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A federal appeals court has ruled that New Jersey gaming regulators cannot prevent Kalshi from allowing people in the state to use its prediction market to place financial bets on the outcome of sporting events. The decision marks a significant victory for Kalshi and similar prediction market operators.The three-judge panel of the Philadelphia-based third US circuit court of appeals ruled 2-1, finding that the US Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over the sports-related event contracts that Kalshi allows people to trade on its platform.This ruling is a major setback for states like New Jersey, which had argued that firms like Kalshi were operating without required state licenses, in violation of gaming laws, including bans on wagers by those under 21. New Jersey had sent Kalshi a cease-and-desist letter last year, stating that its listing of sports-related event contracts on its platform violated state gambling laws.Kalshi had sued the state, arguing that its event contracts qualify as “swaps”, a type of derivative contract, that under the Commodity Exchange Act can only be regulated by the CFTC, which had granted the company a license to operate a designated contract market (DCM).The ruling was in line with the position advanced by the CFTC under Donald Trump’s administration. The regulator sued Arizona, Connecticut, and Illinois last week to prevent them from pursuing what it called unlawful efforts to regulate prediction markets.“Congress gave the CFTC exclusive jurisdiction over trades on DCMs, and this decision affirms the goals of Congress,” said Brooke Nethercott, a CFTC spokesperson.However, US circuit judge Jane Richards Roth dissented, saying Kalshi was facilitating gambling and that its “offerings were virtually indistinguishable from the betting products available on online sportsbooks, such as DraftKings and FanDuel”.The New Jersey attorney general's office said it was evaluating its options, including potentially asking the full third circuit to rehear the case.

At Augusta National, Justin Rose’s name appears twice on the bronze winner’s list beside the victories of Sergio García (2017) and Rory McIlroy (2025) – both wins coming after playoffs that Rose lost. Only Ben Hogan shares the dubious distinction of losing two Masters playoffs, though Hogan later won the tournament twice outright.Rose’s record also includes a second‑place finish in 2015, four strokes behind Jordan Spieth. The only player with more runner‑up finishes without ever winning is Tom Weiskopf, who was second four times in seven years.Now 45 years old and entering his 21st Masters, Rose cannot predict if he will ever get as close again as he did last year, when McIlroy’s birdie putt on the 18th sealed a one‑stroke playoff defeat.“When you realise you’re that close, you can taste the victory,” Rose says. “I lived it as if I’d won, but without the real positive emotion – I sensed everything.” He acknowledges the mental rehearsal of the “what‑if” scenario while maintaining that he “did everything he could” and can live with the result.Rose explains his mental formula: “You can’t make a major win too important in the moment,” because a career inevitably includes “a little bit of heart‑ache and heartbreak.” He believes that to win, a player must also be prepared to be on the losing side.Despite the setbacks, Rose feels he has already demonstrated the necessary skill set. “I’ve pretty much done what it takes to win. I just haven’t walked over the line,” he asserts, emphasizing that he does not feel the need to change his approach.Recent form offers optimism. Earlier this year Rose set a new course record at Torrey Pines and became the first player in 71 years to win the Farmers Insurance Open wire‑to‑wire. He notes that eight players have captured the Masters after finishing second the previous year, suggesting his odds improve when the field is considered.Rose is also mindful of external narratives. “People are wishing me well and thinking it’s my year,” he admits, adding that he must manage expectations and craft his own story rather than buying into others’ predictions.

Online betting platform Polymarket has come under fire for allowing users to wager on the fate of US pilots shot down in Iran. The platform has since halted the bets and promised to investigate how they were allowed to happen. The controversy began when US Representative Seth Moulton publicly denounced the practice, calling it 'DISGUSTING' that people were betting on the pilots' rescue while search efforts were still underway. Moulton, a veteran of the US Marine Corps, expressed his outrage on social media platform X. The incident involved an F-15E Strike Eagle jet shot down by Iranian military forces, with one pilot rescued within seven hours and the other rescued on Sunday, as announced by Donald Trump on his Truth Social platform. Polymarket initially allowed users to bet on the timing of the rescues, with most wagers predicting they would occur by Saturday. However, after Moulton's criticism, the platform quickly removed the market, stating it did not meet their integrity standards and vowed to investigate. Moulton did not stop there, calling on Polymarket to deactivate hundreds of other war-related wagers, accusing the company of having 'severely lacking' integrity standards. He also mentioned that Donald Trump Jr, the president's oldest son, is an investor in Polymarket, which Moulton referred to as a 'dystopian death market'. This incident is not the first time Polymarket has faced scrutiny. In March, some users generated international headlines by sending threatening messages to an Israeli journalist after betting on a missile strike near Jerusalem. The controversy surrounding prediction markets like Polymarket has drawn congressional attention, with lawmakers introducing proposals to ban betting on certain topics, including sports, government actions, and events 'ripe for rigging'. US Senator Chris Murphy stated that such markets risk 'corrupting the soul of America' by turning life-and-death events into financial products.

