'Risky moment': Ukraine treads tightrope with Gulf arms deals

Elon Musk's SpaceX has filed papers with US regulators that set the stage for what could be the largest-ever public stock offering, a source familiar with the matter told AFP on Wednesday.

The confidential filing puts the rocket and satellite builder on track to list its shares on a public exchange by July, according to The Wall Street Journal, citing unidentified sources. 

Media reports have said the initial public offering could be valued at a whopping $75 billion or more, for a venture with stratospheric ambitions.

The IPO looks set to blow past a record from 2019, when the oil group Saudi Aramco raised $25.6 billion.

SpaceX did not respond to a request for comment, and officials at the Securities and Exchange Commission declined to comment.

If successful, SpaceX could arrive on Wall Street with a valuation exceeding $1.75 trillion, putting it among the world's ten biggest companies by market capitalization.

After its acquisition of xAI in early February, SpaceX was valued at $1.25 trillion.

Analysts have said that taking SpaceX public will require it and Musk to maintain greater transparency, particularly about its revenues.

It could also expose the company to investor pressure to focus on profits instead of long-term investments -- such as Musk's plan to build a rocket for sending people to Mars.

- 'Enamored' investors -

When the documents are released, SpaceX's IPO filing will likely reveal details about its operations, including its satellite and rocket manufacturing, alongside its xAI artificial intelligence arm.

Given that investors appear "enamored" with Musk's space and artificial intelligence ambitions, SpaceX could "probably get away with listing in a less exuberant market than some other companies might," said Steve Sosnick of Interactive Brokers.

Matthew Kennedy, a senior strategist at Renaissance Capital, said he had little worries that SpaceX would be able to raise such a massive amount of capital, even as markets are roiled by the ongoing war in the Middle East.

"US markets are some of the largest, most robust fundraising in the world, and this is a unique company that has captured the imagination of a lot of investors," Kennedy said.

He also noted investor enthusiasm in potential advancements on space exploration and in AI, alongside the cash to be made in the telecoms sector.

Besides SpaceX, two other tech heavyweights, the AI developers OpenAI and Anthropic, are reportedly planning IPOs this year.

SpaceX, which dominates the space launching market with its reusable rockets, is owned by Musk alongside several investment funds and tech companies including Google's parent Alphabet.

The company's rockets vastly reduce the cost of putting satellites into orbit. SpaceX is also the owner of the Starlink satellite constellation.

In February, Musk announced that SpaceX would take over his artificial intelligence outfit xAI, a step in the billionaire's plan to use SpaceX's rockets to launch solar-powered, satellite-based data centers to run future AI models.

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(The Center Square) – Electricity prices and other measures of consumer energy affordability are highest in states with the most extensive policy mandates, compliance requirements, and the most rigid regulatory structures, according to a report released Wednesday.

The American Legislative Exchange Council, a nonprofit organization whose members draft and promote model state legislation and legislative policies, contends states with Renewable Portfolio Standards, cap-and-trade programs, and broad net metering mandates generally face higher average electricity prices compared to states with freer, more competitive markets.

ALEC contends these policies can require utilities to purchase specified generation sources regardless of cost, acquire emissions allowances for carbon usage, or compensate rooftop solar owners through net metering at above-market rates.

“The costs of such activities are often passed down to consumers in an electric bill or at the gas station,” ALEC says.

“By contrast, states that emphasize market competition and regulatory predictability are more likely to maintain affordable energy for households and businesses,” ALEC concludes in the fifth edition of its Energy Affordability Report.

The three states in the contiguous United States with the lowest average retail electricity prices in 2024 are North Dakota at 7.93 cents per kilowatt-hour, Louisiana at 8.80 cents per kilowatt-hour, and Nebraska at 9.07 cents per kilowatt-hour, according to ALEC.

“These states consistently maintain electricity prices well below the national average of 13.69 cents per kilowatt-hour, reflecting policy environments that place relatively fewer regulatory mandates on electricity generation,” the report says.

The contrast between these low-cost states and higher-priced regions highlights a recurring pattern, according to ALEC. States that avoid burdensome or prescriptive mandates, such as renewable portfolio standards and cap-and-trade programs, generally achieve lower electricity costs for consumers and businesses, the analysis found.

