Tesco shoppers mock ‘VAR’-style cameras at self-checkout
Tesco shoppers mock ‘VAR’-style cameras at self-checkout
Dukas/Universal Images Group via Getty Images
Tesco’s introduction of AI technology to some self-checkouts has led to customers joking that it bears a striking resemblance to the Video Assistant Referee (VAR) technology used in football.
The supermarket is aiming to reduce shoplifting by installing overhead cameras to identify when shoppers fail to scan an item properly, and then showing a live-action replay of the item not scanning.
While some shoppers mocked the tech, others complained it was a step too far, with some saying they would not use self-checkout again.
The move comes after shoplifting in the *** hit a record high in 2024.
Figures from the Office for National Statistics show that shoplifting offences recorded by police in England and Wales rose 20% last year to 516,971.
But the number of thefts recorded by retailers themselves is even higher. Figures from the British Retail Consortium suggest there were 20.4 million thefts in the year to last September, up 3.7 million on the year before, costing retailers £2bn.
‘The last item wasn’t scanned properly’
Tesco said it had rolled out the technology across some of its stores in a bid to help customers using self-service checkouts to identify if an item hasn’t scanned properly.
The supermarket said it would make the checkout process “quicker and easier”.
If an item fails to scan, customers are shown a video on the self-service screen of their attempt, accompanied by a message saying “The last item wasn’t scanned properly. Remove from bagging area and try again.”
It follows a similar move by Sainsbury’s, which has rolled out AI recognition technology at self-service checkouts at some of its stores.
“We regularly review the security measures in our stores and our decisions to implement them are based on a range of factors, including offering our customers a smooth checkout experience,” said a Sainsbury’s spokesperson.
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“VAR Decision – Tuna Disallowed,” joked one commenter on a video posted on Instagram showing the technology flagging an item that had failed to scan properly, which has had more than 3.5 million views.
“Clearly off side,” added another.
But on Bluesky, a user voiced fears that the technology could open the door to more surveillance measures. “What’s next? Drones to follow… you about the store?”
On Facebook, another user said he would “not use self-checkouts” after the technology was introduced.
Record shoplifting
The move marks the latest attempt by retailers to try to stem the rise in shoplifting.
Tesco has also introduced giant trolley scales at its Gateshead store, which prompted a similarly mixed response from shoppers earlier this year.
“Am I at border control or Tesco?” asked one Reddit user.
Last week Greggs announced that it will move its self-serve food and drinks behind the counter at sites where there are high levels of theft.
And in 2023, photos circulating on social media showed supermarkets had fitted products including steaks and cheese with security tags, while coffee was replaced with ****** jars.
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WA’s housing shortage to last until 2030, according to the Housing Industry Association. Chief economist Tim Reardon expects demand will not meet supply until 2030, when the State is expected to deliver 30,000 new abodes
WA’s housing shortage to last until 2030, according to the Housing Industry Association. Chief economist Tim Reardon expects demand will not meet supply until 2030, when the State is expected to deliver 30,000 new abodes
WA stuck short for years amid ongoing labour constraints
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Trump’s pardon attorney discussed pardoning final Jan. 6 defendants — including Oath Keepers’ Stewart Rhodes, lawyer says
Trump’s pardon attorney discussed pardoning final Jan. 6 defendants — including Oath Keepers’ Stewart Rhodes, lawyer says
New Justice Department pardon attorney Ed Martin has discussed pardon applications for some of the only remaining Jan. 6 Capitol riot defendants who weren’t given full clemency by President Trump, including Oath Keepers founder Stewart Rhodes, a lawyer told CBS News.
Peter Ticktin, an attorney working to secure full pardons for a number of Jan. 6 defendants, told CBS News he met with Martin last week to discuss pardon requests for Rhodes and 10 others. Martin was in his first full week in his new job as pardon attorney after Mr. Trump withdrew his nomination to serve as U.S. Attorney in Washington, D.C.
Martin posted photos of his meeting with Ticktin on X last week, saying Ticktin had “recommendations for pardons” and “I listened.” CBS News has reached out to the Justice Department for comment.
Ticktin said that in addition to a potential pardon for Rhodes, pardon applications were discussed for Proud Boys Joseph Biggs, Ethan Nordean, Zachary Rehl and Dominic Pezzola. Ticktin also mentioned applications for Dan Wilson and Elias Costianes, two other Jan 6 defendants who still face prison sentences due to firearm charges unrelated to the Capitol riot.
Politico was first to report on Ticktin’s conversation about Rhodes.
Mr. Trump issued pardons to almost everybody convicted over the Jan. 6 riot on the first day of his second term, and he directed any pending charges to be dropped.
However, a group of 14 current and former members of the far-right Proud Boys and Oath Keepers — including Rhodes — were only given commutations that allowed them to leave prison but left their criminal convictions in place. Many of those defendants were found guilty of more serious charges, like conspiring to use force to resist the transfer of power and seditious conspiracy.
More than 1,500 people were charged as a result of their alleged conduct on Jan. 6, and at least 1,100 have had their cases adjudicated and received sentences, according to Justice Department data. More than 700 defendants completed their sentences or did not receive sentences of incarceration. More than 170 people were accused of using a deadly or dangerous weapon, such as a fire extinguisher or bear spray, against police officers, prosecutors have said.
Ticktin is working with Jan. 6 defendant Trenniss Evans, who was sentenced to 36 months of probation and 20 days of prison time for his actions on Jan. 6. He pleaded guilty to entering and remaining in a restricted building in 2022.
Evans, who is CEO of the conservative nonprofit American Rights Alliance, told CBS News his expectation is that the 11 pardon applications submitted to Martin will go through the standard review process. He said his group had so far received no assurances from Martin or the Justice Department on whether the pardons will be granted.
“The only assurances that we have is that we have people that are in the Justice Department now and in the proper places in the administration that are going to give a realistic and fair review to these cases because of the nauseating stance that the previous administration took against individuals related to January 6,” Evans told CBS News.
The next step in the pardon process, Ticktin said, is for Martin to consult with Alice Johnson, Mr. Trump’s “pardon czar,” who was granted clemency in Mr. Trump’s first term after more than two decades of prison time for a nonviolent drug offense.
“She’s got a pretty important position at this point. I mean, she’s the one that has to decide these things,” Ticktin told CBS News. “Pardons need to be given out, but at the same time, none should be given out, you know, indiscriminately.”
Ticktin said he is working with Mark McCloskey, the man who infamously pointed a firearm at ****** Lives Matter protestors back in 2020, to file civil suits against the government for their treatment of Jan. 6 defendants.
“These are good American citizens, the kind of people that most people would enjoy being with, except that they were used as pawns here and incarcerated the way they were,” Ticktin told CBS News.
