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Bitcoin surged above $65,000 on Wednesday, July 15, after a series of softer-than-expected U.S. inflation reports prompted investors to sharply reduce expectations for another Federal Reserve interest-rate increase, fueling a broad rally across cryptocurrencies and other risk assets.

The world’s largest cryptocurrency climbed as high as $65,500 after the Bureau of Labor Statistics reported that producer prices fell 0.3 percent in June, reinforcing Tuesday’s unexpectedly weak Consumer Price Index report and strengthening the view that inflation continues to move in the Federal Reserve’s favor.

Ether also advanced about 5 percent to $1,873, while XRP and most other major cryptocurrencies posted solid gains as investors rotated back into risk assets.

Inflation Changed the Conversation

Markets had spent weeks positioning for the possibility of another Federal Reserve rate increase.

That outlook changed quickly.

Tuesday’s Consumer Price Index showed prices fell 0.4 percent in June, the largest monthly decline since April 2020, while annual inflation slowed to 3.5 percent, below economists’ expectations.

Wednesday’s Producer Price Index added further evidence that inflation pressures are easing, with wholesale prices falling 0.3 percent and core producer inflation increasing only 0.2 percent.

Later in the afternoon, the Federal Reserve’s Beige Book reported that price growth was the same or slower across all 12 Federal Reserve districts, providing another indication that inflation pressures are moderating across the country.

Together, the reports significantly strengthened investor confidence that the Federal Reserve may not need to tighten monetary policy as aggressively as markets had anticipated only days earlier.

Markets Responded Immediately

Interest-rate expectations shifted almost as soon as the data was released.

According to CME FedWatch, the probability of another Federal Reserve rate increase by September dropped to roughly 48 percent, down from nearly 70 percent just one week earlier.

The two-year Treasury yield fell about 7 basis points to 4.12 percent, the U.S. dollar weakened, and investors moved back into higher-risk assets including cryptocurrencies and technology stocks.

Earlier Wednesday, New York Federal Reserve President John Williams said there were encouraging reasons to believe inflation had peaked and projected a gradual return toward the Federal Reserve’s 2 percent target over the coming years.

Short Sellers Added Fuel

The rally accelerated as traders betting against Bitcoin were forced to cover losing positions.

Between $209 million and $230 million in leveraged cryptocurrency short positions were liquidated over two sessions, including approximately $107 million tied directly to Bitcoin.

Those forced purchases amplified an already strong move driven by improving economic data.

Institutional Money Remains Active

Institutional investors continued directing money into digital assets through spot exchange-traded funds.

BlackRock’s IBIT led Bitcoin ETF inflows, while Fidelity’s FBTC also attracted fresh capital. Spot Ether ETFs continued adding assets as institutional demand remained resilient despite recent market volatility.

Although ETF flows have alternated between inflows and outflows throughout July, institutional participation remains one of the strongest long-term supports for the cryptocurrency market.

Why This Rally Was Different

Perhaps the biggest takeaway is what didn’t drive Bitcoin higher.

Despite continuing geopolitical tensions and conflict in the Middle East, investors focused overwhelmingly on inflation, interest rates and Federal Reserve policy rather than global events.

That reflects how dramatically Bitcoin’s trading profile has evolved since the launch of U.S. spot Bitcoin ETFs.

Increasingly, Bitcoin trades alongside growth assets, responding to monetary policy, Treasury yields and liquidity conditions more than geopolitical headlines.

What Comes Next

Attention now turns to the Federal Open Market Committee meeting on July 28–29, where policymakers will determine whether recent inflation improvements justify pausing additional rate increases.

Markets will also closely watch the next Consumer Price Index report for confirmation that June’s improvement was not a one-month anomaly.

For businesses and investors alike, the message is becoming clearer.

If inflation continues cooling, financial conditions could gradually ease, supporting equities, cryptocurrencies and other growth-oriented assets.

If energy prices rebound or inflation begins accelerating again, markets could quickly reverse course.

For now, investors are increasingly betting that the Federal Reserve is approaching the end of its tightening cycle—and Wednesday’s surge in Bitcoin reflected that growing confidence.

JBizNews Desk | New York
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BMW is recalling nearly 30,000 vehicles over an engine starter issue that could pose a fire risk, according to federal regulators.

The recall affects 29,119 plug-in hybrid sedans, including 2018-2020 BMW 530e xDrive, 2018-2020 BMW 530e iPerformance, 2017-2019 BMW 740Le xDrive and 2016-2018 BMW 330e iPerformance vehicles.

According to the National Highway Traffic Safety Administration (NHTSA), water can come into contact with the engine starter’s electrical relay, leading to corrosion over time.

SUBARU RECALLS OVER 540,000 SUVS AFTER FEDERAL REGULATORS FLAG WEIGHT CALCULATION ERROR: NHTSA

Corrosion inside the starter relay could affect the relay’s electrical connections and the engine’s ability to start, the recall report reads.

The issue could cause a short circuit and possible overheating of the starter even if it is parked with the ignition turned off, according to NHTSA.

“A short circuit in the starter relay may increase the risk of a fire,” the NHTSA report said.

The recall was issued after a field incident in November involving a 2019 BMW 5 and a field incident in May involving a 2017 BMW 3 Series.

No injuries or accidents have been reported thus far in connection with the recall.

Vehicle owners are urged to park their cars outside and away from buildings until the recall repair is completed.

KIA ISSUES NEW RECALL OF 460,000 VEHICLES AFTER PREVIOUS FIX TO FIRE RISK FAILED

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BMW will send out owner notification letters on Aug. 28, advising them to take their vehicles to an authorized dealer for the starter to be replaced free of charge. Owners who have previously purchased a starter replacement may also be eligible for reimbursement.

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A bipartisan group of senators introduced legislation on Tuesday that would force Congress to hold an up-or-down vote on a plan to fix Social Security’s finances, with Sen. Dick Durbin, the Illinois Democrat and Democratic whip who co-authored the bill, saying in a statement that the longer lawmakers wait, the harder the program’s shortfall becomes to solve. The bill is named the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act — the PROMISE Act.

Durbin, who is retiring at the end of his term, is joined by Sen. Bill Cassidy of Louisiana, Sen. John Cornyn of Texas and Sen. Thom Tillis of North Carolina on the Republican side, Sen. Tim Kaine of Virginia on the Democratic side, and independent Sen. Angus King of Maine. Sen. Chris Coons, a Delaware Democrat, and Sen. Alan Armstrong, an Oklahoma Republican, signed on just before the bill was filed.

What the bill actually does

The PROMISE Act does not cut benefits, raise taxes or lift the retirement age. It builds a procedure. Under the bill, the Social Security Advisory Board — an independent, bipartisan panel that already exists — would collect public input and send Congress a base bill. That measure would then move under expedited floor rules, ending in a straight yes-or-no vote on a plan that keeps Social Security solvent for at least 50 years. A final bill would still need 60 votes in the Senate.

The legislation would also trigger a solvency review every 10 years, restarting the same fast-track process any time a shortfall is projected. A fact sheet released with the bill states plainly that it does not bypass regular order, does not predetermine a policy outcome and does not create a fiscal commission — three things that have killed similar efforts before.

The numbers behind it

The Social Security Board of Trustees annual report released in June found the retirement trust fund is on track to run short in 2032, a year earlier than the previous projection. At that point the program could pay only about 78% of scheduled retirement benefits — a roughly 22% cut arriving automatically, without a single vote in Congress. The 75-year funding gap widened to 4.42% of payroll from 3.82%, a jump that led the Committee for a Responsible Federal Budget to say the program’s outlook had substantially worsened. The group supports the PROMISE Act.

More than 71 million Americans collect a monthly Social Security check. The trustees attributed the deteriorating math to lower projected birth rates, reduced immigration and lower trust fund revenue tied to the cost of the tax and spending law President Donald Trump signed last summer.

Why employers should be watching

Social Security is funded by a 12.4% payroll tax, split evenly between employer and employee at 6.2% each. The self-employed pay both halves. For 2026, that tax applies to the first $184,500 of wages, up from $176,100 in 2025.

That cap is where the fight will land. Last month, Sen. Elizabeth Warren, a Massachusetts Democrat, and Sen. Bernie Moreno, an Ohio Republican, published a New York Times op-ed calling for the cap to be raised. Any increase lands directly on employers with high-wage staff — professional firms, medical practices, engineering shops — and on every owner filing as self-employed, who absorbs the full 12.4% alone. A business with ten employees earning above the cap pays more the moment the ceiling moves, with no change in headcount.

Americans for Tax Reform organized a detailed rebuttal to the bill with comments from dozens of conservatives. The group has beaten this kind of proposal before: a 2024 House effort to create a federal debt commission covering Social Security and Medicare collapsed after aggressive lobbying by the organization and its president, Grover Norquist.

A closing window

The last real reform came roughly 40 years ago, when the retirement age was raised from 65 to 67 on the recommendation of a commission led by Alan Greenspan. Since then, both parties have avoided the subject — Republicans resisting tax increases, Democrats resisting a higher retirement age.

Two of the bill’s sponsors are on the way out. Durbin is retiring, and Cassidy lost his primary. Cassidy told CNBC.com in June that he wants the issue settled before he leaves. He has floated creating a separate investment fund for Social Security, modeled on changes made to the federal Railroad Retirement system under President George W. Bush. Other proposals on the table include raising the retirement age or increasing taxes on high earners. The PROMISE Act would simply guarantee those ideas get a hearing and a vote.

The stakes reach beyond retirees. A 22% benefit cut in 2032 would pull tens of billions of dollars a year out of consumer spending, hitting grocery stores, pharmacies, landlords and every small business serving older customers. Some analysts have warned that an approaching depletion date, left unaddressed, could unsettle the bond market well before the deadline arrives.

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Residents across New York, New York City, Brooklyn, Queens, Staten Island, Long Island, Westchester County and much of Central and North Jersey opened their doors Wednesday, July 15, expecting another sweltering summer day. Instead, many were met with the unmistakable smell of smoke, burning eyes, scratchy throats and a gray haze that made it difficult to see across city skylines.

For many, the first question was simple: “Where is the fire?”

The answer surprised millions of people.

There is no major wildfire burning in New York or New Jersey.

The smoke blanketing the Northeast originated hundreds of miles away in Canada, where one of the country’s most active wildfire seasons in recent years continues to burn across large sections of Ontario, Manitoba and Saskatchewan. While many of those fires have been burning for days and, in some cases, weeks, the reason the smoke suddenly appeared across the Northeast on Wednesday had nothing to do with new fires starting. It was caused by a major shift in the weather.

Strong upper-level winds that had previously carried the smoke elsewhere changed direction, pushing an enormous plume southeast across the Great Lakes and directly into some of America’s largest population centers. Within hours, air quality deteriorated across New York, New Jersey, Connecticut, Pennsylvania, Massachusetts and other parts of the Northeast and Mid-Atlantic, leaving millions of people wondering why the air suddenly smelled like a campfire.

The fires themselves remain in Canada. The smoke does not.

Wildfire smoke rises thousands of feet into the atmosphere, where it can travel hundreds or even thousands of miles before descending back toward the ground. When those weather patterns align, communities far removed from the flames can experience air quality nearly as poor as areas much closer to the fires.

That is exactly what happened Wednesday.

The smoke carried billions of microscopic particles known as PM2.5—tiny pieces of ash, soot and burned vegetation small enough to travel deep into the lungs. Those particles are responsible for the burning eyes, coughing, sore throats, headaches and breathing discomfort reported throughout the region. For people with asthma, chronic lung disease, heart conditions, young children, older adults and pregnant women, the health risks are significantly greater.

Health officials urged residents to remain indoors whenever possible, keep windows and doors closed, run air-conditioning systems in recirculation mode and use high-efficiency air filtration where available. People who must spend extended periods outdoors were advised to wear properly fitted N95 or KN95 masks.

The smoke affected far more than New York City.

Conditions stretched across Manhattan, Brooklyn, Queens, the Bronx, Staten Island, Long Island and the Lower Hudson Valley before spreading throughout northern and central New Jersey, including Newark, Jersey City, Elizabeth, Edison, New Brunswick, Woodbridge, Freehold, Lakewood, Toms River, Princeton and surrounding communities. Similar conditions extended into Pennsylvania, Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire and Maine, while hazy skies were also reported farther south across portions of the Mid-Atlantic.

The flames themselves are not expected to spread into New York or New Jersey.

Unlike a hurricane, wildfire smoke can travel enormous distances without the fire ever approaching the affected area. The current threat crossing the border is the smoke—not the flames.

Canada continues deploying thousands of firefighters, aircraft, helicopters and specialized equipment in an effort to contain the largest fires and protect threatened communities. Many of the fires, however, are burning deep inside remote forests where there are few roads and limited access. In many locations, firefighters focus on protecting nearby towns and critical infrastructure rather than attempting to extinguish every fire immediately. Ultimately, widespread rainfall and changing weather patterns often become the deciding factor in bringing large wildfires under control.

For businesses across the Northeast, the economic effects begin long before any property is damaged.

Construction projects slow as crews require more frequent breaks. Roofing companies, landscapers, utility workers, delivery services, road construction teams and transportation operators lose productivity as unhealthy air combines with near-100-degree temperatures. Employers must balance deadlines with worker safety while complying with health guidance during periods of poor air quality.

Summer camps across the region have canceled or reduced outdoor activities, moving children into indoor facilities for much of the day. Recreational programs, athletic leagues and outdoor events have adjusted schedules or postponed activities as smoke levels fluctuate. Restaurants lose outdoor dining customers, parks become quieter and tourism suffers when skylines disappear behind heavy haze during the busiest weeks of the summer travel season.

The effects ripple across the broader economy. Consumers postpone shopping trips, outdoor entertainment and recreational activities. Electricity demand rises sharply as households keep windows closed and air-conditioning systems running throughout the day. Retailers selling portable air purifiers, HVAC filters, allergy medications and high-filtration masks often experience a surge in demand, while many other businesses see reduced customer traffic.

The financial impact is measured less by physical destruction than by lost productivity, delayed projects, increased operating costs and changes in consumer behavior. Thousands of businesses may each lose only a small portion of a day’s activity, but across one of the nation’s largest economic regions those losses accumulate quickly.

Forecasters expect smoky conditions to continue through at least Friday, with additional waves of smoke possible depending on changing wind patterns. Because Canada’s wildfire season typically extends well into late summer and early fall, additional smoke events remain possible even after this week’s conditions improve.

For millions of Americans, Wednesday served as a reminder that today’s economy—and today’s environment—do not stop at national borders. A wildfire burning hundreds of miles away in northern Canada can, within a matter of hours, become a public health emergency in Manhattan, a business disruption in Central New Jersey and an economic challenge for employers across the Northeast.

JBizNews Desk | New York

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The US House of Representatives defeated an amendment to cut off aid to Israel on Wednesday, despite nearly half of Democrats supporting it, reflecting a growing rupture between US progressives and Israel over the war in Gaza.

The House voted 314 to 104 to defeat the measure, offered as an amendment to a State Department spending bill by Republican Representative Thomas Massie of Kentucky.

However, 103 Democrats and one Republican backed it, a sharp departure from years in which bills supporting Israel passed almost unanimously. Left-wing Democrats are pushing to end US aid to Israel as they campaign in midterm election primaries, while moderate Democrats promote sending money that would be used for defensive weapons only.

Massie is a fiscal hawk who opposes all foreign aid, but he said he was also responding to the heavy toll on civilians of Israel’s attacks in Gaza. “There have been 70,000 casualties in Gaza, and I don’t think we should be part of that,” he said during House debate.

His amendment would have barred any funding in the appropriations bill from being used for Israel, and blocked $3.3 billion in annual security assistance Washington sends Israel.

Shifting views on Israel

Hamas-led fighters killed 1,200 people during a cross-border attack into Israel on October ​7, 2023, according to Israeli tallies. The Gaza health ministry said Israel’s subsequent offensive on the Strip killed more than 73,000 Palestinians.

Much of the enclave lies in ruin. Nearly all of Gaza’s 2 million people, most of whom have been ​displaced several times, now live on a tiny strip of land along the coast, mainly in makeshift tents or damaged buildings.

Wednesday’s vote would have been largely symbolic even if the House had backed the amendment. To become law, it would have had to pass the Senate and override an almost certain veto by President Donald Trump, who has made support for Israel a central piece of his foreign policy.

Military aid to Israel, and US political campaign contributions from Israel’s backers to candidates, have been a flashpoint for Democrats this year.

Criticism of Israel by US political leaders marks a dramatic shift. Massie’s amendment sought to cut off annual funding included in a 2016 Memorandum of Understanding with Israel, which is effective until 2028.

In September 2016, the House voted 405 to 4 in favor of a resolution supporting that MoU.

Candidates have scored upset wins by running on a range of progressive issues, including opposition to Israel’s attacks in Gaza and even questioning the country’s right to exist.

The issue has also divided party leaders. Representative Hakeem Jeffries of New York, the House Democratic leader, said on Tuesday he would oppose Massie’s amendment, saying it was “too broad.”

But on Wednesday, No. 2 House Democrat, Representative Katherine Clark of Massachusetts, said she would support it. “We should not provide a blank check for military aid to any country that does not comply with US law, interests, and values,” she said in a statement.

Last month, influential Representative Adriano Espaillat lost in a New York Democratic primary to Democratic Socialists of America member Darializa Avila Chevalier. She had the backing of New York City Mayor Zohran Mamdani, who also identifies as a democratic socialist.

Israel’s standing with Democrats will be tested again on August 4, when Michigan voters nominate candidates running for US Senate, the US House and governor as the state debates US relations with Israel.

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The Israeli government approved a plan on Wednesday to allocate approximately NIS 497 million toward integrating Israel Security Agency (Shin Bet) agents into the Israeli Police, according to the Prime Minister’s Office. 

The plan was spearheaded by Prime Minister Benjamin Netanyahu, Equality Minister May Golan, and National Security Minister Itamar Ben-Gvir.

As part of the new program, about NIS 364.5 million will be allocated to the Shin Bet to establish a specialized unit to target illegal weapons smuggling and to bolster the intelligence and operational capabilities of law enforcement. The Shin Bet was also allocated NIS 35 million to hire 130 personnel. 

On top of that, approximately NIS 132.4 million of the budget will go toward the Israel Police to establish a dedicated unit for Arab-sector crime and to expand the police’s technological and operational capabilities to that end. 

The budget is to be taken from government decision 550, which was approved in 2021 to reduce economic and social gaps between Arab society and the rest of the population. The plan includes budgets for employment, vocational training, education, transportation, infrastructure, industrial zones, and strengthening local authorities.

Activists, human rights lawyers decry budget allocations 

The Mossawa Center for the Rights of Arab Citizens denounced the new budget allocations on Wednesday, adding that they would pursue legal action to “ensure that the diverted budgets are returned” to their original intended destination. 

On top of this, attorney Hagar Shachter of The Association for Civil Rights in Israel also censured the move. “The state must act to eradicate crime in Arab society,” she said. “But [this] is not the way to do so….Transferring funds to the Shin Bet, which is not authorized to operate in the field of criminal law enforcement, is prohibited and will lead to serious violations of human rights, deepen inequality, and harm the fundamental principles of democracy.”

Her colleague, attorney Elsa Bonier of the same organization, noted that “this is a time when organized crime in Jewish society is routinely dealt with using ordinary crime-fighting tools within the Israel Police.”

“The Shin Bet is a powerful organization with extraordinary security allowances, including secret mass surveillance, administrative detentions, and preventing people from meeting with a lawyer,” Bonier added. “The insistence…on including the Shin Bet in the struggle [against crime] constitutes an…exploitation of the crime crisis in Arab society and the plight of Arab citizens.”

Government sources clarified on Tuesday that the service is not supposed to replace the police in investigating routine criminal offenses and that its activity will focus mainly on weapons smuggling, criminal organizations, and incidents with a security connection. So far, the full scope of the powers to be exercised and the exact division of the budget among the Shin Bet, the police, and other bodies have not been made public.

Arab sector crime ‘has become a national plague,’ Netanyahu says

Netanyahu issued a statement on the new budget allocations on Wednesday, commending his colleagues and emphasizing the importance of fighting crime in the Arab sector. 

“Involving the Shin Bet in the fight against crime in Arab society, which has become a national plague, is dramatic news and a significant step in the all-out war we are waging against criminal organizations,” the prime minister said. “We will not accept a reality of violence, extortion, and murder in our streets.”

Ben-Gvir celebrated the budget approval in a X/Twitter post, saying that the aim of the plan is to “restore security to Israeli citizens and strike organized crime with an iron fist.”

“This is another significant step in our battle against criminal terror,” he added. 

Golan made a similar statement on X, claiming that the 550 plan was “funneling billions of shekels without oversight and control,” and that she had presented the prime minister with “classified intelligence information showing the leakage of public funds to criminal organizations,” issues which she claimed were remedied with the latest budget re-allocation. 

“The decision we approved today turns the [situation] on its head,” Golan wrote. “Instead of public funds strengthening criminal organizations, they will strengthen the Shin Bet and the Israel Police in an uncompromising fight against them.”

Arab rights org. tries to dissuade gov’t from implementing new plan

The Mossawa Center issued a warning on Tuesday that it would consider legal action if the budget proposal were approved.

One of the central claims in Mossawa’s appeal concerns an alternative funding source. According to information that the center says it received from the National Security Ministry, there is a remaining budget balance of about NIS 750 million under government decision 549, the dedicated plan to fight crime and violence in Arab society. The center argues that these funds could cover enforcement needs without cutting into the civilian development budget designed to narrow gaps.

“The government’s conduct is tainted by bad faith, extreme unreasonableness, and arbitrary governance, alongside ultra vires action, breach of a governmental promise, and harm to the right to equality,” said Suha Salman Musa, co-director of Mossawa. “The attempt to harm the budgets of decision 550 is dangerous, unequal, and irresponsible.”

According to Salem Abbasi, head of the socioeconomic unit at the center, diverting budgets intended to address long-standing discrimination undermines the principle of equality, the binding status of decision 550, and the social and economic goals set out in it.

“The decision will lead to widening gaps, weakening prevention mechanisms, and deepening the structural conditions that fuel crime and violence,” Abbasi wrote.

Anna Barsky contributed to this report.

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The Knesset voted 52-43 to approve an amendment to the Student Rights Law allowing higher education institutions to offer gender-segregated graduate degree programs, in a vote held in the early hours of Thursday morning.

The legislation, Amendment No. 12, 2026, was sponsored by MK Limor Son-Har Melech (Otzma Yehudit). Under the amendment, higher education institutions may operate gender-segregated programs for advanced degrees.

At institutions that otherwise offer mixed-gender studies, segregation will be permitted only in classrooms and only for students who choose to enroll in the programs.

An uproar erupted in the plenum when opposition lawmakers held up signs reading, “Segregation is exclusion,” to protest the legislation.

MK Adi Ezuz of the Together Party said: “The most misogynistic government in Israel’s history is knowingly harming women’s rights in an unprecedented manner. Blessed be the fruit.”

‘Blessed be the fruit’

The proposal’s explanatory notes stated: “Currently, the Council for Higher Education allows institutions of higher education to operate gender segregated study programs, generally for bachelor’s degrees only, subject to additional conditions and restrictions under the framework it established.

“It is proposed to clarify in legislation that the provision stipulating that the existence of separate study programs for men and women for religious reasons will not be considered discrimination also applies to master’s and doctoral degree programs. This is intended to allow those who, because of their religious beliefs, are unable to participate in mixed academic studies to pursue advanced degrees in a wider range of fields.”

Yisrael Beytenu chairman MK Avigdor Liberman responded to the law’s passage: “The government of the October 7 massacre is trying to turn the State of Israel into a state of ayatollahs. This law is being added to what is already happening in Bnei Brak: segregation of women and men on public sidewalks. I call on the heads of universities and academic institutions not to cooperate with this madness.”

‘There is no such thing as separate but equal’

MK Merav Michaeli said: “There is no such thing as separate but equal. Certainly not in a coalition that acts in every way against equality. Against equality between women and men, against equality in sharing the burden, against equality before the law. A coalition that believes religious Jewish men are worth more than every woman and every man, in every field and at any cost. Everything else is lies and gaslighting.”

Son-Har Melech said, “Today, the Knesset stated clearly that genuine freedom of choice also includes the right to study separately. For years, a single worldview was imposed on the public, preventing thousands of women and men from advancing in academia without abandoning their way of life.

“The law we approved today does not impose anything on anyone. It expands freedom, enables diversity and respects the human mosaic of Israeli society. Anyone who believes in pluralism must also know how to accept choices that do not conform to their worldview.”

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Live and feeder cattle futures dropped sharply on Tuesday, July 14, according to settlement data from CME Group, as ranchers and meatpackers in the physical cattle market each refused to make the first move. August live cattle settled at $231.42, down $3.30. October live cattle finished at $227.65, a loss of $2.97. August feeder cattle fell $5.55 to $348.80, and September feeders dropped $5.97 to $344.85.

Nothing dramatic happened on Tuesday. That was the problem.

The direct cash cattle trade — the actual buying and selling of finished animals between feedlots and packing plants — was silent for a second straight day. USDA market reporters logged no bids from packers and no asking prices from feedlots. Cattle feeders are waiting to see whether packers will pay up. Packers are waiting to see whether feeders will crack first. Traders in Chicago, with no cash price to anchor to, sold.

Showlists this week — the cattle feedlots are offering for sale — are mixed. They are higher in Texas, Nebraska, and Colorado, and lower in Kansas. More supply on offer in three of the four major feeding states gives packers little reason to hurry. The bulk of the week’s business is not expected to develop until Thursday or Friday.

Last week set an ugly reference point

The standoff is happening in the shadow of a brutal week. Live cattle sold in the South at $248 last week, $7 below the prior week. Dressed cattle in the North traded at $393, down $10. That is one of the steepest weekly cash breaks the fed cattle market has seen this year, and it stripped $4.02 off the August live cattle contract over five sessions.

Wholesale beef kept sliding on Tuesday. USDA reported Choice boxed beef down $1.66 at $373.95 and Select down 76 cents at $364.41, with light demand for moderate offerings. The Choice/Select spread narrowed to $9.54 — a sign grocers and restaurant buyers are reaching for the cheaper grade.

Estimated cattle slaughter came in at 111,000 head, up 1,000 from the week before but down nearly 8,000 from the same day last year. That single number captures the industry’s bind: there simply are not enough cattle.

Money is walking away from the trade

Speculative funds have been unwinding. The Commodity Futures Trading Commission’s Commitment of Traders report showed managed money cut 5,982 contracts from its net long position in live cattle futures and options, bringing it to 113,321 contracts as of July 7. In feeder cattle, funds trimmed 1,374 contracts to a net long of 13,690.

When a market this crowded on the long side starts leaking, the selling feeds on itself. Tuesday’s drop was described by floor traders as technical weakness — market language for prices falling because prices are falling.

The cash market underneath is not collapsing

Away from the futures screens, the country market held together. At the Oklahoma National Stockyards, feeder steers were mostly steady and feeder heifers were steady to $4 higher. Steer calves ran steady to $3 lower, while heifer calves were $2 to $5 higher. USDA graders called demand good across all classes. Receipts were down on the year. Medium and Large 1 feeder steers weighing 655 to 697 pounds brought $395 to $430.

Those are still extraordinary prices. Ranchers selling calves this summer are getting paid more than at almost any point in the industry’s history — even as the futures market tells them the future is worth less.

What this means for the businesses downstream

The American cattle herd stands at roughly 86.2 million head, the smallest since 1951, according to USDA’s January inventory report. Years of drought pushed ranchers to sell off breeding stock. The New World screwworm, now confirmed in cattle in Texas and a dog in New Mexico, has kept the Mexican border closed to live cattle imports and knocked out a supply valve worth roughly 1.5 million head a year.

Retail beef hit a record $9.64 per pound in April, up 13% from a year earlier, on USDA data. That cost lands on restaurant operators who cannot pass it through. Burger King parent Restaurant Brands International absorbed a 20% jump in beef costs last year. Texas Roadhouse reported commodity inflation of 9.5% in the fourth quarter and 6.2% in the first quarter of this year, with restaurant margins falling as a result.

A break in futures does not fix that. Feedlots that bought $400 calves are now watching the contracts they sell into fall $3 a day. Packers who have been losing money on every animal finally have room to breathe. And the grocery shopper standing in front of the meat case will not see a penny of Tuesday’s decline for months, if ever.

The market gets its answer Thursday, when the bids finally show up.

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

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Dave & Buster’s is taking its arcade experience deeper into nightlife with a new nationwide rave series.

The restaurant and entertainment chain is teaming up with events company Brownies & Lemonade for Rave & Buster’s, a seven-city tour featuring surprise guest headliners and multi-genre music lineups, according to an Instagram post from Brownies & Lemonade.

The events will feature house, bass, dubstep, trap, UK garage and other electronic music genres.

DAVE & BUSTER’S OFFERS CHANCE TO WIN DIAMOND ENGAGEMENT RING BY PLAYING ‘HUMAN CRANE’ GAME ON VALENTINE’S DAY

Brownies & Lemonade said the tour builds on the success of its “DNBNL” events at Dave & Buster’s locations, which it said prompted fans to ask for more artists, genres and cities.

“After the success of our DNBNL series at Dave & Buster’s over the last few years, we’ve received so many requests to expand the concept to include more artists and genres,” the events company said.

“Rave & Buster’s will feature surprise guest headliners and multi-genre lineups featuring the sounds of Bass, House, Trap, Dubstep, UKG, and everything in between.”

DISNEY SPOTLIGHTS AMERICAN BUSINESSES POWERING ITS MAGIC IN NATION’S 250TH YEAR

The tour is scheduled to run from July 30 through Dec. 30 with stops in Honolulu; Denver; Dallas; Brooklyn, New York; Orlando, Florida; Irvine, California; and Milpitas, California.

The series will also include shows during Halloween weekend and the week leading up to New Year’s Eve.

Presale tickets became available Wednesday, while general tickets go on sale Thursday, July 16.

DISNEY WORLD REVIVES ‘LADIES AND GENTLEMEN’ GREETING AFTER YEARS OF GENDER-NEUTRAL MESSAGES

The tour comes as Dave & Buster’s continues expanding beyond arcade games, sports and family entertainment by adding more food, entertainment and nightlife options, according to USA Today.

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Dave & Buster’s began hosting rave-style events at select locations in 2023, the outlet reported.

Dave & Buster’s could not immediately be reached by FOX Business for comment.

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Meta Platforms said in a company blog post on Monday, July 13, that it will spend more than $50 billion on its Richland Parish, Louisiana data center campus, expanding the site to 5 gigawatts of computing capacity and making it the largest facility the company has ever built. The announcement came alongside a press event in Baton Rouge hosted by Louisiana Governor Jeff Landry, and was confirmed the same day by Louisiana Economic Development, the state agency that helped recruit the project.

The numbers have moved fast. When the project was first revealed in 2024, the price tag was roughly $10 billion. In October 2025, when Meta formed a joint venture with Blue Owl Capital to help finance and manage the build, the figure climbed to about $27 billion. The new commitment nearly doubles that again. The campus, home to the AI training cluster Meta calls Hyperion, will cover close to 10 million square feet across roughly 3,200 acres.

Landry framed it as a national story, not just a state one. “This commitment from Meta puts Louisiana at the center of America’s future in artificial intelligence,” he said in a statement, adding that the state has attracted more than $150 billion in new investment over two years. LED Secretary Susan B. Bourgeois said the decision by a global company to raise its investment roughly fivefold this quickly says something about how quickly Louisiana is moving.

What the money buys locally

Richland Parish is a rural community of about 20,000 people, and the money is already landing. Meta said Louisiana businesses have received more than $1.6 billion in contracts since construction started in December 2024. The expansion adds another $1 billion for local infrastructure — roads, water systems and wastewater. Once running, the site is expected to support more than 1,000 permanent jobs.

The tax revenue is showing up in paychecks. Richland Parish School District Superintendent Sheldon Jones said teachers in the parish received annual bonuses of more than $50,000 this year, up from $10,000 a year earlier, and that the money has helped the district recruit stronger candidates. A local coffee shop owner cited in the announcement said daily customer counts jumped from about 40 to roughly 130.

Meta is also giving $5 million to Louisiana Delta Community College for scholarships tied to data center careers. Starting with the high school class of 2026, every Richland Parish graduate qualifies for full tuition on any trade certificate connected to data center work. Louisiana was picked as one of four pilot sites for Meta’s America’s Workforce Academy, with partners including the University of Louisiana at Monroe.

The power question

The fight over data centers almost always comes down to electricity bills, and Meta spent much of its announcement on that point. The company said it pays the full cost of the energy, water and related infrastructure the site consumes so that households don’t absorb it.

Its agreement with Entergy Louisiana funds seven new natural gas plants, three grid-scale batteries, and potential nuclear work including boosting output at the Waterford 3 plant. Meta and the utility say the arrangement should deliver more than $2 billion in savings to Entergy Louisiana customers over 20 years, well above the $650 million estimated in the first agreement. Meta is adding $215 million to Entergy’s bill-assistance and efficiency programs and committing to fund up to 2.5 GW of renewable energy.

The state’s role is not small. In late 2024, Landry signed a 20-year sales tax exemption for data centers built before 2029 — a policy written in large part to land Meta.

The backlash is real

Not every community is signing up. The New Orleans city council recently passed a one-year ban on data center construction. New York State imposed its own moratorium. Senator Bernie Sanders has called for a federal moratorium on AI data centers, arguing the decisions reshaping the economy are being made by a handful of technology executives without public debate.

What Wall Street sees

Investors are split. Meta raised its 2026 capital spending guidance to a range of $125 billion to $145 billion, up from $115 billion to $135 billion, nearly doubling last year’s outlay. Free cash flow fell more than 19% in 2025, and Reality Labs lost $19.2 billion. Shares are down roughly 16% year to date even as first-quarter revenue grew 33% to $56.31 billion.

Analysts have been adjusting. JPMorgan cut its target to $725 from $825 on April 30. UBS trimmed to $766 from $865 while keeping a Buy. Citizens set $800 on July 10 with a market outperform rating. Rosenblatt sits highest at $1,015; Scotiabank lowest at $700. The consensus among 37 analysts is about $827. Morgan Stanley analyst Brian Nowak has been raising hyperscaler capex forecasts across the board.

Meta reports second-quarter results after the close later this month. The spending is no longer the question. The return is.

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Nvidia Corporation has sharply reduced the number of Asian companies authorized to purchase its most advanced artificial intelligence processors, tightening controls designed to prevent restricted chips from reaching China through third countries.

According to guidance issued by the U.S. Department of Commerce and industry reporting published Tuesday, July 14, Nvidia has removed more than half of the Asian customers previously approved to buy its highest-end AI chips. The move follows updated U.S. export-control guidance issued May 31, requiring export licenses whenever the ultimate parent company of a purchaser is based in China or Macau, regardless of where the purchasing subsidiary operates.

The policy represents one of the company’s most aggressive compliance measures since Washington expanded restrictions on advanced semiconductor exports.

Rather than allowing broad access to approved distributors, Nvidia has implemented an internal “white list” of customers that satisfy enhanced compliance standards.

Companies seeking to purchase advanced AI processors must now undergo significantly more extensive due diligence.

Beyond reviewing corporate ownership records, Nvidia has reportedly expanded inspections to include data-center visits, contract reviews and interviews with end users to verify where its chips will ultimately be installed and operated.

The stricter procedures focus primarily on Singapore, Malaysia and Japan—three major technology and cloud-computing hubs that have drawn increased scrutiny because of concerns that restricted processors could be diverted into China.

Companies removed from Nvidia’s approved list, many of them smaller cloud-service providers, may reapply after documenting their ownership structures and intended use of the chips.

The tightening reflects the growing strategic importance of Nvidia’s products.

The company’s AI accelerators power many of the world’s largest artificial intelligence systems and remain among the most sought-after components in the global technology industry.

Demand continues to outpace supply as cloud providers, governments and corporations invest billions of dollars building AI infrastructure.

Yet Nvidia’s business in China has deteriorated sharply under expanding U.S. export controls.

Industry estimates project the company’s share of China’s AI-chip market will decline from approximately 66% in 2024 to about 8% during 2026, while domestic competitors led by Huawei Technologies are expected to capture roughly 80% of the market.

To preserve at least part of its Chinese business, Nvidia developed export-compliant processors including the H20 and H200, designed to satisfy U.S. performance restrictions while continuing to serve approved customers.

Earlier this year, U.S. regulators reportedly authorized a limited number of Chinese companies to purchase certain H200 processors.

However, shipments have remained delayed because of regulatory requirements inside China.

Meanwhile, U.S. authorities have continued investigating distributors suspected of rerouting restricted hardware through Southeast Asia.

Those investigations have intensified pressure on Nvidia to demonstrate that every shipment reaches its approved destination.

For Asian cloud providers and server manufacturers, the consequences are significant.

Companies temporarily removed from Nvidia’s approved customer list may experience delays constructing new artificial intelligence data centers while they complete additional compliance reviews.

Those delays could increase project costs and postpone deployment of advanced computing capacity throughout the region.

The impact extends across the broader semiconductor supply chain.

Manufacturers of servers, networking equipment, memory, cooling systems and electrical infrastructure all depend on continued shipments of advanced graphics processors to complete AI installations.

Any interruption can ripple throughout the industry’s increasingly interconnected supply chain.

For Nvidia, the challenge is balancing two competing priorities.

The company must satisfy increasingly stringent U.S. national-security requirements while continuing to serve global customers building the next generation of artificial intelligence infrastructure.

Every customer removed from the approved list reduces potential sales.

At the same time, maintaining strong compliance is essential to preserving Nvidia’s ability to sell its products in markets outside China.

The company’s new approval process reflects a broader transformation taking place throughout the semiconductor industry.

Export controls are no longer limited to regulating technology.

They increasingly determine who can purchase advanced computing power, where artificial intelligence systems can be built and how global technology supply chains operate.

For Nvidia, selling the world’s most advanced AI chips now requires something beyond engineering excellence.

It requires policing every step of the global distribution network.

JBizNews Desk | Santa Clara, California

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In his first public appearance outside the White House since the NATO summit amid threats to his life by Iran, President Donald Trump said Wednesday he doesn’t “think about it” and that his focus is on taking out the Iranian regime’s Islamic Revolutionary Guard Corps (IRGC), which he said has lost roughly 90% of its weapons capabilities due to continued strikes.

Trump made the remarks Tuesday during an exclusive interview with FOX Business ahead of the annual Defense and Innovation Summit in Carlisle, Pennsylvania, where he also highlighted gains in U.S. defense and the economy and announced $10 billion in private investments for the defense industry.

The president said he was not concerned about threats from Iran, revealing that the U.S. carried out another strike on the country within the past 24 hours. He also suggested he could eliminate the IRGC the same way he defeated ISIS during his first administration.

“Well, we’re going to be in good shape,” Trump told FOX Business correspondent Edward Lawrence. “They’ve been depleted. Their weapons are down 91%. The drone capacity is way down. They still have, but not a lot. Their manufacturing capacity is down. Their rocket launchers and their missile launchers are way down. Their missiles are way down.”

OIL PRICES FLUCTUATE AS TRUMP’S IRAN DEAL COULD FULLY REOPEN STRAIT OF HORMUZ

Trump said the U.S. is “building up” its military with the Defense Production Act and companies working to refill supplies and replenish American forces.

“We have to watch ourselves. You know, it’s called America First. And we’re building up our reserves very rapidly. And as you probably also know, the great companies that we have are now building plants, although not just taking one plant that they’ve used for a long time and doing overtime,” he said. 

“We have four or five, six plants by each of the major companies being built, brand-new plants in different areas to make, as an example, you could say the Patriot [missile], which is so heavily sought, or the Tomahawk missile.

“So, we want to have it now. We have to wait a year to get something or a year-and-a-half or two years. We want to have it where you wait a week or maybe less, and we’re going to have that very soon.”

OIL PRICES PLUNGE TO LOWEST LEVELS SINCE EARLY MARCH AFTER TRUMP SIGNS IRAN DEAL

The president reiterated his call for lower interest rates, saying the U.S. “should have the lowest interest rate anywhere in the world by far.”  

He said he supports Federal Reserve Chair Kevin Warsh to help achieve that goal, while predicting resistance from what he described as a “hostile” Federal Reserve board. 

Trump also touted what he described as a surge in U.S. manufacturing investment, claiming more than $19.2 trillion is flowing into the country from allies and foreign investors, including Saudi Arabia, as defense companies ramp up construction of new factories and stockpile equipment.

The president further asserted that the U.S. trade deficit has fallen 68% over the past year, crediting his tariff policies despite legal challenges.

“Our trade deficit is down 68% in one year,” Trump said. “That’s because of the use of tariffs, and I wish I could use them faster. The Supreme Court said you can’t use them as fast as I was using them, but I can use them actually more effectively by the method we’re doing.”

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Looking ahead, Trump said he expects inflation to continue easing through the end of 2026, arguing that oil prices will ultimately move lower after a period of volatility.

“I think what’s happening is oil is going to be a little bit of a yo-yo for a while,” he said. “It goes up a little bit, goes down a little bit. And when this [conflict with Iran] is over, oil is going to drop like a rock.”

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President Donald Trump’s nominee to be the top US spy, Jay Clayton, refused on Wednesday to directly acknowledge that the Republican president lost the 2020 election despite repeated questioning by Democrats in a tense Senate confirmation hearing.

Trump “isn’t in the room today,” Democratic Senator Mark Kelly of Arizona told Clayton. “If you can’t disagree with him when he’s not in the room, are you going to be able to disagree with him when you’re sitting across from him?”

Propelled by the Republican president’s ​unfounded claims that US elections are “rigged” and his refusal to accept his 2020 electoral loss to Democrat Joe Biden, the Trump administration has sought to ⁠increase federal oversight of US elections and change the way many Americans vote.

Legal experts say such efforts would take power away from states in violation of the US Constitution.

Clayton said only that Biden had been “certified” as president, while also insisting, “I am not an election denier.”

Trump continues to question 2020 election

Trump will deliver a national address on Thursday night about the 2020 election. White House officials said he would discuss newly declassified intelligence.

Clayton’s Senate Intelligence Committee hearing on his nomination to serve as Director of National Intelligence became heated when he repeatedly refused to acknowledge that Biden had been elected in 2020.

Pressed by Kelly on whether the winner was the person certified as the victor by Congress and who had the most electoral votes, Clayton said: “I think that’s your characterization. I’m really, I’m not going to continue.”

Lawmakers also questioned Clayton about his recent subpoenas of New York Times journalists in his current role as the US Attorney for Manhattan.

Wednesday’s hearing was the second for Clayton scheduled by the intelligence panel, after Trump last month ordered the abrupt postponement of his first one to put pressure on Congress to pass a contested package of election restrictions known as the SAVE America Act.

That measure remains stalled because it lacks enough votes to pass the Senate. Voting rights groups say it would disenfranchise millions of Americans with no ready access to passports and birth certificates.

Democrats had seemed amenable to confirming Clayton, hoping to quickly replace the acting DNI, Bill Pulte, a close Trump ally and Federal Housing Finance Agency director, who lacks national security and intelligence experience. Pulte replaced Tulsi Gabbard, who left the job in June.

But Senator Chuck Schumer of New York, the Democratic Senate leader, said Clayton had damaged his chances.

“The performance of Jay Clayton in committee today was abysmal, and it makes it much less likely that he will get Democratic votes,” Schumer told reporters.

Senator Tom Cotton of Arkansas, the committee’s Republican chairman, said the Intelligence panel would vote early next week on the nomination and send it for consideration by the full Senate.

Politicizing intelligence?

Lawmakers questioned Clayton about subpoenas he issued on Friday ordering New York Times journalists to testify before a federal grand jury after reporting on security concerns involving Trump’s new Qatari-donated Air Force One.

The newspaper described the move as “an extraordinary escalation” in Trump’s efforts to intimidate journalists. The Justice Department said it was not aimed at journalists but at officials leaking sensitive information.

Clayton said the subpoenas were “in connection with an ongoing national security investigation,” and that they were issued as part of a “consultative process” with career prosecutors in his office.

“I’m absolutely committed to and respect our First Amendment and the role of the press,” Clayton said, adding that he did not want to discuss the case in detail.

Senator Mark Warner of Virginia, the committee’s senior Democrat, called on Clayton to refrain from what Warner charged were “repeated attempts” to politicize intelligence by Gabbard and Pulte.

The DNI, overseer of the 18-agency US intelligence community, acts as the president’s top intelligence adviser, and is expected to present and defend intelligence analyses that may not support the views of the Oval Office.

Clayton lacks extensive traditional intelligence agency experience, but said he has worked on security matters while chairing the Securities and Exchange Commission and as Manhattan US Attorney, a position in which he has been handling the prosecution of deposed Venezuelan President Nicolas Maduro.

Since assuming his acting position last month, Pulte has announced repeated rounds of staff reductions, as some Republicans urge the elimination of the Office of the Director of National Intelligence.

Clayton pushed back, saying there was a need for a “focal point for coordination across the other 17 intelligence agencies.” But he added that ODNI should “probably pull back” from involvement in operations and functions performed by other agencies.

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Sen. Lindsey Graham’s death Saturday at age 71 following an aortic dissection has focused attention on the life-threatening condition. Details about his diagnosis and treatment are not available while a final death certificate is pending, but experts agree on both how serious it is and how suddenly it erupts after a long prelude.

One cardiothoracic surgeon had questions about the South Carolina senator’s care. 

Read the rest…

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China’s economy expanded 4.3% during the April–June quarter compared with a year earlier, the country’s National Bureau of Statistics reported Wednesday in Beijing, marking the weakest quarterly growth since the fourth quarter of 2022, when China was still battling the COVID-19 pandemic.

The result fell short of the 4.5% growth forecast by economists surveyed by Reuters and represented a noticeable slowdown from the 5.0% pace recorded during the first quarter of 2026.

On a sequential basis, China’s economy grew 0.9% during the second quarter, down from 1.3% during the first three months of the year.

The weaker performance also came in below Beijing’s own full-year growth objective. Chinese leaders have set a 4.5% to 5.0% target for 2026—the country’s least ambitious annual growth goal in decades. Through the first half of the year, China’s economy has expanded 4.7%, according to official data.

The unusually candid assessment from the National Bureau of Statistics underscored growing concern inside Beijing. Rather than emphasizing stability, the agency described the imbalance between excess industrial production and weak domestic demand as “acute” and urged policymakers to strengthen counter-cyclical economic measures.

A Two-Speed Economy

The second-quarter report paints a picture of two very different Chinese economies.

Factories continue producing at a healthy pace.

Consumers remain reluctant to spend.

Industrial production rose 5.3% in June from a year earlier, exceeding economists’ expectations of 4.7% and accelerating from 4.5% growth in May.

Exports remained remarkably resilient despite continued disruptions to global shipping following tensions in the Middle East. Overseas shipments climbed 27% during June and 17.6% during the first six months of 2026, driven largely by semiconductors, computer equipment and green-energy technologies.

Domestic demand tells a far different story.

Retail sales increased just 1.0% during June. While that modest gain exceeded forecasts for a 0.1% decline and improved from May’s 0.6% contraction—the first monthly decline since late 2022—it remains historically weak for the world’s second-largest economy.

Investment continues to deteriorate even more rapidly.

Urban fixed-asset investment, including infrastructure and property development, fell 5.7% during the first half of 2026 compared with a year earlier. Economists had expected a smaller 4.9% decline, while the first five months of the year had shown a 4.1% contraction.

China’s troubled property sector remains the biggest drag.

Real estate investment plunged 18% during the first half of the year, worsening from the 16.2% decline reported through May.

What Economists Are Watching

Several economists pointed to collapsing domestic investment as the primary reason China’s headline growth continues slowing.

Andy Ji, Asian FX and rates analyst at ITC Markets in Shanghai, argued that strong manufacturing cannot fully offset collapsing domestic consumption and weakening investment, leaving policymakers with increasingly limited options beyond additional fiscal stimulus.

Fabien Yip, market analyst at IG in Sydney, said manufacturing continues carrying China’s economy while the consumer-led recovery Beijing had hoped for “hasn’t really played out yet.” She also noted the People’s Bank of China has discussed interest-rate flexibility but has yet to deliver meaningful easing.

Junyu Tan, North Asia economist at Coface in Hong Kong, believes June showed early signs of stabilization. Government trade-in subsidy programs helped lift retail spending, while investment declines moderated slightly. However, he warned stronger policy support will likely be required, including faster local government bond issuance and possible interest-rate reductions.

Not every economist sees immediate danger.