California and Connecticut consistently rank among the most expensive states for electricity in the contiguous United States, with costs frequently exceeding 20–25 cents per kilowatt-hour, the data shows. The report attributes these high rates to rigid regulatory structures, including cap-and-trade programs and renewable portfolio standards.

To address these disparities, ALEC promotes a suite of Essential Policy Solutions intended to guide state legislators toward market-driven reforms. These recommendations include repealing or weakening renewable energy mandates; adopting an affordable, reliable energy strategy" that prioritizes dispatchable sources like natural gas and nuclear; and ensuring that traditional power plants are not retired before ready replacements are online.

According to ALEC, these reforms are necessary to restore regulatory clarity and ensure that affordability remains the primary goal of state energy policy.

To drive costs down, ALEC advocates for a shift toward market-based solutions, such as the Affordable, Reliable, and Clean Energy Security Act which the organization touts as a model for legislation at the state level designed to prioritize "dispatchable" power sources like coal, natural gas, and nuclear. ALEC maintains these energy sources must remain a cornerstone of state energy grids to ensure reliable and affordable electricity.

Beyond the ARC Act, ALEC is also calling on states to adopt measures like the Electric Reliability Act and the OPEN Act to prevent premature power plant closures. These model bills would require state regulators to prove that retiring existing coal or gas plants won’t trigger blackouts or price hikes before decommissioning. Additionally, the organization’s proposed State Nuclear Coordinator Act aims to streamline the permitting process for new nuclear projects, which ALEC identifies as a critical component of a long-term, affordable energy strategy.

Finally, ALEC encourages governors to withdraw from regional climate initiatives that implement cap-and-trade or other carbon reduction mandates. The organization’s State Withdrawal from Regional Climate Initiatives model resolution says these programs place a disproportionately high burden on lower-income households and increase consumer prices for essential goods like electricity, fuel, and food.

"Ultimately, energy affordability is not just a policy goal; it is a fundamental pillar of American prosperity," ALEC concludes.

ALEC is the nation’s largest voluntary membership organization of state legislators with more than 2,000 members across the nation.

The fourth and final phase of ticket sales for the 2026 World Cup in North America began on Wednesday, FIFA announced.

The phase for the June 11–July 19 event in the United States, Mexico and Canada involves more than three million tickets.

This "last-minute" sales phase opened at 1500 GMT on the official website, FIFA.com/tickets, the global governing body stated in a press release.

Tickets are being sold on a "first-come, first-served" basis and will remain available until the end of the competition on July 19, it added.

Tickets will be released for sale on a rolling basis -- including, on occasion, for matches taking place on the very same day -- according to FIFA.

At the scheduled time, prospective buyers were directed to a "waiting" page to "queue" while awaiting access to the site, a wait that could last several hours.

"A countdown will appear before you can enter the ticket sales phase. Once the countdown is over, an 'Enter' button will be available for 5 minutes. Click it to access," instructions specify.

In total, nearly seven million tickets are being offered for the competition, taking into account the capacities of the 16 stadiums hosting the global tournament.

More than three million of these tickets have already been sold during the first three sales phases -- including over one million during the random selection draw phase alone (held in January and February), which received 500 million requests, according to FIFA.

The global governing body is likely to break the all-time record of 3.5 million tickets sold for a World Cup -- a mark set during the 1994 edition.

This summer, the tournament will feature 48 teams and 104 matches, 78 of which will take place on American soil.

The issue of ticketing has sparked controversy, with FIFA facing accusations of offering tickets at exorbitant prices, in disregard of promises made when the tournament was awarded to the three host nations.

On March 24, Football Supporters Europe (FSE) -- an organization representing European fans -- and Euroconsumers -- a group representing consumers across the continent -- announced they had filed a complaint against FIFA with the European Commission.

They alleged abuse of a dominant market position and seek to compel the organization to abandon its "opaque and unfair" ticket purchasing procedures. FIFA has defended its ticket pricing, which, according to president Gianni Infantino, is driven by "crazy" demand.

However, in December, the governing body did introduce a $60 ticket category reserved exclusively for official supporters' clubs; yet, according to the FSE, this quota was virtually sold out before sales even opened to the general public.

Additionally, FIFA is set to reopen its official ticket resale and exchange platform on Thursday. This platform has also come under fire due to the equally prohibitive prices at which tickets are listed for resale.

The global governing body explained that it does not intervene in this "fan-to-fan market," where the reseller "determines the listed price of each ticket" in Canada and the United States.

