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Yahoo
27-05-2025
- General
- Yahoo
Trump Threatens California Funding Halt Over Trans Athletes
(Bloomberg) -- President Donald Trump threatened to withhold federal funding from California, accusing Governor Gavin Newsom of failing to comply with an executive order barring transgender people from competing in women's sports. UAE's AI University Aims to Become Stanford of the Gulf NY Wins Order Against US Funding Freeze in Congestion Fight Trump posted Tuesday on social media that he would speak to Newsom 'to find out which way he wants to go.' The US president said the athlete, whom he did not name, was competing in a 'State Finals' in a sport he did not specify. 'California, under the leadership of Radical Left Democrat Gavin Newscum, continues to ILLEGALLY allow 'MEN TO PLAY IN WOMEN'S SPORTS,'' the president posted, using a derisive nickname for the governor. 'Please be hereby advised that large scale Federal Funding will be held back, maybe permanently, if the Executive Order on this subject matter is not adhered to.' Trump also said he was 'ordering' local authorities 'if necessary' to bar the person from competing in the event, a power he appears to lack. On Tuesday, the California Interscholastic Federation, which governs high school sports, announced it changed its championship rules to allow any 'biological female student-athlete' who missed qualifying for the state track and field championships by one place to participate in the upcoming finals. The new policy, described as a pilot program, follows last weekend's section-qualifying tournament. 'CIF's proposed pilot is a reasonable, respectful way to navigate a complex issue without compromising competitive fairness — a model worth pursuing. The governor is encouraged by this thoughtful approach,' said Izzy Gardon, the director of communications for Newsom's office. The president and his supporters have long used transgender rights as a political cudgel against Democrats, educational institutions and non-governmental organizations. Trump in February signed an executive order that aims to deny federal funds to schools that allow trans athletes who were assigned male at birth to compete in women's sports. Following Trump's order, the National Collegiate Athletic Association reversed its own participation guidelines. It now stipulates that only people assigned female at birth can participate in women's college sports. Earlier this year, Trump announced his administration would withhold $175 million in federal funding from the University of Pennsylvania over the school's policies on athletes' participation. Despite the administration's focus on the issue, participation of transgender athletes in women's sports is relatively rare. Trump has long taken aim at California, which Democrats have governed for decades. He previously threatened to block federal aid in the middle of the state's efforts to battle vast wildfires unless it changed water management policies and approved voter-identification laws. (Updates with policy change in fifth paragraph, comment from governor in sixth.) Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center Millions of Americans Are Obsessed With This Japanese Barbecue Sauce How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
NY Wins Order Against US Funding Freeze in Congestion Fight
(Bloomberg) -- New York won a court order temporarily barring the Trump administration from withholding federal approvals or funds for the state's transportation projects, as the president tries to end Manhattan's congestion pricing program. UAE's AI University Aims to Become Stanford of the Gulf Pacific Coast Highway to Reopen Near Malibu After January Fires NY Wins Order Against US Funding Freeze in Congestion Fight The administration has threatened to hold back the funds and permissions unless New York stops charging tolls to drive into the borough's tolled zone. US District Judge Lewis Liman on Tuesday granted a request by the Metropolitan Transportation Authority to block such efforts by the federal government through June 9 while he considers whether the US has the legal right to terminate the toll. Liman's ruling means the program — meant to reduce gridlock and pollution and raise money to modernize the city's transit system — will almost certainly continue as the legal battle proceeds. It helps reduce uncertainty over how the nation's largest public transportation system will pay to modernize a more than 100-year-old network. The judge ordered the two sides to meet to decide how to speed up the process, saying there is a 'public interest in moving the case along.' The ruling is a win for local government as the Trump administration withdraws support for regional projects or takes over development. US Secretary of Transportation Sean Duffy has cited subway system crime in wielding the threat of withheld funds, and announced in April that the federal government, instead of the MTA, would be in charge of renewing New York's Penn Station. Earlier this month President Donald Trump said the US wouldn't finance California's high-speed rail project, which suffers from delays and escalating costs. 