Microsoft becomes second company to reach $4trln valuation
Microsoft's strong showing was driven by a surge in its share price following robust quarterly results, with accelerated growth reported in the financial quarter ending in June.
The company's stock rose by as much as five percent at the start of trading in the United States, propelled by significant gains in artificial intelligence and cloud computing services.
In the most recent quarter, Microsoft's revenue increased by 18 percent, exceeding US$76 billion, while net profit rose by 25 percent to reach US$27 billion.
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The National
3 hours ago
- The National
The word many powerful Americans seem to have forgotten when dealing with Donald Trump
No. It's one of the shortest, simplest and most important words in the English language. But, when it comes to President Donald Trump, many key players in the US power structure appear stricken with lockjaw. In the 20th and 21st centuries, it's axiomatic that strongman powers are more typically given than taken. When dealing with an uncompromising and ruthless chief executive, it's easier to give in and not put up a fight. Financial calculations are most obvious. The government can use regulatory powers or lucrative government contracts to shape the condition and prospects of a given business, no matter how large. When the President makes it implicitly clear that a merger, for example, won't be approved by the relevant regulatory body unless some form of acquiescence is forthcoming, in purely pecuniary terms it's a no-brainer to just give in. Historically, Americans hardly lack courage. They have died to defend their Constitution and democratic traditions. They have gone to prison rather than betray their values and principles We've seen several alarming examples of this since Mr Trump returned to office, and even simply following the election. Mr Trump sued CBS over an interview conducted by its well-known 60 Minutes programme with his then campaign rival, former vice president Kamala Harris. The programme had edited her remarks for broadcast, as is standard practice. Mr Trump's $20 billion lawsuit alleged that this editing amounted to consumer fraud and election interference. CBS released the full transcript, which readily demonstrated that the edits were routine and insubstantial. In July, however, Mr Trump received a $16 million settlement from CBS's parent company, Paramount, which has been in the process of attempting a merger with Skydance Media. That has just been approved by the Federal Communications Commission, a part of Mr Trump's executive apparatus. An earlier collapse came from ABC when Mr Trump sued the network for liable and defamation over remarks made by anchor George Stephanopoulos. In December, even before Mr Trump was back in the White House, ABC settled for $15 million. Again, Mr Trump's case was weak. Mr Stephanopoulos said that Mr Trump had been found civilly liable for rape in the E Jean Carroll case. Technically, under New York law, Mr Trump was only found liable for sexual abuse. However, a federal judge repeatedly ruled that Mr Trump had indeed committed rape under the common understanding of the term. Given the high bar under US law for defamation cases, it is unlikely that Mr Trump would have prevailed. But ABC's parent company, Disney, with its myriad business empire, preferred to simply cave. It was just easier, and, they may well have calculated, in the long run cheaper that way. CBS has also just cancelled The Late Show with Stephen Colbert, a favourite of Mr Trump's critics because of its relentless and incisive mockery of him. Paramount insists that this was purely a business decision, but given the 60 Minutes settlement, the deeper calculation may have been at least as political. It's hardly just the media that is capitulating, often in advance. Several top US law firms such as Paul Weiss have allegedly agreed not to represent Mr Trump's adversaries or to represent his allies pro bono. In Mr Trump's attack on higher education, Harvard University is distinguishing itself by putting up a brave fight in court. However, many other major private universities, most notably Columbia, have given the federal government unprecedented powers over their decision-making. The administration is using legal and administrative investigations especially into 'anti-Semitism', huge funding cuts and freezes, executive orders and visa restrictions on international students as pressure to force the universities to surrender their autonomy to the White House. And both Columbia and possibly Harvard are allegedly about to give the administration hundreds of millions of dollars in supposed penance for non-existent transgressions. Social media, too, is folding like a dinner napkin. Meta, Facebook's parent company, agreed to a $25 million settlement over the suspension of Mr Trump's account after the January 6, 2021 violent insurrection against Congress. Its CEO, Mark Zuckerberg, also donated $1 million to Mr Trump's inauguration fund. The Washington Post, owned by Jeff Bezos, has essentially eliminated what had been among the most dynamically critical opinion section in the country regarding Mr Trump, and greatly scaled back negative coverage of him. Needless to say, Mr Bezos's other companies, most notably Blue Origin, enjoy lucrative dealings with the federal government, including a recently approved $2.3 billion military space contract. The blue-ribbon in this cavalcade of cowardice obviously would go to Republican Party lawmakers in Congress, except that they are far more vulnerable to Mr Trump's wrath and less able to fight back than major law firms, huge media organisations and crucial universities. Harvard has said no. So have several important law firms, including Witmer Hale and Perkins Cole. Even after 10 years of dealing with him, the news media still cannot figure out how to cover Mr Trump without being bamboozled and manipulated, but The Wall Street Journal, The New York Times and others show no signs of backing down. Historically, Americans hardly lack courage. They have died to defend their Constitution and democratic traditions. They faced extreme, even deadly, police brutality in the fight for civil rights. Some went to prison or fled to other countries rather than fight in the misguided, pointless Vietnam War. They have gone to prison rather than betray their values and principles. But now, with a president clearly acting as a would-be strongman, the caution shown by so many in the US power structure is proving to be his most valuable asset. It's not asking much for them to recover the ability to utter the short, simple and profound word, 'no'.
