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  • Locarno Director Touts “Adventurous” Lineup for “Era of Algorithms” and Highlights Theme of Community

    Locarno Director Touts “Adventurous” Lineup for “Era of Algorithms” and Highlights Theme of Community

    Attending the 79th edition of the Locarno Film Festival allows you to embark on a cinematic adventure, if you are so inclined and if you desire to do so. After all, there are all sorts of new envelope-pushing and experimental movies to explore.

    Or you can see the latest from your favorite auteurs. Among others, the 2026 lineup of the Swiss festival will world premiere Nowhere to Lay My Eyes, the new film from South Korean auteur Hong Sangsoo (Right Now, Wrong Then), who is a former Golden Leopard winner at the fest, Canadian director Denis Côté’s Nobody’s Violence, and Sixteen Moments of My Life from Spain’s Albert Serra (Afternoons of Solitude).

    Plus, there are screen classics, such as Martin Scorsese’s Taxi Driver and David Lynch’s Wild at Heart, plus a 4K restored version of the extended director’s cut of Kevin Costner’s Dances With Wolves.

    Of course, Locarno will also feature star power, with 2026 fest honors set to be bestowed upon directors James Gray and Darren Aronofsky, Belgian-born actress Virginie Efira, Rick Baker, the seven-time Oscar winner behind some of cinema’s most fantastical creatures, as well as actresses Asia Argento and Isabella Rossellini.

    Locarno artistic director Giona A. Nazzaro, who put together the lineup for Locarno79 with his team, spoke to The Hollywood Reporter about underlying and overarching themes that audiences may notice across the program, actors as “living history of cinema,” and allowing people to be surprised and experience a sense of wonder in the age of algorithms.

    When you unveiled this year’s festival lineup, you called the program “adventurous.” Can you explain a little bit why that seemed such a fitting way to describe the lineup?

    Adventurous is the adjective that describes the experience that I was always looking forward to when I myself was visiting festivals as a cinephile or a journalist. I really wanted to explore cinema, and therefore I would go to wildly different festivals. And that is probably the reason why I’m here at Locarno today in this position. Locarno was always the festival that allowed me to be in different places at the same time.

    For instance, if I were to go to Venice, I would see this kind of cinema. If I were to go to Cannes, I would see that kind of cinema, and so on. For me, in a place like Locarno, you have this opportunity that if you don’t care about just a certain kind of film, you can flesh out a program where you can follow your whims and desires and inclinations, but on the other hand, if you want to explore, you can also do that.

    Today, in the era of algorithms that try to foresee what you will do in a week or so, simply because you clicked on a link and you read something, and then suddenly, in your feeds, this thing keeps on appearing. I wanted to create an algorithm-free experience where you can discontinue the expectations that you might have on your own behalf and push you into a situation where you can experience something else.

    I know this sounds very aloof, but it goes back to the possibility of being surprised, the possibility of wonder. You see a film, and you say, “Oh my God, what did I just see?” And that does not mean that you have to like it. But for me, if you are taken out of the set of conventions that usually inform your choices, that is a reward in itself. I know this also comes from a privileged point of view. I have the privilege of working with an artistic selection committee that is incredibly talented, and with our privileged viewpoint, with our gaze, we really embrace a wide spectrum of possibilities.

    This year’s Locarno awards go to big names again, and the lineup also features some bold names, such as Caleb Landry Jones. How do you think about the need for stars or celebrities at Locarno?

    I wouldn’t describe it as the need for celebrities. The history of cinema is linked to the faces of the actors that we all love: John Wayne, Marlene Dietrich, James Stewart, Bette Davis, and Katharine Hepburn. We remember these people not because they are good-looking. They are, obviously, but we remember them because they were talented people. Someone like Katharine Hepburn could read a screenplay and say, “There are 20 pages too many.” Someone like Marcello Mastroianni, who always downplayed his being this super-talented artist, had a photographic memory and could learn everything by the first read.

    So, we need to make a difference between talents, stars and celebrities in the way we understand them now. Because someone like Marlene Dietrich is not just a star. She is also someone who could master how to address, for instance, the collective guilt of the German-speaking people during the war after the war, and keep the memory of it while still being the greatest star on Earth. So that’s a responsibility. And for me, actors are like the living history of cinema.