Billy Livsey, an American musician who arrived in England in the 1970s, transitioned from touring with Slim Chance and Gallagher & Lyle to writing hits for Shakin’ Stevens, Elkie Brooks and Paul Young before being tapped to write for the teen pop group Five Star. In the mid‑80s Livsey co‑wrote the chart‑topping single “System Addict” with Gary Bell, and a few months later his publisher suggested a partnership with lyricist Peter Sinfield. After a brief exchange of a rough melody, Sinfield asked Livsey to pen the words over the phone, resulting in the lyric sheet for what would become “Rain Or Shine.” The demo featured the renowned session vocalist Tessa Niles, whose résumé includes touring with The Police and singing on Eric Clapton’s “Layla” on his Unplugged album. Livsey recalls that her effortless delivery set the tone for the final recording. Recording took place at London’s iconic Mayfair Studios, a venue that had hosted legends such as George Michael and Tina Turner. Livsey admits he “stole” a sequencer fragment from Donald Fagen’s “New Frontier” to give the track a subtle, progressive‑pop edge. Five Star’s lead vocalist Deniece Pearson remembers the demo’s female vocal as a revelation compared to an earlier male‑sung version of “All Fall Down.” Her father and manager, Buster Pearson, urged her to “listen to the lady on the demo and articulate your words.” Because she was wearing braces, Deniece deliberately over‑enunciated to keep the metal from sticking to her lips – a quirky detail she still laughs about. Studio sessions were far from smooth. Frequent electrical glitches prompted Livsey to joke, “Gremlin. Gremlin.” Yet he remained confident, insisting that such hiccups often precede a hit record – a prediction that proved accurate. Upon release, “Rain Or Shine” became a staple of Five Star’s live repertoire, earning spots on Top of the Pops, the Royal Variety Performance and the Miss World stage. During a tour, a fan pulled Deniece into the audience pit, only to be rescued by her “hunky Italian” security guard, a moment she now recounts with affection. Today the song closes the group’s concerts as an encore, with audiences singing along and often moving Deniece to tears. She credits Livsey’s melodic craftsmanship, noting that the 80s songwriting formula – a strong melody followed by soaring vocals – remains the song’s enduring charm.

Iran's Khatam al-Anbiya Central Headquarters announced on Saturday that Iraqi ships are free to pass through the Strait of Hormuz, a critical conduit for global energy supplies. This decision exempts Iraq from all restrictions in the strait, with controls only applying to 'enemy countries'.The announcement reflects Iran's easing of its stranglehold on the strait, which has been effectively blockaded since the US and Israel launched their war on Iran on February 28. Despite this, maritime traffic has seen an increase in recent weeks, with 53 transits recorded last week, according to Lloyd's List Intelligence.Iran's military command emphasized its 'profound respect for Iraq's national sovereignty' and praised Iraq's struggle against the US. This move comes in response to US President Donald Trump's demands for Tehran to make a deal or relinquish control of the waterway, warning that 'all hell' would ensue within 48 hours otherwise. Iran's Khatam al-Anbiya Central Headquarters rejected Trump's demand, calling it a 'helpless, nervous, unbalanced and stupid action'. The blockade has significantly impacted global energy markets, pushing up fuel prices and prompting emergency energy conservation measures in many countries. Brent crude has hovered above $109 a barrel, with predictions of further price surges if the strait remains blocked. Iraq's oil production, which provides most of Baghdad's revenues, has been particularly affected, falling to 1.2 million barrels a day from 4.3 million barrels.

The US labor market demonstrated unexpected strength in March, with employers adding 178,000 jobs, significantly exceeding economists' predictions of around 70,000. This growth comes after a revised report showed that the economy lost 133,000 jobs in February, a worse figure than initially stated. The unemployment rate decreased to 4.3%, according to data from the US Bureau of Labor Statistics. The job figures for January were revised upward from 126,000 to 160,000. With these revisions, total employment in January and February is 7,000 lower than previously reported. Despite the positive March numbers, the overall trend in the US jobs market has been sluggish since last year. In 2025, only 116,000 jobs were added to the economy for the entire year, which is roughly the same number added per month in previous years. The slowdown in hiring is attributed to caution among employers, particularly due to consumer inflation experiencing fluctuations over the last year. US inflation dipped to 2.3% in April 2025 before rising to 3% in September. Since the start of this year, price increases have remained steady at 2.4%. The ongoing US-Israel war with Iran is expected to drive inflation higher if the situation escalates. The labor market's uncertainty is also reflected in the 'quits rate,' which fell to 1.9%, the lowest since 2020. This suggests that workers are choosing to stay in their current jobs due to uncertainty in the labor market. Adding to the economic pressure, US average gas prices recently surpassed $4 a gallon, and experts warn that every $10 increase in the price of a barrel of oil can lead to a 0.2% climb in inflation, reminiscent of the price shocks seen in 2022 following Russia's invasion of Ukraine.

