FT : Intern arrested on suspicion of spying at Nato military HQ Belgian official

Intern arrested on suspicion of spying at Nato military HQ
Belgian officials say operations have not been compromised after a Canadian national of Chinese origin is detained

A Canadian woman of Chinese origin who was interning at Nato’s military headquarters has been arrested on charges of spying, Belgian authorities said on Saturday.

Belgian military intelligence and federal police launched an investigation after suspicions were raised by officials at Supreme Headquarters Allied Command Europe (Shape). The unnamed suspect’s home and workplace was then searched on Thursday and she was arrested the following day, they said.

“A Canadian national of Chinese origin, an intern at Shape, was served with an arrest warrant on Friday 24 July 2026. She is suspected of spying on behalf of a third country and of being a member of a criminal organisation,” the Belgian Federal Prosecutor’s Office said in a statement.

It did not name the woman or provide details of the country she is suspected of spying for.

Shape, a sprawling military base close to Mons in western Belgium, is Nato’s military strategic headquarters, where the military alliance’s commanders plan and execute global operations and co-ordinate responses to threats.

“At this time, there is no indication that Nato or Shape operational readiness, command and control arrangements, or ongoing tasks have been adversely affected,” Shape spokesperson Martin O’Donnell said in a statement. “Shape continues to fulfil its responsibilities without interruption.”

Belgium, which also hosts Nato’s civilian headquarters on the outskirts of Brussels, the European Commission and dozens of other EU agencies, has previously been targeted by foreign espionage attempts.

Last year a Chinese cyber attack against its intelligence services was revealed and a Belgian police officer was detained on charges of spying for China and Russia.

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The best way to spend the summer? Studying St Augustine
Or medieval magic, Mesopotamian demons or K-pop — the online courses opening up a whole world of art, history, philosophy and, yes, teen idols

It begins with a late-night Google search in January. I am looking for the author of a quote — “our heart is restless until it rests in you” — which is attributed to a “church father” in an article I’ve just read about why we binge-watch TV shows. My dive down this internet rabbit hole eventually leads me to a University of Oxford course on St Augustine, the fifth-century North African bishop who shaped western thinking for a thousand years and beyond. The price is £360; there are no entry requirements, and the expected study time is 10 hours a week. On a whim, I sign up.

What follows is transformational. Over the next two and a half months, Susan Griffith, a member of the Department of Theology and Religion, leads a group of 20 students ranging from a 91-year-old retired teacher in Canada to pastors in the US and undergraduates from various countries (the course comes with transferable credits if you complete the written assignments) through the various stages of Augustine’s life, work and intellectual trajectory.

The weekly video discussions are lively. Early on, one student proposes that Augustine was “clearly gay” because of his outpouring of grief at the death of a male friend in his autobiographical masterpiece Confessions. Griffith explains why this is unlikely, warns of the dangers of reading historical texts with a contemporary mindset, and encourages us to say anything in her class anyway; there are no stupid ideas here (in fact, there are several stupid ideas expressed here, mostly by me).

But as I spend the long winter evenings reading the words of a man who lived 16 centuries ago, it’s as though I’m being slowly unhooked from the matrix — the stultifying Instagram scrolling, the mindless Netflix streaming — and taught how to focus again. And it’s exhilarating.

Seven months on and I am now fully addicted to online learning. Though I’ve been an avid reader for much of my life, in recent years I’ve been distracted by the pressures of work and the grind of responsibilities, and have struggled to finish anything other than trashy novels or audiobooks. Now, I’m making up for lost time.

As I write this, I am one week away from completing a class on Josephus’s The Jewish War, an astounding eyewitness account of the Roman suppression of revolt in Judaea and the destruction of the Temple in Jerusalem in 70AD, taught by Zoë Eisenman at the University of Chicago’s Graham School, its standalone institute for adult education ($350). I am taking two courses at Stanford University, one on “Demystifying AI” ($470), the other on K-pop ($365) — why not? — and I am slowly working my way through a lecture series and reading list on medieval history at Yale (available on YouTube for free) and another on the possibility of alien life taught by David Spergel, a theoretical astrophysicist who is professor emeritus at Princeton. This is also available for free, on Coursera, a subscription platform for online classes which has 205mn registered users, according to its first quarter financial results for 2026.

There is no hard data on the number of short courses offered by universities in Britain and the US, nor on the number of students taking them, but the University of Oxford reports a “significant growth in demand” since the pandemic, according to a spokesperson. In the academic year 2024-25, its Lifelong Learning division taught more than 15,000 students from 140 countries on more than 700 short courses — both online and in person — ranging from classes in medieval magic, Renaissance art and Tudor history to urban planning, artificial intelligence and psychological disorders, among myriad others in every discipline. 

The overall supply of such teaching from the sector “has definitely increased in the 10-plus years that I’ve been working in higher education”, says Neil Mosley, a consultant specialising in online courses. “Institutions are taking a range of approaches: some want to maximise numbers and therefore focus on subjects with traditionally high enrolment such as business, management, law and, most recently, artificial intelligence, while others use this programming as a way of fulfilling their mandates of offering education to everyone.”

