FT : Xpeng says China close to building ‘killer’ rival to Tesla Model Y

Xpeng says China close to building ‘killer’ rival to Tesla Model Y
Elon Musk’s SUV remains top-selling electric vehicle in many parts of the world as well as second most popular in China

Xpeng has said China will soon produce a “killer” electric vehicle that will beat Tesla’s best-selling Model Y as the Volkswagen-backed carmaker seeks to take on Elon Musk in Europe.

Tesla has come under strong pressure from BYD and other Chinese EV makers but six years after its launch its Model Y sport utility vehicle remains the top-selling EV in many parts of the world as well as the second most popular in China. 

“I think we’re not far from beating Model Y,” Xpeng co-founder He Xiaopeng said at a vehicle launch event in Munich, signalling a rival model could come from Chinese carmakers. “I really believe in that.”

Xpeng is one of the more technology-focused new EV start-ups in China, with bold ambitions to compete against the likes of BMW and Mercedes-Benz in Europe’s premium car segment with its advanced software and autonomous technology.

Despite the proliferation of EVs in China, no single electric model has disrupted the global car market in the same way that Musk has done with the Model Y.

Xpeng on Thursday unveiled its most affordable electric SUV, the L03, which has a starting price of €35,600 and is the first model to launch simultaneously in China and Europe. It is a direct competitor to Tesla’s Model Y, which starts from €39,990.

“L03 has the potential to be a blockbuster model in terms of being a volume driver and certainly one of the Model Y killers, but not the killer,” said Lei Xing, founder of Chinese consultancy AutoXing.

In addition to its EVs and range-extended models such as the L03, Xpeng is seeking to set itself apart from other Chinese rivals and EV start-ups with flying cars and “the most humanlike” humanoid robots, which it plans to bring to Europe in the future.

Non-European carmakers including Toyota and Hyundai have historically struggled to crack the region’s premium segment dominated by German brands. But Håkan Samuelsson, chief executive of Geely-owned Volvo Cars, warned that it would be dangerous to assume that the premium segment was “safe” from Chinese competitors.

“They will probably have a lot of technical features which some premium customers will be impressed by,” Samuelsson told the FT. “We have put them in the same category as BMW, Mercedes and Audi. For us, Xpeng is probably in that group as well.”

Xpeng is in talks with VW and other carmakers to secure its second manufacturing facility in Europe. “Mainly I think, it’s going to be . . . some part of Germany,” He said.

The group plans to release its second-generation Vision-Language-Action (VLA) software in Europe from 2027 pending regulatory approval, which would directly compete with Tesla’s Full Self-Driving (FSD) system.

Its self-designed Turing artificial intelligence chips are also used in VW’s new models in China. He added that the company would also aim to license its smart driving software to other carmakers.

Tesla is seeking to expand regulatory approval of its partially autonomous FSD software in Europe after winning its first clearance in the Netherlands in April but the regulatory process has been slower in Europe compared with the US. 

Analysts such as Xing said there was still a technology gap between Tesla’s FSD and Xpeng’s VLA but the Chinese group’s AI head Xianming Liu countered that it was “very hard to say who is better or who is worse”.

“Autonomous driving is very easy to love,” He said. “When [my kids] grow up, I don’t think they will need a driver’s licence any more.” 

>>> Oracle : Oracle’s Project Jupiter behind-the-meter datacenter project in New

Oracle’s Project Jupiter behind-the-meter datacenter project in New Mexico that plans to use Bloom Energy is at risk of a 1-2 year delay due to permitting and pipeline building blockers

- Oracle's proposed 2.45 GW Project Jupiter site in New Mexico can't run at any meaningful capacity until a 17 mile pipeline (the Green Chile Pipeline) connecting the El Paso Natural Gas (EPNG) system to a delivery meter station is constructed. Oracle switched from turbines to Bloom Energy fuel cells earlier this year — but fuel cells run on pipeline gas too. - Source TradeTheNews.com

(ZeroHedge) Iran Formally Declares MoU Deal Is Dead - Expands Target List To Sau

Iran Formally Declares MoU Deal Is Dead - Expands Target List To Saudi Base, Kuwait Water Plant

  • Iran formally suspends MoU with the US, declaring agreement is over & commitments will no longer be fulfilled.
  • Fighting escalates into seventh strait day of heavy bombings.
  • Iran reportedly struck a US base in Saudi Arabia for the first time in four months.
  • US strikes disrupt southern Iran's telecom network, knocking out 116 communication towers amid new infrastructure war.
  • Iran pounds Kuwait's energy infrastructure, damaging power & desalination facilities.

Iran Formally Suspends MoU
It is now "official": the Iranians have declared that the signed Memorandum of Understanding (MoU) with the United States is dead. Tasnim is reporting Saturday that Iran will no longer fulfill its MoU obligations amid alleged repeat US violations. The past weeks have seen each side hurl warnings and threats to pull out, while attaching conditions that must be fulfilled.

