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Bessent Declares All Iran Airlines To Be 'Shut Down Around The World' Wednesday

Treasury Secretary Scott Bessent declared on Monday that by Wednesday Sept. 23, "all the Iranian airlines will be shut down around the world."

"If they land, you cannot provide them with fuel, you cannot provide them with landing services, you cannot sell them tickets, or you will be knocked out of the dollar system," he described.

Bessent on Iran:

On September 23, all Iranian airlines will be shut down around the world.

How do we do that? If they land, you cannot provide them with fuel, you cannot provide them with landing services, you cannot sell them tickets, or you will be knocked out of the dollar… pic.twitter.com/pX5wfEobV3

— Clash Report (@clashreport) September 21, 2026

The new warning and 'promise' was issued after the US earlier this month imposed sanctions on "all remaining Iranian airlines" which had yet to face such penalties - thus Bessent's new declaration is that these entities are about to collapse under the weight of Washington actions, which now is to include secondary targeting.

The Treasury Department has also lately targeted Iranian companies and industries supporting Iran's aviation sector.

Some 27 airlines have already been sanctioned - also most recently the major Mahan Air has faced expanded sanctions (after first being targeted by Washington all the way back in 2011).

The Treasury has famed all of this as part of efforts to deny the Iranian government the ability to move "weapons, personnel, and illicit cargo".

Bessent stated to CNBC that all Iranian airlines will be shut down globally on Sept. 23 - given that any fuel, landing, and ticket providers involved with the companies risk dollar-system exclusion.

Ironically, Iran's President Masoud Pezeshkian and his delegation is expected to fly into New York City just the day prior, on Tuesday - to attend the UN General Assembly. He is set to give a formal address to the UN body on Wednesday.

This will provide rare opportunity for potential White House diplomacy to take place on the sidelines, which could happen as early as Tuesday.

As for the heavily sanctioned aviation industry, in recent years the Islamic Republic has suffered some significant aerial disasters, which included the May 19, 2024 death of President Ebrahim Raisi. His military helicopter went down in a rugged, mountainous area of northwestern Iran.

via Reuters

Some speculate that lack of airline parts and aging aircraft, due to the long-standing US targeting of the industry, has only served to increase the chances of aviation disasters.

Tyler Durden Mon, 09/21/2026 - 15:30

US Opens Foreign Funding Investigations Into Duke, University Of North Dakota

Authored by Naveen Athrappully via The Epoch Times,

The State Department and the Department of Education are investigating Duke University and the University of North Dakota over allegedly violating foreign funding disclosure rules.

The statue of Washington Duke on Duke University's East Campus with Baldwin Auditorium is shown in Durham, N.C., on April 11, 2006. Sara D. Davis/Getty Images

Section 117 of the Higher Education Act of 1965 requires postsecondary institutions that receive federal financial assistance to disclose the source of foreign gifts and contracts with an annual value of $250,000 or more, according to a Sept. 16 statement.

The law aims to counter undue foreign influence in America's higher education sector. Both universities receive taxpayer support to develop crucial technologies.

However, a review of records submitted by the universities "indicated the submission of incomplete, inaccurate, and untimely disclosures," the Department of Education said in the statement.

In a Sept. 15 letter to Duke University president Vincent E. Price, the department raised concerns about the institution's research collaboration with China's Wuhan University. This agreement between the universities has led to the establishment of Duke Kunshan University in Jiangsu, China, in 2013.

Wuhan University is overseen by China's Ministry of Education and another state entity that oversees China's nuclear weapons and military research programs. The institution plays an important role in the country's national defense science and tech innovation.

China's Ministry of Education requires joint-venture universities, such as Duke Kunshan University, to have a Chinese Communist Party (CCP) unit to monitor their operations. These units can also influence administrative tasks. Moreover, Duke Kunshan University's Board of Trustees appears to include key Chinese regime officials, according to the letter.

The Education Department's review of Sec. 117 disclosure reports from Duke shows that the university has reported 1,266 qualifying foreign funding transactions since July 2020, totaling roughly $1.01 billion. The institution allegedly engages in "systemic reporting errors related to timely disclosure of contracts with foreign sources," the department said in the letter.

As for the University of North Dakota (UND), the department's Sept. 15 letter to the institution's president Andrew Armacost highlighted the university's critical role in America's national security efforts.

Specifically, UND's School of Aerospace partners with the North Dakota Army and Air National Guard, the U.S. Air Force, and private sector defense contractors. UND also provides a training environment to support U.S. drone dominance in uncrewed air systems.

Since July 2020, the university has reported 71 transactions that would qualify under Section 117, valued at around $98 million. Many of these transactions "appear to have involved Chinese aviation companies," the letter said.

The Department of Education instructed both universities to submit records of tax compliance; Section 117 compliance structure; international research collaborations; foreign government talent program compliance; foreign gifts, grants, and contracts; and international faculty, research personnel, and student agreements.

"Unfortunately, it appears that both Duke and UND have provided untimely and incomplete foreign funding disclosures, which include erroneously identifying certain governmental partners as 'non-governmental,'" Under Secretary of Education Nicholas Kent said in the statement.

"We expect these universities will cooperate fully. The Department of Education and the Department of State will continue to work together to vigorously ensure the integrity and accountability of our nation's colleges and universities in reporting their foreign gifts and contracts," Kent said.

The Epoch Times reached out to Duke University and the University of North Dakota for comment but did not receive a response by the time of publication.

In an email to The Chronicle, Duke's student-run news organization, a spokesperson from the institution said they were "reviewing the letter carefully." The university is "committed to complying with the law and will continue to do so in a manner that is consistent with our academic mission," the spokesperson said.

The recent investigations come after the Education Department announced its partnership with the State Department in February, aimed at improving transparency of foreign contracts and gift reporting in higher education institutions.

According to a fact sheet published at the time, the partnership aligns with President Donald Trump's April 2025 executive order, Transparency Regarding Foreign Influence at American Universities.

In the order, Trump wrote that it is the administration's policy to "end the secrecy" regarding foreign funds flowing into the country's educational institutions.

Last month, the Pentagon announced it had asked 30 academic institutions to audit their research, academic, and financial collaborations with foreign entities that are deemed to threaten national security.

The Pentagon's notices were sent to universities linked to certain research facilities or foreign schools in China, Iran, or Russia.

Tyler Durden Mon, 09/21/2026 - 15:00

Big Tech's Next AI Battleground Is Your Face, Loop Capital Says

Smartglasses are set to be the "next major computing platform," according to Loop Capital analysts, as Meta currently leads the space, with Google, Samsung, Apple, and SNAP preparing their own AI-powered eyewear.

Loop Capital analyst Rob Sanderson wrote in a note on Sunday that an "inflection point" has arrived for smart glasses, which are "transitioning from wearable camera accessories to what is becoming a primary hardware interface for conversational AI."

Sanderson and analyst Anthony Chukumba spoke with wearable-tech executive Jon Li about the smart glasses industry and where it's headed into the new year.

Li shared our view that Meta dominates the smart glasses industry with its Ray-Ban Meta smart glasses, while Google is building an ecosystem around Android XR and Snap holds an advantage in more advanced augmented reality. He said Apple could remain on the sidelines until 2028 or 2029 before introducing its own smart glasses.

Here are the key points from the conversation between Loop Capital analysts and Li:

Jon Li is a seasoned technology executive with extensive product management, user experience design, and business development experience. Mr. Li is currently Managing Partner of strategic consultancy Asentio where he advises companies on product strategy, commercialization, and human-AI collaboration. He previously served as US General Manager for XREAL, where he was instrumental in driving the company's expansion into the US market through the development of strategic and retail distribution partnerships. Earlier in his career he held senior product and program management positions with Indigo Technologies, SERES EV, and YouSpace and senior design positions with Motorola, Philips, and FLIR Systems.

Bullish on Android XR broadly... Mr. Li is bullish on the Android XR smartglasses operating system (OS), which Google has developed in partnership with Samsung and Qualcomm. He noted Android XR leverages Google's existing Android OS, large developer base, and mature developer framework and tools. In addition, Mr. Li views Android XR as a "true digital assistant" with the ability to utilize users’ calendars, tasks, documents, location, etc. to provide contextual assistance in real time. He noted one significant difference between Android OS and Android XR is Google plans to more tightly control distribution of the latter by working with a limited number of partners (e.g., Samsung, XREAL). Mr. Li expects Android XR and Gemini AI features to be updated every few months, while hardware changes would occur at most once a year.

...and Warby Parker's Intelligent Eyewear more specifically. Mr. Li is also fairly upbeat about Warby Parker's forthcoming Intelligent Eyewear launch, which he views as a key component of mass market smartglasses adoption. Mr. Li believes Warby Parker is a compelling Android XR partner given the optical retailers' history of transforming the eyeglass purchase process (i.e., online and in store) as well as ability to educate first-time buyers and provide initial fittings and post-purchase support. All that said, Mr. Li questioned the strength of Warby Parker's post-purchase customer relationships given the fact Google, not Warby Parker, controls the digital assistant consumers will be interfacing with.

Views Snap as having a multi-year lead on full AR. While previous versions were not released for commercial distribution, Snap's recently introduced SPECS are the company's 5th generation hardware design. Mr. Li believes Snap's long-term focus and extensive experience with augmented reality on smartphones gives it a multi-year lead over competitors and expects the cadence of multiple iterations will shrink and cost-reduce its offering. Mr. Li sees enterprise suitability and highlights the base of customers in industrial production, manufacturing, healthcare and other verticals left stranded by Microsoft's discontinued HoloLens platform as an area of obvious interest. Mr. Li believes it will ultimately be the developer community and partner ecosystem that drives category adoption and sees Snap's ~450K developers using Lens Studio as a meaningful advantage.

