Bitcoin Miner Partnering With Trump's Sons Posts Revenue Decline
Bitcoin mining company Hut 8 Corp., which recently partnered with President Donald Trump's sons on a new venture, said its first-quarter earnings swung to a loss and revenue tumbled by more than 50%.
The Miami-based company posted $21.8 million in revenue for the first quarter, a nearly 58% drop year-over-year. It also recorded a quarterly loss of $134.3 million compared to net income of $250.7 million in the first quarter of last year.
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CBS News
12 minutes ago
- CBS News
UC Davis students can now bottle and sell their wines made on campus to support scholarships
UC Davis students can sell their own wines made to support scholarships UC Davis students can sell their own wines made to support scholarships UC Davis students can sell their own wines made to support scholarships DAVIS -- For 145 years, UC Davis has helped forge the future of the wine industry from the heart of its Yolo County campus. But now, for the first time, the university is finally allowed to bottle up and sell the wines made by students in its Department of Viticulture and Enology. It took a law change to get there and the creation of the nonprofit Hilgard631 for the state institution to legally sell wine. "That's 12 years in a nutshell. I'm glad we are here, able to celebrate this," said Professor David Block. Wednesday night, the department hosted an event celebrating the first-ever release and sale of the student creations. "They can share it with their friends and families, which is something they couldn't do before. So this is very exciting," said UC Davis head winemaker Leticia Chacon Rodriguez. Dozens of supporters showed up to taste-test the wines Wednesday, lining up after to purchase a bottle. "It's a good sauvignon. I like it. This is from a student?" asked one woman in surprise, tasting a delicious white wine. The magic happens from start to finish at UC Davis. Most of the grapes are grown at the vineyard on campus, and they are then fermented in the winery classroom as the students' visions come to life. Each pour represents a sense of accomplishment for those in the program. "There's a lot of pride and just excitement to share it," said student winemaker Naomi Morales. "If you're interested in the way that art and science collide, consider winemaking." Inside the teaching and research winery, their creations are made over the course of 10 weeks. Before this year, the wines made on campus had no sustainable future. "Unfortunately, before, the wine got just poured down the drain," said Ben Montpetit, chair of the Department of Viticulture and Enology. Now, the department is also able to teach students the business of winemaking too as they learn to design their own labels and sell their wines. It's helping raise a glass the the future for an industry seeing declining sales. "There's classes where they are given the freedom to do what they want and they really push the envelope. New varieties, new ways of making wine, new packaging," said Ben Montpetit. Hilgard631 handles public sales, now allowing the transfer of up to 20,000 gallons of department-made wines. The department bottled roughly 500 gallons of wine to sell for this release. All proceeds from the wine sales will support student scholarships. Bottles can be purchased in person only at the on-campus research winery at 631 Hilgard Rd. in Davis.
Yahoo
18 minutes ago
- Yahoo
US to withdraw some personnel from the Middle East
STORY: The United States is pulling personnel out of the Middle East, according to President Donald Trump on Wednesday: 'Well, they are being moved out because it could be a dangerous place and we'll see what happens. But they are being… we've given notice to move out and see what happens.' Reuters reported earlier in the day that the U.S. is preparing a partial evacuation of its Iraqi embassy in Baghdad, according to US and Iraqi sources, and that Washington will let military dependents leave locations around the Middle East over heightened security risks. It has bases in Iraq, Kuwait, Qatar, Bahrain and the United Arab Emirates. It's less clear why this is happening now. Iraq has been the site of heightened tension and violence since the the start of the war in Gaza in 2023. Iran-aligned armed groups repeatedly attacked U.S. troops, but that has subsided since last year. However, the news coincides with deadlocked US-Iran nuclear talks. Trump nodded to that on Wednesday, too: JOURNALIST: 'Is there anything that can be done to dial the temperature down in the region?' TRUMP: 'They (Iran) can't have a nuclear weapon, very simply.' In a podcast interview out Wednesday Trump said he was less confident Tehran would agree to stop its nuclear program. Meanwhile CNN has reported that U.S. intelligence suggests Israel is preparing for a strike against Iran's nuclear facilities. Benchmark oil futures rose $3 on the news of the Baghdad pullout, with Brent crude going above $69 a barrel. The next round of nuclear talks between Iran and the United States is due in the coming days. Tehran is expected to hand over a counter proposal after rejecting an offer by Washington.
CNBC
23 minutes ago
- CNBC
Tariffs are the biggest macroeconomic concern for two in three investors, poll finds
Mounting trade tensions and tariffs have become the single biggest worry for global investors, overshadowing all other economic risks, a new survey shows. Nearly two-thirds (63%) of institutional investors and wealth managers identified trade levies as the most significant macroeconomic concern impacting their strategy, according to a survey published by British investment manager Schroders. The perceived risk from tariffs was more than six times greater than the next highest-ranking concern. The poll, which surveyed nearly 1,000 top investors representing a combined $67 trillion in assets, found that this trade uncertainty is fueling a demand for stability. The study was done between April and May, and ahead of the announcement of the trade deal that U.S. President Donald Trump said was reached with China. The agreement struck on Wednesday is subject to final approval by Trump and Chinese President Xi Jinping, the White House leader said. Meanwhile, the Schroders survey indicated that about four in five investment professionals polled also said they are likely to increase their allocation to actively managed investments in the coming year, in a bid to stem the volatility caused by macroeconomic events. "Resilience now tops the investment agenda, as the rising tide no longer lifts all boats," said Johanna Kyrklund, group chief investment officer at Schroders. "The wider backdrop is that financial markets are still adjusting back to structurally higher interest rates, made painful in many cases by high levels of debt. This is raising questions about future market trends and the value of passive approaches in a period of greater uncertainty." Kyrklund added, "In this environment, active strategies provide the control investors need to manage complexity, create portfolio resilience and seize opportunities."