'No More Coercive Threats' Outside court on Tuesday after Liman ruled, MTA Chairman Janno Lieber greeted the ruling as a welcome warning from the judge to the government. 'The message is he wants no more coercive threats and threats of punishment if we don't do what they say. That was pretty clear. So I don't think we're going to have another letter like that,' Lieber said of Duffy's threats. The judge 'wants the parties to come up with a schedule for this litigation that will put it behind us.' Governor Kathy Hochul, a Democrat, said in a statement that the court order is 'a massive victory for New York commuters, vindicating our right as a state to make decisions regarding what's best for our streets.' The judge found that the MTA had demonstrated that it was likely to succeed in its claims. He said it would probably suffer 'irreparable harm' without a temporary restraining order, noting that the government's effort to undo US approval of the congestion pricing program had already affected the value of MTA bonds. A spokesman for the US Department of Transportation had no immediate comment on the decision. Cloud of Uncertainty The program has operated under a cloud of uncertainty since it began almost five months ago, as Trump tries to stop it. The MTA sued Duffy after he sent a letter on Feb. 19 reversing US approval of the plan won under former President Joe Biden. The suit seeks a court declaration that the attempt to halt the program is illegal. Trump has said the congestion pricing plan will hurt the local economy, and Duffy in February called it 'a slap in the face to working class Americans and small business owners.' Hochul says the toll was urgently needed and has pointed to MTA data to show it is working. New York maintains it won't stop the tolls unless the court tells it to. Roberta Kaplan, a lawyer for the MTA, said accepting the US position 'would give the government the unilateral right to terminate any contract it enters into' and is a 'recipe for chaos' that would create an 'eternal fog of uncertainty.' Charles Roberts, a lawyer for the US, said the administration still hasn't decided whether the MTA is in violation of their contract or whether to implement any of the compliance measures it laid out in an April letter that ordered the state to shut down the program by May 21. 'Not Damocles' Sword' 'Obviously if we had said compliance measures begin tomorrow, that would be Damocles' sword,' he said. 'That's not Damocles' sword. That's an ongoing agency process that hasn't been consummated. They are not imminent.' The MTA runs the city's subways, buses and commuter lines and is implementing the new toll. Its $68.4 billion 2025—2029 capital program is counting on $14 billion of federal funding. Projects at risk in the near term include $2.2 billion of plans for subway and bus maintenance, along with railroad track work the state recently submitted for federal approval, according to court documents. Duffy had threatened to start withholding authorizations and federal money as soon as Wednesday if the MTA continues to charge drivers under the congestion program. Most motorists pay $9 during peak hours to enter Manhattan south of 60th Street. The toll brought in $159 million in the first three months of the program and is on target to raise $500 million this year after expenses, according to MTA officials. The MTA anticipates borrowing against the revenue collections to finance $15 billion of transit upgrades that will renew train signals from the 1930s, add elevators to stations and extend the Second Avenue Subway to Harlem. The fee has helped ease traffic in the area. About 8.1 million fewer vehicles entered Manhattan's central business district from the launch of the tolling on Jan. 5 through April, for a daily average decline of 11%, according to MTA data. While many drivers grumble at paying more to get to work, appointments and other events, support for the toll is growing as people experience faster commutes and less traffic. A Siena College Poll conducted May 12-15 found that 39% of registered voters in the state want the fee to remain, up from 29% in December who supported it. The case is Metropolitan Transportation Authority v. Duffy, 25-cv-1413, US District Court, Southern District of New York (Manhattan). (Updates with quotes, details and further context throughout, starting in second paragraph.) Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center Millions of Americans Are Obsessed With This Japanese Barbecue Sauce How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Short-Term Muni Gains Shield Investors From Long-Bond Struggles
