Fortune

Can the 'blue economy' deliver on its promise? Investors are starting see the ocean as an asset worth protecting | Fortune

The term “blue economy” has been circulated among environmental commentators for years—usually meaning whatever the speaker wants it to mean. For some, it’s about sustainable fisheries and marine protected areas. For others, it’s a broad term that can encompass offshore wind, deep-sea mining, and blue carbon credits. And to skeptics, it’s a convenient buzzword that remains vague when it comes to measurable actions. Until recently, the concept didn’t have an operational definition or a credible funding stream. That lets the term be understood in a range of ways, whether a corporate-friendly approach to conservation, or a new way to talk about extracting marine resources, sustainably or otherwise. Yet the time when the ocean was treated as an afterthought in climate discussions is ending. A critical mass of investors, scientists, and community leaders are no longer asking if the blue economy is real and instead figuring out how quickly they can scale it. That was my impression after the Villars Ocean Forum, a gathering of over 150 leaders from academic, activist, and business backgrounds. It’s a community of doers: People have already started projects and are now figuring out how to fund them. In one corner, a glaciologist who’s just returned

Iran juggles oil cuts and storage strain to resist U.S. blockade | Fortune

As the US naval blockade in the Strait of Hormuz tightens around Iran’s oil trade, exports have plunged in recent weeks and storage is rapidly filling. Already, the country has begun curbing production, according to a senior Iranian official. But there’s a crucial caveat Washington may be underestimating: Tehran has decades of experience preparing for versions of this exact scenario. The war in the Middle East is entering a stalemate, with both sides waiting for the other to relent. By targeting the Islamic Republic’s most vital source of revenue, President Donald Trump is seeking to force an end to a conflict that has reshaped geopolitics and global energy markets. Yet Iran has shown some resilience in weathering the blockade so far, drawing on a time-tested playbook to prolong the standoff and raise costs for Washington by pushing up oil prices, which reached a four-year high this week. Tehran is proactively reducing crude output in a move to stay ahead of capacity limits rather than waiting for tanks to fill completely, according to the senior official, who asked not to be identified because the information is sensitive. And engineers have learned how to idle wells without lasting damage and restart them

Disney’s new CEO is exploring a ‘super app’ for theme park tickets, movies and more | Fortune

Walt Disney Co. senior executives are discussing how to unify the company’s disparate mobile apps and turn its streaming service into the first stop for all things Disney, a place where users can book park tickets, buy merchandise, play games and watch movies, according to people familiar with the matter. Disney’s new CEO, Josh D’Amaro, is attempting to break silos within the company and simplify how customers interact with its brand. The new app would marry Disney+ with mobile platforms such as the Disneyland Resort and Disney Cruise Line Navigator apps into what’s internally being described as a “super app,” said the people, who asked not to be named as the information is private. The conversations are at an early stage and no concrete steps have been taken toward developing the product, the people said. Still, the ambition has been at the center of internal presentation materials, and is indicative of the potential D’Amaro, sees in evolving the company’s direct-to-consumer business, the people said. A spokesperson for Disney declined to comment. The company has long flirted with the idea of creating a super app for all things Disney or even a membership program akin to Amazon.com Inc.’s Prime service. D’Amaro’s

Apple raises Mac Mini’s starting price to $799 after AI frenzy drains supply | Fortune

Apple Inc. raised the starting price of its Mac mini desktop to $799 from $599, adjusting to inventory shortages driven by AI demand and the tight supply of processors. The company is effectively increasing the price by removing the entry-level configuration, a model that includes an M4 processor and 256 gigabytes of storage. The computer now starts with that same chip and 512 gigabytes of space. The $1,399 starting price of the M4 Pro model hasn’t changed. The discontinuation of the $599 tier comes after that model sold out at most outlets. Other configurations still take weeks or months to arrive from Apple’s online store and have been in limited supply at the company’s retail stores. On Thursday, Apple Chief Executive Officer Tim Cook said the shortages were tied in part to the so-called SoC, or system on a chip, the processor that serves as the brains of the Mac mini. “The constraints were primarily driven by the availability of the advanced nodes our SoCs are produced on,” he said on an earnings call with analysts. The other factor is that consumers have been snapping up Mac minis and Mac Studios to run artificial intelligence, he said. “These are amazing