But after what is now a full week of renewed fighting, it has been effectively torn up, with negotiations no longer happening. Al Jazeera is citing a top Iran official's precise statement on suspending the MoU in the following:
Previously, we have seen again and again Iranian officials accusing the US of violating the MoU and also putting some conditions if the aggression continues.
What we’re seeing is Kazem Gharibabadi, Iran’s deputy foreign minister, who is also head of the Iranian technical negotiating team, saying that in practice, the US has violated all the commitments and suspended the MoU entirely.
“We also likewise have suspended all of our commitments as a result; we are no longer implementing those commitments,” he added.
So, officially, this is the first time the Iranians are saying the MoU is over and they’re not going to implement any clause.
Given President Trump has apparently just ordered dozens more aerial refueling planes to the region, the conflict looks to continue going up the escalation ladder for at least the next week or longer. Each side will seek to impose more economic and military pain, while waiting for the other to blink. Battle of narratives over damage and retaliation:


Saudi Base Attacked for First Time in 4 Months
Saudi Arabia has come under attack by Iranian missiles in the last 24 hours, the kingdom is confirming on Saturday, in a major escalation given that this is a first since near the start of the war several months ago. According to Reuters:
The Saudi civil defense early on Saturday issued two early warnings for Al-Kharj city and Yanbu to be alert to “potential danger,” but it later says the danger has passed in both areas, without providing details on the danger that triggered the warnings.
A US official tells the Axios news site that Iran targeted an American military base in Saudi Arabia with a ballistic missile, the first time that the Islamic Republic has directly attacked the kingdom in four months.
Locations in Jordan and even Syria have also been hit in recent salvos, but the US military has downplayed these attacks - and there's a battle of narratives over just how destructive these have been amid the fog of war.
Kuwait also reeling from stepped-up attacks...


116 Telecoms Towers In Southern Iran Taken Out
As we featured earlier, Iranian communications and even the supply of drinking water have been severely impacted in some places of southern Iran, amid continuing US airstrikes on civic and national infrastructure, amid the seventh consecutive day of war. "Hormozgan’s chief of communications and information technology says the US's overnight attacks disrupted telecommunications in Bandar Abbas and Hajiabad, in the northern part of the province," Al Jazeera reports
Authorities there have tallied at least 116 telecommunication towers which were taken out of service due to the US onslaught. This has resulted in outages and disruptions of fixed-line, mobile, and internet services, per Tasnim news agency.
This suggests the US is returning to a strategy which seeks to create destabilization within, targeting the ability of the public to communicate and access information, returning the situation to the early weeks of the war, which saw Tehran authorities themselves curb internet and some telecoms access for the citizenry.
Kuwait Power & Desalination Plant Hit
Kuwait was bombarded overnight in one of the fiercest Iranian retaliatory strikes since the US-Iran conflict erupted in late February, with missiles and one-way drones targeting power infrastructure and other critical energy assets.
Local outlet Kuwait News Agency reports an unspecified site of the Kuwait Petroleum Corporation suffered "significant material losses" as the week-long flare-up in Gulf tensions has derailed any near-term normalization of tanker flows through the Strait of Hormuz.
There was a report that the Al-Subiya power station was struck. This marks the second attack on Kuwaiti power infrastructure in just days, after a transformer at the Zour South electricity and desalination complex was hit on Friday.
Authorities disconnected several power-generating units as a precaution and urged residents to conserve electricity. A Kuwaiti army base was also struck during the latest escalation, injuring several personnel.

Infrastructure War in Full Swing
On March 2, we warned:
Bahrain and Jordan intercepted Iranian missiles and drones. The overnight barrage followed a seventh consecutive night of US strikes targeting Iranian surveillance sites, weapons storage, logistics infrastructure and maritime offensive capabilities as the Department of War seeks to erode Tehran's leverage on the Hormuz waterway.
As of late Friday, the previous US-Iran wrap stated:
  • Surge in more large US refueling planes headed to Mideast, signaling likely expansion of strikes on Iran.
  • US attacks hit Iranian energy and transport infrastructure.
  • Iran threatens stronger retaliation and claims strike on US base in Qatar - and deepens attacks to include US outposts in Jordan, Syria.
  • Iran urges power conservation; Hormuz shipping traffic declines further.
  • Oil prices rise to session highs on fears of broader regional conflict.
Brent chart
The latest Hormuz tanker transit data via Bloomberg shows that activity at the maritime chokepoint has all but ceased. This data is based on ships activating their transponders and doesn't account for ships that 'go dark'...

Haaretz : The Israeli Spyware Firms Active in Morocco, the French Targets – and

The Israeli Spyware Firms Active in Morocco, the French Targets – and NSO Founder's 'Diplomatic' Passport

An international investigation in partnership with Haaretz exposes the role of Morocco's intelligence apparatus in the affair, the penetration of devices of senior French and Spanish officials, and the hackings that marred a Panamanian presidential election
In late 2013, a young Israeli using the name Shalev Holy landed in Panama. According to the paperwork, he was there for tourism, and the address recorded was that of the Israeli Embassy in Panama City. The passport was a diplomatic passport.

But the young man's real last name was Hulio, not Holy. According to an investigation by a consortium of journalists, a year before his visit, NSO Group, the spyware company Hulio co-founded, sold Panama a revolutionary product called Pegasus, which was little known at the time.
Hulio denies that he had a diplomatic passport and calls the claim that he used the name Holy "false." Eight years after the Panama visit, the international Pegasus Project investigation revealed that the NSO spyware had been sold to regimes around the world and was used by many of them to surveil journalists, politicians and human rights activists. Among the victims were ministers in France and Spain.

Pegasus grants customers full access to the infected phone; remotely, they can read all the files and messages in encrypted apps. Covertly, they can also activate the camera and microphone.

Now, a follow-up investigation in the wake of yearslong work by the Moroccan journalist Hicham Mansouri reveals further details on the use of the spyware around the world.

Panama, it turns out, was one of the first countries to buy Pegasus; the follow-up investigation reveals screenshots from a live spyware interface and Panama's user license. It confirms that Morocco hacked into the phones of senior French and Spanish officials, and reveals a clutch of Israeli spy companies that armed the king's intelligence service, years before Israel and Morocco established diplomatic relations under the Abraham Accords.


The investigation revealed what the activation interface of Pegasus spyware looks like.

