Before rushing too easily into accusations against the American administration and its policy toward Iran, we must pause and ask what lesson Israel should draw when world headlines report US President Donald Trump’s dramatic declaration that “the deal with Iran is done” and that the naval blockade is being lifted.

To arrive at the right lesson, it is worth returning to a foundational principle of international relations, one that many on the Israeli right refused, and still refuse, to internalize: at the helm of the world’s greatest power stands a leader who has made “America First” his banner, said it, and genuinely means it. Trump has a clear compass; sometimes Israel falls on the same needle, and sometimes it may point elsewhere. That does not mean the compass should be discarded when there is no alignment and the goals diverge.

I recall the first Trump inauguration ceremony in January 2017. Around me was a phenomenal euphoria. People danced in the streets of Washington, drunk on hope, certain that a savior had arrived who would fulfill every political dream of the settlement movement and the State of Israel.

Today, those very same people are full of criticism, angry, and even rushing to delete old photos of themselves smiling alongside Trump from their social media accounts. The euphoria has given way to bitter disappointment.

This inconsistency on our part does a disservice, first and foremost, to historical truth: Donald Trump was and remains a president who granted Israel unprecedented support, perhaps the greatest we have ever known from any American president.

The transfer of the embassy to Jerusalem, the recognition of sovereignty over the Golan Heights, and the signing of the historic Abraham Accords are all recorded in his name and have reshaped the Middle East in our favor.

But the mistake of those who danced then and those who are deleting photos today stems from a basic misunderstanding: Trump acted as he did not out of philanthropy or blind Zionism, but because, at that time, it aligned with the cool-headed national interest of the country he was entrusted to govern.

Trump’s actions aren’t based on Zionism, but on US calculations

Now, as Trump seeks to quickly end the regional war in order to present his voters at home with a swift diplomatic achievement, his priorities are shifting accordingly. And as we look toward a fog-shrouded future, Israel must prepare for three central scenarios.

The first scenario is that the agreement collapses or proves to be smoke and mirrors. Already, serious contradictions are emerging between the American and Iranian interpretations regarding the dismantling of nuclear materials and the flow of billions of dollars.

If mutual distrust prevails and the Washington understandings fall apart, we may find ourselves back in active combat, once again in a tight convergence of interests and an open alliance with the United States military against the Iranian octopus.

The second scenario is that the agreement, despite initial concerns in Jerusalem, proves to be good and satisfactory for Israel. It is possible that diplomatic pressure and high-level coordination will ultimately lead the American mechanisms to include close oversight, genuine dismantling of nuclear capabilities, and containment of the missile program and proxy networks. In such a case, the new regional architecture would grant Israel years of quiet and security.

But the third scenario, and the most sober of all, is the one in which the agreement is signed on Friday in Switzerland yet leaves Israel exposed and vulnerable, with our vital security interests pushed aside. In that case, exactly as we have done before the destruction of reactors in Iraq and Syria, we will be required to take independent and decisive action.

Israel has its own red line

We will need to make clear to our friends in Washington that we, too, have a red line, and that with all due respect to “America First,” Israel’s security and survival will always, for us, come first.

The truth is simple: the United States is our greatest friend, and Trump can be an enormous strategic partner, but we must free ourselves from the syndrome of the child waiting for parental approval. The conclusion from his recent moves should not be despair or anger, but sobriety: we must make use of America wherever possible, but never place our security and diplomatic fate on anyone’s shoulders but our own.

Oded Revivi is an Israeli public figure, attorney, and military officer who currently serves as the Chief Executive Officer (CEO) of the ANU Museum of the Jewish People in Tel Aviv. He is best known for his 16-year tenure as the Mayor of the Efrat local council from 2008 to 2024.

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A 1,000-year-old monastery that symbolizes Ukraine’s spiritual and cultural heritage was badly damaged on Monday in a major attack by Russia that killed 10 people nationwide, hours after US President Donald Trump spoke to the leaders of both countries about ending the war.

Ukraine’s President Volodymyr Zelensky said on Sunday he had discussed with Trump efforts to bring an end to the four-year-old conflict, ahead of a G7 meeting in France starting on Monday. The US president also told Russian leader Vladimir Putin in a call on Sunday that it was vital to end the war.

Zelensky offers Putin talks

Zelensky, speaking at the damaged monastery in Kyiv, said he had offered to meet Putin at the G7 summit in France this week or in the United States.

“We gave message that we are ready to meet with Putin during (the) G7, because Trump is there and Macron is there, so Europeans plus America. This is a good, I think, very good opportunity to meet all together,” Zelensky told reporters in English.

“Europe and the United States were agreed and Russia demonstrated again that…they are not ready to speak,” he said.

Writing later on Telegram, Zelensky said he had suggested to Trump in a telephone conversation on Sunday that he and the Russian president meet in the United States.

“Yesterday we discussed with President Trump that such a meeting could be organized in the US in a format that would make it much harder for Putin to refuse, at least to refuse President Trump,” he said.

“We will see what comes of this. If Russia rejects this chance too, more pressure will be needed.”

Monastery attack draws condemnation

The damage to the Kyiv Pechersk Lavra monastery, a UNESCO World Heritage site founded in 1051, drew international condemnation. France’s foreign minister said the attack was akin to bombing Notre Dame Cathedral in Paris.

Zelensky, who visited the monastery to inspect the damage, said the attack was “one of Russia’s most serious crimes against Christian culture to date.”

“This is an attack on our history,” he told reporters at the monastery, where rescuers were assessing the impact on the building’s paintings and frescoes. “Of course, everything will be restored.”

The blaze caused extensive damage to the roof of the Dormition Cathedral, the main church at the monastery site, but its structure and walls remained standing and much of the interior appeared intact.

Russia denied striking the monastery, calling the allegations “a crude fake,” and said instead it had been damaged by a US-made Patriot air defense missile, which Ukraine uses to protect its cities.

However, Ukraine’s SBU security service said it had recovered fragments of a Geran-2 drone, a Russian kamikaze drone, at the attack site and posted images of the debris. Reuters could not verify the information independently.

Ukraine seeks more air defenses

At least 10 people were killed in Russia’s overnight attack on Kyiv and the northeastern city of Kharkiv on Monday.

Four people were killed and 34 were injured in the overnight strikes on Kyiv, said Tymur Tkachenko, the head of the capital’s military administration. Kyiv Mayor Vitali Klitschko later said a fifth person had died in hospital from injuries sustained in the attack.

A Russian strike on Kharkiv killed four emergency service rescuers and a municipal official and injured at least five people, Interior Minister Ihor Klymenko said on Telegram.

Ukraine’s military said Russia had launched 70 missiles and 611 drones overnight and that its air defenses had shot down 50 missiles and 582 drones of various types.

In recent months, Ukraine has appealed to Western allies to increase supplies of Patriot air defense missiles, which are its only effective means of stopping Russian ballistic missiles.

Air Force spokesperson Yuriy Ihnat said Ukraine shot down only 15 of the 34 ballistic missiles launched by Russia overnight.

“Ballistic missiles remain a problem for us,” Ihnat said on national television.

Zelensky said that his priority at the G7 meeting would be securing more air defense systems to defend against Russian strikes.

“We will have a meeting with Europeans and also with President Trump; we will speak with him about how to push Putin to stop this war,” he said.

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US Vice President JD Vance said that he is confident that Israel would join the agreement with Iran “further down the road,” when asked about Israeli involvement in the US-Iran memorandum of understanding (MoU) during a Monday night interview with CBS News.

“What we know,” he said,  “is that this agreement is going to make Israel safer, going to make the entire region safer. We feel quite confident that the Israelis are going to be brought in on this agreement once we get a little further down the road.”

He also added that he believes it’s normal for close allies to have disagreements.

Uranium stockpile at center of deal

“We want them [Iran] to behave like a normal country,” Vance said, and explained that if Tehran complies with the points outlined in the MoU, including giving up its stockpile of enriched uranium, stopping funding to terrorist organizations, and making the country investible, then “benefits will float to them.” 

According to Vance, the US’s focus is on the enriched uranium, which, according to the MoU, would be destroyed by the International Atomic Energy Agency (IAEA) and the US. 

“We want them to have a successful country, but only if they do what’s necessary to commit long-term to not building a nuclear weapon,” Vance added. 

Vance rejects Obama comparison

In a video shown to Vance by the CBS interviewer, former US President Barack Obama is seen saying that any agreement that arises between the US and Iran is “not going to be significantly different, or a significant improvement from the deal that we had in the first place and that we had worked for for a long stretch of time.” 

Vance responded that Obama’s claims are “fundamentally not right.” 

“If you go back to the Obama JCPOA (Joint Comprehensive Plan of Action), what it did was it took an Iranian nuclear program that it accelerated. It basically bribed the Iranians to stop that program. 

The JCPOA was an Obama-led multilateral agreement between Iran and the US, UK, France, China, Russia, and Germany to limit Iran’s nuclear development. 

Vance argued that Trump’s administration is in a different position. “The Iranian nuclear program has been completely destroyed, and what we’re saying is: make the long-term commitment to not rebuild it, and you will get the benefits that come with that.” 

The vice president also noted that the Gulf States, whom he claims have been threatened by the Iranian regime for 47 years, “hated the JCPOA because they felt that it empowered Iran to be a bad regional actor.”

The same countries, argued Vance, have called Trump’s plan “amazing because it transforms the Middle East in a way that makes them more peaceful and more prosperous.”

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The U.S.-Iran agreement has set Israeli Prime Minister Benjamin Netanyahu on a “collision course” with President Donald Trump, according to a report published on Monday.

A Major Rift Brewing?

An Israeli official told Reuters that the preliminary agreement is “terrible” for Israel and no one in the country’s leadership views it otherwise.

Notably, Trump described Netanyahu as a “very difficult guy” in a New York Times interview on Sunday, adding that the Israeli leader should be “thankful” to the U.S. for preventing a possible nuclear attack from Iran.

But this is not the first time Trump has expressed his displeasure with Netanyahu’s actions. Earlier this month, he reportedly called Netanyahu “crazy” over Israel’s attacks in Lebanon in an “expletive-laden call.” 

Netanyahu also acknowledged differences with Trump at a Monday press conference, saying, “We many times see eye-to-eye, and there …

Full story available on Benzinga.com

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The amount of oil sitting in the U.S. Strategic Petroleum Reserve (SPR) has dropped to its lowest level in more than four decades, according to federal data released Monday, as the Trump administration continues drawing emergency crude from the stockpile to cushion the economy against disruptions caused by the war with Iran.

The reserve held 340.3 million barrels as of June 12, the Department of Energy reported. That is the smallest amount since 1983, when the Reagan administration was still building the reserve and the U.S. economy was far smaller than it is today.

The new figure falls below the previous modern low of 346.7 million barrels, reached in July 2023 following market disruptions tied to Russia’s invasion of Ukraine.

The government withdrew another 8.9 million barrels during the past week alone. Since the Iran conflict began in late February, the reserve has declined by approximately 75 million barrels, or about 18%.

The drawdown traces directly to disruptions surrounding the Strait of Hormuz, one of the world’s most important oil transit routes. With global energy markets under pressure and crude prices rising, the administration relied on the emergency reserve to help stabilize fuel costs for consumers and businesses.

The Strategic Petroleum Reserve was created in 1975 following the Arab oil embargo and is intended to protect the United States against major supply disruptions. The reserve has helped limit upward pressure on gasoline and diesel prices during months of geopolitical instability.

Andy Lipow, president of Lipow Oil Associates, said the reserve releases, combined with additional supplies from allied countries and shifts in global demand, helped prevent a far sharper spike in oil prices. He warned, however, that a smaller reserve leaves the country with less flexibility if another major disruption occurs, such as a severe hurricane affecting Gulf Coast production.

At current levels, the reserve is less than half full. The SPR has a maximum capacity of approximately 714 million barrels and reached a record level of about 726.6 million barrels in 2009.

Mike Sommers, chief executive of the American Petroleum Institute, recently cautioned that maintaining adequate reserve levels remains important for national energy security and emergency response capabilities.

Relief may be on the horizon. Over the weekend, the United States and Iran announced an interim agreement aimed at reducing tensions and reopening shipping through the Strait of Hormuz. Markets responded positively, with Brent crude falling more than 4% Monday as traders anticipated improved supply flows.

If shipping through the strait normalizes, pressure on global oil supplies could ease, reducing the need for continued large-scale reserve releases. Over time, that could allow the government to begin rebuilding emergency stockpiles.

Any recovery, however, is expected to take time. Energy infrastructure, shipping schedules, and production levels across the Gulf region will require months to fully normalize after the disruption.

For now, the Strategic Petroleum Reserve continues to sit at its lowest level in more than 40 years, underscoring the significant role it has played in helping shield the U.S. economy from one of the largest energy disruptions in recent memory.

JBizNews Desk

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A 1,000-year-old monastery that symbolizes Ukraine’s spiritual and cultural heritage was badly damaged on Monday in a major attack by Russia that killed 10 people nationwide, hours after US President Donald Trump spoke to the leaders of both countries about ending the war.

Ukraine’s President Volodymyr Zelensky said on Sunday he had discussed with Trump efforts to bring an end to the four-year-old conflict, ahead of a G7 meeting in France starting on Monday. The US president also told Russian leader Vladimir Putin in a call on Sunday that it was vital to end the war.

Zelensky offers Putin talks

Zelensky, speaking at the damaged monastery in Kyiv, said he had offered to meet Putin at the G7 summit in France this week or in the United States.

“We gave message that we are ready to meet with Putin during (the) G7, because Trump is there and Macron is there, so Europeans plus America. This is a good, I think, very good opportunity to meet all together,” Zelensky told reporters in English.

“Europe and the United States were agreed and Russia demonstrated again that…they are not ready to speak,” he said.

Writing later on Telegram, Zelensky said he had suggested to Trump in a telephone conversation on Sunday that he and the Russian president meet in the United States.

“Yesterday we discussed with President Trump that such a meeting could be organized in the US in a format that would make it much harder for Putin to refuse, at least to refuse President Trump,” he said.

“We will see what comes of this. If Russia rejects this chance too, more pressure will be needed.”

Monastery attack draws condemnation

The damage to the Kyiv Pechersk Lavra monastery, a UNESCO World Heritage site founded in 1051, drew international condemnation. France’s foreign minister said the attack was akin to bombing Notre Dame Cathedral in Paris.

Zelensky, who visited the monastery to inspect the damage, said the attack was “one of Russia’s most serious crimes against Christian culture to date.”

“This is an attack on our history,” he told reporters at the monastery, where rescuers were assessing the impact on the building’s paintings and frescoes. “Of course, everything will be restored.”

The blaze caused extensive damage to the roof of the Dormition Cathedral, the main church at the monastery site, but its structure and walls remained standing and much of the interior appeared intact.

Russia denied striking the monastery, calling the allegations “a crude fake,” and said instead it had been damaged by a US-made Patriot air defense missile, which Ukraine uses to protect its cities.

However, Ukraine’s SBU security service said it had recovered fragments of a Geran-2 drone, a Russian kamikaze drone, at the attack site and posted images of the debris. Reuters could not verify the information independently.

Ukraine seeks more air defenses

At least 10 people were killed in Russia’s overnight attack on Kyiv and the northeastern city of Kharkiv on Monday.

Four people were killed and 34 were injured in the overnight strikes on Kyiv, said Tymur Tkachenko, the head of the capital’s military administration. Kyiv Mayor Vitali Klitschko later said a fifth person had died in hospital from injuries sustained in the attack.

A Russian strike on Kharkiv killed four emergency service rescuers and a municipal official and injured at least five people, Interior Minister Ihor Klymenko said on Telegram.

Ukraine’s military said Russia had launched 70 missiles and 611 drones overnight and that its air defenses had shot down 50 missiles and 582 drones of various types.

In recent months, Ukraine has appealed to Western allies to increase supplies of Patriot air defense missiles, which are its only effective means of stopping Russian ballistic missiles.

Air Force spokesperson Yuriy Ihnat said Ukraine shot down only 15 of the 34 ballistic missiles launched by Russia overnight.

“Ballistic missiles remain a problem for us,” Ihnat said on national television.

Zelensky said that his priority at the G7 meeting would be securing more air defense systems to defend against Russian strikes.

“We will have a meeting with Europeans and also with President Trump; we will speak with him about how to push Putin to stop this war,” he said.

The reported US-Iran deal may be good for oil markets, for a White House that wants the war over, and for a president eager to say he forced Tehran to the table and reopened the Strait of Hormuz.

For Israel, that is not the test.

The test is whether Iran is weaker today than it was before the deal. Has its nuclear program been dismantled? Has its enriched uranium been removed? Have its missiles and drones been addressed? Has Hezbollah been pushed back? Has Israel’s freedom to act been preserved?

So far, the answers are unclear. That should worry us.

The warning is coming from President Donald Trump’s own side: Iran hawks, pro-Israel conservatives, and lawmakers who backed pressure on Tehran, supported the airstrikes, and believed this campaign could finally change the balance against the Islamic Republic.

‘A nightmare for Israel’

Sen. Lindsey Graham did not rush to celebrate. He warned that if a deal leaves Iran able to terrorize the Strait of Hormuz and damage Gulf oil infrastructure, it would create “a major shift of the balance of power in the region” and “over time will be a nightmare for Israel.”

