New York’s decision to pause the construction of large artificial intelligence data centers is drawing criticism from some lawmakers and energy officials, who argue the move could weaken the United States’ ability to compete in the global AI race while encouraging investment to move elsewhere.

New York Gov. Kathy Hochul’s AI data center pause is drawing criticism from lawmakers and industry leaders. (James Carbone/Newsday RM)

FOX Business’ Madison Alworth joined “Varney & Co.” host Stuart Varney to discuss New York’s first-in-the-nation pause on large artificial intelligence data centers, the debate over the state’s energy capacity and the broader concerns about U.S. competitiveness with China.

Critics argue that restricting new artificial intelligence infrastructure could have consequences beyond New York because demand for computing power continues to grow. Sen. John Fetterman, D-Pa., reacted on X to the state’s decision with a brief warning: “China wins.”

Gov. Kathy Hochul has defended the policy, arguing the state’s electric grid cannot currently support additional large-scale facilities.

NEW YORK BECOMES FIRST STATE TO FREEZE NEW AI DATA CENTERS IN MOVE CRITICS WARN COULD DRIVE AWAY JOBS

“A giant data center, that one 50-megawatt center… consumes as much power as 50,000 homes… I’ve got an energy grid that is already overtaxed,” Hochul said.

Energy Secretary Chris Wright disputed that argument, saying large technology projects can help strengthen energy investment rather than strain it.

“Gov. Hochul has it exactly backwards. Data centers are the greatest tool we have right now to stop the rise of electricity prices and ultimately to bring them back down,” Wright said, “It’s the Democrat green energy policies that have driven energy prices up in New York state.”

META EXPANDS LOUISIANA DATA CENTER IN $50B AI PUSH, BOOSTING RURAL COMMUNITY

The debate comes as states weigh how to balance rising electricity demand, artificial intelligence investment and long-term energy planning while competing to attract technology companies.

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“Real money investors, including asset managers from Asia and Europe, dominated the demand for bonds, which were not open to US investors since it was a regulation S (Reg S) transaction,” said a person familiar with the issue.

ET had reported about the likely Tata Capital issue in its July 7 edition.

These instruments would mature in 42 months, marking only the second dollar bond sale for Tata Capital. The company generated a peak order book of $2.10 billion, people familiar with the issue said.
The bond was finally priced at 107 basis points above the three-year US treasury, much tighter than the company’s initial price guidance of 140 basis above the US bond. One basis point is 0.01 percentage point.

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With the three-year US bond trading at 4.26%, the final coupon on the Tata Capital bond is likely to be around 5.33%. A Tata Capital spokesperson did not reply to an email seeking comment.
This bond issue is only the second overseas bond issue from the company after its debut in the international market in January 2025. The company had then raised an identical $400 million by selling dollar bonds maturing in three-and-a-half years to investors in Asia and Europe at a price of 92 basis points above the three-year US treasury.

HSBC, Standard Chartered and MUFG were the bankers to the issue. In February, Fitch Ratings had affirmed Tata Capital’s long-term foreign- and local-currency ratings at ‘BBB-‘ in line with India’s sovereign rating underpinned by expectation that its parent, Tata Sons would provide extraordinary support to the financing subsidiary in times of need.

WASHINGTON — Treasury Secretary Scott Bessent unveiled new photos Wednesday of a proposed $1 gold-colored coin featuring President Donald Trump’s likeness, part of a broader effort to commemorate the United States’ 250th anniversary of independence, even as the design raises questions about longstanding federal restrictions on placing living presidents on U.S. currency.

Bessent shared the first-look images on social media platform X, describing the coin as a tribute to the nation’s founding principles.

“As America commemorates 250 years of independence, the @usmint will begin striking this new $1 gold coin to honor the enduring legacy of liberty and a lasting symbol of patriotism,” Bessent wrote. “Featuring President Trump, it celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all.”

Coin Design and Production Details

The proposed coin features Trump’s image alongside the phrase “In God We Trust” and the dates “1776-2026” on the front. The reverse side reads “One Dollar.” Despite its gold-like finish, the coin is made from a non-precious metal composition rather than actual gold, according to Treasury officials.