The investigation was coordinated by the Paris-based organization Forbidden Stories, which continues the work of threatened journalists, and 39 journalists from 14 media outlets including Israel's Haaretz and Shomrim.

The investigation, also backed by technical support from Amnesty International's Security Lab, is based on the testimony of a former officer in Morocco's domestic security service, the DGST, as well as leaked documents, digital forensics, the French government's investigation file, and interviews with sources including former NSO employees and Western officials.

Hulio, who says he left NSO years ago, rejected the investigation's central claims and strongly denied the passport account that anchors this article. "Your allegations concerning a diplomatic passport and my purported role as a representative of the State of Israel are entirely false and categorically denied." That example alone, he wrote, "illustrates how an elaborate narrative can be built on a false premise."

The king's spy apparatus
The investigation reveals that Morocco was an NSO client at least since 2017, when it received the code name "Morgan" at the company. But the kingdom wasn't content with Pegasus spyware and bought additional Israeli surveillance systems. The DGST set up an extensive spy apparatus that brought in Israeli technicians who installed the systems. Also on board was Maroc Telecom; its network was used to infect the targets' phones with spyware.

Among the surveillance targets were the journalist and corruption investigator Omar Radi and the historian and activist Maati Monjib, on whose devices traces of Pegasus were found.

To accompany Pegasus, starting in 2017 Morocco operated a system from the Israeli company Circles that enables the location of a device anywhere in the world by exploiting weaknesses in the international communications system. Morocco's use of the software was first exposed by the Toronto-based Citizen Lab institute, and the new investigation shows that the DGST has used it.


NSO Group co-founder Shalev Hulio, who is no longer with the company, which was bought by an American ownership group. Credit: Omer Hacohen

Circles is considered the first Israeli cyber intelligence company. It was founded by Tal Dilian, a former commander of Military Intelligence's tech unit; in 2014 it was acquired and merged with NSO's parent company. Circles' technology and Pegasus were probably sold to Morocco in a single package: one tool to locate the phone and one to break into it.

A year before it procured Pegasus, Morocco was already in talks to buy surveillance systems from the Israeli company Verint. In internal company documents from 2016 obtained by Haaretz, Morocco appears under the code name "Magazine." The documents record negotiations over deals worth $18 million for the purchase of the cellphone location system Skylock and of a location-and-intelligence platform. The documents also reveal contacts for the sale of spyware that Verint had developed for cellphones, called EPI.

Cognyte, the cyber division spun off by Verint in 2021, was banned from Meta's Facebook and Instagram that year because of surveillance that Cognyte had done for Morocco. In 2022, Cognyte was dropped from the portfolio of Norway's sovereign wealth fund over an "unacceptable risk" of contributing to rights violations.

The new investigation has also found that Morocco used phone-cracking tools from the Israeli company Cellebrite; such tools make it possible to physically break into phones in the client's possession and extract the information stored there. In 2019, the organization Privacy International reported that Cellebrite had offered Morocco a service for scanning the phones of asylum seekers at the border. A DGST officer told the authors of the new investigation that Morocco also used Cellebrite to spy on human rights activists.

Morocco was also interested in a system called Nighthawk from the Israeli company Interionet, which met with DGST agents. Documents and interviews show that the company presented a system that enables the takeover of security cameras and so-called network edge devices, and allows the client to watch the broadcast live.


An end-user agreement for the use of Pegasus spyware, signed by the head of Panama's National Security Council.
It's unclear if Morocco actually bought the system. In 2022, Haaretz exposed the company Toka, which sells camera-hacking tools. It now turns out that similar technology was exported from Israel to nondemocratic states even earlier.
In 2023, the company QuaDream also sought to sell Morocco offensive spyware that, like Pegasus, makes it possible to covertly break into a phone without any action by the victim ("zero-click"). But this purchase, made after the Abraham Accords were signed in 2020, was blocked by Israel's Defense Ministry, in part because Morocco had used Pegasus against France and Spain. The refusal hastened QuaDream's collapse.

From Rabat to Paris – and back
In the new investigation, the materials obtained from France, Spain and Morocco show that Morocco used Pegasus to spy on its neighbors to the north. Government documents reveal how France and Spain investigated the break-in to the phones of senior ministers, including the clash with the Israeli government that followed.

In 2021, the Pegasus Project exposed a list of phone numbers that a Moroccan Pegasus user had selected as potential targets for hacking. The French investigation file that reached Haaretz shows that the country's national cyber authority found signs of attempts to break into the devices of ministers, legislators and social activists – some on the very same day these targets were selected. According to the documents, the French found a successful hack of a device belonging to the deputy climate minister, Emmanuelle Wargon, one of seven such cases.

The list of targets also included a phone number linked to President Emmanuel Macron and the number of France's then-defense minister, Florence Parly. While the documents showed no signs of hacking regarding the first case, they did regarding Parly. The cyber authority was unable to provide many confirmations of break-ins, and any confirmations did not mention Pegasus by name.


After publication of the initial allegations, Macron spoke with then-Prime Minister Naftali Bennett and demanded that his defense minister, Benny Gantz, come to Paris for a meeting with Parly. Gantz told her that Defense Ministry officials had visited NSO's offices and Israel was "examining the matter with the utmost seriousness." Parly said that Gantz was "in a very defensive posture." Ever since, officials from both Jerusalem and NSO have said they have found no proof that Morocco has used Israeli technology to spy on French officials.


Then-Defense Minister Benny Gantz visiting Morocco in November 2021, four months after the exposure of spyware attacks in France and Spain. Credit: Ariel Hermoni/Defense Ministry

According to reports in France, Macron also raised the matter with Morocco's King Mohammed VI. "I have proof; either you're lying or you don't know what's happening in your country," he reportedly told the king. A memo written by the French foreign-intelligence service, which has not previously been reported, confirms that Pegasus servers and domain names were used to designate phones "located in France."

