CEO

Airbnb Inc. Chief Executive Officer Brian Chesky said he didn’t integrate his company’s online travel app with OpenAI’s ChatGPT because the startup’s connective tools aren’t “quite ready” yet.

Airbnb will monitor the development of ChatGPT’s app integrations and may consider a tie-up in the future similar to those of its peers Booking Holdings Inc. and Expedia Group Inc., Chesky said in an interview.

“I didn’t think it was quite ready,” he said of ChatGPT’s integration abilities.

Because Airbnb is a community with verified members, OpenAI will have to build a platform so robust that Airbnb’s app can work within the ChatGPT chatbot in an “almost self-contained” manner, Chesky said.

Chesky, who is close friends with OpenAI CEO Sam Altman, said he advised the AI company on its new capability for third-party developers to make their apps available within the ChatGPT chatbot. The AI company announced those features earlier this month. Airbnb wasn’t among the first apps that are available on the popular chatbot.

An OpenAI spokesperson declined to comment on Chesky’s remarks, but referred to the company’s blog post earlier this month that described the app integration technology as a developer preview, with more features coming soon.

While Airbnb has set aside a possible integration with ChatGPT, the company Tuesday announced that it had updated its in-app artificial intelligence tools to let customers take more actions without the need of a live representative.

The company’s AI customer service agent, which it rolled out to all US users in English in May, now displays action buttons and links that can help people complete, say, a reservation change or cancellation.

That has led to a 15% reduction in users needing a live representative, cutting average resolution time to six seconds from nearly three hours, Airbnb said. The company plans to add Spanish and French language support this fall, and 56 more languages next year.

The agent is built upon 13 different AI models, including those from OpenAI, Alibaba Group Holding Ltd., Alphabet Inc.’s Google and open source providers, Chesky said.

“We’re relying a lot on Alibaba’s Qwen model. It’s very good. It’s also fast and cheap,” he said. “We use OpenAI’s latest models, but we typically don’t use them that much in production because there are faster and cheaper models.”

Airbnb, which expanded its business beyond accommodations into tours and individual services earlier this year, also is adding new social features to encourage user connections and eventually make better travel recommendations within the app.

The company unveiled an option for guests to share their Airbnb profile with other travelers after they book an experience. Users who have gone on the same tours can also now directly message one another — privacy safeguards are implemented where the conversation can only continue if the recipient accepts a message request, Airbnb said.

More social features are coming next year, and Chesky said that longer term these features could lend themselves to user-generated content on the app, where people can seek travel inspiration without leaving the Airbnb site.

“I think the social features, the community, that’s probably the most differentiated part of Airbnb,” he said. “People are the reason why I think Airbnb is such a sticky service.”

Lung writes for Bloomberg.

Oct. 18 (UPI) — Salesforce CEO Marc Benioff has apologized for backing President Donald Trump possibly sending the National Guard to San Francisco, where the tech company is based.

Benioff had complained about crime problems outside the company’s annual Dreamforce conference in downtown San Francisco from Tuesday through Thursday, which drew about 45,000 attendees.

“We don’t have enough cops, so if they can be cops, I’m all for it,” Benioff told The New York Times on Tuesday, noting he had the pay for several hundred off-duty law enforcement to help patrol the Moscone Center.

On Friday, he changed his stance.

“Having listened closely to my fellow San Franciscans and our local officials, and after the largest and safest Dreamforce in our history, I do not believe the National Guard is needed to address safety in San Francisco,” Benioff wrote in a post on X in a post on X.

“My earlier comment came from an abundance of caution around the event, and I sincerely apologize for the concern it caused. It’s my firm belief that our city makes the most progress when we all work together in a spirit of partnership. I remain deeply grateful to Mayor [Daniel] Lurie, SFPD, and all our partners, and am fully committed to a safer, stronger San Francisco.”

The Trump administration already has deployed the National Guard to Portland, Ore.; Memphis, Tenn., and Chicago in a crackdown on illegal immigration and crime. Lower courts blocked the deployments of the troops.

On Tuesday, Trump told in the Oval Office that “we have great support in San Francisco” for sending troops to the city, apparently a reference to Benioff. He urged FBI Director Kash Patel to make San Francisco “next” for deployment.

Benioff’s suggestion was condemned by politicians, including California Gov. Gavin Newsom, investors and those associated with the company.

Newsom, who was mayor of San Francisco, is a friend of Benioff and appeared at last year’s company convention.

More than 180 Salesforce workers, alumni and community members wrote an open letter on Friday that was published online. They said his comments have “revealed a troubling hypocrisy.”

“Salesforce was built on empowering communities — not deploying the National Guard into them,” they wrote. “Last week, that’s exactly what you endorsed.’

The letter added: “Walking back your words doesn’t undo the damage.”

Startup investor Ron Conway resigned from the board of the Salesforce Foundation on Thursday. Conway told Benioff in an email that their “values were no longer aligned,” according to the New York Times.

Conway donated around $500,000 to at least two funds tied to Kamala Harris’ unsuccessful 2024 presidential election campaign.

Benioff has donated to both political parties but has supported Harris, Barack Obama and Hillary Clinton for president. He attended a state dinner by King Charles for Trump at Windsor Castle in England on Sept. 15.

His family and Salesforce have given more than $1 billion to Bay Area causes, the San Francisco Chronicle reported.

Benioff, who acquired Time magazine in 2018, has a net worth of $8.8 billion, ranking 381st in the world, according to Forbes.

Laurene Powell Jobs, a pre-eminent philanthropist, criticized Benioff for his remarks.

“When wealth becomes a substitute for participation, giving is reduced to performance art — proof of virtue, a way to appear magnanimous while still demanding ownership,” she wrote in the Wall Street Journal. “That’s the quiet corruption corroding modern philanthropy: the ability to give as a license to impose one’s will. It’s a kind of moral laundering, where so-called benevolence masks self-interest.”

Conservatives have rallied behind the Salesforce CEO.

Venture capitalist David Sacks, who is now Trump’s artificial intelligence and crypto czar, wrote on X : “Dear Marc @Benioff, if the Democrats don’t want you, we would be happy for you to join our team. “Cancel culture is over, and we are the inclusive party.”

Benioff has previously complained about crime in the city. In 2023, he threatened to relocate Dreamforce to Las Vegas over concerns about drug use, crime and homelessness.

Salesforce has attempted to get on the good side of the Trump administration as the company seeks regulatory approval for its proposed $8 billion acquisition of Informatica, an AI-powered cloud data management company.

