US regulator drops lawsuit against Binance
The US Securities and Exchange Commission (SEC) on Thursday dropped its civil lawsuit against the cryptocurrency exchange Binance and its majority shareholder, Changpeng Zhao.”In the exercise of its discretion and as a matter of policy, the Commission deems it appropriate to dismiss this litigation,” the agency said in a court filing.The SEC added that dropping the lawsuit “does not necessarily reflect its position in any other litigation or proceeding.”Binance, the world’s largest cryptocurrency exchange, is accused in several countries of allowing criminal organizations to launder funds through its platform.Zhao, the company’s co-founder and former CEO, pleaded guilty in late 2023 to violating anti-money-laundering requirements in the United States, serving a four-month prison sentence for it in 2024.As part of the company’s $4.3 billion settlement with US authorities, Zhao agreed to resign from his position at Binance while remaining a majority shareholder.US President Donald Trump’s pro-crypto SEC chair Paul Atkins has dropped other cases against major cryptocurrency platforms like Coinbase and Kraken initiated under the administration of former president Joe Biden.
New metro cuts through Saudi social divisions
For decades, civil servant Zayed al-Ghamdi’s social circles in Saudi Arabia were more than predictable, bound by routine and kinship in a country where societal divisions have rarely been challenged. Then came the metro.A decade after breaking ground, Riyadh’s gleaming new metro opened in December, offering the capital’s eight million residents an alternative to roads chronically clogged by its two million cars.A quicker commute is not the only difference: for the first time, the wealthy are sharing journeys with the less well off, and Saudi nationals are mixing with the large expat population, from white-collar workers to labourers.”For 40 years, I was confined to my car or restaurants with my father and brothers, then with my wife and children,” Ghamdi, a 42-year-old civil servant working in downtown Riyadh, told AFP. “I didn’t mix or talk to anyone except those I knew or who resembled me.”Now, things have changed. You feel that society, with all its classes, is in one place,” he added while speeding along the blue line, which connects working-class areas in the south with the downtown business district and affluent northern neighbourhoods.With its eye-watering oil riches, intricate tribal networks and large numbers of foreign workers, Saudi society has long been divided by rigid class structures. But on the metro, those divisions are more porous.Metro carriages are frequently crowded with labourers, university students, government employees and business executives wearing expensive suits. “I can now discuss general topics with strangers and even get to know new things and cultures up close,” said 56-year-old engineer Nasser Al-Qahtani, pointing to a young Saudi holding a skateboard.- ‘Family and friends only’ -While the metro has done little to clear Riyadh’s perennially gridlocked streets, its opening has been “a major social and psychological event”, said sociologist Mohammed Al-Hamza.”The metro has shifted the mindset of Saudi society. It has made people come closer together,” he said. “The culture in Saudi Arabia is one of family and friends only, and there is reluctance to get to know new people.”Along with chipping away at class divisions, the system is saving commuters time and money, to the delight of many. “I used to get to work in over an hour and a half, exhausted and stressed due to traffic,” said Ghamdi, adding that he had hardly used his prized SUV for months.”Now, I arrive relaxed and without stress,” he added. Prices range from just four riyals ($1) for a limited one-day pass to 140 riyals for a month.As in other countries in the Middle East and beyond, the metro offers family carriages reserved for women, children and couples.They afford women a safe and socially acceptable way to use the network to travel to work or study.For those willing to pay an extra 10 riyals per day, first-class compartments also offer a reprieve from the busy single-male carriages.For law student Hadeel Waleed, 20, the metro has been a game-changer, cutting her trip from the southern suburbs to Princess Nourah University from three to four hours to one hour or less.”Now I arrive home with energy for my family and studying,” she told AFP.- ‘No one expected this usage’ -The project is one of many major infrastructure initiatives under “Vision 2030” — the reform programme overseen by the kingdom’s de facto ruler, Crown Prince Mohammed bin Salman.With six lines spanning about 176 kilometres (109 miles) of track, the network serves 85 stations, including stops at all terminals of Riyadh international airport.There had been fears among city officials that the huge project could prove a white elephant, with few Saudis deigning to use it. A bus network developed by the city struggled to gain traction as Saudis remained committed to their cars, especially during the hot summer months when temperatures hit 50 degrees Celsius (122 degrees Fahrenheit).  “Honestly, for 10 years, the question was: ‘Who will use the metro?'” a senior official who helps operate the system told AFP on condition of anonymity.”No one ever expected the current level of usage or even the financial returns,” he added. The Royal Commission for Riyadh did not respond to AFP’s enquiries about daily ridership but the official suggested the figure was likely in the tens of thousands if not more. Authorities are already hoping to expand the network, with a seventh line under development linking Riyadh to several new projects on the capital’s outskirts.For Muneer, a 28-year-old government employee, the metro is a welcome addition to a city undergoing rapid change. “It makes life easier,” he said.Â
