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Trump administration uncovers $1.2B in suspected COVID contract fraud tied to Biden-era spending

September 24, 2026 9:00am EDT / Fox News

GSA found millions in vaccine contracts were awarded after the pandemic emergency ended under the Biden administration

By Preston Mizell Fox News

Vance-led fraud task force cuts $2.2 billion in taxpayer waste by taking fraudsters off of Obamacare

Taxpayers are saving billions as officials crack down on widespread healthcare program exploitation. The Fraud Task Force is stopping Obamacare enrollment for approximately 750,000 individuals suspected of fraudulent registration. Led by Secretary Kennedy and Dr. Oz, the coordinated effort also includes verifying the legal residency and income eligibility of 419,000 additional enrollees to ensure funds reach those in need.

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FIRST ON FOX: The Vance-led anti-fraud task force and the General Services Administration uncovered more than $1.2 billion in suspected COVID-era contract fraud as the White House anti-fraud task force continues its crackdown across the country.

The General Services Administration, along with the Department of Health and Human Services, found that COVID emergency contracting continued after the pandemic emergency officially ended. The agencies also revealed that millions of vaccine contracts were awarded even after the pandemic ended under the Biden administration.

“The COVID emergency ended over three years ago, yet fraudsters continue to weaponize outdated emergency contracts to abuse taxpayer dollars,” GSA Administrator Edward C. Forst told Fox News Digital in a statement. “Thanks to the leadership of President Trump and Vice President Vance’s Task Force to Eliminate Fraud, GSA uncovered $1.22 billion in suspected fraud across five HHS COVID-era contracts.”

AG BLANCHE UNVEILS FEDERAL CHARGES AGAINST 160 DEFENDANTS IN PANDEMIC RELIEF SWEEP

US Vice President JD Vance, alongside Medicare and Medicaid Administrator Mehmet Oz, speaks about combatting fraud, at the Eisenhower Executive Office Building on the White House complex in Washington, DC, on February 25, 2026. Donald Trump said on February 24 that he was appointing Vice President Vance to lead a “war on fraud” as he railed against alleged abuses of government benefits in Democratic-controlled states — particularly Minnesota. (Photo by Oliver Contreras / AFP via Getty Images)(Oliver Contreras / AFP via Getty Images)

“GSA will continue to work with the Vice President’s task force to stop improper payments, refer suspected fraud to law enforcement, and fight to recover every dollar,” he added.

While the funding uncovered is not currently tied to criminal charges for contractors, the agencies have pinpointed a significant amount of taxpayer dollars that may have otherwise been distributed for COVID vaccines and other pandemic-related services long after the national emergency ended.

GSA estimates that an estimated 93% of the funding for the contracts has not yet been distributed to vendors, while roughly 6.78% has already been expended. The agency has since suspended payments to contractors as part of the initiative.

“The COVID emergency ended in 2023. The emergency contract advantage didn’t — until now.”

WHITE HOUSE PUSHES ‘WATERSHED’ FRAUD-FIGHTING REFORM IN CONGRESS AS VANCE CONVENES TASK FORCE

General Services Administration head Ed Forst arrive during a meeting at the White House, on April 2, 2026 in Washington, DC.(Al Drago/Getty Images)

White House Task Force to Eliminate Fraud Executive Director Scott Brady told Fox News Digital in a statement. “GSA’s review uncovered $1.22 billion in suspected fraud and stopped $41 million more across five HHS COVID-era contracts that kept the emergency label alive long after the emergency was gone.”

Brady said that allocated emergency funding “is a privilege, not a blank check,” while describing contractors who received funding to combat the pandemic at the time as “honest.” He characterized any funding that was distributed beyond the emergency as a “free pass.”