Zhiwei Zhang, chief economist at Pinpoint Asset Management, noted that China’s strong first quarter still leaves the country within reach of its annual growth objective. He believes exports continue outperforming expectations and said the Politburo meeting scheduled for late July will likely provide greater clarity regarding Beijing’s next round of economic policies.

Tianchen Xu, senior economist at the Economist Intelligence Unit, expects China to expand stimulus efforts during the third quarter, including possible interest-rate cuts. He said local governments have redirected significant funding toward debt restructuring, leaving fewer resources for new infrastructure projects, but expects public spending to accelerate later this year.

Why American Businesses Should Care

China’s slowing consumer economy has important implications for American companies.

Businesses that built long-term growth strategies around China’s expanding middle class—including automakers, luxury goods companies, hotel operators, food producers and consumer brands—face a much more difficult sales environment.

Weak Chinese demand also tends to reduce global prices for commodities such as crude oil, copper, soybeans and industrial machinery. Lower input costs benefit many American manufacturers while creating challenges for U.S. farmers, mining companies and energy producers that rely heavily on Asian demand.

Perhaps the greatest concern is excess manufacturing capacity.

When Chinese factories continue producing at high levels while domestic consumers spend less, surplus products increasingly flow into global markets at lower prices.

Capital Economics has warned that China’s manufacturing overcapacity remains deeply entrenched, leaving export growth as one of the country’s primary economic engines. That dynamic could intensify pricing pressure on American producers in industries including steel, solar panels, batteries and electric vehicles while increasing trade tensions between Washington and Beijing.

The International Monetary Fund recently raised its 2026 China growth forecast from 4.4% to 4.6%, citing continued strength in advanced manufacturing and exports, even as it trimmed its global growth forecast to 3.0%.

Economists surveyed by Reuters expect China’s economy to expand 4.6% this year before slowing further to approximately 4.4% in 2027.

JBizNews Desk | New York

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A Bloomberg op-ed published this week makes a provocative argument: houses are no longer the best place for your money. I’m not here to defend housing. I’m here to defend fact and data over narrative — and in this case, the analysis doesn’t hold up. 

I promise I’m not here to pick apart another publication’s article — but I’m here to say I disagree with core components of the argument. And I feel the obligation to share the knowledge I’ve gained through years and years of leading HousingWire. 

Let’s start with math. The author compares a $500,000 Nantucket home purchased in 1995 to $500,000 invested in the S&P 500. But very few people buy a primary home with cash. The relevant comparison is what happens to your down payment. 

Twenty percent down in 1995 is $100,000. That same $100,000 in the S&P 500 with dividends reinvested grows to roughly $2.5 million by 2025. That’s a real return worth acknowledging. 

The Nantucket home, meanwhile, went from $500,000 to approximately $4 million. The $100,000 down payment became $4.0 million in equity — a 40x return. But we know that there were principal and interest payments, which assuming a blended average rate of 7%, resulted in $958,000 in P&I paid over 30 years. We could factor in taxes and insurance, but let’s call that a (really cheap) rent equivalent and ignore for these purposes. The Nantucket homeowner’s $100,000 downpayment would turn into over $3.0 million over 30 years after paying P&I on the mortgage. The person is paying for shelter one way or another, so if we were to net out real rent, the argument gets even stronger.

Real estate wins on her own example, and it isn’t particularly close. 

Then there’s the benchmark problem. The median home value in Nantucket today is nearly $4 million. Using Nantucket to make a broader point about whether Americans should buy homes is like using Amazon stock to argue everyone should invest in equities. Technically defensible. Practically useless.

But the deeper issue is the framing itself.

A home is not an investment vehicle competing with the S&P 500. It’s shelter — one of a few options, alongside renting or living with family or friends or strangers (I guess). People choose ownership because they value stability, privacy and the ability to build a life without asking permission from a landlord. Those things don’t appear in a return calculation, and they shouldn’t have to.

The real question isn’t whether a house beats the stock market. It’s what kind of life someone is trying to build. Renting is a legitimate choice with real advantages depending on the season of life. But that’s not the comparison the article set up. The frame was shelter versus stocks, and on that question the analysis starts from a broken foundation.

The author may go on to make observations worth considering about shifting cultural priorities and how younger generations think about ownership. That conversation is worth having. Homeownership may be harder to access today for aspiring first-time homebuyers than it was in 1995. Surveys may show that young people don’t think housing is a good investment (a belief furthered by sloppy frames). The American Dream may be less clear today than it was for generations that came before us. But when the opening argument rests on bad math and a misleading benchmark, everything that follows is on unstable ground.

What concerns me most is the consumer impact. The person who reads this piece and decides not to buy based on a poorly constructed narrative. The downstream effects on financial stability and community that follow from that decision. Housing professionals have an obligation to stand for what we know to be true — not to win an argument, but because the stakes are real.

Shelter matters. Community matters. And the 30-year fixed-rate mortgage remains one of the most powerful wealth-building instruments available to ordinary Americans. That story deserves better than a Nantucket comp and a broken benchmark. 

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Manhattan and Brooklyn rents have reached new highs as the cost of living continues to rise across New York City. A report from the Corcoran Group found that the median rent for market-rate residential buildings in Manhattan reached $5,295 per month at the start of summer, up 3 percent since May and 8 percent year over year. Across the East River, Brooklyn’s median rent for market-rate units reached $4,350 last month, an 8 percent annual increase. The continued surge reflects the city’s limited housing inventory, with Manhattan’s already-tight vacancy rate falling from 1.57 percent in May to 1.49 percent in June.

“Manhattan renters are chasing a shrinking pool of available apartments, and the result has become predictable—record rents,” Gary Malin, chief operating officer at Corcoran, told Crain’s New York.

“Across the board, quality apartments are commanding a premium, and renters have little room to negotiate. Brooklyn’s rental market is also rewriting the record books,” he added.

In Manhattan, studio and one-bedroom apartments each reached new average rent records for the second consecutive month in June, climbing to $4,014 and $5,408, respectively. Two- and three-bedroom rents also continued to rise, with both categories posting annual gains of 10 percent.

While there were 5,260 active listings across Manhattan in June, up 6 percent in comparison to May, listings fell by 16 percent year-over-year and registered the lowest June total in three years.

In June, the average Manhattan apartment took 36 days to find a tenant, the same rate month-over-month but down 29 percent annually.

Leasing activity increased slightly by 1 percent compared with May but remained 7 percent below last year’s level. The decline coincided with a double-digit annual drop in inventory, suggesting that limited supply continues to constrain leasing volume during one of the borough’s busiest rental periods.

In Brooklyn, median rents rose 0.1 percent from May and 8 percent year over year, reaching $4,350 per month in June. The increase surpassed the previous record of $4,347 per month set just one month earlier.

Average rents increased year-over-year across all unit types. One- and two-bedroom apartments saw the largest annual gains, rising 10 percent to $4,297 and $5,740, respectively.

There were 4,473 active listings in Brooklyn in June, up 4 percent compared with May but down 0.4 percent year over year. The average Brooklyn rental remained on the market for 37 days in June, unchanged from May but 30 percent lower than last year, further underscoring the borough’s limited inventory and strong rental demand.

In June, Brooklyn saw 1,368 leases signed, up 6 percent from May but down 11 percent year-over-year. It marked the second consecutive month of annual declines following an eight-month streak of gains that ended in May. Despite the drop, June recorded the second-highest leasing activity for the month since 2022, trailing only 2025’s total.

Annual leasing activity declined across every unit type except studios, which increased by 7 percent. Three-bedroom apartments saw the largest drop, falling 20 percent year-over-year.

New York City Comptroller Mark Levine said the housing affordability crisis is “at DefCon1” in a post on X.

“We need to push harder on every front to address our housing shortage,” Levine wrote. “Update zoning, invest more City $ in affordable units, lower the time & cost City bureaucracy imposes on construction, get 1000s of vacant regulated units back on the market. We need bold action. This is a crisis.”

Record-breaking market-rate rents came as the city’s Rent Guidelines Board approved a historic rent freeze for one- and two-year leases covering roughly one million stabilized apartments last month. The new guidelines, which apply to leases beginning on or after October 1, 2026, and September 30, 2027, fulfill a key campaign promise from Mayor Zohran Mamdani just six months into his first term.

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Airbnb plans to turn a New York City landmark into office space. The short-term rental company paid $81.5 million for the six-story limestone building at 281 Park Avenue South. Known as the Church Missions House, the property was built in the 1890s for the Episcopal Church and most recently housed the Swedish photography museum Fotografiska, which closed its doors in 2024.

As first reported by the Wall Street Journal, Airbnb plans to make the 42,500-square-foot building a hub for its roughly 600 employees in the New York area.

“New York City has been part of our story since the earliest days of Airbnb. This building reflects our long-term commitment to the city and will be home to one of our largest employee hubs outside of San Francisco,” Airbnb co-founder and CEO Brian Chesky told WSJ in a statement.

“We’re excited to keep investing in the city and the people who make it extraordinary.”

Aby Rosen’s RFR purchased the building in 2014 for $50 million from the Federation of Protestant Welfare Agencies. Fotografiska signed a 15-year lease at the site in 2017 but closed in September 2024. The museum’s restaurant, Verōnika, and the intimate lobby cocktail bar, Chapel Bar, also closed.

James Nelson, Alexandra Marolda, Brent Glodowski, Lea Voytovich of Avison Young, and Ryan Serhant and Bernadette Brennan of SERHANT. represented RFR.

“Opportunities to acquire a Manhattan landmark of this significance are exceptionally rare. 281 Park Avenue South commanded serious attention from the moment it hit the market, and the level of interest reflected just how singular this property is,” Brennan said.

“We’re proud to have brought this sale across the finish line for such an extraordinary piece of the city’s architectural fabric.”

The property is the first New York City building owned by Airbnb, which currently leases office space in Lower Manhattan. The deal comes as the company continues to push officials to roll back a 2021 law that took effect in 2023, which effectively bans Airbnb in the city.

The Church Missions House was built between 1892 and 1894 as a headquarters for the Domestic and Foreign Missionary Society, an arm of the Episcopal Church. One of a block of organizations with similar missions, known as “Charity Row,” the building, designed by Robert W. Gibson and Edward J. Neville Stent, has a striking Flemish Renaissance Revival style and a limestone facade. 

The city designated the building an individual landmark in 1979, citing its steel-framed construction and medieval sheathing as reminders of the “19th century’s commitment to technology and its appreciation for historical association.”

In addition to its architecture, the building is also associated with Anna Delvey, aka Anna Sorokin, the con artist and fake heiress who attempted to lease the space for the “Anna Delvey Foundation,” a private members’ club and art foundation. After her scams were discovered, Sorokin was indicted and convicted of fraud.

According to WSJ, Airbnb will keep its “work-from-anywhere” policy, but is “planning a major investment in its newly acquired building.”

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Homebuyers held the upper hand in 33 of the 47 major U.S. metropolitan areas analyzed by Redfin in June, representing roughly 70% of the nation’s largest housing markets, according to a report released Tuesday, July 14. Asad Khan, a senior economist at Redfin, said affordability remains the biggest hurdle facing prospective buyers, but those who can qualify for a mortgage now have considerably more negotiating power than at any point in recent years.

Redfin estimates that approximately 1.50 million sellers entered the housing market during June compared with 1.01 million buyers, leaving 48.5% more sellers than buyers—a surplus of nearly half a million homes. The imbalance changed little from May’s 48.7% and remains just below the record 50.1% seller surplus reached in December.

How Redfin Measures the Market

Redfin classifies a market as a buyer’s market when sellers outnumber buyers by more than 10%. A seller’s market exists when buyers exceed sellers by more than 10%, while anything in between is considered balanced.

The brokerage estimates buyer demand using its own customer activity—including the average time from a buyer’s first home tour to closing—combined with Multiple Listing Service data covering active listings and pending sales.

The report analyzes the nation’s 50 largest metropolitan areas, excluding three markets because of insufficient data.

Where Buyers Hold the Most Power

The strongest buyer’s markets continue to be concentrated across the Sun Belt.

Miami ranked first, with an estimated 140% more sellers than buyers, followed by:

  • Nashville: 129% more sellers
  • Houston: 124%
  • San Antonio: 117%
  • Austin: 101%

Each market has reached this point for different reasons.

In South Florida, soaring insurance costs and sharply higher homeowners association fees—driven in part by increasing natural-disaster risks—have encouraged more owners to sell while discouraging potential buyers, particularly in the condominium market.

Texas and Nashville face a different dynamic.

Years of aggressive residential construction have produced abundant housing inventory just as elevated mortgage rates have cooled demand. Florida has similarly experienced a surge in newly built homes that has outpaced current buyer activity.

Other metropolitan areas firmly in buyer’s territory include Atlanta, Denver, Las Vegas, Phoenix, Seattle, and Charlotte.

Meanwhile, Baltimore, Boston, Chicago, Cleveland, and New York City remain broadly balanced markets.

The Northeast Continues to Favor Sellers

Only seven major metropolitan areas qualified as seller’s markets during June, matching May for the highest number recorded in the past ten months.

The strongest seller’s market remained Nassau County, New York, where sellers were outnumbered by buyers by 38%.

The remaining seller-friendly markets included:

  • Milwaukee: 30% fewer sellers than buyers
  • Montgomery County, Pennsylvania: 21%
  • Newark, New Jersey: 21%
  • New Brunswick, New Jersey: 21%
  • Providence, Rhode Island: 18%
  • San Francisco: 16%

Redfin attributes the Northeast’s resilience largely to one factor: an ongoing shortage of available homes.

Compared with the rapidly growing Sun Belt, Northeastern states built relatively little housing over the past decade because of limited land availability, restrictive zoning regulations and slower population growth. At the same time, many existing homeowners remain reluctant to sell homes financed with historically low mortgage rates secured before interest rates climbed.

Strong employment markets and higher household incomes continue supporting buyer demand despite elevated borrowing costs.

The Trend May Be Stabilizing

Some of the country’s hottest buyer’s markets are beginning to show early signs of stabilization.

Anaheim, California, experienced the largest monthly improvement, with its seller surplus narrowing to 25%, down from 39% in May.

Riverside improved from 73% to 62%, while Tampa declined from 80% to 70%.

Homeowners appear to be responding.

A separate Redfin report released July 13 found that new home listings fell approximately 1% nationwide from May to their lowest level since December.

The sharpest monthly declines occurred in some of the country’s strongest buyer’s markets:

  • Dallas: down 6.5%
  • Fort Worth: down 6.2%
  • Jacksonville: down 5.5%

Many potential sellers appear to be delaying listings after watching neighboring homes remain on the market longer than expected.

Prices Continue Setting Records

Despite the growing supply imbalance, home prices remain remarkably resilient.

The national median home-sale price climbed 2.2% from a year earlier to a record $408,776 in June.

Existing-home sales increased 0.1% from May to a seasonally adjusted annual pace of approximately 4.4 million homes, the strongest level since November 2022 and 4.2% above June 2025.

Pending home sales also rose 0.5%, reaching their highest level since 2023 outside of April.

What It Means for Buyers

For qualified buyers, today’s housing market offers opportunities that were largely unavailable during the pandemic-era housing boom.

Negotiating leverage has improved.

Price reductions, seller-paid closing costs, repair concessions and fewer bidding wars have become increasingly common in many markets.

Still, Daryl Fairweather, Redfin’s chief economist, cautions that increased negotiating power does not solve the underlying affordability challenge.

High mortgage rates and record home prices continue placing ownership beyond the reach of many households, regardless of whether buyers or sellers currently hold the advantage.

The result is a housing market split in two.

In places like Miami, Houston, and Austin, sellers now significantly outnumber buyers, while nationally the median home price continues reaching new all-time highs.

Redfin is part of Rocket Companies (NYSE: RKT).

JBizNews Desk | New York

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As GLP-1 weight loss medications continue to surge in popularity, NFL legend Tom Brady is getting in on the action, using his wellness brand to “democratize” the health care system in a way the world has “never seen.”

The seven-time Super Bowl champion has teamed up with eMed, a digital health company managing sustainable ways to offer GLP-1 drugs while helping employers reduce health insurance claims.

“There’s an epidemic in America, the disease of obesity, and how can we democratize health and wellness in a way that the world has never seen?” Brady said in an exclusive interview with “The Claman Countdown” Wednesday.

DR OZ LINKS OBESITY TO CHRONIC DISEASE SURGE, SAYS GLP-1S CAN ‘JUMPSTART’ BETTER HEALTH

Serving as eMed’s chief wellness officer, Brady hopes to help people live better, healthier lives by harnessing the power of weight loss medications, lamenting America’s obesity epidemic.

“I love seeing people live a better life, live a healthier life, feel better, do the things that they want to do in the end. It’s always been a struggle in our country,” the football legend said.

“There’s no debate about the way that this medicine is working right now in terms of keeping people and getting people on their wellness journey started.”

TOM BRADY LAUNCHES GOOD NUT COCONUT WATER LINE WITH GOPUFF IN MARKET EXPECTED TO REACH $11B BY 2030

EMed CEO Linda Yaccarino previously said the goal is to apply Brady’s “rigor” to improve the health of the American workforce and minimize chronic diseases.

With more than 60% of Americans receiving health benefits through an employer, eMed aims to incentivize companies to cover GLP-1 medications for eligible workers, Yaccarino said.

“We do a great job of saving employers’ money and getting people healthy,” Brady said.

AMERICANS ARE GIVING UP MULTIVITAMINS FOR A DIFFERENT DAILY HEALTH HABIT, STUDY FINDS

“There’s finally, for the first time, a health benefit, attacking all these chronic diseases and a financial benefit to employers. So, it’s giving them incentive to cover the medications,” Yaccarino added.

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Yaccarino described GLP-1 medications as the “pharmaceutical revolution” of the modern age while outlining the support eMed provides to patients.

“Once we bring our members onto our program, we combine AI, technology and continuous clinical support so they stay with us,” she said.

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Once again Wall Street was surprised by a deflationary wholesale price report where the level of the so-called producer price index actually dropped by three-tenths of a percent. And it’s worth noting that after rising 1.1 percent in April, the PPI eased to 0.6 percent in May. And then the outright decline of three-tenths in June.

This follows yesterday’s deflationary CPI report. Both are a welcome relief from the inflationary reports of recent months. Real average hourly earnings rose 0.8 percent in June. That’s the best monthly real wage gain in 11 years, excluding the pandemic. Wall Street is also wrong about its prediction that the Fed will be raising rates, as these deflationary reports have taken rate hikes off the board, undoubtedly for the rest of the year I think. 

Actually, my view is the Fed’s not going to change their target rates until Chairman Kevin Warsh’s various task forces report. There are five panels with some very smart people on them. They’re gonna look at the appropriate inflation measures, the Fed’s balance sheet, communication and forward guidance, economic data quality, and productivity.

This is part of Mr. Warsh’s regime change. And it’s a very good idea. Yet my hunch is not to expect any big policy changes until those task forces publish their work, and the central bank figures out how to absorb the reports and then change them.

Meanwhile, even as President Trump steps up the bombing of Iran in response to the IRGC busting the ceasefire and the memorandum of understanding, inflationary expectations in our financial markets are actually coming down.

Indeed even the WTI oil price seems to have stopped rising. I think word money markets want to see regime change in Iran even more than regime change at the Fed. For the record, the two-year CPI break-evens have dropped all the way to 1.89 percent, that’s below the Fed’s 2 percent target, the dollar is strong, and precious metals are soft.

Meanwhile profits, productivity, and stock prices are all soaring. After the pro-growth incentives of the One, Big, Beautiful Bill of a year ago. So at least for now, we’ve got falling prices and a rising economy. Has Goldilocks returned?

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Plans to build an 11-story condominium in Harlem are moving ahead after the development team secured $45 million in construction financing this week. SCALE Lending, the debt financing arm of Slate Property Group, announced Tuesday that it issued the loan to Mass Development for the multifamily project at 264-272 West 135th Street. The ground-up building will feature studio to three-bedroom condos, half of which will include balconies, along with retail space, community facility, and resident amenities.

The site’s former occupants. 264-272 West 135th Street © 2024 Google

Brooklyn-based City Buildings will serve as the general contractor, BUILTD will serve as the architect, and Reavis will lead residential sales. The loan carries a floating rate for 30 months with two six-month extension options and was arranged by Arrow Real Estate Advisors.

“Harlem is one of the most supply-constrained condo markets in New York City, with no new project of comparable scale or quality delivering in years, and the pipeline remaining effectively empty,” Martin Nussbaum, co-Founder and principal of Slate Property Group, said.

“That level of scarcity creates a rare and compelling opportunity,” he added. “We are proud to team up with Mass Development and provide the capital that will deliver 72 residences to a neighborhood that is long overdue for new for-sale product.”

The property’s two lowest floors will feature a lobby, 12,000 square feet of retail space, and a 15,000-square-foot community space already leased to a daycare operator.

A top-floor amenities suite will include a fitness center, garden, resident lounge, spa, and children’s playroom. A movie room, storage space, and additional lounge areas will be located on the lower ground floor.

The two buildings were purchased in June 2025 for roughly $9 million by a Fresh Meadows, Queens-based entity from a Midtown LLC named after the site’s address, according to Crain’s. Before the sale, the properties housed a pizza shop, an Ethiopian restaurant, a deli, a laundromat, and a former church that had long sought to sell the property.

Permits had been filed earlier that year to demolish the former church, owned by the Faithful Workers Christ of God.

The site is located within walking distance of 125th Street, which offers a wide range of shopping, dining, entertainment, and cultural destinations. The B, C, 2, and 3 subway lines are also nearby, along with several bus routes.

The project is slated for completion in summer 2028.

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KoiHaus, a mid-century modern home on three-and-a-quarter acres near Piermont, New York, rises from a secluded road near the banks of the Hudson River. In the style of Frank Lloyd Wright, KoiHaus in the Hudson Valley consists of clean lines and geometric shapes, surrounded by Japanese-inspired gardens and landscape. The 6,800 square feet of living space is composed of five interconnected boxes constructed of concrete, stucco, stone, and hardwood, topped by a 50-year roof. Asking $4,195,000, the precision of KoiHaus is contrasted by natural bluestone pathways and hefty stone steps found throughout the enchanted gardens.

The structure itself was designed by the acclaimed architect Brian Spence. The landscape was created by renowned Japanese garden designer Asher Browne. One hundred windows offer views of the home’s natural setting as it rises from the site line, the closer you get to it.

The home’s exterior uses light to its advantage, its many windows serving as frames for shifting natural tableaus throughout the day. Its most notable engineering feat is its split-foundation design, offering two independent structures joined by a bridge of glass and steel.

The first glimpse of the home is anchored by a 13-foot-tall steel elephant sculpture that moves with the wind. Within, every detail telegraphs sleek minimalism.

Broad moldings meet natural stone walls and bamboo flooring; pocket doors maximize space in the spirit of Japanese sliding screens. Climate control includes full zone heating and central air conditioning throughout.

On the main level is an expansive kitchen with a walk-in pantry. Premium finishes include polished bluestone countertops. A dining room offers sunset views.

Bedrooms are tranquil, varying with location and size. Baths are luxurious and spacious.

A walk-out lower level holds a fitness room, a home theater, a wet bar room and a full bath. Just outside the back doors is a hot tub.

The annex is a 1,000-square-foot semi-finished climate-controlled space. This flexible volume is currently used for band practice, but the possibilities are endless. A separate garage holds four vehicles via dual lifts.

The grounds blur the boundaries between indoors and out. Beneath a bridge flows a continuous koi pond that winds under and around the house. From almost anywhere, inside or out, residents can watch Nishikigoi swimming in their natural habitat.

This upstate N.Y. home is located near the historic riverfront village of Piermont, with five-star dining, local marinas, and a 700-acre state park. It’s a mere 15-minute commute to the George Washington Bridge into Manhattan.

“KoiHaus is not simply a luxury residence; it is a work of art and a private sanctuary for the connoisseur of art, architecture and mindful living,” Richard Ellis, the agent with the listing, said.

“The combination of its architectural pedigree, Japanese-inspired gardens, living koi pond, and remarkable proximity to New York City makes this a truly one-of-a-kind offering.”

[Listing details: 27 Castle Road by Richard Ellis of Ellis Sotheby’s International Realty]

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OpenAI is developing a portable, screen-free smart speaker as its first consumer hardware product, according to details reported Tuesday, July 14. The company has not officially announced the device, and many of the details now appear in Apple’s 41-page lawsuit filed July 10 in the U.S. District Court for the Northern District of California, along with OpenAI’s public response denying any interest in competitors’ trade secrets. Additional details were reported Tuesday by Bloomberg’s Mark Gurman, citing people familiar with the project, who described a portable, screenless AI device designed to become a new type of home computer for the artificial intelligence era.

Inside OpenAI, the product reportedly is not viewed as simply another smart speaker.

Instead, sources describe it as a human-like AI companion designed to live throughout the home—a device with personality that gradually learns its owner’s routines, preferences and habits, becoming increasingly useful the longer it is used.

What the Device Will Do

The device is expected to control smart-home appliances, play music and media, answer questions, send and receive messages, and provide the full capabilities of ChatGPT.

Unlike traditional smart speakers, it reportedly includes a camera and multiple sensors that allow it to understand its surroundings and interpret context, enabling more advanced AI interactions.

Its portability is another distinguishing feature.

Powered by a rechargeable battery, users will be able to carry the device from room to room—helping with recipes in the kitchen, assisting with chores in the laundry room, or providing music and information in the bedroom. Owners will also have the option of leaving it plugged into a permanent location.

According to reports, the hardware will include subtle mechanical movements intended to give the device more presence, making it feel less like a stationary speaker and more like an AI companion.

Over time, the system is expected to become increasingly personalized by learning user habits and, with permission, incorporating information from sources such as email accounts.

Price and Timeline

Current plans reportedly target a retail price between $200 and $300.

Bloomberg reports the product could be unveiled during 2026, with commercial availability expected in 2027.

Manufacturing is reportedly being considered in either Vietnam or the United States.

The pricing would position the device below Apple’s HomePod while costing more than an entry-level Amazon Echo Dot, placing it squarely in the mainstream consumer market.

The project is being led creatively by legendary former Apple design chief Jony Ive and his design firm LoveFrom.

Last year, OpenAI acquired Ive’s hardware startup, io Products, in an all-stock transaction valued at approximately $6.5 billion, making it the largest acquisition in OpenAI’s history.

Bloomberg reports the speaker is one of roughly five hardware products currently under development. Longer-term concepts reportedly include a dedicated AI mobile device that could eventually replace today’s smartphone, along with wearable devices and possible home robotics initiatives.

The Apple Lawsuit

The hardware plans surfaced only days after Apple filed a sweeping federal lawsuit.

The complaint alleges that OpenAI improperly obtained Apple’s confidential intellectual property while developing consumer hardware products.

Named as defendants are OpenAI, io Products, Chief Hardware Officer Tang Tan, and former Apple engineer Chang Liu.

Apple alleges that Tan encouraged Apple employees interviewing with OpenAI to bring actual hardware components to interviews for demonstration purposes and claims departing employees were coached on avoiding Apple’s security procedures.

The lawsuit further alleges that more than 400 former Apple employees now work at OpenAI.

Apple is seeking financial damages, court injunctions, and orders requiring defendants to stop using any allegedly misappropriated technology and return confidential materials.

OpenAI’s public response was brief.

The company stated it has no interest in competitors’ trade secrets and remains focused on building technology that empowers people.

Sources familiar with the project also told Bloomberg that the device differs substantially from any existing Apple product and is unlikely to infringe on Apple’s proprietary technology.

Why It Matters

The dispute marks a dramatic reversal in the relationship between two companies that partnered in 2024 to integrate ChatGPT into Apple’s operating system.

Today, Apple’s upcoming version of Siri instead relies primarily on Google Gemini, effectively ending what once appeared to be a long-term partnership.

The timing is especially significant as OpenAI prepares for what many expect to become one of the largest technology IPOs in history.

Depending on how the litigation unfolds, the lawsuit could delay commercial production, creating uncertainty for suppliers, manufacturers, retailers and investors already planning around a 2027 launch.

Investment in AI hardware, however, continues accelerating.

In May, Hark, the artificial intelligence startup founded by Brett Adcock, raised an oversubscribed $700 million Series A financing round at a $6 billion valuation to develop proprietary AI hardware paired with its own foundation models, despite revealing few details about its products.

For businesses, the implications extend well beyond consumer electronics.

An always-on AI device equipped with cameras, contextual awareness, memory of personal habits and access to communications becomes another workplace endpoint rather than simply another household gadget.

Retailers, offices, healthcare providers and small businesses adopting the technology will likely confront difficult privacy, cybersecurity and customer trust questions long before many consumers fully understand how these devices work.

JBizNews Desk | New York

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In an interview with Joe Rogan, the vice president said that some in Israel want the war with Iran to continue “indefinitely.”

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California lawmakers are warning that a tax credit cap in Gov. Gavin Newsom’s final state budget could derail the state’s push to keep Hollywood jobs in the state.

In a July 10 letter obtained by FOX Business, 39 California legislators urged Newsom and other lawmakers to exempt the state’s Film & Television Jobs Program — aimed at keeping productions in the Golden State — from the cap. They warned the change could “significantly kneecap” the program, which was expanded just last year.

“We understand the budget agreement is in place, but this problem must be fixed before the end of this session,” lawmakers wrote.

The warning came shortly after Newsom approved his final state budget as California governor, a $351.7 billion spending plan that tightens limits on business tax credits.

NEWSOM’S OFFICE TOUTS ANTHROPIC ‘PARTNERSHIP,’ 50% DISCOUNT ON CLAUDE AI FOR CALIFORNIA AGENCIES, LOCALITIES

The budget extends California’s current temporary $5 million business tax credit cap for three years, through 2029. Starting in 2030, companies will be limited to claiming $5 million or 70% of their state tax liability in a given year — whichever is greater.

Critics say the cap could hit California’s film and TV incentives, leaving studios unable to fully use credits they earned for shooting in the state. Lawmakers said the move would amount to “retroactively changing the rules.”

“As a result, many production companies will lose the full value of tax credits they earned in exchange for creating middle-class entertainment industry jobs with health care and retirement with dignity as well as the other economic benefits the industry brings to the state,” the letter states.

The lawmakers also noted that California’s updated film program has kept 133 productions in the state from August 2025 through April 2026, generating $5.5 billion in economic activity, 38,050 cast and crew jobs and 247,934 days of work for background actors.

NEWSOM’S POLITICAL DEFENSE FACES SKEPTICISM AS DOJ INVESTIGATION CONTINUES

“For 100 years, California was the home of film and television production. That is the past. What the Legislature does to address the problem created in SB 122 determines if that remains true into the future,” the letter states.

Southern California’s film and TV industry has struggled to recover from the pandemic, 2023 Hollywood strikes and productions leaving for other states and overseas, the Los Angeles Times reported. 

Assemblyman Rick Chavez Zbur, D-Los Angeles, told the Los Angeles Times that lawmakers believed the film program had been carved out of the cap.

“I don’t think that anyone understood what this cap was, what it did and that it effectively kneecapped and reverses the progress that we made last year,” Zbur told the outlet. “We need to have people understand that these changes, which I think people believed were minor, are really significant and will result in significant job loss if we don’t fix them.”

PARAMOUNT ADVISORS PUSH FOR CALIFORNIA EXIT AS STATE SUES TO BLOCK WARNER BROS DISCOVERY MERGER: REPORT

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Newsom spokesperson Marissa Saldivar told the Los Angeles Times the tax credit limit is part of a “broader fiscal proposal” to keep the state making “strategic investments” while maintaining long-term stability.

“We remain confident in the strength of the recently expanded Film and Television Tax Credit Program and will continue to work with industry and legislative partners to ensure the program is competitive,” Saldivar said.

Newsom and Zbur could not immediately be reached by FOX Business for comment.

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US President Donald Trump may be pressuring Israel to withdraw forces from several areas along the border with Syria, according to Axios.

“President Trump told Israeli Prime Minister Benjamin Netanyahu during a phone call Thursday that Israel should start redeploying its forces out of Syria and urged him to do the same in Lebanon, according to US and Israeli officials,” an Axios report by Barak Ravid noted on Tuesday.

This leads to questions about where Israel might shift forces and what areas are in the spotlight. To understand Israel’s current posture in Syria, it’s worth understanding how it got here.

Israel conquered the Golan Heights from Syria in the Six-Day War in 1967. After the Yom Kippur War in 1973 led to a ceasefire with Syria and Egypt, there was a new buffer zone created in the Golan between Israeli and Syrian forces. This led to a 1974 ceasefire line.

The line is not a simple line. It is actually several lines, one of which is called Alpha and another called Bravo.
In 2020, the IDF noted that “the Israel-Syria border consists of two lines which are separated by a 155-square-mile buffer zone. This buffer zone lies in Syrian territory and is monitored by the UN. To the east of it is the Bravo Line that signifies the end of the buffer zone and the beginning of Syria. To the west is the Alpha Line, where the UN buffer zone ends and Israel begins.”

Israel’s concerns about threats from Syria 

Therefore, we are actually talking about an area that is a long strip of land. There are Syrians who live along this line. During the Syrian civil war, Israel became more active along the Golan and reinforced its border fence while also providing food and medical care to Syrians.

This was an important operation that helped many Syrians. Israel had contacts with the Syrian rebel groups on the other side, which led to controversy with the Druze in the Golan who accused some of these groups of attacking the Druze village of Hader on the Syrian side.

In 2015, two Syrians being transported by an Israeli ambulance were attacked in Majdal Shams. The Assad regime returned to the Golan border in 2018. Israel facilitated the evacuation of hundreds of Syrian White Helmets at the time. They went to Jordan.

When the Assad regime fell in December 2024, the IDF moved quickly to take over the buffer zone and also take the peak of Mount Hermon. The IDF also carried out airstrikes across Syria. At the time, the concern was that weapons in Syria might fall into the hands of enemies, the way weapons from Libya had ended up with terrorist groups in Sinai and Gaza after 2012.

However, Israel’s concerns about threats from Syria have not materialized. In fact, it is Israel that has been bombing and raiding Syria. Some Israeli policymakers want Israel to guarantee Druze autonomy in Syria’s southern Sweida area. Others want southern Syria demilitarized.

Levant24, a Syrian media site, claimed that since December 2024 there have been more than 1,000 Israeli strikes in Syria and 1,157 “incursions.” It also says 202 people have been detained and 38 killed. It says the IDF has advanced around 15 miles into Syria. Levant24 keeps a daily record of these incidents. They often point to Israeli raids and maneuvers inside the villages that are along the buffer zone.

The US has cultivated warm ties with the new Syrian government of Ahmed al-Sharaa. Trump met Sharaa twice in 2025, and he recently met him again in Ankara on the sidelines of the NATO summit. Trump has been impressed with Sharaa.

IDF presence in Syria is ‘needed’ to avoid another Oct. 7-type attack

Syria has a new parliament and has made a lot of progress since December 2024.

Israel once shared interests with the Syrian rebels and wanted to work with them against Iran and Hezbollah. However, after December 2024 the narrative changed in Jerusalem, and some began calling the new government of Syria “jihadists.”

How did partners against Hezbollah and Iran become “jihadists”? In many cases it’s the same people in southern Syria, former Syrian rebels who back the government. If they weren’t jihadists in 2015 or 2018, why would they be a threat now?
Axios noted that “Trump’s requests add to growing pressure on the Israeli leader. The Israel Defense Forces currently occupy large parts of southern Lebanon and southern Syria, a presence the government says is needed to prevent another Oct. 7-type invasion.”  

Trump said, “They don’t want you there. You should redeploy,” Trump told Netanyahu, according to the US official quoted by Axios. Trump understands that the friction in Syria between the IDF and the local Syrians could cause a crisis with Syria and also harm potential ties. Trump sees the long-term strategy.

In Jerusalem, there are concerns that Syria is too close to Turkey, and Jerusalem now views Ankara as an emerging threat. Some voices have even claimed that Turkey is the “new” or “next” Iran. Turkish officials have sometimes been extreme in their anti-Israel rhetoric. However, they appear to be toning it down since the NATO meeting.

Trump likely wants to see this rhetoric in Jerusalem and Ankara reduced. US Ambassador Tom Barrack, who is ambassador to Turkey and also US envoy to Syria and Iraq, would also likely prefer stability, quiet, and accommodation.
This means that Trump is now looking to work on the Syria and Iraq file. He hosted the Iraqi prime minister at the White House on Tuesday. There are major opportunities here for the US and also for Israel.

Rethinking Israel’s strategy along the Syrian border

There is no real strategic or tactical need to keep up the friction with Syrian villages along the buffer zone. In the last week, since July 7, there have been numerous incidents where the IDF had to remove Israeli civilian activists from Syria.

If Israeli civilians are trying to get into Syria to settle it, then it would appear the “jihadist” threat is not very big. Instead, the problem the IDF seems to face is restraining Israelis from creating “settlements” in Syria. This would lead to more tensions with the local Syrians. It also means there is potentially more chaos and instability along the border.

A re-think in Israel’s strategy and tactics may be necessary in the future. Israel has worked to prevent threats.
However, threat prevention can also be accomplished by working with Syria’s new security forces, including its Interior Ministry, which has had success recently in cracking down on terrorist threats in Syria.

The path forward likely means the US will need to remain engaged. However, considering the positive ties that once existed between Israel and the Syrian rebels on the Golan, there is a path forward that may help both countries.

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UK judge orders ICJ Palestine to pay full legal costs of £82,130 to a British-Israeli dual national it tried to prosecute for serving in the IDF.

The story, as covered by The Jerusalem Post at the end of June, is that the ICJP formally applied for a court summons to prosecute Soldier A for allegedly breaching Britain’s Foreign Enlistment Act (FEA) of 1870 by voluntarily serving in the Israeli military.

The ICJP’s attempt failed dramatically in court, with Senior District Judge Paul Goldspring of Westminster Magistrates’ Court unleashing a damning polemic against the ICJP’s legal team. Goldspring called the attempt “egregious” and legally “inadmissible.”

He also called it “fundamentally misconceived in law,” as the FEA does not apply to dual nationals.
Then, on June 19, Goldspring ruled that the ICJP must pay legal costs to Soldier A, the exact amount of which was just revealed on Friday.

In the new ruling, Goldspring ruled that, where a private prosecution is commenced on the “basis of culpable, profound breaches of the fundamental duty of candor, costs should be assessed on an indemnity basis to properly restore the Defendant’s position.”

In simple terms, the judge found that because the prosecution seriously failed in its duty to be honest and open with the court, it should pay Soldier A’s legal costs on a more generous basis than usual.

Goldspring ordered the ICJP to pay the total sum of £82,130, which he said was “entirely reasonable and proportionate given the complexity of the response forced upon Soldier A.”

Judge demands ICJP apologize for lack of candor

Goldspring noted that the ICJP did “recognize the systemic failures of candor” following his prior ruling. He also said that the ICJP issued an apology to both the Court and Soldier A for “its failures to comply with its core duties of candor.”

ICJP, in return, took issue with Goldspring’s demand on April 8 that it be required to attach an unabridged copy of both the Soldier A ruling and the costs ruling, “to any future application it may file in any court in England and Wales as a procedural safeguard.”

Ruling ‘really shows that justice can prevail,’ Soldier A says

Goldspring subsequently concluded that he does lack the power to issue a mandatory, standalone injunction binding future court filings across England and Wales, and therefore reframed this request as an “explicit expectation rather than a mandatory request.”

“This is an incredibly strong win for the cause, both in terms of the actual cost part of it, which is significant, but also on the fact that the judge [expects] all further litigation from the ICJP to have this included, which is a massive win,” Soldier A told the Post on Wednesday.

“It really shows that justice can prevail and that this judge saw through the lies and the games, the political meddling that was trying to be done here.”

He praised Goldspring for doing a “good, honest job of looking at this case on its merits” and understanding that the case was not about justice but about “trying to use the courts for lawfare.”

“It’s a great outcome and a great end to a long and stressful saga,” Soldier A concluded.

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Representative Alexandria Ocasio-Cortez said the influencer Clavicular should be informing his followers about the plight of Palestinians, in a sign of how widely Clavicular’s trip this week to Tel Aviv has registered among both Israelis and Israel’s critics.

Ocasio-Cortez, who has been sharply critical of Israel, was asked about Clavicular by a reporter from TMZ, the celebrity news site, on Tuesday in Washington.

“We should be focusing on Palestinians and the fact that many of them have been displaced,” she told the outlet, adding, “I hope maybe he uses his platform to give also some light to that issue as well.”

Clavicular sharply divided pro-Israel influencers during his time in Tel Aviv, with some arguing that his presence was a boon to Israel at a time when the country faces global approbation over its military operations in Gaza and others saying that Israelis should not embrace a celebrity with a record of objectifying women and engaging in antisemitism.

Earlier this year, Clavicular, whose real name is Braden Peters, was part of a group of influencers who sang along to the Ye song “Heil Hitler” at a Miami nightclub.

One Israeli who appeared in Clavicular’s livestream, which appears on the platform Kick that is known for allowing content prohibited by other services, has faced penalties for doing so. Shira Braun has lost her job in the army spokesman’s unit and has been given a suspended jail sentence by the military after posing as the influencer’s girlfriend on air, according to Israeli media.

Israeli Instagram account publishes meme around Clavicular leaving the country

The end of Clavicular’s trip has prompted a new round of social media posts about him. The Instagram account Olim in TLV, which appeals to young immigrants in Tel Aviv, riffed on the country’s missile alerts in a graphic published on Wednesday.

“The event has ended – it is possible to exit the Protected Space,” the graphic said. “Clavicular has left Israel.”

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Former Iranian foreign minister and current member of parliament Manouchehr Mottaki said in an interview broadcast on Iranian state media on Wednesday that Iran should launch a ground war, infiltrate and seize a US military base in the Middle East, and take thousands of US military personnel hostage.

He said that Iran should kidnap hundreds or thousands of US soldiers in retaliation for the US strikes and threats to invade Iran’s Kharg Island and other major oil facilities in southern Iran.

Last week, Mottaki said that the Islamabad Memorandum of Understanding talks between the US and Iran were a “deception plan.”

“If the negotiating team still does not believe this, hold a meeting and explain it to them,” state-aligned media cited Mottaki as saying.

“Islamabad was a plan, a broader scheme of deception and maneuvering by the United States. The Americans had a plan that they thought they could finish within two or three days and achieve their goal, which was to bring an end to the Islamic Republic. They failed,” he added.

Manouchehr Mottaki attends the inauguration session for the new Parliament in Tehran on May 27, 2024; illustrative. (credit: AFP VIA GETTY IMAGES)

He also called for “vengeance,” both domestically and internationally, following the strikes that killed supreme leader Ayatollah Ali Khamenei, anti-regime London-based Iran International reported this month.

He also emphasized the need to prosecute both Prime Minister Benjamin Netanyahu and US President Donald Trump for striking Iran, adding that this would “disrupt American regulation,” Iran International reported.

He claimed that the regime’s aims to prosecute Netanyahu and Trump were communicated from Khamenei to the head of Iran’s judiciary “very clearly” following the June 2025 conflict.

Fmr. Iranian FM Mottaki calls Bahrain ‘US puppet’ amid Hormuz resolutions at UNSC

In May, Iranian state news agency WANA cited Mottaki as saying that Bahrain is acting as a US puppet by drafting an anti-Iran resolution regarding the management of the Strait of Hormuz at the UN Security Council.

“Due to their lack of foresight and understanding, the leaders in Manama fail to realize that just as they should not play games with the Americans, they must certainly not play games with the Iranians,” Mottaki said.

“In other words, the Bahrainis, acting as American puppets, have initiated a move that was already on the White House agenda. This will undoubtedly be their final anti-Iran effort,” he added.

Mottaki served as foreign minister from 2005 until 2010 and has served as a member of parliament since 2024, representing the Tehran, Rey, Shemiranat, Eslamshahr and Pardis region.

IRGC calls on Kuwaitis, Jordanians to expel US forces based in countries

Meanwhile, the Islamic Revolutionary Guard Corps (IRGC) called on Kuwaitis and Jordanians to expel US forces from military bases in their countries, according to the IRGC-run Fars News Agency.

“Honorable and noble people of Kuwait and the holy land of Jordan, it is expected of you, Muslim and noble nations, to expel these child-killers and occupiers from your soil,” the IRGC said.

“The pure soil of the land of Kuwait and the sacred land of Jordan, the sanctuary of the prophets, must not remain under the occupation of criminals who, in just the past two years, have martyred seventy thousand Palestinians, including twenty thousand children, in heroic Gaza and perpetrated the Minab School massacre,” the terror group continued.

“We expect you not to miss any opportunity to destroy the aggressive American institutions and to liberate the Islamic lands from the bases of the American occupiers,” the IRGC concluded.

Trump says US will strike Iranian power plants, bridges next week if no deal reached

Mottaki’s statements come as Trump said that the United States will target Iranian power plants and bridges next week, during an interview with Fox News’s Trey Yingst on Wednesday.

“We’re going to hit them very hard tonight. We’re going to hit them very hard tomorrow night. We’re going to hit them very hard the night after,” said Trump. “Will save energy targets for last. Next week it gets really bad for them.”

“We’re gonna knock out all their power plants,” he said. “We’re gonna knock out all their bridges, unless they get to the table and negotiate.”

Trump also alluded to the effect of recent US Central Command (CENTCOM) strikes on the Islamic regime along the Strait of Hormuz.

“We’re beating them up really badly,” Trump said. “They have to be beaten up.”

“We’re hitting them very, very hard,” he added. We’re hitting every single thing they have along the [Hormuz] shore,” he added.

Regarding Iranian claims of not pursuing a nuclear weapon, Trump responded that “everything” Iran says “is a lie.”

Trump said that his decision to launch Operation Epic Fury on February 28 was because Iran’s effort to obtain a nuclear weapon “just never stops.”

“We knew they wanted a nuclear weapon,” he said. “If they had a nuclear weapon, Israel wouldn’t be here.”

Aaron Glick contributed to this report.

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The IDF is racing to finish eliminating Hezbollah terror infrastructure in 52 southern Lebanese villages in the coming weeks before the US presses Israel for a wider withdrawal, IDF sources said on Wednesday.

During The Jerusalem Post’s visit to Bint Jbail, multiple kilometers into southern Lebanon, and where the IDF vanquished one of Hezbollah’s main centers of gravity in the area, IDF officials discussed with the Post and other outlets how they defeated the group and the current state of play.

On Tuesday, US President Donald Trump told Prime Minister Benjamin Netanyahu that he wanted Israel to withdraw from both Lebanon and Syria.

For the last couple of weeks, Israel, the US, and Lebanon have been negotiating over the multiple spots where the pilot program of Israel undertaking small partial withdrawals, in which it hands over a specific area to the Lebanese Armed Forces (LAF), will take place.

Originally, two areas under discussion were Tibnin and Ali Taher Ridge, but there could be an evolution in the areas, including the addition of a third area, IDF sources said.

IDF soldiers walk through the Bint Jbail stadium, southern Lebanon, July 15, 2026. (credit: YONAH JEREMY BOB)

IDF monitors Lebanese Armed Forces moving into areas Givati Brigade is leaving, officer tells ‘Post’

On July 5, the Post spoke with the Givati Brigade’s Weapons Commander Lt.-Col. “I,” who described to the Post watching the LAF move into certain areas where the Givati Brigade was leaving.

According to “I”, higher-level IDF and US officials handled the transition and handover of territory coordination, with “I” and his forces observing the Lebanese army from a safe distance for a period of minutes.

Curiously, this handover of land occurred some weeks before the IDF had said that officially transferring territory in some key spots in southern Lebanon over to the Lebanese army would occur.

An IDF soldier stands in the Bint Jbail stadium, southern Lebanon, July 15, 2026. (credit: YONAH JEREMY BOB)

IDF sources emphasized that it is critical to Israel that the transfer process ensures the LAF meets certain benchmarks before additional transfers proceed.

The IDF has said that after a few months of trying more seriously to evict Hezbollah from southern Lebanon, the weaker Lebanese army eventually mostly gave up, part of why Hezbollah started to recover and felt strong enough to attack Israel again in July 2026.

Partial withdrawals, land transfers, being coordinated by US Marine Corps general

The partial withdrawals and land transfers are being coordinated by US Marine Corps Lt.-Gen. Joseph R. Clearfield, who was the main coordinator with Israel and Lebanon on such issues from fall 2024 until the recent war, with support from around 30 other American military officials.

IDF sources said that Clearfield properly understands the weaknesses that the Lebanese army has, though they cannot vouch for whether American political officials will hold up the land transfers if necessary from an Israeli security perspective, which may clash with their timeline for wrapping up Lebanon as an issue.

An official for CENTCOM’s Marine Corps Command (MARCENT), relating to CENTCOM’s Military Coordination Group for Lebanon, declined over the weekend to provide more specific updates about how the transfer of territory was going so far.