How Trump has used his pardon power
So far in his second term, Mr. Trump has pardoned Democratic former Illinois Gov. Rod Blagojevich, who was convicted on public corruption charges related to attempts to sell former President Barack Obama’s old U.S. Senate seat, and Ross Ulbricht, who was sent to life in prison for his role in creating and operating the darknet market Silk Road.
On Monday, Trump said he was pardoning Scott Jenkins, a former Virginia sheriff who was convicted of making several businessmen sworn law enforcement officers in exchange for cash bribes.
The Constitution gives presidents virtually limitless power to pardon people for federal crimes. Many presidents have drawn controversy for how they’ve used this power: Mr. Trump issued pardons in his first term to his former campaign chair Paul Manafort and his son-in-law’s father Charles Kushner, while Joe Biden pardoned his son Hunter and Bill Clinton pardoned financier Marc Rich. But legal experts say Mr. Trump’s clemency for Jan. 6 rioters — including people convicted of assaulting law enforcement officers — has been particularly broad, especially after Mr. Trump previously said he planned on offering “case-by-case” pardons to riot defendants.
Ticktin said that he also spoke to Martin about former Arkansas State Senator Jonathan Woods, who was sentenced in 2018 to more than 18 years in prison for a bribery scheme. Woods’ case was prosecuted in part by former special counsel Jack Smith when he led the Justice Department’s Public Integrity Section between 2010 and 2015, before prosecuting Mr. Trump.
In addition to the 11 pardon applications submitted last week, Evans said his group is working to “seek justice” for Tina Peters, a former Mesa County, Colorado, clerk who was sentenced to over eight years in prison on state charges. Peters was convicted of giving a man affiliated with MyPillow CEO Mike Lindell — a prominent promoter of false claims that voting machines were manipulated in the 2020 election — access to county election systems.
Jurors found Peters guilty of three counts of attempting to influence a public servant, one count of conspiracy to commit criminal impersonation, first-degree official misconduct, violation of duty and failing to comply with Colorado’s Secretary of State. Since her charges were in state court, Mr. Trump is unable to pardon her.
Jacob Rosen
Jake Rosen is a reporter covering the Department of Justice. He was previously a campaign digital reporter covering President Trump’s 2024 campaign and also served as an associate producer for “Face the Nation with Margaret Brennan,” where he worked with Brennan for two years on the broadcast. Rosen has been a producer for several CBS News podcasts, including “The Takeout,” “The Debrief” and “Agent of Betrayal: The Double Life of Robert Hanssen.”
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SpaceX set for next Starship launch after fiery failures
SpaceX set for next Starship launch after fiery failures
SpaceX is set Tuesday for the next test flight of its Starship megarocket — the linchpin of founder Elon Musk’s Mars ambitions — after the vessel’s last two outings ended in fiery explosions.
A launch window opens at 6:30 pm (2330 GMT) from the company’s Starbase facility near a southern Texas village that recently voted to become a city, also called Starbase.
Standing 403 feet (123 meters) tall, Starship is the largest and most powerful launch vehicle ever built, and it carries Musk’s hopes of making humanity a multi-planetary species.
NASA is also counting on a variant of Starship to serve as the crew lander for Artemis 3, the mission to return Americans to the Moon.
But the last two tests ended with the upper stages erupting into fiery cascades that sent debris raining down over Caribbean islands and disrupting flights — piling more pressure onto SpaceX to get it right this time.
Dozens of spectators awaited the launch Tuesday from Isla Blanca Park on South Padre Island, to see if SpaceX will pull off its aims this time.
*********** Piers Dawson, 50, says he’s “obsessed” with the launch and made it a destination on his family vacation — his first trip to the United States with his wife and teenager.
“I’m just expecting a successful launch. Obviously, that’s very exciting,” Dawson said, adding “I brought my 15-year-old son, took him out of school to bring him here.”
– The stakes of space –
The company is betting that its aggressive testing approach, which helped it become the dominant force in commercial spaceflight, will once again pay off.
Still, it acknowledged in a statement that progress “won’t always come in leaps.”
According to the Wall Street Journal, SpaceX is shifting personnel and resources to the Starship program in a push to have the vehicle ready for a Mars mission as soon as next year.
On the bright side, SpaceX has now demonstrated three times that it can catch the Super Heavy first stage booster in the giant robotic arms of its launch tower — a daring feat of engineering that it says is key to making the system rapidly reusable and reducing costs.
It will be reusing a Super Heavy booster for the first time on this ninth flight. In order to stress-test it, the base will not attempt a catch this time, opting instead for a splashdown in the Gulf of Mexico.
Similar to previous missions, the upper stage will attempt to fly halfway around the globe and splash down in the Indian Ocean.
For the first time, SpaceX will also aim to deploy a payload: mock-ups of its Starlink internet satellites, which are expected to burn up in the atmosphere.
In issuing its launch approval, the Federal Aviation Administration said it had nearly doubled the airspace closure zone to 1,600 nautical miles east of the launch site. It is coordinating with authorities in the ***, the British-controlled Turks and Caicos Islands, the Bahamas, Mexico, and Cuba.
The FAA also recently approved an increase in annual launches from five to 25 — stating the increased frequency would not adversely impact the environment and overruling objections from conservation groups who warned the expansion could endanger sea turtles and shorebirds.
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The original Dyson bladeless fan just got a long-awaited revamp, and it looks better than ever
The original Dyson bladeless fan just got a long-awaited revamp, and it looks better than ever
Dyson Cool FC1 is an upgrade of the original Dyson Cool tabletop fan
Same powerful, bladeless design and Air Multiplier technology
Adds Night mode, more setting options and a useful LCD screen
The original Dyson Cool was the world’s first bladeless fan, and the catalyst for many of the brand’s aircare explorations to come. Now, 16 years later, the brand has released multiple new products in this area, with increasingly advanced features, but the Dyson Cool hasn’t seen an upgrade. Until now.
The next-gen model – called the Dyson Cool CF1 – has the same powerful airflow and sleek, bladeless design, but adds some helpful features and usability tweaks to bring it in line with the rest of the best fans on the market. It’s not as big or splashy as some of the brand’s other launches, but it delivers exactly what I want from a tabletop fan.
(Image credit: Dyson)
So what’s new? Firstly, you have more customization options to play with. The oscillation settings have been extended – you can now choose between 15, 40 and 70 degrees of oscillation (or no oscillation at all) – and you’ve now got 10 fan speeds to play with, too.
You may like
Dyson has added a Night mode, which automatically dims the displays and adjusts fan speed, for cooling that’ll help you drop off, rather than being distracting. It combines with a new sleep timer that shuts off the fan when you’re (hopefully) happily away in the land of nod. There’s also an LCD screen, which shows at a glance what mode you’re in and which airflow setting you’re using.