WHITE HOUSE LAUNCHES INTERACTIVE MAP TRACKING BILLIONS IN SUSPECTED FRAUD

The announcement comes after the General Services Administration found more than $13 billion in suspected contractor fraud in late August, and the Trump administration has declared a total of more than $245.7 billion has been uncovered since the president took office and that it has prevented an annualized $62.9 billion in fraudulent payments.

The White House anti-fraud task force also says that more than $59.1 billion in indictments and settlements are being enforced.

WHITE HOUSE TO YANK 750,000 FRAUDSTERS OFF OBAMACARE, SAVE TAXPAYERS $2.2 BILLION, VANCE SAYS

In this photo illustration, Pfizer-BioNTech COVID-19 (L) and Moderna COVID-19 vaccines fill their syringes at Borinquen Health Care Center on May 29, 2025, in Miami, Florida.(Joe Raedle/Getty Images)

The Department of Health and Human Services, which oversees Medicare and Medicaid, has uncovered the most significant amount of fraud at $96.4 billion.

As for the beneficiaries of fraudulent activity, the Trump administration has identified some foreign nationals who have infiltrated the federal contracting system and acquired funds while still residing in their home countries.

EXCLUSIVE: FBI’S FIFTH MOST WANTED FRAUDSTER CAPTURED AFTER ALLEGED SNAP SCAM SUSPECT ARRESTED IN INDIA

Earlier this month the FBI released a “Most Wanted” list highlighting alleged fraud suspects as the administration continues its broader crackdown on fraud. Officials say the involvement of foreign nationals in multiple schemes has heightened concerns about overseas actors exploiting U.S. government programs.

Among those named is Onur Simsek, a Turkish national whom the FBI believes is living in Turkey. Prosecutors accuse Simsek of leading a defense procurement fraud scheme that secured U.S. military contracts by falsely certifying Turkish-made parts as tested and qualified, potentially rendering critical military equipment inoperable.

FRAUD EXPERT EXPOSES HOW HIDDEN NETWORKS DROVE MINNESOTA FRAUD, OTHER MAJOR SCAMS: ‘CRIMINAL ENTERPRISE’

Federal prosecutors allege Onur Simsek led a procurement fraud operation that infiltrated the U.S. defense supply chain, prompting the FBI to offer a $150,000 reward for information leading to his arrest.(Andrew Leyden/Getty Images / FBI)

Federal authorities allege Simsek is one of a number of foreign nationals who have infiltrated and exploited U.S. federal funds to obtain taxpayer funds.

In an interview with Fox News Digital last month, Vice President JD Vance said authorities have observed what he described as a “clear pattern” in some fraud cases involving immigrant communities.

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“You definitely see patterns in certain communities,” Vance said. “It’ll start as maybe one Somali person takes advantage of the system, or realizes you don’t even have to have children to get money from these programs. You could just claim that you have children, there’s no verification. Then, word spreads like wildfire, and that program gets tapped into by the same members of that community.”

Preston Mizell is a writer with Fox News Digital covering breaking news.

习近平：中美须守住不冲突底线 确保AI发展受控于人

2026年9月24日 23:22 / 联合早报

• 习近平在白宫致辞时称，中美应加强沟通、真诚合作、和平共处，在竞争中守住不冲突不对抗的底线。 – 他提出两国应推动外交、经贸等部门加强沟通，支持立法机构扩大交流，并欢迎美企来华投资。 – 习近平说中美都是人工智能大国，有责任发展好、管控好人工智能，确保其始终受控于人。 – 他宣布中国未来五年将邀请10万名美国青少年赴华交流学习，大熊猫也将落户亚特兰大动物园。

在美国进行国事访问的中国国家主席习近平（左）和美国总统特朗普星期四（9月24日）在白宫观看美国海军陆战队的表演。 （法新社）

中国国家主席习近平星期四（9月24日）在美国白宫欢迎仪式上致辞时说，中美两国应加强沟通、真诚合作、和平共处，在竞争中守住不冲突、不对抗的底线，推动中美关系行稳致远。

