WSJ : Will This ‘Miracle’ Battery Finally Change Your Mind About EVs?

Will This ‘Miracle’ Battery Finally Change Your Mind About EVs?
A Finnish startup claims to have perfected a revolutionary new battery. Whether the hype is to be believed, solid-state technology is coming—and it’s a potential disruptor for the entire EV industry.

I hate being right all the time.

For the past 30 years I have championed the adoption of electric cars—not because the technology was perfect but because it offered clear advantages over the fossil-fueled alternative. Among those is what’s known as the economic security argument. To wit: The continued reliance on oil leaves American consumers vulnerable to spikes in the price of gasoline—as might be expected when, for example, the Strait of Hormuz becomes a war zone.

Now that I think about it, I might have a kind of bunker mentality when it comes to gas prices. I currently own two electric cars, which I charge at home, with energy from my solar panels and home battery pack. After all, this isn’t my first Middle East crisis.

But I feel zero vindication. EV haters were certainly not wrong to say the technology was underbaked, overpriced and often inconvenient. All too right, in my experience. Range anxiety was real. For drivers accustomed to the splash-and-dash of gasoline, sitting around for a half-hour at a public charger looked like an act of madness.

Always at the heart of these discontents was the battery—or batteries, because there has been a succession of them, an alchemist’s closet of energy-storing potions in weirdly shaped bottles. None have been nearly good enough to achieve mass-market acceptance. But that isn’t keeping people from trying.

Meet Donut Lab, a Finnish startup that claims to have created the first production-ready solid-state battery (SSB) for electric vehicle production. The talk of the CES 2026 in Las Vegas, in January, Donut Lab says its battery has an energy density of 400Wh per kilogram—roughly twice that of typical lithium iron phosphate (LFP) batteries in production. The Donut batt can charge to full in five minutes, says the company; has a practically unlimited lifespan (100,000 charging cycles); is unaffected by heat and cold (-30C to 100C); and contains no rare earth, precious metals or flammable liquid electrolytes. With all that, Donut Lab says it will be cheaper to produce than conventional lithium-ion batteries.

It’s fair to say the entire car-making world is deeply skeptical. How did an obscure startup in Finland beat Toyota, Stellantis and the entire nation of China to the holy grail of energy storage? Early polling heavily favors they didn’t.

“If I’ve learned one thing,” said Kurt Kelty, GM’s vice president of batteries and sustainability, “it’s that most ‘eye-popping’ announcements are more buzz than substance.”

In February Donut Lab created a website called idonutbelieve.com to publish third-party testing results and technical documentation—“not to argue online and not to trade opinions,” said CEO and co-founder Marko Lehtimäki, “but to put measurable evidence in public view.”

“The resistance won’t disappear when we present the proof,” Lehtimäki said in a video presentation. “It will just intensify because this new technology is a threat to the established players in the industry.”

It sure would be. If, as a thought experiment, we plug Donut’s nominal values into the battery pack of a current-model year Tesla Model 3 RWD Long Range, for example, we get a midsize EV sedan with a nominal range of 870 miles, compared to 363 miles for the Donut-free version.

While we’re gedenken, imagine if the canceled Ford F-150 Lightning had a floor pan full of magic Donuts. All else remaining equal, the resulting range would pencil out to a bladder-busting 700 miles. But all things wouldn’t be equal, because solid-state batteries wouldn’t need the extravagant cooling systems required by NMCs. And, because the system would have double the voltage—800V—the wiring loom can use thinner, lighter wire. Between this and that, here and there, the Lightning might weigh as much as 1,000 pounds less with Donuts.

Imagine an electric pickup that could tow a boat from Los Angeles to Lake Tahoe; that could charge in the dead of winter in the time it takes for you to get back from the loo; a pickup that would never die. Would that be worth something to ya, Boyo?

Rest assured, SSBs are coming—if not from Donut Lab then somebody, and soon-ish. A report published in June 2025 by Vantage Market Research forecasts the global market for SSBs will grow from just over $1 billion in 2024 to $56 billion by 2035. But as for Donut Lab’s claims of being first, the world’s biggest battery maker begs to differ. This month the news broke that CATL, which commands nearly 40% of the global market, had filed a detailed patent application for solid-state batteries with the World Intellectual Property Organization, with a reported 500Wh density.

According to the outlet CarNewsChina, CATL has already begun rehearsing small-scale production. In February, the Chinese automaker FAW announced its initial vehicle integration of a “liquid-solid-state” lithium-rich manganese cell, also claiming 500 Wh/kg.

If it seems like Chinese battery-makers are cramming for final exams, they are. In July regulators will publish new standards, including definitions for what constitutes a semisolid, a “solid-liquid” or all solid-state battery. A government-sponsored consortium formed in 2024 has been aiming for an orderly build-out of the supply chains by 2030, by which time SSB technology will have matured. But the recent outburst of innovation, combined with the heated rivalries among the nation’s battery makers, seems to be moving up the clock.

With Chinese interests reportedly claiming 44% of patents relating to the SSBs, the pace of global commercialization may be set by China and its trading partners. Given the geopolitical terrain, North American buyers may see their first solid-state BEVs badged as Toyotas. In October the Japanese giant announced plans for “the world’s first practical use of all-solid-state batteries in BEVs,” by 2027 or 2028. We’ll see. Toyota—one of the few legacy automakers developing the technology in-house—has been pursuing SSBs since 2010 but has missed a few self-imposed deadlines along the way.

It’s also possible the first SSBs we see will be made in the U.S.A. and arrive wrapped in German luxury. In November 2021, Mercedes-Benz announced a partnership with Massachusetts-based Factorial Energy. In September 2025, engineers fitted a Mercedes-Benz EQS sedan with cells from Factorial. The test car achieved a real-world range of 749 miles, reportedly with juice still left in it.

A few are pumping the brakes on SSBs. Speaking at this month’s China EV100 institute, Ouyang Minggao, a member of the Chinese Academy of Sciences, cautioned against the “impetuous mentality” in China’s battery industry. While some models with SSBs will enter the testing phase late this year or next, Ouyang acknowledged, testing and mass production are very different matters.