However, the Post understands that Clearfield met with IDF Chief of Staff Lt.-Gen. Eyal Zamir on July 1 and secretly visited Lebanon on July 2.

While IDF sources are concerned that the Lebanese army will again fail at clearing Hezbollah from areas it takes over, as it failed in 2024-2025, they have some additional hope of success given that this time the Lebanese government has held several public meetings with Israel and is publicly backing disarming Hezbollah.

During the Post’s visit to Bint Jbail, the tour showed off the destroyed Maroun al-Ras, and several vantage points to survey Bint Jbail itself, which appeared to be about 80% damaged, but has only been 44% destroyed in terms of stored terror infrastructure.

The Jerusalem Post's Yonah Jeremy Bob visits Bint Jbail stadium with the IDF, July 15, 2026. (credit: YONAH JEREMY BOB)

According to the IDF, 1,500 items of terror infrastructure have been destroyed, which often translates into houses, since the IDF said that nearly all of the residences in the village held Hezbollah weapons.

IDF sources said that the 91st Division, led by Brig.-Gen. Yuval Gez, had defeated around 350 Hezbollah fighters in the area, of which 200-250 were killed, and around 100 initially escaped.

Those 100 later tried to rally either at the Salah Ghandour Hospital – which one official called “the Shifa of Bint Jbail,” referring to Hamas’s use of Shifa Hospital in Gaza as a critical command center – or at the Sylvester Ridge slightly outside of the village.

The military’s 91st and 98th Divisions together defeated these forces, in some cases coming from behind them or striking from multiple vectors at once to confuse Hezbollah.

According to the IDF, it hopes to at minimum reduce the terror infrastructure left over in southern Lebanon, including Bint Jbail, to 70%, which would make it very hard for an organized  Hezbollah front to reestablish itself, while aspiring toward 100% elimination.

One of the key parts of the tour of the village, which Israel had not taken in decades, including not in fall 2024, was the Post standing where then-Hezbollah secretary-general Hassan Nasrallah gave his “spider’s web speech” on May 26, 2000, saying Hezbollah would destroy Israel.

Debris spread across stadium where Nasrallah gave ‘spider’s web’ speech after IDF’s May 2000 withdrawal

The Post saw that while parts of the bleachers still stood at the stadium, much of it was destroyed and the soccer field was strewn with debris.

A broken trophy and other debris scattered across the Bint Jbail stadium, southern Lebanon, July 15, 2026. (credit: YONAH JEREMY BOB)

Three soccer balls and a trophy still lay around the area, apparently from whatever last events might have been held there prior to the IDF invasion.

Until the IDF is potentially forced to withdraw, it is building additional new positions in the Bint Jbail area and other areas to be better ready to defend against future Hezbollah attacks.

Taking Bint Jbail was part of the IDF’s plans to move any invasion threat far off Israel’s border as well as to push Hezbollah anti-tank cells more than eight kilometers back from the Israeli border, such that their weapons would not be able to reach Israeli villages.

While much of the Bint Jbail operation, in which the Paratroopers Brigade’s 101st Battalion, led by Lt. Col. “Z,” had a significant role, had been planned since early 2025, IDF sources said that there was some improvisation, such as taking Sylvester Ridge when an unexpected opportunity to do so more easily opened up.

In addition, IDF sources said that a variety of covert moves against Hezbollah and removing topographical obstacles to advancing during the course of 2025 made it much easier for 18 different smaller IDF units to enter southern Lebanon in different spots in March of this year.

According to the IDF, whereas absent the covert 2025 moves, a brigade (as many as 500-1,500 soldiers) or battalion (as many as 250-400 soldiers) would have been needed to advance in each area, smaller company-size units (as many as 100-150 soldiers) were able to take on separate missions.

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Officials from the Transportation Ministry, led by Minister Miri Regev, are “unofficially” discussing limiting flights to prevent Israelis from reaching the country in time to vote, a source with knowledge of the matter told Haaretz on Wednesday.

Israelis are required to vote in person in Israel with very few exceptions, such as military service or diplomats on international postings.

Several organizations, including AID Coalition’s Fly & Vote initiative, aim to add flights in the days preceding the Knesset elections, planned for October 27, in order to allow as many Israeli citizens to vote as possible.

Transportation Ministry officials have expressed worry that many of the incoming voters would support opposition parties, according to Haaretz.

Transportation Minister Miri Regev is a member of Prime Minister Benjamin Netanyahu’s Likud Party.

Transportation Minister Miri Regev attends a Knesset vote on a bill to freeze arrests of haredi draft evaders, in Jerusalem, July 14, 2026 (credit: CHAIM GOLDBERG/FLASH90)

The Jerusalem Post reached out to the Transportation Ministry for comment.

US military refuelers remain at Ben-Gurion Airport, putting thousands of flight tickets at risk

Meanwhile, up to 50,000 flight tickets may be canceled during July following an American decision to freeze the evacuation of its refuelers stationed at Ben-Gurion Airport, the Israel Airports Authority (IAA) warned on Thursday.

IAA director-general Sharon Kedmi released a letter expressing concern over the decision. “This delay has immediate and serious operational consequences,” he stated.

Transportation Ministry Director-General Moshe Ben Zaken also said additional US refueling aircraft would not be permitted to land at the airport. Israeli air traffic control had reportedly been instructed not to approve any further US refuelers for landing in Israel.

“Citizens cannot be harmed; the Defense Ministry must find solutions,” Ben Zaken said. 

US Central Command (CENTCOM) confirmed to the Post that despite concerns, the freeze is in place. 

Danya Saperstein contributed to this report.

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Former deputy foreign minister Sharren Haskel announced on Wednesday that she is launching a new right-wing political party called Israel First.

The announcement comes one day after Haskel resigned from her position as deputy foreign minister, citing the passing of controversial legislation that froze the arrests of (ultra-Orthodox) draft evaders as her motivation to leave her position.

“The old political order has, to this day, prioritized sectoral interests over our fighters on the front lines,” Haskel said in a statement regarding the party’s launch.

“We are here to ensure that every person who defines themselves as Zionists, who believes in a security, national, and liberal right-wing and refuses to accept compromises at the expense of those who serve, will now know that they have a political home with Israel First,” she added.

Israel First aims to represent those who feel ‘politically homeless’

According to Haskel’s press release, the party’s target voters are those who feel “politically homeless” and believe that their opinions are no longer represented in Israel’s current leadership.

The five principles of Israel First are strong security and victory without compromise, a free economy, education for excellence, the expansion of civil liberties, and zionist unity in governance.

The release emphasized that the new party will take “a firm stand for the security and national interests of the State of Israel” while supporting the working middle class and protecting individual freedoms.

Haskel decried ‘morally wrong’ legislation prior to resignation

Prior to Haskel’s resignation from the Foreign Ministry over the draft evasion legislation, Haskel told The Jerusalem Post that its advancement amounted to “backstabbing” Israelis serving in the IDF during wartime.

She had described the legislation as “morally wrong,” stating that she would do whatever she could to “continue to guard the back of those who are serving our country the most.”

Keshet Neev contributed to this report.

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At the Jerusalem Film Festival this week, I had several conversations about why serious movies have gotten so long lately, and here comes the movie event of the summer, perhaps of the year: Christopher Nolan’s The Odyssey, which just opened in theaters worldwide, clocking in at a solid three hours.

If any story can justify that running time, it’s The Odyssey, and while I didn’t wish the entire film were longer, some sequences felt rushed. Although I had high hopes that the movie would be a great adventure story with the depth that comes from this classic hero’s journey, which has lasted and been reinterpreted for millennia, I found the movie curiously uninvolving. There is much to admire here, but little to enjoy.

In Nolan’s hands, it has turned into a story that is mainly about the disillusionment of its hero, and it pounds home an antiwar message, especially toward the end. The feeling the film evokes is similar to Oppenheimer, Nolan’s last film, another portrait of a disillusioned hero who is haunted by how his work has bolstered military force and caused suffering.

I had hoped that The Odyssey would allow Nolan’s showman side to get a little more play, and that the movie would be so visually mind-blowing and emotionally resonant that it would trump his tendency to go for obvious moral lessons. Some of it is visually mind-blowing, but there is little genuine emotion.

Let’s get a few points out of the way. I’m not a historian, and while some have criticized the armor the soldiers in the movie wear as being anachronistic, it looked Greek to me. It’s all to the good that many of the characters have American accents; I think the idea that the gravity of classical tradition should be represented by British accents is absurd; once they are speaking English, who cares what accent they speak it in?

There are apparently only a few actors in minor roles in The Odyssey who have Greek heritage, so the whole “authentic casting” piety goes by the wayside when it comes to a film by Nolan, and that’s fine.

Matt Damon anchors Nolan’s epic

Matt Damon plays Odysseus as the kind of cowboy role he would have been cast in had he been born 40 years earlier, a little like John Wayne in The Searchers, another battle-weary hero who took years to come home. Damon as Odysseus brings to mind another Damon hero, Jason Bourne, because like Bourne, who was turned into a fighting machine against his will, Odysseus is cunning and resourceful, a survivor. Damon gets us rooting for him from the first moments.

The movie emphasizes Odysseus’s survival skills and lauds his instincts and decisions that protect his soldiers. Damon convinces us that he is a true leader who cares deeply for the men who, tragically, he cannot save.

After Odysseus hatches a scheme to get his men out of Cyclops’s clutches by hiding among his flock and loses some men to the giant, one of his soldiers says they should honor the fallen men by going back to recover their bodies. Odysseus snaps: “They died trying to escape; we can honor their memories by escaping.”

At times, as he stood with his matted, gray beard, gazing out dazedly from his island retreat with Calypso (Charlize Theron) he recalled Jeff Bridges as the Dude in The Big Lebowski.

But otherwise, there is nothing of the crazy spirit of that movie, although The Odyssey has echoes of such epic dramas of the big and small screen as Game of Thrones, Gladiator, and 300, and the epic poem has sparked Nolan’s imagination. One undeniable highlight of the film was Cyclops, who is portrayed as a kind of mutilated old man; in the film, he is as fascinating as he is horrifying.

The strongest and weakest moments

The Circle sequence is another high point, and Circe is well-played by Samantha Morton. This sorceress’s vulnerability is foregrounded, rather than her treachery, and the fact that she turns Odysseus’s men into pigs because she can see their base, animal nature is probably the moment when Nolan’s antiwar message best jibes with what we are seeing.

Later on, in a flashback, we see Odysseus leading the troops out of the Trojan horse and into Troy, and war is shown to be a meaningless hell, with men and women cut down and women raped.

We see the horrors that haunt the hero and his men, both what they have seen and what they have done. But the Circe interlude illustrates this point far more effectively than the rather clichéd battle scenes. And it gives a sense of what the movie could have been like if Nolan had allowed his imagination, both narrative and visual, to run wild, instead of sticking to the by now conventional trope of denigrating militarism.

The movie rushes through the sirens, and instead of Nolan’s interpretation of how they sound, we get Damon, tied to the mast, hollering. I was curious to see how Nolan would portray the sirens, but they are just figures on distant rocks glimpsed through the mist, and there is nothing sexy or alluring about them. I guess that is because that would have been too much fun, and the director seems to be tamping down his impulse to give us any enjoyment.

The large cast is quite good, and they capture the essence of the characters. Anne Hathaway has the mostly thankless role of Penelope, and makes us feel for her predicament. Tom Holland is a little bland as Telemachus, but he is likable enough. Lupita Nyong’o does not get much screen time as a miserable Helen of Troy, who criticizes the Greeks’ expansionist motivations that were presented as a mission to rescue her. She has a brief dual role as Clytemnestra, but she makes an impression and I wished she had had a bigger part.

Jon Bernthal, of The Bear and The Walking Dead, is one of the standouts as Menelaus, and he seems very real as a flawed leader. Robert Pattinson is suitably weasel-like as Antinous, one of Penelope’s vilest suitors. Himesh Patel, who portrays Eurylochus, is Odysseus’s right-hand man and is convincing as a brave soldier. Zendaya plays the apparition of Athena who appears to Odysseus and gives him some aphoristic guidance, and she seems happier than she usually does on screen.

Elliot Page, formerly Ellen Page of Juno, plays Sinon, whose sacrifice haunts Odysseus, while Benny Safdie is appropriately commanding as Agamemnon. John Leguizamo, James Remar, Bill Irwin (the original Mr. Noodle on Sesame Street), Iddo Goldberg, Rafi Gavron, and many other fine actors appear in small roles.

Worth the three-hour journey?

For many, the real drama when seeing the movie will be about when to go for a bathroom break, since the movie is being shown without an intermission. Obviously, you will want to see the opening and the finale, but the finale really goes on, as the movie uses the old trick of having the villains suddenly growing spines and attacking the hero in a restrained fashion, one by one instead of all at once.

I would recommend heading for the restroom just as Odysseus arrives in Ithaca. If you feel the need earlier, you might want to head out just after the Circe sequence. The bottom line is: Whatever moment you choose, whoever you are seeing the movie with will be able to fill you in on what you missed with about three whispered words.

In the end, despite the gorgeous visuals and imaginative special effects, there is less in The Odyssey than meets the eye. It reminded me of Joan Didion’s exaggerated and unfair but nevertheless insightful criticism of Ingmar Bergman and Federico Fellini, that they, “share a stunning visual intelligence and a numbingly banal view of human experience.”

Yes, war is hell, we can all agree on that, and some of us know that far better than we would like to. But living under corrupt and brutal regimes is also hell, and people have violent impulses, and that is also a key part of the tragedy depicted in Homer’s poem. But tragedy is complex, and the movie is one-note.

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The UK is actively working on a comprehensive plan to ban all import and export transactions of goods and services with “illegal” Israeli settlements, Minister for Trade Chris Bryant announced on Wednesday.

Bryant made the comments during the Business and Trade Sub-Committee on Economic Security, Arms and Export Controls.

When asked about the status of sanctions on imports and exports with settlements, Bryant said, “It is time to move from simply labeling goods from illegal settlements to banning goods from illegal settlements.”

“Obviously, these are illegal settlements, and they are expanding,” he told the subcommittee, adding, “No British business in any form should be involved in the sustenance or expansion of these settlements.”

Bryant said that he was as concerned with service exports and imports as he is with goods, calling service exports “just as problematic, if not more problematic.”

UK, EU move to ban trade with settlements 

He explained that some companies in the UK may be providing mortgages or financial support to people building in illegal settlements, or providing accountancy or legal services.

“We must address all four issues: import and export of goods and services,” he said.

However, Bryant acknowledged the challenges of enforcing many of these sanctions, especially as tariffs on settlement goods can be circumnavigated if Israel labels them as Israeli.

He noted that his counterparts in Spain and Ireland told him they “worry about the actual effectiveness of the measures” they are taking, and said the UK wants to ensure it imposes them effectively.

He told the committee that the Department for Business and Trade (DBT) and the Foreign Office (FCDO) have been working together for months “to try to get a serious plan of action in place” regarding the ban.

“There is a very strong moral argument for all this, and a very strong legal argument for all this, but actually making it effective is not simple.”

Regarding timelines, he told the subcommittee that it would be ideal to use the sanctions frameworks that already exist (either from the FCDO or DBT), rather than rely on primary legislation which is lengthy.

“We’ve been doing the work on precisely how this would work,” he concluded.

The EU has been working hard to impose a similar ban, but failed to reach a qualified majority on Monday during a session of the EU Foreign Affairs Council.

Israeli Foreign Minister Gideon Sa’ar condemned High Representative of the European Union for Foreign Affairs and Security Policy Kaja Kallas for her “obsessive campaign against Israel.”

“Israel’s relations with Europe should be based on dialogue and fairness,” he said. “Tricks like this do nothing to advance our shared interests.”

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The number of violent incidents conducted by extremist Israelis targeting Palestinians in the West Bank has fallen by approximately 25% compared with March, when such incidents reached their peak, new data presented to Israel’s leadership on Wednesday shows.

This figure refers to attacks that injured Palestinians or endangered lives. When considering all acts of violence, including those that did not endanger lives, the data shows an 11% decrease.

This follows intensified enforcement efforts by the IDF, Shin Bet (Israel Security Agency), and the Israel Police against serious acts of violence committed by extremist Israelis against Palestinians in the West Bank, including attacks that injured Palestinians or endangered lives.

The decline also follows a coordinated effort by Israel’s security establishment to prevent and disrupt such incidents and to bring those responsible to justice. As part of these efforts, Central Command chief Maj.-Gen. Avi Bluth has signed 23 administrative restriction orders in recent weeks against Israelis involved in the violence. The orders include bans from entering the West Bank and, in some cases, house arrest for periods of up to six months.

Police arrest Israelis behind attack on CNN news crew

In addition, the Judea and Samaria District Police have carried out arrests in several cases, including the detention of six Israelis accused of setting fire to a Palestinian home and the arrest of four Israelis who attacked a CNN news crew last week in the village of Sinjil, in the Binyamin region of the West Bank.

Israeli left-wing activists and Palestinians demonstrate against violence by extremist Israeli settlers in the West Bank, near the unrecognized Bedouin village of Khan al-Ahmar, east of Jerusalem, June 12, 2026. (credit: JAMAL AWAD/FLASH90)

According to authorities, the suspects assaulted the journalists and slashed the tires of their vehicle. Security forces dispatched to the scene arrested the four suspects and enabled the journalists to leave safely.

According to the security establishment, the sharp rise in violent incidents by extremist Israelis began on February 28, with the start of Operations Roaring Lion and Epic Fury, the joint Israeli-American campaign against Iran.

Security officials have described the spike as “unprecedented,” noting that such violence has typically occurred in response to terrorist attacks.

They say this is the first time such a wave of violence by Israelis against Palestinians has taken place during an Israeli military operation intended to strengthen Israel’s security.

Israeli security officials estimate that some 70 Israelis are considered the principal organizers of these violent attacks against Palestinians, while roughly 300 additional individuals are classified as “followers” mobilized by those organizers to participate in violent acts.

Officials emphasize that the majority of them are anarchist fringe youth who reject parental authority, do not follow rabbinic leadership, and repudiate the authority of the State of Israel and its security institutions.

Many anarchist youth not residents of West Bank

They also note that most of them are not residents of the West Bank.

Both political and security officials stress that these acts of violence are illegal, immoral, and contrary to Jewish values.

They argue that such attacks divert attention from the fight against terrorism, damage Israel’s international standing, and foster a generation whose actions threaten the country’s identity.

Israeli officials acknowledge that additional work remains to be done to curb the violence, but they reject claims that the authorities are failing to act.

You can’t use romanticized terms like ‘Hilltop Youth’ to describe those who enter villages and burn the homes of uninvolved civilians. They are an anarchic fringe group. We are taking action to prevent them from harming innocent civilians, whether uninvolved Palestinians or members of the security forces,” an official said.

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The Knesset plenum passed into law on Wednesday the contentious bill that seeks to significantly weaken the attorney-general’s power to influence and have oversight over the government.

The bill passed in its final second and third readings with 65 lawmakers in favor and 51 against. The bill is considered one of the flagship pieces of legislation that Prime Minister Benjamin Netanyahu’s coalition has been pushing to pass in the government’s term.

Its passage comes amid the government’s ongoing rift with the judiciary and Attorney-General Gali Baharav-Miara.

The legislation was sponsored by MK Simcha Rothman (Religious Zionist Party) – who leads the Knesset’s Constitution Law and Justice Committee, where the bill was advanced – along with other coalition MKs.

Bill curbs attorney-general’s oversight powers

A main proposal of the legislation will grant the government the ability to disregard the attorney-general’s legal opinions, which are generally treated as binding on the executive branch unless a court rules otherwise.

Another core proposal removes the A-G’s exclusive authority to present the state’s position in court. The legislation also opens the possibility for the government to determine how to fire and appoint the attorney-general.

The current method of firing the A-G requires a committee led by a retired Supreme Court justice. The government had voted to fire Baharav-Miara last year in August, though the High Court subsequently struck down that decision.

The Israel Democracy Institute (IDI) has noted that the functions being altered by the legislation are the main tools that enable the attorney-general to safeguard the rule of law.

The IDI added that the bill could “undermine the independence of the law enforcement system, strengthen the government, and remove checks on its power in a manner that would destabilize Israeli democracy and its protection of the rule of law and human rights.”

Legal scholars have also warned that the bill would place unprecedented power in the government’s hands over its principal legal challenge. The legislation is scheduled to be enacted on January 1, 2027, after the upcoming elections.

Within 30 days of the law taking effect, it calls on the government to adopt a new decision regarding the procedure for appointing and removing the attorney-general from office.

Israel’s attorney-general is not simply the equivalent of the US or the UK attorney-general.

The Israeli role combines several functions: legal adviser to the government, interpreter of the law for the executive branch, representative of the state in court, head of the state prosecution system, and final authority on major criminal decisions involving senior public officials.

The current government has repeatedly clashed with Baharav-Miara, claiming that she was intentionally blocking policy initiatives. She has been accused of conducting “witch hunts” by ministers and coalition MKs.

Two core disagreements the government has had with Baharav-Miara were over her refusal to cancel the trial against Netanyahu midstream and her insistence on enforcing High Court decisions to seize funds from haredi (ultra-Orthodox) draft dodgers.

Baharav-Miara was appointed to the position during the previous government’s tenure. She has warned against the legislation as well.

The bill has been changed in Knesset committee meetings from its first reading in order to expedite the process of the legislation before the Knesset recess ahead of the upcoming elections.

The coalition has been on a legislative blitz to advance as many bills as possible this week before the recess. Another contentious bill soon set for a vote seeks to create sweeping reforms over Israel’s broadcasting sector, which is led by Communications Minister Shlomo Karhi.

A main aspect that was removed from the bill was the attempt to split the duties and powers currently held by the attorney-general between two separate officeholders: an attorney-general and a prosecutor-general.

The Knesset’s Constitution Law and Justice Committee has been holding marathon meetings for months on the legislation to advance it before the end of the government’s term.

Supporters hail reform as opponents head to court

For supporters, the bill is a democratic correction to an overly powerful legal office. For opponents, it is one of the most consequential pieces of the government’s legal overhaul, and strips the role of the attorney-general.

Immediately after its passage, petitions were filed with the High Court of Justice to strike down the legislation.

Petitions were filed by the Movement for Quality Government in Israel (MQG), the Association for Civil Rights in Israel, MK Gilad Kariv (the Democrats), and the Zulat Institute.

MQG condemned the legislation, calling it “another link in the chain of the regime overhaul: a law that allows the government to decide for itself that a legal opinion ‘does not reflect the law.’”

Justice Minister Yariv Levin and other coalition lawmakers praised the passage of the bill. Levin said that “the law approved today is another central pillar of the judicial reform.”

Opposition party leaders in the bloc seeking to replace Netanyahu condemned the passage of the bill and pledged to repeal it after the upcoming elections.

Yashar Party leader Gadi Eisenkot stated that it was “a blatant attempt to neutralize Israel’s gatekeepers and dismantle the rule of law.”

He warned that the move sets a dangerous precedent in which the government “places itself above the law and abandons the most fundamental obligation of any democratic state.”

Yonah Jeremy Bob contributed to this report.

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A solution to one of the historical mysteries surrounding the Dead Sea Scrolls, that of the Qumran sect’s unique calendar, has been proposed by researchers from Tel Aviv University (TAU).

For decades, scholars have wondered if Qumran’s 364-day year calender had ever been used in practice. Some have suggested that the sect had periodically added days or weeks to its calendar, while others claimed that the calendar had never actually been used in the real world, serving only as a theoretical framework.

But in a study recently published in the Tarbiz Quarterly for Jewish Studies, TAU Prof. Eshbal Ratzon suggested that Qumran’s 364-day year calender had indeed been used by the sect in its early years. 

Further, she argued that the calender may have even been at the heart of the conflict that drove the sect to its desert isolation.

The study noted that almost 20 of the scrolls found in Qumran deal with calendars and astronomy, a number proving the importance the topic held with the community. 

The Book of Jubilees, Ratzon exlplained, an apocryphal work central to the Qumran library, fiercely attacks the prevailing lunar calendar, presenting the 364-day calendar as the original timeline received by Moses on Mount Sinai.

While Jewish life during the Second Temple period centered on the lunisolar calender, Qumran’s consisted of exactly 364 days: A number perfectly divisible by seven, meaning that every year included 52 full weeks, and holidays would always fall on the same days of the week. 

Symbol of rebellion against mainstream ancient Judaism

For the Qumran sect, the 364 day calender reflected the perfect divine order.

The calender was also symbol of rebellion against the political and religous leadership in Jerusalem, which would determine the significant dates for Jewish life – a motion that went against the sect’s belief. 

It believed that the dates had already been set in place by God during Creation, and humans should not and could not interfere with such a divine ruling.

However, Ratzon noted that the calender was likely later abandoned for two reasons.

The first was that the calender diverged by one day and a quarter from the 365-day astronomical year, a difference that accumulated rapidly and would quickly lead to the shifting around of the festivals, according to Ratzon. 

For example, if the Qumran calendar was used for 20 years, festivals would shift by almost four weeks relative to the seasons. After several decades, those in Qumran would end up celebrating a spring festival in the winter or the fall. 

For a community that regarded festivals as agricultural celebrations connected to the harvest, first fruits, and seasons, such a shift posed a clear fundamental problem.

The study explained that while the calendar had originally served as an ideal framework from a conceptual and mathematical perspective, over time it drifted further and further away from the natural cycles it sought to govern.

Warming relations with Hasmonean leadership

The second reason for the calender’s abandonment, according to Ratzon, was the sect’s warming relations with Hasmonean leadership under its second king, Alexander Jannaeus (103 to 76 BCE), who supported a halacha similar to their own and opposed the Pharisaic leadership.

The move allowed Qumran to adopt a more “practical” calender, like the one used at the Second Temple, while retaining the 364-day calender as a theoretical concept that had been valid at the time of Creation and could potentially be used again in the “End of Days.”

“The Qumran calendar has long been regarded as one of the Qumran sect’s defining features, but also as one of the most baffling mysteries of the Dead Sea Scrolls,” Ratzon concluded. “This study proposes an alternative for the seeming contradiction between a functional calendar and a theoretical one.”

“It is quite possible that the calendar was in fact used for a certain period of time, but then, losing its practical role due to both inherent problems and political changes, became a religious ideal and a symbol of identity. This would explain both its centrality in the Qumran scrolls and its gradual disappearance from historical reality.”

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Recent waves of US strikes on Iran aimed at forcing open the Strait of Hormuz are also targeting Iranian military capabilities the US would want to destroy before executing more complex operations against Iran, three US officials said.

The officials, who were granted anonymity to discuss military matters, said the strikes effectively strengthen additional military options for President Donald Trump, who has kept the world guessing about his next steps after notifying Congress last weekend of a formal resumption of conflict with Iran.

Now in its fifth month, the Iran war continues to rage after the unraveling of a memorandum of understanding that was meant to stop the fighting and pave the way for a peace agreement.

Despite heavy blows to Iran’s military since the start of the US and Israeli campaign on February 28, Tehran retains significant drone and missile capability and has attacked passing tankers as well as its Gulf neighbors.

US targets Iran’s defenses as Trump weighs next military moves

The US military has said its latest bombings have targeted Iranian air defense systems, coastal radar, missile and drone sites as well as small boats and other maritime assets.

One of the US officials said the strikes could be seen as “shaping operations” that are degrading Iranian defenses in case the US military was ordered to carry out more intensive operations in the future.

“This is helping set the stage, if needed,” the official said.

The Pentagon did not immediately respond to a request for comment.

Reuters in March reported on US military planning to create options to deploy US troops to Iran’s shoreline to better secure the Strait. At the time, officials said the Trump administration had also discussed sending ground forces to Iran’s Kharg Island, the hub for 90% of Iran’s oil exports. Such an operation would be risky, since Iran could shower the island with missiles and drones from the mainland.

Trump said on Tuesday he had ordered his military to avoid striking Iran’s oil facilities during previous strikes against Kharg Island. But he has left open the option of taking the island.

“If we degrade them far enough and deep enough back, I would do that,” he told Fox News.

Trump has also threatened to attack a site linked to Iran’s nuclear program known as Pickaxe Mountain, a fortified facility buried deep underground near one of Tehran’s main nuclear sites.

Mark Cancian, a retired US Marine officer at the Center for Strategic and International Studies, said Trump’s willingness to publicly discuss military options, such as seizing Kharg Island, was a double-edged sword.

It could aid diplomacy by putting the Iranians on edge. But it’s “bad for the military, because we’re saying where we might be going,” he said.

Critics of Trump’s war with Iran, including within the US Congress, say that while it achieved tactical victories that destroyed big swathes of Iran’s conventional military and defense industrial base, it failed strategically to win concessions from Tehran.

It also prompted Iran to exert unprecedented leverage over the Strait of Hormuz, a critical chokepoint for a fifth of the world’s crude output. Even if its conventional navy was largely destroyed, it could still attack commercial vessels using capabilities like drones and rockets.

That has led to a debate within the Trump administration about the best way forward, US officials say. A fourth official said Defense Secretary Pete Hegseth has been an advocate of escalating the military operation against Iran.

Imran Bayoumi, a former Pentagon official now with the Atlantic Council, said Trump’s sweeping comments in recent days on Iran appeared to be aimed at pressuring Iran in negotiations and keeping Tehran unsure about his military’s next steps. 

“I would separate the noise from the actions,” Bayoumi said. “I would expect the discussions between him and his national security team are looking a bit different than what he’s posting online.”

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US Vice President JD Vance downplayed Israel’s alleged political influence on US policies in the Iran war while talking to Joe Rogan on the latter’s podcast, broadcast on Wednesday.

“There’s a lot of talk about how much the Israeli government is influencing American politics. There are certainly certain people within the Israeli government who hate the deal. And we see exact evidence,” Vance said.

He also referenced a story published on Tuesday in Time magazine, which commented on how Trump’s former election campaign manager, Brad Parscale, was linked with an Israeli government-funded campaign paying conservative influencers to push their audiences towards denouncing the ceasefire between the US and Iran.

“I definitely think you have seen this very discreet, extremely well-funded campaign to try to derail the negotiation and try to derail the deal,” Vance told Rogan.

The Time article is “worth reading because it lists a bunch of people who have quite literally been paid by a former Trump campaign person who was himself paid by certain elements within the Israeli government. And those people are attacking me viciously for quite literally trying to accomplish the negotiation objective that the president set for the country,” he added.

‘They’re attacking me obsessively’

Rogan asked how these people are attacking Vance, to which the vice president said that “It’s social media posts… leaking to reporters. They’re attacking me obsessively, saying that we should not be negotiating with Iran. We should just keep the military campaign going indefinitely.”

“That is their explicit position,” he said. “People have come after me and say that I’m influenced by Qatar, that I’m influenced by foreign governments, that, you know, I take my marching orders from Tucker Carlson. And there’s just so much bullshit out there when what I’m actually trying to do is accomplish what the president of the United States told me to accomplish, which is a settlement of this that accomplishes our objectives.”

These objectives included Iran not having a nuclear weapon, and achieving the “free flow of oil and gas,” Vance noted.

“I should be clear, I don’t actually mind that – let’s say certain elements of the Israeli government want to criticize the deal or have disagreements about the deal. I don’t even mind an effort to try to influence foreign governments to try to influence the United States all the time. You know, Israel does it, other countries do it. It’s just sort of the nature of the beast,” he said.

“What bothers me is actually when American leadership allows that influence to affect their judgment and to affect what they are advocating for. That’s what really bothers me. People are always going to try to influence the United States of America, whether they’re allies of ours or whether they’re enemies of ours,” he added.

“When I open up the pages of Time magazine, and I see that there’s a literal foreign influence campaign being funded to tank the very deal that I was pursuing, and many of the people who were receiving that money were actually attacking me in completely dishonest ways. You know, my response to that is, well, go to hell. I’m going to do what I have to do for the American people. I represent Americans first, and that’s the way that I’ve tried to do this job.” Vance said.

‘I have a ton of respect for the Jewish religion’

The vice president also defended his position towards Israel and allegations of antisemitic and anti-Zionist views.

“The crazy thing is, people don’t realize this, I’m actually…like the reasonable moderate,” Vance said, when placing himself within what he called the “massive pro-Israel, anti-Israel debate in the US.”

“I think that’s what so many people don’t realize is I’ve been accused of being an antisemite… some people say that I’ve insulted the Jewish religion, which is insane,” he said.

“I have a ton of respect for the Jewish religion… I’ve never heard a good compelling argument for why I’m an antisemite even though I’ve been accused of being an antisemitic by many people,” he added.

“My attitude towards this is Israel is an ally like France or the UK. We are going to have disagreements with them; we are going to have agreements with them. There are areas where we’re going to have similar interests and areas where our interests are going to diverge,” he said.

‘The concern is that they’re spying on American politicians’

Vance and Rogan also discussed the level to which Israel allegedly attempts to influence US politics.

“I think some are better at it than others. I think Israel is definitely more effective at it than most. But I wouldn’t say they’re the only effective country trying to influence American politics by any means,” Vance said.

“It’s more than that. The concern is that they’re spying on American politicians – that there are concerns about funding, influence, concerns about whether or not politicians are aligned with Israel or whether they’re aligned with the US first,” Rogan said.

“I definitely get those concerns,” Vance replied, “but my sense is that the way that all foreign influence works in the United States is people try to manipulate American public opinion, and then from manipulating public opinion they try to get the outcomes that they want.”

“But I know beyond a shadow of a doubt that there have been people within the Israeli government who are trying to, like, actually shift us away from that policy because they want to continue the military campaign. And by the way, like there are people within their government that I love, I have good relationships with. I hope, and I don’t think that they’re part of this. I mean, you know, the ambassador of Israel to the United States, I think, is actually a really good guy. Obviously, he cares about Israel first. I care about America first. But there are some people within their system, we know beyond a shadow of a doubt, who are manipulating and trying to change American public opinion to keep the war going on indefinitely. Again, not towards any objective, but just indefinitely,” Vance added.

Vance also downplayed the allegations that Israel, or any other country, could have influenced or “blackmailed” US President Donald Trump into striking Iran, stating that he was in the room for those decisions, and that Trump made the decision to strike on his own.

He also downplayed reports that the US is giving Iran $300b., saying that these are simply the lifting of sanctions, allowing Gulf States, such as Saudi Arabia and the UAE, to resume trading with, and investing in, Iran.

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I already know how this ends, because I’ve watched it play out my whole life.

Someone pulls the alarm on something rotten, a crime, an abuser, a man who should never have been welcomed in, and instead of putting out the fire, the community turns on the person who pulled it.

They don’t even have to doubt the fire is real. Saying it out loud, where outsiders might hear, is treated as the real offense, because the group’s reputation matters more than the wrong being done inside it.

Calm down. It’s not that deep. Don’t make us all look bad.

And more often than not, the one told to calm down is a woman, and the word for her is emotional, as if her reaction, not the crime, were the thing that needed managing.

So let me say it out loud anyway.

When speaking up becomes the real offense

I’ll start with the easy part, because he is the easy part. This week, American influencer Clavicular, whose real name is Braden Peters, flew to Tel Aviv.

In January, he was filmed in a Miami nightclub singing along to Kanye West’s “Heil Hitler” beside the white nationalist Nick Fuentes, and refused to apologize. He is being sued over the alleged rape of a minor. He came for content, and his content is the exploitation of women.

On livestream, in Tel Aviv, he told one of his Israeli hosts to tell the Israeli women he was offered that he was “looking to have sex in a bathroom for five seconds, 10 if they’re lucky.”

The criticism, though, is on his hosts, the Israeli and Jewish creators who were warned, clearly, who he was, and dismissed it because the warnings mostly came from “women,” too “emotional about sexual assault” to grasp the broader PR “strategy.”

The women were right; the weekend detonated exactly as they said it would, and now they’re told to stop making a big deal of it, for the sake of “unity,” or “lashon hara” (malicious gossip). The demand to stop talking always arrives right when there’s something someone would rather we didn’t talk about.

It’s a soundtrack I know by heart, played on repeat since the beginning of time.

It’s compounded by a second, more “respectable” instinct, the one used to justify the first: don’t air our dirty laundry. Don’t hand the antisemites ammunition. It’s the Three Weeks; we should be kind to one another.

Whether it comes from fear or from “holy” aspirations, silence is not neutral: it’s the exact condition an abuser needs. He offends because he’s judged, correctly, that the community will protect its reputation before the girl in front of him.

The cost of protecting reputations

Growing up, I watched it happen in my own community in Australia. I was about 12 years old when I first heard of the rampant institutional sexual abuse across the Melbourne and Sydney Chabad communities and saw that the first instinct was to bury it so we wouldn’t look bad.

Leaders treated going to the police and secular news outlets as a chilul Hashem (desecration of God’s name) and aimed their anger at the victims who spoke, like Manny Waks, whose family was hounded until his father left the country.

It was lashon hara, I was told, to speak badly of these men, who’d “probably done teshuva” (repentance), we assumed for men who never apologized, not stopped abusing. But more so, it’s a sin to shed a bad light on our community.

A rabbi later admitted to Australia’s Royal Commission that there exists “a culture of cover-up, often couched in religious terms,” which has “pervaded our thinking and our actions.”

In a neighboring community, Malka Leifer abused girls at Melbourne’s Adass Israel school; when it surfaced, the school flew her to safety in Israel, beyond the reach of Australian police.

Her victims were shunned, and she fought extradition for 13 years before her 2023 conviction on 18 counts, including rape, while parts of the community kept defending and funding her. One of the victims, Dassi Erlich, told Tablet that the community accused her of “throwing Adass under the bus.”

Years later, at Beis Rivkah seminary in New York, my school hosted a convicted predator as a speaker. When we confronted the school, they refused to apologize, claiming they “had no idea” (as if vetting weren’t their job).

They warned us against lashon hara about a man who “still has good qualities” and the importance of loving every Jew. They kept sending girls to his home for Shabbat meals.

It’s a decade later, and we’re still running the same machine. As people denounce Clavicular, many are worried first about our national reputation, about outsiders seeing us fight and “tear down our own” for hosting and cozying up to him.

Mostly American, male, self-appointed hasbara influencers are attacking Israeli women for being angry at the Jews who welcomed this predator into our home. Same priority as ever: protect the image, punish the one who spoke, let the predator keep his cover.

Lashon hara is not a shield for abuse

But lashon hara was never a gag order. The Chafetz Chaim, whose name is synonymous with this halacha, codified the exception himself: speech for a protective purpose, to’elet, is not just permitted; his laws of rechilut (gossip) oblige you to warn anyone about to be harmed.

He roots it in Leviticus 19:16, which opens with “do not go about as a gossip” and, in the same breath, commands: “Do not stand idly by the blood of your neighbor.” Two halves of one verse, set so no one could quote the first to bury the second.

Invoking the Three Weeks is the lowest move of all: the Temple fell not because people spoke up against injustice, but because of sinat chinam, baseless hatred. If anything brings the Messiah, it’s the courage of women (and righteous men) who risk everything for their values.

It doesn’t matter what the world thinks of us. The wrong is there whether or not anyone names it, and it always comes out. And when it does, the shame belongs to the man who did it and everyone who built him a shield, not to the woman who refused to look away.

So no, we won’t calm down, because the desecration of God’s name was never the exposure; it was the abuse, and the cover-up.

It is a community deciding, one more time, that the reputation of the powerful matters more than the safety of the girl in front of them, and then blaming her for the noise.

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Even before its release on Friday, buzz over Christopher Nolan’s much-anticipated film adaptation, “The Odyssey,” is introducing a new generation to Homer’s tale of shipwrecks, monsters, gods and the long road home. But what does an ancient Greek epic have to do with Jewish readers, or with the Hebrew Bible?

Quite a bit, says Jacob Howland, a philosopher and classicist who has spent much of his career exploring what has been called the conversation between Athens and Jerusalem. His 1998 book “Plato and the Talmud” was inspired in part by a Talmud study group at his synagogue in Tulsa, Oklahoma, where he was a professor of philosophy at the University of Tulsa from 1988 to 2020.

Howland is currently a distinguished visiting professor in the School of Civic Leadership at the University of Texas, founded in 2023 to put Western civilization and “the American idea” at the center of academia in the Lone Star State. Howland has written extensively on the Greeks, the Hebrew Bible and the Talmud for Mosaic, the online magazine of the conservative Jewish think tank and educational philanthropy Tikvah.

In the first of a recent series of essays on the “Odyssey” for Mosaic, Howland asks, “Should Jews Read Homer?” His answer, no surprise, is “yes”: The “Odyssey” and the Hebrew Bible, he writes, “illuminate the enduring questions of human life, including how to bring order and common purpose to the otherwise chaotic relationships between men and women, fathers and sons, familiars and strangers, clans and nations.”

To recap: The “Odyssey” follows the Greek hero Odysseus (Matt Damon in the film) on his 10-year journey home after the Trojan War. Delayed by storms, nymphs, temptations and the whims of the gods, he survives encounters with the Cyclops, the Sirens and the sorceress Circe before finally returning to Ithaca. There, disguised as a beggar, he reunites with his faithful wife, Penelope (Anne Hathaway), and son, Telemachus (Tom Holland), and (spoiler alert) reclaims his kingdom from the suitors who have overrun his household.

As Nolan’s blockbuster brings Odysseus back into the cultural conversation, we spoke with Howland about what Homer and the Bible have in common, how they differ, and why both epics are at the center of the conservative discourse around “Western civilization.”

Our conversation was edited for length and clarity.

Athens and Jerusalem in conversation

As someone who reads the “Odyssey” professionally, are you excited about a new movie production of this?

I am going to see the film. I’ve been encouraged; actually, there’s been an incredible amount of controversy, which is funny, because no one’s seen it yet. But I read that a number of people, including the historian Tom Holland, the “Rest Is History” podcast host, not the actor playing Telemachus, have seen it and given it strong reviews.

I’m fairly confident we won’t get something like “300”, that film about Thermopylae, with its computer-generated monsters, which younger audiences oddly loved but which was, historically, terrible. I think there has to be some attempt, if not at full historical accuracy, then at least a semblance of it in costuming, ships and so on, at a minimum, a gritty reality that transports you into another time and place, even if a hypercritical viewer could point out an anachronistic helmet or two.

I want to talk a little about Athens and Jerusalem, which is how the 20th-century German-Jewish philosopher and conservative icon Leo Strauss described the tension in Western civilization between the Bible and classical Greek philosophy. The “Odyssey” was written down somewhere between 725 and 675 BCE, and the Hebrew Bible was composed primarily between the eighth and second centuries BCE. How aware are these two cultures of each other?

If you’re asking about the time of Homer, it’s all speculation. But I can talk to you about the Talmudic period [roughly the first through fourth centuries CE]. According to Warren Zev Harvey at the Hebrew University of Jerusalem, the rabbis seemed to have known a lot about Greek philosophy. They just didn’t make that clear in the Talmud. They didn’t want to say, “We’ve studied the Greeks.”

I think it’s safer to talk about the Homeric and the biblical as two fundamentally different approaches, different understandings of the world, of human life, of the divine, and then ask how they differ, how they interact and what overlap they have.

In other words, what are the fruitful comparisons for understanding the differences and similarities between these cultures?

Yes. Athens and Jerusalem are the two oldest, greatest roots of Western civilization. I don’t always agree with everything Leo Strauss says, but he regards those two as a coiled spring, a tension from which the West itself grows. These texts, if we look at their fundamental view of the world, pose a question we have to decide for ourselves , and in some sense the future of our civilization depends on how we decide it.

How Homer and the Hebrew Bible compare

What are some of the major episodes in the “Odyssey” we can expect to see in Nolan’s film that bear these kinds of comparisons to Jewish texts, and what questions and answers can we derive from them?

One thing that will probably show up is the recognition of Odysseus by his nurse Eurycleia when he returns to Ithaca in disguise; that’s where Homer tells the story of how Odysseus got his scar. As a youth , mid-teens, or thereabouts , Odysseus goes out to hunt a boar. The ordinary way the ancient Greeks hunted a boar: You get about five guys with javelins and a bunch of dogs and a net. The dogs locate the boar, drive it into its lair, and keep it at bay, barking. You set up the net, unleash the dogs, and they harass the boar until it runs out and gets caught in the net. Then a group of men comes in and stabs it.

Instead, Odysseus jumps out in front and rushes the boar himself to stab it on his own, and that’s when the boar gashes him and gives him his scar.

In my view, this charging, wounding boar is a Homeric image of reality, at least from Odysseus’ perspective. Reality will wound you, and how do you confront it? You go out, and you fight. That’s a premise that explains Odysseus’s behavior through much of the “Odyssey.”

What’s the Hebrew counterpart? 

Fundamentally, trust in God, trust that there is an Almighty Creator who has fashioned a world habitable and suitable for human beings, and who will support them if they trust in Him. It’s not that the Hebrews didn’t know reality is wounding; it’s that there’s something above that wounding reality. The boar is an animal; the highest thing for Homer is essentially nature. There are the gods, but what exactly are they?

It’s not that the Jewish tradition doesn’t understand realpolitik. Abraham is a great warrior as well as a man of God. They understand it. But the starting point is trust. Odysseus does not trust. Odysseus is a man of disguises, cunning, cleverness, leveraging every trick.

Along with the charging-boar business, there’s a famous essay by a scholar named George Dimock called “The Name of Odysseus.” Dimock’s essential point: There’s a Greek verb, odusasthai, that means to cause pain to oneself and others, and to be willing to do so. Dimock points out that Odysseus does this in many ways: the Cyclops, whose eye he takes; the suitors, whom he kills; all of it.

By the end of the story, hasn’t he basically sacrificed his entire entourage?

This is incredible, if you look at it. Odysseus leaves Troy with 12 ships, which means around a thousand men. One way or another, they all die. So he takes a generation of young men to Troy and comes back with zero.

Twenty years later, you have the next generation , the noble cream of the crop, 108 suitors from Ithaca and the outlying islands. He kills all of them. So: Another generation of young people gone. Then the fathers of those suitors want revenge, so they make war against him. He would have killed them all too, except that Zeus had Athena intervene, essentially averting a civil war, with a pact of peace afterward.

Now, this begins to get at the real difference between the “Odyssey” and the Bible. After the universal history of Genesis 1 through 11, we get to the patriarchs. God is, in effect, saying: All right, I’m going with this guy Abraham , and remarkably, astonishingly, He says, “Come with me, leave your ways and customs behind, leave your gods, leave your family , we’re just going to go.” At that point, you’re dealing with God’s desire to form community, starting with a family, and it builds from there. Odysseus, by contrast, wants to get back home, but he’s a loner, a man of pain who must endure the world’s harsh reality to find fulfillment.

Let’s talk about the Cyclops, an episode that reveals a lot about the character of Odysseus. A one-eyed giant imprisons Odysseus’s men in a cave and rolls a stone against the entrance so they can’t get out , even if they kill him, they’d still be trapped inside.

Odysseus comes away from the war with Troy into a postwar world, a political crisis, He’s now a grizzled veteran of a bloody, horrible 10-year war. And the first thing he does is sack the city of the Cicones, an actual historical people, killing all the men and enslaving the women. He’s in a nasty mood. Very shortly after, they spot the Cyclops’s island, smoke rising, and decide to go see. They realize a monster must live there: Everything is enormous, racks of cheese stacked way up high. Odysseus says, “Let’s wait and meet this guy.” His men say, “No, let’s just take the stuff and go.” He insists on sitting inside the cave, waiting. It’s insane; he wants to measure himself.

The Cyclops episode is really the antithesis of what’s happening with Abraham and the patriarchs, who are building a family, a tribe, a nation, looking forward. Odysseus just wants to test himself. When the Cyclops returns, Odysseus uses his cleverness, blinds him, and they sneak out under the rams. Then he shouts his own name, which is what gets all his men killed, because the Cyclops is Poseidon’s son, and Poseidon is furious. He identifies himself completely: “I’m Odysseus, I live in Ithaca, here’s my address.” That episode is clearly one in which Odysseus is giving birth to himself, an act of absolute hubris.

So Odysseus has two competing desires. One is to make his name, to achieve glory and fame through his exploits. The other becomes: I have to get home.

Is there a biblical character who’s a useful compare-and-contrast for this notion of what it means to be a man, or a hero?

There’s Jacob, but let me start with David. The David and Goliath scene is fantastic, because Goliath is a Philistine, and the Philistines came from the Aegean, probably Greek speakers, though some think Crete. So Goliath, in effect, is a Greek. He’s described as enormous and fantastic, and he’s bested by David. David killing Goliath is a version of what scholars of myth call the “wily lad” story; another version is Odysseus with the Cyclops, another big, bad opponent. Interestingly, David hits Goliath right in the middle of the forehead, which is where, on Greek vases, the Cyclops’ eye is depicted.