The legal framework differs in Mexico, however, where reselling a ticket for more than its original purchase price is prohibited.

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Some 300 tractors rolled down the streets of Vienna Wednesday in a rare such protest in the Austrian capital as farmers pushed for restaurants and supermarkets to list the country of origin for their prepared dishes.  

"The lack of mandatory origin labelling is threatening the very livelihoods of our farmers," said Hannes Royer, an organic farmer.

Austrian supermarkets must label the origin of raw products, and workplace cafeterias must say where the products in their dishes are from. But the rules do not apply to transformed food in supermarkets nor to restaurants.  

Hiding the use of imports "massively distorts competition and penalises those who provide quality", said Land Schafft Leben, or Land Creates Life, an Austrian farmers' association.  

"Consumers have a right to the truth on their plates. Those who conceal the origin are deliberately depriving them of their freedom to choose," said Royer, the farmer. 

Protests are rare in Austria, but the farmers' demonstration is part of a wider European agricultural crisis.

A free-trade agreement with South American countries, climate-related pressures, rising costs of diesel and fertilisers, and stagnant agricultural prices are threatening the entire sector, which also complains of increasing red tape.  

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Leaders of the NFL Players Association (NFLPA) and NFL Referees Association (NFLRA) said Wednesday they are concerned about player safety if the league turns to replacement referees next season.

Negotiations have stalled between the NFL and its referees union over a new collective bargaining agreement and team owners passed a new rule for next season that would allow NFL officials to help replacement referees if they are used for the campaign that starts in September.

Not having experienced referees, however, creates safety worries for NFLPA executive director J.C. Tretter.

"Player safety requires trained, professional officials on the field," Tretter said. "They manage the game in real time, enforce the rules and stop situations from escalating.

"That can't be replaced by less experienced crews or handled remotely. If player safety truly matters, trained professional officials on the field are not negotiable."

NFLRA executive director Scott Green said veteran referees are essential to keeping players safe in a fast and hard-hitting sport.

"Professional officials are trained to control the game in real time," Green said. "They are the first responders on the field -- maintaining order, enforcing rules, and preventing dangerous situations from escalating."

Green and Tretter met Tuesday and agreed that moving certain decisions and support review to a centralized system would replace experienced officials making immediate, on-field judgments.

With several games played at the same time each week, Green and Tretter called it unrealistic to expect a remote operation to manage player interactions, de-escalate conflicts and enforce rules in real time.

They predicted less experienced officials would be more likely to miss calls or respond late in critical moments, increasing the risk of player injuries.

"We remain hopeful that an agreement can be reached that avoids past disruptions and ensures the game continues to be officiated at the highest level," Green said.

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Here are the latest developments in the Middle East war:

- Trump to address nation -

US President Donald Trump will address Americans on the Iran war later Wednesday, his first prime-time speech since the conflict began, as his approval ratings plunge and economic anxiety rises.

The White House gave no details on the address, but it comes hours after Trump claimed Iran had sought a pause in hostilities, and that fighting could be over in "two weeks, maybe three".

- Iran denies it seeks ceasefire -

Iran denied US President Donald Trump's assertion that Tehran had asked for a ceasefire, state television reported, citing the foreign ministry. 

"Trump's statements about Iran's request for a ceasefire are false and baseless," foreign ministry spokesman Esmaeil Baqaei was quoted as saying. 

Separately, Iran's Revolutionary Guards insisted that the strategic strait of Hormuz will remain closed to the country's "enemies", as Trump said re-opening the Straits was one of his conditions for a ceasefire.

- Israel kills Hezbollah commander -

Israel killed a top Hezbollah commander, two sources told AFP, in a Beirut strike that Lebanon's health ministry said killed seven people.

A Lebanese security source and a Hezbollah source told AFP that the commander, Youssef Hashem, had been responsible for the group's military affairs in Iraq. Israel's military said Hashem was Hezbollah's commander for its south Lebanon front.

- Lebanon says deathtoll tops 1,300 -

Lebanon's health ministry said Israeli attacks have killed 1,318 people in the country since war erupted between Israel and Hezbollah on March 2, raising a previous toll of 1,268 a day earlier.

Those killed included 91 women, 125 children and 53 health workers, said the ministry, with 3,935 other people wounded.

