
‘Plenty of time' to solve climate crisis, interior secretary tells representatives
The US has 'plenty of time' to solve the climate crisis,' the interior secretary, Doug Burgum, told a House committee on Tuesday.
The comment came on his first of two days of testimony to House and Senate appropriators in which he defended Donald Trump's proposed budget, dubbed the 'one big, beautiful bill', that would extend tax reductions enacted during Trump's first term, while cutting $5bn of funding for the Department of the Interior.
In addition to slashing spending on national parks, historic preservation, and other key interior department programming, the budget proposal would cancels billions of dollars in infrastructure investments, environmental programs and research grants. It would also gut funding for renewable energy, including by rolling back clean tax credits from Joe Biden's Inflation Reduction Act.
Maine representative Chellie Marie Pingree, the ranking member of the House appropriations committee, said this would amount to 'effectively gutting this critical this critical sector'.
'This disregards the climate change concerns that we have,' she told Burgum at Tuesday's hearing.
Scientists have long warned that world leaders must urgently phase out fossil fuels and boost green technology to avert the worse possible consequences of the climate crisis. But Burgum said that is not the threat the Trump administration is worried about.
'The existential threats that this administrations is focusing on are: Iran cannot get a nuclear weapon, and we can't lose the AI arms race to China,' he said. 'That's the number one and number two. If we solve those two things, then we will have plenty of time to solve any issues related to potential temperature change.'
Despite Burgum's reference to 'potential' warming, there is scientific consensus that the climate crisis is already reshaping global weather patterns and ecosystems, increasing the severity and frequency of extreme weather events, and costing the US billions of dollars a year.
During Trump's first four months in office, the interior department has already seen massive cuts to staff, including the firing of 2,300 probationary employees and the resignation of 2,700 workers who accepted buyout packages.
'How you can sit there and hold somebody's feet to the fire when there's a whole bunch of empty desks,' asked Republican representative Mark Amodei of Nevada.
Representative Pingree said she was 'disappointed' by the changes to the agency.
'In just four months, the department has been destabilized, and there's been a stunning decline in its ability to meet its mission,' she told Burgum.
Burgum's firing-happy approach to leading the interior department, as well as his fossil fuel boosterism, have sparked outrage among activists in Washington DC. Ahead of his Tuesday testimony, consumer advocacy group Public Citizen unveiled a new video criticizing Burgum's efforts to sell off public lands to the oil, gas, and mining industries, which is being played on a mobile billboard circulating outside the Capitol.
'Americans want clean air, access to nature, and a future where public lands stay public,' Alan Zibel, a research director with Public Citizen, said. Instead, they're getting a secretary more interested in pleasing Big Oil than protecting our shared resources.'
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Daily Mail
38 minutes ago
- Daily Mail
Minister dismisses US fears about China's London 'super embassy' as White House warns against letting Beijing build near sensitive City sites
A senior minister today dismissed US misgivings about controversial plans for a Chinese 'super embassy' near the City of London today. The Trump administration has urged Downing Street to block the proposed development close to London financial centres amid fears that it will be used to tap into commercial information. It is the latest warning to be presented to ministers about the site at Royal Mint Court, close to the Tower of London, which is near a sensitive hub of essential communication cables. But Technology Secretary Peter Kyle said the UK would offer a 'fulsome response' to any security concerns raised. He told Sunday Morning With Trevor Phillips on Sky News: 'These issues will be taken care of assiduously in the planning process. 'But just to reassure people, we deal with embassies and these sorts of infrastructure issues all the time. 'We are very experienced of it, and we are very aware of these sorts of issues constantly, not just when new buildings are being done, but all the time.' However, shadow home secretary Chris Philp told the same programme: 'It is a security risk - it is likely to become a base for their (China's) pan-European espionage activities.' The suggested site is also situated between several major financial hubs in Canary Wharf and the City as well as three crucial data centres. It is understood US President Donald Trump has warned Sir Keir Starmer against giving the embassy the go-ahead. The matter is believed to have been discussed during trade talks, as Britain and its Atlantic ally discuss how they will implement a trade deal to avoid UK steel producers being lumbered with 50 percent import tariffs by July 9. According to The Times, US diplomats would be trepidatious about sharing intelligence with Britain if the embassy went ahead. A senior US official told the publication: 'The United States is deeply concerned about providing China with potential access to the sensitive communications of one of our closest allies.' It comes after claims 'dark cabling' running beneath the proposed site 'feeds the City of London' were given in a memo to the United States' National Security Council by members of the Inter-Parliamentary Alliance on China (Ipac). John Moolenaar, the Republican head of the House of Representatives' China committee said if these reports were 'accurate' the site would 'pose an unacceptable risk' to both the UK and US. 