US Hedge Fund Chief Rebuilds Birmingham City Football Club
Tom Wagner co-founded a hedge fund company that aims to 'unlock value where others see risk.' Before that, he spent years running the distressed and high-yield credit trading desks at Goldman Sachs Inc. His latest venture has also proven to have no shortage of risk and distress.
The 55-year-old American financier bought Birmingham City FC in 2023 and is aiming to transform the English football club into a prime brand from a troubled asset, replete with new arena and a team that can ultimately compete in the Premier League.
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New York Post
an hour ago
- New York Post
US-China trade talks to open in London as new disputes emerge
US-China trade talks in London this week are expected to take up a series of fresh disputes that have buffeted relations, threatening a fragile truce over tariffs. Both sides agreed in Geneva last month to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other in an escalating trade war that had sparked fears of recession. Since then, the US and China have exchanged angry words over advanced semiconductors that power artificial intelligence, 'rare earths' that are vital to carmakers and other industries, and visas for Chinese students at American universities. Advertisement 3 President Trump spoke at length with Chinese leader Xi Jinping by phone last Thursday in an attempt to put relations back on track. REUTERS President Trump spoke at length with Chinese leader Xi Jinping by phone last Thursday in an attempt to put relations back on track. Trump announced on social media the next day that trade talks would be held on Monday in London. The latest frictions began just a day after the May 12 announcement of the Geneva agreement to 'pause' tariffs for 90 days. Advertisement The US Commerce Department issued guidance saying the use of Ascend AI chips from Huawei, a leading Chinese tech company, could violate US export controls. That's because the chips were likely developed with American technology despite restrictions on its export to China, the guidance said. The Chinese government wasn't pleased. One of its biggest beefs in recent years has been over US moves to limit the access of Chinese companies to technology, and in particular to equipment and processes needed to produce the most advanced semiconductors. 'The Chinese side urges the US side to immediately correct its erroneous practices,' a Commerce Ministry spokesperson said. US Commerce Secretary Howard Lutnick wasn't in Geneva but will join the talks in London. Analysts say that suggests at least a willingness on the US side to hear out China's concerns on export controls. Advertisement 3 US Commerce Secretary Howard Lutnick will take part in the talks in London. One area where China holds the upper hand is in the mining and processing of rare earths. They are crucial for not only autos but also a range of other products from robots to military equipment. The Chinese government started requiring producers to obtain a license to export seven rare earth elements in April. Resulting shortages sent automakers worldwide into a tizzy. As stockpiles ran down, some worried they would have to halt production. Trump, without mentioning rare earths specifically, took to social media to attack China. Advertisement 'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump posted on May 30. 3 China dominates the mining and processing of rare earth minerals. REUTERS The Chinese government indicated Saturday that it is addressing the concerns, which have come from European companies as well. A Commerce Ministry statement said it had granted some approvals and 'will continue to strengthen the approval of applications that comply with regulations.' The scramble to resolve the rare earth issue shows that China has a strong card to play if it wants to strike back against tariffs or other measures. Student visas don't normally figure in trade talks, but a US announcement that it would begin revoking the visas of some Chinese students has emerged as another thorn in the relationship. China's Commerce Ministry raised the issue when asked last week about the accusation that it had violated the consensus reached in Geneva. It replied that the US had undermined the agreement by issuing export control guidelines for AI chips, stopping the sale of chip design software to China and saying it would revoke Chinese student visas.
USA Today
2 hours ago
- USA Today
2025 ShopRite LPGA Classic prize money payouts for each LPGA player at Seaview
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Boston Globe
2 hours ago
- Boston Globe
The Trump administration canceled an $87 million award for this MIT startup. But life goes on.
Advertisement On May 20, Suffolk Technologies, a venture capital arm of Boston-based Suffolk Construction, announced it had invested an unspecified amount of money in Sublime and pre-purchased some of the cement that will be made in Holyoke. Two days later, Sublime announced an agreement with Microsoft in which the software giant will buy more than 620,000 metric tons of Sublime cement over up to nine years. Last fall, two of the world's largest cement suppliers, Holcim and CRH, together invested $75 million in the company. The company has also raised $45 million in venture capital funding, including from Lowercarbon Capital and Engine Ventures. And on Thursday, Sublime disclosed a roster of nine construction companies, including Suffolk, that have agreed to act as sales partners to pitch Advertisement The Holyoke factory is expected to be completed in 2027 and provide jobs for at least 70 people after it opens. The plant will still get some subsidies, including $47 million in federal tax credits that remain in place, $1.05 million in state tax credits, and $351,000 in local property tax breaks. Site work has begun in Holyoke, but not construction of the actual building. Joe Hicken, senior vice president of business development at Sublime, declined to say what kind of impact, if any, the Department of Energy's action will have on the project's timing. He noted that Sublime's mission dovetails with the Trump administration's goal of boosting American manufacturing. 'If anything, that termination letter is one data point,' Hicken said. 'We have many other data points associated with commercial movement [and] for every plan that we talk about publicly, we have 10 backup plans waiting for their day to shine.' Builders such as those at Suffolk and Consigli Construction in Milford have come to appreciate the technology developed by Sublime cofounders Leah Ellis and Yet-Ming Chiang. The process they developed replaces traditional kilns with electrolysers that make cement from calcium sources, avoiding the intense release of carbon dioxide from the super-heating of limestone used to make most cement. So far, Sublime's production has been limited to small test batches, including a foundation section included in the new building WS Development finished for Amazon in the Seaport. Consigli vice president Todd McCabe said his company signed up to sell Sublime cement because its executives are always looking for ways to build more sustainably and efficiently, and Sublime's clean cement will help with that. Advertisement At Suffolk, executives decided to buy equity in Sublime. Suffolk followed the startup soon after its 2020 inception. As Sublime moved closer to commercialization, Suffolk chief technology officer Jit Kee Chin decided it was the right time to invest. 'They're getting to the point where it's about to go to market,' Chin said. 'Really, it's no longer a science experiment. ... This is the right time for us to go in and really support them.' Chin said many of Suffolk's clients are keenly interested in Sublime's goal of creating a cost-effective, low-carbon cement that's just as effective as traditional cement, known as portland cement. The news about Sublime losing the federal award came as a disappointment to Ben Downing, the chief strategist at the Engine, a nonprofit startup accelerator affiliated with MIT and with VC firm Engine Ventures. Although it's a significant amount of money, Downing has confidence that Sublime will be able to finish the Holyoke factory. 'We know there's a lot of chaos in Washington but we believe in the science and we believe in the team,' Downing said. 'It's bad news, but if any team is going to be able to respond to it and grow and scale it, they're going to find a way [and] I know Holyoke and Massachusetts will be better for it.' Jon Chesto can be reached at