The National
3 hours ago
- The National
UAE and US collaboration 'ripe for expansion', envoy says
America and the UAE are aligned on the "pathway forward" in the region, the US Ambassador to the country has said, as she hailed the strong partnership and opportunities for further co-operation in advanced technology and defence. "As two countries, two longstanding partners and strategic allies, we're facing a moment of opportunity to strengthen our partnership but also to reach new frontiers and really push the horizons," Martina Strong told The National. Ms Strong's interview took place as her term as US envoy to the UAE comes to an end. She assumed the position in 2023 at a time of American disengagement from the Middle East, when the post had been vacant for about two years. "Whenever I think of our relationship, I like to think back to the very beginnings," she said, recounting the story of American doctors Pat and Marian Kennedy, who founded the emirate's Oasis Hospital in 1960. That clinic went on to deliver thousands of Emirati babies at a nascent time in the country's rapid modern development. Ms Strong described co-operation on health – which began early on – advanced technology, artificial intelligence and space exploration as the key focus areas during her time in the UAE. She said she was "struck by how forward-looking the UAE has been" on artificial intelligence, having had an AI minister since 2017 – the first such ministerial appointment in the world. "It's just remarkable that this country has managed to identify early on that this will be a priority." Ms Strong added that artificial intelligence was also one of the "key centrepieces" of US President Donald Trump's visit in May. President Trump's visit Mr Trump visited Saudi Arabia, Qatar and the UAE on the first official overseas trip of his second term. The Gulf tour resulted in bilateral deals worth billions of dollars and highlighted the US's growing pivot towards the region. "It's no accident that the President came here to the Gulf [first] and it's no accident that he visited these three countries," Ms Strong said. Mr Trump was welcomed to the UAE by President Sheikh Mohamed, who bestowed him with the country's highest civilian honour, the Order Of Zayed, a reflection of the importance of the relationship between both countries. "I've never seen a presidential visit like this," Ms Strong said. "It was so incredibly positive, you could feel it in the atmosphere. The friendship, the partnership. In some moments, I will tell you it was electrifying," she added. "It was clear that the President was having a great time. He really enjoyed every stop," she said of the visit, adding that it was one of the most memorable events in her diplomatic career. During the visit, in addition to many deals announced, plans for a UAE-US AI Campus in Abu Dhabi were unveiled. The Commerce Department described it as one of the largest outside the US. The campus is part of an AI Acceleration Partnership between the two countries. "The area of collaboration is ripe for expansion," Ms Strong said, indicating opportunities beyond AI. During Mr Trump's visit, a Major Defence Partnership and a partnership programme between the Texas National Guard were announced, increasing defence collaboration. "It's an area of opportunity where we can do much more together," the ambassador said. "But what I have found striking is that the best work that we're doing here is when we're working together with our Emirati partners." Ms Strong reflected on her first interview with The National after she arrived in the UAE, when she described the country as an "an anchor" in the region. "I believe that more than ever." "The President welcomed and really appreciated Sheikh Mohamed's thoughts on where the region is headed," she said. Mr Trump's visit came during heightened turbulence and conflict in the region – from the Gaza Strip to the Red Sea. He discussed Israel's war on Gaza and growing tension with Iran – at that time still engaged in nuclear negotiations – with leaders of the Gulf states he visited. "They talked about the region, they talked about regional security but they also talked about the pathway forward," Ms Strong said. She emphasised that Washington was on the same path as the UAE – one focused on "prosperity, peace, coexistence, tolerance".