(Image credit: Dyson)
Elsewhere, there’s still an energy-efficient, brushless DC motor, and it uses Dyson’s patented ‘Air Multiplier’ technology, which can apparently amplify the air around it by up to 13 times. As with all the Dyson fans, there are no blades, which means smooth and even airflow, and a design that’s safer and far easier to keep clean. (You won’t be able to use it to make yourself sound like a robot, though.)
There are no air purification (or heating, or humidifying) functions, as appear on other Dyson fans in the wider range. The Dyson Cool FC1 is focused entirely on efficient personal cooling.
(Image credit: Dyson)
“The original bladeless fan revolutionized the way we think about airflow, combining cutting-edge engineering with sleek, safe, and efficient design,” says Logan Thomson, Dyson Design Engineer. “This latest iteration builds on those core benefits by introducing modern upgrades like intelligent features, including sleep mode, to meet the demands of today’s customers.”
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The Dyson Cool CF1 comes with a list price of £249.99. It goes on ***** in the *** on 28 May 2025, at Dyson Demo stores or online at Dyson.co.***. I’m awaiting pricing and launch date information for the US and Australia.
You might also like…
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Stock market today: Live updates
Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange on May 21, 2025 in New York City.
Spencer Platt | Getty Images
U.S. stock futures were little changed Tuesday night, as investors awaited earnings results from Nvidia, after the Dow Jones Industrial Average snapped a four-day losing streak.
Dow futures rose by 45 points, or 0.11%. S&P 500 futures gained 0.08%, while Nasdaq 100 futures added 0.03%.
In extended trading, Okta shares plunged more than 11% after the identity management software company kept its guidance due to macroeconomic uncertainty. Otherwise, Okta beat fiscal first-quarter expectations on the top and bottom lines.
Investors are coming off a strong session for the major averages. The 30-stock Dow rallied more than 700 points, or about 1.8%, while the S&P 500 rose 2%, each ending a four-day losing streak. The Nasdaq Composite advanced roughly 2.5%.
Those moves come after President Donald Trump on Sunday said that he would delay a 50% tariff on the European Union to July 9, after initially saying Friday that he was “not looking for a deal.” This added to investors’ hopes the stock market can leave the worst of the tariff chaos behind.
“It’s important for investors to look past the tariff turmoil and look at the environment where we’ll have deregulation, more onshoring. Think about the tax bill, immediate expensing from a tax basis. Greater opportunities for M&A. So, the environment post-tariffs will be a great environment for investing,” Rich Saperstein, chief investment officer of Treasury Partners, said Tuesday on CNBC’s “Closing Bell.”
“Now, in between that, we have uncertainty, which could cause a slowdown in the next two quarters,” said Saperstein. “But I would look to the environment post-tariffs into ’26, versus looking in the immediate volatility.”
Investors are awaiting Nvidia’s earnings results, set to release Wednesday after the close. They’ll be paying close attention to what China restrictions will mean for the AI chipmaker, which sees no slowing in demand for its graphics processors.
Elsewhere, Macy’s, *****’s Sporting Goods and Abercrombie & Fitch are set to report before the open on Wednesday.
Traders will also be reviewing the minutes from the Federal Reserve May meeting, due out Wednesday afternoon, for insight into how central bank policymakers are thinking through monetary policy at a time of greater macroeconomic uncertainty.
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Trump administration asks Supreme Court to lift limits on deportations to 'third countries' – NBC News
Trump administration asks Supreme Court to lift limits on deportations to 'third countries' – NBC News
Trump administration asks Supreme Court to lift limits on deportations to ‘third countries’ NBC NewsTrump Asks Supreme Court to Let Him Send Migrants to South Sudan The New York TimesTrump administration asks Supreme Court to halt judge’s order on deportations to South Sudan AP NewsTrump admin asks SCOTUS to authorize rapid migrant deportations to countries other than their own Fox NewsJudge pleads with Trump administration for reason over rhetoric in deportation case Politico
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Adam Walton wins first singles match at Roland Garros as Olivia Gadecki loses on centre court
Adam Walton wins first singles match at Roland Garros as Olivia Gadecki loses on centre court
Unheralded Aussie Adam Walton made it through to the second round of the French Open for the first time with an epic five-set win at Roland Garros to join compatriots Alex de Minaur and Alexei Popyrin.
As Thanasi Kokkinakis, who is enduring another stint on the sidelines after pectoral reattachment surgery, revealed he didn’t know when he’d be back on court, Walton
rode the rollercoaster in a 7-6(4) 4-6 6-3 2-6 6-2 victory over ******* qualifier Maximilian Marterer.
For the 26-year-old Queenslander, it was not only the first five-set win of his professional career but also his first singles win at Roland Garros.
It took three hours and 37 minutes to achieve the breakthrough, which set up a second round clash with No.17 seed Andrey Rublev, finishing the match off with an ace.
“I told myself I’ve got to hit it,” said Walton, who also won his opening doubles match on a big day.
“Obviously, I hit a pretty good one and obviously the feeling to win that match was very cool.”
“I felt like physically. I was battling a little bit in the fourth (set),” conceded Walton, who was able to regroup at that stage after taking a brief break off the court.
“I came out with a bit more energy and I told myself, ‘You got to go for it again and it’s one more set. That’s all you’ve got to play’.
“Luckily, I got off to a good start and was able just to keep holding on.”
Walton joined both de Minaur and Popyrin on the winners’ list, but compatriot Olivia Gadecki went down to second seed Coco Gauff on centre court, a match delayed after the American forgot to pack her racquets.
“They were supposed to be in my bag,” she told the chair umpire before a ball boy was dispatched to find them, blaming her coach for the mistake.
“When I opened the first zipper. I was like, ‘OK, no racquets’. The second zipper, I was like, ‘Oh my God!’
“Honestly, as long as I’ve been on tour, my coach has always put the racquets in the bag before the match because he’s very superstitious,” she laughed. “I’m blaming it on him! It’s OK.”
Kokkinakis, 29, is part of the commentary team for Channel 9’s broadcast of Roland Garros in Australia.
He told the Sit-Down podcast that he was riding this latest bump with a positive attitude.
“I’m sure when I’m ready I’ll be keen to get back into it,” he said.
“It’s weird obviously missing these big events at the moment (like Roland Garros), but it’s something that I’ve done a lot of times in the past, and it’s just part of my journey, I guess.
“Another setback, but I’ll get there.”
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Scientists Detect Mysterious Object in Deep Solar System
Scientists Detect Mysterious Object in Deep Solar System
Scientists are intrigued after spotting a highly unusual celestial object lurking at the very edge of our solar system.
