University of Florida governors reject high-profile candidate over DEI backflip
Ono, formerly president of the University of Michigan, faced intense questioning about his recent change in position on DEI, with board members suspecting he altered his views to appease Donald Trump or secure the job.
His proposed contract included ideological requirements to cooperate with Gov. Ron DeSantis ' office and appoint officials aligned with Florida's approach, with a $3 million annual package.
Board members questioned Ono's credibility, citing his previous support for DEI initiatives at Michigan and his subsequent shuttering of some programs, leading to doubts about his commitment to Florida's policies.
Conservative figures, including Sen. Rick Scott and Donald Trump Jr., also raised objections to Ono's hiring, leading to the rejection of his appointment and the continuation of the search for a permanent president.
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Telegraph
31 minutes ago
- Telegraph
Trump is wrong to pick a fight with Powell – but is right about interest rates
Visiting Scotland last week, Donald Trump used a joint press conference to mock Keir Starmer. He castigated Labour's policies on immigration, energy and much else. The Prime Minister sat awkwardly, sporting his trademark rictus grin. Trump has lately dished out plenty of public humiliation – not least aimed at Jerome Powell, chairman of the Federal Reserve. The president has put huge pressure on the Fed to lower interest rates, to boost US growth and ease interest payments on America's massive $36trn (£27.6trn) national debt. This jars badly with the conventional wisdom that central banks should be independent, allowing technocrat economists to set interest rates to bear down on inflation. That's far better for the economy in the long-run, but this precious independence is jeopardised when vote-hungry politicians seek to keep borrowing costs too low. Such independence has become an almost sacred policy concept over the last half century. And no central bank matters more than the Fed, which sets the course for monetary policy across the globe. Yet Trump, astonishingly, has lately called Powell a 'numbskull', a 'stubborn mule' and worse. On a recent Fed visit, he rebuked him over the cost of a refurbishment project – a potential pretext to sack Powell, which may not be legally possible, but which Trump often floats regardless. Between September and December last year, the Fed's committee of twelve rate-setters voted to lower the US benchmark interest rate three times from its post-Covid-peak of 5.25pc-5.5pc, in increments down to 4.25pc-4.5pc. But much to the president's frustration, rates have since stayed put. The Bank of England, meanwhile, has cut rates four times since last summer, including as recently as May, while the European Central Bank has enacted no less than eight eurozone rate reductions over the same period, the latest in June. Having held rates since the start of 2025, the Fed just did so again when governors met last Wednesday (although two Trump-appointees voted against, the biggest intra-Fed rate disagreement in thirty years). Fed policymakers are rightly worried about price pressures, with headline inflation hitting 3.7pc during the year to June, up from 2.4pc the previous month and well above the 2pc target. And Trump's era-defining slew of tariffs – taxes on imports into the US – means we could see a lot more inflation yet. With the President's three-month moratorium expiring this weekend, and tariffs now set to bite on some of America's largest trading partners, the Fed is understandably concerned. Powell insists the US economy is strong enough for the Fed to wait before further rate cuts, as we see if Trump's tariffs really do aggravate inflation. And last week's GDP numbers – a 3pc expansion from April to June – was certainly way above consensus forecasts, reversing a 0.5pc contraction during the first three months of the year, the worst quarterly performance since early 2022. This January to March shrinkage, though, was largely due to the huge rise in US imports as buyers sought to get ahead of Trump's expected tariff onslaught. And since 'liberation day' in April, when the President unveiled his tariffs on the White House lawn, imports into the US have plunged. This artificially boosted April to June GDP growth as the first-quarter trend unwound. Yes, consumer spending rose 1.4pc during the second quarter, outpacing the 0.5pc increase over the previous three months, supporting Powell's argument the