Unionized workers form alliance with rich tech giants on AI data centers, pushing back on local opposition and redrawing political lines | Fortune

Building trades unions — long fashioned as the voice of the American worker — are now intertwined with the richest companies in the world as they create America’s artificial intelligence economy. Unionized workers are employed on a huge number of massive data center projects and scrambling to recruit new apprentices to feed the explosive demand. They’ve also become an ally of tech giants and tech-friendly government officials, echoing the talking point that the United States is in a critical national security race with China for AI superiority. Unions are a visible force in helping counter fierce opposition in communities and hostile legislation in Congress and legislatures, often aligning with traditional Republican pro-business constituencies and forcing Democrats to choose between them and progressives who want to take a harder line. Unions have aggressively answered complaints about data centers in ways that executives at tech giants and the development firms rarely do, unafraid to bluntly confront concerns about energy and water shortages, rising electric and water bills, or noise and quality-of-life objections. “When people say, you know, ‘data centers are the root of all evil,’ we’re just saying, ‘look, they do create a hell of a lot of construction jobs, which we

San Diego Padres to sell team to investor group led by Kwanza Jones and José E. Feliciano, who will become the second Latino owner in baseball | Fortune

The San Diego Padres have reached an agreement to sell control of the team to an investor group led by Kwanza Jones and José E. Feliciano. The family of late owner Peter Seidler formally announced the deal Saturday. The sale must still be approved by Major League Baseball. The deal with private equity billionaire Feliciano and his wife took shape last month at an MLB-record valuation of $3.9 billion. The Padres’ announcement of the deal didn’t give specifics on the members of the investor group or the purchase price. “The Padres are more than a baseball team; they are a unifying force in San Diego, rooted in community, connection and belonging,” Jones and Feliciano said in a joint statement. “As life and business partners, and as a family, we are honored to lead this next chapter together. We have worked hard for everything we have achieved, and we have built it together. We see that same spirit in this team and its fans, and we know what it takes to win. We are committed to showing up, listening and earning the trust of this community while building on the strong foundation established by the Seidler family. “This is about more

Warren Buffett says markets are like a church with a casino attached, but 'we've never had people in a more gambling mood than now' | Fortune

Investing legend Warren Buffett bemoaned the gambling culture that has taken over financial markets while continuing to preach his brand of patience. In an interview with CNBC on Saturday as Berkshire Hathaway held its annual shareholders meeting, he noted that of the 60 years he’s been in business, only five of them were “really juicy” with opportunities. But when there are no good bargains to be found, the “oracle of Omaha” is fine doing nothing. That’s largely been the case for years. While Berkshire has acquired some smaller companies, the lack of mega-deals has sent the conglomerate’s cash pile to nearly $400 billion. Buffett stepped down as CEO at the end of last year, but he remains involved in the investment portfolio—and still doesn’t like the prices that he’s seeing. That’s due in part to investors acting like they’re playing a card game. To be sure, he’s long compared financial markets to a church with a casino attached. But the casino has gotten very attractive, he told CNBC. Buffett pointed to the growing popularity of one-day options, saying, “That’s not investing. It’s not speculating. It’s gambling, just totally.” He also cited the example of a U.S. Army soldier who made

Bard College president steps down, months after his deep ties to Jeffrey Epstein were revealed | Fortune

The longtime president of Bard College announced his retirement Friday, months after it was revealed that he had a much deeper relationship with Jeffrey Epstein than was previously known. Leon Botstein, who has been president of the small, liberal arts college inn New York for a half century, will retire at the end of June, he wrote in an email provided to The Associated Press by Bard. In the note, Botstein, 79, didn’t mention the scrutiny of his ties to Epstein, except to say that he had waited to announce his retirement publicly until the completion of an independent review of his relationship with the notorious sex offender. He said he would remain on Bard’s faculty as a teacher and musician. Botstein was not accused of any involvement in Epstein’s exploitation and abuse of girls and women. But he was among a long list of prominent and notable men and women who maintained friendly relationships with him for years, despite his status as a convicted sex offender. A trove of documents released by the U.S. Justice Department this year showed that Botstein and Epstein had met on multiple occasions, with Epstein sometimes arriving at Bard by helicopter. The president had