Apple launch probably later than sooner, will lift overall market. Mr. Li believes Apple is unlikely to enter the smartglasses market until 2028/2029 given the company's long history of learning from competitors' earlier products to introduce a superior version later (e.g., iPod, iPhone, AirPods). Mr. Li believes Apple will initially introduce a premium, higher priced product (i.e., ~$800 as compared to $499 for the top-of-the-line Ray-Ban Meta Wayfarer Optics) and focus on user experience as opposed to hardware specifications; ultimately, he thinks Apple's success will hinge on the strength of the AI assistant and level of integration with the broader iOS ecosystem, stating Siri AI is not yet where it needs to be. Mr. Li thinks an Apple entry will be a net positive for existing industry players by drawing more attention to and legitimizing smartglasses, pointing to the impact the company's recent introduction of the iPhone Duo is having on foldable smartphones. 

Beyond Loop Capital and their insights into the smart glasses industry via an insider, Luca Solca, Bernstein's senior equity analyst and global luxury-goods sector head, covering companies including EssilorLuxottica, LVMH, Hermès and Richemont, and recently pointed out emerging backlash in the public domain of these glasses, with some trends on social media going viral, such as "pervert glasses," and such. 

We suspect Meta, Snap, Google, and other players will eventually need to confront the "pervert glasses" narrative with a counter narrative of their own. Good luck solving that with a marketing campaign.

Tyler Durden Mon, 09/21/2026 - 14:45

Trump's 48-Hour Houthi Strike Whiplash Was Triggered By Desire To 'Help His Friend' MbS

President Trump's abrupt Saturday return to the White House from Camp David, where he had been slated to spend the whole weekend, had set off an avalanche of speculation on potential military escalation in the Middle East.

The NY Times and Axios are reporting that the Commander-in-Chief was close to a ordering new anti-Houthi intervention but that he backed out, TACOing once again but this time in pretty rapid order.

Source: White House

"President Trump over the weekend considered ordering a strike against the Houthis in Yemen before deciding to hold off for now, two U.S. officials said," Axios writes Monday. "Trump was caught between wanting to help his friend and ally, Saudi Crown Prince Mohammed bin Salman, and avoiding getting entangled on a new front in the Middle East."

So now the nation stands on the brink of yet a separate Mideast adventure while the Iran conflict has yet to end, this time in Yemen, because Trump desires to "help his friend". But in the end he did not pull the trigger, for now at least.

The NY Times on Sunday laid out a wild, whiplash of a fast-paced timeline in terms of decision-making:

Mr. Trump had met with advisers just the day before and told them he did not favor strikes. But after speaking with the Saudi crown prince, he reversed himself and told the Pentagon to prepare for airstrikes against the Houthis.

But by midday Sunday, the president appeared to have reversed himself again. There would be no U.S. airstrikes against the Houthis — at least not for the time being, according to administration officials. The officials spoke on the condition of anonymity because they were not authorized to discuss military planning.

One wonders if Congress might ever be consulted, instead of going to war after a single phone call with 'friends' in Saudi Arabia and Israel?

Trump has reportedly been mulling what to do about the Yemen crisis for the last two weeks, especially as the Shia group backed by Tehran has ramped up attacks on Aramco facilities in the kingdom.

So far, the White House is only said to have authorized intelligence and targeting assistance. Still, the Houthis keep advancing, regional reports say, after having conquered Yemen's Red Sea coast. To review of some of our Monday morning coverage:

Brent crude oil prices are also lower despite news that Donald Trump had cut short a trip to Camp David to return to Washington, reports that Iran had activated its highest military readiness alert amid claims that the US is preparing to resume attacks, Houthi attacks on the Saudi capital Riyadh, and Pentagon Pizza Report activity suggestive of something afoot.

All of this was accompanied by fresh alerts for American travelers issued by US embassies across the whole Mideast region.

For a little trip down memory lane...

Trump mocked Crown Prince Mohammed bin Salman (MBS) for Saudi Arabia's security dependence on the US: "He didn't think this was going to happen. He didn't think he'd be kissing my ass. He really didn't." pic.twitter.com/q9vJK76O6X

— Glenn Diesen (@Glenn_Diesen) March 28, 2026

Even if Trump were to authorize new direct strikes on Yemen, any purely aerial campaign would be very unlikely to dislodge the Houthis. It could also serve to further divide already stretched-thin US forces and assets in the region. US assets operating over the Gulf area might have to be diverted.

The Houthi rebels have already endured literally dozens of major air raids from the US and Israelis stretching back through the Gaza war. The attacks seemed to only embolden them, and now they can put the chokehold on Red Sea shipping at any time they want.

Tyler Durden Mon, 09/21/2026 - 14:30

Critical Metals Shares Soar On Trump's Greenland Deal As Mining Stocks Eye Rebound After Summer Slump

Critical Metals jumped 37.5% to $9.22, while Greenland Energy surged 126% and Greenland Mines soared 136% on news this past weekend that President Trump had announced a security deal with Denmark and Greenland. This is fueling Wall Street's expectations of greater US access to the territory's mineral resources.

Trump said Friday in a lengthy Truth Social post that the US had reached a deal with Denmark and Greenland granting it control over Greenland's security. Danish and Greenlandic officials said the agreement preserves Greenland's sovereignty.

"At my direction, we worked with representatives of Denmark and Greenland to guarantee that the United States will FOREVER have the complete ability to do what is necessary in Greenland to secure and defend the security of Greenland, and the United States of America," Trump stated.

Critical Metals' Tanbreez project offers the West conflict-free (meaning ex-China) rare earth supplies. The company says heavy rare earths make up about 27% of the deposit's total rare-earth content. These materials are critical for magnets, defense systems and precision electronics. 

Based on Critical Metals' latest disclosures, Tanbreez is not yet in commercial production. The company describes it as an advanced, permitted development project that will supply rare earths "once operational."

What's notable about the Tanbreez project in southern Greenland is that it contains about 45 million metric tons of resources. 

According to Critical Metals' March 2026 slide deck, Tanbreez is targeting first ore production in late 2028 or early 2029, with concentrate exports beginning by the third quarter of 2029. That is a major problem for the West, and the market is getting ahead of itself because these critical metals were needed yesterday, as China's quasi-monopolistic position in critical metals is currently choking the West.

That's why we're focused on producers that can deliver today rather than junior miners, as highlighted by the Bloomberg news earlier this morning that South Korea gave Almonty Industries the green light to begin shipping tungsten ore from its Sangdong mine to overseas customers. 

The VanEck Rare Earth and Strategic Metals ETF (REMX) is a fund that holds shares of lithium, tungsten, and other materials miners. 

Its positions include:

• SQM: 7.89%
• Albemarle: 7.74%
• MP Materials: 6.22%
• Lynas Rare Earths: 5.93%
• Almonty Industries: 4.15%

REMX saw a massive run-up beginning in mid-2025 and peaked around June before retracing about 40%. Now the mining ETF is stabilizing with a higher low and could be due for an upside move.

With China choking off critical metal supplies to the West, the market should focus on miners that are producing today and can deliver to fill the West's supply gap. Early movers will win. 

Tyler Durden Mon, 09/21/2026 - 14:15

Wall Street Turns Its Back On Consumer Stocks As Fuel Costs Soar And Yields Surge

US gasoline prices near $4.44 a gallon at the pump, record diesel prices of $6.40 a gallon, and the Federal Reserve's interest-rate hike this week, its first since July 2023, are compounding pressure on household budgets and borrowing costs. Against that troubling backdrop, UBS warns that Wall Street is "turning more skeptical on consumer recovery."

UBS equity trader Mark Paski wrote in a note to clients on Wednesday about the gloomy environment for consumers that has placed renewed selling pressure on consumer stocks as Wall Street grows increasingly skeptical of a second-half earnings recovery, with recent management commentary pointing to persistent cost pressures and limited evidence of a meaningful rebound in demand.

"While part of the recent weakness can be attributed to higher crude prices and rates, the sharp sell-off across apparel, retail and restaurant names suggests investors are looking beyond those factors. Feedback from the conference circuit pointed to a common theme: persistent macro uncertainty, ongoing cost pressures and little evidence of a near-term demand inflection. Management teams broadly flagged pressure from inflation, transportation costs, fuel prices and cautious consumer behavior, reinforcing the view that earnings recovery may take longer than previously expected," Paski said.

He noted that consumer companies' share of S&P market capitalization has tumbled to just 13.5%, a record low, from about 31% in 1992. That decline shows the sector is becoming less relevant to investors.

S&P restaurant stocks are weakening more sharply than the broader consumer discretionary sector, signaling this growing concern ahead of midterm elections.

The hoped-for consumer rebound in the second half is running into a familiar problem: businesses face rising costs while customers remain reluctant to spend.

Speaking at Goldman Sachs' 33rd Annual Global Retailing Conference on Tuesday morning, Dollar General CEO Todd Vasos offered a downbeat assessment of its customer base, warning that "even that middle to upper middle is acting more like a lower income shopper these days."

At the start of the week, Jefferies food analyst Scott Marks flagged new pressure on convenience store customers as gasoline and diesel prices soared in August.

Professional subscribers can read a lot more about consumer stocks here at our new Marketdesk.ai portal. 

Tyler Durden Mon, 09/21/2026 - 13:40

Powerful Explosion Rocks Aleppo Ammo Depot In Latest Mystery Blast

A terrifying blast erupted outside the major northern Syrian city of Aleppo overnight, which caused area residents to evacuate their homes, and with sustained explosions visible for miles around.

The explosion happened at an army base in an outlying town, injuring at least four people, after which a series of blasts persisted, which unleashed shrapnel across the area.

State media outlet SANA later cited Ministry of Emergency and Disaster Management which indicated an ammunition depot was detonated.

Amid local evacuations, emergency crews were on "high alert... due to the continued explosions" - after being initially unable to get close given persisting and follow-on explosions.

An eyewitness in Aleppo's Hamdaniyeh neighborhood told AFP of a "huge explosion" and that people in the area could see "large flames in the distance".

Typically the first fear that Syrians have is that they are once again under attack by Israeli fighter jets, given this is a scenario which has played out literally hundreds of times over the past several years of conflict. There have been no initial statements describing what caused the disaster.