That is the right frame. This is about who controls the fear next month, not whether ships move this week.

Graham also set a clear standard: “No enrichment,” American control of Iran’s highly enriched uranium, an open Strait of Hormuz, an end to Iran’s long-range ballistic-missile program, and an end to its support for terrorist proxies. Saying he is skeptical Iran will agree to terms making the deal “substantially different than the JCPOA” is “an understatement,” he added.

That is where Israel should be, too.

Sen. Ted Cruz was sharper. He warned that if Iran ends this war still receiving billions of dollars, still enriching uranium, still moving toward nuclear weapons, and still holding leverage over the Strait of Hormuz, “that outcome would be a disastrous mistake.”

Mark Levin has been even blunter. “A memorandum of understanding, from my perspective, or a final deal will not matter to the Iranian regime,” he said. “They will never abide by any of it.”

Levin’s explanation was the one Israel knows from experience. Iran’s rulers, he said, view diplomacy “as a last resort, but as a resort to survive.”

That is the fear Israel cannot ignore. Iran does not need to win a war outright. It only needs to survive one, keep its core capabilities, and convince the world to call the pause a breakthrough.

That is exactly what happened after the 2015 deal. The West treated signatures as a turning point. Tehran treated them as time.

Ben Shapiro praised Trump’s Iran airstrikes as “the single bravest foreign-policy move of my lifetime.”

That praise now creates the standard for judging the ending. A campaign sold as historic strength cannot end with Iran surviving, regrouping, and keeping the core of its nuclear and regional leverage.

Iranian defeat, or survival?

A ceasefire is valuable if it locks in Iranian defeat. It is dangerous if it locks in Iranian survival.

The reported 60-day negotiation period is the most troubling part. Sixty days sounds orderly in Washington. In the Middle East, it is enough time for Iran to move assets, rebuild confidence, reframe the war at home, and test how badly the US wants quiet. Tehran knows how to use delay. Hezbollah knows how to use delay. Israel has paid for those delays before.

Lebanon may be the immediate danger. Any arrangement that restrains Israel while leaving Hezbollah in place is unacceptable. Northern Israel cannot be secured by language in a US-Iran memorandum. Kiryat Shmona, Metula, and the Galilee need Hezbollah to be moved, disarmed, and deterred.

Trump deserves credit for understanding Iran’s danger better than many Western leaders. He left the Obama deal. He imposed pressure. He backed Israel at critical moments.

That record makes this moment more serious. Trump should not attach his name to a weaker version of the mistake he once condemned.

If this agreement removes Iran’s nuclear threat, cuts off its proxies, protects Israel’s freedom of action, and gives the regime no path back to strength, the administration should publish the details and defend them.

If it does less than that, Israel should not applaud.

Neither should Congress.

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The Bank of Japan raised its key short-term interest rate to 1% on Tuesday, the highest level in three decades, but the move did little to lift the yen, which surrendered the gains it had built up earlier in the day.

The decision came at the close of a two-day meeting in Tokyo and lifted the benchmark rate by a quarter of a percentage point from 0.75%. It was the first time Japan’s policy rate has touched 1% since 1995. The board approved the increase by a 7-1 vote, with board member Asada casting the lone dissent against the hike.

For most of the day the yen had been climbing. A weekend agreement between the United States and Iran to reopen the Strait of Hormuz had calmed nerves across global markets, and traders moved back into the Japanese currency. Once the rate announcement landed, however, the yen quickly handed back its advance. The USD/JPY pair held near 160 to the dollar, the same level it sat at before the meeting and a line Japanese authorities watch closely because it has triggered government intervention in the past.

The flat reaction came down to a simple fact: the hike was no surprise. Nearly every forecaster had expected it for weeks, so the increase was already baked into prices long before the Bank of Japan made it official. Without a fresh signal, currency traders had little new to act on.

There were other reasons the yen stayed weak. Domestic inflation has been cooling in recent months, which eases the pressure on the central bank to keep tightening. Speculators have also piled up bets against the yen, pushing short positions to a nine-year high and reviving the so-called carry trade, where investors borrow cheaply in yen to buy higher-yielding assets elsewhere.

And even at 1%, Japan’s rate remains far below those in the United States and Europe, so the wide gap that has dragged the yen lower for years has barely narrowed.

A weak yen is not just a market story. For ordinary households in Japan, it lands directly in the cost of living. Japan imports almost all of its oil and a large share of its food, so when the yen falls, the price of gasoline, electricity and groceries climbs.

That has kept inflation running above the central bank’s 2% target for months and is a major reason the Bank of Japan has been steadily unwinding the ultra-loose monetary policy it maintained for more than a decade.

Tuesday’s meeting was unusual for another reason. It was the first regular policy session in the bank’s history held without the governor in the room.

Kazuo Ueda is recovering in the hospital from an infected liver cyst and is expected to remain there for about two weeks. Deputy Governor Ryozo Himino chaired the meeting in his place, marking the first time since 1998 that a sitting Bank of Japan governor has missed a policy decision. Fellow Deputy Governor Shinichi Uchida handled the post-meeting press conference, while Ueda submitted his views in writing.

In its statement, the bank said it would continue raising the policy rate if the economy and inflation develop in line with its forecasts and described Japan’s recovery as moderate. It also stressed that financial conditions would remain accommodative even after the increase, reassuring businesses and borrowers that financing costs are not expected to rise sharply overnight.

Markets immediately turned to Uchida’s remarks for clues about when the Bank of Japan might raise rates again.

Japan is no longer acting alone. The European Central Bank raised rates last week, becoming the first major central bank to tighten policy since the outbreak of the U.S.-Iran conflict, and traders increasingly expect the Federal Reserve to raise rates before the end of the year.

That shift abroad makes it harder for the Bank of Japan to sound cautious without placing additional pressure on its currency.

For exporters such as automakers and electronics manufacturers, a weak yen is welcome news because it makes Japanese products cheaper overseas and boosts the value of profits earned abroad when converted back into yen.

For households paying more at the gas pump and the supermarket, the picture is very different.

That divide sits at the center of nearly every decision the Bank of Japan faces as it attempts to normalize interest rates without choking off what remains a fragile economic recovery.

The next major test comes with the bank’s July Outlook Report, when policymakers will update their economic forecasts and provide investors with a clearer signal about how quickly they intend to move from here.

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An Ecuadorian candidate for United Nations secretary-general said on Monday that the world body remains essential but must be shrunk responsibly.

Maria Fernanda Espinosa, a former foreign affairs minister and defense minister of Ecuador, is among six candidates to succeed Antonio Guterres as UN chief after his term expires at the end of the year.

Guterres’ successor will face an enormous task of revitalizing an organization in crisis with declining stature.

“I am under no illusion about the difficulties ahead, yet I remain optimistic,” Espinosa said during a hearing on her candidacy.

Like other candidates, she vowed to continue reform efforts at the UN while adding that the need for the organization formed at the end of World War Two remained “undeniable.”

‘The UN needs to rebuild credibility’

“Too often, the UN is missing in action, or relegated to the sidelines. Too often it is slow, fragmented, and constrained … the UN needs to rebuild credibility and show, not just say, that it can deliver real change,” she said.

“We can shrink the UN responsibly, while strengthening national ownership and delivery, and restoring faith in the UN,” she said.

Espinosa, a former Ecuadorian ambassador to the UN who also headed the UN General Assembly from 2018 to 2019, suggested national governments could take greater roles in areas where the UN currently operates, without providing details.

Domestically, she served in the leftist administration of former Ecuadorian President Rafael Correa, but has distanced herself from his party in recent years.

Race to succeed Guterres

The tiny Caribbean island nation of Antigua and Barbuda nominated her to succeed Guterres. The current Ecuadorian government of President Daniel Noboa, a right-wing ally of US President Donald Trump, has not commented on her candidacy.

Guyana’s President Irfaan Ali announced last week that his country would nominate its UN Ambassador Carolyn Rodrigues-Birkett for the job, and she will have a hearing on her candidacy on Thursday.

In April, four other candidates also vowed UN reforms while championing its core principles of peacemaking and support for development.

They are Rebeca Grynspan, a former vice president of Costa Rica; Michelle Bachelet, the former Chilean president; Macky Sall, a former president of Senegal; and Rafael Grossi of Argentina, director-general of the International Atomic Energy Agency.

Elections are due later this year.

No woman has held the post

No woman has ever served as UN secretary-general.

Espinosa told reporters that after 80 years of the UN it was about time a woman was chosen, but added: “I would also say that not any woman, the right woman, and the right leader that the UN deserves.”

Precedent holds that a secretary-general should not come from one of the permanent members of the Security Council, Britain, China, France, Russia, and the United States, although the major powers’ backing is crucial in a lengthy and arcane selection process.

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Porsche, the German maker of the 911 sports car, is cutting deeper into its workforce as weak demand for electric vehicles and a brutal sales slump in China squeeze its profits. The company has set a goal of shrinking staff at its two main German sites — the Stuttgart-Zuffenhausen factory and the Weissach development center — by 15%, or about 1,900 jobs, by 2029. And the cuts keep growing: on May 8, new chief executive Michael Leiters closed three Porsche subsidiaries and eliminated roughly 500 more positions, pushing the total well beyond the original plan.

The job reductions land on a company that, until recently, was one of the auto industry’s most reliable money-makers. Porsche, which is majority-owned by Volkswagen AG, employs around 42,000 people, with more than half based in the Stuttgart region. The 1,900 cuts alone equal about 5% of its German workforce.

The trouble traces back to a bet that has not paid off as hoped: electric cars. Porsche leaned hard into EVs, but demand across Europe has come in slower than expected, and competition from cheaper, fast-improving Chinese electric brands has been fierce. Sales in China, once a huge and growing market for the brand, have fallen sharply. In response, the company is shifting course and putting more money back into gasoline and hybrid models — an expensive reversal. Porsche has said the restructuring will cost about €3.1 billion (roughly $3.6 billion) and will drag down profits this year.

For now, Porsche says it will avoid forced layoffs. A job-security agreement protects workers at its main sites from compulsory redundancies until mid-2030, so the company is relying on softer tools: not replacing people who leave, offering early and partial retirement, and letting temporary contracts expire. It began that process in 2024 by declining to renew 1,500 fixed-term contracts, with another 500 now ending. Human-resources board member Andreas Haffner acknowledged the strain, telling a German newspaper the company has “many challenges to overcome.”

The pressure has only intensified under Michael Leiters, who took over as chief executive this year. Alongside the May job cuts, Porsche shut three smaller units — battery maker Cellforce, an e-bike division and an electronics business — and earlier in the spring sold its stakes in the supercar venture Bugatti Rimac and the Rimac Group, signs that Leiters is shrinking the company toward its core.

Workers are uneasy about where it ends. Ibrahim Aslan, the head of Porsche’s general works council, has warned that as many as one in four jobs at the German sites — potentially 5,500 positions — could be at risk if management follows through on proposals to outsource entire divisions and shift work to lower-wage countries. He is pushing to extend job protections to 2035. “I’m not Santa Claus, who grants wishes,” he said of the board’s demands for concessions.

For the wider economy, Porsche’s retrenchment is part of a painful reckoning across the German auto industry. Parent Volkswagen has wrestled with whether to close domestic plants for the first time in its history, and weak EV sales and Chinese competition have forced carmakers across Europe to rethink their costs. Germany’s manufacturing heartland, long a source of stable, well-paid jobs, is feeling the squeeze.

For car buyers, the story is a reminder that the once-confident march toward all-electric driving has hit speed bumps. Demand has not grown as fast as the industry assumed, and even a premium brand like Porsche is pumping the brakes on its electric plans and leaning back on the combustion engines that built it.

For Porsche’s workers, the message is bleaker: a brand synonymous with success and fat profit margins is now in cost-cutting mode, and the people who build its cars are absorbing the blow.

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More than 500, 000 Aldi stores nationwide have been recalled because of possible contamination with hidden soy lecithin, a soy-derived component that is put people at risk of developing soybean allergies or sensitivities.

The Food and Drug Administration has reported 58,405 Park St. Deli Macaroni & Cheese situations. The total number of effected deals is 525 and 645, which is nine 20-ounce cases.

The cardboard boxes containing the macaroni and cheese were sold inside of the cardboard arms.

FDA REPORTS ON ALFREDO SAUCE’S HIGHEST-RISK RECALL IN 41 State

The product manufacturer, BEF Foods Inc., initiated the deliberate understand on March 23. On June 10, the FDA declared it a Class II understand.

The FDA says that a Class II recognize means that using or being exposed to the product may result in a low likelihood of severe adverse health effects, or that use or exposure may result in temporary or medically reversible adverse health effects.

Customers are urged to return the afflicted goods to their original locations for a total refund and refrain from using them.

MORE THAN 17K Espresso Manufacturers RECALLED AFTER Scores OF RECOVERED Cut INJURIES

According to the University of Rochester Medical Center, lecithin is a class of substances that the brain uses to move fat.

Egg yolks, soy, wheat germ, almonds, and heart are some examples of foods that contain them. When people use nonstick cooking spray, lecithin is often referred to as the oil film on their cooking pan.

Some folks take them when supplements as well. They come in either water, grains, or pills.

Clicking HERE WILL GET FOX BUSINESS ON THE GO.

Lecithin is an antioxidant to products that are processed in the food industry, such as salads dressing.

Judy Simon, a clinical dietician nutritionist at the University of Washington, recently told USA TODAY that soya lecithin emulsifies materials like oil and water to make salad dressing clean.

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Leading cryptocurrencies rose alongside stocks on Monday as investors embraced a risk-on mood following the declaration of a peace deal with Iran.

Cryptocurrency 24-Hour Gains +/- Price (Recorded at 9:15 p.m. EDT)
Bitcoin (CRYPTO: BTC) +1.22% $66,245.35
Ethereum (CRYPTO: ETH)
               
+4.37% $1,791.24
XRP (CRYPTO: XRP)                          +4.46% $1.23
Solana (CRYPTO: SOL)                          +4.59% $74.12
Dogecoin (CRYPTO: DOGE)              -0.83% $0.08790

Crypto Market Gains Momentum

Bitcoin extended gains, rising to an intraday high of $67,248 as trading volume jumped 40% over the last 24 hours. Ethereum topped $1.800 while XRP was up 4.5% from the previous day.

Cryptocurrency-related stocks also lifted, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 5.78% and 6.21%, respectively. 

Over $480 million was liquidated from the market in the last 24 hours, predominantly in short bets, according to Coinglass data. Notably, more than $300 million in Bitcoin short positions were at risk of liquidation if the apex cryptocurrency rose to $70,000.

Meanwhile, Bitcoin’s open interest rose 2.06% in the last 24 hours, suggesting an influx of new money into the futures market.

Top Gainers (24 Hours) 

Cryptocurrency (Market Cap>$100 M) Gains +/- Price (Recorded at 9:15 p.m. EDT)
Jito (JITO)       +28.12%     $0.7178
Uniswap (UNI)                    +17.13%     $3.01
LayerZero (ZRO)               +15,26%     $1.10

The global cryptocurrency market capitalization stood at …

Full story available on Benzinga.com

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Oil prices settled near their lowest level in three months on Monday, steadying after a sharp two-day slide as traders bet a deal to end the U.S.-Iran war could soon reopen the world’s most important oil shipping lane.

The decline followed a Sunday-night announcement by President Donald Trump, who said on social media that an agreement with Iran was “complete” and that oil would once again move through the Strait of Hormuz after a planned signing ceremony Friday. Iran’s Deputy Foreign Minister, Kazem Gharibabadi, also confirmed that a deal had been reached and said the full text would be released following a signing event in Switzerland.

By Monday afternoon, West Texas Intermediate (WTI) crude, the U.S. benchmark, was trading near $80.50 per barrel, down about 5%, while global benchmark Brent crude slipped roughly 4% to around $83 per barrel. Both benchmarks touched their lowest levels since March 10 and have now fallen approximately 20% from the highs reached earlier this spring when fears of prolonged supply disruptions sent oil prices above $100 per barrel.

At the center of the market’s focus is the Strait of Hormuz, the narrow waterway connecting the Persian Gulf to the Arabian Sea.

Roughly one-fifth of the world’s oil supply moves through the strait each day. When fighting erupted in late February and Iran moved to restrict shipping through the passage, traders feared a major supply shock, pushing crude prices sharply higher. The prospect of reopening the route is now having the opposite effect.

More oil flowing through global markets generally means lower prices.

Despite the sharp decline, oil did not collapse further Monday because traders remain cautious about how quickly supplies can normalize.

Months of conflict have damaged energy infrastructure throughout the region, including pipelines, export facilities and refinery operations. Shipping companies also remain wary of security risks, while inventories across parts of the Gulf have been reduced after months of disruption.

As a result, many analysts expect any reopening of the Strait of Hormuz to be gradual rather than immediate.

There is also uncertainty surrounding the durability of the agreement itself.

Reports indicate the framework includes provisions related to Iran’s nuclear program alongside economic incentives tied to compliance. Similar issues have complicated negotiations in the past, and traders remain mindful that signing a document is not the same thing as restoring normal oil flows.

Still, the overall direction of the market remains clear.

The war-driven premium that dominated oil trading for much of the spring is rapidly fading. That shift carries significant implications beyond commodity markets.

Higher energy costs have been one of the biggest contributors to rising expenses for consumers this year. Gasoline prices surged above $4 per gallon nationally after the conflict began, increasing transportation costs and feeding broader inflation pressures across the economy.