UAE Moments
12 hours ago
- UAE Moments
CPB to Shut Down Post-Funding Cuts, Impacting Public Media
Corporation for Public Broadcasting to Close Operations Amid Federal Funding Cuts The Corporation for Public Broadcasting (CPB), a pivotal supporter of NPR and PBS funding, announced significant changes after the loss of federal funding authorized by President Trump's administration. The nonprofit organization, responsible for channeling federal money to public media stations across the United States, confirmed it would wind down operations by September 30, 2025. Major Cuts Approved by Congress The decision to cease CPB operations follows a largely party-line vote approving a $9 billion rescission package requested by the White House. This package included $1.1 billion in cuts to public broadcasting through fiscal year 2027. Despite hopes among public media officials for funding restoration, the Senate Appropriations Committee declined to reconsider the allocation. Patricia de Stacy Harrison, President and CEO of CPB, expressed deep regret, stating, 'Despite the extraordinary efforts of millions of Americans who called, wrote, and petitioned Congress to preserve federal funding for CPB, we now face the difficult reality of closing our operations. CPB remains committed to fulfilling responsibilities and supporting our partners through this transition with transparency and care.' Impact on Public Media Stations CPB plays an essential role in supporting public media nationwide. It provides critical funding for programming, educational initiatives, emergency alert systems, and cultural services vital to many communities. However, the consequences of its impending closure are already reverberating through the public media landscape: Many local stations, such as WQED in Pittsburgh, have begun laying off staff. WQED recently announced a 35% workforce reduction as a response to the cuts. Stations in cities like Nashville, Louisville, and Seattle are experiencing a surge in donations as communities rally to preserve local services. CPB confirmed most staff positions within the organization will be eliminated by the fiscal year-end. A small team will remain temporarily to oversee compliance, fiscal distributions, and long-term financial obligations. 'I didn't really see a day where this separate institution, which is set up to serve the public, would be shut down,' shared Tim Bruno, general manager of Radio Catskill, an NPR affiliate in upstate New York. Federal Funding and Public Media Operations NPR and PBS rely on federal funding in varying degrees. NPR's direct federal funding constitutes only a small portion of its budget, but its member stations — particularly those serving rural and underserved areas — depend significantly on CPB grants for their operating revenue. On average, PBS and its member stations derive 15% of their revenue from federal allocations, which support essential programs like PBS News Hour and children's programming such as 'Daniel Tiger's Neighborhood.' Public media advocates fear the broader implications of CPB's closure. Katherine Maher, President and CEO of NPR, emphasized its ripple effects, stating, 'The ripple effects of this closure will be felt across every public media organization and, more importantly, in every community across the country that relies on public broadcasting.' NPR has pledged to allocate $8 million from its budget to assist local stations facing financial crises. Public Broadcasting Under Political Scrutiny The funding cuts reflect longstanding criticism of public media by some conservatives, including allegations of bias and mismanagement of taxpayer money. NPR and PBS strongly deny these accusations, defending their commitment to fair and independent journalism. Nevertheless, public sentiment largely favors preserving federal support for public broadcasting. A Harris Poll conducted last month revealed broad support for public media among Americans. Approximately 66% of respondents supported federal funding for public radio, with bipartisan backing — 58% of Republicans and 77% of Democrats agreed that public broadcasting is a good value for taxpayers. Public Reaction and Efforts to Adapt As federal funding diminishes, public media organizations are working to adapt and maintain services. NPR has vowed to strengthen efforts supporting locally owned and nonprofit radio stations. Additionally, it seeks to uphold high standards in independent journalism and cultural programming to serve the nation's diverse communities.