But several munitions and military warehouse accidents have occurred under the new Jolani government of late.

An ammunition depot exploded in Aleppo, northwestern Syria.

Follow: https://t.co/Ez42KDda7X pic.twitter.com/f0ZGtnNUIH

— PressTV Extra (@PresstvExtra) September 20, 2026

For example, in earlier September a Ministry of Defense weapons depot ignited and 14 people were killed.

Lately the country has been suffering extreme fuel prices amid efforts to get inflation under control, and amid stagnant wages and efforts to get the post-war economy back on track. Washington's recent dropping of Assad-era sanctions have yet to bear any immediate fruit, however.

Several days of protests across various cities have persisted, after the new rulers in Damascus abruptly removed fuel subsidies for the population. 

On September 13 the government decision saw diesel prices shoot up 40% and petrol prices by 28%, after not just years but decades of government regulated price controls and subsidies. 

Is there a covert sabotage campaign afoot? The Israelis have of late occupied southern Syria, and have engaged in operations to ensure Syria has no advanced or heavy weapons or munitions...

Three #Syria Defense Ministry arms depots have exploded in 11 days — in #Idlib (Sep 9), Deir ez Zour (Sep 18) & tonight in #Aleppo.

It’s still summer weather in #Syria, and storage practices could be better — but 3 in 11 days seems too much to be coincidence.

Big questions. pic.twitter.com/BkaZ0A2lZS

— Charles Lister (@Charles_Lister) September 20, 2026

Already the country was smashed by proxy war and sweeping US-led sanctions, not to mention a decade-long US troop occupation of Syria's oil and gas fields in the northeast, which strangled the population, as part of efforts to overthrow secular Ba'ath leader Bashar al-Assad. 

Tyler Durden Mon, 09/21/2026 - 13:20

What Do You See Here?

Authored by Steve Watson via Modernity News,

A K-pop star holding a pair of Chuck Taylors was enough. Crop the frame, squint at a star-shaped spotlight, and a Nike subsidiary is suddenly in the business of hoods and hangings, according to disturbed leftists who see racism everywhere.

Instead of ignoring the demented behaviour, Converse pulled the image, apologised on cue, and promised to "do better." The people filming themselves crying and torching sneakers got the ritual they wanted.

The still came from Converse's Chuck 70 X campaign with Aespa singer Karina, rolled out internationally from late August. She stands inside the brand's five-pointed star, in a long white skirt, holding black high-tops.

A few black activists online (like actress Yvette Nicole Brown and U.S. Rep. Troy Carter) said that this ad was "White Supremacy", so Converse apologized & took it down.
It's a Korean K-Pop girl.
Never apologize to the woke mob.
They're crazy. pic.twitter.com/gkmCwUPYfp

— Mr Reagan (@MrReaganUSA) September 21, 2026

Online, the crop did the work. Lighting on the fabric became a pointed hood. The shoes became dangling feet. The full picture - an Asian pop star in a logo spotlight - was conveniently left out.

Louisiana Democrat (experts on the KKK) Rep. Troy Carter fumed "Nike and Converse, what the hell were you thinking?Your campaign shows what looks like a hooded Klansman, framed by what appears to be the dangling feet of a lynching victim. There is nothing creative or artistic about it. It is racist, reckless and deeply offensive."

He went further: "Black pain is not a marketing prop. Lynching is not a creative concept. The Ku Klux Klan is not an aesthetic." He also said repairing the alleged harm would take "more than an apology written by your public relations department."

Converse delivered that apology anyway. "We're sorry," the company said. "We understand why this image is deeply upsetting and recognize that we got this wrong. We removed it from our channels and are working to remove it everywhere it appeared. This should not have happened, and we will do better."

Converse apologizes for shoe ads that critics blasted as evoking the KKK https://t.co/fpi8ITThA7 pic.twitter.com/rhYhu4niYg

— New York Post (@nypost) September 19, 2026

A second campaign - Converse x Palmes, with figures on a ladder reaching shoes near a tree - was dragged into the same pile-on. Two different shoots, one moral script.

How any American who is remotely educated can look at this horrifying ad & not see a klan hood and the feet of a hanging body...makes me speechless.

I cannot fathom why @Converse would green light something so abhorrent. Lynchings of Black people in the US is NOT ancient history pic.twitter.com/t0fou2Ct4Q

— NanaSue ? ?????? (@NanaSueSpeaks) September 19, 2026

Chicago photographer Stephanie Schwartz claimed on Threads: "Shadow, light, and composition. Every photographer can tell you, whoever did this ad knew EXACTLY what they were doing."

Replies called it a Rorschach test. One user wrote that an Asian woman holding sneakers "tells nothing about the picture" and "everything about you."

One X respondent put the optical-illusion case in the open. "People are demanding mass firings at Converse and Nike over 'blatant racism' in an ad of K-pop star Karina holding a pair of sneakers." The account added: "Look at the photo....It's an Asian woman in a white skirt, standing in a star-shaped spotlight, holding shoes. Some people squint and see a Klan hood and a lynching. That's pareidolia the same thing that makes you see faces in outlets and Jesus in toast."

Treating an accidental shadow as a "coordinated hate ritual," the post argued, is not justice. It is assuming the worst and then demanding the company prove a negative.

People are demanding mass firings at Converse and Nike over "blatant racism" in an ad of K-pop star Karina holding a pair of sneakers.

The problem is...most of the people who approved this ad ARE LIKELY BLACK!

Look at the photo....It's an Asian woman in a white skirt, standing... https://t.co/tAnKQOcbWv pic.twitter.com/sdjJATulQx

— Clerpatriot (@clerpatriot) September 19, 2026

Once the crop went viral, the content shifted from captions to performance. People cut logos, painted over stars, dumped new pairs in bins and set them alight.

NEW: Boycott of Converse has spread among the left-wing woke mob, with some people burning, cutting up, painting over the logo and throwing away the brand's shoes after the company released a new ad for its iconic sneakers.

The campaign featured a female model holding a pair of... pic.twitter.com/N2tDlHQXq9

— I Meme Therefore I Am ?? (@ImMeme0) September 19, 2026

I found even more desperate people manufacturing outrage over Converse, virtue-signaling for clout, and proudly burning and throwing away their shoes. https://t.co/edkiudEorv pic.twitter.com/KdoBZX99qB

— I Meme Therefore I Am ?? (@ImMeme0) September 21, 2026

Lindsay Clancy fan burns her Converse over an ad TikTok decided is a "coded message" from white supremacists

We have a serious mental health crisis pic.twitter.com/dbYVrM9nml

— End Wokeness (@EndWokeness) September 20, 2026

Another user circulated clips of lunatics weeping over the still, then a follow-up of a woman binning brand-new Chucks. "When normal people look at the ad all they see is a girl holding a pair of shoes," the account wrote.

"When woke black people who have a constant need to play victim about something look at the ad they see a Klan member lynching a black a man." A later update noted "woke whites have joined the party."

WOW ?

Black Liberals are filming themselves crying over the new converse ad that they have now deemed as racist??

In their never ending quest to be victims of nonexistent racism they've now resorted to flipping through ads looking for something to be offended by.

When normal... pic.twitter.com/G7K7tPvbgp

— Cinema Shogun (@CinemaShogun) September 19, 2026

Not every Black voice played along. One woman said the fatigue was real and the boycott was theatre. "When will this nonsense stop? It's out of control. We are tired. So burn your Converse, cancel Converse, cancel Nike. Nobody cares." She praised the ad and said the company should not have apologised.

Black woman slams the woke mob over the backlash against Converse, saying the fatigue is real and nobody cares about their boycott.

She praises the ad and says the company shouldn't have apologized. She adds that people can boycott the brand all they want, but companies will... https://t.co/edkiudEorv pic.twitter.com/OlQIufGZWF

— I Meme Therefore I Am ?? (@ImMeme0) September 20, 2026

Has anyone checked on this K-pop star Karina after she has been dragged all over the internet for the Converse ad???

She probably thought she booked an adorable Converse campaign that would open doors and bring her more money...

Instead, the American left has cropped her ad,... pic.twitter.com/woGUOot8xG

— Clerpatriot (@clerpatriot) September 20, 2026

If you looked at that Converse ad and saw a KKK hood, you need to log off and touch grass https://t.co/yAuaCYjMSE

— Clown World ™ ? (@ClownWorld) September 20, 2026

Karina did nothing wrong with this Converse ad.

If you looked at this and saw a KKK ad, you're psychotic and need to be checked into a mental asylum. pic.twitter.com/1moVP3flzI

— Kangmin Lee | ??? (@kangminlee) September 20, 2026

Karina and SM Entertainment did not immediately respond to press queries. The singer is now attached to a controversy designed in social media feeds, not Seoul studios.

Bloomberg later obtained an internal memo from Converse CEO Aaron Cain. "The images should not have been used, and we began removing them from all channels as soon as the concern was raised," he told staff. "The leadership team and I are taking a hard look at our internal review process and the critical lens we apply to our work." Cain did not spell out the changes.

The timing is ugly for a reason that has nothing to do with hoods. Converse has been one of Nike's stubborn weak spots through a long run of falling sales. A brand that cannot ship growth now cannot ship a star-shaped light without a struggle session. Calls for firings and boycotts filled the replies.

There is a difference between historical memory and a bizarre hunt for racist shapes in fabric. One is serious. The other is manufactured content. Converse chose the audience that treats every shadow as a manifesto. The rest of the country still sees a girl holding sneakers.

Tyler Durden Mon, 09/21/2026 - 13:00

SoftBank To Sell $11 Billion In Junk Bonds At Soaring Yields To Fund OpenAI Investments

It's only appropriate that just hours after we published an extensive report looking at the trillions in debt funding the AI supercycle - which just this year stands at $568bn, of which $259bn issued in IG, followed by $256bn across Private Credit, Direct Lending, and other bilateral/non-syndicated lending (for SPVs and infrastructure finance), another $40bn for HY and $11bn for institutional loans...

