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Friday, September 5, 2025

Ackman backs Cuomo for NYC mayor and urges Adams to step aside in stunning U-turn

 Billionaire Bill Ackman announced he is now backing Andrew Cuomo in New York City’s mayoral race — in a dramatic about-face after he previously endorsed Mayor Eric Adams, claiming the former New York governor did not have the energy to defeat surging socialist Zohran Mamdani.

“Eric has been a charismatic and high-energy leader who has shown real empathy and provided critical moral and other support to NY communities in their time of need,” the hedge fund titan wrote in a late-night X post Thursday.

“All of that said, Eric should step aside and not run for reelection. Eric’s polls have deteriorated substantially since the primary, and it has become increasingly clear that he does not have a chance to beat @ZohranKMamdani.”

Just two months ago, Ackman had endorsed Adams and called on Cuomo to drop out of the race, claiming his “subdued energy” made it “abundantly clear” that the ex-governor “is not up for the fight” to take down Mamdani.

But Ackman — who donated $500,000 to Cuomo’s failed Democratic primary campaign — has perhaps sensed a change in the wind.

The latest polls have Adams lagging behind in the single digits — down from the mid-teens around the time of the primary, in which he failed to muster any meaningful support as his corruption scandals still loomed large.

Cuomo, meanwhile, is polling in the mid to high 20s while frontrunner Mamdani’s support has stalled in the high 30s to low 40s.

Mayor Eric Adams at a press conference on Sept. 4.Luiz C. Ribeiro for New York Post

“There is a lot that needs to be improved in New York City. @andrewcuomo is an experienced leader that cares deeply about our city who has the relevant experience and skills necessary to lead and greatly improve NYC,” Ackman posted.

“Andrew had major accomplishments as our governor. He also made some mistakes. I am a huge believer in backing leaders who have learned from their mistakes and have something to prove,” he added.

https://nypost.com/2025/09/05/us-news/bill-ackman-backs-cuomo-for-nyc-mayor-urges-adams-to-step-aside/

Trump to impose tariffs on semiconductor imports from firms not moving production to US

 President Donald Trump said on Thursday his administration would impose tariffs on semiconductor imports from companies not shifting production to the U.S., speaking ahead of a dinner with major technology company CEOs.

Since returning to office in January, Trump's threat of tariffs has alienated trading partners, stirred volatility in financial markets and fueled global economic uncertainty.

"Yeah, I have discussed it with the people here. Chips and semiconductors - we will be putting tariffs on companies that aren't coming in. We will be putting a tariff very shortly," Trump said without giving an exact time or rate.

"We will be putting a very substantial tariff, not that high, but fairly substantial tariff with the understanding that if they come into the country, if they are coming in, building, planning to come in, there will not be a tariff," Trump told reporters.

Trump has made tariffs a pillar of U.S. foreign policy, using them to exert political pressure and renegotiate trade deals and extract concessions from countries and companies that export goods to the U.S.

"If they are not coming in, there is a tariff," Trump said in his comments on semiconductors.

"Like, I would say (Apple CEO) Tim Cook would be in pretty good shape," he added, as Cook sat across the table.

iPhone maker Apple recently raised its total domestic investment commitment in the U.S. to $600 billion over the next four years as tech leaders have warmed up to Trump in his second term.

Trump said last month that the United States would impose a tariff of about 100% on imports of semiconductors but it will not apply to companies that are manufacturing in the U.S. or have committed to do so.

Taiwanese chip giant TSMC and South Korea's Samsung Electronics and SK Hynix have announced investments in chip manufacturing in the United States.

Trump has faced legal pushback in his use of tariffs. His administration has asked the U.S. Supreme Court to swiftly hear a bid to preserve his sweeping tariffs pursued under a 1977 law meant for emergencies after a lower court invalidated most of the levies that have been central to his economic and trade agenda.

https://finance.yahoo.com/news/trump-impose-tariffs-semiconductor-imports-002239511.html

Orsted cuts FY EBITDA guidance owing to lower than normal wind speed

 Ørsted (CSE:ORSTED) on Friday cut its 2025 earnings guidance and moved ahead with a DKK60 billion rights issue Friday as the Danish energy group faces mounting headwinds in the U.S. offshore wind market and a legal battle over its Revolution Wind project.

At an extraordinary general meeting, the company secured approval for the rights issue, first announced in August. 

Ørsted said the proceeds will be used  to increase its capital structure in 2025-2027 after adverse developments in the U.S. offshore market. 

