WSJ : Facebook Parent Meta Pulls Out of Sponsorship Deal for U.S. 250th Annivers

Facebook Parent Meta Pulls Out of Sponsorship Deal for U.S. 250th Anniversary Project
Tech company cancels remainder of $10 million agreement with organizers of the 2026 national commemoration

WASHINGTON— Facebook parent Meta Platforms Inc. said Wednesday it has canceled its sponsorship agreement with the organization planning the federal government’s commemoration of the 250th anniversary of the U.S., a project beset by internal strife and facing a discrimination lawsuit filed by female former executives.

Meta said in March it would review its ties to the U.S. Semiquincentennial Commission and its affiliated America250 Foundation following Wall Street Journal reports detailing feuds among the congressionally appointed commissioners and accusations of mismanagement and misuse of federal funds by former employees.

“All the leadership dysfunction was super concerning,” a person familiar with the matter said. Among other issues, when Meta, then known as Facebook, made the deal in June 2021, the company had been under the impression that it would be one of many corporate sponsors, the person said; to date, it is the only company that has signed on, people familiar with the issue said.

Daniel DiLella, a Philadelphia-area developer who is chairman of both the Semiquincentennial Commission and the America250 Foundation, didn’t immediately respond to a request for comment. In a March statement, he said the project has “hit many roadblocks along the way, and there may be more, but we are on the right path to fulfill our sacred mission to honor this great country.”

A foundation spokesman said: “The America250 Foundation remains confident that it will be working with Meta in the future—the company supports our mission of bringing the country together around this national milestone.” The spokesman added the organization was speaking with other companies about potential sponsorship arrangements.

Andrew Hohns, a member of the Semiquincentennial Commission and a critic of its leadership, said Meta’s decision points to broader problems.

“We need a fresh start with this project, one that involves many more Americans and is focused on historic preservation, national renewal and bold ambition,” said Mr. Hohns, chief executive of Philadelphia investment firm Newmarket Capital.

The social-media giant has already paid America250 the first $2 million installment of a $10 million deal through 2026 to serve as the exclusive “social connectivity” partner, with an inside role in planning and presenting the observances and the right to use America250 branding. America250 won’t receive the remaining $8 million balance, a Meta spokesman said.

Meta’s contribution was America250’s largest single source of funding apart from the federal government, records show.

“While we are no longer a corporate sponsor, we look forward to seeing commemoration efforts come to life for this special anniversary,” said Joe Osborne, a Meta spokesman. The company notified America250 on Tuesday it was pulling out, Mr. Osborne said.

The Semiquincentennial Commission was created by Congress in 2016 to plan observances leading to the anniversary on July 4, 2026.

FT : Rich People’s Problems: Leave the airport hordes behind, take a road trip t

Rich People’s Problems: Leave the airport hordes behind, take a road trip to the sun
I’ve had enough of flyers with massive suitcases masquerading as hand baggage and flinch at those lacking spatial awareness

Flying is no longer a glamorous travel option. I’ve gone on a proper road trip instead. The electric vehicle is range inhibited, so it’s time to bring out the big guns. Fire up the Aston! It’s going to be a petrol-powered holiday with three other couples. 

Some may shudder at the thought of an epic car journey. But think about how air travel has changed. I used to love airports but they’ve become intolerable. They’re often overcrowded and expensive. I hate the queues. The security screening processes would be inhumane to cattle, let alone humans.

I bristle at those dressed up to the nines because they think they’re better than everyone else. And when I see red trouser-wearing men and pearl-clutching ladies travelling abroad with hats, I ask myself: who needs a hat in an airport? I’m infuriated by flyers with massive suitcases masquerading as hand baggage and flinch at those who lack spatial awareness. And that’s before one’s walked 18 miles to get on the plane. 

Added to the post-Covid travel chaos and domestic rail strikes, the government and aviation regulator have written to carriers telling them to ensure schedules are “deliverable”, resulting in multiple cancellations. With the queues to get off planes and a long wait for your bags, I’m left wondering if it is worth the bother or expense.

