Saudi Arabia has asked consultants to reassess the feasibility of The Line, its ambitious 170km linear city project and centerpiece of the Neom initiative, as rising costs and falling oil prices force the kingdom to scale back its megaprojects. Middle East Eye reports: In April, The Financial Times reported that the CEO of Neom had launched a "comprehensive review" of the kingdom's megaproject. Neom, along with luxury Red Sea hotels and a ski resort, is the flagship project of Crown Prince Mohammed bin Salman's Vision 2030 plan to transform the kingdom's economy and reduce its dependence on oil revenue. Bloomberg reported in 2024 that Saudi Arabia was cutting back plans for The Line. Instead of 1.5 million people living there by 2030, Saudi officials were said to anticipate fewer than 300,000 residents. Meanwhile, only 2.4km of the city is expected to be completed by 2030.

In April, Goldman Sachs painted a bleak picture for Saudi Arabia's projects in a note to clients, projecting "pretty significant" budget deficits and more scaling back of megaprojects. Neom has already faced internal challenges. Nadhmi al-Nasr, who managed Neom's construction from 2018 to 2024, departed from his post in November. Nasr earned a chilling reputation managing Neom. He bragged that he put everyone to work "like a slave," adding, "When they drop down dead, I celebrate. That's how I do my projects." Two other foreign executives also left Neom at the end of 2024, according to The Wall Street Journal.

Robinhood's stock hit is up more than 160% for 2025, reports CNBC, and the trading platform's own stock hit an all-time high on Friday. But "Despite its stellar year, the online broker is facing several headwinds..." Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading. "Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive," Uthmeier said in a statement. The probe centers on Robinhood's use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.

Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut. Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission. Robinhood's 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini's flat 15% fee. It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty...

The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs. An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don't have shareholder privileges or voting rights directly in the company. OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval... "What's important is that retail customers have an opportunity to get exposure to this asset," [Robinhood CEO Vlad Tenev said in an interview with CNBC], pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies. "It is true that these are not technically equity," Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments...

Despite the regulatory noise, many investors remain focused on Robinhood's upside, and particularly the political tailwinds.

An anonymous reader quotes a report from Bloomberg: JPMorgan Chase has told financial-technology companies that it will start charging fees amounting to hundreds of millions of dollars for access to their customers' bank account information -- a move that threatens to upend the industry's business models. The largest US bank has sent pricing sheets to data aggregators -- which connect banks and fintechs -- outlining the new charges, according to people familiar with the matter. The fees vary depending on how companies use the information, with higher levies tied to payments-focused companies, the people said, asking not to be identified discussing private information.

A representative for JPMorgan said the bank has invested significant resources to create a secure system that protects consumer data. "We've had productive conversations and are working with the entire ecosystem to ensure we're all making the necessary investments in the infrastructure that keeps our customers safe," the spokesperson said in a statement. The fees -- expected to take effect later this year depending on the fate of a Biden-era regulation -- aren't final and could be negotiated. [The open-banking measure, finalized in October, enables consumers to demand, download and transfer their highly-coveted data to another lender or financial services provider for free.]

The charges would drastically reshape the business for fintech firms, which fundamentally rely on their access to customers' bank accounts. Payment platforms like PayPal's Venmo, cryptocurrency wallets such as Coinbase and retail-trading brokerages like Robinhood all use this data so customers can send, receive and trade money. Typically, the firms have been able to get it for free. Many fintechs access data using aggregators such as Plaid and MX, which provide the plumbing between fintechs and banks. The new fees -- which vary from firm to firm -- could be passed from the aggregators to the fintechs and, ultimately, consumers. The aggregator firms have been in discussions with JPMorgan about the charges, and those talks are constructive and ongoing, another person familiar with the matter said.

An anonymous reader quotes a report from Ars Technica: For the second time in a year, Google has announced that it will render some of its past phones almost unusable with a software update, and users don't have any choice in the matter. After nerfing the Pixel 4a's battery capacity earlier this year, Google has now confirmed a similar update is rolling out to the Pixel 6a. The new July Android update adds "battery management features" that will make the phone unusable. Given the risks involved, Google had no choice but to act, but it could choose to take better care of its customers and use better components in the first place. Unfortunately, a lot more phones are about to end up in the trash. [...]