Meet 'Green Death': the burial practices for activists worried about climate change and carbon footprint | Fortune

After Moira Cathleen Delaney was diagnosed with an aggressive form of intestinal cancer, her thoughts eventually turned to her eventual death and what she wanted done with her body. Delaney’s love of gardening, birds and the forest inspired her decision to be transformed into soil — literally — through a process known as natural organic reduction. When she died in October at age 57, her family sprinkled some of her remains under her favorite backyard tree and gave some remains to her closest friends and relatives in glass jars to keep or plant things with. “For her, it was a very comforting thought to be able to return to the earth in that kind of way, and to have her final physical act contributing to the life process,” said Marcos Moliné, her son. Interest in body disposal options that are better for the planet has risen in recent years, according to research commissioned by the National Funeral Directors Association. Researchers and industry experts said people worry about how conventional death practices such as embalming, fire cremation and casket and vault burials affect the climate, environment and people’s health. Others simply want their final resting place to be in their cherished

America's paying more at the pump. Trump's new Air Force One jet donated by Qatar is nearly ready | Fortune

The U.S. Air Force has finished modifying and testing a Boeing 747 jet donated by Qatar for temporary use as Air Force One and expects to have it ready for President Donald Trump to use this summer, the service announced late Friday. The jet is currently being painted red, white and blue, the Air Force said in a news release. Defense Secretary Pete Hegseth accepted the luxury jet a year ago despite questions about the ethics and legality of accepting an expensive gift from a foreign nation, as well as concerns about security and cyber intelligence. Trump has defended the gift as a way to save tax dollars. Trump has said he wouldn’t fly around in the aircraft when his term ends. Instead, he said, the plane would be donated to a future presidential library, similar to how the Boeing 707 used by President Ronald Reagan was decommissioned and put on display as a museum piece. Air Force officials said the former Qatari jet will serve as a “bridge” until Boeing is ready to deliver a pair of new aircraft, which is now expected in 2028. The two planes currently used as Air Force One have been flying for nearly

War in Iran has Croatia's tourist hotspot wondering: will Dubrovnik host another 4 million visitors in 2026? | Fortune

Summer is still a few months away, but the streets of Croatia’s old town of Dubrovnik are already teeming with tourists from all over the world. It’s usually a sign of a strong season ahead, but this year uncertainty hangs in the air. Global instability triggered by the Iran war and surging fuel prices have brought unpredictability to the tourism industry, including in Dubrovnik, Croatia’s top Adriatic Sea destination that draws millions of visitors annually. The stakes for Croatia’s economy are high: The tourism sector is one of the country’s key sources of income and is largely dependent on international travelers. Though tourist numbers have been up in Dubrovnik, officials are warning nothing is guaranteed. The fuel crisis and Persian Gulf tensions could drive up airfares and slow arrivals just as the season gathers pace. Miro Draskovic, director of the Dubrovnik Tourist Board, noted that while the American market remains strong, some Australian travelers — typically among the top 10 nations coming to the city — are now “facing difficulties traveling toward Europe.” “The situation for sure is very, very difficult, and we are following what’s happening every day,” he told The Associated Press. So far, things are looking good.

Gen Z is rebelling against the economy with ‘disillusionomics,’ tackling near 6-figure debt by turning life into a giant list of income streams | Fortune

What happens when a generation is raised on economic promises that never materialize? Gen Z may want to ask their older siblings, the millennials, how that turned out, as the Great Recession of 2008—and the ensuing “jobless recovery”—left millions of altered lives, if not dashed dreams, in its wake. But as the oldest Gen Zers approach the 30-year-old benchmark, the economic habits of a generation who was born during a financial regime change are looking increasingly different from those of the generation that lived through it. The zoomers double as the so-called “doom spenders,” dishing out hundreds of dollars on concert tickets or international travel, entrenching the “YOLO economy” that emerged in 2021 amid the meme-stock craze. Gen Zers average $94,101 in personal debt, the highest of any generation and far more than millennials ($59,181) and Gen X ($53,255). This could be easily written off as the financial mismanagement of youth, but taken as a whole, Gen Z’s outlook on the economy is at once a rejection of conventional wisdom and a deep, almost subconscious absorption of the commodification of everything. Economist and author Alice Lassman, a (British) Gen Zer herself, has written for Business Insider about her personal disillusionment