The coins are being minted at the U.S. Mint facility in Philadelphia and are expected to become available to the public in the fall. The Commission of Fine Arts, the federal body responsible for reviewing the design of U.S. currency and coinage, granted the Mint approval to proceed with production in March.

A Legal Gray Area

The Trump administration‘s push to feature the sitting president’s likeness on circulating currency runs up against multiple existing federal restrictions. The Presidential $1 Coin Act of 2005 permits $1 coins honoring deceased presidents only, while the Circulating Collectible Coin Redesign Act of 2020 separately prohibits portraits of living people from appearing on the “tails” side of any coin. Federal law more broadly, dating back to an 1886 measure known as the Thayer Amendment, bars images of any living person from appearing on U.S. currency.

The Trump administration has argued that this particular coin sidesteps those restrictions by relying on a distinct 2020 law specifically authorizing commemorative designs tied to the nation’s 250th anniversary celebrations, a legal interpretation that has drawn scrutiny from congressional critics.

Democratic Lawmakers Push Back

Several Democratic lawmakers have moved to formally block the administration’s efforts to place Trump’s image on U.S. currency. Sens. Jeff Merkley of Oregon and Catherine Cortez Masto of Nevada introduced legislation, referred to as the “Change Corruption Act,” that would explicitly prohibit the likeness of any living or sitting president from appearing on U.S. currency of any kind.

Treasury Officials Defend the Design

Ahead of Wednesday’s formal unveiling, U.S. Treasurer Brandon Beach previously defended the decision to feature Trump on the coin in a statement obtained by the Associated Press in March.

“As we approach our 250th birthday, we are thrilled to prepare coins that represent the enduring spirit of our country and democracy, and there is no profile more emblematic for the front of such coins than that of our serving President, Donald J. Trump,” Beach said at the time.

Part of a Broader Currency Redesign Push

The $1 gold coin represents just one element of a broader effort by the Trump administration to reshape federal currency and other national symbols to feature the president more prominently. Bessent separately showed off a design earlier this week for a proposed $250 bill featuring Trump’s face, which he described as a preparatory measure the Treasury Department has taken in case Congress eventually passes legislation authorizing the sitting president’s image to appear on paper currency.

That preview of the $250 bill design followed a Washington Post report indicating the Treasury Department had pressured the Bureau of Engraving and Printing to produce mock-ups of the proposed note ahead of any formal congressional authorization.

New Passport Design Also Unveiled

Alongside the coin announcement, the administration also unveiled new limited-edition passports, dubbed “Patriot Passports,” created to mark the semiquincentennial celebration. A sample image shared by Trump depicted the president standing with his fists resting on the Resolute Desk, with the text of the Declaration of Independence displayed behind him. The passport’s second page includes a rendering of artist John Trumbull’s well-known painting depicting the signing of the Declaration of Independence.

Historical Precedent for Presidential Imagery

While federal law generally bars living presidents from appearing on U.S. currency, there is at least one notable historical precedent involving a sitting president’s image on commemorative coinage. Calvin Coolidge, the nation’s 30th president, issued a half-dollar coin in 1926 that included his own likeness alongside George Washington’s to commemorate America’s 150th anniversary, according to records maintained by the U.S. Mint.

Part of a Broader Pattern of Institutional Changes

Wednesday’s coin unveiling adds to a series of efforts by the Trump administration to leave a lasting imprint on federal institutions and symbols. Those efforts have included a push to add Trump’s name to the Kennedy Center’s facade, an initiative that has faced its own legal challenges. A federal judge ruled last month that Trump’s name must be removed from the performing arts center’s exterior, a decision the president has since appealed without success.

What Comes Next

With the coin’s production already underway in Philadelphia and its public release targeted for later this fall, the ongoing legal and political debate over whether featuring a sitting president’s likeness on U.S. currency violates existing federal restrictions is likely to continue playing out in Congress and potentially in the courts in the months ahead. Whether Merkley and Cortez Masto’s proposed legislation gains sufficient traction to formally block the coin’s release before it reaches circulation remains uncertain, given the current composition of Congress and the administration’s continued defense of its legal interpretation permitting the design under the 2020 semiquincentennial commemorative coin law.