economy is coping without further rate cuts. But 'final sales to private domestic purchasers', a key demand metric that the Fed watches closely, grew just 1.2pc over the latest quarter, slower than the 1.9pc increase between January and March. High mortgage rates are also holding back the housing market and related construction, as Trump relentlessly points out, with residential investment down 4.6pc during the second quarter. But that's part of a broader investment slump as business leaders look to see how the president's tariffs play out. For now, the market consensus is that the US economy is showing resilience, but more rate cuts may be justified as long as inflation isn't further provoked. So Trump's attacks on Powell are based on legitimate economic analysis. Yet his language is way over the top. Some say the president is picking headline-grabbing fights with the Fed chair to detract from mounting criticism over his handling of the Epstein files. I suspect he simply wants lower rates and, for now at least, Powell stands in his way. Ironically, it was Trump who appointed Powell in 2017. But having repeatedly called for him to resign, the president seems certain to replace him when Powell's term expires next May. In the meantime, Trump's ceaseless undermining of central bank independence is deeply damaging. Yes, the Fed has a 'dual mandate' to pursue both price stability and full employment, unlike the solely inflation-focussed aims of most other central banks. But while Trump's arguments may be technically valid, it should absolutely not be him making them, nor anyone else near the top of government. Given the tone he has set, though, Powell's successor will be seen as the president's lackey. And with US and global inflation far from tamed, that could end up being a serious problem. My general view is that central bank independence is far more important than any individual central banker. Andrew Bailey, for instance, has shown seriously bad judgement at the Bank of England – endlessly insisting post-Covid inflation would be 'transitory', for instance, while deriding those of us who correctly predicted otherwise. His appointment was a mistake, but he should stay, free from the threat politicians might remove him, until his term expires in March 2028. The same applies to Powell and far more so – he should serve his full term.
The Guardian
an hour ago
- The Guardian
Luka Dončić signs $165m max extension to stay with LA Lakers through 2028
Luka Dončić is staying in Los Angeles. The five-time All-NBA guard has agreed to a three-year, $165m maximum contract extension with the Lakers, ESPN reported Saturday. The deal includes a player option for the 2028–29 season and replaces his prior contract, which featured a player option for 2026–27. Dončić, 26, now avoids free agency next summer and positions himself for an even larger deal in 2028, when he would be eligible for a projected five-year, $417m contract worth 35% of the salary cap. 'This is just the beginning,' Dončić said in a team statement. 'I'm excited for what's ahead and to keep building something special with this team.' The Lakers acquired Dončić in a February blockbuster that sent Anthony Davis to Dallas, one of the most seismic trades in recent NBA history. Since then, team officials led by governor Jeanie Buss and head of basketball operations Rob Pelinka have forged a close relationship with Dončić's camp, including agent Bill Duffy and longtime business manager Lara Beth Seager. 'Luka is one of the game's most transcendent players,' Pelinka said. 'He's a fierce competitor and a leader who's committed to winning. We believe he can bring championship basketball back to Los Angeles.' Despite playing a career-low 50 games last season, Dončić led the Lakers in points, rebounds, assists, steals and made threes after debuting on 10 February. He also became just the fifth player in franchise history to average at least 30 points, five rebounds and five assists in a playoff series, though the Lakers fell to the Timberwolves in the first round. Off the court, Dončić has already shaped the Lakers' offseason. He helped recruit Marcus Smart and shares a long-standing friendship with Deandre Ayton, both of whom signed with LA this summer. Dončić also addressed long-standing concerns about his conditioning in a recent Men's Health feature. Head coach JJ Redick emphasized that title contention will require the entire roster to get into 'championship shape'. For the Lakers, locking in Dončić is the clearest sign yet that a new era has arrived.