It’s possible the trans-Neptunian object, dubbed 2017 OF201, is large enough to qualify as a dwarf planet, making it an “extreme ‘cousin’ of Pluto,” according to Institute for Advanced Study postdoc Sihao Cheng, who coauthored a yet-to-be-peer-reviewed paper on the findings.
The discovery was also confirmed by the International Astronomical Union’s Minor Planet Center last week, lending it an aura of growing credibility.
It’s a particularly intriguing finding, again bolstering the case that the area of our solar system past the orbit of Neptune is far busier than previously thought. Astronomers have long suggested the existence of a ninth planet, dubbed Planet X or Nine, whose immense gravitational pull could be causing trans-Neptunian objects in the region to act unusually.
However, the latest findings could challenge the hypothesis, suggesting 2017 OF201, among other objects, could be causing the strange behavior instead.
Cheng and his colleagues used advanced computational models to hone in on the mysterious object’s unusual trajectory. 2017 OF201 is an outlier thanks to its enormous size and immense distance from the Sun.
“The object’s aphelion — the farthest point on the orbit from the Sun — is more than 1600 times that of Earth’s orbit,” said Cheng in a statement about the research. “Meanwhile, its perihelion — the closest point on its orbit to the sun — is 44.5 times that of Earth’s orbit, similar to Pluto’s orbit.”
Thanks to its extreme orbit, it takes the planetoid a whopping 25,000 Earth years to complete a journey around the Sun.
How it got out there remains a bit of a mystery.
“It must have experienced close encounters with a giant planet, causing it to be ejected to a wide orbit,” said coauthor and Princeton PhD Eritas Yang in the statement.
The team proposes that 2017 OF201 went through a series of complex maneuvers to end up in its unusual trajectory.
“There may have been more than one step in its migration,” Cheng explained. “It’s possible that this object was first ejected to the Oort cloud, the most distant region in our solar system, which is home to many comets, and then sent back.”
The findings could challenge the Planet Nine hypothesis since 2017 OF201 isn’t part of the observed clusters of objects that “cluster in specific orientations,” as coauthor and Princeton graduate student Jiaxuan Li said.
These clusters have been found to have strange gravitational characteristics, orbiting at a very different angle than the solar system’s planets.
Intriguingly, there could be plenty of other weird “cousins” of Pluto in the far reaches of the solar system. But spotting them could prove extremely difficult.
“2017 OF201 spends only one percent of its orbital time close enough to us to be detectable,” Cheng said. “The presence of this single object suggests that there could be another hundred or so other objects with similar orbit and size; they are just too far away to be detectable now.”
“Even though advances in telescopes have enabled us to explore distant parts of the universe, there is still a great deal to discover about our own solar system,” he added.
More on Planet Nine: Scientists Say They May Have Spotted a Huge Hidden Planet Deep in Our Solar System
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Maternal Mental Health Has Declined, Study Says – The New York Times
Maternal Mental Health Has Declined, Study Says – The New York Times
Maternal Mental Health Has Declined, Study Says The New York TimesMoms in the U.S. report large decline in mental health in recent years, study finds CBS NewsMental health among U.S. mothers declines sharply between 2016 and 2023 News-MedicalU.S. Moms Facing Mental, Physical Health Struggles U.S. News & World ReportNew moms see slight improvement to mental health care, but Medicaid cuts could reverse that Iowa Public Radio
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City’s rubbish trucks catch fire seven times in one month as residents warned
City’s rubbish trucks catch fire seven times in one month as residents warned
A major *********** city has issued a stern warning after its rubbish trucks caught fire seven times in just one month.
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Iowa law would ground Trump’s donated jet with a thud
Iowa law would ground Trump’s donated jet with a thud
Air Force One flies over Mount Rushmore. (Photo courtesy of the U.S. Air Force)
Iowa Writers ‘Collaborative. Linking Iowa readers and writers.
Last week, the Pentagon accepted the emir of Qatar’s gift of a Boeing 747, a $400 million bauble donated for our president to enjoy by a monarch whose family has ruled the tiny ******** nation for more than a century.
Our commander in chief said the United States would be stupid to reject the donation — a present he hopes to use as a temporary replacement for Air Force One. The key word there: a temporary replacement.
Controversy clouds this gift for a couple of reasons. And Iowa’s public gift law — which deals with freebies much less ostentatious than the Qatari jet — provides important context on the controversy.
First, the Boeing 747 is far from being free. The United States government will need to spend upwards of $1 billion, according to Business Insider magazine, before the president can climb aboard what has been described as a sky palace considering its opulent use of marble and polished wood.
U.S. experts first must inspect the jet to confirm Qatar did not hide any devices that might jeopardize the president’s safety or security. Then the Pentagon needs to retrofit the aircraft with advanced, military-grade communications, security and defensive gear so the new version of Air Force One can serve as an aerial command post during a time of war.
At the conclusion of Donald Trump’s presidency in January 2029, the White House and Pentagon leaders said ownership of the jet will pass to his presidential library foundation — where the plane could become a museum relic or remain in service for Citizen Trump’s personal travel.
Iowa law imposes no-nonsense gift restrictions
That arrangement leaves some of my Iowa government friends incredulous. Even those who are retired can still quote chapter and verse from Iowa’s state government ethics laws that impose no-nonsense restrictions on the acceptance of gifts by public officials and employees.
For example, state government cannot accept a donated $75,000 Chevy Suburban for use by Gov. Kim Reynolds while she is in office and then hand her its keys when her term ends in January 2027.
The fact is, officials in Iowa can accept gifts worth only $3 or less. You read that correctly — $3, not $3 million, and certainly not $300 million.
When The Des Moines Register employed me, I would lunch periodically with state employees. They always paid their tab and I paid mine. They feared even an appearance that they might owe me or my employer a favor in the future if I bought their meal.
With state employees so concerned about such an appearance involving a ham on rye, it is logical to worry about a conflict of interests with Qatar for the rest of the Trump presidency and beyond.
There’s more to this Qatar gift that should raise the eyebrows of Jane and Joe Taxpayer, good-government advocates and Iowans serving in Congress — especially when White House representatives are running chainsaws through the federal budget.
‘Gift’ will cost taxpayers
The cost to U.S. taxpayers to prepare the Qatar 747 for the president should cause political heartburn for Republicans in Congress. The optics are terrible. Two similar 747s — adorned with “United States of America” across their fuselages — are fueled and ready to fly the president anywhere, anytime.
The president and the Republican majorities in Congress talk about out-of-control federal spending. They want to pare government safety net programs for the poor, like SNAP and Medicaid. They want to reign in FEMA, the federal disaster recovery agency, and reduce the National Weather Service budget. They want to cut funding for national parks, medical research, food safety inspections and the arts.
