US-funded Guinea-Bissau vaccine study to undergo ethical review, Africa CDC official says
Trump announces progress on Greenland deal and drops tariffs threat
Bernd Debusmann JrWhite House reporter
President Donald Trump says the US has a potential deal on Greenland as he dropped plans to impose tariffs on European countries that had opposed his ambitions for America to acquire the island.
On social media, Trump said a “very productive meeting” with Nato’s leader had led to the “framework” of a potential agreement covering Greenland and the Arctic.
“This solution, if consummated, will be a great one for the United States of America, and all Nato Nations,” Trump posted.
Earlier on Wednesday, he told the World Economic Forum in Switzerland that he would not use military force but wanted immediate talks to secure ownership of the territory, which he says is vital for US national security.
On Truth Social on Wednesday, Trump said: “We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region.”
Further information would be made available “as discussions progress”, he added.
The US president added that Secretary of State Marco Rubio and Special Envoy Steve Witkoff would “report directly” to him as negotiations continued.
Danish Foreign Minister Lars Løkke Rasmussen said in a statement: “The day is ending on a better note than it began.”
He added: “Now, let’s sit down and find out how we can address the American security concerns in the Arctic while respecting the red lines of the Kingdom of Denmark.”
In the hours that followed, some details trickled out.
Trump told CNBC the possible deal would last “forever” and could involve mineral rights and the planned Golden Dome missile defence system, which is envisioned as a shield of interceptors and detectors spanning land, sea and space to protect the US from long-range missile strikes.
Along with Greenland’s position on the globe, the Trump administration has spoken about its vast – and largely untapped – reserves of rare earth minerals, many of which are crucial for technologies including mobile phones and electric vehicles.
After the post, Trump told CNN in Davos that the deal framework for Greenland was “pretty far along” and “gets us everything we needed to get”, especially “real national security and international security”.
He did not say if the framework included American ownership of Greenland, though.
Trump had previously dismissed the idea of leasing Greenland, saying that “you defend ownership. You don’t defend leases.”
According to the New York Times, the plan would grant the US ownership of small pockets of the territory’s land, where American military bases could be built.
Officials who attended a Nato meeting about the matter on Wednesday told the newspaper the suggested arrangement would be similar to UK bases on Cyprus, which are part of British Overseas Territories.
Under existing agreements with Denmark, the US can bring as many troops as it wants to Greenland. It already has more than 100 military personnel permanently stationed at its Pituffik base in the north-western tip of the territory.
Nato spokeswoman Allison Hart said in a statement that during the meeting Trump and Rutte had “discussed the critical significance of security in the Arctic region to all Allies, including the United States”.
“Negotiations between Denmark, Greenland, and the United States will go forward aimed at ensuring that Russia and China never gain a foothold – economically or militarily – in Greenland,” she also said.
Trump had said he was planning to place a 10% tariff “on any and all goods” sent from the UK to the US from 1 February, increasing to 25% from 1 June, until a deal was reached for Washington to purchase Greenland from Denmark.
The same would apply to goods from Denmark, Norway, Sweden, France, Germany, the Netherlands and Finland – all of which are members of Nato, the defence alliance founded in 1949.
In a speech to the World Economic Forum in Davos, Trump said he was “seeking immediate negotiations” to acquire Greenland, but insisted the US would not take the territory with force.
“We probably won’t get anything unless I decide to use excessive force. We’d be unstoppable, but we won’t do that,” Trump said. “I don’t have to use force. I don’t want to use force. I won’t use force.”
He also urged world leaders to allow the US to take control of Greenland from Denmark, saying: “You can say yes and we will be very appreciative. Or you can say no and we will remember.”
But Trump suggested he would not be receptive to any agreements on the US use of Greenland that fall short of full ownership.
In his own speech at Davos a day earlier, French President Emmanuel Macron criticised Trump’s previous threat of tariffs, saying an “endless accumulation of new tariffs” from the US was “fundamentally unacceptable”.
Macron was among those urging the EU to consider retaliatory options against new US levies.
In his speech, Trump took aim at Macron, saying France had been “screwing” the US for decades.