Salesforce a few weeks ago announced a new line of business, Missionforce, for more revenue from defense, intelligence and aerospace agencies.

The New York Times also reported that Salesforce has offered its services to increase Immigration and Customs Enforcement’s capabilities.

Salesforce is a cloud-based software company founded in 1999 by Benioff, a former Oracle executive.

The company has a market capitalization of $238 billion with $38 billion in revenue in 2025 and 76,453 employees. The public company is a component of the Dow Jones Industrial Average.

Hedda Felin, boss of the Norwegian firm, has raised concerns about the rapid growth of the cruise industry and has issued a warning of what could happen if changes aren’t made

The cruise industry has to change or it faces being banned out of existence, the CEO of Hurtigruten has warned.

Hedda Felin, boss of the Norwegian firm, has raised concerns about the rapid growth of the cruise industry in an interview with the Mirror. She says more must be demanded of passengers visiting ports, while calling for dirty fuels to be scrapped to ease the significant environmental impact of the industry.

Hedda is particularly worried about the size of cruise ships and the burden their vast numbers of passengers are placing on coastal towns. If restrictions are not put in, anti-cruise ship protests such as those that have broken out in Barcelona and Venice will spread, she predicts.

“I am very concerned about the future. Local communities will react (if we don’t act). We will see more ‘cruise ships go home’ mentality. There will be no future if you don’t leave behind more than you take,” Hedda said.

OPINION

Milo Boyd

OPINION

Milo Boyd

Hedda spoke to the Mirror at a moment of unprecedented growth in the cruise industry. This year, the world’s largest cruise ship set sail after the industry brought in just shy of $80 billion in a year. That figure will hit $171 billion by 2035, according to one study.

Norway, where Hurtigruten is based, has seen a 70% increase in cruise traffic since 2019 – growth that Hedda calls “kind of overwhelming”.

“I am concerned, I am worried for Norway. It is a long coast, but it has small communities. The communities are overwhelmed by the size of the cruise and the number of visits every day. Local communities are more and more skeptical. 5,000 passengers are trying to fit into villages of 300 people.”

A major gripe among those living and working in busy cruise ship ports is how little passengers spend. Often they visit for a short period of time, see the public sights and then return to their all-inclusive ship.

“We (Norwegians) as a nation demand too little of the visitors and how much they leave behind. There are so many things you could do easily. We could ban heavy oil fuel along the coast. (Hurtigruten) banned it 15 years ago. There could be more restrictions on NOx emissions.

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“Hurtigruten has chosen to only use local suppliers. We get the local expertise, as well as quality food and drink. It is possible to impose requirements that, for example, 30% of the supplies must come from the nation you’re visiting.

“We have our own seaweed farm, which we use to make protein for food, soup and socks. It is a huge contrast to all-inclusive, vacuum-packed food.”

Hedda argues that the issue isn’t about growth generally but the wrong kind. Hurtigruten’s fleet has grown from seven to 10 ships over the last two years. In the future, the CEO hopes it can become less environmentally damaging. She also backs size limits on future ships.

“We want to create the world’s most energy-efficient product, as close to zero as possible. We want energy-efficient sails, solar panels powered by the midnight sun. My dream is that it will be ready by 2030,” Hedda said.

“We, clearly, need to restrict and reduce the building and size of new ships. We do not need more of the big cruise ships. They need to be a completely different environmental standard. If we managed that, it can be a good way of travelling. It has to be local value creation. If growth continues, it will be some years and then it will be completely banned. It will meet huge resistance.”

Not everyone is so pessimistic about the future of the cruise industry, however. Jonny Peat, head of cruise for Advantage Travel Partnership, is enthusiastic about the growth predicted for the coming years.

“The most striking number is that less than 3% of the leisure travel market is made up of cruise passengers. We’ve not even scratched the surface.”

Right now, 37 million passengers set sail on cruise ships worldwide each year. By 2028, that will hit 42 million. “Despite the fact that some people think there are too many ships, leisure cruise liners make up 1% of the overall maritime industry. Cruise isn’t going anywhere,” Jonny said.

Both cruise ship size and total number have rocketed in recent years. According to a Transport & Environment report, the number of cruise ships has increased more than twentyfold, from only 21 in 1970 to 515 vessels today.

This story contains spoilers for “Tron: Ares.”

Get ready to enter the Grid: “Tron: Ares” has finally hit theaters.

Directed by Joachim Rønning, “Tron: Ares” is the third installment of the classic sci-fi franchise that kicked off with the 1982 film “Tron.” And like many modern movies that are part of an expansive Hollywood franchise, “Tron: Ares” makes sure to leave the door open for future storytelling.

“Tron: Ares” does so in the closing moments of the movie’s main story as well as in a stinger that plays after the credits start to roll.

The film, which picks up sometime after the events of “Tron: Legacy” (2010), stars Jared Leto as an advanced AI program named Ares created by Julian Dillinger (Evan Peters), a programmer and rising CEO of a tech corporation. Greta Lee portrays Eve Kim, also a programmer and the CEO of the tech company once led by original “Tron” hero Kevin Flynn (Jeff Bridges).

Although extensive knowledge of the previous films is not necessarily required to understand “Tron: Ares,” fans of “Tron” and “Legacy” will be the first to recognize the significance of the doors that the film leaves open. (Turn back now if you want to avoid spoilers.)

Evan Peters as Julian Dillinger in “Tron: Ares.”

(Leah Gallo / Disney)

The mid-credits scene is a callback to ‘Tron’

“Tron: Ares” ends with Julian — the grandson of Flynn’s original “Tron” rival, Edward Dillinger — escaping into Dillinger Corp.’s Grid.

The mid-credits scene shows Julian taking in the wreckage of his digital world before noticing and activating his identity disc. After taking ahold of the glowing circular object, his digital suit starts to form in a familiar silhouette.

Those who have seen “Tron” will recognize that Julian’s suit resembles that of Sark, the villainous program written by Ed Dillinger, who led the original film’s Master Control Program army. In “Tron,” Sark was played by David Warner, who also portrayed Ed.

The scene further cements Julian as the successor to his grandfather’s legacy and leaves the possibility open for his return as a villain in a future “Tron” installment.

Jared Leto as Ares in “Tron: Ares.”