    People remember the great films through the stories of what happened to the character in that film. We know that High Noon is a highly political film made by a European director in Hollywood at the height of the witch hunt [of McCarthyism and the Hollywood blacklist], but we remember that film because it’s been incarnated in Gary Cooper’s body. Gary Cooper’s body was the messenger of American optimism, and now suddenly you have the very same American optimism that stands alone against a whole country, against a whole city, and he needs to fight for justice.

    How about some of the big names that Locarno will see this year or bold names with films in high-profile spots?

    The talents that we are privileged to feature on the Piazza Grande are all artists, such as Olivia Wilde [whose The Invite screens on the big outdoor square in Locarno this year]. When you read an interview with Olivia Wilde, you know that she’s a cinema person who knows what she’s talking about.

    Caleb Landry Jones is also famous because he played [Banshee] in the X-Men [franchise], and the got a Cannes award [for best actor in 2021 for his role in Justin Kurzel’s Nitram], but he moves between different worlds of cinema. And then, for his new film, [the Locarno-premiering Down the Arm of God, directed by Peter Brunner], he put everything at stake to work with homeless people in Texas to tell us about the plight of these people who never sleep in the same place two nights in a row and what it means to be left behind. He spent some of his time as an artist living in the shoes of someone who might not even have shoes.

    Also, Claes Bang, [starring in the world-premiering I Is Another, directed by Felix Randau]. How debonair can a man be? I mean, it doesn’t get more debonair than him. But every film he picks is carefully picked. He could simply be playing the good-looking man and get away with it, and nobody would complain. But the choices he makes are always against his own persona, as if he’s always questioning things: “I invite you to look beyond the surface.” The film I Is Another is basically about this – a good-looking man who claims to have done something, but did he really do it? Claes Bang always digs deeper. So it’s very bold for him to take a role like that.

    Overall, the fact that we tend to think of these actors and people as just good-looking faces is a bit of an unfair assessment of what they do. Ultimately, we have so many nice faces, but only the talented ones stay.

    Since you just mentioned a specific film – not that I want to force you to choose between movies that you all clearly felt deserve a showcase – are there any films that you were particularly excited to get or that you didn’t even think would be in this year’s Locarno lineup?

    There are actually quite a few films. Among others, I’m very proud to have the Italian film Ketticè, produced by Luca Guadagnino, the second film by Giovanni Tortorici, who had his first film in Venice in Orizzonti (Horizons). Then I’m particularly glad to have A Margem Do Rio (The Riverbank) by Enock Carvalho and Matheus Farias, close collaborators of Kleber Mendonça Filho.

    I’m also very happy to have Violence du Corps de l’Autre (Nobody’s Violence) by Denis Côté. He’s coming back to fiction film, quote unquote. I’m super happy to present to the international audience Wandering Trees (Alberi Errante) by Salvatore Mereu, a crucial Italian filmmaker who has the breadth of a 19th-century novelist. I would also point to the film Manhunt by Wayne Wapeemukwa. That’s a true-crime film,” but it comes from a specific place in Canadian culture. The director is a descendant of the First Nations, and the film questions the colonial myth of what is beyond the frontier and how this myth still affects people.

    There are also other films that I’m very proud of, such as Tear Gas by Uta Beria that documents the plight of the Georgian people of standing up against the Russian infiltration of their country, or Revolutionaries Never Die, a film about the legacy of the magnificent Lebanese filmmaker Jocelyne Saab. She is this extremely interesting filmmaker. I wouldn’t call her a documentarian because she was a filmmaker, and she chronicled the Lebanese civil war. She was on the ship Atlantis when [Yasser] Arafat had to leave Lebanon and landed in Tunis, Tunisia. She also documented with an uncanny eye for the future the onset of the Iranian revolution. She was this living memory of what was going on, and the film is basically about the work and the life of Jocelyne Saab as a living archive. And [Jean-Luc] Godard himself used some of her images.

    When you unveiled the program for Locarno 2026, you spoke about how several films explore the theme of community…

    Yes, I think that stems from a sense of being threatened and being more vulnerable. I hope this doesn’t sound sanctimonious or corny, but we live in a moment where the future could be described as the Third World War in pieces. You have the war in Ukraine and in the region formerly called the Middle East – but middle of and from where is my question. Then you have Sudan, and then you have the economic takeovers of entire regions on the African continent. Plus, there is the erasure of civil rights, political rights, individual rights. So everything is coming together at the same time.

    What stays is this lingering and very uncomfortable fear that you are being threatened in the individuality of what your person is, if you are not a white Western person, and you can feel how things are shifting around you. People are being singled out for what they represent to each other, and what we represent to each other is not something that we decided. It’s something that has been put on us from above by a global block of linguistic conventions of what we are.

