U.S. equity futures fell sharply Sunday night after Federal Reserve Chair Jerome Powell confirmed that he is under investigation related to testimony he gave last June concerning the renovation of Federal Reserve buildings.
The New York Timesreport breaking news of the investigation and Powell’s subsequent disclosure rattled markets, reviving fears that years of President Donald Trump pressuring the Federal Reserve could now be realized into a direct assault on its independence.
Futures tied to the Nasdaq 100 led the decline, falling about 0.8%, as interest-rate-sensitive technology stocks bore the brunt of the selloff. S&P 500 futures were down roughly 0.5%, while Dow Jones Industrial Average futures fell about 0.4%, according to late-evening pricing.
Investors sought protection in the traditional safe-haven assets. Gold futures rose 1.7% to around $4,578 an ounce, while silver jumped more than 4%, reflecting renewed demand for protection against political and monetary instability. The U.S. dollar weakened modestly against several major currencies, including the Swiss franc and Japanese yen.
After years of largely staying silent while Trump repeatedly mocked and threatened him, Powell appeared to have reached a breaking point, issuing a rare and pointed statement.
He wrote that while “No one—certainly not the chair of the Federal Reserve—is above the law,” the attack should be seen in the “the broader context of the administration’s threats and ongoing pressure.”
“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings…Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
Economists warn that if the executive branch successfully co-opts the Fed, it could create a “self-fulfilling prophecy” of higher long-term inflation.
As Oxford Economics recently noted, any “cracks in the Fed’s independence” could spread rapidly through markets and ultimately raise borrowing costs for the businesses the administration seeks to protect with low interest rates.
In a note published last July, when Trump publicly threatened to fire Powell, Deutsche Bank warned that such a move could spark severe market disruption.
“Both the currency and the bond market can collapse,” the bank wrote, citing heightened risks of inflation and financial instability. “The empirical and academic evidence on the impact of a loss of central-bank independence is fairly clear.”
Wall Street executives have echoed those concerns. Brian Moynihan, chief executive of Bank of America, said recently the erosion of Fed independence would carry serious consequences.
“The market will punish people if we don’t have an independent Fed,” Moynihan said.
Thousands of tourists have been stranded in Finland’s Lapland as a severe cold spell has grounded flights out of one of its airports.
Departures from Lapland’s Kittila airport that would have ferried winter travellers back to places like London, Bristol, Manchester, Paris and Amsterdam were all cancelled on Sunday as temperatures did not go above -35C on Sunday.
The issue is expected to continue on Monday as a low of -39C is forecast by Finland’s meteorological agency. The first flight out of Kittila has already been cancelled.
The extreme cold makes it hard to de-ice planes, while maintenance and refuelling equipment on the ground can freeze.
Airport operator Finavia told public broadcaster Yle that moisture in the air was making the situation worse as it was creating slippery frost.
While Lapland – which spans northern Norway, Sweden and Finland – is known for the cold and snow, Finnish Lapland usually has a winter average temperature of -14C, with occasional dips to -30C, according to the nation’s tourism board.
Kittila airport predominantly serves people wishing to travel to nearby ski resorts and to see the Northern Lights, while Rovaniemi airport further south is the “official” destination for visitors to Santa Claus’s folkloric home.
One flight was cancelled out of Rovaniemi on Sunday.
Flights were reportedly cancelled in and out of Kittila on Friday and Saturday as well.
The cold weather has also made the roads particularly hazardous, with Fintraffic warning of icy conditions in the region.
A bus full of Ukrainian passengers drove into a ditch on Sunday morning, Yle reported, citing local police. It said no serious injuries were reported.
The unusual cold in Lapland comes as a storm passing over northern Europe has brought wintry conditions and travel disruption to the UK, France and Germany.
A man was killed after a tree fell on his caravan in England, while around 100,000 homes were without power in France on Saturday.