The Courtauld Institute in London, the prestigious art history college that is part of the University of London, sees itself in the latter camp. Next year, it is launching its own open university programme, which will help fulfil the vision of its industrialist founder, says the initiative’s director Jane Fletcher. “Nearly 100 years ago, Samuel Courtauld talked about art for all, and our open university programming can truly be the embodiment of that. We’re breaking down the barriers to entry for people, both geographically and financially.” 

It’s not just universities offering online teaching for the general public. In June, I joined the British Museum’s first such course, on the subject of Mesopotamian art (£95), which you need a museum membership to sign up for. Five curators take it in turns to present video classes on their respective areas of expertise, including cuneiform tablets, excavations in Iraq and magic, divination and medicine. I can now write 10 words in cuneiform and tell you why the director of The Exorcist got the plot point about an ancient Mesopotamian demon called Pazuzu possessing the film’s protagonist, Regan, badly wrong (spoiler alert: Pazuzu is on our side, it’s Lamashtu we need to worry about).

“We have so many leading specialists under one roof here and this is a really nice way of sharing their expertise with our members around the world,” says Celine Nonde, senior supporter engagement manager, who adds that there will be more curator-led courses for British Museum members over the coming year.

Next, I attend a set of three online classes on Zurbarán and 17th-century Spanish painting hosted by the National Gallery (£45) to tie in with its current exhibition on the artist — I pass the quiz asking us to distinguish works by Zurbarán, Velázquez and Murillo with flying colours — and then move on to a surprisingly engaging, pre-recorded series of nine short lectures on English embroidery available on the V&A website (£45). Presented by Jennifer Wearden, formerly the museum’s senior curator of textiles, these are worth the price for the first talk alone, a timely examination of the Bayeux Tapestry — not actually a tapestry at all, but the most famous embroidery of all time — which is soon going on display at the British Museum.

While I enjoy all these museum lectures, for teaching that stays with you there’s no substitute for interactive discussions with fellow students led by university specialists. If you know you’re going to have to contribute to a conversation about St Augustine’s City of God, for example, you’re going to do the required reading and try hard to formulate interesting thoughts about it. 

The popularity of such courses — the counterpoint to grim headlines about falling literacy rates and declining attention spans — should encourage us all. There’s a whole universe of art and history, theology and philosophy, psychiatry, science, technology and, yes, even K-pop out there, and it’s accessible to anyone with an internet connection and a curious mind. So ditch the Netflix subscription and let’s get started.

9to5 : OpenAI relaunches Apple Health-connected ChatGPT feature with expanded ac

OpenAI relaunches Apple Health-connected ChatGPT feature with expanded access

OpenAI is relaunching Health in ChatGPT, the AI-powered feature that connects to Apple Health on iPhone. The relaunch comes with expanded access and a big step forward in results.

OpenAI originally started piloting its ChatGPT Health feature in January. Early feedback reported lackluster results, however, which is probably why we haven’t heard about the feature in months.

Today, OpenAI is reintroducing ChatGPT Health and expanding access beyond the initial wave of testers.

“Health in ChatGPT is launching to U.S. users,” OpenAI says. “You can choose to securely connect Apple Health and supported medical records so ChatGPT can help you understand your information in context, keep track of what has changed, and have more informed, personalized conversations.”

OpenAI says the new version builds on feedback from the initial round of testing.


“With your permission, ChatGPT can now draw on relevant information you’ve connected in Health to help you compare a new result with prior tests, summarize changes since your last appointment, or explore how sleep, activity, and workouts relate to your routine,” OpenAI adds.


ChatGPT Health should also benefit from OpenAI improving its frontier models since the start of this year.

“We’re beginning to roll out Health to logged-in ChatGPT users 18 and older in the U.S. on web and iOS across Free, Go, Plus, and Pro plans today,” OpenAI says. “Open Health from the sidebar in ChatGPT to get started. Health is not yet available in Codex.”

You can read more about the relaunch of ChatGPT Health here : https://openai.com/index/health-in-chatgpt/

WWD : The Short and Long of the Latest in Summer Dressing Out of Tokyo New Japan

The Short and Long of the Latest in Summer Dressing Out of Tokyo
New Japanese government regulations allowing shorts at work in the summer heat are stirring debate — and perhaps a trend — worldwide.


The summer heat? A desire to ditch worries over the war in Iran and oil prices? The giggle-ready idea of government officials co-signing fashion trends? A new twist in the dress-casual narrative?

Whatever it is, shorts are suddenly in the spotlight.

Like many trends and proto trends, this one started in Tokyo — but not with the cool kids in Harajuku, but by the office thermostat.

Yuriko Koike, currently governor of Tokyo, launched her “Cool Biz” campaign over 20 years ago when she led the country’s Environment Ministry, encouraging buttoned-up male and female workers to shed layers in scorching summers.