According to the memo, it is "highly probable" that NSO – and perhaps the Israeli government – knows which phones were designated. The memo also reveals that Pegasus spyware was also sold to Indonesia and Malaysia, Muslim countries with no official diplomatic ties to Israel.
As has been revealed in The New Yorker, the Spanish intelligence agency, the CNI, used Pegasus to spy on officials and activists in the Catalonia region. But through Project Pegasus, the Spanish discovered that Morocco was using the same tools to spy on them. Prosecutors in Madrid determined that the phones of Prime Minister Pedro Sánchez and two of his ministers, including the defense minister, had been infected.

Classified CNI documents, which the ministers who suffered break-ins were shown, named Fouad Ali El Himma, an adviser close to the king of Morocco, as the person who ordered the surveillance. This happened as tensions over Spain's immigration crisis peaked.

In 2023, Spain shelved the investigation into its own targeting, declaring that Israel refused to cooperate and made it difficult for NSO to reveal details about its operations in courts abroad, as has happened in other proceedings against the company. The most famous example is the lawsuit brought by WhatsApp's owner, Meta, in which Israel seized documents from the company to prevent their submission in court.

NSO founders Hulio and Omri Lavie are no longer with the company, which was bought by an American ownership group. Early this year, a French investigating judge questioned Hulio and Lavie about the spyware's features and what they knew about Morocco's use of it. The two declined to answer questions about the product their former company had sold to Morocco many years earlier.

On the hacking of senior French officials, Hulio said that, as far as he knew, Israel had found no proof that senior French officials had been hacked, and that this finding had been conveyed to France. "Neither Macron nor any other political figure was a target of Pegasus." About Morocco, Hulio told the judge only: "I know that Morocco denied purchasing it."


Despite the affair, Spain and France smoothed things over with Morocco, and this week, French Prime Minister Sébastien Lecornu and more than 10 ministers visited the North African country. Lecornu himself has been a target. Spain has since decorated the head of the Moroccan secret service twice; once by the Spanish interior minister, himself a target of a break-in.

In his written statement, Hulio also mentioned the original 2021 Pegasus Project, arguing that many of its main assertions "have been conclusively shown to be factually inaccurate and simply untrue," and that new questions asked are based on assumptions that are "inaccurate, distorted or entirely false."

He rejected any suggestion that declining to answer amounted to agreement, writing that a decision not to respond to questions "built on false or misleading premises cannot reasonably be interpreted as confirmation of those premises." Questions about the company's activities, he added, should be directed to NSO itself.

The NSO Group, the Israeli Defense Ministry and the governments of Morocco, Panama, France and Spain did not respond to a detailed list of questions they received ahead of publication of the investigation.

$8 million from Panama
A decade before the Spain-France-Morocco affair, one of NSO's first deals took shape across the ocean. Government documents obtained by Luis Esquivel, one of the journalists in the consortium, reveal that Panama bought Pegasus spyware in 2012, with a license for 300 infections of Android and BlackBerry devices. The end-user agreement was signed by Gustavo Pérez, the chairman of Panama's National Security Council, while a letter signed by Hulio confirmed receipt of $8 million for the product.


A 2015 letter from NSO Group to the Panamanian government confirming a purchase order for Pegasus spyware.
Screenshots not previously published show the spyware's interface from the side of a Pegasus client. The screengrabs from Panama show a system identical to Saifan, an early version of Pegasus that the Israel Police operated and that was previously reported by Haaretz.
Panama's National Security Council, which bought Pegasus, operated under President Ricardo Martinelli, who served from 2009 to 2014. The screenshots show how the spyware's operators penetrated the two leading campaigns in the presidential election that year; only three parties competed. The screengrabs display, for example, email messages of the officials responsible for publishing the election results, and a voter registry.

One screenshot shows that the operators also penetrated the BlackBerry device of Vice President Juan Carlos Varela. In May 2014, Varela was elected president. A week later, according to Hulio's signed letter, NSO identified the last operation of the spyware.


In 2015, an indictment was filed against Martinelli for wiretapping journalists and political rivals. He was extradited from the United States, where he had fled, before a trial in which he was acquitted.

Under his presidency, Panama was one of nine countries that voted at the UN General Assembly in 2012 against recognizing a State of Palestine. This was, perhaps, the first sign of what would later become a habit – a quid pro quo for Benjamin Netanyahu's Israel from countries granted the chance to buy the best of Israel's digital weaponry.

WWD : Designer Debuts Made a Splash During Paris Couture Week Pierpaolo Piccioli

Designer Debuts Made a Splash During Paris Couture Week
Pierpaolo Piccioli's first couture show for Balenciaga garnered $21.3 million in media impact value, or MIV, Launchmetrics data shows.

Underscoring that designer debuts still attract heaps of attention, Pierpaolo Piccioli’s first couture show for Balenciaga garnered $21.3 million in media impact value, or MIV.

The media voice accounted for 88 percent of the event’s total impact, with celebrity attendees Hudson Williams, Cynthia Evro and Teyana Taylor further amplifying the show’s reach.

The French house ranked fourth in Launchmetrics data released Friday, behind Dior with $44.3 million, Chanel with $37.3 million and Schiaparelli with $35.2 million in MIV.

Duran Lantink’s couture debut for Jean Paul Gaultier netted $9.4 million in MIV, putting the Paris house at number six in the ranking of “power players.”

