Supreme Court Lets Trump Continue Education Department Purge
Granting an emergency request from the administration over three dissents, the justices put on hold a federal district court ruling that said the Trump purge would leave the department unable to perform duties required under US law. The Supreme Court order will apply while the case continues on appeal.
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World's Top Cable Maker Sees US Copper Tariff as Opportunity
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US pro athletes reject antitrust exemptions for college sports
US lawmakers inside the Capitol are considering rules about US college athletes and antitrust laws, with players unions for the five major US sports leagues saying no exemptions should be made for schools or sport governing bodies (KAREN BLEIER) Professional players unions for the five major US sports leagues -- baseball, soccer, basketball, football and hockey -- appealed on Monday for American lawmakers to reject antitrust exemptions or legal liability shields in new regulations for college athletes. While compensation for professional players seemingly knows no limit, college athletes in the US have only been allowed to begin profiting from their performance and reputation in recent years. Advertisement Now, professional players are weighing in as Congress works to develop a national framework for student athlete profit-sharing, with pros saying they felt a duty to protect future union members while they played in college. "Granting an antitrust exemption to the NCAA and its members gives the green light for the organization and schools to collude and work against student athletes," the unions' statement said. "Historically, antitrust exemptions have been used to set prices, limit wages, and restrict access to opportunities provided by open markets, all while shielding abuse from legal recourse." The joint statement was sent by the Major League Baseball Players Association (MLBPA), Major League Soccer Players Association (MLSPA), National Basketball Players Association (NBPA), National Football League Players Association (NFLPA) and National Hockey League Players Association (NHLPA). Advertisement The US House of Representatives Committee on Energy and Commerce is considering the Student Compensation and Opportunity through Rights and Endorsements (SCORE) Act after a House settlement last month ensured National Collegiate Athletic Association (NCAA) athletes will receive revenue sharing from their schools for Name, Image, and Likeness (NIL) profits. In a statement last week Congressman Gus Bilirakis, a Florida Republican, said a national framework governing such profit-sharing was long overdue, and praised the SCORE Act saying it "delivers the stability, clarity and transparency" student athletes and colleges need. A 2021 Supreme Court decision held that the NCAA is subject to antitrust laws. In their joint statement, the players' unions called for transparency and fair-dealing. Advertisement "It is not hard to imagine a situation where NCAA and its members collude to restrict revenue sharing and deny student athletes fair compensation with the confidence of immunity against legal action. Indeed, they have been doing exactly that for decades. "The NCAA should not have a blank check to impose their will on the financial future of over 500,000 college athletes." js/sla
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China's Quant Funds Boost US Recruiting After Trump's Visa Curbs
(Bloomberg) -- Chinese quantitative hedge funds are stepping up efforts to hire science and engineering students in the US affected by President Donald Trump's university funding cuts and tighter visa policies. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests Shanghai-based Mingshi Investment Management launched a special program last month to offer full-time jobs to students unable to finish their PhDs due to the recent US policy changes. The initiative also provides internships to graduates from Chinese universities whose overseas study plans may be scuppered, the company said. Shanghai Goku Technologies, an AI-driven quant, said it will welcome 'with open arms' any qualified students hurt by the policies. An eastern China-based quant fund managing more than 10 billion yuan ($1.4 billion) has hired three AI researchers this year from overseas, including from the US. Chinese quant funds are taking advantage of moves by the Trump administration to restrict foreign students' access to US universities. Secretary of State Marco Rubio said in May that some Chinese student visas would be 'aggressively' revoked and applicants from China and Hong Kong will face heightened scrutiny. Chinese quant firms, which have historically struggled to compete with more prestigious global giants with deep pockets, are seizing this opportunity to attract students in the US. 'The talent wars are intense among top tier global quant funds, and now Chinese quant funds are also part of the game,' said Carrie Cheung, a Hong Kong-based partner at recruitment firm Principle Partners Pte. 'With the recent visa constraint, it is a natural move to focus on US graduate students.' At Mingshi, which oversees 15 billion yuan, some of the affected students were already in their target pool. That prompted the firm to launch a special summer recruitment session, adding headcount for roles including quant developers and researchers. The recruitment push has led to more applications from science, technology, engineering and math majors, including students in China and the US, the company said, without providing details. 'Considering their genuine challenges, this is a good opportunity to obtain the talent and it's our social responsibility to offer these students a special recruitment channel,' Mingshi wrote in a reply to Bloomberg News. Mingshi posted on LinkedIn recently that founder Yu Yuan hosted 30 'exceptional' students from Yale University at their Shanghai office for an 'engaging discussion' on quantitative investing and strategy design. Traditionally, more than 80% of Mingshi's recruits have been returnees from international universities or companies. The head of human resources at the eastern China-based fund, who requested not to be identified discussing personnel matters, said the shifts are clear: More Chinese students in the US are returning, while fewer are choosing to go in the first place. These trends have accelerated this year. While the US remains the top choice for most quant talent, its lead over China is shrinking, according to some China funds. These firms are offering more competitive pay, and the industry's appeal is growing after AI startup DeepSeek stunned the world with its large language model this year. About 40% of the eastern China fund's research team were overseas returnees, mostly from the US. Some of the researchers earn more than 10 million yuan a year, the head of human resources said. Shanghai QuantPi Investment Ltd. has had 'mixed results' in the past competing for staff against international peers. There's no doubt now that more Chinese students studying in the US will be interested in Chinese quants, according to Chief Executive Officer Sun Lin. China's quant industry offers greater growth potential, and the living environment is more familiar for these students, with a stronger sense of cultural identity, he said. 'The more ambitious and self-confident candidates tend to opt for domestic firms like QuantPi,' he added. QuantPi won't significantly adjust its recruitment strategy because it's always targeted people with US and UK study experience, he said. The company will allocate more resources to hiring, said Sun, former head of US market-making at Two Sigma Investments. 'A lot of top-tiered Chinese quant funds are expanding into global markets, not just trading China,' said Cheung at Principle Partners. 'They also intend to raise money overseas, hence a natural demand for talent with more global exposure.' Some of the Chinese quant firms have already set up offices elsewhere, including in Hong Kong, allowing them to post some of the new recruits outside mainland China. Goku, for example, received a license in Singapore this year to accept capital from offshore investors. One key advantage for China is that it has the world's largest pool of talent, Sun said. Chinese universities are forecast to churn out more than 77,000 STEM PhD graduates per year by 2025, compared with about 40,000 in the US, according to a research paper by Georgetown University in 2021. China would outnumber the US by more than three-to-one if international students were excluded from the US count, the report found. That expertise is helping drive the push to incorporate artificial intelligence into investment decisions. More than 95% of Goku's trading signals are now AI-driven, significantly surpassing most global peers, which are typically up to 25%, according to Ken Chung, CEO of Goku's Singapore unit. 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