The US president also took a swipe at Canadian Prime Minister Mark Carney, who urged “middle powers” such as Australia, Argentina and his own country to band together when he spoke at Davos a day earlier.
In response, the US president accused Carney of being ungrateful to the US.
“Canada lives because of the United States,” Trump said. “Remember that, Mark, the next time you make your statements.”
Thailand’s Longest-Running Cement Company Embraces 3D Printing to Transform Operations
Nestled in the heart of Bangkok’s Chinatown, the Ong Ang Canal served as a vital trade artery in the 18th century. Over time, it became heavily polluted, and even earned a reputation as the city’s dirtiest canal.
Last month, as part of a broader government effort to revitalize the canal, Siam Cement Group (SCG), Thailand’s oldest cement firm, unveiled the country’s first 3D-printed pedestrian bridge across its waters.
The bridge is part of SCG’s drive to bring new construction materials to Southeast Asia, Surachai Nimlaor, who helms its operations in cement and green solutions, tells Fortune in a Jan. 20 interview.
The company first started applying 3D printing tech to construction in the early 2020s, including the 2023 construction of the world’s first 3D printed medical center in Saraburi, Thailand.
“When we use 3D printing, we can shorten construction time and create buildings with unique shapes that conventional builders may not be able to achieve,” says Nimlaor.
The process involves creating a digital model, slicing it for the 3D printer, and then allowing the printer’s robotic arms to set down concrete, layer-by-layer, to form structures. By removing the need for traditional molds or formwork, it enables freeform architecture which includes sculptural curves and undulating walls. SCG’s 3D printed medical center, for instance, has fluid facades that would be difficult to execute with conventional cast concrete.
Courtesy of Siam Cement Group
This technology could be especially valuable for Thailand, where an aging population and a workforce wary of construction jobs is shrinking the sector’s pool of available workers. Nimlaor explains that the industry has been forced to turn to foreign workers from neighboring countries like Cambodia and Myanmar. (According to 2025 data from Cambodia’s Ministry of Labour and Vocational Training, there are over 1.2 million Cambodian workers in Thailand, many of whom are employed in construction.)
Still, 3D printed buildings are often only one or two storeys tall, Nimlaor admits, as taller buildings introduce “material constraints around structural loads and stability.”
Thailand’s first cement firm
SCG was founded in 1913 to build Bangkok’s first cement plant, under the orders of then-King Rama VI. In the century that followed, the company expanded to focus on three core businesses: cement and building materials, chemicals, and packaging.
Today, SCG is Thailand’s largest building materials company, with a 2024 revenue of $14.5 billion. It ranks No. 21 in Fortune’s Southeast Asia 500 list, which sorts the region’s largest companies by revenue. SCG has also expanded to other parts of Southeast Asia, including packaging businesses in Malaysia and a petrochemical plant in Vietnam.
Greening the construction industry
Beyond 3D printing, SCG is also developing low-carbon cement, tackling an industry that accounts for roughly 8% of global carbon emissions, according to the World Economic Forum.
SCG is trying to formulate cement produced using biomass, like wood. This cuts the carbon emissions from the production process by as much as 20% per ton, Nimlaor claims. SCG now exports its low-carbon cement to the U.S. and Australia, where developers now prefer materials that meet ESG standards.
“ESG has become a very strong driver in the global market,” he explains. “Many companies now have clear carbon-reduction targets and sustainability commitments.”
SCG hopes to launch the third-generation of its low-carbon cement, which would cut carbon emissions from production by up to 40%, but Nimlaor has hopes that they can eventually cut emissions by up to 90%.
Looking forward, SCG hopes to continue pushing the boundaries in creating greener construction materials. “Sustainability and business growth must go together,” he concludes.
Macron’s Eye Condition Forces Him to Wear Sunglasses While Speaking at Davos
new video loaded: Eye Condition Causes Macron to Take Stage in Shades at Davos
By Jake Lucas
January 21, 2026
Duetti secures $200 million in new funding, with a $50 million Series C equity investment from The Raine Group leading the way
The landscape of alternative funding options for indie artists, labels, and distributors is hotting up.