    This singling out of individuals is breaking up communities, and so people are really thinking about: How can we protect our communities? How can we come together again? But “together” not in a sense of let’s just be nice and cozy, cozy. Instead, let’s think differences, let’s think individualities, let’s think heritages, let’s think bodies, let’s think sexual orientation. And how can we bring all these things together? It’s not easy, but it’s exactly the thing that all these wars are threatening to suffocate. All these conversations that we need to have are being threatened.

    In a community, there is the opportunity, the possibility to speak, to talk, to make films, and to make a film is to engage with someone else to say: “What do you think about this?” Can we have a back-and-forth? So, communities today are the last vanguard of what it is to have and care about human dignity. Communities today are the laboratories where we can still think about how to make it all together.

  • New Pixel 11 Pro Teaser Offers a Better Look at Google’s Camera Bar Indicator

    New Pixel 11 Pro Teaser Offers a Better Look at Google’s Camera Bar Indicator

    Google has released yet another teaser for the Pixel 11 Pro, and this one offers a much clearer view of the rumored Pixel Glow indicator on the back.

    The latest teaser is part of Google’s Ask More of Your Phone campaign, and it highlights the camera bar with a ring around it and a new colorful LED indicator inside. The purpose of the indicator is unclear, but it appears to change color and resembles the rainbow pinwheel you see on macOS.

    Rumors suggest the LED could be used to color-code notifications from favorite contacts or specific apps. It may also light up when Gemini is in action. Additionally, if it is inspired by Nothing’s signature Glyph Interface, it may also support various light flashing patterns.

    We should have a clearer picture of the new LED’s name and function in about two weeks. Google is scheduled to host its annual Made By Google event on Aug. 12, where it is expected to unveil the latest generation of devices, including Pixel 11, Pixel 11 Pro, Pixel 11 Pro Fold, and Pixel Watch 5.

    Google events over the years have largely focused on software and AI updates, so a major hardware change like this will be a welcome addition for Pixel fans.

    Recommended by Our Editors

    The base storage on Pixel phones is also expected to increase. According to a recent leak, the Pixel 11 will start with 256GB of storage, up from 128GB on the Pixel 10.

    However, potential customers may have to brace for a price hike. Last week, Shakil Barkat, Google’s VP of devices and services, told 9to5Google that next-gen Pixel devices will see price adjustments due to rising memory costs, which have affected all major consumer electronics brands, including Apple.

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  • Matthew Macfadyen, Claire Foy to Lead Adaptation of David Nicholls Romance ‘You Are Here’

    Matthew Macfadyen, Claire Foy to Lead Adaptation of David Nicholls Romance ‘You Are Here’

    Matthew Macfadyen and Claire Foy will star in You Are Here, an eight-part adaptation of David Nicholls’ acclaimed, best-selling novel of the same name.

    The BBC and Starz have greenlit the series, directed by Lenny Abrahamson (Normal People) and produced by Element Pictures.

    Succession alum Macfadyen and The Crown‘s Foy will lead the cast as Michael and Marnie, respectively. When a mutual friend throws them together, the pair unexpectedly find themselves setting off on an epic walk.

    Against the odds, they end up on the brink of a relationship that neither was looking for, but which might be exactly the one they both need. Michael and Marnie go coast-to-coast across the stunning — and soaking — English countryside, navigating an undeniable attraction that is as exhilarating as it is terrifying.

    “I’m so delighted to be working on You Are Here with Element, the BBC, Starz and Lenny, whose work I’ve admired for many years,” said Nicholls, who also wrote the widely adapted One Day. “Matthew and Claire are both just dream casting, wonderful in comedy and drama, so detailed and thoughtful and sympathetic. The intention with the novel was to write a close-up study of a relationship, but set against this magnificent landscape, and that’s our ambition here too; to make something both intimate and epic, funny and dramatic, a romantic comedy with real emotion.”

    Abrahamson added that the story is ultimately “deeply hopeful.” He said: “As a huge admirer of David’s writing, I’m delighted to be collaborating with him to bring You Are Here to the screen. The novel is such a beautiful love story — funny, profound and ultimately deeply hopeful. I’m also extremely excited to have Claire and Matthew, two actors I hugely admire, playing Michael and Marnie.”

    Both Nicholls and Abrahamson also serve as executive producers alongside Foy and MacFadyen, Ed Guiney, Andrew Lowe and Emma Norton for Element Pictures and Jonny Richards and Anna Ferguson for the BBC. The series is produced by Clare Shepherd. 