习近平说，中国和美国都是伟大的国家，中国人民和美国人民都是伟大的人民，他应美国总统特朗普邀请访美，“是为传承友谊而来，为拓展合作而来，为增进两国人民福祉而来”。

他说，面对当今世界之变、时代之变、历史之变，中美两个大国肩负着促进人类发展进步的历史重任。特朗普今年访华期间，中美双方一致同意构建“中美建设性战略稳定关系”，他愿同特朗普一道努力，引领中美关系“这艘大船行稳致远”。

习近平提出，首先要加强沟通。中美两国国情不同，通过坦诚、深入、持续的对话，可以增进理解、求同存异、积累互信。习近平说，他与特朗普彼此尊重，已建立良好关系，保持经常性沟通；两国应推动外交、经贸、财金、执法、人文等部门加强沟通，并支持两国立法机构扩大交流。

在合作方面，习近平说，中美两国利益深度交融，合作空间十分广阔，并强调中美合作虽然不可能解决世界上所有问题，但没有两国合作，世界上很多问题都难以解决。他也说，中国开放的大门始终敞开，欢迎美国企业来华投资兴业，同时希望美国公平对待中国企业，“共同拉长合作清单，压缩问题清单”。

习近平也提到人工智能。他说，中美两国都是人工智能大国，有能力也有责任发展好、管控好人工智能，“确保人工智能发展始终受控于人、造福于民”。

在禁毒方面，习近平表示，中国愿同美国加强禁毒、执法等合作；双方也可增加直航航班，让人员和经贸往来更加便捷。

习近平也强调，中美要和平共处。他说，中美两个大国合则两利、斗则俱伤，中美不必讳言竞争，但竞争应该是良性的、有边界的，“是你追我赶的赛跑”，而不是你输我赢的角斗”。他进一步强调，中美双方必须守住“不冲突、不对抗”的底线，两国军队也要保持常态化对话，完善危机沟通和预防机制，并称“修昔底德陷阱”是可以跨越的。

习近平在致辞中也强调中美民间交流的重要性。他说，中美在二战期间曾并肩抗击法西斯侵略，中国人民不会忘记这段历史，美国人民也没有忘记。

他说，中美关系希望在人民，未来在青年，并宣布中国在未来五年将邀请10万名美国青少年到中国交流学习。

习近平也宣布，大熊猫“平平”“福双”再过几天将落户亚特兰大动物园，同美国人民见面。

习近平最后说，实现中华民族伟大复兴和“让美国再次伟大”并行不悖，两国应不断推进中美人民友好事业，携手共建更加美好的世界。

《联合早报》新加坡文化节移师北京 以美食文化展现狮城风貌

2026-09-24 23:52 / 联合早报

新加坡文化节星期四（9月24日）下午在北京举行主题为“What？新加坡有文化？”的座谈会，南洋女中校长萧芳辉、导演邓宝翠及新加坡作曲家王辰威，从教育、电影和音乐三个角度讨论新加坡文化。座谈会由新报业媒体华文媒体集团社长办公室策略规划主管林欣蓓主持。 （联合早报）