... that SotBank launched what Bloomberg dubbed "one of the biggest junk bond deals ever", as the Japanese conglomerate seeks the equivalent of more than $11 billion in high  yield debt as Masayoshi Son’s conglomerate ramps up its investments in ChatGPT creator OpenAI. 

If SoftBank sells about $11 billion in debt it would be one of the largest junk bond sales ever by a single firm, excluding distressed debt exchanges. The near-record offering would come in 5 tranches: the company is looking to issue $10 billion of dollar securities across three tenors, and €1 billion ($1.1 billion) of euro debt across two maturities, according to BBG sources.

The proceeds from the debt sale will be used to fund a follow-on investment in OpenAI expected to close next month as well as general corporate purposes; the deal is expected to price as soon as Thursday, depending on demand. 

One of the world’s largest investors in AI, SoftBank’s fortunes have become increasingly intertwined with its ability to monetize its holding in OpenAI after committing close to $65 billion to the tech pioneer. That’s put Son’s firm at the epicenter of debt-fueled bets on artificial intelligence, at a time when safety concerns about the industry have flared.

SoftBank and its lead banks are sounding out investors on potential pricing for the proposed junk bond sale, offering an early glimpse of roughly how much the conglomerate may pay for the deal. All discussions are early stage and figures could change.

The table below shows the indicative prices that SoftBank is feeling out with investors, though such initial price guidance has yet to be discussed and could wind up differing from these earlier discussions based on investor feedback:

Those yields would all be records for SoftBank in those specific currencies and tenors if priced at those levels, according to data compiled by Bloomberg, though details in corporate note offerings often change before they are actually priced.

As Bloomberg notes, the latest deal adds to a flurry of recent activity by SoftBank, as it builds out its artificial intelligence financing capacity. The conglomerate entered into a $40 billion bridge loan in March to fund an additional investment in OpenAI, and recently repaid the outstanding balance of $25.9 billion on that facility.

SoftBank closed out last week with nearly $21 billion in potential fresh borrowings. The group increased a margin loan backed by shares of its chip unit Arm Holdings by $5 billion to $25 billion, people familiar with the matter said on Friday. And it recently secured an additional $450 million to an existing credit line, bringing the total to $6.5 billion.

In short, if OpenAi goes down it is absolutely dragging SoftBank with it. 

Apollo Global is also in talks to boost the size of a loan to SoftBank by $3.6 billion to $9 billion to help it finance its investment in AI giant OpenAI. On top of that, the firm founded and led by billionaire Masayoshi Son secured an $11.87 billion loan, also to support its OpenAI investment. 

As part of its funding campaign this year, SoftBank has sold almost $15 billion of notes across currencies, making it the biggest junk-rated borrower in bond markets so far in 2026, Bloomberg-compiled data show. There was also a $10 billion loan earlier this year backed by its OpenAI stake.

The deals come amid a broader increase across markets in borrowing costs, as most major economies grapple with inflation. The yield on SoftBank’s dollar bond maturing in 2031 climbed to 8.2% earlier this month, up from as low as 6.7% in January, as spreads have blown out and underlying Treasury yields have risen.

Recent calls by heads of some of the world’s biggest artificial intelligence platforms, including OpenAI, to slow AI advances on safety concerns, have introduced another layer of uncertainty. That contributed recently to an increase in the cost to insure SoftBank’s debt against default to the highest in three years. 

In another hit to SoftBank, OpenAI CEO Sam Altman’s remarked that the company won’t go public this year - a move that would increase the liquidity of SoftBank’s investments - have been closely watched by investors.   

Citigroup Inc. is acting as the lead bookrunner and a joint global coordinator, alongside Goldman Sachs Group, JPMorgan Chase & Co. and Morgan Stanley for dollar tranches. JPMorgan is the lead bookrunner for the euro-denominated notes and among the joint global coordinators, together with Goldman Sachs and Deutsche Bank.

Tyler Durden Mon, 09/21/2026 - 12:40

Fertilizer Stocks Tumble As Trump Says "Working On Massive" Belarus Potash Deal

"The United States is working on a massive Deal with respect to the purchase of Potash from Belarus," President Trump wrote on Truth Social just before 11 a.m. ET.

Trump continued, "The pricing would be for substantially less than we are currently paying to Canada, very good news for our Farmers and Ranchers."

The immediate market impact: Intrepid Potash, CF Industries, and Mosaic shares fell to session lows.

Intrepid Potash: -4.6%

CF Industries: -3.5%

Mosaic: -4.5%

The move follows Trump slapping 50% tariffs on some Canadian goods last month after the US and Canada failed to reach a last-minute trade deal. However, the levies included significant exemptions for major Canadian imports such as oil, gas, and potash. 

However, earlier, Russian news agency Interfax quoted Belarusian President Alexander Lukashenko as saying his country lacks the capacity to supply potash fertlizer to the West. 

Tyler Durden Mon, 09/21/2026 - 12:20

Qatar's Energy Minister Says Bessent's "Worthless" Hormuz Claim Is "Completely Wrong"

Qatari Energy Minister Saad Al-Kaabi blasted Treasury Secretary Scott Bessent on Sunday, saying he was "wrong" to claim the Strait of Hormuz would become "worthless" to the oil industry in two years.

"I think this is completely wrong," Saad Al-Kaabi said Sunday at the Qatar Economic Forum in New York.

Speaking to Fox Business's Larry Kudlow on the sidelines of the Group of 20 finance ministers' summit in North Carolina earlier this month, Bessent said the Hormuz maritime chokepoint, in about "two years will be… a worthless piece of water," adding that oil "will be going on pipelines across land."

🚨𝗝𝗨𝗦𝗧 𝗜𝗡: 🇺🇸 Treasury Secretary Scott Bessent says

“In 2 years, the Strait of Hormuz will be like a worthless piece of water.” pic.twitter.com/B94NIWtews

— DustyBC Crypto (@DustyBC) September 1, 2026

Al-Kaabi, who also heads QatarEnergy, argued that rewiring the Hormuz area with pipelines to bypass the critical maritime chokepoint, as Bessent described, would not eliminate the broader trade flowing through the strait.

"I don't think this is ever going to be obsolete," he said.

Qatari Energy Minister Saad Al-Kaabi responds to Secretary Bessent’s remark that “in two years, the Strait of Hormuz will be like a worthless piece of water.” pic.twitter.com/rFKewRONIR

— Annmarie Hordern (@annmarie) September 20, 2026

Bessent's comments come as a generational rewiring of energy flows in the Gulf, and really the world, is underway, and allies in the Gulf have already announced plans for new pipeline exits out of the region that bypass the strait.

New routes through the UAE and Iraq could eventually carry roughly 4 million additional barrels a day. Combined with increased flows through Saudi Arabia's East-West pipeline, that could replace around 40% of the 20 million barrels a day that previously transited Hormuz.

The rewiring is all part of meaningful diversification but carries risks, as demonstrated by the recent drone attack on Saudi Arabia's East-West pipeline that has rendered it useless in the short term.

Alternative pipelines can reduce dependence on Hormuz. But warfare has forever changed, with low-cost one-way attack drones putting every critical infrastructure asset in the region in the crosshairs.

Beyond the Gulf, the Trump administration is diversifying oil supply chains by signing a mega deal with Venezuela and allowing US energy giants to begin investments to ramp up oil production. The aim is to bring energy and critical materials supply chains closer to home, a key pillar of Trump's Western Hemisphere revival.

Making Hormuz worthless is a long game for the Trump administration while it builds out energy assets in the West.

Tyler Durden Mon, 09/21/2026 - 12:15

Bessent Hails "Very Successful" China Talks As Trump-Xi Summit Puts AI, Rare Earths And Energy On The Table

Treasury Secretary Scott Bessent emerged from roughly eight hours of talks with Chinese Vice Premier He Lifeng in New York on Sunday calling the meeting "very successful," with Washington and Beijing agreeing to new mechanisms covering trade and artificial intelligence just days before President Donald Trump hosts Chinese leader Xi Jinping in Washington.

Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, shakes hands with U.S. Treasury Secretary Scott Bessent, Sept. 20, 2026. Bai Xueqi/ | Xinhua News Agency | Getty Images

The talks, held at JPMorgan Chase headquarters, were intended to lay the groundwork for the Trump-Xi summit later this week. Working-level discussions are continuing as the two sides try to lock down whatever can be agreed before the leaders meet.

On paper, the immediate deliverables were relatively modest. In practice, the timing is anything but.

The two sides agreed to establish a U.S.-China AI dialogue, with Washington proposing a notification mechanism for AI incidents serious enough to reach the national-security level. Bessent framed the concept as an effort to move the world's two leading AI powers from opacity toward greater transparency and establish some common understanding of threats.

As we noted Friday, artificial intelligence was already emerging as one of the summit's most consequential issues, sitting alongside trade, semiconductors, Taiwan and rare earths. The two governments also moved to operationalize the previously proposed Board of Trade. U.S. Trade Representative Jamieson Greer said negotiators are looking for baskets of "non-sensitive" goods that could potentially be treated separately from future trade restrictions. Washington is considering lower-tech Chinese consumer goods, while Beijing is looking at U.S. energy, agricultural products and potentially medical devices.

There was no announced breakthrough, however, on some of the much larger outstanding disputes, including Chinese rare-earth flows, additional purchases of U.S. agricultural goods or Boeing aircraft. Advanced AI-chip export restrictions were also not part of Sunday's AI discussion.

Perhaps more revealing was how little Beijing itself said about AI. Xinhua described the talks as "candid, in-depth and constructive" before relegating the subject to the final sentence of its brief readout: "They also held dialogues on AI-related issues."

Chinese state media Xinhua has a very brief report on the Bessent and He Lifeng meeting in New York.

AI only mentioned in last line: “They also held dialogues on AI-related issues.” pic.twitter.com/HsUQmdujJ3

— Kyle Chan (@kyleichan) September 21, 2026

But Xi is also heading to Washington against a considerably different geopolitical backdrop than the one surrounding Trump's May visit to Beijing.