As crude oil prices fall, gasoline prices have begun easing as well.

If energy supplies continue to normalize, additional relief could reach consumers in the weeks ahead, although local taxes, refining capacity and regional market conditions will determine how much drivers ultimately save at the pump.

Lower oil prices also benefit businesses that rely heavily on fuel.

Airlines, shipping companies, manufacturers and logistics firms all stand to gain from reduced energy expenses. Lower fuel costs can also help moderate inflation, easing some pressure on the Federal Reserve as policymakers continue monitoring price stability.

Not everyone benefits from cheaper oil, however.

U.S. shale producers generally earn less when crude prices decline, and prolonged weakness can lead companies to slow drilling activity and reduce investment plans. Industry analysts note that some producers become increasingly cautious as prices move toward the low-$80-per-barrel range.

The next major test for the market comes Friday when negotiators are expected to formally sign the agreement.

Vice President JD Vance said Monday that the administration expects the Strait of Hormuz to reopen and remain accessible to global shipping without tolls over the long term. The comments signaled Washington’s intention to support uninterrupted traffic through the critical energy corridor.

If the agreement holds and oil exports continue to increase, analysts believe prices could drift lower during the summer months.

For now, however, traders appear to be waiting for evidence rather than promises.

After months of conflict, supply fears and sharp market swings, investors have already priced in much of the optimism surrounding the agreement. The next move in oil prices may depend less on diplomatic announcements and more on a straightforward question: whether tankers begin moving through the Strait of Hormuz at levels approaching normal operations.

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Cruise line stocks surged Monday after oil prices tumbled, giving the industry relief from one of its biggest cost pressures and improving profit expectations heading into the peak summer travel season.

Shares of Carnival Corp., Royal Caribbean Group, and Norwegian Cruise Line Holdings each gained more than 4% after President Donald Trump announced a peace agreement between the United States and Iran that is expected to reopen the Strait of Hormuz and restore normal oil flows through one of the world’s most important energy corridors.

Crude oil prices fell roughly 5% following the announcement, a significant development for cruise operators whose fleets consume massive amounts of fuel each year.

In Monday trading, Carnival rose approximately 4.5% to $30.51, Royal Caribbean gained 4.3% to about $307, and Norwegian Cruise Line climbed 4.8% to roughly $20.36, according to Benzinga Pro. Royal Caribbean shares have now advanced approximately 14% over the past five trading sessions as fears of a prolonged Middle East conflict have eased.

The connection between lower oil prices and stronger cruise stocks is straightforward.

Fuel remains one of the largest operating expenses for cruise companies. When oil prices rise, operating costs increase and profit margins come under pressure. When oil falls, those costs decline, allowing more revenue to flow directly to the bottom line.

The potential impact can be substantial.

Carnival previously told investors it expected approximately $500 million in fuel-related headwinds during fiscal 2026 because of disruptions tied to the Middle East conflict. The company also estimated that every 10% move in fuel prices could impact annual costs by roughly $160 million.

A sustained decline in oil prices could therefore eliminate a meaningful portion of those expected expenses.

Royal Caribbean faces a similar equation. The company expects to consume roughly 1.76 million metric tons of fuel this year at a cost approaching $1.2 billion. While management has hedged about 60% of its anticipated fuel needs, the remaining portion remains exposed to market price fluctuations.

Beyond fuel savings, easing tensions in the Middle East provide another potential benefit.

With shipping routes becoming more secure and geopolitical risks declining, cruise operators face less chance of itinerary disruptions, rerouted voyages, or operational complications that can frustrate passengers and increase costs.

Lower fuel prices may also support consumer demand.

As gasoline prices decline, households often have more discretionary income available for vacations and travel. That dynamic can benefit cruise operators by improving both affordability and consumer confidence.

Demand has remained resilient despite economic uncertainty.

According to Bank of America data, consumer spending on cruises increased 8.4% year-over-year in May, although that growth rate moderated from the stronger gains recorded in April.

Wall Street analysts remain broadly optimistic about the sector.

Investment firm Stifel recently established price targets of $320 for Royal Caribbean, $35 for Carnival, and $24 for Norwegian Cruise Line, citing strong booking trends, disciplined capacity growth, and continued consumer interest in cruise vacations.

Investors will soon receive another important update.

Carnival is scheduled to report quarterly earnings on June 30, providing one of the first detailed looks at summer demand trends and the potential impact of lower energy costs on profitability.

The cruise rally was part of a broader move across the travel sector.

Airlines including United Airlines, Delta Air Lines, and Southwest Airlines also gained roughly 4% Monday as investors welcomed the prospect of lower jet fuel costs. Major stock indexes moved higher as well, reflecting broader optimism surrounding the decline in energy prices.

Still, market participants remain cautious.

Oil prices have been highly volatile throughout the year, rising and falling sharply with developments in the Iran conflict. Investors recognize that a signed agreement does not necessarily guarantee long-term stability, and any renewed disruption could quickly reverse recent declines in energy prices.

Cruise stocks also remain below levels seen before the conflict began, highlighting the damage higher fuel costs inflicted on the sector earlier this year.

For now, however, the math is working in the industry’s favor.

Lower oil prices mean lower fuel expenses. Lower fuel expenses improve operating margins. And stronger margins heading into the busiest travel season of the year are exactly what cruise investors have been hoping to see after months of rising energy costs and geopolitical uncertainty.

JBizNews Desk
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It was probably only a matter of time before crypto-friendly travel agency, Travala (CRYPTO: AVA), cast its lot with AI.  They are betting that Travala users will eventually tell AI where they want to go, approve a payment for them, and let the software handle the rest. 

“A traveler can set up the AI concierge in two minutes via Claude. Once set up, they can ask the agent to make a hotel booking, which will quickly narrow down the options for the traveler based on their prompt, avoiding decision paralysis,” said Juan Otero, Travala’s CEO.

The company is basically arguing that consumers don’t actually enjoy browsing hundreds of hotels. They simply have an objective: “I need a 4-star hotel in London’s West End for under $500.” Instead of searching through Expedia listings, filters, maps, reviews, and tabs, the traveler simply states the goal and the AI Agent does the work, payable in Circle (NYSE:CRCL) dollar coin.

They’re not pitching themselves as a better Expedia (NASDAQ:EXPE). The new pitch to investors is Travala is building infrastructure in-house to be the Stripe for AI travel agents. Today users book on Travala and can pay in cryptocurrencies. Tomorrow thousands of third-party AI agents could theoretically use Travala’s inventory and payment rails in the background, suggesting Travala sees its future not only as a travel booking platform, but as the underlying infrastructure powering autonomous travel transactions across the emerging agentic commerce ecosystem. …

Full story available on Benzinga.com

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SpaceX extended its remarkable stock-market debut, climbing sharply in its second day of trading and pushing shares more than 40% above their initial public offering price. The rally has propelled the company into the ranks of America’s most valuable corporations and further expanded founder Elon Musk’s position as the wealthiest person in modern history.

Shares of SpaceX, trading on the Nasdaq under the ticker SPCX, closed near $190 per share, up roughly 20% on the session and well above the company’s $135 IPO price. The stock reached fresh highs during trading as investors continued pouring money into one of the most anticipated public offerings ever.

The surge comes after what was already the largest IPO in history.

SpaceX raised approximately $75 billion in its public debut, later increasing that total to roughly $85.7 billion after underwriters exercised an option to sell additional shares. The offering eclipsed the previous IPO record and immediately turned SpaceX into one of Wall Street’s most closely watched stocks.

At current prices, SpaceX carries a market valuation of approximately $2.5 trillion, placing it among the most valuable publicly traded companies in the United States and alongside giants such as Amazon, Microsoft, Nvidia, Apple, and Alphabet.

That valuation is remarkable considering SpaceX generated approximately $18.7 billion in revenue last year and remains focused on aggressive growth initiatives across multiple businesses.

The stock also received a boost from comments made by Elon Musk over the weekend.

Posting on X, Musk said SpaceX could potentially generate approximately $1 trillion in annual revenue by 2030, a projection that immediately fueled bullish speculation about the company’s long-term prospects.

Investors also reacted positively after Australian mining billionaire Gina Rinehart disclosed that her company, Hancock Prospecting, had acquired a stake reportedly worth more than $1 billion, signaling confidence from a major institutional investor.

The broad market environment helped as well.

Stocks generally moved higher following signs of easing tensions in the Middle East and declining oil prices, creating a more favorable backdrop for growth-oriented investments.

The gains have further expanded Musk’s fortune.

Based on current valuations, Musk’s net worth is estimated at roughly $1.1 trillion to $1.3 trillion, depending on methodology and market pricing. His estimated 42% ownership stake in SpaceX alone is worth hundreds of billions of dollars on paper, while his holdings in Tesla, xAI, and X add substantially to his overall wealth.

The figures make Musk the first person in history to achieve trillionaire status.

Yet despite the excitement, Wall Street remains sharply divided over how much SpaceX should be worth.

Supporters point to the company’s dominance in commercial rocket launches, the rapid growth of its Starlink satellite internet network, and its expanding ambitions in artificial intelligence following the integration of xAI technologies. Bulls argue that SpaceX is building multiple businesses capable of generating enormous long-term revenue streams.

The company also continues investing heavily in Starship, its next-generation launch system, while pursuing plans to dramatically expand Starlink and support future missions beyond Earth orbit.

Some analysts believe those opportunities justify a premium valuation.

Investment bank Oppenheimer maintains an Outperform rating on the stock and previously assigned a price target near levels already reached by the shares.

Skeptics, however, question whether the valuation has moved ahead of business fundamentals.

Critics point out that SpaceX still trades at one of the richest valuations in the market relative to its current revenue base. Some analysts argue investors are pricing in years of future success before those profits have actually materialized.

CFRA Research analyst Keith Snyder has maintained a significantly lower valuation target, arguing the stock’s rise reflects investor enthusiasm more than current financial performance.

Other market observers note that historically, many technology companies that debuted at extremely high revenue multiples struggled to match investor expectations over the following years.

The debate ultimately centers on one question: can SpaceX grow into a valuation measured in trillions of dollars?

Optimists believe the combination of launch services, Starlink, artificial intelligence, defense contracts, and future space-related businesses could support enormous long-term growth.

Skeptics argue that the company must execute flawlessly across several major initiatives simply to justify its current market value.

For now, investors are clearly siding with the bullish view.

Just days after becoming a public company, SpaceX has already joined the highest ranks of corporate America, while Musk’s fortune continues to set records of its own. Whether the company ultimately grows into its valuation remains one of the biggest questions on Wall Street, but the opening chapter of its public-market story has been nothing short of historic.

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The public’s appetite for SpaceX stock was so intense that, on at least one major retail trading platform, investors put more money into the newly public rocket company than into Apple, Microsoft, Tesla, Meta and Google-parent Alphabet combined.

Leif Abraham, co-CEO of the investing platform Public, told CNBC on Monday that demand for SpaceX during its first trading sessions was unlike anything the platform had previously experienced. According to Abraham, the combined activity in five of the market’s most heavily traded technology stocks still could not match the buying interest directed at SpaceX.

The numbers behind the debut help explain why.

SpaceX began trading Friday on the Nasdaq under the ticker SPCX, and more than 522 million shares changed hands during its first session, according to Benzinga Pro. That translated into an estimated $33 billion in dollar volume, a level of activity rarely seen even among the largest public companies and unprecedented for a stock making its market debut.

To put that figure into perspective, $33 billion is the type of trading volume that on a normal day is spread across hundreds of publicly traded companies. Instead, it was concentrated into a single stock during its first hours on the market.

Separate market data showed SpaceX accounting for roughly 4% of all retail single-stock trading activity that Friday. Trading in SpaceX reportedly ran at about three-and-a-half times the pace of the second-most-active retail stock, Nvidia, underscoring the extent to which the company captured investor attention.

The historic trading activity followed what was already a record-breaking initial public offering.

SpaceX sold shares at $135 each and raised approximately $75 billion, making it the largest IPO ever recorded. The offering surpassed the previous record set by Alibaba, which raised roughly $22 billion when it went public in 2014.

The stock opened at $150, climbed as high as $176.52 during its first day and finished around $161, representing a gain of roughly 19% above its offering price. The rally pushed SpaceX’s market capitalization above $2.1 trillion, immediately placing it among the most valuable public companies in the United States.

What made the offering especially unusual was its focus on individual investors.

SpaceX reserved a record 20% of its IPO shares for retail buyers, a much larger allocation than is typically seen in major public offerings. Most IPOs reserve the overwhelming majority of shares for institutional investors such as mutual funds, hedge funds and pension managers.

The decision was widely viewed as an effort by CEO Elon Musk to allow everyday investors to participate directly in the company’s public debut.

The response was overwhelming.

Ahead of the IPO, retail investors reportedly submitted more than $100 billion in orders, far exceeding the number of shares available. That imbalance between supply and demand helped fuel the surge in trading activity and contributed to the stock’s strong opening performance.

When demand significantly exceeds available shares, investors who receive allocations often trade aggressively after listing, while others who missed out attempt to buy in the open market. The result can create powerful upward momentum, particularly during a company’s first days of trading.

The enthusiasm carried into the new week.

By Monday, shares had climbed more than 15% from their opening levels as investors continued pouring money into the stock. The gains reinforced SpaceX’s status as one of the most closely watched market debuts in modern history.

Still, the same forces driving the rally also create risk.

Stocks fueled by intense retail enthusiasm can experience significant volatility, and market history shows that investor excitement alone does not determine long-term value. Eventually, even the market’s most popular companies must justify their valuations through financial performance and business execution.

For now, however, SpaceX has accomplished something few companies have ever achieved. On platforms where everyday Americans buy and sell stocks, trading activity in the aerospace giant exceeded the combined activity of some of the largest and most recognizable technology companies in the world.

Whether that enthusiasm proves durable remains to be seen. But the opening chapter of SpaceX’s life as a public company has already secured a place in Wall Street history.

JBizNews Desk
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For many real estate brokers, the daily barrage of agent questions — “Where’s the W-9?,” or, “What’s our commission split again?” — adds up to dozens of hours each month, often interrupting nights and weekends.

BrokerBot, the artificial intelligence (AI) teammate platform built by Ribera AI, Inc. and a HousingWire 2026 Tech100 Real Estate winner, is changing that math.

The company recently announced the close of its seed funding round, led by Grand Ventures, with participation from Second Century Ventures, the strategic investment arm of the National Association of Realtors (NAR).

Since launching in early 2025, BrokerBot has been deployed across 240-plus brokerages and more than 30,000 agent users — helping automate administrative workflows, enforce compliance and answer agent questions instantly using each brokerage’s own documents and policies.

Co-founder and CEO Jerimiah Taylor sat down with HousingWire to explain how brokers are benefiting and what comes next.

Editor’s note: This interview has been edited for length and clarity.

Jonathan Delozier: What types of agent inquiries are being resolved most frequently, and where are brokers seeing the biggest operational impact?

Jerimiah Taylor: The number one use case is, if you’ve been a real estate broker for any period of time, you’ve received a call from your agent that goes something like, “Hey, Jon, it’s Jerimiah. Sorry to bother you on a Saturday, but I just got a quick question, you got a minute?” And then that’s followed by, “I need a copy of the W-9 to turn into escrow, where do I find that again?” Or it’s just some relatively trivial thing that the agent needs support with. They don’t know exactly where to find it. We’ve solved that problem by embedding the entire corpus of knowledge for the brokerage and making it accessible across every channel using our artificial intelligent assistant on behalf of a brokerage.

Jonathan Delozier: How does BrokerBot ensure that answers are based on a brokerage’s own policies, compliance concerns and workflowsand what role has that played in achieving the 70% reduction in minor contract corrections?

Jerimiah Taylor: We actually translate all of the compliance documents at the national, state, local, brokerage and even the team or individual level into machine-readable instructions that we create a compliance fence around as skills inside of the machine. One of the biggest things that has been a challenge for us has also been a differentiator — to make it so the BrokerBot knows what it knows, and it knows what it doesn’t know and it knows the difference between the two.

When we launch with a brokerage, we do a pretty good job extracting and getting it right out of the gate. Over that first two months that we’re live, what will happen is the agents will come to BrokerBot looking for help with things that we won’t have the answers to. Unlike ChatGPT and others that just make it up or guess, we either do a live web search, and if there is a resource that the directors pointed us to on the net, we’ll pick that up. If we don’t have it, we just simply tell the agent, “Hey, we don’t have that. We let somebody on your leadership team know,” and we fire off an email and a text and then somebody on the brokerage leadership team answers the question. Obviously we save that, so that the next time that question comes up, that’s a training moment.

Jonathan Delozier: What patterns have you seen among the top-performing clients, and what separates them from firms where you’re not seeing the same kind of adoption?

Jerimiah Taylor:  It’s interesting, especially in these franchise companies — because they get the same franchise playbook, but they do very different things with it. You get a Keller Williams that has 2,000 agents [adopting the platform] and one that is struggling to have 25, and a lot of that is about the leadership’s ability to communicate and implement. What we found is that a tremendous percentage of these brokerages don’t have written [standard operating procedures]. Originally, we built a tool that we handed to the broker and said, “Okay, now you just upload all your stuff, I’m going to learn from it.” What we found is about a third of the brokers would just get stuck because they didn’t have anything to upload. It all lived in their heads and it was poorly documented. So we’ve recently built our own interview-based onboarding to where we use a combination of AI agents and in-person Zoom interviews that are recorded to build out their operating playbook.