But little comment has arisen about the eye-popping price of retrofitting the Qatar jet for the president’s use for the next 36 months and then to remove the secret weaponry and communications gear before the plane sets course for the departing president’s library or personal airstrip.
The federal government already is spending $4 billion for two new Air Force One 747s that now are in production. The Qatar jet will not save a nickel on that contract.
The House last week approved a budget proposal from the White House and Republican leaders that the Congressional Budget Office says will add $2 trillion, with a “t,” to the $36 trillion national debt over the next 10 years. At the same time, the White House and Pentagon are getting ready for a huge military parade in Washington next month costing an estimated $45 million.
There is one more reason the optics of the Qatar gift are so embarrassing.
President Trump’s tariffs on imported products are expected to raise U.S. consumer prices. The president has lectured Americans on their need to make do with less in the near term for the good of the U.S. economy. You know, two dolls instead of 30, five pencils, not 250.
Members of Iowa’s delegation in Congress ought to use one of their pencils to scratch a note to the president and attach a copy of Iowa’s government gift law. The Iowa Code provisions limiting gifts to $3 or less could provide him good airplane reading the next time Air Force One flies over our state.
Plus, a little prairie common sense would teach him that for the good of the federal budget, even presidents can make do with less — specifically, a Qatar 747. Two, not three planes, will work just fine.
****** Evans is a member of the Iowa Writers’ Collaborative and his columns may be found on his blog, Stray Thoughts.
Editor’s note: Please consider subscribing to the collaborative and the authors’ blogs to support their work.
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Trump to pardon reality TV stars Todd and Julie Chrisley
Trump to pardon reality TV stars Todd and Julie Chrisley
Reality TV Personalities Julie Chrisley (L) and Todd Chrisley (R) visit Hallmark’s “Home & Family” at Universal Studios Hollywood on June 18, 2018 in Universal City, California.
Paul Archuleta | Getty Images
President Donald Trump said Tuesday that he will pardon reality television stars Todd and Julie Chrisley, who were convicted of tax evasion and bank fraud, and sentenced to several years behind bars.
“It’s a terrible thing, but it’s a great thing because your parents are going to be free and clean,” Trump said on a phone call with the couple’s daughter, Savannah Chrisley.
“I hope we can do it by tomorrow,” he added, according to a video posted on X by special assistant to the president and communications advisor Margo Martin.
“I don’t know them, but give them my regards,” Trump continued.
Trump has granted a number of high-profile, controversial pardons since returning to the White House, including for individuals convicted of white-collar crimes.
Todd and Julie Chrisley, known for their series “Chrisley Knows Best,” were found guilty in 2022 for conspiring to defraud Atlanta-area community banks to get more than $36 million in personal loans, according to the U.S. Attorney’s Office for the Northern District of Georgia.
They also “conspired to defraud the Internal Revenue Service,” per the attorney’s office.
Todd Chrisley was sentenced to 12 years in prison, and Julie Chrisley was sentenced to seven years.
Read more CNBC politics coverage
Savannah Chrisley, a reality television star, had been lobbying for a pardon for her parents, telling PEOPLE in February that she is “going through the proper channels.”
She had lunch at the White House in February, according to a post on Instagram.
She also spoke at the Republican National Convention last year, when she criticized the prosecutors who brought her parents’ case.
Earlier this month, she appeared “My View,” the TV talk show hosted by Trump’s daughter-in-law, Lara Trump, on Fox News Channel.
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Nvidia’s earnings are the stock market’s next major test after May’s Big Tech comeback – MarketWatch
Nvidia’s earnings are the stock market’s next major test after May’s Big Tech comeback – MarketWatch
Nvidia’s earnings are the stock market’s next major test after May’s Big Tech comeback MarketWatchStock futures are little changed as investors brace for Nvidia earnings: Live updates CNBCNvidia under pressure to show growth despite U.S. chip export controls AxiosInvestors With $7 Trillion Cash to Deploy Await Nvidia Results Yahoo FinanceAnalysts issue rare warning on Nvidia stock before key earnings TheStreet
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Trump to pardon reality TV stars Todd and Julie Chrisley
Trump to pardon reality TV stars Todd and Julie Chrisley
Reality TV Personalities Julie Chrisley (L) and Todd Chrisley (R) visit Hallmark’s “Home & Family” at Universal Studios Hollywood on June 18, 2018 in Universal City, California.
Paul Archuleta | Getty Images
President Donald Trump said Tuesday that he will pardon reality television stars Todd and Julie Chrisley, who were convicted of tax evasion and bank fraud, and sentenced to several years behind bars.
“It’s a terrible thing, but it’s a great thing because your parents are going to be free and clean,” Trump said on a phone call with the couple’s daughter, Savannah Chrisley.
“I hope we can do it by tomorrow,” he added, according to a video posted on X by special assistant to the president and communications advisor Margo Martin.
“I don’t know them, but give them my regards,” Trump continued.
Trump has granted a number of high-profile, controversial pardons since returning to the White House, including for individuals convicted of white-collar crimes.
Todd and Julie Chrisley, known for their series “Chrisley Knows Best,” were found guilty in 2022 for conspiring to defraud Atlanta-area community banks to get more than $36 million in personal loans, according to the U.S. Attorney’s Office for the Northern District of Georgia.
They also “conspired to defraud the Internal Revenue Service,” per the attorney’s office.
Todd Chrisley was sentenced to 12 years in prison, and Julie Chrisley was sentenced to seven years.
Read more CNBC politics coverage
Savannah Chrisley, a reality television star, had been lobbying for a pardon for her parents, telling PEOPLE in February that she is “going through the proper channels.”
She had lunch at the White House in February, according to a post on Instagram.
She also spoke at the Republican National Convention last year, when she criticized the prosecutors who brought her parents’ case.
Earlier this month, she appeared “My View,” the TV talk show hosted by Trump’s daughter-in-law, Lara Trump, on Fox News Channel.
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#Trump #pardon #reality #stars #Todd #Julie #Chrisley
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Thousands in line for payouts over forced meter fitting scandal
Thousands in line for payouts over forced meter fitting scandal
Lucy Hooker
Business reporter
Getty Images
Tens of thousands of energy customers are set to receive payouts of up to £1,000 each, and could see debts written off, in response to the scandal over the forced fitting of prepayment meters.
Energy companies are paying out more £70m in compensation and financial support to customers.
It follows a review by the regulator, Ofgem, of the way suppliers switched often vulnerable customers to paying upfront, without their agreement, after they fell behind with their bills.
Energy ***, representing energy firms, said suppliers had worked hard to “put things right”, following the intervention by Ofgem.