In the meantime, Ouyang said, current LFP technology already meets the needs of most users, calling LFPs a “gift from heaven.” “Today’s LFP batteries can achieve a 1,000-kilometer range, are low-cost, and support 10-minute fast charging. What more is there to ask for?”

In their domestic market, both BYD and archrival Geely have debuted high-performance LFP super batteries capable of charging at up to 1,500 kW, or 1.5 megawatt. BYD says its premium sports wagon, the Denza Z9GT, can charge from 10% to 97% of battery capacity in nine minutes.

In very cold conditions (down to -30C) a full charge requires an additional three minutes, BYD says. Thus the company’s compelling strapline, “Ready in 5, full in 9, cold add 3.” Compare that to the strapline you’d have to write for the erstwhile VW ID. Buzz: “Ready in a half-hour, full in an hour, cold add forever.”

Unfortunately, megawatt charging will probably take its own sweet time reaching the U.S. markets. To use it, a vehicle needs to have a high-voltage battery system, something on the order of 800V; as well as high-capacity silicon-based semiconductors—switches—in the power electronics. That adds cost.

Also needed: a very big piece of charging equipment. With over 4,200 flash chargers already operating in the home market, BYD wants to add 20,000 more in China in 2026 and another 300 in the United Kingdom. In the U.S., most public charging infrastructure tops out around 350 kW.

As promised, the second Trump administration did throttle sales of EVs as well as investment in domestic battery manufacturing in 2025, prompting automakers and their battery partners to put on hold a number of giga-scale battery plants. Several, including Honda, canceled high-profile EV introductions, citing the ill-wind coming from Washington, D.C.

But consumer demand is bouncing back, as is the demand for a better deal. Ford’s current Universal Electric Vehicle platform—designed to render a midsize EV pickup starting around $30,000 in 2027—will use LFP tech licensed from CATL. The licensing “allowed us an accelerated timeline to manufacture batteries ourselves in the U.S.,” said Charles Poon, vice president of Vehicle Hardware Engineering at Ford.

GM’s battery gurus are of largely the same mind. “Solid-state has been one or two years away for decades now,” Kelty said. “I’m confident other battery advancements will reach the market first, including our own lithium manganese rich chemistry, which achieves LFP-level costs but with 30 percent better energy density.”

For those wanting more, there’s always next year.

FT : Eli Lilly to sign $2bn deal for AI drug development with Hong Kong biotech

Eli Lilly to sign $2bn deal for AI drug development with Hong Kong biotech
Global pharmaceutical companies are aggressively searching for new medicines in China

US drugmaker Eli Lilly will sign a $2bn deal with a Hong Kong-listed company that uses artificial intelligence for drug discovery, according to sources familiar with the matter, highlighting the global pharmaceutical sector’s increasing reliance on medicines developed in China.

Indianapolis-based Lilly will acquire exclusive rights to sell a GLP-1 drug for diabetes from Insilico Medicine, a biotech that went public on the Hong Kong stock exchange in December. Eli Lilly’s Asian venture arm is one of Insilico’s 10 largest shareholders.

The deal, which is expected to be announced later on Sunday, includes a $115mn upfront payment and could total more than $2bn if future regulatory and sales milestones are hit, sources said. 

Lilly and Insilico declined to comment. Additional details about the deal could not immediately be learned.

Lilly, like its rivals in the global pharmaceutical sector, is aggressively hunting in China for new drugs.

A record number of pharmaceutical companies from outside China licensed drugs made by Chinese businesses in 2025, totalling $5.6bn in upfront payments, according to data from Evaluate, a data provider.

In February, Lilly signed a licensing agreement for cancer and immune drugs with Chinese pharmaceutical company Innovent Biologics that included a $350mn upfront payment and an $8bn potential deal value. Lilly’s Asian venture arm also invested in March in Shanghai-based biotech start-up Excalipoint.

AstraZeneca in January signed a licensing deal worth up to $4.7bn with Chinese group CSPC Pharmaceuticals to develop weight-loss and diabetes drugs.

Lilly’s deal also casts a spotlight on the pharmaceutical sector’s interest in AI for drug development. In November, Lilly announced a $345mn deal with a subsidiary of XtalPi, a Shanghai-based biotech. The deal gives Lilly access to the company’s AI platform.

Speaking at a conference in March, Lilly chief financial officer Lucas Montarce said the company “[is] investing heavily” in AI for research and development. “But it will take more time” to get AI drugs from a research phase to clinical testing, he said.

In its annual report in February, Lilly added new language warning that “there are significant risks involved in developing and deploying AI”. The company said it cannot assure its investments in AI will be effective or profitable.

Additionally, “AI may enable new competitors in drug discovery and enhance the capabilities of existing competitors, thereby broadening and intensifying competitive dynamics”, Lilly said.

Lilly’s diabetes drug Mounjaro was the world’s second-biggest by sales in 2025. Sales of Lilly’s diabetes and obesity drugs surged last year, propelling the company’s market capitalisation to $1tn.

But Lilly’s shares have pared gains this year and its stock is down 17 per cent so far in 2026. Lilly is facing new competition from Novo, which launched its first pill for weight loss earlier this year.

Founded in 2014 at Johns Hopkins University in Baltimore, Insilico was an early leader in developing drugs with artificial intelligence before OpenAI and Anthropic ignited a frenzy for AI technology.

Insilico disclosed in December it is unprofitable, but sees licensing deals as a key source of revenue.

WSJ : The Tyranny of the Oura Ring

The Tyranny of the Oura Ring
I started by counting my steps. Soon, I was counting every other biometric. Was that a good thing?

My entry into the world of wearable fitness, as with much new technology, was grudging, fitful and ultimately all consuming.

In 2022, after years of monastic refusal—I already know I need to move more! There’s no need for an app!—I discovered I’d already inadvertently succumbed. I had an iPhone and therefore I had a fitness app; its built-in ring was lying in wait. Overcoming years of principled resistance to monitoring my absence of well-being didn’t even require lifting a finger.