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new video loaded: Demonstrators Around the World Show Solidarity for Iran Protests
transcript
transcript
Demonstrators Around the World Show Solidarity for Iran Protests
For several nights in a row, antigovernment protests have rocked Iran, as a government crackdown intensifies. This weekend, protesters around the world showed their solidarity for the people of Iran and demanded world leaders take action.
“Support Iran’s uprising. Now, now, now.” “Support Iran’s uprising.” “Support Iran’s uprising. Now, now, now.” “Support Iran’s uprising. Now, now, now.” “The Iranian people have risen up once again. The Western governments need to voice their support for the Iranian people.” “There are many things to demand, but I’m not very optimistic because so far Europe seems, like, not taking a clear position against the government.”
For several nights in a row, antigovernment protests have rocked Iran, as a government crackdown intensifies. This weekend, protesters around the world showed their solidarity for the people of Iran and demanded world leaders take action.
Crude oil futures pointed to continued gains on Sunday as markets weighed potentially transformative events in Iran, which has been wracked by protests across the country.
U.S. oil prices rose 0.56% to $59.45 a barrel, and Brent crude climbed 0.52% to $63.67 a barrel, as reports said President Donald Trump is weighing military options in Iran to follow through on his threats to attack if the government kills protestors.
Iran, which pumps 3 million-4 million barrels per day, has seen protests spread nationwide amid an economic crisis. Human rights groups estimate hundreds have died from the government’s crackdown, as the regime’s piecemeal attempts to appease Iranians have failed.
The government cut off internet access in the country last week, slowing the flow of information on the latest developments. But various reports and expert assessments indicate the unrest is posing a major threat to Tehran’s authority.
In particular, the security apparatus that keeps the leadership in power is showing cracks, according to the Institute for the Study of War (ISW).
“There are further indications that the ongoing protests are challenging the ability and willingness of Iranian security forces to crack down on the protests,” the think tank said in a recent report. “The IRGC Intelligence Organization released a statement on January 10 that it is ‘dealing with possible acts of abandonment.’ This statement suggests that some Iranian security forces may have already defected or that the regime is very concerned about this possibility.”
It cited additional reporting that pointed to some officers anticipating the regime’s collapse, forces in one city refusing to fire on protesters, and the possibility the government will deploy the regular army.
These rank-and-file troops, known as the Artesh, are less ideological and more representative of the Iranian population than the Islamic Revolutionary Guard Corps, ISW said. That raises the risk Artesh troops, who aren’t trained to handle civil unrest, could defect and indicates internal security forces are stretched thin, it added.
A separate analysis from ISW noted that the government is treating the protests as a military issue instead of a law enforcement one. It also said Tehran “has taken the rare step of using the IRGC Ground Forces to suppress protests because it has likely determined that these protests represent a dire security threat to the regime.”
Energy markets are digesting the implications of political upheaval in Iran, a top OPEC member with the world’s third largest proven oil reserves. In fact, anti-government protests have already spread to Iran’s oil sector with workers at a large refining and petrochemical complex going on strike.
Market tracker Kpler said in post on X on Saturday that Iran’s regime faces a tipping point and is under unprecedented strain.
“Though a full collapse remains a low-probability event, the rising risk is already lifting the geopolitical premium in oil markets. Any disruption—through factional conflict, export curbs or external intervention—could prompt near-term price spikes, despite global surpluses,” it added.
“Over the medium term, regime change could unlock sanctions relief and reshape trade flows, with European, Indian and Japanese refiners poised to benefit, while Chinese independents and Middle Eastern producers face stiffer competition.”
Raphinha scores twice as Barcelona beat Real Madrid for a second year running in the Spanish Super Cup with a 3-2 win.
Barcelona have retained the Spanish Super Cup with a thrilling 3-2 El Clasico win over Real Madrid in Saudi Arabia.
Raphinha struck twice for the Catalans on Sunday, with Robert Lewandowski also on target as they beat Xabi Alonso’s team for a record-extending 16th triumph, despite Frenkie de Jong’s late red card.