Pixel 4a units contained one of two different batteries, and only the one manufactured by a company called Lishen was downgraded. For the Pixel 6a, Google has decreed that the battery limits will be imposed when the cells hit 400 charge cycles. Beyond that, the risk of fire becomes too great -- there have been reports of Pixel 6a phones bursting into flames. Clearly, Google had to do something, but the remedies it settled on feel unnecessarily hostile to customers. It had a chance to do better the second time, but the solution for the Pixel 6a is more of the same. [...]

When Google killed the Pixel 4a's battery life, it offered a few options. You could have the battery replaced for free, get $50 cash, or accept a $100 credit in the Google Store. However, claiming the money or free battery was a frustrating experience that was rife with fees and caveats. The store credit is also only good on phones and can't be used with other promotions or discounts. And the battery swap? You'd better hope there's nothing else wrong with the device. If it has any damage, like cracked glass, it may not qualify for a free battery replacement.

Now we have the Pixel 6a Battery Performance Program with all the same problems. Pixel 6a owners can get $100 in cash or $150 in store credit. Alternatively, Google offers a free battery replacement with the same limits on phone condition. This is all particularly galling because the Pixel 6a is still an officially supported phone, with its final guaranteed update coming in 2027. Google also pulled previous software packages for this phone to prevent rollbacks. [...] If you have a Pixel 6a, the battery-killing update is rolling out now. You'll have no choice but to install it if you want to remain on the official software. Google has a support site where you can try to get a free battery swap or some cash.

Senator Dick Durbin questioned a Texas-led effort to move Space Shuttle Discovery from the Smithsonian to Space Center Houston, describing it as an expensive "heist" costing an estimated $305 million, not the $85 million initially budgeted. "This is not a transfer. It's a heist," said Durbin during a budget markup hearing before the Senate Appropriations Committee. "A heist by Texas because they lost a competition 12 years ago." In April, Texas Senators John Cornyn and Ted Cruz introduced legislation to move the Space Shuttle Discovery from Virginia to Houston, which ultimately passed into law on July 4 as part of the "One Big Beautiful Bill." Ars Technica reports: "In the reconciliation bill, Texas entered $85 million to move the space shuttle from the National Air and Space Museum in Chantilly, Virginia, to Texas. Eighty-five million dollars sounds like a lot of money, but it is not nearly what's necessary for this to be accomplished," Durbin said. Citing research by NASA and the Smithsonian, Durbin said that the total was closer to $305 million and that did not include the estimated $178 million needed to build a facility to house and display Discovery once in Houston.

Furthermore, it was unclear if Congress even has the right to remove an artifact, let alone a space shuttle, from the Smithsonian's collection. The Washington, DC, institution, which serves as a trust instrumentality of the US, maintains that it owns Discovery. The paperwork signed by NASA in 2012 transferred "all rights, interest, title, and ownership" for the spacecraft to the Smithsonian. "This will be the first time ever in the history of the Smithsonian someone has taken one of their displays and forcibly taken possession of it. What are we doing here? They don't have the right in Texas to claim this," said Durbin. [...]

To be able to bring up his points at Thursday's hearing, Durbin introduced the "Houston, We Have a Problem" amendment to "prohibit the use of funds to transfer a decommissioned space shuttle from one location to another location." He then withdrew the amendment after having voiced his objections. "I think we're dealing with something called waste. Eighty-five million dollars worth of waste. I know that this is a controversial issue, and I know that there are other agencies, Smithsonian, NASA, and others that are interested in this issue; I'm going to withdraw this amendment, but I'm going to ask my colleagues be honest about it," said Durbin. "I hope that we think about this long and hard."

"I am glad to see this pass as part of the Senate's One Big Beautiful Bill and look forward to welcoming Discovery to Houston and righting this egregious wrong," Cornyn said in a statement. "Houston has long been the cornerstone of our nation's human space exploration program, and it's long overdue for Space City to receive the recognition it deserves by bringing Space Shuttle Discovery home."

Longtime Slashdot reader SonicSpike shares a report from Gizmodo: YouTube is inundated with AI-generated slop, and that's not going to change anytime soon. Instead of cutting down on the total number of slop channels, the platform is planning to update its policies to cut out some of the worst offenders making money off "spam." At the same time, it's still full steam ahead adding tools to make sure your feeds are full of mass-produced brainrot.