For starters, two of China's most attractive sources of discounted crude have been sharply constrained. Venezuela had become an important supplier of cheap heavy crude to Chinese refiners, but those flows fell dramatically after Washington's intervention in the country's oil trade earlier this year. As we noted at the time, Chinese refiners initially compensated by increasing purchases of heavily discounted Iranian barrels.

Meanwhile, the renewed U.S. campaign against Iran's oil exports disrupted shipments to Asia and left tens of millions of barrels in transit or floating storage. As we reported in July, roughly 63 million barrels of Iranian crude were at one point either moving or idling aboard tankers as sanctions pressure intensified. That does not mean China is running out of oil. Beijing accumulated large inventories and can source replacement barrels elsewhere, but the combination of reduced Venezuelan flows and disrupted Iranian supply has diminished some of the cheap-energy advantage Chinese refiners previously enjoyed.

Russia can fill part of that gap, but its own energy infrastructure remains under pressure from Ukrainian long-range attacks on refineries, export terminals and storage facilities. Earlier this month, Goldman estimated that the attacks had taken roughly 300,000 barrels per day of Russian refining capacity offline during August and early September. China has also encountered setbacks around another strategic chokepoint. Panama's Supreme Court voided Hong Kong-based CK Hutchison's concessions to operate the Balboa and Cristobal ports at opposite ends of the Panama Canal. As we noted in January, the ruling stripped the legal basis from a China-linked operator at two port facilities adjoining one of the world's most important shipping routes.

Then there is Greenland. Washington announced Friday that it had reached a security agreement intended to guarantee a long-term U.S. role on the island while preventing Russia, China and other non-NATO countries from establishing military bases there. The arrangement would strengthen the U.S. position in an Arctic region that both Washington and Beijing increasingly view as strategically important. On Monday, Denmark confirmed that the Trump-Greenland deal would boost arctic security. 

The political landscape across parts of Latin America has shifted as well. Reuters described Colombia's June election of Abelardo De La Espriella as part of a broader regional movement to the right that has also included Argentina, Chile, Ecuador, Bolivia, Panama and Peru.

Brazil is now the major unresolved contest. As we noted last week, Polymarket pricing recently moved in favor of Senator Flavio Bolsonaro over President Luiz Inacio Lula da Silva. Prediction-market prices are not opinion polls, however, and Monday's BTG Pactual/Nexus survey showed Lula at 46% and Bolsonaro at 45% in a hypothetical runoff, within the survey's margin of error.

Markets, meanwhile, entered the weekend already showing signs of pressure. According to Newsquawk, the U.S. 10-year Treasury yield closed Friday 6.5bps higher at 5.004%, while the two-year rose 7.5bps to 4.745%, producing a modest bear flattening of the curve.

Yet Xi is hardly arriving in Washington without leverage of his own.

China still controls roughly 70% of global rare-earth mining and more than 85% of refining capacity, leaving Beijing with substantial influence over supply chains critical to U.S. autos, semiconductors, aerospace and defense. As we noted this weekend, disrupted Chinese yttrium shipments alone have already forced Western aerospace, energy and semiconductor companies to scramble for alternatives. Beijing also retains enormous manufacturing capacity, large accumulated energy inventories and considerable purchasing power over everything from American agricultural commodities to aircraft.

In other words, Thursday's summit is taking shape less as a grand reconciliation than an attempt by two heavily intertwined rivals to fence off portions of the relationship before the next confrontation.

Washington arrives with greater influence over Venezuelan oil flows, intensified pressure on Iran's exports, a strengthened strategic position around Greenland and reduced China-linked influence around the Panama Canal, while the political map across portions of Latin America has changed considerably.

Beijing arrives with its own formidable counters: dominant critical-mineral supply chains, a resilient manufacturing and export base, substantial energy reserves and enormous leverage as a buyer of U.S. goods. Oh, and let's not forget - open-weight AI models that have completely upended the frontier AI model. 

Tyler Durden Mon, 09/21/2026 - 12:00

Bitcoin Soars Above $85k (Jan Highs) As Saylor Sees Clarity Act Collapse 'A Win'

Bitcoin has surged above $85,000 this morning for the first time since late-January...

The rally comes alongside advances in stocks and bonds, as falling oil prices and optimism ahead of a summit between US President Trump and China’s Xi Jinping are buoying markets more broadly. Rival digital assets have also bounced.

Ether, the second-largest token, has spiked up to almost $2750, while other cryptocurrencies including XRP, Solana and Monero also posted gains...

Bitcoin’s gains build upon a recovery that began late last week, when crypto absorbed the failure of the landmark Clarity Act (up around 14% since) to establish a clearer understanding of industry regulation as well the Fed's first interest-rate increase in more than three years.

“Financial markets have rediscovered a risk-on frame of mind after being consumed with worry about government bond yields, debt piles and the prospect of a return to tighter policy at the world’s most powerful central bank,” said Chris Beauchamp, chief market analyst at investing and trading platform IG.

A green light on Thursday from the Securities and Exchange Commission for digital versions of securities to start trading in the US helped to brighten the mood. 

Interestingly, Bitcoin treasury founder and pioneer Michael Saylor has said that the blockage of the Clarity Act is actually good for the digital asset space. 

Writing on X on Saturday, the Strategy founder and chair said that legislation can make restrictions permanent just as easily as rights. 

The Digital Assets industry is better off moving forward with supportive rules from the SEC, CFTC, Treasury, and banking regulators than accepting the restrictions in the final CLARITY compromise. We have an administration willing to modernize financial markets. We should use the next two years to put better financial products into people’s hands.

Our safest path forward is to create products that delight customers and deploy them broadly. Lower costs, easier access, useful services, and greater control over money give people a direct interest in preserving innovation. The strongest constituency we can build is a public that benefits from what we create.

Legal certainty matters. So does the freedom to compete. A law can make a restriction durable just as easily as it can make a right durable. Before celebrating permanence, we should examine what we are making permanent.

The September CLARITY compromise would have restricted covered providers from paying customers simply for holding payment stablecoins, while allowing qualifying activity rewards. It also would have directed Treasury to restrict certain rewards upon specified findings of substantial, detrimental deposit transfers from community banks.

Protecting a bank from a liquidity crisis and protecting it from a better competitor are different objectives. Financial stability requires sound oversight. Competition requires that customers be free to choose a better service. When technology reduces the cost of delivering financial services, consumers should share in the savings.

Read more here...

Additionally, Saylor’s Strategy purchased Bitcoin for the first time in three weeks, acquiring $75.7 million of the original cryptocurrency after seeking to rebuild investor confidence by reshaping its balance sheet and building out reserves.

The original Bitcoin treasury company - co-founded and run by Saylor - also repurchased $174 million of its STRC perpetual preferred shares, part of its effort to lift the price above par so that the securities can be used again to finance future Bitcoin purchases. Cash was used to fund both transactions, Strategy said in a filing on Monday. The preferred trade just below $99.

Strategy is now (846,002) just 1363 BTC below its all time high holdings from June 22 when it was 847,365...

“The crypto market capitalization has risen to $2.8T, its highest level since the end of January this year,” said Alex Kuptsikevich, the FxPro chief market analyst.

“Although Friday’s rally was followed by increased selling pressure, buyers have once again been dominating the cryptocurrency market since Sunday.”

Bloomberg reports that bitcoin open interest on the options trading platform Deribit was heavily dominated by calls, signaling bullish sentiment. The platform showed more than 272,000 contracts for the right to buy the token compared with over 154,000 for puts, or the right to sell.

“Bitcoin options market is positioned to capture the upside,” said Pratik Kala, a portfolio manager at digital-asset hedge fund Apollo Crypto.

“People are repositioning from downside protection to wanting to capture the upside.”

But not all traders are convinced the momentum can last given the difficult macroeconomic headwinds, with crude oil still above $100 a barrel and US Treasury yields elevated.

Bitcoin is well off its 2026 high of over $97,000 in mid-January, and even further from its October record. Retail enthusiasm has also proven hard to rekindle as artificial intelligence stocks and other AI-linked trades compete for the same pool of speculative capital.

“For this week, there aren’t any big catalysts to watch out for per se, but any hawkish or dovish remarks by Fed officials could impact the market,” said Jeff Mei, chief operating officer of BTSE.

 Finally, we note that ETF inflows have re-accelerated...

Various investor cohorts also returned to aggregate profit, including Bitcoin corporate treasuries, holdings of which have a cost basis of around $80,500. Now, price is approaching its cost basis for investors in US spot Bitcoin exchange-traded funds (ETFs). Per data by onchain analytics platform Glassnode, this cost basis currently sits at $85,638...

In a departure from the norm, the largest Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), did not account for the lion’s share of inflows. Instead, most investors piled into Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), which accounted for $310 million of the total. In their analysis of recent market developments, the onchain analytics platform CryptoQuant discussed this change in ETF netflow composition. 

“The key change is therefore not simply positive ETF activity, but a clear redistribution of flow leadership: IBIT went from dominating FBTC by nearly six times on September 3 to FBTC recording almost three times IBIT’s holdings netflow on September 18,” CryptoQuant stated in a blog post.

After reacting positively to the announcement of US bond-market interventions in August, Bitcoin market participants continue to monitor any events surrounding yields. In a report for CME on Sept. 16, Jim Iuorio, CEO of JI Financial Strategies, argued that interventions may represent a liquidity tailwind for Bitcoin and crypto markets.

“Perhaps markets viewed these actions as being dollar-negative, pushing money back into dollar hedges like gold and Bitcoin,” he said.

Tyler Durden Mon, 09/21/2026 - 11:45

Denmark Confirms Trump-Greenland Deal Would Boost Arctic Security

Authored by Jack Phillips via The Epoch Times,

A top Danish official said on Sept. 19 that an agreement announced by U.S. President Donald Trump for the United States to handle security for Greenland would lead to a better outcome in the region.

Both Denmark and Greenland, an autonomous island that is Danish territory, expressed hope that the deal would end any uncertainty regarding the island's security.