(Leah Gallo / Disney)

‘Tron: Ares’ ends by teasing a future link-up with ‘Tron: Legacy’

The new “Tron” movie ends by hinting that Ares’ story is not quite over, either. In the final moments of the film, Ares is shown looking at images of Quorra, a character portrayed by Olivia Wilde in “Tron: Legacy.”

Quorra, like Ares, started her existence in the Grid and eventually made her way out into the real world. But Quorra isn’t a man-made program; she is an “isomorphic algorithm,” or a digital being who spontaneously came into existence in the Grid. She was introduced in “Legacy” as Flynn’s charge who was learning about humanity from him.

Could a meeting between Ares and Quorra be in the “Tron” franchise’s future? Only time (and likely “Tron: Ares’” box office returns) will tell.

Haas team principal Ayao Komatsu said Horner had “approached” the US-based team but added: “Nothing has gone any further. It is finished.”

Alpine managing director Steve Nielsen said the French team’s executive adviser and de facto boss Flavio Briatore was “old friends” with Horner.

Nielsen added: “I don’t know what they talk about. Everything I know is there are no plans for Christian to come to Alpine but that doesn’t mean it won’t happen.”

Williams team principal James Vowles said Horner had not approached them.

“We’re very happy with the structure we have and it’s working,” Vowles said. “I don’t see any reason to change from that.”

Horner is free to return to F1 by the middle of next year after finalising a severance package with Red Bull on 22 September.

The 51-year-old was fired as Red Bull team principal after the British Grand Prix in July.

Multiple sources at Red Bull have told BBC Sport the settlement package was worth 60m euros (£52m).

McIlroy described the abuse as “unacceptable” and said it should be “off-limits”.

Sprague says he plans on apologising to McIlroy and his family.

“I haven’t spoken to Rory or Erica [McIlroy] but I do plan on sending them an email with my heartfelt apologies because of what occurred,” he said.

McIlroy suffered lengthy abuse before eventually snapping by swearing at a spectator that called out while he was addressing the ball.

“I chirped back because it got to me a few times, but we tried to handle everything that came our way with class and poise, and for the most part, I felt like we did that,” said McIlroy.

“It was a rough week for all of us. But at the same time, we shut them up by our performance.”

Longtime FilmLA executive Denise Gutches has been named the nonprofit’s new chief executive.

Gutches, who has served as FilmLA’s chief financial and operating officer since 2011, will assume her new role on Jan. 1. FilmLA President Paul Audley will retire at the end of December after a 17-year tenure with the organization, which announced the change Wednesday morning.

“We have a lot to do in this creative economy,” Gutches said in an interview. “I am definitely up for this challenge.”

The leadership transition comes as Hollywood tries to lure back film and television production that has relocated to other states and countries in search of lower costs and more generous tax incentives. Earlier this year, California increased the annual amount allocated to its own film and TV tax credit program and expanded the eligibility criteria in hopes of jump-starting production in the Golden State.

In the most recent application period, 22 TV series were awarded tax credits amid heightened interest in the program. Eighteen of those series will film largely in the Los Angeles area.

Gutches said she is hopeful the sweetened incentives will provide a boost to the Greater L.A. area, which has seen a sharp decline in production since the pandemic, dual writers’ and actors strikes and a pullback in spending from the studios.

FilmLA — which handles film permits for the city of Los Angeles and unincorporated areas of the county — is also working with government partners to smooth the process of filming in L.A., she said.

“We think that that’s highly critical to ensure that we can make the Los Angeles region more attractive with the new film and television tax credit,” she said. “Our mission is to keep filming here and streamlining it, and that’s really what we’re going to focus on.”

The transition to Gutches’ leadership began months ago when Audley asked the nonprofit’s board not to renew his contract.

His decision came after the group’s staff was cut to 74 employees from 117, reflecting industry changes and a slowdown in local production activity.

“It’s really about right-sizing the executive level staff of an organization of this size,” Audley said. “It just makes good business sense.”

Published on
24/09/2025 – 9:33 GMT+2

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Shares in Alibaba rose around 9% in Hong Kong on Wednesday afternoon after CEO Eddie Wu said that he would lift the firm’s AI budget.

The e-commerce giant had already pledged to invest 380 billion yuan (€45bn) in AI-related infrastructure over the next three years, seeking to stay ahead as firms race to develop new models. Wu did not give details on the additional expenditure.

The pledge came as Wu was launching Alibaba’s most powerful AI model during a company conference in Hangzhou, China. The firm’s chief technology officer, Zhou Jingren, said that the Qwen3-Max model contains more than 1 trillion parameters. These are learnt values that determine how the system processes information and makes predictions.

In certain metrics, Alibaba claimed that its Qwen3-Max model outperformed rival offerings like Anthropic’s Claude and DeepSeek-V3.1, citing third-party benchmarks.

“The industry’s development speed far exceeded what we expected, and the industry’s demand for AI infrastructure also far exceeded our anticipation,” Wu said on Wednesday. “We are actively proceeding with the 380 billion investment in AI infrastructure, and plan to add more.”

Stressing that Alibaba must push ahead, Wu estimated that total global investment in AI will exceed $4 trillion (€3.4tn) in the next five years. Chinese rivals such as Tencent and JD.com, as well as US tech firms, have invested heavily in AI over the past year.

Complicating Alibaba’s progress, however, are access restrictions on AI processors from Nvidia.

Last week, China’s internet regulator banned the country’s biggest tech firms from buying Nvidia’s artificial intelligence chips, according to the Financial Times.

The reported ban comes as China seeks to boost its homegrown chip industry and wean itself off dependence on the US.

In August, Chinese firms had previously been advised not to buy Nvidia’s H20, a chip designed specifically for China, with officials in Beijing warning of perceived security risks to national data and systems.

The warning arrived after the US lifted its own ban on the export of H20 chips to China, imposed in April amid a trade spat.

Business and leisure travel are showing signs of a pick-up after a weak start to the year.

Scott Kirby, chief executive of United Airlines, told the Los Angeles Times that, with some easing of uncertainty surrounding tariffs, the economy and global politics, more people and businesses are gaining the confidence to hit the road again.

The airline industry is perhaps the best real-time indicator of the U.S. economy, as travel is one of the first things that businesses and consumers cut back on when they sense difficult times ahead.

Since June, however, United’s orders suggests there is more certainty as consumers know what to expect and booking demand since Labor Day has surged, Kirby said.

In an interview, Kirby took a swipe at ultra low-cost carrier Spirit Airlines, discussed artificial intelligence and explained why he thinks the 2028 Olympics might not be such great news for the airline industry.