So Goliath is big and bad, and then there’s Saul, a doofus who says, “You have to wear my armor.” David says, no, I’m not going to do that. David trusts in the Lord. When Odysseus defeats the Cyclops, he says, in effect, “I did this; I am Odysseus.” David says, “No, I trust in the Lord; the Lord protects me.”

And Jacob?

Odysseus is a wrestler, and Jacob is very Odyssean, fighting with Esau, leveraging Esau’s hunger to steal his birthright, and scheming with his mother Rebecca, who is also an Odyssean figure, telling him to dress in skins to deceive Isaac. Then Esau wants to kill him, and we get the scene where Jacob wrestles at the Jabbok [River], the night before he has to confront Esau. He’s worried, he’s wounded, he fights this “ish”, this figure, angel, whatever it is, and he’s vulnerable. He’s feeling fear, feeling guilt. He’s holding on and fighting because only if Esau blesses him, which happens the next day, can Jacob let go. In other words: “I have to make it right with my brother.” Then he’s told his name will be Israel, because he strives with God.

So to sum this up: The Jewish hero is vulnerable and trusts in God; the Greek hero can show no vulnerability and can only trust in himself. And yes, there’s Athena and the other gods, but the Greek gods are fickle.

Are there similar comparisons between a female heroine in the “Odyssey” and a biblical character, perhaps Penelope and what she represents versus one of the matriarchs?

Penelope and Rebecca are two strong but very different women. Both are capable, like Odysseus, of enduring deep and lasting pain. Penelope seems more passive, but she has a kind of Odyssean cunning and steely determination. She holds the suitors at bay for three years by delaying marriage until she’s finished weaving the funeral shroud for Odysseus’s father Laertes. Besides her trick of weaving by day and unraveling by night, the shroud is not just for Laertes. It is for the suitors, and it signifies the burial of an entire epoch, a past slain by the violent passions of the younger generation, no longer constrained by ancestral ways.

While Penelope patiently awaits Odysseus’s return and prepares to bury a dying epoch, Rebecca looks forward, toward the great nation that God had promised to make of Abraham’s offspring. Isaac, doubtless traumatized by his near sacrifice, is the passive partner in their marriage; he stays put when Abraham sends his servant to find a wife for him, while Rebecca jumps at the chance to leave her home. She is physically vigorous (she endures a breach birth of twins, and carries water for all the servant’s camels) and strong in will, and it is she who is endowed with Odyssean cunning. She perceives that it is Jacob, not Esau, who has the toughness and ambition needed to be the bearer of the covenant. It is she who instructs Jacob how to disguise himself as Esau so that Isaac’s blessing will go to him; who takes on herself whatever curse Isaac may put on Jacob; and who instructs Jacob to flee to Beersheba, knowing that she will probably never see him again.

Those are really useful comparisons. But it raises a question, which maybe a rabbi would answer differently than a scholar: Is there a temptation, reading the “Odyssey” and the Bible, to conclude that one worldview, not the quality of the literature but the worldview, is simply better than the other? Does Homer have something to teach Jews about how to be a hero, or a lover, or how to be clever?

I was just teaching Exodus, and we got to the scene where Moses punishes the Israelites for the sin of the Golden Calf, a very Homeric episode, morally messy. Were any of the Levites who did the killing themselves involved in making the calf? Are they only killing people who deserve it, or will innocent people die too? My students find it extreme: 3,000 men killed. My response is: Read Machiavelli, where he says armed prophets succeed and unarmed prophets fail , and that 3,000 is about half a percent of the roughly two million Israelites there. If Moses doesn’t get this under control, they’re all going to die. That’s Greek, that’s realpolitik. But it’s already there in the Jewish tradition too, going back to Abraham.

So, is the Jewish tradition superior? I think so, and especially for today, because of our circumstances. The United States was at its height after World War II, and now our institutions are collapsing. What do we need? Trust. We need to rebuild. So if you ask which tradition is better, here’s one criterion: What’s the advantage of trust? It’s a kind of youthfulness, a kind of fertility, a kind of generativity; the capacity of the Jews to rebuild what’s been broken, to regrow, to reestablish themselves at every civilizational crisis, is unparalleled in history. The Greeks have a parallel of sorts; there’s a capacity to find a new way forward there too. But it seems to me what we need today is trust, because people are withdrawing their energy from the task of mending the world, because they don’t want to invest their time, energy, and hope in something they believe might fail.

If we’re going to save Western civilization, which I do think is in crisis, we need to renew ourselves by looking to the Jewish tradition in particular.

What the ‘Odyssey’ means for Western civilization

Many people today, especially on the political right, argue that Western civilization is under siege, and the key to its revival is reclaiming its roots in the Ancient Greeks and Christian traditions. I think some Jewish thinkers and think tanks , including Tikvah, where some of your work has appeared, have a lot invested in including Judaism and Jewish ideas among the cornerstones of Western civilization. Is that a natural fit, or was Judaism more of a counterculture that was constantly challenging classical and Christian ideas?

I was a senior fellow at Tikvah, and they brought me on to design Greek and Jewish courses. When I got to the University of Austin [the pro-free inquiry, “anti-woke” liberal arts college whose founders include the Jewish journalist Bari Weiss] I designed their intellectual foundations program, their liberal-education core, and set it up with Genesis, Exodus and so on. I think what Tikvah is trying to do , and what UT Austin is doing too, in the School of Civic Leadership, where I’ll be teaching Genesis and Exodus this fall , and what other universities are trying to do, is give the Jewish tradition its rightful place.

From the founding fathers onward, there’s this notion that America is a chosen land, that we are, in some sense, a chosen people, engaged in a moral, spiritual, political mission. Lincoln, I think, brings this to a kind of perfection; he turns it into a civil religion, speaking to a people who’ve read the Bible, without pushing any particular sectarian version of it. We don’t know which side God is on, but the project isn’t going to work unless we understand ourselves to be on a kind of collective mission, knowing we’ll make mistakes and need to be forgiven.

You’ve written that the Hebrew Bible, like Homer, is one of the “taproots of the great branching oak of Western civilization.” Do you worry about the Christian nationalists who insist Western civilization is intrinsically tied to the Christian faith, and denotes a specifically Christian civilization?

For sure, I think it’s a huge problem. As with anything involving the Jews, I’m horrified by the antisemitism I’ve seen building on the left, now mirrored on the right. Young people in particular are being memed into antisemitism.

It does seem to me that the only way forward is to keep having these conversations, to say, here’s what we’ve inherited, here’s how these texts have shaped who we are as Americans, how we understand things, even if you’re a staunch atheist, the Bible has shaped your thinking about all of this. Only then can we get to a point where more people than just the Jews might say, “Your Christian nationalism, which imagines Christianity came out of nowhere with no real relationship to the Jews except rejection, is fundamentally ill-informed and destructive.”

To return to Nolan’s version of the “Odyssey”: What do you hope it gets right, or, if you’d rather answer the other way, what do you dread it might do to a story of such antiquity and power?

Odysseus, as I’ve indicated, has some questionable qualities as a leader, but he’s a much more complicated, flexible person, better suited to a new reality. I think that’s part of why Homer centered him. He’s a character who can hold two things together at once, maybe more than two: “I want to be an outstanding individual, but my duty is to the community; I want to protect my family and make a name for myself, but I’m willing to do what’s necessary.”

That’s true of the Hebraic heroes too; Abraham surely didn’t think it was a great idea to say his wife Sarah was his sister [when threatened by Pharaoh and King Abimelech], not once but twice, but he had to; otherwise they weren’t getting out of there. You have to hold the necessary and the good together. That requires a complicated person who can juggle both.

And I think it’s such a primal story, from the point of view of the human soul and human history. On the individual level, it’s the shape of a life, leaving home and coming back. And it’s the shape of a community too. Biblically, we’re all exiles, all trying to get back to Eden, if you like. The story of human life is trying to make, or recover, or return to a home, on both the individual and the communal level, and it’s a never-ending task.

I think Homer knew what he was doing: Read the last page of the “Odyssey”, and you sense there’s a lot of work still to be done. Because it doesn’t end. This is what life is about, and then, going forward too, having children, being concerned with their home, helping them make one.

I hope the film shows that.

The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of JTA or its parent company, 70 Faces Media.

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MK Dan Illouz announced that he will not run for reelection with Likud in the upcoming election in a video statement released on X/Twitter on Wednesday.

“I simply cannot ask you to vote for a party that I myself can no longer bring myself to vote for,” Illouz stated. “This is no longer the Likud. This is a party that has been hijacked.”

He cited Israeli leadership’s evasion of responsibility for the October 7 massacre, legislation supporting haredi (ultra-Orthodox) draft evaders, and the rising cost of living as reasons why he is leaving the party.

Illouz says Likud has chosen to ‘surrender to haredi parties’

He decried the Tuesday passing of a bill that aimed to freeze arrests of haredi draft dodgers as “a disgrace” that made clear to him that he no longer aligned with the Likud.

“While the IDF is warning of collapsing under the burden and my fellow reservists are sacrificing their families and their experience of fatherhood, the Likud has chosen a permanent surrender to the haredi parties,” Illouz stated.

He continued to accuse the party of “doing everything to avoid responsibility” for the October 7 massacre rather than facing the Israeli public and asking for forgiveness for security faults that led up to the Hamas attack. 

“Jewish identity is, first of all, taking responsibility,” he emphasized.

Regarding the state of Israel’s economy, Illouz criticized Likud for failing to take measures to prevent the cost of living from rising. 

“There is no ability to do good for citizens in a party that is entirely made up of interest groups. When you go to the supermarket today, you pay a tax to the Likud, a tax to workers’ unions, and a tax to the agricultural lobby.”

Despite his decision not to run for reelection with Likud, Illouz emphasized that he will continue to work to better Israel “with integrity and determination.”

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When Syrian President Ahmed al-Sharaa swept into power and ousted Bashar Assad in December 2024, Israel quickly implemented policies born of the lessons learned from October 7.

The first was to act before threats metastasize rather than after. The second was never again to let those who want to murder you encamp right on the border.

As a result, the IDF rapidly entered Syria, destroyed planes, helicopters, naval vessels, missiles, chemical weapons depots, air bases, and ports belonging to the Assad regime before they could fall into the hands of jihadist groups.

It also carved out a buffer zone inside southern Syria designed to keep forces hostile to Israel from establishing themselves within easy striking distance of communities on the Golan Heights.

Again, the trauma of October 7 looms large.

Washington views Israeli presence in Syria as a problem

This buffer zone, together with the ones Israel has created inside Gaza and southern Lebanon, is now increasingly viewed in Washington as a problem that needs to be solved.

US President Donald Trump gave voice to that sentiment during a phone call with Prime Minister Benjamin Netanyahu last week, first reported by Axios, in which he reportedly urged Israel to begin withdrawing from southern Syria.

“They don’t want you there. You should redeploy,” Trump reportedly told Netanyahu.

Again, he sees Israel’s presence in Syria as a problem. Israel sees it as a solution.

With the exception of a handful of far-right activists who dream of establishing settlements across the border, Israel has no territorial ambitions in southern Syria.

The one exception is Mount Hermon, whose strategic importance is so overwhelming that Israeli leaders have made clear they have little intention of relinquishing it.

The same is not necessarily true regarding the rest of the buffer zone.

The question has never really been whether Israel will eventually leave, but under what conditions.

Trump, apparently impressed by Sharaa following their meeting on the sidelines of last week’s NATO summit, appears convinced that the new Syrian leader deserves the opportunity to extend his authority over the entire country.

Continued Israeli control of territory, from this perspective, only weakens his ability to stabilize Syria and consolidate his rule.

Israel is considerably less convinced. Jerusalem wants to judge Syria’s new leadership not by its words but by its actions and not over weeks or months but over years.

That difference reflects something much larger than a disagreement over some 350 sq.km. of Syrian territory.

It reflects two very different conclusions drawn from the post-October 7 Middle East.

Before Hamas’s attack, Israel’s security doctrine rested heavily on deterrence, intelligence, sophisticated border barriers, and rapid military response. October 7 shattered confidence in all four.

October 7 triggered fundamental shift in Israeli security doctrine

The result has been a fundamental shift in Israel’s security doctrine.

Rather than relying exclusively on fences and warning systems, Israel increasingly seeks physical depth between hostile forces and Israeli civilians.

The reasoning is simple: enemies cannot launch another October 7 and swarm into people’s homes if they are prevented from massing directly on the border.

That thinking first manifested itself in Gaza, where Israel established what is now known as the Yellow Line, a broad sterile zone separating Hamas from Israeli communities.

It then guided Israel’s decision to establish a buffer zone in southern Syria.

And it now shapes Israeli policy in southern Lebanon, where Jerusalem insists Hezbollah must never again be permitted to rebuild military infrastructure adjacent to the border.

Israeli soldiers are seen inside southern Lebanon as seen from the Israeli side of the border, June 7, 2026. (credit: AYAL MARGOLIN/FLASH90)

From Washington’s perspective, however, buffer zones become increasingly difficult to justify if there is a functioning government on the other side willing to keep the peace.

The Trump administration appears to believe that strengthening Sharaa’s government, encouraging economic development, and restoring Syrian sovereignty offer the best long-term path toward stability.

That explains its push for Israeli withdrawals.

Jerusalem remains skeptical.

Officials here remember that Hamas, too, periodically spoke about governing Gaza responsibly while quietly preparing for October 7.

Israeli memory of Assad-era Syria calls for caution over optimism

They remember as well that Assad, despite decades of hostility toward Israel, largely upheld the 1974 disengagement agreement until the Syrian civil war created an opening for Iran and Hezbollah to establish themselves throughout the country.

For many in Jerusalem, those experiences argue for caution rather than optimism.

The question is not simply whether Sharaa seeks peace today. It is whether he will still be able – or willing – to prevent hostile forces from operating near Israel’s border three years from now, five years from now, or after the next upheaval in Syria.

There is another factor reinforcing Israeli caution: Turkey, Sharaa’s principal external backer. That matters because Israel increasingly sees Turkey under President Recep Tayyip Erdogan not merely as a difficult regional actor, but as a potential long-term threat.

While Iran’s regional influence has been significantly degraded over the past year, Turkey is flexing its muscles and wants to step into the vacuum and expand its own influence across Syria and the broader Middle East.

Jerusalem worries that a rapid Israeli withdrawal could ultimately create space not only for Syrian government forces but also for Turkish-backed militias or other Islamist actors operating under Damascus’s umbrella.

From Israel’s perspective, replacing an Iranian sphere of influence immediately on its border with a Turkish one would hardly constitute progress.

This helps explain why Jerusalem’s assessment differs so sharply from Washington’s.

The US sees a Syrian government that deserves an opportunity to establish sovereignty over all its territory. Israel sees a fragile state, backed by a regional power whose intentions it deeply distrusts.

None of this means Israel intends to remain in southern Syria indefinitely. But it does suggest that Jerusalem is in no great hurry to withdraw. It wants sustained proof that Syria has fundamentally changed before dismantling one of the principal security measures put in place after October 7.

And then there is politics.

Netanyahu unwilling to risk withdrawing from buffer zone

With elections only a little more than three months away, Netanyahu will not take any step that opponents could portray as weakening Israel’s security by dismantling a buffer zone established to prevent another October 7-style catastrophe.

That is why, despite Trump’s reported request, the chances of an Israeli withdrawal from southern Syria before Israelis go to the polls are virtually nonexistent.

The debate between Washington and Jerusalem is ultimately not about a strip of Syrian territory.

It is about whether the lessons of October 7 require Israel to maintain physical security buffers beyond its borders or whether diplomacy, new governments, and international understandings are once again sufficient.

For the Trump administration, the answer increasingly appears to be yes. For Israel, at least in Syria, the answer remains an emphatic no.

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An analysis of a torrent of public comments submitted on a White House proposal to change the way federal contracts and grants are doled out shows a widespread rebuke of the potential change by scientists and others. 

The analysis, done by researchers at the University of North Carolina at Chapel Hill in partnership with STAT, used a large language model to classify whether a comment was supportive or in opposition and to identify themes mentioned in comments. It found that about 95% were in opposition and just 1% supported the proposed changes to the “Uniform Guidance.” A total of 496,769 public comments were submitted before the deadline of Monday at midnight, and an analysis of the 52,322 comments that have been posted in full show an overwhelming rebuke of the proposal. 

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Swing Therapeutics, developer of a Food and Drug Administration-cleared digital treatment for fibromyalgia, has been acquired by medical virtual reality company XR Health.

Swing is XR Health’s sixth acquisition in the last two years and finds the VR developer taking a new business direction as it aims to be a go-to source of digital treatments for disease. The terms of the deal were not disclosed because, as XR Health CEO Eran Orr explained, “it won’t be the last” acquisition for the company. 

XR Health, Orr claimed, has dozens of different apps on its platform currently and delivered a million user sessions in 2025. Offerings include a range of meditation and cognitive behavioral therapy-based VR experiences targeted at mental health issues, pain, hot flashes, and more. XR Health’s large packages of VR treatments are registered with the FDA but not cleared.

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As of Tuesday, a parasite called cyclospora has sickened nearly 7,000 people in 34 states so far this summer. On Monday, Michigan health officials announced their first potential source: lettuce and salad greens. Their advice was sound: Buy whole heads, discard the outer leaves, wash what’s left. But it landed after vinegar rinses and peeling rituals had circulated online for weeks.

Michigan’s announcement was careful: Lettuce keeps surfacing in interviews, other foods cannot be ruled out, and no grower or supplier has been named. That is what a “potential source” is — a hypothesis strong enough to keep pulling on. Weeks into one of the largest cyclosporiasis surges on record, we still cannot answer the question people need answered: Which food is making us sick? The Centers for Disease Control and Prevention cannot yet say whether this is one outbreak with a common source or several unconnected clusters.

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A new startup is making a bold move in the world of obesity drug development: It’s not working with the GLP-1 target that has taken the world by storm.

Just a few years ago, the term “GLP-1” would have been a foreign concept to most Americans. Now, it’s everywhere — on billboards, TV advertisements, and magazine articles. Most startups hoping to edge their way into the multibillion-dollar weight loss market have their own GLP-1 drug candidate. But not Mwyngil Therapeutics. 

Mwyngil — pronounced “mwin-gull” — is studying ways to spur weight loss without targeting the GLP-1 receptor. That’s what attracted CEO Luba Greenwood, a biotech veteran, to the company. “I was not interested in another ‘me too’ GLP-1, or GLP-1 plus something. … That’s not very interesting science,” she told STAT, in her first interview about the company. 

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In a recent town hall meeting, Karim Mikhail told Food and Drug Administration staff that he was normal. 

“I am with you on planet Earth,” he said in June. “I understand very well what everybody is going through.” 

Typically, such an acknowledgment would be unremarkable. But Mikhail is acting director of the FDA’s Center for Biologics Evaluation and Research, where the previous leader, Vinay Prasad, was decidedly outside the norm.

Continue to STAT+ to read the full story…

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Sens. Richard Blumenthal (D-Conn.) and Josh Hawley (R-Mo.) are calling on the nation’s largest Medicare Advantage insurers to provide internal records and detailed information on their use of artificial intelligence to block rehabilitative care.

The lawmakers’ request — a moment of bipartisan scrutiny on a controversial federal health care program — comes just one month after a government investigation unearthed a continuing pattern of denials within Medicare Advantage.

In letters provided to STAT, Blumenthal and Hawley told executives at UnitedHealth Group, Humana, and CVS Health that recent findings by the Office of the Inspector General for the Health and Human Services Department undercut their companies’ claims to have reduced barriers to crucial medical services.

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Good morning. I dedicate the first item in today’s newsletter to a friend who is suffering from what she suspects to be cyclosporiasis. Feel free to forward this email to your friends who need information but are scared to wade through online discussions on the outbreak. 

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Good morning, everyone, and welcome to the middle of the week. Congratulations on making it this far, and remember there are only a few more days until the weekend arrives. So keep plugging away. After all, what are the alternatives? While you ponder the possibilities, we invite you to join us for a needed cup of stimulation. Our choice today is ginseng honey, a favorite from our pantry. Meanwhile, here is the latest menu of tidbits to help you on your way. We hope you conquer the world and have a wonderful day. And as always, please do stay in touch. …

An experimental Alzheimer’s drug from Biogen, designed with a novel approach, slowed cognitive decline in a mid-stage trial at roughly comparable rates as approved medicines, new data that bolstered the company’s case to move the treatment into a Phase 3 trial, STAT says. Although experts will wait to see the pivotal trial data before making their final assessments of the drug, called diranersen, the results from the Phase 2 trial, if backed up in the larger study, could rekindle the debate about how strong trial results have to be to signify that a drug can offer meaningful benefits for patients and caregivers. 

Potential signs of frailty in older adults taking Eli Lilly’s GLP-1 obesity drug Zepbound ​may signal relatively high risks for adverse outcomes, Reuters writes, citing a large study that underscores concerns about how best to monitor seniors as U.S. Medicare expands access to obesity therapies. In general, frailty-associated conditions such as malnutrition, dehydration and loss of muscle mass and strength developed only rarely and the results should not discourage appropriate use of Zepbound or Novo Nordisk’s GLP-1 drug Wegovy in older adults, the researchers said. Instead, they encouraged closer follow-up of older patients taking the medicines.

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BUNIA, Congo — The number of confirmed cases of Ebola in Congo has reached 2,011, including 754 deaths, according to government data released overnight in what authorities say is the fastest-growing outbreak on record.

Health workers at Bunia General Hospital, the region’s largest medical center, went on strike Wednesday and are the latest group to walk off the job at the epicenter over payment issues. Health professionals and other front-line workers barricaded the entrance to the hospital, claiming they have not received pay despite working under difficult conditions.

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Here’s the good news: Deaths due to ischemic heart disease — when coronary arteries are blocked — fell by more than half from 1990 to 2023 in the United States, thanks to better control of up to a dozen risk factors. What’s still on the table: Almost 9 out of 10 of the most recent deaths could have been prevented by better managing those risk factors. 

Much of the progress recorded since the start of the Global Burden of Disease study, published Wednesday in JAMA Cardiology, stemmed from drops in deaths from smoking (down 33.3%) and particulate air pollution (down 74.9%). But in the last year of the study, 419,000 of the estimated 473,000 coronary artery disease deaths — or 88.8% — were still linked to modifiable risk factors. 

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Good morning. Wash your lettuce extra thoroughly! There’s never been a better reason to get a salad spinner.

The need-to-know this morning

  • Johnson & Johnson reported second-quarter earnings. 
  • Another Phase 3 study win for sac-TMT, the targeted chemotherapy drug from China-based Kelun Biotech and partner Merck. In the OptiTROP-Lung05 study conducted in China, sac-TMT plus Keytruda significantly delayed tumor progression compared to chemotherapy plus Keytruda in patients with first-line, PDL1-negative, non-squamous lung cancer. A preliminary survival benefit favoring the sac-TMT arm was also reported. This is the second China-run Phase 3 study of sac-TMT to show superiority over standard treatments in patients with lung cancer. 
  • Veradermics said its oral, extended-release formulation of minoxidil induced hair growth in women with mild-to-moderate pattern hair loss, achieving the goal of a single-arm midstage study. The company is enrolling female participants in a Phase 2/3 study with results expected next year.

FDA’s new CBER chief is seeking a return to normalcy

After the FDA’s former biologics chief, Vinay Prasad, pushed out several subordinates, overruled career scientists, and earned the ire of the rare disease community, his acting replacement is now tasked with calming the waters.

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Medicare regulators on Tuesday proposed to ban vendors from providing remote patient monitoring services on behalf of doctors, a major policy change for a rapidly growing care model that’s been the subject of increasing scrutiny.

Medicare has covered remote patient monitoring since 2018, and payments ballooned to over $500 million in 2024. The proposed change follows widespread concern from the health department’s watchdog, academics, and insurers that the current remote monitoring system is paying for low-value services. If finalized, the rule would impact a large percentage of remote monitoring care as it’s delivered today. 

The update comes as the Trump administration moves to rein in fraud and wasteful spending in the Medicare program. The Centers for Medicare and Medicaid Services also recently launched an alternative model to pay for digital health services. 

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Glenmark Pharmaceuticals agreed to pay $29.6 million to settle allegations by dozens of states that the company engaged in a widespread conspiracy to artificially inflate and manipulate prices of generic medicines and harmed consumers by reducing competition.

The agreement marks the latest settlement in a long-running battle between numerous states and many of the largest players in the generic drug industry, which were accused of fixing prices for their medicines. Previously, Lannett, Bausch, Apotex, and Heritage Pharmaceuticals collectively settled lawsuits for $67 million.

The litigation began a decade ago amid heightened concern over the cost of prescription medicines, including some generics. The drugs, which have traditionally been lower-cost alternatives to expensive brand-name treatment, account for approximately 90% of all prescriptions written in the U.S. each year.

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I just finished watching the Amazon Prime series “Every Year After.” I’ve got notes on the acting, pacing, and some changes they made from the book, but the needle drops? Incredible. No notes.

Speaking of: Have you got feedback for STAT? We’re doing a reader survey and would love to hear what you like/dislike, what you want more of, and what special features you’d be interested in.

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Mayo whistleblower alleges bad AI, consent, privacy practices

One of the most aggressive deployers of AI in health care is Mayo Clinic. However, a whistleblower from Mayo says in a recent lawsuit that she was forced out of her job because she pushed back on unethical practices in Mayo’s deployment of technology and AI.

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The country’s second-biggest health insurer said Wednesday it plans to further shrink its Medicaid portfolio in the coming year, just as states roll out requirements for the program that covers low-income Americans. 

Elevance Health made the announcement on its second-quarter earnings call, in which the company raised its profit outlook and surpassed analysts’ expectations for both profit and revenue. The company posted about $50 billion in revenue in the quarter, which ended June 30, and $1.5 billion in profit to shareholders, down 16% year over year. 

The details were slim, despite several analysts’ prodding on the call: only that the company will exit Medicaid markets it deems unsustainable over the next 12 to 18 months, much like it just did in Washington, D.C. 

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A trio of bipartisan lawmakers on Wednesday reintroduced a bill requiring the Federal Trade Commission and the Department of Treasury to investigate whether the U.S. relies too heavily on foreign countries for prescription drug production, including whether those risks are increased by relocating domestic manufacturing facilities to foreign countries.

The legislation arrives amid increasing concern over the extent to which the U.S. pharmaceutical supply chain is vulnerable to disruption that could cause a national security issue. In particular, the anxiety reflects China’s dominant role in producing many essential materials that are needed for medicines taken by Americans.

Five years ago, for instance, a Department of Defense watchdog found that an overreliance on foreign suppliers of medicines could harm national security and that the Pentagon failed to assess the risks of shortages or develop strategies to mitigate disruptions.

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WASHINGTON — Senate health leader Bill Cassidy (R-La.) grilled a Trump nominee for a key pandemic preparedness role over past comments in which he questioned vaccines, in a heated Senate confirmation hearing on Wednesday. 

“Why would you repeat those damn lies? Because that destroys trust,” Cassidy said at one point to the nominee, Sean Kaufman, rapping his hand on the dais.

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This is the web edition of STAT’s AAIC in 30 newsletter.

Hello there from the final day of the Alzheimer’s Association International Conference. This is our last edition of this pop-up newsletter, but if you somehow haven’t tired of me, you can join me as well as my colleagues Damian Garde and Katherine MacPhail tomorrow to recap AAIC and discuss how the research presented here fits into the broader direction of the field. You can register for the virtual event here. It’s at 10 a.m. Eastern, 3 p.m. here in the U.K.

With next year’s AAIC set for Chicago, and as this nation descends into full World Cup mania in the coming hours, I’ll end by saying thanks for following along with me here in London.

How blood tests could reshape the future of identifying dementia

Traditionally, an Alzheimer’s diagnosis comes after a brain scan or spinal tap, or perhaps some cognitive tests administered by a behavioral neurologist. The tests can be burdensome, and specialist capacity is limited.

But research presented throughout the conference indicated how the field is moving in new directions, finding ways to make testing much more accessible, and offering more nuanced results that go beyond saying whether someone has Alzheimer’s or not.

In particular, blood-based biomarker tests that can help with diagnoses have started to come onto the market. The Alzheimer’s Association has also started to issue guidelines for how doctors should use them.

One study detailed here looked at whether these tests could be used in the primary care setting. Alzheimer’s experts say it’s crucial for more doctors to be able to diagnose the condition, particularly with the availability of new treatments that are more beneficial the earlier they can be used. Wait times for neurologists can extend for months, if not over a year.

Continue to STAT+ to read the full story…

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In a new study published in Science Translational Medicine on Wednesday, researchers say they have uncovered how Epstein-Barr virus launches immune responses that lead to the inflammation and nervous system damage seen in people with multiple sclerosis. 

“It’s very nice now to be able to understand more about the underlying mechanisms of how EBV likely causes MS,” said lead author Kjetil Bjornevik, an assistant professor of epidemiology and nutrition at the Harvard T.H. Chan School of Public Health. The findings, researchers hope, could help with the development of EBV vaccines or antiviral medications that could prevent or manage MS symptoms without the major side effects of commonly used immunosuppressants. 

Syed Rizvi, the director of the Multiple Sclerosis Center of Rhode Island, who was not involved in this study, said the new findings help advance MS research toward more precise approaches. “When you’re developing drugs, targeted drugs, every little step, every little molecule, every little antigen is a game changer,” he said. 

Continue to STAT+ to read the full story…

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The fates of two top health officials — Robert F. Kennedy Jr. and Susan Monarez — loomed over a Wednesday Senate hearing, though neither of them was in the room.

Almost a year after Kennedy ousted Monarez as director of the Centers for Disease Control and Prevention over vaccine policy, senators pressed the administration’s new pick to run the CDC on whether she’d face a similar fate, and how she’d deal with what many of them characterized as Kennedy’s political interference in the agency. 

The nominee, Erica Schwartz, repeatedly demurred on the question, never quite saying whether she would stand up to the health secretary.

Continue to STAT+ to read the full story…

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Amanda Chawla comes to the Washington-based nonprofit giant from Stanford Medicine. Providence is hoping her appointment will bolster its supply chain capabilities during a time of elevated spend.

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Terms of the deal announced Tuesday are very similar to those the FTC reached with Express Scripts earlier this year, including requiring the PBM to stop preferring higher cost versions of drugs on standard formularies.

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ONE Sotheby’s International Realty announced the South Florida expansion of TFG International, the luxury real estate group co-founded by Tomer Fridman. The team’s entry into the region, led by Matthew Perrye, establishes a bi-coastal connection for the brand’s global clientele.

ONE Sotheby’s said the team brings approximately $9 billion in combined career sales experience.

“Tomer and Matthew have built exceptional reputations defined by their intuitive understanding of the ultra-luxury consumer and their ability to navigate the most complex transactions with discretion,” said Daniel de la Vega, president and CEO of ONE Sotheby’s International Realty. “As affluent buyers move fluidly between markets, their expansion from Los Angeles to South Florida is perfectly aligned with the continued growth and global demand we are experiencing here.”

Fridman co-founded TFG International while with Christie’s International Real Estate Southern California and is co-chairman and founder of Israel Sotheby’s International Realty.

He has represented celebrity clients including the Kardashian-Jenner family, Sylvester Stallone, Jennifer Lopez and The Osbournes.

TFG International has handled several notable luxury transactions, including a $115 million estate sale in Holmby Hills, a $32 million sale of the Donhill estate in Beverly Hills and the highest residential sale recorded in California’s San Fernando Valley.

“We have long viewed South Florida and Los Angeles as deeply interconnected markets, with clients who expect a seamless, world-class experience across both coasts,” said Fridman. “Expanding through ONE Sotheby’s International Realty provides the robust platform and global resources necessary to operate at the pinnacle of the industry.”

Last year, Fridman reported $385 million in transaction volume to RealTrends Verified, which ranked No. 27 nationally among agents, No. 8 in California and No. 5 in Beverly Hills.

Perrye joins the brokerage after more than 12 years in luxury real estate, including his most recent role at Carolwood. He has participated in more than $700 million in transactions and will oversee TFG International’s South Florida operations from ONE Sotheby’s Miami Beach office.

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

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Polunsky Beitel Green LLP, one of the nation’s largest transactional residential mortgage lending law firms, has added Jeanine LaMay Kay to its business development team, according to a company announcement.

Based in the firm’s Dallas office, Kay will work with attorneys and client service teams to deepen existing client relationships and support national growth efforts. The move continues the expansion of Polunsky Beitel Green (PBG)’s growth-focused staff following the addition of Kimberly Friesenhahn to the business development team in February.

Kay brings more than 20 years of experience across residential real estate, mortgage lending, title insurance and homebuilding, with a background in strategic growth, channel partnerships and client relationship management.

Most recently, she spent more than a decade at 2-10 Home Buyers Warranty, a division of Frontdoor Inc., where she served as vice president of business development. In that role, she oversaw revenue and growth for the central region and some of the company’s largest national builder accounts. She helped to more than triple the company’s Texas market share over five years from less than 5% to more than 15%, according to the announcement.

Before joining 2-10, Kay held a series of leadership roles at First American Financial Corp. over roughly 10 years, spanning national accounts, sales operations, market intelligence and strategic initiatives.

“Jeanine has a proven track record of building high-performing teams and driving growth in complex, relationship-driven markets,” PBG principal Marty Green said in the announcement. “Her experience across the homebuilder and title insurance industries gives a broad perspective that will serve our clients well as we continue to grow.”

“I’ve watched PBG’s name come up again and again across the homebuilding and lending world as a firm people trust,” Kay said. “Making the move here felt like a natural next step, and I’m excited to help the firm deepen those relationships even further.”

Kay holds an MBA from the Paul Merage School of Business at the University of California at Irvine, and a bachelor’s degree in finance from the University of Idaho. She also holds a Property & Casualty Insurance License from the Texas Department of Insurance, serves on the executive board of HomeAid North Texas and previously served on the board of Professional Women in Building for the Dallas Builders Association.

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

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An analysis from California-based lender NatEquity Inc. examines the growing range of home equity products available to homeowners ages 62 and older — including traditional reverse mortgages, senior home equity lines of credit (HELOCs), home equity investments (HEIs) and the company’s proprietary HouseMoney product.

The analysis — developed for mortgage industry professionals and shared with HousingWire‘s Reverse Mortgage Daily (RMD) — compares product structures, costs, repayment terms, servicing models, investor considerations and long-term viability.

It comes as lenders and investors continue to explore alternatives to federally insured Home Equity Conversion Mortgages (HECMs), which were surpassed by proprietary products in the first quarter of 2026 in terms of funded volume.

According to NatEquity’s analysis, conducted by CEO Peter Mazonas, HECMs remain the most established senior home equity product, having been introduced in the late 1980s through a program administered by the U.S. Department of Housing and Urban Development (HUD).

Senior HELOCs and HEIs largely emerged following the 2008 financial crisis as the market developed new ways for homeowners to access housing wealth outside of federally insured programs.

The comparison highlights differences in how each product provides access to equity:

  • HECMs generally allow borrowers to access a portion of their home value through a lump sum, monthly payments or a line of credit, with repayment typically deferred until the borrower dies or permanently leaves the home.
  • Senior HELOCs provide revolving access to credit, often with variable interest rates.
  • HEIs generally provide an upfront payment in exchange for a share of future home price appreciation.
  • HouseMoney combines an upfront advance with monthly payments tied to changes in the cost of living, according to NatEquity.

Mazonas said product structures can affect how much equity remains for borrowers and their heirs over time.

“What a senior HELOC does is it starts charging interest at a fairly high rate from the beginning of the loan, and your interest is building up, accumulating and compounding,” Mazonas told RMD. “Basically, you’re eating up the home value on money that was borrowed for a good purpose, but the interest is what catches up to you.”

He added that shared-appreciation products approach costs differently by exchanging future home value growth for access to funds.

The comparison also examines the costs associated with each product. HECMs generally include interest rate charges and annual mortgage insurance premiums, while senior HELOCs carry variable interest costs. HEIs rely on appreciation-sharing arrangements, which can increase costs if home prices rise significantly.

NatEquity’s report also addresses regulatory and legal questions surrounding newer home equity products, including whether some HEI agreements could be considered reverse mortgages under state or federal law.

Mazonas said recent litigation involving HEI providers has centered on whether certain contracts with older homeowners function as loans rather than investments.

“Any loan made to a senior who’s 62 or older is considered by state statute, maybe federal statute, to be a reverse mortgage,” he said, referring to legal challenges involving shared-equity providers.

He pointed to cases involving HEI providers that have settled before courts issued rulings on whether the products should be classified as reverse mortgages subject to additional consumer protections.

The document references court decisions and industry research on these issues, although its conclusions reflect NatEquity’s interpretation of the evolving regulatory environment.

Beyond borrower features, the comparison evaluates how products are serviced and financed. It notes that HECMs are securitized through Ginnie Mae programs, while many HELOCs and HEIs are held through private investment structures.

NatEquity said servicing models can influence borrower experience, particularly for older homeowners who may use home equity products over extended periods.

Mazonas, who has spent more than three decades in the reverse mortgage industry, said the market has increasingly focused on products that are easier to securitize and sell to investors.

“Over the last 35 years, the whole industry has gone to quicker, easier-to-sell, higher-dollar-amount loans which are easier to securitize and sell to private equity,” he said.

NatEquity also pointed to lessons from previous home equity lending cycles, including the senior HELOC expansion of the 2000s. The company said roughly $400 billion in HELOCs eventually reset into short-term amortizing loans that many borrowers were unable to refinance.

The comparison concludes that demand for additional senior home equity options is likely to grow as older homeowners seek ways to access housing wealth. The assessment reflects NatEquity’s views and its positioning of HouseMoney within the broader home equity market.

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

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Last week Kelley Blue Book entered the real estate space by launching Kelley Blue Book Homes, a home valuation platform for consumers and another lead generation tool for real estate professionals. 

While Russ Cofano, a co-founder of Alloy Advisors feels that the industry “needs another lead generation platform like it needs a hole in the head,” he does find the new offering, which is a joint venture between valuation and appraisal technology firm True Footage and Kelley Blue Book parent company Cox Enterprises, to be interesting.

“So far no portal, not even Zillow, has nailed seller lead generation,” Cofano said. “Zillow created the Zestimate as a way of creating a two-sided marketplace with buyers and sellers and a lot of homeowners still go to Zillow to look at the Zestimate on their home, but Zillow has not been able to monetize that in the same way they have monetized buyer leads.” 

Who is the competition? 

One party Cofano believes will be watching Kelley Blue Book Homes closely is Rocket Companies, which purchased Redfin and mortgage servicer Mr. Cooper last year.

“Rocket-Redfin is going to be looking at this and determining whether this type of human-aided, valuation, seller-intent model can actually generate listings and if it does, who is going to have the most sellers coming through their pipeline to really expand something like this? Rocket,” he said.

Like Cofano, Craig McClelland, a partner at McClelland & Hahn Consulting, sees Kelley Blue Book Homes not as competing with Zillow, but with mortgage servicers. 

“The mortgage servicers are out there talking to their database, which are consumers that own homes, telling them how much their property is worth because maybe they are interested in a HELOC or refinancing or maybe even selling,” McClelland said. “For decades now these companies have been creating automated valuation models and putting them in front of their customers’ faces to try to create business, so this is really who Kelley Blue Book is competing against.” 

Up against the big dogs

While Amit Kulkarni, the other co-founder of Alloy Advisors, agrees that this is something mortgage services and especially Rocket will be watching closely to see if it worth putting their own spin on a similar product, he questions why a company would want to enter a space with such established players. 

“I question the viability of the model because why are you different or better than a Lending Tree or Rocket?” Kulkarni said. “It is very hard to come into an established mature category with a product that is not differentiated from those that already exist.” 

Kulkarni said he currently sees the real estate space as an overcrowded watering hole in the Sahara during a drought.

“All the antelope, zebras, lion, giraffes and rhinos are around this tiny little puddle of water trying to suck out the last bit of moisture so they can stay alive — that is what the industry feels like to me,” Kulkarni said. “There are a finite number of transactions and more and more animals coming to this transaction watering hole all trying to drink from this very finite number of transactions. What puzzles me is that everyone is launching these new initiatives, but none of them are going to add a single transaction to the mix, they are just trying to further extract value from what already exists.” 

Citing data from the National Association of Realtors (NAR), Kulkarni said typically two-thirds of sellers find their real estate agent as a referral from a friend or family member. This leaves just 33% of all home sellers available on the open market, which he said greatly limits Kelley Blue Book Homes’ pool of potential seller leads to send to agents who are part of the lead generation platform. 

“It quite honestly just doesn’t make a whole lot of sense to me especially because I don’t see this product being differentiated enough that people are going to flock to it,” Kulkarni said. 

McClelland added that just because the industry adds 20% more lead sources doesn’t mean that the industry suddenly has 20% more leads. 

“It is just a new delivery system delivering the same lead,” McClelland said. “How many different paths can you take to get to the same lead?” 

However, if Kelley Blue Book Homes can find a way via company or data provider partnerships to make itself the gold standard in property valuations, just like it is in car valuations, Kulkarni could see a path toward success for the venture. 

Making a splash

As Cofano looks to see what impact Kelley Blue Book Homes may have on the future of the real estate industry, his primary question is whether you can take a brand that is highly regarded and trusted outside of the real estate industry and marry it with a seller-intent model and an automated valuation model to create a seller lead generation platform that is better than what is already out there. 

McClelland shares a similar view. 

“Just because you do a great job valuing my 2002 Toyota Sentra, doesn’t mean that you can tell me what my 2017, seven bedroom, four and a half bathroom, 4,500 square foot house is worth,” he said. “Companies entering a new space live and die by their customer acquisition costs, and they are going to war against the mortgage servicers here. I think this is a much bigger play than people are anticipating.” 

Regardless of whether or not Kelley Blue Book Homes succeeds in this endeavor, Kulkarni is excited to see non-traditional real estate firms entering the industry, and he is looking forward to seeing the ideas and innovations players like Kelley Blue Book bring to housing. 

“Everyone is focusing on monetizing the agent and it feels like a lot of the consumer stuff has been forgotten because everyone is out there trying to make the agent the center of the universe when it should be the consumer, because ultimately they are the one that pays the bill,” Kulkarni said. “The newer companies that are coming in that are completely unfettered by relationships or other constraints are going to be able to innovate and do things differently. I’m really hoping that we are going to see some real innovation here over the next 18 to 36 months.”

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The former executive director of Georgia’s Hinesville Housing Authority and a business partner face federal charges in what prosecutors describe as a $2.5 million scheme that used false invoices, kickbacks and fraudulent payments over a four-year period.

Melanie S. Thompson and Toriono L. Byrd were indicted July 8 on charges including conspiracy to commit wire fraud, wire fraud and making false claims, according to a 20-page indictment in the U.S. District Court for the Southern District of Georgia.

The alleged fraud occurred from September 2019 until October 2023 — with Thompson accused of using her position to award contracts to Byrd without following standard bidding procedures.

Byrd operated Southeastern Coastal Property Maintenance Services LLC, a contractor that did business with the agency.

Thompson is accused of creating false invoices on her work computer, sometimes emailing them to herself, and authorizing payments for work that was either never completed or far exceeded the actual value of services rendered.

The indictment alleges Thompson directed repeated payments in amounts of $5,000 or less — a practice prosecutors say was intended to avoid detection by others at the agency. Byrd then allegedly paid kickbacks to Thompson from accounts he controlled.

Prosecutors also allege Thompson and Byrd were involved in a romantic relationship that was never disclosed to the Hinesville Housing Authority.

The Hinesville Housing Authority provides affordable housing to low-income individuals, families, seniors and persons with disabilities. It operates 128 public housing units and other rental assistance programs in Liberty County, Georgia.

The scheme included Thompson incorporating Strategic Logistics Transportation Services LLC in September 2019 and purchasing two semi-trucks for nearly $30,000 soon thereafter.

During roughly the same period, Thompson is accused of directing several fraudulent “bonus” payments to her own Navy Federal Credit Union account — also totaling nearly $30,000.

The trucks were registered to Strategic Logistics Transportation Services LLC, which Thompson controlled, the indictment states.

In September 2020, Thompson issued a $5,000 cashier’s check from her personal account as a security deposit for a commercial lease she held jointly with Byrd, prosecutors said.

The pair also stored the semi-trucks at the same business address as the housing authority, according to the indictment.

The indictment details dozens of fraudulent payments, with checks and wire transfers said to be flowing from Hinesville Housing Authority accounts to ones controlled by Byrd.

On March, 19, 2021, alone, prosecutors allege Thompson authorized 50 fraudulent checks totaling more than $194,000.

She also allegedly authorized a monthly “stipend” coded as LCCHDO — a reference to the Liberty County Community Housing Development Organization — to which she was not entitled.

The government is seeking forfeiture of at least $3,039,516.76, along with a property in Savannah, Georgia, and any jewelry purchased with illicit funds.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication.

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Russell Vought, the acting director of the Consumer Financial Protection Bureau (CFPB), testified before the House Financial Services Committee on Wednesday, arguing that the bureau has exceeded its statutory authority while lawmakers spar over its future.

During the contentious hearing — which marked Vought‘s first appearance before Congress in his role leading the CFPB — Vought defended the Trump administration’s overhaul of the agency and the rollback of the agency that he has overseen.

The hearing was convened to examine the bureau’s Spring 2026 report, which covers its activities from October 2024 through December 2025, as required under the Dodd-Frank Act.

Committee leaders also discussed a draft of the CFPB Reform Act of 2026, which would overhaul the bureau’s structure and authorities. The proposal would increase congressional oversight, revise the CFPB’s funding and governance, expand transparency and accountability requirements for rulemaking and enforcement, and recalibrate its supervisory and enforcement powers.

The proposal also includes an adjustment to the threshold for supervised institutions to $21 billion in assets to account for economic growth, up from the current threshold of $10 billion.

Vought told lawmakers during the hearing that the CFPB had become an agency that operated beyond its congressional mandate and imposed unnecessary costs on consumers and financial institutions. He said the bureau should not continue to exist in its current form and argued that Congress should subject the agency to the annual appropriations process rather than allowing it to receive funding directly from the Federal Reserve.

The hearing came as Vought’s tenure as acting director approaches its Aug. 1 expiration under the Federal Vacancies Reform Act. President Donald Trump has nominated former CFPB official Brian Johnson to serve as the agency’s permanent director, although the Senate has not yet scheduled him for a confirmation hearing.

If Johnson is not confirmed before Vought’s acting service expires, acting Deputy Director Mark Paoletta could assume the role.

Vought defends CFPB ‘culture’

Republican lawmakers praised Vought’s efforts to scale back what they described as regulatory overreach under previous administrations. They highlighted the bureau’s move away from “regulation by enforcement,” revisions to rules such as the Section 1071 small-business data collection rule, and efforts to bring more CFPB activities under congressional control.

“We have changed the culture,” Vought said, noting the agency is “about half of what we were when we came into office.” He called on Congress to reduce the bureau director’s discretion by clarifying statutory standards and limiting areas where agency leadership can make broad policy choices.

Rep. Andy Barr (R-Ky) defended Vought’s leadership choices. “If my friends on the other side of the aisle have anyone to blame for the actions that you have taken, they need to look in the mirror because they have given you the power that you have exercised here today.”

When asked about bringing the CFPB into the annual appropriations process, Vought said placing the bureau under the process would be the “most important reform lawmakers could make.” He argued that the agency’s current funding structure has contributed to what he called a “cavalier attitude” and a “swagger” at the bureau.

When asked about raising the CFPB’s supervision threshold for financial institutions from $10 billion to $21 billion in assets, Vought said the change would allow the bureau to focus oversight on larger, higher-risk institutions.

Democrats ‘ready for Vought to be gone’

Democrats, meanwhile, criticized Vought’s leadership, arguing that workforce cuts and reduced enforcement activity have weakened the CFPB’s ability to protect consumers. They accused him of undermining the agency’s mission by shrinking staff and limiting investigations.

“You’re not protecting consumers; you’re protecting big businesses,” said Rep. Juan Vargas (D-Calif.)

Democratic lawmakers also raised concerns about the CFPB’s decision to dismiss or settle dozens of enforcement actions, its suspension of nonbank supervision and examinations, and its ongoing legal dispute with the National Treasury Employees Union over proposed workforce reductions.

Rep. Brad Sherman (D-Calif.) said previous CFPB actions returned billions of dollars to consumers. He compared the agency’s enforcement role to law enforcement protecting the public from corporate misconduct.

“The only person successful in defunding the police, sir, is you,” Sherman said, arguing that the bureau had been weakened under Vought’s leadership.