- UK to host Hormuz meeting -

Britain will on Thursday host a video-conference of about 35 countries to discuss how to reopen the Strait of Hormuz, a vital thoroughfare for much of the world's seaborne oil and gas, Prime Minister Keir Starmer announced.

It will "assess all viable diplomatic and political measures that we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and resume the movement of vital commodities", he said.

- UN warns of rights crackdown -

Iran and countries across the Middle East are using the war as an excuse to clamp down on rights, the UN warned Wednesday, denouncing attempts to restrict the press in Israel and the United States.

United Nations rights chief Volker Turk warned that governments had dramatically tightened security and restrictions on people's actions and movements in public spaces, infringing on their rights.

- Stocks rally, oil drops -

Global stocks rallied and oil prices fell Wednesday after US President Donald Trump said the Middle East war could be over within weeks.

International oil benchmark Brent was down one percent after falling as much as five percent earlier. The main US contract WTI dropped two percent.

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Tiger Woods received support from the PGA Tour and Augusta National chairman Fred Ridley after stepping away from golf to work on his health and well-being after a traffic accident.

The 50-year-old golfing legend was arrested on suspicion of driving under the influence last Friday after the crash on Jupiter Island, Florida, in which no one was injured.

Woods, who passed a breathalyzer exam but refused to take a urinalysis, pleaded not guilty to driving under the influence on Tuesday and later said in a statement he was stepping away from golf to work on himself.

"I know and understand the seriousness of the situation I find myself in," Woods said.

"I am stepping away for a period of time to seek treatment and focus on my health. This is necessary in order for me to prioritize my well-being and work toward lasting recovery.

"I'm committed to taking the time needed to return in a healthier, stronger and more focused place, both personally and professionally."

Woods had not dismissed talk of playing in next week's Masters when he competed in a TGL indoor simulator event last week, but his status was listed as a non-playing past champion on the Masters website on Wednesday.

"Augusta National Golf Club and the Masters Tournament fully support Tiger Woods as he focuses on his well-being," Augusta National chairman Ridley said in a statement.

"Although Tiger will not be joining us in person next week, his presence will be felt here in Augusta."

That likely means Woods will not be attending next week's Masters Champions Dinner.

Woods, a 15-time major winner, also quickly drew support from the PGA Tour.

"Tiger Woods is a legend of our sport whose impact extends far beyond his achievements on the course. But above all else, Tiger is a person, and our focus is on his health and well-being," the PGA Tour said in a statement.

"Tiger continues to have our full support as he takes this important step."

Woods has not competed at the PGA Tour level since the 2024 British Open. He last completed 72 holes in an event at the 2024 Masters, where he finished 60th.

PGA Tour chief executive officer Brian Rolapp said in a statement that Woods had helped him adjust to his role, which he began last June.

"Tiger Woods is one of the most influential figures the sports world has ever known," Rolapp said.

"Over the last year, I have come to appreciate Tiger not only for his impact on the game, but for his friendship and the perspective he has shared with me as I joined the golf industry.

"My thoughts are with him and his family as he takes this step, for which he has my full respect and support."

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(The Center Square) – A federal judge has dismissed a U.S. Department of Justice lawsuit challenging Minnesota’s policy of offering in-state tuition and certain scholarships to students in the country without legal status, allowing the programs to continue.

U.S. District Judge Katherine Menendez ruled the federal government failed to prove Minnesota’s law discriminates against U.S. citizens, rejecting a key argument made by the Trump administration in its legal challenge.

The lawsuit, filed last summer, targeted Minnesota’s Dream Act – a 2013 law that allows students who attended a Minnesota high school for at least three years to qualify for in-state tuition at public colleges, regardless of immigration status.

A 2023 expansion, known as the North Star Promise Act, also allowed for free tuition based on similar criteria.

Federal officials argued the policy violates federal law by offering benefits to immigrants in the country illegally that are not equally available to all U.S. citizens, particularly those who live out of state.

“No state can be allowed to treat Americans like second-class citizens in their own country by offering financial benefits to illegal aliens,” U.S. Attorney General Pam Bondi said last year when the lawsuit was first filed.

Yet, Menendez sided with Minnesota in the order, saying the Justice Department misinterpreted federal law.

In her ruling, Menendez noted that eligibility for in-state tuition in Minnesota is not based solely on residency, but on whether a student attended a Minnesota high school for a set period of time – a criteria that applies regardless of citizenship status.

