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Bill Ackman has grown Pershing Square Capital Management to more than $16 billion from $54 million since he founded the fund nearly two decades ago. The 57-year-old activist investor speaks with On The Money about his return to office policy, his possible presidential picks and why hes still bullish on New York City.

Lydia: You are among the big names on Wall Street who didn’t move to Florida. Why?

Bill: The short answer is that I love New York City. My desire to be successful is founded on a desire to be independent. It always seemed crazy to me to sacrifice that independence to save money on taxes. If you make $100 million some people in finance make even more than that you can save $25 million of that by living somewhere cheaper.

Some people choose to manage their lives that way. I do think it’s incumbent upon New York City to make this a desirable place to live and we have to make it an attractive place to do business. If one super wealthy person leaves the city thats really bad for the revenue. I dont think it’s smart to push taxes higher I think that would actually generate less revenue.

Lydia: There have been some top players in finance like Ken Griffin who have made a show of moving to Miami and talking about how smart it is for their business. But do you think that trend will be reversed? Will we see a lot of headlines in the next year about people moving back?

Bill: I think it’s a great thing that [Citadel founder] Ken Griffin is building a major campus, if you will, in New York City on Park Avenue. I think thats an amazing thing for NYC whether it’s his primary office or not, and it speaks to the fact that a lot of the youngest, most talented people want to be here. My nephew graduated from Harvard and many of his classmates moved here even before they had a job. The city is still a big draw for young people and if this is where the talented, young people want to be, then the companies will have to have a major presence here.

Lydia: Given the younger generation wants flexibility, is it realistic to expect people to return to the office five days a week? On the flip side, can New York City flourish if you dont have people back in Midtown and back in office buildings?

Bill: Everyone wants more flexible work whether its a school play, a sports game you dont want to miss and we have technology that lets you do that. What weve done at Pershing Square is bring people back five days a week 10 months a year. Of course if theres something you need to do like a doctors appointment or working from home one day, use your best judgment. And then we give people July and August to work from anywhere with the caveat that if there’s something where we need to bring everyone together, you show up. Weve experimented with that for two years and thats worked well, people like the balance, and it works for our business.

Lydia: And you believe New York will still be a place where businesses want to operate? 

Bill: I think if NYC became an unsafe place the images you see of San Francisco where you have open air drug users lying on the street that would be very damaging and could be a tipping point for people leaving the city.

You have to manage the city and its population effectively. In San Francisco you have homeless people acting in a threatening and hostile way thats led to the emptying out and death spiral of San Francisco. Again you want to manage a city so that it is pro-business and pro-resident and you want to show care for people who are less fortunate, but that doesnt mean they can defecate on the street and threaten parents or kids.

Lydia: Is NYC poised to go into that kind of death spiral?

Bill: No, I dont think so. We have a mayor who has for obvious reasons respect for the police force and I think they respect him. I think thats really important. The whole defunding the police movement was not a good one. Bail reform went too far. If you believe the statistic, it’s several hundred people committing the vast majority of street crime and those people should be locked up.

Lydia: The new movie Dumb Money and the meme stock craze clearly a cautionary tale of a short bet gone wrong. What do you make of that film?

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Bill: We are among the most famous short sellers but thats because we shorted two stocks in the last twenty years. One short theres a movie about Herbalife [Betting on Zero] and the other short theres a book about MBIA [Confidence Game]. But we dont short stocks for precisely the reason you say. We gave up that business a long time ago because its too risky. Even when youre right you can lose a lot of money. Of course, short sellers can do amazing research.

Lydia: Youve publicly applauded the work Hindenburg has done on Carl Icahns firm. How are you thinking about Icahn now? Do you think the report captured whats going on at his firm?

Bill: What Hindenburg said has been proven out.

Lydia: Youve expressed support for a lot of different 2024 presidential candidates. Anyone else you plan to support? 

Bill: Id love Jamie Dimon to be president but hes made it clear hes not going to run. Id love for a candidate of his quality to run. I think Biden-Trump part II is not the best option for America. It would be great for us to be brought together by a more centrist candidate that members of both parties can vote for. 

Lydia: What about Vivek or RFK Jr. youve tweeted support for?

Bill: Id like to see multiple alternatives. Ive been supportive of Vivek because I know him and hes super smart and capable. I wish he was a more centrist candidate. Ive not yet met RFK but hopefully will have an opportunity to do so. But I still havent found my ideal candidate. Biden should step aside and that would create a flurry of alternative candidates. People are afraid to run against the president and I think theres some possibility of that happening.