一首诞生于新加坡、在华人圈耳熟能详的《城里的月光》，星期四（9月24日）在首届新加坡文化节北京站晚宴上轻轻响起。

熟悉的旋律之外，还有一席文化对话与一场南洋滋味，让人从听觉、味觉到思想交流，走近既与中华文化渊源深厚、又在多元族群交汇中形成独特文化面貌的新加坡。

由《联合早报》主办的新加坡文化节上周在上海开幕，本周移师北京。

北京站以“What？新加坡有文化？”座谈会揭开序幕。南洋女中校长萧芳辉、导演邓宝翠及新加坡作曲家王辰威，从教育、电影和音乐三个角度谈新加坡文化。

晚上的新加坡美食品鉴会邀请中国政界以及文化、学术、媒体和商界人士出席；新加坡驻华大使陈海泉是活动主宾。

新加坡文化节的美食品鉴会星期四（9月24日）晚在北京举行，邀请嘉宾从美食中品味新加坡的人文、历史与城市发展。（联合早报）

陈海泉致辞时，特地安排播放《城里的月光》为背景音乐。他形容真实的新加坡就像新加坡美食，“烟火气重，人情味浓”。新加坡人会为了鸡饭、肉脞面、炒粿条排长队，也会为辣椒螃蟹还是黑胡椒螃蟹更地道争论不休。“大家各有偏爱、吵得热闹，但最后总能围坐一桌、共享美食、闲话家常。”

新加坡驻华大使陈海泉星期四（9月24日）在新加坡文化节的美食品鉴会上致辞。（联合早报）

他说，新加坡“有差异、有不同想法，但更多的是包容、团结与共情”。安稳与和睦从来不是理所当然，而是一代代人经营和传承下来的，也是新加坡发展的根本。

具有新加坡特色的咖喱明虾伴黄姜饭，是美食品鉴会上的一道菜肴。（联合早报）

他也把这种文化底色与新中关系联系起来，认为踏实、包容和肯吃苦，也是两国越走越近的原因。两国民心相通推动关系稳步前行，成就今天的新中全方位高质量的前瞻性伙伴关系。“我们早已不止是隔海相望的邻里，更是真诚相待、长期同行的好朋友。”

华文媒体集团社长李慧玲则谈到，在人工智能和科技冲击不断加剧的当下，能够静心沉淀，是一种文化力量。“人文在现在的世道里似为弱势，但也正是在这样的时代发展中，它的柔软与韧性会更绵长。”

她指出，中国文化源远流长，又不断展现新的面貌与活力。新加坡历史较短，不同民族文化既可追本溯源，也在离开母体后发生变化，形成丰富多元的面貌。新加坡也在数十年间逐步形塑自己的文化，建立身份认同与特色。

文化节下来两天也将在北京呈现南音与印度音乐结合的跨界演出、新加坡电影放映会及数码文化展，为北京朋友打开一扇认识新加坡的窗口。

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李瑛粧亚运首秀再破女子1万米全国纪录

2026年9月24日 23:57 / 联合早报 何欣颜 名古屋报道

李瑛粧亚运首秀再破女子1万米全国纪录

我国两名长跑女将李瑛粧（右）和刘穗宣双双在各自的亚运会首秀中，创造女子1万米个人最佳成绩，其中李瑛粧更是再次刷新由自己保持的全国纪录。 （关俊威摄）

继新加坡男女飞人珊蒂和马克·路易斯双双闯入100米半决赛，我国两名长跑女将李瑛粧和刘穗宣也在星期四（9月24日）的爱知—名古屋亚运会的田径场上传出佳音，双双在1万米决赛中跑出个人最佳成绩，其中李瑛粧更是再次刷新了由自己创造的全国纪录。

李瑛粧的成绩为36分零秒95，比她在一年前创造的36分15秒67旧全国纪录快了近15秒。

刘穗宣创个人最佳成绩

刘穗宣则将自己的个人最佳成绩36分59秒41提高至36分48秒31。

这是两人的亚运会首秀，能够一起创造个人最佳成绩，让这对并肩作战多年的好友格外开心。

跑完1万米却不见任何疲态的李瑛粧，受访时难掩喜悦，滔滔不绝。

她说：“去年我们一起参加东运会，今年又一次献出亚运会首秀，感觉很不真实。我为我们感到高兴。

“我们的跑步之路一直是一起走过来的，很开心她这次能和我一起参赛，还参加同个项目。”

刘穗宣补充道：“这段旅程，我们一起走过快十年了。我觉得我们之间的关系非常特别，因为彼此一起经历了很多事情。能有这么具有默契的同伴一起比赛，真的很难得。

“根据大家的报名成绩来看，我们知道整场比赛可能就只有我们两个人一起跑。所以在这样的情况下，我们都尽力互相配合。我也非常开心瑛粧能刷新自己的全国纪录。”