Rep. Gregory Meeks (D-N.Y), questioned whether Vought — who has not been confirmed by the Senate — has the authority to make sweeping changes to the agency. Meeks and other Democrats argued that Congress created the CFPB with a mandate for robust supervision and enforcement that cannot be unilaterally scaled back.

“In your testimony, you’ve said, ‘We’ve sought to downscale this agency to the maximum extent possible.’ Then you said you don’t believe that the CFPB should exist in its current form, which is the form of which Congress created, not you, or the Dodd-Frank Act, which is still the law,” Meeks said. “You may not like it, but it is what Congress set forth.”

Rep. Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, criticized Vought for “hiding while unlawfully trying, and thankfully failing, to dismantle the nation’s top consumer watchdog.”

“You’ve directed CFPB to drop enforcement actions even when the bad actor offered to compensate victims,” Waters said. “You’ve blocked billions of dollars from being returned to harmed American consumers. You’ve even been terrible for the financial services industry, denying or throwing out basic guidance and safeguards [the] industry had asked for.”

Waters also said that consumer complaints about financial practices have “exploded” under Vought’s tenure.

Consumer complaints

Lawmakers also questioned Vought about the CFPB’s approach to crypto-related consumer complaints and allegations of losses tied to digital assets. Vought defended the administration’s conduct and said the agency was focused on its statutory responsibilities.

The hearing also touched on the bureau’s handling of credit repair complaints. Sherman said credit repair companies have overwhelmed the CFPB’s complaint system with automated filings. Vought said the agency has added verification requirements, including confirmed email addresses and mobile phone numbers, to improve the integrity of its complaint process.

Vought confirmed during the testimony that the agency is nearing completion of a long-awaited open banking rule, but that the timing of the proposal will depend on the Senate confirmation process for Johnson

“It is one of those things that I would like a newly confirmed director to be able to finalize,” Vought said. “We are supportive of open banking as a concept, and we’re working hard on that rule.”

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Fairway Home Mortgage has launched Fairway SAFE (Senior Advocacy & Financial Education), a nonprofit initiative focused on helping seniors and their families recognize, prevent and respond to financial scams and exploitation, the company announced Wednesday.

Fairway SAFE is positioned as an education and advocacy arm that will offer free programming, resources and partnerships aimed at senior homeowners, caregivers and financial professionals. The launch comes as elder financial exploitation continues to climb, with federal and state regulators warning that social engineering, impersonation schemes, investment pitches and romance scams are increasingly targeting older adults.

“Financial security is about more than protecting assets — it’s about protecting confidence, independence and peace of mind,” Janet Koopman, president of Fairway SAFE, said in a statement. “Our mission is to give seniors and their families the knowledge and resources they need to recognize potential threats, ask questions without fear, and make informed financial decisions.”

To mark the launch, Fairway will host a free national webinar, “Stay Safe: Protecting Yourself from Scams & Financial Abuse,” on July 29. The one-hour session will feature attorney and fraud prevention expert Steven J. J. Weisman. It’s designed to provide practical steps attendees can apply immediately to better protect themselves and their families.

The webinar, open to seniors, caregivers and financial professionals, including reverse mortgage professionals, will cover:

  • The scope of financial scams and elder exploitation
  • Common tactics scammers use to gain trust and manipulate victims
  • Populations that may be most vulnerable and why
  • Emerging fraud trends affecting older adults
  • Practical steps to protect personal finances and loved ones

“Education remains one of the most effective tools we have in the fight against financial fraud,” Weisman said in the news release. “Helping people recognize the warning signs before they become victims can make an enormous difference.”

The session will be held Wednesday, July 29, beginning at 2 p.m. ET and will be moderated by Koopman. Registration is available here.

Beyond the initial webinar, Fairway SAFE plans to grow its programming with additional webinars, educational materials, community partnerships and advocacy initiatives centered on fraud prevention and financial literacy for seniors.

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

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Economic activity increased at a slight to moderate pace in 11 of 12 Federal Reserve districts during late May and June — matching the previous period’s pace.

Latest Federal Reserve Beige Book data shows consumer spending edging up, but higher fuel prices are dampening discretionary sales and pushing many households to seek cheaper goods.

Construction and real estate activity increased slightly overall, with several districts specifically highlighting growth in data center building.

Financial conditions held steady on balance, with commercial and consumer loan volumes both up modestly. Commercial loan quality was stable but consumer quality ticked down.

Beige Book respondents generally expect continued economic expansion, though several districts flagged elevated uncertainty around future fuel costs.

Regional real estate, construction trends vary

Boston reported slight expansion, with consumer spending buoyed by the World Cup but discretionary spending softening among lower-income households.

New York saw modest growth, with service sector activity finally picking up after a long weakness. Philadelphia rose slightly after a prior decrease — while Cleveland posted modest growth with robust selling price increases.

Richmond expanded moderately, with consumer spending holding up despite shifts in behavior — even among higher-income consumers.

Atlanta grew modestly, though residential and commercial real estate were little changed.

Chicago activity increased modestly, with construction and real estate up slightly.

Dallas rose moderately, with the real estate sector mixed, and San Francisco reported stable but muted activity amid steady conditions in real estate and financial services.

Employment gains widen, skilled labor remains scarce

Employment rose on balance, with five districts reporting modest, moderate or solid gains — up sharply from only one district in the prior period.

The remaining seven districts saw little to no change. Hiring occurred across manufacturing, construction and retail.

Skilled workers — especially technicians and tradespeople — remained difficult to find. A couple of districts reported small employment declines. Wage growth was modest to moderate in most districts, with two reporting only slight increases.

Some wage gains reflected heightened competition for skilled labor. A few districts noted that firms had increased use of artificial intelligence, both in hiring and screening processes and to boost worker productivity.

Prices still going up in some regions

Prices increased moderately overall, with nine districts reporting moderate growth, two robust growth and one slight growth. Compared with the prior period, price growth was the same or slower in all districts.

Non-labor input costs rose across services, construction and manufacturing — driven by higher energy, transportation and raw material expenses. Some contacts tied these increases to the Middle East conflict, while others pointed to tariffs.

Consumer prices continued to climb and a few districts noted greater price sensitivity among customers. In a couple of districts, selling prices grew less than input costs, crimping margins.

Expectations for future price growth varied. Some contacts see inflation persisting at its current pace, while others anticipate a slowdown — partly due to falling fuel prices.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication.

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The build-to-rent (BTR) industry can finally breathe a collective sigh of relief after the passage of the 21st Century ROAD to Housing Act ended months of legislative uncertainty. 

This development is a win for the industry. But questions remain about how much uncertainty still looms over future legislation and implementation, how quickly BTR can recover the ground it lost, and where investment and demand go from here. 

The final bill removed provisions from an earlier Senate version that would have denied BTR communities an exemption from the institutional investor ban. It also would have imposed a seven-year sell-off requirement on new BTR developments. 

These provisions, added at the last minute to an earlier Senate version of the bill in March, largely froze capital investment in new BTR projects. That’s because the regulations would have made it difficult for investors to generate a return on their investment. 

“It really completely shut down the market, and most of the pipeline basically stopped. As a developer, it was difficult, because if you’re going to buy land, you have a certain timeline by which you have to buy that land,” Alex Chalmers, managing partner at Material Capital Partners, told HousingWire‘s TBD. 

“The land sellers aren’t going to extend it. They just want to sell their land, right? They don’t care if it goes to a BTR community or whatever else. So that was a real pinch point, I think, for a lot of people, and it really cut off a lot of the new project pipeline.”

Now that this legislative uncertainty is largely resolved, capital is now beginning to flow back into BTR projects. But questions persist over how quickly the industry can make up lost ground, how the Department of the Treasury will interpret the law’s exemptions and what the future outlook holds for the industry.

Renewed optimism

With the potentially harmful provisions stripped from the final text of the bill, investors feel comfortable placing capital in BTR communities once again, Chalmers said.

In his experience, investor sentiment remained mixed until the Senate passed the bill on June 23. Since then, investment has started flowing back into the sector as investors became more confident in the bill’s fate. While it could take a few months for the industry to make up for lost ground, Material Capital Partners can already feel the positive effects of the bill’s passage. 

“At least for Material Capital Partners, we have a number of projects — probably at least five — that are able to go forward now, and that’ll create close to 1,200 new housing units just in the next 18 to 24 months.”

Tony Julianelle, CEO of Atlas Real Estate, a company that purchases and manages BTR communities, argued that investors never abandoned the sector. Instead, capital simply sat on the sidelines until there was more certainty. 

“I think everybody anticipated that this would get resolved,” Julianelle said. “I don’t think there are a lot of investors who just said, ‘Oh, you know what? No more built-to-rent, no more single-family, we’re just going to go buy self-storage.’ I don’t think there were a lot of people who said, ‘Let’s fully reallocate.’ I think it was more, ‘All right, hold on a minute, let’s see what happens.’”

Now, with the wait-and-see period over, many investors, developers and operators are working with restored confidence. 

“Build to rent is here to stay. It’s going to be a meaningful way to meet housing demand, and the capital is now in play, for sure,” Julianelle added. 

Lingering uncertainty

While the bill’s passage introduced short-term clarity, it may have introduced new questions. To understand why, it’s worth examining how the institutional investor ban is worded.

Section 1001 of the bill, titled “Home-ownership for Main Street America,” defines single-family as traditional detached and attached single-family properties, as well as duplexes. Manufactured housing is omitted from the definition.

The section explicitly states that “no large institutional investor may purchase, or enter into a contract to directly or indirectly purchase, any single-family home” that aligns with this definition. 

The law’s exemptions largely pertain to new supply while banning the acquisition of existing homes. Purchases exempt from the ban include newly built, renovated or converted homes sold outright by an investor; homes built or bought under build-to-rent or renovate-to-rent programs; homes tied to homeownership or rent-to-own programs; and homes in 55-and-older communities. Purchases from another compliant institutional investor are also exempt. 

Section 1001 mainly targets individual purchases in for-sale communities, a practice that is not very common. As a result, the ban generates far more headlines than it does actual market impact.

“Most of the institutional investors have frankly gotten out of the market of buying up existing homes that they can rent. … At least with the folks that I work with day in and day out, I don’t think this really has an adverse impact on them,” said Cameron Cosby, a partner at Sullivan & Worcester and a tax attorney who works with large institutional investors and real estate investment trusts (REITs). 

But to discourage firms that already own at least 350 single-family homes from buying more nonexempt properties, the legislation would levy a “civil penalty in an amount that is not more than $1,000,000 per violation, or 3 times the purchase price of the property involved, whichever is greater.”

The Secretary of the Treasury, or the Attorney General at the request of the Secretary of the Treasury, is permitted to levy this penalty on a large institutional investor that violates this provision. 

Giving Treasury this power may not seem like a big deal in and of itself, since BTR is exempt. But there is also a risk that Treasury’s regulatory authority could broaden over time, or that the federal agency could choose to interpret and apply the bill’s language in a manner that departs from Congress‘s original intent.

“The fact that there’s now an act in place that empowers Treasury to broadly make rules means that your industry can now be impacted by each administration’s desire to do rulemaking,” Julianelle explained. “Treasury now gets to make rules. Well, they can adjust those rules whenever they see fit, so you have to keep in mind that there’s some risk around that.”

Advocacy efforts continue

On July 14, a coalition of trade organizations — including the National Multifamily Housing Council (NMHC), Mortgage Bankers Association (MBA), National Apartment Association (NAA), National Association of Home Builders (NAHB), National Rental Housing Coalition (NRHC) and Nareit — submitted a letter to the Treasury to request clarification on this very concern. 

The coalition is concerned that ambiguous statutory language could be misread to also sweep BTR communities into the ban, even though they argue that BTR was clearly exempt. The letter requested that the Treasury quickly clarify that it will uphold the intent of the legislation, which is to ensure that BTR isn’t adversely affected. 

“To ensure BTR investments can move forward and help spur housing supply, we request that Treasury signal its intention to issue regulations consistent with this view and subsequently issue such regulations. This will unlock and unleash the BTR market so that it can continue to play an integral role in fostering housing supply and ensuring all Americans have a safe and decent place to call home,” the letter read. 

Owen Caine, NAA’s assistant vice president of federal legislative affairs Vice President of Federal Legislative Affairs, said in an interview that the letter is aimed at giving the BTR industry some much-needed clarity. 

“[The bill] did still leave some discretionary work for the regulatory space, specifically in Treasury, to make certain definitional determinations. You can argue whether it’s easier to make those definitions in Congress or in regulatory actions, right? It’s all the same work and the same conversation,” Caine said. 

While there is still work to be done, NAA and other rental housing groups indicated that they are pleased with the final version of the bill. 

“If no one is completely happy, that’s a sign of a good piece of legislation in my mind. There’s always a give and take, and there are always things that have to be worked out post-mortem on these things,” Caine added. 

The future of BTR

On one hand, some industry insiders argue that the months-long uncertainty generated by the 21st Century ROAD to Housing Act — and the threat of future legislative uncertainty — could keep some investors away from the industry. 

There’s also the fact that the bill added in some extra layers of compliance, including the establishment of a Renter Outreach Resource for tenants living in single-family homes owned by institutional landlords.

Under this federal program, renters of institutional investor-owned homes can report federal violations to the Department of Housing and Urban Development (HUD), and the federal agency is then required to investigate them. Institutional investors, in turn, must inform their renters about the program and maintain a dedicated website, among other requirements. 

“It doesn’t necessarily restrict what institutional investors can do, but it’s just an additional bureaucratic headache for them to have to deal with,” Cosby explained. 

But others in the industry argue that restrictions on other forms of single-family rentals could push more institutional capital toward purpose-built BTR communities. 

What’s indisputable, though, is that BTR has been gaining traction for many years, particularly since the onset of the COVID-19 pandemic. Estimates from Arbor Realty Trust and Chandan Economics show that BTR accounted for about 4% of all single-family rentals in 2021. By 2024, that share rose to a peak of 9% before sliding down to 7.2% last year. 

Part of this correction stems from the fact that BTR is concentrated most heavily in the Sun Belt, a region that has seen a broader construction slowdown over the past couple years after a post-COVID building boom left an excess of new supply. 

George Ratiu, vice president of research at NAA, noted that despite the recent correction, the sector’s growth trajectory points to continued strong investor demand in the near and long term alike.

“There are people who need housing that is hard to find on the for-sale side, and sometimes if they have kids or they want a different school district, a single-family rental is a much more attractive option,” Ratiu said.

“The economics here speak quite loudly. Demand for the single-family rental home remains viable and quite strong. I expect that … investors, with more clarity that the bill offers, are going to return to the market.”

This post was originally published on here. 

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Last weekend, House Speaker Mike Johnson (R-LA) and members of his leadership team retreated to Camp David with a number of GOP members to discuss strategies for advancing a third budget reconciliation bill. Republicans hold a narrow majority in the House, with 219 Republicans, 215 Democrats and one independent. In the Senate, Republicans hold a 53-47 majority, but 60 votes are needed to overcome an opposition filibuster effort that would block legislation from advancing. But Senate procedures make a budget reconciliation bill immune to a filibuster, allowing it to advance legislation with a simple majority vote. As a result, congressional Republicans and the administration have spent much of this Congress relying on budget reconciliation as a means of advancing priorities through the Senate.

Congressional Republicans were relatively successful in using reconciliation to pass major tax legislation last summer as well as funding for the Department of Homeland Security, which ended the partial government shutdown earlier this spring. Now, they are pursuing a third reconciliation bill. President Donald Trump would like to use it to fund his Department of Defense spending priorities, while House Speaker Mike Johnson has promised to include election security measures from the SAVE America Act.

Budget reconciliation was never intended to be the legislative tool it has become today. It was originally created as a procedural mechanism to help Congress align spending and revenue with its overall budgetary framework.

Over the past several decades, however, increasing political polarization and the Senate’s 60-vote threshold for overcoming a filibuster have transformed reconciliation into the primary vehicle for advancing partisan priorities.

While President Ronald Reagan used reconciliation during his first term to pass his Economic Recovery Tax Act of 1981, the first major partisan use of reconciliation (with the president and both chambers of Congress held by the same party) occurred in 1993, when President Bill Clinton and congressional Democrats passed the Deficit Reduction Act. President George W. Bush and congressional Republicans later used the process to enact the Economic Growth and Tax Relief Reconciliation Act in 2001 and the Jobs and Growth Tax Relief Reconciliation Act in 2003. Divided government largely sidelined the process until 2010, when President Barack Obama and congressional Democrats used reconciliation to pass portions of the Affordable Care Act. It was later used in 2017 by Trump and congressional Republicans to pass the Tax Cuts and Jobs Act in his first term.

The process gained even greater prominence during the 117th Congress, when President Joe Biden and congressional Democrats successfully used reconciliation twice: first for the American Rescue Plan in 2021 and then for the Inflation Reduction Act in 2022. Not to be outdone, Trump and congressional Republicans passed the One Big Beautiful Bill Act last year and, in June, used reconciliation to fund the Department of Homeland Security and end the partial government shutdown.

Johnson is now directing Republican members of the House Budget Committee to advance a third reconciliation package before the August recess. The bill is expected to include $67 billion in supplemental funding for military operations in Iran, and Trump has requested $350 billion to cover the remaining FY 2027 Department of Defense budget request, that was not included in the regular appropriations process. Johnson is also exploring ways to incorporate provisions from the SAVE America Act.

This will be a significant challenge because reconciliation may only be used for three purposes: spending, revenue (taxes) and the debt limit. The Senate’s Byrd Rule imposes a “mere incidental” test, requiring that a provision’s budgetary impact be its primary purpose rather than a byproduct of a broader policy change. To address this limitation, House Republicans are proposing a $4 billion grant program designed to incentivize states to verify voter identification and citizenship.

The reported total for new spending in “Reconciliation 3.0” could exceed $420 billion. Although House Republicans have proposed offsetting a portion of that spending with fraud-reduction reforms in Medicare, Medicaid and other federal assistance programs, those savings are unlikely to fully cover the cost. In previous reconciliation efforts, both the Biden and Trump administrations proposed reforms to Section 1031 like-kind exchanges and carried interest provisions as ways to increase federal revenue. These tax provisions are critically important to the commercial real estate industry, and CREDA’s Federal Affairs team has successfully advocated for their preservation in prior negotiations.

The recent passing of Senate Budget Committee Chairman Lindsey Graham (R-SC), the illness of Senator Mitch McConnell (R-KY) and resistance from Senate appropriators all present significant obstacles to Reconciliation 3.0. In addition, there are fewer than 25 legislative days remaining in the 119th Congress before the Nov. 3 midterm elections. During this critical time when events can move rapidly, CREDA’s government affairs team is taking nothing for granted, and will continue working to ensure that revenue provisions harmful to commercial real estate are not included in any emerging tax and spending bill.

This post was originally published here. 

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Boeing handed over more jetliners in the first half of 2026 than in any comparable stretch since 2018, the plane maker reported Tuesday, offering fresh evidence that its long, painful turnaround is gaining altitude.

In its monthly orders and deliveries report released Tuesday, Boeing said it delivered 64 aircraft in June, up from 60 in May and 60 in June 2025. That brought first-half deliveries to 314 jets, a 12% increase over the same period last year and the company’s strongest first-half total in eight years. For a manufacturer that has spent years digging out from safety crises, production halts and cash burn, the figure is one of the clearest signs yet that the assembly lines are running more smoothly.

June’s deliveries were led, as usual, by the company’s cash cow. Of the 64 jets, 42 were 737 MAX narrowbodies, alongside 13 787 Dreamliners, three 777 freighters and five 767s — three of which are headed for conversion into KC-46 aerial refueling tankers by Boeing’s defense division. Five of the 787s had been stuck awaiting seat certification for startup carrier Riyadh Air, and their release helped lift the monthly tally.

The order book also delivered a milestone. Boeing booked 121 gross orders and eight cancellations in June for a net of 113, and through the first half it has logged 408 orders after cancellations and conversions. The 737 MAX has now drawn a cumulative 7,206 orders, surpassing the 7,159 booked by its predecessor, the 737 Next Generation, to become the best-selling jet in Boeing’s history. In one telling transaction, Canadian carrier WestJet canceled six 737 orders while lessor Aviation Capital Group ordered six of the same jets to lease right back to WestJet — a reminder of how financing, not demand, often reshuffles the ledger.

Boeing still trails its European rival. Airbus delivered 89 jets in June and 351 in the first half, keeping the world’s No. 1 planemaker ahead in the delivery race. But the gap matters less to Boeing right now than the trajectory. The company expects deliveries to accelerate in the second half as it lifts 737 MAX output from 42 jets a month to 47, a rate increase it cleared with the Federal Aviation Administration after years of regulatory scrutiny. Chief Executive Kelly Ortberg has said the company is “off and rolling” toward the higher rate.

The reason deliveries command so much attention comes down to cash. Boeing records payment when it hands a finished jet to a customer, so rising deliveries feed directly into free cash flow — the single most important gauge of the company’s recovery. Boeing started 2026 in the hole, burning about $1.45 billion in the first quarter, but Chief Financial Officer Jay Malave has said free cash flow should turn positive in the second half, and the company is targeting full-year free cash flow of $1 billion to $3 billion. Hitting that goal depends heavily on getting jets out the door.

The backdrop makes the numbers more striking. Boeing has not posted a full-year profit since 2018, the year before two fatal 737 MAX crashes grounded the fleet and set off a cascade of crises, culminating in the January 2024 door-plug blowout that federal investigators later tied to inadequate training and management oversight. Under Ortberg, who took over in 2024, the company has cut so-called traveled work — assembly tasks done out of sequence, a frequent source of costly defects — and added training to stabilize the factory floor. Investors have taken notice: Boeing shares have climbed about 36% over the past year, outpacing the roughly 20% gain in the S&P 500.

The business stakes reach far beyond one company’s balance sheet. Boeing is one of the largest U.S. exporters and anchors a vast domestic manufacturing supply chain, so a healthier delivery pace ripples out to thousands of parts suppliers and skilled jobs across the country. It also matters to airlines waiting on new, more fuel-efficient jets to grow and cut costs, and to a global aviation market where only two companies build large commercial aircraft at scale.

The task now is to sustain it. A strong first half means little if quality slips as Boeing pushes production higher, and the company still has to prove it can hold the line on safety while chasing the 47-a-month rate. But for a manufacturer that spent years as a cautionary tale, delivering its best first half in eight years is the kind of steady, unglamorous progress that a real turnaround is built on.

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

That’s ~780 words, search-first off Boeing’s own delivery report, primary source named in the lead, day-of-week phrasing, full footer. Want a companion piece on the Boeing-vs-Airbus first-half race, or one on the 737 MAX rate ramp and its supply-chain ripple effects?

On:

NEW YORK — U.S. stocks ended higher Wednesday as fresh evidence of easing inflation and another round of solid corporate earnings outweighed concerns over rising tensions in the Middle East, extending a rally that has pushed the major indexes closer to record territory.

The Dow Jones Industrial Average added 150.41 points, or 0.29%, to 52,658.64. The S&P 500 climbed 28.81 points, or 0.38%, to 7,572.40, while the Nasdaq Composite advanced 161.95 points, or 0.62%, closing at 26,269.23. The Russell 2000 gained 0.4%.

The day’s buying followed a second consecutive inflation report that came in cooler than investors expected. The June Producer Price Index unexpectedly declined after Tuesday’s softer Consumer Price Index report, reinforcing expectations that inflation is continuing to moderate.

The reports prompted investors to further scale back bets that the Federal Reserve will raise interest rates at its next policy meeting. Treasury yields fell after the data, easing pressure on equities and particularly benefiting large technology companies whose valuations are sensitive to borrowing costs.

The market’s advance was broad but selective.

Financial shares gained after another strong round of quarterly earnings.

BlackRock reported higher-than-expected profit as assets under management continued to expand, while Morgan Stanley posted results that reflected resilient investment banking activity and healthy trading revenue. The reports suggested that large financial institutions continue to benefit from active capital markets despite elevated interest rates.

Technology shares again provided leadership.

Apple, Microsoft, Alphabet, and Amazon all finished higher, helping lift the Nasdaq Composite. Semiconductor stocks were mixed as investors continued rotating toward companies viewed as direct beneficiaries of long-term artificial intelligence spending while trimming positions in parts of the broader chip sector.

One of the session’s largest individual gainers was PayPal Holdings Inc., whose shares jumped following reports that Stripe and private-equity firm Advent International have submitted a takeover proposal valuing the payments company at more than $53 billion. The potential acquisition would rank among the largest technology transactions of the year if completed.

Outside equities, investors continued watching developments in the Middle East. Oil prices remained elevated as traders assessed the potential impact of renewed tensions involving Iran on global energy supplies. Even so, the inflation data and earnings reports proved more influential than geopolitical headlines during Wednesday’s session.

Markets now enter the heart of earnings season with investors looking for confirmation that corporate profits remain resilient despite higher borrowing costs and slower global growth. Additional results from major financial institutions, industrial companies and technology firms are expected over the coming days.

Attention also remains fixed on the Federal Reserve. While policymakers have emphasized they will remain dependent on incoming economic data, two consecutive inflation reports showing easing price pressures have strengthened expectations that interest rates may remain unchanged at the central bank’s upcoming meeting.

For investors, Wednesday’s trading reflected a familiar theme that has driven markets in recent weeks: signs of moderating inflation continue to support equities as long as corporate earnings remain healthy enough to sustain economic growth.

Market Close

  • Dow Jones Industrial Average: 52,658.64 (+150.41, +0.29%)
  • S&P 500: 7,572.40 (+28.81, +0.38%)
  • Nasdaq Composite: 26,269.23 (+161.95, +0.62%)
  • Russell 2000: 2,976.26 (+0.4%)

JBizNews Desk | New York

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

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Ambassador Dr. Vladimir Božović becomes the first Serbian representative to lead the diplomatic organization in its 102-year history

NEW YORK, July 15, 2026 — Ambassador Dr. Vladimir Božović, Consul General of the Republic of Serbia in New York, has been unanimously elected President of the Society of Foreign Consuls in New York (SOFC), becoming the first representative of Serbia to lead the prestigious diplomatic organization in its 102-year history.

The election followed the Society’s Annual General Assembly and Ceremonial Session at the Consulate General of the Republic of Argentina in New York, where members approved the organization’s annual activity and financial reports before electing new leadership.

Founded in 1924, the Society of Foreign Consuls in New York is one of the oldest and most respected diplomatic organizations in the United States. It brings together foreign consuls accredited in New York to strengthen diplomatic cooperation, encourage international understanding, expand commercial relationships, and foster engagement with municipal, state, federal, and international institutions.

The gathering opened with welcoming remarks from Gerard Díaz Bartolomé, Consul General of Argentina in New York, who emphasized the importance of continued cooperation among member states and the Society’s role in strengthening diplomatic relations in one of the world’s leading international cities.

Outgoing SOFC President Maia Bartaia, Consul General of Georgia, presented the Society’s annual report, highlighting expanded programming, increased public visibility, stronger engagement among member nations, and a 63 percent increase in the Society’s budget during her tenure. She thanked members for their confidence and described serving as President as both an honor and a responsibility.

Following approval of the annual reports, Ambassador Božović was nominated by the Executive Board to serve as the Society’s next President. The nomination was then unanimously approved by the member states, making him the first Serbian diplomat ever elected to lead the organization in its more than century-long history.

His election follows another milestone achieved just one year earlier, when he became the first Serbian representative elected Vice President of the Society of Foreign Consuls, while Serbia also secured a second consecutive term on the Society’s Executive Committee, further strengthening its role within New York’s international diplomatic community.

In his inaugural address, Ambassador Božović thanked member states for their confidence and described the election as an important recognition not only for himself personally, but also for the Republic of Serbia, Serbian diplomacy, and the work of the Consulate General of the Republic of Serbia in New York. He said the historic achievement reflects Serbia’s growing reputation and increasingly important role within international diplomatic circles.

Presenting his vision for the Society, Ambassador Božović pledged to strengthen cooperation and solidarity among member nations while expanding partnerships with the City of New York, the State of New York, the United States Department of State, the Office of Foreign Missions, and the United Nations. He also committed to expanding public diplomacy and digital diplomacy to strengthen engagement among diplomats, governments, businesses, and communities.

Among the priorities of his presidency are establishing an annual SOFC Leadership Award, launching a Diplomatic Leadership Program, creating initiatives for young diplomats and future international leaders, and expanding programs that promote international cooperation, friendship, cultural understanding, and stronger economic relationships among nations.

The ceremony was attended by Cathy Egan, Director of the Office of Foreign Missions at the U.S. Department of State, who congratulated Ambassador Božović on his election, wished him success during his presidency, and reaffirmed the Office’s commitment to maintaining close cooperation with the Society throughout his term.

Ambassador Božović brings to the presidency a distinguished career spanning law, public service, national security, and international diplomacy. His service has included senior leadership positions within Serbia’s Ministry of Internal Affairs, work involving international security cooperation, and service as Serbia’s Ambassador to Montenegro before assuming his current position as Consul General in New York.

Throughout his diplomatic career, Ambassador Božović has emphasized economic diplomacy alongside traditional diplomacy, promoting stronger commercial ties, investment opportunities, and international cooperation between governments and the private sector.

That commitment has also been reflected in his longstanding relationship with the Orthodox Jewish Chamber of Commerce and JBiz. Ambassador Božović previously participated in the JBiz Expo & Economic Forum at Harrah’s Waterfront Conference Center and was later recognized during World Trade Week for his leadership in advancing international commerce, diplomacy, and economic cooperation.

JBiz Expo With New Jersey Lt Gov & Secretary of State Dr Dale Coldwel & Duvi Honig

According to Duvi Honig, Founder and Chief Executive Officer of the Orthodox Jewish Chamber of Commerce and JBiz, Ambassador Božović personally called him following his nomination and election to share the historic news, telling Honig he was his first call after the election. Honig said Ambassador Božović reaffirmed that JBiz and the Orthodox Jewish Chamber of Commerce are valued partners and expressed his desire to continue expanding their longstanding relationship through personal collaboration and governmental partnerships that strengthen diplomacy, international trade, investment, and economic development.

Honig praised the appointment, calling Ambassador Božović “a true leader who is widely respected and genuinely well-liked throughout the international diplomatic community. His integrity, vision, and ability to build meaningful relationships make him an outstanding choice to lead the Society of Foreign Consuls. I have no doubt he will be an extraordinary asset to the Society, its member nations, and the international community as a whole, and we look forward to continuing our partnership in advancing economic growth, diplomacy, and international cooperation.”

Beyond diplomacy, the Society of Foreign Consuls has a long history of supporting charitable and humanitarian initiatives while serving as an important bridge between the diplomatic community and government institutions throughout New York. Its work promotes cultural exchange, educational initiatives, economic engagement, humanitarian cooperation, and dialogue that strengthens international understanding.

Ambassador Božović’s election represents a landmark achievement for Serbian diplomacy and a significant vote of confidence from the international diplomatic community. As the first Serbian representative to lead the Society in its 102-year history, his presidency marks a new chapter for one of America’s most respected diplomatic organizations while reinforcing Serbia’s growing influence in global diplomacy and international economic engagement.

JBizNews Desk | New York

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The U.S. State Department confirmed on Tuesday, July 14, that Washington is backing an effort by Iraq and Syria to rebuild a crude oil pipeline across their border — a project designed to move Iraqi oil to the Mediterranean without ever touching the Strait of Hormuz. A State Department official said the United States is supporting the reconstruction of the line between the two countries, A News and the official added that American companies are expected to take part in building it.

The man driving it is Thomas Barrack, President Donald Trump’s special envoy for Syria and Iraq and ambassador to Turkey. Barrack has been convening talks with officials from both governments and with companies including Chevron Corp. about restarting a pipeline running from Iraq to Syria’s western coast. Several routes are on the table, but the discussions center on the Kirkuk-to-Baniyas line, shut for more than two decades. Bloomberg

The announcement landed the same day Trump hosted Iraqi Prime Minister Ali al-Zaidi in the Oval Office — al-Zaidi’s first trip to Washington since taking office. Trump told reporters that “massive” new oil deals with Iraq would be announced soon, saying the country has tremendous potential and that American companies would be pulling a lot of oil out of the ground. Bloomberg He said Energy Secretary Chris Wright would roll out a series of oil partnerships within days. Washington Times

The pipeline itself

The Kirkuk-Baniyas line is old. It was built in 1952, carried roughly 300,000 barrels per day, and was shut down in 1982 amid a political rupture between the Iraqi and Syrian Ba’ath parties. It reopened briefly in 2000, then was badly damaged during the 2003 invasion and has been dead ever since. Global Energy Monitor

Rebuilding it is not a patch job. The route needs its pumps and electrical systems wholesale replaced, and officials estimate the work will take two to three years. Pipeline-journal Iraq’s cabinet approved preliminary agreements on July 5 clearing a U.S.-Qatari consortium — TI Capital, Chevron, and Qatar’s UCC — to study the export routes. Cost estimates for the 800-to-880 kilometer line run between $4.5 billion and $8 billion. Crypto Briefing Al-Zaidi is expected to sign the deal with the American firms and the Qatari builder covering links to ports in both Turkey and Syria. The Hill

Barrack has told Iraqi officials he wants the pipeline to serve as a template for other Western-backed projects across the Levant. Middle East Eye The project only became possible after the Trump administration lifted major sanctions on Syria and pulled the country off the State Sponsors of Terrorism list following the fall of Bashar al-Assad. Pipeline-journal

Why Iraq is desperate

Baghdad has no leverage right now, and everyone knows it. Iraq exports 95 percent of its oil through the Strait of Hormuz, and oil sales make up 90 percent of the state budget. Energy analytics firm Vortexa reported that Iraq’s seaborne oil exports in May came in at just 8 percent of the prior year’s average. Middle East Eye

That is a national emergency dressed up as an infrastructure deal. While the pipeline sits offline, Iraq has been trucking crude across Syria to Baniyas — somewhere between 10,000 and 220,000 barrels a day, moved by road. Crypto Briefing

The market backdrop

Tuesday was violent. West Texas Intermediate futures rose 1.5 percent to close at $79.34 a barrel and Brent gained 1.72 percent to settle at $84.73. The U.S. military struck Iran again and reimposed its blockade of Iranian ports at 4 p.m. Eastern, according to U.S. Central Command. Trump dropped his demand that ships pay a 20 percent cargo fee to cross Hormuz, saying Gulf states would invest in the U.S. instead — he backed off after the shipping industry pushed back and the International Maritime Organization said mandatory tolls in the strait are illegal. CNBC

Iran’s Revolutionary Guard said it hit two supertankers running through the strait with transponders off. The UAE’s ADNOC confirmed two of its tankers were struck, killing one mariner and injuring others. CNBC Rory Johnston, founder of research firm Commodity Context, said traffic through Hormuz is grinding to a halt and that the stock cushion that absorbed the earlier shock has largely been drained. Al Jazeera

What it means for business

For Chevron and the American contractors lining up behind it, this is a multibillion-dollar build in a country that just told Washington it prefers U.S. capital to anyone else’s. Al-Zaidi called the American partnership the most important strategic relationship in the world, and said it is about money, not emotion. The Hill

For oil buyers, the math is simpler. Roughly a fifth of the world’s petroleum moves through Hormuz. A restored 300,000-barrel line to the Mediterranean would price Iraqi crude against European and African benchmarks instead of Asian ones Crypto Briefing — and take that volume out of Iran’s reach entirely.

Trump and al-Zaidi both said the remaining U.S. forces in Iraq, under 2,000, would be fully out by September 30 — the same date Iraq’s armed factions are supposed to disarm. Al Jazeera American oil companies are meant to fill the space the soldiers leave.

JBizNews Desk | Washington, D.C. © JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.

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The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has issued a final rule allowing the United Arab Emirates government and a list of approved companies to purchase advanced American AI chips and servers without an export license. The agency said the change recognizes the UAE’s status as a Major Defense Partner and its support for U.S. national security interests, including Operation Epic Fury, the American military campaign against Iran. The rule took effect immediately upon publication.

The change is structural, not a one-time authorization. BIS removed the UAE from Export Administration Regulations Country Groups D:3 and D:4 and placed it into Country Group A:5, a tier generally reserved for Washington’s closest trading partners. The group is largely composed of NATO members and longtime U.S. allies. The UAE is now the only country in A:5 that is not part of the multilateral export control regimes, and it is the only nation in its region included in the group. Israel and Saudi Arabia are not members of A:5.

The practical effect comes through License Exception Strategic Trade Authorization. Under a new Supplement No. 8 to Part 740 of the regulations, designated Emirati entities—including G42 and Core42—may receive advanced computing items without individual export licenses. The UAE operations of Amazon, Apple, Google, Meta, Microsoft, OpenAI, Oracle, and xAI are also covered. Commerce said it will additionally “favorably review” license applications tied to MGX, Abu Dhabi’s technology investment vehicle. Companies not listed must seek an advisory opinion from BIS, which said requests will be evaluated individually based on compliance history and overall track record.

For American chipmakers, the rule opens a market that previously required individual licensing approvals. Nvidia, Advanced Micro Devices, and Cerebras Systems can now supply approved UAE projects without waiting for separate export licenses. The most immediate beneficiary is Stargate UAE, the 1-gigawatt AI compute cluster G42 is building for OpenAI alongside Oracle, Cisco, Nvidia, and SoftBank Group. The project serves as the centerpiece of the planned UAE-U.S. AI Campus, a 5-gigawatt complex spanning approximately ten square miles in Abu Dhabi.

The foundation for the agreement was laid over the past fourteen months. The two governments signed an AI cooperation framework in May 2025. In November 2025, Washington authorized G42 to acquire computing power equivalent to approximately 35,000 Nvidia Blackwell GB300 processors. In March 2026, the United States approved roughly $7 billion in additional weapons sales to the UAE. Speaking at the World Economic Forum in Davos in January, G42 Group Chief Executive Peng Xiao said the first shipments were expected within months, enough to power the initial 200 megawatts of the Stargate project.

The UAE also made significant strategic changes to strengthen its relationship with Washington. G42 divested its stake in ByteDance and removed Huawei Technologies hardware from its systems, conditions tied to its $1.5 billion partnership with Microsoft announced in 2024. The company is chaired by Tahnoun bin Zayed Al Nahyan, the UAE’s national security adviser and brother of the country’s president.

Not everyone supports the policy. Senator Elizabeth Warren, ranking member of the Senate Banking Committee, argued the administration is granting G42 license-free access while promising favorable treatment for MGX despite longstanding concerns about advanced technology potentially reaching China. She also cited the royal family’s reported investment in a Trump-affiliated cryptocurrency venture. The Commerce Department did not immediately respond to requests for comment. A former Commerce official told Reuters the new framework effectively ends the internal licensing debates that previously accompanied exports to G42.

A separate security concern remains. In April, Iran’s Islamic Revolutionary Guard Corps published a list of 17 technology companies it claimed would be targets across the Middle East. G42 was the only non-American company named. The company now receiving license-free access to some of America’s most advanced AI technology is also one that Tehran has publicly singled out.

The move suggests U.S. export policy is increasingly being used as a tool of strategic alliance management, linking technology access with broader security relationships. That reshapes where data centers are built, which suppliers secure multi-year contracts, and how quickly advanced computing capacity comes online outside the United States. It also concentrates a significant amount of American AI computing power in a region that remains vulnerable to military conflict.

The Wall Street Journal reported this week that G42 has developed a plan to reincorporate as a U.S. company. JBizNews could not independently confirm that reporting, and G42 has not publicly announced any such filing.

JBizNews Desk | Washington
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U.S. Central Command said it completed a 90-minute wave of strikes against Iran at 7:30 a.m. ET on Wednesday, July 15, targeting coastal defense systems and cruise missile storage and launch sites on Greater Tunb Island. The strikes were “designed to further degrade military capabilities Iranian forces have used to attack commercial shipping” in the Strait of Hormuz, according to a CENTCOM statement.

It marked the fifth consecutive day of American strikes on Iran and came as the U.S. naval blockade of Iranian ports resumed.

The blockade returns

CENTCOM reinstated the blockade Tuesday. Within the first 17 hours, U.S. forces said they had already redirected two commercial vessels attempting to violate it. Approximately 21 U.S. naval vessels are now operating in the region.

Unlike the broader blockade enforced earlier this year, the current operation specifically targets vessels linked to Iran while continuing to protect commercial shipping using the Omani transit corridor through the Strait of Hormuz.

The daytime strikes followed an overnight campaign lasting roughly seven hours against multiple Iranian military targets along the country’s southern coastline.

Iran’s semi-official Tasnim News Agency reported at least seven personnel were killed at a military facility near Bampur, where missiles struck guard posts, accommodations and support facilities.

CENTCOM Commander Gen. Brad Cooper said Iran had launched dozens of missiles and drones toward neighboring Gulf states. Kuwait reported one naval vessel was struck, injuring four personnel, while its air defenses intercepted a ballistic missile, five cruise missiles and 33 drones.

Iran again threatened to halt regional energy exports.

Trump’s warning

President Donald Trump told Fox News Tuesday evening that additional U.S. strikes could continue over the next two days and warned that bridges and power infrastructure could become targets if negotiations do not resume.

“You better make a deal, or you’re not going to have anything left,” Trump said.

Trump also announced he would replace the previously proposed 20 percent U.S. Reimbursement Fee on Hormuz shipping with broader trade and investment agreements involving Gulf nations, saying those agreements would generate substantial manufacturing investment inside the United States.

The move removes what would have amounted to a significant surcharge on global oil and liquefied natural gas shipments.

Oil barely reacts

Despite the military escalation, energy markets remained relatively calm.

West Texas Intermediate crude for August delivery slipped 10 cents to $79.24 per barrel, while Brent crude for September delivery eased 13 cents to $84.60 after briefly trading above $86 overnight.

Oil remains well above June levels but has shown surprisingly limited reaction to several consecutive days of U.S. military operations.

The muted response suggests traders believe much of the geopolitical risk has already been priced into energy markets.

The Bureau of Labor Statistics also reported lower wholesale gasoline prices during June, while AAA listed the national average price for regular gasoline at approximately $3.87 per gallon, slightly above last week but below levels seen a month ago.

Shipping remains under pressure

Maritime analytics firm Kpler tracked 21 monitored commercial transits through the Strait of Hormuz on July 14, primarily carrying crude oil, liquefied petroleum gas, methanol and iron ore.

The firm also confirmed three additional attacks near Oman, bringing the verified total to 56 maritime incidents since the conflict began.

Before the war, approximately 130 vessels per day transited the Strait of Hormuz, which handles roughly one-fifth of the world’s seaborne oil and natural gas shipments.

Financial pressure increases

The U.S. Treasury Department announced sanctions freezing more than $130 million tied to cryptocurrency wallets allegedly linked to Iran’s central bank.

Separately, the U.S. State Department imposed additional sanctions on a network associated with Iranian oil shipping figure Mohammad Hossein Shamkhani, targeting 50 individuals, entities and vessels accused of facilitating Iranian oil exports.

For businesses worldwide, the immediate economic impact continues to center on freight costs, marine insurance premiums and transportation expenses, even as oil prices remain relatively stable.

JBizNews Desk | Washington

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California consumers could soon see higher grocery bills as the state begins implementing a sweeping packaging law that shifts recycling costs from taxpayers to manufacturers, expenses some businesses warn could eventually be passed on to shoppers.

Beginning next month, California will start collecting preliminary fees under the state’s Plastic Pollution Prevention and Packaging Producer Responsibility Act, a 2022 law that requires companies to help pay for the recycling and disposal of the packaging they sell. 

State regulators say the measure is intended to reduce plastic waste while encouraging businesses to use more recyclable materials.

Companies that use harder-to-recycle packaging are expected to pay more than those using recyclable or compostable materials, creating an incentive to redesign packaging over the coming years. Producers must ensure all covered packaging sold in California is recyclable or compostable by 2032.

MORE AMERICANS ARE RELYING ON CREDIT CARDS TO BUY GROCERIES, NEW STUDY FINDS

CalRecycle estimates the law could increase household costs by up to $190 per year — about $66 per person — if manufacturers pass all compliance costs on to consumers. The agency says the actual increase could be lower if companies absorb some of those expenses themselves.

The state estimates roughly 5,700 large producers will be subject to the new requirements, with average annual compliance costs topping $450,000. Businesses that buy packaged goods could also face higher costs if manufacturers raise prices to offset the new fees.

CalRecycle says the law is intended to reduce plastic pollution, expand recycling infrastructure and shift responsibility for managing packaging waste from taxpayers and local governments to producers.

Some industry groups, however, argue the state’s projections underestimate the potential impact on consumers and have warned grocery prices could rise more sharply as companies adjust to the new requirements.

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FOX Business reached out to CalRecycle for comment.

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A tightening regulatory environment is beginning to reshape how some financial institutions lend to non-citizens, adding new hurdles for immigrants seeking mortgages, auto loans, credit cards, and small-business financing. Banks and lenders say they are responding to evolving federal compliance requirements and heightened scrutiny over identity verification, documentation standards, and fraud prevention, while consumer advocates warn that qualified borrowers could face longer approval times and fewer financing options.

The changes come as lenders place greater emphasis on verifying immigration status, income documentation, tax records, and residency before approving new credit. Financial institutions say the goal is to strengthen compliance and reduce fraud risk, but the practical effect is that many applicants who previously qualified more easily are now encountering additional paperwork and longer review periods.

Mortgage lenders have been among the first to adjust underwriting standards. Several institutions have increased documentation requirements for certain non-permanent residents, requesting additional employment verification, visa documentation, or proof of long-term legal residency before issuing final loan approvals. Industry analysts say the changes are designed to reduce uncertainty while ensuring loans meet evolving regulatory expectations.

Auto financing has also become more selective. Dealers report that some lenders have narrowed the range of programs available to borrowers without extensive U.S. credit histories, making larger down payments or stronger co-signers more important in some cases. Credit availability continues, but approval standards have generally become more conservative.

The effects extend beyond consumer lending. Small-business owners who recently immigrated to the United States often rely on personal credit while launching new companies. Tighter lending standards can make it more difficult to obtain startup financing, purchase equipment, or expand operations, particularly for entrepreneurs still building business credit histories.

Banks emphasize that qualified borrowers continue to receive financing and that lending decisions remain based on creditworthiness, income, and the ability to repay. Many institutions continue offering products specifically designed for customers with limited U.S. credit histories, including secured credit cards, credit-builder loans, and specialized mortgage programs.

Consumer advocates encourage borrowers to prepare documentation well in advance before applying for financing. Maintaining complete tax records, stable employment history, proof of legal residency where applicable, and established banking relationships can help streamline the approval process. Building a strong U.S. credit history through responsible use of smaller credit products also remains one of the most effective ways to improve future borrowing opportunities.

Community banks and credit unions may also provide alternatives. Because many focus on relationship banking rather than automated underwriting alone, they can sometimes offer greater flexibility for applicants whose financial profiles do not fit traditional models.

The broader lending market remains healthy despite the tighter standards. Demand for mortgages, vehicle financing, and business credit continues, supported by steady employment and resilient consumer spending. However, economists note that higher interest rates combined with stricter underwriting naturally reduce the pool of borrowers who qualify for the most competitive financing terms.

Financial institutions expect compliance requirements to continue evolving as regulators place greater emphasis on identity verification, anti-fraud protections, and risk management. Borrowers should expect lenders to request more documentation than they might have just a few years ago, regardless of immigration status.

For immigrant families planning major purchases, preparation has become increasingly important. Organizing financial records, maintaining good credit, minimizing outstanding debt, and working with experienced lenders can improve the likelihood of a smooth approval process.

While the lending landscape is becoming more rigorous, experts stress that responsible borrowers with strong financial profiles continue to have access to mortgages, auto loans, and business financing. The difference today is that obtaining that financing may require more documentation, more patience, and a greater emphasis on demonstrating long-term financial stability.

JBizNews Desk | New York
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Treasury Secretary Scott Bessent announced Wednesday that the U.S. Mint will begin striking a new $1 gold coin featuring President Donald Trump to mark America’s 250th anniversary.

Bessent said in an X post that the coin will honor “the enduring legacy of liberty” and serve as a “lasting symbol of patriotism.”

“Featuring President Trump, it celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all,” Bessent wrote.

Bessent also shared an image of the coin, which shows Trump’s portrait on one side. The word “LIBERTY” appears along the top edge, with “1776 ~ 2026” along the bottom and “IN GOD WE TRUST” on the right side.

The reverse side features a presidential-style eagle shield design with “250” in the center. The outer edge reads “UNITED STATES OF AMERICA” and “ONE DOLLAR.”

US TREASURY PLANNING TO MINT $1 COINS WITH TRUMP’S IMAGE

Federal law generally bars living people from appearing on U.S. currency. The Trump administration has said the coin is allowed under a 2020 law authorizing special coin designs for America’s 250th anniversary, according to Forbes.