CEO writes hundreds of thank you notes to staff and still eats in the break room—which 'always, for whatever reason, blows new employees away' | Fortune

In an era of AI avatars and digital overload, something as simple as a handwritten note can feel like a relic of the past. In fact, many Gen Zers can’t even read cursive. But for First Watch CEO Chris Tomasso, old-fashioned notes of appreciation are a ritual. The leader of the over $1 billion-a-year in revenue breakfast and lunch chain takes time each month to handwrite congratulations to cooks and dishwashers celebrating major milestones, like 10, 20, or even 30 years with the company. With more than 15,000 employees, Tomasso has penned over 500 notes—and believes the small gesture has an outsized impact. “I just love people that pick their lane, they love it, and they don’t want to do anything else,” Tomasso told Fortune. “They want to be the best dishwasher they can, and so I want to thank and reward loyalty, longevity, [and] the contributions that they make to the company.” First Watch CEO Chris Tomasso writes handwritten notes each month to his employees reaching major milestones (Courtesy of First Watch). Tomasso traces his approach to a moment early in his career. At 26, he received a handwritten thank-you note from his CEO at Hard Rock Café—a letter

Big Tech is shelling out up to $1 million for new hires who will never have to write a line of code | Fortune

Some of the highest-paid tech workers now will never have to write a line of code. And it’s not because their work is being done by AI: Tech companies are shelling out high six-figure salaries for senior communications roles. In February, Anthropic posted a job for a head of product communications with a listed $400,000 salary; Netflix was seeking a senior director of communications with a salary range of $656,000 to $1.2 million; and OpenAI was looking for a head of infrastructure communications and a head of business communications, both with salary ranges up to $430,000, plus equity. Google is also willing to pay senior communications managers total compensation packages reaching $370,000 or more; Meta’s communications department averages roughly $221,380 in total compensation, with senior roles climbing well past that; and at Microsoft, top communications directors are pulling down close to $300,000. But why would tech-focused companies be willing to invest so much in a more analog, linguistics-focused role while there’s seemingly much more spending to be done in AI development? Because of how little the general public understands about AI, experts say. “AI is complicated. It’s evolving quickly and it’s triggering very real anxiety among employees, regulators, and customers.

Trump flouts lower court rulings in unprecedented display of executive power, and 'respect for the rule of law is likely to break down' | Fortune

When a federal judge shot down a Trump administration policy of holding immigrants without bond last December, it seemed like a serious blow to the president’s mass deportation effort. Instead, a top Justice Department official insisted the ruling wasn’t binding, and the administration continued denying detainees around the country a chance for release. By February, the district court judge, Sunshine Sykes, was fed up. Sykes, a nominee of President Joe Biden, accused Trump officials in a ruling that month of seeking “to erode any semblance of separation of powers,” adding that they could “only do so in a world where the Constitution does not exist.” Hardly isolated, the case illustrates a broader pattern of defiance of lower court decisions in President Donald Trump’s second term. The failure of Trump officials to follow court orders has been highlighted most notably in individual immigration cases. But a review of hundreds of pages of court records by The Associated Press also shows an extraordinary record of violations in lawsuits over policy changes and other moves. In the second Trump administration’s first 15 months in office, district court judges ruled it was violating an order in at least 31 lawsuits over a wide range

Federal appeals court blocks mifepristone distribution by mail in biggest jolt to abortion policy since the overturning of Roe v. Wade | Fortune

