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The National
9 hours ago
- The National
Manus on Markets: Big tech gets torched amid warnings over AI hype
From tariff turmoil and stock shocks to market meltdowns, the global financial system has never been in such flux. Manus Cranny, The National's geo-economics editor, cuts through the noise and presents insights from the stories making headlines around the world.


Arabian Post
13 hours ago
- Arabian Post
Musk Steps Back from Political Party Plans to Prioritise Business Focus
Elon Musk has reportedly suspended his ambitious plans to create a new political party, instead shifting his attention back to his array of business ventures. According to the Wall Street Journal, sources close to the billionaire entrepreneur have confirmed that Musk now intends to focus on his companies, including Tesla, SpaceX, and Twitter, which recently rebranded as X. The idea of a new political movement was first floated by Musk earlier this year, capturing the attention of both supporters and critics alike. Musk, known for his outspoken views on social and political issues, had indicated that he might form a third-party alternative to the established two-party system in the United States. His move was seen as an extension of his controversial influence on public discourse and his desire to shape political discussions. However, behind the scenes, Musk's commitment to launching the new party has reportedly faltered. The Wall Street Journal's sources suggest that Musk became increasingly aware of the complexities involved in starting a national political party, especially one that would compete against the entrenched Republican and Democratic machines. The logistics, financial costs, and potential backlash from political insiders appear to have weighed heavily on Musk, pushing him to reconsider the effort. ADVERTISEMENT The decision to put the brakes on the political project marks a significant pivot for Musk, whose public persona and influence have often bridged the worlds of technology, business, and politics. While he has remained an influential figure in global affairs, his more recent focus has been on the ongoing developments within his various companies. At Tesla, for instance, he is overseeing the expansion of electric vehicles into new markets, and at SpaceX, he continues to lead the charge in space exploration with ambitious goals such as Mars colonisation. Musk's interests in politics are not entirely new. Over the years, he has publicly supported various policies, including renewable energy and free speech. His vocal stance on several contentious issues, such as COVID-19 restrictions and electric vehicle adoption, has often put him at odds with certain political factions. Musk has also found himself embroiled in heated debates over social media regulation, especially following his acquisition of X. His leadership of the platform has sparked fierce discussions over free speech, censorship, and the role of social media in shaping political discourse. Yet, despite his prominent role in political conversations, Musk appears to have recognised that the formation of a political party would divert valuable time and resources from his core business operations. The billion-dollar ventures that he oversees require his undivided attention, and the global impact of his companies continues to demand his focus on innovation and market leadership. In addition to his ventures in the tech industry, Musk has also made headlines for his outspoken opinions on global economic matters, including the future of artificial intelligence and cryptocurrency. These areas of interest have gained significant traction in both Silicon Valley and the broader global economic community, further solidifying Musk's place as one of the most influential figures of his generation. However, the reality of balancing such high-profile business interests with the demands of a political movement seems to have caused Musk to reconsider the practicality of entering the political arena. Critics of Musk's political ambitions have long questioned whether his approach to governance and policy would be effective in a partisan environment. While his supporters argue that his unconventional thinking could bring fresh ideas to the political table, others have expressed concern about the potential for chaos and instability that might accompany the rise of a third-party candidate with little experience in traditional politics.