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After Raphinha sent Barcelona ahead, Vinicius Junior pulled Madrid level with a fine individual goal to kick-start a frenetic end to the first half in Jeddah.
Lewandowski chipped Barca back in front, but Gonzalo Garcia struck deep in stoppage time to send the teams level at the break.
The battle was decided by a deflected Raphinha effort after 73 minutes, as Barca claimed the fourth trophy of coach Hansi Flick’s reign.
His Madrid counterpart, Xabi Alonso, began with French superstar Kylian Mbappe on the bench after he missed the semifinal win over Atletico with a knee sprain.
Hansi Flick, who led Barca to four Clasico wins over Madrid last season in four clashes, opted for Lewandowski up front over Ferran Torres and brought teenage star Lamine Yamal back in on the right wing.
It was a scrappy start in the Saudi Arabian evening heat, with Barcelona keeping the ball and Madrid sitting deep to resist them while looking to find Vinicius Junior on the counter.
The Brazilian had not scored in his previous 16 matches, but offered a potent threat, flying down the left and forcing Joan Garcia into the first save.
Raphinha also sprinted back to slide in on his compatriot as Vinicius tried to break through.
Barca began to turn up the heat on Madrid, and Raphinha found a breakthrough after 36 minutes.
Moments after the winger fired a fine chance badly wide, he made up for it with a low, early strike from just inside the area, across Thibaut Courtois and into the bottom corner.
Madrid pulled level with a superb Vinicius strike, floating in from the left, nutmegging Jules Kounde and tucking past Garcia.
Barcelona went back ahead four minutes into first-half stoppage time, with Lewandowski dinking home after being played in by Pedri.
However, Madrid rapidly hit back just before the interval through Gonzalo Garcia, who finished well while falling after Dean Huijsen’s header bounced back to him off the crossbar.
Slowing down
The second half was a calmer affair, with fewer chances as the teams slowed down.
Garcia saved from Rodrygo Goes’s low effort, while Courtois beat away a Yamal strike.
Mbappe was warming up on the sideline when Barcelona nosed ahead, with Raphinha’s shot from outside the box deflecting in off Raul Asencio to leave Courtois with no chance.
The Brazilian is in superb form, and it was his seventh goal in his last five matches across all competitions.
Alonso sent on Mbappe for the last 15 minutes, trying to find a third goal and force a penalty shootout.
The French forward could not get sight of the goal, but Barca midfielder De Jong was sent off for a high lunge on him.
Despite Madrid’s numerical advantage, Barca had the best chance in stoppage time, with Marcus Rashford firing wide when through on goal.
Asencio might have grabbed an equaliser at the death, but headed straight at Garcia.
The last four winners of the Spanish Super Cup have gone on to claim La Liga, and Barcelona will be hoping it proves a platform for success once again.
Elon Musk’s X Corp has filed an antitrust lawsuit against dozens of music publishers – plus the National Music Publishers’ Association (NMPA) – accusing them of colluding to force the social media platform into taking industrywide licenses at “supracompetitive rates”.
At the heart of the complaint: an allegation that the NMPA coordinated a campaign to inundate X with DMCA takedown notices on behalf of publishers – over 200,000 posts targeted in the first year alone, and nearly 500,000 since the major publishers joined the effort in 2023.
X claims this campaign was designed to unfairly pressure the platform into licensing deals, rather than to address legitimate copyright concerns.
A prediction: the music industry players involved in this suit may soon point to both Meta/Instagram and YouTube, where similar widespread takedown requests have occurred in the past – but ultimately led to harmonious licensing agreements.
YouTube has said it paid music industry rightsholders over USD $8 billion in the year to end of June 2025. Around 30% of that money is expected to have been generated by ads on user-generated content videos that contain music – with the correct rightsholders detected by the platform’s Content ID technology.
X Corp’s 53-page complaint, filed on Friday (January 9) in the US District Court for the Northern District of Texas and obtained by MBW, names the NMPA along with what the filing describes as “18 Music Publishers and their affiliates” as defendants.