Is this how it happens? One minute we are raging against the perils of A.I., and the next, docilely accepting Gemini’s take on the best Caribbean vacation. Passionately defending cinema on the big screen and then waiting for the next suggested movie to segue into our queue. We let ourselves blend into the algorithm, feeding and obeying the machine. A choice or decision that once felt like an essentially human act can easily slip away.

Or maybe it’s just me.

Soon I was another fierce 10,000 stepper, marching in silent competition not only with fellow ringbearers, but also with normal people enjoying an afternoon stroll. Caught up in my own personal videogame, I would furiously listen to podcasts about fitness, purity, self-actualization, completing my ring.

But in retrospect, my relationship with that ring was superficial. The phone was not physically attached to my body. I could put it down. We didn’t even sleep in the same room.

I didn’t fully become One with a ring until this January when my extremely fit, pickleball-playing sister-in-law bowed out one morning from a family hike at the urging of her ring.

“Something is definitely off,” she said, pointing to a phalanx of red clouds raging across her phone screen. “Major symptom signs” the Oura ring app warned. “Your biometrics show major signs of something straining your body.” The following day, she tested positive for Flu A.

I was sold. Adding my $499 to the $1.7 billion sleep-tracker market—13.7% of which comes from wearable rings—I bonded with my Oura immediately. After our first night together, the app gave me a sleep score of 99, accompanied by a small golden crown and an “optimal” grade. My ego soared when a few mornings later, the app said, “Call an architect! Your readiness just blasted through the roof!”

“But don’t you already know if you’ve had a good night’s sleep?” you or my husband might ask. And you both might be right. But such detail! The ring may not interpret dreams, but it does tally light sleep, dark sleep and R.E.M. sleep down to the percentage point. It knows how long it takes you to fall asleep and reports alleged wakeups in the middle of the night. Snorers, beware.

It wasn’t the affirmation I appreciated (though I liked the way it spun a day sacked out on the sofa: “You’ve had more restorative time than usual today. Nice!”). It was when it reported on matters of which I had zero awareness: my HRV balance, for example, or my chronotype, albeit a wishy-washy “late morning,” a designation I plan to flip to early bird.

True, we’ve had misunderstandings. Though the ring knows when I’ve been walking, it confuses my harried morning routine for housework. After making a dinner one night, the ring asked whether I’d been on the elliptical. Shoveling out my car after a snowstorm while chatting with an Oura-wearing friend, we speculated about whether the ring would know what I’d been up to. “Stressed” it reported once I’d kicked the snow off my boots. “Stressed,” it also said after I’d had a particularly fun time at a party. I chose to overlook these things.

On the morning of Feb. 19, I awoke to the fiery red clouds. This “Major Symptom Alert” was vague but crushing. Just two days earlier, I’d been on the slopes in Vermont fancying myself a paragon of wellness. I canceled a book party in Brooklyn. I turned down theater tickets at the Shed. I declined to see a friend in town from Cambridge. I drank tea, quaffed vitamins, eschewed sudden movements.

What were my symptoms? No fever, no gastrointestinal distress, nothing resembling a cold, flu or Covid. What I most definitely had was malaise: The ring had issued a warning, but why? My thoughts turned to the 2002 horror movie “The Ring,” in which that era’s technology—a videotape—caused viewers to die within seven days. Creepy ring iconography crowded my consciousness: the unsettling surveillance of Amazon ring devices. The Ring of Gyges. Gollum’s “precious” tormentor.

Two days later, the red clouds cleared. I never got sick. “It may be that the ring can detect something out of whack but then our bodies fight it off,” Ricky Bloomfield, the chief medical officer at Oura told me in an interview. The machine learning model considers a range of metrics for each individual wearer, including temperature, respiratory rate, heart-rate variability (H.R.V.) and resting heart rate. “I don’t think we have every answer,” he said.

It could be the sign of some hidden immunological superpower. Or a sign of the power the ring had over me. Why, like the person who believes the weather app over what’s visible outside the window, had I believed the ring over my body? The ring’s elusive AI wasn’t sharing the answer.

But the aftereffects lingered. For days, the Oura had urged me to take it easy. I’d obeyed and failed to hit my Activity Goals for several days. My Readiness score plummeted. My Resilience shifted from “thriving” to “needs care.” I was no longer optimal.

Was I wearing this ring or was it wearing me?

Orthosomnia is linked to dysfunctional beliefs about sleep and has the potential to increase sleep-related anxiety as well as harmful sleep behaviors that may exacerbate insomnia symptoms, such as spending an excessive amount of time in bed awake. According to a recent study on wearable fitness users in Canada, where one in four people sport a wearable medical device, demographic characteristics associated with wearing devices to monitor sleep include having a mental disorder.

Studies point to wearables’ tendency to induce “self-tracking anxiety” or “health data anxiety,” the byproduct of too much information about one’s inner workings. These are now known risks in the Quantified Self movement.

Perhaps we can only optimize ourselves so much. But not me, not yet. I listen politely to those who have sworn off their rings but find greater kinship with those who not only wear the ring but do so on the same dominant pointer finger (at a party recently, three of us noticed this and spontaneously clinked glasses).

As I write this on my birthday, my precious tells me my cardiovascular age is 6.5 years younger than I am. “You’re on a roll!” it says. I choose to accept this. If the ring fits, you wear it.

TechCrunch : Anthropic’s Claude popularity with paying consumers is skyrocketing

Anthropic’s Claude popularity with paying consumers is skyrocketing

Whatever the final outcome for Anthropic from its feud with the Department of Defense, the attention it has generated — coupled with the company’s funny Super Bowl ads taking aim at OpenAI and the surging popularity of Claude Code — has made Anthropic more popular with consumers than ever.

An examination of billions of anonymized credit card transactions from about 28 million U.S. consumers, conducted for TechCrunch by Indagari, a consumer transaction analysis company, shows Claude gaining paid subscribers in record numbers.

Now, as with all big-data analysis, caveats exist. While this data is substantive, it doesn’t include every consumer. That means that Indagari can’t calculate Anthropic’s total current or new user numbers. It also doesn’t include Claude’s enterprise business (which is its bread and butter) or its free-tier users (those not paying Anthropic at all). Estimates for total Claude consumer users are all over the map (we’ve seen figures ranging from 18 million to 30 million) but Anthropic has not disclosed this data. A spokesperson did tell TechCrunch, however, that Claude paid subscriptions have more than doubled this year.

