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Multiple sightings of the aggressive predators forced lifeguards to raise the red flags across the entire coast around 1 p.m., the Parks Department confirmed.

SAP Slows Hiring, Freezes Travel As AI Push Accelerates

Not even a day after reports swirled that Microsoft was preparing to cut thousands of employees, and as the broader tech sector continues to hemorrhage white-collar workers replaced by chatbots, the latest AI-related job-displacement news is coming from Europe's largest software company.

Bloomberg reports that German enterprise software giant SAP, best known for software that supports large corporations running core business operations, is preparing to slow hiring and cut travel costs as it diverts more capital toward developing AI tools.

More color from the report:

Going forward, SAP will "exclusively focus new hiring on selected profiles only, mainly core Al roles, that are critical for our long-term success," the executive board said in an email to staff on Wednesday evening that Bloomberg reviewed.

Internal travel unrelated to AI development will be paused, and the company will look for ways to cut spending with suppliers.

"As Al reshapes the future of our industry, we are making significant investments in the products and Al capabilities we build, complemented by strategic acquisitions in data and Al where we need additional expertise and technology," the managers said in the memo.

"By balancing where we invest and where we save, we ensure that SAP remains strong, competitive, and well- positioned for the long term."

SAP has also been pursuing acquisitions to bolster its AI offerings and reportedly lost out on a deal to purchase industrial AI and data firm Cognite, which instead agreed to a $3.1 billion deal with Schneider Electric.

The move comes as CEO Christian Klein reorganizes SAP around AI innovation, taking on a larger role in overseeing product development. It also comes as legacy software names have been battered this year on fears that AI rivals such as Anthropic and OpenAI could disrupt their core businesses.

According to Bloomberg data, SAP had around 110,000 employees as of the first quarter of this year. While the report made no mention of future layoffs, the company's workforce appears to have already peaked in the third quarter of 2022, suggesting the latest "efficiency" push could further unwind years of overhiring.

New report: 

• AI Adoption Rate Across Corporate America Accelerates

SAP shares in Frankfurt were down around 2% on Thursday and about 33% on the year.

The selloff mirrors declines of Salesforce, Workday, and Microsoft, which have cut thousands of jobs while investing heavily in AI. The latest from The Market Ear suggests that, after months of declines, software could be set for a squeeze (read report). 

Tyler Durden Thu, 07/02/2026 - 15:00

FDA Allows Label Saying Zyn Nicotine Pouches Less Harmful Than Cigarettes

Authored by Zachary Stieber via The Epoch Times,

The Food and Drug Administration is letting Philip Morris International market its Zyn nicotine pouches as being safer than cigarettes.

Zyn nicotine cases and pouches on a table in New York City on Jan. 29, 2024. Michael M. Santiago/Getty Images

The FDA said on June 30 that the pouches can now feature the statement, "Using Zyn instead of cigarettes puts you at a lower risk of mouth cancer, heart disease, lung cancer, stroke, emphysema, and chronic bronchitis."

The authorization of the modified risk statement followed an extensive scientific review, regulators said.

That process concluded that Philip Morris subsidiary Swedish Match demonstrated the claim was scientifically accurate, that consumers understand the claim, and that marketing the products with the claim would benefit the population.

"FDA's review of modified risk products is intended to ensure that adult users have clear, science-based information about the relative harms of tobacco products, so they can make informed choices," Bret Koplow, acting director of the FDA's Center for Tobacco Products, said in a statement.

"Today's decision allows these products to be marketed with a modified risk claim that informs adults who smoke about the lower risks associated with these products."

The FDA initially cleared Zyn pouches in 2025. Officials at the time said that the benefits to adult cigarette smokers outweighed the risks to adults and youth, based in part on the finding that the pouches contain fewer harmful chemicals than cigarettes.

An FDA advisory panel in January said the proposed statement was likely accurate.

The Campaign for Tobacco Free Kids opposed the proposal at the time. The nonprofit said that Swedish Match did not meet the standard for authorization, in part because there was no demonstrated benefit.

The authorization of the new claim includes the requirement that the pouch manufacturer carry out studies and surveillance, including assessing how people interact with the updated products and understand the updated risk-related information.

The authorization lasts for five years and can be extended.

If the FDA determines that the marketing under the adjusted statement no longer benefits the population, such as a scenario that involved a spike in uptake among young people, the agency may withdraw the authorization, officials said.

Philip Morris CEO Stacey Kennedy hailed the development. Kennedy said in a statement it "ensures these adults have access to accurate, science-based information, including FDA-authorized evidence that switching from cigarettes to Zyn reduces the risk of smoking-related diseases like heart disease and lung cancer."

"More broadly, it reinforces the agency's science-based approach to evaluating products across the continuum of risk and communicating those findings transparently," she said.

Tyler Durden Thu, 07/02/2026 - 14:40

They’re party poopers at America’s birthday!

Hearn, 67, claimed to the Washington Post he was arrested after picking up a piece of the pool's liner that was floating in the water.

Leave it to the ultra-wealthy to secretly drop $125 million on a building just to demolish it.