Just yesterday (January 20), a new financing platform made itself known, with ambitions to become the “largest funder of independent music globally”.
That new company, Pipeline, backed by Matt Spetzler’s investment firm Jamen Capital, said it has raised over USD $200 million in capital and aims to help independent music companies “unlock the value of their intellectual property, in order to drive growth and scale”.
Elsewhere in the space, prominent music financing platform beatBread has deployed over $100 million across 1,700 funding agreements since its founding in 2020. The company raised $124 million in fresh funding last year from backers including equity capital from Citi, Deciens Capital, Mucker Capital, and Advantage Capital.
Now, music investment company Duetti has secured $200 million in fresh financing.
The financing is led by a $50 million Series C equity investment by Raine Partners, the flagship growth equity fund of The Raine Group, alongside a second $125 million private securitization and a $25 million increase of an existing credit facility.
In connection with the equity financing, Joe Puthenveetil, Partner at The Raine Group, will join the Duetti Board of Directors.
Since its founding in 2022, Duetti has raised over $635 million, including more than $100 million in equity. The company has worked with more than 1,100 artists, songwriters, and other music creators across over 40 countries, purchasing portions of their music catalogs while providing marketing and management services.
The latest funding round comes less than a year after Duetti raised $200 million in a debt financing composed of a $150 million bank facility and a $50 million side facility from Viola Credit.
Duetti said that it is signing over 80 deals per month on the back of its expansion into publishing rights, in addition to its acquisitions of master recording rights. It also offers marketing and catalog management services such as playlisting through a network of more than 3,000 playlists with over 5 million followers across DSPs.
“The traditional music industry and the financially driven catalog buyout funds are not able to keep pace and adapt their infrastructure to the explosive growth of the independent music sector.”
Lior Tibon, Duetti
The company operates with a 65-person team across New York, Los Angeles, Miami, Nashville, London and Rio de Janeiro. Over 30% of its deals in 2025 came from outside the US, with activity in France, the UK, Germany, Brazil and Mexico.
Lior Tibon, CEO and Co-Founder of Duetti, said: “The traditional music industry and the financially driven catalog buyout funds are not able to keep pace and adapt their infrastructure to the explosive growth of the independent music sector.”
The new equity funding will go toward expanding Duetti’s technology infrastructure, enhancing marketing services, and growing its international operations. Tibon says the company is building proprietary databases and systems to identify and evaluate independent music catalogs.
Added Tibon: “This new funding allows us to continue building proprietary databases and systems to identify, predict, and effectively manage and support music catalogs of independent creators, the fastest growing and most exciting segment of the industry.”
“Duetti has democratized the industry by enabling artists at every stage of their careers to monetize their rights and access the marketing and growth resources offered by a modern label and publisher.”
Joe Puthenveetil and Fred Davis, The Raine Group
Joe Puthenveetil and Fred Davis, partners at The Raine Group, said: “We are excited to partner with Lior and team as they develop a next-generation music company that empowers independent creators. Duetti has democratized the industry by enabling artists at every stage of their careers to monetize their rights and access the marketing and growth resources offered by a modern label and publisher.”
The $125 million securitization marks Duetti’s second such transaction, which, according to the platform, brings “its master trust total to $205 million”. The company completed what it calls the first asset-backed securitization (ABS) transaction primarily backed by independent artists’ catalogs in October 2024. Duetti says it plans to continue using the securitization market as a financing source.
Duetti offers what it describes as flexible deal structures, buying a portion of artists’ catalogs rather than acquiring full ownership.
Duetti’s backers now include The Raine Group, Flexpoint Ford, Nyca Partners, Viola Ventures, and Roc Nation. The company was founded by Tibon, who formerly served as Tidal’s COO, alongside Christopher Nolte, a former Business Development executive at Apple Music.
Duetti is among a few music companies that have dipped their toes in asset-backed securitization. The most recent ones include Recognition Music Group with its three-times oversubscribed $372 million ABS offering, Concord’s $1.77 billion transaction and SESAC Music’s $889 million whole business securitization.