'The Chinese Communist Party has a clear track record of targeting critical infrastructure.' he said. 'This development would raise serious concerns in the United States and could be viewed as an act of strategic overreach by Beijing and a curious error in judgment by London.' The executive director of IPAC, Luke de Pulford dubbed the matter as a 'flashpoint' in US-UK trade talks, adding it was 'staggering' the White House had to corroborate the cabling risk to 'defend its own financial system'. 'It's time to send Xi Jinping a clear message: no matter the pressure or coercion, the UK and US won't trade away national security, and this embassy isn't happening,' he said. China has been attempting to revise plans for the Royal Mint building, which neighbours the Tower of London, since it was purchased in 2018. The matter is believed to have been discussed during trade talks regarding steel production It is believed the Chinese foreign minister, Wang Yi, brought up the matter with foreign secretary, David Lammy, while visiting London last year. According to The Times, President Xi had also discussed the same issue with the Prime Minister in a phone conversation. The proposal for the embassy, which would be China's largest in Europe, was previously rejected by Tower Hamlets council in 2022. But two weeks after Labour Chancellor Rachel Reeves came back from a visit to China earlier this year, both the council's and Scotland Yard's objections were dropped. Priti Patel, the shadow foreign secretary, described China as a 'dangerous threat to the national and economic security of our country'. She said the Conservative party continued to stand 'firmly' against the embassy proposals, stating her party would never put the UK's 'financial centre or country at risk.' Next Monday, three of Trump's aides are scheduled to meet with their Chinese peers in London for discussions in a bid to solve the current trade war between the two economic powerhouses. The Treasury secretary Scott Bessent, the commerce secretary Howard Lutnick and the trade representative Jamieson Greer will act as representatives for the US, Trump has declared on Truth Social. Yesterday, China 's foreign ministry confirmed vice-premier He Lifeng will be on British shores from June 8 until June 13, adding that talks would with the US would take place. Previously, a Chinese embassy spokesperson has quashed spy allegations, stating: 'Anti-China elements are always keen on slandering and attacking China.' A government spokesman said: 'Applications for a new Chinese embassy in Tower Hamlets have been called in for ministers to decide. A final decision will be made in due course.'

Finextra
an hour ago
- Finextra
Deep Dive: Agentic AI in Payments and Commerce: By Sam Boboev
The fintech world is entering a new era where AI can do more than chat or make recommendations – it can act. In this 'agentic' age of commerce, autonomous AI agents are increasingly capable of making purchases, managing finances, and executing transactions on behalf of users without direct human intervention. What began as experimental chatbots has rapidly evolved into full-fledged agentic AI systems with 'advanced human-like reasoning and interaction capabilities' that are 'transforming the finance and retail sectors' among others. In just the past few months, major payment networks, fintech giants, and startups alike have unveiled tools to empower these AI agents to shop, pay, and transact in the real world. This deep dive explores how the concept of agentic AI emerged in payments and commerce, what key solutions are being built – from PayPal's Agent Toolkit to Visa's Intelligent Commerce – and what it all means for consumers, merchants, and the broader fintech ecosystem. The significance of this shift is hard to overstate. Some compare it to the leap from physical stores to e-commerce, or from web shopping to mobile. As Visa's Chief Product and Strategy Officer Jack Forestell put it, 'Just like the shift from physical shopping to online, and from online to mobile, Visa is setting a new standard for a new era of commerce' with AI agents. The idea is that soon millions of consumers will trust AI assistants to not only find the perfect product or best deal, but also buy it for them – all while handling payments seamlessly in the background. According to Forestell, 'Soon people will have AI agents browse, select, purchase and manage on their behalf. These agents will need to be trusted with payments, not only by users, but by banks and sellers as well'. In other words, the race is on to build the trust, infrastructure, and standards that will let AI-driven commerce flourish safely. This isn't just hype from incumbents. A wave of startups and developers is also charging into the agentic payments gold