In the biggest jolt to abortion policy in the U.S. since the overturning of Roe v. Wade, a federal appeals court has restricted access to one of the most common ways to end early pregnancies, by blocking the mailing of mifepristone prescriptions. The unanimous ruling Friday from the New Orleans-based 5th U.S. Circuit Court of Appeals marks a substantial victory for abortion opponents seeking to stem the flow of abortion pills prescribed online that they view as subverting state bans on the procedure. The ruling, which is expected to be appealed to the U.S. Supreme Court, requires that mifepristone be distributed only in person and at clinics, overruling regulations set by the federal Food and Drug Administration. Here’s what to know. Impact extends beyond states with abortion bans Frustrated with a lack of federal action against medicated abortions, Louisiana Attorney General Liz Murrill sued the FDA last month, saying its regulations undermined the state’s ban on abortions at all stages of pregnancy. “The regulation creates an effective way for an out-of-state prescriber to place the drug in the hands of Louisianans in defiance of Louisiana law,” Judge Kyle Duncan, who was appointed by President Donald Trump, wrote in the ruling.

Berkshire's cash pile hits $397.4 billion as profit more than doubles, but annual meeting attendance falls sharply without Warren Buffett as CEO | Fortune

The folksy wisdom and jokes that were a staple of the Berkshire Hathaway annual meeting for decades when Warren Buffett was leading the show will be missing Saturday, but shareholders still started lining up at midnight outside a Nebraska arena to listen to new CEO Greg Abel. Attendance is down significantly this year with the arena only a little over half full as the meeting started. That’s much different from the past few years when more than 40,000 attended to listen to the 95-year-old Buffett and — before his death in 2023, Buffett’s longtime partner Charlie Munger was always part of the fun. Buffett gave up the CEO title in January, but he remains chairman and will be sitting with the rest of the Berkshire board on the floor to listen at the meeting. Saturday’s meeting began with a video tribute to Buffett filled with clips from the previous 60 years of annual meetings. The first clip showed the standing ovation Buffett received last year after he surprised shareholders by announcing that he would step down. Abel then announced the symbolic move of retiring jerseys with Buffett’s and Munger’s names on them that will hang in the rafters of the

Spirit Airlines is ending operations immediately and going out of business after 34 years, with refunds to come but no help rebooking elsewhere | Fortune

Spirit Airlines, an impish upstart that shook the industry with its irreverent ads and deep discount fares, announced Saturday that it has gone out of business after 34 years. The ultralow cost airline that once operated hundreds of daily flights on its bright yellow planes and employed about 17,000 people said it had “started an orderly wind-down of our operations, effective immediately.” The airline said on its website that all flights have been canceled and customer service is no longer available. “We are proud of the impact of our ultra-low-cost model on the industry over the last 34 years and had hoped to serve our guests for many years to come,” the announcement said. The company advised customers that they could expect refunds but there would be no help in booking travel on other airlines. The Trump administration had considered a government bailout for the cash-strapped business to keep it from going under, but a deal was not reached. Transportation Secretary Sean Duffy said that travelers booked on Spirit flights could access special prices on a group of other airlines for a limited time, and said other carriers would help Spirit pilots and flight attendants return to their home cities.

The American household just took an 81% margin cut. Wall Street hasn’t priced it in | Fortune

The American household did not take a traditional pay cut. It took something Wall Street should understand even better: an 81% margin cut. Since the initiation of the geopolitical conflict with Iran and the subsequent closure of the Strait of Hormuz in late February 2026, the global economic narrative has been fixated on headline inflation, central bank interest rates, and disrupted supply chains. Markets are treating the current environment as a traditional inflation story. It is not. Beneath the surface of the Consumer Price Index (CPI) lies a fundamental structural shift. The spread between wage growth and inflation, the vital strip of breathing room that lets families absorb an economic shock without cutting back, collapsed from a pre-war baseline of 1.34 percentage points to just 0.26 points in March. That is an 81% compression in a single month. The American household’s earnings cushion has effectively evaporated, yet much of the economy is still modeling as if we are in a business-as-usual environment. To fix the problem, we first have to be clear-eyed about what is actually happening. Valuing the Household Margin To understand the shock, we need to evaluate the American household the way markets evaluate a company: through a

One economist’s ‘radical idea’ to solve the biggest energy crisis in history: a reverse OPEC | Fortune

