"I think capitalism is a good thing, but I think what we need to contend with and be aware of is that a lot of people are not part of it," Tarek Mansour, co-founder and CEO of prediction market platform Kalshi, recently told Reason's Nick Gillespie. "They don't feel like they're part of it. And that's a reality."
Mansour has set out to change that by making it easier for consumers to experience and participate in financial markets. Kalshi's premise is simple: Mansour says the platform matches traders with differing opinions on the outcome of future events, aggregating the "bits and pieces of information" siloed across the country, so long as that information isn't privileged or obtained illegally.
He's up against a rising number of federal and state lawmakers—not to mention the NFL, traditional sportsbooks, casinos, and other regulated gambling operations—who view Kalshi as yet another gambling app. "As of early 2026, more than 20 lawsuits and cease-and-desist actions are pending across the country, filed by state attorneys general, gaming regulators, tribal governments and private plaintiffs," according to the National Conference of State Legislatures. This includes Utah, whose attorney general, Derek Brown, escalated an ongoing legal dispute with Kalshi on Tuesday by filing a complaint against the prediction market in state district court. In his complaint, Brown called Kalshi an "unconscionable and illegal gambling operation." He accused the company of engaging in a "brazen pattern of unlawful conduct."
At the federal level, Bloomberg Law reported last Friday that Sen. Ted Cruz (R–Texas) is preparing to introduce a bill after the midterm elections that would give state and tribal governments authority to regulate sports-related event contracts offered by prediction markets.
Cruz's state-by-state regulatory regime is exactly the kind of scheme Mansour wants lawmakers to avoid. Mansour recently told Reason that, ideally, there'd be a "federal uniform set of rules that apply across all 50 states." Those rules would then "promote and foster" a "multilateral, peer-to-peer idea," where, for example, someone in California, Oregon, or Washington could trade on an event's outcome based on information supplied by someone in Texas.
Data from the Pew Research Center show Kalshi is incredibly popular nationwide; however, the platform is facing headwinds in Congress from the likes of Reps. Alexandria Ocasio-Cortez (D–N.Y.) and James Comer (R–Ky.) and Sens. Adam Schiff (D–Calif.) and John Curtis (R–Utah), who have questioned whether prediction market platforms can indeed self-police insider trading and market manipulation.
Mansour, who calls insider trading an "unfair dynamic that over time dries up liquidity," also argues that prediction markets are uniquely positioned to self-regulate because trades on Kalshi are "fully transparent," making it "easy to flag" suspicious trading patterns. The platform's users play a key role in that work. Mansour says that in February, when convicted fraudster and former Rep. George Santos (R–N.Y.) tried to engage in insider trading, Kalshi received "a hundred whistleblower complaints within a few minutes."
The company's public commitment to rooting out insider trading on its platform may be laudable. Still, it has done little to dispel the prevailing sentiment among state and federal regulators that Kalshi—and prediction market platforms writ large—is indistinguishable from traditional gambling markets.
Indeed, the legal cases against Kalshi are centered on state regulators' belief that the platforms' sports event contracts are the same as the bets offered by legal gambling operations like casinos and sportsbooks. Kalshi has argued that the U.S. Commodity Futures Trading Commission has exclusive jurisdiction to regulate the kinds of contracts it can offer under federal law, preempting states from exercising any gambling authority over prediction markets.
In March, Arizona became the first state to file criminal charges against Kalshi. Arizona Attorney General Kris Mayes accused the company of "running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law." Not everyone in the state shares Mayes' view. One Arizona resident, Zach, a 35-year-old man who makes a living trading sports-related event contracts on prediction markets, tells Reason he'd "move to another state" if Arizona succeeds in driving out prediction markets.
"There's nothing that is excluding other people from the profits that I'm making right now," he says. "I'm under no obligation to bet on Monday Night Football….I'm able to look at all the markets and decide which ones I want; I'm setting a limit order and just saying, 'OK, if I get my price, then hooray.' If I don't, then that's not something that I add to my portfolio."
Of course, not everyone acts as responsibly. Mansour knows that in any competition, including trading, "some people are going to win," while "some people lose." He believes in "individual freedom" and in the idea that "people should be able to choose" which financial markets they engage in, with "some regulations on irresponsible use" so that companies can't target people who exhibit addictive or destructive betting patterns.
