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Profanity is a hallmark of Trump’s second term, a Post analysis finds
The analysis of President Trump's speeches and social media posts shows a sharp increase in his use of vulgarities, insults and bombastic rhetoric since his first term.
This “quantum” material fooled scientists and revealed something new
A mysterious magnetic material once thought to host an exotic “quantum spin liquid” has turned out to be something entirely different—and possibly just as intriguing. Scientists studying cerium magnesium hexalluminate found it showed the hallmark signs of this elusive quantum state, like a lack of magnetic order and a spread of energy states. But after closer inspection using neutron experiments, they discovered the behavior came from a delicate tug-of-war between two opposing magnetic forces.
Christmas movies are big business. Connecticut is using the boom to drive tourism and convince people to live in the state
The holiday movie industry, estimated to generate hundreds of millions of dollars a year, has expanded beyond Hallmark and Lifetime.
How to Watch The Way Home Season 4 Finale
Watch The Way Home live with TV channel, start time and streaming info. Stream Season 4 Finale on Fubo — no cable required, free trial available.
Scientists discover brain switches that clear Alzheimer’s plaques
Researchers have identified two brain receptors that help the brain clear away amyloid beta, a hallmark of Alzheimer’s disease. By stimulating these receptors in mice, scientists increased levels of a natural amyloid-breaking enzyme, reduced buildup in the brain, and improved memory-related behavior. Because these receptors are common drug targets, the findings could open the door to affordable pill-based treatments with fewer side effects.
How Hallmark built a holiday media empire, complete with cruises
Hallmark has built a holiday movie juggernaut and is now expanding that business into live experiences, such as a Christmas cruise.
Is This Air Safe to Breathe? How Wildfire Smoke Impacts Your Health
Hazy skies and irritated eyes are both hallmark indicators of wildfire smoke in the air. But even if skies are clear, can nearby wildfires still impact health? According to a recent advisory from the New Mexico Department of Health (NMDOH), smoke...
In Fourth of July Speech, Trump Celebrates America and Derides Foes
A centerpiece address for the nation’s 250th anniversary celebration devoted time to American history, but had all the hallmarks of a Trump rally.
Yamamoto’s Adaptability Fuels His Success With Dodgers
After stifling the Reds with seven dominant innings, the Japanese ace proves that elite composure and mid-game adjustments are the true hallmarks of his Cy Young-caliber dominance.
Recent $11 Million Grant to Hallmark Farms Highlights Economic Partnerships Between Business and State, Federal Government - Alabama Department of Labor
FOR IMMEDIATE RELEASE January 7, 2026 Recent $11 Million Grant to Hallmark Farms Highlights Economic Partnerships Between Business and State, Federal Government Montgomery, Ala. – The recent award of $11 million in federal Abandoned Mine Land Economic Revitalization (AMLER) Program funding to the Alabama Farm Center is a shining example of cooperation and strategic partnerships […]
Owen Thiele, Este Haim Join Variety Entertainment & Technology Summit
Leadership from WPP Media, NBCUniversal Entertainment, Netflix, Amazon, Paramount, Hallmark, and more are scheduled to speak.
What Box Office Bomb Crushed Obsession on Streaming?
(Welcome to my weekly streaming ratings report, the single best guide to what’s popular in streaming TV and what isn’t. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. If you were forwarded this email, please subscribe to get these insights each week.) Before we get into this week’s issue, let me ask you for some suggestions. At the risk of coining too many names for too many things (hence my dictionary of terms...), I need a name for straight-to-streaming films that are too expensive to justify a straight-to-streaming release, but not big enough to justify a theatrical release. Like some of the films I highlighted in last week’s tally of the biggest film flops of 2026 so far: Hulu’s Mike & Nick & Nick & Alice, Pizza Movie or Never Change! They don’t feel like “made for TV movies” (think Hallmark and Lifetime movies, cheap Netflix romcoms, or Disney Channel Original movies, for example) but they don’t feel big enough for the big screen. They’re not “cinematic” enough, so to speak. As I wrote... “I still need a name for this middle zone of film that’s too expensive to go straight-to-streaming but too small to justify a theatrical release (with all the PR, distribution, marketing and whatnot costs that go along with it), the Goldilocks zone of streaming film death.” Friend of the newsletter Brandon Katz has suggested the “Bermuda Budget Triangle”, “The Platform Gap” and “The Distribution Deadzone”. I love that first one. I’d offer up the much wordier “The Streaming Budget Dead Zone” or “the Goldilocks Zone of streaming film death” but that last one isn’t accurate since, unlike Goldilocks’ porridge, these films are the opposite of “just right”. That’s the problem! Anyway, if you have any suggestions, let me know! On to today’s Streaming Ratings Report. As you can tell by today’s headline, things are going to be spicy! I’m looking at a box office bomb that did really, really well on streaming, somewhat challenging a few different narratives. And another Netflix series declined in its second season. All that, plus Wicked: For Good switching streamers, The Hawk continuing its strong run, _The Bear’_s finale season finally dropping off the charts, the WNBA posting a big viewership number, “shallow libraries”, a sitcom spinoff failing to launch, more big budget IP flopping on Paramount+, all the flops, bombs and misses, and a whole lot more. Let’s dive right in! (Reminder: The streaming ratings report focuses on the U.S. market and compiles data from Nielsen’s weekly top ten viewership ranks, Luminate’s Top Ten Data, JustWatch and Reelgood interest data, Samba TV household viewership, company datecdotes, Netflix hours viewed data, Google Trends, and IMDb to determine the most popular content. While most data points are current, Nielsen’s data covers the weeks of July 20th to July 26th, 2026. You can find a link to my terminology here.) Subscribe Film - The Latest Theatrical Success Story on Streaming In the latest edition of “Flops, Bombs and Misses of the First Half of 2026”, I made a crucial change: I started including theatrical films with the streaming misses. The streamers have collectively—including Netflix, but not to as big of an extent—stopped making a