What’s notable is that consumers pulled out their wallets in record numbers for Claude between January and February. Also interesting, previous users returned to Claude in record numbers in February as well, Indagari told TechCrunch.


Indagari tells us that the majority of new subscribers are at its lowest tier, “Pro” users ($20 per month, compared with $100 or $200 per month).

Data through early March confirm that subscriber growth is continuing. (Data is available with a two-week delay.)


To recap why consumers may have become so much more aware of Claude since January: Anthropic released several Super Bowl commercials that mocked ChatGPT’s decision to show ads to its users — and promised Claude would never do the same. The spots were funny and effective (and also got under the skin of OpenAI CEO Sam Altman).

But the bigger hullabaloo began in late January when multiple media sites, including the Wall Street Journal and Axios, began reporting on a deepening feud between Anthropic and the DoD. At its core, the dispute was about what the military could and couldn’t do with Anthropic’s AI.

Anthropic refused to allow the DoD to use its AI models for lethal autonomous operations (AI potentially killing people) or mass surveillance of American citizens. That beef grew increasingly public, with Anthropic’s CEO Dario Amodei issuing a making firm public statement on February 26 amid the DoD’s threats to hurt Anthropic’s business by labeling the company a supply risk. Which the DoD did. Lawsuits are now flying, although a federal judge this week temporarily blocked the department’s designation.

New user growth climbed sharply during this period. The increase is especially pronounced between those late January media reports and Amodei’s statement on February 26.


Beyond the drama, Claude Code and Claude Cowork — developer and productivity tools released in January — have been drivers of subscriptions. The Computer Use feature, released this week, has also sparked a surge, Anthropic tells TechCrunch. That feature allows Claude to navigate a computer independently — clicking, scrolling, and taking actions on its own. It works with Dispatch, which lets users assign tasks from their phones. These features are not available to free-tier users.

Still, for all of Anthropic’s growth among U.S. consumers willing to pay for AI, Claude remains a long way behind ChatGPT.

While OpenAI’s uninstalls spiked immediately after it announced a deal with the DoD — a move that stood in contrast to Anthropic’s safety stand — Indagari’s data shows that OpenAI is still gaining new paid subscribers at a rapid rate and remains the biggest consumer AI platform of them all.

NY Post : Ritzy NYC restaurant Carbone hit with more health violations — while h

Ritzy NYC restaurant Carbone hit with more health violations — while hiding its ‘B’ rating

Ritzy West Village red sauce joint Carbone is serving up more than just $50 linguine and clams — the high-end eatery’s offerings also include flies and contamination, according to its latest city health inspection, which found continued sanitary violations after it bombed an inspection last July.

The perennially-buzzy white tablecloth spot — which has also been hiding the “B” letter grade it has had since 2023 — was cited in a September probe for additional health violations like flies and food not sufficiently protected from contamination, according to Department of Health records.

Inspectors also concluded the eatery was “not free of harborage or conditions conducive to rodents, insects or other pests.”

Carbone’s latest inspection, which racked up 22 violation points from health inspectors, came just two months after a July 16 inspection resulted in 17 points – for food left above safe temperatures and deficient dishwashing equipment, but no evidence of pests.

A Post reporter’s recent visit to the Thompson Street site – where the likes of Leonardo DiCaprio, Rihanna and the Kardashians have grazed on the likes of $100 veal parmesan and $50 chicken Scarpariello since it opened in 2012 — also found the restaurant still hasn’t been posting its letter grade for passersby to see, despite a city law requiring it.

A rep for Carbone declined to comment on the new health violations or absence of the mandatory 8 x 10 letter grade sign.

“When you’re going somewhere that’s so hyped and also expensive, you expect a certain standard across the board, including cleanliness and food safety,” fumed 24-year-old Carbone diner Anna Panayiotou to The Post.

“Especially for such a well-known restaurant that’s been around for a long time, I would have expected a much better health rating.”

“Honestly, I’m not shocked,” chimed in 32-year-old food reviewer Bianca, who visited the restaurant for the first time last month. “I think there are a lot of restaurants in New York City that don’t fully meet standards — some things you can see, but a lot happens behind the scenes.”

Still, Bianca called the below-A rating “definitely disappointing.

“For a restaurant like Carbone that’s positioned as upscale and has such a strong reputation, you’d expect them to take something like [health violations] seriously and correct it right away.”

Carbone was first scolded by inspectors in May 2013, when a visit found several holes in the ceiling and liquid waste “leaking directly onto [the] floor under culinary sink,” according to inspection notes obtained by The Post.

Inspectors have since found dozens of issues over the years — including octopus being cooked in “non-food grade” zip-lock bags, black mildew buildup on an ice machine, a fruit fly infestation, “65 fresh mice excreta” on the floor and an equipment storage shelf placed under an exposed sewer line.

Still, the eatery’s “B” grade remains nowhere to be seen from the street.

I do think Carbone is intentionally not displaying it, and that alone feels unacceptable and untrustworthy,” Bianca said. “The health grade system exists for transparency, so customers can make informed decisions before walking in.”

Some diners, however, didn’t appear to be bothered by Carbone’s “B” rating blunder.

“Personally, I think a ‘B’ grade is still generally safe,” said Massachusetts resident Nicole, who visited Carbone earlier this month.