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White House: Europe ‘unrecognisable in 20 years or less’

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White House: Europe 'unrecognisable in 20 years or less'

President Trump’s “America First” agenda has been spelt out in a new White House National Security Strategy that should make stark reading for allies and foes of the United States alike.

The new 33-page document outlines an upending of American foreign policy objectives and priorities which have stood largely unchanged through different administrations stretching back decades.

The document says American strategy went “astray” over many years. It seeks to reframe America’s strategic interests as being far narrower now than at any time in its modern history.

Among the key points, the document says:

Europe faces “civilizational erasure” and could be “unrecognisable in 20 years or less”

• “Certain NATO members will become majority non-European” within a few decades

•​​​​​​​ America will “shift away” from the “burden” of the Middle East seeing it now as a “source and destination of international investment”

•​​​​​​​ In the Western hemisphere, America should pursue a policy of “enlist and expand… restoring American pre-eminence”

•​​​​​​​ In Africa, American policy focus should be on trade not “providing and spreading liberal ideology”

America will 'shift away' from the 'burden' of the Middle East. Pic: Reuters
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America will ‘shift away’ from the ‘burden’ of the Middle East. Pic: Reuters

In black-and-white, the text articulates a dramatic strategic shift which has been playing out at lightning speed over the past year.

The document underlines the end of the concept of America as an arbiter of the democratic rules-based order.

“American foreign policy elites convinced themselves that permanent American domination of the entire world was in the best interests of our country. Yet the affairs of other countries are our concern only if their activities directly threaten our interests,” the paper says.

Every US administration publishes at least one National Security Strategy during a presidential term.

The focus of this one is starkly different from that published by President Biden in 2022.

It’s also notably different from the document which President Trump published during his first term. His 2017 paper cast the world as a contest between “repressive regimes” and “free societies”.

Trump doesn't want the US to be the arbiter of the democratic rules-based order. Pic: Reuters
Image:
Trump doesn’t want the US to be the arbiter of the democratic rules-based order. Pic: Reuters

This new one places the necessity to do trade above the imposition of values.

“We seek good relations and peaceful commercial relations with the nations of the world without imposing on them democratic or other social change that differs widely from their traditions and histories.”

Mass migration and Europe

The new document is highly critical of mass migration.

It warns that uncontrolled migration is destroying the concept of nation states which could impact America’s strategic alliances and the countries it counts as reliable allies.

The paper is particularly critical of Europe, of the European Union as a concept and of individual European nations.

“Should present trends continue, the continent will be unrecognizable in 20 years or less,” the paper says.

It continues: “As such, it is far from obvious whether certain European countries will have economies and militaries strong enough to remain reliable allies.

“Many of these nations are currently doubling down on their present path. We want Europe to remain European, to regain its civilizational self-confidence, and to abandon its failed focus on regulatory suffocation.”

Trump will seek to support 'patriotic European parties'. Pic: AP
Image:
Trump will seek to support ‘patriotic European parties’. Pic: AP

The document’s language around the politics of governing parties across Europe is particularly stark.

Regarding Ukraine, the document says: “The Trump Administration finds itself at odds with European officials who hold unrealistic expectations for the war perched in unstable minority governments, many of which trample on basic principles of democracy to suppress opposition.

“A large European majority wants peace, yet that desire is not translated into policy, in large measure because of those government’s subversion of democratic processes.”

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The document outlines how his administration will seek to support “patriotic European parties”.

This is entirely in line with President Trump’s rhetoric but still represents a major departure from the longstanding principle of not interfering in the politics of allies.

It says: “American diplomacy should continue to stand up for genuine democracy, freedom of expression, and unapologetic celebrations of European nations’ individual character and history.

“America encourages its political allies in Europe to promote this revival of spirit, and the growing influence of patriotic European parties indeed gives cause for great optimism.”

Trump has at times had a fiery relationship with Ukraine's President Zelenskyy. Pic: Reuters
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Trump has at times had a fiery relationship with Ukraine’s President Zelenskyy. Pic: Reuters

Ukraine and Russia

On European-Russia relations, the document raises the prospect of war but curiously does not presume that such a conflict would involve America.

“Managing European relations with Russia will require significant US diplomatic engagement, both to reestablish conditions of strategic stability across the Eurasian landmass, and to mitigate the risk of conflict between Russia and European states.”

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By contrast, President Biden’s National Security Strategy, published in 2022, underlined repeatedly the “iron-clad” commitment the United States had to Europe’s security.