In a car, you literally are in the driving seat. Pack what you want and there’s always room for a cheeky purchase made along the way. But there are downsides. A few years ago my trusty Aston Martin ended a road trip on the back of a low-loader. Not wishing to repeat this disaster I sent it for a pre-trip once-over. £3,150 later, he’s ready to go. There may be a cost to owning a 20-year-old car but in this case it’s still a fantastic ride.

The ignition key clicks, there’s an electronic “bong”. Pause. Press the illuminated “Start” button and with a delighted roar, the car kicks into life. The sound of an Aston Martin’s engine is joyous. If it was food it would be an apple flan, the kind made by a chef. A familiar tasty classic but a special treat.

After the original hi-fi buttons went spongy and sticky, I’d installed a £129.99 Kenwood Bluetooth stereo system (no need to spend more, apparently). Its factory-supplied speakers emit a deep bass reflex, should I ever decide to pump out some banging dance tunes. 

A Eurotunnel ticket costs just £229 for a return non-refundable fare, for the car and two passengers. There was hardly a queue in sight at Folkestone and the automated check-in and passport control is a breeze, contrary to the “project fear” Brexit warnings. The only trip hazard is that you will need to have a “UK” identification on your number plate, as some bore-o-crat has decided that we’re no longer “GB”.

And off we set. I did think about calling the police after we were mugged at a French service station. But I was told by the other half that the price of fuel had risen substantially and it’s the same for everyone. Despite the French government’s intervention, petrol costs €2.20 a litre for the E5 “super”. Well, the Aston needs a treat. Inexplicably, in the same way that the French cannot make a decent cup of tea, some of their filling stations limit the amount you can take in a single filling to €150.

If you fly, in addition to being frazzled when you arrive, you’ll miss out on the benefits that proper travelling can provide, like a fantastic overnight stop in a picturesque village. We’d settled on a pretty three-bedroom hotel called Le Bailli de Montsaugeon near Dijon. On a walk we meet an octogenarian resident who keeps bees. He’ll happily sell you his best acacia honey for €8 a jar. At the commune-run bar, they serve a locally produced rosé that’s off the chart good. Just €9 a bottle. We quaffed two. 

The hotel cost €145 a night (including the most amazing breakfast) and for €30 a head, they’ll give you dinner. We returned to the bar for an impromptu rock concert, clattering through another bottle of rosé while playing pétanque. It’s 28C, the sun is beginning to set, there’s a light breeze and the wine is going down a treat. You don’t get this unplanned joy on a package or destination holiday. 

We were en route to a remote villa with an infinity pool in the hills above the town of Fayence. Satnav is a brilliant thing. I’d like to think we’re not too stupid to end up following it blindly. After the Aston and our neighbour’s Bentley ended up off-road on a rocky path that became steeper, narrower and increasingly precarious, we had to question our intelligence. Because the last piece of road to get to the villa wasn’t mapped, the satnav knew a “better” route. 

Amazingly, the Aston made it without any apparent damage or concern. The Bentley fared worse, with warning lights flashing on the dashboard necessitating a trip to the nearby dealership in Mougins. They were brilliant, checking over the car while suggesting how it should be driven to last the rest of the adventure — with no charge for either the service or the once-over. Bravo Bentley. I’m almost tempted to return to the brand!

If the concept of renting a villa is alien to you, reconsider. Yes, staying at hotels where washing, cleaning and everything else is done for you is all very well. But often a hotel falls short in service, delivery, pillows or it’s just unbelievably expensive. 

In this age of austerity, will a fancy hotel or well-appointed villa provide better value and a more enjoyable holiday? Ours cost us £4,000 for the week, or £142 per couple per night. If I’m looking for somewhere to razz it up for a few days, I’d rather go to a villa than a blow-the-budget hotel. You can fix the itinerary and the activities with your friends — and get to see and do more, experience better restaurants and, to my mind, have more enjoyable memories. 

Travel is changing, again. Jetting off for a few weeks might be accessible but unless it’s long haul, it’s no longer the way to travel in style. As I write, we’ve started our winding journey home, via stops on the Côte d’Azur. Although La Reserve in Beaulieu-sur-Mer was tempting, €1,350-€1,650 a night for one of the cheaper rooms is a bit steep. I’d rather go to the four-star Carlton with rates at €160 including an epic buffet breakfast and super friendly staff and splash the money “saved” on lunch and an afternoon at the pulsating Anao Plage beach bar, followed by dinner at the nearby Hotel Royal-Riviera. What a view!