Rounding out the top 10 were Rahul Mishra at number five with $12.3 million euros, Robert Wun at seven with $9 million, Armani Privè at eight with $8.7 million, Manish Malhotra at nine with $8.2 million and Iris Van Herpen at 10 with $6.2 million in MIV.

Mumbai-based Malhotra, whose work has become synonymous with Bollywood glamour, was also new to the official couture calendar.

Irish designer Michael Stewart made waves with his first couture show for his Standing Ground label, which generated $1.3 million in MIV, thanks mainly to “editorial authority rather than celebrity wattage,” Launchmetrics said in its report.

The data firm’s proprietary MIV figure tallies the impact of relevant media placements on online, social and print, inclusive of paid, owned and earned mediums.

By country, India ranked third in total MIV thanks to celebrities attending the couture debuts of Indian brands, but the U.S. rose to the top with $50.4 million thanks largely to influencer and celebrity voices.

Actress Heart Evangelista eclipsed all other celebrities with $7.5 million in MIV, ahead of Esha Gupta at $1.7 million and Jennifer Lopez at $1 million.

Launchmetrics ranked Jonathan Anderson, creative director of Dior, as the number four influencer by MIV, behind Sofiane Alarcon, Snejana Onopka and Mohtohsoh.

Overall, Paris Couture Week, which ran from July 6 to 9 in the French capital, generated $239.7 million in MIV, with 69 percent of the value stemming from media voices, 13 percent from influencers, 8 percent from celebrities, 8 percent from owned media and 3 percent from partners.

Video content represented 47 percent of the week’s total impact, with Instagram remaining in the leading social media platform with $128.8 million in MIV.

FT :Telecom Italia backs Poste Italiane takeover bid Cash and paper offer would

Telecom Italia backs Poste Italiane takeover bid
Cash and paper offer would give state-controlled postal service full control of telecoms group

The board of Telecom Italia has accepted a cash and stock bid from Poste Italiane that would give the state-controlled postal service full control of the telecoms group. 

Telecom Italia said on Saturday that it deemed the offer of €1.67 in cash and 0.218 newly issued Poste ordinary shares for each Telecom Italia ordinary share tendered to be fair.

The bid, which was originally valued around €10.8bn, could now be worth around €13bn based on Poste Italiane’s closing share price of €27.84 on Friday.

The offer is the latest in a wave of deals across European telecoms groups, as companies have looked to gain scale to attract further investment. In June, a consortium of three French mobile operators announced a deal to acquire SFR for €20.35bn, while UK operators Vodafone and Three combined last year. 

The lack of a premium on Telecom Italia’s share price in the original bid surprised some analysts, who said Poste might be forced to increase its offer to win acceptance.

In April, Poste Italiane boss Matteo Del Fante defended the offer in an interview with the FT, saying the company, which already owns about 20 per cent stake in Telecom Italia, would be a good owner of TIM. 

“Since we acquired the TIM stake the company outperformed . . . we are confident we deserve the same trust now that we have launched the takeover offer,” he said. 

Italy’s state fund Cassa Depositi e Prestiti and the Treasury own a combined 65 per cent stake in Poste Italiane, which has expanded into logistics, cloud computing services and banking to boost its revenues and profits in recent years. 

Telecom Italia, once a state monopoly, was privatised in 1997. Until recently, it struggled with a heavy debt load. But in 2024, it sold its Italian fixed-line network infrastructure to private equity firm KKR in a €22bn deal, allowing it to cut its borrowings. 

It is the third-largest mobile operator in Italy by number of customers, after Vodafone and WindTre. It is also the third largest in Brazil.

NYT : On Kalshi and Polymarket, World Cup Final Drives Bets Into the Billions Th

On Kalshi and Polymarket, World Cup Final Drives Bets Into the Billions
The soccer tournament has helped propel the prediction markets to new user records, creating what may be the largest gambling event in history.

When Argentina and Spain take the field on Sunday for the World Cup final, more than $5.55 billion will be riding on the winner on the prediction markets Polymarket and Kalshi.

People are also betting millions on who wins third place and the Golden Boot award for top scorer. Others are wagering on what the announcers might say or whether it will be the final tournament for the Argentina team captain, Lionel Messi.

The event has helped drive new users to the prediction markets, which have grown rapidly and transformed into a cultural phenomenon in recent months. The sites allow users to wager on the outcome of just about anything, from elections to details about Taylor Swift’s wedding to the winner of the reality-TV show “Survivor.”

Prediction market users are poised to make the World Cup the largest gambling event in history, analysts said. In June, total wagers on the platforms topped $50 billion for the first time, much of it driven by the soccer tournament, according to data from Dune Analytics, a crypto data tracker. That was up from about $2 billion the same month a year ago.

The performance of prediction markets during the World Cup has “surpassed every estimate that any of us have projected,” said Chad Beynon, a gaming and lodging analyst at the financial services firm Macquarie Group. He estimated that the World Cup had helped quadruple monthly trading volumes across both platforms.

Nearly 270,000 people downloaded the Kalshi app the week the tournament began, according to data shared by the company from Apptopia. Two weeks earlier, it had about 60,000 downloads.

Isaac Arizmendi, a Mexico team fan, downloaded Polymarket for the first time in June to bet on the tournament. The 24-year-old, who lives in Los Angeles and works in social media marketing, said he was wagering on the winner of every game.

“You have a purpose watching that game,” he said. “You bond with people at the bar, like, ‘Ah, you put money on the game, too?’ Pow!”

The explosive success of Kalshi and Polymarket — which earn revenue by collecting fees on each bet — has drawn attention. Mark Zuckerberg, the chief executive of Meta, has directed employees to create a prediction markets app.