In an update to its support page posted last week, YouTube said it will modify guidelines for its Partner Program, which lets some creators with enough views make money off their videos. The video platform said it requires YouTubers to create "original" and "authentic" content, but now it will "better identify mass-produced and repetitious content." The changes will take place on July 15. The company didn't advertise whether this change is related to AI, but the timing can't be overlooked considering how more people are noticing the rampant proliferation of slop content flowing onto the platform every day.

The AI "revolution" has resulted in a landslide of trash content that has mired most creative platforms. Alphabet-owned YouTube has been especially bad recently, with multiple channels dedicated exclusively to pumping out legions of fake and often misleading videos into the sludge-filled sewer that has become users' YouTube feeds. AI slop has become so prolific it has infected most social media platforms, including Facebook and Instagram. Last month, John Oliver on "Last Week Tonight" specifically highlighted several YouTube channels that crafted obviously fake stories made to show White House Press Secretary Karoline Leavitt in a good light. These channels and similar accounts across social media pump out these quick AI-generated videos to make a quick buck off YouTube's Partner Program.

Dubai-based airline Emirates is partnering with Crypto.com to integrate Bitcoin payments into the airliner's payment systems and add NFT collectibles on the company's websites for trading. The airline is also hiring staff to support its blockchain, crypto, and metaverse ambitions, positioning itself at the forefront of digital transformation in aviation.

"NFTs and metaverse are two different applications and approaches," explained Emirates Chief Operating Officer Adel Ahmed Al-Redha, adding that the airline will also seek to use the blockchain in tracing records of aircraft. "With the metaverse, you will be able to transform your whole processes -- whether it is in operation, training, sales on the website, or complete experience -- into a metaverse type application, but more importantly making it interactive."

The official integration of crypto payments is expected to take place next year, according to the announcement.

Amazon's Prime Day sales plunged 41% on the first day compared to last year's kickoff, with experts attributing the drop to shoppers delaying purchases in anticipation of better deals during the extended four-day event. From a report: Momentum Commerce reported that figure for Tuesday (July 8), with Momentum's Founder and CEO John Shea saying that the sales numbers for this year's longer event could still surpass those of last year's shorter one, Bloomberg reported Wednesday (July 9). Shea attributed the drop in first-day sales to consumers putting items in their shopping carts but holding off on completing the purchase in case better deals come along, according to the report. Last year's shorter event encouraged shoppers to head to checkout to ensure they wouldn't miss out on the discounts, Shea said, per the report. Amazon Prime Vice President Jamil Ghani remains optimistic, telling Bloomberg Television the company was "pleased by the engagement" with shoppers during the event and that it is "very early." He said the company extended the duration of Prime Day because shoppers wanted more time to discover the deals.

According to numbers provided by Adobe, Prime Day's kickoff surpassed Thanksgiving 2024's $6.1 billion in eCommerce spend. The software company also found that 50.2% of sales came through a mobile device and that buy now, pay later orders for Amazon's Prime Day were up 13.6% year over year.

After discovering that ChatGPT was falsely telling users that Soundslice could convert ASCII tablature into playable music, founder Adrian Holovaty decided to actually build the feature -- even though the app was never designed to support that format. TechCrunch reports: Soundslice is an app for teaching music, used by students and teachers. It's known for its video player synchronized to the music notations that guide users on how the notes should be played. It also offers a feature called "sheet music scanner" that allows users to upload an image of paper sheet music and, using AI, will automatically turn that into an interactive sheet, complete with notations. [Adrian Holovaty, founder of music-teaching platform Soundslice] carefully watches this feature's error logs to see what problems occur, where to add improvements, he said. That's where he started seeing the uploaded ChatGPT sessions.

They were creating a bunch of error logs. Instead of images of sheet music, these were images of words and a box of symbols known as ASCII tablature. That's a basic text-based system used for guitar notations that uses a regular keyboard. (There's no treble key, for instance, on your standard QWERTY keyboard.) The volume of these ChatGPT session images was not so onerous that it was costing his company money to store them and crushing his app's bandwidth, Holovaty said. He was baffled, he wrote in a blog post about the situation.

"Our scanning system wasn't intended to support this style of notation. Why, then, were we being bombarded with so many ASCII tab ChatGPT screenshots? I was mystified for weeks -- until I messed around with ChatGPT myself." That's how he saw ChatGPT telling people they could hear this music by opening a Soundslice account and uploading the image of the chat session. Only, they couldn't. Uploading those images wouldn't translate the ASCII tab into audio notes. He was struck with a new problem. "The main cost was reputational: New Soundslice users were going in with a false expectation. They'd been confidently told we would do something that we don't actually do," he described to TechCrunch.