Because of that, the ruling found the law does not unlawfully favor illegal immigrant students over U.S. citizens.

Menendez also ruled that the federal government lacked standing to sue Minnesota Gov. Tim Walz and Attorney General Keith Ellison, noting that neither has the authority to unilaterally change state law governing tuition policies.

Ellison praised the decision, calling it a victory for the state.

“Today, we defeated another one of Donald Trump’s efforts to misconstrue federal law to force Minnesota to abandon duly passed state laws and become a colder, less caring state,” Ellison said in a statement.

He argued the policy is a “necessary” investment in Minnesota’s workforce.

The ruling marks a setback for the Trump administration’s broader effort to challenge similar policies nationwide. The Justice Department has filed lawsuits against multiple states over in-state tuition benefits for undocumented students.

So far, outcomes have varied.

In Texas, a federal judge recently struck down a similar policy. Other states have taken different approaches. Florida recently ended in-state tuition eligibility for undocumented students, while more than 20 states and the District of Columbia continue to offer some form of in-state tuition benefits, according to the National Immigration Law Center. At least 14 states, including Minnesota, also allow access to financial aid or scholarships.

The University of Minnesota, the state’s largest public higher education institution, did not respond to a request from The Center Square for comment. It also did not provide information on how much funding is being used to provide those benefits to illegal immigrants.

(The Center Square) – President Donald Trump made history Wednesday by attending oral arguments at the U.S. Supreme Court over his executive order seeking to end birthright citizenship, spotlighting a pivotal legal battle with far-reaching implications.

Trump has been urging the Supreme Court to rule in his favor on several key issues. After the court ruled against him on tariffs in February, the citizenship case moved to the forefront. During oral arguments, the president stayed for only part of the session, leaving the courtroom for the White House as an American Civil Liberties Union attorney presented the case against his order.

Trump, a second-term Republican, arrived in a secure convoy. Police blocked off access for non-Supreme Court personnel and redirected traffic, while photographers waited outside the area.

Around 9:40 a.m., police vehicles led Trump's convoy to the Supreme Court, followed by several black vehicles, armored police vehicles, and an ambulance. Security was heightened as military personnel arrived and vehicles remained at the scene.

Trump left the court about 15 minutes after a lawyer for the American Civil Liberties Union presented the case against Trump's executive order. On the drive back, tourists responded with gestures of support and opposition to the president. Trump arrived back at the White House at 11:30 a.m.

The birthright citizenship case, Trump v. Barbara, challenges Trump's first-day executive order denying birthright citizenship to children born in the U.S. after Feb. 19, 2025, whose parents are either illegally in the country or are temporary residents. The central legal question is whether the president's order violates or reinterprets the 14th Amendment's guarantee of citizenship to those born in the United States.

The challenge centers on whether the executive order is consistent with the 14th Amendment, which conferred citizenship and voting rights to freed African Americans after the Civil War. Plaintiffs argue the order conflicts with whatr has been interpreted as a constitutional guarantee.

The 14th Amendment reads: "All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside." The case could hinge on the meaning of five words: "subject to the jurisdiction thereof."

This case directly challenges the president’s authority to alter citizenship policy by executive order, and its outcome could reshape immigration policy, citizenship definitions, and broader U.S. policy.

The Supreme Court is expected to decide the case before the end of its term this summer.

Elon Musk's SpaceX has filed confidential papers with US securities regulators for what could be the largest-ever public stock offering, a source familiar with the matter told AFP on Wednesday.

The filing puts SpaceX on track to list on a public exchange by July, according to the Wall Street Journal, which cited people familiar with the matter. 

SpaceX did not immediately respond to a request for comment. Officials at the Securities and Exchange Commission declined comment.

US media have reported that the IPO could be valued at a whopping $75 billion or more for a venture with stratospheric ambitions.

The IPO looks set to blow past the biggest public offering on record from 2019, when the oil group Saudi Aramco raised $25.6 billion.

SpaceX, which dominates the space launch market with its reusable rockets, is owned by Musk alongside several investment funds and tech companies including Google's parent Alphabet.

The company's rockets vastly reduce the cost of putting satellites into orbit. SpaceX is also the owner of the Starlink satellite constellation.

In February, Musk announced that SpaceX was taking over his artificial intelligence outfit xAI, a step in the billionaire's plan to use SpaceX's rockets to launch solar-powered, satellite-based data centers to develop and run future AI models.

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