28岁的李瑛粧是我国七项女子长跑全国纪录保持者。

特朗普：与习近平会晤期间不会就设置AI防护栏采取行动

2026年9月24日 20:47 / 联合早报

中国国家主席习近平（左）和美国总统特朗普星期四（9月24日）站在华盛顿白宫蓝厅阳台上，观看美国海军陆战队无声操枪排的表演。 （法新社）

美国总统特朗普说，他预计在与中国国家主席习近平举行峰会期间，不会就设置人工智能（AI）防护栏采取任何行动。

特朗普在自己的社交媒体平台上发文称：“即将迎来与中国国家主席习近平会晤的重要一天。超级智能（Superintelligence，简称SI，即AI）将是一个重要议题，但我希望让它完全维持现状。这也是中国的立场。”

他还表示：“我们的防护栏是美国司法部！”

随着各国领导人和AI实验室警告称，如果不能安全开发，这项技术可能对人类构成威胁，国际社会对AI的担忧正在上升。

特朗普本周在联合国发表讲话时，否决了通过国际协议为AI发展设置防护栏的呼吁。他表示，现有机构将能缓解任何风险。

US weekly jobless claims near 57-year lows as labor market regains footing

2026-09-24T12:42:16.245Z / https://www.reuters.com/world/us/us-weekly-jobless-claims-decrease-labor-market-regains-footing-2026-09-24/

Signage for a job fair is seen on 5th Avenue after the release of the jobs report in Manhattan, New York City, U.S., September 3, 2021. REUTERS/Andrew Kelly Purchase Licensing Rights, opens new tab

• Summary

• Weekly jobless claims edged down 1,000 to 197,000
• Continuing claims near three-year low during survey week for September unemployment rate

WASHINGTON, Sept 24 (Reuters) – New claims for US unemployment benefits hovered near 57-year lows last week, suggesting the labor market was regaining momentum after struggling through much of summer and appeared for now ​to be weathering headwinds from the Middle East conflict.

The weekly jobless claims report from the Labor Department on Thursday, the most timely ‌data on the economy’s health, also suggested the unemployment rate remained steady at 4.1% this month. The number of people collecting unemployment checks was near three-year lows during the week that the government surveyed households for September’s jobless rate. The US-Israeli war has raised energy prices, with diesel hitting record highs.

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“It is a race against time perhaps as energy prices have ​kicked up again as the Iran war stretches on and the economy could always suffer through a soft patch in demand,” said Christopher Rupkey, ​chief economist at FWDBONDS. “But in mid-September the economy seems to be firing on all cylinders in part due to the ⁠extraordinary capex expenditures on AI.”

Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 197,000 for the week ended September 19, the Labor Department ​said on Thursday. Economists polled by Reuters had forecast 201,000 claims for the latest week. Claims are near levels last seen in 1969.

Economists have partly attributed ​the glide lower to difficulties seasonally adjusting the data around moving holidays like Labor Day. They have also noted what they refer to as residual seasonality that tends to push claims lower as the year winds down. Still, the underlying trend in claims remains in line with a labor market that has regained its footing after stumbling through much of the ​summer, anchored by low layoffs.

The four-week moving average of claims, which irons out week-to-week volatility, fell 1,750 to 202,250 last week. Low layoffs account for much ​of the labor market stability, with companies not in a rush to boost headcount.

While companies are hoarding workers, they remain hesitant to ramp up hiring, with economists blaming uncertainty stemming ‌from the ⁠Iran war as well as tariffs on imports. Worker shortages as an immigration crackdown and retirements shrink the labor supply are also hindering hiring. A survey from S&P Global on Wednesday noted that companies in September were “also reporting increasing problems finding suitable staff.”