Music Business Worldwide
US Supreme Court shows hesitation in allowing Trump to dismiss Fed’s Lisa Cook | Business and Economy Updates
Conservative and liberal United States Supreme Court justices have signalled scepticism towards US President Donald Trump’s bid to fire US Federal Reserve Governor Lisa Cook in a case with the central bank’s independence at stake.
During about two hours of arguments in the case on Wednesday, the justices indicated they were unlikely to grant the Trump administration’s request to lift a judge’s decision barring the Republican president from immediately firing Cook while her legal challenge continues to play out.
Recommended Stories
list of 4 itemsend of list
Some of the justices pressed D John Sauer, the US solicitor general arguing for Trump’s administration, about why Cook was not given a chance to formally respond to the unproven mortgage fraud allegations – which she has denied – that the president cited as justification for ousting Cook.
They also raised concerns about the effect on the economy of such a first-ever presidential firing from the central bank and the implications for the Fed’s cherished independence from political influence.
The case represents the latest dispute to come to the top US judicial body involving Trump’s expansive view of presidential powers since he returned to office 12 months ago.
When the court, which has a 6-3 conservative majority, agreed in October to hear the case, it left Cook in her job for the time being.
“This case is about whether the Federal Reserve will set key interest rates guided by evidence and independent judgment or will succumb to political pressure,” Cook, who attended the arguments, said in a statement afterward.
“For as long as I serve at the Federal Reserve, I will uphold the principle of political independence in service to the American people,” Cook added.
Federal Reserve Chairman Jerome Powell also sat through the nearly two hours of arguments in the packed courtroom.
‘Cause for removal’
Sauer told the justices that the allegations against Cook impugn her “conduct, fitness, ability or competence to serve as a governor of the Federal Reserve”.
“The American people should not have their interest rates determined by someone who was, at best, grossly negligent in obtaining favourable interest rates for herself,” Sauer said.
“Deceit or gross negligence by a financial regulator in financial transactions is cause for removal,” Sauer added, arguing that the allegations require immediate removal.
Cook has called the allegations against her a pretext to fire her over monetary policy differences as Trump heaps pressure on the central bank to cut interest rates and lashes out at Fed Chair Powell for not doing so more quickly.
Conservative Chief Justice John Roberts asked Sauer to explain whether his argument that Cook should be immediately removed applies if the basis of the mortgage allegations – that she cited two different properties as a principal residence – is an “inadvertent mistake contradicted by other documents in the record”.
Sauer responded that, even if Cook made a mistake on mortgage paper, “it is quite a big mistake”.
Roberts seemed sceptical, telling Sauer, “We can debate that.”
Paul Clement, the lawyer arguing for Cook, told the justices that the allegations against her arise from “at most an inadvertent mistake” on a mortgage application concerning a vacation property.
Trump’s move against Cook is seen as the most consequential challenge to the Fed’s independence since it was formed in 1913. Until now, no president had sought to oust a Fed official.
A Supreme Court ruling is expected by the end of June.
Pressure on Fed independence
Conservative Justice Samuel Alito expressed concern that the administration had handled the case “in a very cursory manner”. Though the case involves Trump’s asserted cause to fire Cook, Alito said, “No court has ever explored those facts. Are the mortgage applications even in the record in this case?”
“There’s a million hard questions in this case,” Alito said.
In creating the Fed, Congress passed a law called the Federal Reserve Act that included provisions meant to insulate the central bank from political interference, requiring governors to be removed by a president only “for cause,” though the law does not define the term nor establish procedures for removal.
Clement told the justices that Trump’s position would transform tenure protections for Fed governors into “at-will employment”.
“That makes no sense,” Clement said. “There’s no rational reason to go through all the trouble of creating this unique, quasi-private entity that is exempt from everything from the [congressional] appropriations process to the civil service laws, just to give it a removal restriction that is as toothless as the president imagines.”
Roberts expressed doubts about Sauer’s arguments that the president’s assertion of a cause is not reviewable, or that judges cannot reinstate a fired officer.
Conservative Justice Brett Kavanaugh expressed doubts about the real-world effects of the administration’s arguments.