Fly if you want. But I won’t be booking a ticket any time soon. I’d rather stick to four wheels with my friends and the fabulous Aston. There are interesting places to stay and wonderful villas to rent. It will cost you less and you can go away for longer, avoiding the crowds, strikes and queues. 

FT : How the revolution in electric vehicles is changing mining

How the revolution in electric vehicles is changing mining
The world’s largest carmakers are among those driving hardest for sustainable minerals

For decades, communities around the world have too often been betrayed by promises that mining would yield financial prosperity and return to them the landscape as good as it was found. Many have ended up with environmental destruction with very little benefit to show for it.

But the car industry and its massive demand for minerals and metals for building and powering electric vehicles could change this paradigm.

Amid the push for new, more climate-friendly sources of energy, the market has seen an equally unprecedented rise in demand for lithium, cobalt, nickel and other minerals. These materials, linked to wind turbines, solar panels, EVs and batteries, derive from the mining sector, which has long been associated with irresponsible practices.

Consumers who buy EVs view themselves as active participants in a commitment to heal the planet. With their climate-conscious consumers in mind, car companies are analysing the environmental and social impact of every material in their supply chains.

Although some governments are increasingly requiring companies to undertake due diligence, regulatory levers often move slowly. It is the call from the market, supported by demands from civil society, that is sparking change at the mine site, where change is most needed.

We now know that the mining sector, encouraged by the right incentives, has the potential to embrace a radical transformation. Among those driving hardest for such a change are the world’s largest carmakers — BMW, Mercedes-Benz, Ford, General Motors, Volkswagen and Tesla have signed on to the Initiative for Responsible Mining Assurance (IRMA), joining United Steelworkers, Anglo American, Microsoft, Tiffany, and others.

To better understand the risks in their sourcing of raw materials, the car companies are asking miners feeding their supply chains to undertake IRMA assessments.

Eleven mines are at present under independent review; another 73 mines, owned by 50 different companies, are using IRMA’s self-assessment tool to prepare for independent third-party evaluation. Governed equally by all stakeholders, including community representatives, civil society and labour unions, IRMA offers a global standard for mining that has been hammered out in a collaboration with the private sector.

Transparency around the environmental and social impact linked to the minerals used in products such as phones, computers, cars, jewellery and batteries allows brand owners and consumers to demand improvements in practices that harm people and the planet.

This, in turn, should increase the market value for minerals that are mined responsibly, as well as for minerals sourced from recycling and reuse, and more durable products.

Our goal is a world where the mining industry respects the human rights and aspirations of affected communities; provides safe, healthy, and respectful workplaces; minimises harm to the environment; and leaves positive legacies.

Carmakers are using their massive buying power to speed progress towards this goal, in part by assuring the mining industry that the market will value their effort.

Yet market forces alone cannot transform the entire mining sector. Voluntary initiatives will never replace the critical role of law and government in setting rules that all companies must follow.

Given that most mining companies will comply with national laws wherever they operate, we need governments to pass legislation and enforce those rules.

But governments tend to move slowly, and some miners are known to lobby to stop regulatory changes. There is a growing demand for more responsible mining and governments should require companies to use IRMA’s Standard for Responsible Mining as a means to ensure sustainable mineral production.

Proper performance of supply chains that support climate solutions should be judged by whether they bring less harm, not more, to an already climate-stressed world.

Our experience with the mining sector suggests it is possible to prevent backsliding on climate commitments. As long as the proper levers are in place, safe and sustainable supply chains can be balanced with security of supply even through pandemics and conflicts.

FT : ‘People are hungry’: food crisis starts to bite across Africa

‘People are hungry’: food crisis starts to bite across Africa
Signs of inflation-linked unrest are emerging, NGOs warn

Ezra Ngala, an informal construction worker, is struggling to make ends meet in a slum in Kenya’s capital, Nairobi. “I am trying to survive,” he says while explaining that he cannot feed his wife and four-year-old son.

“For the past few months there has been a surge of people like myself going hungry. The government says that the war in Ukraine is the cause of all this.”