This summer, shorts were given the Cool Biz greenlight for men, sparking interest around the world as The New York Times, BBC and others picked up on the controversy, and the general dislike of leg hair in Japan.

Could it happen outside of Japan? Queries to a number of the big New York banks, companies with “professional” profiles and even several fashion brands, went unanswered.

Still, the dress code and defense thereof is not what it once was.

And while many people are aware that their company has a dress code, most don’t really know what it calls for until some kind of fashion mishap happens.

Largely, it is social norms, including workplace norms, that police the knees and below.


Douglas Hand, an attorney at Hand Baldachin & Associates with a long list of fashion clients, said the unwritten dress code at his firm is “look professional.”

“Unless you are playing tennis or soccer or perhaps employed as a forest ranger, shorts do not look professional,” Hand said. “That said, as a fashion law firm we do support our clients and several have offered more tailored shorts that actually are intended to be worn with a jacket and tie as a suit.

“I’ve been known to wear those on occasions when the heat index has risen precipitously but I still want to show respect for my clients and respect for the work,” he said. “If a gentleman is going to wear shorts to work he should also ensure his legs are in shape and the shorts are tailored and fitted as a pair of slacks are — no drawstrings or elastic waistbands.”

That probably goes for most of the dressier professions.

After the 25-year headlong casualization of fashion and with the pandemic shift to work from home unwinding, everybody is becoming just a little more formal again, said Sonia Lapinsky, leader of fashion retail and managing director at AlixPartners.

“Assortments are now morphing and changing,” Lapinsky said. “Athleisure is no longer the headline of the day. That’s now behind us. People are looking for more variety in their wardrobes and don’t want to wear the same thing everywhere they go.

“Even footwear, casual footwear of course is still number one,” she said. “But younger generations want heels again. They feel like they missed out because there was a whole generation that never wore a pair of high heels. And now there’s a bit of nostalgia for the time when dress shoes were a thing.”

But the thrust behind the shorts hubbub in Tokyo is something that resonates in the broader fashion ecosystem.

“Nobody’s going away from comfort,” Lapinsky said. “The suiting needs to have a cut and fit that still feels more natural and more comfortable à la athleisure. And same with other areas of clothing. Shorts are part of that whole, we just want to be comfortable when it’s hot.”

New York, though, might not be so ready for the work short, even if it’s allowed.

“In the U.S., we’re so over-air-conditioned,” Lapinsky said. “I can see the rest of the world even adopting some of this cool clothing — it’s a heat wave in Europe that they’ve never seen before.”

WWD : Fashion Max Mara Celebrates Iconic Style, Heritage at 75 Years Fashion Val

The Short and Long of the Latest in Summer Dressing Out of Tokyo
New Japanese government regulations allowing shorts at work in the summer heat are stirring debate — and perhaps a trend — worldwide.


The summer heat? A desire to ditch worries over the war in Iran and oil prices? The giggle-ready idea of government officials co-signing fashion trends? A new twist in the dress-casual narrative?

Whatever it is, shorts are suddenly in the spotlight.

Like many trends and proto trends, this one started in Tokyo — but not with the cool kids in Harajuku, but by the office thermostat.

Yuriko Koike, currently governor of Tokyo, launched her “Cool Biz” campaign over 20 years ago when she led the country’s Environment Ministry, encouraging buttoned-up male and female workers to shed layers in scorching summers.

This summer, shorts were given the Cool Biz greenlight for men, sparking interest around the world as The New York Times, BBC and others picked up on the controversy, and the general dislike of leg hair in Japan.

Could it happen outside of Japan? Queries to a number of the big New York banks, companies with “professional” profiles and even several fashion brands, went unanswered.

Still, the dress code and defense thereof is not what it once was.

And while many people are aware that their company has a dress code, most don’t really know what it calls for until some kind of fashion mishap happens.

Largely, it is social norms, including workplace norms, that police the knees and below.


Douglas Hand, an attorney at Hand Baldachin & Associates with a long list of fashion clients, said the unwritten dress code at his firm is “look professional.”

“Unless you are playing tennis or soccer or perhaps employed as a forest ranger, shorts do not look professional,” Hand said. “That said, as a fashion law firm we do support our clients and several have offered more tailored shorts that actually are intended to be worn with a jacket and tie as a suit.

“I’ve been known to wear those on occasions when the heat index has risen precipitously but I still want to show respect for my clients and respect for the work,” he said. “If a gentleman is going to wear shorts to work he should also ensure his legs are in shape and the shorts are tailored and fitted as a pair of slacks are — no drawstrings or elastic waistbands.”

That probably goes for most of the dressier professions.

After the 25-year headlong casualization of fashion and with the pandemic shift to work from home unwinding, everybody is becoming just a little more formal again, said Sonia Lapinsky, leader of fashion retail and managing director at AlixPartners.

“Assortments are now morphing and changing,” Lapinsky said. “Athleisure is no longer the headline of the day. That’s now behind us. People are looking for more variety in their wardrobes and don’t want to wear the same thing everywhere they go.