rush. In late 2024 and early 2025, 'a surge of launches by startups [aimed] to capitalize on the new AI agent economy' has been evident. Fintech innovators see an opportunity to remove friction from transactions by letting AI do the heavy lifting. But they also recognize huge challenges around security, identity, and fraud when algorithmic agents start handling money. Are we really ready to let AI agents loose on our wallets? This article will delve into how the industry is addressing those questions and reimagining commerce itself – from autonomous shopping assistants to AI-powered back-office bots – all through the lens of factual developments and solutions that have emerged in the past year. The Rise of Agentic AI in Commerce Not long ago, 'autonomous AI agents' sounded like science fiction. Yet the rapid advances in generative AI (GenAI) and large language models over 2023–2024 have made it possible for software bots to carry out complex tasks with minimal supervision. Instead of just answering questions, AI can now be agentic – capable of making decisions and taking actions to achieve specific goals. In practical terms, an agentic AI might not only recommend a product but actually place an order, or not only flag a fraudulent transaction but automatically shut down the affected account. The concept took center stage as companies like OpenAI released frameworks for AI agents that can use tools and APIs. This opened the door for integrating payment capabilities directly into AI workflows. Financial services quickly became fertile ground for these innovations. According to a PwC executive playbook, 'multimodal GenAI agentic frameworks have emerged as transformative catalysts, enabling businesses to accelerate process automation at an unprecedented scale', with finance and retail among the sectors already seeing impact. Early experiments had AI agents assist with things like investment research, loan document analysis, and customer support. By late 2024, attention turned to payments and commerce – arguably the next frontier for agentic AI. After all, shopping and financial transactions involve myriad routine decisions and steps (searching for products, comparing options, entering payment details, etc.) that an AI could potentially handle faster and more efficiently than a human. Crucially, the infrastructure to support such autonomy was starting to fall into place. Payment APIs have proliferated, digital wallets and tokenization are widespread, and e-commerce is API-driven – all of which make it easier to plug an AI agent into the commerce loop. In October 2024, industry observers like Sardine noted that 'AI agents are the hottest trend in banking right now, offering massive productivity gains by automating complex tasks and making decisions at lightning speed – tasks that once required human oversight'. However, as Sardine's Head of Strategy Ravi Loganathan cautioned, this promise comes with challenges: 'How do you know the AI agent is operating within your consent? How do you link each payment back to a verified identity? How do we prevent fraud against the agents or prevent the agents from committing fraud?'. These questions underscored the need for new frameworks and safeguards before handing the keys (and the credit cards) to AI. By early 2025, the concept of agentic commerce had moved from theory to reality. In April and May 2025, a flurry of announcements from top payments companies signaled that autonomous shopping and payments are officially here. Mastercard unveiled its Agent Pay initiative; Visa introduced Intelligent Commerce; PayPal, Stripe, and Coinbase each launched toolkits for AI agent transactions; and startups like PayOS came out of stealth to tie everything together. Each of these efforts contributes a piece to the emerging ecosystem of agent-enabled commerce. Let's examine these key products and solutions driving the agentic AI revolution in payments.


Times
an hour ago
- Times
Wall Street mogul O'Connor heads for exit at Cerberus
Deirdre O'Connor, possibly the most senior Irish woman in global private equity, is heading to pastures new. O'Connor was the chief financial officer of Cerberus, the giant investment group with more than $65 billion in assets under management, but I hear that she left the New York-headquartered firm last week. The Cork financier was a serious Wall Street heavyweight, having done time with Morgan Stanley and Goldman Sachs before becoming the head bean counter at BlackRock's alternative investments division. She joined up with Cerberus almost two years ago. She has been replaced as finance chief by the long-serving Cerberus staffer Andrew Leitten, according to those in the know. Cerberus, which was a big buyer of Irish debt during the crash, has been undergoing strategic and leadership changes following the appointment of its co-founder Steve Feinberg as US deputy defence secretary in the Trump administration. O'Connor is unlikely to be sitting on her hands for long. The Irish takeover of online fashion retail continues. At the front end, John Lyttle ran Boohoo before moving to Marks & Spencer as head of clothing. At the back end, the top engineer Sean Mullaney helped to build Zalando's super-slick online retail engine before heading off to try to transform start-up finance and banking with his new Seapoint venture. His footprints remain at Zalando, where Trinity