ANOTHER FED RATE HIKE ANTICIPATED

Labor market stability supports financial market expectations that the Federal Reserve could raise interest rates again before year end as it battles inflation.

The US central bank last week hiked its overnight benchmark interest rate by 25 ​basis points to the 3.75%-4.00% range, ​the first hike in three years, ⁠and flagged further increases in borrowing costs in the months ahead.

Financial markets are pricing in a roughly 64.2% chance of another rate increase next month, CME’s FedWatch tool showed.

The dollar rose against a basket of currencies.

The claims report showed the ​number of people receiving unemployment benefits after an initial week of aid, a proxy for hiring, increased 2,000 to ​a seasonally adjusted 1.719 ⁠million during the week ended September 12. The small increase left the so-called continuing claims near levels last seen in 2023.

Continuing claims fell between the August and September survey weeks for the unemployment rate. The Chicago Fed is forecasting the jobless rate unchanged at 4.1% in September. Despite the stable jobless rate, long bouts of unemployment ⁠are rampant ​among some people who have lost their jobs.

“After having been stable over the last few months, ​if continuing claims remain at lower levels, this could mean an unemployment rate closer to 4% over the next few months,” said Veronica Clark, an economist at Citigroup. “But we would caution that a ​lower unemployment rate because of a smaller labor force would not necessarily imply a retightening labor market.”

Reporting by Lucia Mutikani; Editing by Paul Simao and Andrea Ricci

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Man falls over 800 feet to his death 1 day after another hiker found dead on same mountain

September 24, 2026 / 9:03 AM EDT / CBS News

A man plummeted at least 800 feet to his death while hiking on Washington state’s Sauk Mountain over the weekend, authorities said, just a day after another person was found dead on the same mountain.

Gary Idleburg, 66, of Olympia, may have fallen as much as 1,000 feet after going over the edge of a switchback trail, according to the Skagit County Sheriff’s Office. Witnesses who reported Idleburg’s fall told the sheriff’s office that it happened at around 3:30 p.m. local time on Saturday.

Other hikers on the mountain initially located Idleburg and guided emergency responders to him, the office said. Although responders attempted to save his life once there, he was pronounced dead at the scene. The recovery operation wasn’t completed until about 8 p.m. because Idleburg had fallen in a remote spot surrounded by “difficult terrain,” according to the sheriff.

Idleburg’s death came just one day after another hiker was found dead on the same mountain. Peter Kalapaca, 78, was discovered unresponsive in a steep section of the Sauk Mountain Trail on Friday night, the sheriff’s office announced Saturday.

A helicopter flight crew located Kalapaca after he was reported missing on the mountain Thursday and determined he was dead. His body was identified in an area that ground search crews couldn’t access, according to the sheriff, but a different helicopter was eventually able to recover his remains.

The sheriff’s office shared condolences to Kalapaca’s family in a statement.

“While nothing can lessen the loss of a loved one, we are grateful for the extraordinary effort made by everyone involved, which allows some measure of closure for the family,” the statement said.

With a peak altitude of 5,500 feet, Sauk Mountain offers a popular hiking trail in northwestern Washington that covers just over 4 miles roundtrip, according to the Washington Trails Association. In a description of the mountain on its website, the association notes that multiple people have fallen to their deaths while navigating the trail, which, it says, “is steep and narrow, and in some places eroded from hikers cutting the switchbacks.”

Small businesses roll the dice on Kalshi to manage their risks

September 24, 2026 / 10:46 AM EDT / CBS News

Brenden Theaters typically sees a surge in sales during the summer, before business at the regional movie chain drops off sharply in the fall. This year, it’s trying a new strategy to even out revenue: using a prediction market.

The Las Vegas, Nevada-based company, which has seven locations across four states, is joining the growing number of small businesses using Kalshi to hedge financial risk. Robert Lytle, the chief operating officer for Brenden, said the theater chain requested a new market on the prediction market that lets people wager on the number of films studios release each quarter.

