As negotiations ramped up in Europe last week over a potential deal to end the war in Ukraine, US Treasury Secretary Scott Bessent handed an explosive document to Ukrainian President Volodymyr Zelensky. It requested that Ukraine give the US about 50% of the ownership rights to its deposits of precious minerals, which are key ingredients in the manufacturing of high-tech products.

The Trump administration reportedly framed the deal as a way for Ukraine to reimburse the US for its financial support following Russia’s invasion in 2022.

Zelensky did not sign the document, saying it didn’t sufficiently provide long-term security protections for Ukraine. A former Ukrainian official told the AP the proposal was downright “colonial.”

However, a mineral deal still could materialize in some form. Zelensky left the door open for more negotiations (“We are still talking,” he told reporters on Saturday), and the Ukrainian team is working on a counterproposal, per the Washington Post. That could include a large shipment of Ukrainian eggs to the US, one official joked.

What does Ukraine have that the US wants?

Precious minerals that could be worth several trillion dollars. While Ukraine is not yet a top player in “rare earth” minerals used to make EVs and smartphones, it does have bountiful reserves of rare metals and key minerals, including lithium, titanium, zirconium, and graphite used in tech manufacturing. Of the 50 critical raw materials, Ukraine has deposits of 20, the Kyiv School of Economics estimated.

US lawmakers and outside experts said a mineral deal could ultimately benefit both countries:

• Ukraine wants to grow its underdeveloped mineral industry, and American investors putting in outside capital would give it a big boost, Nataliia Shapoval, head of the Ukrainian think tank KSE Institute, told CNBC. But that would be contingent on a deal—negotiated in good faith—tying into a broader one to end the war, she said.
• For the US, having access to Ukrainian minerals would allow it to lessen its dependence on China, its top geopolitical adversary, for raw materials.

Looking ahead…mineral-ownership negotiations will be part of what the FT calls a “potentially decisive week” for European security, with meetings kicking off between the US and Russia to end the war and separate crisis talks among the Continent’s top leaders, who fear being sidelined from negotiations.—NF

Government cost-cutting continues as opposition mounts. The Department of Health and Human Services’s plans to slash headcount appear to be moving ahead as 700 probationary employees at the CDC and an undisclosed number at the FDA received termination notices this weekend, the Associated Press reported. Elon Musk critic Steve Bannon recently warned Republicans not to cut too deeply into Medicaid, citing the large number of Trump supporters who rely on the program. In a reversal, hundreds of employees fired last week from the National Nuclear Security Administration, who worked on the US’ nuclear weapons program, were reinstated late Friday night. On Saturday, demonstrators gathered in front of dozens of Tesla showrooms across the US to protest DOGE cost-cutting efforts in the federal government.

The Marvel Cinematic Universe is back with Avenge-ance. Marvel’s Captain America: Brave New World was a runaway No. 1 hit at the global box office over the weekend, with Walt Disney Studios expecting it to bring in $192.4 million by the end of today. At the height of the superhero boom a few years ago, Disney pushed its Marvel assembly lines to run faster and faster. After a while, quality suffered and ticket sales declined. So, Disney slowed the pace. Last year, Marvel released one movie (the megasuccessful Deadpool & Wolverine) and two Disney+ series. To compare, in 2021, Marvel churned out four movies (with mixed results) and five Disney+ series. According to ScreenRant, Captain America: Brave New World cost $180 million to make, well below the average budget of a Marvel movie. However, Brave New World received the Marvel Cinematic Universe’s lowest-ever grade (B-minus) from ticket buyers in CinemaScore exit polls.