On Sept. 19, Danish Foreign Minister Lars Lokke Rasmussen said that the deal between Denmark, Greenland, and the United States could be signed this week, which comes as foreign delegations head to New York City for the U.N. General Assembly.

"Next week could be a good week - for Greenland, Denmark, and the USA alike," he said in a statement posted to social media.

"A time of uncertainty will hopefully give way to a binding agreement that strengthens security in the Arctic and the North Atlantic - and thereby our shared security within NATO and Europe - while respecting the Kingdom's red lines.

"This is important at a time when the security landscape, including in the Arctic, has changed."

Greenlandic Prime Minister Jens-Frederik Nielsen said in a statement last week that the proposed deal "recognizes the sovereignty and territorial integrity of our Kingdom and the right of the Greenlandic people to self-determination."

Danish Prime Minister Mette Frederiksen indicated that the deal would provide a favorable outcome for Greenland's residents.

"[It is] an agreement that at the same time recognizes the sovereignty and territorial integrity of the Kingdom and the right of the Greenlandic people to self-determination," Frederiksen said in a statement.

Trump on Sept. 18 wrote on Truth Social that the United States, under the deal, would be responsible for security over Greenland, an Arctic island in the North Atlantic, on a permanent basis.

"At my direction, we worked with representatives of Denmark and Greenland to guarantee that the United States will FOREVER have the complete ability to do what is necessary in Greenland in order to secure and defend the security of Greenland, and the United States of America," Trump said.

As part of the deal, no U.S. adversary such as China or Russia would be able to have a base in Greenland, U.S. Secretary of State Marco Rubio said in a Fox News interview.

Trump also wrote that the United States will now start the process of implementing a military presence around Greenland and will work with residents of the island on its development. Previous U.S. presidents were aware of Greenland's strategic importance, he added.

With his return to the White House in 2025, Trump initially called on Denmark to sell the island to the United States and said Greenland is crucial to U.S. security, which prompted criticism from European Union leaders and individual nations. At one point, Trump warned that Denmark could face a 25 percent import tax on goods unless it ceded the island to U.S. control.

Denmark and Greenland repeatedly stated that the island is not for sale, even as Trump said the island is needed to deal with military threats posed by Russia and China.

Last March, Vice President JD Vance visited American troops at the Pituffik Space Base in northwestern Greenland, where he argued that Denmark was failing to protect and invest in the island amid Russian and Chinese threats.

Tyler Durden Mon, 09/21/2026 - 11:40

Key Events This Week: Trump-Xi Meeting, Fed Speakers, PMIs And Durables

After an extremely busy week for central bank decisions, the week ahead brings a mix of economic data, even more central bank decisions, lots of Fed speak, and geopolitical events.

The first read of the September PMIs across the major economies on Wednesday should provide the most timely update on global growth momentum, while investors will also be watching policy decisions from the Norges Bank, Riksbank and SNB on Thursday with their hike probabilities according to futures at 62%, 21% and 5% respectively, according to Deutsche Bank.

Attention will also turn to the meeting between Presidents Trump and Xi on Thursday which will likely garner a lot of headlines. We also have opening week of the UN General Assembly debate in New York.

In the US, the focus will increasingly shift towards next Friday’s payrolls report, which will be the most important data release before the October FOMC meeting. Ahead of that, markets will be very keen to hear from a heavy schedule of Fed speakers throughout the week. These comments will frame last week’s FOMC meeting, where policymakers delivered a widely expected rate increase but signalled a more hawkish policy outlook. The updated projections showed a strong majority of officials anticipating further tightening, while Chair Warsh emphasized that the Committee still sees limited evidence that policy is meaningfully restrictive.  

Fed communication begins today with Chicago Fed President Goolsbee alongside the Chicago Fed National Activity Index. Tomorrow, investors receive the Philadelphia Fed non-manufacturing survey and the Richmond Fed manufacturing index. On the policy front, Fed Vice Chairs Williams and Jefferson are due to speak. Williams is viewed as one of the four officials who are still expected to see the Fed easing by the end of next year, so any hints on that outlook will be closely scrutinized.  

Wednesday’s main event will be the September flash PMIs. Economists expect the US manufacturing PMI to edge down to 53.6 from 53.9, while the services gauge is forecast to ease slightly to 55.9 from 56.5. Given the recent focus on AI-related investment and broader capex trends, these surveys will be watched closely for signs that business activity remains resilient. Fed Governor Barr is also due to speak. Investors will also be watching Wednesday's Treasury buyback announcement ahead of Thursday's 20-30yr operation, particularly after last month's decision to at least double the size of long-end buybacks.  

Thursday sees August new home sales and initial jobless claims. Last week continuing claims hit their lowest since January 2024. Fed speakers include Williams, Barkin, Hammack and Paulson, offering further opportunities for markets to assess where officials stand after last week’s hawkish meeting. Friday’s US durable goods report will be particularly important from a growth perspective. Our economists expect headline orders to rise by 0.6% month-on-month, with orders excluding transportation and core capital goods both expected to increase by 1.1%. The data should provide one of the clearest indications yet of whether the recent strength in business investment is being sustained. Williams and Hammack are also due to speak on Friday.  

Here is a day-by-day calendar, courtesy of DB

Day-by-day calendar of events

Monday September 21

• Data: US August Chicago Fed national activity index, China 1-yr and 5-yr loan prime rates
• Central banks: Fed's Goolsbee speaks, ECB’s Kazimir and Dolenc speak, BoC’s Macklem speaks

Tuesday September 22

• Data: US September Philadelphia Fed non-manufacturing activity, Richmond Fed manufacturing index, business conditions, UK August public finances, Eurozone September consumer confidence
• Central banks: Fed's Williams, Jefferson and Barkin speak, ECB's Nagel and Sleijpen speak
• Auctions: US 2-yr Notes ($69bn)
• Other: General debate of the UN’s General Assembly in New York (until September 28)

Wednesday September 23

• Data: US, UK, Germany, France and Eurozone September PMIs
• Central banks: Fed's Barr speaks, ECB's Vujcic, Zigman and Lane speak
• Auctions: US 2-yr FRN (reopening, $28bn), 5-yr Notes ($70bn)
• Other: OECD’s interim economic outlook

Thursday September 24

• Data: US August new home sales, September Kansas City Fed manufacturing activity, Q2 current account balance, initial jobless claims, Japan September PMIs, Germany September Ifo survey, France September consumer confidence, business confidence, EU27 August new car registrations, Canada July retail sales, Australia labour force survey
• Central banks: Central bank decisions in Norway, Sweden and Switzerland, Fed's Williams, Barkin, Hammack and Paulson speak, ECB’s economic bulletin, BoE’s Dhingra, Breeden and Lombardelli speak
• Earnings: Costco
• Auctions: US 7-yr Notes ($44bn)
• Other: US President Trump and China’s President Xi meeting in the US

Friday September 25

• Data: US August durable goods orders, September Kansas City Fed services activity, UK September GfK consumer confidence, Germany October GfK consumer confidence, Eurozone August M3
• Central banks: Fed's Williams and Hammack speak, ECB's Vujcic speaks

Looking at just the US, The key economic data release this week is the durable goods report on Friday. There are many speaking engagements with Fed officials this week, including events with Governor Barr on Wednesday, President Paulson on Thursday, President Hammack on Thursday and Friday, and President Williams on Tuesday, Thursday, and Friday.

Monday, September 21 

• There are no major economic data releases scheduled.
• 06:30 AM Chicago Fed President Goolsbee (FOMC non-voter) speaks: Chicago Fed President Austan Goolsbee will speak about monetary policy at the Official Monetary and Financial Institutions Forum in London. Speech text and Q&A are expected. On August 28, Goolsbee said, “As I look at the inflation data, we were above the target, then it was going the wrong way, then we got a couple of months of more benign readings but that certainly doesn’t feel like we’re out of the woods.”

Tuesday, September 22 

• There are no major economic data releases scheduled. 
• 10:05 AM New York Fed President Williams speaks: New York Fed President John Williams will give keynote remarks during the New York Fed’s Treasury Market Conference. Speech text is expected. On September 2, Williams explained that “we are neither seeing second-round effects, nor unusual broadening of the effects of higher energy prices, and we are seeing well anchored inflation expectations,” though his comments came prior to September’s warmer CPI print.
• 10:20 AM Fed Vice Chair Philip Jefferson speaks: Fed Vice Chair Philip Jefferson will speak at the New York Fed’s Treasury Market Conference on discount window modernization and Treasury market functioning. Speech text is expected.
• 01:00 PM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will deliver a speech to the CFA Society Baltimore. Speech text and Q&A are expected.

Wednesday, September 23 

• 09:45 AM S&P Global US manufacturing PMI, September preliminary (consensus 53.5, last 53.9); S&P Global US services PMI, September preliminary (consensus 56.0, last 56.5)
• 10:05 AM Fed Governor Barr speaks: Fed Governor Michael Barr will speak on housing at the Chicago Fed Community Development Summit. Speech text and Q&A are expected. On September 1, Barr said, “A series of shocks—from tariffs and then the conflict in the Middle East, as well as from the rapid AI buildout—has pushed us off course. And core non-housing services inflation remains elevated.” He also added that “with inflation above target for a protracted period, there is a risk of broader price pressures taking hold, a risk I am watching closely.”