The degree to which Kalshi and other prediction market platforms should be regulated will likely be a high priority for federal lawmakers after the midterm elections and in the next Congress. Mansour appears optimistic that there's enough bipartisan support for what he calls "sensible guardrails." He says there's a "big group" on both sides of the aisle that's "actually pro" prediction market platforms. There's reason to be skeptical of Mansour's claim, given that several members of Congress—such as Sen. Elizabeth Warren (D–Mass.), the ranking Democrat on the Senate Banking Committee—have said prediction markets need to be reined in.
In Mayes' case, her antipathy toward prediction markets might cost her at least one vote in Arizona's attorney general race. Zach says that with Mayes waging a legal battle against Kalshi, he'd have to take that into account "hypothetically, if someone knocked on my door tonight and they want me to vote for Kris Mayes to be reelected."
"If I'm not gonna vote on my own behalf, then who is, right?" he says. (Mayes might not be a fan of Kalshi, but with the platform's penchant for accurately predicting election winners, she can take solace in her current trading position, which shows an 84 percent chance she retains her position.)
Mansour says he's a "free market guy" who wants everyone to "have a shot in the competition." To succeed, he'll have to withstand a host of paternalistic government officials hell-bent on controlling financial decisions made by consenting adults.
The post Kalshi's CEO Wants 1 Set of Rules. The States Want 50. appeared first on Reason Magazine.
A proposito dei lavori della Commissione parlamentare d’inchiesta sulla morte di David Rossi, presieduta da Gianluca Vinci (Fratelli d’Italia), riceviamo e pubblichiamo il commento dell’avvocato Jacopo Pensa, uno dei principali del foro milanese, già difensore di Giuseppe Mussari, ex presidente di Mps
Dalla presunzione di innocenza alla presunzione di colpevolezza. Questo è il principio scaturente dalla vergognosa divulgazione da parte della Commissione d’inchiesta sul caso Rossi-Monte Paschi dei due nomi ormai noti al mondo.
La violazione dei principi costituzionali e di civiltà giuridica sono già stati ben espressi dall’Unione delle camere penali. Ma al di là delle questioni giuridiche sapientemente trattate, c’è da chiedersi sul piano del ragionevolezza e del senso comune quale può essere stata la ratio e quale l’interesse a divulgare in una conferenza stampa nome e cognome del mandante e dell’organizzatore di quella turpe missione finita così tragicamente.
Mi ha colpito in particolare l’aria serafica e compiaciuta con la quale il presidente ha pronunciato quei nomi. Aggiungendo poi, paradossalmente, una nota quasi giustificativa in favore dei rei affermando che i due avevano solo lo scopo di intimidire e non già di uccidere, suggerendo così una sorta di linea difensiva: il reato commesso è più grave di quello voluto.
I due nominati hanno così modo di consolarsi. La pena potrà essere diminuita. Con un buon avvocato, si intende.
L'articolo Caso David Rossi, dalla presunzione di innocenza alla presunzione di colpevolezza – Il commento dell’avvocato Pensa proviene da Il Fatto Quotidiano.
Stefan Wermuth/REUTERS
A Western company developing drone technology for NATO militaries says that working in Ukraine is the best way to ensure its gear meets the alliance's needs for a future fight.
ORQA, a Croatian company that makes drones and drone technology, including controllers, receivers, goggles, video equipment, and flight simulators, already supplies parts and systems to two dozen NATO allies. But it wants to draw on Ukraine's battlefield experience to improve its products.
Working in Ukraine "creates an opportunity to really channel this sort of operational expertise to shape these products. And then these products can be made to a standard that NATO demands," CEO Srđan Kovačević told Business Insider.
ORQA produces components used by Ukrainian defense tech company General Cherry and is partnering with the firm to jointly make drone systems and spread Ukraine's drone expertise.
The war in Ukraine is the most intense drone war ever fought, and getting feedback from the battlefield provides critical insight into what soldiers need most.
John Keeble/Getty Images
"If I'm being blunt, there are only a few parts of the world where you can actively shoot down these unmanned aerial threats in a real-world environment," Kovačević told Business Insider.
That same drive has prompted Western defense companies, ranging from small start-ups to major primes, to set up manufacturing facilities, repair hubs, and offices in Ukraine, seeking battlefield feedback to improve their technology faster.
ORQA is also seeking to better understand how Ukraine's defense industry scales, moves quickly, and works in wartime.
Ukrainian defense firms are producing drones and other weapons at a much faster rate than many of their Western counterparts.