“Even footwear, casual footwear of course is still number one,” she said. “But younger generations want heels again. They feel like they missed out because there was a whole generation that never wore a pair of high heels. And now there’s a bit of nostalgia for the time when dress shoes were a thing.”

But the thrust behind the shorts hubbub in Tokyo is something that resonates in the broader fashion ecosystem.

“Nobody’s going away from comfort,” Lapinsky said. “The suiting needs to have a cut and fit that still feels more natural and more comfortable à la athleisure. And same with other areas of clothing. Shorts are part of that whole, we just want to be comfortable when it’s hot.”

New York, though, might not be so ready for the work short, even if it’s allowed.

“In the U.S., we’re so over-air-conditioned,” Lapinsky said. “I can see the rest of the world even adopting some of this cool clothing — it’s a heat wave in Europe that they’ve never seen before.”

TechCrunch : Volkswagen engineers charged with insider trading tied to Rivian jo

Volkswagen engineers charged with insider trading tied to Rivian joint venture

The U.S. Department of Justice has charged two Volkswagen engineers with securities fraud for an alleged insider-trading scheme connected to the German automaker’s joint venture with Rivian.

The indictment, unsealed Friday by the U.S. District Attorney for the Southern District of New York, alleges that Michael Stamp and Marcus Plank made more than $300,000 by using confidential insider information. Stamp and Plank allegedly bought Rivian stock and options after learning that the EV maker and Volkswagen planned to form a joint venture — internally codenamed “Project Climb” — but before the companies made any public announcements.

Rivian and Volkswagen announced plans for the joint venture on June 25, 2024, which would focus on developing electric vehicle architecture and software. Volkswagen initially committed to invest $5 billion in Rivian, with the capital to be released as the companies achieve certain milestones. The joint venture has since grown to $5.8 billion, and Volkswagen is now Rivian’s largest shareholder.

Rivian’s stock price rose 23% following the initial announcement in June. Stamp and Plank then allegedly sold their Rivian positions, with Stamp realizing about $250,000 in profits, Plank realizing about $50,000, and Plank’s close family member realizing about $12,000, as detailed in the indictment.

U.S. Attorney Jay Clayton said in a statement Friday:

Michael Stamp and Marcus Plank’s alleged exploitation of their employer’s confidential information allowed them to make more than $300,000 in illegal profits. When people misuse confidential information for their own financial gain, they undermine the principles that allow our markets to function fairly and efficiently. Insider trading is a crime that New Yorkers want pursued with vigor. Its effects ripple through the financial system, harming ordinary investors and eroding public confidence. Today’s charges underscore the commitment of this Office and our law enforcement partners to protecting the integrity of our markets and holding accountable those who choose to violate the law.

Investigators allege the two engineers understood their actions were illegal. Eight days prior to the joint venture was announced, Stamp searched “statute of limitations insider trading,” and Plank’s close family member searched, in German, “how is insider trading prosecuted?,” according to the indictment.

The pair, who both live in San Jose, were arrested Friday and will appear in the U.S. District Court for the Northern District of California. The case has been assigned to U.S. District Judge Katherine Polk Failla. Stamp and Plank face up to 25 years in prison if convicted of federal securities fraud.

Rivian declined comment. A Volkswagen spokesperson said the company is aware of the Department of Justice’s action today involving two individuals.

“The action is focused on specific individuals and does not involve allegations against the company,” the Volkswagen spokesperson said in an email statement. “As this is an ongoing matter, we are unable to comment further.”

The article was updated to include Volkswagen’s comment.

WSJ : Trump Caught Between Apple and Micron in Fight Over Chinese Chips Two of t

Trump Caught Between Apple and Micron in Fight Over Chinese Chips
Two of the president’s priorities—cutting prices for U.S. consumers and increasing domestic semiconductor output—come into conflict

  • Apple is lobbying the Trump administration to let it use Chinese memory chips, while U.S. supplier Micron is pushing to block the move.
  • Apple proposed using chips from China’s CXMT and YMTC outside the U.S., while Micron warned the move could destroy the domestic industry.
  • The dispute forces President Trump to choose between cutting consumer prices and boosting domestic semiconductor manufacturing.

WASHINGTON—Apple’s AAPL 3.53%increase; up pointing triangle aggressive lobbying campaign to alleviate rising costs by using Chinese memory chips is colliding with an equally strong push by major supplier Micron Technology MU -6.99%decrease; down pointing triangle to block the move, putting President Trump in the middle of a clash between two of America’s biggest companies.

In recent weeks, Apple Chief Executive Tim Cook and top executives have pitched Trump and officials including Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent on a plan to use memory chips from China’s ChangXin Memory Technologies and Yangtze Memory Technologies in Apple products sold outside the U.S., people familiar with the discussions said.

The move would help alleviate the global pinch on memory chips and potentially reduce prices for American consumers, Apple has argued.