If fewer than 60 movies are released, the company is paid under the Kalshi contract. If the slate comes in higher, Brenden loses money on its Kalshi bet, but then can expect to offset the loss as higher ticket sales drive revenue growth.

“It’s almost an insurance policy, if you will,” Lytle told CBS News.

Since Kalshi launched its prediction market in 2021, the New York company has enabled users to bet on the outcome of sports, elections, weather, government policy, celebrity news and many other events. Now, Kalshi is also inviting small businesses to use the “event contracts” traded on its platform to protect themselves against financial risk.

According to Nicolas Hull, director of business development at Kalshi, more than 200 businesses used the platform last month for hedging, and the company is eager to grow the segment. Kalshi is seeing particular interest from small businesses in using the prediction market to offset risks related to weather and gas prices, he said.

Those businesses include a Los Angeles ice cream shop that hedges on climate markets by betting on when the temperature will drop below certain levels. If they’re right, they get a payout from Kalshi, making up for the slowdown in foot traffic that comes with colder weather. In another example, a New York City bar took advantage of hedging opportunities during the NBA Finals to help pull off a promotion.

Kalshi spokesperson Laura Frank added that some businesses are hedging on their own, while others reached out to Kalshi, as Lytle did for information on how to get started.

Kalshi recently announced it would partner with the U.S. Hispanic Chamber of Commerce to offer the prediction market’s “risk management tools” to more than 5 million small businesses.

A real hedge?

In financial markets, investors use derivatives such as options, futures or swaps to protect themselves against potential losses.

For example, airlines commonly use such instruments to hedge against rising oil and jet fuel prices. Similarly, an investor might buy a “put” option — a contract that allows them to sell an asset at a specified price within a specified period — on a bond or other investment.

For businesses hedging on Kalshi, “You essentially are trading on the outcome that you don’t want to happen,” Hull said.

Ian Appel, an associate professor at the University of Virginia’s Darden School of Business who specializes in finance, agrees that prediction market bets can function like a hedge in financial markets.

“I would certainly consider it a hedge in the traditional sense,” he told CBS News, adding that the practice aligns with the purpose of hedging, which is to reduce the riskiness of a company’s cash flow by creating a more predictable revenue stream.

He pointed to other examples of businesses that have hedged using prediction markets, including bar owners who have offered promotions during major sporting events and made trades intended to offset losses.

“There are risks that you would like to hedge as a business owner, which you can’t, and potentially, prediction markets help to fill that gap,” Appel told CBS News.

Other experts are less convinced of the value of prediction markets in hedging against potential business losses.

“The problem is that Kalshi derives most of its revenue from event contracts on sporting events, and those event contracts are not used as a hedge against some economic risk,” Benjamin Schiffrin, director of securities policy at Better Markets, a nonpartisan organization focused on financial reform, said in an email. “And a sports bar that offers a discount if the home team wins a big game, and then bets on that team to win on Kalshi, is not all of a sudden trading a financial derivative.”

Schiffrin also notes that hedging remains a sideline for Kalshi and that its main business is drawing customers to gamble on myriad events. And typically, such bets lose money.

According to research earlier this year from Citizens, the median return for a prediction market user from July 2025 to March 2026 was -8%, meaning they would lose $8 for every $100 spent. By comparison, the median return for sports bettors in the legal U.S. market is -5%, the financial firm found.

Prediction markets are also facing off against a number of U.S. states pushing to sanction them for allegedly violating state gambling laws. Kalshi maintains that its products differ from those offered by state-regulated sportsbooks and casinos and that it is subject to federal rules. The Commodity Futures Trading Commission, the federal agency that oversees prediction markets, has sought to block states from restricting them.

For his part, Lytle seems unfazed and, well, ready to roll the dice on using prediction markets to protect his company from business risks. He told CBS News he allocated $1,000 of Brenden’s budget to trade on Kalshi in its latest quarter. And although the outcome of the company’s bets won’t be known until January, he said he is happy to experiment.