The key metrics we look at are, 90 days post-launch, can we get 51% of the agents to claim their account? That’s based on the reality that we know that about half the agents of a brokerage actively make a living selling real estate. At that 90-day mark, can we get roughly 35% of the activated users to become weekly users of the tool? And of that 35%, we look for roughly 40% of them to be daily users.

Jonathan Delozier: The next phase is moving from answering questions to completing work with agentic AI. Can you share examples of the kinds of tasks BrokerBot will soon be able to do with transaction management, e-signatures the MLS and so on?

Jerimiah Taylor: We already do a lot of that today. We already have the capabilities where they upload their contract, they click the button, it reads all the dates, it sets reminders, it texts them the day before and emails them that their critical dates are due, puts everything in their Follow Up Boss and creates the deal in their pipeline. It uploads the contract to SkySlope for them — that is 100% live.

We can do the administrative work on behalf of the licensee, but we need to firmly understand where regulation stops and starts, because it also changes by jurisdiction. What we can do is take the agent instructions, do internet research and then parse all the contract fields down for them. What we’re doing with SkySlope is they’re giving us the ability to render their SkySlope signing experience right inside BrokerBot. The agent can call or send a quick text, we can generate the contract based on their brokerage’s templates, show it to them, they do a quick review, clean up anything they need to and then hit send. The tool goes out and they’re able to do that.

I’ve been at [NAR’s 2026 Realtors Legislative Meetings] all day today, and people ask me, “What does it do?” And I say, “Can I take a picture of your badge?” I take a picture of their badge, I say, “Hey BrokerBot, go find their name and email.” Then I write a little dossier on them, put them in Follow Up Boss, add a note for next week and send them an email thanking them, saying it was nice to meet them.

Then you just see their eyes go wide open, because they’re like, “Wait, how’s it finding my cell phone number and finding my email?” Well, you’re a Realtor — it’s on the internet. But just the fact that it’s able to do that off of a quick picture and a text message, it’s really impressive.

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Eight crew members are believed to be dead following a US Air Force Boeing B-52 Stratofortress crash on Monday, reported CNN, citing the Edwards Air Force Base.

The plane crashed after having taken off from the base, located in California, at 11:20 a.m. local time.

“Emergency crews immediately responded to the scene, and the situation is ongoing,” the base wrote in a post on X/Twitter.

The crash occured at 11:20 a.m. local time, according to the base.

The eight-engined strategic bomber has been in service for over 70 years, with current engineering analyses indicating the aircraft’s lifespan will extend past 2040, according to the US Air Force Strike Command’s website.

Large, high-flying bomber

With a wingspan of 185 feet (56.4 meters), the B-52 can be equipped with the widest array of weapons in the US military’s inventory, the website said.

According to the website, the aircraft is capable of flying at high subsonic speeds at altitudes up to 50,000 feet (15,166.6 meters) and can carry both nuclear and conventional ordinance.

In a conventional conflict, the B-52 can perform strategic attack, close-air support, air interdiction, offensive counter-air and maritime operations, the fact sheet said.

Monday’s incident marked the first crash of a B-52 Stratofortress since the same type of bomber crashed on the island of Guam in May 2016, according to the Bureau of Aircraft Accidents Archive, a Geneva-based organization that collects global aviation accident data. All seven crew members aboard that aircraft survived.

Pentagon declines comment

The Air Force and Pentagon initially declined to comment on Monday’s crash beyond what the base reported online. Base officials could not immediately be reached for additional comment.

Only the H model of the B-52 remains in the Air Force inventory, and is assigned to the 5th Bomb Wing at Minot Air Force Base in North Dakota and the 2nd Bomb Wing at Barksdale Air Force Base in Louisiana, both under the Air Force Global Strike Command, and to the Reserve Command’s 307th Bomb Wing at Barksdale, according to the military.

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Two of six prototype sidewalk sheds that forgo the traditional unsightly design have been installed outside the Department of Buildings headquarters in Lower Manhattan. Designed by Arup, the sheds provide additional space to improve circulation and increase light for visibility, while enhancing the streetscape with a more aesthetically pleasing appearance. The structures, on view in front of 280 Broadway for 30 days, are a first look at new shed designs, required by a law passed by the City Council last year.

“NYC is one step closer to brighter, more open sidewalks,” Seth Wolfe, a principal at Arup, said.

“The first public installation of our designs at the DOB is a tangible look at how these highly flexible sheds will improve the pedestrian experience and support safer, more accessible movement throughout the city.”

Unveiled in November, the six reimagined shed designs were created by Arup and Practice for Architecture and Urbanism (PAU) to replace the current 1980s-era design, which features a flat deck, plywood parapet, steel columns, cross-bracing, railings, and electrical lighting. While cost-effective and code-compliant, many New Yorkers view the structures as unsightly.

Arup was hired in 2024 to revamp the sheds, and alongside architect KNE studio, technical architect Reddymade, and contractor CORE Scaffolding, developed three modular designs. Their installation marks the first time New Yorkers will be able to see them in person.

The two sheds now on view are the “Flex Shed” and the “Rigid Shed,” both designed by Arup. Their modular designs improve circulation, increase light, and allow for adaptability to varying site conditions. Both prioritize the pedestrian experience, with small sidewalk footprints and minimal physical and visual obstruction.

The Flex Shed

The Flex Shed is a “light-duty” model designed for buildings undergoing maintenance or emergency repairs. It features adjustable roof heights and column placement, allowing it to be modified around unique building elements and street obstructions such as signs and bus shelters. It also includes a transparent deck to allow natural light through.

The Rigid Shed

The Rigid Shed is a “heavy-duty” model intended for major projects such as renovations or new construction. Designed for structural strength, it features no cross-bracing and wider spacing between vertical supports, creating a more open streetscape.

PAU’s sheds, which will be unveiled at a later date, were developed with a team including LERA Consulting Structural Engineers, Tang Studio Architect, Fisher Marantz Stone, RWDI, Dharam Consulting, and Logan.

They include the “Speed Shed,” a light-duty model designed for rapid deployment and mobility; the “Baseline Shed,” a versatile design for both light- and heavy-duty setups; and the “Wide Baseline Shed,” intended for long-term projects on broader sidewalks along major corridors, with widely spaced columns.

“New Yorkers are tired of sidewalk sheds that darken our streets and take up precious public space,” Mayor Zohran Mamdani said. “While many of these sheds remain necessary to protect pedestrians during building maintenance, that doesn’t mean we should accept the status quo.”

“We’re working to reduce the number of sheds across the city and to make the ones that remain safer and brighter,” he added. “These sheds will bring more light, more air, and more room to move—helping us reclaim our sidewalks for the people who use them every day.”

Under Mamdani, the six new designs are being codified through the DOB’s rulemaking process, which will allow their use at construction sites and buildings with hazardous facades across the five boroughs. Their design specifications will be included in the rules, making them open source and publicly accessible. They are expected to be finalized later this year.

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NEW YORK — Warnings about artificial intelligence-driven job losses are growing louder, even as labor-market data reveal a significant gap in America’s unemployment safety net.

This month, Anthropic CEO Dario Amodei renewed calls for policymakers to prepare for large-scale workforce disruption from AI. At the same time, data from the Bureau of Labor Statistics show that most unemployed Americans never apply for unemployment benefits.

According to BLS findings, nearly 75% of unemployed workers did not seek unemployment assistance in 2022, a trend labor economists say remains largely unchanged today.

Amodei has repeatedly warned that AI could dramatically reshape white-collar employment, arguing that government action should begin before displacement accelerates.

Forecasts vary considerably.

Amodei has suggested AI could eliminate as much as half of entry-level white-collar jobs within five years. Investor Kai-Fu Lee has similarly predicted that AI could disrupt roughly half of all jobs by 2027.

Mustafa Suleyman, who leads Microsoft’s AI division, has argued that much office work could eventually be automated, while JPMorgan Chase CEO Jamie Dimon has urged policymakers and businesses to begin planning now for significant labor-market changes.

Other analysts are more optimistic.

Research from Morgan Stanley suggests that while AI will reshape many occupations, new jobs are likely to emerge as older ones disappear, limiting long-term unemployment.

Even Amodei and OpenAI CEO Sam Altman have recently moderated some of their earlier predictions.

What is clear is that workforce reductions are already occurring.

Nearly 120,000 technology-sector employees have reportedly been laid off this year as companies pursue AI-driven efficiency initiatives.

Despite those cuts, broader labor-market indicators remain relatively stable. Weekly unemployment claims continue to average roughly 200,000 to 250,000, while the national unemployment rate has edged up to approximately 4.4%, from 4.2% a year earlier.

The larger concern may be what happens if future layoffs accelerate.

According to a 2023 BLS survey, 55% of unemployed workers who did not apply for benefits believed they were ineligible. Reasons included voluntary resignation, termination for cause, insufficient work history, or jobs not covered by unemployment programs.

Others cited confusing rules, administrative barriers, or uncertainty about whether the process was worth pursuing.

Labor experts note that declining union membership may also leave more workers without guidance when navigating benefit systems. U.S. union membership fell to approximately 10% in 2024, the lowest level on record.

The consequences extend beyond individual households.

Unemployment benefits help maintain consumer spending during economic downturns by providing temporary income to displaced workers. When large numbers of unemployed individuals do not receive assistance, the economic impact of layoffs can spread more rapidly through local communities.

Reduced spending affects retailers, landlords, restaurants, and service businesses, increasing pressure throughout the economy.

Amodei has proposed several responses, including stronger worker protections, improved tracking of AI-related job displacement, expanded retraining programs, and the creation of a federal body focused on advanced AI oversight.

Other policy experts have called for simplifying unemployment-benefit systems and improving public awareness of eligibility requirements.

For now, the labor market remains relatively resilient.

But the combination of rising AI-related workforce reductions and low participation in unemployment programs highlights a vulnerability that could become more significant if automation accelerates.

Whether artificial intelligence ultimately creates more jobs than it eliminates remains uncertain.

What is already clear is that millions of workers are not accessing the benefits currently available to them — a challenge policymakers may need to address long before any large-scale AI disruption arrives.

Wall Street — JBizNews Desk

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XRP (CRYPTO: XRP) surged to $1.27 Monday, breaking decisively out of the June descending triangle as $6.07 million in short positions got liquidated in 24 hours.

Descending Triangle Breaks Out With Volume Exploding 129%

XRP pushed through $1.14, then $1.18, and reclaimed $1.20 on its strongest volume since the early-June washout, forcing traders to reassess expectations for continued weakness.

The move cleared both the 0.382 Fibonacci level at $1.1702 and the 0.5 Fib at $1.2071, with price now testing the 0.618 Fib at $1.2440. 

Buyers have broken the descending trendline, the Parabolic SAR remains bullish at $1.0527, and the 20 EMA at $1.2069 now acts as support.

Derivatives confirm the move as volume exploded 129% while open interest jumped 14.23% to …

Full story available on Benzinga.com

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The title insurance industry generated $4.5 billion in premiums during the first quarter of 2026, an increase from $3.9 billion during the same period a year earlier, according to a new market share analysis released by the American Land Title Association (ALTA).

The industry also reported a decline in claims paid during the quarter.

Title insurers paid nearly $151 million in claims during the first three months of 2026, compared with approximately $161 million during the first quarter of 2025.

“Every real estate transaction represents a significant financial investment, and title professionals are working behind the scenes to ensure those transactions can close safely and securely,” said ALTA CEO Chris Morton. “The industry’s first-quarter results reflect the continued demand for the critical work title companies perform to identify hidden risks, prevent losses and protect property rights. Even as fraud threats and transaction complexity continue to increase, title professionals remain focused on delivering the certainty and peace of mind consumers, investors and lenders deserve.”

First American Title Insurance Co. held the largest share of the title insurance market during the quarter with 24.2% of premiums written. Fidelity National Title Insurance Co. ranked second with 13.9%, followed by Old Republic National Title Insurance Co. at 13.7%, Chicago Title Insurance Co. at 12.6% and Stewart Title Guaranty Co. at 11.3%.

Westcor Land Title Insurance Co. accounted for 4.7% of the market, followed by Title Resources Guaranty Co. with 3.3%, Commonwealth Land Title Insurance Co. with 3.2%, WFG National Title Insurance Co. with 2.8% and First American Title Guaranty Co. with 1.4%.

Texas generated the highest volume of title insurance premiums during the quarter at $627.5 million, an 8% increase from a year earlier.

Florida followed with $493.4 million, up 10.1%, while California reported $370.9 million in premiums, a 15.3% increase.

New York generated $322.8 million in title insurance premiums during the quarter, up 18.7% from the same period last year.

Pennsylvania rounded out the top five states with $203.5 million in premiums, posting the largest year-over-year increase among the top states at 46.4%.

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

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JBIZ Markets Desk — June 15, 2026

SpaceX’s first week as a public company has quickly become a test of Wall Street’s appetite for leveraged single-stock trading, as ETF issuers launched products tied to Space Exploration Technologies Corp. under the Nasdaq ticker SPCX within days of its debut. Nasdaq said SpaceX opened trading Friday at $150 a share, 11% above its $135 IPO price, after raising $75 billion in the largest initial public offering in market history. Adena Friedman Chief Executive Officer Nasdaq welcomed the company to the exchange, saying Nasdaq was “incredibly proud to be SpaceX’s partner” as it builds “the physical and digital infrastructure of the future.”

The most prominent U.S. product launch came from Direxion, which introduced the Direxion Daily SpaceX Bull 2X ETF, ticker LOFF, on June 15. Direxion said the fund seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of SpaceX shares. Mo Sparks Chief Product Officer Direxion said, “Few companies have been followed as closely as SpaceX,” adding that LOFF gives active traders a way to express conviction “from the start of public trading.”

Defiance ETFs also positioned itself around SpaceX exposure through its space-themed leveraged strategy. The firm’s SPCL fund page describes the Defiance Pure Space Daily 2X Strategy ETF as providing 2X daily leveraged exposure to companies tied to the space economy, including spacecraft, launch vehicles, satellite communications, in-orbit services and space-enabled data. Sylvia Jablonski Chief Executive Officer Defiance ETFs leads an issuer that has used thematic products to target fast-moving areas of retail and tactical demand, though primary Defiance materials reviewed for this article did not confirm that SPCL had fully converted into a single-stock SPCX fund as of Monday.

Leverage Shares by Themes added U.S.-listed long and short SpaceX products to the lineup, including the 2x Daily leveraged exposure product SPCH and the 2x Short SPCX ETF, according to the issuer’s own fund pages. Themes’ site describes SPCH as offering 2x daily leveraged exposure to SpaceX stock, minus fees and expenses, and warns that leveraged funds carry significant risk. Jose Gonzalez Chief Executive Officer Themes ETFs oversees the platform’s U.S. ETF business, which has expanded its single-stock leveraged lineup around high-profile public companies.

The leveraged rollout also extended beyond the U.S. market. Leverage Shares’ European site lists a 3x Long SpaceX ETP designed to provide three times the daily performance of SpaceX shares, minus fees and expenses, and says the products are intended for professional investors with capital at risk. Final terms dated June 11 state that Leverage Shares Public Limited Company applied for the securities to be admitted to the London Stock Exchange’s Main Market, with an issue price of $10 per ETP security. Oktay Kavrak Chief Executive Officer Leverage Shares heads a platform whose short-and-leveraged ETPs are designed to trade on exchange through local brokerage accounts.

The speed of the product launches reflects the unusual scale of SpaceX’s public-market debut. Nasdaq said the IPO implied a valuation of about $1.77 trillion at the offering price and that SpaceX dual-listed on Nasdaq Texas alongside its primary Nasdaq listing. Gwynne Shotwell President and Chief Operating Officer SpaceX said at the bell-ringing ceremony, “Today, we make history again,” while noting the company had reached about 22,000 employees after more than two decades as a private company.

The business case for investor demand rests on SpaceX’s combined exposure to launch services, Starlink satellite broadband and artificial intelligence infrastructure. Nasdaq cited SpaceX’s S-1 filing in saying the company generated $18.67 billion in revenue last year, driven heavily by Starlink’s recurring subscription model. Elon Musk Chief Executive Officer SpaceX said at Starbase that SpaceX began as “a little company” in a warehouse in El Segundo and was now going public through the largest IPO ever, adding that the company’s mission is “to take the fiction out of science fiction.”

The new ETFs are aimed at traders rather than long-term passive investors. Direxion said leveraged and inverse ETFs are intended only for investors with an in-depth understanding of leveraged investment results who plan to actively monitor and manage positions. The issuer also warned that instruments needed to obtain 2X exposure to SpaceX, including swaps and options, may be limited, illiquid, costly or unavailable shortly after the IPO or during periods of volatility. Mo Sparks Chief Product Officer Direxion framed LOFF as a tactical product, and Direxion’s own risk language says investors could lose the full principal value in a single day if SpaceX shares fall more than 50%.

For investors, the immediate question is whether SpaceX can move from a historic IPO to a durable public-market track record while ETF issuers continue building products around its volatility. Adena Friedman Chief Executive Officer Nasdaq called SpaceX part of the “innovation economy,” but the first wave of leveraged funds shows that the company’s public listing is already producing a second market in high-risk trading tools. The next phase will depend on SpaceX’s early disclosures as a public company, the depth of its trading liquidity and whether demand for leveraged SPCX exposure remains strong after the first week of post-IPO attention.