(Bloomberg) -- Muni investors seeking nearly instant gratification are being rewarded for their eagerness. UAE's AI University Aims to Become Stanford of the Gulf Pacific Coast Highway to Reopen Near Malibu After January Fires NY Wins Order Against US Funding Freeze in Congestion Fight State and local debt is often seen as a buy-and-hold investment, but in 2025 bonds maturing in under a year are performing the best of all muni segments, according to data compiled by Bloomberg. The municipal short-term index has jumped 1.3% — the biggest year-to-date gain since at least 2012 — while most other Bloomberg municipal indexes have posted losses. While yields for benchmark state and local debt maturing in 30 years have climbed almost 67 basis points this year, they've shrunk nearly 36 basis points for bonds due in three and six months. As municipal bond investors try to manage risks, such as President Donald Trump's fluctuating tariff policies and his tax bill that could increase federal debt, long bonds have sold off. 'The long end of the curve is most influenced by macro factors,' said Eric Kazatsky, Bloomberg Intelligence senior municipals strategist. 'On investors' minds are tariffs, taxes and inflation. The short end of the curve is the opposite. It's where you go to ride out volatility.' Doug Vissicchio, managing director and head of municipal trading and underwriting at UBS Group AG, also attributed the strength to fiscal uncertainty. 'As short-duration maturities continue to perform, investors are paid to stay short, particularly against this volatile macroeconomic and political backdrop,' he said. While UBS recommends investing in both ends of the municipal market, yields at or near 3% for short-term debt offer 'investors an attractive entry point,' Vissicchio said, adding that he has 'seen strong demand from our retail base to use short munis as a cash proxy.' A steepening Treasury yield curve — due to inflation and debt concerns — has also impacted muni yields, said James Iselin, a managing director at Neuberger Berman. Plus, heavy state and local issuance has weighed on munis at a time when the market is seeing more individual buyers for maturities from one to 10 years compared to further out, he said. 'Hence the short end outperforming longer bonds,' Iselin said. Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center Millions of Americans Are Obsessed With This Japanese Barbecue Sauce How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P.
Yahoo
27-05-2025
- Business
- Yahoo
Wall Street Can't Beat Michael Saylor's Runaway Crypto Engine
(Bloomberg) -- Wall Street keeps inventing new ways to ride the digital-currency boom — from amped-up ETFs and tokenized funds to structured products — and crypto competitors keep circling. But the trade still delivering the biggest rewards belongs to Michael Saylor. UAE's AI University Aims to Become Stanford of the Gulf Pacific Coast Highway to Reopen Near Malibu After January Fires His firm, now branded as Strategy, formerly known as MicroStrategy Inc., pioneered the original capital-markets hack in this era of retail speculation. The playbook? Sell stock and debt. Use the proceeds to buy Bitcoin. Watch the market rip. Then do it all over again. After huge gains last year, his capital-market machine keeps running — for now. Strategy shares are up about 26% this year, beating Bitcoin's 16% gain, and currently rank as one of the best-performers in the Nasdaq 100. Traders are still lavishing a hefty premium on Saylor's stock — well above the value of the firm's Bitcoin holdings — a dynamic no ETF can match. 'Saylor was the first, he was the earliest and he's got the most leverage,' said Matt Maley, chief market strategist at Miller Tabak + Co. 'He's not just playing Bitcoin, but also his own stock and the stock market to his advantage — and using leverage at the right times.' That premium acts like rocket fuel in up markets, helping Strategy eclipse the returns of not just Bitcoin, but the ETFs designed to keep up with it. It's outpacing all 74 crypto ETFs in the US bar one. It's even outgunning double-leveraged ETFs tracking the firm itself. MSTX and MSTU — designed to deliver two times the stock's underlying returns — are each down about 1% for the year. These funds reset their exposure every trading day, so even in an uptrend, choppy price action can degrade longer-term returns — known as the volatility drag. Strategy, by contrast, is a self-reinforcing crypto engine. As its stock rallies, it unlocks more balance-sheet firepower, turning