lot of straight-to-streaming films, and the ones they do make aren’t as expensive as in the heyday of the streaming bubble. After the following two films bombed in theaters, you’d guess that they’ll be included in my next collection of flops, bombs and misses six months from now: Masters of the Universe on Prime Video (only $64 million domestic box office) Mortal Kombat II on HBO Max ($79 million domestic) But you’d be wrong! Masters of the Universe, a reboot of the He-Man franchise, a toy from the 1980s, came to streaming on 22-July and did great! This long-gestating project—it’s been at every studio for years, and came close to getting a greenlight at Netflix—then finally came to theaters in June, and showed up on streaming less than two months later. (I don’t love this short theatrical window.) It surprisingly grabbed nearly 20 million hours on its debut: That means, wait for it, Masters of the Universe is currently the eighth biggest film on streaming through two weeks. My rough bar for “hit” is shows or films in the top 15%. Ergo…Masters of the Universe is a legit, streaming hit! (One quick caveat: if it falls out of the top ten next week, it will move to 13th overall, just on the edge of the top 15.) Of course, that’s the data for just 2026. Here’s how it stacks up to Prime Video’s theatrical films: That drop into its second week is typical for Amazon films, but also a worrying sign. I have a feeling interest in this film is front-loaded and we’ll see it drop off after this. As for Mortal Kombat II, in this case, the viewership numbers roughly match the theatrical outing, with only 4.1 million hours in its first week. Here’s how it stacks up to other HBO Max films: The best defense of this number is that, as a relatively violent rated-R film, Mortal Kombat II never had a good chance at breaking out. So now it’s time for a little big of “Entertainment Nuance Guy”: First, yeah, my headline is obviously facetious, since Masters of the Universe besting Obsession says more about horror as a genre than it does that film. Second, I read and listened to quite a few “nobody wanted this IP” takes about Masters of the Universe, and that’s not really true. At least enough people wanted it to power a 20 million+ hour debut! Third, both this film and Mortal Kombat II were considered “average” by viewers, but not great films, with a 6.4 and 6.3 respectively on IMDb. That’s just shy of the level needed to be a word-of-mouth hit. Fourth, in the olden days, strong word of mouth could transform a box office miss into a cable/DVD hit, like Austin Powers or The Shawshank Redemption. We haven’t seen a lot of examples of that on streaming, though. And there are far fewer ways to monetize the post-theatrical life of a film these days. Fifth, Prime Video has shown an ability to push their own titles well, likely because they control the Amazon Fire TV ecosystem. Add it all up, and here’s my nuanced take on Masters of the Universe: it was a box office bomb, but, shockingly, a streaming hit. Unfortunately, while being a theatrical hit saves your film financially, being a streaming hit does not. Both Masters of the Universe and Mortal Kombat II had big budgets and needed to make more money in theaters to justify them. So…Straight-to-Streaming or Theaters? We’ve hit a really fun point in the streaming calendar, since the films that came out in theaters in April, May, and June are now arriving on streaming. So the “Do theatrical releases help streaming performances?” question is gonna get a fresh round of updates nearly every week. No single week will answer the question, but we may get some insights. For example, so far in 2026, it looks like theatrical films are lasting longer on the weekly Nielsen film charts. Here’s a list of films that have made the charts in their fourth or fifth week of release, separated by “for kids” and “general entertainment”: It certainly seems like theatrical films are lasting just a pinch longer on the charts, with Project Hail Mary being the current five-week champion. One Battle After Another did well for HBO Max too, and even The Sheep Detectives made it four weeks. The only exception to this trend? Obsession, which only lasted two weeks on the charts. You might tempted to overreact to this news. Don’t. Obsession is a huge horror hit, but horror just doesn’t do as well on streaming. By the way, here’s the Google Trends for various theatrical and stremaing films: Plus, when it comes to Netflix in four months, Obsession may have another big boost. Quick Notes on Film Note that when I write, “the streamers have pulled back on straight-to-streaming films” that doesn’t mean “abandoned” because Netflix is gonna Netflix. On 24-July, they released 72 Hours, a Kevin Hart comedy. Along with Eddie Murphy, Mark Wahlberg, John Cena and Adam Sandler, Kevin Hart is a streaming film star now. Did this latest one work? Not really. It only garnered two weeks of 13.2 and 12.2 million hours on its debut, well below the 20-million-hour hit threshold. It also was poorly received critically—a 44 on Metacritic—and by customers—a 5.4 on IMDb on 21K IMDb reviews. We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… The latest Netflix true crime doc to pop on the charts… How The Bear finished its run… Netflix’s latest Western to return to streaming… What Paramount+ animated film flopped… And what sitcom also missed… All the flops, bombs and misses… And a whole lot more… ...please subscribe! We can only keep doing this great work with your support. Coming Soon! I’m behind by a week, so we’ve got two issues coming your way this week, including one in a couple of days or so, then we’ll be all caught up**.** Next issue, inspired by The Super Mario Galaxy Movie coming to Peacock, I’m going to take a look at the workhouse of streaming TV: kids films. Plus The Devil Wears Prada 2 continues theatrical films’ big run on streaming. All that, plus another surprise hit on Hulu, Lioness on CBS, and a whole lot more. Long term, LeBron James is filming his own “Last Dance”-style docu-series, surprising no one. But as I’ve been writing about a lot this summer, this genre is really overrated, so whoever ends up buying it (reportedly ESPN) really shouldn’t pay too much for it.
Built to last: governance for multigenerational family businesses
When starting a company, nimble decision-making and founder-led intuition are often hallmarks of success. More structure is needed with complexity.
She Can’t Feel Pain or Anxiety. Her Genetic Mutations Hold the Key to Eliminating Human Suffering, Scientists Claim.
A life without pain seems miraculous. But denying this hallmark of human existence could come with its own set of challenges.
Netflix and Superheroes Are Having a Rough Stretch on Streaming....