He and his team discussed their options: Slap disclaimers all over the site about it -- "No, we can't turn a ChatGPT session into hearable music" -- or build that feature into the scanner, even though he had never before considered supporting that offbeat musical notation system. He opted to build the feature. "My feelings on this are conflicted. I'm happy to add a tool that helps people. But I feel like our hand was forced in a weird way. Should we really be developing features in response to misinformation?" he wrote.

Fubo has agreed to pay $3.4 million to settle a class-action lawsuit (PDF) accusing it of illegally sharing usersâ(TM) personally identifiable information and video viewing history with advertisers without consent, allegedly violating the Video Privacy Protection Act (VPPA). Ars Technica reports: As reported by Cord Cutters News this week, instead of going to trial, Fubo reached a settlement agreement [PDF] that allows people who used Fubo before May 29, which is when Fubo last updated its privacy policy, to receive part of a $3.4 million settlement. The settlement agreement received preliminary approval on May 29, and users recently started receiving notice of their potential entitlement to some of the settlement. They have until September 12 to submit claims. Fubo said in a statement: "We deny the allegations in the putative class lawsuit and specifically deny that we have engaged in any wrongdoing whatsoever. Fubo has nonetheless chosen to pursue a settlement for this matter in order to avoid the uncertainty and expense of litigation. We look forward to putting this matter behind us."

China "is pouring money into building an AI supply chain with as little reliance on the U.S. as possible," the Wall Street Journal noted this weekend.

But what does that look like? The New York Times visits Liangzhu, "the coder 'village' at the heart of China's AI frenzy... a quiet suburb of the southern Chinese city of Hangzhou... As China faces off with the United States over tech primacy, Hangzhou has become the centre of China's AI frenzy," with its proximity to tech companies like Alibaba and DeepSeek..." In Liangzhu, many engineers said they were killing time until they could create their own startups, waiting out noncompete agreements they had signed at bigger companies like ByteDance... But some said the government support for Hangzhou's tech scene had scared off some investors. Several company founders, who asked not to be named so they could discuss sensitive topics, said it was difficult for them to attract funds from foreign venture capital firms, frustrating their ambitions to grow outside China. The nightmare situation, they said, would be to end up like ByteDance, the Chinese parent of TikTok, whose executives have been questioned before Congress about the company's ties to the Chinese government. Founders described choosing between two paths for their companies' growth: Take government funding and tailor their product to the Chinese market, or raise enough money on their own to set up offices in a country like Singapore to pitch foreign investors. For most, the first was the only feasible option.

Another uncertainty is access to the advanced computer chips that power artificial intelligence systems. Washington has spent years trying to prevent Chinese companies from buying these chips, and Chinese companies like Huawei and Semiconductor Manufacturing International Corp. are racing to produce their own. So far, the Chinese-made chips work well enough to help companies like ByteDance provide some of their AI services in China. Many Chinese companies have created stockpiles of Nvidia chips despite Washington's controls. But it is not clear how long that supply will last, or how quickly China's chipmakers can catch up to their American counterparts...

Liangzhu villagers have been hosting film nights. They had recently gathered to watch "The Matrix." Afterward, they decided the movie should be required viewing, Lin said. Its theme — people finding their way out of a vast system controlling society — provided spot-on inspiration. Aspiring founders in Liangzhu, even those who did not go to top universities, believe they could start the next world-changing tech company, said Felix Tao [a 36-year-old former Facebook and Alibaba employee.] "Many of them are super brave to make a choice to explore their own way, because in China that is not the common way to live your life."

China "is pouring money into building an AI supply chain with as little reliance on the U.S. as possible," reports the Wall Street Journal.

And now Chinese AI companies "are loosening the U.S.'s global stranglehold on AI," reports the Wall Street Journal, "challenging American superiority and setting the stage for a global arms race in the technology." In Europe, the Middle East, Africa and Asia, users ranging from multinational banks to public universities are turning to large language models from Chinese companies such as startup DeepSeek and e-commerce giant Alibaba as alternatives to American offerings such as ChatGPT... Saudi Aramco, the world's largest oil company, recently installed DeepSeek in its main data center. Even major American cloud service providers such as Amazon Web Services, Microsoft and Google offer DeepSeek to customers, despite the White House banning use of the company's app on some government devices over data-security concerns.