“Your position,” Kavanaugh told Sauer, “that there’s no judicial review, no process required, no remedy available, very low bar for cause that the president alone determines – I mean, that would weaken, if not shatter, the independence of the Federal Reserve.”
Conservative Justice Amy Coney Barrett also questioned why the Trump administration has denied Cook a hearing to defend herself, saying that it “would not have been that big of a deal” for Trump to sit down with Cook and lay out the alleged evidence against her.
Barrett also asked Sauer about the practical implications of allowing Trump’s firing of a Fed governor.
“We have amicus [friend-of-the-court] briefs from economists who tell us that if Governor Cook is [fired], that would trigger a recession. How should we think about the public interest in a case like this?” Barrett asked, adding: “If there is a risk [at this preliminary stage of the case], doesn’t that counsel caution on our part?”
Sauer said that Cook was notified in August of her termination, and that has not affected the markets. Sauer urged the justices to weigh the predictions of doom for the US economy by economists in briefs submitted in the case supportive of Cook with a “jaundiced eye”.
US District Judge Jia Cobb in September ruled that Trump’s attempt to remove Cook without notice or a hearing likely violated her right to due process under the US Constitution’s Fifth Amendment. Cobb also found that the mortgage fraud allegations likely were not a legally sufficient cause to remove a Fed governor under the law, noting that the alleged conduct occurred before she served in the Fed post.
The US Court of Appeals for the District of Columbia Circuit declined Trump’s request to put Cobb’s order on hold.
‘You’re fired’
Conservative and liberal justices alike posed sharp questions to Sauer on his contention that Cook was not entitled to formal notice and a hearing before removal by the president.
Conservative Justice Neil Gorsuch asked Sauer what such a hearing would look like and whether Cook would have a right to legal counsel.
Sauer responded that the court in the past has been very reluctant to “dictate procedures to the president” and that it would be up to Trump to decide.
“Calling Ms. Cook into the [White House] Roosevelt Room, sitting across a conference table, listening for, I don’t know how long, how much evidence is a lawyer required, and then making a decision? Could that suffice?” Gorsuch asked, adding: “Just a meeting across a conference table finished with, ‘You’re fired’?”
Conservative Justice Clarence Thomas asked Sauer on what basis the justices should conclude that the Fed is “an executive branch agency and hence that the president does have a removal authority”.
“There’s an academic dispute about whether or not the Federal Reserve’s Open Market operations constitute executive power or something else, essentially private conduct. However, Congress has over the years kind of packed on traditional executive powers on the Federal Reserve,” Sauer replied.
As a Fed governor, Cook helps set US monetary policy with the rest of the central bank’s seven-member board and the heads of the 12 regional Fed banks. Her term in the job runs to 2038. Cook was appointed in 2022 by Democratic former US President Joe Biden and is the first Black woman to serve in the post.
Liberal Justice Ketanji Brown Jackson pressed Sauer to reconcile two seemingly conflicting positions: his claim that the president has broad discretion to remove a Fed governor, and his recognition that Congress included tenure protections for Fed governors to shield the Fed’s independence from White House interference.
“How does that further the aims of the statute?” Jackson asked.
Alito voiced scepticism toward Clement’s argument that a Fed governor’s conduct before taking office cannot provide a basis for removal by the president, asking Cook’s attorney to address a series of increasingly egregious hypothetical scenarios.
“How about if, after the person assumes office, videos are disclosed in which the office holder is expressing deep admiration for Hitler or for the Klan?” Alito asked.
The president sought to fire Cook on August 25 by posting a termination letter on social media citing the mortgage fraud allegations disclosed by Federal Housing Finance Agency Director Bill Pulte, a Trump appointee.
The administration this month opened a criminal investigation into Powell over remarks he made to Congress last year about a Fed building project, a move he similarly called a pretext aimed at gaining influence over monetary policy.
Challenge from the Client
A required part of this site couldn’t load. This may be due to a browser
extension, network issues, or browser settings. Please check your
connection, disable any ad blockers, or try using a different browser.