    Global sales will be handled by Fremantle with De Maio Entertainment spearheading the partnership with Starz. Set along the Coast to Coast walking trail from the Lake District to Robin Hood’s Bay in North Yorkshire, U.K., You Are Here will be filmed in the Lake District and around Manchester.

  • ‘Balcanica,’ Starring Matilda De Angelis, Picked Up by M-Appeal Ahead of Venice World Premiere (EXCLUSIVE)

    ‘Balcanica,’ Starring Matilda De Angelis, Picked Up by M-Appeal Ahead of Venice World Premiere (EXCLUSIVE)

    Berlin-based sales outfit M-Appeal has picked up international sales rights to Nicola Sorcinelli‘s “Balcanica,” starring Matilda De Angelis, which will have its world premiere in competition at the 23rd Giornate degli Autori, also known as Venice Days, held alongside the 83rd Venice Intl. Film Festival.

    “Balcanica” follows the journey of the orchestra conductor Nasar and his tuba-playing son Jalil across the Balkans, after leaving Afghanistan, where music has been banned. Their path eventually crosses that of Greta, an Italian doctor whose empathy and resilience shine through the situation. As their journeys continue to intertwine, the three must face the life changing choices the moment demands.

    The film stars Italian actress Matilda De Angelis, known for her leading role in the Netflix series “The Law According to Lidia Poët,” Silver Bear winner Babak Karimi, celebrated for his performance in Asghar Farhadi’s “A Separation,” winner of the Golden Bear at the 2011 Berlinale and the 2012 Academy Award for Best Foreign Language Film, and rising talent Ivar Wafaei. The screenplay is written by Sorcinelli and Andrea Brusa.

    “Balcanica” is produced by Nightswim and Fremantle’s Wildside, in co-production with This and That Productions and Antitalent, and in association with M74 and Nieminen Film.

    Sorcinelli said that “Balcanica,” her debut feature film, is “a story about a vital journey, denied freedoms and the deeply human need to keep searching for one’s place in the world. Bringing it to Venice is a joy that is difficult to put into words.”

    Maren Kroymann, CEO of M-Appeal, described the film as “a powerful story of human connection and empathy in impossible situations.” She added that Sorcinelli “has crafted a timely, emotional and universal story that deserves to be seen everywhere, brought to life by an incredible cast.”

  • Opposition Grows to FIFA World Cup Sell-Off Plan

    Opposition Grows to FIFA World Cup Sell-Off Plan

    Pushback to a controversial plan put forward by FIFA boss Gianni Infantino to sell off stakes in the World Cup and other commercial operations to private investors is growing.

    European soccer governing body UEFA has called an emergency meeting of its members on Thursday to discuss a coordinated response to the plan, with a European boycott of FIFA tournaments among the options being discussed.

    UEFA has condemned Infantino’s proposal, calling it a plan to “sell the soul” of football. Other major regional soccer bodies, including the Asian Football Confederation (AFC) and Concacaf, which covers North and Central America as well as the Caribbean confederations, have also criticized the proposals, saying they were not consulted on the plan and only became aware of it through the media.

    The plan would see FIFA set up a new entity, called FIFA Forward Enterprise (FFE), that would bundle all the money-making operations associated with the soccer World Cup — including broadcast rights, sponsorship, ticket sales and licensing fees — and sell a significant stake in the new operation to private investors. Thrive Capital, an investment company founded by Joshua Kushner, brother of Donald Trump’s son-in-law Jared Kushner, is leading the search for investors.

    FIFA is valuing the FFE at around $20 billion and has said the plan to sell equity stakes in the commercial group could raise an additional $10 billion for its member organizations. Those members, the 211 national soccer associations that make up FIFA, would have to vote to approve the proposal.

    The opposition by UEFA, Concacaf, and the AFC suggests Infantino could have a fight on his hands. Together, those three confederations make up 143 of the 211 FIFA members.

    But opposition to the FFE is not a unified front. In Europe, Czechia’s soccer association has backed the plan. Despite the AFC’s disapproval, association member Saudi Arabia is also believed to support it. Saudi Arabia will host the 2024 World Cup and the Saudi soccer association is a close ally of Infantino.

    It is not clear whether the FIFA plan can pass with a simple majority vote or if the proposal requires a change to FIFA statutes, which necessitates a 75 percent majority.