The conversation has been edited for length and clarity

How are United Airlines operations changing in L.A.?

In Los Angeles, we have 21 gates. We have about 140 flights per day here. I think it’s our highest gate utilization airport. We’d love to have more flights, but there aren’t enough gates in Los Angeles. So the constraint in Los Angeles is gates.

Our constraint on growth in Los Angeles is the gates. Essentially, if we want to add a new route, we have to cancel our current route. We just don’t have enough gates yet.

In California, Spirit has slashed the number of airports it serves. What is the issue with the low-cost airline model?

Ultra low-cost carriers, I don’t think they work. Primarily because their business model was based on bait and switch with customers. It is based on a low headline fare and it’s really hard to figure out what all the other fees are going to be. Then you show up at the airport and get charged $99.

When your business model is based on screwing the customer, that business model is not going to work in any industry. It didn’t work here, and I never thought it would work and now that’s what happened.

Don’t people want cheaper flights?

People want good value. They get good value at United. They don’t want a cheap flight that gets delayed, that gets canceled, or where they can’t trust the airline.

It has been a tough summer for tourist traffic from some countries. What have you seen?

At the end of June, it was like a light switch got flipped back on. It had been very slow to start the year, but demand has come back. It’s been even stronger post Labor Day.

I think the economy is in better shape than most people think. A lot of the economic statistics are trailing. We’re a good real-time indicator. The economy was weak to start the year — for the first five, six months — but it is much stronger coming into the third quarter.

There was a big drop-off in Canadian travel. There was a drop in European travel. Those bottomed out in about May, and they’re still down, but they’re not down as much. It is coming back.

How have the immigration raids impacted travel?

Those are so tactical that they’re not big enough for us to see in our macro statistics. I just look at the overall demand, and the overall demand is strong. Maybe it would be a little bit stronger without that.

What is United doing to help with travel to L.A. for the Olympics?

The Olympics, interestingly for airlines, lead to less demand. When the Olympics come to town, business travel shuts down.

We’re going to add flights and we’re going to be a participant. It’s not a big deal, but it actually is a net negative for airlines when the Olympics come to town.

How is United using AI?

There are a lot of tactical places, like call centers or reading contracts, where it works. But AI is not good at everything. I am in the camp that believes AI in many industries is more evolutionary than revolutionary.

Our digital technology team thinks that they’re 30% more efficient on a lot of the coding work. We’re testing getting AI to use all the data we have to tell customers what’s going on with flights. To be able to take uncertainty out for customers, that’s an exciting example.

Sept. 11 (UPI) — Shopify’s COO is taking over the top role at Opendoor Technologies, while the company’s co-founders are back in the fold.

The online residential real estate company announced Wednesday that Shopify’s Chief Operating Officer Kaz Nejatian has been appointed its CEO and a board member.

“It’s a privilege to become Opendoor’s leader,” said Nejatian in a press release. “Few life events are as important as buying or selling a home.”

“Opendoor returns to FounderMode,” Opendoor co-founder Keith Rabois posted to X Wednesday. “And we just hired the absolute best executive who has a founder brain as CEO: [Kaz Nejatian].”

As for Rabois, he’s now back with the company as the Opendoor board chairperson, while company co-founder Eric Wu is back as a member of the board.

Rabois and Wu co-founded Opendoor in 2013.

“Opendoor’s mission is more relevant than ever,” Wu said in the release. “Homeowners deserve a better system, and with Kaz’s vision, mentality and creativity, I’m confident he can lead Opendoor’s next chapter and build a category-defining company.”

The move has generated a massive stock swing in the right direction, as Opendoor stock soared 60% Thursday following the announcement.

“Welcome back home,” Opendoor posted to its social media Wednesday. “Keith Rabois and Eric Wu are back on the Opendoor board.”

“Their founding leadership is written in the DNA of the company, and we look forward to the future ahead,” it concluded.

The closely watched Murdoch succession drama has ended with a $3.3-billion settlement that gives Lachlan Murdoch control of the family’s influential media assets, including Fox News, the New York Post and the Wall Street Journal.

Fox Corp. on Monday announced the “mutual resolution” of the legal wrangling that had clouded the future direction of the television company and the Murdoch-controlled publishing firm News Corp. The dollar figure was confirmed by a person familiar with the matter who was not authorized to comment publicly.

The succession dispute flared into public view last year after three of Murdoch’s children attempted to block proposed changes that patriarch Rupert Murdoch wanted to make to his trust to cement his oldest son Lachlan’s grip on power. In December, a Nevada probate commissioner rejected Rupert Murdoch’s request to amend his trust amid the opposition by his three adult children.

The 94-year-old mogul wanted to ensure the conservative leanings of his media empire would carry on and felt that Lachlan Murdoch, who serves as chairman and chief executive of Fox, was the most ideologically compatible with his own point of view.

Until now, Rupert’s four oldest children — Prudence MacLeod, Elisabeth Murdoch, Lachlan Murdoch and James Murdoch — were set to jointly inherit control of the businesses. But, as part of the settlement, Prudence, Elisabeth and James agreed to relinquish their shares in the family trust and give up any roles going forward.

Two new trusts will be established. One will benefit Lachlan Murdoch and Rupert Murdoch’s two youngest daughters, Chloe and Grace Murdoch, who were born during his union with ex-wife Wendi Deng.

The second trust will benefit Prudence, Elisabeth, James and their descendants. Fox Corp. separately announced a public offering of 16.9 million shares of Fox Corp. stock, currently held by the Murdoch Family Trust.

Those proceeds, along with the sale of 14.2 million shares of publishing company News Corp.’s Class B common stock, will fund the new trust.

Fox said Monday that voting control of the Fox and News Corp. shares held by this trust “will rest solely with Lachlan Murdoch through his appointed managing director” through 2050.

“Fox’s board of directors welcomes these developments and believes that the leadership, vision and management by the Company’s CEO and Executive Chair, Lachlan Murdoch, will continue to be important to guiding the Company’s strategy and success,” the board said in a statement.

Fox said it is not selling any of its stock.

The family will sell nonvoting Class B shares and hold on to its voting shares — and control. Rupert Murdoch will remain the company’s chairman emeritus.

During a six-month period following the stock sales, James, Prudence and Elisabeth will be expected to “sell their de minimis personal holdings in FOX and News Corp.” to severe all ties with the companies.