Thursday, September 24 

• 04:10 AM New York Fed President Williams speaks: New York Fed President John Williams will participate in a moderated discussion during the London Macro Policy Forum. Q&A is expected.
• 08:00 AM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will participate in a fireside chat at The Economic Club of Washington D.C. Q&A is expected.
• 08:30 AM Initial jobless claims, week ended September 19 (GS 200k, consensus 200k, last 196k): Continuing jobless claims, week ended September 12 (consensus 1,750k, last 1,730k)
• 08:50 AM Cleveland Fed President Hammack (FOMC voter) speaks: Cleveland Fed President Beth Hammack will give opening remarks at the Inflation: Drivers and Dynamics Conference hosted by the Cleveland Fed and the European Central Bank. Speech text is expected. On September 4, Hammack stated, “Both the hard data and the anecdotes are telling me the same thing: policy is not restrictive. Inflation is too high—and the longer it stays above our objective, the harder it will be to bring it back down…Right now, what I’m hearing is that it is time to act.”
• 10:00 AM New home sales, August (GS +0.7%, consensus +1.3%, last -10.5%)
• 10:10 AM Philadelphia Fed President Paulson (FOMC voter) speaks: Philadelphia Fed President Anna Paulson will speak about the economic outlook at the Tenth Annual Fintech Conference hosted by the Philadelphia Fed. Speech text is expected. On August 4, Paulson explained that she sees “two plausible scenarios for how current policy is affecting inflation.” One is that “the current setting of the federal funds rate is mildly restrictive and this will bring inflation to 2 percent in an acceptable time frame” and the other is that “current policy is not restrictive enough to deliver our target rate of 2 percent inflation.”

Friday, September 25 

• 05:15 AM New York Fed President Williams speaks: New York Fed President Williams will participate in a policy panel during the 6th Monetary Economics Conference in Oxford, UK. Q&A is expected.
• 08:30 AM Durable goods orders, August preliminary (GS -1.0%, consensus -0.3%, last +1.1%); Durable goods orders ex-transportation, August preliminary (GS +0.6%, consensus +0.6%, last +0.4%); Core capital goods orders, August preliminary (GS +0.5%, consensus +0.7%, last flat); Core capital goods shipments, August preliminary (GS +0.3%, consensus +0.7%, last +1.2%): We estimate that durable goods orders declined 1.0% in the preliminary August report (month-over-month, seasonally adjusted) based on our tracking of commercial aircraft orders. We forecast a 0.5% increase in core capital goods orders—reflecting continued strength in the new orders components of manufacturing surveys in August—and a 0.3% increase in core capital goods shipments—reflecting the continued increase in core capital goods orders in recent months.
• 10:00 AM University of Michigan consumer sentiment, September final (GS 47.5, consensus 47.5, last 47.8): University of Michigan 5-10-year inflation expectations, September final (GS 3.4%, last 3.4%)
• 2:00 PM Cleveland Fed President Hammack (FOMC voter) speaks: Cleveland Fed President Beth Hammack will participate in a policy panel discussion at the Inflation: Drivers and Dynamics Conference hosted by the Cleveland Fed and the European Central Bank. Q&A is expected.

Source: DB, Goldman

Tyler Durden Mon, 09/21/2026 - 10:55

Another Tanker Struck In Strait Of Hormuz As Iran's President Heads To NY

Just as the Iranian delegation of President Masoud Pezeshkian is set to fly to New York City for this week's UN General Assembly, where it's expected that the Iranians could be engaged in some sideline diplomacy with the White House, another tanker incident has unfolded off in the Persian Gulf area.

The UK Maritime Trade Operations (UKMTO) agency is reporting Monday that an oil tanker has been "struck by an unknown projectile" while on an inbound transit route in the Strait of Hormuz.

As a result of the attack under as yet unknown circumstances two crew members suffered "minor injuries". But the vessel is reportedly in good enough shape to continue on to its next port of call.

It may have been the result of a small drone, given what appears to only be light damage or an incident not significant enough to put the vessel out of commission. Tehran is seeking to keep its leverage and 'control' over the vital energy transit waterway.

"Vessels are advised to transit with caution and report any suspicious activity to UKMTO," the reiterated. 

But oil prices have slid to their lowest in 11 days amid optimism that Iran's Pezeshkian could hold talks with US officials, or else could engage in renewed diplomacy via mediators on the UN sidelines.

Trump in a Sunday Fox News interview actually indicated openness to a meeting with Pezeshkian, in a first of the war. Trump was asked about the high level UN meeting and surprisingly he went so far as to say he would "probably be open" to meeting with the Iranian president.

Still, this was all coupled with threats. In Trump's mind, there seem to be three options on the table, or as he put it--"to obliterate Iran, letting it rot economically or reach a deal."

Tim Waterer, chief market analyst at KCM Trade, has observed, "It seems that a degree of risk premium is being removed from oil prices on hopes that a diplomatic path to de-escalate the US-Iran war may arrive this week."

Meanwhile, a regional US commander has claimed that oil and liquefied natural gas shipments through the the Strait of Hormuz have reached their highest level in six months. This is being hailed as a sign that US naval protection and mine-clearing efforts could finally be paying off.

Iran has meanwhile over the weekend once again warned US allies in the region that they'll be considered "complicit" if the US resumes it military assault on the Islamic Republic. The Iranian military HQ stated that "any mistakes will result in painful attacks."

Iran’s President Will Enter the U.S. DURING the War for the UN Meeting

This is VERY RISKY

President Masoud Pezeshkian is expected to travel to New York in the coming days to address the UN General Assembly and meet world leaders.

The security situation is extraordinary. Dr.… pic.twitter.com/AtY24KDYEd

— Ryan Rozbiani (@RyanRozbiani) September 20, 2026

Tehran further indicated Sunday that it is still awaiting Trump's response to its conditions for ending the war. Mohammad Bagher Ghalibaf confirmed to AFP that Iran's demands were sent to Washington via the Qataris. The US could decide to convey its counter offer while the Pezeshkian delegation is in town.

Tyler Durden Mon, 09/21/2026 - 10:45

Is Trump Secretly Pushing For A Deal When Iran's President Arrives In NY

By Benjamin Picton, Senior Market Strategist at Rabobank

 All The News That Is Not Fit To Price

Political and geopolitical developments again stole the headlines over the weekend, with attendant market implications. Active European gasoil futures are lower this morning despite news that Ukraine had launched a “massive” drone attack against Moscow that had damaged a major refinery. Brent crude oil prices are also lower despite news that Donald Trump had cut short a trip to Camp David to return to Washington, reports that Iran had activated its highest military readiness alert amid claims that the US is preparing to resume attacks, Houthi attacks on the Saudi capital Riyadh, and Pentagon Pizza Report activity suggestive of something afoot. Asian stocks are broadly higher this morning and US equity index futures are pointing towards a positive open.

President Trump announced late last week that Denmark and the United States had struck a deal to provide the US with military access to the Greenland in perpetuity. Trump said that the agreement bars non-NATO countries from establishing bases and gives the US the right to refuse third party nations from holding economic interests in the territory. Aside from its strategic value adjacent to the Arctic and lying between the United States and hypothetical ballistic missile paths from Russia, various media outlets have also pointed towards Greenland’s deposits of rare earth minerals as an important factor in the US’s interest in the territory. Trump said that the US would commence the work of beefing up its military presence in Greenland immediately. 

That was far from being the only major development on transatlantic security over the weekend. Social media was teeming with speculation over Emmanuel Macron’s decision to call French party leaders and presidential hopefuls to a closed-door briefing at the Elysee regarding the worsening international security situation. Attendees were reportedly briefed by senior intelligence officials on intensifying threats from Russian hybrid warfare, including cyberattacks, sabotage, drone strikes, assassinations and grey-zone tactics. Macron warned that the threat has expanded from state and military targets and could now result in civilian casualties. 

Concurrently, Polish PM Donald Tusk warned citizens that there are difficult times ahead and said that Russia is planning further drone and missile attacks on NATO territory. Meanwhile, Britain’s BBC asks the question “War may be coming. Are we psychologically ready?” Perhaps a more interesting question is at what point are grey zone attacks sufficient for NATO’s article 5 to be invoked? And what would actually happen if it was? 

The answer to that question suddenly seems less clear after Slovak Prime Minister Robert Fico said that he would not allow Slovakia to be pulled into a military conflict with Russia because of NATO’s collective defence clause. Such an ‘all the benefits, none of the costs’ approach does nothing to dispel American criticisms of a mentality of free-riding on the continent and again highlights the lack of political cohesion at the supranational level, even as Canada under Mark Carney seeks deeper trade and security ties with a European bloc that still hasn’t seen fit to fully ratify the CETA trade agreement.

Elsewhere in Europe the far-right AfD followed up its recent win in Saxony-Anhalt by recording a strong result in the Mecklenburg-Western Pomerania elections to finish with the highest vote share (38.2%), just ahead of the left-wing SPD (35.5%), while Chancellor Friedrich Merz’s CDU slumped to just 4.9% of the vote – its worst result in any state election since the formation of the Federal Republic of Germany. That figure is low enough to see the CDU ejected from the state parliament altogether. Merz called the result a “disaster”. 

While the far right was making ground, so was the far left. The Die Linke party won 25.7% of the vote to finish first in the Berlin elections. Nevertheless, a deal between other parties may still see it barred from capturing the Berlin mayoralty, which would likely stymie efforts to enact its program of nationalizing privately owned property in a bid to lower rents.

Despite the poor electoral results, Chancellor Merz is saying that he will stay on in an effort to deliver on a program of economic and security reforms that he said could be “the antidote to authoritarianism”.

US ten-year treasury yields closed 6.5bps higher on Friday while two-year yields rose by almost 8bps to see a modest bear flattening of the curve. That’s as Scott Bessent met with Chinese Vice Premier Hi Lifeng on Sunday ahead of a meeting between Presidents Trump and Xi in Washington later this week. Discussions reportedly centerd around trade, artificial intelligence and rare earths. 

Further discussions will be held later today to lay the groundwork for Trump-Xi summit which will now occur in the context of China having been cut off from cheap oil supplies from Venezuela and Iran, having energy supplies from Russia pressured by Ukrainian strikes, chased out of the Panama Canal, seeing its Arctic ambitions challenged by an increased US presence in Greenland, and watching sympathetic governments in South America fall like dominoes to US-aligned right wing challengers. On the latter, Polymarket now has Flavio Bolsonaro ahead of Lula by 62-41 for the October 5th Presidential election.