    Infantino released a video on Wednesday evening calling the FFE “a proposal, an offer,” that would be subject to a democratic and consultation process. “It is an opportunity but not an ­obligation,” he said. “It is a golden opportunity to turbocharge the development of the game globally.”

    That “golden opportunity” will come with payments to FIFA members. FIFA has given members until Sept. 19 to decide whether to apply for an initial payment of $20 million from the proposed sell-off.

    In a statement, UEFA said the $20 million payoff “says everything you need to know about this plan” and accused FIFA of “using our sport to enrich themselves and their friends.”

    Concacaf and the AFC have not been as sharp in their criticism, but in a statement Concacaf said they were “deeply concerned by the lack of due process,” noting Concacaf “was only made aware of this matter through media reports and, subsequently, via a media release.”

    The AFC issued a similar statement, saying they were “not consulted on the proposal and [are] disappointed that a matter of such significance entered the public domain before the AFC family had been afforded the opportunity to examine and discuss it through the appropriate and established governance channels. While the AFC recognizes the importance of exploring innovative approaches that can strengthen the future of global football, initiatives of this scale and consequence must be founded upon the principles of good governance, transparency and meaningful consultation.”

    FIFA is could also face a backlash from elite clubs. The European Football Clubs organization, which represents more than 850 clubs, complained they were also not consulted on the FFE plan. “The EFC learned about this proposal in the same way as most global football stakeholders – without warning and through the media.”

    UEFA could vote to boycott upcoming FIFA tournaments, including next year’s Women’s World Cup in Brazil, though that is considered an extreme option and could be seen as unduly punishing the women’s game for a proposal which is primarily focused on monetizing the men’s World Cup and men’s Club World Cup.

  • How Will the Fed’s Hawkish Messages Affect Bitcoin? Experts Point to Liquidity Pressure! Here Are the Details

    How Will the Fed’s Hawkish Messages Affect Bitcoin? Experts Point to Liquidity Pressure! Here Are the Details

    Despite the US Federal Reserve keeping interest rates unchanged, its continued “hawkish” stance on monetary policy could continue to put pressure on cryptocurrency markets. Expert analyses suggest that the messages conveyed by the Fed after its July 29th interest rate decision could limit the short-term performance of risky assets, particularly Bitcoin.

    At its latest meeting, the Fed kept its policy interest rate unchanged, maintaining its firm stance on combating inflation. This approach indicates that the central bank is unwilling to allow inflation to rise above its target level, even at the cost of slowing economic growth. The analysis states that this scenario is among the most unfavorable macroeconomic environments for crypto assets in the current market cycle.

    It was noted that tight monetary policy could reduce liquidity in the financial system and limit investors’ risk appetite. Specifically, it was stated that cryptocurrency positions financed through leveraged transactions or low-cost funding strategies would face higher costs, potentially putting downward pressure on Bitcoin.

    Institutional investors may also adopt a more defensive strategy in their portfolios if hawkish Fed rhetoric continues. This could increase selling pressure on risky asset classes such as stocks and cryptocurrencies. It is noted that if the shift towards safer investment instruments like bonds and cash accelerates, capital inflows into crypto markets may slow down.

    However, the analyses also noted that Bitcoin has so far demonstrated relative resilience in the face of a hawkish monetary policy environment. It was stated that the digital asset has maintained strong support levels despite significant recent macroeconomic developments, while markets continue to closely monitor the Fed’s future actions.

    However, experts warn that new and unexpectedly harsh tightening messages from the Fed could create new volatility in the markets. In such a scenario, Bitcoin and other crypto assets could face additional price pressure in the short term.

    *This is not investment advice.

  • Matthew Macfadyen and Claire Foy to Lead Adaptation of David Nicholls’ ‘You Are Here’ for BBC and Starz

    Matthew Macfadyen and Claire Foy to Lead Adaptation of David Nicholls’ ‘You Are Here’ for BBC and Starz

    Matthew Macfadyen and Claire Foy are to lead the TV adaptation of “You Are Here,” the bestselling novel by “One Day” author David Nicholls.

    The 8-part series — which was first announced by Variety earlier this year — has been green lit by the BBC and Starz, with Lenny Abrahamson directing, reuniting with the BBC for the first time since “Normal People.” Set to be filmed around in the Lake District and around Manchester, “You Are Here,” is being produced by the Fremantle-owned Irish powerhouse Element Pictures, who also produced “Normal People.” Global sales will be handled by Fremantle with De Maio Entertainment spearheading the partnership with Starz.