College Dublin alumna Alice Delahunt has just joined the advisory board of the €8 billion-valued German online retailer. Delahunt helped drag Burberry and Ralph Lauren into the 21st century as both brands' digital chief. She's now behind the fashion-tech start-up Syky, which not only incubates up-and-coming fashion brands but has made a decentralised marketplace for designers to show and shift their creations. Zalando may have got itself a good bargain. I hear the AerCap treasurer Brian Canniffe, who is one of Aengus Kelly's key lieutenants at the $21 billion-valued aviation leasing company, was one of the early backers of Ian Nolan and Alex King's legal technology group, Brightflag, which was sold last month. The Dutch firm Wolters Kluwer Legal & Regulatory agreed to buy the Dublin company for €425 million in an all-cash deal to give it access to mid-sized legal departments in the US and European markets. Brightflag uses artificial intelligence to help firms such as Lufthansa and Dropbox manage their legal bills and cut down on paperwork. I'm told that Canniffe and other investors, including the former Twitter Ireland boss Stephen McIntyre, the former Davy Capital Markets chief John Lydon and the ex-Trintech chief executive Paul Byrne, all came in as part of the €8.5 million series A funding round in April 2019. That valued the company at less than one tenth of the €425 million sale. Top result. Things have been heating up at Dublin's most expensive apartment block. The Lansdowne Place complex is the subject of a row, with resident Aideen O'Byrne suing the developers over the heating system after spending nearly €6.5 million to buy a penthouse off the plans. Needless to say, they are defending the action. A seventh-floor penthouse sold quietly last year for about €5.8 million, sparking all kinds of rumours over the identity of the new resident, who will join the likes of the former Penneys executive Breege O'Donoghue, the ex-PayPal chief Louise Phelan, Green Property's Stephen Vernon, Pallas Foods' Dan Geary and the alarm magnate Frank Hart. I wonder if the cinema tycoon Paul Anderson might be interested in moving there now, given that his Dublin 4 pad is on the market for about €20 million. Anderson and his family own the Omniplex cinema chain. The sale of Hailey Bieber's beauty and cosmetics brand, Rhode, to Elf for up to €880 million has blown a few minds. It's a three-year-old start-up brand that sells direct to consumers and is powered by viral social media content. If you think that sounds like the craziest ever splurge, then you're not alone and probably not addicted to TikTok. However, for all of the beautifully shaped eyebrow-raising over the valuation of Rhode, it doesn't disguise the fact that direct-to-consumer lifestyle brands amped up by personality-led social media posts are taking market share from aggregators. • How Hailey Bieber built Rhode's $1bn beauty empire in 3 years I see that Cork's Clodagh McKenna is launching her own lifestyle brand, called Honey By Clodagh. McKenna, a well-seasoned celebrity chef, has developed an enormous profile in the UK market from her slots on ITV's This Morning show. She is now selling everything from cooking utensils and stripey napkins to candles and cushion covers. McKenna is also married to the Hon Harry Herbert, a godson of the late Queen Elizabeth, and the couple had their nuptials at Harry's birth home, Highclere Castle, the location for Downton Abbey. That should help shift some glassware and crockery — it's all about the story. The direct-to-consumer lifestyle market is growing at a rate of knots and is forecast to be worth more than $10 billion in the next five years. McKenna would be mad not to cash in on her following. The $96 million takeover of the Dermot Smurfit Jr-founded GAN gaming technology company by the Japanese firm Sega Sammy completed last week. The Nasdaq-listed firm, which provides sports betting and online gaming software, was bought for a decent premium on its pre-offer trading price. Smurfit Jr — son of the late great Dermot Sr, nephew of Sir Michael of Monaco and brother of the film star Victoria — exited his company when the buyout was announced about 18 months ago. He moved to Los Angeles and set up Paydirt Games, where I believe some heavy hitters have invested through a seed round late last year. This includes JAC Cap's John Cassarini, a former star Lehman Brothers trader, who also joined the board of the fledgling gaming studio. I'm told that testing of its first product, a multiplayer game, has gone very well indeed. The plan is to disrupt the gaming market, which is traditionally aimed at teenagers and younger players. Smurfit is looking at something a little different. All will be revealed. Patrick and Paul Broughan's Broughan Engineering is the largest maker of specialist trailers in Ireland. The Carlow company exports farming and agricultural trailers all around the world. It produces everything from 24ft livestock trailers to grain trailers to dumper trailers. Despite global economic headwinds, it's a lucrative business and the boys had more than €5.5 million in cash in the bank last year with retained earnings of almost €10 million. Patrick is taking a bit out of the company, and I believe that Broughan Engineering is lending him €1.7 million to buy a farm. Better than sitting in the bank earning no interest.