A partial building collapse in New York City may more likely be explained by contractor error than from inherent risks in large-scale office-to-residential conversions.

An engineer on the former Pfizer headquarters conversion told Gothamist that workers failed to reinforce columns as designed. The columns buckled and prompted evacuations across seven Manhattan Midtown East blocks.

The incident raised questions about the viability of office-to-residential conversions not just in New York City but nationwide. If contractor error caused it, that would take some of the heat off safety and feasibility concerns about large conversions. New York City officials are still investigating the failed columns.

Despite the new, narrowed evidence around the New York City project, the episode highlights the complexity of conversions and the challenges that can arise, regardless of a building’s age. Such problems will likely grow more common as states and cities push conversions to solve two problems: eliminating obsolete, vacant office buildings – and the lost real estate value associated with them –and adding housing supply.

Age is just a number

Developer MetroLoft is converting the 1970s-era office buildings into 1,600 apartments. To get that number, the developer is adding floors to existing buildings. Plans by GACE Consulting Engineers called for steel plating along the columns supporting the additional floors.

“The structure was not reinforced as GACE’s design required,” Chris Behan, principal engineer with the firm, wrote in a statement.

Most conversions have involved 1950s and older office buildings. But the drive to add housing supply has pulled newer buildings into the mix, some just 20 years old. COVID-19-induced remote and hybrid work models rendered many office buildings obsolete.

“Older ones – because the floor plates are narrower, especially the ones that were designed before electric lighting or before HVAC – are always going to be better because they have more light,” Patrick Chopson, principal architect with Atlanta-based firm Cove, told HousingWire TBD.

Older buildings needed windows for light before electricity existed, or when only dim bulbs lit the space. Windows also allowed cross-ventilation before air conditioning.

Floor space sizes expanded as HVAC and lighting technology improved. That gave rise to office space with inoperable windows lit by fluorescent bulbs.

Residential space needs light, a code requirement. Developers can carve a narrow 10,000-square-foot floor into apartments with proper natural lighting more efficiently than a 50,000-square-foot one.

To get necessary lighting, developers carve out a portion of the building, which costs money. Even projects with an existing skylight may need changes to optimize light for units. That was the case when a developer converted a 1990s office building near the White House in Washington, D.C.

Differences in construction

Aside from the floor space, 1950s and older buildings offer an engineering advantage.

“Older buildings are typically overdesigned by a wide margin,” Chopson said. “The famous example that resonates with most people is the B-17 bomber from World War II that was flying over Germany, would lose a wing and have one engine and still make it back. Everyone added a 20% safety factor on top of what they were doing back in the day.”

But he and other architects note that unknowns remain in existing buildings of any age until work begins. Old building plans might not be available.

If plans exist, the final product may not match them exactly. A crew could discover a decades-old construction flaw that needs correction. A window leak in a 1970s building, for example, may have persisted long enough to cause unseen structural damage.

“In most conversion projects, things always go wrong,” Chopson said.

He said a project with the complexity of MetroLoft’s floor addition and parallel construction, “you’re magnifying the number of things that could go wrong.”

Complexity can make or break deals

A real estate lender walked away from financing the conversion of a 1922 Boston office building, citing its complexity. Sean Kelly-Rand, managing partner at RD Advisors, wrote in a LinkedIn post that he passed on the deal chiefly because of an operating U.S. Post Office on the ground floor and high construction costs.

“To make the transaction work, it not only requires tax abatements and code variances, but also historic tax credits,” Kelly-Rand wrote, noting the firm’s experience in lending on conversion projects. “It’s a great project, but these conversions aren’t without real risk.”

He said those risks include a softening rental market and the possibility of rent control at some point. A Massachusetts court last month scratched a rent control measure from the November ballot on a technicality.

But legislation is sitting in a Senate committee that state lawmakers have pushed as a compromise that would allow each city the option to approve rent control. The formal legislative session ends July 31.

In Los Angeles, apartment developer Kennedy Wilson is tackling a complex project. The firm is scheduled to begin work in August on converting the mid-1970s, 400,000-square-foot World Trade Center into 512 affordable housing units.

It will require a slew of low-income tax credits and other subsidies to achieve profitability.

“It’s complicated and not for the faint of heart,” Nicholas Bridges, Kennedy Wilson’s global head of capital markets, told the Los Angeles Times.

This post was originally published on here. 

Building a single home on each of the more than 300,000 empty lots listed for sale on Zillow in June could shrink the nation’s housing shortage by about 6.3%, according to new research from the listing platform.

Zillow estimates the U.S. is short 4.7 million homes, a deficit it says is the main driver of today’s affordability crisis. Putting one home on every currently listed lot of 5 acres or less would cut that shortage to roughly 4.44 million units. 

Empty lots are not a niche segment of the resale market. Zillow counted 300,242 lots for sale in June 2026, representing 17.4% of all for-sale listings on the site. The typical listed lot is 0.57 acres — often enough land for more than one home under more flexible zoning rules — which suggests the 6.3% impact estimate is conservative.

Where the land is

The distribution of listed lots is highly uneven, which matters for builders looking for near-term opportunities:

Most lots by state:

  • Florida (42,601)
  • Texas (40,907)
  • California (18,508)
  • North Carolina (14,226)
  • Georgia (10,341)

Highest share of listings that are lots:

  • North Dakota (45.9%)
  • South Dakota (38.7%)
  • Alaska (34.6%)
  • Nebraska (30.4%)
  • New Mexico (30.3%)

Rural markets show the highest concentration, with lots making up 25.3% of all for-sale listings, compared with 13.6% in suburbs and 9% in urban areas.

Land prices also vary sharply by location, which affects whether smaller builders can pencil a project:

  • Median rural lot price: about $75,000 per acre
  • Median suburban lot price: more than $181,000 per acre 
  • Median urban lot price: roughly $500,000 per acre

Nationally, the median listed lot price is $79,000 at 0.57 acres, according to Zillow’s state-level table.

Policy and financing hurdles

Kara Ng, a senior economist at Zillow, said in the report that these lots represent “low-hanging fruit” for addressing a shortage that has built up over two decades, but that it is not yet feasible to build on many of them under current rules and cost structures.

Zillow’s analysis points to several friction points familiar to homebuilders:

  • Zoning and density limits that keep modest infill or small-scale projects from penciling out.
  • Permitting timelines and uncertainty that add cost and risk, especially for small and midsize builders working on scattered lots.
  • Financing challenges for buyers and for small-dollar construction projects, particularly in rural markets.

The company highlighted recent federal efforts such as the 21st Century ROAD to Housing Act, which aims to modernize zoning, streamline permitting and expand access to lower-cost housing options, including manufactured homes. Zillow framed manufactured housing as a potential tool for turning more of these lots into homes because factory-built units can be produced faster and at lower cost than traditional site-built construction.

Zillow’s focus on rural small-dollar loans

On the financing side, Zillow noted that many consumers who want to buy a lot and build face a fragmented process: finding land, choosing a home type and securing financing typically require separate steps and multiple parties.

This summer, Zillow is participating in a 12-week federal tech sprint with the U.S. Census Bureau’s Opportunity Project, focused on increasing access to small-dollar housing loans in rural communities. The company said it is exploring ways to reduce friction for buyers interested in purchasing and building on an empty lot, which could eventually influence how builders connect with retail buyers in rural and exurban markets.

Why this matters for homebuilders

For builders, the research underscores how much potential supply is already sitting in current listings — especially in rural and lower-cost states where lots make up a third or more of the for-sale market. But converting that inventory into actual homes will depend less on raw land counts and more on whether local zoning, infrastructure and financing structures support small-scale development.

Key takeaways for homebuilding professionals include:

  • Scattered-lot and infill strategies: In states like Florida, Texas and North Carolina, the sheer volume of listed lots may support programs aimed at scattered-site spec building, build-for-rent or manufactured home placements where local rules allow.
  • Rural focus: With rural markets showing the highest share of lots and lower per-acre prices, smaller and regional builders may find opportunities to pair lower-cost land with manufactured or modular product — if they can navigate lending constraints and appraisals.
  • Policy engagement: The gap between theoretical capacity (300,000 lots) and realized housing production highlights how much local land-use policy and permitting reform will shape future pipeline. Builders watching efforts tied to the ROAD to Housing Act or similar state-level reforms may want to identify jurisdictions where rule changes could unlock infill programs.

For now, Zillow’s findings quantify how much buildable land is already visible in the for-sale market, but they also show that closing even a modest share of the nation’s housing deficit will require aligning land supply with workable entitlements, infrastructure and finance.

This post was originally published on here. 

NEW YORK — The United States is sitting on its smallest crude oil buffer in nearly half a century, a quiet warning signal flashing beneath a market that has otherwise managed to keep panic at bay. Domestic inventories have fallen to roughly 43 days of supply, the lowest reading in 45 years, as the war between the United States and Iran continues to strangle the flow of oil through the world’s most important energy chokepoint.

The drawdown reflects five months of disruption in the Strait of Hormuz, where fighting that began on February 28 has repeatedly interrupted the roughly one-fifth of global oil that normally transits the waterway. Even with American naval escorts keeping tankers moving, the cumulative strain on supply has steadily eroded the reserves that cushion the domestic market against shocks.

What makes the moment unusual is how calm prices have remained relative to the underlying tightness. U.S. crude trades near $81 a barrel, elevated by historical standards but well below the levels above $112 seen at the height of the wartime scare earlier this year. That gap has become one of the more puzzling disconnects in the market: inventories at a multi-decade low, an active conflict at a critical shipping lane, and yet a price that suggests something closer to unease than alarm.

Consumers are feeling the strain more directly than the futures screens let on. The national average price for a gallon of gasoline has climbed back to $4, more than ten cents higher than a week earlier and up sharply from the $3.15 average of a year ago. For households already stretched by rising costs elsewhere, the return to $4 fuel functions as a tax on nearly every trip to work, every grocery run, and every shipment that moves by truck.

The thin supply cushion changes the risk calculus for the months ahead. When inventories run low, the market loses its shock absorber. Any fresh interruption — a new round of attacks in the Gulf, a mine strike on a tanker, a disruption to the bypass pipelines that have been carrying a portion of the region’s crude overland — would hit a system with far less slack than usual. In that environment, a relatively small physical disturbance can translate into an outsized price reaction, because there is simply less oil in storage to draw down while the disruption plays out.

For businesses, the implications ripple outward from the pump. Elevated and potentially volatile fuel costs raise the price of freight, aviation, manufacturing, and agriculture, and they complicate planning for any company that budgets around energy as a major input. Airlines have already flagged billions in added fuel expenses tied to the war-driven surge, and those costs tend to migrate into ticket prices, shipping rates, and ultimately the shelf prices consumers pay.

The administration has leaned on expanded domestic production and naval protection of shipping lanes to keep barrels moving, and officials insist the flow through the region is recovering. But recovery in transit volumes has not yet rebuilt the reserves that the conflict has drained. Until inventories climb back toward historical norms, the American energy market will remain unusually exposed — steady on the surface, but running closer to the edge than it has in a generation.

The coming weeks will test whether the current fragile balance holds. A durable easing in the Gulf would allow supplies to recover and prices to drift lower. A renewed escalation would meet an oil market with little margin for error and a public already watching the number on the gas station sign climb.

JBizNews Desk | New York, N.Y.

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The American grocery cart is shrinking, and a new industry analysis out Tuesday marks the moment the shift became undeniable. After more than a year of shoppers trading down to cheaper brands and hunting for deals, households have moved to a starker form of belt-tightening: they are simply buying fewer items. Unit sales at U.S. grocers have fallen roughly 2% year over year across most of the past four months through June, a decline holding steady across every region of the country, according to research released by Bain & Company in partnership with NielsenIQ.

What makes the pullback notable is that it is happening while prices keep rising, not falling. A basket that runs a family through the week now costs roughly a third more than it did in 2019, and grocery prices are still climbing 2% to 3% a year. Kurt Grichel, who leads Bain’s retail practice in the Americas, put it in concrete terms — a grocery run that once totaled around $300 before the pandemic can now push past $400, a gap wide enough that even higher-income shoppers have started to change their behavior. Paying more while taking home less is the new math at the register.

Why buying less changes the game

For most of the post-pandemic stretch, grocers and food makers could count on rising prices to lift revenue even when the number of items sold stayed flat. That cushion is gone. When price increases slow and volume falls at the same time, the business becomes a contest for market share, where one chain’s gain comes directly at a competitor’s expense rather than from a growing pie. The report describes a sector where the total pool of demand is no longer expanding, forcing retailers to win customers away from one another rather than ride a rising tide.

So far the winners are the value channels. Discounters, dollar stores, warehouse clubs, and mass retailers are pulling shoppers and trips away from traditional supermarkets. But the analysis cautions that the volume problem does not disappear even for those gaining ground — fewer items sold is a headwind for every format. The grocers expected to pull ahead are those that price sharply on the specific staples customers track most closely and build loyalty through promotions and private-label brands shoppers trust.

The inflation backdrop

The squeeze comes even as broader inflation appears to be cooling. Overall consumer prices fell 0.4% in June on tumbling energy costs, but food-at-home prices rose 0.2% — their fifth monthly increase of 2026 — a reminder that relief at the gas pump has not reached the checkout aisle. Eggs jumped 4.3% for the month and dairy rose 1.2%, while a few categories, including coffee and nonalcoholic beverages, offered modest declines. The takeaway for shoppers is that a falling headline number does not translate to a cheaper cart, because the categories driving the relief are not the ones that fill it.

Compounding the pressure, many lower-income households have absorbed a double hit, contending with reduced federal food-assistance benefits and tighter eligibility rules at the same time grocery costs remain elevated. For those families, buying fewer items is less a choice than a necessity.

A pattern visible across the border

Fresh data out Tuesday from Canada underscored how persistent food inflation has become across North America. There, grocery prices outpaced the country’s overall inflation rate for the 17th consecutive month, running at 3.9% against a headline rate of 2.8%, with chicken up 5.7% and bread and rolls climbing roughly 6% even as cheaper gasoline slowed the top-line figure. It is the same disconnect between food costs and household budgets now visible on both sides of the border.

What it means for tri-state businesses

For grocers, restaurants, and suppliers across New York, New Jersey, and Connecticut, the message is direct. Consumers are not just seeking bargains; they are removing items from the cart altogether, and that behavior shows up first in discretionary and premium categories. Operators leaning on price increases to protect margins may find the strategy backfiring as customers respond by trimming volume.

The retailers positioned to hold their ground will be those offering a credible value story — sharp pricing on the staples families track, paired with loyalty programs and store brands that keep shoppers coming back. The broader takeaway from Tuesday’s report is that the era of automatic grocery revenue growth has ended. With prices still elevated and carts shrinking, earning a customer’s trip now means convincing them the trip is worth taking.

JBizNews Desk | New York

© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.

Iran transferred thousands of uranium enrichment centrifuges to underground facilities deep inside Natanz’s Pickaxe Mountain last fall, The Wall Street Journal reported on Monday, citing Israeli and US officials.

The centrifuges were transferred to the mountain following the 12-day war in June 2025. 

During the war, American and Israeli strikes pummeled three of Iran’s main nuclear sites, in an operation the US called “Midnight Hammer.”

US and Israeli officials noted that the transfer of sensitive equipment inside the mountain increases concerns that Tehran is working to ensure continued uranium enrichment, even in the event of a large-scale military attack on its soil. 

Pickaxe Mountain is located south of the Natanz nuclear complex, the site of two of Iran’s uranium enrichment plants bombed in June 2025. 

The tunnel facility under construction at Pickaxe Mountain wasn’t targeted in either of the wars, according to the Institute for Science and International Security (ISIS), a US-based think-tank focused on nuclear non-proliferation.

Satellite imagery shows that the complex was carved to a depth of more than 100 meters below bedrock, making it deeper and more fortified than the Fordow enrichment facility, a highly fortified, underground uranium enrichment facility. 

Reaching depths in a mountain is a complex task

Reaching these depths is considered a complex task, even for the most advanced bunker-penetrating bombs in the US arsenal.

Tehran claimed that the site is intended solely as a factory for the production and assembly of advanced centrifuges, not as an active enrichment facility. Iranian authorities, however, are preventing International Atomic Energy Agency inspectors from entering the site. 

IAEA Director-General Rafael Grossi demanded that Iran provide answers regarding its activities at the site. However, Iran failed to give answers that would allow the Iranian statements to be verified or the presence of nuclear material inside the mountain to be ruled out.

The relative immunity afforded by the rock’s depth has made the site one of the main targets in the confrontation with the United States. 

US President Donald Trump threatened to eliminate the site, adding that his administration was closely monitoring activity surrounding the tunnel’s entrances. 

Reuters contributed to this report. 

This post was originally published on here. 

The IDF opened fire in the vicinity of Lebanese Army troops in Zawtar, an area in the province of Nabatiya, during the implementation of the “Safe Zone” pilot program on Tuesday.

The LAF claimed that this was an attempt to obstruct the implementation of the pilot zones by stopping Lebanese soldiers from entering them. The IDF later stated that the area into which the troops entered was not part of the pilot zone. 

According to the IDF, troops identified Lebanese forces crossing about 150 meters beyond the established boundary of the security zone in Zawtar in a military engineering vehicle, in breach of the agreement between Israel and Lebanon.

Israeli forces fired warning shots into the air, the IDF explained, and did not endanger nor intend to endanger Lebanese Army Forces, who retreated without any casualties.

“The IDF demands that the Lebanese army continue to operate in accordance with the understandings and in the agreed areas,” the military warned. “Any deviation without prior coordination could endanger its forces.”

Lebanese military deploys in three ‘pilot program’ areas, securing Hezbollah-free zones

The pilot program dictates that LAF troops will enter designated areas in southern Lebanon to verify they have been cleared of Hezbollah operatives and weapons, two people familiar with the matter told The Jerusalem Post on Monday.

Later on Monday, the IDF confirmed that the “Safe Zone” pilot program had begun with cooperation from the US and Lebanese militaries.

“As part of the pilot, teams from the IDF, the US military, and the Lebanese Armed Forces are coordinating and planning the continued implementation of the agreement,” the military stated.

Amichai Stein contributed to this report.

This post was originally published on here. 

Iran’s Foreign Minister Abbas Araghchi told his French counterpart Jean-Noël Barrot on Tuesday that the two French diplomats were detained by Iranian authorities on Sunday because they failed to comply with the Islamic Republic’s laws.

According to the Iranian Foreign Minister’s Telegram channel, both diplomats acted in an unconventional and inconsistent manner compared with how foreign officials should act.

He also demanded that the French embassy prevent such actions from being repeated and that the French government take appropriate measures. 

Earlier on Tuesday, the French foreign ministry summoned the Iranian charge d’affaires. “France expects the Iranian authorities to shed light on this incident, punish the perpetrators, and ensure the security of its premises and personnel, in accordance with their international obligations,” the ministry said.

Two employees detained, harassed

According to French authorities, two employees of France’s embassy in Tehran were aggressively harassed and detained by Iranian security forces on Sunday.

Barrot confirmed the incident, saying that both staff members were detained and interrogated for several hours without reason, with one being physically assaulted in the process. 

According to Barrot, the employees were eventually allowed to return to the French embassy and are safe, but will be returning to France in the coming hours.

“I informed the Iranian Foreign Minister that this extremely serious and unacceptable violation of the integrity of our agents cannot go without consequences,” Barrot stated.

He decried the incident as “shocking” and a “flagrant violation” of diplomatic immunities and privileges afforded to embassy staff.

The Jerusalem Post Staff contributed to this report.

This post was originally published on here. 

On March 26, the IDF said that naval intelligence had assisted with assassinating Iranian Naval Chief Alireza Tangsiri in the port city of Bandar Abbas, with eliminating key Iranian naval cruise missile production sites, and Iranian sites related to submarines and other underwater threats.

At the time, some had deemed Tangsiri’s assassination – and the navy’s role in it – a crucial moment that led the Islamic Republic to agree to the terms of the ceasefire in early April.

Until now, the details pertaining to how Tangsiri was killed have been shrouded in mystery.

Many of the details are still classified. For the first time, however, The Jerusalem Post can disclose that, prior to March 26, the US and Israel had already tried to assassinate Tangsiri several times.

The process started with the Israeli naval intelligence and operations directorates carrying out specialized research to understand who Iran’s naval officials were as well as when and how they generally operated.

 Next, the navy’s operations directorate placed specific individuals, including Tangsiri, in the target bank for the IDF’s intelligence and air force units.

After that, IDF intelligence used the initial leads that it received from the navy to acquire the real-time intelligence needed for the assassination, which it eventually passed on to the air force

The navy’s operations directorate maintained an officer with the air force targeting staff to perform final checks on the intelligence before the various strikes went forward against Tangsiri and other Iranian naval targets.

The IDF struck Iranian long-range naval cruise missile sites

Around the same time that Tangsiri was killed, the air force, acting on information from IDF naval intelligence and the broader IDF intelligence directorate, also struck two key naval cruise missile production sites in Tehran.

The targeted sites operated under the command of the Iranian Defense Ministry and were used by the Iranian regime to develop and manufacture long-range naval cruise missiles, which are capable of rapidly destroying targets at sea and on land.

These weapons could be used against the US and other allies seeking to open the Strait of Hormuz.

At the time, defense sources said that Israel also continued to provide intelligence assistance to the US regarding the Strait of Hormuz.

On April 16, the navy said that it had already undertaken or provided critical intelligence for 154 attacks during the early 2026 war with Iran and Hezbollah.

Ninety-five of these attacks were against Iran. Of those 95 attacks, 68 of them were undertaken by US forces, but were entirely based on Israeli naval intelligence, with cooperation from the naval operations directorate.

At the time, all of the IDF’s actions either directly or indirectly reduced Iran’s capability to threaten the Straits of Hormuz, which is the Islamic regime’s most powerful pressure point on the US, the West, Arab countries, and others.

Regarding the navy and Iran, IDF navy Lt. “G” previously told the Post that, during Operation Rising Lion against Iran, “I was in a bunch of operations. To be part of these operations felt like a substantial contribution.”

G added, “For two-and-a-half years, sometimes, it was hard to see why the training mattered. But when you are on the front lines at sea, it helps you connect everything you studied to something real and practical. The climax was against Iran – we had the chance to perform all of the skills which we learned during the course.”

IDF Chief of Staff Eyal Zamir seen aboard an Israeli Navy warship, March 26, 2025 (credit: IDF SPOKESPERSON'S UNIT)

Israeli navy was involved in assassinating of five senior IRGC officials in Beirut

On April 16, the navy revealed for the first time that it had been involved in both intelligence and operations in eliminating five senior IRGC Quds Force liaison officials (who were working with Hezbollah) in an attack on the Ramada Hotel in Beirut on March 8.

Until then, even the basic fact of the navy’s involvement had been kept classified.

In the same navy briefing, it was revealed that, during that attack, the navy fired 14 missiles to kill the five officials, who were top commanders in Quds Force-Hezbollah intelligence and terrorist financing, and had links to Palestinian terrorist groups in Lebanon.

The terrorist-financing official was the key actor in transferring $770 million from Iran to Hezbollah over the past year, the IDF reported.

The Post can now reveal new details from the assassination, including that two different Israeli naval ships were involved.

Unlike the Iran case where the navy started the process, the Post can reveal that in this case IDF intelligence started the process of researching and locating the targets, but then turned to the navy to carry out the strike.

Specifically, the Post understands that IDF intelligence wanted to utilize the navy’s precision capacities to avoid any collateral harm to the large number of diplomats, media, and civilians in the hotel.

For purposes of this operation and others, the navy is unique for its ability to operate in or near hostile territory for longer periods than other arms of the military.

If the air force justifiably brags about moving from a “stand out” posture to a relative “stand in” posture, where its fighter jets or drones can spend time hovering over a target in Iranian or Lebanese territory, the navy can go even farther to a “standby” posture.

In this case, “standby” means staying in the area for an almost indefinite period, far longer than any drone or aircraft can.

Israel Navy soldiers salute as a German Navy vessel sails past during a visit to Haifa Naval Base, published June 25, 2026. (credit: IDF SPOKESPERSON'S UNIT)

Hezbollah commander assassinated by Israeli navy

In another incident, the Post can reveal that the navy assassinated the number two commander for Hezbollah’s northern command at his mobile headquarters. Because the headquarters was mobile, this meant that time was of the essence even more than in other cases.

The Post has learned that the naval operations directorate swiftly carried out the operation; there was only a short period of time between the naval operations directorate receiving the information needed to strike them and the strike being carried out.

Sources did not want to name which naval vessels undertook these attacks. However, on June 10, 2025, the Post and Hebrew media previously reported that two Israeli naval missile boats, one of which was a Saar 6 vessel, fired two long-range precision missiles from hundreds of kilometers away at the Houthi port of Hodeidah.

In addition, the Post has learned that models for rehearsing attacks can now be used in nearly every operation because the navy, using new technologies, can produce models of target areas in a matter of hours. In the past, producing those models could take days.

This post was originally published on here. 

Two unusual media appearances involving Saudi Arabia and Israel have revived questions about whether the countries are cautiously reopening channels as Iranian attacks place growing pressure on Gulf security.

On July 16, Israeli President Isaac Herzog gave an exclusive interview to Al Arabiya English, telling the Saudi-based outlet that he wanted rapprochement between Israel and Saudi Arabia and expressing respect for Crown Prince Mohammed bin Salman. Herzog said it was his “dream” to see peace between the two countries and raised the possibility of direct negotiations supported by Washington.

Three days later, Abdullah bin Ghanem Al-Qahtani, a former major general in the Royal Saudi Air Force who is now a security and strategic affairs analyst, appeared on Israel’s Channel 12. He described Iran’s attacks across the region as a grave threat that could not go unanswered while also saying Israel must address the Palestinian issue.

Appearances by prominent Saudi figures in Israeli media remain rare. Their timing has drawn attention because Iranian attacks on Gulf infrastructure are testing Saudi Arabia’s long-standing effort to maintain dialogue with Tehran while relying on the United States and other partners for security.

The crisis could strengthen the case for regional defense cooperation, including quiet coordination with Israel, without necessarily bringing the kingdom closer to formal diplomatic relations.

Return to pre-October 7 relations

The two appearances have revived comparisons with the period before October 7, 2023, when Saudi-Israeli normalization was being publicly discussed as part of a broader US-brokered package involving security arrangements and other bilateral agreements.

Those negotiations were disrupted by the Gaza war, and Riyadh has continued to make normalization contingent on progress toward Palestinian statehood. A Saudi source familiar with the matter, who requested anonymity because of the sensitivity of the matter, told The Media Line in May 2026 that the kingdom still required a clear and irreversible pathway toward statehood.

The renewed media contacts do not demonstrate that negotiations have resumed. They indicate that public communication of the kind seen during the gradual Saudi-Israeli rapprochement before October 7 is again possible.

Cyril Widdershoven, a geopolitical and energy analyst and director at Strategy International in Cyprus, views Herzog’s interview as a possible signal that Saudi-Israeli engagement is not completely off the table.

Significance of renewed Saudi-Israeli media contact 

“It was politically significant because of the platform, timing, and message,” Widdershoven told The Media Line.

He said Al Arabiya is part of the Saudi media landscape and argued that giving Herzog a platform to discuss peace and praise the crown prince could have been intended to gauge public and regional reactions. Widdershoven acknowledged that the interview did not demonstrate an official change in Saudi policy.

Asked whether rapprochement channels were reopening, he distinguished political signaling from formal diplomacy.

“The interview should be interpreted as political signaling rather than proof of an active normalization process,” he said. “Saudi Arabia can use such media engagement to remind Washington and Israel that rapprochement remains possible.”

Riyadh can also use the prospect of normalization as leverage in seeking US security guarantees and civilian nuclear cooperation while pressing Israel over Gaza and Palestinian statehood, Widdershoven said.

“Saying that pre-October 7 negotiations have fully restarted would go too far,” he added. “Saying that communication channels and strategic calculations are being quietly reactivated would be reasonable.”

Impact of escalations in the US-Iran war on Saudi-Israeli relations

Yet the assumption that Iranian attacks will automatically push Saudi Arabia and the wider Gulf closer to Israel is far from universally accepted.

Abdulaziz Alshaabani, a Saudi political analyst, told The Media Line that the escalation has placed national security ahead of any debate over relations with Israel.

“In my view, it is still too early to conclude that the Gulf has abandoned diplomacy with Iran or that a fundamental regional realignment has taken place,” Alshaabani said. “Recent events have reinforced one clear priority: national security has become more important than any discussion about relations with Israel.”

His assessment offers another reading of Gulf policy: Attacks on critical infrastructure may increase the need for stronger defenses without ending diplomatic engagement with Tehran.

“This is my personal assessment, but I believe many in the Gulf remain committed to diplomatic solutions, including initiatives that Saudi Arabia has consistently supported,” Alshaabani said.

That position reflects an important difference between the security calculations of Israel and those of the Gulf states. Israel has approached Iran primarily as a direct strategic and military adversary, while Gulf governments have attempted to contain the confrontation through diplomacy and prevent their territories from becoming battlefields between larger powers.

“At the same time, the recent escalation has strengthened the perception that Israel has been more willing to sustain confrontation with Iran despite the potential risks to Gulf security and regional stability,” Alshaabani said.

Iran has expanded the scope of attack

Iran’s expanding attacks across the Gulf are making that balancing act more difficult. Recent strikes have moved beyond military bases and energy installations to threaten infrastructure on which civilian life directly depends.

According to Kuwait’s Ministry of Electricity, Water and Renewable Energy, an Iranian strike on July 17 hit a power generation and water desalination facility, damaging several electricity-generating units and starting a fire. Authorities activated emergency plans, extinguished the blaze, and began repairs while monitoring the stability of the national power grid.

The attack was particularly sensitive because Kuwait produces more than 90% of its drinking water through desalination.

Water infrastructure had already been struck elsewhere in the conflict. Bahrain’s Interior Ministry said an Iranian drone damaged a desalination plant on March 8. Bahrain’s Electricity and Water Authority said the damage did not interrupt water or electricity services.

Iranian forces have also claimed attacks on US military facilities in Gulf countries, including Bahrain, Qatar, and Kuwait. On July 20, Bahraini authorities again sounded missile-alert sirens and urged residents to seek shelter, while Kuwait said its air defenses were responding to another incoming Iranian barrage.

The escalation is no longer confined to whether Gulf governments should support Washington or remain outside a direct confrontation with Tehran. It now concerns the protection of electricity, water supplies, energy exports, ports, and other infrastructure sustaining daily life.

Gulf countries may take harder security positions

Widdershoven described the Gulf approach as strategic hedging rather than strict neutrality: maintaining dialogue with Tehran while relying on Western security guarantees.

“The new Iranian attacks on Kuwaiti power and desalination infrastructure, taking into account also the strikes against Bahrain and other Gulf targets, increasingly show that this balance becomes untenable,” he said.

Diplomatic channels are likely to remain open, he added, but the attacks have exposed the limitations of engagement without credible deterrence.

“Once Iran threatens civilian water, electricity, ports and energy assets, the engagement can no longer be treated as sufficient protection,” Widdershoven said.

A harder security posture would not necessarily mean that Gulf governments are preparing for war with Iran. Widdershoven said the more likely response would involve integrated air and missile defenses, shared radar and intelligence networks, expanded naval patrols, stronger cyber capabilities, and better protection for ports, desalination plants, and energy infrastructure.

Saudi Arabia’s response could help determine whether the crisis produces a formal regional realignment or another adjustment to the kingdom’s policy of maintaining relations across competing geopolitical camps.

Effects of Iranian threats on security cooperation

For Washington and Israel, the Iranian threat strengthens the case for greater regional security integration. Israeli systems and operational experience against Iranian missiles and drones could become more relevant to Gulf defense planning if attacks on civilian and strategic infrastructure continue.

Riyadh, though, remains constrained by the Palestinian question and the kingdom’s broader objective of preserving strategic autonomy rather than joining a single geopolitical camp.

Widdershoven believes those competing pressures could produce limited security cooperation before political normalization.

“The most likely trajectory is therefore security convergence before diplomatic normalization: discreet intelligence cooperation, air-defense coordination, and shared threat monitoring first, with formal political relations remaining conditional,” he said.

Alshaabani cautioned against assuming that such an alignment is already taking shape. In his assessment, the conflict has reinforced the need to protect Gulf security and prevent further regional escalation rather than encouraging new political alignments.

Herzog’s Al Arabiya English interview and Al-Qahtani’s Channel 12 appearance are better understood as signs that public channels remain available than as evidence of imminent normalization.

Iran’s attacks may give Saudi Arabia and Israel stronger reasons to cooperate on security, but Riyadh’s investment in diplomacy with Tehran and its insistence on progress toward Palestinian statehood remain in place. For now, the kingdom appears to be keeping its options open as the Gulf’s traditional strategy of geopolitical hedging becomes harder to sustain.

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US President Donald Trump pledged continued support for Lebanon during a meeting with Lebanese President Joseph Aoun at the White House on Tuesday, saying he would discuss the Lebanese army taking control of pilot zones and was willing to speak with Hezbollah if Aoun requested it.

The meeting marked the first visit by a Lebanese president to the White House in more than 17 years. During the meeting, Aoun thanked Trump for what he described as the “historic achievement” of signing the framework, adding, “It’s about time for Lebanon to be stable and secure.”

Trump said the United States had a “very good” relationship with Lebanon and pledged significant support for the country. “It’s been a very badly treated place and country, and we’re going to have it properly treated, and treated with the respect that it deserves,” Trump said.

Trump also said he would discuss the Lebanese army taking control of villages from which the IDF had withdrawn, adding that he would examine issues related to the pilot zone, after the Lebanese Armed Forces (LAF) claimed earlier on Tuesday that the IDF opened fire near Lebanese troops deploying to pilot zones in southern Lebanon.

He also said he would speak with Hezbollah if Aoun asked him to.

The meeting comes at a critical time for Lebanon. Israeli troops remain deployed at several positions in southern Lebanon, many residents remain displaced following the Israel-Hezbollah war, and Hezbollah has rejected both the government’s direct talks with Israel and efforts to disarm the group.

A Lebanese official said Aoun believes only Trump possesses the leverage needed to pressure Israel to withdraw its troops and help Lebanon restore its sovereignty. The official said that Aoun, in addition to asking the US president to press Israel to withdraw, would also present Trump with a written proposal on how to decommission Hezbollah’s massive arsenal.

US is gearing up to strike Iran’s Pickaxe Mountain, Trump says

On Iran, Trump said Tehran was “desperate” to hold talks, warning that it had “not seen anything yet.”

Trump added that the US will be hitting the Pickaxe Mountain area, located near Iran’s heavily damaged Natanz uranium enrichment facility, “pretty soon.”

Pickaxe Mountain is a heavily fortified site that hosts two deeply buried tunnel complexes that experts assess as beyond the reach of the most powerful bunker-buster bombs in the US arsenal.

Pickaxe Mountain is located south of the Natanz nuclear complex, the site of two of Iran’s uranium enrichment plants bombed in June 2025.