Steep rises in international food and fuel prices since the Russian invasion of Ukraine have left millions more Africans facing hunger and food insecurity this year, the UN, local politicians and charities have warned. The price rises have compounded economic problems caused by the coronavirus pandemic, sparking concerns of unrest in the hardest-hit countries. Swaths of Africa face an “unprecedented food emergency” this year, in part because of the war in Ukraine, the World Food Programme has said.

“The conflict in Ukraine [sparked a] global price hike of fuel, fertilisers and also edible oil and sugar and wheat particularly. This is bringing significant shocks to the system,” Ahmed Shide, Ethiopia’s finance minister told the Financial Times.

In an area stretching from northern Kenya to Somalia and large parts of Ethiopia, up to 20mn people could go hungry in 2022, the UN’s Food & Agriculture Organization has said, due to the worst drought in four decades, exacerbated by the fallout from the war in Ukraine. More than 40mn people in the Sahel and west Africa this year face acute food insecurity, according to the FAO, up from 10.8mn people three years ago.

Before the war, Russia and Ukraine accounted for a double-digit share of wheat imports in more than 20 sub-Saharan African countries, including Madagascar, Cameroon, Uganda and Nigeria, according to the FAO. Eritrea relies on those two countries for all of its wheat imports.


Even those countries not reliant on imports from Russia and Ukraine have been hit by rising prices.

Responding to the trend, the World Bank on Wednesday said it had approved a $2.3bn programme to help countries in eastern and southern Africa tackle food insecurity.

The IMF forecasts that consumer prices in sub-Saharan Africa will top 12.2 per cent this year — the highest in almost two decades. In Ethiopia, food prices rose 42.9 per cent in April on the same month a year earlier.

There are concerns that higher food prices could fuel unrest in poorer countries, where food counts for a higher part of daily spending than in developed countries.

During the 2007-08 food crisis, which was caused by a spike in energy prices and droughts in crop-producing regions, about 40 countries faced social unrest. More than a third of those countries were on the African continent.

Even before the Russian invasion in late February, the pandemic had already hit economic growth on the continent. “Africa was already struggling with food insecurity,” said Wandile Sihlobo, chief economist at the Agricultural Business Chamber of South Africa. “These African countries had diminished ability to cushion their population from food price fluctuations.”


There have already been some signs of unrest. Landlocked Chad declared a food “emergency” earlier this month. In Uganda, six activists were arrested for protesting against higher food prices at the end of May, according to Amnesty International. The rising cost of food has since May spurred street protests in Nairobi under the hashtags #LowerFoodPrices and #Njaa-Revolution — meaning “hunger” revolution in Swahili.

“People are hungry, the reality is that people cannot afford to keep up with these rising prices. You wake up every day, and prices are rising,” said Lewis Maghanga, a local campaigner on the cost of living.

Jackline Mueni, who bakes cakes for weddings and birthdays in Nairobi, is feeling the pinch. “Things are just getting bad,” she said, adding that in the three years she had been in business this was by far the worst time. “In the last three months, food prices have really rocketed.”


In May, the price of edible oils jumped more than 45 per cent from a year ago in Kenya, while flour increased 28 per cent, according to the World Bank. “This is the worst time ever. I was very comfortably making money, recovering expenses and making a profit. I was selling an average of five cakes a day. Now, one or two, if I am lucky,” said Mueni.

Even Nigeria, an oil producer and a member of Opec, has been hit by international food and fuel prices. Africa’s most populous country exports crude oil but relies on fuel imports. It is also a large food importer, especially of grains. The price of bread in Lagos has risen from 300 naira ($0.72) before the pandemic to 700 naira this year, according to Chibundu Emeka Onyenacho, analyst at emerging markets bank Renaissance Capital.

“If you’ve suddenly moved to 700 [naira for a loaf of sliced bread], that’s putting pressure on anyone that is being paid the [monthly] minimum wage of 30,000 naira,” said Onyenacho.

He added that the price of wheat flour meant that in rural areas, people blended it with flour made from cassava, a cheap root vegetable, because they were “willing to compromise” on quality to cut the cost of products eaten daily, such as bread.