The world is facing the largest energy crisis in modern history—and the U.S. may be the country with the most power to do something about it. Oil exports are projected to slow by 1.5 million barrels per day in the second quarter of 2026, leaving Pakistan, Indonesia, and the Philippines within days of running out of gasoline and crude oil. The International Energy Agency warned last month that Europe has “maybe six weeks or so (of) jet fuel left,” which would force airlines to cancel flights or hike fares. For University of Massachusetts Amherst economist Gregor Semieniuk, the crisis makes a compelling case for the U.S. to lead a departure from the free-market philosophy that has governed oil distribution for more than 40 years. “People on Wall Street and commodity traders will tell you that if you interfere, it’s going to make things worse; you will have shortages,” he told Fortune. “That may all be true …. But this is the biggest energy crisis the world has experienced in modern times—even larger than in the ‘70s in terms of quantity. Maybe it’s time for a different approach in such an emergency.” A ‘radical idea’ with historical roots Semieniuk suggested a

We need a new way of thinking about drinking: Time to replace the 'standard drink' with advice people can actually use | Fortune

When you are out for a drink with colleagues after work, do you order 20 grams of ethanol, or a Negroni? 10 grams of ethanol, or a Pilsner? 16 grams of ethanol, or a glass of Malbec? Unless you are a chemist, it is probably the latter. And yet, most drinking guidelines presume the former. Regulations in some countries have treated consumers like human calculators, expecting them to navigate a world of “units” and “standard drinks” that exist nowhere outside of a laboratory. Recently announced U.S. Dietary Guidelines made a notable shift away from this approach. They dropped daily drink recommendations, effectively abandoning the concept of the “standard drink”. This move allows for a simpler message: adults who choose to drink should do so moderately. As global policymakers consider how to best support moderation, a key question to grapple with is whether guidelines are fit for purpose in the real world. The myth of the standard drink The “standard drink” has always been a fiction that assumes a level of precision and consistency that may be found in a lab but not at a dinner party. Glass sizes vary. Alcohol strengths vary. Wine is often topped up mid-glass. Hard liquor

Stop donating to Harvard and the Ivy League. There's a better option that MacKenzie Scott already figured out | Fortune

Last year, billionaire philanthropist MacKenzie Scott embarked on a giving spree, giving $740 million to 16 Historically Black Colleges and Universities. It’s a meaningful boost for institutions that have long operated with far too little, but it shouldn’t be mistaken for a broader shift in philanthropic habits. Gifts of this scale to under-resourced colleges remain rare, while elite universities continue to draw far larger sums year after year. At this point, Harvard and Yale don’t need your money. Yet they continue to attract it. The eight Ivy League universities collectively hold more than $200 billion in endowment wealth. That single number eclipses the resources of entire sectors that educate exponentially more students. All 100-plus HBCUs together manage just $4 billion to $5 billion. America’s roughly 1,000 community colleges hold only about $655 million in endowment assets. Some 400 regional public universities share between $30 billion and $50 billion. The combined amount still pales in comparison to Ivy League largesse. And yet, at a time when Americans are demanding more value, the strongest returns come precisely from those institutions. Scott appears to understand what many donors have yet to fully appreciate: the smartest place to put your money isn’t always the

Asia is being hammered by the Iran conflict's economic fallout. The U.S. has the playbook to help—and every reason to | Fortune

As countries around the world confront the economic fallout from the Iran conflict, Asian economies have been particularly hard hit. Energy prices have skyrocketed, economic growth forecasts have been slashed, food insecurity is back in the spotlight, and access to critical chemicals, aluminum and other products has been curtailed. In response, Asia has been busy implementing a range of measures, from restricting energy use to introducing fuel subsidies, re-starting coal plants, and imposing export restrictions. While the crisis looms large over Asia, the U.S. trade agenda appears to move forward unabated. Adapting U.S. trade asks to reflect the pressures partners are facing — and offering financial support or other cooperation — would build meaningful goodwill in a region Washington cannot afford to lose. With more than 80% of the oil and gas usually passing through the Strait of Hormuz bound for Asia, the region’s energy vulnerability is stark. Energy prices in Asia have risen by almost 70% in some places since the start of the war, forcing countries like Cambodia and Vietnam to ration energy and introduce fuel subsidies. Pakistan and Bangladesh have closed schools, and, across Southeast Asia, officials are working from home and curtailing travel. For tourism-dependent economies