(Welcome to my weekly streaming ratings report, the single best guide to what’s popular in streaming TV and what isn’t. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. If you were forwarded this email, please subscribe to get these insights each week.) I have a quick prediction before we start today’s article: You might see this data in future news articles. Not my specific charts or analysis, but the core trend I’ve been monitoring—Netflix is having a lackluster Q2—will become inescapable. Often, folks want to know “What does the data say?” Well, that’s what it says. I haven’t seen this analysis hit the trades really yet, but I have a feeling some other outlets are going to start making this case soon. Remember, you read it here first. You probably have read about the problems facing superhero films at the box office this weekend. Well, this week, I explore whether superheroes are dying on TV as well! And the data says: definitely maybe! We have a lot to cover in today’s Streaming Ratings Report, which covers the two weeks of 18-May and 25-May. Today, I’m just looking at TV, like Netflix’s disappointing Q2, superhero shows underwhelming, a few TV shows dropping off the charts, The Pitt finally ending its epic run on the viewership charts (and whether “view counts” change its status as one of the biggest shows of all time), all the flops, bombs and misses, and a whole lot more. Tomorrow, I’ve got a great rundown of the film side of things. Let’s dive right in! (Reminder: The streaming ratings report focuses on the U.S. market and compiles data from Nielsen’s weekly top ten viewership ranks, Luminate’s Top Ten Data, Showlabs, TV Time trend data, Samba TV household viewership, company datecdotes, Netflix hours viewed data, Google Trends, and IMDb to determine the most popular content. While most data points are current, Nielsen’s data covers the weeks of May 18th to May 31st, 2026. You can find a link to my terminology here.) Subscribe Television - Netflix’s Q2 Slump Continues Having analyzed streaming ratings for going on half a decade, I have learned to trust my gut, but I’m always relieved when I can find actual data to back it up. For example, after a string of very popular shows like Stranger Things, Bridgerton, The Lincoln Lawyer and The Night Agent came out, week after week, in January and February, my gut wondered if Netflix had enough new and returning TV shows to sustain them throughout the year. Since then, Netflix’s post-March slate of shows has not impressed me. This week seemed to feature a potential new hit, but then, like a classic Duffer Bros. TV show, there was a twist. I speak of The Boroughs, Netflix’s latest (and last) Duffer Bros. produced show. The pitch is “Stranger Things with older actors”. And it topped the Nielsen charts: With just two weeks of viewership, The Boroughs would have been a top 25 debut show last year: But here’s the twist: Netflix has already cancelled The Boroughs! What happened? Likely a few things. First, the show didn’t do as well globally as it did in the US. As What’s on Netflix showed, it lagged behind several other shows that got cancelled. Second, its completion rate was likely low; after an initial burst of interest, it quickly dropped off on the Samba TV and Luminate charts. Third, the Duffer Bros. left Netflix for Paramount, and that may have factored into Netflix’s decision here. (Though I tend to believe that if a show is doing well, Netflix would have kept greenlighting seasons.) Still, just because I can explain why Netflix may have cancelled this show doesn’t mean I’m justifying it. In particular, as I’ve noted before, Netflix is losing a lot of their bigger shows as they reach their natural ends, and they need to replace those shows. This show had the hallmarks of a big new genre show, and it’s their biggest hit of the last few months (in the US at least), but now it’s done. Netflix’s other show this week—The Four Seasons, the second season of the “hit” show from last year—definitely disappointed. Its sophomore season had about half the viewership of the first, only 12.7 million hours. It also only had a two week run on Samba TV, and its numbers were all down on Luminate too. In other words, even with two successes, the Q2 slump for Netflix looks real: I could add to the list of disappointments: Both Lord of the Files and Man on Fire had short runs on the Nielsen charts. Running Point’s sophomore season also opened to about half its viewership, similar to The Four Seasons. A Good Girl’s Guide to Murder’s second season—see below—didn’t even make any of the three viewership charts I track, unlike the first season. Netflix is absolutely having a dismal second three months of 2026. If this Nielsen data is any indication, and I think it is, I think this will show up in Netflix’s engagement report, and maybe even their financial outcomes. And the rest of June doesn’t look much better. We have two hit shows coming back—Sweet Magnolias, one of their quietest big shows, and Avatar: The Last Airbender, a big hit for them in 2024—but the other big swings are limited series crime thrillers i.e. no future season potential. Like I said above, sometimes when I uncover a juicy nugget like this, other outlets end up writing very similar articles mimicking the data without credit. We’ll see if that happens this time! Share Television - The State of Superhero Shows on Streaming When I first heard the pitch for Spider-Noir—a Sony TV show on Prime Video that binge-released eight episodes first on MGM+ then on Prime Video two days later—I had my doubts. It’s a live-action Spider-Man show set in the 1930s, starring Nicholas Cage, based on a cameo of a character in Spider-Man: Into the Spider-Verse. No, seriously, that’s the pitch. That could either go terrifically well or horribly wrong. Great because, Spider-Man. He’s the biggest superhero we have. I’ve seen tracking numbers that put the new _Spider-Man: Brand New Da_y as the blockbuster of the year and initial pre-sales back that up. And yet this Spider-Noir pitch feels very esoteric. (Also, the eight-episode binge release feels very “Amazon copying Netflix” again.) So what’s the data say? And what does this say about the future of superhero shows?