“We’re kind of in that move fast, break things phase,” Lytle said. “The theater industry, we’re really slow at adoption and really slow at innovation. We’re trying to be a company that’s kind of on the forefront of a lot of these things now.”

【图集】特朗普玫瑰园阅兵欢迎习近平 B2轰炸机四架F22战机飞越白宫

2026年9月24日 23:36 / 联合早报 王纬温

中国国家主席习近平与夫人彭丽媛当地时间星期四（9月24日）上午10时零5分乘坐车抵达白宫，美国总统特朗普为习近平到访举行欢迎仪式，包括南草坪的致敬环节，以及玫瑰园的阅兵仪式。仪式最后一架B-2“幽灵”隐形轰炸机（中）和四架F-22“猛禽”战斗机飞越白宫上空。 （网络直播视频截图）

中国国家主席习近平与夫人彭丽媛当地时间星期四（9月24日）上午10时零5分乘坐车抵达白宫，美国总统特朗普为习近平到访举行欢迎仪式，包括南草坪的致敬环节，以及玫瑰园的阅兵仪式。仪式最后一架B-2“幽灵”隐形轰炸机和四架F-22“猛禽”战斗机飞越白宫上空。

星期四的欢迎仪式包括南草坪的致敬环节，以及玫瑰园的阅兵仪式。

图为美国总统特朗普（左二背对镜头者）与第一夫人梅拉尼娅（左一背对镜头者），中国国家主席习近平（右二背对镜头者）与夫人彭丽媛（右一背对镜头者）星期四（9月24日）上午观看在白宫南草坪的致敬环节。（法新社）

星期三上午11时14分，特朗普与第一夫人梅拉尼娅，习近平与彭丽媛步入白宫玫瑰园。阅兵仪式大约八分钟。

出席仪式的美方人员包括副总统万斯与夫人、特朗普长女伊万卡、国务卿鲁比奥、财长贝森特、战争部长赫格塞斯、贸易代表格里尔、美国驻华大使庞德伟等。

中方官员则包括中共政治局常委、中央办公厅主任蔡奇，中国外长王毅，副总理何立峰，国家发改委主任郑栅洁，商务部长王文涛，常务副部长马朝旭等。

中国国家主席习近平与夫人彭丽媛当地时间星期四（9月24日）上午10时零5分乘坐车抵达白宫，美国总统特朗普为习近平到访举行欢迎仪式，包括在玫瑰园举行的阅兵仪式。（网络直播视频截图）

图为美国总统特朗普（右四）与第一夫人梅拉尼娅（右三），中国国家主席习近平（左三）与夫人彭丽媛（左二）星期四（9月24日）上午在白宫玫瑰园观看阅兵仪式。左一是中共政治局常委、中央办公厅主任蔡奇；右二和右一分别是美国副总统万斯与妻子乌莎（Usha Vance）。（路透社）

图为美国总统特朗普（右二）与第一夫人梅拉尼娅（右一），中国国家主席习近平（左二）与夫人彭丽媛（左一）星期四（9月24日）上午在白宫玫瑰园观看阅兵仪式。（路透社）

中国国家主席习近平与夫人彭丽媛当地时间星期四（9月24日）上午10时零5分乘坐车抵达白宫，美国总统特朗普为习近平到访举行欢迎仪式，包括图中在玫瑰园举行的阅兵仪式。（网络直播视频截图）

阅兵仪式中，美国陆军礼仪号角队在西柱廊和椭圆形柱廊屋顶列队，陆军“老卫队”横笛鼓乐队、海军陆战队无声操枪排及鼓号乐团将进行军事仪仗表演。

仪式最后，一架B-2“幽灵”隐形轰炸机和四架F-22“猛禽”战斗机飞越白宫上空。