Betting on the Kentucky Derby is more popular than ever. So why is it so confusing? | Fortune

On the first Saturday of May, 150,000 people will pack into Churchill Downs in Louisville wearing their finest hats. Tens of millions more will watch from home. In 2025, 17.7 million Americans tuned in—the largest Derby audience since 1989. And bettors wagered a record $234.4 million on the race itself: $349 million on the full Derby Day program and $473.9 million across Derby Week, all records for the fourth consecutive year. That’s a lot of betting for a single two-minute race. But for anyone who has tried to bet on the Derby through a mainstream sports betting app, it’s surprisingly hard to get in on the action. That’s because the Kentucky Derby runs on a fundamentally different legal system than the one powering America’s $166.94 billion sports betting boom. Kentucky’s betting laws Horse race wagering in Kentucky is legally required to be pari-mutuel, a requirement that creates an entirely different experience than anything FanDuel, DraftKings, or BetMGM offers on the Super Bowl. In a pari-mutuel system, bettors wager against each other, not the house. Every dollar bet on a horse goes into a communal pool. The track skims a percentage—the “takeout”—for operations, purses, and regulatory fees. Whatever remains is divided

Blackstone's Steve Schwarzman built a program to teach young leaders about China. It's harder to get into than Harvard | Fortune

Steve Schwarzman has spent his career on Wall Street—but he’s also been on a quieter quest on the other side of the globe, a decades-long journey to understanding China. That brought him, in late April, to the New Tsinghua Xuetan, the circular, brick-hued auditorium at Tsinghua University in Beijing, an architectural wonder that resembles a totem from another age. There, the CEO and Chairman of private equity colossus Blackstone was hosting some 1300 alums at the 10th reunion celebration for the Schwarzman Scholars program. Inspired by the Rhodes Scholar program, it’s a philanthropic initiative that brings students in their early-to-mid-20s, the best and brightest from across the globe, to spend a year immersed in understanding how China works and thinks. After giving the keynote address, and joining a panel on “Leadership in the 21st Century” alongside NBA Hall of Famer Yao Ming, Alibaba chairman Joe Tsai, and Yang Lan, a media entrepreneur and on-air personality known as the “Oprah of China,” Schwarzman gets mobbed by Scholars in the audience, many of whom credit the experience for transforming their career paths. “Everyone wanted to take selfies with me,” the 79-year old Schwarzman told Fortune. “I felt like a rockstar!” Schwarzman avows

The Iran war has turned the world's shipping straits into a chessboard—and the U.S. aims to box out China from the Panama Canal to the Malacca Strait | Fortune

While the U.S. and Iran remain mired in a stalemate of ever-evolving ceasefires, the Strait of Hormuz energy chokepoint at stake is just one part of a global chessboard in a broader “cold war” against China, geopolitical experts and economists said. The Iran war and Hormuz blockade just happen to be the biggest gambit in the high-tempo game thus far. At play are all critical waterways and congestion bottlenecks through which the world’s energy products, agriculture, and supply chain parts flow. Despite China’s rapid growth, it still relies heavily on energy imports, and the U.S. continues to claim naval superiority for now. But while the Hormuz clash has dominated the headlines, behind the scenes the U.S. is quickly making moves to greater influence the world’s other shipping and strategic military arteries from the Panama Canal and Greenland to the Strait of Gibraltar between Europe and Africa, and to Asia’s Strait of Malacca—the busiest strait in the world. “The U.S. is applying pressure, and it’s clearly addressing the weak spots that are reflected in these various nodes—or straits—of global supply chain transit,” said Thierry Wizman, a top economic strategist for the Macquarie Group. “They’re the sea lanes that China depends on

Trump says a 'final proposal' for a taxpayer-funded takeover of Spirit Airlines is under consideration | Fortune