Wife of veteran Ugandan opposition leader expresses concern for his safety amid threats
The life of Uganda’s veteran opposition figure Kizza Besigye is in danger, his wife has said after visiting him in prison.
”He is extremely weak,” said Winnie Byanyima in a statement posted on X. The 69-year-old politician had been taken overnight to a medical facility, the People’s Front for Freedom (PFF) party said, without specifying what he was suffering from.
A prison service spokesperson denied that Besigye’s health was dire, describing his visit to a doctor as a “general check-up”.
Besigye, a former personal doctor to President Yoweri Museveni and one of his longest-standing political rivals, has been in detention since November 2024.
”Dr Besigye told me he is finding it difficult to walk and is experiencing significant pain in his legs,” said Byanyima, a respected human rights advocate and head of UNAids. She said he had an infection that was worsening without giving further details.
Byanyima described how she had found him “huddled” on a dirty plastic chair in a small room near his cell, where he has been returned after getting medical treatment overnight.
Besigye, who has run for president against Museveni four times, has been in detention with his associate Obeid Lutale since they were both dramatically seized in Kenya and taken back to Uganda.
The PFF leader has been charged in a military court with treason, which carries the death sentence, as well as illegal possession of a firearm and threatening national security. He denies the accusations.
Last month, a court denied them bail for the fourth time, saying it was too early to release them as they had not yet entered their pleas.
In a statement on Tuesday, the PFF accused Ugandan authorities of denying Besigye proper medical care, noting that his continued detention amounted to a violation of his basic rights.
“It is a tragedy that a man who has dedicated his life to the health and freedom of others is being denied his own right to medical dignity,” the PFF said, adding: “We hold the regime and the prison authorities fully accountable for his well-being.”
The prison service spokesperson, denied that Besigye’s health was critical, saying the opposition figure was under standard medical supervision.
“Kizza Besigye receives necessary treatment like other prisoners and he is fine,” Baine said, adding: “This morning he was doing his exercises.”
Byanyima described this statement as “a cover-up”.
”Last night, after a sharp deterioration in his condition, he was rushed to the clinic of his personal doctor, where he was treated and then returned to prison late at night,” she said, calling on the authorities to transfer him to a fully equipped hospital.
Another opposition leader, Bobi Wine, has expressed concern over Besigye’s health while in detention, saying his condition appears to be deteriorating amid limited access to medical care.
“We stand fully in solidarity with him and pray for his recovery,” Wine said in a post on X.
This is not the first time the veteran opposition leader has been taken ill at Luzira Prison, a maximum security jail in Kampala, where he has been held.
Last February, Besigye was also reported critically ill after he went on hunger strike demanding justice.
Besigye, who last contested the presidency in 2016, has previously accused the authorities of political persecution.
In recent years he has been less active in politics and did not contest the general election earlier this month.
There have been increasing calls by his family, opposition and human rights groups for him to be released on medical grounds.
President Museveni has blamed Besigye and his legal team for the delays in the trial, which he said had resulted in the PFF’s leader’s continued detention.
Museveni, who has held power since 1986, was on Saturday declared the winner of last week’s presidential election with 72% of the vote.
His closest challenger Wine, whose real name is Robert Kyagulanyi, got 25%.
Wine rejected the results as “fake” and has gone into hiding citing threats against his life.
Ray Dalio warns that the global rule-based order is already ‘gone,’ toppled by America’s debt crisis and raw power – Let’s be realistic
Bridgewater Associates founder Ray Dalio, speaking to Fortune‘s Kamal Ahmed at the World Economic Forum in Davos, Switzerland, issued a stark warning to global leaders and business executives: Stop pretending the old rules still apply. In a candid assessment of the current geopolitical landscape, Dalio argued the fate of the post-World War II global order—much debated amid President Donald Trump’s pursuit of Greenland and unsettling of the NATO alliance—is a moot point.
“Let’s not be naive and say, ‘Oh, we’re breaking the rule-based system,’” Dalio said. “It’s gone.”
The billionaire founder of the largest hedge fund in history added that as a student of financial history, he pays close attention to the economic cycles of the last 500 years and sees cycles repeat themselves over time.