X alleges that these publishers “colluded through NMPA in a concerted refusal to deal with X independently” and that “the object of this scheme [was] to coerce X into taking licenses to musical works from the industry as a whole, denying X the benefit of competition between music publishers”.
The complaint claims this alleged collusion “is in keeping with NMPA President and CEO David Israelite‘s admonition that the music-publishing industry should ‘work together to expand the pie,’ and not turn on one another to try and get a bigger piece of the pie.’”
At the center of X’s allegations is a claimed October 2021 email from Israelite to X, sent on behalf of “all music publishers”.
According to the complaint, Israelite “threatened that NMPA would soon launch ‘a massive program’ to inundate X with DMCA takedown notices ‘on a scale larger than any previous effort in DMCA history’”.
X claims that Israelite warned the program would harm X by “quickly turn[ing] many of [X’s] most popular users into repeat infringers,” which would require X to deplatform them under its policies.
The complaint alleges that Israelite made clear that “X could make this all go away—for a price”.
According to X: “Mr. Israelite explained that X could avoid a coordinated takedown-notice barrage if it agreed to do ‘what many other social media companies have done’ and ‘develop a partnership’ with NMPA and the Music Publishers to license their musical compositions.”
Standard practice or collusion?
What X characterizes as anticompetitive collusion, music publishers would argue is standard industry practice.
For one thing, the licensing arrangements that X’s lawsuit attacks are the same frameworks in place with virtually every other major social media platform.
As X’s own complaint acknowledges, YouTube, Facebook, Instagram, TikTok, Snap, Twitch, and Roblox have all entered into licensing agreements with music publishers, in many cases following negotiations coordinated through the NMPA.
Publishers would therefore likely argue that X is not a victim of collusion – but rather an outlier that has refused to pay for music while its competitors have done so.
“We allege that X has engaged in copyright infringement for years, and its meritless lawsuit is a bad faith effort to distract from publishers’ and songwriters’ legitimate right to enforce against X’s illegal use of their songs.”
David Israelite, NMPA
Indeed, X’s lawsuit directly cites a public tweet from David Israelite to Elon Musk in April 2022, after news broke that Musk would acquire Twitter: “@elonmusk Please fix the Twitter policy of not paying songwriters for their contribution to the platform. All other major social media companies have already done the same.”
Responding to X’s antitrust lawsuit, NMPA President and CEO David Israelite said in a statement to media: “X/Twitter is the only major social media company that does not license the songs on its platform.
“We allege that X has engaged in copyright infringement for years, and its meritless lawsuit is a bad faith effort to distract from publishers’ and songwriters’ legitimate right to enforce against X’s illegal use of their songs.”
X brings its claims under Section 1 and Section 2 of the Sherman Act, alleging unlawful agreement in restraint of trade, conspiracy to monopolize, monopolization, and attempted monopolization.
The complaint alleges that the music publishers “account for over 90%” of the market for licenses to copyrighted musical compositions in the United States.
X is seeking a permanent injunction, treble damages, punitive damages, costs, and attorneys’ fees.
Over 200,000 posts targeted in first year
According to the lawsuit, the NMPA began bombarding X with takedown notices “virtually every single week” starting in December 2021.
“In the first year alone, these takedown notices identified over 200,000 X posts,” the complaint states, detailing weekly notices ranging from 84 pages to over 1,100 pages each.
The complaint adds: “And since the scheme began, the takedown notices have caused X to suspend more than 50,000 users because of claims of copyright infringement.”
X alleges that “these notices included allegedly infringing material from some of X’s top users with millions of followers,” including “creators like Logan Paul, the Kansas City Chiefs and the Detroit Lions football teams, bands Linkin Park and BTS, and media outlets like E! News, ESPN FC, and Golf Digest“.
The complaint claims that Universal, Sony, and Warner Chappell initially “declined to participate in the conspiracy orchestrated by NMPA and the remaining Music Publishers.”