Fine chandeliers are a specialty for New Orleans business | Home/Garden
Michael Melesurgo and Ricardo “Rico” Mencia purchased Classic Chandelier from the business’s founder, Peter Sather, in 2023, when he decided to retire. The business partners rebranded the company as Vintage Chandelier and relocated it to 455 Philip St. in the Irish Channel in December 2025.The company offers a variety of services including cleaning, moving, restoration, installation, pick-up, delivery and general maintenance of light fixtures, with a specialty in fine antique chandeliers.Additional specialties include the installation and restoration of mirrors and artwork, with pick-up and delivery included. googletag.cmd.push(function() { googletag.display('fixed-breakout-mobile-1'); }); googletag.cmd.push(function() { googletag.display('fixed-breakout-tablet-1'); }); “We mainly focus on older fixtures, but we have also worked on newer ones, especially with installation,” Melesurgo said. “We aim to be able to work on almost anything within reason. But chandeliers are the meat and potatoes of the business.” googletag.cmd.push(function() { googletag.display('fixed-sticky-rail-1'); }); googletag.cmd.push(function() { googletag.display('fixed-breakout-desktop-1'); }); The team at Vintage Chandelier has worked on some of the best-known chandeliers in New Orleans, at hotels including the Ritz-Carlton and the Hyatt Regency, the Milton H. Latter Memorial branch of the New Orleans Public Library and several prominent homes.Inside Out sat down with the duo to discuss the identification and care of fine chandeliers. googletag.cmd.push(function() { googletag.display('fixed-breakout-mobile-2'); }); googletag.cmd.push(function() { googletag.display('fixed-breakout-tablet-2'); }); What are some of the hallmarks of a fine chandelier?Melesurgo: Some of the finer points of elegant chandeliers are pristine crystal, clean craftsmanship, original pieces and parts and stamped pieces to ensure authenticity. Everything should be clean and working.How should you clean a fine chandelier?Melesurgo: The material in question determines the methodology for cleaning. Crystal chandeliers should be cleaned by hand, crystal by crystal, to ensure the best outcome, and to avoid deterioration of metal wiring typically used in connecting pieces together. Spraying cleaners can, over time, sit on the metal and end up rusting connections that compromise the connections. googletag.cmd.push(function() { googletag.display('fixed-breakout-mobile-3'); }); googletag.cmd.push(function() { googletag.display('fixed-breakout-tablet-3'); }); googletag.cmd.push(function() { googletag.display('fixed-sticky-rail-2'); }); googletag.cmd.push(function() { googletag.display('fixed-breakout-desktop-2'); }); What in your backgrounds led you to this business?Melesurgo: I have an electrical background. I started as an electrical apprentice in the local union (IBEW 130) in 2005. Then Katrina hit. I ended up going back to school and getting a degree in Hotel, Restaurant and Tourism and graduating in 2011. I started working for Peter (Sather) at Classic Chandelier & Mirror in 2012, which was supposed to only be temporary, but I ended up staying for a lot longer. I have always enjoyed working with my hands and being creative. This allows me to be creative and keep a lot of beautiful history alive. googletag.cmd.push(function() { googletag.display('fixed-breakout-mobile-4'); }); googletag.cmd.push(function() { googletag.display('fixed-breakout-tablet-4'); }); Rico, you worked as a draftsman alongside an engineer at YKM Consulting. googletag.cmd.push(function() { googletag.display('fixed-sticky-rail-3'); }); googletag.cmd.push(function() { googletag.display('fixed-breakout-desktop-3'); }); Mencia: The job was interesting, especially working on the Ochsner expansion, but staring at two monitors all day became unbearable. I went to work for Peter (Sather), which opened a new world to antiques and chandeliers that I find fascinating. Vintage Chandelier, 455 Philip St., (504) 309-8983, @vintagechandelier.504 on Instagram googletag.cmd.push(function() { googletag.display('fixed-sticky-rail-4'); });
Public higher education is the people’s business
Transparency and accountability have long been the hallmarks of government and should be of the state’s flagship university as well.
Reversing age by reprogramming gene expression networks
Every organ and tissue progressively loses function and integrity as it ages. In fact, researchers have identified "hallmarks of aging" that not only present specific processes impacted by age, but are ...
The Hallmark Channel is Shutting Down Its TV App Tomorrow on Roku, Fire TV, Google TV, & More
Hallmark Media will shut down its dedicated TV Everywhere app across major streaming platforms, including Roku, Google TV, Fire TV, and compatible smart televisions, on March 31, 2026. The move ends a long-standing option that let cable and satellite subscribers authenticate with their provider credentials to access live channels and on-demand programming directly through the […]
Turnovers Are the Hallmark of UCF’s Defense
From Jayden Williams’ explosive pick-six to relentless strip-sacks, the Knights are weaponizing takeaways to transform their defensive identity and fuel a dominant start to the season.
Hot werewolves, billionaire baby daddies and absurd cliffhangers. Entertainment's trashiest new obsession fits in the palm of your hand.
Vertical dramas are filmed to fit on your phone screen that indulge in cliches and spicy moments like R-rated Hallmark films.
SpudCell: Scientists Made a Cell With Most of the Hallmarks of Life. Here’s What to Know.
From why it was created to whether it’s alive, here’s what to know about SpudCell, the latest advance in synthetic biology.
Could your gut bacteria really slow Alzheimer’s? Scientists reveal a surprising link - Futura-Sciences
European researchers previously demonstrated that transferring stool samples from human Alzheimer’s patients into healthy rats triggered symptoms like spatial memory issues. Other models show that altering gut microbes changes the buildup of amyloid plaques and tau proteins, the two main hallmarks of the disease. Scientists have even found that certain...
Melissa Gilbert reveals future of 'When Calls the Heart' role
For Melissa Gilbert, some goodbyes truly are a Hallmark moment.
Common pneumonia bacterium may fuel Alzheimer’s disease
A common bacterium best known for causing pneumonia and sinus infections may also play a surprising role in Alzheimer’s disease. Researchers found that Chlamydia pneumoniae can invade the retina and brain, where it sparks inflammation, nerve cell death, and the buildup of amyloid-beta—the hallmark protein linked to Alzheimer’s. Higher levels of the bacterium were found in people with Alzheimer’s, especially those carrying the high-risk APOE4 gene, and were tied to more severe cognitive decline.
These were the most explosive moments so far in California’s war with Trump
Targeting California — through lawsuits, policies to undermine state laws and insults hurled at its leaders — has become a hallmark of President Donald Trump’s second term in office.
This simple amino acid supplement greatly reduces Alzheimer’s damage
A new study suggests a surprisingly simple compound could help fight Alzheimer’s disease. Researchers found that arginine—an inexpensive amino acid already considered safe—can reduce the buildup of toxic amyloid proteins in the brain, a hallmark of the disease. In animal models, oral arginine not only lowered harmful protein deposits but also improved behavior and reduced brain inflammation.