On Aug. 30, Jan van Eck, the chief executive officer of VanEck, a major investment management company, said that if Bitcoin (BTC 0.68%) gets to be priced at just half the total value of gold, it would reach $400,000. At the same time, he made it clear that he considers the coin a scarce asset that’s essentially digital gold, and that he thinks there’s going to be a consistent demand for it, making that outcome highly plausible.

In other words, if supply keeps tightening while larger and steadier buyers keep showing up, the path of least resistance is up. Here’s what else you need to know about van Eck’s perspective and why you should take his opinion on this topic (very) seriously.

Image source: Getty Images.

Why this call matters

When a mainstream asset manager with more than $100 billion in assets under management (AUM) floats a price like $400,000 for Bitcoin, you should ask two questions: Is the speaker credible? and Is the idea anchored in data? It’s easy to answer yes to both.

On credibility, VanEck manages about $135.8 billion in assets as of July 31, and it has been quick to get exposure to crypto compared with its peers. VanEck filed for a Bitcoin futures exchange-traded fund (ETF) as far back as August 2017, years before today’s spot products.

Another important fact is that VanEck pledged to donate 5% of its spot Bitcoin ETF profits to fund the Bitcoin Core team of developers, putting tangible support behind the network’s resilience. That combination of AUM heft, crypto first-mover history, ETF product footprint, and direct developer funding gives van Eck’s call a lot more weight than a random internet forecast, particularly because his assets are sizable enough and deployed such that it can become a self-fulfilling prophecy.

Now let’s examine the quality of the data used in van Eck’s argument.

After the April 2024 halving, mining activity produces just 450 bitcoins per day. Corporate buyers alone are absorbing about 1,755 coins per day on average, roughly four times the daily issuance, with funds and ETFs adding significant inflows on top. Against a mechanically tightening float — coins available for public trading — that absorption rate is exactly the kind of imbalance long-term investors look for.

So the idea that Bitcoin is digital gold is supported by the numbers right now, at least in terms of its scarcity versus incoming supply to the market.

If you want a near-term napkin math check on van Eck’s price target specifically, consider first that Bitcoin recently traded at about $111,000. The gap between today and $400,000 is large, but the mechanism to get there, scarcity, is the exact same one that took the coin from $1 to more than $100,000.

How investors should use this view

Let’s step back for a moment and introduce some skepticism.

Price targets can excite or mislead, even when they’re issued by business leaders or investors at the very apex of their craft. The real utility of a $400,000 call is that it sets a benchmark for the coin’s long-term investment thesis. The thesis is that Bitcoin’s engineered supply constriction and the consolidation of ownership into price-insensitive hands will raise the clearing price for the marginal coin. If that continues, the destination becomes a function of patience and liquidity cycles.

There is another practical takeaway about who is making the call. VanEck does not need Bitcoin to reinvent itself to capture value. It needs the rules to remain clear enough for institutions to keep allocating. The company’s own history shows it can help shape that clarity and sustain the ecosystem, from being an early filer to supporting developers, and over time, its influence could push prices higher than they would have been otherwise.

Investors should also weigh the risks with clear eyes. Macro liquidity tightening, policy surprises, or adverse regulation could interrupt flows into ETFs and corporate treasuries for a time, pressuring prices. It might also be the case that the migration of coins into deep cold storage reduces on-chain activity in ways that occasionally spook investors.

Still, now is a favorable time to dollar-cost average (DCA) into Bitcoin, and van Eck’s price target signifies that capital is increasingly considering the coin a worthy asset to hold forever. Don’t get too fixated on arbitrary forecasts, just keep accumulating.

This year has been a tough one for many retailers, with global tariffs and trade wars raising costs and creating plenty of uncertainty. Consumers, meanwhile, have been cutting back on discretionary spending as they look to tighten up their budgets.

One retailer that has felt the effects of this in a significant way is Target (TGT -3.60%), whose sales have been stagnant. And over the past 12 months, its valuation nosedived by 37%. Its performance has been so bad that the stock is trading around the levels it fell to during the brief market crash in 2020.

The trouble is, it may not necessarily be due for a rally just yet, even despite its beaten-down valuation. And the company recently announced a new CEO, which investors and analysts aren’t convinced will rectify the situation. Could Target’s stock be headed for even more of a decline in the future, or is it a worthwhile contrarian pick to add to your portfolio today?

Image source: Getty Images.

Investors worry an internal hire may be a mistake for Target

On Aug. 20, Target announced that Michael Fiddelke will take over as CEO of the company on Feb. 1, 2026. Current CEO Brian Cornell is stepping down but will be on the company’s board of directors. Cornell says that Fiddelke, who is currently Target’s chief operating officer and who has been with the company for 20 years, is the best-suited person to lead the company’s turnaround efforts.

The words of confidence, however, didn’t seem to have much of an effect on investors, with shares of Target declining after the news. Investors may have been hoping for a more aggressive effort to turn the business around, similar to Starbucks‘ move to grab high-profile executive Brian Niccol a year ago, who came over from Chipotle Mexican Grill. While that hasn’t paid off for Starbucks just yet, the Niccol hire has been seen as a bold move for the struggling coffee chain to help make significant changes necessary to improve its operations.

The danger with an internal hire, particularly of an existing executive, is that it might mean more of the status quo for the business, and a continuation of a process and strategy that hasn’t been working. Target’s results have been lackluster of late, and significant changes may be needed to get investors bullish on the retail stock.

Target has been struggling to grow its sales in recent years

The problem for Target may be more to do with macroeconomic conditions rather than poor management decisions. As consumers are scaling back on discretionary spending, many retailers have been struggling to generate any growth. Target’s lackluster sales growth has been going on for a couple of years now, coinciding with rising interest rates, which have increased costs for consumers and businesses alike.

TGT Revenue (Quarterly YoY Growth) data by YCharts

In Target’s most recent quarter, which ended Aug. 2, the company’s net sales totaled $25.2 billion and were down 0.9% year over year. And with costs still rising, its operating income fell by more than 19%, to $1.3 billion. For the full fiscal year, which ends in January, Target continues to expect a low-single digit drop on the top line.

For Fiddelke, it won’t be an easy task to fix Target’s problems given that they may be stemming from economic factors. Even if he were to make drastic changes, they could be costly, at a time when it may be more important for the business to trim expenses rather than to experiment with store designs or product mix. Weathering the storm may be the key at this point for Target.