Bill Simmons learned of the Celtics' shocking trade at an inopportune time.

Swimmers at a Long Island beach had a “Jaws”-dropping experience — spotting a massive 9-foot shark that shut down the water as patrols are now in search of the beast.  The fish was first seen on Thursday just before 10:30 a.m. at Point Lookout in Hempstead, prompting Nassau County’s shark patrol units to spring into...

Nithya Raman is a socialist running for the mayor of Los Angeles.

Fort Worth, TX, has spent years adding apartments at a pace that’s pushed rents down 2.9% from a year earlier, according to Realtor.com® data. But a new analysis suggests that it would take an estimated 474 years for that same relief to reach its most cost-burdened residents.

Pro photo edits for less.

Former New York City Mayor Bill de Blasio freaked out on Fox News’ Sean Hannity live on-air as the pair clashed over the recent socialist takeover of New York City.

Blue Owl Gates Investors Again After Top BDCs Hit With Massive 38%, 19% Redemption Requests

After a catastrophic Q1 for private credit BDCs, Q2 is proceeding just as many had expected: just as bad.

After alternative asset manager titans such as Apollo, Blackrock, Blackstone and Cliffwater all gated their investors for a second straight quarter following a surge in redemption requests that easily surpassed what took place in Q1, earlier today we learned that the ground zero of the private credit implosion - Blue Owl Capital - was also slammed with redemption requests in the second quarter. Sure enough, it also gated its investors.

As Bloomberg reports, for the second straight quarter, two Blue Owl Capital private credit funds were hit with the industry’s largest redemption requests, forcing the manager to again cap withdrawals.

Investors in the roughly $34 billion Blue Owl Credit Income Corp., one of the largest in the industry, asked to pull 18.8% of shares, or $3.6 billion in the second quarter, according to an investor letter Thursday. That’s down fractionally less than the $4.2 billion requested in the prior period from the fund known as OCIC. 

The smaller Blue Owl Technology Income Corp. saw shareholders request 38.1%, or $1.1 billion, compared with $1.2 billion in the first quarter. 

The good news: the total redemptions were modestly below last quarter's record; the bad news: the redemptions persisted almost entirely despite the market staging a historic, remarkable rebound and as fears about software disruption supposedly eased. Turns out they did not.

Blue Owl, which as we have thoroughly documents, has been at the heart of the storm roiling the $1.8 trillion private credit market due to its massive exposure to software-linked loans, joins industry peers including Apollo, Ares, BlackRock and Blackstone in imposing a 5% redemption limit as investors accelerate out of the funds.

Blue Owl told investors it was “encouraged to see OCIC’s modestly lower quarter-over-quarter tender requests broadly across channels and geographies.” Let's see what the company will tell investors next quarter if we see a powerful drawdown in stocks which sparks a new selling panic across the private credit space. 

According to Bloomberg, the firm said it has satisfied more than 43% of the original demand from shareholders with repeat withdrawal requests. It said second quarter requests were largely from those investors, and included “limited new participation.”

Realizing the existential threat they were in, Blue Owl executives - who in a bizarre act of "diversification" decided to buy a stake in the Cleveland Cavaliers - stepped up efforts to engage with clients over the past three months, flying around the world on a roadshow trying to educate investors, according to a person with knowledge of the matter. They emphasized the message that private credit is a performing asset and that their funds had delivered positive returns, the person said, requesting anonymity to discuss private meetings.

In the shareholder letter Thursday, the firm highlighted that about 90% of investors remain in the larger fund, which has posted approximately $1.2 billion of inflows this year.

“OCIC does not need to sell a single private loan to satisfy the tender offer,” Craig Packer, Blue Owl’s co-president, and Logan Nicholson, OCIC president, said in the letter to shareholders.

And in case that investors decided they don't want to be in the fund much longer, the firm said that both Blue Owl funds have “ample dry powder” to capitalize on better lending conditions in the market, with wider spreads and improved protections.

OCIC and OTIC had $11.6 billion and $1.3 billion in liquidity respectively, including cash and available borrowings assets as of May 31, according to the letters. OTIC oversees about $5 billion in assets.

Tyler Durden Thu, 07/02/2026 - 14:20

Find out all of the songs in Netflix's newest romantic comedy Voicemails For Isabelle!

The singer is auctioning off some of her old wardrobe — but not before she takes it for another spin.

The singer is auctioning off some of her old wardrobe — but not before she takes it for another spin.

Andrea Denver and Lexi Sundin from “In the City” chatted with our “Virtual Reali-Tea” co-hosts, Danny Murphy and Evan Real, about their pregnancy. The couple shared that spending time with Lindsay Hubbard’s daughter, Gemma, has helped prepare them for parenthood. Of course, we had to ask about the biggest scandal to hit the Bravoverse, and...

Andrea Denver and Lexi Sundin from “In the City” chatted with our “Virtual Reali-Tea” co-hosts, Danny Murphy and Evan Real, about their pregnancy. The couple shared that spending time with Lindsay Hubbard’s daughter, Gemma, has prepared them for parenthood. Of course, we had to ask about the biggest scandal of the Bravoverse, and where they...