Kovačević said that "the West has a tremendous amount to learn from Ukraine," saying that the "operational excellence that Ukrainian defense forces have developed is unparalleled in the Western world."
He said that while the West "has a very deep technology expertise," it lacks "this lived experience of taking that technology and applying it to the operational reality of the 21st-century warfare."
"Now," he said, "it's time to merge the two and emerge better off on both sides of this partnership."
General Cherry is one of Ukraine's biggest drone companies and has announced partnerships with other Western defense tech companies.
Diego Herrera Carcedo/Anadolu via Getty Images
ORQA and General Cherry intend to manufacture in both countries, supplying NATO and its allies with Ukrainian-developed counter-drone technology while expanding domestic production of drone components in Ukraine.
Kovačević said Ukrainian companies like General Cherry have "immensely valuable lived experience of building and scaling under fire," something that is often "neglected by Western companies," but they can learn.
The significant "volumes that Ukrainian drone companies are able to produce really dwarf anything that's happening in the West right now," he added.
Western leaders are encouraging industrial collaboration, and NATO has launched programs to bring Ukrainian and allied defense companies together.
ORQA isn't alone in looking to Ukraine's extensive battlefield experience to develop better weapons for NATO. Latvia-based Origin Robotics, for example, makes BLAZE interceptor drones purchased by several NATO militaries and BEAK, a drone-launched precision-guided weapon used by Ukrainian forces.
Its CEO, Agris Kipurs, previously told Business Insider that the company takes lessons from its work in Ukraine, "but we adapt those weapons systems specifically to be used in a NATO country. And NATO countries and the armies of NATO countries are our customers. That is the user we build for."
Kovačević said Ukrainian technology can't simply be transplanted into NATO militaries. Ukraine has had to develop weapons at breakneck speed and make do with what's available.
NATO, however, has time to take operational knowledge, contextualize it for alliance forces, and build these products to the necessary standards using Western technology, he said.
Kovačević said the goal of these industrial partnerships is to supply NATO without undermining Ukraine's ability to meet its own wartime needs.
ORQA also aims to boost Ukraine's domestic production of drone components and reduce its reliance on foreign suppliers.
Ukraine is "relying heavily on non-Ukrainian and non-European supply chains," Kovačević said, adding that reducing that dependence is strategically important. ORQA says it manufactures key components in-house and avoids Chinese-made parts to strengthen its supply chain.
© Paul Ratje for The New York Times
The Indian Navy is conducting trials of the French Dassault Rafale-M, the naval aircraft that edged out the American F/A-18E/F Super Hornet in a tight contest.
Interestingly, the Indian Navy already operates a substantial number of American platforms. Against that backdrop, Boeing had expected to secure yet another major Indian contract.
Why did the French Rafale-M ultimately edge out the Super Hornets?
In April 2025, India ordered 26 Rafale Marines to replace the Russian-origin MiG-29K, which currently operates from Indian aircraft carriers– INS Vikramaditya and INS Vikrant.
More than a year after signing the contract, the Indian Navy is running Rafale-M trials at the Shore-Based Test Facility (SBTF) at INS Hansa in Goa and is reportedly considering some minor modifications to its aircraft carriers to accommodate the French aircraft.
According to the reports, the service is considering these small modifications because the Rafale-M fighters were originally designed to operate from CATOBAR (Catapult Assisted Take-Off But Arrested Recovery) carriers—such as the French carrier Charles de Gaulle—whereas Indian carriers use a Short Take-Off But Arrested Recovery (STOBAR) system.
Additionally, the Rafale-M has a wingspan of almost 10.9 meters, and unlike the MiG-29K, it is not designed to fold its wings to take up less space on the deck. This creates a larger deck or hangar footprint. So, the Navy is purportedly examining minor procedural workarounds, such as temporarily detaching the wingtip missile launch rails to reduce the effective span to roughly 9.6 meters, along with handling and stowage adjustments.
Rafale-M deliveries are expected to begin in 2028 and likely conclude by 2030, marking the first time in a decade that the Indian Navy will operate a non-Russian or Western fighter. Its last Western carrier fighter was the British Sea Harrier aircraft, which it retired in 2016 after more than three decades of service.
Notably, the Indian Navy has operated French equipment before, though never on this scale.
Earlier, it acquired 12 Breguet Alizé carrier-based anti-submarine warfare (ASW) aircraft that participated in the 1961 Goa operations and the 1971 Indo-Pakistani War and served the Navy until 1991. The service has also operated the HAL Chetak, a French-designed light utility helicopter produced in India for decades, though it is now being phased out in favor of more advanced indigenous aircraft.