Eligible customers could receive payments starting at £40, rising to £250 or £500, depending on the way they were treated by their energy supplier, or where processes were not followed adequately.
The £1,000 payments were for customers who had faced “inappropriate installation”, Ofgem said.
Some may already have received help, or have been contacted by their energy supplier. If not, customers did not need to take any action, Ofgem said, as compensation would be paid directly into customer accounts.
“Our priority has been to put things right for those who weren’t treated properly, and ensure we don’t see bad practice repeated,” said Tim Jarvis, Ofgem’s director general of markets.
The scandal erupted two years ago, at the peak of the cost of living crisis, with energy prices spiking after Russia’s invasion of Ukraine.
It emerged that energy firms were switching people who were struggling to pay their bills onto prepayment methods, either by remotely changing their smart meter to prepay mode, or by entering the property to install a new meter.
There was a particular outcry when agents for British Gas were found to have forced their way into the homes of vulnerable people.
Ofgem responded by suspending all forced installations and launching a review of the practice from January 2022 to January 20223.
That review has found that suppliers “fell short of required standards” in the way they had treated customers.
However, the nearly £74m Ofgem announced was being dispersed applies only to customers at eight suppliers:
Scottish PowerEDFE.ONOctopusUtility WarehouseGood EnergyTru EnergyEcotricity
These firms had already disbursed £55m in financial support, Ofgem said. Another £5.6m would be paid in compensation to 40,000 affected customers. A further £13m would be used to write off debt for customers who had had a forced meter installation.
Enforcement investigations are continuing for British Gas, Utilita and Ovo, representing tens of thousands more customers.
A new code of practice is now in place with stricter conditions that suppliers must meet if they want to install prepayment meters without customer consent.
Dhara Vyas, chief executive of Energy ***, which represents energy firms, said suppliers had been working closely with Ofgem to meet the regulator’s requirements, but said there were instances where forced fittings were appropriate.
“Involuntary installations have been a last – but necessary – resort for cases where repeated attempts to address debt with the customer through other means have been unsuccessful,” she said.
“It’s bad for customers to fall further and further into arrears, and bad debt ultimately drives up the prices that is paid by all customers,” she added.
Dame Clare Moriarty, chief executive of the charity, Citizens Advice, said she would like to see the sector work quickly to disburse compensation to the worst affected.
“While it’s right that those rules have been tightened, it’s also vital that consumers get compensation for the distress that was caused,” she said.
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Loss of founder sparks new breath of life at Stage Left Theatre Troupe
Loss of founder sparks new breath of life at Stage Left Theatre Troupe
The death of Stage Left Theatre Troupe’s founder has inspired a renewed focus on community engagement.
The club recently had a Biggest Morning Tea fundraiser, raising $500 for the ******* Council. President Kyle Callaghan said it marked the start of Stage Left re-embracing the community-focused vision founder Kevin Blair, who died earlier this year, had for the troupe.
“We got a lot of feedback at that event where people said they thought we were closed and only ever put on shows and didn’t really do community events,” he said.
“We reflected on it and realised the community was right, all we ever did was stuff for ourselves.
“When Kev passed we . . . were going through the list of things he did for the community and we looked at ourselves and said ‘we are really not doing enough’ — it was a big wake-up call.
“We are ready to commit wholeheartedly and anything we can throw our hands in to help with, we will.”
Callaghan said he hoped to bring back professional theatre workshops with other companies, as well as other skill-building workshops for the community.
“We are happy to host events, help out, work in partnership with people,” he said.
Admitting the recent Biggest Morning Tea event was a “12th-hour thing”, Callaghan said he was determined to make that event ******* and better for next year.
He also encouraged community members who had ideas they wished to share to consider joining the committee.
To find out more, email [email protected].
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MindsEye Developer Build A Rocket Boy Accused Of Fostering A Toxic Work Environment
MindsEye Developer Build A Rocket Boy Accused Of Fostering A Toxic Work Environment
Build a Rocket Boy, the developer behind the upcoming action-adventure game MindsEye, has been accused of fostering a toxic work environment.
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Palantir Scores First $1 Billion Contract — Is It Priced In?
Palantir Scores First $1 Billion Contract — Is It Priced In?
Palantir Technologies Inc (NASDAQ:). continues to stack up wins. One of the company’s latest announcements was a $795 million contract with the U.S. Army regarding its Maven Smart System. The significance of this contract is that it’s an extension to Palantir’s prior $480 million contracts signed in 2024. That means that Palantir has its first $1 billion contract.
Since going public via a direct listing in 2020, Palantir has had more than its share of naysayers. However, this contract is just the latest example of how the company has managed to check the boxes that, for now, have propelled the stock higher despite a lofty valuation.
As the market opened on May 27, Palantir stock is more than 10% below its all-time high (ATH) of May 15, 2025. But the stock is still up 12.15% for the month, 67.2% in 2025, and over 500% in the last 12 months.
Bearish investors will say that, putting the deals aside, a stock is different than a company. Their argument would be that the billion-dollar deal doesn’t change the fact that Palantir stock is still expensive based on traditional metrics.
It’s trading at a forward price-to-earnings (P/E) ratio of over 397x and a price-to-sales (P/S) ratio of over 92x.
Government Demand Is Expected to Grow
The significance of the Maven Smart System contract is hard to overstate. This is a Department of Defense (DoD) initiative that highlights the Pentagon’s focus on using artificial intelligence (AI) tools for data fusion and target identification.
On a broader scale, investors could see this as the start of Palantir’s development of an operating system for the DoD. Naysayers have been putting pressure on the stock, believing that Palantir will have contracts cut as part of the U.S. government’s move towards efficiency.
Those concerns appear to be shortsighted. In fact, recent statements from the DoD suggest that they foresee more use for Palantir technologies. That aligns with the Pentagon’s increased budget for software licenses.
Palantir is also well-positioned for the Golden Dome initiative that the Trump administration is trying to push through Congress.
The Commercial Side Just Got a Lift as Well
Government contracts account for about 55% of Palantir’s revenue. However, the commercial side has been growing strongly in recent years. The latest example of this growth is the contract that Palantir signed with Bain & Company. Bain is an American management consulting company that “helps the world’s most ambitious change makers define the future.”
The deal’s financial terms were not available at the time of this writing. However, the partnership will pair Palantir’s AI operating systems with Bain’s deep industry expertise across multiple sectors.
Momentum Traders Continue to Chase Performance
Long-term investors may find it easier to filter out the noise surrounding Palantir and may be willing to accept a higher valuation. But what about traders? The bullish argument, for now, is that momentum traders are chasing performance. That leads them to a narrow group of technology stocks, including Palantir.