Daily Mail
2 hours ago
- Daily Mail
Quiet retirement beach town becomes luxury haven... and it started with Whole Foods
Florida 's Pompano Beach used to be a quiet retirement community, devoid of the bustle and the glamor of southern neighbors, Miami and Fort Lauderdale. That was ten years ago. But then Whole Foods arrived, suggesting the area's fortunes were about to improve markedly. And since the pandemic, the area has exploded with new residents. The buyers are flocking to the enclave not only for the sprawling beaches and crystal clear waters, but to buy into one of Pompano's 'branded' residences. Big names such as The W, Ritz-Carlton, and Waldorf Astoria, have opened, or intending to open, premiere branded residences in the area, an idea that was completely unheard of just 10 years ago. Braded residences are billed as 'luxury for less', combining the convenience of five-star hotel amenities with design-driven style and usually beachfront access. Isaac Toledano, the founder of the BH Group, told the Daily Mail: 'If you told someone 10 years ago [there would be branded residences] they'd probably think you were crazy.' His Southern Florida development company built the W Pompano Beach Hotel and Residences, one of the most notable changes at the forefront of the evolving city. A spec of the Ritz-Carlton Residences on Pompano Beach is seen above He said as places like Miami and Fort Lauderdale got more and more crowded, moving north to start developing was the obvious choice. 'The next natural area was Pompano Beach. The city is doing a magnificent job at improving the city and infrastructure.' Pompano Beach sits an hour or so north of Miami and just 30 minutes north of Fort Lauderdale. Its crystal clear waters, sprawling beaches, and proximity to the Intracoastal Waterway and Atlantic Ocean make it an attractive location. Realtor and Pompano Beach native Roxanne Hall said she knew people were catching on to the city's appeal when the first Whole Foods opened there. 'Pompano has been considered a sleepy retiree town for many years. I'd say about 10 or 11 years ago we got a Whole Foods. 'When Whole Foods comes to town it knows what it's doing. It does its market research.' She said in the years that followed people from all over North America began slowly but surely trickling into Pompano Beach. However, statistics show that the population has been growing steadily since 2000 when the 25 square-mile city boasted 70,000 residents. In 2023, 113,000 people called it home. But Hall said that the growth has come with difficulties. She explained that during the Covid pandemic the real estate market in the area was a disaster. 'We saw a huge influx. 'I mean it was a nightmare. People were overbidding, we couldn't find homes for everyone and my buyers were crying. Everything was going for a lot of money.' Buyers can get more bang for their buck than they would in Miami or Fort Lauderdale and the area also has far more space on its beaches for beachfront properties. 'You go south, you're getting massive congestion and much higher prices,' said Hall. 'The price point in Pompano was very desirable.' David Marder, an agent in South Florida, Fort Lauderdale, told Mansion Global that buyers pay around $2,000 per square foot for luxury developments. In Pompano Beach, it would be between $1,200 and $1,500 for the same development. Nowadays, luxury is the name of the game in Pompano. 'There's tons of them,' said Hall of branded luxury developments. 'So the appeal is that you buy branded luxury and you protect your purchase. Branded luxuries are there, they're beautiful. 'I mean you don't have to fix anything. There's no assessment so we see a lot of desire for our ultra luxury.' Toledano said when people are investing in these luxury properties they're being sold a brand, and all of the amenities that come with it. The brand recognition of a company that people already know and trust and the luxury of 24/7 hotel living are attractive to buyers, especially when they can get it for around the same price point. 'People want to be affiliated with a brand,' he said. 'They want to make sure that you will deliver a quality product.' And brand recognition is the best way to deliver the amenities and luxury that buyers want to see. Realtor Roxanne Hall, said its difficult to buy or sell a desirable home for less than $700,000. This 3 Bed 2 Bath home is listed with Pompano Beach Realty for $1.5 million Spaces like the W Residences offer award-winning dining, sprawling pool decks, fitness centers, and a concierge on call whenever residents need them. Hall said it's hard to get a desirable single family condo in the area for less than $700,000. Nearby Miami has been at the epicenter of a condo crisis after the 2021 collapse of a condo building in Surfside led to a new law that requires condo buildings to undergo structural inspections and shore up reserves. This has meant that many HOAs have been hiking fees and doling out hefty special assessments to comply with the new rules, which has reduced demand for condos. 'People are staying away from condos that are 40 years or older. They really want 10 years or less and there's only a handful of those,' Hall said. Most people are hoping for one or two bedrooms with a pool or easy beach and water access. Florida in general may be known for Snowbirds and retirees but Hall said buyers and people looking to move there are gradually getting younger. 'You go to a restaurant here and it's the 50s and 60s crowd and the 20s and 30s altogether. It's a real mix,' she said. Toledano said that despite the rapid growth, the city seems to be keeping up. 'Pompano Beach has a lot of places for growth,' he said. Many old buildings and developments are being swapped out for new ones and Pompano Beach has even spent $2 billion on public green spaces, piers, shopping, dining, and walkable streets. A local herself, Hall said natives are open to the changes. 'Pompano Beach is a wonderful town. It's three miles of sandy beaches. We have 18 wreck sites for diving. We have this beautiful pier that they just renovated with new restaurants. 'It's a water town. It's for boating. It's for beach lovers.'