The increasing congestion of Earth's orbit with satellites is raising concerns about the environmental impact of space activities. A recent UN report highlighted the urgent need for sustainable practices to manage potential orbital congestion and environmental impacts.One of the most pressing issues is the risk of space debris, also known as 'space junk', which includes discarded rocket stages and defunct satellites. The surge in orbital activity has created a significant collision risk, and there have already been a handful of crashes. In 2007, a Chinese anti-satellite weapon test intentionally blew up a weather satellite, creating a dangerous cloud of space debris.Researchers fear that the impact of space activities on the ozone layer, which shields the planet from radiation, could be significant. A study found that roughly 10% of particles in the stratosphere contain metals that originated from space activities such as rocket launches.The Guardian has launched an interactive project to visualize the tens of thousands of human-made objects spinning around the globe. The project reveals a significant problem which, if left unchecked, could disrupt some of humanity's most important services such as the internet and weather prediction.As a global society, we rely on satellites constantly, not only to help us navigate around using Google Maps, but also to provide internet access and, critically, predict the weather. Space-based monitoring of the Earth also allows researchers to track deforestation, desertification, glacier and ice-cap melt, and the spread of oil spills.

The US government has taken legal action against Illinois for attempting to regulate the rapidly growing online prediction market industry. The lawsuit, filed in Chicago federal court, claims that Illinois' efforts to shut down so-called designated contract markets regulated by the Commodity Futures Trading Commission (CFTC) are unlawful.Online prediction markets allow users to bet on a wide range of events, from Oscar winners to military conflicts. These platforms classify their offerings as 'event derivatives,' which fall under federal commodities law and are overseen by the CFTC. This classification allows them to operate in all 50 states for users 18 and older.Illinois introduced legislation earlier this year that would impose strict regulations on prediction markets, including an effective ban on sports-related trades, advertising restrictions, and age verification measures. The CFTC argues that this legislation intrudes on its exclusive authority to regulate national swaps markets.The lawsuit is the first by the CFTC to block state gaming regulators from policing operators of prediction markets. It cites cease-and-desist letters sent by the Illinois gaming board to companies like Kalshi, Polymarket, and Crypto.com, alleging violations of Illinois gambling laws.The federal lawsuit names Illinois Governor JB Pritzker and Illinois Attorney General Kwame Raoul as defendants. The case highlights the ongoing debate over the regulation of prediction markets, with some arguing they are essentially gambling operations and others seeing them as federally regulated financial exchanges.Congress is also considering federal measures to regulate prediction markets, including a bipartisan bill introduced by US senators that would ban federally regulated platforms from allowing wagers on sporting events.

UK businesses are planning to raise their prices more rapidly in the coming months due to the escalating costs triggered by the Iran conflict. A recent survey conducted by the Bank of England among over 2,000 chief financial officers revealed that companies now anticipate increasing their prices by 3.7% over the next year. This marks an increase from 3.4% in February, while the expectation of inflation across the economy has also risen from 3% to 3.5%. The effective closure of the Strait of Hormuz has significantly driven up oil and gas prices, leading to predictions of wider price rises as these higher costs impact industries. The UK Chancellor, Rachel Reeves, has met with retail bosses to discuss the risks of supply shortages and price increases. There is also pressure on her to mitigate the impact of likely rises in household gas and electricity bills before next winter and to reconsider plans for a 5p per liter increase in fuel duty set to take effect by next March. Bank of England policymakers are closely monitoring UK companies' pricing intentions as they consider whether to raise interest rates in the coming months from their current level of 3.75%. Financial markets are currently pricing in two interest rate rises by the end of the year, reflecting a sharp turnaround from expectations of rate cuts before the conflict began. However, Bank of England Governor Andrew Bailey has cautioned that markets may be getting ahead of themselves, and weak consumer demand may prevent companies from passing on cost increases to their customers. He noted that businesses often report an absence of pricing power. Inflation on the consumer price index was steady at 3% in February but is now expected to rise.