Target’s business isn’t broken, but investors will need patience with the stock

Target is facing some tough times right now, but I don’t believe the business is in awful shape and that it needs significant changes. It wasn’t all that long ago, during the pandemic, when sales were soaring as consumers had an excess of discretionary income at their disposal. Now, however, as that situation has changed, the reverse is happening and sales aren’t looking so strong anymore.

For long-term investors who can afford to be patient with the stock, Target may be worth investing in today, even though it may still go lower in the short term. It trades at a price-to-earnings multiple of 11, which is incredibly cheap when you consider the S&P 500 average is 25. It may take some time for the stock to turn things around, but Target also offers a compelling 4.7% dividend yield that can compensate you for your patience.

Nestle has fired CEO Laurent Freixe after just one year in the job following an investigation into an undisclosed “romantic relationship”, ousting its second chief executive in a year and throwing the Swiss food giant into its deepest leadership chaos in decades.

Freixe’s sudden dismissal followed an investigation into an undisclosed romantic relationship with a direct subordinate that breached Nestle’s code of business conduct, Nestle said late on Monday.

Freixe was replaced by Nespresso chief Philipp Navratil, a rising star at the world’s largest food company as it battles slowing sales, the impact of United States tariffs and eroding investor confidence after years of underperformance.

The Frenchman’s predecessor Mark Schneider failed to cope with the challenge, and it cost him his job in August 2024. Paul Bulcke, CEO from 2008 to 2016, will step down as chairman in April and will be replaced by Pablo Isla, a former CEO of Spanish fashion retailer Inditex.

“The loss of two CEOs and a chairman in a year is of historic proportions for Nestle,” said Ingo Speich, head of corporate governance and sustainability at Deka, a top 30 Nestle investor.

“The new CEO needs to fix the business model and bring volumes back. He needs to do better M&A [mergers and acquisitions] and focus more on emerging markets.”

The upheaval underscores the struggle not only at Nestle but also other consumer goods companies to reignite sales and recover stock values as the post-pandemic cost-of-living crisis drives consumers towards cheaper alternatives. Meanwhile, US tariffs threaten to further inflate prices and alienate already price-sensitive shoppers.

Shares in the maker of Nescafe and KitKat chocolate bars were down 0.8 percent in Zurich by 1:18pm (11:18 GMT).

Speak Up

The company said concerns about a possible relationship were raised by staff via the company’s internal reporting channel, Speak Up, although an initial investigation was unsubstantiated. Freixe had initially denied the relationship to the board, a company spokesperson said.

When staff concerns persisted, Nestle said it ordered an investigation overseen by Bulcke and Lead Independent Director Isla with the support of independent outside counsel. Swiss media reported that Swiss lawyers from the Baer & Karrer law firm helped with the inquiry.

Freixe, who spent 39 years with Nestle, will receive no exit package, the company told the Reuters news agency.

In a short statement, Bulcke thanked Freixe for his years of service at Nestle but said the dismissal was a “necessary decision”.

His dismissal adds to a list of top executives forced to resign after investigations into their relationships with colleagues.

Energy giant BP’s former CEO Bernard Looney and McDonald’s CEO Steve Easterbrook were both removed for failing to disclose relationships with colleagues.

The Swiss financial news website Inside Paradeplatz reported that Freixe met the woman in 2022 before he became CEO and when he was head of Nestle’s Latin America business.

Freixe was not immediately available to comment when contacted via email. The identity of the female subordinate has not been made public.

Swiss law does not prohibit relationships between senior executives nor does it require disclosure although most large companies have internal codes of conduct that require they are disclosed.

Corporate governance expert Peter V Kunz from the University of Bern said he was not familiar with Nestle’s rules but said requirements at most public companies were broadly similar.

“In this respect, Mr Freixe’s behaviour – regardless of whether it was legal or not – seems to me to be simply stupid and incomprehensible in this day and age,” Kunz told Reuters, adding that he did not think investors had grounds for legal action against Nestle.

Opportunity for overhaul

Nestle’s shares, a bedrock of the Swiss stock exchange, have lost almost a third of their value over the past five years, underperforming their European peers.

Freixe’s appointment failed to halt the slide, and the company’s shares shed 17 percent of their value during his leadership, disappointing investors.

One top 20 Nestle investor welcomed news of the change, saying Freixe had been a disappointment and bringing in Navratil was an opportunity for a more ambitious overhaul.

The new CEO needs to slim down the company, cut costs and above all reduce the headcount, the investor, who declined to be named due to the sensitivity of the matter, said, adding that it is also crucial for the company to raise organic growth to boost volumes.

“The cash flow must cover the dividend,” the investor said. “That’s an absolute priority.”

In July, Nestle launched a review of its underperforming vitamins business, which could lead to the divestment of some brands after first-half sales volumes missed expectations.

Freixe’s dismissal was featured on the front page of Swiss newspapers with Neue Zuercher Zeitung noting that Nestle had lost its “legendary stability” during which CEOs stayed on for years before eventually becoming chairmen.

AJ Bell investment director Russ Mould said the company would likely face a period of uncertainty over whether Navratil will follow the same path as his predecessor.

“While Navratil is also an internal appointment, he will want to put his own mark on strategy, and that suggests the clock could be reset when it comes to the turnaround plan,” Mould said.

Sept. 2 (UPI) — The leader of Japan’s Suntory Holdings beverage company resigned following allegations that he purchased illegal substances.

The company announced Tuesday in a press release that Representative Director, Chairperson and CEO Takeshi Niinami was stepping down due to an August investigation by the Fukuoka Prefectural Police into his possession of prohibited “supplements.”

“We apologize from the bottom of our hearts for causing trouble over the incident,” Suntory Holdings President Nobuhiro Torii said in a
press conference on Tuesday.

Niinami said he believed the supplements to be legal. The exact type of supplements were not been publicly identified, but Suntory has confirmed the substances in question are not produced by the company.

He was given a drug test for the cannabinoid THC, which is illegal in Japan in excess of a certain amount, but that came back negative.

The company said that it will defer to the authorities in regard to the legality of the supplements in question.

“However, for the top executive management of Suntory Group, strict compliance with laws and regulations is fundamental, and exercising appropriate caution in purchasing supplements is an indispensable quality,” the press release stated.

“Therefore, without waiting for the outcome of the investigation, the company determined that Takeshi Niinami’s actions which demonstrated a lack of awareness regarding supplements rendered him unable to continue in the key position of Representative Director, Chairman [and] Chief Executive Officer.” The statement continued.