Traditional gambling firms like FanDuel and DraftKings have started offering their own prediction markets, as has Gemini, a cryptocurrency exchange. Trump Media & Technology Group, President Trump’s social media business, has also rolled out plans for prediction markets.

The growth has also stoked scrutiny over concerns about insider trading and other problematic behavior on the platforms.

More than a dozen states have sued Kalshi and Polymarket, citing local laws that ban sports betting. In late June, a judge in Michigan ordered a temporary halt to Kalshi’s offerings in the state after its attorney general, Dana Nessel, sued the company, accusing it of violating state sports betting laws.

Kalshi’s operations are “unlicensed” and “predatory,” Ms. Nessel said in a statement.

Still, the markets have surged, with a boost from the World Cup. The tournament started June 11 with an expanded roster of 48 teams playing 104 games — even more to wager on than usual. The markets have also benefited from increased interest in soccer in the United States, which was one of the hosts of the tournament.

Polymarket and Kalshi have spent heavily on marketing throughout the event. Polymarket launched an ad campaign featuring the music producer Rick Rubin and the rapper Future pegged to the U.S. team’s making it to the final. “Can the U.S. win it all?” Future asked in the ad.

Kalshi became an official partner of FIFA, soccer’s global governing body, through a branding and product deal with the World Cup’s existing prediction market partner, ADI Predictstreet, a little-known platform. Kalshi’s logo was displayed around the field at game time, and its ads blanketed commercial breaks.

After seeing ads for Kalshi “everywhere,” Trisha Kvien, 42, downloaded the app at the start of the World Cup. Ms. Kvien, who works in advertising technology in central California, put $25 on the United States to beat Paraguay during the group stage. She won about $11, and was hooked.

She used Kalshi when she attended the Spain-versus-Belgium game last week in Los Angeles, wagering on how many corner kicks both teams would take — and even got the rest of the crowd into the action counting with her. (She lost.)

“I’m not betting money that I’m not willing to lose,” she said, adding: “I’m putting it in for the experience and the good time. And if I win some money off of it, I’m having an even better time.”

NYT : After Repeated Crises, Boeing Looks to Turn a Corner The company recently

After Repeated Crises, Boeing Looks to Turn a Corner
The company recently opened a new production line to keep up with strong demand for its 737 Max, though orders for its new planes lag rival Airbus.

One morning this month, a bay door opened at an enormous Boeing airplane factory north of Seattle, where workers rolled in an emerald-green fuselage.

It was only the second 737 Max to enter production at this factory in Everett, Wash., and it was a milestone of sorts for Boeing.

Ever since the 737 debuted in 1967, the plane has been almost exclusively produced in a factory in Renton, a Seattle suburb. But Renton is nearing its capacity, and the addition of a second production site in Everett will help Boeing fulfill its ambitions to build more of the 737 Max, by far its most popular plane.

More broadly, the expansion of the 737’s production is a sign of the progress Boeing has made as part of its turnaround efforts more than two years after its last major crisis. In January 2024, a poorly installed panel blew off a 737 Max jet during a flight, unleashing renewed federal oversight and public scrutiny of Boeing. At the time, the company had only just started to recover meaningfully from a much more serious crisis prompted by Max crashes in 2018 and 2019, in which 346 people died.

The panel episode led Boeing to shake up its leadership, culture and practices yet again, and those changes appear to be paying off. Boeing delivered 314 jets in the first half of the year, its best performance for that period since 2018. Earlier this year, it had $576 billion worth of commercial plane orders, its most ever.

And on Friday, the Federal Aviation Administration said it would allow Boeing to resume issuing airworthiness certificates for all its 737 Max and 787 planes, a significant step forward from the oversight that regulators imposed on recent years. A year ago, the F.A.A. partially restored this authority to the company, allowing it to issue airworthiness certificates on alternating weeks. Now Boeing will be allowed to sign off on all its planes, the agency said, citing “consistent production quality.”

“Boeing is on a very upward trajectory,” said Jerry Lundquist, an industry consultant whose firm, the Lundquist Group, advises aerospace company executives but does not currently work for Boeing. “It certainly hasn’t gotten to smooth, stable, sustained cruise yet, but it’s continuing to do well. It’s a very good story.”

It helps that airlines are desperate for new jets to satisfy growing global travel demand. Hundreds of more orders for planes are expected in the coming days as Boeing and other companies gather at an airport near London for one of the world’s largest aerospace events, the biennial Farnborough International Airshow.

“It has been a particularly strong order frenzy,” Stuart Hatcher, the chief economist and chief data officer at IBA, an aviation advisory firm, said during a webinar this week.

In most cases, an airplane order that is placed today for a jet made by Boeing or its European rival, Airbus, is not expected to be fulfilled until the 2030s. Still, Boeing lags behind Airbus, which has received more than twice as many plane orders this year and has a larger order backlog.

Despite that disparity, Boeing is working through its own backlog of about 6,200 airplane orders. That’s good news for its bottom line. But Boeing executives have warned that its commercial plane unit won’t generate consistent profits for a while, partly because of investments like the $1 billion the company spent to expand the production of the Max in Everett.

About 1,000 employees are supporting the effort. Half of the mechanics building the plane worked previously in Renton, while the other half are new hires, according to Jennifer Boland-Masterson, a senior director overseeing the expansion.

The F.A.A. is auditing the process and must sign off on the production line, known as the North Line, before planes built here can be delivered. But the work has already started, slowly, and Boeing says nearly every part of the process mirrors that of the three Max production lines in Renton.

The work is being carried out in a space formerly used to build the much larger 787 Dreamliner, a twin-aisle plane whose production was consolidated to a factory in South Carolina. Boeing also makes the 777, 767 freighter and KC-46A Pegasus military tanker in Everett. The factory, which the Guinness World Records describes as the world’s largest by volume, was also once home to the iconic 747, the last of which was delivered in 2023.