Iran transferred thousands of uranium enrichment centrifuges to underground facilities deep inside Natanz’s Pickaxe Mountain last fall, The Wall Street Journal reported on Monday, citing Israeli and US officials.

Trump says US ready to respond if Houthis impose Red Sea blockade

Asked about a Houthi blockade, Trump said that the United States would respond if Yemen’s Iran-aligned Houthi movement follows through on its threat to impose a blockade on commercial shipping in the Red Sea. If the group takes action, the United States “will just have to take care of business,” he said.  

Aoun’s office said he would meet with Trump and hold “meetings and consultations with a number of American officials to discuss the situation in Lebanon and ways to consolidate the ceasefire [and] Israel’s withdrawal from the Lebanese areas it occupies,” UAE-based news site Al-Ain News reported earlier in the month.

Seth J. Frantzman and Idan Kweller contributed to this report.

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Little will change in Hamas now that Khalil al-Hayya has been named head of its political bureau, though the terror group will now enjoy not having the financial burden of administering the Gaza Strip, Dr. Michael Milshtein, the head of the Palestinian Studies Forum at the Moshe Dayan Center for Middle Eastern and African Studies at Tel Aviv University, told The Jerusalem Post on Tuesday.

Elected after two rounds of elections, Milshtein noted that Hayya has been functioning as the de facto leader for years in Qatar after the assassination of his predecessors.

Even if Khaled Mashaal had claimed victory, Milshtein said the most notable difference is that Mashaal would have prioritized restoring relations between Gaza and the West Bank, while Hayya has prioritized the Gaza Strip.

“There is a kind of an illusion that you know Meshaal is moderate, but there is no ideological difference between the two,” he said.

Milshtein said he would be “surprised” if Hayya made any real moves toward reconciling with the Palestinian Authority, despite talks in recent years about mending the rift that formed when Hamas chased the PA out of Gaza in 2007.

Embraced across the Muslim world, Hayya enjoys relations with Iran, Qatar, and seemingly Egypt, as the country’s intelligence chief was reported to have congratulated Hayya on his election on Monday.

This popularity will mean Hamas might have more room to act outside the traditional proxy relationship it has with Iran, having more freedom than Hezbollah while continuing to enjoy Tehran’s financial support and assistance, Milshtein commented.

“It doesn’t mean that Hamas is going to be kind of a proxy of Iran. They never saw themselves as a kind of player that must obey Iran, and right now it will be the same,” he commented.

Now firmly in his position, Milshtein predicted Hayya’s first focus will be hastening selective components of the second phase agreement with Israel. He will “promote the project of the technocratic government, the deployment of international forces and, at the same time, insist on saying no to the demand for total and immediate disarmament.”

“I’m quite sure that in the day after the elections, we will find ourselves in the same situation as the day before,” he said, reflecting on the fact that Jerusalem has been reluctant to make any dramatic moves until late October.

Hamas is not afraid of the future

When Hamas agreed earlier this month to hand over control of Gaza to the US-backed National Committee for the Administration of Gaza, a move welcomed by the international community, Milshtein said Hamas was anticipating little change in the Strip.

“Hamas doesn’t really feel afraid and knows that the technocratic government will be a kind of cosmetic cover, and that this kind of cover will enable Hamas to continue keeping its weapons and being the prominent player in Gaza” without having to fund civil society, he explained.

“If tomorrow the technocratic government ministers will enter Gaza from Cairo and start being active in Gaza and will sit in the governmental offices in Gaza, I think that the real boss in Gaza will be actually the political bureau, not in Gaza itself but outside, led by Hayya, and this will be the real government of Gaza.”

Asked if this will have any impact on civilian life in the territory, Milshtein said he doubted Hamas would end its theft of humanitarian aid and would continue to oppress Palestinians. Hamas will prioritize having the gangs working in opposition to them removed from Gaza, ensuring little changes domestically.

“I’m quite sure once again that the day after the establishment or the beginning of the work of the technocratic government will not be so different than the day before,” he concluded.

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HomeAdvantage has partnered with Valley First Credit Union to offer a real estate rewards program and cash-back incentives to the California credit union’s 80,000 members, the companies announced on Monday. 

Under the agreement, Valley First members will gain access to the HomeAdvantage Real Estate Rewards Program, which pairs homebuyers and sellers with a network of vetted real estate agents and provides a post-closing Cash Reward equal to 20% of the participating agent’s commission on qualifying transactions.

Modesto, Calif.-based Valley First, a $1.1 billion-asset cooperative founded in 1949, serves members across 12 counties in the Central Valley through eight branches. The partnership fits a broader trend of credit unions expanding beyond traditional deposit and lending products to wrap real estate search, agent matching and incentives around mortgage offerings to improve member retention and capture more purchase business.

The HomeAdvantage platform for Valley First will include a co-branded website where members can search active listings and neighborhood data, view home value estimates, save favorite homes, create custom property searches and connect directly with participating agents, according to the announcement.

“We are thrilled to welcome Valley First Credit Union to the HomeAdvantage family,” Stephanie Smith, vice president of operations at HomeAdvantage, said in the release. “Our shared commitment to delivering exceptional member value makes this partnership a natural fit. Together, we look forward to helping Valley First Credit Union members navigate one of life’s biggest financial decisions with confidence while providing meaningful savings along the way.”

HomeAdvantage said the program is designed to simplify the home search and transaction process by combining technology with human guidance. Eligible members who use a participating HomeAdvantage real estate agent can receive the 20% commission rebate after closing, subject to program terms and state regulations.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

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The U.S. Department of Housing and Urban Development has suspended funding to the Virgin Islands Housing Finance Authority (VIHFA) after an investigation uncovered what the agency described as widespread financial mismanagement, inadequate fraud controls, false certifications and improper payments tied to federally funded disaster recovery programs.

HUD Secretary Scott Turner announced the suspension on Monday, saying the agency will immediately halt additional funding to the authority while the investigation continues.

The action follows a HUD investigation into the authority’s administration of nearly $1.9 billion in Community Development Block Grant-Disaster Recovery funding.

In a July 20 suspension notice sent to the authority, HUD Deputy Secretary Andrew Hughes said the agency was taking immediate action pending an investigation by HUD’s Office of Inspector General, which is examining potential offenses by the authority, its officers and employees.

According to HUD, the authority has spent less than one-third of the funds nearly a decade after receiving them. The department alleged that some funds were diverted to administrative kickbacks and fraudulent schemes rather than disaster recovery efforts.

“The Trump administration is changing the game when it comes to who we entrust with taxpayer dollars,” Turner said in a statement. “Organizations riddled with corruption, mismanagement, and crime will no longer be allowed to squander billions.”

According to the suspension letter, the housing authority has received $1.9 billion in federal disaster recovery funding since Hurricanes Irma and Maria struck the U.S. Virgin Islands in 2017 — more than $20,000 per resident. Nearly nine years later, HUD said the authority has spent less than one-third of those funds.

“Nine years later, because of VIHFA’s blatant mismanagement of these critical disaster funds, USVI citizens still do not have the housing and electrical power they were promised nearly a decade ago,” Hughes wrote.

The letter also points to the conviction of former Chief Operating Officer Darin Richardson, who oversaw many of the authority’s disaster recovery programs. Richardson is serving a federal prison sentence after being convicted of fraud, false statements, money laundering and criminal conflict of interest in connection with a scheme involving disaster recovery contracts.

HUD alleged Richardson accepted a $107,000 bribe from a contractor, inflated the value of a lumber contract from $3 million to $4.5 million, and that the authority later allowed the lumber to deteriorate before it could be used.

“It would be irresponsible for the federal government to continue to conduct business with VIHFA,” Hughes wrote, adding that the authority “has violated its obligations to distribute and manage taxpayer funds lawfully, has failed to adhere to HUD procurement standards, and has repeatedly made false statements regarding its financial management controls and safeguards against conflicts of interest.”

HUD said the authority is immediately suspended from participating in federal procurement and nonprocurement programs while the investigation continues, arguing that allowing VIHFA to continue receiving federal funds “is not in the public interest.”

The department said its investigation found that the authority completed just 2% of its planned single-family rental rehabilitation projects and none of its planned single-family or multifamily housing developments despite receiving nearly $2 billion in disaster recovery funding.

HUD also cited findings from its OIG that the authority’s fraud risk management processes were “at or below the lowest desired goal state.”

The department further alleged the authority sought reimbursement for $6.2 million in disaster-related costs that had already been paid by the Federal Emergency Management Agency (FEMA) and repeatedly submitted false certifications about its compliance program in order to obtain additional federal funding.

The suspension remains in effect while HUD’s investigation proceeds. The Virgin Islands Housing Finance Authority did not immediately respond to HousingWire’s request for comment.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. 

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WASHINGTON — Tuesday, July 21, 2026 — The Trump administration announced Tuesday that it is deferring more than $1 billion in federal Medicaid payments to California and Minnesota while federal officials review what they describe as high-risk claims involving suspected fraud and program noncompliance. The payments will remain on hold until the states provide documentation supporting the claims under review. 

Health and Human Services Secretary Robert F. Kennedy Jr. made the announcement alongside Centers for Medicare & Medicaid Services (CMS) Administrator Dr. Mehmet Oz, saying the administration is intensifying oversight of Medicaid spending to safeguard taxpayer dollars.

The deferred payments include approximately $867.5 million for California and $199 million for Minnesota, according to HHS. Federal officials said the review identified claims that require additional verification before matching federal funds will be released. 

Kennedy said the administration is not permanently canceling the funding but is requiring both states to substantiate the questioned claims before the money is distributed.

“We’re protecting taxpayer dollars while ensuring legitimate claims are paid,” Kennedy said, adding that states will receive the funds once the requested documentation demonstrates the expenditures comply with federal Medicaid requirements. 

Federal officials said the action stems from audits and program integrity reviews conducted by CMS. In California, the review is focused largely on certain in-home care claims, while in Minnesota officials are examining multiple Medicaid programs that have previously raised compliance concerns. 

Importantly, the administration has not publicly presented evidence proving fraud occurred. Instead, officials describe the action as a temporary payment deferral while documentation is reviewed and questioned claims are evaluated. 

The move is part of a broader Trump administration initiative to strengthen oversight of federal healthcare spending and expand efforts to detect fraud, waste and abuse across Medicare and Medicaid programs. CMS also announced it is increasing its use of financial audits and data analytics to identify unusual billing patterns before federal funds are disbursed. 

The funding pause could create short-term budget pressure for California and Minnesota if the review extends over several months. Hospitals, nursing homes, physicians and managed-care organizations that rely on Medicaid reimbursements will be closely watching the review, although federal officials have not indicated that patient care or beneficiary coverage will be interrupted during the process. 

The decision also signals that federal scrutiny of state Medicaid spending is likely to increase. Healthcare providers, insurers and state governments nationwide will be monitoring whether similar reviews are initiated elsewhere as CMS expands its program integrity efforts.


JBizNews Desk | Wall Street

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JPMorgan Chase CEO Jamie Dimon said in an interview on Monday that he wouldn’t buy stocks or long-term Treasury bonds at their current prices as he thinks investors aren’t accounting fully for risks that could cause turmoil in equity and debt markets.

Dimon said in an interview with CNBC that he thinks geopolitical and fiscal risks are “probably bigger than other people think” amid the ongoing conflicts in Ukraine and the Middle East, as well as looming tensions between the U.S. and China.

He also said that growing budget deficits by governments around the world pose a fiscal risk during a period of rising defense spending, which could lead to interest rates on government bonds remaining higher.

Dimon said that he wouldn’t buy long-term Treasurys given the current conditions of the bond market, saying that he thinks interest rates on U.S. bonds will likely remain elevated even if inflation subsides.

DIMON URGES CALM OVER FEAR ABOUT AI’S IMPACT ON JOBS: ‘STOP BEING BREATHLESS OVER IT’

The JPMorgan Chase CEO said that he believes “the 10-year bond should probably be at 4% to 4.5%” even if inflation returns to the Federal Reserve’s long-run target of 2%, and said that he personally wouldn’t buy long-term Treasurys and sees little upside for bond prices.

The 10-year Treasury yield is currently about 4.6% and has remained above 4.2% since March after they had trended closer to 4% late last year.

The most recent consumer price index (CPI) data showed inflation was up 3.5% from a year ago – well above the Fed’s 2% target – despite declining month-over-month as gas prices declined as the energy market stabilized during a period of reduced hostilities between the U.S. and Iran.

JAMIE DIMON SAYS HE UNDERSTANDS WHY PEOPLE HAVE GROWN ‘ANTI-RICH’

Stubbornly high inflation prompted the Fed to leave interest rates unchanged at the central bank’s June meeting and Fed Chair Kevin Warsh has signaled that policymakers won’t tolerate elevated inflation.

That has caused the market’s view of the probability of rate cuts to plunge, as the CME FedWatch tool suggests that the federal funds rate will either remain steady or rise before the end of this year.

Dimon also struck a cautious note on the stock market in the interview, saying that he wouldn’t invest in the broader market at the high valuations that can currently be found at many leading companies and would instead look at individual companies to find “a great investment.”

JPMORGAN NAMES 2 NEW CO-PRESIDENTS, SETTING UP RACE TO SUCCEED JAMIE DIMON

He also likened the impact of artificial intelligence (AI) on the market as it reshapes the tech sector and the broader economy to what happened during the initial internet boom, saying that companies are spending a “huge” amount of money that may not quickly lead to the desired results.

“Will it in total pay off? Probably, just like the internet did,” Dimon told CNBC. “Will it pay off the way you expect and the timetable you expect? Definitely not.”

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DETROIT — General Motors raised its full-year profit outlook Tuesday after stronger-than-expected demand for its pickup trucks and sport utility vehicles helped offset higher tariff costs and continued investment in electric vehicles, another sign that American consumers remain willing to spend on big-ticket purchases despite broader economic uncertainty. The improved forecast accompanied the automaker’s second-quarter earnings report and filings released to investors, reflecting management’s growing confidence in North American demand.

The Detroit automaker reported $48.0 billion in second-quarter revenue and adjusted EBIT of $3.9 billion, prompting it to increase its 2026 adjusted earnings guidance to $14 billion to $16 billion, up from its previous forecast. The company also lifted its expectations for adjusted earnings per share and automotive free cash flow as sales of its most profitable vehicles continued to outperform expectations.

Much of that strength came from GM’s full-size truck and SUV lineup, including the Chevrolet Silverado, GMC Sierra, and several Cadillac models, where pricing has remained resilient even as higher interest rates continue to pressure affordability. Consumers have become more selective in their spending this year, but the latest results suggest many buyers are still prioritizing vehicle purchases they consider long-term investments.

Chief Executive Mary Barra said the company continues to benefit from disciplined pricing, manufacturing efficiencies and steady retail demand across North America while maintaining its long-term commitment to electric vehicles. GM also said its EV business continues to improve as production becomes better aligned with market demand.

The stronger outlook comes as automakers navigate a challenging environment marked by tariffs, shifting trade policies, evolving EV incentives and higher raw material costs. Even so, GM’s ability to raise guidance at this stage of the year sets it apart from many manufacturers that have remained cautious about the second half of 2026.

Investors welcomed the report, viewing it as another indication that the U.S. consumer has proven more resilient than many economists anticipated. Alexander Potter, an auto analyst with Piper Sandler, has previously noted that GM’s profitability continues to be driven by its leadership in higher-margin trucks and SUVs, giving the company greater flexibility as the industry transitions toward electrification.

The results also reinforce a broader trend emerging across corporate America this earnings season: while households have become more cautious about everyday discretionary purchases, demand for products viewed as essential or high value—including automobiles—has remained comparatively strong.

For consumers, GM’s report suggests automakers are likely to continue emphasizing their most profitable truck and SUV models while carefully managing incentives and production levels rather than engaging in widespread price discounting. That strategy could help support vehicle values but may also keep new-car prices elevated heading into the fall selling season.

JBizNews Desk | Detroit

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NEW YORK — Tuesday, July 21, 2026 — As first reported today by Crain’s New York Business, the Multicultural Business Coalition (MBC) is calling on New York State to establish a new lending program aimed at helping small businesses that have been left without access to federally backed financing following changes to U.S. Small Business Administration (SBA) loan eligibility rules.

The coalition is proposing that the state create a Community Development Financial Institution (CDFI) to provide loans ranging from $5,000 to $100,000 for green card holders and other underserved entrepreneurs who no longer qualify for SBA-backed financing. The initiative is designed to bridge the capital gap while preserving entrepreneurship, supporting job creation and strengthening New York’s small-business economy.

The proposal calls for an initial capitalization of approximately $20 million, with plans to attract additional public and private investment over time. Once fully operational, coalition leaders estimate the fund could support more than 150 small businesses during its initial phase.

Frank Garcia, Chairman of the Multicultural Business Coalition, said the proposal is intended to ensure entrepreneurs continue to have access to responsible financing that allows businesses to grow, hire employees and invest in their communities.

“Small business is the heartbeat of America,” Garcia said. “Our coalition believes New York has an opportunity to help responsible entrepreneurs who are ready to build businesses and create jobs but have lost access to an important source of capital. This proposal is about strengthening communities and expanding economic opportunity.”

Earlier this year, the SBA revised its lending eligibility rules to limit SBA-guaranteed loans to U.S. citizens. SBA Administrator Kelly Loeffler said at the time that the agency’s financing should prioritize American citizens who are building businesses and creating jobs in the United States.

The federal policy change prompted business organizations across New York to examine alternative financing solutions for entrepreneurs who no longer qualify for SBA-backed loans despite operating established businesses and employing local workers.

According to Crain’s New York Business, the coalition commissioned Calva Consulting to develop the proposal. The report estimates a state-backed CDFI could initially be capitalized at approximately $20 million, creating a revolving source of financing that would eventually leverage additional capital while helping businesses secure affordable loans.

Duvi Honig, Co-Founder and Secretary of the Multicultural Business Coalition and Founder & CEO of the Orthodox Jewish Chamber of Commerce, said expanding access to responsible capital is essential to maintaining New York’s economic competitiveness.

“Access to capital remains one of the greatest challenges facing entrepreneurs,” Honig said. “Small businesses are the engine of our economy, creating jobs, revitalizing neighborhoods and generating opportunity. Our coalition looks forward to working with Governor Kathy Hochul, Empire State Development, financial institutions and community partners to develop practical financing solutions that help qualified entrepreneurs continue investing in New York’s future.”

Empire State Development responded that New York already operates numerous capital access initiatives through partnerships with CDFIs and financial institutions. According to the agency, those programs have supported approximately 5,400 financings between January 2023 and March 2026, deploying more than $1.4 billion in state and private capital, with the majority directed toward socially and economically disadvantaged businesses.

Coalition leaders say the proposed CDFI would complement—not replace—existing state lending programs by focusing specifically on businesses affected by recent federal eligibility changes while expanding the overall availability of responsible small-business financing.

The Multicultural Business Coalition, launched earlier this year, brings together a broad alliance of chambers of commerce and business organizations, including the Orthodox Jewish Chamber of Commerce, Greater New York Chamber of Commerce, United Bodegas of America, the Black Institute, the New York State Mexican Chamber of Commerce, and other organizations representing entrepreneurs across New York.

Supporters say the proposal reflects a broader effort to strengthen New York’s entrepreneurial ecosystem by ensuring viable businesses continue to have access to the financing needed to grow, create jobs and contribute to the state’s economy.


JBizNews Desk | Wall Street

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Federal regulators are taking a fresh look at reverse mortgage disclosures — and attorneys say the review is long overdue, though they’re urging caution about the cost of any overhaul.

In July, the Consumer Financial Protection Bureau (CFPB) launched a request for information seeking public input on whether mortgage disclosure requirements and other regulations should be revised to reduce compliance burdens and improve access to credit. The move aligns with President Donald Trump’s Executive Order 14393, which directs federal agencies to review rules that may increase the cost of lending and restrict credit access.

What surprised some attorneys: reverse mortgages made the list.

“I was surprised that they included reverse mortgage topics,” said Kris Kully, a partner in Mayer Brown‘s Washington, D.C., office and member of the firm’s Consumer Financial Services group. “However, I appreciate that the agency is attempting to gather some intelligence before making any changes — all changes entail regulatory burden, and often unintended consequences.”

Under current rules, reverse mortgage disclosures are spread across multiple documents — Truth in Lending disclosures, Good Faith Estimates and HUD-1 settlement statements. The product is also carved out of the TRID Rule, which streamlined disclosures for forward mortgages by combining overlapping forms into a single, unified document.

 “Regulations X and Z, implementing RESPA and TILA, require creditors and settlement agents to give consumers who apply for and obtain a reverse mortgage loan different but overlapping disclosure forms regarding the loan’s terms and costs.” 

The CFPB is exploring whether to create a unified, reverse-mortgage-specific disclosure form — similar to what the TRID Rule did for forward mortgages. 

Colgate Selden, a founding member of the CFPB and a shareholder at Baker Donelson, said the bureau simply ran out of time to address the unique features of reverse mortgages during the original TRID rulemaking.

“A completely new disclosure regime specific to reverse is needed for consumers to have a meaningful understanding of them,” Selden said. “Not sure the CFPB can do a lot now in the short term but if they are opening things up for a larger comprehensive reverse mortgage disclosure rulemaking that would be helpful.”

Rethinking cost disclosures

Beyond the structure of disclosures, the CFPB is questioning whether the numbers inside them still make sense.

The bureau is scrutinizing the Total Annual Loan Cost table — the standard tool used to help borrowers understand the cost of a reverse mortgage — which currently relies on three time periods and appreciation rate assumptions of 0%, 4% and 8%. Regulators are considering whether those assumptions still reflect current housing market conditions, or whether updated figures would give borrowers a more realistic picture.

One alternative under consideration is replacing or supplementing the annualized TALC rate table with a dollar-amount chart showing how the reverse mortgage balance grows over time. The rationale is that concrete dollar figures may be easier for borrowers to understand than abstract annualized rates — a meaningful distinction for a product whose borrowers are typically elderly.

While attorneys broadly agree the current framework is due for reform, they’re wary of underestimating what change would require.

Richard J. Andreano and John L. Culhane, senior counsels at Ballard Spahr, said in a blog post that reverse mortgage disclosures were “shoehorned” into disclosure regimes designed for forward mortgages and need to be integrated and streamlined — particularly given the age of the borrowers involved.

But they cautioned that the industry’s experience with TRID should temper expectations about how quickly or cheaply that can happen.

“Based on the enormous amount of money spent by the industry to implement the TRID rule, implementation costs and other burdens need to be considered in connection with any revisions of the reverse mortgage disclosure requirements,” they said.

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Factory-built housing startup Boxabl Inc. began trading on the Nasdaq Stock Market on Monday under the ticker symbol BXBL, following completion of its merger with special purpose acquisition company FG Merger II Corp.

The Las Vegas-based company said in a press announcement that the move to public markets comes after stockholder approval of the business combination with FG Merger II (formerly trading under the symbol FGMC). With the closing of that deal, Boxabl is now officially a publicly traded company.

Boxabl builds modular, factory-produced building components that can be shipped and assembled on-site, part of a broader push to industrialize home construction and address labor shortages and affordability challenges. The company has marketed its systems as a way to lower construction costs and shorten build times compared to traditional site-built homes.

The listing puts another off-site construction player into the public markets at a time when builders and developers are looking for ways to increase throughput amid tight existing-home inventory, elevated mortgage rates and persistent cost pressures. Public status can give modular and prefab firms access to capital that may be needed to scale manufacturing capacity and invest in automation and logistics.

For builders, land developers and build-to-rent operators, Boxabl’s Nasdaq debut is a signal that investor interest in industrialized construction remains strong despite a choppy capital markets environment. Housing professionals watching the space will be focused on how quickly Boxabl can convert public capital into reliable production, unit cost reductions and code-compliant products at scale, all of which will determine whether systems like Boxabl’s can materially move the needle on housing supply.

This post was originally published on here. 

As millions of homeowners remain locked into low mortgage rates, lenders are introducing new home equity products designed to help borrowers access accumulated equity without refinancing their first mortgages.

This week, Gershman Mortgage and Truss Financial Group announced separate home equity offerings aimed at different borrower segments but built around the same premise: allowing homeowners to tap equity while preserving existing first-lien mortgage rates.

The product launches come as many borrowers carry mortgages originated at rates of 3% or 4%, leaving refinancing to be less attractive despite record equity gains and therefore prompting lenders to expand home equity lending options.

Gershman Mortgage introduced a standalone “5-Day HELOC” for owner-occupied homeowners. The product allows qualified borrowers to access up to $750,000 through a home equity line of credit with repayment terms of 10, 15, 20 or 30 years.

The lender said borrowers can begin the application process without a hard credit inquiry and may close in as few as five business days.

“Plenty of homeowners have built up real equity, and a lot of them don’t want to touch their first mortgage to use it,” Jeff Ogden, senior vice president of production at Gershman Mortgage, said in a statement. “This HELOC gives them a way to quickly tap that equity for renovations, tuition, paying down credit cards or whatever they need.”

Separately, Truss Financial Group launched a debt service coverage ratio (DSCR) home equity line of credit (HELOC) tailored to residential real estate investors. The product allows borrowers to access up to $1 million in equity across investment properties without verifying personal income or replacing existing first mortgages.

Rather than underwriting loans based on a borrower’s personal debt-to-income ratio, the Truss product evaluates the cash flow generated by the rental property. The company said the program is available on non-owner-occupied one- to four-unit properties, condominiums and planned unit developments, with borrowers eligible for financing based on rental income and, in some cases, asset depletion calculations.

Truss said the revolving line of credit is intended to help investors fund property renovations, acquisitions and other expenses while avoiding cash-out refinances that would require replacing lower-rate first mortgages.

“Innovation is about removing friction between an entrepreneur’s vision and their earned capital,” Jeff Miller, CEO and founder of Truss Financial Group, said in a statement. “In this rebalancing market, home equity should not be a static number; it must be an active tool for growth.”

Both lenders said their products can close in as few as five business days. While Gershman’s offering targets homeowners seeking funds for renovations, debt consolidation or other personal expenses, Truss is focusing on investors looking to leverage equity to expand or improve rental property portfolios without disrupting existing financing.

This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

This post was originally published on here. 

AI didn’t make me less authentic. It made me realize how valuable AI authenticity was. 

I thought I was getting a shortcut, but for me, it became a wake-up call. The content was fine, but it felt bland, and it bothered me in a way I couldn’t ignore. Months of using it daily showed me something I hadn’t expected. I had a voice, a definite point of view. I just needed to bring it into focus, and for the first time, I had the time to do that. 

Building the vision I couldn’t code

Like most agents, I embraced AI almost as soon as it arrived. For years, I had carried a running list of things I wanted to build but never quite got to. A website that actually reflected the brand in my head. Blog ideas, marketing campaigns, resources for clients, all sitting half-formed. The problem was never a lack of ideas. It was that I did not have the technical skills to bring them to life. 

I could have spent six or seven thousand dollars paying someone to build a website for me and still would not have trusted them to translate what was in my head. I knew the experience I wanted people to have when they landed on my site. I simply did not know how to build it myself. 

Then AI arrived, and that stopped being the obstacle. 

I could build the website I had imagined, create bespoke imagery instead of stock photography, finally organize years of photos scattered across hard drives and folders and turn years of ideas into reality. It genuinely changed how I worked. 

So naturally, I asked it to write too. 

The trap of the polished persona

My first thought was that I had found the shortcut every agent had been waiting for. Content at a volume no single person could produce alone. Entire weeks of work done before lunch. 

Then I read what it had actually written. 

There was nothing technically wrong with it. It was polished, grammatically immaculate, easy to read. It was also completely forgettable, the kind of writing that could have come from almost anyone. Once I noticed that, I couldn’t stop noticing it.

I started seeing the same voice everywhere. Instagram captions. Listing descriptions. Market updates. The same polished cadence. The same relentlessly positive tone. The same punctuation. The same emojis. Different agents. Different markets. One voice. 

That was the moment everything changed for me. 

Teaching the machine how I think

Until then, I had been treating writing as the hard part. AI showed me that writing was never the hard part. The hard part was figuring out what I wanted my content to say about me. It made me realize how much I wanted my content to sound like me, not a polished version of every other agent online. 

The first thing I did after upgrading to a professional account was upload two years of my old YouTube scripts, some of which had taken weeks to write. Hundreds of hours of thinking and rewriting. Slowly learning how to explain this market in a way that genuinely sounded like me. 

I wasn’t trying to teach AI what to think. I was giving it enough of my own work to understand how I think. That isn’t a small distinction. 

Those scripts were never valuable because they were well written. They were valuable because they reflected years of conversations with clients, deals I’d negotiated, mistakes I’d made, properties I’d walked through, and the same questions answered so many times that I finally understood my own answers. AI didn’t create any of that. It simply became better at helping me communicate it. 

Ironically, the more I used AI, the more protective I became of my own perspective. 

Content is discovery. Perspective is trust.

Agents already wear more hats than anyone should. Negotiator. Marketer. Photographer. Copywriter. Website designer. Social media manager. Now, apparently, prompt engineer. AI has been genuinely transformative across many of those jobs. But it has also reminded me that none of those jobs are actually my business. My business is helping people make some of the biggest financial decisions of their lives. 

Content may be how people discover me. It is not why they trust me. 

Trust comes from perspective. From judgment. From recognizing there is a real person behind the words. 

I am not trying to build an AI-powered content machine. I am trying to build a brand. Every article, every blog post and every page on my website is another opportunity for someone to understand how I think before we ever meet. 

Perspective doesn’t come from a prompt. It comes from living. From mistakes. From curiosity. From difficult conversations. From the people you meet, the places you live and the experiences that quietly shape how you see the world. 

That is what I want my content to reflect. Not simply what I know. But how I think. Every agent now has access to the same technology. What none of us have access to is each other’s perspective. That is earned over time. 

AI didn’t give me mine. It simply removed the barriers that stopped me from expressing it. 

I don’t want people reading my content and thinking, she’s good at AI. I want them thinking, I like the way she thinks. 

If AI helps me communicate that more clearly and consistently than I ever could alone, then perhaps that really was the most unexpected lesson it had to teach me. 

Anj Catalano is a luxury real estate agent with The Agency in Los Angeles, specializing in the San Fernando Valley and Westside markets. 
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com. 

This post was originally published on here. 

Last month, Google made some waves announcing that it was taking its real estate listing pilot program nationwide. While the nationwide expansion of the program, which is powered by a partnership with HouseCanary, is a new endeavor, the idea for listing advertisements to appear in Google search results began on a softball field roughly three years ago. 

“One of our engineers in San Francisco was playing in an after-work softball league and there were a few people from Google in the league. They started chatting and that is literally how this all got started,” Chris Rediger, the CEO of HouseCanary, said. “So, what started as a fun conversation at an intramural sports thing, manifested itself into something much bigger.” 

From the field to the boardroom 

Initially, Rediger said the conversation was focused on helping Google better understand the real estate space. For years, the technology behemoth sold local services advertisement slots to real estate agents, allowing them to set up a business profile and gain reviews, but they realized that no one was searching for “real estate agents near me.”

“They had all of these agents with profiles and an appetite to buy advertisements, but no consumer demand and that is where we stepped in,” Rediger said. “We asked them what would happen if we switched things around and provided some real content that related to what the user was searching for and take advantage of the created geographic proximity.” 

What resulted is a search experience that allows for users to search for homes for sale in a geographic area, that also allows them to see both the listing agents and other agents that serve the local area.

In order to fuel this search experience, Google needed listings to populate the search results, which is where HouseCanary realized it could come in. 

While HouseCanary had access to listing feeds via IDX and VOW agreements with roughly 300 MLSs nationwide, according to Rediger, HouseCanary was unsure if the Google partnership fell within the scope of its IDX agreements. An initial verbal “ok” from some MLSs prompted Google and HouseCanary to launch the initial pilot program in December 2025, but after a few weeks, some of the MLSs began expressing concerns, prompting Google to remove the listings from search results for a time.

“We made sure on the second initial pilot that we signed agreements with MLSs regarding the feeds and how we were using them,” Rediger said.

Taking on the nation

HouseCanary and Google currently have agreements with California Regional MLS, San Diego MLS and national MLS MyState MLS, but Rediger said listings from REcolorado would be making their into search results in the coming weeks as they have just finished organizing an agreement with the Denver-based MLS. 

“Doing it this way does mean we have a long road ahead, but we are open and would like to talk with every MLS because we want to have every listing in the U.S.,” Rediger said. 

However, with the number of legal agreements and contracts needed, Rediger said he has no idea of what the timeline to achieving this goal will look like. For national or even large regional brokerages that span multiple MLSs that want all of their listings available for potential display on Google, Rediger said they can join MyState MLS, but he noted that HouseCanary really does want to engage with all MLSs.

“Our position is that we want to stay out of any battles in the MLS space. We are happy to work with any MLS that wants to talk with us,” Rediger said. 

Still a pilot program

Although the program is now national, Rediger stressed that it is still a pilot program and that they are continuing to test and change things based on user feedback and behavior. While he acknowledged that Google is known for killing off pilot programs that are unsuccessful and is aware that is a potential outcome for this program, he is still hopeful.

“It is going really well, and I think it is going to be here to stay,” Rediger said. “We will see if I am proven right, but I’m hopeful.” 

It is no secret that Google previously attempted to enter into the real estate space only to back out, but Rediger noted that the environment and technology of today are very different from what existed the last time Google made a real estate play. 

“I find this industry [has] a really long memory, but if you compare things that are happening today from a digital perspective to the last time Google tried something like this, a lot has changed. So, it’s like this fun trope to just assume that this won’t work,” Rediger said. “Just because it hasn’t worked in the past doesn’t mean this new experiment will fail.” 

Embracing the moment

For right now, Rediger is focused on trying to make the pilot successful and also soak up as much of the experience of working with a firm as large as Google as he can.

“They are pretty fun to work with, and they are, of course, very good at what they do. They have some of the trappings of a big company where different divisions have to talk to each other for something to happen, but it has been really cool to watch them step into this space with different ideas and perspectives,” Rediger said.  

Even if this pilot program doesn’t progress further, Rediger said he hopes to continue to find ways to eliminate friction in the homebuying and selling process for both agents and consumers. 

“The real bigger picture thing is doing things that are good for the consumers and good for the agent,” Rediger said,

This post was originally published on here. 

Mayor Zohran Mamdani on Monday launched a new canvassing effort to connect tenants living in buildings with housing code violations with resources and information on organizing for better living conditions. The “Talk to Tenants” campaign will deploy volunteers with the Mayor’s Office of Mass Engagement who will inform residents about advocating for safe and well-maintained homes, as well as forming tenant unions. The initiative will begin in East Harlem, Washington Heights, Inwood, and Flatbush before expanding to communities across the five boroughs.

A rental ripoff hearing held at Fordham University. Photo by Kara McCurdy | Mayoral Photography Office on Flickr

Hosted in partnership with the Mayor’s Office to Protect Tenants, the campaign builds on the recently released “Rental Rip-Off Report,” an analysis of common concerns among New York City tenants, informed by testimony from thousands of renters during a series of hearings held across the five boroughs this year.

