering settling the lawsuits you brought against Suno and Udio for alleged copyright infringement “on an almost unimaginable scale”. It’s said you are in licensing talks, and discussing taking a stake in their companies.

You might not be planning to settle. Settlement discussions are par for the course in litigation – they don’t mean a settlement will happen. But, if you are considering it, I’m sure I’m not alone in urging you not to do so. Settling would harm not just you and your artists; it would harm the entire music industry.

Settling would mean these companies’ gamble – training on the world’s music without permission or payment – had paid off. It would be a gift to every AI company CEO who has decided not to bother paying to use people’s life’s work; to every engineer who has built web scrapers without thinking about the people they’re taking from; to every investor who has turned down the companies doing things right, and laughed off the minor roadblock of copyright. There would be pats on the back, champagne all round, at their next investor meetings.

But more important than the people it would benefit are the people it would harm. Imagine you ran an AI music startup that had tried to do right by creators and rights holders at every turn, passed over for investment because venture capitalists projected lower multiples if you insisted on paying for your key resources. How would you feel hearing the news of a potential settlement?

I can tell you, because so many of them have got in touch with me over the last few days. To put it bluntly: incredibly pissed off.

And what message would settling send the tech companies of the future, who will arrive riding the wave of the next great technological breakthrough? The message is clear: ‘Ignore what we say about licensing, make us take you to court – that’s how to get a deal. That’s how you win.’

Early last year, at least one of your companies said you’d only strike deals with startups that approached you in advance of training. The message being, don’t come begging once you’ve already exploited our artists’ work. This was, in my book, a good commitment, and not one that should be broken lightly.

The law is on your side. This has been obvious from the start. You won’t have missed the US Copyright Office, in their long-awaited report on generative AI training that people saw for the first time a few weeks ago, specifically calling out training audio models on sound recordings as being less likely to be considered fair use. Suno & Udio won’t have missed this either.

Much to the consternation of my younger self, I am not signed to a major label. If I were, I would be writing to you right now as an artist, saying: Please don’t enter into agreements with companies that have already exploited my music for commercial gain without permission. This is not who we should be dealing with.

If you suspect someone of stealing all the cars in your neighbourhood, and you alone have the resources to prosecute him, do you instead do a private deal to sell him just yours? And, while you’re at it, ask him to cut you in on the action?

For better or worse, these lawsuits aren’t just about you. They are about the entire music industry – which, intentionally or not, it’s fallen on you to defend.

I for one have faith that you will defend it.

Yours sincerely,

Ed Newton-RexMusic Business Worldwide

Trevor Reed Released from Russia, Brittney Griner Remains

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US Marine veteran Trevor Reed is on his way home after being released from Russia, where officials said he was wrongfully detained since 2019.

“Today, our prayers have been answered and Trevor is safely on his way back to the United States,” his family said in a statement.

Reed’s release came as part of a prisoner swap with Russia, with the US sending back Konstantin Yaroshenko, a Russian pilot sentenced in 2011 to a 20-year prison term for importing more than $100 million of cocaine.

The surprise prisoner exchange was the result of long and difficult negotiations between the US and Russia, according to both countries. The fraught diplomacy was made all the more extraordinary because of the utter collapse of relations between Washington and Moscow over Russia’s invasion of Ukraine.

President Joe Biden, who met with the Reed family last month, said in a statement on Wednesday that the negotiations to release him “required difficult decisions that I do not take lightly.”

“I heard in the voices of Trevor’s parents how much they’ve worried about his health and missed his presence,” Biden said. “And I was delighted to be able to share with them the good news about Trevor’s freedom.”

Reed, 30, was imprisoned for allegedly assaulting a police officer while he was drunk, but his family and US diplomats said he was innocent, describing the evidence against him at trial as “preposterous” and “absurd.” Instead, they said he was being held as a bargaining chip.

In recent weeks, Reed’s health had deteriorated and he had been hospitalized with signs of tuberculosis and a possible broken rib, according to the State Department, making his release all the more urgent.

Reed’s family said Biden’s decision to go ahead with the prisoner swap may have saved the former Marine’s life. They had previously expressed fears that Reed might suffer the same fate as Otto Warmbier, the American student held for 17 months in North Korea who went into a coma after his 2017 release and died.

The State Department has previously declined to identify exactly how many Americans have been detained in Russia, but there are at least two high-profile prisoners who remain behind bars there: Paul Whelan and WNBA star Brittney Griner.

Whelan, another former Marine, has been detained the longest, having been first arrested at the end of 2018, and accused of being an American spy. His family has denied this, but he was sentenced in 2020 to 16 years in prison.

Ryan Fayhee, a former Justice Department official now acting as a pro bono attorney for the Whelan family, said they had “complex feelings” about Wednesday’s news.

“They wish the family the very best, but they also view this as a missed opportunity,” Fayhee said, pointing to the different crimes the two swapped prisoners were convicted of. “It was a pretty high price to pay. If you make a comparison between the two people who’ve gone home today, to not include Paul in that is a missed opportunity.”

Fayhee called on Biden to meet with the Whelans like he did with the Reeds, and consider alternative options than prisoner exchanges in order to free him.

Trump administration claims Columbia University does not meet accreditation requirements

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Donald Trump’s administration has said Columbia University no longer meets the standard required for accreditation due to its violation of federal anti-discrimination laws, sharply escalating its pressure on the institution.

The education department said it had notified the Middle States Commission on Higher Education, which accredits Columbia, that the university was “in violation of federal anti-discrimination laws and therefore fails to meet the standards for accreditation set by the commission”.

The action threatens Columbia’s access to tens of millions of dollars in tuition fees from government-backed student grants and loans to support students, and adds pressure for it to negotiate a settlement with the government.

Linda McMahon, secretary of education, said: “After Hamas’ October 7, 2023, terror attack on Israel, Columbia University’s leadership acted with deliberate indifference towards the harassment of Jewish students on its campus. This is not only immoral, but also unlawful. Accreditors have an enormous public responsibility as gatekeepers of federal student aid.”

Columbia University said in a statement that it is aware of the administration’s concerns and has addressed them with the Middle States Commission.

“Columbia is deeply committed to combating antisemitism on our campus. We take this issue seriously and are continuing to work with the federal government to address it,” the university said.

The New York-based university announced reforms in March in response to a freeze on $400mn of federal funding and demands to change its governance and student disciplinary procedures. It has since unveiled plans for further changes seen by many faculty members as further weakening their power and pandering to the Trump administration.

The administration has launched a broad attack on the US’s elite universities, investigating alleged failures to tackle antisemitism and reducing — or even cancelling — funding for researchers.

Harvard is among those that have rejected Washington’s demands and in April the university sued the administration. It has had its federal funding cut and its right to enrol foreign students removed.

In the wake of Harvard’s lawsuit, Claire Shipman, Columbia’s acting president, pledged that “we would reject any agreement that would require us to relinquish our independence and autonomy as an educational institution”.

To operate and be eligible for government funding, American universities are required to be authorised by one of the country’s seven non-profit accreditation agencies.

Trump has increased pressure on the agencies, signing an executive order in April that accused them of failing in their responsibilities and threatening to withdraw or weaken their authority over accreditation.

The Department of Education said last month its Office for Civil Rights had determined that Columbia had “acted with deliberate indifference towards the harassment of Jewish students”.

It said “if a university fails to come into compliance within a specified period, an accreditor must take appropriate action against its member institution.”

The Middle States Commission on Higher Education confirmed it had received a letter on the matter on Wednesday afternoon and said it had “no other comment at this time”.