    Set along the Coast to Coast walking trail from the Lake District to Robin Hood’s Bay in North Yorkshire, “You Are Here” follows Michael (Macfadyen) and Marnie (Foy), strangers thrown together by a mutual friend who unexpectedly find themselves setting off on an epic walk. Against the odds, they end up on the brink of a relationship that neither was looking for, but which might be exactly the one they both need.

    The series is “about finding a connection when you least expect it and overcoming the obstacles of midlife,” reads the description. “Treading the tricky path from loneliness to love, Marnie and Michael go coast-to-coast across the stunning (and sometimes soaking) English countryside, navigating an undeniable attraction that is as exhilarating as it is terrifying.”

    “I’m so delighted to be working on ‘You Are Here’ with Element, the BBC, Starz and Lenny, whose work I’ve admired for many years,” said Nicholls, who adapted his own novel. “And Matthew and Claire are both just dream casting, wonderful in comedy and drama, so detailed and thoughtful and sympathetic. The intention with the novel was to write a close-up study of a relationship, but set against this magnificent landscape, and that’s our ambition here too; to make something both intimate and epic, funny and dramatic, a romantic comedy with real emotion. We can’t wait to bring Marnie and Michael’s journey to the screen.”

    Added Abrahamson: “As a huge admirer of David’s writing, I’m delighted to be collaborating with him to bring ‘You Are Here’ to the screen. The novel is such a beautiful love story – funny, profound and ultimately deeply hopeful. I’m also extremely excited to have Claire and Matthew, two actors I hugely admire, playing Michael and Marnie.”

    “You Are Here” is an Element Pictures, a Fremantle company, production for the BBC and Starz. Both Abrahamson and Nicholls serve as executive producers alongside Claire Foy and MacFadyen, Ed Guiney, Andrew Lowe and Emma Norton for Element Pictures and Jonny Richards and Anna Ferguson for the BBC. The series is produced by Clare Shepherd.

  • Giorgio Armani Series in the Works From Fremantle-Owned Lux Vide and Iconic Designer’s Fashion House (EXCLUSIVE)

    Giorgio Armani Series in the Works From Fremantle-Owned Lux Vide and Iconic Designer’s Fashion House (EXCLUSIVE)

    The life and career of Giorgio Armani is set to be the subject of a high-end TV series produced by Italy’s Lux Vide, which is collaborating with the fashion house founded by the iconic designer known for his close ties to Hollywood.

    The still-untitled Armani biopic series — which will be tailored for the international market — has enlisted Turkish-born Italy-based director Ferzan Ozpetek, who is known for combining artistic depth with box-office appeal.

    Ozpetek, who knew Armani personally, recently scored a global hit with the 2025 crowdpleaser “Diamonds,” about a group of warm-hearted women in a Rome atelier rushing to fulfill a demanding order from an Oscar-winning costume designer client in the 1970s. “Diamonds” scored mightily at the box local office and traveled widely. Ozpetek’s TV experience includes 2022’s first Disney+ Italian original series “The Ignorant Angels,” a romantic drama spun off from his local hit “Ignorant Fairies.”

    “I knew, admired and spent time with Giorgio for many years, both on official occasions and in more private settings,” Ozpetek said in a statement to Variety. “We talked about cinema, of which he was notably passionate and an expert. But also about art, costumes, architecture, and, I would say, life itself. I could see within him a visionary and a brilliant artist. But also a down-to-earth and very determined man.”

    The director added: “The opportunity to tell his story is both an exciting honor and a challenge that involves capturing the many facets of such a complex, original and captivating personality.”

    Ozpetek is co-writing the screenplay for the Armani series in collaboration with Lux Vide’s head writer Francesco Arlanch, whose credits include Lux’s widely exported series “Medici,” “Hotel Costiera” and medical drama “Doc.” Storylines and series structure are being kept under wraps.

    Known globally as the Milan-based fashion pioneer with piercing blue eyes and a vision that combined laid back elegance and attention to detail, Armani first made his mark with the unlined men’s sports jackets and deconstructed suits worn by Richard Gere in 1980 in “American Gigolo.” But Armani also reimagined the woman’s power suit. He dressed scores of Hollywood’s female stars including Julia Roberts, Diane Keaton, Jodie Foster, Cate Blanchett, Lupita Nyong’o, Anne Hathaway and Michelle Yeoh in both minimalist attire — such as the Armani men’s suit famously worn by Julia Roberts when she won a Golden Globe for “Steel Magnolias” in 1990 — and glittery gowns like the “Nairobi blue” crystal-encrusted sequin gown worn by Lupita Nyong’o at the 2024 Academy Awards. The long list of male actors who regularly wore Armani on red carpets, and also on screen, comprises Leonardo DiCaprio, George Clooney Russell Crowe, Robert De Niro and Tom Cruise, to name a few.  