The report also outlines 23 policy changes aimed at strengthening tenant protections, improving housing quality, targeting negligent landlords, and curbing hazardous conditions and deceptive practices.

“The Rental Ripoff hearings showed us something that every tenant already knows: when landlords neglect their buildings, New Yorkers are left with no heat, kitchens overrun with cockroaches, mold and broken elevators,” Mamdani said.

“When neighbors organize, they have the power to hold landlords accountable and win safe, dignified housing,” he added. “‘Talk to Tenants’ is about empowering New Yorkers to build that power one conversation, one building and one block at a time.”

Through the summer and fall, the Mayor’s Office of Mass Engagement will host several NYC 101 workshops for New Yorkers interested in learning about tenant organizing, building tenant unions, and how collective action can improve housing conditions.

The workshops will take place August 12 in Lower Manhattan; August 19 in Prospect Heights; September 16 in Flatbush; September 24 in East Harlem; and September 30 in Washington Heights.

New Yorkers interested in volunteering can find out more here. No prior experience is necessary, and all participants will receive brief training before heading out to knock on doors.

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The post Mamdani launches campaign to help tenants organize for safer housing first appeared on 6sqft.

This post was originally published here. 

Student loan defaults are up to a record high, with 9.5 million borrowers in default, meaning they are more than 270 days behind on loan payments, according to data from the Office of Federal Student Aid. 

The near-10 million borrowers in default represent a record-high and nearly double the number in default at the nadir of a pandemic-prompted moratorium on student loan payments enacted by former President Joe Biden. 

In March 2025, months after a default-halting payment pause that Biden signed at the onset of the COVID-19 pandemic ended, the U.S. had 5.3 million borrowers in default. 

The Biden-era moratorium technically ended in January 2024, but the former president tacked on a 9-month extension that lasted until September 2024. With borrowers having 270 days to pay before entering default, June 2025 started a skyrocketing of defaults that saw the U.S. add over 4 million defaulted borrowers. 

TRUMP ADMINISTRATION AGREES TO SPEED UP STUDENT LOAN FORGIVENESS UNDER NEW COURT DEAL

The 9.5 million defaulted borrowers represent more than 20% of all federal student loan borrowers. 

Of the $1.7 trillion of federally-backed student loans in the U.S., $233.3 billion is in default, according to the Office of Federal Student Aid data. 

Borrowers in default are vulnerable to a number of collection methods that include loans being sent to collections agencies or having their wages garnished directly from their paychecks. 

The Trump administration has thus far been unwilling to take such strong measures, with the Department of Education choosing to delay a plan to resume garnishment in January.

TRUMP ADMIN STARTS SENDING NOTICES TO STUDENT LOAN BORROWERS IN DEFAULT AHEAD OF WAGE GARNISHMENT

But following a Republican Attorneys General-led effort, a federal appeals court terminated the SAVE Plan, a Biden-built program that lowered repayment rates for student loan borrowers and which 7.5 million Americans had signed up for.

Though the challenge was led by red state Attorneys General, the Trump Department of Justice (DOJ) backed the efforts by encouraging federal courts to vacate the plan and reaching settlements with states that were suing, such as Missouri.

The U.S.’s southern states have the highest concentrations of borrowers in default, with Mississippi leading the way at over 28% of its borrowers in default, according to an analysis from the Associated Press (AP). 

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While Mississippi leads all U.S. states, the territory of Puerto Rico has an even higher concentration of borrowers in default at over 30%.

Fox Business contacted the White House and the Department of Education for additional comment. 

The Associated Press contributed to this report.

This post was originally published here. 

Nvidia has held the position as the world’s biggest company since about a year ago, when it became the first to reach $4 trillion in market value. It soared past former leaders Apple and Microsoft. But in recent days, Apple, which hasn’t climbed as much as its peers during the artificial intelligence (AI) boom, has been making a comeback.

And on July 17, Apple even slipped ahead of Nvidia to become – at least for part of the trading session – the world’s biggest company. By the end of the day, though, Nvidia returned to the lead with a value of $4.9 trillion. That’s compared to $4.89 trillion for Apple.

As these tech giants vie for the position as the world’s biggest company, which is the better buy now? Let’s find out.

APPLE BRIEFLY OVERTAKES NVIDIA AS WORLD’S MOST VALUABLE COMPANY AMID AI INVESTMENT DOUBTS

Nvidia stock has soared more than 300% over the past three years amid excitement about its position in the AI market. The company is the No. 1 designer of graphic processing units (GPUs), the chips used to power AI development and use. This strength, along with Nvidia’s full portfolio of related products and services, has generated double- and triple-digit earnings growth in recent years.

For example, in the recent quarter, Nvidia’s revenue surged 85% to more than $81 billion, and this was at a high level of profitability on sales, as we can see through the company’s gross margin – that figure has exceeded 70% quarter after quarter.

JENSEN HUANG SAYS NVIDIA’S NEW RTX SPARK CHIP WILL REINVENT THE PC

Nvidia focuses on innovation, pledging to update its GPUs on an annual basis, and this has helped it stay ahead. The company has also steadily expanded its reach in order to make it the key place to go for anything AI. In the latest quarter, Nvidia announced the upcoming release of its first stand-alone central processing unit (CPU), a move that opens the door to a $200 billion market.

Investors have piled into Nvidia’s stock in recent years, understanding that an investment in this company should put them on track to benefit from the AI revolution.

Apple shares have advanced – but not as much as those of Nvidia. Over the past three years, Apple has climbed about 70%. The company has been slower to invest in and apply AI than many of its peers – for example, it only began rolling out AI features across its devices in the fall of 2024, and the rollout continues. So, investors aiming to get in on potential AI leaders turned away from Apple and chose companies that were investing more aggressively in the space.

APPLE TO INVEST $30 BILLION IN US CHIP MANUFACTURING

This trend, however, hasn’t hurt Apple’s earnings growth. In fact, the company has proven itself to be a player investors can count on for progress in this area. Apple has a fantastic moat, or competitive advantage, and this is its brand – customers love the iPhone and won’t easily switch to another. In the first quarter, the iPhone 17 was the world’s top-selling smartphone, according to Counterpoint Research.

Apple also is benefiting from its sales of services, with services revenue reaching records quarter after quarter. After building up more than 2.5 billion active devices over the years, Apple now can count on these devices for recurrent revenue. When customers sign up for digital entertainment or storage, for example, this represents a regular stream of income for the company.

Today, investors may be turning to Apple as they recognize these strengths and as they seek an alternative to companies heavily exposed to AI.

Nvidia and Apple have proven their earnings strength and leadership over time. So either makes a solid long-term investment. But if you could only choose one to buy right now, which one should you go for?

Nvidia clearly beats Apple when it comes to valuation. At these levels, the chip giant looks dirt cheap, particularly considering the AI empire it’s built and its long-term prospects in the field. It’s important to note that even if AI stocks slump temporarily, the AI story remains strong, with the technology already put to use in many areas.

So now is a fantastic moment to get in on Nvidia at these levels. That said, cautious investors who aim to avoid any AI turbulence still may prefer picking up Apple shares, as even at today’s level, the stock has room to run.

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Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

This post was originally published here. 

In a July 13 interview on the Hugh Hewitt Show, US President Donald Trump said, “We’re going to take out Pickaxe Mountain. Tell the Iranians to be ready,” while in another breath said, “We see no activity there.”

This second part of Trump’s statements about Iran’s nuclear facility at Pickaxe Mountain- that there is no activity there, or, as the hawkish Institute for Science and International Security think tank has put it, that the facility is still not operational- is a major reason that neither the US president nor Israel has ordered a strike to date.   

All top US and Israeli defense sources on the issue have also told the Jerusalem Post in several recent classified briefings to date that there is no current threat from the site, and that the best reason to target it would at most be to eliminate a potential future threat.

All of these views contradict Tuesday’s Wall Street Journal report and CNN’s stunning reports that Israeli intelligence has told the US that Iran has moved thousands of centrifuges and also enriched uranium to Pickaxe Mountain.

At press time, none of the several sources which had recently told the Post that there was no current threat at Pickaxe Mountain had clarified the matter despite several attempts by the Post to get to the bottom of the dispute.

As recently as June 30, the Post received indications that Pickaxe Mountain was still not a major priority for the Israeli defense establishment, though the Post has regularly asked about it since 2021.

There is another reason why the US (Trump) and Israel have not struck Pickaxe Mountain to date.

Lessons from Fordow nuclear facility

Previously, top US and Israeli sources confirmed that although the US succeeded during Operation Midnight Hammer in June 2025 in destroying Iran’s Fordow nuclear facility, which was located under a mountain, the Iranians had proved that they could dig even deeper, to an extent that even the American rock-penetrating bunker busters, which Israel does not possess, would be ineffective.

The Post first reported about Iran building the Pickaxe Mountain nuclear facility even deeper than Fordow in 2021.

While the facility has still not been considered to be operational, on June 4 the Post reported it had received confirmation from both top US and Israeli sources about concerns of the viability of destroying it from the air.

Some top American and Israeli officials view Pickaxe Mountain – along with the 60% uranium covered with rubble under Iran’s nuclear facilities – as one of the two remaining greatest nuclear concerns should it become operational and should Iran succeed at moving critical nuclear assets there, since this could give them a sort of “zone of immunity.”

But this would be a future threat and not a current one, giving little reason to target the facility now, especially since the US and Israel didn’t do so in either June 2025 or early 2026. Since the crisis with Iran started in December 2025, Trump has clearly said publicly that he does not want to send the necessary large US ground forces into Iran to destroy Pickaxe Mountain or to seize the 60% uranium.

Even as Trump has started flirting with the idea of a targeted ground operation in the Strait of Hormuz or threatened to attack Pickaxe Mountain on July 13, the sense was that he was opening the door, at most, to a possible aerial attack on the nuclear facility.

What is more, given that Israel is now worried about whether Trump will make Iran agree to neutralize the 60% or 20% enriched uranium – the top nuclear threat and priority to be neutralized – until this past week, less attention and emphasis had been placed on Pickaxe Mountain.

At most, it could be said that Israel was conscious of Iran’s large-scale plans to transfer more of its strategic resources underground to make it more difficult to strike them from the air and is keeping an eye on the issue in a more general way.

Although the US pulled off a ground operation over multiple days to rescue two shot-down American pilots in Iran, the Post understands that top American generals have pressed Trump not to attempt a ground operation to seize the 60% uranium or to attack Pickaxe Mountain, since they believe this operation could take months and be far more dangerous, involving far more American soldiers who remain vulnerable to attack.

Why Pickaxe might still be on the strike list

So why might Trump still strike?

First, if Israel has suddenly realized that all of its prior assessments until a week or so ago were wrong – and that Iran somehow moved thousands of centrifuges and uranium to Pickaxe Mountain under the Israeli defense establishment’s nose – the facility may now be viewed as a more current threat, not just a future one.

Further, even if the facility cannot be destroyed from the air, attacks on Fordow and other nuclear facilities have shown that aerial strikes can severely damage and disrupt whatever nuclear hardware and operations may be located at a given facility.

Even if there are no nuclear assets there yet, and The Wall Street Journal and CNN reports are straw men for some mysterious agenda, damaging the facility, even without destroying it, could be a way to get the Islamic Revolutionary Guard Corps attention in a way that striking less strategic assets near the Strait of Hormuz has failed to do to date.

At the same time, damaging the facility might not provoke a longer new war with Iran the way that striking the regime’s new leaders might.

Put simply, it could be a way for the US to draw blood while leaving an exit ramp to return to a deal.

For Israel, if there are threatening nuclear assets already located in the facility, convincing the US to strike it could remove or delay a future, serious potential threat. Alternatively, such a strike could fail and embarrass the US and embolden Iran to move forward with whatever operations it has started at the facility or had considered starting there.

Regardless of what comes next, Pickaxe Mountain’s significance has risen to a much higher level in the broader media, and the issue is not likely to go away.

This post was originally published on here. 

Israel Aerospace Industries (IAI) announced Brigadier-General (ret.) Guy Barlev as its new CEO on Tuesday, with the decision now pending government approval.

Barlev has served as IAI’s executive vice-president since 2020 and has been in charge of the company’s Systems Missiles & Space Group division.

“We are proud to announce the conclusion of a structured, in-depth, and thorough process by the search committee, tasked with selecting a CEO for IAI,” said Boaz Levy, IAI Chairman of the Board and former CEO of the company.

“Guy has successfully managed the Systems Missiles & Space Group for approximately six years. He has deep familiarity with both the international and local defense markets, as well as the Company’s customers’ requirements,” he added.

The decision will have to be approved by Defense Minister Israel Katz and Regional Development Minister Dudi Amsalem, who is also the head of the Government Companies Authority.

From IDF Brigadier-General to IAI’s CEO

Barlev served in different positions in the IDF until 2015, with his last position being deputy commander of the Judea and Samaria Division.

He also earned a Bachelor’s degree in Behavioral Sciences from Ben-Gurion University of the Negev and a Master’s degree in Social Sciences with a focus on Security Studies from the National Security College at the University of Haifa.

Additionally, he graduated from the US Army Command and General Staff College.

“I would like to thank IAI’s Board of Directors for their trust and for selecting me as CEO. It is a great privilege to lead a company that serves as a national and strategic asset for the State of Israel,” said Barlev.

“IAI of today is very different from the IAI that I joined about a decade ago. The company has undergone a business transformation in recent years and achieved unprecedented records. I look forward to the journey ahead, in fulfilling the company’s potential and strengthening our partnerships in both existing and new markets,” he added.

This post was originally published on here. 

Iraqi Prime Minister Ali al-Zaidi was in the United States last week, where he met with US President Donald Trump, members of Congress, businesspeople, along with other officials, seeking a new partnership with the US while portraying himself as a new young leader who could bring Iraq into the future and not allow the country to fall back to the failures of the past.

However, now that the prime minister is back in Baghdad, he has met with the Iranian ambassador to Iraq. This raises a major question about whether Iraq can really free itself from the old ways.

Over the last decade, Iraq has been weakened from within because of Iranian-backed militias which are part of an umbrella group known as Hashd al-Shaabi, or the Popular Mobilization Forces.

Some of the militias have historical ties to the Islamic Revolutionary Guard Corps (IRGC) in Iran. Those ties, in some cases, go back to the 1980s. In other cases, the militias are relatively new, but they are directly linked to the IRGC.

Iranian-backed Iraqi militias

There are tens of thousands, and possibly more than 100,000, fighters in the ranks of these militias, organized into dozens of brigades. They were mostly recruited to fight during the war against ISIS beginning in 2014.

However, once that war was largely finished in 2017, the militias refused to go away. Instead, they have continued to hijack Iraq and its government.

The militias have been responsible for numerous crises over the last few years: They have killed protesters, they have attacked American forces, and they have attacked the Kurdistan Region of northern Iraq.

The Iraqi prime minister has vowed that all the arms held by the militias will be put under state control. However, the question of what “state control” means is unclear.

Lebanon and Gaza show the difficulties with disarming Iran-backed militias

One possibility is that it just means a bureaucratic shift, which won’t result in changes on the ground. Another possibility is that the militias will actually be disarmed.

The fact that it appears weapons are being smuggled by the militias to the Syrian border, intended for movement to Hezbollah via Syria, illustrates they still have arms. A recent shipment was busted by the Syrians at the Tanf border crossing between Iraq and Syria.

As has been seen in Lebanon and Gaza, disarming Iranian-backed terrorist groups is extremely difficult. Many of these militias are designated as terrorist organizations by the US, yet, despite these designations, they still have connections with the highest levels of power in Baghdad.

What will Iraq’s prime minister do now? Did he return from his visit to the US feeling empowered, with the wind at his back, and ready to pursue reforms? Or will he fall back into the old ways, meeting with the Iranian ambassador, possibly traveling to Iran this week, and trying to hedge his bets between Iran and the United States?

These are key questions that will need to be answered in the next weeks. 

This post was originally published on here. 

The Netherlands will begin its ban on the import, purchase and sale of goods from Israeli settlements in the Palestinian Territories on September 22, 2026, the Dutch government announced Tuesday.

The government already decided on the sanctions on 22 May 2026, and the Council of State has now issued its advice, which has not led to any changes to the decision.

The ban was made official today, and will enter into force on 22 September.

The Dutch government considers the settlements unlawful.

With the proposed measures, the Netherlands says it is giving further substance to its obligation under international law not to contribute to this “unlawful” situation.

Practical impacts of the ban on imports

From 22 September, it will be forbidden to: import goods from Israeli settlements; buy and sell goods from Israeli settlements; provide services that facilitate trade in goods from the Israeli settlements (so-called brokering services); and circumvent the above prohibitions.

“I am deeply ashamed of the betrayal by the Dutch left-liberal government of Islam lovers and Israel haters,” said Dutch politician Geert Wilders.

The ban is more symbolic in value than practical, as it will be challenging to enforce.

This post was originally published on here. 

Content warning: This article contains disturbing references and descriptions of sexual assault. Reader discretion is advised.

The Tel Aviv Magistrate’s Court on Tuesday extended the detention of Mohammad Al Nakib, 27, of Lod, by six days. Al Nakib, a mathematics teacher at a Tel Aviv middle school, is suspected of raping a 12-year-old student.

A prosecutor has been assigned to oversee the case, and the State Attorney’s Office is preparing an indictment that is expected to be filed in the coming days, a source told Walla.

The police investigation indicates that the alleged offense was not an isolated incident. Investigators suspect that Al Nakib met the student outside the school on at least two occasions, picked her up in his private vehicle, and spent time with her at beaches in Tel Aviv. During questioning, investigators confronted him with messages of a sexual nature found on the phones.

Al Nakib burst into tears during his interrogation and made statements implicating himself in the offenses of which he is suspected, Walla learned. Investigators are examining whether the case is broader and whether additional students were harmed.

Police call on victims, witnesses to come forward with more information about the suspect

Following the lifting of a gag order on his identity, police hope that other possible victims or witnesses will come forward and provide information that could broaden the investigation.

Meanwhile, new details have emerged about Al Nakib’s career in the education system. Education staff spoke on Monday night with students who had studied under him after learning that he had previously worked at another Tel Aviv school. He began his teaching internship there, but it was unusually terminated before completion.

Sources familiar with the matter said the internship was terminated because of dissatisfaction with his performance. Nevertheless, he was hired last year to teach at the middle school where the alleged offenses took place.

The Tel Aviv North police station in the Yarkon District is continuing its investigation and gathering evidence before completing the case and transferring it to the State Attorney’s Office. Authorities are also examining whether there are additional possible victims who have not yet contacted police.

This post was originally published on here. 

FARNBOROUGH, England — Airline executives issued an unusually direct warning to Boeing and Airbus, urging the world’s two largest aircraft manufacturers not to rush the launch of a new generation of commercial jets before the technology is fully proven. The message, delivered during the Airline Leaders Summit at the Farnborough International Airshow, reflects growing concern across the aviation industry that reliability, certification and long-term operating economics should take priority over speed to market as manufacturers plan the successors to today’s best-selling narrow-body aircraft. 

The comments come as Boeing and Airbus face mounting pressure to define the future of commercial aviation. Both manufacturers have spent years studying replacements for the Boeing 737 MAX and Airbus A320neo families, aircraft that dominate short- and medium-haul travel around the world. Yet neither company has committed to launching a completely new narrow-body program, preferring instead to improve existing aircraft while waiting for propulsion technologies to mature. 

Paul Kent, Chief Commercial Officer of aircraft leasing giant BOC Aviation, cautioned that introducing an aircraft before its technology is fully developed can create years of operational and financial challenges.

Executives noted that airlines are still dealing with the consequences of supply-chain disruptions, engine shortages, certification delays and production constraints that have affected aircraft deliveries in recent years. Launching another major aircraft program before those issues are resolved could place additional strain on manufacturers and airline customers alike. 

Ryanair Chief Executive Michael O’Leary echoed those concerns, saying airlines are likely to continue relying on today’s Boeing 737 MAX and Airbus A320neo families for at least another decade unless a truly transformative technology emerges. Rather than introducing an aircraft offering only modest improvements, airlines indicated they would prefer manufacturers wait until meaningful advances in efficiency, operating costs and environmental performance become commercially viable. 

The discussion highlights a major shift in aviation strategy.

Historically, aircraft manufacturers introduced new generations of airplanes approximately every 15 to 20 years. Today, however, technological development has become increasingly complex. Engine manufacturers continue researching open-fan designs, hybrid-electric propulsion, sustainable aviation fuels and advanced composite materials, but many of those technologies remain years away from large-scale commercial deployment.

For Boeing, the cautious approach also reflects its current priorities.

The company continues focusing on increasing production, completing certification of existing aircraft variants and restoring operational stability following years of manufacturing challenges. Launching a completely new commercial aircraft would require tens of billions of dollars in investment while demanding substantial engineering and production resources at a time when Boeing is still rebuilding manufacturing capacity. 

Airbus faces similar strategic decisions.

Although the European manufacturer has publicly supported development of next-generation engine technologies, it has also emphasized that significant improvements in propulsion efficiency must be available before committing to a new aircraft family. Industry observers expect Airbus to continue refining its A320neo lineup while evaluating future technologies demonstrated by engine manufacturers.

For airlines, the debate carries major financial implications.

Commercial aircraft remain among the largest capital investments made by airlines, with fleets expected to remain in service for decades. Reliability during an aircraft’s early years directly affects maintenance costs, scheduling efficiency, passenger confidence and profitability. Executives therefore argue that introducing immature technology too quickly could ultimately increase costs rather than reduce them.

The discussion also comes as global air travel continues recovering and expanding.

Passenger demand remains strong across many regions, while manufacturers continue working through record order backlogs stretching years into the future. Because airlines already face lengthy delivery waits for existing aircraft, executives argue there is little commercial urgency to accelerate development of entirely new models before the technology is ready.

For investors, Monday’s comments reinforce expectations that Boeing and Airbus are likely to pursue evolutionary improvements over revolutionary product launches during the remainder of this decade. That approach may reduce development risk while allowing manufacturers to focus on improving production efficiency and meeting existing customer demand.

The debate ultimately reflects a broader reality confronting the aerospace industry: technological innovation remains essential, but airlines increasingly value reliability, operational maturity and long-term economics over being first to market. As Boeing and Airbus shape the future of commercial aviation, their largest customers are making clear that the next generation of aircraft should arrive only when it is truly ready. 

JBizNews Desk | Farnborough, England

© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.

The past week has brought us two similar ideas of masculinity, separated by 4,000 years. When Defense Secretary Pete Hegseth announced the initiation of testosterone screening in all U.S. servicemembers 30 and older under the title “The High T Department of War,” his vision was as clear as an IMAX projection of Odysseus: a warrior in his physical prime, lethal in battle, unquestionably ascendant in the home, anointed by god.

Both of these men, the classical hero and the optimized modern soldier, are fantasies. But I’m worried Hegseth’s vision is a tragedy in the making

Read the rest…

This post was originally published here. 

Student loan delinquencies and defaults have trended upward since October 2025, when pandemic-driven policy leniency hit a hard deadline. The three U.S. credit bureaus resumed capturing and reporting student loan delinquencies and defaults and assigning lower credit scores.

The lower credit scores – and particularly the appearance of a default – could prevent some prospective buyers from purchasing homes for up to seven years.

Low credit scores impact mortgage qualifications and raise housing costs

Credit scores are key to qualifying for a mortgage, and weak scores funnel borrowers to higher mortgage rates offered to risky borrowers. What’s more, the higher combined principal and interest payments likely will wind up being paired with higher hazard insurance premiums. That’s because insurers consider credit scores to gauge risky behavior that may align with property damage. The combined impact on monthly payments could prevent buyers from qualifying due to caps on debt payments as a percent of income.

Most conventional 30-year mortgages limit total debt payments (e.g., mortgage, credit cards, and auto) to 43% of monthly income, while FHA loans may allow up to 50% – but only with strong credit scores.

Defining delinquency and default for student loans:

A student loan account is delinquent when a payment due date was missed. At 90 days past due, delinquency is reported to credit bureaus.

A student loan is in default when no payment has been made for 270 days (nine months). At that point, the entire principal and interest balance is due, and refinancing options are extremely limited.

Student loan delinquencies and defaults also hurt renters, as landlords of Class A and B properties may turn down their applications. Utility companies evaluate credit scores and may require a larger security deposit to provide water, gas and electricity, and cable/internet. Renter’s insurance is often a requirement to lease and will cost more with a weak credit score.

As defaults impair consumers’ credit reports for up to seven years, a portion of the estimated 3.6 million student loan borrowers in default as of Q1 2026 may fall out of the buyer pool for years.

Rising household debt may contribute to student loan delinquency. Student debt balances remained fairly flat as of Q1 2026, while other types of household debt ticked higher, according to the Quarterly Report on Household Debt and Credit, from the Federal Reserve Bank of New York’s Center for Microeconomic Data.

However, the share of student loans that have fallen past due increased to roughly 10%, on par with pre-pandemic levels.

Delinquent student loan borrowers faced an October 2025 deadline

When the pandemic’s “stay at home” restrictions took effect in March 2020, President Biden halted student debt monthly payment obligations. The reprieve lasted for over three years, until payment requirements resumed in October 2023. However, President Biden’s “on ramp” program provided an additional 12-month grace period during which any missed payments were not reported to the three credit bureaus.

During Q4 2025, student loan lenders again began reporting delinquencies to the credit bureaus. The first post-pandemic defaults reflecting 9+ months of nonpayment were reported to credit bureaus in Q1 2026.

Liberty Street Economics, a team of New York Fed economists engaged in research, estimates 1.0 million student loan defaults were reported to credit bureaus in Q4 2025, and another 2.6 million defaults were reported in Q1 2026. The economists note a potential wave of defaults may lie ahead as very few of the 7 million delinquent borrowers who planned to participate in the SAVE income-based repayment plan (cancelled by the Department of Education in March 2026 per the ruling by the U.S. Court of Appeals for the 8th Circuit) have been making monthly payments.

This Fall, many could hit the 270-day mark that equates to default.

Student debt default rates are rising among older borrowers

Liberty Street’s analysis of the age distribution of recently defaulted borrowers reveals somewhat lower percentages for 20 to 32-year-old borrowers than the pre-pandemic default rate. However, default rates have risen among 35 to 70+ year old borrowers, although overall default rates remain low. Approximately 1.5% of all newly defaulted borrowers are 50 years old.

Members of the Millennial generation are now 30 to 45 years old and considered by housing and demographic experts to be in their prime working and family-building years. They recently surpassed the Boomers in numbers, and homebuilders and resale agents are excited by Millennials’ interest in buying homes.  Roughly 2.5% to 3.0% of newly defaulted student loan borrowers are ages 30 to 45 years old.

Sun Belt markets face elevated student loan defaults, a demand red flag

Liberty Economics calculated the share of student loan defaults occurring in Q4 2025 or Q1 2026 by state. Even the states with more moderate exposure have recent default rates of at least 4%.  View the map here.

Homebuilders operating in major Sun Belt markets, such as Houston, Atlanta, Dallas-Fort Worth, and Phoenix, have been reducing new home starts and clearing their inventories of finished but unsold homes to align supply with soft demand.

Shrinkage in the buyer pool could push builders to further curtail new home starts, reducing new home supply despite the newly enacted 2026 ROAD to Housing law’s stated goal of boosting supply. Lower starts volume would also challenge building product manufacturers, homebuilding subcontractors, and land developers who sell lots to builders.

Share of student loans in default  Sun Belt States
6%-8% California, Colorado, Florida, Utah, Virginia
8%-10% Arizona, Nevada, New Mexico, North Carolina, Tennessee, Texas
Over 10% Alabama, Georgia, Louisiana, Mississippi, South Carolina
Source: Liberty Street Economics, May 12, 2026

Up to now, the main impact of loan delinquencies and defaults has been the lowering of borrowers’ credit scores. Liberty Street indicates defaulted borrowers’ credit scores dropped 91 points in the 2nd half of 2025, from an average of 567 to 473. These borrowers are also delinquent on other debts. Data for Q1 2026 reveals 21% are delinquent on their mortgages, 40% are delinquent on auto loans, and 57% are delinquent on credit card payments.

The Department of Education has suspended efforts to collect on student loan defaults while refining the range of repayment options and an opportunity for borrowers to “rehabilitate” their student loans.

However, the government may garnish borrowers’ wages, tax refunds and even their Social Security payments in the future. Such reductions in household income would sideline potential homebuyers if weakened credit scores and more costly monthly payments due to higher mortgage rates did not already disqualify them from purchasing homes.

This post was originally published on here. 

Mortgage rates stayed in the upper 6% range over the last week as investors weighed persistent inflation concerns, geopolitical tensions and uncertainty ahead of next week’s Federal Reserve meeting.

At HousingWire‘s Mortgage Rates Center on Tuesday, rates for 30-year conventional loans averaged 6.85%, a slight decrease from last week’s 6.86%. Rates for 30-year loans through the Federal Housing Administration (FHA) rose 10 bps to 6.55% while rates for 30-year jumbo loans decreased by 3 bps to 6.84%.

Industry experts said mortgage rates remain closely tied to the 10-year Treasury yield, which has climbed as rising oil prices and conflict in the Middle East renewed fears that inflation could remain elevated.

“Mortgage rates moved lower last week as inflation data came in better than expected, but we’ve also seen how quickly the outlook can change,” said Benjamin Cohen, managing director and senior vice president of mortgage lending at Rate. “Rising tensions in the Middle East have pushed oil prices higher and reminded markets that inflation risks haven’t disappeared.”

Cohen said investors will watch next week’s Fed meeting closely, not just for a rate decision, but for policymakers’ assessment of inflation and geopolitical risks.

Fed tone, oil prices drive rate expectations

Some experts said inflation expectations, rather than the Fed’s benchmark rate itself, are the primary driver of borrowing costs. Charles Goodwin, vice president and head of bridge and DSCR lending at Kiavi, said hawkish Fed commentary and renewed oil price concerns have pushed rates back into the mid-6% range.

The CME Group‘s FedWatch tool showed that 82.4% of interest rate traders now believe benchmark rates will stay unchanged after the July 29 meeting of the Federal Open Market Committee (FOMC), down from 88% last week.

“Commentary from the Fed has been clearly hawkish, with numerous Fed members and Fed Chair Warsh focusing more on the inflation narrative than the labor narrative,” Goodwin said. “Expect rates to stay in this range barring any breakthroughs in the Middle East, easing inflation data, or very weak labor data.”

Sarah DeFlorio, vice president of mortgage banking at William Raveis Mortgage, said higher Treasury yields have erased much of the recent improvement in mortgage rates.

“Mortgage rates are being directly impacted by rising oil prices and the increased risk of sticky inflation that comes with it,” DeFlorio said.

DeFlorio added that while many had hoped Warsh’s appointment as Fed chair would translate into lower rates, the “unpleasant reality of the macro global environment” is making that “particularly difficult to do.”

Mike Nielsen, a home loan specialist at Churchill Mortgage, agrees, noting that a resilient economy and stubborn inflation continue to push investors toward equities over fixed-income assets, limiting the likelihood of significantly lower rates.

“The combo of a decent economy with the current inflation numbers just doesn’t add up to a low-rate market,” Nielsen said.

Kevin Watson, district manager also at Churchill Mortgage, said renewed fighting in the Middle East has amplified concerns about oil supplies moving through the Strait of Hormuz, contributing to higher inflation expectations and Treasury yields. “We don’t anticipate rates will come down anytime soon, likely until we get a new ceasefire – and only if it actually sticks. Considering that, I wouldn’t expect to see relief on mortgage rates until 2027.”

That uncertainty is adding upward pressure to mortgage pricing, explained Grace Maxwell, broker-owner at Canter Financial.

“The more uncertainty that investors have for market conditions … the higher of a spread they will want to see to factor in that additional risk,” Maxwell said. “Right now, conflict in Iran is driving oil price volatility … which translates to higher mortgage rates to the American borrower.”

Affordability stabilizing, but challenges persist

Even as borrowing costs remain elevated, some housing data suggest affordability may be stabilizing. Kenon Chen, executive vice president of strategy and growth at Clear Capital, said the company’s June Home Data Index showed national home prices rose 2.2% quarter over quarter, with every region posting gains.

While affordability remains strained, Chen said monthly payment burdens appear more manageable than some headlines suggest when viewed in historical context, though rising insurance costs and HOA fees continue to pressure buyers.

Marc Halpern, CEO of Foundation Mortgage, said affordability remains the market’s biggest challenge as buyers contend with elevated rates, home prices, insurance premiums and property taxes simultaneously.

Rather than waiting for rates to fall sharply, Halpern said borrowers should focus on finding affordable monthly payments by comparing lenders and exploring options such as seller concessions, temporary or permanent rate buydowns, adjustable-rate mortgages and alternative loan products.

“Borrowers should shop multiple lenders, strengthen their credit and reserves, and negotiate aggressively in markets where inventory and price reductions are increasing,” he said. “They should not postpone a sound purchase solely to time the rate market.”

This post was originally published on here. 

Are you an agent trying to figure out how to get more seller leads? Well, you’re not alone. It’s one of the most common challenges that agents face, especially in competitive markets. Whether you’re just starting out or looking to grow your business, generating motivated seller leads is vital to the success of your growing business.

We’ll cover 14 proven strategies to generate real estate seller leads. Plus, we’ll introduce you to the tools that top-producing agents use to make it happen. You’ll walk away from this article with actionable tips and useful tools to help you build a strong, reliable pipeline of seller clients.

Why seller leads fuel your real estate business

Seller leads are the foundation to longevity in the real estate industry. My grandpa always said, “Buyers are your money now, but sellers are your future money.” Let’s unpack that statement.

When you work with sellers, you’re able to create opportunities to generate more leads than you would with just one buyer client. Why is that? As a seller’s agent, you’re the face of the listing. Potential buyers see your name and contact information on each advertisement – from the sign in the front yard to all digital marketing. If an interested buyer doesn’t have representation, they will likely reach out to you to see the home. The best part? If they don’t buy your listing, they may use you to purchase another home if you play your cards right.

While buyer leads are invaluable, they often are not as committed and could just be exploring their options. Until you actually sell them a home, they’re less likely to bring in future business for you. Focusing on seller leads fuels long-term growth – and keeps your pipeline full.

1. Tap into your sphere of influence

Your sphere of influence is the easiest and fastest way to secure any type of lead – especially seller leads. List out every friend, family member, neighbor and other local business providers and make sure they are added to your database. The odds are that they will know of someone who is looking to sell their home, even if they’re just curious about selling. Don’t be shy – they won’t bite!

Send a quick check-in email or text with a simple message: “Hey! I hope you’re doing well. Do you know anyone who’s planning on selling their home in the next six months? I’d love to help.” This approach works well because people want to help people they know and trust.

Tool to try: Top Producer

Computer screen displaying the Top Producer interface.
CRM Dashboard (Source: Top Producer)

Top Producer is a CRM designed just for agents and includes all the bells and whistles. This CRM makes it easy to organize your contacts, set reminders for follow-ups and keep track of important details. It features automated drip campaigns that can be personalized, helping you nurture your sphere and stay top-of-mind with your sphere and any potential seller leads.