market momentum into more crypto accumulation. As Bitcoin has hit records this month, the trade keeps spinning. Wall Street is churning out more diversified products, and the number of Strategy competitors is growing with President Donald Trump's media company the latest to join the fray with a $2.5 billion Bitcoin treasury deal. Still, what's proving hard to replicate is the sheer belief system surrounding Saylor himself. His firm isn't merely a Bitcoin proxy, it's a vehicle for crypto maximalists to express conviction in their faith — a vehicle that's reflexive, levered and narrative-driven. In other words, the stock doesn't just move with Bitcoin, it feeds off it. For retail believers, the premium is the point, and that's put Strategy in a unique category. That means despite the arrival of cheaper, institutional-grade Bitcoin offerings like BlackRock's IBIT, Strategy remains a market story that no ETF can match. The company's market cap has surged from around $1 billion to over $100 billion over the past five years — ever since Saylor first revealed his Bitcoin-buying program. Strategy now holds more than $60 billion of Bitcoin, by far the most of any of its copycats. It has also laid out plans to raise $84 billion to buy more, by selling a combination of shares and fixed-income instruments. The trade cuts both ways, of course. When Bitcoin slumped in 2022, Strategy plunged more. And that was before it leaned even harder into leverage. If the crypto rally reverses, the dynamic that lifts Saylor's stock in the good times could fuel declines in the bad. For now, though, the success has sparked a wave of imitators, with at least 30 publicly listed companies in the US doing so. Meanwhile Bernstein analysts project that the digital currency could see $330 billion in inflows via corporate treasuries before 2030. Saylor has welcomed the trend. 'It's a phenomenal story — for Bitcoiners, it's a huge bull thesis,' said Strahinja Savic, head of data and analytics at FRNT Financial. 'If I had to list off the top three reasons why I'm bullish Bitcoin, the corporate adoption is up there.' --With assistance from Dave Liedtka. Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol Millions of Americans Are Obsessed With This Japanese Barbecue Sauce ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Trump Threatens California Funding Freeze Over Trans Athlete Ban
(Bloomberg) -- President Donald Trump threatened to withhold federal funding from California, accusing Governor Gavin Newsom of failing to comply with an executive order barring transgender people from competing in women's sports. UAE's AI University Aims to Become Stanford of the Gulf Pacific Coast Highway to Reopen Near Malibu After January Fires Trump posted Tuesday on social media that he would speak to Newsom 'to find out which way he wants to go.' The US president said the athlete, whom he did not name, was competing in a 'State Finals' in a sport he did not specify. 'California, under the leadership of Radical Left Democrat Gavin Newscum, continues to ILLEGALLY allow 'MEN TO PLAY IN WOMEN'S SPORTS,'' the president posted, using a derisive nickname for the governor. 'Please be hereby advised that large scale Federal Funding will be held back, maybe permanently, if the Executive Order on this subject matter is not adhered to.' Trump also said he was 'ordering' local authorities 'if necessary' to bar the person from competing in the event, a power he appears to lack. The president and his supporters have long used transgender rights as a political cudgel against Democrats, educational institutions and non-governmental organizations. Trump in February signed an executive order that aims to deny federal funds to schools that allow trans athletes who were assigned male at birth to compete in women's sports. Following Trump's order, the National Collegiate Athletic Association reversed its own participation guidelines. It now stipulates that only people assigned female at birth can participate in women's college sports. Earlier this year, Trump announced his administration would withhold $175 million in federal funding from the University of Pennsylvania over the school's policies on athletes' participation. Despite the administration's focus on the issue, participation of transgender athletes in women's sports is relatively rare. Trump has long taken aim at California, which Democrats have governed for decades. He previously threatened to block federal aid in the middle of the state's efforts to battle vast wildfires unless it changed water management policies and approved voter-identification laws. Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol Millions of Americans Are Obsessed With This Japanese Barbecue Sauce ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
