Latest news with #Hartung
The Herald Scotland
03-07-2025
- Business
- The Herald Scotland
Trump's record defense budget hits $1 trillion despite DOGE
Although Congress must legislate and approve the full budget, an initial tranche of the fiscal 2026 funding -- $119.3 billion of the $1.01 trillion -- for DoD and the National Nuclear Security Administration will likely arrive via Trump's tax and spending package, which he's dubbed "one, big beautiful bill." The administration staked key portions of the defense budget on Trump's megabill, which includes controversial conservative policy priorities. Defense Secretary Pete Hegseth argued before the Senate Armed Services Committee that the budget is needed to "end four years of chronic underinvestment in our military." Former President Joe Biden requested increased levels of defense spending, but congressional Republicans asked for even more. A DoD spokesperson told USA TODAY that Hegseth continues to review programs for cuts or further reallocations. The Pentagon and NNSA spending boost contrasts with major cuts to other programs sought by the administration and the Republican majority in Congress. The reconciliation megabill, which passed the Senate on July 1, must again win House approval before it goes to Trump for his signature. (The White House did not immediately respond to a request for comment.) Over the next decade, the reconciliation bill would cut $1 trillion from Medicaid, according to the non-partisan Congressional Budget Office; $300 billion from food stamps; and hundreds of billions more from clean energy programs. Foreign aid and education programs are on the chopping block in the main budget, which Congress has not yet started deliberating. House Armed Services Committee Chair Rep. Mike Rogers, R-Alabama, said the defense spending boost in the reconciliation bill is "needed to restore American deterrence, revitalize the defense industrial base, and modernize our military." Figures on both sides of the political spectrum, including Trump's former chief strategist Steve Bannon, have expressed frustration over the defense budget's continued growth. "You can't talk about fraud and waste and abuse in this town unless you're gonna go to the Pentagon," Bannon said in an April 24 podcast. "And you know what's happened since [DOGE] went over there? Crickets ... The system we have is not sustainable." William Hartung, a defense spending expert at the Quincy Institute for Responsible Statecraft, told USA TODAY that the Pentagon's rushed budget rollout omitted key documents detailing "the nuts and bolts" of its funding requests. "It makes it very hard to analyze ... their priorities," Hartung said. "(There's) a lot missing if you're a member of Congress trying to evaluate this." That could leave lawmakers and analysts flying blind during the hurried reconciliation bill push, which Trump ordered congressional GOP leaders to have on his desk by July 4. Hartung argued that spending more on defense doesn't necessarily equate to getting better results because Congress often spends money based on what congressional district or state will receive the work rather than how the proposal aligns with U.S. strategy. Former Democratic Rep. John Tierney, who now heads the Council for a Livable World and Center for Arms Control and Nonproliferation nonprofits, said he believes the political climate discourages lawmakers of both parties from questioning defense spending. "There's not a lot of thought about what the strategy is," Tierney added. Nuclear modernization, missile defense garner billions According to the Pentagon, around $85 billion of the proposed defense budget would go toward U.S. nuclear capabilities and Trump's Golden Dome missile defense initiative. Much of the funding will go toward America's triad of nuclear-armed bombers, intercontinental ballistic missiles, and nuclear submarines whose replacements are centerpieces of a broader $1.7 trillion nuclear modernization effort. More: Trump pushes $175 billion 'Golden Dome' missile defense plan Hartung emphasized the Pentagon and NNSA's poor track record of keeping such protects on-time and on-budget. The Government Accountability Office estimated in June that the full cost of developing and deploying the Sentinel ICBM, slated to replace the Minuteman III missiles that have remained on watch since 1970, will balloon to "approximately $170 billion" after the Air Force realized the new missiles could not use legacy Minuteman III silos. "This project is totally out of control," argued Tierney. The administration wants the restructured Sentinel program to receive $4.5 billion in fiscal 2026, according to budget documents. New silos are not included in that figure. The NNSA, which designs, builds and maintains the country's nuclear warheads, is in line to receive a $5.56 billion (or nearly 30%) boost in funding for its Weapons Activities division compared to the previous year. The agency is struggling to hit its timeline and cost goals for reestablishing mass production of nuclear warheads' explosive cores, known as plutonium pits. A May USA TODAY investigation detailed the NNSA's decades-long battle to secure enough federal employees with adequate technical backgrounds to oversee the agency's complex and sprawling projects. Government watchdogs have consistently highlighted staffing problems as an Achilles heel for the agency. More: Nuclear weapons woes: Understaffed nuke agency hit by DOGE and safety worries NNSA's fiscal 2026 budget request does not include significant funding for additional federal employees, despite agency leaders testifying to Congress on May 20 about their scramble to address DOGE-created vacancies amid a near-total hiring freeze. "It's a recipe for wasting money," said Hartung of the NNSA funding boost. Davis Winkie's role covering nuclear threats and national security at USA TODAY is supported by a partnership with Outrider Foundation and Journalism Funding Partners. Funders do not provide editorial input. Contributing: Cybele Mayes-Osterman, USA TODAY