It was then after a series of discussions that Niinami resigned “due to his own reasons” on Sunday.

Suntory Vice President Kenji Yamada has since confirmed that even if the investigation doesn’t lead to any criminal charges, Suntory’s decision regarding his inability to further lead the company remains unchanged.

Niinami also serves as the chairperson, of Keizai Doyukai, or Japan Association of Corporate Executives, a business lobbying organization. It is unclear if there has been any change in his role.

Sept. 1 (UPI) — Nestle, the world’s largest food and beverage company, on Monday fired CEO Laurent Freixe after disclosing a romantic relationship with a subordinate one year after he took over the Swiss company.

The public company, based in Vevey, announced Philipp Navratil, who headed the Nespresso coffee unit, as the immediate successor of Freize, 63.

The employee was not on the executive board, the BBC reported.

“The departure of Laurent Freixe follows an investigation into an undisclosed romantic relationship with a direct subordinate which breached Nestle’s Code of Business Conduct,” the company said in a news release. “In line with best practice corporate governance, the Board ordered an investigation overseen by Chairman Paul Bulcke and Lead Independent Director, Pablo Isla, with the support of independent outside counsel.”

Bulcke, who announced in June that he was stepping down next year, said: “This was a necessary decision. Nestle’s values and governance are strong foundations of our company. I thank Laurent for his years of service at Nestle.

“We are not changing course on strategy and we will not lose pace on performance.”

Nestle ousted his predecessor, Mark Schneider, last September.

Freixe joined the company in France in 1986 in marketing and sales. In 2007, he took over as head of operations in Europe.

Navratil, born in 1976, began his career with Nestle in 2001 as an internal auditor. He held various commercial roles in Central America, including leadership of the coffee and beverage business in Mexico.

He was named the leader of Nespresso in July 2024, and became a member of the company’s executive board on Jan. 1.

“Philipp is recognized for his impressive track record of achieving results in challenging environments,” Nulcke said. “Renowned for his dynamic presence, he inspires teams and leads with a collaborative, inclusive management style. The Board is confident that he will drive our growth plans forward and accelerate efficiency efforts.”

Nestle’s largest operation is in the United States with 36,000 employees. Nestle USA was named in 2024 as No. 30 of top workplaces by The Washington Post.

Worldwide there are 275,000 workers.

Nestle was founded in 1866 as the Anglo-Swiss Condensed Milk Co by Henri Nestle.

The company’s annual revenue in 2024 was 91.72 billion, a decrease of 1.75% in one year. The company’s net profit was 10.88 billion, a decrease of 2.9%.

Pepsi is the second-largest company in the world.

Nestle owns thousands of brands, including food and beverage products, pet care and nutrition. Some of them were acquired from other companies.

“Nestle’s makes the very best chocolate” was a TV advertising jingle for 10 years starting in 1955.

Beverages include Nescafe, Nespresso, Coffee-Mate, Milo, Perrier and S. Pellegrino.

Pet care products are Purina, Friskies, Fancy Feast and Tidy Cats.

Chocolate and confectionery are Kit Kat, Milky Bar, Smarties, Aero and Nestle Toll House.

Culinary, chilled and frozen food are DiGiorno, Stouffers and Hot Pockets, Lean Cuisine, Maggi, Thomy and Sweet Earth.

Dairy and ice creams are Carnation, Nido, Haagen-Daz, Dreyer’s/Edy’s.

Nutrition products are Gerber, Cerelac, Boost, Vital Proteins and Narue’s Bounty.

Earlier this month, Apple CEO Tim Cook joined President Trump and senior Cabinet members in the Oval Office to announce the company’s plan to invest $100 billion into U.S. manufacturing over the next four years. This comes on top of Apple’s previously unveiled $500 billion domestic infrastructure commitment.

Apple’s ramped-up infrastructure efforts have clear implications for Broadcom‘s (AVGO -3.65%) long-term growth trajectory. As Apple expands its U.S. footprint, Broadcom stands to benefit not only from increased demand for chips but also from its emerging role in powering next-generation networking, connectivity, and artificial intelligence (AI) applications.

Let’s break down why Apple’s continued investment in infrastructure strengthens Broadcom’s strategic position, and how it accelerates the company’s ambitions in AI and beyond.

Broadcom has deep inroads with hyperscalers

While Apple may be one of Broadcom’s most visible partners, the company has also been quietly building deep ties with AI hyperscalers — Alphabet being a notable one.

Broadcom’s portfolio spans custom silicon, networking switches, and optical interconnects — the foundational layers that power modern data centers. These may not be headline-grabbing products, but they serve as the invisible scaffolding that enables AI models to train at scale and keeps data workloads flowing smoothly — avoiding costly compute and connectivity bottlenecks.

What makes Apple’s reliance on Broadcom so compelling is how it bridges two high-growth landscapes: consumer electronics (i.e., semiconductor components for the iPhone) and enterprise-grade AI infrastructure. Broadcom’s established relationships with hyperscalers validate its role as a provider of specialized, mission-critical technologies. Meanwhile, Apple’s endorsement amplifies that credibility — signaling to the broader AI ecosystem that Broadcom is a trusted partner.

In essence, Broadcom is solidifying its influence across the entire technology stack — from chips inside of consumer devices to the infrastructure driving next-generation AI applications inside hyperscale data centers.

Image source: Getty Images.

Broadcom is a quiet beneficiary of rising AI infrastructure investment

The explosion of AI workloads has only heightened the need for networking gear and the specialized chips that enable big tech to operate at scale. While Broadcom dominates many of these use cases, it rarely commands the same spotlight as Nvidia, Advanced Micro Devices, and Taiwan Semiconductor Manufacturing.

The reason is straightforward: Broadcom isn’t building GPUs that capture headlines. Rather, the company designs the connective tissue that allows GPUs, CPUs, and memory chips to communicate efficiently. Without Broadcom’s technologies, generative AI advancements would remain throttled by data transfer limits and networking bottlenecks.

Is Broadcom stock a buy right now?

While Broadcom lacks the same levels of excitement that have crowned peers like Nvidia as an “AI darling,” this hasn’t translated into a bargain stock price. On the contrary, Broadcom now trades at a forward price-to-earnings (P/E) multiple of 45 — well above its three-year average and essentially at the highest point of the current AI cycle.