The fintech and stock broking firm’s PAT stood at Rs 114.5 crore in the corresponding quarter of the preceding financial year.

However, on a sequential basis, profit declined 28 per cent from Rs 320 crore in Q4 FY26. ​

Total income rose 25.4 per cent to Rs 1,434 crore during the April-June quarter of FY27 from Rs 1,143 crore a year ago, the broking firm said in a stock exchange filing. ​

Angel One’s total client base grew nearly 19 per cent year-on-year to 3.86 crore. The company’s average client funding book under its credit business reached a record Rs 6,140 crore during the June quarter, marking a 46 per cent year-on-year increase.

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In addition, total orders increased 18.4 per cent year-on-year to 40.6 crore in the quarter.
Angel One’s asset management business recorded an AUM of Rs 620 crore at the end of June 2026, an 81.4 per cent rise from the year-ago period.The company’s board of directors has declared a first interim dividend of Re 1 per equity share.

Total expenses increased to Rs 1,109 crore in the quarter under review from Rs 979 crore in the corresponding period last year, mainly due to higher employee costs, finance costs and other operating expenses.

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ETFuels says its decision is a major vote of confidence in the Humber region

Port of Immingham has been selected as the location for a new advanced fuels refinery which will create up to 50 permanent jobs.

ETFuels has chosen the Associated British Ports-owned site for ‘Project King’s Road’ which will convert renewable e-methanol into sustainable aviation fuel for supply into the UK’s aviation fuel network and for export into international markets. The move promises the creation of 500 jobs in the construction phase and 50 permanent roles thereafter.

ABP says the plant will benefit from access to the Humber’s extensive fuel storage, pipeline and distribution infrastructure, and connections to the UK’s aviation fuel supply network. It has also pointed to Immingham’s deep water port facilities.

Lara Naqushbandi, CEO of ETFuels, said: “Project King’s Road represents a major vote of confidence in the Humber and in Britain’s industrial future. The Humber is already one of the UK’s most important energy and logistics hubs. We believe it can also become the country’s leading hub for next-generation fuels production.

“What attracted us to Immingham was the combination of outstanding infrastructure, a highly skilled industrial workforce and direct access to one of the largest fuel distribution networks in the country. Combined with access to some of the world’s most competitive renewable fuel feedstocks from our Texas platform, it gives Britain a genuine opportunity to build an advanced fuels industry capable of competing with the best projects anywhere in the world.

“This is about much more than a single facility. It’s about creating a new advanced manufacturing capability for Britain, attracting investment into the Humber and establishing a strategic industry that can deliver jobs and growth for decades to come. We named this project after the road it sits on. That’s deliberate — we’re not building a facility that happens to be in Immingham; we’re building something that belongs here.”

Andrew Dawes, regional director of the Humber ports for Associated British Ports, said: “Immingham is already Britain’s largest port by tonnage, key to ABP’s twin missions of Keeping Britain Trading and Enabling the Energy Transition. Project King’s Road is exactly the kind of long‑term, high‑value industrial partnership that brings these priorities together – one that puts our world‑class port infrastructure, deep‑water berths and established fuel‑handling capabilities to work in safeguarding reliable, resilient energy supplies for the UK, while delivering substantial investment and high‑quality jobs. We look forward to working closely with ETFuels, Greater Lincolnshire Combined Authority and the wider Humber industrial community to make this project a reality.”

Dame Andrea Jenkyns, Mayor of Greater Lincolnshire, said: “Greater Lincolnshire has always been a region that makes things, moves things and powers the nation. Project King’s Road represents exactly the kind of investment we want to attract: innovative, industrial and ambitious. This project has the potential to create high-quality jobs, strengthen our energy sector and place the Humber at the forefront of a new global growth industry.

“A project named after its home in our community signals that ETFuels intends to be here for the long term. That matters to us. We look forward to working closely with ETFuels and partners to maximise the economic opportunities for our communities.”

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