The Chicago Bears are getting their own Hallmark Christmas movie
The Chicago Bears are the latest NFL franchise to get the Hallmark Christmas movie treatment. The team announced Thursday that it is partnering with Hallmark Media, the NFL, and Skydance Sports for Holiday Touchdown: A Bears Love Story, which will premiere during Hallmark Channel’s 17th annual Countdown to Christmas programming event this holiday season. “My…
Hallmark Media, NFL, Skydance Sports and the Chicago Bears announce the starting lineup for Holiday Touchdown: A Bears Love Story
With production wrapping last month in the Chicago area, the starting lineup for Holiday Touchdown: A Bears Love Story has been named. The film will feature cameo appearances from head coach Ben Johnson, tight end Colston Loveland, tight end Cole Kmet, al
Allergan Aesthetics to Advance Scientific Dialogue on Skin Longevity, Aging Biology and Exosome Science at the 2026 Science of Skin Summit
R&D leaders to lead discussions on the hallmarks of aging, emerging exosome research and evidence-based innovation shaping regenerative aesthetics. A featured SkinMedica® R&D panel on exosomes will introduce the FACTS Principles and examine the scientific questions shaping responsible innovati...
Whoa! Netflix is Sending Narnia Heading to Theaters...What This Means for the Future of Film
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Here’s a funny thing about the debate over whether streamers should release their movies in theaters first: Both sides think the other side represents the “conventional wisdom”. If you’ve been reading me for any amount of time, or even just scanned my front page, you know I think movies make more money by having a robust theatrical window compared to going straight-to-streaming. I’ve published thousands of words on this topic. And for years, I felt like I was standing up to a wave of opposition. See, while the “put your films in theaters to make money” take was obvious at any point before 2019, post-streaming revolution, most of the trendy thinkers took the opposite point of view. Big names argued that Netflix putting their film straight-to-streaming (“S-to-S” from here on out) actually made more money. Netflix was “disrupting” theaters, just as they disrupted Blockbuster Video, and since innovation is always good, this too was a great idea. This thinking then leaked into the mainstream business outlets like the Wall Street Journal and Bloomberg. I read many articles whose take boiled down to “Netflix makes tons of money from S-to-S releases” and “theaters were in structural decline” anyways. Covid-19 shutting down theaters and the 2023 strikes shutting down film production seemingly justified this point of view, as the box office struggled to return to 2017-2019 heights. Yet I’ve also read folks arguing the opposite point: the conventional wisdom says to put films in theaters! From some writers’ points of view, “everyone” actually agrees/agreed with my “send your films to theaters” take—especially the stodgy traditional studios—and folks still didn’t understand Netflix’s genius. I feel like, for the last two years, many people have argued this point as if it’s conventional wisdom. You know what? I may have been wrong. At this point, the “S-to-S strategy makes money” might be the minority viewpoint. Especially with the news this month that Netflix will put at least one film—Greta Gerwig’s Narnia film The Magician’s Nephew—in theaters in 2027 for a full 49-day run is big news. So that’s the story of the week, but I’ll also explain why they’re making this move now and why Netflix may not completely embrace theaters, along with other topics, like how I don’t buy Disney’s “super app” strategy, the latest good news out of the unions, my take on the latest attacks against free speech, and a whole lot more. Let’s get started. Subscribe Most Important Story of the Week - Netflix Goes to Theaters! Listen, I promise not to victory lap too hard today. As I just wrote, I’ve argued against sending films straight-to-streaming for—checks calendar—eight years now. Since 2018. Yikes. That’s a long time. And for years, others painted my thinking as “conventional” in that I was standing up for the status quo against trendy, cool disruption. And that’s not cool! But math is math, and I never could make the S-to-S numbers work. The only thing that ever enabled that model was Wall Street’s brief exuberance for it. It seems like the heads of Netflix now agree with me. (There were always rumors that former head of film for Netflix Scott Stuber argued internally for theatrical releases as well.) As they announced: “The Magician’s Nephew_—the first film in a Narnia series of films—will open on 12-Feb-2027, with a 49 day theatrical exclusive run.”_ I’m a little surprised at how little coverage this big change actually got. Credit to Bloomberg for leading with it and Matt Belloni’s The Town for highlighting it with the provocatively titled podcast “Hell Hath Frozen Over”. But after that? Instead of getting as much coverage as, say, the FCC’s latest egregious crackdown on free speech, this news story got crickets. But it’s massively more important for the future business of entertainment. So let’s start with the obvious question… Why Put Your Movies in Theaters? So…why should Netflix put (some!) of their movies in theaters? Well, I’ve already written that in a very, very, very long article from 2022: [ ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) [ The Data Is In: Theatrical Films Massively Outperform Straight-To-Streaming Films ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) Entertainment Strategy Guy · April 5, 2023 [ Read full story ](https://entertainment.substack.com/p/the-data-is-in-theatrical-films-massively) To summarize, theatrical runs make much more money, especially blockbusters, because they earn more money per viewing,1 and that helps boost home entertainment sales. Theatrical films also perform as well or better than the streaming-only films. Now, partially this is driven by increased marketing for said films, but said marketing ultimately boosts the awareness of the movies and drives improved streaming and library performance as well. Again, I’ve made this case after reviewing the economic models and streaming data for years. Just last week, Emily Horgan also made the case for kids films! Yes, it is probably conventional wisdom, but that’s also because it’s true! I’d also argue we’ve seen a lot of data in the various studios’ behavior. As I’ve noted before, the more a studio needs to make money, the likelier they are to put films in theaters. As such, Disney, Universal, Warner Bros., Paramount and Sony all send their major films to theaters. Even if they once made a big S-to-S push (*cough* Disney *cough*), they’ve since relented and returned to theaters. The tech companies don’t need to make money, per se, so it took them years to embrace theaters. Apple doesn’t need to make money because it doesn’t disclose their (likely) Quibi-sized losses each year. (They fear bad press more than losing money.) Amazon announced two years ago that they planned to make Amazon-MGM Studios/Prime Video profitable on its own, and guess what? Now they’re putting films in theaters. That leaves Netflix. They’re in between the “no need to make money at all” and the “desperately need to make money to offset linear TV declines”, so they had less pressure to put some films in theaters. Plus, for years, they were the sexy disruptor, and Wall Street rewarded them for that. (Honestly, they still do.) Yet, even Netflix likely saw the money they were leaving on the table (I’ve estimated it at an easy billion dollars before) so they changed their course. I heard one pundit argue that, because Netflix already makes so much money, they don’t need to make more money, which sort of goes against everything I’ve ever learned about business and economics. Again, to be super-nuanced, sending “films to theaters” does not mean EVERY film. TV movies have been a thing for decades. Lifetime films, Hallmark holiday films, Disney Channel Original Movies, and so on, don’t need theatrical runs. But films above a certain budget level (say $25 to 50 million) almost certainly need theaters to maximize their revenue. The Scenarios (with a Dose of Skepticism) Now time for some skepticism: it won’t surprise me at all if Netflix re-changes course. Specifically, Netflix announced that their Narnia film will go to theaters. And I’d bet anything we see KPop Demon Hunters 2: The Huntering2 also goes to theaters, cause it’s the surest hit outside of a Disney animated sequel right now. But how much does Netflix truly commit to theaters? They’ve already tried to emphasize that this is a one-off move. I see three broad scenarios:
Early Data Indicates an A.I.-Generated Drug Could Slow Aging
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Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
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Kansas City Royals announce new stadium plans with help from Hallmark Cards
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Hallmark Health Care Solutions launches AI solution to tackle workforce ‘black box’
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How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
The Pick Is In: Hallmark Media, NFL and Skydance Sports partner with the Chicago Bears for Holiday Touchdown: A Bears Love Story set to premiere during Hallmark Channel’s 17th annual Countdown to Christmas programming event
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ON THE JOB: “What is the Best Business Advice You’ve Ever Received?