Chinese risk and opportunity

The document presents Asia and the Indo-Pacific region as a source of opportunity for strategic and economic cooperation.

Maintaining US military strength over China is also outlined. Pic: Reuters
Image:
Maintaining US military strength over China is also outlined. Pic: Reuters

“President Trump is building alliances and strengthening partnerships in the Indo-Pacific that will be the bedrock of security and prosperity long into the future…”

And specifically on China, the paper presents a goal of “economic vitality” achieved through a balanced economic relationship between the two countries combined with an “ongoing focus on deterrence to prevent war”.

Deterrence would be achieved, it outlines, by maintaining preeminent military strength over China.

It says: “This combined approach can become a virtuous cycle as strong American deterrence opens up space for more disciplined economic action, while more disciplined economic action leads to greater American resources to sustain deterrence in the long term.”

Hemispheres of influence

In line with President Trump’s focus on spheres of influence, particular focus is given to the western hemisphere.

There are clear references to the impact of drugs from south and central America into the US and more subtle references to control of the arctic.

“The United States will reassert and enforce the Monroe Doctrine to restore American pre-eminence in the Western Hemisphere, and to protect our homeland and our access to key geographies throughout the region,” the paper says.

It continues: “We will deny non-Hemispheric competitors the ability to position forces or other threatening capabilities, or to own or control strategically vital assets, in our hemisphere.”

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Environment

The UK wants to unlock a ‘golden age of nuclear’ but faces key challenges in reviving historic lead

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The UK wants to unlock a 'golden age of nuclear' but faces key challenges in reviving historic lead

The Sizewell A and B nuclear power stations, operated by Electricite de France SA (EDF), in Sizewell, UK, on Friday, Jan. 26, 2024. Photographer: Chris Ratcliffe/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

The U.K. was the birthplace of commercial nuclear energy, but now generates just a fraction of its power from it — big investments are underway to change that.

The country once had more nuclear power stations than the U.S., USSR and France — combined. It was a global producer until 1970 but hasn’t completed a new reactor since Sizewell B in 1995.

Today, the country takes the crown not for being a leader in atomic energy, but for being the most expensive place in the world to build nuclear projects.

Nuclear energy accounted for just 14% of the U.K.’s power supply in 2023, according to the most recent data from the International Energy Agency, trailing its European peers and well behind frontrunner France at 65%.

There is ambition to change that and have a quarter of the U.K.’s power come from nuclear by 2050. Nuclear is considered an attractive bet gas it’s a low-carbon, constant energy source that can act as a baseload to complement intermittent sources like renewables.

“There’s a very clear momentum that has been observed,” Doreen Abeysundra, founder of consultancy Fresco Cleantech, told CNBC. It’s in part due to geopolitical tensions, which pushed energy security and independence onto public agendas.

However, the U.K.’s Nuclear Regulatory Taskforce called for urgent reforms after identifying “systemic failures” in the country’s nuclear framework. It found that fragmented regulation, flawed legislation and weak incentives led the U.K. to fall behind as a nuclear powerhouse. The government committed to implementing the taskforce’s guidance and is expected to present a plan to do so within three months.  

Going big – or small  

The U.K. is spreading its bets across tried-and-tested large nuclear projects and smaller, next-generation reactors known as small module reactors (SMRs). 

British company Rolls-Royce has been selected as the country’s preferred partner for SMRs, which are effectively containerized nuclear reactors designed to be manufactured in a factory. Many include passive cooling techniques, which supporters argue makes them safer and cheaper.

Nuclear has long come under fire by environmentalists due to radioactive waste and disasters like Chernobyl. Indeed, the U.K.’s first commercial plant Windscale became its worst nuclear accident in history when it melted down in 1957.

On October 10, 1957, Windscale became the site of the worst nuclear accident in British history, and the worst in the world until Three Mile Island 22 years later. A facility had been built there to produce plutonium, but when the US successfully designed a nuclear bomb that used tritium, the facility was used to produce it for the UK. However, this required running the reactor at a higher temperature than its design could sustain, and it eventually caught fire. Operators at first worried that e

Photo: George Freston | Hulton Archive | Getty Images

Most SMRs use light water reactor technology – think of the planned large-scale nuclear plant Sizewell C, just “shrunk down,” said Abeysundra – which is tried and tested.

Other designs, known as “advanced” reactors, are more experimental. For example, those that change the cooling solution or solvent, which is typically used in the process of separating and purifying nuclear materials. 