JBizNews Desk

NEW YORK — Financial firms are increasingly turning to sophisticated risk models traditionally used to forecast hurricanes and earthquakes in an effort to predict wars, coups, and geopolitical crises before they erupt.

In late May, risk-analytics company Verisk introduced a new tool known as the Predictive War Index, which uses machine learning to estimate the likelihood of armed conflict occurring within individual countries over the following 12 months.

According to Sam Haynes, head of data and analytics at Verisk Maplecroft, clients are demanding tools that look forward rather than merely explaining historical events.

“They want a predictive forward-looking view,” Haynes said.

The model was trained using political, economic, and social data spanning 1995 through 2022, allowing it to identify patterns associated with conflict risk.

Although the model does not incorporate the current Iran conflict, Verisk said testing suggested it would have assigned a 66% probability of war in Iran roughly six weeks before hostilities began.

The company also launched a companion product called the Geopolitical Relations Index, designed to measure tensions between countries by evaluating factors such as military history, geographic proximity, political systems, and diplomatic relationships.

The effort is part of a broader expansion of political-risk modeling.

Verisk has previously developed forecasting tools for civil unrest, strikes, riots, and government instability. According to the company, a separate model introduced in 2023 successfully anticipated six of the last seven government collapses, including political upheavals in Syria and Venezuela.

The growing interest reflects the financial impact of geopolitical events.

Wars, trade disruptions, sanctions, and political instability have increasingly influenced commodity markets, shipping routes, energy prices, and global investment flows.

Major financial institutions have acknowledged that traditional risk-management frameworks may no longer be sufficient.

Citigroup has warned against relying too heavily on backward-looking models, while Morgan Stanley has argued that firms must rethink how they evaluate geopolitical threats.

The concern is that rare but severe events can erase years of gains in a matter of days.

For banks, insurers, and asset managers, reliable forecasting tools could influence everything from insurance pricing and catastrophe bonds to investment decisions and regulatory stress tests.

The goal is to assign measurable probabilities to risks that were once viewed as largely unpredictable.

There are limitations.

Models trained primarily on historical data may struggle to capture rapidly changing political realities. Human decisions, especially those involving war and diplomacy, remain far more complex than natural disasters.

Even Verisk emphasizes that its products are designed to supplement judgment rather than replace it.

Nevertheless, demand continues to grow.

As geopolitical tensions increasingly become a central factor in financial markets, institutions are investing heavily in tools that may provide earlier warning of emerging threats.

The adoption of disaster-modeling techniques for geopolitical forecasting underscores a broader trend on Wall Street: wars and political shocks are increasingly being treated as risks that can be quantified, priced, and managed.

JBizNews will continue monitoring advances in risk modeling and their broader effects on financial markets and global stability.

Wall Street — JBizNews Desk

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Give at least a couple of cheers for coercive diplomacy, which is to say diplomacy through bombing. As the Prussian military strategist Carl von Clausewitz told us a couple hundred years ago, “war is the continuation of politics,” or diplomacy, “by other means.”

Last week’s bombing may well have finally pushed Iran and all their internal factions to at least signing a memo of understanding that represents at least the beginning of the end of the war.

President Trump is a master at coercive diplomacy. He’s also a master of psychological warfare diplomacy with his threats to destroy Iran’s infrastructure, such as power, bridges, water, etcetera.  He even kept Kharg island, the apex of Iran’s energy industry, in play as well.

The full text of the memo might come at the end of the week with a formal signing ceremony, as Mr. Trump said today at the G-7 meeting in France. 

Asked by a reporter “when will the text of the MOU be released,” Mr. Trump replied: “I think pretty soon I would say I mean, I want it to be released because it’s a very powerful document. It’s not like the Obama document, which was just a terrible document. This is a very powerful document and I want it to be released. So probably pretty soon, I would say after sometime after Friday, of course, the Strait opens.”

And though we await all of the details, it seems that the president is keeping all his promises to the American people. And, for that matter, to the defeated and surrendering Iranians. They may never acknowledge their surrender, but they are surrendering.

Mr. Trump has said no nuclear weapons for Iran, and that’s in the deal. He has said that the nuclearized enriched uranium must be transferred out of Iran or destroyed altogether. White House sources maintain that’s in the deal.

He has promised a free navigation reopening of the Strait of Hormuz without any Iranian tolls, and that’s in the deal. Here’s what the president said today on Iranian nukes, again from the G-7 in France: “the main thing is that Iran will not have a nuclear weapon. They fully agreed to that with strong policing powers, and they won’t have a nuclear weapon, which is what it was all about, because they probably would have used it if they had it.”

Now Mr. Trump has also said no money for Iran unless and until they completely change their behavior. And there will be strict performance metrics for all these Trumpian red lines. Again, here’s the president earlier today on this point. 

Mr. Trump was asked by a reporter whether the deal will “involve any sanctions relief for Iran?” and if so, “when would that go into effect?”

The president replied: “No it doesn’t. Well, they have to. It’s really a behavioral thing. If they do what they’re supposed to do, that starts taking effect.”

Now all the administration people keep talking about verification. Verify, verify, verify.

I understand in all these areas the devil is in the operational details necessary to execute this memorandum of understanding. All that has to be worked out.

We all know Iran has absolutely no credibility on any of these points. That’s why I don’t think anyone can say the war is yet over. Yet I will amend Ronald Reagan, we never trust Iran. And that’s even more reason why we must verify, verify, and verify.

 I also recognize that Israel, our great ally and comrade in arms, may still have a lot more work to do to defend its freedom.

Let’s step back a moment, though, and recognize that Mr. Trump has crushed Iran militarily through Epic Fury. Mr. Trump and the Treasury secretary, Scott Bessent, have crushed Iran financially through economic fury. And special mention to our United States Navy for their steel-door blockade of Iranian ports.

Lots of former presidents have railed against Iran. But no one has remotely done what Mr. Trump has done to curb the gruesome, diabolical, evil, radical Islamist outlaws that Mr. Trump has done. No one.

And that’s why I believe people of good faith who want to see freedom truly come to the middle east should support the Trumpian memorandum of understanding and turn that into an actual verifiable agreement.

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West Marine is planning to close 59 stores around the country as it works through bankruptcy proceedings.

The boating and fishing supply retailer based in Fort Lauderdale, Florida, filed for Chapter 11 bankruptcy protection last month and submitted a list of retail locations it intends to close amid its restructuring, which includes 59 stores in 23 states.

It said in its announcement that it has more than 200 retail locations across 34 states and Puerto Rico.

MAJOR CARL’S JR OPERATOR REPORTEDLY SET TO SHUTTER, SELL DOZENS OF CALIFORNIA LOCATIONS

“After productive discussions with key advisors, we’ve reached an agreement to pursue a strategic reorganization that will address our capital structure while maximizing value for all our stakeholders,” West Marine said in a statement announcing the move.

The company said that it has encountered headwinds from supply chain disruptions, extreme weather events and changes in consumer behavior that contributed to the financial difficulties that prompted the bankruptcy filing.

DETROIT BANKRUPTCY CASE OFFICIALLY CLOSES MORE THAN 13 YEARS AFTER HISTORIC FILING

It added that its restructuring plan will strengthen its balance sheet, reduce debt levels and give the firm more financial flexibility.

“West Marine has been a trusted partner to the boating community for decades. The actions we are taking today will allow us to optimize our operations so that we can continue to serve our customers and community well into the future,” West Marine CEO Paulee Day said in a statement.

SPIRIT AIRLINES LAWYER SAYS JET FUEL PRICE SURGE LEFT CARRIER WITH ‘NO REMAINING WAY OUT’ OF BANKRUPTCY

The company’s restructuring website said that West Marine plans to move through bankruptcy in an expedited process and is considering emerging from Chapter 11 by mid-August.

West Marine said it will be open for business and that customers should not expect changes to day-to-day operations throughout the duration of the bankruptcy.

The company is closing stores in: Alabama, California, Florida, Georgia, Illinois, Louisiana, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington and Wisconsin.

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I talked about Defi inflated yields last month. Investors often mistake a large number for a good investment. This error drives the current crypto mania. You see a yield of 19.0% on Cosmos staking and assume you have found a financial loophole. You ignore the source of that money. Traditional finance generates returns through tangible economic activity. Banks lend your cash to homebuyers who pay mortgages. Governments tax their citizens to service bond debt. The US 10-Year Treasury Note offers a 4.40% fixed yield because the American economy produces real value. This yield represents a share of actual productivity.

Crypto yields operate on a different and dangerous logic. Platforms often mint new tokens to pay old users. This process dilutes the value of every existing token. You earn 15.0% more tokens while the token itself loses purchasing power. Lido Liquid Staking offers 3.2% to 3.8% APY, which looks similar to the US 2-Year Treasury Note at 4.01%. The similarity ends there. One pays you from tax revenue and economic growth. The other pays you from software inflation and trading fees. Uniswap Volatile LPs promise 10.0% to 25.0% APY, but this money comes from traders gambling on price swings. It does not come from a business creating value. The yield exists only as long as new gamblers enter the casino.

The Fortress Versus The Glass House

Safety in finance relies on legal recourse and insurance. Traditional systems build fortresses around your capital. The FDIC insures bank deposits up to $250,000. If the bank fails, the government ensures you get your money back. High-Yield Savings Accounts provide 3.8% to 4.1% APY with near-zero risk of principal loss. You sleep well at night knowing the law protects you. Crypto offers zero legal protection. You deposit your assets into a smart contract and hope the code works. Hackers drain these contracts regularly. Founders abandon projects and run away with funds.

Consider Aave Lending on USDC Stablecoins. Assume that it advertises 3.9% to 4.7% APY. This looks safe because it uses a “stablecoin.” If a bug exists, your …

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Zillow is facing yet another lawsuit related to its multifamily rental syndication deal with Redfin, first announced in February 2025. The listing portal giant is already facing a legal challenge from the Federal Trade Commission (FTC) and attorneys general in five states, who are claiming that the two firms conspired to eliminate competition in the rental listing space and that their syndication agreement — under which Zillow paid Redfin $100 million — violates antitrust laws. 

In a new lawsuit filed law Tuesday against Zillow, as well as the firm’s CEO Jeremy Wacksman and CFO Jeremy Hofmann, investor Matt Breidert alleges that Zillow misled investors about its February 2025 agreement with Redfin involving multifamily rental listings. According to the complaint, Zillow described the deal as a “partnership,” but Breidert later learned, through the FTC’s lawsuit, that regulators viewed it as something much closer to an acquisition or market-exit agreement that allegedly eliminated a competitor.

The lawsuit claims that Zillow failed to adequately disclose the antitrust risks associated with the agreement and that investors suffered losses when those risks became public.

“Zillow’s agreement with Redfin was not a ‘partnership,’ but rather an acquisition of Redfin’s business; as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws,” the complaint states. 

In an emailed statement, a Zillow spokesperson wrote that the firm’s  “rental listings partnership with Redfin is pro-competitive and pro-consumer, and we remain confident in that position.” 

“We stand by our business model and will vigorously defend against these allegations,” the spokesperson added.

According to the complaint, Zillow’s Class C share price fell 4.33% on September 30, 2025, when the FTC filed its lawsuit, and another 4.63% the following day. Additionally, Class A shares allegedly fell by 4.5% on September 30, and 4.37% the next day. 

The complaint also claims that share prices fell again in February 2026 after Zillow Group’s fourth quarter 2025 earnings call when Hofmann disclosed “ongoing elevated legal expenses” and warned of a roughly 200-basis-point EBITDA-margin headwind, with Class C shares allegedly falling 17.12% and Class A shares allegedly falling 16.5%.

Breidert is seeking class action status for all persons or entities who purchased or otherwise acquired Class A or Class C Zillow common stock between February 11, 2025 and May 7, 2026, and has demanded damages and a jury trial.

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WASHINGTON, D.C. — June 15, 2026 — The U.S. Department of Commerce on Friday ordered artificial-intelligence company Anthropic to restrict access to its two most powerful systems, Fable 5 and Mythos 5, significantly limiting international use of the models and marking one of the most aggressive federal interventions yet in the rapidly evolving artificial intelligence industry.

According to Anthropic, the export-control directive was delivered by letter at 5:21 p.m. ET Friday and originated from Commerce Secretary Howard Lutnick and the department’s Bureau of Industry and Security. The action followed warnings from Amazon Chief Executive Officer Andy Jassy, who reportedly alerted senior administration officials that internal testing had revealed potential security vulnerabilities in the models.

The dispute began after Amazon researchers conducted a series of tests designed to probe the systems’ safeguards. According to accounts of the matter, the researchers were able to use carefully crafted prompts to bypass certain protections and generate information that could potentially assist in cyberattacks — material the systems were designed to block.

Jassy reportedly escalated those findings to senior officials in Washington, setting off a series of discussions inside the administration regarding whether the models presented a national-security concern.

Government researchers subsequently conducted their own evaluations of the systems. Officials then reportedly presented Anthropic with a choice: address the identified vulnerabilities immediately or face restrictions on deployment of the affected models.

According to a senior administration official, President Donald Trump ultimately approved the action while expressing concern that excessive regulation could slow American innovation in artificial intelligence.

The resulting order was unusually broad.

Rather than limiting access only overseas, the directive reportedly prohibited use of Fable 5 and Mythos 5 by foreign nationals regardless of location, including individuals located inside the United States. Anthropic stated that it did not have a practical method to selectively block only foreign users and therefore suspended access to the two models more broadly while complying with the order.

The company said access to its other AI products remains available.

Anthropic has publicly complied with the directive while strongly disputing the government’s conclusions.

The company characterized the issue as a narrow jailbreak scenario and argued that the vulnerabilities identified by Amazon were limited in scope and already understood within the industry. Anthropic warned that if the same standard were applied universally, it could substantially hinder development and deployment of advanced AI systems across the sector.

The company further noted that it had implemented extensive safeguards designed specifically to prevent cybersecurity misuse and argued that no AI system is entirely immune from determined attempts to circumvent protections.

The dispute places Amazon in an unusual position.

The technology giant is both one of Anthropic’s largest investors and a major provider of cloud-computing infrastructure used to train and operate Anthropic’s models. By bringing the concerns to federal officials, Amazon effectively placed national-security considerations ahead of a business relationship involving billions of dollars in investment and infrastructure commitments.

For Anthropic, the impact was immediate.

The company said two of its flagship AI systems, which collectively reach hundreds of millions of users worldwide, were effectively removed from broad international availability pending further review.

The broader significance may extend far beyond a single company.

The United States has previously restricted exports of advanced semiconductors and computing hardware used to train artificial intelligence systems. However, industry observers note that this appears to be among the first major instances in which federal authorities directly restricted access to an AI model itself rather than the hardware powering it.

The action could establish a new precedent for government oversight of advanced AI systems and may signal the emergence of a de facto approval framework under which regulators determine when certain models can be deployed internationally.

Such a framework would represent a significant shift from the administration’s broader approach toward artificial intelligence, which has generally emphasized voluntary cooperation and innovation rather than formal licensing requirements.

Investors are closely watching the implications for both AI developers and the companies supporting them.

Because Anthropic remains privately held, the immediate public-market impact is most visible through Amazon (NASDAQ: AMZN), which closed Friday at $238.55, down 1.23%. The decline occurred before the directive was reportedly issued and was largely attributed to broader concerns surrounding artificial-intelligence spending and regulation rather than the specific action against Anthropic.

Administration officials have indicated the restrictions may be temporary and could be lifted if Anthropic satisfies federal security concerns following additional review.

For now, the episode raises a fundamental question facing the artificial-intelligence industry: who ultimately decides when a powerful AI system is safe enough to remain widely available — the company that develops it, or the government that has the authority to restrict access.

Anthropic maintains that the government’s action is based on a misunderstanding of the risks involved and says it is actively working with federal officials in hopes of restoring broader access to the models.

JBizNews Desk — Technology

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Ethereum (CRYPTO: ETH) is showing signs of a short-term rebound after recent weakness, while on-chain data suggests a wallet possibly linked to Arthur Hayes purchased ETH.

Hayes Loading ETH?

In an X post on June 15, blockchain tracker Lookonchain reported that a wallet possibly linked to Hayes received 3,000 Ethereum, worth approximately $5.42 million, from Flowdesk.

The transaction comes as Ethereum attempts to recover from a sharp decline, with traders watching whether the bounce can extend into a key resistance zone.

Over the past month, Ethereum has lost around 16% while the past week witnessed a 8% jump.

During the last week, Arthur Hayes laid out the case why Bitcoin 

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NEW YORK — Bitcoin climbed back above $66,000 on Monday as investors returned to riskier assets following the weekend agreement to end the war between the United States and Iran. The rebound provided a measure of relief for a cryptocurrency that has spent much of 2026 under pressure after suffering one of its steepest declines in years.

The rally followed President Donald Trump’s announcement Sunday that the United States and Iran had reached an agreement to end hostilities. The news triggered a broad market response, lifting stocks while pushing oil prices sharply lower. Bitcoin joined the risk-on rally as traders moved back into speculative assets.