The options chain for Palantir for August 15, 2025 (about 10 days after Palantir’s next earnings report) shows many call options with a strike price of $150. That’s not only about an 18% gain from the May 27 price, but also over 15% above the ATH.
However, there are even more put options with a strike price of $115, which would decline about 9%. That could mean that traders are hedging against downside risk. Short interest, while still a small 3.3% of the float, has been on the rise.
Short sellers have been burned by Palantir earnings in the past. However, they may feel more emboldened as the floor on Palantir stock continues to climb.
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United is narrowing its check-in window for US flights. Here’s how it compares to other airlines
United is narrowing its check-in window for US flights. Here’s how it compares to other airlines
NEW YORK (AP) — Stragglers beware: U.S. travelers flying with United Airlines will have to check in to domestic flights a little earlier starting next week. That is, if they’re customers only taking carry-on bags.
Effective June 3, United’s “check-in cutoff” for most U.S. flights will be 45 minutes before departure. That’s the same deadline United has for passengers checking luggage at the airport but 15 minutes earlier than the current one for people without bags to check.
In an email to The Associated Press, a United spokesperson said the change to a single cut-off minimum “brings greater consistency for our customers” and conforms with the policies of many other airlines.
Checking in for a flight confirms a passenger’s booking and intent to travel ahead of takeoff. Most major U.S. carriers have online check-in systems that can be used at least 24 hours in advance, so the process no longer reflects when many travelers arrive at the airport. But it’s still an important step since boarding passes are issued once check-ins are completed.
Other U.S. and international carriers have tightened their check-in and boarding policies as part of their strategies for maintaining on-time departures, particularly amid the high demand that followed the COVID-19 pandemic.
Generally speaking, checking in allows airports and airlines to prepare for upcoming flights — from confirming seat assignments to making sure passenger names are at the security checkpoint. Check-in cutoffs, or the latest possible time to claim a flight reservation, are typically earlier for international flights to account for the time needed to check passports and clear customs.
Still, requirements may vary by airline and airport. Dubai-based Emirates, for example, closes online check-ins 90 minutes before departure. Ireland’s Ryanair allows online check-in up to two hours before a flight; passengers still may check in at the airport 40 minutes in advance, but for a fee.
Here’s what check-in cutoffs look like for United and some other U.S. carriers.
United Airlines
Again, if you’re flying United within the U.S., you’ll need to check in to your flight at least 45 minutes prior to takeoff as of June 3.
While the new cutoff applies to most of United’s domestic trips, check-in deadlines may vary by location and route. The carrier’s website notes that St. Thomas’ airport in the U.S. Virgin Islands has a check-in time limit of 90 minutes prior to departure — the same cutoff listed for flights between Guam and Honolulu.
For international flights, United requires checking in at least an hour before departure. But many airports have earlier deadlines — such as 75 minutes for major airports in Paris and Dubai, and 90 minutes for the airports in Toronto and Lagos, Nigeria.
Delta Air Lines
Delta passengers not checking any bags still have a minimum of a half-hour before a domestic flight to check in. Travelers with luggage to check need to get to the airline ticket counter at least 45 minutes prior, Delta’s website notes, per an update that went into effect last month.
In a statement sent to the AP on Tuesday, Delta said it had made this “minor change” so that “Delta teams can ensure all customers have a great experience.”
For international flights, Delta travelers must be checked in at least 1 hour before departure. But, like other carriers, Delta’s minimum check-in requirements can vary by location for certain airports. Delta customers checking bags at New York’s John F. Kennedy International Airport, for example, are supposed to check in an hour before departure whether their flights are domestic or international.
American Airlines
If you’re flying with American Airlines within the U.S., the deadline for checking in and checking a bag before a flight is 45 minutes ahead of departure, according to the carrier’s website.
For trips to or from locations outside the U.S., the cutoff to both check-in for your flight and check a bag is 60 minutes ahead of takeoff. But again, a handful of airports have earlier requirements.
Southwest Airlines
Passengers with more than a carry-on bag should get to the airline counter at least 45 minutes before a scheduled flight on Southwest. The carrier warns that baggage destined for a plane’s cargo hold is considered a “late check” and not guaranteed to get on your flight if it’s dropped off less than 45 minutes ahead of departure.
Beyond baggage, if Southwest travelers aren’t checked-in and in the boarding area at least 10 minutes prior to departure, their reservation could be canceled, a Southwest spokesperson told the AP via email.
The carrier did not specify any additional, firm check-in cutoffs for domestic flights. For international trips, Southwest’s website notes that all passengers and their luggage must be checked in a minimum of 60 minutes prior to departure. And again, that can vary — with flights departing Aruba, for example, having an earlier deadline of 75 minutes before takeoff for passengers with or without checked bags.
Alaska Airlines
Alaska requires a minimum of 50 minutes before takeoff to check in passengers for flights within the U.S., whether or not they have bags to check. The cutoff is 60 minutes for international flights, the carrier’s website notes.
Again, there are exceptions for certain locations and airports. Passengers traveling from Guadalajara, Mexico, for example, have to check their baggage and into their flights at least 90 minutes ahead of time.
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Trump asks Supreme Court to make it easier to deport migrants to South Sudan and other third-party countries – CNN
Trump asks Supreme Court to make it easier to deport migrants to South Sudan and other third-party countries – CNN
Trump asks Supreme Court to make it easier to deport migrants to South Sudan and other third-party countries CNNTrump administration asks Supreme Court to halt judge’s order on deportations to South Sudan AP NewsTrump admin ask SCOTUS to authorize rapid migrant deportations to countries other than their own Fox NewsTrump admin asks Supreme Court to restart South Sudan deportations AxiosTrump asks Supreme Court to make it easier to deport migrants to South Sudan and other ‘third’ countries 6abc Philadelphia
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Deborra-Lee Furness officially files for divorce from actor Hugh Jackman, two years after shock split
Deborra-Lee Furness officially files for divorce from actor Hugh Jackman, two years after shock split
Deborra-Lee Furness is officially moving on after filing for divorce from actor Hugh Jackman, nearly two years after their shock separation.
Furness, 69 and Jackman, 56 tied the knot in 1996 and had two adopted children before announcing in 2023 that they were ending their 27-year marriage.
The pair said in a joint statement at the time of their surprise split that they had been “blessed to share almost 3 decades together as husband and wife.”
“Our journey now is shifting, and we have decided to separate to pursue our individual growth.”
The *********** actress reportedly submitted the paperwork in New York on May 23 after their pair reached an agreement behind the scenes.
“A settlement was reached that Deborra is pleased with, which includes a handsome spousal support payment,” a source revealed to The Daily Mail.
“There was some back and forth regarding this financial agreement, but in the end, she got what she believed she deserved. Both are coming out of this financially secure.”