Visit Top Producer

This post was originally published on here. 

With an estimated two million licensed real estate agents in the US, it’s never been more important to stand out in a memorable way. When you meet someone in person, that’s easy — you’ll win them over with your personality and keep in touch consistently. But how about the “unmets” – the potential clients you haven’t met yet? How will they find you and be drawn to you?

This is where branding comes in. We’ll dive into what a real estate brand is, what makes a great brand and why it’s important for your real estate business, plus tips for creating and showcasing your own custom real estate brand.

What is real estate branding?

Real estate branding is a message to the world, letting potential clients know who you are, who you serve and how you operate in your business. Believe it or not, this can all be conveyed using branding. Your real estate brand consists of not only fonts, colors and logos, it also encompasses everything you put out to the world publicly.

Think about your favorite brands: Nike, Nordstrom, the Ritz Carlton. Consumers don’t need to have coffee with these companies’ CEOs to understand what the company does and who it serves. This is due to their strong branding. (Picturing the Nike swoop in your head, right?)

A great branding strategy (and execution) creates an instant connection between a company and its target client. It makes the audience feel something powerful that draws them in.

Why is branding important for your business?

  • Attract target audience
  • Differentiate your business from competitors
  • Create recognition and loyalty to your company
  • Build trustworthiness
  • Sell your expertise and services

A strong real estate brand allows you to connect with your target audience before you even meet them. It serves as leverage. It sells your potential clients on you, so you don’t have to do as much selling yourself. 

Think about it: Pretend you’re a first-time buyer taking the leap from renting to home ownership. You search online for a local real estate agent and click on two websites. The first is pretty generic, with stock images, not much detail and looks very basic, but it has several solid testimonials from happy clients. The next website draws you in. The colors, fonts and images used on the page are inviting and fun. They give you a sense of ease, even though you’re likely not consciously aware of it. There are also several testimonials for this agent. 

Who would you be more likely to reach out to? Most likely, you’d choose to call the second agent because the website is enticing, makes you feel comfortable, shows expertise in real estate and you’ve even seen the same branding on a for sale sign down the street. That’s the power of a strong real estate brand. 

Elements of a great brand

What elements create a great brand? When determining the elements of your brand, consider how you will be perceived, the visibility for clients, telling your brand story, connecting with your ideal client and reflecting the core values of your business.  Here are the key elements to focus on as you create your own brand:

  • Fonts: If your brand is more modern, use a sans serif font like Arial for a clean, crisp look. If it’s more traditional, consider a classic like Times New Roman.
  • Colors: Bright, bold colors are great for fun, energetic brands while neutrals and more subdued colors are typically used in luxury brands.
  • Images: Lots of possibilities here! While some agents do use stock images, I’d recommend using your own images. These can be headshots, lifestyle photos you take specifically for branding purposes, listing photos of homes you’ve sold or simply photos you take and use on social media of your everyday life. Use images to tell your brand’s story; this is a great way to build a sense of connection with your potential clients.
  • Logo: Incorporate your brand colors, fonts and a graphic that ties to your unique location or specific niche. Many agents use the outline of a house in their logos, for instance.
  • Language: Use words and intonation that you normally use in conversation on your website and social media to showcase your personality and reflect the location you specialize in. Local jargon and abbreviations will let your clients know you are an expert in the area. For example, in New York, calling the Long Island Expressway the LIE or in New Jersey saying “driving down the shore” instead of “driving to the beach.”

Those are the key elements, and here are the places they will show up, where you can display your brand to the world:

  • Your website
  • Your social media platforms
  • Your business cards, either old-school printed cards or a virtual card
  • Your marketing materials, such as your buyer consult guide and listing presentation
  • Postcards
  • Swag: pens, mugs, notepads
  • Laptop cover
  • Yard signs
  • Car decals (only if you’re a polite driver!)
  • Newsletters and email communication

This post was originally published on here. 

Without any public announcement, the IDF has been building a large sand-wall barrier separating the 50-70% of the Gaza Strip it controls from the areas controlled by Hamas, the military confirmed on Tuesday.

Earth imaging company Planet Labs PBC observed the topographical changes using satellite imagery and provided them to the Associated Press, which was the first outlet to break the news.

According to the satellite imagery, more than 23 kilometers were built in recent months, running throughout the Strip, often through areas where Palestinian communities once stood but have long since been demolished by the IDF.

Such an extensive sand wall would be equal to over half the length of Gaza, which is around 40 km. long and 11 km. wide (at its widest point).

It was unclear whether the IDF’s goal was to finish the wall across the entire Strip and whether it seeks to hem Hamas and over two million Palestinians to around 30% of the territory where they currently reside, or closer to the 47% Hamas retained from the October 2025 ceasefire.

The IDF specifically declined to elaborate to The Jerusalem Post on the size, details, or more specific goals of the new construction.

In recent months, the IDF has, gradually and without any real battles, pushed Hamas back from the 47% line closer to a 30% line in retaliation for the Gaza terror group failing to start the disarmament process which it was due to begin in early 2026.

In contrast, Hamas has said it is only obligated to begin a partial disarmament process once Israel allows at least partial rebuilding of Gaza.

To date, the Board of Peace, which is supposed to manage the negotiations under the October 2025 ceasefire, has mostly taken Israel’s side regarding the dispute, but has also loudly opposed, along with US President Donald Trump, who towers above the board, any Israeli desire to launch a new major invasion of the Hamas-controlled areas of the Strip.

Neither CENTCOM, which is tasked with monitoring the ceasefire, nor the Board of Peace responded to AP inquiries about the barrier.

IDF: New Gaza boundary a ‘no-go point’

The IDF told the Post that the new boundary was designed to make the no-go point for Palestinians clear to those residing in Hamas-controlled areas as well as to prevent any attempt by the terror group to infiltrate Israeli border towns, which still remain only a few kilometers away at points.

One of the features of Hamas’s successful October 7, 2023 invasion of southern Israel was an ability to infiltrate Israeli border villages in a period of minutes due to their proximity to Gazan territory.

According to Planet Labs PBC, a portion of the sand-wall network in southern Gaza was extended by more than 2 km. between July 1 and July 15.

Previously, the southern Gaza network had extended around 500 meters long, but it then increased to about 2.4 km., cutting through the ruins of the deep southern Gaza city of Rafah, from the al-Mawasi coastal refugee camps.

The AP report said that if construction continued in its current direction, it would join up with the longest stretch of the barrier, which runs nearly unbroken for around 17 km. from the mid-southern city of Khan Yunis to near Gaza City, in the north

Despite Palestinian and international concerns about Israel potentially moving for a longer-term land grab, the IDF has been compelled to withdraw multiple times from large portions of Gaza during the war, even after building large new bases, such as withdrawing from the Morag Corridor in early 2025.

This post was originally published on here. 

There appears to be a disconnect between what Beirut, Washington, and Jerusalem expect from the deployment of the Lebanese Armed Forces (LAF) in proposed pilot zones in southern Lebanon. On paper, all three sides appear to support an increased role for the Lebanese army. However, they seem to have very different ideas about what that deployment is supposed to accomplish.

On July 20, the US Department of State said, “Today, pilot zone operations began in the villages of Froun, Srifa, and Zawtar Al-Gharbiya in accordance with the Trilateral Framework and under the auspices of the Military Coordination Group for Lebanon. This milestone is a direct outcome of last week’s discussions between Israel and Lebanon in Rome. The United States will continue working closely with both parties to implement the Framework to a successful conclusion.” Lebanon’s President Joseph Aoun is in the US for meetings with US President Donald Trump and the State Department.

Beirut appears primarily focused on using the pilot zones to secure an Israeli withdrawal or redeployment. The concept is clear from Lebanon’s point of view. The LAF deploys soldiers and vehicles, demonstrates that it has a presence on the ground, and then hopes the IDF will keep leaving new areas. Beirut can then say it has fulfilled its obligations.

There is one major problem with this approach: Hezbollah is barely mentioned by Beirut or its supporters. It is always seen as the ‘he who shall not be named,’ like in Harry Potter.

The United States appears to have a more ambitious objective. Washington has invested in the Lebanese Army over the years. The goal of the US is for the Lebanese state to restore its sovereignty.

US goal: for Lebanon to restore sovereignty

That means the army should actually do what an army is supposed to do. It should control territory, secure borders, prevent Hezbollah from operating, and ensure that the state has a so-called monopoly on weapons. That means that Hezbollah can’t stockpile so many weapons that it basically supplants the army in terms of its powers. In southern Lebanon, that inevitably means dealing with Hezbollah.

This is where the pilot-zone concept comes into play. It is designed to provide a ‘trust but verify’ approach, in which the LAF can certify that it has actually done something. If the LAF can demonstrate that it can secure one limited area and prevent Hezbollah from returning, then the model can theoretically be expanded to a second area, and then a third. Eventually, this could provide a pathway toward what Beirut wants: Restoring Lebanese sovereignty across the south.

Israel appears to have a somewhat different, more limited perspective, informed by past experience and a cynical outlook that is natural for the region. Jerusalem is laser-focused on keeping Hezbollah away from the border and preventing the group from rebuilding the infrastructure that enabled it to threaten northern Israel. Israel is also likely deeply skeptical that the LAF will ever seriously confront Hezbollah.

Nevertheless, Israel may be willing to give the pilot-zone concept time. If it works, then Hezbollah could be pushed away from the border without requiring the IDF to maintain a permanent presence. If it fails, Israel will eventually be able to tell Washington that Lebanon was given an opportunity and that the experiment did not work.

This brings us back to the central problem. Beirut does not appear to define success in terms of removing Hezbollah. Its messaging tends to focus instead on getting the IDF to withdraw or “redeploy.”

We have seen this cycle before.

Hezbollah: hidden in plain site

For decades, the presence of the United Nations Interim Force in Lebanon (UNIFIL) and the LAF provided a kind of fig leaf in southern Lebanon. Hezbollah could continue to operate while everyone pretended that the presence of international peacekeepers and the Lebanese army meant that the area was secure.

The logic became circular. UNIFIL was there, therefore Hezbollah supposedly wasn’t there. UNIFIL didn’t report seeing Hezbollah, and the LAF didn’t find Hezbollah, so Hezbollah supposedly didn’t exist in the area.

Meanwhile, Hezbollah built up one of the largest arsenals possessed by a terrorist army group in the world. It constructed infrastructure throughout southern Lebanon and positioned itself for a war with Israel. This shell game went on for years.

The issue today is that the pilot zones could become another cycle of fig leaf and failure. The LAF could deploy some vehicles and personnel to show off; the IDF could be pressured to leave, and then everyone could declare success. Hezbollah would simply remain behind the scenes.

It is worth recalling that the fundamental problem in Lebanon has never been the absence of Lebanese institutions on paper. Lebanon has an army, a government, a president, a parliament, and security forces. The problem has been that terrorists, backed by Iran, have been allowed to operate outside those institutions and maintain their own military infrastructure. 

The pilot zones therefore need a clear definition of success. The question should not be whether the IDF leaves. The question is what happens the day after it “redeploys.” Who actually controls the territory? Who possesses weapons there? Can Hezbollah members return? Can the group rebuild positions, move weapons, or establish observation posts? Will the LAF stop them if they do?

If the answer is that the Lebanese state controls the territory and Hezbollah cannot return with weapons and infrastructure, then the pilot zones could represent a new breakthrough. They could mark the beginning of the Lebanese state’s return to southern Lebanon.

If, however, the LAF presence merely becomes another fig leaf, then nothing has fundamentally changed. Lebanon will have replaced the old UNIFIL shell game with a new pilot-zone shell game.

This post was originally published on here. 

Commentary
Last Thursday, Taiwan Semiconductor Manufacturing (TSM) reported its June sales soaring 67.9% to a record $13.99 billion. TSM also said its second-quarter sales rose 36% and earnings surged 77.4%. Then they raised sales guidance above analyst estimates. That led to profit-taking and mean reversion algorithms causing a short sell on the news, but TSM’s results and guidance bode well for all AI stocks.
Underlining the strength of data center stocks, The Wall Street Journal published an article entitled: “AI Data-Center Construction Is Booming—but Not Much Else Is.” This indicates AI data center stocks will likely dominate second-quarter announcement season. Not only did TSM pre-announce record sales growth, but ASML also announced stronger-than-expected second-quarter results and raised its guidance….

This post was originally published here. 

NEW DELHI — Maruti Suzuki is undertaking one of the most significant transformations in its history as India’s largest automaker shifts away from its long-standing focus on budget vehicles to meet rapidly changing consumer demand for premium sport utility vehicles and advanced technology. The strategic pivot comes after the company acknowledged that Indian buyers are increasingly choosing larger, feature-rich vehicles, prompting Maruti to accelerate investment in new models, engineering and product development while defending its leadership in the world’s third-largest automobile market.

For decades, Maruti Suzuki built its dominance by offering reliable, affordable transportation to millions of first-time car buyers. That strategy helped the company command more than half of India’s passenger vehicle market at its peak. Today, however, India’s growing middle class is reshaping the automotive industry as consumers increasingly prioritize comfort, technology and lifestyle features alongside affordability.

Industry data show Maruti’s market share has slipped to roughly 39%, one of its lowest levels in years, as competitors such as Tata Motors and Mahindra & Mahindra gained momentum by introducing SUVs equipped with panoramic sunroofs, larger touchscreen displays, connected technology, advanced safety systems and more upscale interiors.

Company executives have acknowledged that consumer preferences evolved faster than expected. Features once viewed as unnecessary luxuries have become major selling points for younger buyers, particularly in the fast-growing SUV segment. While Maruti remained focused on value and operating efficiency, competitors successfully positioned themselves as premium alternatives for an increasingly affluent customer base.

In response, Maruti is significantly expanding its future product lineup.

The automaker plans to introduce seven additional SUVs by 2030 while strengthening its engineering operations within India and giving local management greater influence over vehicle development decisions. The company is also working to shorten development cycles so new vehicles can reach consumers more quickly as market trends continue changing.

The shift extends beyond simply adding more vehicles.

Maruti is redesigning its strategy to appeal to customers seeking technology, design and driving experience rather than price alone. Premium interiors, larger infotainment systems, connected digital services and improved safety technology are expected to play a much larger role in future product launches.

Despite losing market share, Maruti Suzuki remains financially strong. Revenue has more than doubled over the past five years to approximately $19 billion, while annual profit has climbed to roughly $1.5 billion. India continues to represent Suzuki Motor’s most important global market, generating roughly 60% of worldwide vehicle sales and nearly half of the Japanese automaker’s earnings.

Industry analysts say the transformation illustrates a broader shift occurring across India’s consumer economy. Rising incomes are encouraging households to purchase more premium products across numerous industries, forcing companies that traditionally competed on affordability to rethink their long-term strategies.

For suppliers, dealerships and investors, Maruti’s transition could create new opportunities across India’s automotive supply chain as demand grows for higher-value components, advanced electronics and digital technologies. At the same time, the company faces the challenge of modernizing its brand while maintaining the affordability and reliability that made it India’s market leader.

Whether Maruti successfully balances those two priorities may determine not only its own future, but also the next chapter of India’s rapidly evolving automobile industry.

JBizNews Desk | New Delhi

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HONG KONG — Hong Kong Exchanges and Clearing (HKEX) confirmed Monday, July 20, that it is reviewing potential changes to trading hours as part of an effort to improve market accessibility and reinforce Hong Kong’s position as a leading international financial center. The review includes proposals to begin equity trading earlier each morning and eliminate the exchange’s long-standing midday lunch break, although officials emphasized that no final decisions have been made and the discussions remain in the early stages. The exchange said its immediate focus is on expanding derivatives trading hours, while possible changes to the cash equity market remain under evaluation. (reuters.com⁠)

The initiative comes as stock exchanges around the world compete more aggressively for trading activity, international listings and institutional investment. As one of Asia’s largest financial centers, Hong Kong serves as the primary financial gateway between mainland China and global investors, making any changes to trading operations significant for banks, investment firms, multinational corporations and pension funds.

According to HKEX, the first proposal under formal review involves extending trading hours for derivatives products. Those discussions are already underway with market participants and regulators. Potential adjustments to the stock market—including opening trading 30 minutes earlier and removing the traditional one-hour lunch break—remain at a preliminary stage and would require additional consultation before any implementation.

If adopted, the changes would represent one of the most significant operational reforms at Hong Kong’s stock exchange in more than a decade. Global financial markets increasingly operate across multiple time zones, with institutional investors trading around the clock. Many competing exchanges—including New York, London and several European markets—already operate continuous trading sessions without lengthy midday interruptions.

Supporters argue that eliminating the lunch break would improve market liquidity, increase trading efficiency and make Hong Kong more attractive to international investors. Longer trading sessions would also provide greater flexibility for global asset managers responding to economic data, geopolitical developments and overnight market movements occurring outside Asia.

The proposal could also strengthen Hong Kong’s competitiveness in attracting new public listings. Companies seeking to raise capital often consider trading volumes, market accessibility and international participation when selecting where to list their shares. More convenient trading hours could improve the exchange’s appeal while supporting higher daily transaction volumes.

Not everyone within the financial industry supports the idea.

Brokerage firms have historically opposed extending trading hours, arguing that longer market sessions increase staffing costs, place additional burdens on smaller firms and require employees to work substantially longer days. Similar concerns surfaced when HKEX shortened its lunch break and adjusted opening hours in 2011, prompting protests from portions of Hong Kong’s brokerage community.

Another important consideration involves Hong Kong’s Stock Connect program with mainland China. Cross-border trading between Hong Kong and the Shanghai and Shenzhen stock exchanges has become a major source of market liquidity. Bloomberg reported that southbound Stock Connect transactions represented approximately 23% of Hong Kong’s daily stock-market turnover during 2025, meaning any change to trading hours would likely require coordination with mainland regulators and exchange operators.

The review comes during a period of renewed momentum for Hong Kong’s capital markets. Initial public offerings have recovered, international investment activity has strengthened and policymakers continue working to reinforce the city’s role as a leading global financial center amid growing competition from Singapore and other regional markets.

For businesses, extended trading hours could improve liquidity, enhance access to capital and provide greater flexibility for institutional investors managing international portfolios. Investment banks, brokerage firms, asset managers and trading firms would likely need to adjust staffing, technology and operational schedules if the proposals are ultimately approved.

HKEX stressed that no timetable has been established and that any changes would only proceed following additional consultation with market participants and regulators. Even so, the review signals the exchange’s willingness to modernize its trading structure as competition among the world’s largest financial markets continues intensifying.

JBizNews Desk | Hong Kong

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New York City is seeking a developer to transform a city-owned site in East Harlem, vacant for nearly 20 years, into 140 homes. The city’s Economic Development Corporation (NYCEDC) on Monday released a request for proposals (RFP) for the redevelopment of an empty lot known as “B-East,” located on Second Avenue between East 125th and East 126th Streets, that presents a “significant opportunity” to deliver mixed-income housing, retail, and other community uses. Upon redevelopment, the lot, a key component of the 2008 East 125th Street rezoning, is estimated to deliver roughly 140 housing units.

An overview of the East 125th Street Development. Credit: NYCEDC

Led by the NYCEDC and the city’s Department of Housing Preservation and Development, the East 125th Street development spans three parcels situated on roughly six acres in East Harlem, from East 127th Street to East 125th Street, and from Third Avenue to Second Avenue.

The project is intended to deliver approximately 1.7 million square feet of new residential, retail, and commercial space, while driving local economic growth and job creation, encouraging private investment, and improving quality of life.

So far, the two agencies have delivered more than 450 housing units, marking substantial progress toward the more than 1,000 homes anticipated across the remaining sites. The development has also delivered 121,000 square feet of healthcare space at the Proton Center.

“B-East,” one of the sites, has sat vacant for years, presenting a prime opportunity to address East Harlem’s critical need for new affordable housing. The project also complements major public investments in the area, including the Second Avenue Subway extension and Harlem River Greenway.

“For nearly two decades, this site on Second Avenue sat vacant, even though it already had the approvals needed to move forward. At a time when New Yorkers are desperate for more affordable housing, we simply can’t afford to let shovel-ready projects gather dust,” Manhattan Borough President Brad Hoylman-Sigal said.

“I’m grateful to Mayor Mamdani, NYCEDC Interim President & CEO Jeanny Pak, and HPD for getting this long-stalled site back on track and transforming it into 140 much-needed affordable homes for East Harlem.”

According to the RFP, the site should host an affordable and high-quality residential development that offers mixed-income housing, including affordable homes as part of the city’s 485-x tax abatement program, without public subsidy.

The proposal should maximize the site’s “developmental potential” while adhering to zoning requirements and advancing sustainability, energy efficiency, carbon neutrality, and other climate resiliency goals.

The project should also include an “active ground floor” that complies with local business requirements outlined in the 2008 rezoning, along with other “community-serving” uses.

The building itself should be appealing, livable, and attractive, enhancing the “built environment” of East Harlem, while meeting or exceeding a 30 percent Minority- and Women-Owned Business Enterprise (M/WBE) participation goal.

The proposal should include a hiring and wage program designed to support local communities and create job opportunities, including for candidates from lower socioeconomic backgrounds.

The RFP complements Mayor Zohran Mamdani’s Land Use Inventory Fast Track (LIFT) Task Force, established on his first day in office to identify city-owned sites that could be transformed into housing for working-class New Yorkers.

“East Harlem families are facing the same affordability crunch as the rest of the city, and this site has sat vacant for too long while the need for housing has only grown,” Deputy Mayor for Economic Justice Julie Su said.

“This RFP puts city-owned land to work for the people who live here, with mixed-income units, local hiring requirements, and a strong M/WBE participation goal built in from the start. That’s what it looks like to use the tools of city government to make this city more affordable.”

NYCEDC will host an optional site visit for interested developers on Tuesday, August 18. RFP responses are due by 5 p.m. Tuesday, October 20.

RELATED:

The post Long-vacant East Harlem lot to become 140 mixed-income homes first appeared on 6sqft.

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U.S. stocks opened firmly higher Tuesday, with semiconductors and a strong showing from General Motors driving a broad recovery, as investors positioned for a dense week of technology earnings and weighed easing oil prices against a fresh escalation in trade tensions with Canada.

Roughly an hour into the session, the Nasdaq Composite led the advance with a gain of about 0.9%, retaking ground after last week’s chip-sector selloff. The S&P 500 rose around 0.6%, and the Dow Jones Industrial Average added roughly 0.4%, clawing back Monday’s modest losses. The move followed an overnight rally across Asia, where South Korean and Taiwanese benchmarks each climbed more than 2.5% on strength from the region’s largest chipmakers, and Japan’s Nikkei jumped 2.2% as trading resumed from a holiday.

The rebound reflects a market betting that this week’s megacap technology results can justify the AI-driven rally that has powered equities for much of the year. Alphabet and Tesla both report after Wednesday’s close, in what many participants view as the first real test of whether the roughly $180 billion the largest firms have poured into AI infrastructure is beginning to generate proportional returns. Semiconductor shares, which bore the brunt of last week’s retreat, led the bounce ahead of those reports.

Market Movers

General Motors was the standout of the morning. The Detroit automaker reported adjusted earnings of $3.57 per share, well ahead of Wall Street’s expectations near $3.13 to $3.29, on revenue of $48.03 billion, up 1.9% from a year earlier. GM raised several of its 2026 forecasts, pointing to consistent vehicle pricing, lower warranty costs, and narrowing losses on electric vehicles as it winds down a multibillion-dollar EV pullback. Reported net income still fell about 31% year over year to $1.3 billion, weighed down by charges tied to that retreat — but the raised outlook and pricing discipline drove shares higher and lifted the Dow.

Charles Schwab climbed after posting earnings ahead of expectations, with the brokerage crediting a pickup in retail trading. That activity followed heightened market swings tied to recent geopolitical uncertainty — a reminder that volatility itself has become a revenue driver for firms positioned to capture trading flow.

Circle Internet Group jumped more than 8% despite a reported 5.1% decline in USDC stablecoin supply to $73.1 billion as of mid-July. The drop pressures the company’s reserve-income outlook, and at least one securities firm trimmed its rating, flagging possible shifts to the business model. The stock’s rise in the face of that caution underscores how much investor appetite remains for digital-asset exposure.

Nvidia added just under 1% at the open, tracking the broader semiconductor bounce and keeping the AI trade at the center of market attention. In consumer names, Jersey Mike’s is preparing an initial public offering that could generate more than $700 million, a signal of renewed demand for fast-casual dining and a test of appetite for consumer listings.

Commodities and Energy

Crude oil eased in early trading, retreating after Monday’s climb. The pullback came on reports that mediators are pushing for a 10-day ceasefire, tempering the risk premium that had built as the U.S. carried out its tenth consecutive night of strikes on Iran. The de-escalation hopes offered relief at the pump-price level and helped improve risk appetite across equities, even as the underlying conflict remains unresolved. Energy markets stayed sensitive to shipping conditions, with concerns over Red Sea traffic continuing to shadow the outlook for supply routes.

Trade Policy Enters the Frame

A new front opened over the weekend. President Trump signed proclamations imposing a 50% tariff on a wide range of Canadian goods under Section 338 of the Tariff Act of 1930, with the measures set to take effect August 19. The covered products range from wine and cement to furniture, dairy, and clothing, and apply regardless of whether goods qualify under the U.S.-Mexico-Canada Agreement, though energy, potash, critical minerals, and fish are exempt. Canadian Prime Minister Mark Carney called the action a violation of the continental trade pact. For import-dependent businesses across the tri-state region, the added cost uncertainty lands squarely on cross-border supply chains heading into the fall.

The combination leaves markets balancing genuine optimism on earnings against unresolved external risks. A firmer open is not a settled one, and the reports arriving over the next several sessions will do more to set direction than any single morning’s move. The practical takeaway for owners and investors: the recovery is real but conditional, resting on technology delivering the numbers already priced in — and on trade and energy risks staying contained.

JBizNews Desk | Wall Street

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One of the questions troubling Israelis most is whether to book a vacation abroad or cancel it due to concerns over an escalation involving the US, Israel, and Iran. However, security officials appear to have provided a relatively reassuring answer.

The Transportation Ministry, Israel Airports Authority, and the IDF have completed the implementation of a series of directives, coordination procedures, and an advanced command and control system that will allow Ben-Gurion Airport to continue operating even under the threat of missiles and drones launched toward Israel.

Military officials said that Israel has developed a unique operational capability that enables precise windows for takeoffs and landings.

The system synchronizes threat monitoring, air traffic management, and the operations of all air defense systems, instructing pilots to remain on the ground or continue circling in the air depending on the most recent security assessment.

The decision, which remains subject to ongoing assessments, is intended to prevent the shutdown of Israel’s main national air transportation hub.

System relies on pilot experience

The system relies on the proven operational experience of pilots employed by Israeli civilian airlines, many of whom have served or continue to serve as reserve pilots in the IDF. This ensures an unprecedented level of professionalism and coordination.

However, while Israel’s operational ability to maintain aviation activity is assured, the main question that remains concerns foreign carriers rather than Israeli airlines.

The technological and security infrastructure is prepared to allow takeoffs and landings under restrictions, even during heightened readiness for incoming attacks. The real challenge will be persuading international airlines to continue operating flights to and from Israel amid security uncertainty and threats from Iran and its proxies.

This post was originally published on here. 

NEW YORK — Google is developing a new custom artificial intelligence server chip designed to run its Gemini AI models far more efficiently, according to a report published as the company seeks to reduce computing costs, ease internal capacity shortages and strengthen its position in the rapidly expanding AI infrastructure race. The project, internally known as “Frozen v2,” is still under development and has not been officially announced by Google. 

According to people familiar with the project, the new chip would incorporate portions of Google’s Gemini AI architecture directly into the hardware itself rather than relying entirely on software running atop general-purpose AI processors. By embedding parts of the model into the silicon, Google aims to significantly reduce power consumption while increasing the number of AI requests each chip can process.

The reported design could make the processor six to ten times more efficient than Google’s latest custom AI chips when measured by AI tokens processed per unit of electricity, representing a potentially major advance in lowering the cost of operating large language models. Engineers are reportedly still finalizing the design, and deployment is not expected before 2028. 

The project reflects one of the biggest challenges facing artificial intelligence companies today: computing capacity. Demand for AI services has grown so rapidly that even major technology companies have struggled to secure enough processing power. Reports indicate Google’s internal shortages have at times forced Google Cloud to decline potential customer contracts because available AI infrastructure was fully utilized. 

Rather than replacing Google’s existing Tensor Processing Units (TPUs), Frozen v2 is reportedly intended to complement them by handling specific Gemini inference workloads more efficiently. The strategy would allow Google to lower operating costs while expanding the amount of AI computing available across Search, Workspace, Cloud, Android and other Gemini-powered services. 

The development comes as competition among AI infrastructure providers intensifies. Alphabet, Microsoft, Amazon, Meta and OpenAI continue investing billions of dollars in custom hardware, advanced data centers and semiconductor technologies designed to reduce dependence on third-party processors while improving AI performance.

For businesses, more efficient AI hardware could ultimately reduce cloud computing costs while allowing companies to deploy larger and more sophisticated artificial intelligence applications. Faster, cheaper AI processing may also accelerate adoption across healthcare, finance, manufacturing, cybersecurity and customer service.

The reported project also underscores the increasing importance of vertical integration in artificial intelligence. Instead of relying solely on outside chip manufacturers, technology companies are increasingly designing specialized processors tailored specifically to their own AI models, allowing software and hardware to be optimized together.

Investors welcomed the report, with Alphabet shares rising more than 3% during Monday’s trading session, reflecting optimism that improved AI efficiency could strengthen Google’s competitive position while reducing long-term operating expenses. 

The report follows news last week that Google delayed the release of its latest Gemini AI model while engineers continued improving its coding performance and overall capabilities. Together, the developments illustrate Google’s effort to strengthen both the software and hardware foundations of its AI ecosystem before the next generation of products reaches consumers. 

Although Google has not confirmed specific details of Frozen v2, the reported initiative highlights how the global AI race is increasingly shifting beyond software models toward the specialized infrastructure required to operate them efficiently at massive scale. Companies capable of reducing AI computing costs while improving performance are expected to gain significant competitive advantages as enterprise AI adoption continues accelerating.

JBizNews Desk | New York

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WASHINGTON — Community-based groups that provide HIV testing and prevention tools are pushing federal health officials to renew a crucial funding program that recently lapsed. 

If the funding isn’t renewed, expanded access to HIV preventive care would be in jeopardy, and some groups may be forced to close, Jeremiah Johnson, executive director of advocacy group PrEP4All told STAT.

“We’ve heard from some CBOs [community-based organizations] that they won’t survive the cuts,” he said. 

Continue to STAT+ to read the full story…

This post was originally published here. 

NEW YORK — New York City has launched one of its most significant small-business reform efforts in years, unveiling a package of more than 50 regulatory changes designed to reduce bureaucracy, speed up permits and inspections, and lower compliance costs for approximately 180,000 small businesses across the five boroughs. The initiative, called “OPEN for Small Business” (Overhauling Procedures and Expanding Navigation), was announced Monday by Mayor Zohran Mamdani as the administration’s first major economic initiative focused on neighborhood businesses. 

The reforms are aimed at easing long-standing frustrations voiced by business owners over excessive paperwork, overlapping regulations and lengthy approval processes. City officials said the package eliminates outdated permits, reduces unnecessary fines, simplifies licensing requirements and creates a more coordinated process between city agencies responsible for inspections and business compliance. The changes affect a broad range of industries, including restaurants, bodegas, barbershops, childcare providers, retailers and other neighborhood businesses. 

A central feature of the initiative is expanded support for entrepreneurs opening or growing businesses. Under the new program, many business owners will be assigned dedicated case managers to help guide them through permits, inspections and licensing requirements, replacing what many have described as a confusing maze of city agencies. Officials said the goal is to shorten approval timelines while maintaining health and safety standards. 

Among the reforms are measures intended to eliminate redundant paperwork, modernize outdated rules, streamline permit approvals and improve digital access to city services. City Hall said many of the changes were developed after months of meetings with business owners throughout all five boroughs, who repeatedly cited excessive bureaucracy as one of the biggest barriers to opening and expanding businesses. 

For New York City’s economy, the initiative represents a broader effort to improve the business climate as local merchants continue facing higher labor costs, elevated rents, inflation and changing consumer spending habits. Small businesses remain one of the city’s largest sources of private-sector employment and are widely viewed as essential to neighborhood commercial corridors.

Business advocates have long argued that reducing unnecessary regulations can encourage entrepreneurship, increase hiring and attract additional private investment. By shortening approval times and reducing administrative costs, the city hopes more entrepreneurs will choose to start, expand and retain businesses within New York rather than relocating elsewhere.

The announcement also reflects increasing competition among major cities to attract investment and retain employers. States including Florida, Texas and Tennessee have actively marketed themselves as business-friendly alternatives, placing additional pressure on New York to modernize its regulatory framework while preserving public protections.

Whether the reforms produce measurable economic gains will likely depend on how quickly agencies implement the changes and whether businesses experience meaningful reductions in costs and approval times. City officials indicated implementation will begin immediately, with additional reforms expected over the coming months.

For business owners, the success of the initiative will ultimately be measured not by the number of announced reforms, but by whether opening, operating and expanding a business in New York City becomes significantly faster, less expensive and more predictable.

JBizNews Desk | New York

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Iran is avoiding a broad, direct attack on Israel because it fears Israeli strikes on senior regime figures and institutions vital to its survival, Iran researcher Beni Sabti told 103FM on Sunday.

Sabti, an Iran researcher at the Institute for National Security Studies, spoke with Ron Kofman and Prof. Aryeh Eldad following an Al Hadath report citing an Israeli security source who said that Iranian Supreme Leader Mojtaba Khamenei was not in the Islamic Republic.

“The strength of the public lies in Tehran, as we saw during the protests, and that is what Iran fears,” Sabti said, explaining Iran’s concern over a possible Israeli attack.

“The Iranian regime fears our involvement because they know that we are going straight to the center. We are targeting the most important part and focusing on senior officials.

“They crossed a threshold on Sunday. There may be elements within the Revolutionary Guards that are beginning to pick at us and provoke us, testing how far they can go in angering Israel, and woe to them. There are always rogue elements within rogue elements. It has become like Hamas and Palestinian Islamic Jihad. Let me be clear: Iran has shifted into terror organization mode.”

Iran refraining from broad attack on Israel

Asked why Iran was refraining from launching a broad, direct attack on Israel, Sabti said: “They know that, first and foremost, we focus on individuals, and from our familiarity with them, we truly know how to reach them, as we saw on previous occasions.

“If there are no American restrictions, we know how to do the job. We focus on facilities and institutions that are important to the regime’s survival, such as the Revolutionary Guards’ internal security headquarters.”

“There are people who do not respect the rule of law and who are truly anarchists, and the Revolutionary Guards are like that,” Sabti said. “There are people who do not respect the law and even enjoy doing so.