Time of India
25-06-2025
- Automotive
- Time of India
Bosch CEO to Europe: You are ‘unnecessarily delaying its AI future with…'
Europe risks falling behind in the global artificial intelligence (AI) race due to excessive regulation, warned Bosch CEO Stefan Hartung. Speaking at a tech conference hosted by the German firm in Stuttgart, Hartung asserted that 'Europe is unnecessarily delaying its AI future with excessive regulation.' Bosch, which holds the majority of AI patents in Europe, says it is committed to advancing the technology, with plans to invest an additional 2.5 billion euros (approximately $2.90 billion) in AI by the end of 2027. Hartung emphasized that the combination of bureaucracy and "strict, but also vague, requirements" is making Europe less attractive for AI development compared to other regions. He urged lawmakers to limit their regulatory efforts to a framework covering only the most crucial aspects. 'Otherwise, we will regulate ourselves to death, because we are trying to regulate against technological progress,' he cautioned. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 새로 나온 '실비보험' 최적가 가입추천! "월 보험료 줄이고, 보장은 더 든든하게"... 굿리치 보험대리점 (등록번호:제2006038313호) 가입하기 Undo Hartung's remarks come amid increasing pressure in the AI development race, especially following President Donald Trump's announcement in January of a private sector investment of up to $500 billion to fund AI infrastructure. US VP JD Vance warned Europe on AI over-regulation risks Earlier this year, US Vice President JD Vance issued a stern warning to European leaders, cautioning that their extensive AI regulations could hinder innovation and stifle the burgeoning industry. Vance also strongly condemned content moderation, labeling it 'authoritarian censorship' and outlining the Trump administration's 'America First' approach to maintaining US dominance in AI. Speaking at a summit of CEOs and heads of state in Paris, Vance articulated the U.S. opposition to the European Union's stricter regulatory stance. 'We believe that excessive regulation of the AI sector could kill a transformative industry,' Vance stated, according to a Reuters report. Vance specifically targeted the EU's Digital Services Act and GDPR privacy rules, arguing that such regulations impose undue financial burdens and endless compliance costs on smaller businesses.
The Star
25-06-2025
- Automotive
- The Star
Bosch CEO warns Europe against regulating 'itself to death' on AI
AI (Artificial Intelligence) letters and robot hand are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo FRANKFURT (Reuters) -Bosch CEO Stefan Hartung warned on Wednesday that Europe risks hindering its progress in artificial intelligence compared with other parts of the world through over-regulation. "Europe is unnecessarily delaying its AI future with excessive regulation," said Hartung at a tech conference the German firm is hosting in the south-western city of Stuttgart. Bosch, which holds most of the AI patents in Europe, plans to invest an additional 2.5 billion euros ($2.90 billion) by the end of 2027 in the field. The German car parts supplier is working on AI solutions for autonomous driving and more efficient industry systems, among other applications. The combination of bureaucracy and strict, but also vague, requirements makes Europe comparatively less attractive, said the CEO. Hartung recommended that lawmakers limit themselves to a framework covering only the most important points. Otherwise "we will regulate ourselves to death, because we are trying to regulate against technological progress," he said. Pressure to keep up in the race to develop AI has grown since U.S. President Donald Trump announced a private sector investment of up to $500 billion to fund infrastructure for AI in January. The EU shortly after unveiled plans to mobilise up to 200 billion euros for the sector. ($1 = 0.8618 euros) (Reporting by Ilona Wissenbach and Hakan ErsenWriting by Miranda MurrayEditing by Rachel More)
Yahoo
22-05-2025
- Business
- Yahoo
Coinbase on S&P 500, Novavax vaccine, Tesla: Trending Tickers