The insider added that Furness got the “closure she needed”. The next step is for the judge to sign off.
Another source confirmed that there wasn’t any drama between the couple while they were agreeing to the terms of the divorce.
“They have worked out the details in advance and everything is ironed out in terms of a settlement, alimony, and the expenses for the future of their children,” they said.
“They are amicable, and they are both fully committed to being the best parents that they can be.”
The news comes after the former couple were reportedly struggling earlier this year to divvy up their estimated $250 million fortune after it was revealed they didn’t have a prenup.
It is believed their marriage began to unravel during COVID, which is around the same time Jackman struck up a friendship with Sutton Foster, his co-star on the hit Broadway revival of The Music Man.
The Aussie superstar actor was recently spotted taking the next step with Foster, 50.
The pair were photographed in New York City after Foster left Jackman’s Chelsea apartment, fuelling speculation that the couple had moved in together.
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Woman arrested at Sanford airport after hitting child on plane who called her ‘****,’ police say
Woman arrested at Sanford airport after hitting child on plane who called her ‘****,’ police say
Sanford Airport Police arrested a woman outside an airport gate after they say she repeatedly hit a child on a plane.
The arrest report says it all started with the child calling Kristy Crampton “****” and “Miss Piggy.”
Crampton was on board Allegiant Flight 2885 from Orlando-Sanford International Airport to Hagerstown, Maryland, on Memorial Day. The family was set to fly home from their Disney World vacation.
According to what witnesses told police, the child told Crampton she couldn’t fit in the airplane seat.
Witnesses say Crampton “began hitting the child with her fist,” and hit him on the head with a water bottle. The report says she “slammed” the child’s head into the airplane window.
The report says the child used his arms to cover his head.
Airport officials haven’t said how old the child is. However, Crampton told police the child was “very rude” and “disrespectful” during their trip to Disney. After the child called her ‘****’, Crampton told police she took his phone away. She claims he pushed her arm off the armrest twice and that’s when she began “smacking” him, the report says.
According to the report, police say she went beyond “typical disciplinary actions.” One witness said, “the woman was not correcting the child; she was abusing him.”
The report says the family declined to give statements to police.
Crampton is charged with felony child abuse. She appeared in front of a Seminole County judge Tuesday who granted her a $10,000 bond.
The judge ordered she has no contact with the child.
The report says the FBI was notified of the incident.
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Palestinians Rush to New Aid Distribution Center in Gaza
Palestinians Rush to New Aid Distribution Center in Gaza
As hundreds of Palestinians converged on an Israeli-backed aid distribution center in Rafah, Gaza, short bursts of gunfire caused the crowd to panic. The Israeli military said it fired warning shots near the compound.
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Circle IPO has peculiar Facebook-like characteristic
Circle IPO has peculiar Facebook-like characteristic
Jeremy Allaire, co-founder and CEO of Circle, speaks at the 2025 TIME100 Summit in New York on April 23, 2025.
Jemal Countess | TIME | Getty Images
Stablecoin issuer Circle stands to be one of the first significant cryptocurrency companies to go public in the U.S. That’s not the only unusual aspect of its IPO.
In Circle’s updated prospectus on Tuesday, the company said it would sell 9.6 million shares in the offering, while existing shareholders would sell 14.4 million shares. It’s exceedingly rare in a tech IPO for more shares to come from investors than the company.
Facebook was one of the few notable exceptions. In the social network’s massive 2012 IPO, which raised a then-record $16 billion, 57% of the shares were sold by existing stakeholders. Circle is even higher at 60%.
Circle, the company behind the popular USDC stablecoin, didn’t provide a reason for its decision, and a spokesperson declined to comment. The company is profitable, having generated $64.8 million in net income in the latest quarter. It had almost $850 million in cash and equivalents, and stands to raise another $240 million in the IPO, based on the midpoint of its expected range of $24 to $26 a share, according to Tuesday’s filing.
One reason for the hefty amount of insider sales is likely the extended stretch of meager returns for venture capital firms. After the market peaked in 2021, soaring inflation led to increased interest rates, pushing investors out of risk and forcing late-stage tech companies to forego IPOs, often slashing their valuations to raise money in the private market. Wall Street was bullish on an IPO ***** when President Donald Trump took office in January, but few debuts have taken place.
Add it all up, and Silicon Valley’s tech investors are badly in need of liquidity.
“Private investors are desperate for exists so they can distribute back to their investors,” said Lise Buyer, founder of IPO consultancy Class V Group, though she said she isn’t certain of the company’s motivations. “It probably reflects a multiyear drought in IPOs and a strong desire by early investors to get some liquidity.”
Circle CEO Jeremy Allaire, who co-founded the company in 2013, is offloading about 8% of his stake, selling 1.58 million shares, according to the prospectus. Sean Neville, a co-founder and former co-CEO, is slated to sell 11%, as is finance chief Jeremy Fox-Green.
Venture firms Accel, Breyer Capital, General Catalyst, IDG Capital, and Oak Investment Partners are all scheduled to sell about 10% of their stock. While insider sales could present a troubling signal to Wall Street, Buyer said the investors’ remaining holdings show they’re still expressing belief in the company.
“The big guys are holding enough so they still have skin in the game, so that shouldn’t alarm investors,” Buyer said.
For most tech IPOs over the years, the percentage of float coming from investors has been significantly below half. In Reddit’s IPO, insiders sold 31% of the shares. The percentage was 36% for online grocery delivery company Instacart in 2023.
Sometimes it’s much less than that. CoreWeave, a former cryptocurrency miner that now rents out Nvidia chips, went public in March, with executives and other shareholders making up 2.4% of the shares sold. Back in December 2020, Airbnb investors accounted for about 3% of IPO shares, and in DoorDash’s IPO that same week, existing investors didn’t sell any stock.
During times when IPOs are hot and stocks are flying after their debut, investors are incentivized to hold and pocket the gains after the lockup ******* expires. That’s not today’s market, which helps explain why half the shares sold in stock brokerage firm eToro’s IPO earlier this month came from existing investors.
Exit activity for U.S. VCs rose almost 35% last year to $98 billion after hitting the lowest in a decade in 2023, according to the National Venture Capital Association and PitchBook. The peak was over $750 billion in 2021.
“This continuation of the post-2021 liquidity drought highlights persistent issues around exit pathways and investor behavior,” the NVCA wrote in its annual yearbook, which was published in March.
In some cases, companies need insiders to sell stock just so there’s enough float for there to be a market for trading. If Circle wasn’t including investors in its share *****, it would be offering less than 5% of outstanding shares to the public. For eToro that number was 7%.
— CNBC’s Ari Levy contributed to this report.
WATCH: Circle CEO on launching the first stablecoin in Japan
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