Interviews by Deborah Jeanne Sergeant Sound advice can contribute to your success. We recently asked area business leaders, what was their best advice they’d ever received. Here’s what they said: “The best advice I ever received was from my then –boss, Gerry Church, Fulton plant manager at Miller Brewing Co. He told me that whenever I wanted to discuss a business problem or issue with him, I should also be prepared to offer possible solutions. It’s the difference between being proactive or reactive. It’s also the difference between being a leader or follower. That has served me well in any business relationship I have had since then.” — Stephen Chirello, Owner, Steve Chirello Advertising, Fulton “Someone will always do it for less; they will also take the most effort to service or satisfy and leave you for the next lower price.” — John M. Henry, Owner, Speedway Press, Mitchell Printing, Phoenix Press, Oswego “I’m going to answer this question by turning it around and giving my own advice that is, ‘Always treat every customer as if they were your only customer!’ We are celebrating our 50th anniversary in business this year. We started our business on March 25, 1976. My advice works.”” — Nick Chervinsky, President, Brewerton Pharmacy, Brewerton “’You need to toot your own horn, my grandfather, Howard D. Dice, told me.” — Beth Ann Dice, Women’s active aging and cancer recovery coach, Mission Movement Wellness Studio & Breast Cancer Recovery Studio, Fulton “In the micro enterprise class, they taught, ‘Get a good lawyer, accountant and bank.’ That was over 30 years ago and I still have those three today. I chose good people I could grow with.” — Tony Pauldine, Owner, Anthony M. Pauldine General Contractors Inc., Oswego “From my grandfather; ‘Listen to everyone! You never know where you will get the solution you need.’” — Kevin Dean, Executive director, Oswego County Opportunities, Fulton “‘Preparation is the mother of success.’ My dad always drilled that into my head growing up, and it has helped me avoid a lot of snags in both my personal and professional life. Thanks, Dad!” — Bekkah Frisch, Owner and president, iHeart Holdings, Inc., Fulton “If you don’t take a risk and try, you will never know.” — Justin Taber, Owner, Torbitt’s Service Center, Oswego “Be ready to take a loss.” — Cody Seymour, Manager, Damiano’s Eatery, Mexico “I’ve received so much good business advice over the years. When people are giving you advice, always be curious rather than judgmental. Follow your gut. Doing the right thing is never the wrong thing.” — Dana Decker, Principal owner/broker, Berkshire Hathaway Home Services, Oswego ’Do it and figure it out later.’ It hasn’t failed me yet. Too many people take time to think about doing this and this and this and then the opportunity is over with. If it’s somewhat reasonable — if it’s not something outrageous — do it and figure it out later.” — Jeremy Allen, Licensed real estate salesperson, Acropolis Realty Group, Syracuse “’Try to meet the needs of the customer. Treat them like you’d like to be treated.’ It’s like the Golden Rule says.” — Douglas Dickson, Physician and associate at CNY Foot Surgery and Podiatry Care, East Syracuse “The best piece of business advice I’ve ever received applies to life in general: always be honest. Never overstate your capabilities and always be willing to ask questions. The more specific you can be in any given topic will always lead to a better outcome.” — Tom Fernandez, President, Woodbine Hospitality, Syracuse “As a business owner, the advice would be ‘Don’t overextend yourself. Especially in agriculture, expect issues to come up.’ If something is going right, it’s not true agriculture. This last season, we scaled very hard to field another crew. We got more drones, crew and generators based on projections. This last season hit the ag community hard with a very wet spring. We did 15,000 to 20,000 acres for fungicide and the same for cover crop seeding in 2024. We scaled to 25,000 to 30,000 for 2025. We ended up doing 2,000 for fungicide and 3,000 for cover crop seeding. That’s why that advice was good.” — Rick Jordan, Operations manager, CNY Drove Services, Clinton “’Keep your head down, mind your own business and do the best for your clients that you can do.’ It has a lot to do with my success in working for Galloway Century 21.” — Ed Fayette, New York state licensed real estate agent, Century 21 Galloway, Oswego “’Expand in all ways, always.’ It just keeps you going and keeps you growing.” — Stephen Baier, Licensed real estate person, The Real Estate Agency & Bouck Commercial, Auburn “The best advice is, ‘Your biggest asset you won’t see on the books because it comes from your employees.’” — David Flickinger, Owner, Edible Arrangements, Syracuse “Don’t take things personally when you’re working with the public.” — Leeann Desimone, Manager, Annie’s Hallmark Shop, Auburn “‘Follow up.’ The customer knows that you care about what you are doing and that their opinion counts. Sometimes they might be on the fence about whether they want to use your company. If they’re asking your opinion on things, they feel you are concerned about what you’re doing. They like to be kept in the loop if they’re spending money with you.” — Dorothy Casper, Saslesperson, SweetWoods Memorials, Phoenix “The best business advice I received is ‘Never be the smartest person in the room. Surround yourself with people who are smarter than you.’ That’s how you learn.” — Debbie Bilello, Owner, Virtual Office Solutions, Central Square “’You need to grow your business but you can’t grow too big too fast.’ That’s what we’ve done at Pinnacle Maintenance. We’ve tried to grow but not too fast. Along those same lines, there’s another good piece of advice, ‘Don’t take on more than you can handle because it only leads to a bad name for your business and a bad experience for your customers.’ It goes along the same lines as growing your business slowly and carefully.” — David Wines, Owner, Pinnacle Maintenance, Central Square “Always be on time and do what you say you are going to do.’ I’ve done very well following that advice. Most of my work is referral and I don’t really do any advertising so I have a pretty good customer base. It’s mostly word-of-mouth from satisfied customers.” — Robert J. Fleming, Owner, Bob Fleming Windows & Doors, Brewerton “’Concentrate on your finances, always pay your taxes, and form a team you can depend on. Try to help the community you’re in as much as you can.’ We do all of these all the time here. We give and give and give to the community and the community gives back to us always.” — Susan Bonnet, Co-owner, Bonnet Sales and Service, Central Square “Keep smiling. It brings a positive attitude to the workplace.” — Karin Lindsley, Vice president, DTS Truck Service, Syracuse “‘Customer service above all.’ Following this advice has served us very well.’ — Guy Fox, Owner, Fox’s Discount Parts, West Monroe “The best thing to do is to make sure you’re taking in more money than you’re spending. I wish I could say I’m a good businessman but I have been in business since 1981. I’m not a bean counter but work well with my hands and its’s served me well all these years and I am still in business.” — Matt McGill, Owner, Matt McGill Collision, Brewerton