>>> Weekend Press Summary

FINANCIAL TIMES
-Twelve US troops were injured in an Iranian missile and drone attack on the Prince Sultan Air Base in Saudi Arabia, marking a significant escalation in the conflict since the US and Israel initiated military actions against Iran. Two of the wounded suffered severe injuries. The attack is notable as it demonstrates Iran's ability to penetrate American defenses despite US assertions that their air strikes have severely weakened Iran's military capacities. The recent hostilities have resulted in 13 US troop fatalities and approximately 300 injuries. In response, President Trump is considering deploying additional troops and escalating military actions against Iran's infrastructure, while simultaneously seeking a diplomatic resolution with a deadline set for April 6. Centcom has not commented on the incident.
-Iran's recent decision to permit multiple Pakistan-flagged tankers to transit the Strait of Hormuz has been positively acknowledged by President Donald Trump, who interprets it as a “present” reflecting Tehran's genuine commitment to ceasefire discussions with the US. This development highlights Pakistan's ambition to act as an intermediary in the ongoing conflict, which has resulted in a global energy crisis and significant volatility in oil markets. Asim Munir, Pakistan’s de facto leader, sees this role as an opportunity to solidify relations with Washington. However, Pakistan's involvement is complicated by its own interests, as ongoing conflict in the region could undermine its fragile economy and security. The situation poses considerable challenges for Islamabad, especially with Trump's decision to bolster US military presence in the Middle East. Elizabeth Threlkeld of the Stimson Center notes that the prolonged conflict will increasingly complicate Pakistan’s diplomatic balancing act.
-A US appeals court has overturned a prior ruling that held Argentina liable for $16B to former YPF shareholders, marking a significant victory for Argentina and a setback for litigation funder Burford Capital. The New York federal appeals court deemed the previous finding incorrect, noting this amount would represent approximately 45% of Argentina's national budget for 2024. Following the decision, Burford Capital's shares plummeted up to 54%, eventually closing down 47%. The judges ruled that the shareholders' claims were not valid under Argentine law. President Javier Milei welcomed the decision, stating it eliminated uncertainties for YPF's future and bolstered the country's energy sector. In contrast, Burford's CEO expressed disappointment in the ruling, highlighting the inherent risks of litigating in US courts and suggesting investment treaty arbitration could still be a viable option for claimants.
-BYD reported a significant decline in annual profits for the first time in four years, with net profit dropping to Rmb32.6bn ($4.72bn), nearly 20% lower than the previous year and below analyst expectations. The decline, exacerbated by a weaker fourth quarter where profits fell 38% to Rmb9.53bn, is attributed to fierce competition in China's EV market and the withdrawal of government subsidies. Despite a 40% increase in overseas income, total annual revenue of Rmb804B fell short of forecasts and showed only a marginal increase from 2024. EV sales have also decreased for six consecutive months, intensifying pressure on the company to enhance exports.
-US senators will encourage Taiwanese lawmakers to approve a defense spending bill during their visit to Taiwan starting Saturday, amidst increasing Chinese military pressure. The bipartisan delegation, led by Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee, and John Curtis, includes Republicans Thom Tillis and Democrat Jacky Rosen. This is the first Senate trip to Taiwan since last summer, coinciding with President Lai Ching-te's efforts to persuade opposition lawmakers from the Kuomintang to pass a crucial $40B defense bill. This funding is essential for acquiring weapons from US defense companies to bolster Taiwan's security against aggressive Chinese military actions. The visit occurs just weeks ahead of Donald Trump's planned summit in Beijing with Xi Jinping, raising concerns in Taipei about potential US policy shifts regarding Taiwan. Shaheen emphasized the importance of the visit in affirming Congressional support for Taiwan's self-defense initiatives.
-The Trump administration is attempting to terminate offshore wind projects in the US by offering companies buyouts in exchange for investing in fossil fuels. The Department of the Interior has negotiated deals, such as one with TotalEnergies, which will see the company reimbursed nearly $1B from its offshore wind lease to invest in oil and gas. These discussions exemplify the government's opposition to offshore wind, which President Trump has labeled as excessively costly. While some projects have been halted, legal challenges have thwarted "stop work" orders against others, with the administration citing national security concerns related to radar interference.
-US memory chip stocks have lost nearly $100B in market value this week following Google research indicating a potential easing of the AI-driven hardware shortage that had previously boosted shares. Micron's market capitalization fell by over $70B, dropping 15%, and firms like Sandisk, Western Digital, and Seagate also experienced significant losses. Travis Prentice from Informed Momentum Company noted that the stocks, having enjoyed substantial gains, faced rational profit-taking amidst a troubled market. Despite expectations remaining high for memory stocks, investor confidence has been shaken by the recent paper from Google Research, calling into question the future demand for storage by AI.
-Egypt is implementing energy-saving measures due to surging fuel prices from the US and Israeli conflict with Iran. In Cairo, shops and cafés will close by 9pm on weekdays, and illuminated billboards will be turned off. Prime Minister Mostafa Madbouly announced that the monthly cost of natural gas imports has increased significantly, rising from $560M to $1.65B. The government is also contemplating remote work options. Egypt, which relies heavily on imports, is particularly vulnerable to economic impacts from the conflict as it seeks to mediate peace alongside Pakistan and Turkey.