By contrast, the Indian Navy operates a range of US-origin equipment, from helicopters to spy aircraft, making the choice of a French carrier-based jet particularly interesting.
Despite the push for indigenization, the Indian Navy has steadily acquired American platforms and weapons over the past few decades.
One of the most important items on this list is the P-8I Poseidon maritime surveillance aircraft. India first ordered eight P-8I aircraft in January 2009, becoming the type’s first international customer.
It signed a follow-on order for four additional aircraft in 2016, significantly enhancing its maritime surveillance, anti-submarine warfare, and ISR capabilities and positioning it as a critical asset in the Indian Ocean Region. In February 2026, the Defense Acquisition Council (DAC) officially cleared an additional P-8I purchase.
In addition to the Poseidon, the Indian Navy ordered 24 MH-60R Seahawk Multi-mission naval helicopters in February 2020. It has since received 21, and the rest are expected to arrive in 2027. These helicopters can conduct anti-submarine warfare, anti-surface warfare, shipborne multi-role operations, and networked operations, arming the Navy with the capability to detect and neutralize underwater and surface threats in the Indian Ocean.
The Navy has also leased two MQ-9B Sea Guardian drones from US-based General Atomics since 2020. It is supplementing these by leasing two more as per a contract signed in August 2026. These drones have supported maritime surveillance and intelligence, surveillance, and reconnaissance (ISR) missions in the Indian Ocean Region, complementing the Navy’s P-8I and helping maintain vigilance.
India also signed a $3.3 billion deal with the US in October 2024 to acquire 31 MQ-9B High-Altitude Long-Endurance UAVs. Of the 31 Sea Guardians the MoD purchased, the Indian Navy will receive 15 drones, while the Indian Army and the Indian Air Force will each receive 8 to strengthen surveillance along the northern and western borders.
The Indian Navy operates one US-acquired INS Jalashwa (the former USS Trenton), an Austin-class amphibious transport dock with a sealift capability for over 3,500 troops and a squadron of armored vehicles.
Furthermore, the service has also acquired several lethal US munitions over the years, including the AGM-84 Harpoon Block II anti-ship missile, Mk 54 lightweight torpedoes, and the AGM-114 Hellfire, to name just a few.
Despite these rather high-value acquisitions, the Indian Navy has never purchased or operated an American fighter jet. When it finally got the chance to buy a US aircraft, i.e., the F/A-18E/F Super Hornet, the service chose the Rafale-M instead.
When India opened the contest for a carrier-based fighter to replace the MiG-29K jets, Boeing offered its F/A-18E/F Super Hornet Block III.
In 2022, Boeing India marketed the F/A-18 Super Hornet Block III as a carrier-based fighter designed for high-load, high-stress operations, and stressed that the multi-role naval fighter would be fully compatible with Indian Navy carriers.
Boeing pitched the Super Hornet as a jet that required minimal support equipment and had a remarkably low cost per flight hour while maintaining high mission readiness. It tried to woo the Indian Navy by emphasizing that the aircraft would become a force multiplier because it could interface with the P-8I and other US-origin systems the service operates.
To sweeten the deal, Boeing also announced a roadmap to significantly increase its investments in line with the “Make in India” initiative and pledged to transfer cutting-edge technologies to Indian industry if the Super Hornet was selected.
However, the Super Hornet had to dogfight with the French Rafale, a cutting-edge fighter for India’s carrier-borne aircraft tender.
In a tightly fought contest, both jets underwent extensive testing at a shore-based facility, including take-off trials from both ski-jump and catapult launchers. Both aircraft reportedly met the Indian Navy’s requirements, but the Rafale-M ultimately won.
Speaking to the EurAsian Times earlier, an ex-Indian Navy pilot who had flown both the Super Hornet and Rafale said both aircraft were extremely capable and on a level playing field. “The only issue I can think of is that the F-18 is a heavier aircraft, and the Rafale M is lighter. So, when it comes to arrested landing on the aircraft carrier, Rafale has more flexibility,” the naval aviator said at the time, requesting anonymity.
The Rafale-M shared a very high degree of commonality with the 36 Rafale jets operated by the Indian Air Force (IAF). This meant several parts, tools, and test equipment could be interchanged, and India could share ground-support systems, simulators, and diagnostic software.