SNL celebrated its 50th anniversary with three-hour live special. Dozens of Saturday Night Live alum, as well as famous friends of the show and its creator, Lorne Michaels, appeared on a Sunday night special broadcast live from Rockefeller Center’s Studio 8H in front of an in-house audience composed of as many A-listers as permitted by the NYC Fire Code. The complete list of appearances and performances could fill two newsletters, but here’s a smattering: Will Ferrell reprised his Robert Goulet character; Meryl Streep made her SNL debut in a Close Encounters sketch with Kate McKinnon, Pedro Pascal, and Woody Harrelson; Miley Cyrus and Brittany Howard performed “Nothing Compares 2 U”; and Paul McCartney rocked out to “Golden Slumbers” before Martin Short bid everyone goodnight. Check out NBC’s full run-down here.—HVL

What do the leader of a country with over 46 million people and the host of the Talk Tuah podcast have in common? After this weekend, both Argentina President Javier Milei and internet celebrity Haliey Welch will forever be associated with memecoins and rug pulls.

The libertarian Milei promoted $LIBRA in a post on X late Friday, saying, “This is a private project dedicated to encouraging the growth of the Argentine economy.” Hours later, after it had risen to a market cap of $4.4 billion, it crashed in value by more than 95%. Milei then deleted his post and said he was not familiar with the details of the project.

Setting a President: This move by Milei follows in the footsteps of US President Donald Trump, who launched a memecoin not long before his inauguration in January.

What’s next? One political faction wants the Argentinian Congress to investigate what a center-left opposition group called “a scandal without precedent,” while Milei himself has said he will also look into whether any laws were broken. Lawmakers have also raised the possibility of an impeachment hearing for Milei.—DL

A new Apple product could arrive on Wednesday: Noted Bourbon Street enthusiast and Apple CEO Tim Cook tweeted a cryptic teaser last week: “Get ready to meet the newest member of the family.” It could mean he’s adopting a dog, but insiders say it’s more likely that Apple will unveil the next generation iPhone SE. Reports suggest the phone will include a bigger screen, no home screen button, Face ID, and a chip enabling Apple Intelligence. 9to5Mac is keeping open the possibility that the new product will be a MacBook Air, an updated iPad, or a new smart home command center. Here’s to hoping it’s actually the release of the Apple Toilet.

Elon Musk says the latest Grok chatbot will be released today: Grok 3 from xAI will be the “smartest AI on Earth,” according to Musk. The man who dominates your Four You page on X promised a live demonstration at 11pm ET (presumably, it will be available on X, but he did not offer specifics). It’s the latest salvo in the AI chatbot wars and comes just weeks after China’s DeepSeek sent shockwaves through Silicon Valley with its chatbot that cost a fraction of what American companies have spent on their own AI assistants.

Spring training baseball games begin this week: The Cubs and Dodgers will hit the field in Arizona on Thursday to kick off the exhibition schedule and remind everyone that winter will be over before you know it. The defending-champion Dodgers spent more than $450 million in free agency this offseason in an effort to fortify their roster and break the spirit of fans everywhere. A full slate of games on Saturday will include the Mets, who gave outfielder Juan Soto a 15-year, $765 million contract to lure him away from the Yankees.

Everything else…

• President Trump will reportedly attend a meeting with tech executives in Miami hosted by Saudi Arabia’s sovereign wealth fund during a summit that’s being held from Wednesday to Friday.
• Walmart will announce its earnings on Thursday. It’s expected to report lower revenue than Amazon for the first time ever.
• The final of hockey’s 4 Nations Face-Off will take place on Thursday. The US booked its spot in the title game after beating Canada in Montreal on Saturday night (and listening to boos rain down during “The Star-Spangled Banner”).

The iconic Goodyear Blimp is celebrating its 100th anniversary this year. Despite the rise of drone technology, the puffy airship continues to be a staple of televised sporting events—it was in its usual position high in the sky above the Daytona 500 yesterday as its popularity shows no signs of waning.

The company’s three US-based blimps, which reside in California, Florida, and Ohio, reach a top speed of 73 mph and have room for 12 passengers. Goodyear might be getting more company in the domain of majestically floating air vehicles in the coming years, though—Google co-founder Sergey Brin’s airship company is making progress toward reviving the passenger airship.—DL