“And what I learned through that exercise is the same thing happens over and over again,” he said. “And it’s like a movie for me. It’s like watching the same movie happen.”
According to Dalio, five specific forces interact to drive the movie plot forward, with the “money-debt cycle” serving as the MacGuffin that kicks things off. The roots of the current instability, Dalio explained, lie in the monetary decisions made during the past several decades. Since 1971, when the U.S. under President Richard Nixon broke the dollar’s link to gold, Dalio notes, governments have consistently chosen to “print money” rather than allow debt crises to naturally play out. This behavior occurs when debt-service payments rise faster than incomes, squeezing spending. After more than half a century of this, he argued, repeating a consistent warning in his public remarks on the subject, the world is now witnessing a “breakdown of the monetary order,” evidenced by central banks altering their reserves and buying gold.
The previous day, Dalio had said in an appearance on CNBC’s “Squawk Box,” from the sidelines of the annual meeting in Davos, fiat currencies and debt as a storehouse of wealth were “not being held by central banks in the same way” anymore. He pointed to a decoupling in which the U.S. markets have underperformed foreign markets in specific metrics, a trend visible in the changing balance sheets of global central banks.
The core of Dalio’s concern lies in the transition from trade disputes to what he terms “capital wars.” He alluded to how U.S. Treasury bonds were the bedrock of global reserves for decades, but now, Dalio said the sheer supply of debt being produced by the U.S. is colliding with a shrinking global appetite to hold it.
“There’s a supply-demand issue,” Dalio noted, adding “you can’t ignore the possibility that … maybe there’s not the same inclination to buy U.S. debt.”
This reluctance is driven by geopolitical friction. According to Dalio, in times of international conflict, “even allies do not want to hold each other’s debt,” preferring instead to move capital into hard currencies. This shift forces the issuer of the debt to monetize it, a phenomenon Dalio summarized bluntly: “We’re increasingly buying our own money. That’s… the lesson of all this.”
As Dalio was speaking on Monday, markets weathered a global selloff as they digested the revelation that President Donald Trump was demanding U.S. possession of Greenland in revenge for not getting the Nobel Peace Prize in 2025. He had texted the Prime Minister of Norway Jonas Gahr Støre in anger about this, according to confirmed reports over the weekend, even though the Nobel Prize committee is separately operated from the government of Norway. But Dalio’s Tuesday remarks came amid calmer markets, as Trump reiterated his request for Greenland but clarified he would not authorize use of force to acquire it.
This economic instability feeds directly into the collapse of political norms, Dalio told Fortune on Wednesday. He argued the multilateral world order established in 1945—characterized by institutions such as the United Nations and the World Trade Organization—was arguably a “naive system” from the start, as it relied on representation without guaranteed enforcement.
“What happens when the leading power doesn’t want to abide by the vote?” Dalio asked. “Do you really expect that there’s going to be a United Nations vote or a World Court that’s going to resolve these things?”
The result, he argued, is a definitive shift from a multilateral system to a unilateral one. Dalio posited the central question of our time has become: “Who makes the rules, who enforces the rules, and how are you going to deal with that?”
Perhaps the most chilling aspect of Dalio’s analysis is the erosion of legal authority in favor of brute force. “Power matters more” than the law, he told Fortune, noting conflicts are increasingly decided by who controls the military, the police, and the National Guard. This trend is visible not only internationally but within nations, where democracy is threatened by populism and a growing belief the system is corrupt.
When asked if this rupture should strike fear into corporate boards and CEOs who have long relied on stable global rules, Dalio responded ignoring the truth is far more dangerous.
“I think what always scares me is the lack of realism,” he said.
Dalio advised leaders to stop relying on a dissolving rule-based system and instead focus on “jurisdiction questions,” seeking out places where people are “like-minded” and mutually supportive. Whether dealing with international boundaries or domestic regulations, Dalio insists businesses must now face the hard reality the era of assured legal protection is ending.
“Will law prevail?” Dalio asked. “Internationally, everybody is having to deal with that question.”