The National
14 hours ago
- The National
Normality on the streets, anxiety in the air: Tehran's people fear peace is illusory, renewed war inevitable
As the smoke of war clears over Iran, the scent of saffron once again fills the aisles of Tehran's Tajrish bazaar, where life appears to be back to normal almost two months after the conflict with Israel ended. The capital's jammed streets, bustling malls, reopened cafes and renewed festivals paint a picture of recovery. Yet, under the skin, Iranians are grappling with jitters of a conflict that could reignite at any moment. 'Yes, things are very much normal. We travel, we work, and listen to music. But every day I check the news with my heart in my throat,' Fereshteh Naeemi, a 34-year-old shopkeeper in the Tajrish bazaar, told The National. 'One day Israel threatens; the other day Iran says something. I try to stay away from the news, but it's inevitable. Everyone's talking about it. We live with this stress every day.' Iranians are not only faced with the continuous war of words between Israel and Iran, but also the economic pressures and security reshuffles that reflect Tehran's efforts to regroup and prepare for a possible return to fighting. Meanwhile, the country's leadership is doing everything to project normality. State broadcaster IRIB has dropped its wartime analysis shows and resumed routine programming. The supreme leader's latest address was delivered standing – rather than seated as usual – to symbolise resilience and survival. And perhaps most strikingly, the absence of morality police on the streets is seen as an attempt to rally different voices under the banner of national unity. But to many Iranians, these moves feel staged rather than organic. 'It feels like the 1980s' When Iranians woke up on June 13 to massive blasts in the heart of Tehran – scenes they had only seen in Syria, Lebanon and Gaza – they concluded it was finally Iran's turn. Israel, which for years had branded Iran as the 'head of the snake' of the so-called Axis of Resistance, had unleashed its strikes. It was over, many thought. Iran was caught off guard – not just its air defences, but people's psyche and above all, the economy. Prices skyrocketed. Food inflation surged by 50 per cent and some items, including bottled water, vanished off supermarket shelves as families scrambled to flee big cities, especially Tehran. The government moved quickly to stabilise prices and prevent unrest. It worked, and the focus rapidly shifted back to the war itself. Fast-forward to after the war, as Tehran's residents trickled back and were confronted by new prices. Bread and rice had doubled, gold soared and the rial collapsed past 900,000 to the US dollar. Meanwhile, property sales across the capital slumped amid fears that the conflict would resume. 'It feels like the 1980s again,' Hossein Javanzadeh, a 63-year-old taxi driver who remembers the Iran-Iraq war, told The National. 'Back then, too, everyone stopped buying houses. All they wanted was dollars and gold. It's the same now. Nobody knows what's coming next.' Iran's nuclear policy reflects the same duality. Its leaders maintain deliberate ambiguity – projecting their programme's resilience while simultaneously signalling an openness to dialogue. Military reshuffle Deep underground, uncertainty is even greater. Key atomic sites, including Natanz with its 60 per cent enrichment capacity and the heavily fortified Fordow facility, were struck by Israel and the US. While surface damage is visible in satellite imagery, the impact on underground infrastructure remains unclear. Both Iran and the US agree the strikes slowed enrichment, but Iran says it had removed its 400kg of highly enriched uranium beforehand. Since the end of the conflict, no media, even state outlets, have been allowed access to the underground facilities. Observers say this ' strategic ambiguity ' allows Iran to shield itself from war while keeping diplomacy on the table. 'Iran's playing a skilful game of shadowboxing with its nuclear plans,' Iran-based journalist and commentator Amir Jaber says. 'It talks about surviving the strikes but hides its wounds, telling the west: 'Come talk, but don't expect to peek inside yet.' 'It buys Tehran time to rebuild and maybe push its nuclear programme further, but it's risky. If Israel and the US think Iran's too close to dangerous enrichment levels, they might skip talks and decide to strike again.' In the wake of unprecedented losses among Iran's top brass, the fiery anti-Israeli speeches once delivered by commanders have fallen silent, giving way to a new rhetoric that mixes defiance with pragmatism. Tehran has also moved to reshuffle its command structure. The creation of a Supreme National Defence Council, chaired by President Masoud Pezeshkian, shows that Iran's security architecture needed reshaping. The decision to reappoint Ali Larijani as head of the Supreme National Security Council further underscores a push for synergy in command should war reignite. Overall, Iran's military movements are silent, but they carry the unmistakable scent of war, which is detected not only on military bases but also mingles in the saffron-scented streets of Tehran. 'We must be prepared at every moment for confrontation. Right now, we are not even in a ceasefire [agreement]; we are in a cessation of hostilities,' said First Vice President Mohammad Reza Aref this week.