OpenAI's ChatGPT remains the world's predominant AI consumer chatbot, with 910 million global downloads compared with DeepSeek's 125 million, figures from researcher Sensor Tower show. American AI is widely seen as the industry's gold standard, thanks to advantages in computing semiconductors, cutting-edge research and access to financial capital. But as in many other industries, Chinese companies have started to snatch customers by offering performance that is nearly as good at vastly lower prices. A study of global competitiveness in critical technologies released in early June by researchers at Harvard University found China has advantages in two key building blocks of AI, data and human capital, that are helping it keep pace...

Leading Chinese AI companies — which include Tencent and Baidu — further benefit from releasing their AI models open-source, meaning users are free to tweak them for their own purposes. That encourages developers and companies globally to adopt them. Analysts say it could also pressure U.S. rivals such as OpenAI and Anthropic to justify keeping their models private and the premiums they charge for their service... On Latenode, a Cyprus-based platform that helps global businesses build custom AI tools for tasks including creating social-media and marketing content, as many as one in five users globally now opt for DeepSeek's model, according to co-founder Oleg Zankov. "DeepSeek is overall the same quality but 17 times cheaper," Zankov said, which makes it particularly appealing for clients in places such as Chile and Brazil, where money and computing power aren't as plentiful...

The less dominant American AI companies are, the less power the U.S. will have to set global standards for how the technology should be used, industry analysts say. That opens the door for Beijing to use Chinese models as a Trojan horse for disseminating information that reflects its preferred view of the world, some warn.... The U.S. also risks losing insight into China's ambitions and AI innovations, according to Ritwik Gupta, AI policy fellow at the University of California, Berkeley. "If they are dependent on the global ecosystem, then we can govern it," said Gupta. "If not, China is going to do what it is going to do, and we won't have visibility."
The article also warns of other potential issues:

• "Further down the line, a breakdown in U.S.-China cooperation on safety and security could cripple the world's capacity to fight future military and societal threats from unrestrained AI."

• "The fracturing of global AI is already costing Western makers of computer chips and other hardware billions in lost sales... Adoption of Chinese models globally could also mean lost market share and earnings for AI-related U.S. firms such as Google and Meta."

The US dollar is on track for its worst year in modern history and may not be done falling yet. The greenback is down more than 7% this year and Morgan Stanley predicts it could fall another 10%. Semafor: A weaker dollar could make US exports more competitive, boosting Trump's plan to rebalance US trade, but makes imports more expensive, adding to the sting of tariffs.

The question ahead is whether the dollar doesn't just lose its value, but its role at the center of the global financial system. So far, there are few alternatives. And efforts to de-dollarize -- central banks shifting into gold, China shoveling its currency into developing nations through swap lines -- haven't meaningfully shifted the picture.

An anonymous reader quotes a report from the Associated Press: Websites that displayed legally mandated U.S. national climate assessments seem to have disappeared, making it harder for state and local governments and the public to learn what to expect in their backyards from a warming world. Scientists said the peer-reviewed authoritative reports save money and lives. Websites for the national assessments and the U.S. Global Change Research Program were down Monday and Tuesday with no links, notes or referrals elsewhere. The White House, which was responsible for the assessments, said the information will be housed within NASA to comply with the law, but gave no further details. Searches for the assessments on NASA websites did not turn them up.

"It's critical for decision makers across the country to know what the science in the National Climate Assessment is. That is the most reliable and well-reviewed source of information about climate that exists for the United States," said University of Arizona climate scientist Kathy Jacobs, who coordinated the 2014 version of the report. "It's a sad day for the United States if it is true that the National Climate Assessment is no longer available," Jacobs said. "This is evidence of serious tampering with the facts and with people's access to information, and it actually may increase the risk of people being harmed by climate-related impacts."