News over the weekend that Saudi Arabia had quit China’s mBridge digital currency program that US critics have said subverts the role of the US dollar in the global monetary system coincided with news that the US State Department had approved the sale of 48 F-35 fighter jets to the Kingdom. Saudi leaving the Chinese payments initiative may be just as strong a signal as the UAE’s decision to leave OPEC and OPEC+ about the US’ determination to play a much more aggressive brand of the Great Game to secure its own enduring interests. 

With Iranian President Pezeshkian set to arrive in New York for the UN General Assembly this week – and Donald Trump expressing willingness to meet with him – rumors of Gulf states preparing to sign on to the Abraham Accords continue to swirl.

Could we see a deal done? Or could all the news that the market has not seen fit to price suddenly show up in the price action?

Tyler Durden Mon, 09/21/2026 - 10:30

Media TV Pool Won't Cover Trump As CNN, MS NOW, Politico To Sue Over White House Ban

CNN, MS NOW and Politico notified the federal government on Monday that they intend to sue the Trump administration to get their White House credentials back, three days after the president announced from Truth Social that he was barring all three from the building.

President Donald J. Trump makes an announcement on health care in the Oval Office at the White House in DC on Sept. 18. (Evan Vucci, Reuters)

The outlets have retained First Amendment lawyer Ted Boutrous, who beat the administration on this exact question in 2018, and are seeking emergency relief in federal district court in Washington.

The Ban

Trump announced the ban on Friday, writing that outlets "shouldn't be able to constantly write or report FICTION and LIES when they're covering the President." He later added that "there's something wrong with a country that can allow people to write purposely negative stuff."

The order was enforced at the White House gates the next morning. On Saturday, journalists arriving to cover the administration were stopped by the Secret Service at the West Wing security checkpoints. CNN's Betsy Klein, MS NOW's Akayla Gardner and Politico's Cheyenne Haslett were turned away; an agent told Gardner her press pass had been deactivated.

By Monday, CNN was removed from pooled coverage duties - the rotating assignment under which one network's crew feeds video to every other outlet - and CNN and MS NOW were blocked from using their television equipment and camera positions on the grounds. 

On the pool itself: Fox News Washington bureau chief Bryan Boughton, who chairs the TV pool (ABC, CBS, CNN, NBC, Fox rotate), emailed pool subscribers that there would be “no replacement pool put in place” after the White House blocked CNN from its assigned duties. The other major networks declined to fill in. Essentially collective action by the networks, including Fox.

https://t.co/h78fUx200J pic.twitter.com/20CHMpdTw3

— Rapid Response 47 (@RapidResponse47) September 18, 2026

Jacqui Heinrich, Fox News senior White House correspondent and current White House Correspondents’ Association president, issued the WHCA statement standing “in defense of our colleagues at CNN, MS NOW, and Politico who are being singled out for doing their jobs.” She said the action violates the First Amendment, that protections “do not depend on whether the president likes a news organization’s coverage,” and called for immediate restoration of access. She also discussed it on Fox News Sunday.

The Filing

In a joint statement, the three outlets said: "Without notice or process, the White House revoked our journalists' credentials because it objected to our reporting." They called the ban "a more direct assault on the First Amendment" than anything that preceded it, and "a more blatant violation of our most fundamental constitutional principles."

All three said they would keep covering the administration either way. Politico global editor-in-chief Jonathan Greenberger told staff in a memo that the outlet would "vigorously defend our First Amendment rights."

What The Courts Have Already Said

The administration has lost this argument twice before.

In 2018 the White House pulled the hard pass of CNN's Jim Acosta after a hostile press conference. Timothy Kelly, a Trump appointee, ordered it restored within days, finding the network likely to win on Fifth Amendment due process - the White House had given Acosta no notice and no chance to respond.

In 2025 the administration barred the Associated Press from the Oval Office and Air Force One after the wire service declined to adopt "Gulf of America." A district judge ordered full access restored. An appeals court then let the administration keep the AP out of small, restricted spaces, ruling only that it could not bar reporters from areas "generally open to the press," such as the briefing room.

Neither case went as far as this one. Acosta was one reporter and the AP kept its briefing-room seat. Three outlets barred from the entire complex is a larger question than any court has answered.

Tyler Durden Mon, 09/21/2026 - 10:15

Warner Bros, Paramount Jump After Settling Lawsuits With California And Other States

Update: (10:05am ET).

Well, that was fast: following a Friday leak that a settlement was imminent, moments ago, Bloomberg reported that Paramount Skydance has reached a settlement with California and other states suing to block its proposed acquisition of Warner Bros. Discovery, citing a person familiar with the matter.

Settlement talks came to fruition over the weekend after four states that had opposed terms of a deal outlined with California conceded. The settlement, which is expected to be announced later today, paves the way for one of the largest mergers in Hollywood history.

Lawyers for the states worked all night on the agreement, the person said. Four states — Massachusetts, New York, Connecticut and Minnesota — had been holdouts on a possible settlement, but ultimately concluded the expense of the legal battle was not justifiable without California at the helm, the person said.

The states that held out longer did succeed over the past week in securing independent editorial boards for CBS and CNN as part of the deal, the person said.

The terms, summarized below, are said to include a financial penalty if the company fails to make good on a promise to distribute 30 films per year in theaters.

If the final terms are approved, the agreement would spare Paramount from having to pay late fees to Warner Bros. of $7 million a day, which were to begin on Oct. 1.

* * *

Earlier

Shares of Warner Bros. (WBD) are up 7% and Paramount Skydance (PSKY) gains 6% after the WSJ reported Friday that Paramount was in advanced settlement talks with the California AG Rob Bonta aimed at settling the California-led antitrust lawsuit that would block the company's proposed merger with Warner Bros. Discovery.

According to the report the two sides met over the weekend and discussed several potential concessions including

• $1.5bn investment by Paramount for production in California
• Maintain both studio lots & stay in California
• Potential sale of cable channels and creation of a board to maintain CNN’s editorial independence
• Financial penalties for producing less than 30 films per year. 

Bonta, a consortium of 12 states, and the Writers Guild of America, sued to block Paramount's $110 billion acquisition of Warner Bros. in July. Since then, the two sides have been locked in discussions to resolve the matter. The suing states fear further consolidation in the entertainment industry would reduce jobs and competition. Meanwhile, Paramount, led by CEO David Ellison, argues the combination will create a company large enough to successfully compete with the tech giants that have encroached on the entertainment industry.

The merger would bring the two eponymous Hollywood studios and under one roof, alongside the Paramount Plus and HBO Max streaming services and a slew of cable channels such as CNN, MTV, and TBS, among others.

One of the proposals in the negotiations includes establishing an oversight board to ensure CNN retains editorial independence. Other possibilities include the sale of certain cable channels, according to IBD

Another proposal would impose, according to Bloomberg, a $30 million fine on Paramount for each film that falls short of its previously pledged goal of releasing 30 movies per year in theaters. Ellison and Paramount originally made the pledge to get theater operators to support the merger. However, Bonta had been wary of Paramount's promise because he considered it difficult to enforce. The fine would seem to address that.

Under the terms of the discussions, Paramount would also be forced to sell its stake in the studio Miramax, according to The Wall Street Journal.

Tyler Durden Mon, 09/21/2026 - 10:00

South Korea Gives Almonty's Major Tungsten Mine Final Green Light To Supply The West

Bloomberg reports that Almonty Industries has secured final administrative approval from South Korean authorities to commercially process tungsten at its Sangdong mine. The approval positions Sangdong to begin supplying major Western customers and accelerate supply chain decoupling from China for the critical industrial metal. As Beijing restricts tungsten exports, the West's looming rearmament cycle adds urgency to securing conflict-free supplies.

South Korea granted Almonty inspection certificates last Thursday that authorize commercial operation of Sangdong's processing plant and crushing facilities. The approvals allow Almonty to turn mined ore into saleable tungsten concentrate for domestic customers and, more importantly, for Western buyers struggling to procure supplies amid a year and a half of China choking off global supplies.

Much of the Sangdong mine's output already has a buyer.

Almonty's long-term offtake agreement with Global Tungsten & Powders, a member of Austria's Plansee Group, covers more than 90% of Sangdong's Phase I production. A news release in July announced an extension of the agreement to 21 years from first delivery and increased total contracted volume to 4.41 million metric tonne units (MTU), with minimum annual volumes of 210,000 MTU following ramp-up.

"With more than 90% of our Phase I production already contracted for 21 years from first delivery, the task in front of us is a simple one: operate the plant safely, ramp it steadily and deliver," CEO Lewis Black wrote in a press release.

Almonty noted in the press release, "The certification is the final step in Sangdong's transition from facility construction, trial operation and commissioning to commercial production."

Black continued, "The timing is not lost on us. Tungsten prices are at historic highs, China has tightened its grip on the material the Western industrial base depends on, and commencing January 2027, United States defense procurement rules will look all the way back to where the ore was mined."

"Sangdong is one of very few assets anywhere that can answer that question with a Western address and the scale to matter," Black added.

In its most recent presentation, Almonty describes itself as becoming the leading Western tungsten producer following Sangdong's Phase II expansion and an extension at Portugal's operating Panasqueira mine.

Almonty is pursuing that higher-value processing opportunity through Sangdong with an initial annual capacity of 4,000 tons, later expanding to 6,000 tons.

Last week, Almonty struck a deal with Rwanda's government, securing a foothold in Africa's largest tungsten-producing nation, while the miner also tapped its Spanish mine waste. These two moves show the fastest way to bring new supplies online, since waiting years for a new mine conflicts with the need to address supply troubles today. In other words, the West doesn't have time, and it needed new supplies yesterday.

Almonty shares have pulled back to around $14 after their latest rally stalled near $19. The stock remains roughly 40% below its April peak near $23.5 and has slipped into the $15 - $20 range.

In premarket shares are up 3.3%. 

Companies that can bring supply online sooner could capture a crucial early market advantage, such as Almonty, as it ramps up tungsten production at its South Korean mine and is now set to export to the West. 

Tyler Durden Mon, 09/21/2026 - 09:15