Coinbase Global (COIN) will begin trading on the S&P 500 (^GSPC) effective today, replacing Discover Financial Services (DFS) on the exchange. The US Food and Drug Administration (FDA) approves Novavax's (NVAX) COVID-19 vaccine, sending the pharmaceutical stock surging. Tesla (TSLA) is adding former Chipotle Mexican Grill (CMG) CFO Jack Hartung to its board of directors, effective June 1, when Hartung will be stepping down as the restaurant chain's president and chief strategy officer. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. It's now time for some of today's trending takers. This morning we're watching Coinbase, Novavax and Tesla. First up, Coinbase officially replacing Discover Financial Services on the S&P 500. Coinbase is the first crypto firm to join the index. Here's what CEO Brian Armstrong told Yahoo Finance's Jennifer Schonberger about the inclusion. Coinbase joining the S&P 500 means crypto's here to stay. It's going to be in everybody's 401Ks. Um everyone's going to have crypto exposure, you know, at least indirectly through Coinbase, which is great. Stock was up more than 30% last week ahead of the inclusion despite news of a hack that is expected to cost the company over $400 million. Still here with me to discuss we have Amy Woo Silverman. Amy, I know you look at the options market when you're talking about individual stocks. What are you seeing around Coinbase? It's really interesting because I think just what Armstrong had sent there is very symbolic of kind of old guard being transferred to new guard. Um in terms of Coinbase specifically around the options, it's just this idea overall that if crypto becomes normalized, you're going to really see a change in correlations. And what I mean by that is cryptocurrency in general has really been this risk on asset and Coinbase to some degree has traded along with that correlation, but as it becomes thought of more as just a normal part of what people as he said have in their 401Ks, I think it then people start rethinking its relationship. Maybe it acts like digital gold. Maybe it really is an inflation hedge. We're not seeing those yet, but I do think you start to see investors think of both Coinbase and crypto in general as part of that cohort and managing those risks. Yeah, something of a change to what drives the trade on that stock potentially. Really interesting. We're going to move on though to Novavax's COVID vaccine getting full approval from the FDA. This after the clearance was delayed when Health and Human Services Secretary, Robert F. Kennedy Jr. raised doubts about its efficacy. The shot is cleared for adults 65 and older and those ages 12 to 64 who have at least one underlying condition that puts them at high risk. Of course, this comes amid record COVID cases in parts of the globe. We got the shares up 10%, but Amy, they were up as much as 18% earlier today. I'm interested in why the street sees this as such a big catalyst for Novavax. Yeah, I think it's just comes down to what was priced in prior and then the surprise that they got so it perhaps that had something to do with it. I will tell you in general when you think about not only the options for Novavax, but U&H for healthcare, it's been incredibly elevated when we look at our liquid universe of all sectors. Healthcare has across the board had held the most uncertainty related to what Trump has hang, but also related, I would say to just much more idiosyncratic risk related to a lot of these factors like FDA approval or maybe the disapproval of a trial that you don't get in other stocks. Perhaps a signal of how much policy uncertainty there is in that sector. So much. Yeah, absolutely. Really good stuff. We're also going to talk about Tesla leading declines among the magnificent seven today. The electric vehicle maker adding a new board member, retired CFO, Jack Hartung's appointment is effective coming up on June 1st, but Tesla again leading declines in the mag 7 this morning is down a little over 2%. This is always a fun one to talk options on Amy. What are you seeing with Tesla? So I will tell you Tesla is a name I never want to give up on because when I think back to its options history, it has the most severe form of what we call skew inversion, but it's a really simple way of saying, I've never seen such exuberance in the call options as I have on a stock like Tesla, and that's faded a lot, but we always watch for if that ticks back because that creates enormous amount of momentum in the stock that you have to be careful of. It happens in Tesla, maybe Nvidia, but not very many names exhibit this the way you see in Tesla. How can investors monitor that? So take a look at how the call option pricing trades relative to the put option pricing when that starts to go kind of above and beyond what the normal relationship of that spread is, then you're starting to see that momentum build in the stock again. Really, really important context there, Amy. Thank you so much. For our audience, you can scan the QR code below to track the best and worst performing stocks with the Yahoo finances at trending at ticker's page. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
Coinbase on S&P 500, Novavax vaccine, Tesla: Trending Tickers
Coinbase Global (COIN) will begin trading on the S&P 500 (^GSPC) effective today, replacing Discover Financial Services (DFS) on the exchange. The US Food and Drug Administration (FDA) approves Novavax's (NVAX) COVID-19 vaccine, sending the pharmaceutical stock surging. Tesla (TSLA) is adding former Chipotle Mexican Grill (CMG) CFO Jack Hartung to its board of directors, effective June 1, when Hartung will be stepping down as the restaurant chain's president and chief strategy officer. To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
