Business Matters Nvidia earnings boom to 70% despite tariffs
Nvidia, a huge success in the tech world, reported its latest quarterly earnings. The chipmaker, vying with Apple for the position of the world's richest company, beat expectations despite export controls.
Elon Musk, , the billionaire and co-founder and CEO of Tesla, has criticised one of the signature policies of President Donald Trump, marking a break from the US president who he helped to win re-election in 2024.
And the meat of brown bears, a protected species in the EU, could soon be available to eat in Slovakia after the populist government approved plans for sale. Roger hears from a food tour guide who tested the meat before.
Throughout the programme, we will be joined by two guests on opposite sides of the world: Michael Malone, a veteran Silicon Valley journalist and host of the Silicon Insider podcast in the US, and Zyma Islam, senior reporter for The Daily Star in Dhaka, Bangladesh.
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Daily Mail
37 minutes ago
- Daily Mail
DOGE to claw back $8BN foreign aid including $3 million on Iraqi Sesame Street and $800k for Nepal sex workers
The White House has recommended that Congress take up action on a DOGE-inspired bill that could cut billions in waste, fraud and abuse identified by Elon Musk and his 'nerd army.' President Donald Trump 's Office of Management and Budget (OMB) Director Russ Vought has sent to Capitol Hill a plan to slash funding for global projects including '$3 million for Iraqi Sesame Street.' Called a rescission bill, it allows Congress to take back money that has been appropriated but not yet spent. It is the first push in Congress to reform the many eye-popping spending programs uncovered by DOGE this year. And it comes just as the former DOGE leader has loudly condemned Congress for not doing enough to cut spending. Leaving DOGE after his status as a special government employee ended last week, Trump awarded Musk a key to the White House and lauded the world's richest man for helping the federal government uncover $180 billion in waste. But this week Musk has gone scorched earth on his GOP allies, calling Trump's 'big, beautiful bill' an abomination that 'will drive America into debt slavery!' The package the White House is urging Congress to pass, however, would cut spending like the Tesla owner has demanded. The plan calls for cutting up to $9.4 billion in approved funding, much of that coming from projects at the State Department, USAID, the U.S. Institute of Peace and the Corporation for Public Broadcasting, which oversees NPR and PBS. Much of the funding on the chopping block comes from pro-DEI and LGBT initiatives USAID funded for other countries, which were identified by DOGE. According to OMB, the package will rescind '$643,000 for LGBTQI+ programs in the Western Balkans' and '$567,000 for LBGTQI+ programs in Uganda.' OMB also announced it cut millions meant for condoms and vasectomies and over $830,000 for 'transgender people, sex workers and their clients and sexual networks' in Nepal.' Over $5 million for 'resilience of lesbian, gay, bisexual, trans gender, intersex, and queer global movements,' will be undone, as will '$3 million for circumcision, vasectomies, and condoms in Zambia.' In total, the measure calls for $8.3 billion in cuts to USAID, an agency Trump pushed to shut down earlier this year. Having Congress cut the agency's funding is another meaningful step taken by the administration to wind down the embattled USAID, which the administration aims to end completely. The OMB-backed bill also slashes $135 million for the World Health Organization, which has been widely derided by GOP lawmakers since the COVID-19 pandemic. '$67,000 for testing insect powder nutrition on children in Madagascar,' will also be cut, according to OMB's X account. 'Today, the House has officially received the rescissions request from the White House to eliminate $9.4 billion in wasteful foreign aid spending at the State Department and USAID and the Corporation for Public Broadcasting, which funds NPR and PBS,' GOP House leadership said in a joint statement Tuesday. 'Now that this wasteful spending by the federal government has been identified by DOGE, quantified by the Administration, and sent to Congress, House Republicans will fulfill our mandate and continue codifying into law a more efficient federal government.' Speaker Mike Johnson, who led the letter, has said that he hopes the rescission package will get a vote on the floor as soon as next week.
The Independent
an hour ago
- The Independent
MAGA loyalist Marjorie Taylor Greene sides with Musk over Trump bill takedown
Marjorie Taylor Greene has agreed with Elon Musk 's criticism of President Trump 's multitrillion-dollar tax cut and spending package, after the latter called it a "disgusting abomination." Greene, who voted to advance the bill, expressed support for Musk "calling out the government," recalling her initial anger at Republicans ' spending habits when she ran for Congress in 2020. Despite her criticism, Greene defended the spending bill, stating it was important to transition away from continuing resolutions and towards what the American people voted for. Musk, who donated to Trump's campaign, condemned the bill as a "massive, outrageous, pork-filled Congressional spending bill," drawing agreement from Sen. Rand Paul. The bill is projected to add at least $3.8 trillion to the national debt over the next 10 years and faces challenges in the Senate due to objections from various Republican factions.
Reuters
an hour ago
- Reuters
Seven EU countries to back pan-European savings product label
PARIS, June 4 (Reuters) - Estonia, France, Germany, the Netherlands, Portugal, Luxembourg and Spain on Thursday will launch a new marketing label for savings products that target European investments, France's finance ministry said. The move is intended to be a first limited step towards better integrating the European Union's financial markets, which tend to be fragmented along national lines. The seven countries have agreed that the European savings product label will require at least 70% of assets to be invested in EU countries, with a focus on equity investments to help shore up firms' balance sheets, according to a statement from the French finance ministry. Products must encourage long-term holding with a minimum five-year investment and offer no public capital guarantees. Any tax incentives will be determined individually by each EU member state. Competent authorities in each country will be responsible for ensuring that the banks, insurers and asset management firms that use the label meet its criteria. The right to use it will be withdrawn in the event of misuse. A more ambitious capital markets union has eluded the EU for years in the face of entrenched national interests, different business and financial cultures, and regulations in European countries. However, it is increasingly seen as essential to boost financing of European companies, which tend to be far more dependent on bank loans than their competitors in the United States, where deep financial markets make raising capital much easier.