President Donald Trump said Friday that his administration was still weighing a taxpayer-funded takeover of Spirit Airlines, with talks ongoing and no final decision yet on whether to move forward with a potential bailout for a carrier mired in bankruptcy proceedings for the second time in less than two years. Trump emphasized that a deal to rescue the financially strapped airline remained under review. The president did not provide details but said an announcement could come later Friday or Saturday. “We’re looking at it. If we could do it, we’ll do it. But only if it’s a good deal,” he said, speaking to reporters before departing the White House for Florida. The possibility of a bailout first emerged publicly last week, when Trump floated the idea of the U.S. government offering Spirit a financial lifeline to help keep the airline from going bust and out of business. Separately, a lawyer for the airline told a U.S. Bankruptcy Court that Spirit was in advanced talks with the government over financing that could allow it to exit Chapter 11 protection. The president suggested the government would be able to resell the airline known for its bright yellow planes and “no frills” service

U.S. to withdraw 5,000 troops from Germany as Trump feuds with Merz over the Iran war | Fortune

The United States will withdraw about 5,000 troops from Germany in the next 6-12 months, the Pentagon said Friday. President Donald Trump had threatened to withdraw some troops from the NATO ally earlier this week as he continues to feud with Chancellor Friedrich Merz over the U.S-Israel war against Iran. Merz said the U.S. was being “humiliated” by the Iranian leadership and criticized Washington’s lack of strategy in the war. Pentagon spokesman Sean Parnell said in a statement that the “decision follows a thorough review of the Department’s force posture in Europe and is in recognition of theater requirements and conditions on the ground.” The U.S. has several major military facilities in Germany, including the headquarters for U.S. European Command and U.S. Africa Command, Ramstein Air Base and Landstuhl Regional Medical Center, the largest American hospital outside the United States. The number of troops leaving Germany would be 14% of the 36,000 American service members stationed there. Nico Lange from the Center of European Policy Analysis told The Associated Press earlier this week that they primarily serve U.S. interests, including “the projection of American power globally,” rather than helping with the defense of Germany. Trump ignored questions from reporters about

EBay soars on report that GameStop is preparing a takeover bid | Fortune

EBay Inc. jumped more than 13% in after-hours trading on Friday after the Wall Street Journal reported that video-game retailer GameStop Corp. is preparing a bid for the company. GameStop, led by e-commerce entrepreneur Ryan Cohen, has been building a position in the online auctioneer and plans to make an offer for the business this month. Spokespeople for eBay and GameStop didn’t immediately respond to requests for comment. Shares in GameStop also rose. Cohen, the founder of pets supplies e-tailer Chewy, plans to turn the combined companies into a retail juggernaut, the newspaper reported. GameStop had a market value of $11.8 billion before the news broke, while eBay’s is much larger at around $46 billion. Both companies have struggled to adapt to changing consumer preferences. GameStop has shut stores and emphasized collectible toys and trading cards as more video games are purchased online. EBay has been pushing collectibles and used goods on its marketplace, which are both relevant to video-game enthusiasts and overlap with the GameStop customer. Limited releases and hard-to-find items are often sold at a markup on eBay to capitalize on their popularity and scarcity. The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials,

Exxon Mobil CEO sees “more to come” on price spikes from Iran war as Exxon, Chevron beat on earnings despite plunging profits | Fortune

Exxon Mobil CEO Darren Woods predicted that crude oil and fuel prices will continue to surge higher in the weeks ahead if the Strait of Hormuz remains blockaded. Both Exxon and Chevron are projecting big profit gains in the ongoing second quarter because of higher prices, even with some of their Middle Eastern operations remaining disrupted. Exxon and Chevron reported first-quarter profits on Friday that beat market expectations, but they both saw their net incomes dip precipitously year-over-year because of lower oil prices early in the year, poorly timed financial hedges, and operational woes in the Middle East and beyond. Chevron, for instance, had to recover from a major fire in January at its massive Kazakhstan operations. Exxon CEO Woods said that oil prices—even above $100 per barrel—don’t come close to matching the “historically unprecedented disruption” of almost 20% of the world’s oil and liquefied natural gas (LNG) which flows through the Strait of Hormuz from the ongoing war in Iran. “If you look at the unprecedented disruption in the world’s supply of oil and natural gas, the market hasn’t seen the full impact of that yet,” Woods said. “So there’s more to come if the strait remains closed.” There