Bernard Kerik, New York police chief through 9/11, dead at 69
Bernard “Bernie” Kerik, who rose to national prominence after leading the New York police department through the September 11 terror attacks, died Thursday. He was 69.FBI Director Kash Patel announced Kerik’s death on X, saying he passed away “after a private battle with illness.”Lauding Kerik, Patel called him “a warrior, a patriot and one of the most courageous public servants this country has ever known.”Kerik was the tough-talking head of the New York police when Osama bin Laden’s hijackers struck the World Trade Center towers with commercial passenger jets in September 2001. In the traumatic days and weeks after the attack, Kerik, with his squat, muscular build, balding head and black moustache, became a familiar face to Americans across the country, as he helped then-mayor Rudy Giuliani guide New York through the crisis.He’d served as Police Commissioner for less than a year when his life and career were altered forever by the terror attacks that killed nearly 2,750 people, including 23 NYPD officers.When Giuliani’s second term ended shortly after the attacks, Kerik left office with him and continued their decades-long friendship and professional allegiance.Kerik’s rough upbringing was detailed in a memoir, “The Lost Son: A Life in Pursuit.” Born in New Jersey to an alcoholic prostitute, he was abandoned by his mother and brought up by his father, and had a troubled childhood.Early on his career took him around the world, with a spell on a military police posting in South Korea and working as a security consultant for the Saudi royal family in Saudi Arabia. He later joined the New York Police Department, where he worked undercover in the narcotics division and helped bust 60 members of the notorious Colombian Cali drug cartel.After leaving the Police Commissioner role post-9/11, Kerik stayed active in Republican politics, taking on a tour of duty to Iraq to help train their law enforcement in 2003 for former president George W. Bush.He suffered another fall from grace after pleading guilty in 2009 to felonies, including tax fraud.He admitted to accepting $255,000 worth of renovations to his apartment from a construction firm — suspected of having mob ties — angling for government contracts.His plea helped him avoid a maximum potential sentence of up to 61 years behind bars. Instead, he was sentenced to four years in prison. He was released in 2013. Kerik received a presidential pardon in 2020, during President Donald Trump’s first term.He later teamed up with Giuliani to investigate debunked allegations of election fraud following Trump’s 2020 loss, and was among those subpoenaed by lawmakers over accusations of plotting to overturn the election in the January 6, 2021 attacks on the US Capitol.
Asian markets reverse as appeals court gives Trump tariffs reprieve
Asian shares fell Friday after a US appeal court gave Donald Trump’s sweeping tariffs a temporary reprieve, fanning uncertainty a day after judges had ruled the controversial measures were unconstitutional.The losses reversed a rally across world markets the previous day as analysts warned that the legal wrangling could compound volatility and throw trade talks between Washington and other governments.While the tariffs have been stalled and are set to go through the courts — and possibly end up at the Supreme Court — there are expectations that the US president will find other means to implement them.The US Court of International Trade’s ruling on Wednesday barred most of the tariffs announced since Trump took office, ruling that he had overstepped his authority — a decision he labelled “horrible” and should be “quickly and decisively” reversed for good.”Backroom ‘hustlers’ must not be allowed to destroy our Nation!” he wrote on his Truth Social platform.A separate ruling by a federal district judge in Washington, DC also found some levies unlawful as well, giving the administration 14 days to appeal.Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain.But Kevin Hassett, director of the National Economic Council, told Fox Business that “hiccups” sparked by the decisions of “activist judges” would not affect negotiations and that three agreements were close to finalisation.National Australia Bank’s Rodrigo Catril said after the appeal court decision that “Trump’s trade agenda remains alive and kicking with the legal battle adding yet another layer of uncertainty”.He added that the judges could still rule against the White House.”But it is probably worth emphasising that the president has other avenues to impose tariffs, so our view here is that the court case is just another layer of uncertainty/complication but it does not derail Trump’s tariff agenda,” Catril said.”The ongoing shift in US trade policy is creating a cloud of uncertainty and now the legal battles are making the outlook even cloudier.”The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring.”Meanwhile, US Treasury Secretary Scott Bessent told Fox News on Thursday that negotiations with China were “a bit stalled” and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war.He added that “given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other”. Hong Kong and Tokyo were off more than one percent each, while Shanghai, Sydney and Seoul also sank into the red, though Wellington and Manila edged up.The weak performance followed a tepid day on Wall Street, where all three main indexes ended just slightly higher, with sentiment also dented by data showing the US economy contracted in January-March, albeit at a slower pace than first thought.Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump’s plans to ramp up the budget deficit.On currency markets the yen strengthened after figures showed inflation in Tokyo — a barometer for the rest of Japan — came in above forecasts this month, ramping up expectations the country’s central bank will hike interest rates in July.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.4 percent at 37,890.86 (break)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 23,243.11Shanghai – Composite: DOWN 0.5 percent at 3,346.41Euro/dollar: DOWN at $1.1357 from $1.1368 on ThursdayPound/dollar: DOWN at $1.3483 from $1.3494Dollar/yen: DOWN at 143.91 yen from 144.19 yenEuro/pound: UP at 84.24 pence from 84.22 penceWest Texas Intermediate: DOWN 0.3 percent at $60.74 per barrel Brent North Sea Crude: DOWN 0.3 percent at $63.97 per barrelNew York – Dow: UP 0.3 percent at 42,215.73 (close)London – FTSE 100: DOWN 0.1 percent at 8,716.45 (close)
Targeting foreign students, Trump hits a US lifeline
On the campaign trail last year, then-candidate Donald Trump proposed handing US residency cards automatically to international students when they earn diplomas, bemoaning that they were leaving to form successful companies in China and India.Now back at the White House, Trump’s message has changed drastically.Hoping to crush an academic establishment he sees as his enemy, Trump has launched unprecedented actions against international students that experts warn are likely to decrease enrollment and could trigger a brain drain of top talent.In a matter of days, the Trump administration has sought to bar all foreign students from Harvard University, one of most prestigious US institutions, and Secretary of State Marco Rubio has vowed to “aggressively” revoke visas to students from China, long the top source of students to the United States although recently eclipsed by India.Rubio has already yanked thousands of visas, largely over students’ involvement in activism critical of Israel’s offensive in Gaza but also over minor traffic violations and other infractions.”The US, historically, has a reputation around the world of having a very open atmosphere for scientific and technical research, and that draws a lot of people, especially people from countries that don’t necessarily have that kind of openness,” said Phoebe Sengers, a professor in information science and science and technology studies at Cornell University.She said it’s certain the number of international students will “plummet in the coming years.””The challenge with that is that students who would come here don’t just disappear. They will stay in their home countries or go to other countries where they can get a technical education, and they’re going to be building businesses in those countries and competing directly with our firms,” she said.- Universities as ‘enemy’ -US universities have long been reputed to be among the world’s best, and among the most expensive to attend.International students who pay full tuition are vital sources of revenue, as are federal research grants, which the Trump administration is also slashing.The State Department has justified its crackdown by pointing to “theft” of US technology by China, and Trump has spoken of making more spots for US-born students.But Trump’s inner circle has long made clear its intentions to battle universities — whose often left-leaning faculties, high costs and selectivity make them perfect foils for a presidency centered on countering elites and foreigners.Vice President JD Vance stated in no uncertain terms his hope to destroy the power of academe in a 2021 speech entitled, “The universities are the enemy.”Yet Vance himself rose from poverty to power through Yale Law School, one of the country’s most elite institutions.Universities have an outsized influence on the economy, with international students directly contributing $50 billion to the US economy in 2023, according to the US Commerce Department.Many top US entrepreneurs are immigrants who came as students, including Trump’s ally Elon Musk, with around half of the Fortune 500 companies founded by immigrants or their children.Krishna Bista, a professor at Morgan State University who studies international student mobility, said the tone set by the Trump administration “could deter even the most qualified applicants” from the United States.”It’s not just a visa issue — it affects students’ sense of safety, belonging and academic freedom,” he said.”Other nations are building policies to recruit talent — it’s irrational for the US to push it away.”The Hong Kong University of Science and Technology recently offered fast-track admissions to Harvard students whom Trump wants to force to transfer. – Growing competition -The United States across administrations has wooed international students, although the number also declined following the September 11, 2001 attacks due to greater curbs of all visas.A world-record 1.1 million international students studied in the United States in the 2023-24 academic year, according to a State Department-backed report of the Institute of International Education.But international students on average make up just under six percent of the US university population — far below Britain, the second top destination for international students, where the figure is 25 percent.The opportunity to change course may have already slipped away. “Even if everything was turned around tomorrow, our reputation as an open and welcoming society has already taken significant damage,” Sengers said.”It would take a concerted effort to bring things back to where they were four months ago.”