After just a few hours, U.S. election bets put on hold by appeals court ruling

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After just a few hours, U.S. election bets put on hold by appeals court ruling

2024-09-14 03:23 Last Updated At：03:41

ATLANTIC CITY, N.J. (AP) — Just hours after it began, legal betting on the outcome of U.S. Congressional elections has been put on hold by a federal appeals court.

The Court of Appeals for the District of Columbia Circuit issued an order Thursday night temporarily freezing the matter until it can consider and rule on the issue. No timetable was initially given.

The court acted at about 8:30 p.m. Thursday, mere hours after a federal judge cleared the way for the only bets on American elections to be legally sanctioned by a U.S. jurisdiction.

U.S. District Court Judge Jia Cobb permitted New York startup company Kalshi to begin offering what amounts to bets on the outcome of November elections regarding which parties win control of the House and Senate.

The company's markets went live soon afterwards, and Kalshi accepted an unknown amount of bets, which it called “contracts.”

The Thursday night order put a halt to any further such bets. What might happen to those already made was unclear Friday.

Neither Kalshi nor the commission immediately responded to messages seeking comment Friday.

The ruling came after the Commodity Futures Trading Commission appealed Cobb's ruling, warning that allowing election bets, even for a short period of time, risked serious harm from people trying to manipulate the election for financial purposes.

Prices on Kalshi’s so-called predictive contracts varied during the afternoon and early evening hours during which they were live on Thursday. At one point, a bet on the Republicans to win control of the Senate was priced at 76 cents; a $100 bet would pay $129. A bet on the Democrats to win control of the House was priced at 63 cents, with a $100 bet paying out $154.

The elections category under which they had been posted Thursday was missing from the company's website Friday afternoon.

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EU leaders meet for emergency summit on defense and Ukraine aid amid waning US support

2025-03-07 00:59 Last Updated At：01:00

BRUSSELS (AP) — Facing the prospect that the United States might cut them adrift under President Donald Trump, European Union leaders launched a day of emergency talks Thursday in a bid to beef up their own security and ensure that Ukraine will still be protected.

Friedrich Merz, the likely next chancellor of Germany, and summit chairman Antonio Costa discussed over breakfast in Brussels ways to fortify Europe's defenses on a short deadline. Merz pushed plans this week to loosen the nation’s rules on running up debt to allow for higher defense spending.

Meanwhile, the 27-nation bloc woke up to news that French President Emmanuel Macron would confer with EU leaders about possibility using France’s nuclear deterrent to protect the continent from Russian threats.

It all underscored the sea change that has taken place since Trump took office and immediately upended the cornerstones of cooperation between the United States and Europe that have been the bedrock of Western security since World War II.

“Spend, spend, spend on defense and deterrence. That’s the most important message,” Danish Prime Minister Mette Frederiksen said.

The call is a sharp departure from decades of decline in military spending in Europe, where defense often came last in many budgetary considerations.

The bloc will “take decisive steps forward," Macron told the French nation Wednesday evening. “Member states will be able to increase their military spending,” and “massive joint funding will be provided to buy and produce some of the most innovative munitions, tanks, weapons and equipment in Europe.”

Adding to the ebullient message, he said that “Europe’s future does not have to be decided in Washington or Moscow.”

Ukrainian President Volodymyr Zelenskyy, who attended the summit, received warm bonhomie from most leaders — a stark contrast with the verbal lashing he got from Trump less than a week ago in Washington.

“I want to thank all our European leaders," Zelenskyy said. “Strong support from the very beginning of the war. During all this period, and last week, you stayed with us.”

European Commission President Ursula von der Leyen has proposed a plan to loosen budget rules so countries that are willing can spend much more on defense. Her proposal is underpinned by 150 billion euros ($162 billion) worth of loans to buy priority military equipment.

Most of the increased defense spending would have to come from national budgets at a time when many countries are already overburdened with debt.

Part of von der Leyen’s plan includes measures to ensure struggling member states will not be punished for going too deep into the red if the spending is earmarked for defense.

“Europe faces a clear and present danger, and therefore Europe has to be able to protect itself, to defend itself,” she said.

France is struggling to reduce an excessive annual budget deficit of 5% of GDP, after running up its total debt burden to 112% of GDP with spending on relief for businesses and consumers during the COVID-19 pandemic and the energy crisis that followed Russia’s invasion of Ukraine.

Five other countries using the euro currency have debt levels over 100% of GDP: Belgium, Greece, Spain, Italy and Portugal.

Europe’s largest economy, Germany, has more room to borrow, with a debt level of 62% of GDP.

Part of any security plan would be the protection of the increasingly beleaguered position of Ukraine.

A Russian missile killed four people staying at a hotel in Zelenskyy’s hometown overnight. He said that a humanitarian organization’s volunteers had moved into the hotel in Kryvyi Rih, in central Ukraine, just before the strike. The volunteers included Ukrainian, American and British nationals, but it wasn't clear whether those people were among the 31 who were wounded.

Early this week, Trump ordered a pause in U.S. military supplies being sent to Ukraine as he sought to press Zelenskyy to engage in negotiations to end the war with Russia. The move brought fresh urgency to Thursday's summit.

The meeting was unlikely to address Ukraine’s most pressing needs. It was not aimed at drumming up more arms and ammunition to fill any supply vacuum created by the U.S. freeze. Nor will all nations agree to unblock the estimated 183 billion euros ($196 billion) in frozen Russian assets held in a Belgian clearing house, a pot of ready cash that could be seized.

Still, the Europeans underlined the importance of the moment.

“This is a watershed moment for Europe and Ukraine as part of our European family. It’s also a watershed moment for Ukraine," von der Leyen said as she stood alongside Zekenskyy before striding together into the summit.

But perhaps the biggest challenge for the EU will be building a united stance at a moment when it’s fractured, since much of the bloc's actions requires unanimous support. Hungary is threatening to veto part of the summit statement on Ukraine, as is Slovak Prime Minister Robert Fico.

“We have to take decisions no matter the one or two which are opposing every time,” Lithuanian President Gitanas Nauseda said. “Otherwise history will penalize us, and we will pay a very high cost.”

Thursday's summit was unlikely to produce immediate decisions on spending for Ukraine or Europe's own defenses. Another EU summit where the real contours of a plan could become clearer is set for March 20 and 21.

Associated Press writers Sylvie Corbet in Brussels; David McHugh in Frankfurt, Germany; Barry Hatton in Lisbon, Portugal; and Illia Novikov in Kyiv, Ukraine, contributed to this report.