Even after Monday’s gain, Bitcoin remains far below its record levels. The cryptocurrency reached an all-time high near $126,000 in October 2025 before entering a prolonged decline. By early June, Bitcoin had fallen to roughly $60,000, representing a drop of more than 50% from its peak and marking its deepest drawdown since the crypto downturn of 2022.

Several factors contributed to the decline. Investors withdrew more than $5 billion from Bitcoin exchange-traded funds since mid-May, the longest streak of ETF outflows on record. At the same time, inflation climbed to a three-year high while the Federal Reserve maintained a restrictive interest-rate stance, reducing investor appetite for speculative investments.

Sentiment also weakened when Michael Saylor’s Strategy, one of Bitcoin’s most prominent corporate supporters, sold a portion of its holdings for the first time since 2022, raising concerns among traders who had viewed the company as a permanent buyer.

Wall Street remains sharply divided over Bitcoin’s future. Standard Chartered analyst Geoffrey Kendrick has steadily lowered his forecast, reducing his year-end 2026 target from $300,000 to roughly $100,000. Kendrick cited weaker corporate demand and slower ETF inflows.

Others remain optimistic. Bernstein continues to project Bitcoin reaching $150,000 by late 2026. Citigroup analysts have outlined a base-case target near $143,000, while JPMorgan’s fair-value models suggest approximately $170,000. Among major forecasters, Fundstrat’s Tom Lee remains the most bullish, maintaining a target of $250,000.

Despite those forecasts, short-term sentiment remains cautious. Prediction markets continue to assign meaningful odds that Bitcoin could fall below $60,000 again before the end of the year.

Historically, Bitcoin has followed a cyclical pattern tied to its halving events, which reduce the rate at which new coins are created. Previous cycles have often featured sharp rallies followed by extended declines before eventually recovering. While the current downturn has been severe, it remains less dramatic than the collapse of 2022, when Bitcoin lost more than 75% of its value.

For everyday investors, Bitcoin increasingly behaves less like the independent “digital gold” once envisioned by supporters and more like a high-risk technology asset. Its price movements have become increasingly correlated with stock markets, interest-rate expectations and broader investor sentiment.

The rapid growth of Bitcoin ETFs has also tied the cryptocurrency more closely to traditional retirement and brokerage accounts, meaning its gains and losses are now felt by a much broader group of investors than during previous cycles.

Whether Monday’s move marks the beginning of a sustained recovery remains uncertain. Bitcoin has staged several strong rebounds during this downturn only to retreat again. The easing of geopolitical tensions removed one source of market anxiety, but inflation remains elevated and the Federal Reserve continues to signal patience on rate cuts.

For now, Bitcoin is moving higher again. Whether it can sustain that momentum — and eventually challenge its previous record highs — remains one of the most closely watched questions in financial markets.

JBizNews Desk
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Home Equity Conversion Mortgages (HECMs) have long been the gold standard product set for reverse mortgage originators, but they became a minority share of the market earlier this year as proprietary loan volume exceeded HECM volume in the first quarter of 2026.

While private-label reverse mortgages offer advantages like lower upfront costs and larger loan amounts, the shrinking market share for HECMs can also be chalked up to the fact that one of its flagship offerings, the HECM for Purchase program, remains underutilized. HECM for Purchase allows a senior homeowner to tap into their existing equity, sell their current property and buy a new one without taking on monthly payments.

Data from the U.S. Department of Housing and Urban Development (HUD) for fiscal year 2025 shows that purchase transactions accounted for roughly 5% of all HECM endorsements. That share has never crossed into double digits since the purchase program was created in 2009.

At last week’s Western Regional Meeting of the National Reverse Mortgage Lenders Association (NRMLA), a panel discussion focused on ways to jumpstart HECM for Purchase through educational efforts with consumers, real estate agents and forward lending professionals. The five people on the panel shared their experiences with successfully selling and integrating HECM for Purchase into their businesses.

Given that older Americans are the majority of today’s buyers and sellers, why do you think that HECM for Purchase remains such an underutilized tool for the industry?

Christine Jensen, senior vice president of reverse mortgage lending, Fairway Home Mortgage: It’s largely misunderstood. Too many seniors are stuck in a home that no longer meets their needs, but they don’t take action to move into a home that would be more suitable for them, because they don’t realize that there’s an option out there that doesn’t require a mandatory mortgage payment.

When you’re in retirement, the mindset that these people have is thinking that the only option available to them, if they were going to make a move, is that they would have to harvest enough proceeds from the sale of their current home to pay cash for the replacement home. If only they knew they could get into a more suitable replacement home and not have a mandatory mortgage payment, I think we would have higher adoption.

Priscilla Rael-Albin, broker associate, REMAX: I’m the sandwich generation: I’m worried about my kids and I’m worried about my parents. You sort of need to start there as HECMs need to be looked at as a tool for planning for the future.

We have a lot of seniors who are in large homes and need to go to a smaller home. They can’t do the normal loan qualifications because they’re on a fixed income, so they don’t fit into that bubble of purchasing a property with normal financing. A reverse mortgage for purchase is ideal. They can also take some of that cash and invest it to grow their financial wealth. So it’s just big-picture thinking and looking at as a planning tool versus a situation where they think they’re going to lose their house.

There are misconceptions among consumers, but what are the misconceptions among industry professionals about these products, given that you’re trying to educate forward-centric loan officers and real estate agents who may not have much exposure to them?

Patrick Ortiz, regional vice president for the Reverse One division, CrossCountry Mortgage: When I talk to forward loan officers, I break down the basics and demystify what it is. It’s not some exotic program. It’s an FHA-backed loan or a regulated proprietary loan.

I don’t really like to use the term PLF (principal limit factor), because they don’t know what that is. I talk about LTV (loan-to-value) and DTI (debt-to-income) ratios. The more we educate our forward loan officers on what we can do, the less complicated they think it is. Every LO should be able to have a five- to seven-minute conversation with a borrower about the basics of reverse. The way we’re going to springboard the whole program is to leverage our forward lending colleagues.

Sarah Rowan, vice president of mortgage lending, Rate: I think a lot of originators are afraid to say “reverse,” thinking it’s a dirty little word. Their agents might think, “Oh, we’re going to try to keep them in their home.” But when we say “reverse,” it’s about reversing their current mortgage. They don’t realize it expands the purchasing power of the borrower.

They might have a cash buyer, where they sell one home and have cash to buy another. But is that doing right by the senior? They don’t realize that I’m able to get the client into a much better home by rightsizing, rather than just taking the cash and being really strapped on what they’re able to do.

That piece of education is missing. That’s where a lot of lenders get in their own head about pitching products. You’re not losing the deal by talking to them about reverse. You’re opening up additional options that they didn’t know they have.

Can you share an example where HECM for Purchase changed the equation and allowed a client to buy something new? What was the human impact of the deal on the client’s retirement?

Dan Mudd, producing regional manager for reverse, Rate: My favorite HECM for Purchase story involves a client I worked with about 10 years ago. Their mom and dad were getting older, so the kids reached out to me again at the end of last year and asked, “What are the options to help them do a lateral move?”

We were able to work with a local [real estate agent] and sell their two-story, split-level property. We took their equity and put them into a one-story condominium, allowing them to age in place with no money out of their pocket. They were within five minutes of their grandkids, instead of being an hour away. That, to me, was the best situation, because the kids already believed in the product and understood it, and they knew it was the best option for their parents.

Rael-Albin: I had a widow who’d lost her husband. They were both on Social Security, and unfortunately, when you lose a loved one on Social Security, you get the higher of the two payments, but your expenses don’t cut in half. She owned her home free and clear, but her expenses outpaced her Social Security, so she was really struggling.

We sold her home and got her into a single-story, one-bedroom condo. She was able to put, I think, $60,000 or $80,000 into a savings account for a rainy day. She was able to put food in her pantry, she didn’t have a mortgage payment, and all she had to worry about was taxes and HOA fees, which were $700 a month.

You really need to look at it by advising them on how they can have a better life and not be stressed out. They shouldn’t be stressed at 80 years old on whether or not they can eat that month.

Let’s talk about how to structure a successful and durable referral partnership between real estate agents and loan officers. What communication protocols would you use to ensure a smooth process for these types of transactions?

Ortiz: What I tell people is, this isn’t for every one of your buyers. It’s not for every client that’s going to walk through the door at an open house. But it is for some of them. And if you don’t know the program, you’re not offering it and you’re not even having a conversation about it, I promise you, clients are going to have a conversation about it with somebody else.

You need to play to this enormous, over-62 demographic that has all the housing wealth and is actually buying homes right now. If you’re not collaborating and capitalizing, you’re missing the boat. You’re playing with five sticks in your golf bag, but you could play with all of them. I promise you, the game is more fun.

Jensen: I want to talk about new construction and homebuilders for a moment, and the partnerships that we really need to have with that segment of the industry. Too often, seniors are avoiding new-home subdivision sales offices because they don’t think there’s any way they can afford these beautiful, lower-maintenance, easier-living homes.

I had the privilege of working with some clients not too long ago who were selling their quad-level home in Arvada, Colorado, and moving to a 55-plus community in Broomfield. Based on what they were going to net from the sale of the house in Arvada, they were really going to have to limit what they could purchase in the new-home community.

Fortunately, they heard about HECM for Purchase. We got together and I showed them how friends don’t let friends pay cash for their house. We showed them they could actually afford some of those beautiful features that they longed to have. One of the options that the builder offered was this indoor-outdoor fireplace that would serve both the living room and back deck, and that was one of those features that they dreamed of having.

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The U.S. needs a new strategy to address the significant recovery costs following large-scale disasters 

Disasters such as fires, floods and tornadoes are striking a widening geographic area across our country, and their frequency appears to be rising. The cobbled-together framework of consumers’ hazard insurance policies, state insurance programs, the national flood insurance program, and federal emergency funds falls short of meeting the needs of proactive disaster and recovery planning.   

In the first half of my article, I’ll explain the shortfalls of the current framework and its impact on housing. In the 2nd half, I will propose alternatives supported by my research and 45+ years in housing-related research and thought leadership.

The warning signs are no longer subtle. The hazard insurance and disaster recovery framework is cracking and may curtail home sales.

Across wide swaths of the United States, homeowners and renters are finding that hazard insurance – the often-overlooked prerequisite for every mortgage, lease and property transaction – is harder to obtain, harder to afford or simply unavailable at any price. 

What once seemed a regional issue confined to coastal hurricanes or Western wildfires has become a national stress fracture, affecting housing markets, household and insurance organization balance sheets and state budgets.

If this trajectory continues unchecked, hazard insurance will not only strain household finances. It will increasingly act as a hard constraint on housing supply, homeownership, and economic mobility—especially in regions already grappling with affordability pressures.

Zeroing in

Disaster losses are increasing in frequency, severity, and geographic reach, while the U.S. insurance system, designed to absorb those shocks, remains fragmented, reactive and financially unstable. Homeowners face spiraling premiums or outright non-renewals. Renters absorb rising insurance costs through higher rents. 

Builders and developers face growing uncertainty about insurability, project feasibility, and buyer qualification. Potential resale and new home buyers may scrap purchases when the added insurance cost pushes beyond monthly budgets. The result is a feedback loop that threatens to stall housing markets long before a single foundation is poured or a resale home is listed.

Disaster recovery is no longer a future problem.

Recent data makes the scale of the challenge clear:

  • In 2025 alone, the U.S. experienced 23 billion-dollar weather and climate disasters, including wildfires, floods, tornadoes, and severe storms according to The Weather Channel.  Billion-Dollar Weather And Climate Disasters Of 2025 | Weather.com
  • California’s January 2025 Palisades and Eaton fires damaged or destroyed more than 16,000 structures, with estimated losses exceeding $60 billion.
  • Flooding events in Texas Hill Country, Western North Carolina, and Alaska in 2025 underscore that “non-traditional” risk geographies are now firmly in play.
  • Tornado activity (1,558 events in 2025) affected 42 states, well above long-term historical averages per the National Center for Environmental Information
  • Damage from hail, particularly to aging roofs, drives significant insurance claims according to Cotality. In a March 2026 report, Cotality suggested Texas has 7.9 million homes at risk due to the prevalence of severe convection storms and the state’s housing concentrations.  

Most hazard insurance policies don’t cover flooding, yet nearly 96% of U.S. homeowners lack flood insurance according to the Federal Emergency Management Agency (FEMA), and many are underinsured relative to replacement costs – leaving families, lenders, and governments exposed to disaster. 

A system stretched past its design limits

Today’s disaster-recovery framework relies on a patchwork of:

  • Private hazard insurers, who will stop operating in some states when facing large losses
  • The National Flood Insurance Program (NFIP), which has borrowed from the U.S. Treasury since 2004 since policy premiums received no longer cover payouts.  The NFIP owes $25.5 billion to the U.S. Treasury as of March 2026.
  • State-level FAIR plans, typically the insurer of “last resort” when residents cannot obtain private insurance. California’s FAIR program is teetering financially while Florida’s program is strained but operational.
  • Federal disaster relief, primarily through the Federal Emergency Management Agency (FEMA), which requires funding approved by Congress. FEMA payouts averaged $38 million annually from 2020-2025, jumping notably from prior years.

Each plays a role – but none were built for the scale, frequency, and national scope of today’s risk environment. Disputes over windblown water intrusion versus overland-flooding coverage delay payouts after tropical storms. Many State FAIR plans – state-managed property insurance plans that provide coverage for property owners who can’t obtain a policy from private insurers due to high-risk factors – are experiencing increased exposure. Federal relief fills gaps after the fact, often slowly and at great expense, without guidelines to mitigate risks.

The result is a system that relies on less predictive historical data, responds to disasters after the fact rather than proactively managing risk, and increasingly shifts costs downstream to households and taxpayers.

The fork in the road

The direction is clear:

  • Option one: continue absorbing higher premiums, shrinking coverage, mounting public liabilities, and growing market distortions—until insurability becomes a barrier for large portions of the U.S. housing market.
  • Option two: acknowledge that managing hazard risks has become a national housing and economic issue—and design a system that treats it as such.

Part 2 of this analysis will explore what that second path could look like.

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Alternative investment firm Saluda Grade doesn’t see the interest rate environment or the current signals of consumer financial stress taking the shine off home equity assets anytime soon.

“What we’re focused on is 75% of homeowners today with a mortgage have a rate that is still out of the money — and that’s material,” Blake Eger, Saluda Grade’s head of private credit and senior portfolio manager, said in an interview with HousingWire. “In the near term, I don’t see any material changes in rates that would impact borrower behavior in some of these asset classes.”

Eger added that the average rate held by today’s homeowner is about 4.5%, but the current rate is near 6.5%. With no incentive to refinance their homes, most of these customers are tapping into their home equity — an asset class that attracts investors like Saluda Grade.

“There’s a tremendous amount of equity accumulated in the system today, in particular on the residential side. It’s almost $35 trillion of home equity in single-family residential housing in the U.S.. That’s a giant asset class. We want to finance that equity, the homeowner who has that equity,” Eger said.

On top of that, there’s a supply shortage of about 3.5 million homes, household formations continue to increase and housing stock across the country is aging rapidly, she added.

Eger said that signals of consumer stress are not apparent in the company’s portfolio. Saluda has a total portfolio of about $4 billion, the majority being residential assets. But it also has fixed-income and growth equity businesses. With the latter, it takes non-controlling, minority stakes in originators of alternative housing assets and fintech platforms.

“We’ve been comfortable with the level of delinquencies that we’re seeing — these assets are performing well,” Eger said. “That said, we’re certainly aware of the headlines, and we’ve seen broader delinquencies certainly pick up in consumer loans. It’s something we keep a close eye on.”

Saluda forecasts a market of $150 billion in second-lien production in 2026. Eger said there’s no shortage of assets out there; it’s a question of finding the right home for them.

Regarding parallels between some of these assets and those created prior to the financial crisis of the late 2000s, Eger said Saluda’s weighted average FICO score is 750 across second liens and residential transition loans (RTLs), meaning that these are prime borrowers.

Home equity agreements are a different product, and they are designed for someone who cannot access a traditional mortgage, so by nature they’re likely to have a lower FICO score,” Eger said. “Ideally, this is used as a credit curing product, and this is a way for a homeowner to use their most valuable asset to pay down expensive debt that’s weighing on their own personal balance sheet.”

Eger said mortgage credit availability is historically tight — nearing 2009 levels — leaving most borrowers without agency options. Private credit is filling this necessary void rather than driving up rates. Subprime lending is significantly smaller and much better underwritten today compared to the pre-crisis era, she added. 

Private credit

Eger knows about subprime. She began her career at Bear Stearns structuring subprime mortgage-backed securities (MBS) prior to the crisis, then moved to JP Morgan, Bank of America/Merrill Lynch (trading non-agency RMBS), Structured Portfolio Management, Redwood Trust and Paloma Partners before joining Saluda Grade about four and a half years ago.

Saluda Grade, founded in 2019, is broadening its asset-backed credit strategy beyond its traditional residential focus to expand into both commercial and non-housing sectors.

Following its acquisition of Hillcrest Finance in mid-2025, the firm is targeting commercial mortgages, specifically commercial bridge loans. With the recent hire of co-chief investment officer Patrick Lo, formerly of Waterfall Asset Management, Saluda is exploring other opportunities such as home improvement, manufactured housing and solar loans.