The announcement quickly drew reaction on social media, with some critics calling it a “vanity project” and supporters praising it as a patriotic tribute.

“The irony is incredible – while Americans are pinching pennies to afford the skyrocketing costs of groceries, housing, and healthcare, the Trump administration is producing coins featuring Trump’s face,” Rep. Jerry Nadler, D-N.Y., wrote on X. “Donald Trump and Republican lawmakers have plunged our country into a devastating affordability crisis, and now they’re indulging Trump in another golden vanity project.”

TRUMP CELEBRATES $250B MICRON INVESTMENT, SAYS AMERICA IS ‘GETTING SHOVELS IN THE GROUND’

Rep. Thomas Massie, R-Ky., also criticized the move.

“Congratulations, we’ve entered the end stages. Eliminate the penny, plug the nickel, and make some commemorative gold coins nobody can afford,” Massie wrote. “I feel sorry for the folks who will be sold worthless knockoffs of this by the usual grifters.”

Meanwhile, others praised the coin as a fitting tribute to the country’s semiquincentennial.

“Whether you’re a numismatist, history buff, or just love a strong symbol of American resilience, these coins are sure to be in high demand. They’re a fitting tribute to the nation’s enduring spirit of liberty and determination on this milestone birthday,” one user wrote on X.

TRUMP SCRAPS PROPOSED STRAIT OF HORMUZ SHIPPING FEE FOR GULF STATES’ INVESTMENT DEALS

FOX Business first learned last year that the Treasury Department was considering a plan to mint new $1 coins bearing Trump’s image as part of a push to commemorate the 250th anniversary of America’s founding.

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“Despite the radical left’s forced shutdown of our government, the facts are clear: Under the historic leadership of President Donald J. Trump, our nation is entering its 250th anniversary stronger, more prosperous, and better than ever,” a Treasury spokesperson told FOX Business at the time.

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Commentary
As we move into the start of the second quarter earnings announcement season later this week, we are locked and loaded for another great earnings announcement season. After all, the second quarter was the best-performing quarter for both the NASDAQ Composite and the S&P 500 in the past six years, so expectations remain high, since economic growth is clearly accelerating. My favorite economist, Ed Yardeni, pointed out we are in the midst of a FOMO (Fear of Missing Out) market, and industry analysts are estimating the S&P 500 will post 26.1% annual earnings growth for 2026 and then +17.8% for 2027.
Since fundamentally superior stocks in our portfolio are not appreciating as fast as their underlying earnings, their price/earnings (P/E) ratios are being compressed. The stock market should be strong this summer due to wave after wave of positive earnings announcements in upcoming weeks – and the rest of this year. Also, due to rising household wealth for the 50% of Americans in the stock market, some of this “wealth effect” is expected to filter down and help boost prosperity for all Americans, as the velocity of money increases….

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Warren Buffett is speeding up the giveaway of his fortune, announcing Tuesday a roughly $6 billion stock donation and a pledge to hand over his entire remaining stake in Berkshire Hathaway within about eight years — while pointedly leaving the Gates Foundation off his list for the first time in two decades.

In a statement released Tuesday, Berkshire Hathaway said the 95-year-old chairman would convert 8,000 Class A shares into 12 million Class B shares and distribute them among four foundations tied to his family. The largest gift, 9 million Class B shares worth about $4.4 billion, goes to the Susan Thompson Buffett Foundation, named for his late first wife and chaired by his daughter, Susie Buffett. Three foundations run by his children — the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation — will each receive 1 million shares worth roughly $496 million.

Buffett laid out an explicit deadline. His stated goal is to “dispose of all of my Berkshire shares within about eight years,” he said, adding that his remaining stake would go to the four foundations “one way or the other” by December 31, 2034. He said he wants the annual grants to grow over time, with the gift to the Susan Thompson Buffett Foundation rising at a somewhat faster rate. Buffett currently holds 188,290 Class A shares and 1,162 Class B shares, a fortune Forbes values at about $147 billion, making him the world’s tenth-wealthiest person.

The mechanics reflect careful control. Buffett is giving away easily transferable Class B stock — created in 1996 so smaller investors could own a piece of Berkshire — while keeping his Class A shares, which carry nearly all the voting power. That structure has let him donate tens of billions of dollars over the years without loosening his grip on the company he built.

The headline break is with the Gates Foundation. For the first time since 2006, Buffett omitted the charity founded by Microsoft co-founder Bill Gates from his annual gifts. Under the declining schedule he set years ago, he had been due to donate roughly $4.5 billion to the foundation this month. The move follows renewed scrutiny of Gates’s past ties to Jeffrey Epstein after the U.S. Justice Department released documents earlier this year. The Wall Street Journal had reported that Buffett was holding back his scheduled gift pending a law firm’s review of the foundation’s Epstein connections. Gates appeared before the House Oversight Committee last month, calling his association with Epstein a “grave error in judgment” and telling lawmakers he neither witnessed nor took part in any criminal conduct.

The rift has been building. Buffett resigned as a Gates Foundation trustee in 2021, and in 2024 he told the Journal that the foundation would receive nothing from his estate after his death, having revised his will to make his three children trustees of a charitable trust holding more than 99% of his wealth. Over roughly two decades, Buffett’s gifts to the Gates Foundation totaled between $43 billion and $48 billion measured at the value of the shares when donated. In a statement, the foundation thanked Buffett for what it called decades of support.

The announcement matters to investors as much as to the philanthropic world. Buffett’s plan to offload his entire Berkshire position over eight years creates a steady, predictable stream of shares flowing to foundations that typically sell over time to fund their operations — a long-running supply overhang the market will have to absorb. It also underscores that the Buffett era is drawing to a close. He stepped down as chief executive at the end of 2025, handing the reins to Greg Abel, and now serves only as chairman. Berkshire shares have slipped about 8% from their record high set in May of last year, just before he announced his exit, even as the S&P 500 climbed 32% over the same stretch.

For the broader economy, the decision reshapes one of the largest philanthropic pipelines in the world. Redirecting billions annually toward foundations led by his children concentrates enormous giving power in the Buffett family and away from the global health and development work the Gates Foundation is known for. Buffett, who co-founded the Giving Pledge with the Gateses in 2010 and has promised to give away more than 99% of his wealth, is now racing to finish the job on his own timeline — and on his own terms.

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New York’s decision to pause the construction of large artificial intelligence data centers is drawing criticism from some lawmakers and energy officials, who argue the move could weaken the United States’ ability to compete in the global AI race while encouraging investment to move elsewhere.

FOX Business’ Madison Alworth joined “Varney & Co.” host Stuart Varney to discuss New York’s first-in-the-nation pause on large artificial intelligence data centers, the debate over the state’s energy capacity and the broader concerns about U.S. competitiveness with China.

Critics argue that restricting new artificial intelligence infrastructure could have consequences beyond New York because demand for computing power continues to grow. Sen. John Fetterman, D-Pa., reacted on X to the state’s decision with a brief warning: “China wins.”

Gov. Kathy Hochul has defended the policy, arguing the state’s electric grid cannot currently support additional large-scale facilities.

NEW YORK BECOMES FIRST STATE TO FREEZE NEW AI DATA CENTERS IN MOVE CRITICS WARN COULD DRIVE AWAY JOBS

“A giant data center, that one 50-megawatt center… consumes as much power as 50,000 homes… I’ve got an energy grid that is already overtaxed,” Hochul said.

Energy Secretary Chris Wright disputed that argument, saying large technology projects can help strengthen energy investment rather than strain it.

“Gov. Hochul has it exactly backwards. Data centers are the greatest tool we have right now to stop the rise of electricity prices and ultimately to bring them back down,” Wright said, “It’s the Democrat green energy policies that have driven energy prices up in New York state.”

META EXPANDS LOUISIANA DATA CENTER IN $50B AI PUSH, BOOSTING RURAL COMMUNITY

The debate comes as states weigh how to balance rising electricity demand, artificial intelligence investment and long-term energy planning while competing to attract technology companies.

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The company that helped popularize “buy now, pay later” financing wants to become a bank. Klarna, the Swedish financial technology firm whose installment loans have become a familiar option at online checkout pages, has applied for a U.S. national bank charter, a move that would significantly expand its ability to offer savings accounts, payment services, and consumer lending directly to Americans.

The application marks one of the biggest strategic shifts yet for the rapidly growing buy-now, pay-later industry. Rather than relying primarily on partner banks to originate loans, Klarna hopes to operate under its own federal banking charter, allowing it to compete more directly with traditional financial institutions while broadening its product lineup beyond short-term installment financing.

The timing reflects how quickly installment lending has entered the financial mainstream. During this summer’s Amazon Prime Day shopping event, Adobe Analytics estimated that consumers used buy-now, pay-later financing for approximately $2.1 billion in purchases, accounting for 6.6% of all online orders during the promotion. Consumers increasingly view installment payments as another standard checkout option rather than a niche financial product.

For shoppers, the appeal is straightforward. Rather than paying the full purchase price immediately, customers divide purchases into several smaller payments, often without interest if paid on time. The option has become especially popular for electronics, furniture, home improvement products, travel, and other higher-priced purchases.

A banking charter would allow Klarna to diversify its business beyond installment loans by accepting deposits and expanding consumer banking services. The company already operates banking businesses in parts of Europe, where customers use Klarna for savings accounts, payments, and other financial products in addition to financing purchases.

The move also comes as regulators continue paying closer attention to the rapidly growing buy-now, pay-later sector. Policymakers have increasingly examined disclosure requirements, consumer protections, credit reporting practices, and underwriting standards as installment financing becomes more widely used across retail.

Competition in the industry has intensified. Affirm, Afterpay, PayPal, and several major banks now offer installment-payment products, while many retailers have integrated multiple financing choices directly into online checkout systems. The result has been greater consumer adoption and broader acceptance among merchants seeking to increase sales.

Retailers generally favor installment financing because it encourages larger purchases while reducing shopping-cart abandonment. Consumers who might hesitate to spend several hundred dollars at once are often more comfortable completing purchases when costs are divided into predictable monthly payments.

Consumer advocates, however, continue urging borrowers to exercise caution. While many installment plans carry no interest when paid on schedule, missed payments can trigger late fees, additional charges, and in some cases affect credit histories. Financial experts also warn that managing multiple installment plans simultaneously can become difficult if household budgets tighten.

For the broader financial industry, Klarna’s application underscores the continuing convergence between technology companies and traditional banking. Digital-first financial firms increasingly seek banking licenses to expand services, lower funding costs, and deepen relationships with customers beyond individual transactions.

Whether regulators ultimately approve the charter remains uncertain. Federal banking regulators will review the application through a process that examines capital strength, consumer protections, compliance systems, and the company’s ability to safely operate as a federally regulated financial institution.

Regardless of the outcome, Klarna’s application highlights how dramatically consumer finance has evolved. What began as a simple installment-payment option has grown into a major financial services platform serving millions of shoppers. As digital payments continue reshaping retail, the line separating technology companies from traditional banks continues to blur.

JBizNews Desk | New York
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The Wisconsin Elections Commission confirmed Tuesday, July 14, that it voted 5-1 in closed session last week to refer two voter complaints involving Elon Musk to the Brown County District Attorney’s Office after finding probable cause that he may have violated Wisconsin’s election bribery law.

Commission spokesperson Emilee Miklas said the bipartisan panel—made up of three Democrats and three Republicans—approved the referral after reviewing complaints centered on the $1 million checks Musk awarded to voters during Wisconsin’s 2025 Supreme Court election.

According to the commission’s motion, members found probable cause that Musk violated state law through a social media post offering $1 million to individuals who voted in the election “in order to induce them to vote.”

Brown County prosecutors now have 40 days to determine whether criminal charges should be filed.

Brown County District Attorney David Lasee, a Republican, did not respond Tuesday to requests for comment. Representatives for Musk also did not immediately comment.

What Wisconsin Law Says

Wisconsin’s election bribery statute makes it a felony to provide or promise “anything of value” for the purpose of inducing someone to vote.

A conviction carries a maximum penalty of 3½ years in prison, a $10,000 fine, or both.

The underlying complaints remain confidential under Wisconsin law.

They were filed by voters from Milwaukee and Green Bay, where Musk personally distributed million-dollar checks during a campaign rally just days before the election.

Three Wisconsin voters ultimately received $1 million each through the program, including two recipients who accepted oversized ceremonial checks on stage.

Among them was Nicholas Jacobs, who received a check from Musk during a March 30, 2025 town hall event in Green Bay.

Earlier in the campaign, Musk’s political organization, America PAC, also offered $100 payments to voters who signed a petition opposing what it described as “activist judges” or referred others to sign.

A Record-Breaking Judicial Election

The Wisconsin Supreme Court race became the most expensive judicial election in American history.

Musk and organizations supporting him spent at least $20 million backing Republican-endorsed candidate Brad Schimel, who ultimately lost by roughly 10 percentage points to Democratic-backed Susan Crawford.

Overall spending exceeded $100 million.

Major Democratic donors, including George Soros, also invested heavily in the race.

Crawford’s victory preserved a liberal majority on Wisconsin’s highest court, a margin later expanded to 5-2 after Democratic-backed Chris Taylor won another statewide judicial contest.

Following Schimel’s defeat, Musk publicly stated he intended to reduce his political spending.

Federal campaign filings later showed otherwise.

By the end of 2025, Musk had contributed approximately $20 million to two major Republican organizations and another $10 million toward Kentucky’s U.S. Senate race.

One recent analysis ranks Musk as the third-largest political donor of the 2026 election cycle, behind Andreessen Horowitz and George Soros.

Business Implications

The criminal referral carries significance beyond politics.

Musk leads companies—including Tesla and SpaceX—whose businesses depend heavily on government approvals, regulatory oversight and public-sector contracts.

During the Wisconsin Supreme Court campaign, Tesla was actively pursuing litigation against the state seeking permission to expand direct automobile sales.

SpaceX likewise depends on federal launch approvals and billions of dollars in government contracts.

While a referral itself does not establish wrongdoing, any criminal investigation involving the chief executive of companies with extensive government relationships creates additional legal, regulatory and reputational risk.

Additional Legal Challenges

The Wisconsin matter is not Musk’s only ongoing legal dispute over election-related giveaways.

The Wisconsin Democracy Campaign has filed a separate lawsuit seeking to permanently prohibit Musk from offering cash payments connected to future Wisconsin elections, alleging election bribery, unlawful lotteries, conspiracy and public nuisance.

Separately, an Arizona voter has sued Musk in federal court over his 2024 $1 million-a-day voter giveaways, alleging fraud and breach of contract after promotional materials suggested winners would be selected randomly.

During that litigation, Musk’s attorneys acknowledged recipients were not selected purely by chance but instead underwent a screening process similar to job applicants.

U.S. Magistrate Judge Susan Hightower has ordered Musk to sit for a deposition in that case, stating it remains unresolved whether public statements describing the giveaways as random were misleading.

Philadelphia District Attorney Larry Krasner also filed suit against Musk and America PAC in 2025, arguing the giveaways constituted illegal lotteries under Pennsylvania law.

Musk’s Defense

Before Wisconsin’s 2025 election, Attorney General Josh Kaul attempted to halt the payments through a lawsuit, arguing Musk was illegally offering financial incentives tied to voting.

Musk’s attorneys countered that the payments represented protected political speech under both the Wisconsin Constitution and the U.S. Constitution, asserting the campaign promoted civic engagement and opposition to activist judges rather than support for a specific candidate.

The Wisconsin Supreme Court ultimately declined to intervene before the election.

A similar America PAC promotion operated during the 2024 presidential campaign in seven battleground states. A Pennsylvania judge later allowed that program to continue after prosecutors failed to demonstrate it constituted an illegal lottery.

For corporations, political committees and major donors, Wisconsin’s referral highlights an increasingly important legal reality: strategies that survive civil scrutiny in one state may trigger criminal investigations in another.

As the 2026 election cycle accelerates, campaign lawyers nationwide will likely be watching closely as prosecutors in Green Bay decide whether to move forward.

JBizNews Desk | Madison, Wisconsin

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Companies are investing billions of dollars in artificial intelligence, but one of the first places the technology is reshaping corporate America is not on factory floors or customer service desks — it is in the middle ranks of management.

A growing body of research shows businesses are eliminating management layers as AI takes over many of the administrative and coordination tasks that traditionally required supervisors. According to Korn Ferry’s 2025 Workforce Survey, which polled 15,000 professionals worldwide, 41% of employees said their organizations reduced management layers during the past year. In the United States, that figure climbed to 44%, making America one of the leading markets for flatter organizational structures.

The shift reflects how AI is changing the role of management itself. Middle managers have historically served as the bridge between executives and frontline employees, coordinating projects, preparing reports, monitoring performance, conducting meetings and communicating strategy throughout an organization. As AI tools increasingly automate scheduling, reporting, workflow management and information sharing, companies are concluding they need fewer people performing those coordination functions.

Some of the world’s largest corporations have already embraced the strategy.

Amazon announced plans to eliminate roughly 14,000 corporate positions, with Chief Executive Andy Jassy telling employees the company intends to become leaner while reducing unnecessary layers of management. Similar restructuring efforts have been announced or implemented by Meta, Google, Intel, Citigroup, Block, and software developer GitLab, all citing efficiency improvements and AI-enabled operations as reasons to simplify organizational structures.

Independent research points to the same trend.

According to workforce analytics firm Live Data Technologies, cited by The Wall Street Journal, the number of managers employed by publicly traded companies declined 6.1% between May 2022 and May 2025. Meanwhile, Gallup reports the average manager’s span of control has expanded significantly. Managers supervised an average of 8.2 employees in 2013, rising to 10.9 in 2024 and 12.1 by 2025 as companies consolidated reporting structures.

Research firm Gartner has projected that AI-driven restructuring could eventually eliminate more than half of today’s traditional middle-management positions as automation continues improving.

For employers, the financial incentives are straightforward.

Reducing organizational layers lowers payroll costs, speeds decision-making and frees capital for investments in technology and highly skilled technical employees. Fewer approvals can also accelerate product development and improve responsiveness in competitive markets where companies increasingly compete on speed.

Yet the savings come with risks.

Korn Ferry found that 37% of employees said losing management layers left them feeling directionless, while 43% believed leadership teams became less aligned after restructuring. Another survey found 72% of executives reported increased stress as responsibilities once handled by middle managers shifted upward to senior leadership.

Lesley Uren, a senior executive at Korn Ferry Consulting, warned that eliminating managers without redesigning leadership responsibilities can weaken organizations over time. While AI can automate administrative work, she noted it cannot replace coaching employees, resolving interpersonal conflicts or building organizational culture.

Those human responsibilities remain critical.

Removing management positions does not eliminate the work managers performed. Instead, companies often redistribute those responsibilities to senior executives already balancing strategic priorities or to frontline employees with limited leadership experience. Gallup research suggests experienced managers can successfully oversee larger teams, but expanding the responsibilities of weaker managers often reduces employee engagement and increases turnover.

The trend also raises questions about future leadership development.

A separate Deloitte survey found only about 6% of Gen Z and millennial workers identify reaching executive leadership as their primary career objective. With fewer management positions available and less interest among younger employees in pursuing traditional leadership paths, companies may eventually struggle to develop experienced executives from within.

Despite the restructuring, management itself is not disappearing.

The U.S. Bureau of Labor Statistics projects employment in management occupations will continue growing faster than the national average through 2034, with median annual earnings exceeding $122,000. Instead, the nature of management is evolving toward responsibilities that AI cannot easily replicate, including judgment, mentoring, strategic decision-making, negotiation and organizational leadership.

For employees, the message is becoming increasingly clear. Career advancement may depend less on accumulating direct reports or climbing organizational layers and more on developing specialized expertise, adaptability and leadership skills that complement artificial intelligence rather than compete with it.

The companies most likely to succeed may ultimately be those that use AI to remove routine administrative work while preserving the human relationships, coaching and decision-making that remain essential to effective leadership.

As corporate America continues embracing artificial intelligence, the future of management appears less about supervising larger bureaucracies and more about leading smaller, faster and increasingly technology-enabled organizations.

JBizNews Desk | New York

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The European Commission has ordered Meta Platforms to overhaul design features on Facebook and Instagram that it says are built to hook users, or face a fine that could run into billions of dollars — one of the European Union’s most aggressive regulatory moves yet against a U.S. technology company.

The Commission, the European Union’s executive arm, published preliminary findings on Friday, July 10, concluding that Meta is in breach of the Digital Services Act, the bloc’s sweeping rulebook governing the world’s largest online platforms. Regulators singled out features including infinite scrolling, autoplay video, push notifications, highly personalized recommendation feeds, Reels and Stories, arguing they work together to keep users engaged far longer than intended and encourage compulsive use.

According to the Commission, Meta failed to adequately assess the risks these design choices pose to users’ physical and mental well-being, particularly children, teenagers and other vulnerable users. Officials cited evidence showing young people spending extended periods on the company’s platforms late into the night and argued the products are engineered to maximize attention rather than user welfare.

At the center of the case is what European regulators describe as the “rabbit-hole effect.” Personalized algorithms continually serve content similar to what users have already watched or interacted with, drawing them into increasingly lengthy browsing sessions. The Commission argues this is not an unintended consequence but a structural feature deliberately built into Meta’s products.

While Meta offers screen-time controls and parental tools, European regulators concluded those safeguards are too easily ignored or overridden, leaving users exposed to engagement-focused defaults designed to encourage continuous scrolling.

The potential financial stakes are substantial.

If the Commission ultimately confirms its preliminary findings after Meta submits its formal response, the company could face fines of up to 6% of its total worldwide annual revenue under the Digital Services Act. Given Meta’s global size, that penalty could amount to several billions of dollars. The investigation has been underway for nearly two years.

Meta strongly disputed the findings.

A company spokesperson said the Commission’s conclusions fail to reflect the extensive measures Meta has implemented to protect younger users. The company pointed to its recently introduced Teen Accounts, which automatically apply stricter privacy settings, nighttime restrictions and parental controls intended to create a safer online experience for adolescents.

Meta said it shares regulators’ objective of protecting young users and will continue working with European officials as the investigation moves toward a final decision.

The European action arrives amid growing legal pressure in the United States as well.

In a U.S. court filing earlier this week, Meta disclosed that four states are seeking approximately $1.4 trillion in penalties in litigation alleging Facebook and Instagram were intentionally designed to addict young users while misleading families about the platforms’ safety. That lawsuit is part of broader nationwide social media litigation involving youth mental health, with additional trials expected later this year.

The European Commission has also opened a similar investigation into TikTok’s platform design and previously pursued enforcement actions involving X, formerly Twitter, underscoring the bloc’s broader effort to regulate how large technology companies compete for user attention.

For Meta, the regulatory threat extends well beyond potential financial penalties.

The features under scrutiny—including endless scrolling, autoplay video and personalized recommendation algorithms—form the core of the company’s advertising business. The more time users spend engaging with content, the more advertising Meta can deliver. Any requirement to redesign those systems in Europe could directly affect user engagement and advertising revenue across one of the company’s largest international markets.

More broadly, the case could establish an important global precedent.

If European regulators ultimately require Meta to redesign the fundamental architecture of Facebook and Instagram, other major technology companies may face similar demands, forcing social media platforms to balance growth strategies with increasing regulatory scrutiny over user well-being.

The Commission’s final decision is expected after reviewing Meta’s response in the coming weeks, with technology companies around the world watching closely as Europe continues defining the future boundaries of digital platform regulation.

JBizNews Desk | New York

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A Canadian restaurant franchisor and operator is planning to close between 45 and 50 Papa Murphy’s stores amid a tough competitive environment for the pizza chain.

Papa Murphy’s is known for its take-and-bake pizzas that customers can pick up at the store after placing a walk-in, call-in or online order and cook at home. The brand is owned by MTY Food Group, which operates some locations and franchises others.

 MTY Food Group CEO Eric Lefebvre said on an earnings call that “Papa Murphy’s, in such a competitive environment for pizza, is currently suffering a little bit more.”

He said that the company repossessed three clusters of stores that it believed it could put on better footing, but that 45 to 50 Papa Murphy’s locations will be closed after the move didn’t deliver the desired results.

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“After nearly two years of efforts and some successful turnarounds in those markets, we came to the conclusion that these markets are probably not appropriate for Papa Murphy’s at this time, and we chose to close a lot of these stores in these locations,” Lefebvre explained.

Across MTY’s brands, the company is closing 68 underperforming corporate-owned stores that collectively lost over $10 million over the last 12 months with their performance “for the most part deteriorating.”

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Lefebvre called the closures an “important step” that will be the “right long-term action for the business” despite the smaller store count in the near term.

He said that while there is a larger weight of Papa Murphy’s restaurants in the closures across the MTY portfolio, they “don’t account for the majority of the losses or of the costs of the stores we’re going to close. There are a certain number of other locations that will cost more and that will also draw bigger benefits.”

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Lefebvre said the process of closing the locations will take “between six and nine months to complete, so we’re going to update the markets on where we’re at.”

“We have a first series of stores that are scheduled to close next week. And then we’re going to go systematically, and we don’t want to rush into any of these decisions and cause further damage.”

“We will do things in order to protect the staff, also, that’s in the store and take the time to negotiate properly with the landlords, handle all the distribution issues that might arise from closing a certain number of locations,” he added.

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Lefebvre indicated there might be additional store closures or sales where it makes sense for the company, saying that “it’s not a fire sale, but we’re also in a process where we can reduce the corporate store portfolio.”

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President Donald Trump signed a proclamation granting certain U.S. chemical manufacturing facilities a two-year exemption from the Environmental Protection Agency’s 2024 hazardous emissions rule, according to the proclamation and a White House fact sheet released Monday, July 13, 2026.

Although signed on July 9, the proclamation was made public four days later.

The action temporarily suspends compliance deadlines under what the chemical industry commonly refers to as the HON Rule—a sweeping set of EPA standards finalized on May 16, 2024, covering synthetic organic chemical manufacturing facilities as well as Group I and Group II polymers and resins producers.

Trump invoked Section 112(i)(4) of the Clean Air Act, a rarely used provision allowing a president to delay hazardous air pollutant compliance deadlines when doing so is determined to be necessary for national security.

How the Exemption Works

The proclamation applies only to facilities specifically listed in Annex I of the order.

For those plants, every compliance deadline contained in the 2024 EPA rule is postponed by two years from its original implementation date.

During the exemption period, affected facilities will instead remain subject to the emissions standards, monitoring requirements and reporting obligations that existed before the Biden administration finalized the 2024 regulations.

Facilities not included in the annex remain obligated to comply with the original EPA schedule.

Trump’s proclamation rests on two principal findings.

First, the administration argues that several technologies required to comply with the rule are not yet commercially available or sufficiently proven for widespread industrial deployment.

Second, the White House concluded that enforcing the rule on its current timetable would threaten U.S. national security by disrupting domestic production of critical industrial chemicals.

According to the proclamation, some required emissions-monitoring systems have not demonstrated reliable operation at commercial scale, while other compliance measures would require extensive capital investments without established technological pathways.

The White House’s Economic Argument

The administration argues the affected facilities manufacture chemicals essential to industries considered strategically important to the United States.

According to the White House fact sheet, products manufactured at the covered plants support:

  • Semiconductor manufacturing
  • Medical device sterilization
  • Defense production
  • Advanced manufacturing
  • Critical infrastructure

Officials warned that forcing facilities offline to complete compliance upgrades could increase America’s dependence on foreign suppliers for semiconductor materials, reduce supplies of sterilized medical equipment and disrupt domestic production of industrial chemicals used throughout the manufacturing sector.

One chemical receiving particular attention is ethylene oxide.

While regulated because of health concerns, ethylene oxide also serves as a key feedstock used to manufacture antifreeze, polyester fibers, detergents and agricultural chemicals, while sterilizing a significant percentage of America’s medical devices.

An Extension of Earlier Relief

The latest proclamation expands upon similar action taken by the Trump administration in July 2025, when portions of the same EPA rule were temporarily delayed.

According to the Environmental Defense Fund, that earlier action exempted 53 petrochemical facilities, 39 medical sterilization plants, three coal-fired power stations, and eight taconite iron ore processing facilities.

Companies covered under the earlier exemptions included:

  • The Dow Chemical Company
  • SABIC Innovative Plastics
  • Bakelite Synthetics
  • Trinseo
  • INEOS Americas
  • Celanese Corporation
  • Huntsman Petrochemical
  • TotalEnergies Petrochemicals & Refining USA
  • Indorama Ventures
  • Denka Performance Elastomer
  • Sasol Chemicals

Among the most closely watched cases has been Denka Performance Elastomer’s neoprene plant in LaPlace, Louisiana.

Parent company Denka previously disclosed losses totaling approximately $112 million, attributing much of the financial impact to compliance costs associated with federal emissions requirements.

Production at the facility has since been suspended indefinitely.

Industry Support and Legal Challenges

The American Chemistry Council, the nation’s largest chemical industry trade organization, welcomed the exemption.

The group argued that the administration recognizes chemical manufacturing as critical infrastructure and said the EPA’s rule would require billions of dollars in investments on timelines that many facilities cannot realistically meet.

Environmental organizations strongly disagree.

A coalition including the Natural Resources Defense Council, Environmental Defense Fund, Environmental Integrity Project, and the Environmental Justice Health Alliance, represented by Earthjustice, filed suit in October 2025 seeking to block the earlier exemptions.

The plaintiffs argue that many emissions-control technologies required under the rule are already commercially available and contend the administration lacks legal authority to broadly delay hazardous air pollutant protections affecting dozens of industrial facilities across 13 states.

According to EPA estimates, the 2024 HON Rule would reduce toxic air emissions by more than 6,200 tons annually while lowering cancer risks associated with chemical plant emissions by approximately 96% for nearby communities.

What Comes Next

The exemption provides more than temporary regulatory relief.

It also gives EPA additional time to reconsider the underlying rule itself.

The agency has already initiated a review of the Biden administration’s amendments, indicating it believes the 2012 emissions standards may already provide what the Clean Air Act describes as an “ample margin of safety.”

Should EPA ultimately revise or withdraw portions of the 2024 rule before the exemption expires, many of the delayed compliance deadlines could become unnecessary.

For chemical manufacturers, the immediate benefit is straightforward: two additional years before making potentially significant capital investments.

For environmental groups, it represents another legal battle over the federal government’s authority to suspend hazardous air pollution standards.

JBizNews Desk | Washington, D.C.

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JPMorgan Chase Chairman and CEO Jamie Dimon is validating the growing frustration of working-class Americans, admitting in a recent interview that he completely understands why many have grown “anti-rich.”

The Wall Street billionaire argued that decades of ineffective public policies have left lower-income families behind in struggling rural areas and inner cities, forcing them to navigate failing schools and rising crime while wealthy elites remain insulated from those problems.

“The anti-rich thing has been around a long time, and I do understand it because I think, separate the two pieces, the piece that’s really important is that we have, in fact, left the lower-income folks behind,” Dimon told Axios. “And I remind people who are well off that they don’t worry about their schools. They don’t live in crime-ridden neighborhoods. So if you are making less income in your poor rural area or an inner-city area, your schools aren’t good. You go to crime-ridden neighborhoods – more divorce, less jobs, all the things that, yeah, it’s becoming de-generational. So let’s acknowledge it and fix it.”

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“All of us, Democrats, including unions, Republicans should say, ‘That shouldn’t happen that way.’ And the policies that created that were both Democrat and Republican. All of those policies did not work in the inner cities,” he continued.

“If you were the average citizen here and you say, ‘These wealthy people are getting unbelievably wealthy, and this segment has been left behind,’ that’s kind of annoying. Now, if we look at America in truth from the 50s, 60s, 70s, 80s, 90s to 2020s, Americans have been doing much better, including the lower income.”

Data from the Federal Reserve’s Distributional Financial Accounts highlight a highly concentrated wealth distribution in the United States. The bottom 50% of households hold a combined $4.27 trillion of the nation’s roughly $174 trillion in household wealth.

In contrast, the top 0.1% of ultra-wealthy individuals command about $25.07 trillion, while those in the 99th through 99.9th percentiles own just under $30 trillion.

“I’ve been complaining a little bit about, I’ve just been speaking about, the fraying of the American Dream for years. And I think you have to acknowledge that there’s a flaw. And it’s more for the lower-paid individuals in America,” Dimon said.

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“We asked our team… What more can JPMorgan do?” Dimon detailed the “Vital Institutions” initiative, which directs capital, banking and philanthropic support to organizations like hospitals, universities and local governments to boost low-to-moderate-income communities.

“Economic strength is somewhat predicated, affected – it’s life, liberty and the pursuit of happiness, and equal opportunity. So if you wanna have an equal opportunity country, you need to do some of these things to give people more opportunity,” he said.

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Frontier Airlines announced Tuesday that it plans to introduce high-speed inflight internet powered by SpaceX’s Starlink beginning in early 2027, marking a major upgrade for the ultra-low-cost carrier as it continues investing in new amenities aimed at attracting travelers.

The Denver-based airline said its first Starlink-equipped Airbus aircraft is expected to enter service early next year. Frontier said it will become the first U.S. airline to offer passengers access to Starlink’s satellite internet through a new system managed directly by Starlink.

Engineered by Elon Musk’s SpaceX, Starlink uses a constellation of low-Earth orbit satellites to deliver high-speed, low-latency internet capable of supporting activities such as video streaming, online gaming, web browsing and remote work during flights.

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The rollout is part of a broader deployment across airlines backed by private equity firm Indigo Partners, which also includes Wizz Air, Volaris, JetSmart and Cebu Pacific. Together, the carriers expect to install Starlink across more than 1,000 aircraft, one of the largest commitments to next-generation inflight connectivity announced to date.

“Starlink will provide our portfolio airlines with reliable, high-speed connectivity, further enhancing the customer experience of flying on Wizz, Frontier, Volaris, JetSMART and Cebu,” Indigo Partners Managing Partner Bill Franke said in a statement.

Beyond passenger connectivity, Frontier said the system will provide gate-to-gate internet access for pilots, flight attendants, maintenance crews and ground personnel, helping improve operational efficiency and customer service.

Frontier CEO Jimmy Dempsey said the investment reflects the airline’s efforts to enhance the travel experience while maintaining its low-fare business model.

“We’re continuing to invest in the products and services that matter most to our customers,” Dempsey said. “Starlink transforms the onboard experience, giving customers the flexibility to work, stream, browse, and stay connected throughout their journey.”

The announcement comes as Frontier expands its offerings beyond its traditional ultra-low-cost model. The airline has previously announced plans to introduce first-class seating and enhance its loyalty program as it competes for higher-value travelers.

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Financial terms of the Starlink agreement were not disclosed.

FOX Business reached out to Frontier Airlines and SpaceX for additional comment. 

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The U.S. Department of Justice announced Tuesday, July 14, that its Trade Fraud Task Force has surpassed $1 billion in civil and criminal recoveries, penalties, forfeitures and publicly charged losses less than one year after its launch.

The announcement was made in Chicago by Colin McDonald, Assistant Attorney General for the Department’s National Fraud Enforcement Division, alongside officials from the Department of Homeland Security, U.S. Customs and Border Protection, and the U.S. Attorney’s Office for the Northern District of Illinois.

McDonald said companies have long viewed customs fraud as little more than a cost of doing business, but warned that federal authorities now intend to treat trade fraud as a major economic crime.

Created as Tariffs Expanded

The Trade Fraud Task Force was established jointly by the Department of Justice and Department of Homeland Security in August 2025, shortly after President Donald Trump’s delayed tariff program took effect, with duties reaching as high as 50% on imports from certain countries.

Its mission extends across the entire supply chain, targeting importers, customs brokers, distributors, manufacturers, commercial end-users and anyone who knowingly profits from illegally imported merchandise.

Breaking Down the $1 Billion

The headline figure includes several different categories.

It combines money recovered through criminal prosecutions and civil enforcement actions—including settlements, penalties, restitution and asset forfeitures—with financial losses alleged in pending criminal cases.

Approximately $150 million of the total remains tied to cases that have not yet been resolved, meaning the vast majority of the announced amount already reflects completed enforcement actions.

The largest single recovery remains the $549.5 million settlement reached in May with Perfectus Aluminum and affiliated companies.

Federal prosecutors alleged the companies falsely declared more than 2.2 million Chinese aluminum extrusions as finished aluminum pallets between 2011 and 2014 in order to evade antidumping and countervailing duties.

Other major enforcement actions include:

  • A $54.4 million settlement involving imported tungsten carbide products from China.
  • An $8 million criminal case involving defective imported air conditioners linked to more than 40 residential fires and one reported death.

New Chicago Cases Push Total Higher

Officials also announced two new criminal indictments Tuesday involving imported gold jewelry.

The U.S. Attorney’s Office for the Northern District of Illinois, now serving as the task force’s lead prosecutorial partner, charged Raj Kohli and Veena Kohli, operators of Surya International, with allegedly falsely declaring imported gold jewelry as originating from Singapore rather than India and the United Arab Emirates.

According to prosecutors, the scheme involved approximately 563 import entries between August 2020 and May 2024 covering jewelry valued at more than $693 million while allegedly avoiding more than $38 million in customs duties.

A second indictment charges Narain Gulabani, owner of Barkha Wholesale in Naperville, Illinois.

Federal prosecutors allege Gulabani falsely declared jewelry imported between 2016 and 2021 as manufactured in Oman or Singapore rather than its true country of origin.

Authorities say the case involves 242 shipments worth more than $240 million and approximately $13.6 million in unpaid duties.

A Permanent Enforcement Unit

Beyond the financial milestone, DOJ announced two major structural changes.

The department is creating a permanent Global Trade & Commerce Enforcement Section within its National Fraud Enforcement Division to focus exclusively on criminal import and customs fraud investigations.

DOJ and DHS also jointly released A Resource Guide to Trade Fraud Enforcement, described as the first comprehensive federal guide explaining customs enforcement priorities, civil and criminal liability, voluntary disclosure procedures and regulatory expectations for importers.

Aris Kourkoumelis, DHS Assistant Secretary for Trade and Economic Security, said the guide is intended to provide businesses with greater transparency regarding how trade fraud investigations are conducted.

Growing Enforcement Powers

Officials emphasized that a single customs violation can now trigger multiple forms of enforcement simultaneously.

Companies may face:

  • Criminal prosecution
  • Civil False Claims Act litigation
  • Customs duty collection
  • Asset seizures
  • Whistleblower actions

The government also highlighted expanded reporting channels allowing domestic manufacturers, employees and competitors to report suspected customs fraud.

Current enforcement priorities include:

  • Evasion of Section 301 tariffs
  • Antidumping and countervailing duty violations
  • Forced labor imports
  • Products posing public health or public safety risks

Displayed during Tuesday’s press conference were illegal vaping products seized during an $80 million enforcement operation and drones prosecutors allege were manufactured using forced labor.

Separately, U.S. Customs and Border Protection reported assessing more than $2.1 billion in commercial trade penalties during the current fiscal year while debarring 35 companies from doing business with the federal government.

Why Businesses Should Pay Attention

Federal officials made clear that enforcement is no longer focused solely on import paperwork.

Companies that ignore supplier warning signs or knowingly rely on inaccurate country-of-origin declarations may now face criminal exposure alongside civil penalties.

For importers, manufacturers, wholesalers and distributors, customs compliance has become significantly more consequential as tariff rates rise and federal enforcement resources expand.

McDonald’s message to businesses was direct: companies that overlook suspicious sourcing practices to protect profit margins should expect greater accountability.

For businesses importing goods into the United States, the country-of-origin declaration is no longer simply a customs form—it has become a potential criminal liability.

JBizNews Desk | Chicago

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The National Security Agency is warning that Russian government-backed hackers continue targeting internet routers used by businesses and critical infrastructure, urging organizations to shore up basic network security to reduce the risk of cyber intrusions.

In a joint cybersecurity advisory released Monday, the NSA, FBI, Cybersecurity and Infrastructure Security Agency (CISA) and nearly 20 allied cybersecurity agencies said cyber actors linked to Russia’s Federal Security Service, or FSB, have spent years exploiting vulnerable or poorly configured networking devices to gain access to sensitive networks.

The advisory said organizations in the financial services, energy, communications, healthcare, government and defense industrial base sectors have been affected. Officials said those industries play a critical role in the U.S. economy.

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Rather than launching disruptive attacks immediately, the hackers often scan the internet looking for outdated or improperly secured routers, then quietly copy device configuration files that can contain administrator credentials, network layouts and other information useful for gaining deeper access into an organization’s systems, according to the advisory.

Officials said the campaign frequently relies on poor “router hygiene” – basic security practices such as keeping router software up to date, replacing default passwords with strong, unique credentials and disabling unnecessary remote management features.

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Officials said many of the attacks can be prevented by following a handful of basic cybersecurity practices, including updating router software and firmware to patch known vulnerabilities, using stronger authentication methods, restricting access to network management tools and replacing legacy security settings with more modern protections.

The advisory builds on an earlier FBI warning about Russian cyber activity targeting networking devices, saying the campaign has persisted for more than a decade and continues to threaten critical infrastructure worldwide. Officials said the same defensive measures can also help protect organizations against similar tactics used by other sophisticated hacking groups.

Cybersecurity researchers have tracked Russian activity under several names over the years, including “Dragonfly,” “Energetic Bear” and “Ghost Blizzard,” though different security firms use different naming conventions for the same threat actors.

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The warning was issued jointly by the NSA, FBI, CISA, the Department of Defense Cyber Crime Center and cybersecurity agencies from the United Kingdom, Canada, Australia, New Zealand and numerous European allies, underscoring what officials described as an ongoing threat to organizations that rely on internet-connected networking equipment.

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The American housing market delivered a familiar and frustrating message last week: homes have never cost more, and fewer people are buying them. The National Association of Realtors reported Thursday that existing-home sales fell 2.4% in June to a seasonally adjusted annual rate of 4.09 million, even as the median price for a previously owned home climbed to a record $440,600. It was the 36th straight month of year-over-year price gains, leaving would-be buyers squeezed between rising home prices and mortgage rates that remain stubbornly high.

The June decline reversed a five-month high reached in May and came in below the roughly 4.20 million pace economists had expected. Still, sales were 2.8% higher than June 2025, suggesting the market has stabilized at relatively low levels rather than entering a sharp downturn.

“The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” said Lawrence Yun, Chief Economist at the National Association of Realtors.

Borrowing costs remain the market’s biggest obstacle. The average 30-year fixed mortgage stood at 6.49% during June, according to Freddie Mac. While slightly below last year’s level, mortgage rates remain high enough to significantly increase monthly payments compared with just a few years ago. June sales largely reflect buyers who locked in financing during April and May, when rates moved higher.

The record median sales price creates two very different realities. Existing homeowners continue building wealth as home values appreciate, while first-time buyers face increasingly difficult affordability challenges.

“Is this good news, like the stock market, or bad news, like grocery prices?” Yun asked while discussing the record price. “It’s good news for existing homeowners because it builds housing wealth, but it’s difficult news for first-time buyers and renters trying to purchase their first home.”

The typical homeowner is expected to gain roughly $16,000 in housing wealth this year if current price trends continue.

Limited inventory continues to drive the imbalance. At the end of June, there were 1.56 million homes available for sale nationwide—only slightly higher than one year ago. Yun argues inventory needs to increase 30% to 40% before affordability meaningfully improves.

“Without consistent gains in inventory, home prices can continue accelerating,” Yun said. “It’s critical to introduce more supply to widen the opportunity for homeownership.”

Housing supply stood at 4.6 months, still below the five-to-six-month level generally considered a balanced market. That continues giving sellers an advantage despite slower sales activity.

There were modest signs of improvement for first-time buyers. They accounted for 33% of June transactions, up from 30% a year earlier, although still below the roughly 40% share considered healthy historically. All-cash purchases also declined to 25% of sales from 29% a year ago, suggesting investor activity may be easing.

The housing slowdown extends well beyond real estate. Every home sale typically generates additional spending on furniture, appliances, home improvements, moving services, insurance, and mortgage financing. When transactions slow, retailers, contractors, and financial institutions all feel the effects.

Looking ahead, the National Association of Realtors expects modest improvement during the second half of the year if inventory gradually expands. The organization forecasts both existing-home sales and home prices will rise about 4% during 2026, assuming mortgage rates remain near current levels.

Whether buyers receive meaningful relief will largely depend on interest rates. With the Federal Reserve maintaining a cautious stance and global energy prices rising again, mortgage rates could remain elevated longer than many prospective homeowners had hoped. Until affordability improves, the housing market appears likely to remain stuck in its current pattern: record prices, limited inventory, and fewer completed sales.

JBizNews Desk | New York
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DMCC announced Wednesday that its Executive Chairman and Chief Executive Officer, Ahmed Bin Sulayem, signed a memorandum of understanding with Neo Mooki, chairperson of the Botswana Stock Exchange Group, to link Botswana’s commodities exchange directly to Dubai’s trading, finance, and logistics network. The agreement was signed in the presence of Bogolo Joy Kenewendo, Botswana’s Minister of Minerals and Energy, and concluded in Singapore following the 41st World Diamond Congress, where DMCC hosted the Asia launch of its Future of Trade 2026 report.

The agreement may appear to focus on commodities, but its significance extends much further. The two sides describe the arrangement as Africa’s first multi-commodity “sister-hub” trading corridor, directly connecting Gaborone with Dubai. At its center is the Botswana Mercantile Exchange (BMX), operated by the Botswana Stock Exchange Group, which now gains access to one of the world’s largest commodity trading ecosystems.

Ahmed Bin Sulayem

What the agreement covers

The partnership spans diamonds, copper, coal, soda ash, critical minerals, beef, and agricultural products while establishing a dedicated Botswana presence within DMCC’s commodity ecosystem in Dubai. The framework includes market access, trade finance, logistics, vaulting, digital infrastructure, capacity building, and knowledge exchange, with the goal of connecting Botswana’s producers directly to international buyers, institutional investors, and Islamic finance markets.

Among the first initiatives will be cooperation between the Okavango Diamond Company and the Dubai Diamond Exchange through coordinated rough diamond tenders, giving Botswana’s state-owned diamond marketer direct access to the world’s largest diamond trading hub. The first commercial tenders are expected in late 2026.

The agreement also calls for the construction of a Botswana Mercantile Exchange vault in Gaborone that is expected to become the first facility certified under the DMCC Global Good Delivery Standard, creating an internationally recognized storage and financing platform for commodities originating in Africa.

The organizations also plan to deploy DMCC FinX, DMCC’s digital financial infrastructure platform, to expand trade finance, tokenize physical commodity assets, and introduce Shariah-compliant financing solutions designed to attract institutional investment into African supply chains.

Bin Sulayem’s long-term strategy

The Botswana agreement fits a strategy Ahmed Bin Sulayem has pursued for more than two decades.

Since taking over DMCC in 2003, he has expanded the organization from just 28 member companies to more than 26,000 businesses representing over 180 countries and employing more than 80,000 people. Under his leadership, DMCC has repeatedly been recognized as Global Free Zone of the Year by the Financial Times’ fDi Magazine, including a ninth consecutive award.

Bin Sulayem also chairs both the Dubai Diamond Exchange and the Dubai Gold & Commodities Exchange. He served as the United Arab Emirates Chair of the Kimberley Process in 2016, was reappointed in 2024, and has served as Custodian Chair since 2025. That experience is particularly important for Botswana, whose diamond industry depends on trusted certification, transparent supply chains, and efficient access to international markets.

Commenting on the agreement, Bin Sulayem said Botswana is one of the world’s leading commodity-producing nations and that combining its production capabilities with Dubai’s global trading infrastructure can unlock new investment opportunities and expand direct access to international buyers.

Why Botswana needs this partnership

The agreement comes as Botswana works to recover from one of the most difficult economic periods since independence.

Finance Minister Ndaba Gaolathe has projected economic growth of 3.1% in 2026 following contractions of 0.4% in 2025 and 2.8% in 2024. Diamonds continue to generate roughly one-third of government revenue and approximately three-quarters of the country’s foreign-exchange earnings, making weakness in the sector especially painful.

Mining output fell 47% during the fourth quarter of 2025, while overall GDP declined 5.4%.

Government mining revenue for fiscal year 2025-26 was projected at 10.3 billion pula—approximately $768 million—compared with a historical average of 25.3 billion pula, representing a decline of nearly 60%.

At the same time, De Beers, through its joint venture Debswana, reduced production by 16% in 2025 and lowered its 2026 production target from 29 million carats to a maximum of 26 million carats as demand for natural diamonds weakened amid increasing competition from lab-grown stones and softer global luxury spending.

Against that backdrop, Botswana is seeking new buyers, additional financing channels, and stronger international trading partnerships beyond traditional marketing systems.