Those arguments have been countered by Micron MU -6.99%decrease; down pointing triangle, the only sizable U.S. maker of memory chips. Micron executives including CEO Sanjay Mehrotra have warned Lutnick and other administration officials that allowing CXMT and other Chinese companies to sell to U.S. tech companies, regardless of the region of sale, could destroy the domestic industry the same way China played a role in decimating U.S. steel and manufacturing plants, the people said.

Apple and other memory chip buyers have avoided the Chinese suppliers after they were deemed Chinese military companies by the Pentagon in recent years. YMTC is also on a trade blacklist known as the entity list.

The lobbying fight will likely force Trump to choose between two of his top economic priorities: cutting prices for U.S. consumers and increasing domestic semiconductor production to reduce dependence on other countries. The president has shied away from restrictions on Chinese companies while trade negotiations continue and praised both Apple and Micron for investing in the U.S.

White House spokesman Kush Desai said the administration would pursue “investments and economic relief for the American people while safeguarding our national security.”


Micron executives argue the company can help address the memory squeeze by building domestic plants faster and investing more at home, the people said. The company has said price increases on consumer electronics, including Apple devices, result from more than just higher prices for memory.

Trump has said he wants to significantly increase U.S. chip production by the time he leaves office.

“The most important thing is we have to build capacity here. We obviously don’t want to be doing business with anyone that’s on the entity list,” Michael Kratsios, director of the White House Office of Science and Technology Policy, told lawmakers this week.

The battle deepens the thorny debate within the administration over Chinese technology. Chinese companies recently released powerful artificial-intelligence models, prompting some U.S. executives to call for protections from lower-cost Chinese rivals. Among their opponents are startup founders and investors who argue that lower costs spur innovation.

As one of the largest buyers of memory chips, Apple for years has hammered Micron and rival suppliers for the lowest prices on components crucial to its devices. The memory makers need Apple’s huge volumes to keep their manufacturing facilities running at capacity.

The negotiations have been so bruising that bad blood has built up. Before he was CEO of Micron, Mehrotra ran Sandisk, another supplier of memory chips to Apple. At Sandisk, his distaste for Apple was so strong that he rarely met with the company, people familiar with his career said. The antipathy remains today, the people said.

The AI revolution has reversed this dynamic and dealt Mehrotra a stronger hand. Data-center titans buy huge amounts of memory at higher prices, robbing Apple of its leverage. The resulting supply shortage has enabled the memory makers to increase prices, which have quadrupled over the past year and are expected to rise further, according to research firm TechInsights. Shares of producers have also soared.

Apple is crying foul, arguing that Micron’s gross profit margins, now surpassing 80%, are evidence of price gouging. The iPhone maker also claims that Micron isn’t reinvesting fast enough to increase supply, and that the production capacity it is adding will be disproportionately allocated to AI customers. Industries from medical devices to autos have asked the administration for help addressing the shortage.

Micron says it supplies many industries and plans to spend $250 billion in the U.S. to boost capacity. “The strategic importance of leading-edge memory and storage has never been greater,” a spokeswoman said. Apple and other customers squeezed suppliers during past downturns, sowing the seeds for current shortages, memory executives say. Chinese memory chip prices have also increased.

The Financial Times earlier reported on Apple’s request to use Chinese memory chips.

Both companies have deep lobbying connections, though Apple has a friendly relationship with Trump going back to his first term.

Lutnick regularly speaks with Cook and Mehrotra about the administration’s goals of increasing domestic investment and U.S. chip production, people familiar with the discussions said. The commerce secretary has recently attended several Micron events celebrating manufacturing progress. Both CEOs have appeared with Trump in the Oval Office and traveled with him to China earlier this year.

Both companies have contributed funding to the new White House ballroom and made public shows of supporting Trump. Last year, Cook gave Trump a plaque with a gold base in the Oval Office, part of a campaign to win tariff exemptions. Micron recently said it would invest $250 million to match federal funding for so-called Trump savings accounts for newborn children of employees and those in states where the company operates.

This isn’t the first time Apple has tried to work with Chinese memory suppliers. In 2022, Apple had gone through the painstaking engineering work with YMTC to make sure its chips could meet Apple’s exacting specifications. When word of the budding supply relationship was made public, Apple faced blowback. Marco Rubio, then a senator, told the Financial Times that Apple was “playing with fire.” Other lawmakers also criticized the move and the Biden administration added the company to the entity list.

Now secretary of state, Rubio and his office have some involvement in the continuing discussions, but Lutnick and Bessent are seen as spearheading the effort, according to people familiar with the matter.

WSJ : Elon Musk’s Boring Company Eyes $20 Billion Valuation in New Funding Round

Elon Musk’s Boring Company Eyes $20 Billion Valuation in New Funding Round
The tunneling startup is in talks to raise around $4 billion from investors

  • Elon Musk’s Boring Company is in talks to raise around $4 billion in new funding at a valuation of about $20 billion, according to sources.
  • Boring Company was previously valued at around $5.7 billion after a 2022 funding round that raised $675 million.
  • While many of Boring Company’s pitched city projects haven't panned out, it has new loops under development in Nashville and Dubai.