Saluda prioritizes asset-backed finance (ABF) — in which loans are secured by specific collateral rather than just a borrower’s creditworthiness — over corporate direct lending because it offers better diversification through thousands of smaller, asset-backed loans with contractual cash flows, Eger said.

This “Private Credit 2.0” space has grown significantly as regulatory changes like Dodd-Frank forced banks to retreat, allowing private credit funds to step in and provide broader investor access. Looking ahead, Saluda expects upcoming Basel III regulations to have minimal impact on its specific alternative asset strategies.

“The key theme that we’re continuing to hear from allocators over and over again is we have maybe been too focused on one form of private credit,” Eger said. “With today’s new definition of private credit that now includes ABF, we’re looking to diversify our exposure, and prudently it makes sense.”

Regarding recent stress in the broader private credit market, Eger said the company is making sure it has ”strong third-party vendors” that look at credit compliance and valuation on certain products.

“There’s always risks, and if nothing else, putting more eyes on this and having it come to the forefront makes everybody in the space a more prudent investor,” she said.

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Rather than hand over their fortunes to the California state government, wealthy Californians are finding creative, tax-efficient ways to minimize potential billionaire-tax impact — including giving their money away.

Some high-net-worth residents in the Golden State are intentionally reducing their balance sheets through philanthropy or real estate strategies because they do not trust Sacramento to spend their tax dollars effectively, according to a recent Wall Street Journal report.

“People take steps to take advantage of the tax law before it changes all the time. This is just another example of that,” HCVT partner and advisor Andrew Katzenstein told The Journal, adding that he is working with multiple clients to help them navigate the proposed wealth tax.

In April, the Service Employees International Union–United Healthcare Workers West (SEIU-UHW) said it had collected more than 1.55 million signatures, according to a press release — nearly double the 875,000-signature requirement — to put a one-time tax on billionaire assets on the California ballot.

FLEEING FOR THEIR FUTURES, A CALIFORNIA EXODUS UNLEASHES A FLORIDA ‘GOLD RUSH’

The California Billionaire Tax Act would target the net worth of roughly 200 residents and impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with interest, according to the Legislative Analyst’s Office.

If the measure is approved by voters in November, anyone who was a California resident on Jan. 1, 2026, would owe the tax.

For those who did not move their primary residence by that deadline, they and their financial teams are working to reduce client valuations below the $1 billion mark, including by ramping up charitable donations, as clients would “rather their money go to charities that… do good work than to California’s government, which [they don’t] trust to use the funds effectively,” The Journal wrote.

Other methods aimed at minimizing the tax burden include restructuring balance sheets entirely, delaying private funding rounds and pulling real estate holdings out of corporate LLCs and placing them directly under personal names or revocable trusts to legally shield their property.

Wealthy residents are also considering purchasing expensive tangible assets, such as art and yachts, while keeping them outside California for at least 270 days per year to legally avoid the tax.

“I like to tell my students this maxim of tax-planning: Pigs get fed, hogs get slaughtered,” University of Missouri law professor David Gamage told The Journal. “You can often get away with some amount of restructuring affairs, but if you go too far and get too greedy, you can get in trouble.”

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Some of the public figures who moved their residences or businesses out of California before Jan. 1, 2026, include Google co-founders Larry Page and Sergey Brin, Meta CEO Mark Zuckerberg, Peter Thiel, Steven Spielberg, Uber co-founder Travis Kalanick and car loan magnate Don Hankey.

The majority of California voters — about 54% — generally support the billionaire tax, according to a May poll by the Public Policy Institute of California.

READ MORE FROM FOX BUSINESS

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Weiss Multi-Strategy Advisers President Jordi Visser says Bitcoin (CRYPTO: BTC) may be unpopular at the moment, though this will change AI progress accelerates.

“Nobody Wants To Buy Bitcoin Right Now

Speaking in an interview with Anthony Pompliano on June 13, Visser explained Bitcoin is currently trading well below its 200-day average, so investors aren’t comfortable buying it.

He compared Bitcoin to other investments that people avoid when they are weak, but later rush to buy when they become popular.

Visser’s main idea is that Bitcoin and crypto are still important in a world full of AI, especially as fake content makes proof of …

Full story available on Benzinga.com

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Oil prices fell on Monday to the lowest levels since early March following the announcement of a preliminary agreement between the U.S. and Iran to end the war that has strained the energy market.

West Texas Intermediate (WTI) crude oil prices were down over 5% during Monday’s trading session on the news, trading just above $80 a barrel.

Despite that decline, prices for the U.S. oil benchmark remain well above their pre-war levels, as oil prices were between $60 and $70 a barrel in the month leading up to the beginning of the conflict.

Prices for Brent crude, the global benchmark, were down over 3.6% on Monday and were trading below $80 a barrel for the first time since early March.

US OIL RESERVES DROP TOWARDS REAGAN-ERA LOWS, ‘SIGNIFICANT IMPACT AT THE PUMP’ COMING, EXPERTS WARN

The decline in oil prices occurred after President Donald Trump said that he signed a memorandum of understanding with Iran that aims to end the war, which has disrupted the flow of oil shipped via tankers transiting the Strait of Hormuz.

The vital chokepoint has had tanker traffic reduced substantially during the war, pushing oil prices higher and raising supply concerns in regions with limited oil production.

“The deal’s all signed. And the Strait is already partially opened,” Trump said after he arrived in France for the G7 summit.

ZELDIN TOUTS US ENERGY FUTURE, SAYS INDO-PACIFIC NATIONS INCREASINGLY INTEREST IN AMERICAN SUPPLY

An official signing ceremony is planned for Friday in Geneva, which is about an hour away from the summit’s location in Evian-les-Bains in the French Alps.

Trump was asked about when the Iran memorandum will be published publicly and said, “I think pretty soon, I would say. I mean, I want it to be released because it’s a very powerful document. It’s not like the Obama document, which was just a terrible document.”

“So probably pretty soon, I would say sometime after Friday, because the Strait opens – it’s open now, but it opens completely, we’ll have all the mines knocked out for the most part. We have a lot of lanes right now,” Trump said.

The president added that the agreement is “really a behavioral thing” when it comes to Iran because if “they do what they’re supposed to do, that starts taking effect.”

TRUMP OFFICIAL REVEALS WHERE CALIFORNIA GETS MUCH OF ITS OIL – AND CALLS IT A NATIONAL SECURITY THREAT

The deal to end the war with Iran is expected to ease pressure on the Federal Reserve to raise interest rates to curb inflation, which surged to a three-year high in May as gas prices hit consumers’ budgets.

BMO’s U.S. rates strategist, Vail Hartman, said that the “oil shock is not over, and we are not at the point of reviving hopes of interest rate cuts this year. We would need more concrete changes in the macro outlook.”

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Reuters contributed to this report.

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Dutch authorities have arrested a 20-year-old man suspected of planning an attack on a synagogue in Heemstede, near Haarlem, Netherlands, according to local media outlet DutchNews

Dutch police have stated the suspect was allegedly involved in plans to either plant an explosive device or set fire to the synagogue. 

This foiled attack is part of a broader series of antisemitic incidents targeting Jewish sites in the Netherlands this year, which include the late-night arson of a synagogue in Rotterdam.

This is a developing story.

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The Iran soccer team were preparing to play their first match at this year’s World Cup in Los Angeles on Monday, with protests expected by the city’s large Iranian diaspora against both the government in Tehran and the US war.

The team arrived in the US for the first time at this World Cup on Sunday, flying from their training base in Tijuana, Mexico, and touching down in Los Angeles just as a deal was announced to end the US-Iran war.

They are set to play New Zealand in Group G at 6 p.m. local time.

Iran’s participation in the tournament has been beset by controversy against the backdrop of the war, which began in February when the US and Israel launched strikes on Iran.

That followed nationwide protests in January inside Iran in which thousands were killed in a bloody government crackdown.

In recent weeks, the soccer team changed their base from Arizona to Mexico, while their federation complained that not all their staff received US visas and that tickets allocated to supporters had been withdrawn.

Los Angeles is home to the biggest Iranian community outside of Iran

In Los Angeles – home to the biggest Iranian community outside Iran, many of whom fled the country after the Islamic Revolution – Iranian American soccer fans say they have been left torn between excitement at seeing the team on the world’s biggest stage, anger at Tehran’s crackdown on protesters, and concern about Washington’s bombing campaign.

Some are planning to protest outside the stadium, while others have said they will watch the match on TV, uneasy over possible trouble at the stadium or that their attendance would imply support for Iran’s government.

“How can they go to cheer a team that comes with the flag of the Islamic Republic and national anthem?” said Koroush Krumarsi at a small protest held outside the team hotel on Sunday.

US rights of freedom of speech and expression

Others have indicated they will go to the match and try to smuggle in symbols of protest, including the pre-revolutionary Iran flag, which is the same colors as the current official flag but has a different lion-and-sun motif.

That sets up a potential clash with security and US rights of freedom of speech and expression.

Iran has threatened to halt matches if unofficial flags are brought in or slogans chanted, while a California non-profit has filed a lawsuit seeking to prevent any restrictions.

World soccer’s governing body FIFA says, when asked about the matter, that it prohibits flags or apparel of a political nature. But it has not commented specifically on what its approach will be to the Iranian pre-revolutionary flag.

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The Jerusalem District Court on Sunday overturned the Education Ministry’s decision to remove the Parents Circle Families Forum’s dialogue program from the GEFEN database, allowing schools to again invite the group’s “Dialogue Meetings – From Pain to Hope” program.

The ruling marks the third round of litigation on the program between the forum, together with the Association for Civil Rights in Israel (ACRI), and Education Minister Yoav Kisch, which brings bereaved Israeli and Palestinian family members into high schools for a 90-minute meeting on loss, dialogue, and reconciliation.

Judge Avraham Dan Rubin, sitting as an administrative court judge, accepted the petition filed by the forum and ACRI against Kisch, the ministry official responsible for external programs and the ministry’s tenders committee.

Rubin canceled the ministry’s January 25 decision and ordered it to pay the petitioners NIS 20,000 in legal expenses.

The forum, according to the ruling, includes more than 800 Israeli and Palestinian families who lost relatives in the conflict and work to promote reconciliation and dialogue. The program has operated in schools since the early 2000s, and the petitioners said, without contradiction, that some 200,000 students and educators had been exposed to it.

Program discourages military service, Education Ministry says

Since the closure imposed on the West Bank and Gaza Strip at the start of the Israel-Hamas War, the program has been operated by Israeli facilitators only, according to the ruling.

The Education Ministry argued that the program contradicted the goals of state education, particularly the goal of encouraging meaningful service in the IDF. It also argued that the program was pedagogically unsuitable for high school students, especially after October 7, because it allegedly blurred the difference between Israeli bereavement and Palestinian bereavement, exposed students to one-sided narratives, and included terms such as “occupation.”

Rubin rejected those arguments, finding that the ministry had not established that the program contradicted state education goals or contained a pedagogical flaw serious enough to justify removal from the database.

The judge said state education goals must be read together, not as a hierarchy in which one value erases the others. The ministry’s decision, he noted, relied only on the claim that the program contradicted education for meaningful IDF service, and not on any broader finding that it contradicted other purposes of state education, such as education for peace, tolerance, critical thinking, and respect for human rights.

A central part of the ruling dealt with the factual basis used by ministry officials. Rubin found that the professional opinions on which the ministry relied stretched the monitoring reports beyond what they actually showed.

Three reports cited by the ministry, he noted, explicitly said that no unusual remarks were made in the meetings, or that the meeting observed was too short to draw conclusions. The judge also cited a summary by the head of the ministry’s monitoring department that the forum and its lecturers were aware of ongoing supervision.

In one example, Rubin addressed a ministry claim that a forum speaker’s remarks could be understood as discouraging military service.

The full quote, he said, showed the opposite: Students were urged to enlist for the right reasons, defend the state, and not serve out of hatred or revenge.

The court also criticized what it described as a lack of trust in teachers, students, and school principals. The Education Ministry’s own circular on controversial classroom discussions, Rubin wrote, distinguishes between criticism and delegitimization of state institutions, and recognizes the importance of discussing disputed subjects in school.

He added that the ministry’s position did not give proper weight to the role of teachers present in the classroom, the ability of older high school students to think critically, or the fact that principals are not required to invite the program and students are not forced to participate.

The ruling also addressed arguments by Btsalmo, Choosing Life Forum, and bereaved families who opposed the program and were permitted to submit their position. Rubin said many of their arguments concerned publications and claims about the forum as an organization, rather than the educational program itself. Those claims, he said, were not the basis of the ministry’s decision and had not been properly examined by the authorized officials.

Kisch sharply criticized the ruling, saying the court was forcing the ministry to allow what he called “an organization of terrorists’ families” into classrooms. He called the decision “scandalous and disgraceful” and vowed to keep the program out of the education system.

Btsalmo also attacked the ruling, arguing that the judge ignored its claims against the forum.

ACRI attorney Tal Hassin, who represented the petitioners, said the court had made clear that students are not a captive audience and that the education system cannot be used to silence complex discussion.

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California Governor Gavin Newsom on Monday accused US President Donald Trump of directing the Justice Department to undertake a politically motivated investigation of him and his wife.

“Donald Trump isn’t just coming after me because of my mean tweets,” Newsom said in a video statement posted to X. “He’s coming after me because I am considering running for President.”

The Justice Department and the White House did not immediately respond to a request for comment.

Newsom said federal agents had in recent days been knocking on the door of members of his family, friends, and former employees, demanding records and digging through years-old documents.

“Not because they found a crime. Because they are simply trying to find one,” he said.

Speaking directly to Trump in the video, Newsom said: “You can subpoena my records. You can investigate me. You can harass me. Put my name on every and any enemy’s list you have, but leave my wife and family out of your personal vendetta.”

Trump and Newsom frequently clas on major issues

Newsom and Trump have long been critical of each other, clashing on major issues including climate change, pipelines, and the Republican president’s deployment of National Guard troops to the state last summer.

Last year, Trump said he would support Newsom being arrested over his alleged obstruction of immigration enforcement in California.

Since Trump returned to office for a second term, his Justice Department has targeted several of the president’s perceived political enemies with criminal prosecution, pursuing criminal charges against former FBI director James Comey, New York state Attorney General Letitia James, and former National Security Adviser John Bolton.

The department has also opened investigations ‌into US officials who concluded that Russia interfered in the 2016 US presidential election to boost Trump’s first campaign, Democratic lawmakers who urged US military personnel to refuse unlawful orders and liberal donors and fundraising groups.

A tally by Reuters published in November 2025 revealed at least 470 people, organizations and institutions had been targeted for retribution since the beginning of Trump’s second term.

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NEW YORK — Wall Street kicked off a holiday-shortened week with a broad rally on Monday after President Donald Trump announced late Sunday on Truth Social that a deal to end the U.S.-Iran war was “complete,” clearing the way to reopen the Strait of Hormuz and sending oil prices sharply lower.

Ships of the World, start your engines. Let the oil flow!” Trump wrote in his post.

Pakistan Prime Minister Shehbaz Sharif said a formal signing ceremony is scheduled for Friday in Switzerland, adding another sign that markets believe the conflict is winding down.

The agreement removed the single biggest weight on stocks over the past two months. Since the war began in late February, fears that a closure of the Strait of Hormuz would choke off global oil supplies helped push crude above $90 per barrel and kept inflation concerns front and center. With that threat easing, investors returned to many of the stocks they had abandoned during the conflict.

The Dow Jones Industrial Average gained 1.20%, or approximately 614 points, ending near 51,817.

The S&P 500 rose 1.49%, gaining approximately 111 points to close near 7,542, up from Friday’s finish of 7,431.46.

The Nasdaq Composite led the major indexes higher, climbing 2.38%, or roughly 616 points, to close near 26,505.

The Russell 2000 added 0.79%, finishing around 2,967.

Despite the impressive headline numbers, the rally was somewhat concentrated. By midafternoon, only slightly more than half of listed stocks were advancing, with much of the gains driven by technology shares.

Market Movers

Away from geopolitics, the day’s biggest corporate story was a major media transaction.

Fox Corporation announced it would acquire streaming-device maker Roku for $160 per share in a cash-and-stock transaction valued at approximately $22 billion.

The announcement sent Roku soaring about 20% to approximately $143.66, making it one of the strongest performers of the day. Despite the jump, Roku still traded below the agreed acquisition price.

Fox investors reacted far differently.

Fox Class A shares plunged 17.2%, while Fox Class B shares fell 15.7%, making the company the worst performer in the S&P 500 as investors questioned the acquisition cost.

The announcement prompted a series of analyst downgrades.

Jefferies analyst James Heaney downgraded Roku to Hold from Buy while raising his price target to $160 to reflect the acquisition price.

Baird also downgraded Roku to Neutral with a $160 target, while William Blair removed the company from its conviction list, citing surprise at the timing given Roku’s recent growth trajectory.

Among technology stocks, Intel gained 6.51% to close at approximately $124.57.

Nvidia edged up 0.16% to roughly $205.19.

Super Micro Computer declined 4.72% to $30.46.

SpaceX Draws More Investor Attention

Fresh off the largest IPO in history, SpaceX continued attracting investor interest after Australian mining billionaire Gina Rinehart disclosed that her company, Hancock Prospecting, had accumulated a stake worth more than $1 billion.

Shares of SpaceX (SPCX), which surged approximately 19% during Friday’s market debut, gained another 5% Monday.