Minister Bogolo Joy Kenewendo described the agreement as an important part of Botswana’s economic transformation strategy, emphasizing expanded market access, greater investment, local beneficiation, and a stronger position within global value chains.

What Dubai gains

For Dubai, the agreement strengthens its position as one of the world’s leading commodity trading centers while deepening its growing economic presence across Africa.

The United Arab Emirates has committed more than $110 billion in African investments since 2019, making it one of the continent’s largest sources of foreign direct investment.

Earlier this year, ALBADDAD Holding announced a $1.9 billion New Botswana City development supported by President Duma Boko, while Malaffi committed $1.5 billion to digitize Botswana’s national healthcare system.

According to DMCC’s Future of Trade 2026 report, trade between developing economies now represents approximately 35% of global trade, exceeding trade between developed economies. The report also estimates the global trade finance gap at approximately $2.5 trillion, with developing nations bearing the largest share of financing shortages.

Botswana fits squarely into that picture as a major commodity exporter seeking broader access to capital and global markets, while Dubai continues positioning itself as the international gateway connecting producers with investors, financiers, and buyers.

The agreement also reinforces cooperation surrounding the natural diamond industry through the Luanda Accord and the Natural Diamond Council, reflecting a shared objective of strengthening demand for natural diamonds as competition from synthetic stones continues to reshape the global marketplace.

JBizNews Desk | Dubai

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The U.S. Indo-Pacific Command’s Staff Judge Advocate office in Hawaii marked the tenth anniversary of the landmark South China Sea arbitration ruling on Tuesday, July 14, by issuing formal legal guidance reaffirming that China remains in violation of international law.

The legal statement revisited the 2016 Permanent Court of Arbitration decision in The Hague, which overwhelmingly rejected Beijing’s sweeping “nine-dash line” claim covering roughly 90% of the South China Sea and ruled in favor of the Philippines.

According to the Hawaii-based command, the decision remains legally binding under the United Nations Convention on the Law of the Sea (UNCLOS), which China ratified in 1996.

The renewed legal declaration comes as the U.S. Coast Guard quietly shifts assets from the Middle East into the Western Pacific, reflecting Washington’s growing concern over China’s increasingly aggressive maritime claims across one of the world’s busiest shipping lanes.

A Commercial Waterway Worth Trillions

The South China Sea carries enormous economic significance.

Roughly one-third of global seaborne trade passes through its waters each year.

Container ships, crude oil tankers and liquefied natural gas carriers serving Japan, South Korea, Taiwan, Southeast Asia and global supply chains all transit waters where China increasingly asserts authority through the world’s largest coast guard fleet.

For businesses, shipping companies and insurers, the legal dispute has evolved into a practical commercial risk.

Why the Coast Guard Is Taking the Lead

Unlike U.S. Navy warships, Coast Guard cutters operate as law enforcement vessels rather than military combatants.

That distinction has become increasingly important.

China has expanded the legal authority of its own coast guard through domestic legislation, including a 2021 law permitting the use of force in certain circumstances.

Beijing routinely dispatches coast guard vessels—not naval destroyers—into disputed waters surrounding the Philippines, Japan, and Taiwan, framing its operations as civilian law enforcement rather than military activity.

Washington has responded in kind.

In late May, the USCGC Midgett conducted the first-ever joint maritime operation involving a U.S. Coast Guard cutter alongside the Philippine Navy frigate BRP Antonio Luna and the Philippine Coast Guard vessel BRP Melchora Aquino.

The exercises focused on maritime law enforcement, vessel boarding operations and interdiction training approximately 35 to 40 nautical miles from Scarborough Shoal, an area controlled by China but claimed by the Philippines.

According to Japanese ship observers, USCGC Midgett was docked at Yokosuka, Japan, as recently as July 10.

Meanwhile, USCGC Kimball continues operating alongside the USS Theodore Roosevelt Carrier Strike Group during the multinational RIMPAC 2026 naval exercises, which continue through July 31.

China Expands Its Presence

Regional tensions escalated sharply during June.

For the first time, the China Coast Guard conducted law enforcement patrols east of Taiwan and began radioing commercial cargo vessels transiting nearby waters, requesting information about crews, cargo and destinations.

On July 4, Chinese authorities announced deployment of a replacement patrol fleet east of Taiwan, stating the vessels would strengthen enforcement activities inside what Beijing described as China’s jurisdictional waters.

Many regional security analysts see those actions as far more significant than simple radio communications.

Gregory Poling, director of the Asia Maritime Transparency Initiative at the Center for Strategic and International Studies, told AFP that China appears to be asserting law enforcement authority well beyond what international law permits under exclusive economic zone rules.

Su Tzu-yun, of Taiwan’s Institute for National Defense and Security Research, said radio verification of commercial shipping could serve as preparation for enforcing a future maritime quarantine or blockade around Taiwan.

Former U.S. Air Force officer Ray Powell, who closely tracks Chinese maritime operations, warned that interference with liquefied natural gas carriers would immediately threaten Taiwan’s energy security since the island imports nearly all of its fuel supplies.

Insurance companies often begin pricing geopolitical risk long before any military confrontation actually occurs.

The Fleet Challenge

The Coast Guard’s expanding Pacific mission comes as it faces longstanding fleet shortages.

Congress recently approved more than $25 billion in Coast Guard funding through the One Big Beautiful Bill Act.

The legislation includes:

  • $4.3 billion for nine Offshore Patrol Cutters
  • $1 billion for Fast Response Cutters
  • $4.3 billion for Polar Security Cutters

The legislation also elevates Indo-Pacific operations under the Coast Guard’s Force Design 2028 modernization strategy.

The challenge remains execution.

Delivery of the first Heritage-class Offshore Patrol Cutter, USCGC Argus, has slipped repeatedly and is now expected no earlier than December 2026, more than five years behind schedule.

As of January 2026, none of the Offshore Patrol Cutters had entered operational service.

At the same time, Rear Adm. Barata testified before the House Homeland Security Committee that an estimated 600 to 800 sanctioned “dark fleet” vessels continue transporting oil among Iran, Russia, China, and Venezuela—missions that also rely heavily on Coast Guard resources.

Why Businesses Should Care

For American exporters, manufacturers and logistics companies, the implications extend well beyond military strategy.

If Chinese authorities increasingly stop, question or delay commercial vessels transiting international waters, shipping costs, insurance premiums and transit times could all increase.

Longer shipping routes and greater geopolitical uncertainty would ripple throughout global supply chains.

Thirteen governments—including Australia, Canada, Germany, Japan, and the United Kingdom—have jointly called on all parties to comply with the 2016 arbitration ruling.

China has rejected those appeals.

Foreign Ministry spokeswoman Mao Ning again declared the arbitration award “illegal, null and void” and stated China would never recognize any claims based upon it.

A decade of legal rulings has not altered Beijing’s position.

Washington is increasingly signaling that ships—not statements—may now become the primary instrument for defending freedom of navigation.

JBizNews Desk | New York

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The Bureau of Labor Statistics reported Wednesday that its Producer Price Index for final demand fell 0.3% in June, the first monthly decline since August 2025 and a miss against the Dow Jones consensus for no change. It was the second straight friendly inflation print, following Tuesday’s Consumer Price Index, which fell 0.4% for the month and brought annual inflation down to 3.5%. Stocks opened higher on the news even as U.S. Central Command confirmed another overnight wave of strikes on Iran and Washington reinstated its naval blockade of Iranian ports near the Strait of Hormuz. President Donald Trump told Fox News that strikes will continue and that power plants and bridges could be next unless Tehran returns to talks. Federal Reserve Chairman Kevin Warsh, who told Congress on Tuesday that the committee has no tolerance for persistently elevated inflation, now faces two data points arguing the other way.

Where the indexes stand

The Dow Jones Industrial Average opened at 52,736.39, up 228.12 points, or 0.43%. The S&P 500 rose 32.75 points to 7,576.34, also up 0.43%, building on Tuesday’s close of 7,543.59. The Nasdaq Composite led at 26,271.95, up 164.94 points, or 0.63%. The Russell 2000 added 3.12 points to 2,967.89, a gain of 0.11%.

Inside the PPI report, gasoline prices dropped 12.0% and accounted for nearly two-thirds of the decline in final demand goods, which fell 1.4% — the steepest drop since July 2022. Energy prices overall fell 6.4% and food slipped 0.6%. The core measure excluding food and energy rose 0.2%, short of the 0.3% forecast. Final demand less food, energy and trade services rose just 0.1% after jumping 0.8% in May. May’s headline reading was also revised sharply lower, to 0.6% from an initially reported 1.1%. On an annual basis the index still shows 5.5% wholesale inflation.

Chris Rupkey, chief economist at Fwdbonds, said the Fed’s fight with inflation is far from finished but that odds of rate hikes should keep receding, since producers are not passing higher costs down to consumers as much as previously feared. Traders agreed. According to CME FedWatch, the probability of a July hike fell to 17% from 42% a day earlier. The two-year Treasury yield eased to 4.16%.

Market movers

ASML Holding set the tone. The Dutch lithography maker reported second-quarter net sales of €9.3 billion and net income of €2.9 billion, with a gross margin of 54.0% and basic earnings of €7.59 a share — both sales and margin above its own guidance. Chief Executive Christophe Fouquet raised the 2026 outlook to €43 billion to €45 billion in net sales from a prior range of €36 billion to €40 billion, and guided third-quarter sales to €11.0 billion to €12.0 billion. The company also said it plans to lift production capacity for chipmaking equipment by 30%, easing worries about supply bottlenecks. Shares rose about 3.6% before the bell after sliding 11% earlier in July.

Morgan Stanley beat on both lines, earning $3.46 a share on revenue of $21.35 billion against forecasts of $2.94 and $19.64 billion. A year ago the firm earned $2.13 on $16.8 billion. Chairman and Chief Executive Ted Pick credited active markets and execution across all three regions. Shares climbed about 1%.

International Business Machines remains the wound. The company shed more than $50 billion in market value Tuesday on a revenue warning — its worst single-day drop since 1987 — after guiding to second-quarter earnings of $2.93 a share on revenue of $17.2 billion, both below consensus. Oppenheimer cut IBM to Perform from Outperform Wednesday. Merck traded higher on positive trial data for a lung cancer combination treatment.

Elsewhere in research: Morgan Stanley upgraded CAVA Group to Overweight from Equal Weight and raised its target to $90 from $86, while cutting TransDigm Group to Equal Weight with a $1,345 target, down from $1,680, and Travelers to Underweight with a $290 target. Guggenheim lifted Digital Realty Trust to Buy with a $200 target. UBS downgraded Allstate to Neutral, raised its Advanced Micro Devices target to $700 from $670, and reiterated SpaceX at Buy ahead of the Starship test flight targeted for Thursday at 6:45 p.m. ET. Raymond James reiterated Nvidia at strong buy. Citizens started FedEx at Outperform with a $375 target.

Commodities and volatility

Oil rose for a third session. West Texas Intermediate August futures gained 0.64% to $79.85 a barrel, and Brent September futures added 0.58% to $85.22. Brent had already surged 11% over the prior two sessions. Saul Kavonic, senior energy analyst at MST Marquee, said expectations of a rapid reopening of Hormuz were premature and that the reimposed blockade puts the conflict back on an escalating path. Trump dropped his proposed 20% transit fee on cargo crossing the strait, saying Gulf investment into the United States would more than replace it.

Gold slipped $6.30 to $4,063.40. The Cboe Volatility Index fell 1.51% to 16.25.

Traders now turn to results from Progressive, Johnson & Johnson, United Airlines and BlackRock. The open belongs to cooling inflation. The close will belong to whichever force is louder by 4 p.m. — softer prices at the factory gate, or harder headlines out of the Persian Gulf.

JBizNews Desk | New York

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China’s export sector posted one of its strongest monthly performances in years, underscoring the country’s central role in supplying the rapidly expanding global artificial intelligence industry. According to trade data released by China’s General Administration of Customs on Tuesday, July 14, exports surged 27% from a year earlier in June, while imports climbed 36%, both exceeding economists’ expectations.

The stronger-than-expected results reflected robust worldwide demand for semiconductors, electronic components, artificial intelligence infrastructure, machinery and advanced manufactured goods. Reuters and the Associated Press reported that China’s trade surplus widened to approximately $125.6 billion, up from $105.4 billion in May, highlighting the continued strength of the country’s export engine despite ongoing domestic economic challenges.

The artificial intelligence boom has become one of the most significant drivers of global trade.

Technology companies around the world continue investing billions of dollars in data centers, high-performance computing systems, networking equipment and advanced electronics needed to support increasingly sophisticated artificial intelligence platforms. China remains deeply integrated into those global supply chains, manufacturing or assembling many of the components required to build that infrastructure.

Chinese customs data showed exports of integrated circuits, electronics and high-value technology products continued expanding at a rapid pace throughout the first half of the year.

The growth extends beyond artificial intelligence.

China also recorded strong overseas demand for electric vehicles, batteries, industrial machinery, renewable-energy equipment and consumer electronics, reinforcing the country’s position as one of the world’s leading manufacturing exporters.

Imports also rose sharply.

Rather than signaling stronger consumer spending alone, the increase reflected purchases of semiconductors, industrial components, energy products and raw materials used by Chinese manufacturers to produce goods destined for export markets.

That distinction is important.

China’s domestic economy continues facing significant headwinds, including weakness in the property sector, slower household spending and ongoing pressure on local governments. Exports have become an increasingly important source of economic growth as policymakers attempt to offset softer domestic demand.

The latest trade figures illustrate how foreign demand is helping stabilize China’s economy.

Artificial intelligence has emerged as a major catalyst.

Construction of new data centers throughout North America, Europe, the Middle East and Asia has increased demand for processors, memory, networking equipment, electrical components, cooling systems and other specialized products manufactured throughout China’s industrial base.

Many multinational companies continue relying on Chinese suppliers despite ongoing geopolitical tensions and efforts by Western governments to diversify supply chains.

That dependence continues generating political debate.

The United States and several allied nations have imposed tariffs, export controls and investment restrictions aimed at reducing reliance on Chinese manufacturing in strategic industries, particularly semiconductors and advanced technologies.

At the same time, Chinese manufacturers have expanded production in Southeast Asia, Mexico and other regions to maintain access to overseas markets while reducing the impact of trade restrictions.

Despite those efforts, China remains one of the world’s most important manufacturing hubs.

The June figures also suggest that global corporate spending remains healthy.

Businesses continue investing in technology, automation and artificial intelligence even as higher interest rates, geopolitical uncertainty and slowing economic growth affect other sectors of the global economy.

For shipping companies, ports and logistics providers, stronger Chinese exports represent continued demand for international freight services.

Container volumes have remained elevated as exporters move finished products to markets throughout North America, Europe and emerging economies.

Economists caution, however, that export-led growth carries risks.

Should global demand weaken, additional tariffs be imposed or geopolitical tensions escalate further, China’s manufacturing sector could face renewed pressure.

The country’s large trade surplus is also likely to attract increased scrutiny from trading partners concerned about industrial subsidies, excess production capacity and competitive imbalances.

Nevertheless, the latest data demonstrate that the global artificial intelligence investment cycle remains a powerful driver of international commerce.

The expansion extends well beyond technology companies themselves.

Mining firms supplying critical minerals, manufacturers producing industrial equipment, shipping companies transporting goods, utilities powering data centers and electronics manufacturers assembling advanced computing systems are all benefiting from the unprecedented investment.

For investors and business leaders, China’s latest trade report reinforces a broader economic reality.

Artificial intelligence is no longer simply transforming software companies—it is reshaping global manufacturing, international trade, supply chains and capital investment across virtually every major sector of the world economy.

JBizNews Desk | Beijing

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Earlier this week, Verizon Business and Japanese carrier KDDI announced a collaboration with BMW Group that places Verizon’s 5G and LTE networks inside new BMW, MINI, and other BMW Group vehicles built for the U.S. market. Kyle Malady, chief executive of Verizon Business, said the partnership is designed to deliver seamless connectivity for drivers nationwide. While the announcement may have appeared modest, it underscored a much larger shift taking place across the U.S. telecommunications industry: future growth is increasingly coming from connected vehicles, enterprise services, and infrastructure—not from adding another smartphone line to a family plan.

The deal is not a phone contract. It embeds Verizon at the infrastructure level of BMW ConnectedDrive, covering firmware and map updates, navigation, remote features, and the subscription services automakers now sell over the life of a car. Daniel Lawson, senior vice president for global solutions at Verizon Business, described the scope as covering telematics for the full BMW Group lineup in the United States. Verizon had offered a BMW connectivity add-on since 2023 for $20 a month through the My BMW app. This new arrangement replaces the optional add-on with integrated connectivity built directly into the vehicle platform.

Why the carriers are looking elsewhere

The numbers explain the pivot. Verizon told investors in its first-quarter earnings release on April 22 that mobility and broadband service revenue reached roughly $22.9 billion, up 1.6% from a year earlier. The company posted 55,000 postpaid phone net additions — its first positive first quarter since 2013, a swing of more than 340,000 year over year. While celebrated on Wall Street, the results also highlighted how little room remains for traditional wireless subscriber growth. Verizon’s own guidance projects wireless service revenue to remain approximately flat this year.

Dan Schulman, who took over as Verizon’s chief executive, has described the company’s strategy as a turnaround gaining momentum. A January network outage reduced wireless service revenue growth by roughly 80 basis points during the quarter. Verizon now serves approximately 16.8 million fixed wireless and fiber broadband connections following the completion of its Frontier acquisition on January 20.

AT&T is pursuing the same strategy from a different direction. In its first-quarter results, AT&T reported revenue of $31.51 billion and adjusted earnings of $0.57 per share, including 294,000 postpaid phone net additions and 584,000 internet net additions. Consumer wireline broadband revenue climbed 27.3% to $2.80 billion following the closing of its acquisition of Lumen Technologies’ mass-markets fiber business on February 2. John Stankey, chairman and chief executive, told investors it was the company’s strongest first quarter ever for advanced connectivity internet additions, with nearly 45% of new home internet customers also subscribing to AT&T wireless.

That strategy can be summed up in one word: convergence. Rather than simply selling smartphones, carriers increasingly want to sell complete connectivity ecosystems for homes, businesses, automobiles, and industrial customers. AT&T says it serves more than 100 million U.S. consumers and nearly 2.5 million businesses. Full-year revenue reached $125.6 billion, up 2.8%, and the company plans to return more than $45 billion to shareholders between 2026 and 2028.

The business customer becomes the prize

Verizon already provides telematics services for Volkswagen Group, primarily through Audi. The BMW agreement expands that footprint into another major premium European automaker. KDDI has partnered with BMW Group since 2022. Separately, on June 26, Verizon and BT Group agreed to combine portions of their international operations into a 50-50 joint venture focused on serving multinational corporations. AT&T continues expanding its own connected vehicle platform for automotive manufacturers.

The business case is straightforward. A connected vehicle remains on the road for years, often a decade or longer. Corporate fleets typically sign long-term service agreements instead of constantly shopping for cheaper wireless plans. According to Fortune Business Insights, the global connected car market is expected to grow from approximately $145 billion in 2026 to nearly $570 billion by 2034. For wireless carriers facing slowing growth in traditional consumer subscriptions, recurring industrial connectivity revenue represents one of the industry’s most attractive long-term opportunities.

Wall Street remains cautious

Despite these new growth initiatives, investors remain skeptical. Bernstein recently lowered price targets across the telecom sector — including T-Mobile, AT&T, Verizon, Comcast, and Charter Communications — citing increasing competition from SpaceX’s Starlink satellite broadband network. Veteran telecom analyst Craig Moffett has argued that Starlink is unlikely to move beyond its strength in rural markets into dense suburban communities. Meanwhile, Jim Cramer told viewers on CNBC earlier this week that he currently has little interest in owning either AT&T or Verizon shares. On July 8, Barclays reduced its Verizon price target to $45 from $47, while Wells Fargo initiated coverage with an Equal Weight rating.

The stock market reflects those concerns. AT&T shares have fallen roughly 20% over the past year, while Verizon currently offers a dividend yield of approximately 6.27%, reflecting both investor caution and its reputation as an income investment.

Investors will soon receive another update. AT&T reports second-quarter earnings before the opening bell on Wednesday, July 22, followed by Verizon on Friday, July 24. Beyond subscriber additions, Wall Street will focus on a more important question: how much future revenue will come from connected cars, enterprise infrastructure, and industrial networks instead of the smartphone in consumers’ pockets.

JBizNews Desk | New York

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Corporate America is delivering one of its strongest earnings seasons in years, yet Wall Street faces a growing debate over whether stock prices have already climbed too far.

As second-quarter earnings season began Tuesday with powerful results from the nation’s largest banks, investors found themselves weighing two competing realities: corporate profits continue exceeding expectations, while stock valuations have climbed to levels that many strategists believe leave little room for disappointment.

The earnings picture remains impressive.

Following robust first-quarter results, analysts expect S&P 500 companies to deliver another quarter of exceptional profit growth, with consensus forecasts calling for earnings to increase approximately 23% to 24% from a year earlier.

That pace is well above the long-term historical average and reflects continued consumer spending, resilient business investment and strong demand for artificial intelligence infrastructure.

The strength of those profits has helped drive the market close to record highs.

But the price investors are paying for those earnings has become increasingly controversial.

One of Wall Street’s most closely watched valuation measures—the Shiller Cyclically Adjusted Price-to-Earnings (CAPE) ratio, developed by Nobel Prize-winning economist Robert Shiller—now stands near 41, placing today’s market among the most expensive periods in modern financial history.

Comparable readings were reached only during episodes such as 1929, the dot-com bubble of 2000, and the speculative rally of 2021.

Using a different measure, Goldman Sachs estimates the S&P 500 trades at roughly 21 to 22 times expected forward earnings, approaching valuation levels last seen during the technology boom more than two decades ago.

Goldman Sachs strategist Ben Snider has cautioned that elevated valuations do not necessarily predict an immediate market decline.

However, they do increase the market’s sensitivity to disappointing earnings, slower economic growth or unexpected policy changes.

Several major investment banks share those concerns.

Bank of America recently warned that investor speculation has reached unusually elevated levels, particularly among high-growth technology companies benefiting from enthusiasm surrounding artificial intelligence.

The firm continues projecting the S&P 500 will finish the year near 7,100, implying limited upside from current levels.

Analysts also note that today’s valuations come as the Federal Reserve continues fighting inflation and still expects at least one additional interest-rate increase before year-end.

Historically, higher interest rates reduce the present value investors assign to future corporate earnings, placing greater pressure on richly valued stocks.

Another concern involves market concentration.

A relatively small group of artificial intelligence leaders—including Nvidia, Microsoft, Apple, Amazon, Meta Platforms and other technology giants—has accounted for a disproportionate share of the market’s gains.

Should those companies report weaker-than-expected results or reduce spending on AI infrastructure, the broader market could face increased volatility.

Yet not everyone believes valuations are excessive.

Keith Lerner, Chief Market Strategist at Truist, argues that while share prices have risen substantially, corporate earnings have increased even faster.

As a result, the market’s forward price-to-earnings ratio has actually declined modestly since the beginning of 2026, suggesting valuation pressures have eased somewhat despite rising stock prices.

Other strategists remain even more optimistic.

Ed Yardeni, President of Yardeni Research, recently increased his year-end target for the S&P 500 to 8,250, arguing that today’s rally differs fundamentally from the speculative excesses of the late-1990s technology bubble.

Rather than relying on unrealistic expectations, Yardeni believes current gains are supported by exceptional corporate profitability, particularly among companies benefiting from artificial intelligence.

JPMorgan Chase has likewise raised its market outlook while simultaneously cautioning that elevated investor positioning could produce periods of sharp volatility if market sentiment changes unexpectedly.

The disagreement highlights one of investing’s oldest questions.

Can outstanding earnings justify unusually high stock prices?

History suggests the answer depends largely on whether companies continue delivering exceptional financial performance.

If earnings continue expanding at current rates, today’s valuations may prove sustainable.

If profit growth slows, investors may become less willing to pay premium prices for future earnings.

The implications extend beyond professional money managers.

Millions of Americans now own the S&P 500 through retirement plans, pension funds and index funds.

The market’s performance therefore influences household wealth, retirement savings and consumer confidence throughout the economy.

For businesses, elevated stock prices also reduce borrowing costs, encourage investment and support merger activity.

At the same time, higher valuations leave less room for operational mistakes.

Companies reporting earnings over the coming weeks may find investors reacting more sharply to even modest disappointments.

The coming earnings season will therefore test more than corporate profitability.

It will test whether record earnings can continue supporting record valuations.

For now, Wall Street appears willing to pay premium prices for companies delivering premium growth.

Whether that confidence proves justified may determine the market’s direction during the second half of 2026.

JBizNews Desk | New York

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Federal Reserve Chairman Kevin Warsh told lawmakers on Tuesday, July 14, that the central bank remains fully committed to restoring price stability but deliberately avoided signaling whether policymakers will raise interest rates at their next meeting. During testimony before the House Financial Services Committee, Warsh emphasized that the Federal Reserve has “no tolerance for persistently elevated inflation,” while stressing that future policy decisions will depend on incoming economic data rather than predetermined plans.

Warsh’s appearance came only hours after the U.S. Bureau of Labor Statistics reported encouraging inflation data showing the Consumer Price Index rose 3.5% from a year earlier in June, down from 4.2% in May, while core inflation measured 2.6%.

The timing immediately shifted attention from the inflation report itself to how the Federal Reserve would interpret the data.

Financial markets initially welcomed the softer inflation figures. Treasury yields declined, stock markets advanced and traders sharply reduced expectations that the Federal Reserve would approve another interest-rate increase during its upcoming policy meeting.

Warsh, however, cautioned against drawing sweeping conclusions from a single month of favorable inflation data.

He reminded lawmakers that inflation remains above the Federal Reserve’s long-term 2% target and that policymakers must remain focused on sustained progress rather than short-term fluctuations.

That message reflected the central bank’s ongoing challenge.

While inflation has moderated considerably from its peak, consumers continue paying substantially more for housing, insurance, healthcare and many everyday necessities than they did before the inflation surge began. A lower inflation rate means prices are rising more slowly—not that prices are returning to previous levels.

Warsh also acknowledged that recent geopolitical developments could complicate the outlook.

Renewed military tensions involving the United States and Iran have pushed global oil prices higher after energy costs declined during June. Rising crude oil prices can eventually increase gasoline, transportation, manufacturing and shipping costs, potentially reversing part of the progress reflected in the latest inflation report.

Because energy prices influence nearly every sector of the economy, the Federal Reserve must determine whether any renewed increase represents a temporary geopolitical shock or the beginning of broader inflationary pressure.

Warsh declined to provide the forward guidance that investors had become accustomed to under previous Federal Reserve leadership.

Instead of indicating where interest rates may move, he emphasized that monetary policy would remain data dependent, allowing policymakers flexibility as new information becomes available.

That approach is intended to preserve the Federal Reserve’s independence while avoiding commitments that could become inappropriate if economic conditions change.

The chairman also discussed the growing impact of artificial intelligence on the U.S. economy.

Warsh said the Federal Reserve is closely monitoring how artificial intelligence influences productivity, labor markets, wages and long-term economic growth. Businesses continue investing billions of dollars in data centers, advanced computing systems and supporting infrastructure.

While artificial intelligence has the potential to improve productivity and economic efficiency over time, it may also increase short-term demand for electricity, specialized equipment, construction materials and skilled labor.

Those investments could create new inflationary pressures even as technological advances reduce costs elsewhere.

Warsh noted there is currently no broad evidence that artificial intelligence has produced widespread job losses across the economy. However, he acknowledged that some entry-level positions and routine office work may experience disruption as businesses adopt increasingly sophisticated automation.

Employment remains another critical factor shaping Federal Reserve policy.

A strong labor market supports consumer spending and overall economic growth but can also contribute to persistent inflation if wage increases significantly outpace productivity.

Conversely, a weakening labor market could reduce inflationary pressure while increasing concerns about slower economic growth.

For now, the Federal Reserve appears determined to balance both risks carefully.

Markets will continue watching upcoming employment, retail sales and inflation reports before the central bank’s next policy meeting.

Businesses are also monitoring borrowing costs closely.

Interest rates affect mortgage payments, commercial real estate financing, business expansion, automobile loans, credit cards and corporate investment decisions. Even modest changes in Federal Reserve policy can influence financing costs throughout the economy.

Warsh’s testimony therefore delivered a clear message without offering a timetable.

The Federal Reserve remains committed to defeating inflation, but policymakers are unwilling to declare victory—or signal their next move—until additional economic data confirms that recent progress can be sustained.

For consumers, investors and business leaders, one conclusion remains certain.

The direction of interest rates will continue depending on inflation, employment, consumer spending and global developments—not on predetermined promises from the Federal Reserve.

JBizNews Desk | Washington

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Morgan Stanley posted the strongest quarterly revenue in its history Wednesday, reporting $21.3 billion in second-quarter net revenue as a surge in equities trading, a rebound in investment banking, and continued strength in wealth management propelled earnings well above Wall Street expectations.

The New York-based investment bank earned $5.58 billion, or $3.46 per diluted share, for the quarter ended June 30, compared with $3.54 billion, or $2.13 per share, a year earlier. Analysts surveyed by LSEG had expected earnings of $2.94 per share on $19.64 billion in revenue, making the results one of the largest earnings beats among major U.S. banks this quarter.

Chairman and Chief Executive Officer Ted Pick credited active financial markets and balanced performance across the firm’s businesses.

“Active markets and consistent execution across all three regions drove exceptional results,” Pick said.

Trading Drives the Quarter

The standout performer was Morgan Stanley’s equities division.

Equities trading revenue climbed to a record $6.3 billion, a 69% increase from $3.72 billion a year earlier. The result significantly exceeded analysts’ expectations and reflected heightened client activity across global equity markets as investors repositioned portfolios amid volatile economic conditions and continued enthusiasm surrounding artificial intelligence investments.

Institutional Securities generated a record $11.0 billion in revenue.

Investment banking revenue rose 58% to $2.4 billion, reflecting stronger equity underwriting, advisory activity, and improving capital markets. The rebound suggests companies are becoming more willing to pursue public offerings, acquisitions, and financing transactions after several slower years for dealmaking.

For corporate executives, the results reinforce that capital markets remain open for companies seeking to raise money or pursue strategic transactions.

Wealth Management Reaches New Highs

Morgan Stanley’s Wealth Management franchise continued expanding into one of Wall Street’s largest fee-generating businesses.

The division produced a record $8.86 billion in revenue, up 14% from a year earlier, while maintaining a 30.5% pre-tax margin.

The business attracted a record $148.1 billion in net new assets during the quarter, more than doubling last year’s pace. The firm noted that just over half of those inflows came from workplace stock-plan activity associated with several large initial public offerings completed during the period.

Combined client assets across Wealth Management and Investment Management reached approximately $10 trillion, marking a significant milestone for the firm as it continues shifting toward more recurring, fee-based revenue streams.

Investment Management also reported record assets under management of approximately $2 trillion, generating $1.65 billion in quarterly revenue.

Capital Position Strengthens

Morgan Stanley ended the quarter with a Common Equity Tier 1 capital ratio of 14.8%, remaining comfortably above regulatory requirements.

The firm’s board increased its quarterly dividend to $1.15 per share, payable August 14, while repurchasing $1.5 billion of common stock during the quarter.

The combination of higher dividends and continued share repurchases reflects management’s confidence in both earnings power and capital strength.

Artificial Intelligence and Capital Markets

During the earnings call, Pick identified two long-term forces shaping the firm’s outlook: artificial intelligence and geopolitical change.

Management said it believes the current investment cycle surrounding artificial intelligence infrastructure remains in its early stages, pointing to continued demand for financing, trading, advisory services, and capital formation.

That outlook aligns with Morgan Stanley’s improving investment banking business, where corporations continue raising capital to fund technology expansion, acquisitions, and strategic growth initiatives.

For investors, the quarter demonstrated that periods of elevated market volatility can significantly benefit diversified investment banks with large trading and wealth-management operations.

Morgan Stanley generated record revenue not because markets were calm, but because client activity accelerated across nearly every major business line.

As earnings season continues, the results set another high bar for Wall Street, reinforcing expectations that the largest financial institutions remain well positioned even as interest rates stay elevated and geopolitical uncertainty persists.

JBizNews Desk | New York

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The average interest rate on a 30-year fixed mortgage climbed to its highest level of 2026 on Tuesday, July 14, adding fresh pressure to an already challenging housing market as elevated borrowing costs continue squeezing affordability for millions of Americans.

According to Zillow mortgage-rate data compiled by U.S. News & World Report, the average 30-year fixed mortgage rate rose to 6.771%, up from 6.734% the previous day. The 30-year refinance rate increased to 6.85%, while the 15-year fixed mortgage averaged 5.871%.

The increase extends a gradual upward trend that has developed since the U.S.-Iran conflict intensified earlier this year.

Although mortgage rates are not set directly by the Federal Reserve, they are heavily influenced by the bond market, inflation expectations and investor demand for long-term government and mortgage-backed securities.

The relationship begins with the 10-year U.S. Treasury yield, which serves as the benchmark for most mortgage lending.

When investors demand higher returns to purchase Treasury securities and mortgage-backed bonds, lenders pass those higher financing costs on to borrowers through increased mortgage rates.

Inflation remains the principal driver.

Higher energy prices resulting from the conflict have increased transportation, manufacturing and operating costs throughout the economy. As inflation remains above the Federal Reserve’s 2% target, investors continue demanding higher yields to compensate for the declining purchasing power of future interest payments.

That pressure has kept mortgage rates elevated despite recent signs that inflation is beginning to moderate.

The U.S. Bureau of Labor Statistics reported earlier Tuesday that annual consumer inflation slowed to 3.5% in June, down from 4.2% in May.

While the report was encouraging, economists cautioned that one month of improving inflation is unlikely to produce an immediate decline in mortgage rates.

The Federal Reserve reinforced that message.

At its June policy meeting, the central bank left its benchmark federal funds rate unchanged at 3.50% to 3.75%. Updated economic projections, however, indicated that most policymakers continue expecting at least one additional interest-rate increase before the end of the year if inflation fails to return toward target.

The Federal Reserve’s next policy meeting is scheduled for July 28–29.

Mortgage rates respond not only to current Federal Reserve policy but also to expectations about where interest rates will move over coming months.

Even though June’s inflation report reduced the likelihood of an immediate July increase, investors continue anticipating that borrowing costs may remain elevated well into 2027.

Housing economists believe affordability will remain one of the market’s greatest challenges.

Selma Hepp, Chief Economist at Cotality, said mortgage rates are unlikely to decline meaningfully until inflation shows sustained improvement and long-term bond yields move lower.

The housing market has remained surprisingly resilient despite elevated borrowing costs.

Pending home sales have continued running modestly ahead of last year’s pace, while housing inventory remains below historical averages.

Limited inventory has prevented home prices from falling significantly, leaving many prospective buyers facing the difficult combination of high prices and high financing costs.

The financial impact is substantial.

A $400,000 mortgage financed at today’s average rate carries a monthly principal-and-interest payment exceeding $2,500 before property taxes, homeowners insurance and maintenance costs are included.

For many households, qualifying for such a mortgage requires annual income approaching six figures while maintaining recommended debt-to-income ratios.

The effect extends well beyond individual homebuyers.

Housing remains one of the largest sectors of the American economy.

Higher mortgage rates influence residential construction, real-estate brokerage, mortgage lending, home improvement retailers, furniture manufacturers, appliance sales, moving companies, title insurers and countless local service businesses.

When financing becomes more expensive, fewer homes change hands, reducing economic activity across a wide range of industries.

Businesses tied to housing therefore continue watching interest rates as closely as prospective buyers.

The outlook remains uncertain.

Should inflation continue cooling and bond yields decline, mortgage rates could gradually ease during the second half of the year.

However, renewed increases in energy prices, persistent inflation or additional Federal Reserve tightening could keep borrowing costs near current levels—or push them even higher.

For now, economists generally expect mortgage rates to remain above 6% throughout the remainder of 2026.

That means affordability is likely to remain one of the biggest obstacles facing the U.S. housing market.

For homebuyers hoping for significantly lower borrowing costs, the message remains clear:

Meaningful relief will likely require sustained progress on inflation, calmer financial markets and lower long-term bond yields. Until then, mortgage rates are expected to remain historically elevated.

JBizNews Desk | New York

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The Centers for Disease Control and Prevention told reporters on Tuesday that cases of cyclosporiasis — an intestinal illness caused by a microscopic parasite spread through contaminated food and water — will keep rising through the summer, even as investigators still cannot name the food behind the worst outbreak year in recent memory. Gwen Biggerstaff, deputy director of the agency’s Division of Foodborne, Waterborne, and Environmental Diseases, said in the July 14 briefing that the number of reported cases is unusually high for this point in the season, and that these investigations are slow and difficult by nature. The agency issued a health alert to doctors the same day.

The scale is the story. In its alert, the CDC reported 1,645 laboratory-confirmed cases across 34 states since May 1, with 141 hospitalizations and no deaths. Another 5,100 probable cases are still being sorted out, pushing the national tally above 6,700 confirmed or probable infections. Dianna Blau, acting chief of the CDC’s Parasitic Disease Branch, said the entire year of 2025 produced roughly 2,700 cases. At this same point last year, the country had recorded 249.

Michigan is carrying the heaviest load by far. The Michigan Department of Health and Human Services reported 3,309 cases as of Tuesday, against a normal year of about 40 to 50. Dr. Natasha Bagdasarian, the state’s chief medical executive, called the climb highly unusual and said in a statement Monday that lettuce keeps surfacing as a common item in patient interviews — though she cautioned that no grower, supplier or specific product has been identified, and other foods have not been ruled out. Ohio has logged 361 cases since June 1 with 46 hospitalizations. West Virginia reported 69 cases and at least eight hospitalizations. Kentucky is near 100, in a state that typically sees 35 a year. The CDC now believes more than 400 cases across those four states are linked to a single source.

What businesses are doing about it

The commercial fallout is landing on restaurants first. Detroit-area Taco Bell locations posted signs saying they could not sell lettuce, cilantro onion, pico de gallo or guacamole. The chain, owned by Yum! Brands, told Bloomberg it had temporarily and voluntarily pulled certain ingredients at select restaurants while officials review the outbreak. Federal and state health officials are examining whether lettuce served at the chain played a role. No cases have been publicly tied to the company.

Independent operators moved on their own. Dipisa’s Pizza in Stevensville, Michigan pulled lettuce, tomatoes and onions from its menu entirely rather than take the risk. Those decisions are voluntary — Bagdasarian confirmed no state order has been issued.

Wall Street is treating the damage as contained for now. Peter Saleh, an analyst at BTIG, wrote in a July 10 research note that he is not aware of anyone getting sick from Taco Bell, and that indications from other operators point to a localized problem rather than an industry-wide one. Saleh said BTIG contacted Wendy’s and Chipotle, and neither reported trouble with lettuce or the other flagged items. Chipotle’s chief corporate affairs and food safety officer said the company is watching closely and does not believe its ingredients are involved.

History suggests the market reaction depends on whether a name gets attached. McDonald’s absorbed a one-quarter dip in same-store sales after the 2024 E. coli outbreak tied to slivered onions and moved on. Chipotle spent years and a $25 million settlement recovering from its 2015–2018 illness outbreaks.

Why nobody can find it

Cyclospora is harder to trace than the bacteria food-safety labs are built to chase. Craig Hedberg, a food-safety researcher, explained that the parasite cannot be grown in a laboratory, so the subtyping that quickly links cases in a salmonella or E. coli outbreak is not available. The CDC is relying on partial genotyping. Symptoms take up to 14 days to appear, so patients often cannot recall what they ate — and contaminated produce is usually buried inside something else, like bagged greens in a salad or cilantro in salsa.

Testing capacity is another bottleneck. Standard stool panels miss the parasite unless a doctor specifically orders the test. Axios reported the surge is outpacing lab capacity, delaying diagnoses. The FDA has begun traceback work on cilantro, scallions and cucumbers tied to a separate cluster in Illinois, New York, Pennsylvania and Texas — evidence that more than one outbreak is running at once. No recalls have been issued.

The surveillance question is now political. In July 2025, the CDC made cyclospora reporting optional through its Foodborne Diseases Active Surveillance Network. Former CDC Director Dr. Robert Redfield told CNN that cutting those programs does not serve the country’s interest, calling surveillance the key to early detection. Blau said reporting practices at the agency have not changed.

For growers, distributors and restaurant operators, the practical risk is the vacuum. Until the CDC names a product, every leafy green in the country carries the suspicion — and consumers make their own recalls.

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On Monday, Lazard, Inc. (NYSE: LAZ) released the 19th edition of its Levelized Cost of Energy+ report and delivered a blunt message to anyone building a power plant in America: everything costs more now. The lifetime cost of electricity from a new combined-cycle natural gas plant has climbed to its highest level in 15 years, and the cost of new utility-scale solar jumped 18 percent in a single year. George Bilicic, Vice Chairman of Investment Banking and Global Head of Lazard’s Power, Energy & Infrastructure Group, said the report captures a market defined by unprecedented demand growth, rising costs across all technologies, and an intensifying focus on reliability and affordability.

The numbers are stark. Lazard’s average estimate for the lifetime cost of power from a new combined-cycle gas plant rose to $90 per megawatt-hour from $78 a year earlier — a 15.4 percent jump, and the highest figure in a data set that goes back to 2009. The full range now runs $51 to $129 per megawatt-hour. Gas peaking plants, the units utilities fire up on the hottest afternoons, climbed to an average of $210 per megawatt-hour.

Solar did not escape. Unsubsidized utility-scale solar rose to $40 to $98 per megawatt-hour from $38 to $92, with the average landing at roughly $69 versus $58 last year. Onshore wind moved to $37 to $99 per megawatt-hour from $37 to $86. Standalone battery storage reversed years of declines, with a 100-megawatt, four-hour system now costing roughly $210 to $292 per megawatt-hour — up about 27 percent from 2020 levels.

Why costs are climbing

Samuel Scroggins, Managing Director and Head of Renewables & Sustainable Infrastructure at Lazard, pointed to a stack of pressures hitting at once: higher capital costs, interest rates that have stayed elevated, tariff costs passed straight through to buyers, and the expense of rebuilding supply chains away from China toward Southeast Asia and domestic suppliers. Foreign Entity of Concern restrictions have cut off access to cheap Chinese battery cells, forcing manufacturers to reroute and repay.

Inflation has not helped. The U.S. consumer price index rose 4.2 percent in the 12 months through May after cooling for much of 2025. Tensions around the Strait of Hormuz have pushed shipping costs higher and kept energy and commodity markets volatile. Silver, a core input in solar cells, has surged in price.

On the gas side, the bottleneck is physical. Roughly three companies — GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries — build most of the world’s large-frame turbines, and their order books are full. GE Vernova CEO Scott Strazik told investors in April that the company’s backlog grew by more than $13 billion quarter over quarter and that it expects at least 110 gigawatts of combined gas turbine backlog and slot reservation agreements by the end of 2026. Siemens Energy is carrying a record order backlog of about €136 billion. Delivery windows at the major manufacturers now stretch into the next decade.

What it means for businesses and ratepayers

This is where the report stops being an energy story and becomes an economics story. Lazard said rising costs to replace generation increase the value of every plant already connected to the grid — a direct benefit to utilities sitting on existing nuclear, coal, and gas assets. As of March 2026, the U.S. had 57 operating nuclear plants with 97 reactors and 219 coal-fired plants with 462 generators, according to the Energy Information Administration. Those plants are running more often as demand rises, letting owners spread fixed costs over more output.

Demand is the engine behind all of it. The EIA said in January that U.S. electricity demand is on track for its strongest four-year growth stretch since 2000, driven by data centers, manufacturing, and electrification. Scroggins called it “an era where speed is power,” saying value is shifting to whoever can deliver capacity fastest.

For commercial and industrial customers, higher build costs eventually show up in rates. Utilities recover construction spending through the bills that manufacturers, warehouses, supermarkets, and office landlords pay every month. When the cheapest new plant on the board costs 15 percent more than it did last summer, that gap does not disappear — it gets passed down.

Lazard was clear that renewables remain the lowest-cost new-build option on an unsubsidized basis and are still expected to make up most near-term capacity additions, largely because they can be built quickly. Scroggins noted that despite the 18 percent increase, utility-scale solar costs are still 81 percent below where they stood in the report’s first edition. Community and commercial solar runs roughly $88 to $197 per megawatt-hour.

The short-term picture is uncomfortable: every path to new power costs more, and gas costs are expected to keep rising. The longer-term picture is that companies able to secure electricity — through contracts, on-site generation, or location decisions — will hold an advantage over those still waiting in line.

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Payments company Stripe and private equity firm Advent International have submitted a joint offer to acquire PayPal Holdings Inc. for $60.50 per share, valuing the digital payments pioneer at more than $53 billion, according to two people with direct knowledge of the discussions on Tuesday, July 14.

Advent International declined to comment. Neither PayPal nor Stripe responded to requests for comment.

Unlike takeover speculation that often circulates on Wall Street, the proposal is backed by approximately $50 billion in committed financing from a group of banks, representing roughly a 28% premium over PayPal’s Tuesday closing share price.

The financing has already been committed, signaling that the proposal represents a serious acquisition effort rather than preliminary interest.

A Bid for the Entire Company

Under the proposal, Stripe and Advent International would each own 50% of PayPal following the acquisition.

Importantly, the buyers are proposing to keep PayPal intact rather than breaking apart its businesses.

That detail surprised many analysts.

For months, Wall Street speculation centered on the possibility that Stripe might pursue only Braintree, PayPal’s enterprise payment-processing platform, while leaving PayPal’s branded checkout business and Venmo separate.

Instead, the proposal seeks ownership of the company’s complete payments ecosystem.

According to people familiar with the matter, Stripe first approached PayPal in early April. The consortium has yet to receive a formal response from PayPal’s board and hopes discussions can advance during the coming weeks.

There is no guarantee a transaction will ultimately occur.

Why PayPal Became a Target

PayPal helped pioneer digital payments more than two decades ago.

Since then, however, competition has intensified as consumers increasingly shifted toward alternatives including Apple Pay, Google Pay, and newer fintech platforms.

The company’s market value tells the story.

PayPal reached a peak valuation of approximately $360 billion during the technology boom of 2021 before falling to roughly $36 billion earlier this year.

Its shares have declined more than 40% over the past twelve months.

Operating performance has also slowed.

PayPal’s branded checkout business—which still generates more than half of company profits—grew only 1% during the fourth quarter of 2025, down from 5% in the previous quarter.

Management attributed much of the slowdown to softer consumer spending among lower- and middle-income households in the United States and weaker demand in Germany, one of PayPal’s largest international markets.

For full-year 2025, revenue increased 4% to $33.2 billion.

Holiday-quarter revenue reached $8.68 billion, missing analysts’ consensus expectation of $8.80 billion.

The company also withdrew financial targets it had established for 2027 only one year earlier.

A New CEO Faces His First Major Decision

PayPal’s board appointed Enrique Lores as President and Chief Executive Officer effective March 1, replacing Alex Chriss.

Jamie Miller served as interim CEO during the transition while David W. Dorman became independent chairman.

At the time of the leadership change, directors stated publicly that the pace of execution under previous management had fallen short of expectations.

Lores, who previously spent more than six years leading HP Inc., immediately began restructuring PayPal and simplifying operations.

The takeover proposal arrives only four months into that turnaround effort, placing the board in a difficult position.

Directors must now decide whether to recommend a premium offer or continue pursuing an independent recovery strategy after years of disappointing shareholder returns.

Stripe Has the Financial Strength

Stripe enters the discussions from a position of strength.

The privately held payments company recently reached a valuation of approximately $159 billion, a 74% increase from the prior year following a tender offer supported by investors including Thrive Capital and Coatue Management.

Earlier this year, Stripe also completed its $1.1 billion acquisition of Bridge, a stablecoin infrastructure company.

On February 17, Bridge received conditional approval from the Office of the Comptroller of the Currency to operate as a federally chartered national trust bank.

PayPal already operates its own U.S. dollar-backed stablecoin, PYUSD, which now carries a market capitalization approaching $4 billion.

Together, the combined companies would control one of the largest digital checkout ecosystems alongside significant stablecoin payment infrastructure.

What It Means for Businesses

Small businesses could face meaningful changes if the acquisition proceeds.

Stripe and PayPal currently compete aggressively for merchants processing online payments.

Fewer independent payment processors could reduce merchants’ negotiating leverage when discussing transaction fees and payment-processing contracts.

Even modest increases in processing costs can significantly affect retailers operating on narrow profit margins.

Regulators are expected to examine the proposal closely.