"This is a government resource paid for by the taxpayer to provide the information that really is the primary source of information for any city, state or federal agency who's trying to prepare for the impacts of a changing climate," said Texas Tech climate scientist Katharine Hayhoe, who has been a volunteer author for several editions of the report. Copies of past reports are still squirreled away in NOAA's library. NASA's open science data repository includes dead links to the assessment site. [...] Additionally, NOAA's main climate.gov website was recently forwarded to a different NOAA website. Social media and blogs at NOAA and NASA about climate impacts for the general public were cut or eliminated. "It's part of a horrifying big picture," [said Harvard climate scientist John Holdren, who was President Obama's science advisor and whose office directed the assessments]. "It's just an appalling whole demolition of science infrastructure." National climate assessments are more detailed and locally relevant than UN reports and undergo rigorous peer review and validation by scientific and federal institutions, Hayhoe and Jacobs said. Suppressing these reports would be censoring science, Jacobs said.

BrianFagioli shares a report from NERDS.xyz: A new academic study has found that the 2016 Wells Fargo scandal pushed many consumers toward fintech lenders instead of traditional banks. The research, published in the Journal of Financial Economics, suggests that it was a lack of trust rather than interest rates or fees that drove this behavioral shift. Conducted by Keer Yang, an assistant professor at the UC Davis Graduate School of Management, the study looked closely at what happened after the Wells Fargo fraud erupted into national headlines. Bank employees were caught creating millions of unauthorized accounts to meet unrealistic sales goals. The company faced $3 billion in penalties and a massive public backlash.

Yang analyzed Google Trends data, Gallup polls, media coverage, and financial transaction datasets to draw a clear conclusion. In geographic areas with a strong Wells Fargo presence, consumers became measurably more likely to take out mortgages through fintech lenders. This change occurred even though loan costs were nearly identical between traditional banks and digital lenders. In other words, it was not about money. It was about trust. That simple fact hits hard. When big institutions lose public confidence, people do not just complain. They start moving their money elsewhere.

According to the study, fintech mortgage use increased from just 2 percent of the market in 2010 to 8 percent in 2016. In regions more heavily exposed to the Wells Fargo brand, fintech adoption rose an additional 4 percent compared to areas with less exposure. Yang writes, "Therefore it is trust, not the interest rate, that affects the borrower's probability of choosing a fintech lender." [...] Notably, while customers may have been more willing to switch mortgage providers, they were less likely to move their deposits. Yang attributes that to FDIC insurance, which gives consumers a sense of security regardless of the bank's reputation. This study also gives weight to something many of us already suspected. People are not necessarily drawn to fintech because it is cheaper. They are drawn to it because they feel burned by the traditional system and want a fresh start with something that seems more modern and less manipulative.

Ripple Labs is applying for a U.S. national bank charter and a Federal Reserve master account, "following a similar move by stablecoin issuer Circle Internet Group as crypto firms look to be regulated to deepen ties with traditional finance," reports CoinTelegraph. From the report: Ripple CEO Brad Garlinghouse confirmed on X on Wednesday that the company is applying for a license with the US Office of the Comptroller of the Currency (OCC), following an earlier report by The Wall Street Journal. "True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC," he wrote. Garlinghouse said if the license is approved, it would be a "new (and unique!) benchmark for trust in the stablecoin market" as the firm would be under federal and state oversight -- with the New York Department of Financial Services already regulating its Ripple USD (RLUSD) stablecoin. [...]

Ripple's Garlinghouse added that the company also applied for a Master Account with the Federal Reserve, which would give it access to the US central banking system. "This access would allow us to hold $RLUSD reserves directly with the Fed and provide an additional layer of security to future proof trust in RLUSD," Garlinghouse said. "Congress is working towards clear rules and regulations, and banks (in a far cry from the years of Operation Chokepoint 2.0) are leaning in," he added, mentioning the conspiracy that the Biden administration sought to cut off crypto from the financial system. Ripple applied for the account through Standard Custody, a crypto custody firm it acquired in February 2024.

An anonymous reader quotes a report from Tom's Hardware: Samsung is reportedly delaying the launch of its Taylor, Texas, fab, citing difficulties in securing customers for its output. Sources told Nikkei Asia that even if the South Korean chipmaker brings in the necessary equipment to produce chips at the new plant, the company cannot do anything with them due to the lack of demand. Aside from that, the original planned process node for the Taylor plant is no longer aligned with current demand, highlighting the rapid pace of semiconductor technology.

The chip maker started construction on the Taylor fab in 2022, with an initial investment of $17 billion. By 2024, the company decided to double this to $44 billion, with the addition of another advanced fab and expanded R&D operations. This move is supported by a $6.6-billion CHIPS Act subsidy, which was finalized in December last year, despite multiple delays and setbacks. Samsung C&T, the primary contractor for the Taylor fab, states that construction of the site is progressing. Documents from the company show that the site is almost 92% complete as of March 2024. Work on the site was originally scheduled to finish the following month, but regulatory filings indicate that this was moved to October.