Additionally, India had already established maintenance infrastructure, trained technicians, and supply chains for the IAF Rafales, which could support the Rafale-Ms.
The Navy would have assessed that Rafale-Ms would reduce costs by creating an inventory of maintenance facilities, spare parts, logistics, and potential future overhauls. Meanwhile, introducing the Super Hornet would require building an entirely separate support ecosystem.
In this scenario, the air force can familiarize itself with the Marine aircraft, while naval pilots can transition to the IAF’s twin-seat Rafales.
The IAF is now poised to acquire 114 Rafale multi-role fighters, most of which will be manufactured locally. Therefore, one could argue that the decision to choose French jets for the Indian Navy may have been driven by the need for uniformity and interoperability, which are crucial in fast-paced conflict zones.
A secondary factor could have been the Infrared Search and Track (IRST) system, which provides a stealthy advantage in detecting and engaging threats, including potential low-observable aircraft. The Rafale-M came with an integrated IRST, whereas the Super Hornet Block III lacked one, although Boeing offered a podded solution.
Moreover, the Meteor beyond-visual-range air-to-air missile on the Rafale also offered superior standoff capability compared to the Super Hornet’s AIM-120 AMRAAM.
More importantly, however, strong defense ties between India and France, smoother government-to-government negotiations even in past deals, the potential for indigenous weapons integration, and the presence of French fighter jets in the IAF played a crucial role in the decision.
India has never acquired US fighter jets for several reasons, including export controls and restrictions on their use.
Despite its best efforts to market the Block III jet to potential customers such as Canada, Finland, Germany, Poland, and Switzerland, Boeing failed to secure any new contracts and kept losing out to rivals such as Saab Gripen, Dassault Rafale, and the Lockheed Martin F-35.
The post Why India Rejected F/A-18 Super Hornets Despite Its Navy Loaded With American Military Platforms? appeared first on EURASIAN TIMES.
Daniel SLIM/AFP via Getty Images, Bloomberg/Getty Images
As airlines across the industry bolster their premium offerings to attract higher-paying passengers, first-class amenities are only getting more luxurious.
In some first-class cabins, travelers can enjoy private suites with double beds and food by Michelin-starred chefs. Other airlines offer spacious pods with multiple seating options and headrests with built-in speakers.
Between September 2025 and August 2026, travelers from over 100 nationalities filled out an airline passenger satisfaction survey conducted by Skytrax, an aviation rating company, to determine the best airlines to fly first class.
Here are the winning first-class carriers in Skytrax's 2026 World Airline Awards.
Bloomberg/Getty Images
Qatar Airways made the top 10 of Skytrax's ranking with amenities such as an à la carte menu, Diptyque amenity kits, and loungewear from The White Company.
Qantas
First-class travelers on Qantas can enjoy perks like armchair seating with in-seat massages and a self-service bar and lounge.
David Slotnick/Business Insider
First class on ANA includes sliding doors, lie-flat seats, and lavish meals featuring items such as sashimi, wagyu beef, and miso soup.
JFK
First-class suites on Japan Airlines' Airbus A350-1000s come with double beds, headrests with built-in speakers, wardrobes, and 43-inch TVs.
Swiss International Air Lines
Swiss International Air Lines' first-class cabins include armchairs that transform into lie-flat beds, pajamas designed by Zimmerli of Switzerland, and Cuvée Louise Champagne from Maison Pommery.
Cathay Pacific
Cathay Pacific's first-class suites feature luxuries like 600-thread-count sheets, BOSE noise-canceling headphones, and an extensive wine selection.
Emirates
In addition to flying in private suites, first-class passengers on Emirates' Airbus A380 fleet also have access to a shower and lounge.
Lufthansa
In a 2023 press release unveiling Lufthansa's new first-class suites, Lufthansa Airlines CEO Jens Ritter said that the design "conveys the feeling of privacy and individuality similar to a hotel room." Skytrax named Lufthansa the third-best airline to fly first-class.
ROSLAN RAHMAN/AFP via Getty Images
Singapore Airlines' first-class suites are spacious enough for a bed plus a reclining chair, and two suites can be combined into a double for two people. It's the runner-up in Skytrax's ranking of the best first-class airlines.
STR/AFP via Getty Images
Skytrax named Air France, whose first-class cabins offer a nearly 38-square-foot La Première suite and food created by Michelin-starred chefs, the best airline for first-class travel.
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