NEW YORK TIMES
-On Friday, an Iranian missile and drone attack on the Prince Sultan Air Base in Saudi Arabia injured 12 US troops, two seriously, marking a significant breach of American air defenses during the ongoing war with Iran. The attack also inflicted damage on two KC-135 aerial refueling planes. Concurrently, Israeli strikes targeted Iranian industrial and nuclear sites, claiming responsibility for strikes on a uranium processing plant and a nuclear research facility. Iran has threatened retaliation against industries linked to American and Israeli interests. Amidst the conflict, US Secretary of State Marco Rubio indicated that ground troops are unnecessary for a swift resolution to the war, while peace talks with Iran remain minimal and largely indirect.
-Images and footage shared by an independent journalist and Iranian media indicate the presence of American BLU-91 antitank mines in Kafari, near Shiraz, Iran. These mines are typically released from a cluster bomb, specifically known as the "Gator," which disperses munitions midair to create a minefield. The New York Times has verified the locations of these mines, situated close to the Shiraz South Missile Base, but has not established details regarding their deployment. The use of such cluster munitions is prohibited by over 100 countries.
-At the Conservative Political Action Conference (CPAC) in Dallas, discussions around support for a potential war in Iran revealed a rift among attendees. An informal poll using pinto beans showed fluctuating opinions, initially leaning slightly towards opposition but ultimately tipping in favor of war support by the end of the event. The conference, historically a platform for America First sentiments against military intervention, faced challenges as organizers sought to maintain loyalty to President Trump amid rising gasoline prices and economic concerns. Although Trump, who typically promotes anti-war sentiments, was absent this year, the debate highlighted divisions over the current military actions initiated by his administration and Israel.
-House Republicans rejected a bipartisan deal to reopen the Department of Homeland Security, opting instead for their own plan, which prolongs the agency shutdown affecting U.S. airports. Despite an agreement reached with Senate Democrats, House Republican leaders, supported by President Trump, criticized the Senate proposal for lacking funding for Immigration and Customs Enforcement and Border Patrol. Speaker Mike Johnson emphasized their firm stance against efforts to reopen borders and halt immigration enforcement, labeling the Senate's actions as ridiculous.
-Defense Secretary Pete Hegseth is obstructing the promotion of four Army officers to one-star generals, raising concerns among senior military officials about potential discrimination based on race or gender. The affected officers include two Black individuals and two women, amidst a predominantly white male promotion list of approximately three dozen officers. Hegseth has been urging Army Secretary Daniel P. Driscoll to exclude these officers, but Driscoll has resisted, citing their exemplary service records. Recently, Hegseth removed the officers' names from the list, despite uncertainty about his legal authority to do so; the list is under review by the White House before Senate approval, with some female and Black officers still included.
-New York City Ballet, a leading dance company in the United States, has announced that it will not proceed with its scheduled six-day performance at the John F. Kennedy Center for the Performing Arts. This decision marks another significant cancellation from a major performing arts organization at the center. The announcement was made in a brief email to dancers, signed by the company’s executive director, artistic director, and associate artistic director, which did not provide further explanation but invited questions from the company members.
-The New York Police Department and federal authorities have thwarted a plot by Alexander Heifler, a 26-year-old from Hoboken, N.J., who is linked to the pro-Israel terrorist group JDL 613 Brotherhood, to assassinate Nerdeen Kiswani, a prominent figure in a pro-Palestinian protest group. The F.B.I. and the Police Department’s Joint Terrorism Task Force alerted Kiswani and her lawyer about the arrest, which occurred after a search of Heifler's apartment revealed eight Molotov cocktails. The JDL, the organization he is aligned with, is recognized by the F.B.I. as a terrorist organization, though representatives have not yet responded to inquiries regarding the incident.
-Representative Sam Graves, a 62-year-old Republican from Missouri and leader of the Transportation and Infrastructure Committee, announced his retirement effective January, stating the need to allow new conservative leaders to emerge. Graves, who has been involved in significant transportation debates, including oversight of Boeing's 737 Max crashes, highlighted that though his departure won't alter the House's Republican majority, it represents a broader trend of Republican retirements ahead of the midterm elections, reflecting a shift towards generational turnover in Congress.
-Bank of America has reached a tentative settlement of $72.5 million to resolve a lawsuit filed by attorneys for numerous victims of Jeffrey Epstein's sexual abuse, pending judicial approval. This settlement is the third by a major bank addressing similar allegations brought forth by the same legal team. The lawsuit, initiated in October in U.S. District Court in Manhattan, accused Bank of America of profiting from its connection with Epstein and neglecting evidence that its accounts were used to facilitate his exploitation of young women. A representative from the bank stated that, while they maintain their position of not participating in sex-trafficking crimes, the settlement allows for closure for both the bank and the plaintiffs.
-On Friday, Idaho lawmakers passed legislation to criminalize the use of bathrooms, locker rooms, and changing rooms that do not correspond to an individual's sex at birth, even in private businesses. The bill, which has been described as potentially the most restrictive transgender bathroom legislation in the nation, was approved by the Senate with a vote of 28-7, following prior approval from the House. Governor Brad Little is anticipated to sign the bill into law. Under this legislation, it becomes a misdemeanor for an individual to willfully enter facilities designated for the opposite biological sex, with penalties including up to one year in prison. Repeat offenders within five years could face felony charges, with sentences of up to five years. This law is part of a broader trend, as Idaho joins 20 other states with similar restrictions, though penalties differ significantly. For instance, Kansas recently enacted a law allowing private citizens to sue for $1,000 damages if they encounter transgender individuals using bathrooms inconsistent with their birth sex.

NY POST
-House Republicans passed a stopgap measure to fund the Department of Homeland Security (DHS) amidst a six-week partial government shutdown, rejecting a Senate-passed spending bill lacking immigration enforcement funding. The House's clean continuing resolution, which allocates funds for 60 days, was approved by a narrow margin of 213-209, with three Democrats voting in favor and sixteen members abstaining. While the Senate version, introduced by Senate Majority Leader John Thune, garnered unanimous consent and support from House Democrats, it faced rebuke from House Speaker Mike Johnson and other Republicans. Critics, including House Majority Leader Steve Scalise, argued that the Senate bill effectively defunded immigration enforcement agencies, a sentiment echoed by Republicans who cite previous funding secured for Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP) in last summer's legislation championed by President Trump.
-BlackRock CEO Larry Fink's compensation for 2025 increased by $6.9M to a total of $37.7M, as reported in a recent proxy filing. The pay package comprises a base salary of $1.5M and a bonus of $10.6M, while the previous year's compensation was $30.8M. The rise in Fink's pay is primarily attributed to a $6.5 million increase in stock awards. In a letter to investors, Fink expressed optimism about entering 2026 with strong momentum and growth opportunities. Despite recommendations from proxy adviser Institutional Shareholder Services for investors to oppose top executive pay, BlackRock received support from 67% of votes cast regarding its executive compensation. Additionally, the firm announced that its assets under management reached a record $14 trillion, and it exceeded Wall Street's profit expectations in the fourth quarter of 2025, achieving a net profit of $2.18 B (excluding one-off charges). Although BlackRock's shares rose 4.5% in 2025, they have since experienced a decline of over 12% this year.

FT : Just Eat’s new owner pushes for European revival as rivals close in

Just Eat’s new owner pushes for European revival as rivals close in
Prosus chief Fabricio Bloisi pushes aggressive growth targets despite stiff competition

The new owner of Just Eat Takeaway has pledged to restore growth towards pandemic-era levels, setting an ambitious target despite years of slowing growth at the European delivery food group.