Lasko is in stable condition after undergoing spinal decompression and stabilization surgery.

Judge Blocks USPS Ballot Rule Tied To Trump's Election Integrity Order

Authored by Tom Ozimek via The Epoch Times,

A federal judge on Wednesday blocked the U.S. Postal Service from implementing a Trump administration proposal to boost election integrity by enhancing ballot tracking and verification, finding it conflicted with a 2021 settlement requiring the agency to prioritize the timely delivery of election mail.

U.S. District Judge Emmet Sullivan ruled on July 1 that USPS could not move forward with the proposed rule, which would have required states using the mail for federal absentee and mail-in voting to adopt standardized ballot envelopes with trackable barcodes and provide USPS with voter participation lists to make ballot verification easier. Ballot mailings that failed to comply would have been rejected.

One day after the proposed rule was published in early June, the National Association for the Advancement of Colored People (NAACP) returned to court in a long-running lawsuit originally filed during the 2020 election, asking Sullivan to enforce a 2021 settlement that requires USPS to prioritize the monitoring and timely delivery of election mail through the 2028 election cycle.

The proposed rule stems from President Donald Trump’s March executive order directing USPS to develop new standards for handling federal ballot mail as part of a broader thrust to bolster election integrity.

The Justice Department, which represented USPS in the case, did not respond to a request for comment before publication.

Rule Boosts Election Integrity, DOJ Says

In opposing the NAACP’s motion, the Department of Justice (DOJ) argued in a court brief that the proposed rule was designed to improve—not hinder—the handling of election mail.

Attorneys representing the Trump administration wrote that requiring standardized Election Mail logos and Intelligent Mail barcodes would make ballots easier to identify throughout the postal network. They argued this would allow USPS to better monitor the movement of mail-in ballots and help implement the “extraordinary measures” USPS has traditionally used to expedite election mail before federal elections.

“Such requirements promote the ’monitoring and timely delivery of Election Mail'; they do not frustrate it,” they wrote in the brief. “And while the Postal Service has proposed requiring state and local election officials to identify the names and addresses of the persons to whom they send ballots and to provide the barcodes for the ballot envelopes, requiring this information—which officials already, by definition, have—would not compromise the lawful delivery of any mail.”

The administration stated in the proposal that the new rule would strengthen election integrity by creating a uniform ballot-tracking system while leaving decisions about voter eligibility entirely to the states.

Election officials—not USPS—would determine who is eligible to vote by mail and would submit lists of voters receiving mail ballots, together with unique barcode information, through a federal portal. The Postal Service would use that information only to verify ballot mailings and improve tracking, not to decide who could vote.

“State and local election officials would maintain full control over who they send ballots to,” government attorneys said in the brief.

“There are no plausible concerns, certainly at this stage, that the Proposed Rule would negatively impact USPS’s ability to timely and reliably deliver Election Mail. Rather, this provision would, again, assist USPS in better being able to track (and thus deliver) such important mail.”

Plaintiffs Claim ‘Confusion and Uncertainty’

The NAACP argued in its motion that the new requirements would violate the 2021 settlement and could prevent eligible voters from receiving mail ballots.

“Implementation of the Proposed Rule would threaten to prevent millions of eligible voters from receiving mail-in ballots to which they are entitled,” attorneys representing the plaintiffs wrote.

They also argued that, even while the rule remains in proposed form, it already caused confusion within USPS, and among election officials and voters, about what procedures will be in place for mail-in ballots in the November 2026 election cycle.

“The pendency of the Proposed Rule ... creates confusion and uncertainty,” they wrote. “USPS, for example, cannot conduct internal or external trainings to plan for a rule that is not yet finalized. Nor can it provide answers or guidance to election officials and voters to mitigate confusion or uncertainty.”

The case traces back to August 2020, when the NAACP sued USPS over operational changes introduced around that time that plaintiffs said caused widespread mail delays during the COVID-19 pandemic and threatened the timely delivery of absentee ballots.

The parties settled the case in December 2021. Under the agreement, USPS committed through 2028 to issue nationwide election-mail guidance, organize regular “outreach meetings” with the NAACP before federal elections, provide performance reports, and make good-faith efforts to prioritize the monitoring and timely delivery of election mail.

Trump’s March executive order directed USPS to develop new standards to strengthen election security, prompting USPS to publish the proposed rule, which the NAACP challenged.

The judge sided with the plaintiffs, concluding that the proposed procedures conflicted with USPS’s commitment to prioritize the timely delivery of election mail.

Allison Zieve, director of Public Citizen Litigation Group, which represented the NAACP in the case, praised the ruling.

“The court today correctly recognized that USPS’s plan to create roadblocks to mail-in voting was inconsistent with its commitment to timely deliver election mail,” she said in a statement. “USPS’s plan was unwise, unlawful, and a threat to the millions of voters who rely on mailed ballots to participate in our democracy.”

Tyler Durden Thu, 07/02/2026 - 14:00