The lawsuit quotes an alleged May 2022 email from a Warner Chappell Senior Vice President: “[We’ve] chosen not to be involved in any NMPA takedown activities to date as we have been hopeful that [X] would engage with us as they develop their music strategy, but we are getting regular inquiries from senior management about [X’s] licensing status.”
According to the complaint, by early 2023, “when none of the Majors had secured a musical-composition license agreement, they each joined the conspiracy to extract industrywide licenses.”
X claims that since the majors joined, “NMPA has sent thousands of pages of takedown notices, identifying nearly 500,000 posts allegedly infringing on copyrights of the Majors, as well as the Non-Majors.”
Allegations of ‘baseless’ takedowns
X argues that many of the NMPA’s takedown notices targeted content that was not subject to a legitimate claim of infringement, describing the campaign as “pretext” for an “extortionate” scheme.
It adds: “Not only have NMPA’s takedown notices claimed content similar to that posted by NMPA executives and lawyers was infringing, but they have also forced X to remove posts that are not subject to copyright protection.”
X cites examples including “a video of a high school’s sports-award ceremony” where “music plays briefly” until “the athlete takes the award and walks off the stage.”
The complaint states: “Although there is no reasonable basis for censoring this video focused on a high school athlete’s achievement based on the de minimis, non-commercial use of background music in the video, X had to take it down because of Defendants’ scheme.”
The lawsuit suggests that the alleged conspiracy against X follows a “broader playbook” that publishers and the NMPA have leveled against other platforms, including Twitch, Roblox, Peloton, and Snap.
Curiously, the evidence X cites for the NMPA’s “extortionate” playbook is a series of negotiations… that ended in what appear to be amicable licensing agreements.
Regarding Twitch, X’s complaint states that around May 2020, Amazon‘s livestreaming service “received a sudden influx of DMCA takedown notices from NMPA on behalf of music publishers”.
The lawsuit notes that the Twitch fallout ended in late September 2021 when the platform “announced a deal with NMPA to ‘build productive partnerships between the service and music publishers’”.
“Curiously, the evidence X cites for the NMPA’s “extortionate” playbook is a series of negotiations… that ended in what appear to be amicable licensing agreements.”
Similarly, the complaint notes that the NMPA and music publishers sued Roblox in June 2021, which “ended in September 2021, when Roblox and NMPA settled the claims against Roblox and set up ‘an industry-wide opt-in open to all eligible NMPA publishers’ to negotiate go-forward music-licensing deals.”
The NMPA announced at the time that the agreement “expands Roblox’s existing relationships with major publishers to the entire publishing industry.”
In other words, both Twitch and Roblox now pay (something) for music.
X argues that the decision to coordinate takedowns through the NMPA rather than individually “makes economic sense only if the objective is to facilitate coordination among competing Music Publishers and target X’s most popular users so as to apply maximum pressure to X to negotiate with them collectively”.
Many in the music business would argue that an industry-wide opt-in agreement for publishing licenses actually makes economic sense for another reason: it’s the quickest and most efficient route for social media sites with hundreds of millions of users to gain legal clearance for music content their audience is likely to upload.
Numerous music publishers, including Sony Music Publishing, Universal Music Publishing Group, and Warner Chappell Music, sued X Corp in June 2023, alleging “rampant infringement of copyrighted music” on X.
The initial complaint sought more than USD $250 million in damages for approximately 1,700 works.
In June 2025, the music publishers and X were granted a 90-day pause to their copyright lawsuit for “good faith negotiations” to try to settle out of court.
A November 25 update to the court stated that the parties had “made very substantial progress toward settlement and worked on a written settlement agreement.”
X’s filing of this antitrust lawsuit obviously suggests those settlement discussions did not result in an agreement, despite this apparent progress.Music Business Worldwide
Andre Ward believes the smallest margins could decide one of boxing’s most intriguing potential match-ups between Teofimo Lopez and Shakur Stevenson — and that the difference may only reveal itself once the fight is already unfolding.