Elon Musk’s tunneling startup, the Boring Company, is in talks to raise new funding that would value it at around $20 billion, according to people familiar with the discussions.

The company is in talks to raise around $4 billion, some of the people said. The funding round hasn’t closed and the people cautioned that the terms could change.

Steve Davis, president of the Boring Company, didn’t respond to requests for comment.

The company builds tunnel boring machines that it claims can dig underground more cheaply than traditional construction companies. The startup, which spun off from SpaceX SPCX -2.68%decrease; down pointing triangle in 2018, owns a transportation network under the Las Vegas Strip in which drivers ferry passengers in Teslas to and from the Las Vegas Convention Center.

Boring was valued at around $5.7 billion after a 2022 funding round. That round raised $675 million from investors, including Vy Capital, Sequoia Capital and Founders Fund.

The company has pitched privately funded projects in cities including Baltimore, Chicago and Los Angeles, where the startup stood to make money from ticketed passengers using its underground transit system. Many of those projects haven’t panned out.

Still, many private-market investors see investments in Musk’s companies as sure bets and are willing to pay premiums for access to his portfolio.

Investors who backed Musk’s $44 billion takeover of Twitter had been underwater for months following the 2022 deal. But they eventually made money after the billionaire entrepreneur rolled the struggling social-media company into his artificial-intelligence startup xAI, and later folded the entity into SpaceX.

Valuations of Musk’s public companies Tesla and SpaceX have tumbled in recent days. Tesla shares fell 15% on Thursday. That erased $215 billion in market value after the electric-vehicle maker missed earnings targets and reported negative cash flow for the first time in two years.

Musk’s rocket company SpaceX went public in June in a record-setting IPO that raised $86 billion from Wall Street. Its market cap nearly doubled in the days after the offering before the shares fell around 50% from their peak in recent days.

Boring has a new loop under development in Nashville, which it is privately funding.

In February, it announced a new project to create an underground loop in Dubai. The company said the first four-mile phase would cost $154 million and take a year to complete. A second phase—expanding the route to 14 miles—is expected to take three years and cost $545 million. It’s unclear who will pay for the development of the project.

FT : Europe can’t stop the tide of cocaine The drug is more available now than i

Europe can’t stop the tide of cocaine
The drug is more available now than in its 1980s heyday as street prices tumble and purity improves

On a naval base on Haulbowline Island, south-east of Cork, officers stationed inside a screen-filled room keep watch over a vast stretch of the Atlantic Ocean that has become a front line in Europe’s war against drugs.

“It’s needle-in-the-haystack stuff,” says the commander directing Ireland’s navy fleet operations, who asks not to be named. Part of his job is to spot anomalies in satellite and other imagery that may indicate small boats increasingly used by drug traffickers.

But even if he sees something worrying, the navy can only deploy “three maximum, and usually two” of Ireland’s eight vessels at a time, he says, due to staff shortages, repairs and the fact that two of the ships are unfit for the rough Atlantic waters. “We’re policing a million square kilometres,” he adds. “To be anywhere comfortable, I need at least 12 vessels.”

In the battle for the seas, drug traffickers are often coming out on top — making Europe, in the words of the UN, the new “primary destination” for cocaine.

The drug, once the preserve of rich European partygoers, has gone mainstream, with street prices falling by an average of 18 per cent between 2014 and 2024 while the products sold became 44 per cent purer, according to the EU’s drugs agency.


As authorities have stepped up interceptions at major ports, traffickers have kept ahead through sophisticated drop-offs at sea, enabled by encrypted communications, powerful speedboats, unmanned submersibles and GPS spoofing, which involves vessels faking their locations.

“You always have to stay up-to-date, because there’s always a new modus operandi,” says Jürgen Ebner, acting chief of Europol, the EU’s law enforcement agency. He warns of a “waterbed effect” — when authorities come down hard in one area it can just push problems somewhere else.

The scale of the problem is vast. Cocaine production in Latin America has quadrupled in the past decade, with criminal networks in Colombia, Peru and Bolivia exploiting global trade routes to shift vast quantities of the drug. Cocaine is also increasingly shipped from Brazil into Europe via west Africa.

The UN warns that supply could soon exceed demand, increasing traffickers’ incentives to dump even more product on to Europe’s streets.

“We’re not in a position to stop these flows,” says Mark Mellett, former chief of staff of Ireland’s Defence Forces, adding that European law enforcement agencies would require “real-time information of what’s happening on the ocean surface, seabed and in the aerial space above”.


The result is that more cocaine is available in Europe today than in the 1980s — often seen as the drug’s heyday — according to the UN. Last year alone, its residue in city wastewater rose by more than a fifth, according to the EU’s drugs agency.