The U.K.’s first SMR will be at Wylfa, in Wales, though no timeline has been given for its completion. The site will house three SMRs and grow over time. 

In September, the country signed a deal with the U.S. to enable stronger commercial ties on nuclear power and streamline licensing for firms that want to build on the opposite side of the Atlantic. 

However, “the first thing is, there is not, at the moment, a single SMR actively producing electricity under four revenues. They will all come at best in the 30s,” Ludovico Cappelli, portfolio manager of Listed Infrastructure at Van Lanschot Kempen, told CNBC. 

While SMRs are a “game changer” thanks to their ability to power individual factories or small towns, their days of commercial operation are too far away, he said. From an investment standpoint, “that is still a bit scary,” he added. 

To secure the large baseloads needed to offset the intermittency of renewables, “we’re still looking at big power stations,” added Paul Jackson, Invesco’s EMEA global market strategist.  

Nuclear share of total electricity (2023)

IEA

SMRs “probably” do have a role — “they can clearly be more nimble” — but it will take time to roll them out, Jackson said, casting doubt on the U.K.’s ability to be a leader in nuclear, as France and China are already miles ahead.

The U.K. government body Great British Energy-Nuclear is set to identify sites for an additional large-scale plant, having already acquired one in Gloucestershire, in the west of England, as well as the site in Wales. 

“We are reversing a legacy of no new nuclear power being delivered to unlock a golden age of nuclear, securing thousands of good, skilled jobs and billions in investment,” a spokesperson for the U.K. government’s Department for Energy Security and Net Zero told CNBC.

“Sizewell C will deliver clean electricity for the equivalent of six million of today’s households for at least six decades, and the UK’s first small modular reactors at Wylfa will power the equivalent of three million homes, bringing energy security,” they added.

Innovation in funding  

The U.K. has a strong legacy to build on. It pioneered fresh funding mechanisms to make large-scale nuclear projects investible so that they are less reliant on direct government funding, such as a Contract for Differences, which was used for Hinkley Point C.

The mechanism guarantees a fixed price for the electricity generated over a long period of time in order to de-risk investments in an industry that’s known for running over time and budget. Hinkley Point C was initially expected to cost £18 billion (over $24 billion) but the bill has slowly crept up.  

“That fixes one part of the equation, the price risk,” Cappelli said of nuclear investments, but the second risk is construction delays.  

The Regulated Asset Base (RAB), first used for nuclear at Sizewell C, attempts to reconcile this. Investors get paid from the day they cut a check for a nuclear project, rather than the day it starts operating. Sizewell C is expected to cost £38 billion to build. 

Private market investors are increasingly interested in next-generation nuclear as a way to offset soaring energy demands from AI, resulting in a host of young companies trying to build out facilities. Perhaps the most famous is Oklo, a U.S. firm that was taken public by a Special Purpose Acquisition Company (SPAC) founded by OpenAI’s Sam Altman.

Rendering of a proposed Oklo commercial advanced fission power plant in the U.S.

Courtesy: Oklo Inc.

The next generation of engineers  

The U.K. faces challenges in access to relevant talent, which is crucial for scaling projects effectively. The country is heralded for its world-class universities and technical know-how, “but that is very much book knowledge,” said Van Lanschot Kempen’s Cappelli.  

“What we need is real on-the-ground expertise, and that we are probably lacking for the simple reason that we haven’t been doing it for a very long time,” he said.

For Abeysundra, there’s one area where the U.K. stands out: its mindset. “There is so much knowledge, innovation, and that can-do attitude, which I don’t see as much in other nations,” she said, pointing to the U.K.’s trailblazing role in the Industrial Revolution and establishment of offshore wind energy. 

X-Energy’s Kam Ghaffarian on Nuclear Power, AI, and the Space Tech Race

The U.K. government positioned nuclear energy as a key element of the future clean energy workforce in its Clean Energy Jobs Plan released in October, while its national roadmap for nuclear skills, set out in 2024, focuses on apprenticeships, PhDs and upskilling mid-career workers. Industry-led initiatives such as the Energy Skills Passport also support the likes of oil and gas workers to gain green skills.

Securing the supply chain  

Perhaps the toughest issue, however, is the supply chain.  

Uranium, the fuel used to make a nuclear reaction, is dominated by just four countries, including Russia. Global demand for uranium could rise by nearly a third by 2030 and more than double by 2040, according to the World Nuclear Association, adding further reliance on a select few countries and pressure on developers.  