Fabricio Bloisi, chief executive at Prosus, said he aims to lift annual order growth to 20 per cent before 2030 following its €4.1bn takeover of Just Eat last November.

If achieved, it would reverse years of declining order growth at Just Eat. The group’s orders declined 5 per cent between 2023 and 2024, after rising as much as 33 per cent during the Covid-19 pandemic.

“When they get to 20 per cent . . . I don’t have this date, but it’s not 2030, it’s before. I want [it to be] tomorrow, but it will take more time,” Bloisi said in his first interview on plans for Just Eat.

Bloisi said it would adopt several initiatives from its Brazilian delivery company iFood to drive growth at Just Eat, including using AI to suggest orders and more personalised marketing.


Prosus’s plans come amid a wave of consolidation as European food delivery groups have struggled to match lockdown-era growth rates because of changing user habits and intense competition.

Prior to its £2.9bn takeover by US giant DoorDash, UK group Deliveroo’s annual orders grew just 2 per cent between 2023 and 2024.

Rival food delivery groups outside of Europe had stronger growth. DoorDash has regularly grown annual orders by more than 20 per cent, aided by acquisitions such as Finland-based Wolt in 2022. Orders at Prosus’s iFood, which has an 80 per cent share of Brazil’s food delivery market, grew 29 per cent from 2024 to 2025.

Bloisi, who previously headed up iFood before taking over at Prosus, said Just Eat was achieving 20 per cent growth in several cities and he would like to see similar progress across the group “within months”. He said Prosus was considering further financial investment in the company to help it grow.

“One of the things we are talking about is ‘large commerce model’, that means training data that understand the user behaviour — then it’s starting to change the services based on what the user really needs,” he said. 

The Prosus boss said it had tested the tools across 150 Just Eat cities, saying users receiving more specific notifications and tailored app interfaces ordered 11 per cent more frequently than those who received the standard marketing.

“Promotion and marketing at Just Eat was more or less one size fits all . . . But you can have a thousand [marketing] segments with different offers to each segment,” he added.

Giles Thorne, head of European internet research at Jefferies, said there were several reasons to think Prosus’ target for Just Eat was realistic, including the example set by other players and Bloisi’s record.

“I have extremely high confidence that this Prosus management team will manage Just Eat Takeaway better than the last one,” he said.

But Just Eat is facing growing competition in Europe. Uber is expanding its food delivery business across the continent this year, and has grown its share of the UK market from 28 per cent in January 2022 to 38 per cent at the end of 2025, according to YipitData. Its share of the German market has also jumped from 10 per cent to 26 per cent over the same period.

“There is a large body of evidence to suggest that the Americans [such as DoorDash and Uber Eats] are attacking JET in its core markets,” said Thorne.


Bloisi declined to comment on how he plans to reduce Prosus’s 27 per cent stake in Delivery Hero — a concession he proposed in order to get EU officials to approve the Just Eat deal last year. The disposal must be completed by August.

The offer made by Prosus — the investment arm of South African group Naspers — came after EU officials raised concerns that the deal could lead to price rises for consumers in markets where Just Eat operated alongside Delivery Hero’s subsidiary Glovo, such as Spain, Poland and Italy.

The FT previously reported the company was exploring several options for offloading its stake, including a block sale and trickling the holding into the public market.

Bloisi, who described himself as the boss of a “$100bn start-up”, also restated his goal to get the group’s market cap to $168bn by 2028 but said it had nothing to do with the $100mn bonus it would give him.

“That’s not the point, I’m not building something for a short term, but to me this is short term. I’m building for the long term. We should be a $200bn, $300bn company,” he said.

He also brushed off concerns that the company’s value was heavily linked to Chinese tech giant Tencent, in which it has a 23 per cent stake. “We bet a lot on Tencent, we think its value is going to grow substantially,” he said.

FT : Iran war chokes off helium supplies in threat to chipmakers and healthcare

Iran war chokes off helium supplies in threat to chipmakers and healthcare
Byproduct of natural gas is critical to the production of superconductors and the functioning of MRI scanners

Fears of a helium crunch are mounting after a drop in global output since the start of the Iran war, as the conflict’s impact spreads beyond energy markets into other critical supply chains.

The Gulf is a major exporter of helium, a byproduct of natural gas that is critical for the manufacturing of microchips — including those used to power the global AI boom — as well as for the functioning of some medical devices.

A US subsidiary of France’s Air Liquide last week wrote to helium customers to declare force majeure on helium supply contracts, warning in correspondence seen by the FT that it could be unable to fulfil orders as a result of the conflict in the Middle East.

“We do see a significant tightening of the global helium supply chain,” said Air Liquide USA’s Matthieu Giard, who supervises operations in the Americas. “Our teams are very much looking at sourcing alternative sources and prioritising critical applications.”

Air Liquide USA’s move came after an Iranian missile strike halted production at QatarEnergy’s Ras Laffan complex, the world’s largest LNG facility, and as the near closure of the Strait of Hormuz chokes off seaborne exports from the region.

Helium production is highly concentrated. Qatar accounts for 30-40 per cent of global output, second only to the US, according to the US Geological Survey.

While helium pricing is opaque, with most deals negotiated privately between buyers and sellers, anecdotal evidence suggests the cost of the gas has soared since Gulf exports evaporated.

Cliff Cain, commercial manager at exploration company Pulsar Helium, said he knew of a contract agreed last week at $0.90 per cubic foot, almost triple pre-war levels, as buyers scrambled to secure short-term supply.

Importers in South Korea, a major hub for the semiconductor industry, were “reaching out everywhere” and “beating down the doors” to secure the gas, he added. 

Helium plays a vital role in semiconductor manufacturing, where the highly thermally conductive gas is used to cool wafers as their circuits are etched. It is also critical in parts of the healthcare sector, where it is used as a coolant for the powerful electromagnets in MRI scanners.

The French group sources more than 70 per cent of its helium from Qatar, according to Phil Kornbluth of Kornbluth Helium Consulting. Anish Kapadia, founder of consultancy AKAP Energy, estimates that Qatari helium volumes will fall by a third this year compared with 2025, a hit equivalent to 11 per cent of last year’s global supply.