In 2021, the agency estimated the European market was worth €11.6bn; Michael O’Sullivan, a former head of the Maritime Analysis and Operations Centre-Narcotics, a police and military patrol agency made up of nine European countries, believes its value is closer to €15bn today.

Lower prices and frictionless dealing on popular encrypted messaging apps have made cocaine more attainable. The idea that the typical user is someone looking to add a thrill to their night out is “not really true any more”, says Julien Garsany, head of the UN drug agency’s office in Brussels. “It really has penetrated all age groups and all layers of society.”

The drug is increasingly taken by teenagers, Garsany says. “Obviously their brain is not developed yet. So this is how you create a strong path towards addiction.”

European authorities have stepped up their fight by investing in port security and closer judicial co-operation. But drug gangs remain one step ahead.

The Irish fleet operations officer reckons law enforcers catch “maybe 10 per cent” of the cocaine shipped to Europe. Despite his stretched resources, he must also keep tabs on increasing visits by Russian spy ships and monitor maritime threats during several EU summits Ireland is hosting this year.

When it comes to drugs “you can only say you’re winning if you’re completely cutting off the supply”, the officer says. European navies and law enforcement share information but “are they getting it all? Is it killing the problem on land? Let’s be realistic, it’s not.”

Spraying cocaine on to charcoal
Cocaine smuggling to Europe began in earnest in the 1980s when Colombian cartels sought to diversify from a saturated US market. At first, traffickers used yachts and motorboats. But from the 1990s surging volumes led them to use containers transporting goods such as fruit as well as ever more innovative methods, including dispatching “narco-submarines” direct to Europe.

Smugglers mix cocaine powder with other materials such as food, plastics, textiles, cardboard and even cowhides to disguise it for transport before extracting it in clandestine chemical labs later on. One technique involves chemically altering the drug and spraying it on to charcoal.

Over the past decade European countries have made seizures of staggering amounts of cocaine, particularly in large ports such as Rotterdam in the Netherlands and Antwerp in Belgium, where a record 118 tonnes was seized in 2023.

Since 2019, the number of seizures on the continent has outnumbered those in America.

But in the past three years there has been a “tremendous drop”, according to Kristian Vanderwaeren, Belgium’s head of customs. Belgian authorities seized 5.4 tonnes of cocaine in the first six months of this year in Antwerp, a 68 per cent fall from the same period last year — and a further decline from the total 55 tonnes impounded in 2025.

Many see the fall as an indicator that improved security is deterring drug dealers from channelling their products through big ports. Belgium has worked closely with private terminal operators and invested in equipment, such as mobile scanners, meaning they can now X-ray 15 to 17 per cent of containers deemed high risk immediately upon arrival, compared with just 5 per cent in 2023.

“Definitely there has been change, in the sense [that] there are not that many huge and massive cocaine shipments anymore,” says Robert Fay, head of the drugs trafficking unit at Europol.

But, as security at the big ports is stepped up, criminal groups are turning to GPS and satellite-enabled deliveries in the middle of the Atlantic as an alternative.

These at-sea drop-offs can involve fishing boats or large merchant “mother ships” carrying legitimate cargo unloading to smaller “daughter ships”. Sometimes low-value cargo, such as second-hand tractors, is used to put a veneer of legitimacy on what is really a drug shipment.

Alternatively, vessels such as fishing boats, speedboats or semi-submersibles controlled by criminals and only carrying drugs meet for cargo swaps at sea. Traffickers also sink containers that later open on a timer, allowing the drugs to float to the surface for collection.

The sheer size of the Atlantic provides drug gangs with a major advantage. Europol’s Fay says one area where criminal networks conduct drop-offs is around the Azores and Canary Islands, making Portugal and Spain key entry points for cocaine into Europe. “It’s quite a big piece of the Atlantic,” he says. “So you really need to know where to look.”

As part of the common European effort, Ireland, with its maximum of three ships, is tasked with patrolling a piece of the Atlantic that is more than 10 times its landmass. “If you do not have a physical presence delivering maritime enforcement, you’ve just left the doors wide open,” says one former Irish senior commander who asked not to be named.


The country is also feeling the effect of the narcotics onslaught back at home. Cocaine has become Ireland’s biggest problem drug, with the number of people receiving treatment for use rising by 336 per cent since 2017. Cocaine use in the past year — at 46 per cent of respondents who took drugs, according to the country’s Health Research Board — was far higher than the EU average of 29 per cent. 

The cocaine surge has come just as the resources deployed by Ireland have shrunk.

“Back in 2018, before this massive increase of drugs happened on the streets of Ireland, the navy had nine operational ships,” says the former commander. But then things “hit the rocks”.

Between 2019 and 2025, Irish crew numbers dwindled due to recruitment and retention problems, meaning patrols were spotty and ships barely operational, the former commander says. “And the floodgates [for cocaine in Ireland] opened . . . Ireland became a soft touch.”