Speaking on All The Smoke Fight about the January 31 clash between Lopez and Stevenson, the former two-weight world champion offered a nuanced breakdown of how elite skill, adaptability and decision-making under pressure could shape the outcome, while stopping short of revealing his full hand early.
Ward made it clear that this is no superficial style-versus-style debate. At its core, he sees two fighters entering the ring fully aware of what awaits them.
“I respect them both because Teo knows it’s going to be a real fight. Shakur knows it’s going to be a real fight.”
But from there, Ward drew a telling contrast. In his eyes, Stevenson operates with rare creative freedom once the bell rings.
“I look at Shakur like a fighter who has a blank canvas. He’s got the IQ. He got the experience and the athleticism and the skill set where he can paint any type of picture he wants to on a blank canvas.”
Lopez, by contrast, is viewed as devastating but more structured.
“When I look at Teofimo Lopez, he’s almost that. He has a blank canvas, but he needs an outline on what to draw and what to paint inside the lines.”
Ward acknowledged Lopez’s explosive brilliance, even when it arrives unexpectedly.
“Every now and again, he’ll go away from the outline that he has and he’ll do something dope and you’ll be like, ‘Oh, that was cool.’”
Yet the former pound-for-pound star questioned whether that creativity can be summoned consistently against an elite equal.
“I don’t think that he can create on the fly like a Shakur Stevenson does.”
That is not to say Stevenson has an easy night. Ward stressed that Lopez’s power and athleticism present serious problems.
“What Shakur does have to deal with is explosive power, quick twitch muscles, and the type of punches that he likes to throw.”
Still, Ward believes the key difference lies in adaptation — especially when plans begin to fray.
“I think that’s going to be the difference in this fight is Shakur’s ability to make adjustments and to have a blank canvas and to create something out of thin air and figure it out.”
For Ward, that fleeting pause — the moment it takes to find the next solution — could be decisive.
“And I think just that little bit of time that it takes for him to look at that outline before he starts painting again… I think that’s gonna be the difference in this fight.”
It’s amazing how much mileage architects manage to get from the humble shipping container, with notable designs ranging from large apartment buildings and offices, to tiny houses. This example of the latter skillfully squeezes a comfortable home for two into a single shipping container.
The Teeny Tiny Haus was designed by Backcountry Containers and is based on a single standard shipping container. This means it has a modest length of 20 ft (6 m) and a width of just 8 ft (2.4 m), which works out as roughly the size of a smaller European tiny house like Baluchon’s Cardabelle. To put that into perspective, it’s also under half of the length of the Olivia Summit, by Tiny Mountain Houses, for example.
The big metal box has been painted a uniform orange and modified with a corrugated metal porch area with some seating and a table to expand living space outdoors. Additionally, multiple windows as well as large double glass doors have been added, helping fill the interior of the home with natural light.
The Teeny Tiny Haus’ kitchen is simple, reflecting its use as a vacation home
Amy MacDonald/Last Stand TX
That interior features a mostly open layout, all arranged on one floor. This is the same approach taken by Madeiguincho’s Cargo and works well with the small footprint. Its central area is taken up by a simple kitchen, reflecting its use as a vacation home, with a small fridge, a microwave, and some other basics. There’s also a dining table and some seating nearby.
The bedroom area includes a double bed and some storage space. Since there’s no sofa installed in this model, it can double as a daybed and general hangout area, and there’s a wall-mounted TV nearby plus a mini-split air-conditioning unit.
There’s just one separate room in the Teeny Tiny Haus, which is the bathroom. This contains a walk-in shower, a sink, and a toilet.
The Teeny Tiny Haus includes a double bed that can double as a daybed, since there’s no sofa installed in this model
Amy MacDonald/Last Stand TX
The Teeny Tiny Haus is located in Stonewall, Texas, as vacation rental on Airbnb. The container home is part of the larger Last Stand TX vacation rental development.