The company said it had already secured backing from large shareholders, including the Danish state and Equinor

“We expect to receive the rights issue terms in about a week’s time with the rights trading meant to commence in the first half of Sep and close in the first half of Oct,” said analysts at Barclays in a note. 

Alongside the vote, Ørsted reduced its full-year 2025 adjusted EBITDA forecast to DKK24 billion to DKK27 billion from a previous range of DKK25 billion to DKK28 billion. 

The company attributed the cut to lower-than-average wind speeds in H1 2025 as well as July and August, which caused a roughly DKK1.2 billion hit to earnings, and a damaged export cable at the Greater Changhua 2b project in Taiwan, which is expected to result in a further DKK0.3 billion impact. 

Ørsted reaffirmed its DKK50 billion to DKK54 billion gross investment guidance and said it was maintaining its medium-term outlook.

The company has also taken legal action against the U.S. federal government after receiving a stop-work order on the 80% completed Revolution Wind project. 

Barclays noted that Empire Wind, the only precedent, “overcame its stop-work order in one month” after state-level negotiations in New York. 

“Political negotiations would again be the quicker route to resolution instead of a months to years long legal procedure,” the brokerage said. 

Governors of Rhode Island and Connecticut have announced plans to sue the federal government over the halt, according to Barclays.

Barclays flagged Ørsted’s sensitivity to interest rate movements, writing that “for every 10bps rate increase, we estimate about a 2.5% drop in our DKK200 PT.” 

The brokerage said this creates “substantial further downside risk going into rights issue terms and considering its increasingly expensive projects.”

https://www.investing.com/news/stock-market-news/rsted-cuts-2025-ebitda-outlook-on-weak-wind-speeds-project-delay-4226010

Trump Ready To Place More US Troops In Poland Amid Russia Threat

  by RFE/RL Staff via OilPrice.com,

  • Trump told President Karol Nawrocki the U.S. is prepared to expand its 8,000-strong military presence in Poland.

  • The meeting underscores Warsaw’s push for stronger U.S. security guarantees amid Russia’s war on Ukraine.

  • Nawrocki, a conservative close to Trump’s movement, won the election narrowly on a “Poland first” platform while pledging support for Ukraine but opposing NATO membership.

US President Donald Trump told his Polish counterpart the United States was ready to increase its military presence in the Central European nation, one of the countries on NATO’s so-called “eastern flank” warily watching Russia's actions.

Trump welcomed conservative President Karol Nawrocki to Washington in an event highlighted by a flyover of US F-16 fighter jets honoring a Polish military pilot who had died last month in a crash.

Asked if he planned to keep US forces deployed to Poland, Trump replied in the affirmative.

"We'll put more there if they want," he added, while citing the United States’ "tremendous relationship" with Poland, one of the more important military and political allies of Ukraine during its war with Russia.

"We never even thought in terms of removing soldiers from Poland."

"We're with Poland all the way, and we'll help Poland protect itself," Trump added.

Warsaw has long sought an increased US military presence in Poland. The United States has based troops in Germany, Italy, Spain, the Netherlands, and other European nations since the end of World War II, initially to serve as a deterrence to Soviet aggression on the Continent.

The first permanently stationed US troops arrived in Poland in March 2023. There are an estimated 8,000 US troops now garrisoned in Poland, some on a rotational basis.

Nawrocki added that it is "the first time in history" that Poland has been happy to host foreign troops.

Nawrocki, a vocal admirer of the US leader, said after the talks with Trump that the two presidents had discussed bolstering troop levels, adding that Trump had strongly guaranteed Poland's security.

"The success of his [Nawrocki's] special relationship with the MAGA movement and with President Trump would be if the United States increased its presence in Poland," Polish Foreign Minister Radoslaw Sikorski told reporters a day earlier -- a reference to Trump's "Make America Great Again" movement.

Nawrocki was elected in a narrow contest following a campaign echoing many of Trump's slogans and had promised a "Poland first" policy, worrying some in Europe over the country's support for Ukraine in its war against Russia.

The election result dealt a major setback to Prime Minister Donald Tusk, a pro-Europe, centrist leader and vocal supporter of Ukraine who had backed Nawrocki's liberal opponent.

Nawrocki, too, has voiced support for Ukraine in its war against invading Russian forces. But he has said he opposes NATO membership for Ukraine, a view more and more Poles appear to share.