AVGO PE Ratio (Forward) data by YCharts

Broadcom’s premium valuation tells a clear story: The market increasingly views the company as a structural beneficiary of ongoing AI buildouts. Although expectations remain high, Broadcom’s relationships with hyperscalers, as well as its alliance with communications leaders such as Apple help diversify the company’s ecosystem and drive home its broad depth across various applications and use cases.

Unlike Nvidia or AMD, Broadcom does not need to rely on generational product cycles to capture the attention of investors. Instead, the company’s appeal lies in its subtle, less-visible services that keep the digital economy humming along.

This quiet, indispensable nature makes Broadcom less vulnerable to hype-driven volatility while still offering meaningful upside given its exposure to myriad secular trends reshaping the technology landscape.

While the stock isn’t cheap, Broadcom represents a durable infrastructure play as the AI narrative continues to unfold. To me, Broadcom is a compelling opportunity to buy and hold over the long term.

The past couple of years have been something of a whirlwind for Palantir (PLTR -2.52%) stock investors. When the artificial intelligence (AI) revolution kicked off in late 2022, it played to the company’s strengths. With 20 years of data mining experience and AI expertise, Palantir quickly developed its Artificial Intelligence Platform (AIP), which has become the premier software system helping businesses make data-driven decisions. By integrating with existing business systems and layering generative AI on top, Palantir provides actionable insights in near real-time. Since the release of AIP in April 2023, Palantir has become a massive multibagger, with the stock soaring 1,760%.

However, the stock’s frothy valuation and questions about the ongoing adoption of AI have investors climbing a wall of worry, with many looking for signs that the AI revolution is on track.

Nvidia (NVDA -0.01%) has just provided the surest sign yet that the relentless adoption of AI is continuing.

Image source: Getty Images.

Enviable results

Despite facing tough triple-digit comps, Nvidia’s results were robust by any measure. During its fiscal 2026 second quarter (ended July 27), the company generated record revenue of $46.7 billion, up 56% year over year and 6% quarter over quarter. This drove adjusted earnings per share (EPS) of $1.05, which climbed 54% year over year.

For context, analysts’ consensus estimates were calling for revenue of $46.1 billion and EPS of $1.01, so Nvidia scaled both bars with room to spare.

A record-setting performance from the data center segment fueled the bullish results. The segment, which includes chips used for AI, data centers, and cloud computing, generated sales that surged 56% year over year to $41.1 billion, driven by the ongoing adoption of AI.

It’s important to note that export restrictions prevented the sale of H20 chips to China during the quarter, which weighed on the results. Those restrictions have since been rescinded, and Nvidia is working on a follow-up to the H20, based on its Blackwell architecture — reportedly dubbed the B30A. The company is in talks with the U.S. government to determine the limitations of the new data center chip for customers in China.

The icing on the cake was a new record-setting stock buyback plan. Nvidia announced a $60 billion share repurchase authorization, in addition to the $14.7 billion remaining on its previous buyback plan. Share repurchases are generally a sign of management’s confidence that the company’s stock is undervalued.

What does this all have to do with Palantir?

Beyond the good news for Nvidia investors, the results have broader implications about what’s happening across the AI landscape. Nvidia has long been the bellwether for AI adoption, and despite the market’s tepid response to its report, the results help put things into perspective.

While Nvidia’s 56% growth is impressive by any measure, it comes on top of 122% growth in the prior-year quarter. This helps to illustrate the continuing demand for AI infrastructure as more companies adopt this groundbreaking technology.

It also gives additional weight to Palantir’s equally robust results released earlier this month. In the second quarter, revenue surged 48% year over year (and 14% quarter over quarter) to $1 billion. This powered adjusted earnings per share (EPS) of $0.16, which surged 78% year over year.

Yet the overall results mask the truly phenomenal performance by the company’s U.S. commercial segment, which includes AIP. Revenue for the segment soared 93% year over year to $306 million, while its customer rolls increased 64%, fueled by record demand for AIP. Future demand looks even brighter as the segment’s total contract value soared 222% to $843 million. Even more impressive is Palantir’s remaining performance obligation (RPO), or contractually obligated sales that aren’t yet included in revenue, which soared 77% year over year to $2.42 billion.

The fact that Nvidia’s industry-leading graphics processing units (GPUs) continue to sell like hotcakes shows the ongoing momentum of AI adoption, which bodes well for Palantir.

The biggest AI-centric problem facing most business leaders is the lack of expertise required to implement AI into their operations, while ensuring a reasonable return on their investment. Palantir’s quarterly reports are rife with customer testimonials that detail just that.

For example, after deploying AIP, Cleveland Clinic reported a 38-minute decrease in emergency room wait times, a 40% reduction in unused orthopedic operating room time, and a 75% reduction in time spent calculating bed capacity. That’s one of dozens of AIP success stories.

To be clear, there’s still the matter of Palantir’s valuation to consider. The stock is currently trading for 185 times next year’s expected earnings. While that’s an egregious valuation to be sure, it might seem like a bargain five to 10 years down the road. CEO Alex Karp recently revealed ambitious plans to 10X revenue in the coming years. Given the company’s current growth rate, it could achieve that lofty benchmark at some point over the next decade.

For investors wanting in on the action but put off by Palantir’s exorbitant earnings multiple, I’d suggest establishing a small position and using dollar-cost averaging to build out a stake.

Wales football chief executive Noel Mooney says being part of Team GB sides at the 2028 Los Angeles Olympics is “not on our radar at all”.

The British Olympic Association (BOA) said after the Paris Games 12 months ago they wanted a Great Britain men’s football team competing at LA for the first time since London 2012.

Current Wales manager Craig Bellamy was among five Welshmen in Stuart Pearce’s squad who competed on home soil, with Britain ending a 52-year wait to play in an Olympic men’s football tournament.

A GB women’s team last featured at the Olympics at Tokyo 2020 when then-Wales captain Sophie Ingle was part of a 22-strong squad.

Andy Anson, the former BOA chief executive who stepped down from his role in July, said after Paris that the organisation would plan talks with the football associations of England, Scotland, Wales and Northern Ireland to recreate a Team GB men’s football side for the LA Olympics.

Scotland, Wales and Northern Ireland, however, have long felt that their independence in Fifa and Uefa could be jeopardised if they competed as a single entity in the Olympics.

“The Olympics is not on our radar at all, not at any level,” Football Association of Wales chief executive Mooney told the PA news agency.

“I’ve not heard a single word about it and never discussed it with anybody.

“We want to focus on Cymru and what we do.”