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The new "science golden age" looks suspiciously like a grift
This edition of PN is made possible by paid subscribers. Become one ⬇️ 🚀 Subscribe to PN 🚀 The Trump regime is trying to usher in a “Golden Age in Science” where scientific research is run like a Trump family business, artificial intelligence is all that matters, profit is everything, and expertise is for chumps. Or at least that’s the vision emerging from a new 123-page “Report to the President” from Michael Kratsios, the Director of the White House Office of Science and Technology Policy. In a normal administration, you could probably skip over learning about a science policy document — but this is no normal administration, and this is no normal science policy document. Instead, it’s Trump’s attempt to end the actual golden age of science that was kicked off in 1945 with the publication of '“The Endless Frontier” by Vannevar Bush. [ ](https://www.publicnotice.co/p/harmeet-dhillon-portland) [ Harmeet Dhillon demonstrates danger of posting through it ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Liz Dye · Jul 29 [ Read full story ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Bush, at President Franklin Delano Roosevelt’s request, laid out a vision of federal support for science that centered on funding universities to do basic research, saying that as long as those institutions were “vigorous and healthy and their scientists are free to pursue the truth wherever it may lead, there will be a flow of new scientific knowledge to those who can apply it to practical problems in Government, in industry, or elsewhere.” Kratsios’s report is supposed to be the successor to Bush’s, and even apes the format, but this isn’t really a document about science policy. It’s one about ending science research as we know it in favor of shoveling cash at big tech companies. While it might be temping to wave this away as an aspirational policy document, Trump has already begun to shift billions in research funds to AI projects and has taken a hatchet to science funding across the board. He’s teed up the shift Kratsios proposes here, and since neither Congress nor the Supreme Court seem inclined to stop him from doing whatever he wants with taxpayer money, it isn’t doomering or hyperbole to say we are staring down the barrel of a world where the only “science” the government intends to support is for-profit tech and defense advancements. Science for dummies Part of how you can tell this isn’t a document about science is that you are immediately faced with an absolute wall of business-speak of the worst sort. Did you know we must “tightly couple our science and technology enterprises to ensure that groundbreaking ideas invented in the United States are rapidly prototyped, tested, manufactured, and scaled domestically”? You do now! That tone isn’t surprising, because Kratsios has no background in science or research. He has a bachelor’s in political science and spent most of his career working for Peter Thiel at Thiel Capital. After a stint in the first Trump administration as Chief Technology Officer, where he also did not do any science, Kratsios was tasked in 2020 with overseeing the Pentagon’s research budget for a brief time, a position that, as the Wall Street Journal put it, “carries a great deal of power in terms of dictating investment allocations.” He spent the Biden years at Scale AI as “head of strategy,” which you will also note is neither a science nor a research job. But Scale AI has contracts with the Department of Defense and, as the Washington Post wrote in 2023, “has been aggressively pitching itself as the company that will help the US military in its existential battle with China.” And now you have the necessary background for our new golden age, which is going to be a golden age of taking money away from scientists and universities and giving it to companies like Scale AI. A note from Aaron: Working with brilliant contributors like Lisa takes resources. If you aren’t already a paid subscriber, please become one to support our work. 👇 Subscribe In a genuinely galling move, Katsios spends a lot of time slamming universities because of “administrative burdens on researchers” and the “well-documented inefficiencies” in academia, the message being that those damn universities waste the time of amazing researchers with paperwork. Except it’s the administration that is attempting to impose inefficient, unnecessary burdens on those researchers with a proposed Office of Management and Budget rule that would require senior political appointees to approve every science grant and ensure it aligns with Trump’s personal priorities. Researchers would also have to seek prior government approval to attend conferences or publicize their research. And political appointees could terminate any grant at any time if they feel like it. [ ](https://www.publicnotice.co/p/omb-rule-science-funding) [ The murder of expertise ](https://www.publicnotice.co/p/omb-rule-science-funding) Lisa Needham · Jun 11 [ Read full story ](https://www.publicnotice.co/p/omb-rule-science-funding) But when it comes to AI, we’re going to “restore permissionless innovation.” The report proposes to give lucky ducky innovators a pile of cash up front for grants lasting five years or longer, saying “awards should be fully-funded in year one, with all resources earmarked upfront, to minimize administrative burdens and reduce pressure for researchers to generate intermediate results to secure continued funding.” Yeah, wouldn’t want to have to make the Very Special Tech Bros show results or get money parceled out year by year like the plebes at universities. The report also proposes that we should have “fast grants” with “simplified applications requiring just a few pages of writing” because that is definitely how science works, just writing a bit off the dome and getting some cash. [ ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) [ Tech elites are turning AI into ChatGPTrump ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Paul Waldman · July 29, 2025 [ Read full story ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Oh, and we should have prizes and challenges, where multiple teams compete. The proposed prizes include incentives like “advance procurement commitments,” which means the federal government agrees to buy whatever is being developed. There’s also “regulatory fast-tracking,” making sure all those great AI thingies don’t have to wait too long to be unleashed on a market. These aren’t incentives to do science. These are incentives to develop things with tax dollars that you can then sell to the government for more tax dollars. In the suggestion that might be the most unhinged, the most very opposite of how both government and research work, our new age will include “golden tickets.” That’s where