Although largely supportive of Kyiv's fight against Russia, many Poles have grown impatient with the influx of some 1.5 million Ukrainian war refugees and the related costs in the country.

Despite some tensions within the Polish leadership, the European Union, and the United States, Nawrocki said there is unity and clarity about the Russian threat.

“Regardless of the differences that exist within the European Union, regardless of the differences that exist in Poland between me and the Polish government, I guarantee that on security matters, including at this closed meeting, I spoke unequivocally about how I perceive [Russian President] Vladimir Putin and the threat he poses to the free world,” Nawrocki said.

Trump said that "you'll see things happen" if Putin does not move toward peace in his war on Ukraine, building on his long-standing threats of sanctions or tariffs on Moscow.

"I have no message to President Putin. He knows where I stand, and he'll make a decision one way or the other," Trump told reporters.

A White House official told AFP that Trump plans to speak with Ukrainian President Volodymyr Zelenskyy on September 4, along with other European leaders.

Zelenskyy and Kyiv's European allies in the "Coalition of the Willing" are scheduled to meet on September 4 in Paris to discuss the situation in Ukraine and potential security guarantees for the country following any peace deal with Russia.

https://www.zerohedge.com/geopolitical/trump-ready-place-more-us-troops-poland-amid-russia-threat

BioNTech Says Experimental Breast Cancer Drug Succeeded in Trial


BioNTech SE said an experimental drug succeeded in a breast cancer study, the first dividend of the German Covid-19 vaccine maker’s collaboration with Chinese biotech Duality Biotherapeutics Inc.

The next-generation medicine beat Roche Holding AG’s older breast-cancer therapy Kadcyla in the study, with patients who got the new drug less likely to see their cancer get worse or to die, BioNTech said Friday. The results came at an interim analysis before the study had been scheduled to complete.

Top German Judge Says Overzealous ECHR 'Endangers The Existence Of Western Democracies'

  by Thomas Brooke via Remix News,

Hans-Jürgen Papier, Germany’s former chief justice and one of the country’s most senior legal scholars, has warned that the European Court of Human Rights (ECHR) is undermining national sovereignty by creating what he called a “de facto right to immigration through the back door.”

The 82-year-old Ludwig Maximilian University professor, who led Germany’s Federal Constitutional Court at the start of Angela Merkel’s chancellorship, told The Times newspaper that a growing body of asylum case law from national courts and the ECHR in Strasbourg had created an “ever deeper reaching and ever more closely meshed agglomeration” of rulings. These, he said, were now “settling like mildew over the states’ political power to take action.”

In his view, the result has been a dramatic broadening of the right to asylum, far beyond what was originally intended under the Geneva Convention.

“The citizens expect those with political responsibility to revise the asylum policies to suit the changed circumstances. But that is in danger of failing because of the ossification of a body of law that is getting increasingly rarefied and ultimately looks irreversible to many politicians,” he said.

Papier criticized the way European courts have interpreted Articles 3 and 8 of the ECHR — the rights against inhuman treatment and to family life — to block deportations, including cases where asylum seekers could face homelessness or irregular work in other EU states.

“That simply goes too far,” he argued.

“Here, human dignity is being treated like small change and thereby robbed of its special dignified status.”

The former judge warned that the overzealous application of human rights laws by the ECHR was “generally destroying the European citizen’s trust in the capacity of their democratic institutions to act, and so at the end of the day endangering the existence of Western democracies.”

He called for reforms to the ECHR itself, though he admitted this was unlikely given the need for consensus among all 46 Council of Europe states. Instead, he suggested that the EU or national parliaments draft a “precisely formulated law of migration” that would reduce judges’ scope for interpretation and return asylum rights to the original Geneva standards.

Among his proposals are electronic asylum visas for those with a realistic chance of success, strict annual ceilings on “subsidiary protection” — a weaker asylum status covering people at risk of violence or hardship — and potential third-country solutions for processing applications abroad.

Papier has long been a critic of what he sees as Europe’s open-border approach. In an op-ed for the Bild newspaper in November 2023, he warned that “essentially nothing has changed” since the 2015 migration crisis. He accused Germany of allowing migrants to bypass the Dublin Regulation, which requires asylum seekers to lodge claims in the first EU country they enter, and insisted that Berlin should move “as quickly as possible” to introduce clear and enforceable rules.