“A group of far-left activists, without informing Khomeini at the time, climbed the fences in 1979, seized the US Embassy in Tehran and presented the leadership with a fait accompli. They later became the nucleus of the Revolutionary Guards. That is who we are dealing with. They act, and afterward they come and say, ‘This is what happened.’

“Mojtaba, given his physical limitations and while inside the tunnel, what can he really do?”

US strikes on communications towers having severe impact

Sabti later addressed the impact of US strikes in the region.

“The public does not count, neither on this side nor for the Revolutionary Guards,” he said. “The strikes are having an impact, and they were severe. Those bridges are not functioning. They took down 116 communications towers, which is a great deal.

“In southern Iran, where everything is failing and everyone is poor, do you think they built a communications tower for the public? They built it for the Iranian Navy’s headquarters and for the Revolutionary Guards. In Iran’s periphery, no one cares about the public, and, incidentally, they do not care about the public in Tehran either.”

Sabti concluded by addressing Khamenei’s condition and motivations.

“Revenge has become the strategic issue,” he said. “When you connect that to the missiles, the nuclear program and the terrorism program, then, of course, reviving Hezbollah is perhaps the most important objective.

“Iranian blindness could still cost them dearly. Revenge has become a strategic event, something fundamental for him, because he saw his father evaporate into the air. Therefore, we may be able to exploit precisely that blindness and extremism to our advantage.”

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The Hungarian Fidesz opposition party had its office raided by the country’s prosecutor’s office, the party claimed in a Tuesday post on Facebook.

“The Tisza Party’s plan to eliminate Fidesz and with it the resistance to tyranny through political means has failed,” the post read. “Therefore, the Tisza Party is now attempting to legally disable Fidesz.”

The post claimed that the prosecutor’s office had intended to seize “the party’s entire communication system and databases.”

The Fidesz party would not yield to any political or legal threats, and would continue to stand up to the Tisza Party, the post continued.

“This has not happened in Hungary since the end of communism in 1990.”

Hungary president ends term as head of state

On Saturday, Hungarian President Tamas Sulyok signed a constitutional amendment passed by Prime Minister Peter Magyar’s ruling Tisza party that ended his term as head of state, Sulyok said in a statement.

The legislation was part of Magyar’s drive to dismantle former prime minister Viktor Orban’s bastions of power, for which Magyar says he received a strong mandate from voters after ousting the right-wing leader in an April election landslide.

Sulyok said he had no choice but to rubber-stamp the legislation as it respected the letter of the law. However, the former Constitutional Court judge warned the reform has harmed the rule of law in Hungary.

Reuters contributed to this report.

This post was originally published on here. 

Rabbi Zamir Isayev, head of Baku’s Sephardi Jewish community, described religious life in Azerbaijan at a religious freedom forum held on Capitol Hill.

Isayev appeared alongside Pastor Rasim Khalilov, chairman of the Azerbaijan Bible Society and head of the country’s Protestant community, at an event organized by the IRF Secretariat.

The forum brought together religious leaders and delegates from around the world, as well as US officials, senators and political figures.

Ahead of the event, Isayev and Khalilov also met with Eric Trump, the son of US President Donald Trump. According to Isayev, Trump expressed interest in strengthening ties between Washington and Baku and described Azerbaijan as a friend of the United States and a strategic partner of Israel.

The appearance of a rabbi and a Protestant pastor representing a Muslim-majority country highlighted the role of religious minority communities in Azerbaijan.

Religious identity and national loyalty

In his address, Isayev argued that religious tolerance should be measured not only through legislation and official declarations, but by whether minority communities are able to maintain their institutions and practice their faith openly.

While many countries formally express a commitment to tolerance, he said, religious minorities are not always adequately protected in practice.

Isayev contrasted Jewish life in Azerbaijan with the insecurity experienced by Jewish communities in parts of Europe, arguing that Jews in Azerbaijan are able to express both their religious identity and their loyalty to the country without facing accusations of divided allegiance.

“A person should not have to choose between religious identity and loyalty to the country,” Isayev said.

“A Muslim should not become less Muslim by respecting a synagogue. A Jew should not become less Jewish by loving and serving his country. A Christian should not have to choose between devotion to faith and national identity.”

According to Isayev, Azerbaijan has developed a model in which religious identity and national loyalty are not treated as competing commitments.

Coexistence in Azerbaijan

“I lead the Sephardi Jewish community in Baku,” he said. “Our synagogue, school, kindergarten, mikveh, kosher services and rabbinical court all operate openly and freely.”

Jewish children in Baku, he added, study Hebrew, Torah, Jewish history and tradition while also receiving a modern education and growing up as citizens of Azerbaijan.

Isayev illustrated that model with an example from daily life in Baku.

“Across from the synagogue where I pray, there is an old mosque,” he said. “Sometimes, when I meet its imam, I greet him in Arabic: ‘Assalamu alaikum.’ And he answers me in Hebrew: ‘Boker tov.’

“That small exchange reflects something much larger. Coexistence is not only discussed at conferences. It is part of our daily life.”

Organizers said the presentations by Isayev and Khalilov, as well as discussions held on the sidelines of the forum, led to further discussions about religious minority life in Azerbaijan and the country’s broader relationship with the United States and Israel.

The discussions also addressed the planned Trump Route for International Peace and Prosperity, known as TRIPP, a proposed corridor through Armenia linking mainland Azerbaijan with its Nakhchivan exclave and Turkey. The project is also expected to strengthen broader transport links between Central Asia and Europe.

Participants also discussed calls to repeal Section 907 of the US Freedom Support Act, which restricts certain forms of direct American assistance to the Azerbaijani government, subject to a presidential waiver.

Supporters of its repeal argue that the provision has constrained deeper US engagement with Azerbaijan at a time when Washington is seeking to expand its role in a region historically influenced by Russia and Iran.

This post was originally published on here. 

PolyPid, an Israeli biotech company, said on Tuesday it had agreed a deal with Azurity Pharmaceuticals to commercialize a drug aimed at preventing surgical site infections in the US and Canada, under which it could receive more than $320 million.

PolyPid said it will receive $15 million due upon signing and an additional near-term milestone payment of $15 million payable upon US Food and Drug Administration acceptance of its D-PLEX100 new drug application, which is expected next month.

The company said it would be eligible to receive up to some $300 million in additional regulatory, development and sales-based milestone payments. Upon commercialization of the drug, PolyPid will produce and supply D-PLEX100 to Azurity for a transfer price and will be entitled to tiered royalties.

What is D-PLEX100?

D-PLEX100 is designed to provide local prolonged and controlled anti-bacterial activity directly at the surgical site with the goal of preventing abdominal surgical site infections.

The partners may agree to jointly pursue potential label expansion of D-PLEX100 in the US and Canada into additional infections beyond abdominal, with Azurity providing funding.

PolyPid will retain global commercial rights to D-PLEX100 outside the US and Canada, manufacturing rights worldwide, and full ownership of its PLEX platform, its Kynatrix technology, and associated pipeline assets.

“This partnership is a defining step in PolyPid’s transition into a commercial-stage company,” PolyPid CEO Dikla Czaczkes Akselbrad said in a statement.

This post was originally published on here. 

A new video by the US defense company Anduril has shown an interesting and exciting new possibility for unmanned aerial warfare and the concept of manned-unmanned teaming in war. The system is called Thunder, and the company calls it an “autonomous attack rotorcraft specifically designed to multiply the combat power and increase the survivability of current and next-generation crewed attack and assault aircraft.”

The video, which was released as the Farnborough Airshow began in the UK, begins by showing how vulnerable traditional, large drones are to air defenses. This is important because it’s clear that as the drone revolution continues in the United States, Israel, China, and other countries, some older systems will become less relevant. Companies like Anduril, as well as many Israeli defense companies, are pointing the way to the future.

Anduril says “Thunder is equipped with the payload capacity and open architecture required to deliver overwhelming effects for any mission, engineered with the survivability, speed and range critical for the deep fight, and built on flight-proven autonomy that enables validated, high-performance teaming with crewed assets.” The company also notes that “Thunder is the defense-specific variant of a dual-use platform co-developed with Archer Aviation, bringing the commercial VTOL sector’s rapid innovation in electric propulsion and rotor design directly into defense.” This matters increasingly on the battlefield and also in the broader context of unmanned systems. Anduril is also reported to be considering an expansion of its interest in Israel. This matters for the future of drone warfare.

The future showcased on Ukrainian battlefields

Some of that future is already on display in the battles in Ukraine. Many countries are looking at what is happening in Ukraine and trying to learn lessons about what massive numbers of drones being deployed on the battlefield will mean. For instance, when you deal with tens of thousands of drones being deployed on a daily basis across hundreds of miles of front lines, in which every infantry unit is using small drones, that means the battlefield has substantially changed.

It’s not just small drones that will transform the battlefield; it’s obviously the whole multi-layered approach of drone warfare. One part of that approach is the concept of manned-unmanned teaming. What this means is that you have an existing manned platform, like a warplane, a helicopter, a tank, a submarine, or a frigate, and then you have an unmanned platform serving alongside it, working together.

The concept is that the unmanned system would be able to go into areas that are more dangerous or conduct more tedious work where human operators are less effective because people become tired over time. The new video shows a system called Thunder. This appears to be a type of tiltrotor aircraft system in which the aircraft work together, with some being manned and some unmanned.

In the video, the unmanned helicopter is sent in against a concentration of air defenses. While the manned Apaches, shown at the beginning of the video, are potentially vulnerable to these air defenses, the unmanned system flies ahead of them and launches a large number of small drones and other decoys. These are able to neutralize the air defense threat and then target the sites associated with it.

A future with larger unmanned platforms

This is an interesting concept. It points toward a future where we will not only see manned-unmanned teaming, but where larger unmanned platforms, such as a tiltrotor aircraft, will carry large numbers of other drones. This includes: Small drones that can attack other small drones, decoys, and other specialized systems that can conduct surveillance

This raises questions, as drone warfare appears to be heading toward a point where we will see massive numbers of diverse drones integrated with other large systems, whether they are mounted on tanks, armored vehicles, or vessels.

More notably, the drones themselves will carry other drones. For instance, you could launch a platform such as the American MQ-9 Reaper that carries and drops its own munitions or smaller drones. It could even carry loitering munitions, which are often referred to as one-way attack or kamikaze drones. However, Reapers have been shown to be vulnerable to air defenses in Iran and Yemen.

Deploying drones from a Reaper makes sense because it enables the vulnerable platform to stand off at a distance and send in cheaper drones that can carry out missions. The cheaper drones are what is known as “attritable,” meaning it’s better to use large numbers of cheap systems than lose a larger warplane. On land, air, and sea, this is increasingly becoming a norm.

This creates exponential opportunities. It is worth thinking of this type of drone warfare as a chess game: the opening moves are probably known, but the various ways in which the game will develop are not only exponential, but very difficult to foresee.

This post was originally published on here. 

The Palestinian Authority’s buildup of a military force, in violation of the Oslo Accords, presents an unprecedented threat to millions of people living in central Israel, a newly published report penned by Lt.-Col. (res.) Maurice Hirsch, published in the Jerusalem Center for Security and Foreign Affairs, warned.

Outlining the scale of risk, Hirsch noted that the West Bank now hosts an armed force ten times larger than the number of terrorists who invaded Israel from the Gaza Strip on October 7, a force he wrote that was “simply awaiting orders to attack.”

Qalqilya lies just 14 kilometers from the Mediterranean Sea. Within that narrow corridor are the cities of Kfar Saba, Ra’anana, Hod Hasharon, Herzliya, and countless other communities. As noted by Hirsch, terrorists penetrated 22 kilometers into Israeli territory, reaching Ofakim, on October 7, making a 14-kilometer incursion a possibility for which Israel is currently unprepared.

Making the situation of particular concern, the report highlighted, is the fact that the Palestinian force is now armed with what is understood to be tens of thousands of weapons, has a larger personnel presence than ever agreed to, and possesses the ideological will to seek Israel’s destruction.

During the first and second intifada, the report noted that hundreds of PA security personnel participated in attacks on Israel. Since then, PA security forces in the West Bank have grown by 400 percent, despite the Oslo Accords only permitting the existence of a limited Palestinian Authority Police Force responsible for maintaining local public order and combating terrorist groups like Hamas and Palestinian Islamic Jihad.

The force transformed from a 12,000 personnel organization, limited to 4,000 rifles, 4,000 pistols, 120 light and heavy machine guns, and 15 armored vehicles, to an estimated 70,000 “soldiers.”

In their possession are tens of thousands of rifles and pistols, dozens of armored vehicles, and military training. Though the Oslo Accords permitted the number of weapons to be increased with mutual consent, it is understood that many of those weapons are now being smuggled into the West Bank or manufactured in the Palestinian territory without the consent of Israel.

Though one could argue that the force evolved with the needs of the growing Palestinian population in the West Bank, the report notes that crime in the West Bank is relatively low, making it hard to justify the excessive force.

PA hides true extent of its forces

Data from the Palestinian Central Bureau of Statistics (PCBS) reported the crime rate in the Palestinian Authority-governed areas of the West Bank to be 1,335.6 criminal offenses per 100,000 residents in 2024.

Additionally, the report notes that it is rare for a civilian police force to have the military warfare training, including artillery, sniping, heavy machine guns, and parachuting, that those employed by the PA now enjoy.

Under the Oslo Accords, the PA was required to submit all names of police candidates to Israel, and Israel held veto power over any recruitment

The PA has long violated and hidden evidence of its force size. According to a US State Department report from November 1995, even before the PA’s full establishment, the force already numbered 18,000 personnel, despite being limited at that stage to 9,000. In 2001, the force was estimated at around 40,000, and by 2014, it had grown to 65,277.

In 2018, the number reached approximately 65,829.20, more than 500% larger than what had been agreed upon.

Ideologically, the report notes that Fatah is not dissimilar from Hamas, pointing to statements from various officials who have bragged that terrorists in Israeli jails are members of the PA security forces.

Despite the ideological similarities to Hamas, PA President Mahmoud Abbas has been able to gain international support by positioning Hamas as an enemy, leading to then-prime minister Ehud Olmert agreeing to the “Wanted Terrorists Agreement.”

In exchange for handing over their weapons to the PA and promising to swear off terror, Fatah terrorists were promised to be removed from Israel’s target list. Instead, the PA integrated the terrorists within its security force.

Hirsch noted that this pattern has continued, exemplified by the fact that the PA attempted to conceal Pay-for-Slay payments in 2020 amid international pressure by embedding terrorists within its security force. This meant many Hamas operatives received military wages and “created an absurd situation in which the operational mission of thwarting terror and arresting Hamas operatives was entrusted to Fatah activists with rich terrorist backgrounds.”

Outside of receiving training and support from the United States, PA forces have also undergone full military training in countries hostile to Israel that are also training Hamas. The report noted that in 2024 there was a media expose that PA forces were being trained in armored warfare, artillery, shoulder-fired missiles, heavy machine guns, sniping, parachuting, and more in Pakistan.

The Regavim organization also highlighted the fact that some of those receiving training in Pakistan, including Ahmed Alawna, had himself taken part in numerous terrorist attacks against Israel.

PA has been gifted weapons by Israeli government

Well-trained for warfare, the Palestinian Authority has also been gifted weapons by numerous Israeli governments, including under Prime Minister Benjamin Netanyahu’s government only weeks before the October 7 attacks in 2023.

Despite this, Hirsch notes that there is a degree of secrecy surrounding arming the PA, and official channels have largely avoided responding to freedom-of-information requests about the scale of weapons transferred.

“The most positive interpretation of the failure to provide the information is a mere recording error. The most negative is that the information exists, but its disclosure would cause embarrassment to security officials. Notably, at no stage did the responders claim the information was classified; their silence was deafening,” Hirsch wrote.

“As in the past, the terror army built by the PA is destined to turn its weapons against Israeli citizens. Due to the nature, size, and capabilities of this force, a northward, westward, and southward invasion by this terror army will endanger millions of citizens. The scale of destruction and killing within communities inside the ‘Green Line’ could be significantly greater, even in comparison to the horrors of the October 7 massacre,” he warned.

Recommending immediate action, Hirsch said Israel must halt all approvals of arms being sent to the PA, condition aid on the PA reducing its forces to the agreed upon amount, establish an independent oversight mechanism, close PA military training bases, prepare the IDF for an October 7-like scenario in the West Bank and issue a diplomatic demand that the US and EU end the financial support they provide for training of PA soldiers.

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Apple is engaged in preliminary settlement discussions with the U.S. Department of Justice that could resolve the federal government’s landmark antitrust lawsuit over the iPhone ecosystem before the case reaches trial. The negotiations follow a series of software and platform changes introduced by Apple over the past year that address several of the government’s original allegations, while recent court rulings have also strengthened the company’s legal position. Although discussions remain active, officials familiar with the matter caution that no agreement has been reached and litigation could still proceed.

The Justice Department filed its antitrust complaint in March 2024, alleging Apple violated federal competition laws by maintaining an illegal monopoly in the U.S. smartphone market through restrictions that discouraged consumers from switching devices and limited competition from rival software and hardware developers. The complaint focused on Apple’s treatment of so-called “super apps,” cloud gaming services, messaging interoperability, digital wallets, and wearable devices that compete with Apple products.

Since the lawsuit was filed, Apple has introduced a number of significant platform changes. The company expanded support for Rich Communication Services (RCS) messaging, allowing better communication between iPhone and Android users. It also loosened restrictions affecting cloud gaming applications, opened portions of its NFC payment technology to third-party developers in several markets, and continued expanding developer access following regulatory changes overseas. Apple argues these updates demonstrate that innovation—not anticompetitive conduct—drives its platform decisions.

People familiar with the negotiations say Apple has made multiple settlement proposals throughout 2026, seeking to resolve the litigation without admitting wrongdoing while avoiding years of costly courtroom proceedings. The discussions remain confidential, and neither side has publicly outlined specific settlement terms.

Apple’s legal position has improved in recent weeks following an important procedural victory. A federal judge overseeing discovery ruled that Apple may obtain internal documents from numerous federal agencies—including defense and national security departments—that use iPhones extensively within government operations. Apple contends those records could support its argument that many of its security restrictions exist to protect users and sensitive government communications rather than suppress competition.

The broader legal environment has also shifted. The Justice Department’s Antitrust Division has operated for months under acting leadership while awaiting permanent appointments, reducing certainty about the agency’s long-term litigation strategy. Legal analysts note that changes in leadership often create opportunities for negotiated settlements, particularly in complex technology cases that could otherwise require years of discovery and appeals.

For the technology industry, the outcome could influence future government enforcement against dominant digital platforms. If the case ends through negotiated software changes rather than structural remedies, regulators may increasingly rely on behavioral commitments instead of attempting to break up or significantly restructure major technology companies. Conversely, critics argue that a settlement without meaningful structural reforms could leave Apple’s broader ecosystem control largely intact while establishing a less aggressive precedent for future antitrust enforcement.

Investors are closely monitoring the negotiations because removing one of Apple’s largest legal uncertainties could improve visibility for the company’s long-term business strategy. A settlement would eliminate the risk of court-ordered changes to the iPhone ecosystem while allowing Apple to continue emphasizing privacy, security, and integrated hardware-software design as key competitive advantages.

Neither Apple nor the Justice Department has publicly commented on the ongoing settlement discussions. No trial date has been scheduled, and negotiations are expected to continue alongside pretrial proceedings.


JBizNews Desk | New York

© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.

Want to stay on top of the science and politics driving biotech today? Sign up to get our biotech newsletter in your inbox.

Good morning. We’re sending the newsletter a bit earlier today to get you some news out of federal court.

The need-to-know this morning

  • Novartis reported second-quarter earnings and reaffirmed its 2026 guidance. 
  • Agios Pharmaceuticals is discontinuing the development of a next-generation drug called tebapivat for sickle cell disease. A Phase 2 study did not establish a “differentiated profile to support continued development,” the company said.

Novo sues Lilly as GLP-1 fight escalates

Novo Nordisk this morning sued Eli Lilly for allegedly running a “deceptive” ad campaign that uses “outdated clinical trials” to make its obesity and diabetes drugs appear more effective.

Continue to STAT+ to read the full story…

This post was originally published here. 

The Broad Institute, Boston Children’s Hospital, and Maine’s Jackson Laboratory announced a collaboration Tuesday to develop gene therapies for people with rare diseases and to make the life-saving therapies cheaper and more accessible to patients.

With relatively few gene therapies on the market, families of children with rare genetic disorders have few options but to partner individually with researchers and raise millions of dollars to develop treatments for their conditions.

The newly formed non-profit Center for Therapeutic Genetics will create precision medicines and share those methods, data, and training with other clinicians so they can do the same. The goal is to make these personalized treatments more like clinical procedures, such as organ transplants, so doctors don’t have to seek separate regulatory approvals for each use, said Winston Yan, founding director of the new center.

Continue to STAT+ to read the full story…

This post was originally published here. 

Two oil tankers that loaded Saudi crude for China and India made U-turns in the Red Sea on Tuesday and headed toward the Suez, according to shipping data on LSEG, following a warning from the Houthis.

Shipping companies should not load or discharge cargo at Saudi Arabian ports, and such activity may result in being targeted “in any location” by Yemen’s Iran-aligned Houthis, according to an email sent to companies by the terror group.

The Houthis on Monday declared a naval blockade against Saudi Arabia, opening a potential new front against the United States in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf.

“Vessels are banned from loading or discharging cargo at or from any Saudi ports,” the July 20 email said, which was received by multiple shipping companies.

“We strongly recommend that your company exercise due diligence and the utmost care in all its dealings,” according to the email, which was sent to the companies in the industry and seen by Reuters.

The new conditions came into force at 1201 GMT on July 20, the email said.

“Any such activity would expose the violating vessels to sanctions,” according to the email, which was sent by the Houthis’ Sanaa-based Humanitarian Operations Coordination Center (HOCC).

“Furthermore, they may be subject to targeting in any location within the operational reach of the Yemeni Armed Forces.”

Saudi Arabia relying on Strait of Hormuz alternative

A closure of the Red Sea‘s southern gateway would remove a critical alternative route for Saudi Arabia to the Strait of Hormuz and intensify fears of shortages.

Red Sea traffic has not fully recovered since Houthi attacks off Yemen’s coast began in November 2023 in what the group said was solidarity with Palestinians in the Gaza war.

The HOCC was the main unit used by the Houthis to issue warnings to the shipping industry during its campaign of attacks on merchant shipping between 2023 and 2025, which only ended with the Gaza ceasefire in October last year.

“We believe (the email) acts as a reminder of their presence in the area,” said one source at one of the companies that received the email.

This post was originally published on here. 

NEW YORK — Americans sought new credit at the highest rate in nearly five years during June, according to the Federal Reserve Bank of New York’s Survey of Consumer Expectations Credit Access Survey released Monday, July 20, highlighting continued demand for financing despite elevated interest rates and higher borrowing costs. The survey found that the share of consumers applying for new credit reached its highest level since October 2021, offering another snapshot of household financial behavior as inflation pressures and financing costs continue to reshape consumer spending. 

The increase suggests many households remain willing to borrow even after more than two years of relatively high interest rates. Consumers continue to seek financing for homes, vehicles, credit cards and other purchases, demonstrating resilience in household demand despite tighter lending conditions.

While overall credit applications reached a multi-year high, the survey found mixed trends across individual borrowing categories. Compared with February, consumers reported a slightly lower likelihood of applying for new credit cards, auto loans, mortgage refinancing and higher credit-card limits, while the likelihood of applying for a new mortgage increased modestly. 

The report also provided insight into Americans’ financial preparedness.

Respondents said the probability they would need to come up with $2,000 for an unexpected expense increased to 34%, slightly higher than earlier this year. Although that figure remains below the level reported one year ago, it indicates many households continue operating with limited financial cushions while coping with higher living costs. 

The findings arrive as consumer spending remains one of the strongest pillars supporting the U.S. economy. Even with elevated borrowing costs, households have continued spending on travel, entertainment, housing and major purchases, helping sustain economic growth despite concerns about slowing business investment and global uncertainty.

Banks and lenders will likely view the report as evidence that demand for consumer lending remains healthy. Increased borrowing activity can generate higher loan volumes and interest income for financial institutions, although lenders continue balancing growth opportunities against the risk of future delinquencies if economic conditions weaken.

For businesses, stronger credit demand often supports retail sales, automobile purchases, home improvement projects and discretionary consumer spending. Companies dependent on financed purchases generally benefit when consumers remain confident enough to borrow despite higher interest rates.

At the same time, economists caution that increased borrowing is not always a sign of financial strength. Some households may be relying more heavily on credit to offset persistent inflation, rising insurance costs, higher housing expenses and increased prices for everyday necessities. Whether new borrowing reflects confidence or financial strain will become clearer as future delinquency and repayment data emerge.

The survey also illustrates the complex environment facing the Federal Reserve. Strong consumer demand supports economic growth but can also contribute to inflationary pressures if spending continues outpacing supply. Policymakers therefore continue monitoring household borrowing patterns alongside employment, inflation and business activity as they evaluate the appropriate path for monetary policy.

For investors, today’s report reinforces the resilience of the American consumer—an important driver of corporate earnings across retail, financial services, travel and housing. Consumer spending accounts for roughly two-thirds of U.S. economic activity, making shifts in borrowing behavior closely watched by financial markets.

Looking ahead, economists will monitor whether today’s surge in credit applications translates into stronger consumer spending during the second half of the year or whether elevated interest rates eventually begin reducing borrowing demand. Future Federal Reserve surveys will also indicate whether households become more cautious if financing costs remain high or labor market conditions soften.

The report ultimately paints a picture of consumers who continue to actively seek financing despite an expensive borrowing environment, underscoring both the resilience and the financial pressures facing American households.

JBizNews Desk | New York

© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.

Rise and shine, everyone, another busy day is on the way. Sadly, gray skies are hovering over the Pharmalot campus again, but our spirits remain sunny, nonetheless. Why? We recall a bit of insight from the Morning Mayor, who taught us, “Every day should be unwrapped like a precious gift.” To celebrate the notion, we are firing up the trusty tea kettle for a cuppa ginger peach and invite you to join us. Meanwhile, here are a few items of interest. Hope you have a meaningful and productive day and, of course, do stay in touch. …

Novo Nordisk sued Eli Lilly for allegedly running a “deceptive” ad campaign that uses “outdated clinical trials” to make its obesity and diabetes drugs appear more effective, marking a new phase in one of the pharmaceutical industry’s most intense rivalries, STAT tells us. In a lawsuit filed in federal court in New Jersey, Novo argued that Lilly has been comparing the highest doses of its weight loss drug Zepbound and diabetes drug Mounjaro with lower doses of Novo’s Wegovy and Ozempic. Novo claimed Lilly’s ads, which have been broadcast nationally and been disseminated on social media platforms like TikTok and Facebook, are “causing irreparable harm.”

Biotech companies are lobbying the Trump administration to exclude treatments for rare diseases from programs that lower brand drug prices in Medicare, STAT reports. The Rare Disease Company Coalition met last week with the White House Office of Management and Budget to discuss two pilot programs that are part of President Trump’s plan to get drugmakers to lower prices in the U.S. to levels charged in other rich countries, a policy generally referred to as most-favored nation. The OMB is reviewing both pilots: the Guarding U.S. Medicare Against Rising Drug Costs, or GUARD, Model, which would apply to Part D retail drugs, and the  Global Benchmark for Efficient Drug Pricing, or GLOBE, Model, which would apply to physician-administered drugs in Part B. 

Continue to STAT+ to read the full story…

This post was originally published here. 

Rechat has launched “Hey Lucy,” a new video-first advertising campaign highlighting how real estate agents can manage their business entirely through voice commands using Lucy, the company’s AI assistant.

The campaign features real estate agents working in everyday settings — arriving at listings, driving between appointments and leaving open houses — using voice commands to complete common real estate tasks without typing or switching between applications.

According to Rechat, the campaign builds on the growing role of voice-powered AI in real estate workflows.

“Agents were never going to type their way through their day and scale. They’re between showings, walking into a listing, sitting in a car between calls,” said Shayan Hamidi, CEO of Rechat. “The interface that fits that life is voice. Lucy was built for this. She knows your contacts, your deals, your listings. She’s not a chatbot responding to a prompt. She’s a colleague who already knows the context.”

The campaign showcases Lucy performing a range of tasks, including creating single-property websites, sending market reports to segmented contact lists, updating CRM records, drafting listing descriptions and social media posts, running buyer searches, sending testimonial requests and retrieving comparable sales and vendor recommendations.

The spots feature no narration, instead focusing on the voice command and resulting action.

Advertising will run throughout the summer across Meta, Google and other national digital platforms, with additional videos scheduled for release.

“Agents have never enjoyed typing notes into a CRM. We ask people who sell with their voice to sit down and type, then blame them for not doing it. Hey Lucy does the data entry for you. An agent walks up to a listing, says a few words, and the work gets done instantly,” said Audie Chamberlain, vice president of strategic growth and communications at Rechat.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

The High Court of Justice on Monday urged several international aid organizations to withdraw petitions challenging Israel’s refusal to register them, signaling that it saw no grounds to intervene in a policy allowing the state to consider security, boycott, and “delegitimization” concerns.

The joined proceedings were brought by Save the Children International and the Association of International Development Agencies, known as AIDA; Swedish Christian aid organization Diakonia; and Italian humanitarian organization CESVI Fondazione – ETS.

The petitions concerned the registration framework through which international humanitarian organizations receive recommendations for visas and work permits for their foreign employees – not the entry of a particular aid shipment or the operation of a specific humanitarian corridor into Gaza.

The organizations argued that denying registration severely disrupted the structure through which they had operated in Israel, east Jerusalem, the West Bank, and Gaza, preventing international staff from entering through Israel, meeting local employees, and overseeing their work.

The state and the three-justice panel of Justices Yael Willner, Alex Stein, and Ruth Ronnen questioned whether nonregistration actually prevented the organizations from providing humanitarian assistance, or instead made their established operating arrangements substantially more difficult.

Ronnen told the petitioners that they needed to demonstrate harm to the populations they assist, rather than merely show that it was more convenient to maintain offices and bring employees through Israel.

Willner similarly said the court had not been shown a sufficiently severe injury that could not be addressed through other arrangements, stressing that the government was entitled to set its own registration policy unless the petitioners established a legal basis for judicial intervention.

The organizations said those alternatives were not realistic because Israel controls access through the relevant crossings and foreign workers could not simply enter the West Bank or Gaza under ordinary tourist arrangements.

The hearing then turned to the different grounds on which the state had refused to register each organization.

Case of Save the Children International

In Save the Children’s case, the state relied on public statements it characterized as delegitimizing Israel and alleged institutional and financial links with Islamic Relief Worldwide, which Israel declared an unlawful association in 2014 over alleged support for and financing of Hamas.

Save the Children denied supporting Hamas or participating in prohibited activity. Its attorney, Yotam Ben-Hillel, said there had been no cooperation with Islamic Relief concerning the organization’s operations in Israel, Gaza, or the West Bank since the Israeli declaration.

The state argued that financial or institutional support elsewhere could still be considered support for an organization prohibited under Israeli law.

Ronnen distinguished between allegations of links to designated organizations and the separate ground of delegitimization.

Where an organization had a connection to Hamas or another prohibited group, the state’s argument was more straightforward, she said. Where no such connection existed, the interpretation of what constituted delegitimization left greater room for dispute.

CESVI’s petition

CESVI’s petition raised a separate procedural challenge over what the organization said were changing versions of the security allegations against it.

An initial notice issued in March said classified information indicated ties between CESVI itself and Hamas. The final refusal decision in April referred instead to concerns that Hamas-affiliated elements could exploit CESVI’s activities in Gaza.

In court, the state further alleged that a list of CESVI’s local employees included people active in terrorist organizations, including Hamas.

CESVI argued that those were materially different claims and that the employee allegation had not been presented during the administrative proceedings, leaving it unable to investigate, respond, or take remedial action.

The state disputed that account and said CESVI had been given sufficient notice of the security concerns. The disagreement was not resolved in a reasoned judgment before the organization agreed to withdraw its petition.

Diakonia’s case centered primarily on alleged boycott and delegitimization activity rather than terrorist financing.

The state relied on the organization’s advocacy concerning trade connected to Israeli settlements in the West Bank, calls for international pressure, and its legal discussion of apartheid.

Diakonia said it does not endorse the Boycott, Divestment, and Sanctions movement, does not call for a boycott of Israel, and distinguishes between Israel and settlements in the West Bank.

It also said it does not claim that the State of Israel maintains an apartheid regime. Its 2024 position paper instead examines whether particular legal systems, movement restrictions, and inequalities in the Palestinian territories resemble elements of apartheid as defined under international law.

The sharpest exchange came as Diakonia attorney Sani Khoury argued that the organization’s positions amounted to legal and political criticism and did not deny Israel’s right to exist.

“Anyone who calls the State of Israel an apartheid state should not enter Israel,” Stein said.

He said the term “apartheid” went beyond ordinary criticism of Israeli conduct because of its implication that the state itself was fundamentally illegitimate.

Khoury objected to Stein’s characterization of the organizations’ work as “poison,” telling the justice that the court was required to remain neutral and warning that the state’s interpretation created a slippery slope under which opposition to government policy could be treated as opposition to Israel’s existence.

Willner said the state had a legitimate right – and duty – to defend itself against organizations that sought to boycott it, deny its legitimacy, or support an organization designated as terrorist under Israeli law.

After the judges briefly consulted, Willner said the members of the panel shared the view that the cases did not justify the court’s intervention and recommended that the organizations reconsider whether to pursue judgments dismissing their petitions.

CESVI agreed to withdraw its petition. Save the Children, AIDA, and Diakonia requested three days to state how they intended to proceed.

In a brief decision issued after the hearing, the court ordered the petitioners to respond to its recommendation by Thursday, July 23.

This post was originally published on here. 

Antisemitism in parts of Berlin’s queer community has intensified since October 7, leaving many Jewish LGBTQ+ people feeling excluded, intimidated, and unsafe, according to a new report commissioned by Berlin’s Department for Justice and Anti-Discrimination.

The report opens by saying that “antisemitism in Berlin’s queer scenes is not a new phenomenon,” but it has become “increasingly visible since October 7, 2023.”

“Queer activists have mobilized for anti-Israel demonstrations, and there have been attacks on Jews. Those who want to be part of the scene are expected to adopt an anti-Zionist position.”

The report states that antisemitism in queer communities is closely linked to the BDS campaign.

Despite the fact that in 2019, the German Bundestag adopted a resolution “Resolutely Opposing the BDS Movement” and declaring “The arguments and methods of the BDS movement are antisemitic,” the movement is active in Germany.

Ari Elbert, a board member of Keshet Deutschland, the Jewish LGBTQI community in Germany, said his organization has been invited to participate in far fewer events since October 7.

“It’s not always driven exclusively by antisemitic motives,” he told the report. “Allies are attacked, especially in queer-feminist contexts, because people are forced to make a radical decision about which side they are on. Anyone who does not want to take a position comes under enormous pressure. Others are afraid of hostility or boycott campaigns and therefore no longer offer us platforms or spaces.”