Even when law enforcement knows where the trafficking is happening and can dispatch a ship and crew, the criminals often get away. Speedboats carrying cocaine can be difficult to track compared to the more contained environment of large ports, and chases on the open sea can be fatal. Two Spanish Guardia Civil officers died this year, and a Portuguese official last year, during collisions involving drug operations.

“The main issue here is how do we stop them?” says Paulo Gomes da Silva, head analyst at the maritime narcotics centre, which is based in Lisbon. “Even if we have the same assets as they do, it’s still very dangerous.”

The maritime narcotics centre seized a record 92 tonnes of cocaine from “go-fast” crafts and small vessels last year. But that was only the tip of the iceberg: it estimates 700 tonnes escaped, a rise of more than 40 per cent on 2024.

While the French navy is legally able to shoot at the boats to disable their motors, not all countries can follow suit due to differing national legislation “but this is definitely a goal,” says da Silva.

Law enforcement agencies’ efforts to interrupt the criminals’ communications have also enjoyed some success.

In 2021, Europol and other European police agencies cracked a key app used by traffickers called Sky ECC, yielding a treasure trove of decrypted messages that led to hundreds of arrests and is still being used in investigations today.

“Before Sky ECC we needed to go after the small criminals in the network and then try to move up in the chain to the big gangsters, but now we had a view on the way that they communicated among the leaders of the gangs themselves,” says Annelies Verlinden, Belgium’s justice minister.

Decoding the app helped law enforcement identify high-ranking traffickers. But for years, authorities across Europe struggled to get to them. Senior members of a “Super Cartel” that was believed, at its peak, to have supplied a third of Europe’s cocaine, lived openly in Dubai and other friendly jurisdictions, where they seemed untouchable.

That has changed, as one by one, Dubai has extradited top bosses including the Netherlands’ Ridouan Taghi and Italy’s Raffaele Imperiale. Both were jailed in their home countries in 2024. The biggest prize was April’s capture of Daniel Kinahan, an Irish cartel boss and leading Super Cartel kingpin. He is in jail in Dubai awaiting extradition to Ireland.

But Verlinden also acknowledge a “waterbed effect” as criminals flee to other jurisdictions. Jos Leijdekkers, the Netherlands’ most-wanted drug trafficker, who has been sentenced in absentia both in the Netherlands and in Belgium, is hiding out in Sierra Leone, a country that the maritime narcotics centre and Europol consider a hotspot for drug transshipments.

According to Europol, criminals are now moving back to more fragmented modes of communication. “They’re adapting, they’re using different ways of communication and it’s always one step in front of us,” says Europol’s Fay.

Drugs insurance
The money made through cocaine trafficking lies at the heart of Europe’s problem. Laurent Laniel, an analyst at the EU drugs agency, says that as the drug travels from Latin America to Europe’s streets, “the profit margins explode”, adding: “You can multiply your investment by 1,000 per cent.”

Most of the profit is made by intermediaries who organise logistics, operate like a service provider and even provide insurance. “The trade functions like a sand clock,” Laniel says. “You have a lot of producers at the top and then [a] very narrow number of logisticians, people who can organise the traffic, from there to the bottom part of the sand clock, which is full of consumers. In the middle, those people make the most money.”

Groups that control this part of the trade include Brazil’s largest cartel, the Primeiro Comando da Capital, the Mexican giants the Sinaloa and Jalisco New Generation cartels, and various Balkan groups.

Lower wholesale and retail prices for cocaine and higher purity “tells you that there’s a lot of cocaine available to be purchased in South America, and a lot transiting the Atlantic Ocean somehow,” says Laniel. He sees poverty as “a major driver” of criminal activity and consumption.

One country where the retail price has risen rather than fallen, according to UN data, is the UK, which one former senior European police officer says may be linked either to stronger demand or to traffickers’ perception that it is riskier to smuggle cocaine into the country than elsewhere.

Cocaine now accounts for more than a quarter of drug-related deaths in Europe. While most people take the drug at clubs, bars or at home, 9 per cent of users — and 8 per cent of crack cocaine users — report having taken it at work, according to a 2024 survey by the EU drugs agency.

“The missing element in the anti-drug efforts of the European Union is really treating demand,” says Garsany of the UN’s drug office, citing stigma around treating addiction as one of the factors. “If you only look at supply it’s called a war on drugs, and we know what happens: nothing gets solved.”

The war on the small drug boats of the Atlantic shows little sign of abating. Ireland, whose defence budget is growing but remains the smallest in the EU, operates blind at times with no sonar to look under the sea or military-spec air-surveillance radar.

The country’s defence department is looking to harness other technology and is working with Ubotica, an Irish tech company that conducts AI-enabled satellite monitoring. As it tries to keep up with gangs using GPS spoofing, the group uses its technology to spot anomalies in shipping patterns and monitor at-sea transfers. The navy is also looking into remotely piloted aircraft systems as they have greater reach than boats.

But Eugene Ryan, a former Irish commander who helped deepen European co-operation in the drug fight, is downbeat and says Ireland is “a hole” in Europe’s drug defences. “We’re losing the battle, unfortunately.”