“It is not about affecting the right to asylum for people who are actually being persecuted,” he wrote, “it is about protecting this right from being abused for reasons that are clearly unrelated to asylum.”

https://www.zerohedge.com/geopolitical/top-german-judge-says-overzealous-echr-endangers-existence-western-democracies

Thursday, September 4, 2025

‘Safe’ drug dens got $2M in Biden’s budget — now make them HELP NYC’s addicts

 Since 2021, New Yorkers have been rightly puzzled by OnPoint NYC, the “safe injection” sites where hard-drug addicts shoot up under medical supervision.

After all, drugs like fentanyl and heroin are illegal under federal law.

Addicts using the service have bought their drugs illegally, and may have committed crimes to finance their habits — yet police have turned a blind eye.

Now we know why OnPoint could be confident it would not face a federal crackdown: The Biden administration was actually helping finance it.

This week my research found that under President Joe Biden, the federal Substance Abuse and Mental Health Administration quietly awarded the program a $2 million annual grant — and paid out just over half of it. 

That grant, revealed here for the first time, has been terminated under President Donald Trump, SAMHSA Principal Deputy Assistant Secretary Art Kleinschmidt told me.

OnPoint, he said, was “a misguided harm reduction program that [was] incompatible with federal law and applicable Executive Orders.”

Indeed, Trump’s July 25 order specifically barred funding for “safe consumption efforts that only facilitate illegal drug use and its attendant harm.”

True: Acquiescing in drug use only serves to encourage it — as well as other outrages documented by The Post, including sidewalk sex and drug dealing outside OnPoint’s sites in East Harlem and Washington Heights. 

But unless Trump’s Justice Department moves to shut down OnPoint — the only such program in the country — federal defunding won’t pull the plug on its dangers. 

The SAMHSA grant was just a small part of OnPoint’s $14 million annual budget, which includes millions in taxpayer dollars from New York state and New York City, along with private funding from the New York Community Trust, the Open Society Foundation, Deutsche Bank and others.

If law enforcement doesn’t shutter the program, the city should push OnPoint to reform itself into a pathway toward long-term help for the addicted — especially those who are mentally ill and can threaten public safety. 

OnPoint likes to emphasize that it has prevented some 1,800 overdoses among the 6,300 addicts it’s served, and there’s no reason to dispute that claim.

But it has not educated its clients that drug use is fundamentally undesirable. 

Its mission statement tells the story: “We combat stigma and embrace people who use drugs and engage in sex work instead of pushing them to the margin.”

Yet OnPoint could do much more than just accept drug use as a valid lifestyle choice. 

It could help us learn important information about the addicted, including statistics on how many have overdosed and died elsewhere, how many have been arrested for assault or robbery, and crucially, how many have sought treatment to beat their drug habit.

A reformed and constructive OnPoint would seek such data — perhaps through required electronic ankle bracelets — to not just reduce overdoses, but to reduce addiction itself.

Surprisingly, the Canadian province of British Columbia, which pioneered “harm reduction” sites in the city of Vancouver, is now going in exactly that direction.

Last September, the province passed a law permitting involuntary commitment for both psychiatric problems and substance abuse — a policy New York state legislators have rejected.

If British Columbia’s law was in place here, it could mean that anyone seeking “supervised injection” at OnPoint would have to agree to enter drug and mental health treatment —voluntarily or not. 

It would mean tracking those individuals so as to develop a truly “evidence-based” approach that goes beyond short-term overdose prevention.

Such an approach is in keeping with Mayor Eric Adams’ proposed Compassionate Interventions Act, which he says will “give clinical professionals the authority they need to bring someone who appears to pose a danger to themselves or others due to substance use disorder to a hospital and allow a judge to mandate treatment if the person is unwilling to enter treatment voluntarily.”

From the chaos of public drug use in Harlem, The Bronx and Jackson Heights, to mass shootings by the untreated mentally ill, it’s clear that involuntary treatment, once common across the country, needs to be adopted once again.

OnPoint NYC could become a useful front door for both drug addicts and the mentally ill who are willing to seek treatment. 

It could serve as well to steer those merely seeking to use drugs safely toward programs that will help them rebuild their lives — without their addictions.

For that to happen, both New York’s laws and OnPoint’s mission would need to get clean as well.

Howard Husock is a fellow at the American Enterprise Institute and author of the forthcoming book “The Projects: A New History of Public Housing.”

https://nypost.com/2025/09/04/opinion/safe-drug-dens-got-2m-in-bidens-budget-to-not-fight-addiction/