The 737 Max accounts for about 70 percent of Boeing’s commercial aircraft backlog. Deliveries of the plane were frozen for almost two years after the fatal crashes. During that time, regulators required Boeing to make several changes to the plane, which started flying again in late 2020.

After the 2024 panel blowout, in which no one was seriously injured, the F.A.A. capped Max production at 38 planes per month until the agency was satisfied that Boeing had improved manufacturing quality. The company later put in place a quality-control regimen it described as a “war on defects,” and the F.A.A. cleared Boeing late last year to produce 42 jets per month, and 47 per month this year.

Boeing is working toward reaching a sustained rate of 47 planes per month, and the Everett line was added to help the company reach its next goal of making 52 per month and eventually more.

“It’s pretty important,” said Sheila Kahyaoglu, an equity analyst at the financial services firm Jefferies who focuses on aerospace and defense companies. “Going up in rate is super helpful.”

Ms. Kahyaoglu estimates that each delivered 737 can generate $10 million to $20 million in cash after accounting for necessary costs and investments.

While Boeing has made progress on Max production, it has been hampered by three long-delayed planes. But the company now says it is nearing certification of each.

Boeing said the certification work on the smallest and largest Max variants, the Max 7 and Max 10, was very far along. The company also said it was making substantial progress on the 777-9, a behemoth designed for long-distance international travel. All three planes are years behind schedule, but Boeing said it expected to begin deliveries of each next year.

“The path is clear,” Mike Sinnett, a Boeing senior vice president, told reporters this month. “We know what we have to do. We meet with the F.A.A. very, very regularly.”

The Max 10 will ship with a new system that was required as a result of the crashes. That system, known as Enhanced Angle of Attack, is designed to simplify the alerts that pilots receive when an error is detected with a sensor that measures the plane’s angle relative to oncoming airflow, known as the angle of attack.

Investigators have said multiple alerts related to faulty data from that sensor made it harder for the pilots in the fatal crashes to respond. Once certified, the new system is expected to be added to all Max planes within two years.

Both the Max 7 and Max 10 will also feature a fix to the engine anti-ice system to address concerns about overheating in certain conditions.

The 777-9, a twin-aisle plane capable of carrying more than 400 passengers over long distances, is also making progress, the company said. The plane has taken more than 1,700 test flights, and Boeing says it expects to deliver its first 777-9 next year.

On a lot near the Everett factory, Boeing is subjecting a 777-9 airplane to tests that simulate real-world flying, including flexing its wings and body and repeated pressurization and depressurization of its cabin. So far, that airplane has endured the equivalent of nearly twice as many flights as the company expects it ever to operate with no major structural defects.

Since the 2024 panel incident, Boeing has also worked to revamp manufacturing quality and corporate culture. The company replaced several top executives, expanded training and inspections, simplified documentation and reduced allowances for certain work to be performed out of sequence. Boeing said that, as a result, in the first three months of the year employees spent nearly 20 percent less time fixing defects or repairing or replacing parts on the 737 line than they did in the same period last year.

Boeing has also intervened more in its suppliers’ operations in an effort to improve quality and capacity issues. In 2025, it bought a struggling supplier, Spirit AeroSystems, which made the Max fuselage. Boeing said the number of fuselages arriving with defects this year had fallen 40 percent compared with 2025.

And in an effort to improve its culture, the company solicited feedback over many months from tens of thousands of employees. That process resulted in the company’s devising five guiding values and 15 recommended behaviors for employees.

Those guidelines are mostly straightforward and conventional like “follow through” and “collaborate respectfully.” But one speaks bluntly to the frustrations of workers who have endured repeated crises, and to the company’s push to regain public trust: “Give a damn!”

WWD : Six Women Allege Rape Against Former Elite Model President An attorney for

Six Women Allege Rape Against Former Elite Model President
An attorney for Gérald Marie said he "firmly denies these allegations, as he has consistently done."

Six women have filed civil complaints against Elite Model Management’s former president Gérald Marie, alleging rape and human trafficking at the Paris Judicial Court. But an attorney for Marie said on Friday he “firmly denies” the allegations.

Marie, who exited Elite years ago, is also facing a civil complaint that was filed last month by the model Carré Otis. In recent years, she has accused Marie of rape and human trafficking that allegedly occurred when she was starting out as a model at the age of 17. Otis along with 14 other women had initially filed complaints against Marie in Paris in 2020, which were later dismissed by the Paris prosecutor’s office due to the statute of limitations having run out.

Asked about the six new civil complaints, Marie’s attorney Céline Bekerman said in a statement Friday, “My client firmly denies these allegations, as he has consistently done. There is nothing new in these complaints. A thorough investigation conducted by the Paris Public Prosecutor’s Office was already carried out and resulted in the case being dismissed in 2023.”

Mathias Darmon, the attorney who is representing the six women, said Friday, “These complaints are part of a broader movement of speaking out, sparked by the formal complaint filed by Carré Otis on June 5, 2026. Gérald Marie potentially raped dozens of young women between the 1980s and the 2000s, acting with a sense of total impunity and within an utterly intolerable culture of rape. Today, voices are finally being raised to denounce these heinous crimes.”

Some of Darmon’s clients had filed complaints in the 2020 case. In this week’s filing, he wrote, “However, the investigations undertaken at that time failed to provide a judicial response commensurate with the gravity of the allegations, even though new victims have since come forward and new evidence has emerged.”