The U.K. government has allocated funding to build up the supply chain and has committed to preventing the import of nuclear fuel from Russia by 2028. Fuel for Sizewell C will come from European or “Western suppliers,” Cappelli noted. 

However, for him, it poses the question: How secure is nuclear energy really? “We have to build nuclear power plants, but we need to build the value chain,” Cappelli added. 

Workers, expertise and funding are required for nuclear energy, but the supply chain is also key, he said. Otherwise, there will be “the same issues that we had with gas,” a nod to the U.K.’s reliance on just one supplier. Instead of gas, it will be with uranium. 

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12-year-old girl from Gaza receives vital brain operation after Israeli bombing near her home

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12-year-old girl from Gaza receives vital brain operation after Israeli bombing near her home

The 3D picture we’re shown of Maryam’s skull shows a gaping hole.

It’s astonishing the young girl from Gaza even survived an Israeli bombing near her home.

But she’s sitting up in her hospital bed in the Jordanian capital Amman, as we look on and she’s smiling and joking during a call with her father who remains in the Palestinian territory.

“I’m okay,” she says cheerily, “how are you?”

She’s heard overnight there’s been severe flooding in Gaza and the tents and makeshift shelters which tens of thousands are living in, are now soaked and under water.

But her father is focussed on how his 12-year-old daughter is feeling ahead of yet another life-saving brain operation.

Maryam is a rarity.

She is one of a few hundred patients who’ve been allowed by the Israeli authorities to leave the Gaza Strip to receive critical medical help since the October 2025 agreement signed between Israel and Hamas, which was aimed at ending hostilities.

The World Health Organisation (WHO) says they’ve identified nearly 16,000 medical cases needing urgent critical care outside Gaza.

WHO data documented a total of 217 patients who left Gaza for medical care in other countries between the dates of 13 October and 26 November 2025.

Since then, Israel’s Coordination of Government Activities in the Territories (COGAT) has said a further 72 patients and caregivers from Gaza have departed the Israeli-occupied area for Jordan.

But behind them, they left a long queue of ill and wounded people in desperate need of the sort of specialised medical help Maryam Ibrahim is receiving in Jordan.

Alex Crawford and Dr Samer Elbabaa
Image:
Alex Crawford and Dr Samer Elbabaa

Having survived the bombing and having survived the craniectomy (removing her fractured skull), Maryam’s next challenge was surviving the wait to receive permission to leave Gaza for the surgery which offered her a chance of long-term survival.

She waited almost half a year for this operation: an operation considered vital.

Without it, Maryam’s brain was unprotected. Any stumble or accident risked irreversibly injuring her brain and negatively impacting her neurological functions – a risk which was considerably heightened given where she’s living.

The Palestine Children’s Relief Fund (PCRF) which has funded her medical care in Jordan says they’ve “witnessed at first hand the catastrophic toll of this conflict on children’s health and well-being.

“Thousands have been orphaned, maimed or left with lifelong trauma. Entire hospitals and health centres have been destroyed leaving an entire population of children without access to even the most basic medical care.”

While humanitarian organisations continue to encounter challenges in organising evacuations from Gaza, two British surgeons were amongst a group of medics refused permission by the Israeli authorities to enter the territory.

Dr Victoria Rose, a plastic and reconstructive surgeon with the IDEALS charity, told Sky News: “WHO calculated that in 2025, only 47% of emergency medical teams were granted entry to Gaza.

“This is at a time when hundreds of local doctors have been detained by the IDF with many still unaccounted for. Gaza does not have the manpower to cope with the numbers of injured.”

Maryam
Image:
Maryam

Read more:
More children from Gaza to be brought to UK for urgent treatment
Rafah crossing to open ‘in coming days’, says Israel

Maryam’s case received widespread publicity after the intervention of the popular American children’s educator and YouTuber Rachel Griffin Accurso known as “Ms Rachel”.

She highlighted her case by talking to the little girl via Instagram after Maryam posted about how she was being bullied for her unusual appearance because of her cranial injury.

Maryam’s family realise she’s been unusually fortunate to receive this specialised care, but they know too that as soon as Maryam is well enough, the little girl will be returned to Gaza and an unpredictable future.

The Israeli authorities continue to insist via X that they are helping to organise humanitarian aid into Gaza and are committed to “facilitating a humanitarian-medical response” – which includes establishing field hospitals.

They have repeatedly suggested that it is the lack of coordination on the part of various countries and organisations which is the issue – but this runs counter to what multiple humanitarian groups and individuals have experienced.

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