As confidence in institutions, the law itself, and fiat-denominated debt erodes, Dalio highlighted to CNBC the quiet but significant resurgence of gold. He emphasized gold should not be viewed merely as a speculative asset but as “the second-largest reserve currency” in the world. He noted in the previous year, gold was the “biggest market to move,” and it performed far better than tech stocks as central banks diversified their holdings. JPMorgan CEO Jamie Dimon had similar remarks in an interview with Fortune at the Most Powerful Women conference in October, when he said for the first time in his life, it had become “semi-rational” to have gold in your portfolio.
However, Dalio’s outlook was not entirely defensive. He said he sees the current era as a bifurcation between the decaying monetary order and a “wonderful technological revolution,” echoing Trump’s remarks onstage earlier that day about the “economic miracle” taking place. In that regard, at least, might may end up making right.
This story was originally featured on Fortune.com
Tickets for the 2026 European Championships Swimming Portion Available for Purchase Starting Friday
Tickets for the swimming portion of the 2026 European Championships, scheduled for August 10-16, are set to go on sale Friday, January 23, at 2:00 pm French time. This initial release covers swimming, artistic swimming, and diving, with tickets for open water swimming and high diving to be released at a later date.
The official ticketing page for the competition is available here.
During the week, swimming heats range from €23 to €44 depending on your seating category, while evening finals run €46 to €91. Weekend sessions cost more: heats are priced between €27 and €53, with finals ranging from €56 to €109.
In addition to standard seating, reduced-visibility tickets are available at lower prices. These seats are priced by session rather than location: €20 for weekday heats, €40 for weekday finals, €23 for weekend heats, and €48 for weekend finals.
See the prices for each sport below, along with euro to US dollar conversions for swimming tickets.






PRICING CONVERSIONS
| Session Type | Category 1 | Category 2 | Category 3 | Reduced Visibility |
|---|---|---|---|---|
| Weekday Heats | €44 ($51.47) | €31 ($36.27) | €23 ($26.91) | €20 ($23.40) |
| Weekday Finals | €91 ($106.46) | €64 ($74.89) | €46 ($53.83) | €40 ($46.81) |
| Weekend Heats | €53 ($62.02) | €38 ($44.47) | €27 ($31.59) | €23 ($26.91) |
| Weekend Finals | €109 ($127.56) | €77 ($90.11) | €56 ($65.53) | €48 ($56.17) |
Pool swimming will be held at the Paris Olympic Aquatic Centre, which was the only new, permanent venue built for the Paris 2024 Olympics. The facility had a capacity of 5,000 for the Olympics, which was reduced to 2,500 post-Games. It hosted diving, water polo, and artistic swimming competitions during the Olympic Games, with pool swimming being hosted in La Defense Arena, which has since returned to its primary function as an indoor rugby and concert venue.
The 2026 event will mark the third time France has hosted the European Aquatics Championships and the second time Paris has been the hub city. Paris hosted the third edition in 1931, and then in 1987, the eastern French city of Strasbourg hosted the event.
The competition will encompass five of the six traditional aquatics disciplines, with water polo holding a separate championship since 1997. The 2026 edition is currently underway in Belgrade, Serbia.
The meet schedule has pool swimming in the back-half of the meet schedule, which breaks from the pattern of the last decade where in these inter-Olympic editions (aka non-Olympic years) have led off with swimming.
FULL COMPETITION SCHEDULE
- Artistic Swimming: July 31-August 5
- Diving: July 31-August 6
- Open Water Swimming: August 4-August 8
- Swimming: August 10-August 16
- High Diving: TBD
This later timing is strategic, though, as it will avoid a direct conflict with the Commonwealth Games in Glasgow, which are being held in an abbreviated format and timeline from July 23-August 2. Pool swimming is the only overlapping discipline between the two events after diving was left off the schedule for the first time in the event’s history.
Glasgow and Paris are only 2 hours apart by plane, and Paris time is only 1 hour later than Glasgow. The primary European nation that participates in the Commonwealth Games is the United Kingdom (and its various subsidiary parts like England, Scotland, and Wales). Cyprus and Malta also participate in both events.