    His Hollywood connection earned Armani wardrobe film credits in more than 200 movies. 

    Armani — a self-made man who fully owned his $10 billion fashion empire at the time of his death on Sept. 4, 2025 at age 91 – was known to often appear in dark trousers and his trademark black T-shirt. He was born in the northern Italian town of Piacenza on July 11, 1934. After two decades in the fashion industry starting in 1957, he and his partner Sergio Galeotti sold their Volkswagen for $10,000 to start up their own menswear ready-to-wear label. They launched both men’s and women’s lines the following year.

    Fiercely private, Armani rarely discussed his personal life. He did tell Vanity Fair that he had romances with both men and women. He was in long-term relationship with Galeotti until his AIDS-related death in 1985.

    The Giorgio Armani fashion house has agreed to support production of the Fremantle TV series, providing access to its “archives, creations and iconic locations, offering an unparalleled insight into the world and legacy of one of fashion’s most influential figures,” according to a Fremantle statement.

    “For years, Lux had been chasing the dream of telling the world the story of Giorgio Armani, an artist who invented a unique and recognizeable style,” Lux Vide founder and president Matilde Bernabei said in a statement. She went on to describe Armani as “a standard-bearer of Made in Italy who rewrote the rules of style and elegance.”

    “It will be an ambitious series,” Bernabei added, “and we are proud to know that the market has immediately embraced this project with interest, enthusiastically confirming its international potential.”

    Giorgio Armani and Ferzan Ozpetek

    Stefano Guindani/Courtesy Armani

  • Bitcoin and ether markets are ruled by perps. SpaceX showed how far their influence can go

    Bitcoin and ether markets are ruled by perps. SpaceX showed how far their influence can go

    Ask most people how a crypto price gets set and they will describe spot trading: buyers and sellers meet on an exchange, and the last trade prints the price. But that has not been how it actually works for years as far as bitcoin, ether and the broader crypto markets are concerned.

    Perpetual futures, also called perpetual swaps or “perps” for short, are leverage-friendly contracts that never expire, and they now account for roughly 93% of all crypto futures volume, with daily perp volume routinely running larger than the spot market underneath it.

    A traditional futures contract has a settlement date, which is when it comes due and its price is forced to meet the spot price of the thing it tracks, also called the underlying. But a perpetual has no such date and can be held indefinitely (by paying a cost known as ‘funding rate,’ which varies daily).

    A body of market-microstructure work has asked which venue “discovers” a bitcoin price first, meaning where new information enters the market before it shows up anywhere else. The answer has repeatedly come back pointing at derivatives.

    A study in the Journal of Financial Markets by Carol Alexander and co-authors found that perpetual swaps on unregulated venues were the strongest instruments for bitcoin price discovery, with regulated futures and U.S. spot exchanges reacting to, rather than leading, those moves.

    Other work has identified Binance’s perpetual market as the primary source of price formation across the fragmented crypto landscape.

    The evidence is not conclusive, however, and some studies find spot still leads at certain frequencies or during stress. But the direction of the literature over the past few years has been toward the derivatives market as the place where the price is made.

    “Historically, we have seen perps leading mostly during bear market price rallies,” Julio Moreno, head of research at CryptoQuant, told CoinDesk. “For example, Bitcoin perps demand growth (blue bars in the chart) led the price rallies of January 2026, and April-May 2026.”

    “In these periods, spot demand was contracting, while perps demand expanded, thus the perpetual futures market was leading prices despite demand contracting on the spot market,” he said.

    Which brings us back to the funding rate. Because a perpetual contract never settles, nothing forces its price back toward spot the way an expiry date does for a traditional future. Instead, every few hours, whichever side of the trade is crowded pays the other.

    When the perp trades above spot, traders who are long (or betting on higher prices) pay those who are short (betting on lower prices), which nudges the contract back toward the underlying price.

    The funding rate is both the tether that keeps the contract anchored and a live readout of sentiment, which is why some traders watch it as closely as price.

    “We actually surveyed more than 100 of our traders,” Hong Yea, co-founder at onchain trading platform Grvt, told CoinDesk. “The traders who actually rely on us to hold real conviction positions want predictability there, not another data point to interpret.”