One industry consultant said some US and European semiconductor and electronics makers had started asking where they could find new sources of helium.

Takayoshi Uramoto, director of Japanese helium importer Nippon Helium, said it had received an influx of inquiries from semiconductor producers inside and outside the country searching for alternative supplies. He said that while there were ample flows from the US to Japan at present, after two months “the pressure will gradually rise and it will become difficult to handle”.

Kwon Seok-joon, a professor at Sungkyunkwan University in Seoul, said that while a short war might drive up the cost of microchips, a conflict of more than three months could start to constrain production. He added that if an energy shock causes a recession, “the broader memory supercycle may reach an earlier peak”.

Chip plants typically hold only two to four weeks of inventory on site given liquid helium’s extremely short shelf-life, according to Carl Jackson, founder of Singapore-based SSoT Consulting, who warned that supply disruptions could leave some buyers unable to secure deliveries.

“A contract commitment is not the same as product on your doorstep,” he said. “If the containers can’t reach you, the contract is meaningless.”

In the medical sector, Marc Johnson from the University of Missouri School of Medicine said certain medical imaging systems could be forced to shut down if supply interruptions were severe and protracted.

However, Premier Inc, which sources helium supplies on behalf of hospitals in the US, said that while the conflict was driving price increases, the sector had not yet been widely disrupted. “What we’re watching is cost and timing — not access,” it said.

Meanwhile, MRI manufacturer Siemens Healthineers said it had “established a solid mitigation strategy, and successfully managed similar situations in the past”.

Multiple analysts contacted by the FT said that the semiconductor and medical industries were likely to be prioritised for deliveries, given their criticality.

Some said the crisis was less acute than it could have been due to oversupply and soft demand in the market before the war.

“Overall the market is balanced. It was long a few weeks ago,” said Air Liquide USA’s Giard.

Helium producer Air Products reported in its latest earnings in January that demand in the last three months of 2025 was lower than a year earlier, and noted “headwinds in the sector”.

Analysts said Air Products and industrial gas group Linde were well placed to capitalise on the crisis, in part since the companies have storage facilities in the US.

But while the helium squeeze is yet to escalate into a crisis, the situation has highlighted the vulnerability of the supply chain.

For Cain of Pulsar Helium, the concentrated market poses a structural risk. Buyers “say they’ve diversified supply between two different distributors”, he said, but if they both draw their helium from Qatar, “then it’s not really diversified, is it?”

Bo Sears, CEO of Helix Exploration, said the market “is not large or diverse enough to absorb these disruptions comfortably . . . Global helium supply is concentrated among a very small number of sources, and the supply chain has virtually no buffer. When any single major source goes offline, the consequences are immediate and material.”

FT : German chemicals groups boost prices as Iran war adds to industry woes

German chemicals groups boost prices as Iran war adds to industry woes
Companies worry about effects of higher energy costs even as they get short-term advantage over Asian peers

Germany’s biggest chemical companies are hiking prices as they struggle with surging energy prices owing to the war in Iran, threatening to accelerate the deindustrialisation of Europe’s largest economy.

BASF, the largest in the region, this week said it would increase European prices for standard amines used in products such as detergents and coatings by about 30 per cent, while speciality chemicals group Lanxess is raising the cost of some materials by as much as 50 per cent.

They are among groups including Wacker Chemie, Covestro and Evonik that have either raised prices for building block chemicals, preservatives and polymers, or told customers that they intend to do so, since Israel and the US attacked Iran at the end of February.

The rush to boost prices highlights intensifying pressure on the industry — a key driver of Germany’s industrial output — though some companies could get a short-term competitive boost over Asian peers who have a higher dependency on the Gulf for raw materials such as naphtha and methanol.

“No one knows how long this situation will last, but every day is one too many,” said Wolfgang Große Entrup, chief executive of the German chemicals lobby VCI Wolfgang, adding that rising costs for raw materials threaten the long-term competitiveness of European chemical producers.

The war presents a new challenge for a sector that has been struggling since Russia’s full-scale invasion of Ukraine caused a surge in energy costs. Companies have reacted by cutting 20,000 jobs since 2022 and reducing investment at home.

Germany could lose “entire industrial clusters” and suffer “chaotic deindustrialisation” without support for the sector, Michael Vassiliadis, head of the IGBCE chemicals and energy union, warned this month.

Lanxess said it would raise prices for flame retardants by up to 35 per cent and boost the cost of plasticiser additives, used to make plastic material more durable and flexible, by as much as 50 per cent.

Wacker Chemie said it planned to raise the prices for its silicone and polymer products, such as resins and plastic powders, without specifying by how much, while Covestro and Evonik have also raised prices.

The challenging conditions have also driven European producers to invest in other regions. BASF, which operates in 93 countries, opened its second Verbund chemical production plant in China on Thursday. It has also announced job cuts in Germany.


Cologne-based Lanxess said its decision to raise prices reflected “cumulative cost increases” including “for energy, critical raw materials, and logistics amid ongoing geopolitical tensions”.

Its shares rose over 40 per cent in the past week on speculation that rising prices will boost its earnings, while Asian competitors struggle with shipping disruptions in the Gulf region.

But it is unclear how durable the benefits will be for companies facing higher energy costs. They also face increased shipping costs and a potential shortage of inputs from Asia.

Companies were “just seeing some slight positive growth . . . and now this comes”, said Iris Herrmann, partner at consultancy Oliver Wyman.

“Everyone [was] thinking in scenarios already, because nothing was straightforward anymore. And now you basically pull the worst-case scenario and that’s the new base case,” she said.

Evonik chief executive Christian Kullmann said in a statement that it was “too early to quantify” the impact of the Middle East crisis on the company, though it could take a hit from a slowdown in the global economy.

“In some business areas, it should be possible to pass these costs on to our customers, at least partially, but certainly not in all,” he said.

German demand for building block chemicals used to make products such as polyester textiles and food packaging was already low and suppliers “cannot forward the cost increase to their buyers”, said Anna Wolf, research specialist in the chemical industry at the Ifo Institut.

Producers of speciality chemicals with specific uses could have more room to raise prices because competitiveness in that segment was determined “not by the price but by the quality”, she added.