A merger involving two of the world’s largest digital payments companies would almost certainly attract intense antitrust scrutiny from regulators in both the United States and Europe.

Those regulatory hurdles remain substantial and could ultimately prevent the transaction from moving forward.

A Familiar Story Returns

This is not the first time Stripe has been linked to PayPal.

In February 2026, Bloomberg reported that Stripe was exploring either a full acquisition or the purchase of selected PayPal assets.

That report briefly pushed PayPal shares approximately 7% higher before takeover enthusiasm faded.

This time, however, investors are looking at something materially different.

The proposal includes a specific purchase price, a substantial premium for shareholders and approximately $50 billion of committed financing already secured from lenders.

The next move belongs to PayPal’s board.

JBizNews Desk | New York

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AstraZeneca PLC announced Tuesday that it has agreed to pay up to $1.5 billion for the global rights to a promising lung-cancer treatment developed by China’s Dizal Pharmaceutical, underscoring the growing importance of Chinese biotechnology innovation in the worldwide race to develop new cancer medicines.

According to a company announcement issued Tuesday, July 14, AstraZeneca entered into an exclusive global licensing agreement for Zegfrovy (sunvozertinib), an oral targeted therapy designed to treat patients with advanced non-small cell lung cancer carrying EGFR exon 20 insertion mutations.

Under the agreement, AstraZeneca will pay $600 million upfront, with an additional $900 million tied to future development, regulatory and commercial milestones. Dizal will also receive tiered royalties on future global sales.

The transaction is expected to close during the second half of 2026 and will not affect AstraZeneca’s financial guidance for the year.

The agreement strengthens AstraZeneca’s already dominant position in lung-cancer treatment.

Zegfrovy is already approved in both the United States and China for adults with advanced non-small cell lung cancer whose disease has progressed following chemotherapy. The therapy is also under regulatory review as a first-line treatment in both countries after producing encouraging late-stage clinical trial results.

Unlike traditional chemotherapy, Zegfrovy is a once-daily oral irreversible EGFR inhibitor designed to target specific genetic mutations that drive tumor growth while limiting damage to healthy cells.

Patients with EGFR exon 20 insertion mutations have historically had limited targeted treatment options, making the therapy particularly significant within the oncology community.

Dave Fredrickson, Executive Vice President of AstraZeneca’s Oncology Business Unit, said the agreement brings another differentiated targeted therapy into the company’s global cancer portfolio and expands treatment options for patients with difficult-to-treat forms of lung cancer.

Dizal Chief Executive Officer Xiaolin Zhang said AstraZeneca’s global commercial infrastructure will allow a medicine discovered by Chinese researchers to reach patients throughout the world.

The acquisition also reinforces a major shift occurring across the pharmaceutical industry.

Rather than relying primarily on internally developed medicines, many large pharmaceutical companies are increasingly licensing late-stage drugs from Chinese biotechnology firms that have already demonstrated strong clinical results.

China has rapidly emerged as one of the world’s fastest-growing centers for pharmaceutical research and development.

Industry analysts estimate that roughly one-fifth of all medicines currently under development worldwide now originate in China, reflecting years of investment in scientific research, biotechnology and clinical development.

For AstraZeneca, the strategy offers several advantages.

Licensing a medicine that has already received regulatory approval substantially reduces development risk while providing the opportunity for earlier revenue generation compared with acquiring experimental compounds still undergoing initial clinical testing.

The agreement also complements AstraZeneca’s flagship lung-cancer medicine, Tagrisso, which remains one of the world’s best-selling oncology drugs and generated approximately $7.25 billion in sales during 2025.

Together, the two therapies could strengthen AstraZeneca’s leadership in one of the largest oncology markets globally.

Lung cancer remains the leading cause of cancer-related deaths worldwide.

Non-small cell lung cancer accounts for approximately 85% of all lung-cancer diagnoses, while EGFR mutations occur significantly more frequently among Asian patients than in Western populations.

That makes China an increasingly important source not only of pharmaceutical innovation but also of clinical expertise in developing targeted treatments for genetically defined cancers.

The agreement also continues AstraZeneca’s expanding investment in China.

Last month, the company signed another licensing agreement valued at up to $5.2 billion with CSPC Pharmaceutical Group, while separately committing billions of dollars toward research, manufacturing and development operations throughout the country.

The latest transaction reflects how global pharmaceutical companies increasingly view China as both an important commercial market and a source of innovative medicines.

For investors, the agreement represents another example of AstraZeneca’s long-term strategy of strengthening its oncology portfolio through carefully targeted acquisitions and licensing agreements rather than relying solely on internal drug development.

For patients, the partnership could accelerate worldwide access to an important new targeted therapy for one of the deadliest forms of cancer.

More broadly, the transaction highlights a changing global pharmaceutical landscape.

As Chinese biotechnology companies continue producing advanced medicines capable of competing internationally, Western drug manufacturers are becoming increasingly willing to pay substantial premiums for therapies that can quickly strengthen their product pipelines.

For AstraZeneca, the acquisition is more than another licensing agreement.

It is a strategic investment in the future of precision cancer medicine—and further evidence that the next generation of breakthrough oncology treatments is increasingly emerging from a global research ecosystem rather than any single country.

JBizNews Desk | Cambridge, England

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Rep. Ralph Norman, R-S.C., stopped short Wednesday of announcing he would run for the late Sen. Lindsey Graham’s seat.

Norman gave an interview on Wednesday on FOX Business’ “Mornings with Maria,” saying “he is interested in the job.”

Graham, who served more than 23 years in the Senate, died on Saturday at his Washington, D.C., home just a day after he returned from a trip to Kyiv.

His sister, newly minted Sen. Darline Graham, R-S.C., was sworn in on Tuesday to serve the remainder of his term.

This is a developing story. Please check back for updates.

This post was originally published here. 

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Mile Auto, an artificial-intelligence-driven auto insurer, said Friday it has acquired The Insurance House, combining a technology-first pricing model with one of the Southeast’s oldest insurance distributors to create a larger, more diversified platform in the independent-agent channel.

In a statement from its Atlanta headquarters dated Friday, July 10, Mile Auto said the deal became effective July 1. The combined company generates nearly $100 million in annual premium, serves more than 55,000 policyholders, and works with roughly 1,600 independent insurance agencies across 10 states. Financial terms were not disclosed. Both companies will continue operating under their existing brands.

The combination brings together two very different businesses with complementary strengths. Mile Auto, founded in 2017, pioneered pay-per-mile automobile insurance using patented computer-vision and machine-learning technology that prices policies based on how far customers actually drive, eliminating the need for telematics devices or continuous smartphone GPS tracking. The company markets the approach as a privacy-focused alternative to traditional usage-based insurance programs and serves as the exclusive U.S. provider of Porsche Auto Insurance.

The Insurance House, founded in 1964, contributes more than six decades of underwriting experience as a managing general agent, along with long-established relationships throughout the Southeast’s independent insurance market. The company also maintains close ties with carriers and agencies that have been built over generations.

Fred Blumer, Chief Executive Officer of Mile Auto, said the acquisition combines advanced technology with proven market expertise and significantly expands the company’s distribution capabilities. He said bringing together Mile Auto’s artificial intelligence platform with Insurance House’s underwriting experience and agency relationships positions the combined organization for continued growth.

Jill Jinks, Chief Executive Officer of The Insurance House and affiliated carrier Southern General Insurance Company, described the acquisition as the beginning of a new chapter while emphasizing that existing carrier partnerships and agency relationships will remain unchanged.

Managing general agents, commonly known as MGAs, occupy an increasingly important role within the insurance industry. Rather than assuming insurance risk directly, MGAs underwrite policies and administer insurance programs on behalf of carriers. The model has attracted substantial investment because technology companies can modernize underwriting, pricing and policy administration without having to build a licensed insurance carrier from the ground up.

That strategy appears central to this acquisition.

Mile Auto gains immediate scale through an established book of business, additional premium volume and a large network of independent agents, while Insurance House gains access to artificial intelligence underwriting tools and data-driven pricing capabilities that would likely have required years to develop internally.

The transaction also broadens the combined company’s carrier relationships.

Mile Auto will continue working with Cimarron Insurance Company, while Insurance House maintains its longstanding relationship with Southern General Insurance Company. Company executives said operating across multiple carrier partnerships provides greater underwriting flexibility and additional capacity while minimizing disruption for existing customers and agency partners.

The acquisition reflects broader trends reshaping the insurance industry.

Auto insurers have spent the past several years facing sharply higher repair costs, inflation, rising vehicle values and increasingly expensive claims. Those pressures have pushed insurers to seek more precise pricing models, with artificial intelligence, machine learning and predictive analytics becoming critical competitive advantages.

Technology-focused MGAs acquiring established distribution businesses has emerged as one of the industry’s fastest-growing strategies, allowing companies to combine modern pricing technology with trusted agency relationships already serving local communities.

For the approximately 1,600 independent agencies within the combined organization, the transaction promises broader access to AI-powered underwriting tools, expanded insurance products and improved pricing capabilities while preserving the local relationships that remain central to independent insurance sales.

Ultimately, the success of the acquisition will depend on execution. Integrating technology systems, maintaining agency loyalty and demonstrating that AI-powered mileage-based pricing can consistently outperform traditional underwriting models will determine whether the combined company achieves its long-term growth objectives.

Even so, the direction of the insurance industry is becoming increasingly clear. Companies that successfully blend artificial intelligence with established distribution networks are positioning themselves to compete more effectively in a market where data, automation and underwriting precision increasingly define competitive advantage.

JBizNews Desk | Atlanta

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The United States cannot count on keeping China’s automakers out of the American market forever and must instead learn to beat them head-on, Ford Motor executive chairman Bill Ford said Tuesday.

Speaking at an Axios event in Washington, D.C., on Tuesday, July 14, Ford said the domestic auto industry has to be ready for the day China’s carmakers break into the country. “We have to go toe-to-toe with China,” he said, adding that the U.S. “can’t expect to keep them out forever” and has to be able to “beat them at their own game.” The remarks are among the most candid yet from the great-grandson of Henry Ford, and they cut against the prevailing mood in Washington, where lawmakers are moving to wall off the market entirely.

The timing is pointed. Ford spoke as a bipartisan bill advances through Congress that would effectively ban Chinese cars from the U.S. The measure, the Connected Vehicle Security Act of 2026, was introduced by Senators Bernie Moreno of Ohio and Elissa Slotkin of Michigan, and it would cut off Chinese vehicles, software and critical hardware at every stage — manufacturing, import and sale — phasing in software and vehicle restrictions in 2027 and hardware limits in 2030. The Senate Commerce Committee is expected to vote on the bill Wednesday, and a similar measure is pending in the House. Ford Motor has said it supports the legislation and its goal of protecting the U.S. industrial base.

Bill Ford’s message is that a ban buys time but not safety. Domestic automakers, he warned, still have to brace for the possibility that Chinese manufacturers find a way through — and prepare to compete rather than assume the door stays shut. His company is trying to do exactly that. Ford has been readying a new $30,000 all-electric pickup, built on a new low-cost platform in Louisville, aimed squarely at the affordable electric vehicles that Chinese brands have used to take market share around the world.

The scale of that challenge is growing fast. China’s carmakers — led by BYD and Geely — have ratcheted up exports over the past year and quickly gained share in major markets. Exports of electric vehicles and hybrids from Chinese automakers more than doubled in June from a year earlier, to roughly 877,000 vehicles, according to the China Passenger Car Association. Powered by heavy state subsidies and increasingly advanced technology, these companies have displaced established rivals across Europe, Latin America and Asia, and for now they are held out of the U.S. only by 100% tariffs and national-security restrictions.

Those restrictions have already claimed a casualty. Last month, the EV maker Polestar — controlled by China’s Zhejiang Geely Holding Group — said it would stop selling cars in America because of a federal rule banning Chinese connected-vehicle software. Polestar had asked the Commerce Department for authorization to keep selling under a process laid out in the rule, the company said, but the government denied the request. Volvo, also majority-owned by Geely, fared better, winning Commerce Department clearance in May to continue operating in the U.S. The split outcome shows how the new rules are already reshaping which brands can survive in the American market — and which cannot.

For the U.S. auto industry, Bill Ford’s warning reframes the debate. The political consensus in Washington treats Chinese cars as a threat to be blocked; the chairman of America’s second-largest automaker is arguing that protection without preparation is a trap. Every year the tariffs and security rules hold the line is a year domestic manufacturers can use to close the cost and technology gap — or waste growing complacent behind the wall. Chinese firms have the manufacturing capacity, roughly 50 million vehicles a year against a home market of about 29 million, to flood export markets the moment barriers fall.

The stakes reach well beyond Detroit. The auto industry anchors millions of American manufacturing jobs and the tax base that funds schools and hospitals in communities across the Midwest. If Ford is right that the barriers eventually come down, the companies that used the reprieve to build genuinely competitive, affordable electric vehicles will endure — and those that relied on the ban alone may not. As Ford put it, the goal cannot simply be to keep China out. It has to be to win.

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The nation’s rapidly growing debt could leave today’s young Americans facing fewer job opportunities, slower wage growth and a weaker economy for decades to come, according to a report released Monday by the Peter G. Peterson Foundation, which argues that Washington’s current fiscal path increasingly shifts the burden onto future generations.

The nonpartisan fiscal policy organization, citing new economic modeling conducted by the QUEST practice at accounting firm EY, found that if current debt trends continue, the United States could have 1.2 million fewer jobs by 2035 than under a scenario in which federal debt is stabilized. The report projects the employment gap would widen to 2.7 million fewer jobs by 2055 and 3.6 million fewer jobs by 2075, meaning much of the economic impact would fall on today’s members of Generation Z and younger Americans who have not yet entered the workforce.

The report concludes that federal borrowing affects far more than government finances.

According to the EY analysis, wages would also gradually fall behind as higher debt slows long-term economic growth. Average annual earnings would be approximately 0.6% lower by 2035, widening to 3% below a stabilized-debt scenario by 2055 and 5.3% lower by 2075. Economists say the reason is straightforward: as government borrowing consumes a larger share of available capital, businesses face higher financing costs, private investment declines, productivity slows and wage growth weakens over time.

The warning comes as federal debt continues climbing at a historic pace.

The gross national debt surpassed $39 trillion on March 17, 2026, after increasing by roughly $4.5 trillion in only two years. Budget analysts expect total debt to move beyond $40 trillion before the end of the year if current spending and borrowing trends continue.

Servicing that debt has become one of Washington’s fastest-growing expenses.

According to the Congressional Budget Office, net interest payments reached approximately $857 billion during the fiscal year, or nearly $24 billion every week. Interest costs now consume more federal resources than many major government departments, limiting policymakers’ ability to finance infrastructure, education, research, defense and other long-term investments without additional borrowing.

Young workers historically experience the greatest impact during periods of slower economic growth.

Research from the Economic Policy Institute found that a one-percentage-point increase in unemployment is associated with a 0.86 percentage-point decline in annual wage growth for younger workers—more than double the effect experienced by workers age 25 and older. Economists say graduates entering the labor market during weak hiring periods often experience lower earnings for years because delayed career advancement compounds over time.

History illustrates the long-lasting consequences of entering the workforce during periods of economic stress.

Workers who graduated during the Great Recession frequently experienced years of reduced earnings compared with peers who entered stronger labor markets. Many accepted lower-paying jobs, delayed homeownership, accumulated less retirement savings and required years to catch up professionally. Economists warn that persistent fiscal imbalances could create similar long-term headwinds if slower economic growth becomes entrenched.

Not everyone agrees that debt alone determines future economic performance. Some economists argue that borrowing can support stronger growth when used for productive investments such as infrastructure, education and research, particularly during recessions. Others contend the greater risk comes when borrowing consistently finances routine government operations rather than investments that expand the nation’s productive capacity.

Even so, fiscal experts broadly agree that rapidly rising interest costs reduce budget flexibility.

Every additional dollar spent paying interest cannot be invested elsewhere, leaving future lawmakers with fewer options when confronting recessions, national emergencies or demographic challenges associated with an aging population.

For businesses, slower economic growth typically translates into weaker consumer demand, reduced business investment and fewer employment opportunities. Employers become more cautious about expansion, venture capital becomes more expensive and entrepreneurial activity often slows when financing costs remain elevated.

For Generation Z, the report’s central message is that today’s fiscal decisions will shape tomorrow’s economic opportunities.

Whether Congress ultimately chooses spending reductions, tax increases, faster economic growth or some combination of reforms, the Peterson Foundation argues that delaying action increases the eventual cost of restoring fiscal stability.

As policymakers continue debating taxes, spending priorities and entitlement programs, the report concludes that the consequences of inaction are likely to be felt most by younger Americans who will spend the largest share of their working lives in the economy created by today’s borrowing decisions.

JBizNews Desk | Washington

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SpaceX has become one of the fastest companies ever added to the Nasdaq-100 Index, but the massive wave of mandatory buying by index funds has done little to support its stock price, highlighting the difference between mechanical demand and investor confidence.

According to Nasdaq’s June 26 announcement, SpaceX officially joined the benchmark index before trading opened on Tuesday, July 7, only 15 trading days after its record-setting June 12 initial public offering. The unusually rapid addition was made possible by new Nasdaq rules that took effect on May 1, allowing exceptionally large newly public companies to qualify for fast-track inclusion.

Previously, newly listed companies often waited months before becoming eligible.

The change reflects SpaceX’s enormous market value.

The company debuted at $135 per share, giving it an estimated valuation of approximately $1.75 trillion, immediately making it one of the world’s largest publicly traded companies.

Its inclusion triggered automatic buying from index funds and exchange-traded funds that track the Nasdaq-100.

More than $800 billion in investment assets are linked to the index, including the widely held Invesco QQQ Trust.

Because passive investment funds are required to mirror the Nasdaq-100’s composition, they had no choice but to purchase SpaceX shares while simultaneously reducing holdings in existing index members such as Apple, Microsoft, Nvidia, Amazon and other technology giants.

JPMorgan estimated the addition required approximately $4.3 billion in buying by the QQQ fund alone.

Across all Nasdaq-100 and related index-tracking products, analysts estimated total passive purchases between $22 billion and $27 billion.

Despite that extraordinary demand, SpaceX shares have struggled.

Rather than rallying following the index inclusion, the stock declined during the week as investors questioned whether its valuation already reflected years of future growth.

The mixed reaction illustrates one of Wall Street’s most important distinctions.

Index inclusion creates demand because investment rules require funds to buy the shares—not necessarily because investors believe the stock has become more attractive.

Once those mandatory purchases are completed, future performance depends primarily on earnings growth, profitability and business execution.

Analysts remain sharply divided.

Morgan Stanley maintained an optimistic outlook with a $300 price target, while Raymond James initiated coverage Tuesday with an $800 target, implying an extraordinary long-term valuation approaching $10.5 trillion if achieved.

Other analysts remain considerably more cautious.

Historical performance also suggests restraint.

Research examining Nasdaq-100 additions since 2020 found that newly added companies have generally underperformed the broader index during the following one to two years after the initial buying pressure subsided.

SpaceX’s own financial results explain some of that caution.

The company reported approximately $4.7 billion in first-quarter revenue, while recording an operating loss of roughly $1.9 billion.

Its Starlink satellite-internet business remained profitable, generating approximately $1.2 billion in operating income, but the broader company continues investing heavily in launch systems, spacecraft development and satellite deployment.

Investors are also watching future share supply.

Only an estimated 3% to 5% of SpaceX shares currently trade publicly.

Additional shares are expected to become available as lock-up restrictions gradually expire following future earnings releases and later this year.

A larger public float could increase the company’s weighting within major stock indexes while simultaneously increasing the number of shares available for trading.

The S&P 500 has not adopted Nasdaq’s accelerated inclusion rules.

As a result, SpaceX is unlikely to qualify for the broader benchmark until 2027, delaying another potentially significant wave of passive investment.

For everyday investors, the episode demonstrates how modern financial markets increasingly operate through passive investing.

Millions of Americans now own SpaceX indirectly through retirement accounts and index funds regardless of whether they intentionally selected the company.

At the same time, index inclusion alone does not guarantee higher share prices.

Ultimately, investors will judge SpaceX based on its ability to grow revenue, improve profitability and execute its ambitious long-term plans in commercial spaceflight, satellite communications and related technologies.

The Nasdaq-100 provided immediate visibility and billions of dollars in automatic demand.

Whether those purchases ultimately justify SpaceX’s valuation will depend on the company’s future financial performance rather than the mechanics of index investing.

JBizNews Desk | New York

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Citigroup reported its best quarterly revenue in a decade on Tuesday, July 14, but investors were unimpressed, sending the bank’s shares down more than 5%. The decline came after Chief Financial Officer Gonzalo Luchetti acknowledged during the company’s second-quarter earnings call that Citi remains behind its largest Wall Street rivals in equities trading and that closing the gap will take time.

Financially, the quarter was exceptionally strong.

Citigroup earned $5.8 billion, or $3.15 per diluted share, comfortably exceeding all 20 analyst estimates compiled by Bloomberg and topping the $2.74 consensus forecast tracked by Reuters. Revenue climbed to $24.8 billion, up 14% from a year earlier and the bank’s highest quarterly total in ten years. Net income increased 45% from $4.0 billion reported during the second quarter of 2025.

The Markets division delivered another standout performance. Equities trading revenue surged 45% to $2.3 billion, while prime brokerage balances jumped nearly 60%. Fixed-income trading revenue rose 7% to $4.7 billion, and investment banking posted its strongest quarter since 2021. Four of Citi’s five major operating divisions—Banking, Services, Markets and Wealth—exceeded Wall Street expectations. The only disappointment came from U.S. Personal Banking, where a 10% increase in expenses, driven partly by severance costs, weighed on results.

Where Citi Still Lags

Despite impressive growth, investors focused on one uncomfortable comparison.

While Citi’s equities trading revenue increased 45%, rivals produced even stronger gains.

Goldman Sachs reported equities trading revenue of $7.42 billion, up 72%, beating analysts’ expectations by roughly $2.3 billion. Bank of America generated $8.02 billion in Global Markets revenue, with equities sales and trading climbing 70%.

Against those results, Citi’s record quarter suddenly looked less impressive.

Luchetti openly acknowledged the issue, telling analysts that Citigroup invested later than competitors in building its equities franchise and still has significant work ahead. Rather than promising a quick turnaround, management stressed that expanding the business will be a multi-year effort.

The honesty was appreciated by analysts—but not by shareholders comparing earnings reports across Wall Street.

The Guidance That Raised Questions

Investors also focused on Citi’s profitability outlook.

The bank generated a 13% return on tangible common equity (ROTCE) during the second quarter and 13.1% for the first half of 2026. Yet management maintained its existing full-year target, implying materially lower profitability during the second half of the year.

Executives also indicated that stronger economic conditions would encourage additional investment spending over the coming months.

During the earnings call, Wells Fargo Securities analyst Mike Mayo challenged management directly, noting that a first-half return above 13% implied second-half returns closer to 9%, suggesting a meaningful slowdown.

Chief Executive Officer Jane Fraser responded that Citi remains focused on long-term value creation rather than quarter-to-quarter fluctuations. She said the bank would not sacrifice strategic investments simply to produce stronger short-term earnings.

Luchetti added that market revenues are typically seasonal and cautioned investors against reading too much into the implied second-half comparison.

The market remained unconvinced.

With Citi trading roughly 33% above its $100.89 tangible book value before earnings, expectations were already high. Shares declined 5.3%, closing near $134.

Restructuring Continues

Citigroup also continues reshaping its workforce.

Headcount declined by approximately 5,000 employees during the quarter, representing a 5% reduction from a year earlier. The bank has now recorded roughly $800 million in severance charges during the first half of 2026.

Luchetti indicated those restructuring costs are likely to exceed previous estimates as Citi accelerates its modernization program.

Management said lower regulatory remediation expenses have created room to fund the bank’s previously announced $5 billion investment plan unveiled in May.

Returning Cash to Shareholders

Despite the stock’s decline, shareholders received positive news.

Jane Fraser announced that stronger earnings support a 12% increase in Citigroup’s quarterly dividend while allowing the bank to launch a $30 billion share repurchase program.

During the quarter alone, Citi returned approximately $5 billion to common shareholders through dividends and buybacks.

AI and the Future of Banking

Fraser also offered insight into how the bank is evolving.

She said the U.S. economy remains on stable footing, with labor markets holding up well, although growth is increasingly concentrated in sectors such as artificial intelligence, semiconductors and data-center construction.

Inside Citigroup, nearly nine out of ten employees now use the bank’s internal AI tools, which management says are accelerating product development and improving efficiency.

Combined with a workforce reduction of 5,000 employees in just one quarter, the comments provided one of Wall Street’s clearest examples yet of how major banks expect artificial intelligence to reshape operations over the coming years.

Citigroup reaffirmed its 2026 outlook, projecting net interest income, excluding Markets, to grow 5% to 6%.

For now, however, investors remain focused on one challenge: Citi still has ground to make up in stock trading, and management says that process will require patience.

JBizNews Desk | New York

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CleanSpark, Inc. announced Tuesday that it has signed a long-term lease expected to generate billions of dollars in contracted revenue, marking one of the clearest examples yet of a bitcoin miner transforming itself into an artificial intelligence infrastructure company.

According to a Form 8-K filed with the U.S. Securities and Exchange Commission and a company announcement dated Tuesday, July 14, the Las Vegas-based company entered into a 20-year triple-net lease with what it described as a high-investment-grade global technology company for a major computing campus in Sandersville, Georgia.

CleanSpark did not identify the tenant.

The agreement is expected to produce approximately $6.6 billion in contracted revenue during the initial 20-year lease term. If the tenant exercises both available five-year extension options, the total value of the agreement could reach approximately $11.6 billion.

The lease covers approximately 175 megawatts of critical computing capacity, with deliveries expected to begin during the fourth quarter of 2027.

Under a triple-net lease, the tenant generally pays property taxes, insurance and operating expenses, allowing the landlord to generate highly predictable cash flow while limiting ongoing operating costs.

CleanSpark estimates the project will generate roughly $330 million in average annual net operating income with contribution margins approaching 100% after the facilities become operational.

Company officials estimate development costs between $10 million and $12 million per megawatt, reflecting the enormous capital investment required to construct modern artificial-intelligence infrastructure.

The announcement represents a significant strategic shift for CleanSpark.

For years the company was known primarily as one of North America’s largest publicly traded bitcoin miners. Its business depended heavily on cryptocurrency prices and mining economics, both of which can fluctuate dramatically.

Now the company is leveraging another valuable asset accumulated during the cryptocurrency boom—large parcels of land with long-term access to electrical power.

That resource has become increasingly valuable as technology companies race to build artificial-intelligence data centers.

Unlike traditional office buildings or industrial facilities, AI data centers require enormous amounts of reliable electricity to power thousands of advanced processors operating around the clock.

Securing sufficient power has become one of the industry’s greatest challenges.

Rather than selling electricity into the wholesale market or using all of its capacity to mine bitcoin, CleanSpark plans to lease portions of its power infrastructure directly to technology companies requiring large-scale computing facilities.

Chief Executive Officer and Chairman Matt Schultz described the agreement as a transformational milestone that completes the company’s evolution into a diversified digital infrastructure platform.

He said the company deliberately pursued what he called a “land-and-power” strategy, assembling strategically located sites with secured electrical capacity before demand for artificial-intelligence infrastructure accelerated.

The Georgia project may represent only the beginning.

CleanSpark also disclosed that the same unnamed tenant signed a letter of intent and exclusivity agreement covering the company’s Texas development portfolio.

That portfolio includes approximately 718 acres with the potential to support as much as 885 megawatts of secured and planned electrical capacity.

If additional agreements are finalized, CleanSpark could become one of the largest providers of AI-ready power infrastructure among former cryptocurrency miners.

The transaction reflects a broader trend reshaping the digital economy.

As artificial-intelligence companies compete to build increasingly powerful computing systems, electricity has become as important as computer chips.

Data-center developers now compete aggressively for access to power grids capable of supporting hundreds of megawatts of continuous demand.

That has created new opportunities for companies that previously assembled energy-intensive infrastructure for cryptocurrency mining.

The timing is also significant.

CleanSpark recently reported weaker-than-expected quarterly financial results, including a loss of approximately $1.52 per share on revenue of about $136.4 million, missing Wall Street expectations.

The company mined 614 bitcoin during June and 3,724 bitcoin during the first half of the year.

Investors nevertheless welcomed Tuesday’s announcement.

Shares of CleanSpark rose roughly 10% after the lease was announced, reflecting optimism that long-term contracted rental income could provide greater stability than cryptocurrency mining alone.

The company said Morgan Stanley served as financial adviser on the transaction, while Davis Polk & Wardwell LLP acted as legal counsel.

For the broader business community, the lease demonstrates how the artificial-intelligence boom is creating winners well beyond traditional technology companies.

Electric utilities, landowners, engineering firms, construction companies, power developers and former cryptocurrency miners are all finding new opportunities as demand for high-performance computing infrastructure accelerates.

What was once a bitcoin mining campus in rural Georgia is now positioned to become part of the expanding backbone of the global artificial-intelligence economy.

Whether other cryptocurrency miners successfully replicate CleanSpark’s strategy may depend on one increasingly scarce resource:

Access to reliable electricity.

JBizNews Desk | Las Vegas

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Shares of SpaceX finished Tuesday, July 14, at $136.08 on the Nasdaq Stock Market, down 2.2% on the session and barely a dollar above the $135 price investors paid when Elon Musk’s rocket, satellite and artificial intelligence company went public on June 12. It marked the stock’s third consecutive daily decline, leaving it on the verge of slipping below its initial public offering price—the level many investors view as the key measure of whether a new listing is holding up. Since reaching its post-IPO peak, the company has surrendered roughly one-third of its market value, erasing an estimated $850 billion.

The reversal is remarkable for what was the largest IPO in history. SpaceX priced its shares at $135, opened at $150 on June 12, and finished its first trading session at $160.95, a gain of 19.2%. Within days, the stock surged to $225.64, briefly giving the company a valuation greater than Amazon and Microsoft combined. That record high came on June 16. Today, the company’s market capitalization stands near $1.8 trillion.

What Is Dragging the Stock Down

The recent selloff has come despite positive operational news. The Federal Aviation Administration completed its review of the failed return of a Starship booster following a May test flight, concluding that it had overseen and accepted the company’s findings and corrective actions. The agency cleared SpaceX to move forward with Starship Flight 13, subject to standard safety and licensing requirements, with a launch window scheduled to open Thursday at 6:45 p.m.

Investors, however, continued selling.

One reason appears to be growing competition from China. Over the weekend, the China Aerospace Science and Technology Corporation successfully launched a reusable Long March 10B rocket from the Wenchang Commercial Space Launch Site on Hainan Island and recovered it at sea using a floating capture platform. Chinese officials hailed the mission as a complete success. If the achievement proves repeatable, SpaceX may no longer be the only company operating a proven reusable rocket system—one of the company’s strongest competitive advantages.

Fundamentals have also come under greater scrutiny. SpaceX generated $18.7 billion in revenue last year while posting an operating loss of $4.2 billion, despite carrying an IPO valuation approaching $1.77 trillion. Its prospectus disclosed cumulative losses totaling $41.3 billion since 2002.

Additional setbacks have added pressure. Shares fell 8% after Starlink reduced prices in Memphis amid controversy surrounding a local data center project. The stock also declined 4.4% on July 7 after joining the Nasdaq-100, even as the broader index lost just 1.7%.

Wall Street Remains Bullish

Despite the pullback, most analysts continue to maintain optimistic outlooks.

Evercore ISI analyst Kutgun Maral initiated coverage with an Outperform rating and a $230 price target, describing SpaceX as “an extraordinary company on a real path to reshaping the future of humanity.” His projections call for revenue and EBITDA growth of 106% and 157%, respectively, through 2028, while operating margins expand from 35% to 69%.

Other major firms remain equally positive:

  • Bernstein analyst Douglas Harned reiterated a Buy rating with a $239 target.
  • Deutsche Bank analyst Edison Yu maintained a Buy rating and a $255 target.
  • Morgan Stanley carries a $300 target.
  • BofA Securities initiated coverage with a Buy rating and a $235 target, citing dramatic reductions in launch costs—from roughly $10,000–$20,000 per kilogram before Falcon 9 to approximately $2,000 today, with potential costs falling to $50–$100 per kilogram if Starship achieves full reusability.
  • Raymond James analyst Brian Gesuale remains the most optimistic, assigning an $800 price target.

Not everyone shares that enthusiasm.

Morgan Stanley Managing Director Adam Jonas has warned that the company may ultimately need to raise approximately $700 billion in debt to pursue its long-term artificial intelligence ambitions. He cautioned investors accustomed to Tesla’s volatility to expect a similarly turbulent ride. One analyst tracked by the BBC sees the stock falling to $115.

Why It Matters Beyond SpaceX

The IPO was unusual because approximately 30% of the offering was allocated to retail investors—far above the 5% to 10% typically reserved for individual buyers. As a result, ordinary investors, not just institutions, are absorbing much of the recent decline.

The offering was also widely viewed as paving the way for future public listings from high-profile artificial intelligence companies including OpenAI and Anthropic, both of which confidentially filed IPO paperwork with the Securities and Exchange Commission this summer without announcing launch dates. If the market continues to struggle with the largest technology IPO ever completed, investment bankers may face a more difficult environment bringing the next generation of AI companies to market.

Operationally, the business continues advancing. Frontier Airlines announced Tuesday that it plans to equip its fleet with Starlink internet service by early 2027.

For investors, attention now turns to two major milestones: Thursday’s Starship Flight 13 launch and the company’s first quarterly earnings report as a public company, expected in early August.

Until then, $135 remains the number Wall Street will be watching most closely.

JBizNews Desk | New York

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The U.S. House of Representatives passed H.R. 139, the Sunshine Protection Act, by a vote of 308-117 on Tuesday, July 14, ending the twice-a-year clock change and locking the country into daylight saving time year-round. Rep. Brett Guthrie, the Kentucky Republican who chairs the House Energy and Commerce Committee, said in a statement following the vote that the bipartisan margin reflected both constituent demand and evidence that year-round daylight saving time boosts economic activity and public safety. The bill was sponsored by Rep. Vern Buchanan, a Florida Republican, and now moves to the Senate.

The measure would put the country permanently on the time observed from March to November. States would still be able to stay on standard time year-round, but only if they enact an exemption before the federal law takes effect. Arizona and Hawaii, along with Puerto Rico, the U.S. Virgin Islands and other territories, already sit out the clock change.

Who voted how

The split was geographic more than partisan. Twenty-two Republicans and 95 Democrats voted against the bill. Members from tourism-heavy coastal states including Florida, New Jersey and Louisiana largely backed it, while lawmakers from the Midwest and agriculture-heavy states pushed back. House Minority Leader Hakeem Jeffries voted no. Republican opponents included Rep. Bryan Steil of Wisconsin, Rep. Rick Crawford of Arkansas, Rep. Ryan Zinke of Montana and Rep. Harriet Hageman of Wyoming.

Rep. Scott DesJarlais, the Tennessee Republican presiding over the floor, played the Beatles’ “Here Comes the Sun” on his phone as he read out the tally. The bill had earlier cleared the Energy and Commerce Committee 48-1 as part of the surface transportation package, with Rep. Nanette Barragán of California the only no vote.

The business case

The lobbying behind this bill is decades old and specific. The U.S. Chamber of Commerce, the National Retail Federation, the National Association of Convenience Stores and the American Farm Bureau Federation have all backed permanent daylight saving time. The logic is simple: an extra hour of evening light after work moves people out of the house and into stores, restaurants, ballparks and gas stations.

Golf has been the loudest voice. Jay Karen, chief executive of the National Golf Course Owners Association, told lawmakers in 2025 that playable hours directly determine how many rounds courses sell, how many people they employ and what they earn, especially in the late afternoon. A 2018 study by the World Golf Foundation put the U.S. golf industry’s annual output at $84.1 billion. In Michigan alone, the industry has pegged its economic impact at $4.2 billion, including $1.2 billion in wages.

Rep. Frank Pallone, the New Jersey Democrat and ranking member on Energy and Commerce, supported the bill on tourism grounds, arguing that more evening light means more boardwalk traffic and more revenue for local small businesses. Guthrie made a similar pitch on the floor, framing the change as shifting one hour of winter sunlight from morning to evening so people can exercise, attend events and shop.

The other ledger

The economics are not one-sided. Retail and restaurants gain, but agricultural operations that run on sunrise lose. Some researchers have measured a decline in stock market returns tied to the time change, though the finding is disputed, and there is no real consensus that daylight saving time itself is a net positive for output.

Where there is more agreement is on health costs. The American Academy of Sleep Medicine, backed by more than 20 medical and scientific groups, has pushed for permanent standard time instead, arguing that shifting clocks forward misaligns body clocks with solar time. One analysis put the annual economic cost of the resulting increase in heart attacks and strokes at roughly $626 million. Another estimated healthcare costs of permanent daylight saving time at $2.35 billion and productivity losses at 4.4 million workdays a year from fatigue and absenteeism. The House Rules Committee voted down an amendment on Tuesday that would have flipped the bill to permanent standard time.

Rep. Mary Gay Scanlon, a Pennsylvania Democrat, warned that children would be walking to school in the dark and pointed to the country’s abandoned 1974 experiment with year-round daylight saving time, which Congress killed early after backlash over dark mornings.

The Senate problem

The bill needs 60 votes in the Senate, and that is where the last version died in reverse. The Senate passed a nearly identical measure by unanimous consent in 2022 and the House never took it up. This time the House has acted first.

Sen. Tom Cotton, an Arkansas Republican, blocked fast-tracking the bill last October and has not moved. A senior Hill aide said Tuesday that Cotton holds the same concerns and will ask Majority Leader John Thune not to bring the legislation to the floor, citing parts of the country where the sun would not come up until 9 a.m. Sen. Rick Scott of Florida is sponsoring the Senate version, and Sen. Patty Murray, a Washington Democrat who led earlier efforts, called on Thune to schedule a vote quickly.

President Donald Trump has said he would sign it. Nineteen states have already passed laws that would switch them to year-round daylight saving time the moment Congress allows it. For retailers, restaurant operators and tourism markets in those states, the clock is now a Senate floor decision.

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China imported 29.27 million tons of crude oil in June — about 7.12 million barrels a day — the lowest monthly total since October 2016, according to data released Tuesday by the General Administration of Customs of China. Imports fell 41.3% from a year earlier and dropped another 12% from May, when purchases had already collapsed to an eight-year low.

The country that buys more oil than any other has simply stopped buying at anything close to its normal pace. And its refineries have followed.

The utilization rate at China’s crude distillation units — the basic measure of how hard refineries are working — fell to 57.72% in June, down 3.28 percentage points from May and down 13.09 percentage points from a year earlier, according to Chinese consultancy Oilchem. That is close to the weakest reading in a decade. Refiners are running roughly half-empty because the crude they would normally process is too expensive, and because Beijing has restricted how much gasoline and diesel they are allowed to ship overseas.

The reason traces back to the Strait of Hormuz. Since the war with Iran began on February 28, the waterway that normally carries about one-fifth of the world’s oil has been throttled repeatedly. Ship-tracking firm Vortexa put China’s seaborne crude arrivals at roughly 6 million barrels a day in June, with volumes from the Middle East at their lowest in ten years. Iranian crude — the discounted feedstock that keeps China’s small independent refiners, known as teapots, in business — fell 40% from May to under 800,000 barrels a day as Washington’s blockade of Iranian ports tightened.

Living off the stockpile

China could afford to walk away from the market because it spent years preparing for exactly this. Analysts at Kpler and Energy Aspects estimate the country holds between 1.2 billion and 1.3 billion barrels in commercial and strategic reserves, built up during the cheap-oil years before the war. Instead of paying wartime prices, refiners have been draining tanks at roughly 1 million barrels a day.

Sumit Ritolia, lead analyst for refining supply and modeling at Kpler, has said the true split between commercial and strategic barrels is impossible to verify given how little Beijing discloses. Jianan Sun, a London-based analyst at Energy Aspects, said state refiners will return to international markets once reserves are meaningfully drawn down — but that government authorization, tied to Beijing’s read on Hormuz, will come first.

There is also a permanent piece to this. Emma Li, lead China market analyst at Vortexa, estimates that the country’s rapid switch to electric vehicles has knocked about 1 million barrels a day off fuel demand this quarter alone. Gasoline consumption is down 2.4% year over year and diesel down 4.4%, according to industry data. GL Consulting expects Chinese refining activity to fall about 5% for all of 2026.

Why it matters outside China

China’s absence from the crude market is the main reason oil has not gone to $150. Roughly 4 million barrels a day of buying disappeared, which offset a large share of the barrels lost to the war. That kept prices tolerable for American truckers, airlines and drivers through the spring.

That cushion is thinning. Rory Johnston, founder of research firm Commodity Context, said the stock buffer that absorbed the shock has largely been spent, leaving the market far more exposed to another disruption.

Prices are already moving. Brent crude settled Tuesday at $84.73, up 1.7%, after trading as high as $87 during the session. U.S. West Texas Intermediate closed at $79.34, up 1.5%. U.S. Central Command reimposed a naval blockade on Iran’s ports and coastline effective 4 p.m. Eastern, and President Donald Trump dropped his proposed 20% transit fee on cargo crossing Hormuz. Brent has climbed more than 10% since Friday.

For businesses, the squeeze runs through fuel. Chinese refined-product exports averaged about 417,000 barrels a day in May, according to Kpler — nearly half the roughly 750,000 barrels a day shipped before the war. Asian importers that relied on Chinese diesel and jet fuel are competing for cargoes elsewhere, which pushes product prices up globally, including in the United States. OPEC has already cut its 2026 demand growth forecast to 800,000 barrels a day.

The question every refiner, airline and freight operator is now watching: what happens when China turns the taps back on. Once state refiners restart buying at scale, roughly 4 million barrels a day of demand returns to a market that no longer has a spare cushion. The relief the world has enjoyed from China’s silence may end abruptly — and the bill will land at the pump.

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Texas has launched an investigation into LinkedIn over allegations the company allegedly advertised and profited from fake or misleading job listings known as “ghost jobs,” the attorney general’s office announced Tuesday.

The investigation centers on claims that job seekers who paid for LinkedIn Premium subscriptions may have been presented with listings that were not legitimate hiring opportunities, according to the attorney general’s office.

The attorney general’s office describes a “ghost job” as a listing that either does not correspond to an actual open position or is posted despite an employer having no immediate intention of filling the role, according to the attorney general’s office.

According to the attorney general’s office, LinkedIn does not disclose that some listings may not represent active hiring opportunities, leading some consumers to pay for Premium subscriptions based on allegedly misleading representations about the platform’s job marketplace.

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Texas officials said LinkedIn Premium Career and Premium Business subscriptions cost about $39.99 and $69.99 per month, respectively.

“I will use every resource available to my office to help job-seeking Texans find and secure real employment opportunities,” Texas Attorney General Ken Paxton said in a statement.

“LinkedIn has a duty to provide the services it advertises and ensure that consumers paying for Premium subscriptions are receiving access to legitimate job postings,” he continued. “I am investigating whether LinkedIn has misled Texans by promoting and profiting from ‘ghost jobs’ while marketing itself as a trusted platform for finding employment.”

Paxton said his office has issued a Civil Investigative Demand seeking documents, data and internal communications related to LinkedIn’s advertising, marketing, verification practices and representations about its Premium subscription services and job listings.

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In response to the investigation, LinkedIn defended its job marketplace, saying listings on the platform are required to be authentic and accurately represented.

“LinkedIn’s goal is to help jobseekers find their next role, and our policies require that jobs posted be authentic and accurately represented,” a LinkedIn spokesperson told FOX Business. “For many jobs posted on LinkedIn, we also display the company’s response time and whether they’re currently reviewing candidates, which helps jobseekers know if it is a current, active job opportunity.”

“We actively enforce our policies and continually invest in new features like verifications for jobs, recruiters and company pages to help LinkedIn members identify more trusted opportunities,” the spokesperson added.

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The attorney general’s investigation has not resulted in formal charges or a lawsuit.

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A senior member of the Houthi political bureau, Mohammed al-Farah, warned on Monday that Yemen’s armed forces are prepared to close the Bab el-Mandeb Strait — the Red Sea’s southern gateway — if Saudi Arabia keeps striking Yemeni territory, a step he said would drive crude to $200 a barrel. Al-Farah, in remarks carried by Iran’s Press TV, said that if conditions worsen, Bab el-Mandeb and the Strait of Hormuz would be shut together in what he called an operational alliance. He said Washington had erred by pushing the Saudi government toward new aggression against Yemen, tying the threat directly to Saudi airstrikes on Sanaa International Airport.

The signal matters because Hormuz is already choked off. Iran’s Islamic Revolutionary Guard Corps has declared the Gulf waterway closed until Washington halts its strikes, and tanker traffic has collapsed — fewer than twenty ships crossed on Monday. Bab el-Mandeb is the second lock on the same door. It is roughly 26 kilometers across at its narrowest, links the Red Sea to the Gulf of Aden, and carries about 12% of global maritime trade. Hormuz carries roughly a fifth of the world’s seaborne oil and gas. Iran cannot reach Bab el-Mandeb itself. The Houthis can, and have.

The price is already moving

Brent climbed to $86.35 a barrel on Tuesday, up 3.66% in a single session and up 3.82% over the past month. West Texas Intermediate opened Tuesday at $78.08, with Brent opening at $83.11 before running higher through the day. The move followed President Donald Trump’s announcement that the United States would reimpose a naval blockade on Iranian vessels using Hormuz, alongside a proposal to charge a 20% fee on other cargo moving through the chokepoint — a toll that would have run roughly $32 million for a single supertanker against the $2 million Iran previously charged. Trump dropped the toll idea within a day. OPEC cut its 2026 oil demand growth forecast to 800,000 barrels per day.

What the analysts are saying

Fawaz Gerges, a Middle East scholar, told Reuters that Tehran is prepared to go the distance, and that threatening both chokepoints at once turns a bilateral fight with Washington into a challenge against the sea lanes carrying global energy trade.

Andreas Krieg, a senior lecturer at King’s College London’s School of Security Studies, called the Houthi threat a second break-glass option for Iran after Hormuz — one Tehran would use only if the IRGC concluded that full-scale war had become unavoidable. He cautioned that deeper American strikes on Iranian infrastructure could trigger exactly that, stacking a Red Sea shutdown on top of the damage Hormuz has already done.

Abdulaziz Sager, chairman of the Gulf Research Center, said Gulf governments increasingly believe diplomacy with Tehran has run out of room. He added that both a victorious Iran and a defeated Iran carry costs for the region, and that many Gulf states may find the second more tolerable. Sager said the Houthis retain the capability to disrupt Bab el-Mandeb but are unlikely to move without direction from Tehran — and that any attempt would likely draw a heavy U.S. response aimed at degrading the group. Dennis Ross, a former U.S. Middle East negotiator, framed Washington’s problem as changing Iran’s calculus enough to produce not just talks but a workable arrangement.

The cost already built into cargo

Businesses do not have to wait for a formal closure. The Red Sea has been functionally expensive for two years. Oil moving through Bab el-Mandeb fell from 8.8 million barrels a day to roughly 4 million during the Houthi campaign, and about $1 trillion in goods normally passes through the corridor each year. The U.S. Defense Intelligence Agency found the attacks cut Red Sea container traffic by 90% between December 2023 and February 2024, affecting 29 energy and shipping companies across 65 countries and adding roughly 11,000 nautical miles, ten days, and about $1 million in fuel to every diverted voyage.

Most major carriers — Maersk, Hapag-Lloyd, MSC, and CMA CGM — still route the bulk of Asia-to-Europe traffic around the Cape of Good Hope, adding 10 to 14 days and a 25% to 30% premium. Suez Canal throughput remains down 50% to 60% from 2024 levels. A war-risk endorsement for Red Sea transit runs 0.5% to 1.0% of cargo value, and the Red Sea premium alone adds $800 to $1,500 to a 40-foot container moving from China to the U.S. East Coast.

The timing is unkind. The Suez Canal Authority’s new temporary surcharges take effect Wednesday, raising crude tanker fees from 25% to 37% and more than doubling dry bulk surcharges from 10% to 22%. Carriers will not absorb that. It arrives on shippers’ invoices as war-risk and peak-season surcharges.

For American importers, distributors, and small manufacturers, the exposure is fuel and freight. Every dollar Brent gains feeds bunker costs, which reprice into ocean rates within days through bunker adjustment factors. Diesel follows crude, and diesel sets the floor under trucking, food distribution, and construction. A second closed chokepoint would not stay a Middle East story. It would show up in landed cost, pump prices, and fourth-quarter margins.

Whether the order comes from Tehran is now the only question that matters.

JBizNews Desk | New York

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