    “If you’re holding a directional position for weeks, funding isn’t telling you something new about the market, it’s just eating into your PnL while you wait to be right. That’s the honest way our users describe it to us, not, ‘what is the market telling me,” Yea added.

    The SpaceX use case

    None of this requires a spot market to exist. And for about three weeks in May and June, one of the most-watched markets in the world was for a company that had never sold a public share was running on crypto rails.

    Elon Musk-owned SpaceX priced its record $75 billion initial public offering at $135 a share and began trading on the Nasdaq on June 12. Well before that, traders on Binance, Coinbase, Hyperliquid and others were already buying and selling exposure to the company through pre-IPO perpetual futures, or contracts structured to track an implied valuation rather than a share price.

    The first mover was Hyperliquid, the onchain derivatives exchange, where a synthetic SpaceX perpetual went live on May 18. Binance opened its own SpaceX market on May 21, Coinbase followed on June 4, and BitMEX, Bitget and OKX later added contracts of their own.

    The striking part is how right they were at the one moment their accuracy could be tested. On the night before SpaceX listed, perpetuals on Hyperliquid and Binance were quoting the equivalent of roughly $170 a share, well above the $135 the underwriters had set.

    The next day SPCX opened, ran to an intraday high above $176, and closed its first session at $161, up 19%. The stock printed almost exactly where the perps had it, and a market dominated by leverage-seeking retail traders had read first-day demand more accurately than the banks that spent months building the offering price.

    That gap was also where the money was. The perpetual market was pricing SpaceX well above the $135 IPO price, so traders could buy the contract before listing and bet the two would meet. Every one of these contracts was built to automatically switch over to SpaceX’s real share price the moment the stock began trading, so any gap between the perp and the eventual opening price would close on its own. With the IPO already four times oversubscribed, the direction was rarely in doubt, and the pre-listing window was the only place to make the trade.

    Then reality caught up with the market that had predicted it. SPCX has fallen more than 40% from its June peak, dropping from the $135 IPO price to about $115 as of publication.

    The reason is one the perp could never have priced — supply. Only a sliver of SpaceX’s shares were sold at the IPO, and starting around August 6, roughly 900 million locked-up insider shares become eligible to sell.

    What SpaceX showed in the extreme is what the research says is already true in ordinary crypto trading — the derivatives market is increasingly where price gets discovered. Spot follows.

    Perps are excellent at pricing demand and blind to supply, which is worth remembering every time a bitcoin rally or a flush starts in the funding rate before it reaches spot.

  • Aave is Gradually Removing 75 Low-Utilization Reserve Assets from its Platform! Here are the Details

    Aave is Gradually Removing 75 Low-Utilization Reserve Assets from its Platform! Here are the Details

    Aave, a leading lending protocol in the decentralized finance (DeFi) sector, has announced a comprehensive restructuring process aimed at improving the platform’s efficiency. Aave founder Stani Kulechov stated that the protocol will gradually phase out assets with low usage rates and scale back its operations on some blockchain networks.

    According to the announcement, Aave plans to gradually end support for 50 reserve assets on its own network that are not seeing sufficient usage. In addition, support will be phased out for 25 reserve assets on the Sonic, Scroll, zkSync, Metis, Soneium, and Aptos networks. Thus, a total of 75 reserve assets with low usage rates will be affected by the restructuring process.

    Aave management stated that this step aims to ensure more efficient use of platform resources and to focus on assets that users show strong interest in. The protocol, which has expanded to different blockchain networks in recent years, had begun supporting numerous digital assets. However, due to some reserves failing to reach the expected transaction volume and user demand, the decision was made to simplify the system.

    According to the data released, the restructuring process will affect approximately $98.1 million in reserve assets and $15.6 million in loan positions. Aave stated that support will be phased out gradually and necessary transition plans will be implemented to minimize customer inconvenience during this process.

    Experts point out that it is common practice in the industry for DeFi protocols to occasionally remove assets with low liquidity or insufficient usage from the system. Such decisions can help platforms reduce maintenance costs while improving security and operational efficiency.

    Aave is among the world’s largest decentralized finance protocols in terms of total locked assets (TVL) and offers lending and borrowing services to its users across different blockchain networks. Analysts believe that the restructuring decision may lead to liquidity shifts in affected reserve assets in the short term, but in the long term, it could support Aave’s goal of creating a more efficient and sustainable ecosystem.

    *This is not investment advice.