No reason was given for the delay, but multiple sources indicate that it occurred due to a lack of demand. It was initially planned for the Taylor Fab to produce chips for the 4nm process node, but this has since been upgraded to 2nm, to compete with TSMC and Intel. A supply chain executive told the publication that there is little demand for the originally planned 4nm process node at the site. "Local demand for chips isn't particularly strong, and the process nodes Samsung planned several years ago no longer meet with current customer needs," the executive said to Nikkei Asia. "However, overhauling the plant would be a major and costly undertaking, so the company is adopting a wait-and-see approach for now." Although it has already declared its intention to upgrade the site to manufacture the 2nm process node, that is a resource-intensive task in terms of time, effort, and money. Despite the lack of customers, Samsung says it will proceed with opening the Taylor Fab by 2026 -- a necessary move to qualify for CHIPS Act funding and avoid falling behind competitors like TSMC. Delaying further could jeopardize billions already invested in the project.

An anonymous reader shares a report: Google has ended tests of a feature that would have let users open a snapshot of cooking-recipe content directly in web search results -- a welcome development for creators and food bloggers who were concerned about eroding traffic to their sites.

In recent months, Alphabet-owned Google has tested Recipe Quick View, which showed some food bloggers' content in search. The company framed the feature as an attempt to help users determine whether they are interested in a recipe before visiting a website. But some bloggers said they feared that the product would keep users from clicking through to their sites, depriving them of traffic and ad revenue.

Google on Tuesday confirmed it ended the trial.

An anonymous reader shares a report: The US government canceled several federal agencies' subscription to Nature and other scientific journals. A spokesman for the Department of Health and Human Services said all contracts with Springer Nature, Nature's publisher, had been "terminated" and that taxpayer money should not be used on "junk science." Nature newsroom, with an update : On 2 July, one US government agency, the Department of Health and Human Services (HHS), which oversees the National Institutes of Health (NIH), appeared to walk back its earlier statement to Nature's news team saying that it was cancelling contracts to Springer Nature. Now the HHS says: "Science journals are ripping the American people off with exorbitant access fees and extra charges to publish research openly. HHS is working to develop policies that conserve taxpayer dollars and get Americans a better deal. In the meantime, NIH scientists have continued access to all scientific journals."

"Slashdot regularly posts milestones on CO2 levels reported by the Mauna Loa Observatory," writes longtime Slashdot reader symbolset, pointing to a new article highlighting how the Trump administration's proposed budget would eliminate funding for the lab's carbon dioxide monitoring. "Continuous observation records since 1958 will end with the new federal budget as ocean and atmospheric sciences are defunded." From a report: [I]t's the Mauna Loa laboratory that is the most prominent target of the President Donald Trump's climate ire, as measurements that began there in 1958 have steadily shown CO2's upward march as human activities have emitted more and more of the planet-warming gas each year. The curve produced by the Mauna Loa measurements is one of the most iconic charts in modern science, known as the Keeling Curve, after Charles David Keeling, who was the researcher who painstakingly collected the data. His son, Ralph Keeling, a professor at the Scripps Institution of Oceanography at UC San Diego, now oversees collecting and updating that data.

Today, the Keeling Curve measurements are made possible by the National Oceanic and Atmospheric administration, but the data gathering and maintenance of the historical record also is funded by Schmidt Sciences and Earth Networks, according to the Keeling Curve website. In the event of a NOAA shut down of the lab, Scripps could seek alternate sources of funding to host the instruments atop the same peak or introduce a discontinuity in the record by moving the instruments elsewhere in Hawaii.

The proposal to shut down Mauna Loa had been made public previously but was spelled out in more detail on Monday when NOAA submitted a budget document (PDF) to Congress. It made more clear that the Trump administration envisions eliminating all climate-related research work at NOAA, as had been proposed in Project 2025, the conservative blueprint for overhauling the government. It would do this in large part by cutting NOAA's Office of Oceanic and Atmospheric Research entirely, including some labs that are also involved in improving weather forecasting. NOAA has long been one of the world's top climate science agencies, but the administration would steer it instead towards being more focused on operational weather forecasting and warning responsibilities.