A dramatic shift in Berlin’s LGBTQ+ community

One interviewee, identified as A.M., described a dramatic shift in Berlin’s LGBTQ+ community following the Hamas attacks of October 7, 2023:

“The atmosphere has changed dramatically. Conversations about Israel and Palestine have become highly polarized, and being Jewish in queer spaces now often means that people see you as a political position before they see you as a person.”

A.M. said they had personally witnessed openly antisemitic slogans at queer protests and heard people justify violence against Jews in the name of solidarity. A.M. also spoke of the pain of the silence of friends and organizations that normally speak out against discrimination.

“Queer friends and organizations that speak loudly about every other form of injustice suddenly have nothing to say when it comes to antisemitism,” said A.M. “That silence can feel like abandonment.”

As a result, A.M. said they now avoid certain events and venues because they fear becoming a target if they wear a Star of David or openly express their Jewish identity.

One key case study was Berlin’s 2024 Dyke March controversy.

The Dyke March originated in Washington, DC, in 1993 as an explicitly anti-fascist, non-commercial alternative to traditional Pride events centered on lesbians and women. Berlin has hosted its own version since 2013.

Ahead of the 2024 march, organizers held a fundraising event at the Kreuzberg queer bar Möbel Olfe. One promotional flyer displayed two red inverted triangles surrounding the venue’s logo, a symbol widely associated with Hamas.

Concerned by increasing BDS rhetoric, a group of Jewish and non-Jewish queer women attended the fundraiser to ask organizers whether Jews could safely participate in the upcoming march.

They set up a table displaying a sign reading “Safe table for Jews and Israelis” alongside a rainbow flag featuring the Star of David. The report says that other attendees and even the bartender demanded they leave. The atmosphere reportedly became hostile, and police protection was required for the group to leave safely.

The organizers later blamed the Jewish group’s attendance as “an attempt to create division.”

Despite the controversy, the 2024 Dyke March went ahead as planned, and featured chants of “Yallah Intifada,” and several violent arrests of pro-Palestinian activists.

The report also presents Berlin’s club scene as one of the main arenas where conflicts over Israel and Palestine play out.

It says the BDS movement has achieved significant influence within parts of the international electronic music and queer club scene.

This started before October 7: In 2018, the campaign #DJsForPalestine, organized by the Palestinian Campaign for the Academic and Cultural Boycott of Israel (now part of the BDS movement), encouraged DJs not to perform in Israel. The campaign was backed by the Berlin queer collective Room4Resitance.

Immediately after October 7, Room4Resistance promoted an anti-Israel demonstration that was co-organized by Palastina Spricht and Samidoun, which is considered a front for the Popular Front for the Liberation of Palestine.

The report also discusses the case of HOR Berlin, an online music streaming platform founded by two Israelis. Beginning in November 2023, the founders were subjected to boycotts and online harassment after asking DJs on two occasions to remove political imagery from broadcasts. Photos of the founders were circulated online alongside claims that they were former Israeli soldiers. The report says numerous artists subsequently requested that their performances be removed from HOR, causing significant financial losses for the company.

‘I face antisemitism every day in Berlin’

The report concludes by describing what it says are the real-world consequences of antisemitism within parts of Berlin’s queer community.

“I face antisemitism every day in Berlin,” said A.M. “That is why I am leaving the city, and the country.”

Elbert, a board member of Keshet Deutschland, said, “In Berlin we have reached an extreme point within queer communities. Many Jewish people are fleeing this situation, leaving the city or even moving to Israel despite the war.”

A spokesperson for Dykes, Women and Queers Against Antisemitism said: “Many of us no longer want to express our political views at all; we simply want to be left in peace.”

“Jewish queer people are only allowed to participate if they submit to the prevailing ideology, which clearly dictates which positions are acceptable.”

This post was originally published on here. 

Ozgur Ozel, Turkey’s main opposition leader, announced on Tuesday that he would be resigning from the party and forming a new one.

The Republican People’s Party, known by its Turkish-language acronym CHP, was founded by Mustafa Kemal Ataturk, and is the main opposition to Turkish President Recep Tayyip Erdogan.

This is a developing story.

This post was originally published on here. 

The U.S. Department of the Treasury has intercepted nearly $99 million in federal payments intended for deceased individuals using a new verification system deployed under President Donald Trump’s executive order targeting government fraud, waste and abuse.

BESSENT CREDITS TRUMP IMMIGRATION POLICIES WITH HELPING RETURN JOBS TO AMERICANS AS WAGE GAINS RESUME

Following Executive Order 14249, “Protecting America’s Bank Account Against Fraud, Waste, and Abuse,” the Department of the Treasury and the Bureau of the Fiscal Service implemented a verification process that reviewed more than 885 million payments worth approximately $2.77 trillion.

That screening successfully flagged more than 4,900 improper payments — totaling nearly $99 million — associated with deceased individuals, returning the payments to the originating federal agencies for review before any funds were disbursed.

“We think that there’s up to $350 million that we can stop before the end of this year,” Treasury Secretary Scott Bessent said on “Mornings with Maria” Tuesday. “The [Government Accountability Office] estimates that… this number might be up to $500 billion, which is about 1.66% of GDP. So that could go a long way towards paying down the debt, providing more services, and this is just the start.”

This is a developing story. Please check back for updates.

This post was originally published here. 

NEW YORK — JetBlue Airways emerged as the winning bidder for Spirit Airlines’ prized takeoff and landing slots at New York’s LaGuardia Airport, agreeing to pay approximately $58.5 million during Spirit’s bankruptcy asset auction. The acquisition strengthens JetBlue’s position at one of the nation’s most capacity-constrained airports and represents one of the most significant airline asset sales resulting from Spirit’s restructuring. Reuters and court filings confirmed the outcome after the auction concluded Monday.

The winning bid includes a package of highly valuable landing and departure slots that are rarely available because LaGuardia operates under strict federal slot controls designed to reduce congestion. Access to these slots allows airlines to expand schedules without waiting years for new operating rights, making them among the aviation industry’s most sought-after assets.

JetBlue has long viewed New York as its largest strategic market, with operations centered at John F. Kennedy International Airport and a growing presence at LaGuardia. The additional slots are expected to provide greater scheduling flexibility, increase flight frequencies on high-demand routes, and improve the airline’s ability to compete for business travelers.

Spirit Airlines agreed to sell the slots as part of its Chapter 11 bankruptcy proceedings after financial pressures and operational challenges forced the carrier to restructure. The bankruptcy court must still approve the sale, and the transaction remains subject to review by federal aviation authorities before the slots can officially transfer to JetBlue.

The sale comes after a difficult period for both airlines. JetBlue’s proposed acquisition of Spirit was blocked by a federal court earlier this year on antitrust grounds, ending the companies’ planned merger. Rather than acquiring Spirit outright, JetBlue is now selectively purchasing valuable assets made available through the bankruptcy process.

For JetBlue, the acquisition offers a far less expensive path toward expanding its New York footprint than purchasing another airline. LaGuardia slots are exceptionally scarce because the Federal Aviation Administration limits aircraft movements to manage congestion and maintain safe operations.

Industry analysts say the additional slots could help JetBlue strengthen service on profitable Northeast business routes while improving connections across its broader network. Increased flight availability may also enhance competition against larger rivals that already maintain extensive operations at LaGuardia.

The transaction also highlights how bankruptcy proceedings can reshape competitive dynamics within the airline industry. Instead of assets disappearing from the marketplace, they are frequently redistributed among financially stronger carriers, allowing operations to continue while preserving valuable airport infrastructure.

For travelers, the acquisition could eventually result in additional JetBlue flights, expanded route options, and improved schedule flexibility from New York. However, because airport capacity remains fixed, the transaction is unlikely to significantly increase total operations at LaGuardia. Instead, it reallocates existing operating rights from one airline to another.

Investors will now watch for bankruptcy court approval and any regulatory review before the transaction closes. If approved, the acquisition would further cement JetBlue’s position as one of New York City’s leading airlines while marking another milestone in Spirit Airlines’ restructuring process.

JBizNews Desk | New York

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NEW YORK — The U.S. dollar traded little changed Tuesday as investors balanced easing geopolitical tensions in the Middle East against expectations for the Federal Reserve’s next interest-rate decision. Currency markets remained cautious as traders assessed whether recent diplomatic efforts would help stabilize global energy supplies and ease inflation pressures.

The dollar index hovered near recent levels after a volatile stretch driven by swings in oil prices and renewed uncertainty over global growth. Safe-haven demand has supported the U.S. currency in recent weeks as investors sought protection from geopolitical risks, even as expectations for future Federal Reserve policy continued to evolve.

Much of the market’s attention remains centered on the Middle East. Any disruption to oil exports through the Strait of Hormuz could quickly lift crude prices, feeding inflation and potentially delaying future interest-rate cuts by the Federal Reserve. Conversely, signs of easing tensions could reduce inflation concerns and weaken demand for the dollar as investors shift toward higher-risk assets.

Currency traders are also preparing for a pivotal week of corporate earnings from major U.S. technology companies, along with upcoming economic data that could influence the Fed’s policy path. Stronger-than-expected growth or persistent inflation would likely reinforce expectations that interest rates remain elevated, supporting the dollar against many major currencies.

The dollar’s direction carries broad implications beyond foreign exchange markets. A stronger dollar can make imports cheaper for American consumers but can also reduce the overseas earnings of multinational companies when foreign revenues are converted back into U.S. currency. It can also pressure commodity prices and emerging-market economies that borrow heavily in dollars.

For businesses, continued currency stability provides some certainty for international trade and investment planning. However, analysts caution that the dollar remains highly sensitive to geopolitical developments, energy markets, and shifts in Federal Reserve expectations.

With investors watching every headline from both Washington and the Middle East, currency markets are expected to remain volatile throughout the week as global events continue shaping expectations for inflation, interest rates and economic growth.

JBizNews Desk | New York

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BRUSSELS — The European Commission imposed a record €550 million ($629 million) fine on AliExpress concluding that the Alibaba-owned marketplace violated the European Union’s Digital Services Act by failing to adequately prevent the sale of illegal, unsafe and counterfeit products across its platform. The penalty is the largest issued under the Digital Services Act since the law took effect and signals a major escalation in Europe’s regulation of global e-commerce platforms. 

European regulators said AliExpress failed to properly assess and mitigate risks associated with counterfeit merchandise, unsafe consumer products and illegal listings despite repeated warnings and ongoing compliance discussions. According to the Commission, investigators found weaknesses in the platform’s monitoring systems, insufficient staffing devoted to enforcement, and ineffective procedures for identifying and removing prohibited products before they reached consumers. 

The Commission also concluded that some sellers were able to continue operating after violations were identified and that dangerous products—including counterfeit toys, cosmetics and consumer goods—remained available for purchase longer than regulators considered acceptable. Officials ordered AliExpress to strengthen its compliance systems while warning that additional financial penalties could follow if the company fails to fully implement corrective measures. 

AliExpress rejected the Commission’s findings, calling the penalty disproportionate and announcing plans to appeal. The company said it has invested heavily in improving consumer protections, seller verification and product-monitoring systems while continuing to cooperate with European regulators as compliance expectations evolve. 

The decision marks a significant milestone in the European Union’s effort to hold large online marketplaces accountable for products sold by third-party merchants. Unlike previous regulatory frameworks that primarily required platforms to respond after illegal listings were reported, the Digital Services Act requires major online platforms to proactively identify systemic risks and reduce the spread of counterfeit, unsafe and illegal products before consumers are harmed. 

For businesses, the ruling could reshape how international online marketplaces operate within Europe. Companies may need to expand product verification systems, hire larger compliance teams, strengthen artificial intelligence monitoring tools and conduct more rigorous oversight of third-party sellers. Those additional compliance costs could ultimately affect merchant fees, product availability and operating expenses across the e-commerce sector.

The decision also increases regulatory pressure on other major online marketplaces. European authorities have already intensified scrutiny of several global e-commerce platforms as part of a broader effort to strengthen consumer protection, improve marketplace transparency and reduce the circulation of counterfeit goods entering the European Union. 

For consumers, regulators argue the enforcement action is intended to improve confidence in online shopping by reducing the availability of unsafe products and ensuring platforms take greater responsibility for what is sold through their services. Counterfeit goods remain a significant economic issue, affecting brand owners, manufacturers, retailers and consumers while exposing buyers to potentially dangerous products that fail to meet established safety standards.

The case also highlights growing differences between regulatory approaches in Europe and other regions. While many countries continue relying primarily on post-sale enforcement, the European Union is increasingly requiring large technology platforms to prevent harmful activity before it reaches consumers. That shift is expected to influence compliance strategies for multinational technology companies operating across multiple jurisdictions.

AliExpress now faces the dual challenge of appealing the record penalty while demonstrating to European regulators that it can satisfy the Digital Services Act’s increasingly stringent compliance requirements. The outcome will likely serve as an important precedent for future enforcement actions involving global online marketplaces.

JBizNews Desk | Brussels

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The Shin Bet (Israel Security Agency) and Israel Police arrested Muhammad Awad, a 29-year-old Israeli citizen from Nazareth, on suspicion of promoting terrorist activity, police announced on Tuesday.

The investigation found that Awad had contacted the Hamas terrorist organization with the aim of joining and obtaining resources to carry out terrorist activity.

He is also suspected of planning to harm National Security Minister Itamar Ben-Gvir.

Following the investigation, the Northern District Attorney’s Office submitted a prosecutor’s declaration to the Nof HaGalil, Nazareth Magistrate’s Court on Tuesday ahead of filing an indictment against Awad.

The Shin Bet and Israel Police said they view any involvement by Israeli citizens in activity that endangers the security of the state and its citizens with the utmost severity.

They added that they would use all means at their disposal to bring those involved in such activity to justice.

Ben-Gvir thanks Shin Bet, police for thwarting attempt 

“This is the ninth time that terrorist organizations have targeted and tried to harm me,” Ben-Gvir said on Tuesday, following the announcement of Awad’s arrest.

He thanked the Shin Bet and police for thwarting the attack and “preventing terrorists from harming me and my family.”

“I will continue with prison reform, demolishing illegal homes, implementing the death penalty law for terrorists, ensuring that we become homeowners on the Temple Mount, opening emergency squads, and arming all Israeli citizens,” he said. “Do not scare me, and I will not be deterred by you.”

“I will continue to work 24/7 for the people of Israel.”

This post was originally published on here. 

Get your daily dose of health and medicine every weekday with STAT’s free newsletter Morning Rounds. Sign up here.

Good morning. Sending thoughts and prayers to all the bagged salad girlies out there. For news, don’t miss Sarah Todd’s great story on THC beverages, which was spurred by a colleague’s rant in one of our regular team meetings. 

Read the rest…

This post was originally published here. 

Novo Nordisk on Tuesday sued Eli Lilly for allegedly running a “deceptive” ad campaign that uses “outdated clinical trials” to make its obesity and diabetes drugs appear more effective, marking a new phase in one of the pharmaceutical industry’s most intense rivalries.

In a lawsuit filed in federal court in New Jersey, Novo argued that Lilly has been comparing the highest doses of its weight loss drug Zepbound and diabetes drug Mounjaro with lower doses of Novo’s Wegovy and Ozempic.

“What has brought us to this moment is what we now see as a nationwide pattern, by Lilly, of deceptive advertising. They are intentionally confusing consumers,” John Kuckelman, Novo’s general counsel and senior vice president, said in an interview.

Continue to STAT+ to read the full story…

This post was originally published here. 

Nabla, the Paris-based maker of ambient scribes used to automate clinical documentation, says it’s playing the long game. On Tuesday the company announced a new leader and reiterated its commitment to fundamentally new AI technology it believes can help it beat the competition.

The company, which last raised a $70 million Series B last summer, announced a new CEO, Brian Manning, who has served as chief revenue officer at care coordination software company PatientPing and its acquirer, Bamboo Health, before taking over as Bamboo’s president. The shift “marks the next phase of Nabla’s go-to-market strategy,” the company wrote in a press release.

“We really haven’t built our brand in the United States. We really haven’t accelerated our go-to-market in line with what others are doing. And as we look towards 2027, that’s something we’re absolutely going to be doing,” Manning said in an interview with STAT. Chief operating officer Delphine Groll said that 100% of the company’s revenue is from the U.S.

Continue to STAT+ to read the full story…

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Coca-Cola is laying the groundwork for what could become one of India’s largest consumer-sector stock offerings after appointing JPMorgan Chase and Citigroup to advise on a potential public listing of its India bottling business, according to Reuters, which cited people familiar with the matter in a report published Monday. If pursued, the offering would underscore India’s growing importance to multinational consumer companies and provide another major test of investor appetite for the country’s expanding consumer economy.

The proposed listing would involve Hindustan Coca-Cola Beverages, the company’s largest bottling operation in India. While no final decision has been made, the report said an initial public offering could be considered as early as 2027, depending on market conditions and corporate approvals.

For Coca-Cola, the potential transaction is about more than raising capital.

India has emerged as one of the beverage company’s fastest-growing markets, fueled by rising disposable incomes, rapid urbanization and increasing demand for branded consumer products. A separate listing would allow investors to more directly value the business while giving the company additional financial flexibility to expand manufacturing, distribution and logistics throughout the country.

The move also reflects a broader strategy adopted by multinational corporations that are unlocking value by spinning off or partially listing high-growth regional operations.

Rather than keeping rapidly expanding businesses buried within larger global organizations, companies are increasingly giving investors a clearer way to participate in growth markets where consumer demand continues to outpace developed economies.

India has become a focal point for that strategy.

The country is attracting record levels of foreign investment as global companies diversify manufacturing, strengthen supply chains and pursue long-term growth opportunities beyond North America and Europe. Consumer goods companies, automakers, technology firms and retailers have all announced significant investments across the country in recent years.

A public offering could also benefit businesses throughout Coca-Cola’s supply chain.

Packaging manufacturers, transportation providers, refrigeration equipment suppliers, agricultural producers and retail distributors all stand to gain as beverage production and distribution continue expanding to meet rising demand.

For investors, the transaction would offer exposure to one of the world’s fastest-growing consumer markets through a globally recognized brand with an established distribution network.

India’s equity markets have also become increasingly attractive for multinational companies seeking capital, supported by strong domestic investor participation and continued economic growth.

Although Coca-Cola has not publicly confirmed plans to proceed with an IPO, Monday’s report highlights how global corporations continue repositioning assets to capitalize on favorable demographics and growing consumer spending in emerging markets.

For the broader business community, the development reinforces India’s expanding role as a destination for corporate investment and demonstrates how multinational companies are adapting their structures to maximize long-term shareholder value while accelerating regional growth.

JBizNews Desk | New York

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LOS ANGELES — A federal judge temporarily blocked the proposed $81 billion merger between Paramount and Warner Bros. Discovery on Monday, granting a 14-day temporary restraining order that prevents the companies from completing one of the largest media mergers in history while the court considers a broader antitrust challenge brought by 12 states led by California. 

The ruling immediately halts plans to close the transaction this week and represents the first significant legal victory for the coalition of state attorneys general seeking to stop the deal. U.S. District Judge Araceli Martínez-Olguín concluded the states had raised substantial questions about whether the merger could unlawfully reduce competition in the entertainment industry. A hearing on whether to issue a longer-lasting preliminary injunction is scheduled for August 3. 

If completed, the merger would combine two of Hollywood’s most recognizable entertainment companies under one corporate umbrella, bringing together assets including Paramount Pictures, CBS, Paramount+, Warner Bros. Pictures, HBO, HBO Max, CNN, TNT Sports, Discovery, DC Studios, and a vast library of film and television programming.

State attorneys general argue the combined company would control an outsized share of theatrical film distribution and cable television programming, giving it greater leverage over movie theaters, cable providers, advertisers, and ultimately consumers. They contend reduced competition could result in higher prices, fewer programming choices, fewer original productions, and reduced opportunities for writers, actors, and production workers. 

Paramount strongly disputes those claims.

The company argues the merger is necessary to compete with streaming giants and technology companies that have dramatically reshaped the entertainment business. Executives contend consumers increasingly divide their viewing between traditional studios and digital platforms, making scale essential to finance expensive movies, premium television programming, sports rights, and streaming investments. 

For investors, the court order introduces fresh uncertainty.

Although the restraining order lasts only two weeks, it delays closing the transaction while the court considers whether the merger should remain frozen during litigation. If a preliminary injunction is granted, the transaction could be delayed for months.

Timing has become increasingly important because the merger agreement contains financial provisions that become more expensive if closing extends beyond September 30. Under the agreement, Paramount could owe Warner Bros. Discovery shareholders substantial quarterly “ticking fee” payments until the transaction is completed, potentially costing hundreds of millions of dollars if litigation continues. 

The case also highlights an unusual split between federal and state regulators.

While the transaction previously received clearance from the U.S. Department of Justice, a coalition of state attorneys general independently challenged the merger under federal antitrust law, arguing that state governments retain authority to protect competition within their jurisdictions. Several international regulators, including authorities in Canada, China, and Australia, have already approved the transaction, while reviews remain pending in other jurisdictions. 

The outcome could reshape the future of media consolidation.

Hollywood studios continue facing pressure from declining cable television subscriptions, rapidly changing streaming economics, rising production costs, and intense competition for advertising revenue. Many executives argue additional consolidation is necessary to remain financially competitive, while critics warn fewer major studios could reduce competition, limit creative opportunities, and ultimately increase costs for consumers.

For businesses beyond Hollywood, the ruling reinforces that courts remain willing to closely examine large mergers even after federal regulatory approval. Companies pursuing transformative acquisitions may face additional legal challenges from states concerned about competition, potentially extending deal timelines, increasing financing costs, and creating greater uncertainty for investors.

Markets will now focus on the August 3 hearing, where the court will decide whether the merger should remain blocked while the broader antitrust lawsuit proceeds. That decision could determine whether one of the entertainment industry’s largest mergers moves forward this year—or becomes tied up in prolonged litigation.

JBizNews Desk | Los Angeles

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A six-person subcommittee in the Supreme National Security Council was behind the “on the spot” decisions made while negotiating the now-defunct Memorandum of Understanding with the United States, Iran’s Foreign Minister Abbas Araghchi told Asriran, admitting that he has never met Iran’s Supreme Leader Mojtaba Khamenei.

Experts have frequently called into question the role of Khamenei, who has not been seen since being injured in the same attack that killed his predecessor, his father Ayatollah Ali Khamenei, in February.

In the new Khamenei’s absence, global analysts and commentators have increasingly looked toward Parliament Speaker Mohammad Bagher Ghalibaf and IRGC Commander Ahmad Vahidi as the minds behind Tehran’s trajectory.

“There was a six-member committee consisting of people like the president, Ghalibaf, the secretary of the Supreme National Security Council, and myself, who made decisions for the negotiations on the spot, because it was difficult to communicate with the top,” Araghchi admitted.

The committee, which does not include all 11 members of the SNSC, reportedly includes only Araghchi, Iranian President Masoud Pezeshkian, Ghalibaf, and SNSC Secretary Mohammad Bagher Zolghadr and two other unnamed persons.

Nuclear committee evolved into negotiation committee

Araghchi said the committee was formed after the 12 Day War and was initially headed by Shahid Shamkhani, a longtime figure in Iran’s IRGC, and was initially considered a nuclear committee before evolving into a negotiating committee under the chairmanship of Ali Larijani.
 
“All discussions related to the negotiations took place in this committee, and its approvals followed exactly the same procedure as those of the Supreme National Security Council. There, interesting expressions were used about the negotiators,” Araghchi said.

The foreign minister added, “I have not seen Mr. Mojtaba so far, and I don’t think anyone else has seen him in the current era, except for a few people. He was always considered one of the most worthy leaders, and the final decision was made by the Assembly of Experts. His election showed the world that there has been no change in the ideals and principles of the Islamic Republic and there will be no change.”

The Institute for the Study of War published an analysis of Araghchi’s comments, noting that it displayed the limited role Khamenei has played in decision-making over the past few months.

Dr. Menahem Merhavi, a researcher specializing in modern Iran and Shia Islam, told The Jerusalem Post he thought Araghchi’s comments were like an attempt to garner support for his line of negotiations “and direct more criticism at the IRGC, by implying they unknowingly serve foreign interests.”

Iran is winning war, Araghchi insists

The minister stressed during the interview that Iran was winning the war, but defended the pursuit of negotiations to end or pause the conflict. The comments came after the Wall Street Journal reported that Vahidi pushed for harder lines in the talks in Pakistan, overruling Araghchi and Pezeshkian.
 
“The war must end at the point of victory. Wars end either with absolute military victory or with negotiations. Absolute military victory means that the other side raises its hands and surrenders, like what happened to Saddam. When we are not able to do this, negotiations must be held,” Araghchi said. “Negotiations must be held when we have the upper hand on the military front. Continuing the war was a risk, and we cannot take risks with the lives of the people and the fate of the country.
 
“Our strategic achievements were completed in the first two weeks of the war, although we suffered losses. If we had accepted the ceasefire 10 days earlier, our achievements would still be in place. We must calculate whether the war will further strengthen our position in the negotiations or weaken our position due to the additional losses? If our infrastructure is in a situation where we are crippled for gas and electricity for the people, can we become stronger in the negotiation field? Therefore, it is very important to recognize the point of negotiation.”
 
Merhavi said he thought the comments indicated that the ongoing power struggle in Iran has “entered a new phase,” and that the absence of an effective supreme leader is leaving that struggle more “exposed” now than before.  I think it’s a power struggle that has entered a new phase after the death of Khamenei senior, but not all that different. However, due to the absence of an effective supreme leader, it is somewhat more exposed

“Bottom line: Vahidi et al are the ones who call the shots, giving the negotiators room for maneuver to lull the US,” he concluded.

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The Association for Civil Rights in Israel sent an urgent appeal on Monday to Central Elections Committee chairman Justice Noam Sohlberg, acting Central Elections Committee director-general attorney Din Livne, Transportation Minister Miri Regev, and Attorney-General Gali Baharav-Miara, demanding immediate action to halt any initiative that could impair Israeli citizens’ ability to reach Israel and vote, and to ensure that they are permitted to enter the country close to the election date.

The association’s action followed reports that senior Transportation Ministry officials were considering measures intended to prevent Israeli citizens living abroad from arriving ahead of the Knesset election on charter flights, due to extraneous political considerations.

In its letter, the association emphasized that the right to vote is a fundamental constitutional right and an essential component of establishing a democratic society that respects human rights. Exercising that right in this case is also linked to Israeli citizens’ and residents’ constitutional right to enter the country.

According to the association’s position, placing obstacles in the way of people seeking to reach Israel close to the election would amount to the unlawful denial of many thousands of citizens’ right to enter the country and vote. It would therefore constitute an unconstitutional measure.

The appeal further stated that, if the measures are indeed motivated by an attempt to prevent citizens from voting because of their presumed political leanings, as has been reported, they would constitute an unlawful use of government authority.

Logistical constraints cannot justify violation of right to vote

The association clarified that even if logistical constraints exist, they cannot justify infringing on Israeli voters’ right to reach Israel and exercise their right to vote. On the contrary, the constitutional status of the right to vote obligates the state to make every possible effort to ensure that all citizens wishing to vote are allowed to enter the country without obstruction.

Attorney Elsa Bonia, who wrote the appeal, said that “Placing obstacles or difficulties in the way of voters seeking to reach the country, particularly because of their presumed political leanings, is unconstitutional and constitutes a clear manifestation of the abuse of government authority by a government that knows no limits.

“It must be emphasized that even without the reports that extraneous considerations are behind the measure, bureaucratic or logistical considerations cannot justify infringing on Israeli voters’ right to reach Israel and vote. On the contrary, the state must make every possible effort to ensure the entry into the country of all citizens who wish to vote in it.”

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The Federal Energy Regulatory Commission (FERC) on June 18 launched one of its most significant efforts yet to accelerate the connection of AI data centers and other major electricity users to the nation’s power grid, directing regional transmission operators to justify or overhaul how they serve rapidly growing demand while protecting consumers from higher costs. The action comes as utilities across the country are increasingly seeking new transmission corridors, setting off a growing legal battle with landowners over the use of eminent domain to acquire private property for projects tied to the artificial intelligence boom. 

The conflict highlights an emerging challenge facing America’s AI economy. While much of the public discussion has centered on semiconductor manufacturing and the race to build more computing capacity, another critical resource has quietly become scarce: land. Massive new data centers require enormous amounts of electricity, forcing utilities to expand transmission infrastructure at a pace not seen in decades.

Building those transmission lines often means crossing privately owned farms, residential neighborhoods and undeveloped property. When negotiations fail, many utilities have the legal authority under state law to pursue condemnation proceedings, allowing land to be taken through eminent domain while providing compensation determined under the law.

The rapid expansion of data centers is reshaping the nation’s electricity market. Federal regulators have warned that demand from AI facilities is arriving faster and at a much larger scale than previous industrial growth, requiring utilities and regional grid operators to rethink how new customers are connected without jeopardizing reliability or shifting costs onto existing ratepayers. 

The property disputes are becoming especially visible in states experiencing heavy data-center investment, including Georgia, Pennsylvania, Virginia, and other fast-growing technology markets. Residents have increasingly organized against new transmission projects, arguing that private property should not be condemned primarily to benefit large technology companies.

At the center of many lawsuits is the meaning of “public use” under the Fifth Amendment to the U.S. Constitution. While governments may take private property for public use with just compensation, states establish their own standards governing when regulated utilities may exercise that authority on behalf of infrastructure projects.

The modern legal debate continues to be shaped by the 2005 U.S. Supreme Court decision in Kelo v. City of New London, which ruled that economic development could qualify as public use under certain circumstances. Although the Court upheld the taking in that case, the redevelopment project never materialized, fueling nationwide criticism and prompting dozens of states to strengthen protections for private property owners through legislation or constitutional amendments.

As a result, many property-rights challenges today are fought under state constitutions rather than federal law. Several state supreme courts have adopted narrower interpretations of public use than those permitted under the federal Constitution, particularly where private commercial interests receive the primary benefit of a project.

Even so, utilities have historically prevailed in many condemnation cases involving transmission infrastructure because electric transmission serves broader regional reliability needs beyond any individual customer. That legal distinction may become increasingly important as more lines are built to support clusters of AI facilities.

Meanwhile, FERC’s latest initiative reflects growing concern that the existing grid was never designed to accommodate the speed and scale of demand created by artificial intelligence. The Commission directed the nation’s six regional grid operators to improve large-load interconnection procedures, increase transparency regarding infrastructure costs, protect residential customers from subsidizing new projects, and ensure adequate generating capacity remains available as electricity demand accelerates. 

Federal regulators have repeatedly emphasized that large electricity users should bear the costs associated with infrastructure built specifically to serve them. The Commission’s orders also encourage more efficient transmission planning, alternative technologies, and clearer cost-allocation rules designed to balance economic growth with affordability for households. 

For technology companies, securing reliable electricity has become nearly as important as obtaining advanced computer chips. Delays in transmission construction can postpone data-center openings by months or years, directly affecting billions of dollars in investment and America’s ability to expand AI computing capacity.

For homeowners, however, the issue extends well beyond economics. Many families argue that compensation cannot replace farmland, family property or communities that have existed for generations. As more transmission proposals move forward, courts will increasingly determine where the balance lies between national infrastructure priorities and individual property rights.

The growing collision between America’s AI ambitions and longstanding constitutional protections is likely to shape both energy policy and property law for years to come. As electricity demand continues climbing, the outcome of these disputes may prove just as important to the future of artificial intelligence as advances in computing technology itself.

JBizNews Desk | Washington, D.C.

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The financial math behind fleeing high-tax states for a Florida paradise is hitting a major roadblock.

While the absence of a state income tax in the Sunshine State remains a powerful draw for transplants, a combination of rising property taxes, soaring property insurance premiums and everyday inflation has pushed Miami’s total cost of living above New York City’s for the first time.

A recent Bloomberg analysis found that data from the U.S. Bureau of Economic Analysis indicate that the combined cost of living in the Miami, Fort Lauderdale and Palm Beach region — dubbed the “Gold Coast” — is now roughly 5% higher than that of the New York metropolitan area and its surrounding suburbs.

CEO: MIAMI’S LUXURY BOOM FUELS ‘MECCA’ FOR WEALTHY AS OTHER BUYERS FEEL PRICED OUT

Additionally, consumer prices in South Florida have risen 36% since 2019, according to the U.S. Bureau of Labor Statistics. That represents the second-highest inflation surge among major American markets, trailing only Tampa.

Despite the state’s lack of an income tax, S&P CoreLogic Case-Shiller data show South Florida home prices have jumped 79% since the pandemic, while the average annual homeowners insurance premium stands at $8,292 — the highest in the country and roughly four times the average cost of insuring a home in New York.

U.S. Census Bureau data also shows that the typical household income in the Miami metro area sits approximately $1,000 below the national median, and the cost of daily tasks like dining out has climbed 4% year-over-year to $94 per person per restaurant bill, compared to New York City’s average of $79 per person per check.

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However, price relief could be on Florida’s horizon after Gov. Ron DeSantis and the Florida Legislature approved a proposed constitutional amendment for the November 2026 general election ballot that would expand the state’s homestead exemption. Under the proposal, eligible homeowners could receive up to a $250,000 exemption from non-school property taxes, phased in beginning in 2027 if voters approve the measure.

If approved by at least 60% of voters, the constitutional amendment could mean lower property tax bills and significant savings for millions of Florida homeowners.

READ MORE FROM FOX BUSINESS

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The AAA national average price for regular gas is back above $4 again amid the U.S. war with the Islamic Republic of Iran.

As of July 21, the AAA national average for regular fuel is $4.019, up from yesterday’s average of $4.003, the week-ago average of $3.859, and the month-ago average of $3.938. The year-ago average was much lower at just $3.141.

Fox News Digital reached out to the White House on Tuesday.

IRS RAISES BUSINESS MILEAGE DEDUCTION RATE AMID FUEL PRICE SURGE

“Every time Iran kills an American Soldier they will pay for that killing many times over! This directive has been passed on to Secretary of War, Pete Hegseth, Chairman of the Joint Chiefs of Staff, Daniel Caine, and every Leader in the Military,” President Donald Trump asserted in a Monday Truth Social post.

Former Rep. Marjorie Taylor Greene, who left Congress early this year after a falling out with the president last year, responded to Trump’s comments by writing in a post on X, “Our American soldiers wouldn’t be getting killed if you weren’t fighting an unnecessary war against Iran to open the Strait of Hormuz that was already open before you went to war. End the war. In your 1st term in 2019, gas was under $2 and inflation was 1.8%, DO THAT AGAIN!”

ARMY IDS 2 VICTIMS KILLED IN JORDAN AIR BASE ATTACK; TRUMP: IRAN WILL PAY ‘MANY TIMES OVER’

House Minority Leader Hakeem Jeffries, D-N.Y., declared in a Monday post on X, “Gas prices are back above $4 per gallon. The Republican war of choice in Iran is making life more expensive. Why is Pete Hegseth still around?”

U.S. Central Command (CENTCOM) noted on Monday that it had “completed another round of strikes against Iran at 9 p.m. ET, July 20.”