an individual reviewer in an agency — yes, just one person — can “recommend unconventional proposals that may not pass consensus-driven review panels” because somehow this will “surface valuable ideas too divisive for committees and attract higher quality reviewers by empowering them to exercise independent scientific judgment.” Yes, that’s saying that a random person in an agency should be able to shovel money at some idea even if it can’t pass a review panel, and that the opportunity to do so will attract better employees because apparently all the best minds in science are chomping at the bit to be allowed to unilaterally fund AI research based on their personal vibes. But that isn’t at all how actual science works, and actual scientists aren’t unhappy about review panels. They work collaboratively, not siloed in some secret race to create the next AI chatbot. A 2020 study by the National Bureau of Economic Research examined whether peer review panels succeed in helping agencies predict which research ideas will best advance science. Peer review was better at finding “diamond in the rough” applicants than a single government program official. How about that. Trump always wants a taste It’s painfully clear that what Katsios is trying to do here is turn the whole of government science research and funding into the sort of “move fast and break things” paradigm that is the hallmark of big tech. That method works to line the pockets of tech executives, but it isn’t science. There’s a reason the government funds different kinds of research than private tech companies do. What Katsios either fails to understand or deliberately ignores is that the federal government is the main funder of basic research precisely because it can take a long time for it to bear fruit and is not intended to be profitable as such. “Basic” here does not mean rudimentary or simple, but rather research that is designed to advance scientific knowledge instead of achieving a specific outcome or product. Big tech companies don’t widely fund that sort of research, because it doesn’t make them money. Industry dollars account for only about 20 percent of basic research funding, while the government contributes around 60 percent. Big tech companies and startups do, however, rely on and benefit from that basic research. A 2019 study found that 35 percent of all patents obtained by venture-backed startups from 1976 to 2016 cited federally supported research. Basic research funded by the NIH contributed to every single drug the FDA approved from 2010 to 2016. [ ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) [ The Saudi nuclear farce and governance by whim and meme ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Noah Berlatsky · Jul 27 [ Read full story ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Unlike inventing the next ChatGPT, actual science is slow and iterative. Government funding of research that, on its face, would not appear to lead to any big new invention is actually what underpins those big new inventions. If the government hadn’t funded research into desert lizard venom, we wouldn’t know about semaglutide, and we wouldn’t have Ozempic. If research scientists hadn’t studied how bees optimize nectar foraging within a colony, we wouldn’t have the algorithm that assigns internet traffic across computer servers. The report assiduously ignores that a symbiotic, profitable relationship between the federal government, universities, and private companies already exists. Each federal research dollar generates about $1.50 to $3.00 in long-term economic benefits. The $36 billion the government awarded in NIH research funding in fiscal year 2025 generated $94 billion in new economic activity. Trump’s proposed new golden age is intended to strip those billions from universities, resulting in the dismantling of departments and the shuttering of labs. But Katsios has a plan for that: Universities should just become trade schools to churn out no-show STEM degrees! “Require universities and community colleges to embed practical technical training and externships into STEM curricula. Let hands-on experience and industry credentials count toward degrees.” It’s quite the feat to, on the one hand, strip schools of funding for scientific research while simultaneously demanding to control what is taught and, oh, also, colleges need to give degrees to employees at big tech companies just for being employees at big tech companies. The new golden age would also exacerbate the brain drain Trump’s policies have already caused. Nature found that in the first quarter of 2025, US scientists submitted 32 percent more job applications abroad than in 2024. A March 2025 poll by Nature of roughly 1,600 scientists found that over 1,200 said they were considering leaving the country. Europe is investing $565 million to make it a “magnet for researchers” and provide funding for scientists who relocate. The new golden age is also about embedding Trump’s xenophobia into the fabric of American science. The report complains of an “over-reliance on foreign students” that “creates a security challenge our institutions are ill-equipped to address” and that a “reliance on foreign talent sidelines American students.” This is, to put it mildly, nonsense. International students pay far higher tuition and often receive no financial aid. Their tuition dollars are what make it possible for American students to get financial aid. In the 2023-2024 school year alone, international students contributed $43.8 billion to the US economy and supported over 378,000 jobs. Those 1.1 million international students accounted for only six percent of the total number of students in higher education that year, but were such an economic engine that for every three international students, one job was created or supported. It’s impossible not to wonder whether part of Trump’s loathing for universities and their leading role in scientific research is that there is no way for him to corrupt the process and make money off it in the same way he can by giving millions and billions to Silicon Valley types who, in turn, give him millions in cash. There’s no way for his children to invest in universities that the government then gives no-bid contracts to, fattening the family’s bottom line, which is pretty much the Trump sons’ current venture capital practice. Trump and Katsios’s view of science is narrow, cramped, and wrong. We’re not in a crisis, we’re not a failed state. We’ve been a science superpower for decades, and the only thing that threatens that is Donald Trump. Tech bros are already living high off the hog in this administration. They don’t need any more of our tax dollars. Hopefully this new golden age never comes to pass. Thanks for reading Public Notice. This post is public so feel free to share it. Share We’ll be back with more tomorrow. If you appreciate today’s PN, please do your part to keep us free by signing up for a paid subscription. 🚀 Subscribe to PN 🚀 Thanks for reading, and for your support.
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