Bekerman’s statement closed with, “The justice system has better uses for its resources than reopening, 40 years after the alleged events, a case that is both time-barred and has already been dismissed. The same allegations cannot be endlessly recycled. This amounts to harassment. Gérald Marie has rights, and he intends to assert them.”

In an Instagram post Wednesday, Otis wrote: “Dozens of women have been telling their stories of this man and his world in their own books, television series, media interviews, documentaries and more without a drop of legal recognition or any semblance of justice.” She noted that she published her own account in her 2011 book “Beauty Interrupted.”

“Encouraging” any others who have allegedly been raped, assaulted or harassed “to join us,” Otis posted that “survivors” can file Jane Doe cases. Otis asked that anyone who witnessed or has relevant information to come forward. She included contact information for the Innocence in Danger and Model Alliance.

In addition to those two advocacy groups, there are organizations such as Victorious Angels, which is composed of survivors including many from the modeling industry who are calling for greater accountability. In March, former model Ebba Karlsson and Lisa Brinkworth, a Victoria’s Secret Angels advocate, presented a letter to the Paris public prosecutor’s office that requested an inquiry into Marie in relation to Jeffrey Epstein. Brinkworth alleged that Marie assaulted her while she was working as a journalist on an undercover investigation about the modeling industry for a BBC documentary that was released in 1999. She was among those who filed a complaint in 2020 that was subsequently dismissed. Brinkworth had also appealed that decision unsuccessfully, and has since taken her case to the European Court of Human Rights.

One of the 15 former models who signed that letter in March was Laurie Marsden, who has alleged that Marie assaulted her after a party in 1982. She said in April, “We asked them to investigate Gérald Marie’s ties to Jeffrey Epstein given an association among Jean-Luc Brunel, Gérald Marie and Epstein.”

Separately, in March of this year, The Model Alliance’s founder Sara Ziff and 25 models sent a letter to U.S. House of Representatives Ro Khanna and Thomas Massie requesting an investigation into “the modeling industry’s role in facilitating Jeffrey Epstein’s [alleged] trafficking operation.”

In 2022, Brunel, a cofounder of MC2 Model Management, died of an apparent suicide in a Paris cell, where he had been awaiting trial on charges of rape of a minor and sexual harassment. The agency was started with some financial support from Epstein.

Thysia Huisman, who alleged that Brunel drugged and raped her in Paris after a party in his apartment in 1991, filed a civil case against his estate in 2024. She said Friday, “The courage of these six survivors is extraordinary. To take on someone as powerful as Gérald Marie through a civil case takes strength most people will never fully understand. I know that courage. I know what it costs.”

Huisman this year released an updated English version of her book, “Close Up,” which explores “the dark side of modeling.” “The same principle: accountability does not end with power, money, or even death. What was done to us matters and it demands justice,” she said Friday.

She added, “These women are not just telling their stories. They are forcing a system that has protected powerful men for far too long to finally confront the truth. This is what change looks like — not silence, but resistance. Not fear, but action.”

Earlier this year, Karlsson appealed to French prosecutors about the alleged trafficking, rape and sexual harassment that she faced as a model 35 years ago. She said in March, “We have got to keep the momentum. People cannot stop talking. People who have been involved with Epstein should be transparent, come forward and share everything they know. Otherwise, how can we change the system, if people are still in the shadows and are hiding things?”

Huisman said Friday, “I will keep speaking, no matter what it takes.”

The Information : Startup OpenRouter Fields Multibillion-Dollar Takeover Interes

Startup OpenRouter Fields Multibillion-Dollar Takeover Interest

The Takeaway
  • OpenRouter fields multibillion dollar takeover interest.
  • Annualized revenue reached $50 million in April, up five-fold.
  • Platform helps developers manage AI costs with 400+ models.

OpenRouter, which helps app developers access hundreds of AI models, has discussed a potential sale to a bigger tech company that could value the startup at billions of dollars, a steep premium to its $1.3 billion valuation, people familiar with the matter said.

The discussions reflect a swell of interest this year in technology that makes it easier for app developers to run a variety of models, including open-source, to save costs. OpenRouter, founded three years ago, has seen business surge this year as token costs and model usage spiked.

The potential buyers couldn’t be learned. The talks follow OpenRouter’s announcement in May that it had raised $113 million in a funding round led by Alphabet’s CapitalG, a venture arm of Google parent Alphabet. (OpenRouter has also been backed by investors including Andreessen Horowitz and Menlo Ventures.) The founders of OpenRouter didn’t return requests for comment.

OpenRouter is riding fast-growing interest among businesses in using multiple AI models rather than relying only on the latest, most expensive models from big companies such as Anthropic and OpenAI. The idea is to route some tasks to cheaper or more focused models, including open source AI, to reduce costs amid surging AI bills.

That’s become a bigger priority for businesses as of late, as some have blown through their annual AI budgets in just a few months thanks to the high costs of frontier models.

Founded in 2023, OpenRouter offers an application programming interface, or API, through which developers can access more than 400 proprietary and open source models from OpenAI, Anthropic, Google and others.

The company was generating $50 million in annualized revenue as of April, up five-fold since October, when it was included in The Information’s Most Promising Startups list. Sales have likely grown rapidly since then, especially as businesses turn to cheaper open-source AI like DeepSeek and GLM.

Since the beginning of this year, the number of tokens that OpenRouter has processed through its API has grown by a factor of ten, to more than 60 trillion tokens, according to the company. It makes money from charging a small fee when developers buy credits to run AI models on its platform.

A sale would make a quick exit for its founders including co-founder and CEO Alex Atallah. He previously co-founded OpenSea, the marketplace for digital collectibles known as NFTs. Its valuation hit $13 billion hit early 2022 before the post-pandemic crypto crash caused some investors to heavily mark down their stakes.