Back in Kenya, rising fuel prices mean construction worker Ngala spends roughly half his salary on fuel prices. As a result, some dishes have become unaffordable.

“We cannot afford basic things like cooking oil and maize flour,” he said, the latter to make local staple ugali, a cooked maize-flour dough. “There are people who can’t afford even one meal a day.”

FT : Germany fears ‘maintenance’ shutdown of Russia gas pipeline

Germany fears ‘maintenance’ shutdown of Russia gas pipeline
Planned work on Nord Stream 1 further threatens efforts to build stores ahead of winter

Germany’s government fears Russia could take advantage of annual maintenance on its main export pipeline to shut off gas supplies to the country completely, increasing the risk of a winter energy crisis in Europe’s largest economy.

Earlier this month Russia cut the flow of gas through Nord Stream 1 by 60 per cent. The pipeline, one of the main conduits for Russian gas into Europe, will be shut down for around two weeks from mid-July for annual summer work on it.

Officials say they worry that Gazprom, Russia’s state-owned gas giant, might stop gas deliveries completely while NS1 is closed for repairs, undermining Germany’s efforts to fill gas storage ahead of the winter heating season.

“The supply situation is tight enough without NS1 being shut down,” said one.

Carsten Rolle of the BDI, Germany’s business confederation, said that during previous periods of scheduled maintenance on NS1 Gazprom had made up the shortfall by sending Germany more gas through Ukraine, or via the Yamal-Europe pipeline through Poland.

“But there is a concern that they will not do that this year,” he said. “Already they have cut flows through NS1 by 60 per cent and not made up for it with increased flows through other pipelines.”

“The conclusion you’re left with is that this is a hostile act,” said Timm Kehler, head of trade body Zukunft Gas.

Markus Krebber, chief executive of German energy company RWE, said it was “very clear” that the decision to reduce gas flows was “political”, “because it’s not only the [gas] coming via Nord Stream 1 that [is] below contracted volumes, but also via other pipelines.”

Rolle said Gazprom could also use the planned maintenance on NS1 “as a pretext to stop gas supplies for much longer, citing various technical reasons”.

“What is the guarantee that at the end of the maintenance period that you actually do get any gas coming back on?” said James Waddell, an analyst at Energy Aspects.

The fears about NS1 come amid a growing realisation in Berlin and other European capitals that Russia is weaponising its energy exports in retaliation for EU sanctions over the war in Ukraine.

Robert Habeck, Germany’s economy minister, said on Sunday that Germany would reopen mothballed coal-fired power stations, as the government scrambles to shore up the nation’s energy supply.

Habeck said he could not rule out a further squeeze on gas deliveries. “Given the current situation, we must assume that Putin is ready to reduce the gas flow further,” he said on Wednesday.

So far, the reduction in flows has had little tangible impact on Germany’s supplies because gas consumption during the summer is only a quarter or a fifth of the volume on cold winter days. But it is having a serious effect on efforts to fill gas storage facilities ahead of the winter heating season.

Gas storage is currently 58 per cent full and the government wants that to rise to 90 per cent by November 1. But owing to the problems with NS1, gas importers are being forced to buy the missing volumes on the spot market at much higher prices.

They will come under even greater pressure if the flow of gas through NS1 and other pipelines is completely shut off for long periods over the summer.

“If we don’t succeed in filling gas storage by the autumn, we’re going to quickly start experiencing gas shortages,” said Jörg Rothermel, head of energy at Germany’s Chemical Industry Association. “And the Bundesnetzagentur [federal energy regulator] will have to start issuing orders for companies to reduce their gas consumption or even switch off some production facilities.”

“Russia seems to want to show Europe that it won’t succeed in filling its gas storage,” said Kehler. “My feeling is that it is trying to torpedo Europe’s goal of getting gas storage levels to 90 per cent by November 1, and so weaken Europe politically.”

A spokesperson for the German economy ministry said the government was in “close contact with gas traders who are preparing for this date”, referring to the start of maintenance work on NS1 on July 11.

She said Germany was also “liaising closely with our European partners because we know that gas supplies to France, Italy and Austria have also been reduced”.