TRUMP WEIGHS IRAN WAR EXPANSION AS FRESH US STRIKES TARGET HORMUZ SHIPPING THREATS

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“U.S. forces struck Iranian military command centers, maritime capabilities, missile and drone launch sites, and air defense systems to degrade Iran’s ability to continue attacking commercial vessels flowing through the Strait of Hormuz. Commercial vessel transits through the vital international maritime corridor continue. Since early May, CENTCOM forces have helped facilitate the transit of approximately 900 commercial vessels and 450 million barrels of crude oil,” the release noted.

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PRINCETON, N.J. — Bristol Myers Squibb on Monday announced a major expansion of its artificial intelligence infrastructure, becoming the first life sciences company to deploy NVIDIA’s next-generation DGX SuperPOD powered by the new Vera Rubin architecture. The investment is designed to accelerate drug discovery, shorten development timelines and expand AI across nearly every stage of the company’s research operations. 

The new computing platform represents a significant leap over Bristol Myers’ existing AI systems. Company executives said the Vera Rubin-based infrastructure delivers substantially greater computing capacity while using far less energy, allowing researchers to evaluate many more potential drug candidates simultaneously without proportionally increasing operating costs. 

Artificial intelligence has become increasingly central to pharmaceutical research as companies race to reduce the cost and time required to bring new medicines to market. Rather than relying solely on traditional laboratory screening, AI models can analyze enormous biological datasets, predict how molecules may behave, identify promising drug targets, and eliminate weaker candidates much earlier in the research process.

Bristol Myers executives said those benefits are already producing measurable results. The company estimates AI has reduced portions of its drug discovery process by roughly 20% to 30%, with expectations that future advances could shorten some development timelines by as much as half. Researchers also credited AI with helping identify an experimental treatment for sickle cell disease that may not have been discovered through conventional methods alone. 

The expansion also reflects the rapidly escalating competition among pharmaceutical companies to secure advanced AI computing resources. As larger AI models require exponentially greater processing power, drugmakers are increasingly investing in dedicated supercomputing infrastructure rather than relying solely on outside cloud providers.

For NVIDIA, the announcement provides another high-profile commercial deployment of its newest AI architecture beyond traditional technology customers. Healthcare has emerged as one of the fastest-growing applications for advanced AI computing, with pharmaceutical companies using increasingly sophisticated models to accelerate research, improve clinical trial design, and identify new therapies.

For businesses, the investment underscores how AI is moving beyond productivity software into mission-critical research and development. Companies across industries are making larger investments in specialized computing infrastructure as AI becomes an essential competitive advantage rather than an experimental technology.


JBizNews Desk | Princeton, New Jersey

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Iranian officials have held talks with both Turkey and Azerbaijan officials, warning them against participating in attacks on Iran, Azerbaijani media site News.AZ reported on Monday, citing Iran’s senior military advisor Yahya Rahim Safavi.

“We explicitly stated that Turkey or Azerbaijan are not our targets,” Safavi stated. “However, there must be no attacks launched against us from their territory; otherwise, we will target them.”

The talks took place after an unspecified drone-related incident, which Safavi described as a “clear provocation,” adding that he had ordered an internal investigation.

News.AZ also cited Safavi saying that Turkey had told Iran that the Incirlik Air Base would not be used in attacks on Iran.

Incirlik is located near Adana and hosts the US Air Force’s 39th Air Base Wing as well as other NATO partner aircraft.

Azerbaijan denies role in US, Israeli attacks on Iran

Azerbaijan also told Iranian officials that there were no US or Israeli military bases within its territory, Safavi said.

In June, Iranian hardline outlet Raja News alleged that some attacks on Tehran and Karaj came from the direction of the Caspian Sea and claimed that Azerbaijan may have been used as a route for Israeli drones, small aircraft, or fighter jets entering Iranian airspace.

Azerbaijan has denied allowing its territory or airspace to be used against Iran, according to the same Raja News report, which said Azerbaijani Foreign Minister Jeyhun Bayramov spoke with Iranian Foreign Minister Abbas Araghchi after the attacks.

Jerusalem Post Staff contributed to this report.

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Ultra-Orthodox (haredi) draft dodgers over the age of 18 and whose draft date has passed must avoid the airport and other border crossings to evade arrest, the Vaad Hayeshivos (Council of Yeshivas) warned on Tuesday.

It added that yeshiva students who wish to travel abroad and have not shown up for their draft order must ensure they are allowed to fly and will not be arrested at the airport.

Further, it emphasized that haredi yeshiva students under the age of 18 who wish to obtain an exemption from military service must go only to the IDF recruitment offices before their draft date has passed.

The announcement comes ahead of Tisha B’Av and during the yeshiva semester break. It also follows several anti-draft protests on Monday.

Haredi protests erupt across Israel

At Military Prison 10 in Beit Lid, hundreds of demonstrators gathered over the arrest of a draft dodger, N12 News reported.

According to N12, the protesters belong to the Gur Hassidic sect, as well as the arrested draft dodger, with the Gur Rebbe in attendance at the demonstration.

200 buses from across the country are expected to arrive in the area with thousands of additional demonstrators, the report cited the Gur community as saying.

Later on Monday, haredi protesters blocked roads in both Beit Shemesh and Jerusalem, and demonstrated outside the Attorney-General Gali Baharav-Miara’s house in Tel Aviv, chanting “Consult and then act.”

Ynet later reported that protesters had also attacked a passing IDF reservist walking his dog. 

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Fifteen Indian workers were feared trapped on Tuesday after a blast caused by a suspected gas leak in a tunnel at a hydroelectric project in the rugged state of Sikkim killed ten, authorities said.

A sudden burst of gas, suspected to be methane trapped or embedded in the tunnel’s rocks, caused an explosion that sent dense fumes and toxic gas, NHPC said in a statement.

Monday’s incident took place at state-owned National Hydroelectric Power Corp Ltd’s project on the Teesta river in the northeastern state’s village of Samardung, district official Subash Ghimirey told Reuters.

Survival chances are ‘slim,’ says Indian official

Survival chances for the trapped workers were slim, state disaster management official Rajiv Roka said, as rescuers had to battle the fumes, making their task difficult.

At least 25 project workers and officials were trapped in the tunnel, NHPC said, a tally that includes the 10 bodies retrieved.

Photographs on the state government’s Facebook page showed rescuers wearing orange hazard suits unloading oxygen cylinders, ropes and other emergency equipment from a vehicle.

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Nearly 100 US service members were wounded to some extent since the renewal of the US-Iran hostilities, Pentagon Spokesperson Sean Parnell stated on social media on Tuesday.

However, according to Parnell, “the vast majority of injuries experienced were minor concussions,” and some 96% of those wounded have returned to duty.

“They are determined to get back in the fight,” he wrote. 

Parnell stated that updates regarding wounded and killed soldiers would be posted to the Pentagon’s online database, which currently shows 14 troops dead and 427 troops injured since the beginning of the war on February 28.

According to the Washington Post, the statistics were briefly updated on Monday night to reflect the total number of servicemembers killed and wounded since the war began, but reverted back to pre-July numbers after a few hours.

The Jerusalem Post could not confirm if the status had changed on US Central Command (CENTCOM)’s site, but as of Tuesday, the numbers online do not mention the four servicemembers killed – including Private Isabella Gonzales, 19, and Lt. Tyler James Feehan, 25, who were killed last week during an Iranian strike in Jordan – or those who had been wounded since July 1, despite the site’s last update being on July 20.

Parnell initially denied NYT report alleging wounded servicemembers went unreported

Parnell’s comments came as a rebuttal of the New York Times’s report claiming that dozens of American soldiers had been wounded and unreported by CENTCOM, as well as damage to several helicopters.

One official told the NYT that CENTCOM is not obligated to reveal information about wounded soldiers, particularly when the soldiers are expected to quickly return to duty, and when doing so could give Iran a tactical advantage in targeting future attacks.

A separate source noted that the US would not share information that could “help Iran zero in on its deadly ballistic missiles and drone attacks in Jordan and other bases in the Middle East.”

This same reasoning is why CENTCOM has stopped confirming how many Iranian targets it has struck each day.

When the initial report was published, Parnell had decried it as “baseless and malicious,” claiming the NYT was attempting to “smear America’s military and its leadership.”

Tzvi Jasper contributed to this report.

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Philippine Airlines committed to purchase 15 Boeing 787-10 Dreamliners, with purchase rights for five additional aircraft, in a deal valued at approximately $3.4 billion if all options are exercised. The order strengthens Boeing’s commercial aircraft backlog while signaling continued global demand for long-haul travel and fuel-efficient aircraft despite ongoing supply chain constraints. 

The agreement was announced at the Farnborough International Airshow, one of the aviation industry’s largest commercial events, where manufacturers, airlines and suppliers regularly unveil major aircraft purchases and long-term fleet investments.

The new aircraft will support Philippine Airlines’ fleet modernization strategy while expanding its medium- and long-haul international operations. Deliveries are scheduled to begin in 2031, allowing the carrier to gradually replace older aircraft with more fuel-efficient models. 

For Boeing, the order represents another important commercial victory as the manufacturer continues rebuilding production following years of regulatory challenges and supply chain disruptions. Large international aircraft orders provide long-term production visibility for factories and thousands of suppliers that manufacture engines, avionics, landing gear, electronics and structural components.

The 787 Dreamliner has become one of the aviation industry’s most successful wide-body aircraft because of its lower fuel consumption, lightweight composite construction and reduced operating costs compared with previous-generation aircraft.

Fuel efficiency remains one of the largest financial priorities for airlines.

Jet fuel typically represents one of the industry’s highest operating expenses, making newer aircraft increasingly attractive as carriers seek to improve profitability while meeting stricter environmental standards. Modern aircraft also require less maintenance and offer longer operating ranges, allowing airlines greater flexibility when expanding international routes.

The aircraft ordered by Philippine Airlines will be powered by GE Aerospace GEnx-1 engines, providing another boost for GE Aerospace’s commercial engine business and its extensive supplier network. The engine selection supports long-term manufacturing activity and aftermarket maintenance opportunities that can generate revenue for decades after aircraft deliveries begin. 

The transaction also illustrates continued confidence in international air travel.

Despite economic uncertainty in many regions, airlines continue investing in fleet modernization to improve operating efficiency, enhance passenger comfort and prepare for expected long-term growth in global aviation demand.

Aircraft orders also generate economic benefits far beyond manufacturers.

Each commercial aircraft supports a global supply chain that includes thousands of companies producing aluminum, titanium, composite materials, electronics, software, seating, interiors and specialized aerospace components. Long-term orders help stabilize employment and investment throughout the aerospace manufacturing sector.

The announcement comes as manufacturers continue working through record order backlogs while addressing production bottlenecks that have slowed deliveries across the aviation industry.

For businesses throughout the aerospace sector, Monday’s agreement demonstrates that airlines remain willing to commit billions of dollars toward fleet renewal, reinforcing continued demand for advanced commercial aircraft and supporting future investment across manufacturing, engineering and global supply chains.

JBizNews Desk | New York

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The IDF and Shin Bet (Israel Security Agency) killed two Hamas terrorists who abducted and held Israelis hostage during the October 7 massacre.

On Saturday, the IDF and Shin Bet killed Adham Ibrahim Sha’aban Nasman, Hamas’s Gaza City Brigade Operations Head, in Gaza City.

Nasman served as a battalion commander in the terror group’s Nukhba Force, and led Hamas’s Gaza City Brigade’s infiltration into Israel during the October 7 massacre.

He also held several former hostages captive, including Romi Gonen, Emily Damari, Ziv and Gali Berman, Eitan Mor, Matan Angrest, and Omri Miran, the military noted.

In addition, the IDF and Shin Bet noted that Nasman held a number of senior Hamas positions, including serving as the intelligence officer of the Gaza City Brigade and the commander of the Al-Shati Battalion.

Recently, Nasman attempted to train terrorists from Hamas‘ Gaza City Brigade and worked to advance the production and distribution of weapons to the brigade’s battalions.

“These activities were carried out as part of efforts to rebuild Hamas’ military capabilities, in violation of the ceasefire agreement,” the IDF and Shin Bet said, adding that its troops will remain deployed in Gaza and will continue to “remove threats.”

In a separate strike on Sunday, the IDF killed Asma Kamal Shehadeh Abu Tim, a cell commander in Hamas’ military wing.

On October 7, 2023, Abu Tim invaded Kibbutz Nir Oz and aided in the abduction of Nurit Cooper, Amiram Cooper and Alexander Dancyg.

More recently, Abu Tim advanced terror attacks targeting IDF troops and Israeli civilians, the military said.

Former hostages react to Nasman’s death

“Another piece of garbage [has been] sent to Hamas’s giant landfill in hell,” Ziv Berman wrote in a social media post. “I hope that the rest of [Nasman’s] friends that are unfortunately still alive will understand that their time will also come!”

“Am Yisrael Chai,” Berman concluded and thanked all those involved in the operation.

Damari echoed Ziv’s sentiment in her own social media post.

“There are moments when history does not repeat itself; it reminds us of a principle,” she said. “After the Munich Massacre, Israel launched Operation Wrath of God with a simple message: those who take part in the massacre of Jews will not be able to hide forever.”

“Even after October 7, the message stayed with us. Any terrorist who took part in the massacre, murder, kidnapping, or holding hostages – your reckoning will come!”

“Today one of the scoundrel terrorists who held me captive was killed,” Damari wrote. “For me, this is another step on the path to justice. Not just out of revenge, but with the understanding that there are actions that should never be left unaccounted for.”

She added that during her time in captivity, she overheard Nasman speaking on the phone with former Hamas leader Yahya Sinwar and other Hamas terrorists. 

“Now they don’t talk about us together on the phone anymore,” she said, “they burn together in the fires of hell.”

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It was Tehran that initiated the proposal now being advanced by mediators for a 10-day ceasefire between the United States and Iran, two sources familiar with the negotiations told The Jerusalem Post.

The fact that Iran proposed the initiative underscores how urgently Tehran is seeking a ceasefire as US strikes continue to expand and US President Donald Trump weighs a return to a full-scale military campaign against Iran.

According to the two sources, the purpose of the proposed 10-day ceasefire is to find a solution regarding the Strait of Hormuz, the issue that triggered the crisis over the memorandum of understanding signed last month, after which both Tehran and Washington effectively declared that the agreement was no longer in force.

The mediators, including senior Qatari, Egyptian, Omani, and Pakistani officials, have presented the proposal to the United States and have added further elements during discussions with both Washington and Tehran.

One such idea is the creation of a “middle corridor” through the Strait of Hormuz, located between Omani-controlled and Iranian-controlled waters, through which commercial vessels could safely transit.

Two sources told the Post that, at this stage, the United States is demanding a longer ceasefire. They added that Washington also insists on reaching at least partial understandings regarding freedom of navigation through the Strait of Hormuz before any ceasefire takes effect, with the remaining details to be finalized during the proposed 10-day pause.

One of the sources said that at least some officials within the Trump administration have described the Iranian proposal as “absurd” and “illogical.”

Trump focused on making sure Iran ‘pays a price’

A US official told the Post that Trump is focused on ensuring Iran “pays a price” for its violations of the memorandum of understanding and for the deaths of American service members.

“The president will also ensure that Iran pays for the recent deaths of US soldiers. These devastating blows will continue until the president decides otherwise, but talks between our countries are continuing,” the official said.

Trump is expected to attend a ceremony on Tuesday marking the return to the United States of the bodies of the American service members killed in Iranian missile and drone attacks in Jordan and Iraq.

Prime Minister Benjamin Netanyahu on Monday convened a security consultation that lasted over five and a half hours, ending at 1:30 a.m. on Tuesday morning.

After the long discussion, Finance Minister Bezalel Smotrich said that “the State of Israel has no interest in joining the conflict between Iran and the US; maintaining the status quo is our best option.”

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A group representing America’s manufacturers on Tuesday released a report marking one year since the enactment of the 2025 tax law that includes examples of the legislation’s impact on the manufacturing sector in all 50 states.

The One Big Beautiful Bill Act (OBBBA) was passed by Republicans in Congress and signed into law by President Donald Trump last July, and the legislation contained a number of provisions aimed at boosting the manufacturing industry – such as 100% expensing of newly built factories and immediate depreciation of machinery – and preventing tax hikes.

The National Association of Manufacturers (NAM) released an analysis that estimated the number of jobs protected by the provisions of the OBBBA, along with the amount of economic growth and wages it preserved. It also chronicled how a manufacturer in each state used the tax law.

“Tax policy is far more than numbers on a spreadsheet and these stories – across all 50 states – show the real-world impact of pro-growth policies that have given manufacturers the confidence to invest, hire, raise wages and expand facilities,” said National Association of Manufacturers CEO Jay Timmons.

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Timmons added the tax reform law is “one of the most consequential pieces of legislation in a generation,” and said that “Congress and the administration delivered the permanent, pro-growth tax code manufacturers needed to invest in their people, purchase new equipment and plan confidently for the future.”

NAM’s analysis found that in California, the law saved 708,000 jobs, $134 billion in GDP and $67 billion in wages – the most in each category among the 50 states. Commercial helicopter manufacturer Robinson Helicopter said it’s taking advantage of immediate research and development expensing to deploy new R88 helicopters as control centers for fire surveillance drones.

“These types of innovative solutions require a significant amount of research and development spend,” said Will Fulton, vice president of business development at Robinson Helicopter, adding that the immediate R&D deduction “accelerates our ability to innovate and increases the ability with which we can bring these property and lifesaving innovations to market.”

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Texas’ totals ranked the second highest at 547,000 jobs, $107 billion in GDP and $51 billion in wages saved by the OBBBA, per NAM’s analysis. WilliamsRDM said the tax law’s R&D expensing allowed it to continue to invest in engineering, prototyping, testing and design improvements to deploy new tech for aerospace, defense, fire suppression, energy and security firms.

Florida, which NAM estimated had 399,000 jobs and $36 billion in wages saved by the OBBBA, has seen Johnson & Johnson invest more than $1 billion to expand operations in Jacksonville.

J&J’s chief technical operations and risk officer, Kathy Wengel, said that the “investments reflect our sustained commitment to advancing American innovation, enabled by a strong and stable corporate tax rate.”

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Snap-On CEO and NAM Vice Chair for Tax and Finance Policy Nick Pinchuk said that he’s seen firsthand how “long-term tax uncertainty translates into workforce certainty,” adding that the law was “an investment in the American worker.”

“It reaffirms, for all to see, the critical importance of manufacturing to our nation’s future and it assures that prosperous tomorrow by giving manufacturers, including small- and family-owned businesses, a significant boost to their capabilities and the confidence to making lasting investments in their people – to recruit, train and retain skilled workers, strengthen career pathways, and create good paying jobs in communities across the country,” Pinchuk said.

“When I first started drafting the One, Big, Beautiful Bill, I made it clear: permanent, pro-growth tax policy was a top priority. If we were truly going to make a lasting impact for manufacturers, we had to deliver legislation that gave them the confidence to invest in equipment, hire workers, and plan for the long term — and that’s exactly what we did. By preventing a massive tax hike and locking in permanent, pro-growth tax policies, we gave manufacturers the certainty they needed to grow. One year later, we’re seeing the results, with success stories from manufacturers in all 50 states.”

House Ways and Means Committee Chairman Jason Smith, R-Mo., said in a statement that when drafting the OBBBA, his top priority was a “permanent, pro-growth tax policy.”

“If we were truly going to make a lasting impact for manufacturers, we had to deliver legislation that gave them the confidence to invest in equipment, hire workers, and plan for the long term – and that’s exactly what we did,” he said. “By preventing a massive tax hike and locking in permanent, pro-growth tax policies, we gave manufacturers the certainty they needed to grow. One year later, we’re seeing the results, with success stories from manufacturers in all 50 states.”

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Senate Finance Committee Chairman Mike Crapo, R-Idaho, added in a statement that, “One year in, the results are clear – the Working Families Tax Cuts are strengthening our economy, boosting American manufacturing and creating greater opportunities for workers for years to come.”

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The Hind Rajab Foundation (HRF), a Brussels-based pro-Palestinian organization, filed an urgent criminal complaint with the Belgian federal prosecutor on Monday against an IDF veteran who attended Tomorrowland, the world’s largest and best-known electronic music festival.

The festival is held annually over two weekends at a park near the town of Boom, between Antwerp and Brussels.

According to the organization, which pursues IDF soldiers traveling abroad, the young man is an IDF soldier who remained in Belgium after the festival.

The festival’s first weekend ended on Monday night, and the second will take place this coming weekend. Organization representatives said the young man was identified during the festival and that they believe he remains in Belgium.

“Given the immediate risk that the suspect may leave the country, HRF requested urgent investigative and preventive measures and asked the Belgian federal prosecutor to refer the case without delay to an investigating judge who will examine the case and take ‘all necessary measures to ensure that the suspect remains available to the Belgian judicial authorities.'”

According to the complaint, the man “was involved in war crimes committed in Gaza during Israeli military operations while serving in an Israeli military unit deployed in Gaza City and Rafah between October 2023 and November 2024.”

The complaint focuses in particular on the destruction of Palestine Square and the surrounding buildings in Gaza’s Rimal neighborhood in December 2023.

HRF claims that its investigation indicates that numerous civilian buildings were systematically destroyed using armored vehicles, military bulldozers, and controlled explosions. The damaged structures included residential buildings, commercial properties, public offices, and educational facilities, including the Atfaluna Society for Deaf Children.

The organization said it submitted “evidentiary material concerning the suspect’s military service, deployment, unit affiliation, and alleged connection to the actions described in the complaint.”

Israelis detained after Hind Rajab Foundation complaint

This is not the first time the Hind Rajab Foundation has taken action against Israelis in Belgium, nor is it the first time it has initiated legal proceedings against young Israelis who attended Tomorrowland.

On July 18, 2025, the organization, together with another nonprofit group, filed a complaint in Belgium against two young Israelis who were present at the festival grounds in Boom. Belgian federal police subsequently detained and questioned the two men.

However, as far as is known, no substantive legal proceedings were opened against them. They were released and permitted to leave Belgium, and on July 29, 2025, the Belgian federal prosecutor referred the case to the International Criminal Court (ICC) for further handling.

“This case demonstrated that the Belgian authorities are prepared to take immediate investigative action when suspects in international crimes are identified on Belgian soil,” the organization said on Tuesday.

Since 2024, HRF has filed more than 90 criminal complaints and other legal submissions in more than 30 countries. Most were dismissed outright. Various procedural developments took place in countries including Brazil, Peru, Canada, and Greece.

“Through this aggressive litigation strategy, HRF seeks to ensure that individuals accused of international crimes cannot evade accountability by traveling outside Israel or living abroad,” the organization said.

HRF founder says complaint ‘challenges culture of impunity’

Dyab Abou Jahjah, HRF‘s founder and director general, is a 54-year-old Lebanese Shi’ite Muslim affiliated with Hezbollah. He grew up in the organization’s stronghold in the Bint Jbail district and received Belgian citizenship after marrying a Belgian citizen, whom he has since divorced.

Commenting on the complaint, Abou Jahjah said, “By filing this complaint in Belgium, we are challenging the culture of impunity that has protected perpetrators of crimes against Palestinians for decades. The presence of an alleged perpetrator on Belgian territory creates both an opportunity and an obligation for the Belgian authorities to act.”

Abou Jahjah himself has been barred from entering the UK and appears on a list of individuals prohibited from flying over US airspace.

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The Defense Ministry’s Defense Research and Development Directorate (MAFAT) deployed software updates to frontline weapon systems within days of the October 7 massacre, had new capabilities under purchase order within weeks, and has since scaled its startup partnerships to over 300 companies, Colonel Yishai Cohen, a senior MAFAT official, told the Jerusalem Post Defense & Tech podcast.

Cohen pulled back the curtain on how MAFAT has operated under wartime pressure across seven fronts, detailing how some of the capabilities used against Iran, including long-range drone strikes deep inside Iranian territory, had been in development for two decades before being battle-tested for the first time.

Israeli defense exports, he noted, hit $19 billion last year, a 30-percent surge, with the trajectory still rising.

Cohen addressed several of the most pressing challenges facing the IDF today, from the race to counter fiber-optic-guided drones, which he called a low-tech threat that remains difficult to defeat with high-tech solutions, to the strategic need to develop capabilities to counter Iran’s deeply buried tunnel networks and missile arsenals.

On AI, he said the technology has already proven itself in intelligence analysis but that the real leap will come when robotic platforms can take over the most dangerous ground missions, reducing the human cost of clearing buildings and villages door by door.

Perhaps the most significant shift Cohen described is structural. In the counter-drone domain alone, MAFAT’s recent procurement spending has been split evenly between Israel’s legacy defense giants and startups, a balance that would have been unimaginable just a few years ago.

A single MAFAT purchase order, he said, can help a startup raise five to ten times that amount from private investors, fueling what MAFAT’s director general has called Israel’s evolution from “cyber nation” to “defense nation.”

Asked to define MAFAT in one word, Cohen chose “vision,” the ability to imagine a capability and bring Israel’s talent and industry together to deliver it. 

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FBI Director Kash Patel is planning on visiting Russia at some point this year, Politico reported on Monday, citing an unnamed US official and a person familiar with the situation.

According to the US official, Patel is scheduled to visit Moscow in mid-October and also visit St. Petersburg. The official also told Politico that Patel’s host is likely to be the Russian secret service, commonly known by the acronym FSB.

Patel’s agenda for discussion remains unclear, as do the details on who he will be meeting with. White House spokespeople referred Politico to the FBI for comment, while spokespeople for the FBI and Justice Department did not respond.

Patel has spent years as FBI director denying claims of Russian interference in the United States election process, particularly in US President Donald Trump‘s first election in 2016.

Politico reported that Patel had previously been paid $25,000 dollars by a film company linked to the Kremlin in 2024, after participating in a documentary series entitled All the President’s Men: The Conspiracy Against Trump.

Patel accused of excessive drinking

Patel has also faced criticism over his alleged episodes of excessive drinking, which resulted in his grilling by Democratic lawmakers during a hearing before a Senate budget panel in May.

During the panel, lawmakers questioned Patel about a report in the Atlantic magazine that detailed instances of “conspicuous inebriation and unexplained absences” during his tenure that had alarmed officials at the FBI and the Justice Department.

Patel has sued the Atlantic and its reporter over the article, accusing them of defamation. The magazine has said it stands behind its reporting.

Reuters contributed to this report.

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WASHINGTON — Biotech companies are lobbying the Trump administration to exclude treatments for rare diseases from programs that lower brand drug prices in Medicare.

The Rare Disease Company Coalition met last week with the White House Office of Management and Budget to discuss two pilot programs that are part of President Trump’s plan to get drugmakers to lower prices in the United States to levels charged in other rich countries, a policy generally referred to as most-favored nation.

Continue to STAT+ to read the full story…

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The Trump administration is centralizing and politicizing science grantmaking to an unprecedented degree. Most recently, the Office of Management and Budget proposed a rule to require political appointees to review grants and ensure the projects they fund “demonstrably advance the President’s policy priorities” and do not “facilitate” any “initiatives that … promote anti-American values.” If the new rule takes effect, the government will be able to terminate a grant if it no longer “effectuate[s] … the national interest” — in other words, if it’s no longer to the president’s liking.

The comment period on the proposed rule ended July 13. Before it can take effect, the OMB must still finalize the rule, which the agency aims to do by the end of August.

Read the rest…

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Covid fatigue is real, but policymakers and policy influencers need to wake up to something important: Post-pandemic polarization threatens to lock our memories into attractive, untrue conclusions that will leave us unprotected next time.

When Covid-19 first arrived, there was little historical experience to guide response. After watching catastrophic results and stress on the health care systems in China, Italy, and Iran, American states rapidly invoked many measures simultaneously to combat a virus with proven destructive power: masks, social distancing, and school and business closures. They turned to the 1918 flu pandemic to understand the importance of rapid and society-wide response.

Read the rest…

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NEW YORK — It’s easy to miss the cannabis beverages that line the refrigerated sections of grocery stores, bodegas, and delis throughout New York City. The rainbow-like array of cans — bearing names such as Oasis, Cann, Milonga, Cycling Frog, Tempter’s, Gigli, and Mighty Kind — often look indistinguishable from iced tea, probiotic sodas, and other wellness-coded “functional beverages” that share their shelf space. 

In font sizes that range from prominent to squint-worthy, the cans’ labels note that they contain THC, the psychoactive compound found in cannabis. But most of the 10 stores visited on a recent scouting trip through South Brooklyn, some within a couple blocks of schools, displayed no signs indicating that these were intoxicating beverages, nor did they ask for identification when the drinks were brought to the register. 

Read the rest…

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The pandemic wrought financial havoc across the economy, but its impact on the housing market was significantly reduced due to a whole-of-government response that enabled millions of families to stay in their homes. The rapid deployment of forbearance, the ability to pause mortgage payments and a slew of new options to modify distressed mortgages provided critical support to households that prevented a deep and lasting housing recession. 

These tools, however, came with a financial cost, which was borne by mortgage servicers who were able to shoulder this burden by virtue of the historic refinance boom that followed the onset of the pandemic. The Federal Reserve’s intervention in the economy materially lowered mortgage rates, which both helped households save on their monthly payments and drove significant refinance activity, which gave mortgage servicers the operating capital to fund the cost of loss mitigation. 

But if we remain in an inflationary environment before the next housing downturn, the Fed may not respond by lowering the cost of credit, so we cannot rely on monetary policy to fund the use of these tools in the near term. We need to start building new vehicles to provide liquidity to servicers so they can help keep borrowers in their homes in the event of a downturn.

The vulnerability of independent mortgage banks

While the economy has proven resilient across the last few years, households are showing increasing signs of stress. At the same time, mortgage lenders, in particular independent mortgage banks (IMBs), have weathered several years of lower mortgage activity due to millions of borrowers being “locked-in” to their current mortgages originated or refinanced during the extremely low-rate pandemic era. 

Unlike traditional banking institutions, IMBs are monoline firms that do not benefit from the diversified business lines that typify traditional banks, so they are reliant on mortgage activity for revenue. 

Significant economic downturns like our pandemic experience and the global financial crisis of 2008 prompted the Federal Reserve to support greater economic activity by lowering the cost of credit; however, downturns and monetary easing do not always coincide, and today’s market reflects an inflationary environment that would likely render the Fed unwilling or unable to bolster the economy through a round of easing. Chairman Warsh’s first rate-setting meeting indicates that fighting inflation remains a priority and the Fed is strongly indicating either a stable or rising interest rate environment unless economic conditions change.

A perfect storm for housing finance

A downturn in the current economic environment would look vastly different than our most recent experiences. Mortgage servicers will not be able to manage a significant number of mortgage delinquencies in a low-origination environment without financing support. To the extent new loss mitigation tools are needed to address borrower distress, they will increase IMBs’ funding challenges, despite being a good investment of resources. 

This environment sets up the housing finance system for a potential “perfect storm,” in which large numbers of borrowers experience distress and default on their mortgages, even as the traditional sources of working capital for lenders become unavailable just when that liquidity is needed most. 

Managing mortgages of borrowers in distress is costly, but research has shown that prompt intervention is a good investment for mortgage servicers as the financial benefit of reperformance is often greater than recoveries in foreclosure. This recovery, however, takes time, and lenders need access to working capital to support borrowers and mitigate their own losses by modifying mortgages so that both they and borrowers can get to a sustainable outcome. 

The systemic risk of servicer failures

The potential failure of multiple mortgage servicers would present unique challenges to the housing finance system and broader economy. The Financial Stability Oversight Council (FSOC) published a report in 2024 laying out the ramifications of such a scenario. 

As the FSOC noted, servicer failures put distressed borrowers at risk of not getting available forms of mortgage relief. While mortgage servicing transfers occur regularly in the ordinary course, transfers related to servicer failures can be chaotic because they must be completed immediately, increasing the risk that borrowers will be lost in the process. 

Servicing failures result in the immediate transfer of servicing responsibilities to Ginnie Mae and the GSEs. Both Ginnie Mae and the GSEs rely on healthy mortgage servicers to take on these responsibilities, but finding new servicers in an environment that has led to the failure of multiple servicers would be challenging and would increase the likelihood that these transfers are delayed or impaired, exacerbating the impact on affected borrowers. Finally, as the FSOC noted, most mortgage servicers are also mortgage originators, so a disorderly set of failures can also threaten the availability and affordability of mortgages for new borrowers. 

How policymakers can prevent a crisis

What has changed in the years since the FSOC released its report is that the theoretical scenario that other experts and I have worried about has become much less theoretical. 

Over the last several years, a number of potential liquidity solutions have been suggested by experts and policymakers, each with its own advantages and drawbacks. The FSOC itself recommended a number of possible solutions, including asking Congress for new authorities to enable the federal government to provide liquidity when private-sector sources fail. 

While it is unlikely that there is a single “silver bullet” approach to solving this liquidity challenge, it is critical that stakeholders and policymakers work together to implement tools that make helping borrowers sustainable, so we can prevent deep and lasting harm to households and the economy before the storm hits. 

Sam Valverde, Managing Director at Falcon Capital Advisors and Former Acting President of Ginnie Mae
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com. 

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For nearly two decades, consumers have had the ability to answer one of life’s biggest financial questions almost instantly: “What is my home worth?”

Today, millions of homeowners monitor their home’s estimated value almost as closely as they monitor their investment portfolios.

Anyone who has spent a career in real estate has likely had countless conversations with homeowners who confidently say, “My Zestimate says my home is worth X”, only to discover it missed important details on the property and often gave an inaccurate valuation.

Now, something even bigger is beginning to happen. Consumers aren’t just asking online home valuation tools anymore. They’re asking artificial intelligence (AI).

They are going to AI titans such as ChatGPT and Claude and asking them “What is my home worth?” Not only to get an estimated range, but to seek advice, real advice. Advice whether to accept an offer. Advice about whether they are overpaying or not.

Recently, even luxury Real Estate mogul Ryan Serhant was on CNBC stating he nearly lost a $50 million deal because ChatGPT told the seller it was worth more, while simultaneously telling the buyer they were paying too much.

The question is no longer whether AI will influence real estate. It already has.

The real important question is whether today’s AI tools and automated valuation models have enough information to produce a valuation homeowners should trust. And if AI is to give that valuation, how do we make it unbiased, objective and transparent like a professional appraiser would?

The limitations of automated valuation models

For the last 20 years, automated valuation models (AVMs) have relied on historical sales data, public records, market trends and comparable properties.  These tools have transformed the real estate industry by making information more accessible than ever before.

But even the best algorithms share one important limitation: they don’t actually know the home.

Imagine two homes on the same street. They have the same number of bedrooms and bathrooms. They have identical square footage. Similar lot sizes. Maybe even built in the same year. On paper, they appear identical!

However, one homeowner invested hundreds of thousands into a new roof, new pool, renovated backyard, a new luxury kitchen; the list goes on. The neighboring property?  It hasn’t been updated at all.

To an algorithm relying on public records, these homes may appear very similar. To a buyer walking through the front door, they’re entirely different properties. That gap between public data and reality is where I believe the next generation of home valuation technology will evolve.

