A day of major developments is underway across the globe, as the European Central Bank prepares to deliver its latest verdict on interest rates, a stunning new report reveals the colossal cost of fare evasion in New York City, and Jack Ma’s Ant Group makes a dramatic entrance into the humanoid robotics race.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
European Central Bank set to hold rates steady as economy withstands tariffs
The European Central Bank is set to leave interest rates on hold for a second consecutive meeting on Thursday, a clear signal of its conviction that the Eurozone economy can endure the twin headwinds of President Donald Trump’s tariffs and the renewed political turmoil in France.
All 59 economists in a Bloomberg survey expect the deposit rate to be held at 2 percent. With inflation currently deemed to be meeting its target and the 20-nation economy proving resilient, most ECB officials appear content with the current policy settings, though they must also weigh the prospect of a Federal Reserve rate cut next week that could send the euro soaring.
NYC transit lost a staggering 1 billion dollars to fare evasion in 2024
New York City’s sprawling transit system lost an almost unbelievable 1 billion dollars in revenue from fare evasion in 2024, a vast sum that could have fixed budget shortfalls or covered three rounds of fare increases.
In a new report, the fiscal watchdog Citizens Budget Commission revealed the scale of what the Metropolitan Transportation Authority (MTA) has called an “existential crisis.”
The biggest challenge is on the city’s buses, which accounted for 568 million dollars of the lost revenue, while subway riders failed to pay 350 million dollars. The MTA is now experimenting with different strategies to combat the rampant problem.
Jack Ma-backed Ant Group unveils its first humanoid robot
Jack Ma-backed Ant Group Co. has showcased its first-ever humanoid robot, formally joining an intensifying global race to commercialize a frontier technology.
The company’s robotics unit, Robbyant, demonstrated its R1 humanoid model at a conference in Shanghai on Thursday. The robot can serve as a tour guide, sort medicine, provide medical consultations, or even perform basic kitchen tasks.
Ant is the latest global giant to delve into the nascent field, a battleground that includes major players like Tesla Inc. as well as a host of up-and-coming startups.
FIFA loses a standoff for Mexico City stadium box use in the World Cup
In a rare defeat for the world’s most powerful soccer organization, the holders of private boxes at Mexico City’s iconic Estadio Banorte have won a standoff against FIFA over who gets to control those spaces during the 2026 World Cup.
The dispute arose because the stadium had signed 99-year contracts for box access to fund a renovation back in 1966. After prolonged negotiations, an agreement has been reached where a unit of the stadium’s owner will make “relevant obligations and payment commitments” to FIFA to secure access for the boxholders.
The stadium, famous for Diego Maradona’s “Hand of God” goal, is set to host five games, including the tournament’s inaugural match.
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