>>> US Close Dow -0.15% S&P -0.13% Nasdaq -0.15% Russell -0.22%

Closing Stock Market Summary

The bulls and bears did battle again today. The final standing of the major indices suggests things ended in a draw. There was little change in the major indices, yet that was actually a victory for the bulls.

It was a victory on several counts:

  • It was a victory because the market maintained the bulk of yesterday's gains.
  • It was a victory because the Dow, Nasdaq, and S&P 500 battled back from opening declines of 1.2%, 1.3%, and 1.2%, respectively.
  • It was a victory because Fed Chair Powell acknowledged in his Semiannual Monetary Policy testimony to the Senate Banking Committee that it is going to be challenging to achieve a soft landing.
  • It was a victory because there were clear growth concerns below the index level.

In brief, the stock market had ample reasons to sell aggressively into yesterday's strength but it didn't. That resilience fostered a sense that the existing growth concerns have been adequately priced into the market for now. One can only hope. Entering today, the Dow, Nasdaq, S&P 500, S&P 400, and Russell 2000 were down 12.0%, 22.1%, 16.9%, 16.5%, and 18.2%, respectively, for the quarter.

The scope of those losses has contributed to the thinking that rebalancing activity at quarter end could lead to a needed markup in stock prices. That view helped hold today's line so to speak, as did the quick recovery effort following the opening slide.

That's not to say that today was an entirely convincing move for a market that has been predisposed to selling into strength all year. Rather, it's just to say that today invited a test of sentiment and that the bulls didn't indisputably fail that test.

A fairly steady performance from the mega-cap stocks helped hold the index line, which was also supported by relative strength in the real estate (+1.6%), health care (+1.4%), and utilities (+1.0%) sectors. That helped offset relative weakness in the information technology (-0.4%) sector and the more cyclically-oriented energy (-4.2%), materials (-1.3%), and industrials (-0.5%) sectors.

Energy was a major drag throughout the day, giving in to global growth concerns that knocked WTI crude oil futures down 3.2% to $106.07/bbl. There was no pull from the demand-supportive news that President Biden has called on Congress to suspend the national tax on gas and diesel for three months.

Similarly, copper futures fell 2.1% to $3.95/lb on the growth concerns, which also manifested themselves in the Treasury market. The 2-yr note yield dropped 17 basis points to 3.05% and the 10-yr note yield dropped 15 basis points to 3.16%.

Today's lone economic report was the MBA's weekly Mortgage Applications Index. It jumped 4.2% on an 8% increase in purchase applications that featured strong demand for adjustable rate mortgages.

Looking ahead, market participants will receive the Q1 Current Account Balance (8:30 a.m. ET), weekly initial claims (8:30 a.m. ET), and preliminary June IHS Markit Manufacturing and Services PMIs (9:45 a.m. ET) on Thursday. Additionally, Fed Chair Powell will appear before the House Financial Services Committee at 10:00 a.m. ET for day two of his semiannual monetary policy testimony.

  • Dow Jones Industrial Average: -16.2% YTD
  • S&P 500: -21.1% YTD
  • S&P 400: -21.3% YTD
  • Russell 2000: -24.8% YTD
  • Nasdaq Composite: -29.4% YTD

>>> US After Hours Summary: Quiet after hours; SCS +4.3%, WOR +4%, KBH +3.1% hig

After Hours Summary: Quiet after hours; SCS +4.3%, WOR +4%, KBH +3.1% higher on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: SCS +4.3%, WOR +4%, KBH +3.1%

Companies trading higher in after hours in reaction to news: AURA +7.3% (reports topline data from study of AU-011), CENX +2.6% (to temporarily idle its smelter in KY due to soaring energy costs), ACI +1.1% (five largest shareholders agree to extend lock-up to Sep 10), LDOS +0.3% (DES $11.5 bln contract win upheld by GAO)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: FUL -0.8%

Companies trading lower in after hours in reaction to news: XENE -2.1% (provides update on additional positive data from XEN1101 program; also stock offering), RDUS -2% (submits NDA to FDA for elacestrant for breast cancer), ATKR -1.5% (acquires United Poly Systems), AMD -0.2% (names Mathew Hein as chief strategy officer), COIN -0.2% (phasing out "Coinbase Pro"), ENPH -0.1% (COO to retire)