Combining artificial intelligence with homeowner knowledge

Ironically, the person with the most knowledge about the home has historically had the smallest role in determining its online value.

The homeowner knows the renovations. The deferred maintenance. The premium finishes. The condition of the roof. The quality of the landscaping. The panoramic views that may not appear in public records. They understand details that no algorithm can reliably infer from historical data alone.

The future isn’t about replacing algorithms with homeowner opinions. It’s about combining the strengths of both.

Artificial intelligence has the ability to analyze enormous amounts of market data, identify patterns and process information at a scale no human ever could. Homeowners provide context that algorithms often cannot see. Together, those two perspectives have the potential to create a more complete understanding of a property’s value.

As AI continues to reshape nearly every industry, residential real estate faces an important decision. Will we continue asking algorithms to estimate homes based solely on publicly available information? I believe the future of home valuations will not be defined by smarter algorithms alone. It will be defined by valuation technology that can finally see the whole property.

That means giving homeowners access to better tools that help them understand value before they make major financial decisions.

Because in real estate, the difference between a good decision and a costly one often comes down to understanding the details no public record can see.

Gene Whiddon III is the CEO of Better Homes and Gardens Real Estate Florida for South Florida and Founder and CEO of HomeZee.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

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According to Brookfield Asset Management and LXP Industrial Trust, on Monday, July 20, Brookfield and CPP Investments announced an agreement to acquire LXP Industrial Trust in a transaction valued at approximately $5.2 billion, underscoring continued institutional demand for industrial real estate despite elevated interest rates. The acquisition highlights the enduring value of warehouses and logistics facilities as e-commerce, manufacturing and supply chain investment continue driving demand across the sector.

Under the agreement, Brookfield and CPP Investments will acquire all outstanding shares of LXP Industrial Trust, adding a substantial portfolio of modern warehouse and distribution properties to their growing industrial real estate holdings.

The transaction reflects continued confidence in one of commercial real estate’s strongest-performing sectors.

While office buildings continue facing pressure from remote work and higher vacancy rates, industrial properties have remained attractive because of long-term tenant demand from logistics companies, manufacturers, retailers and third-party distribution operators.

The rapid expansion of e-commerce has fundamentally changed the warehouse market over the past decade. Retailers now require larger and more strategically located distribution centers to shorten delivery times while manufacturers continue investing in domestic production and regional supply chains.

For businesses, modern logistics facilities have become critical infrastructure.

Distribution centers increasingly incorporate automation, robotics and artificial intelligence to improve inventory management and shipping efficiency. Companies investing in supply chain resilience continue seeking newer facilities capable of supporting advanced technologies and higher throughput.

The acquisition also demonstrates that major institutional investors remain willing to commit billions of dollars to industrial real estate despite higher borrowing costs.

Unlike other commercial property sectors, warehouse occupancy has generally remained strong as businesses continue expanding inventory capacity and reshoring portions of manufacturing operations.

For construction companies, developers and building suppliers, continued investment in industrial properties supports demand for new logistics facilities, infrastructure improvements and specialized warehouse construction.

The deal also carries implications for municipalities competing to attract distribution hubs that generate property tax revenue, employment opportunities and regional economic activity.

Industrial real estate has become one of the most competitive segments of commercial property as pension funds, private equity firms and global asset managers seek stable, long-term cash flows backed by corporate tenants.

For investors, Monday’s transaction reinforces the view that high-quality logistics assets continue commanding premium valuations even as financing conditions remain more challenging than in previous years.

Pending regulatory approvals and customary closing conditions, the acquisition is expected to further expand Brookfield’s already significant global real estate portfolio while strengthening CPP Investments’ exposure to industrial assets supported by long-term structural demand.

For the broader business community, the transaction illustrates that warehouses are no longer simply storage facilities. They have become essential infrastructure supporting manufacturing, retail, transportation and global commerce, making industrial real estate one of the most resilient sectors for institutional investment.

JBizNews Desk | New York

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Ryanair CEO Michael O’Leary said on Monday that an initial finding from an investigation into a broken window incident earlier this month suggested “foreign object damage” and that the problem was caused by the aircraft’s age or servicing conditions.

“Initial indication would suggest it looks like a foreign object damage to the engine on takeoff at Thessaloniki, but we don’t have, we can’t say that definitively,” O’Leary told analysts after Ryanair’s results for the April-June quarter.

O’Leary said the aircraft was 18 years old and that the engine had been fully serviced and overhauled within the last two years.

WHY A BLOWN-OUT PLANE WINDOW NEARLY SUCKED A PASSENGER OUTSIDE AT 16,000 FEET

He also said that a draft report on the incident would be released in under a month, with a more detailed report to follow.

On July 10, a piece of a Boeing 737’s engine broke off the aircraft and smashed into a window shortly after takeoff from Thessaloniki, Greece, en route to Memmingen, Germany, according to video footage and the Federal Aviation Administration.

The plane lost pressure and was forced to make an emergency landing.

RYANAIR ‘RELUCTANTLY’ ENDS MANDATORY FEE FOR PARENTS TO SIT WITH CHILDREN AMID INVESTIGATION

A passenger was partly sucked out of the aircraft during the incident, but his wife and other passengers were able to grab him and pull him back inside.

The 61-year-old passenger was hospitalized after he suffered neck and shoulder injuries as well as friction burns.

Flight records show the aircraft, which was delivered new to Ryanair in 2008, had been climbing past 15,000 feet about six minutes after takeoff before then descending to about 6,000 feet. The aircraft remained at the lower altitude for about 30 minutes to burn fuel before returning to Thessaloniki about an hour after departure, according to flight-tracking site Flightradar24.

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The National Transportation Safety Board is investigating the incident.

If damage to the aircraft was caused by an external object, it could reduce Boeing’s and Ryanair’s responsibilities in the incident.

Reuters contributed to this report.

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Unemployment was unchanged while wage growth was flat in the three months through May, adding to expectations that the BOE will leave rates unchanged next week.

This post was originally published here. 

Artificial intelligence has introduced hundreds of tools to the mortgage industry, but many lenders are still struggling with rising costs, fragmented workflows and inconsistent productivity. According to Siddhartha Agarwal, CEO of JazzX AI, the next phase of AI adoption isn’t about adding another application. It’s about creating an intelligence layer that works across existing mortgage systems, institutionalizes knowledge and fundamentally changes how loans move through the organization.

Agarwal explains why enterprise AI mortgage operations represent an operating model transformation, how lenders can modernize without replacing their loan origination systems and why AI governance will determine long-term success.

Enterprise AI requires a new operating model

HousingWire: Why is the mortgage industry moving beyond point solutions toward a more enterprise-wide approach to artificial intelligence (AI)?

Siddhartha Agarwal: The industry is facing a structural challenge, not simply a cyclical one. Costs continue to rise, productivity remains inconsistent and too much operational knowledge exists only in employees’ heads.

For years, lenders tried to improve efficiency by adding point solutions or more people. AI changes that equation because it can reason, interpret underwriting guidelines, evaluate lender overlays, understand unstructured documents and orchestrate multi-step workflows.

Instead of automating isolated tasks, lenders should consider operationalizing decision-making throughout the entire mortgage process. The same information is reviewed repeatedly by loan officers, processors and underwriters. Enterprise AI eliminates much of that duplication, increasing productivity while reducing costs.

Why an AI intelligence layer in mortgage matters

HW: JazzX AI has been described as an intelligence layer rather than another AI application. What does that mean in practice, and why is that distinction becoming more important for lenders?

SA: AI creates an AI intelligence layer mortgage lenders can deploy on top of existing platforms like the loan origination system (LOS). Rather than replacing systems of record, it reasons through guidelines, understands documents, evaluates conditions and orchestrates workflows across teams.

Many organizations have embedded too much business logic inside their core platforms, making them difficult to upgrade. We saw the same challenge years ago with enterprise resource planning systems. Instead, intelligence should be separated from transactional systems.

The LOS continues to store transactions and maintain compliance, while the intelligence layer handles reasoning, document validation and workflow orchestration. We’ve seen this firsthand during customer deployments. Underwriters consistently tell us the system reduces unnecessary work, avoids over-conditioning and captures institutional knowledge that previously depended on years of individual experience.

As users interact with the platform, that knowledge becomes institutionalized instead of remaining with individual employees. New policies and best practices can then be incorporated into future loan decisions across the organization.

Improving experiences across the loan lifecycle

HW: Many lenders aren’t looking to replace their LOS. How does the intelligence layer work alongside existing systems, and why is that approach resonating?

SA: The LOS continues to manage transactions and loan data. What JazzX adds is the ability to reason across agency guidelines, investor requirements, lender overlays and internal policies. It determines which conditions need to be met, evaluates the evidence across the loan package and explains whether each condition passes, fails or requires additional information with the supporting policy and evidence behind every decision.

That intelligence becomes available throughout the loan lifecycle, not just at underwriting. Loan officers can identify issues much earlier, processors and underwriters work from the same evaluated conditions and underwriters spend less time repeatedly interpreting documents and more time focusing on exceptions and judgment.

That’s why this approach is resonating. Lenders don’t have to replace the systems they’ve invested in. They can preserve their existing technology while adding an intelligence layer that makes those systems and the people using them dramatically more effective.

Adapting AI to every lender

HW: Every lender operates differently. How can AI accommodate those differences without forcing organizations to change their processes?

SA: No two lenders are alike. Everyone follows agency guidelines, but every organization has its own overlays, risk tolerances, workflows and approval processes. The key is that AI shouldn’t force lenders to change how they operate. It should adapt to how they operate.

That means mortgage operations teams should be able to apply their own overlays on top of agency guidelines, review changes from Freddie, Fannie, investors or regulators before those updates are used by the AI, and continuously refine how the AI reasons over policies and evaluates conditions. They should also be able to modify workflows and business processes simply by interacting with the AI in natural language, rather than relying on IT to reconfigure systems or write custom code.

In other words, the intelligence layer becomes configurable by the business, not just the technology team. That allows lenders to preserve what makes them unique while ensuring AI reasons consistently according to their own policies, workflows and governance.

For example, if documents typically arrive over a 30-minute period, lenders can simply instruct the system to begin processing after that window closes. They can define overlays, create specialized AI assistants and modify workflows without needing IT or development resources. The technology adapts to each lender’s operating model instead of requiring the organization to conform to the software.

Questions leaders should be asking

HW: What separates forward-thinking lenders from organizations still focused on individual automation tools?

SA: The most advanced organizations aren’t asking which AI tool to buy. They’re defining their future operating model by identifying operational bottlenecks, deciding where AI should augment human judgment and determining which repetitive work can be automated.

They’re also thinking about institutional knowledge. When experienced underwriters explain why they disagree with an AI recommendation, that expertise shouldn’t disappear. The AI system should automatically aggregate all those insights, present them back to some policy supervisor who can make decisions to approve some of these to become overlays for all future loans and then these new overlays get added to the reasoning AI does over all future loans; that’s how knowledge gets institutionalized into the process and improves future decisions.

Finally, they’re asking what their workforce should look like in two or three years. This isn’t about reducing staff. It’s about allowing people to spend less time reviewing repetitive documentation and more time solving complex exceptions where human judgment adds the greatest value.

AI governance cannot be an afterthought

HW: Mortgage lending is highly regulated. How should lenders approach governance and auditability in AI?

SA: AI governance is essential because mortgage lending requires consistency, explainability and accountability. AI cannot operate as a black box. Organizations need deterministic outcomes, clear audit trails and transparent reasoning that shows which policies and source data informed every decision.

Human accountability never disappears. Underwriters need escalation paths, oversight and approval authority for exceptions, while organizations continuously monitor AI performance to prevent model drift over time. The combination of deterministic business processes and AI allows lenders to benefit from intelligent automation while maintaining the consistency and auditability that regulators expect.

Preparing for the next five years

HW: How do you see enterprise AI changing mortgage operations over the next five years, and what should lenders do now?

SA: Organizations should think about enterprise AI mortgage operations as a business transformation rather than a technology implementation. AI will reshape workflows, decision-making, productivity expectations and organizational structures. If AI handles much of the guideline interpretation, evidence gathering and condition validation, underwriters can operate at a completely different level of productivity.

New roles will emerge, including policy supervisors responsible for governing organizational knowledge and how AI reasons across future loans.

Equally important is change management. Leaders must build trust between employees and AI, redefine responsibilities and establish AI governance alongside technology. I recommend a crawl-walk-run approach. Start with a small team processing a handful of loans each week. Learn what needs to be configured, refine the system and gradually expand. Organizations can then scale confidently based on proven workflows rather than a risky big-bang deployment.

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Rabbi Dov Lando, the spiritual leader of the hassidic Degel Hatorah political faction, claimed to have been misinterpreted on Monday night, after a recording of him attacking the religious Zionist community had been widely condemned earlier that day.

“We may encounter people who differ from our way of life, and it is imperative to be careful of any arguments with them regarding our differing views,” he stated at a conference for community rabbis.

“Our views are clear to us from our rabbis,” he explained, “and in particular we must be very careful of arguments with people who, under the cover of their faith, persecute the Torah and those who learn it, and are unable to understand and deepen our views, which was the view of our great rabbis.”

According to Lando, his incendiary words had been said during a private conversation, and had been “reacted to with distortion and a complete lack of understanding.”

On Monday, Lando had accused the religious Zionist community of waging wars that were not for Israel’s protection.

Degel Hatorah spiritual leader Rabbi Dov Lando talks at a conference for community rabbis, July 20, 2026. (Credit: Via Walla)

“If the country sends people, soldiers, in the name of the country’s honor, and they kill people, is that also allowed?” he questioned. “It’s simply murder. So they’re inciting to murder, that’s what they’re doing.”

Netanyahu condemns Lando’s statements on IDF

Prime Minister Benjamin Netanyahu condemned Lando’s words, saying that IDF soldiers deserve gratitude and appreciation.

Degel Hatorah later responded to Netanyahu, warning him not to attack the spiritual leader.

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The Trump administration has in recent weeks weighed cutting ties with the UN refugee agency (UNHCR), prompting a campaign by diplomats and UN officials to persuade the United States to maintain support, sources familiar with the matter told Reuters.

Eight sources, including diplomats, aid sources and a congressional source, told Reuters that Washington, historically UNHCR’s largest donor, has been considering disengaging from the agency. Several said a decision had been expected last week, but no announcement was made, suggesting that the lobbying effort may have helped delay or avert a move.

Reuters granted the sources anonymity to speak about UN relations with the US

The US deliberations over leaving UNHCR, which was created in the aftermath of World War Two to help refugees fleeing war, persecution and violence, follow a disagreement over the appointment of the deputy high commissioner, five of the sources said.

They said that the agency had informed supporters that it could be placed on a US blacklist, ending funding, and that Washington could also withdraw from its governing Executive Committee.

Any end to US funding would seriously weaken the agency at a time of near-record levels of displacement around the world amid long-running conflicts like Ukraine and Sudan, diplomats and aid officials said.

“People have been alerted by UNHCR to call friends in the administration,” a source at an aid group involved in the talks told Reuters, saying that many had done so. “They are at least thinking about it,” the source added.

Another diplomat said UNHCR officials had asked supporters in the past week to use all available diplomatic channels with the United States to urge ongoing support.

A UN refugee agency spokesperson did not respond to a request for comment. “We have no comment on this issue because we have no information on it,” UN spokesperson Stephane Dujarric said.

A State Department spokesperson said there have not been any changes to Washington’s engagement with UNHCR. “As with many other international organizations, we work with and through UNHCR when doing so is useful to advance US foreign policy interests or save lives.”

“We will continue to evaluate the United States’ role in international organizations…” the spokesperson added, referring to a February 2025 Executive Order to review US participation and funding.

Since beginning his second term last year, US President Donald Trump has cut funding for UN agencies and withdrawn from dozens of UN entities, including the World Health Organization. Trump officials have also urged other nations to join a global campaign to roll back asylum protections.

Leadership dilemma

The dispute centers on last month’s appointment of US career diplomat Tressa Rae Finerty as UNHCR’s deputy high commissioner.

UN Secretary-General Antonio Guterres and UN High Commissioner for Refugees Barham Salih chose Finerty over Simon Hankinson, a US-backed candidate and former foreign service officer who has accused the UNHCR of pursuing “a mass migration agenda.”

“If they wanted reform, a return to UNHCR’s original mission of helping actual refugees, and a careful inspection of budgets and spending, I was the guy,” he told Reuters, calling Finerty a “business as usual” candidate.

Reuters could not reach Finerty for comment.

A former senior UNHCR official said Salih, a former Iraqi president and refugee, would have faced internal “uproar” had he backed Hankinson.

Other UN agencies like the International Labor Organization have also faced dilemmas over appointing US officials amid questions about the US commitment to global cooperation.

Andrew Veprek, Assistant Secretary of State in the Bureau of Population, Refugees and Migration who has espoused anti-migration views, was involved in backing Hankinson’s candidacy, two of the sources said. The US State Department declined to comment on his involvement.

UNHCR’s top donor

The US was the top donor to UNHCR in 2025, giving $868 million or about a quarter of the total contributions, according to the agency.

UNHCR is already facing a financial crisis after available funding fell roughly 30% in 2025 compared with 2024, Reuters reported. The agency has cut thousands of jobs and announced further cuts this year.

Diplomats and aid officials said a full US withdrawal would deepen the crisis and undermine support for the 1951 Refugee Convention, the cornerstone of the post-war refugee protection system.

“Rethinking it would be an existential threat for UNHCR,” the former UNHCR official said. “It could have a massive knock-on effect.”

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Archer Aviation defense technology company Anduril unveiled a co-developed autonomous aircraft ​platform on Monday, as aerospace startups increasingly tap partnerships that can lower development costs ‌and speed up commercialization.

The platform, developed together under a 2024 deal, is designed for both commercial and military applications.

Anduril introduced the defense variant, called Thunder, on Monday at the Farnborough Airshow. It’s a Group 5 autonomous attack rotorcraft ​intended to fly alongside current and next-generation crewed attack and assault aircraft.

Archer CEO Adam Goldstein told Reuters ​the company built a very specific aircraft rather than retrofit an existing aircraft.

“Andruil ⁠has done a very good job of identifying needs and then building ahead of those ​needs before programs ever get announced… They identified a need, and we built a very specific aircraft ​for that need,” Goldstein said.

“When you want to look at a product that can have large-scale use on the defense side, they typically will need to be built and designed and catered towards that very specific customer ​and use case.”

Archer, best known for developing electric air taxis, plans to unveil its commercial variant ​and announce the platform’s first commercial customers later this week, the companies said.

Developers of electric vertical takeoff and landing ‌aircraft ⁠have been looking to expand beyond urban air taxi services, once touted as a trillion-dollar market, as certification delays, infrastructure hurdles and steep capital requirements weigh on the sector.

The Thunder is aimed at “anyone who operates Apache, anyone who operates armed reconnaissance helicopters,” said Shane Arnott, Anduril Industries’ senior vice ​president of programs & engineering.

Air taxi ​companies are also ⁠increasingly turning to hybrid-electric propulsion to extend range and improve mission flexibility beyond short urban hops, hoping to tap broader markets and cut losses.

The Archer-Anduril ​platform uses a series hybrid-electric powertrain and tilt rotors designed to vary ​rotor speed ⁠across flight conditions, with capabilities to support missions including military strikes, cargo movement, remote logistics and other operations from austere locations, the companies said.
 
For Archer, the partnership offers a path into defense and heavier-duty ⁠commercial markets ​while the outlook for the air-taxi market looks cloudy.

The companies ​have completed multiple test flights using full-scale surrogate aircraft, a step toward validating key systems. Thunder’s first flight is planned ​for 2027.

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Iran’s Islamic Revolutionary Guard Corps (IRGC) targeted Amazon infrastructure in Bahrain, the terror group claimed on Monday.

According to the IRGC-affiliated Tasnim News Agency, Amazon’s central data infrastructure was targeted and destroyed by several cruise missiles.

Tasnim also claimed on Monday that the IRGC had targeted United States military sites in Jordan.

The IRGC also claimed that a missile defense radar system and a US Air Force F-15 fighter jet had both been destroyed in Jordan.

The strike, the IRGC stated, was a “continuation of the operation to clear the region of radars and defense systems, pave the way for more extensive missile and drone attacks, and complete the black night of the American enemy’s radar.”

IRGC claims to strike US drone facilities

On Sunday, the IRGC claimed to have struck and destroyed US drone maintenance facilities at Bahrain’s Sakhir Air Base and vessel preparation sheds at Salman port.

Camp Arifjan in Kuwait was also allegedly struck, according to the Iranian report.

Jerusalem Post Staff contributed to this report.

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NEW YORK — Goldman Sachs warned Tuesday that Brent crude oil could climb above $120 per barrel if disruptions to shipping through the Strait of Hormuz persist, underscoring how one of the world’s most critical energy chokepoints continues to pose a major risk to global markets despite recent periods of price stability. The investment bank said its base-case outlook still assumes tensions eventually ease, but a prolonged interruption to Gulf oil exports would significantly tighten global supplies and drive prices sharply higher. 

The warning comes as the Strait of Hormuz remains at the center of heightened geopolitical tensions. Roughly one-fifth of the world’s seaborne crude oil normally passes through the narrow waterway connecting the Persian Gulf to international markets, making any sustained disruption an immediate concern for refiners, shipping companies, airlines, manufacturers and consumers worldwide.

Goldman said its central forecast continues to call for lower oil prices if regional tensions gradually subside and export flows normalize. However, the firm emphasized that a prolonged reduction in Gulf exports would materially alter the global supply-demand balance, creating the potential for a rapid spike in crude prices as inventories tighten and buyers compete for available barrels. 

The outlook highlights the growing disconnect between current oil prices and the risks embedded in the market. Despite months of conflict and repeated threats to shipping routes, crude prices have remained below the worst-case forecasts issued earlier this year, supported by resilient U.S. production, strategic stockpile releases, diversified export routes and softer demand growth from major importing nations. Those factors have helped cushion the market from the full impact of Middle East disruptions. 

For American consumers, any sustained move toward $120 Brent would likely translate into higher gasoline and diesel prices, increased transportation costs and renewed inflationary pressure across much of the economy. Energy represents a major input cost for manufacturing, agriculture, aviation, trucking and retail distribution, meaning higher crude prices often ripple through supply chains before ultimately reaching consumers.

Businesses are also closely monitoring shipping insurance costs and freight rates, both of which have risen as security concerns increase around Gulf shipping lanes. Even without a complete closure of Hormuz, higher transportation expenses can add to the cost of delivering oil and refined products to global markets.

Investors are expected to remain focused on military developments, shipping activity through the Strait of Hormuz, OPEC+ production decisions and diplomatic efforts that could either ease or escalate tensions in the region. Any indication that export flows are improving could quickly reduce the geopolitical risk premium built into crude prices, while additional disruptions could send energy markets sharply higher.

For now, Goldman continues to view the $120-plus scenario as a downside risk rather than its primary forecast, but the bank said the possibility underscores how sensitive global energy markets remain to prolonged supply disruptions in one of the world’s most strategically important oil corridors. 

JBizNews Desk | New York

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Jerusalem District Police and Border Police officers mobilized to clear roads as haredi (ultra-Orthodox) protests occured across the Jerusalem area, Israel Police announced on Monday night.

The disturbances are occurring on Bar-Ilan Street and Haim Bar-Lev Boulevard in Jerusalem, and Yehuda Hanasi Boulevard in Beit Shemesh.

Protesters were throwing items, blocking traffic, and refusing to follow instructions, the police said, adding that an officer placed a placard at the scene to disperse the demonstrators, but the participants did not respond.

Police forces continue to operate at the scene to restore order and keep roads open, the police said.

Meanwhile, members of the Gur Hasidic community are gathering outside Attorney-General Gali Baharav-Miara‘s house, chanting “Consult and then act,” according to an N12 News report. 

Haredi activists protest against arrest of draft dodger

The protests are part of a larger wave of haredi demonstrations, with hundreds of Gur Hassidic demonstrators also gathering outside of Military Prison 10 in Beit Lid earlier on Monday to protest the arrest of a draft dodger. 

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The IDF nearly fired on five Israeli right-wing activists near the Syrian border two weeks ago after suspecting they were a terrorist squad attempting to enter Israel, public broadcaster KAN News reported on Monday. 

The five suspects were all members of the HaBashan Pioneers movement. After identifying the group on military surveillance near Mount Hermon, Elbit Hermes 450 “Zik” drones were quickly dispatched to carry out an aerial strike, KAN reported.

Just before the attack was launched, observers noticed that the group of men had peyot, or side curls, indicating they were observant Jews and not infiltrating terrorists, KAN noted.

The HaBashan Pioneers movement has been trying to establish Jewish settlements in Syrian territory, and multiple groups of activists have been arrested in recent weeks for trying to cross the border. 

KAN cited an IDF response confirming the incident, saying “The IDF strongly condemns the incident… and emphasizes that [crossing the border into Syria] is a life-threatening criminal offense.”

HaBashan Pioneers still working towards a ‘magnificent Jewish settlement’ in Syria

HaBashan Pioneers claimed that the “shooting was carried out” against the five men before announcing that it would continue its attempts to build Jewish settlements in Syria, despite military intervention at every attempt. 

“Last week, our activists entered and left the area three times without anyone noticing them,” the movement said. “The space is vast, and the army alone is not capable of holding at every point and at every hour. We will not stop until a magnificent Jewish settlement is established in the Bashan region.”

On July 5, about 100 such activists crossed into the Syrian side of Mount Hermon and were detained by the IDF. Though no incidents comparable to a near-strike were reported, the activists accused the military of using “severe violence” to detain them.

The most recent illegal border-crossing attempt was on July 13, and the suspects were detained in the Golan Heights before being transferred to Israel Police for questioning. 

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US President Donald Trump unveiled 50% tariffs on a wide range of imports from Canada on Monday in response to what the US administration called its discriminatory treatment of American-made cars, alcohol and dairy goods, threatening a new front in a global trade war.

In slapping import taxes on goods ranging from wine to cement and ice hockey gear, Trump invoked Section 338 of the Tariff Act of 1930, which permits a president to impose punitive tariffs of up to 50% against trading partners deemed to have discriminated against US goods. That marked the law’s first known usage in nearly a century of existence.

The new tariffs, set to take effect in 30 days, would also apply to dairy products, swimming pools, furniture, fishing rods, seeds, clothing and wigs, among other items.

The US Trade Representative’s office said that the tariffs would apply to nearly $20 billion of imports from Canada. That’s about 5.2% of the $382 billion in goods the US imported from Canada in 2025, according to US Census Bureau data.

“While the Administration continues to secure fair and reciprocal trade deals with our trading partners, Canada, unlike other partners and allies, continues to retaliate against the United States for its efforts to rebalance trade and protect US industry in national-security sensitive sectors,” US Trade Representative Jamieson Greer said in a statement.

Canadian Prime Minister Mark Carney said in a statement that his government has made comprehensive proposals to resolve trade disputes with Washington, asserting that Trump’s past tariffs violated the North American trade pact.

“This trade dispute has raised costs for families, particularly in the US,” he said. “Canada stands ready to engage intensively to address outstanding issues with the US to the mutual benefit of our citizens.”

The Trump administration has long complained that Canada and China implemented retaliatory measures in response to the barrage of tariffs Trump has tried to impose since returning to the White House last year.

Greer has pointedly left Canada out of negotiations underway with Mexico on changes the US wants in the USMCA. He holds bilateral talks on USMCA in Mexico City this week.

When Trump and Carney met at the FIFA World Cup Final in New Jersey on Sunday, Trump demanded that Carney take action to contain wildfires that have sent smoke billowing across swaths of the US. The US president threatened last week to add the “incalculable cost” of dealing with pollution to existing tariffs on Canadian goods.

First usage of Tariff Act

The Tariff Act of 1930 and its Section 338 are better known for massive US tariff increases and subsequent retaliation that economic historians say worsened the Great Depression of the 1930s.

Section 338 was intended to ensure countries apply tariffs equally and don’t give preferential rates to some countries at the expense of US exports, said John Veroneau, a US trade official in President George W. Bush’s administration who has extensively researched the statute.

He said that some presidents, including Franklin D. Roosevelt, considered imposing tariffs under Section 338, but no record could be found of any president taking such action until Trump’s proclamations on Monday.

“It is ironic, to say the least, to use this authority to impose tariffs to retaliate against tariffs that were imposed in response to actions taken by the US,” said Veroneau, senior counsel with the Covington and Burling law firm.

“These tariffs may be lawful under Section 338, but they at a minimum violate the spirit of Section 338, which was to create a world where countries apply the same tariffs on the same goods to all countries,” he said, adding Trump has moved away from this principle “in a maximalist way.”

After World War Two, major countries created the “most-favored-nation” tariff system through the General Agreement on Tariffs and Trade to try to prevent a return to the pre-war “beggar-thy-neighbor” economic policies marked by competitive trade restrictions and currency devaluations.

Trump’s new levies are set to take effect on August 19 and apply regardless of whether goods qualify for tariff exemptions under the USMCA, although Trump exempted a range of key goods, including energy, potash, fish, critical minerals, and products already covered by Section 232 tariffs.

Washington cites Canada’s dairy supply system as grounds for tariffs

Among the grounds for the tariffs, the White House cited Canada’s “protectionist” dairy supply management system, as well as tariffs and quotas on cars imported into Canada from the US but not from other countries. Carney said that Canada “as is its right, merely matched” US tariffs on the auto sector that were in violation of the USMCA.

Washington also noted that most Canadian provinces have halted the sale of US alcohol, a move in response to prior US tariffs.

The White House said Canadian imports of US motor vehicles dropped by 22% and of US alcoholic beverages by 81% over the past year.

Diamond Isinger, a former senior adviser to former Canadian prime minister Justin Trudeau on US-Canada relations, said Carney would have limited ability to compel provinces to resume selling American alcohol.

“Unless there are some sort of extraordinary measures invoked here, the premiers of those provinces are the ones who decide whether to restock alcohol,” Isinger said.

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Two women and three men were confirmed dead on Monday in an apparent mass drowning in Ohio after two people entered a river to help a struggling swimmer, followed by two more adults who made an ill-fated rescue attempt of their own, officials said.

According to the Delaware County Sheriff’s Office, the tragedy unfolded Sunday night along the Scioto River at the O’Shaughnessy Reservoir, about 10 miles northwest of Columbus, Ohio, the state’s capital and largest city.

A group of at least seven people – two sets of parents, an adult male friend, and two children – were relaxing along the river’s edge around sunset, some of them fishing, when one of the adults ventured into the river to swim, according to Sheriff Jeffrey Balzer.

As the swimmer began to struggle in the water, two other adults tried to assist him but began floundering themselves, leading two more adults to make rescue attempts before all five disappeared in the river, Balzer told reporters at a news conference on Monday.

“It’s not unusual, I think, for one person to be struggling in the water, and other people attempt to save him, yet they don’t have the skills to do that, so we end up with multiple deaths,” the sheriff said.

Authorities were alerted after one of the two children ran to a nearby road and flagged down a motorist, telling the driver “his family was in the river,” Balzer said.

Two women, five men dead, two children in family services agency care

Emergency personnel were dispatched to the scene, where they quickly found two women and pulled them from the water. The women were pronounced dead a short time later at a local hospital, according to Balzer.

The bodies of the three missing men were recovered the next day, a spokesperson for the sheriff’s office, Tracy Whited, later told news media outlets.

The sheriff said the two children, both under the age of 10, had since been placed in the care of the local family services agency.

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Warning: This article contains content that may be disturbing to some readers.

Israel Police arrested a 59-year-old Bat Yam resident on July 12 for committing serious sexual offenses against his two granddaughters on multiple occasions, police confirmed on Monday.

On July 6, police received a report of suspected sexual abuse committed by a resident of Bat Yam against his two granddaughters, both of whom are minors.

An investigation was launched at the Bat Yam police station, during which evidence was gathered, testimony was collected, and the parties involved were questioned.

The investigation found substantial evidence that the suspect had sexually assaulted his granddaughters, claiming he did so to “prepare them for adulthood.”

An indictment is expected

Just under a week after the initial report was made, the suspect was arrested and taken to the police station for questioning.

His detention was extended periodically, and a prosecutor’s declaration was filed against him on Monday morning.

A serious indictment charging him with severe sexual offenses is expected to be filed in the coming days.

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Russia said on Monday it had declared two Italian diplomats persona non grata, calling it a reciprocal measure in response to the expulsion of two Russian embassy staff in Italy.

Italian Foreign Minister Antonio Tajani said on July 9 that Rome had expelled two military attachés at the Russian embassy in Italy who were allegedly involved in espionage activities.

The Russian foreign ministry said in a statement that Vittorio Parrella, the assistant defense attache at the Italian embassy, and Davide D’Aprile, an attache, were persona non grata and must leave Russia with their families within three days.

The ministry also said it had summoned Italian interim Charge d’Affaires Giovanni Scopa in connection with the expulsion of Russian embassy staff.

“The Russian Federation has expelled, without reason, the Italian military attache in Moscow along with one of his collaborators. This is an act of blatant retaliation for the expulsion from Italy of two Russian military attachés, who were indeed caught red-handed while carrying out espionage activities to the detriment of our national security,” Tajani wrote on X on Monday.

Italy expels two Russian embassy staff over spying case

Two weeks ago, the Italian government decided to expel two military attachés at the Russian Embassy in Italy who were allegedly involved in espionage activities after two people were arrested on charges of passing classified information to a Russian agent.

Prosecutors said the main suspect was a former officer of Italy’s Carabinieri police force. Five other individuals are also under investigation.

Tajani said on X that the two Russian officials must leave Rome within three days.

He said Moscow continued to employ “hybrid tools” against Italy and the West, describing this as “serious and unacceptable interference” that threatens national security.

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Foreign ministers of the Southeast Asian bloc ASEAN will issue a statement on the Middle East crisis after expressing grave concern about the evolving situation, the Philippines‘ top diplomat said on Tuesday.

Maria Theresa Lazaro was speaking to reporters after chairing a closed-door meeting in Manila with her counterparts from the Association of South East Asian Nations.

The meeting comes as tensions between the US and Iran threaten to cast a shadow over a diplomatic gathering in Southeast Asia this week, injecting additional uncertainty into a region grappling with maritime tensions with China and a faltering regional effort to end Myanmar’s civil war.

Meeting to raise economic concerns

Foreign ministers from the 11-member Association of Southeast Asian Nations and major partners will gather in Manila against the backdrop of instability beyond the region since the US and Iran resumed open conflict, raising concerns about energy supplies through the Strait of Hormuz, inflation, and global growth.

“We’re looking at several occasions where they can raise this very, very critical topic,” said Dominic Xavier Imperial, a spokesperson for the Philippines, the meeting host.

But Southeast Asia’s top diplomats meeting on Tuesday face no shortage of challenges closer to home.

They will have an informal consultation on Myanmar’s conflict, as ASEAN’s peace initiative struggles to gain traction, five years after it was launched following a military coup that plunged the country into a civil war that has killed an estimated 100,000 people.

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