Analysts remain divided.

CFRA Research analyst Keith Snyder maintained a Sell rating with a $115 price target, significantly below current levels.

Meanwhile, Oppenheimer continues to rate the stock Outperform with a $190 target.

Oil Falls, Volatility Drops

The biggest move of the day occurred in commodities.

West Texas Intermediate crude oil fell roughly 5% to around $81 per barrel.

Brent crude, the global benchmark, dropped to approximately $84 per barrel.

Traders are betting that reopening the Strait of Hormuz will eventually restore normal shipping patterns, although analysts caution that clearing shipping backlogs may take months.

Vice President JD Vance told CNBC on Monday that the administration expects the waterway to remain open on a toll-free basis over the long term.

Precious metals moved higher.

Gold gained approximately 1.6% to around $4,309 per ounce.

Silver surged more than 4%.

Meanwhile, the Cboe Volatility Index (VIX) — often referred to as Wall Street’s fear gauge — dropped approximately 9% to 17.68, reflecting reduced geopolitical anxiety.

Bitcoin rose roughly 1.5% to near $65,400.

Global Markets Rally

The optimism extended well beyond the United States.

Japan’s Nikkei 225 surged 5% to a record closing high of 69,317.50.

South Korea’s Kospi gained 5.2%.

European markets also advanced as investors welcomed the prospect of lower energy costs and reduced geopolitical risk.

Looking Ahead

Markets will be closed Friday for the Juneteenth holiday, creating a shortened trading week.

Investors now turn their attention to the Federal Reserve, where newly installed Chair Kevin Warsh will preside over his first policy meeting.

According to the CME FedWatch Tool, traders are assigning better than a 98% probability that policymakers leave interest rates unchanged.

With oil prices falling, volatility declining and one of the market’s largest geopolitical risks apparently easing, investors will be watching closely to see whether Monday’s rally marks the beginning of a broader advance or simply a relief bounce after months of uncertainty.

JBizNews Desk
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Oil futures settled at their lowest level since March 4 as the U.S. and Iran reached a deal to end the Middle East conflict and reopen the Strait of Hormuz.

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The world’s biggest sporting event is underway in the United States, but many businesses that expected an immediate economic windfall are still waiting.

Hotels, restaurants, airlines, and tourism operators across several host cities entered the 2026 FIFA World Cup expecting a surge of international visitors. While demand has increased, early results suggest the benefits are arriving unevenly.

“Demand is real and positive, but it’s not evenly distributed across host cities,” said Jay Wardle, president of travel-data company Sojern.

The expectation was straightforward.

More teams, more matches, and more fans would mean more spending.

FIFA has projected the tournament could contribute approximately $17.2 billion to U.S. GDP, while a study by Tourism Economics estimated international visitors would stay roughly 12 days, attend multiple matches, and spend more than $400 per day.

The reality has been more complicated.

Deutsche Bank estimates that even if the tournament attracts approximately 1.2 million international visitors, the impact on U.S. GDP would amount to only about 0.05% — meaningful but relatively small within the context of the overall American economy.

Travel data reveals substantial variation between host cities.

According to Sojern, flight bookings have increased approximately 13% in Houston, 10% in Dallas-Fort Worth, and around 8% in both Miami and New York.

Other cities have not experienced the same gains.

Seattle is reportedly tracking below last year’s pace, while several host locations outside the United States have also seen softer demand than anticipated.

One challenge has been affordability.

The expanded World Cup format created more matches and significantly more available seats. At the same time, high ticket prices, expensive travel costs, and visa-related hurdles have discouraged some international visitors.

Hotels have already adjusted expectations.

Several major properties have reduced room rates after the anticipated surge in foreign visitors failed to fully materialize.

Marriott International CEO Anthony Capuano recently indicated that the company expects only a modest increase in U.S. hotel revenue from the tournament.

Meanwhile, short-term rental operators appear to be benefiting.

Airbnb has stated that it expects the World Cup to become its largest event-driven demand period ever, surpassing even the 2024 Paris Olympics.

The spending is arriving.

It is simply flowing through different channels than many traditional hospitality operators expected.

The New York–New Jersey region remains one of the most closely watched markets.

Local organizers project approximately $3.3 billion in economic impact, with New Jersey officials estimating roughly $2 billion of that total could remain within the state.

Whether those projections ultimately prove accurate remains an open question.

For now, the verdict is simple: the World Cup’s economic impact is real, but the early benefits have been uneven and smaller than many businesses anticipated.

With several weeks of matches remaining, there is still time for demand to strengthen.

The tournament may yet deliver on its economic promise.

But for many businesses, the expected flood of spending has not arrived — at least not yet.

JBizNews Desk — Sports Business

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Jessica Edgerton is taking the reins of the Council of MLSs (CMLS) at a time when the industry is grappling with countless questions regarding its purpose, identity and future utility. And while this may cause some to high tail it in the opposite direction, Edgerton said this is exactly why she decided to take on this role.

“My personal rationale for doing this at such a fraught time for the MLSs is exactly that — because it is such a challenging time for the MLSs,” Edgerton said. “I have been working in the real estate space since the start of my legal career in 2004. It has become so clear to me that the United States, Canada and countries that operate with an MLS system provide their consumers with a huge advantage when it comes to transparency and efficiency. Right now, I am worried about our industry floating away from the MLS as an anchor — and I want to stop that.” 

In her most recent role as chief legal officer for global real estate company Leading Real Estate Companies of the World, Edgerton said she has gained a greater appreciation for the MLS system that exists in the U.S. and she is looking forward to working with MLSs to ensure that the industry fully understands benefits of the system it has before it is too late.

“I deeply love our industry and I feel that the MLSs need a very strong voice right now to protect what we have and to educate our consumers about exactly what we do,” Edgerton said. “Overall I really do believe that the industry wants the same thing, whether we are talking about portals, brokerages or MLSs and that is for our consumers to have the best and highest chance for homeownership that they can in a very difficult market right now.” 

A fraught environment

Although the industry may share a common goal, Edgerton acknowledged that not all parties can agree as to what the best course of action is to achieve that goal, which has resulted in a variety of different business models, tensions and even litigation within the industry. Through all of this, Edgerton said she believes the MLSs need to be recognized as a “deeply essential” and “to a certain extent a neutral party that can, regardless of what happens, serve as the foundational infrastructure of our industry.”

Still she believes the competition that is currently evolving in the MLS space right now is very important.

“Coming from the antitrust world that we were in for the last seven years, competition is essential,” Edgerton said. “All of these battles that are happening right now, all of the innovation, ultimately needs to be of benefit for our consumers.” 

Due to this, Edgerton feels that the questions surrounding the future of MLS utility are misguided.

“If these battles play out and the MLS ends up being a victim of those battles, nothing will work as well in whatever new industry environment that is created,” Edgerton said. “The MLS can serve as the foundation — the enduring structure upon which innovation is built.  If we can succeed in protecting what the MLS stands for, which is neutral, complete, real-time, true data, through all of these battles, then all of these competing factions will end up having a better infrastructure to work with when the dust clears.” 

Helping shape the future

Edgerton acknowledged that this will be a challenging task, especially as MLSs, brokers and other industry participants are experimenting with different strategies as they work to stay relevant and competitive in today’s quickly evolving, AI-driven world. 

“As the MLSs innovate and experiment, there will almost certainly be contentious moments. That’s the nature of a healthy, competitive ecosystem.” Edgerton said. “We can’t shy away from disagreement. Disagreement is how great ideas are often born. For CMLS, our role is going to build on what we have always done — educating and training our members and the industry at large regarding how best to ensure data integrity, serving members and consumers with clean, timely and relevant data.”

However, Edgerton added that she hopes to see the role of CMLS in the MLS ecosystem expand, as the trade group looks to have a bigger voice in some of the current legislative discussions surrounding the marketing of listings. 

“I want CMLS to serve as a louder, stronger advocate as legislatures and attorneys general grapple with these issues around the MLS,” Edgerton said. “I want to be in all of those rooms where there are larger industry discussions because there needs to be a stronger voice for the MLS.” 

Broker relationships

It is no secret that the relationship between brokers and the MLS can be contentious at times. Edgerton is excited to use her experience working in the real estate brokerage space to help her be a better bridge between brokers and MLSs. 

“The conversations that we need to be having right now cannot be siloed. Brokers, agents and their consumers downstream are all dependent on what the MLS is doing and the choices that MLSs are making. I think it is absolutely vital to ensure that brokerages are engaging with the MLSs and vice versa.  MLSs need to have a crystalline understanding of what their brokers need,” Edgerton said. “MLSs won’t survive if they are not listening to their brokers, agents and consumers.  This industry is an ecosystem, and we are all dependent on each other.”

With different brokers and consumers in different markets having different needs, Edgerton said CMLS is not interested in “flattening the landscape,” but instead is focused on continuing to encourage and provide the tools and resources the association’s members need to have these conversations and begin to implement some of the desired changes. 

“Each of our MLSs is going to be making their own decisions, their own innovations, their own mistakes,” she said. “CMLS’s job is, to the extent that we can, to provide resources for ongoing innovation, creativity and development.” 

A path of innovation

Looking ahead at the uncertainty that has gripped much of the housing industry as it works to innovate, Edgerton believes that, at least in the MLS space, the industry needs to focus on the unique value of the MLS — that it’s the one true repository of listings that exists without bias or the competitive elements of portals or brokerages. 

“There is no entity that is better situated to be a complete, neutral, timely resource for real estate listing data,” Edgerton said. “All of the innovation that is happening right now depends completely on full, timely real estate data.  Portals are competing with one another. Brokerages are competing with one another. The MLS, as an entity, is situated to be a partner and a resource that can serve and bolster that competition from a neutral standpoint. It can be the resource that every innovation, every other competitor in this industry can rely on.”  

That being said, Edgerton said the MLSs must innovate and continue to look to the future. 

“The MLS has spent so much of its lifespan as an institution, perhaps being a bit too comfortable in the guarantee of its eternal relevance,” she said. “Five years from now I would love to look back at this as the moment when we started to see the MLSs innovate as fast as everyone else. We need to be listening to our brokerages, to the industry and get cracking on everything we need to do to thrive.”

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Prime Minister Benjamin Netanyahu said that Israel does not know the terms of the US-Iran nuclear deal during a press conference on Monday evening, following Sunday’s announcement that the United States and Iran reached a ceasefire agreement.

“With or without an agreement, Iran will never have nuclear weapons,” said Netanyahu. “Not today and not tomorrow.”

“We have removed the threat of immediate annihilation,” he said. “You [Israelis] were all in terrible danger of death.”

“Together with our American friends, we embarked on the largest strike mission in the history of Israel,” he continued. “We have thwarted the nuclear scientists, beheaded the leaders of the terrorist regime, crushed the nuclear factories, destroyed missiles and most of the factories that produce missiles, hit countless industries and military infrastructure, destroyed their navy, their air force, and thwarted the Basij commanders.”

“We caused enormous damage,” he added. “We estimate it at hundreds of billions of dollars, and some estimate it even close to a trillion dollars – enormous damage to the Iranian economy that took them decades to build.”

Netanyahu added that he and US President Donald Trump don’t always “see eye to eye” at times, saying that “Israel’s security interests need to be defended wisely.”

“We will stay in the Lebanon security buffer zone for as long as necessary,” he continued.

Netanyahu: The struggle is not over

Netanyahu warned that “the struggle is not over,” saying that Israel must “continue to stand guard, continue to be strong and determined to defend ourselves as much as necessary.”

“We did it in Gaza, we did it in Lebanon, in Syria, in Yemen, we did it in the refugee camps in Judea and Samaria, we did it everywhere,” Netanyahu continued.

He said that Israel had successfully killed nearly every terrorist who participated in the October 7 massacre, noting that he thinks there is “one more left.”

“He will also be eliminated,” said Netanyahu. “Israel will not allow terrorist organizations to camp on our borders.”

He noted that the defense budget will be increased by NIS 350 billion to achieve “weapons independence.”

“We will develop technologies that break the boundaries of imagination, and we will make Israel an even stronger power,” said Netanyahu. “Because our strength is the key to our future, it is the key to our security, it is the key to our economy, it is the key to our alliances.”

During the question and answer session following his speech, Netanyahu said that Israel is at the forefront of developing a solution to the threat of first-person view drones.

When responding to a question about whether he was right to launch Operation Roaring Lion on February 28, Netanyahu denied that one of the objectives was to overthrow Iran’s Islamic regime.

Netanyahu also said he is planning to run again in the upcoming elections, adding that he is “going to win.”

Eisenkot responds to Netanyahu comments

Yashar Party leader Gadi Eisenkot, a leading rival candidate against Netanyahu in the upcoming elections, sharply criticized the prime minister’s remarks, stating that Israel had failed to achieve its military objectives.

He said it was “a very unfortunate statement by the prime minister of Israel, especially given the failure to achieve the war’s objectives after nearly three years.”

Eisenkot noted that it would have been better if Netanyahu had admitted he was wrong and that he had set false objectives he was not prepared to achieve.

“That would have given Netanyahu much more credit and respect from the public if he had admitted that he made empty declarations and conducted perception-driven operations,” Eisenkot added.

“Instead, we heard the same statements once again, more illusions, denial of the goals he previously declared, and above all, zero real answers to a public that has endured the most difficult years in its history,” he said.

Eisenkot also warned that Iran would “continue to be a bitter enemy, and we will continue to act against it and thwart its operations.”

Idan Kweller contributed to this report.

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MIAMI — Lennar Corp., one of the nation’s largest homebuilders, has lowered its outlook for home deliveries in 2026, citing persistent affordability challenges and elevated mortgage rates that continue to weigh on housing demand.

In its fiscal second-quarter earnings report released June 11, Lennar said it now expects to deliver approximately 82,000 to 83,000 homes this year, below its previous forecast.

Executive Chairman and Chief Executive Officer Stuart Miller said the company continues to face “the same stubborn headwinds that have challenged the housing market,” particularly high borrowing costs and affordability concerns that are keeping many potential buyers on the sidelines.

The company delivered 20,519 homes during the quarter, near the midpoint of its guidance range, while new orders fell 4% year-over-year to 21,749 homes.

Revenue declined to $7.94 billion from $8.38 billion a year earlier, while net income fell to $305 million, or $1.24 per share, compared with $477 million, or $1.81 per share, during the same period last year.

Even excluding certain investment-related losses, adjusted earnings came in at $1.31 per share, below the $1.90 per share reported a year ago.

The largest pressure point was profitability.

Lennar’s homebuilding gross margin declined to 15.6%, down from 17.8% a year earlier. The company attributed the decline primarily to lower revenue per square foot and higher land costs, partially offset by lower construction expenses.

Operating costs also increased as a percentage of revenue.

In practical terms, Lennar is receiving less revenue per home while paying more for the land beneath those homes, creating additional pressure on earnings.

Management pointed to broader economic conditions as the primary challenge.

Mortgage rates remain elevated, making monthly payments difficult for many buyers. Lennar also cited inflation concerns, higher energy costs, and geopolitical uncertainty as factors affecting consumer confidence.

The company said it expects the Federal Reserve to maintain relatively high interest rates for the foreseeable future and is planning its business accordingly rather than assuming a rapid decline in borrowing costs.

As a result, Lennar described its reduced annual forecast as a prudent adjustment to current market conditions.

For the current quarter, the company expects to deliver between 20,500 and 21,500 homes at an average sales price of approximately $375,000 to $380,000. Management also expects gross margins to improve modestly to around 16%.

The company continues to rely on incentives such as mortgage-rate buydowns and pricing adjustments to attract buyers, although incentive levels eased slightly during the quarter and represented roughly 13% of home deliveries.

Lennar is also shifting toward smaller, more affordable homes that can be built faster and sold at lower price points. The company’s broader strategy includes becoming more “asset-light,” reducing the amount of capital tied up in land while increasing efficiency through technology and streamlined construction processes.

Financially, Lennar remains in a strong position.

The company repurchased approximately 5 million shares during the quarter for $447 million and ended the period with approximately $1.8 billion in cash within its homebuilding operations.

Lennar also paid off a $400 million debt maturity that came due on June 1 and reported no significant debt maturities until 2027.

Management did note concerns about legislative proposals in some states that would restrict institutional investors from purchasing single-family homes, arguing that such measures could reduce housing supply over time.

Wall Street reacted negatively to the earnings report.

Lennar shares fell roughly 4% following the announcement, while analysts at BofA Securities maintained a “sell” rating and reduced their price target to $84 from $88.

Because Lennar is among the first major homebuilders to report earnings each quarter, investors often view its results as a barometer for the broader housing industry.

This quarter’s report suggests that affordability remains the central challenge facing the market.

Builders continue to offer incentives to move inventory, but elevated mortgage rates and high home prices continue to limit demand.

Until borrowing costs decline meaningfully or household incomes rise enough to offset higher housing costs, many prospective buyers are likely to remain sidelined.

Lennar’s lowered outlook is the latest sign that America’s housing affordability crunch remains far from resolved.

Real Estate — JBizNews Desk

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The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index released on Monday found that homebuilder confidence remained low, falling two points to 35 in June. This marked the 14th straight month that confidence was below 40, the longest streak NAHB has recorded since 2011 to 2012, in the wake of the Great Financial Crisis.

Coming midway through a year of dashed expectations, rekindled hopes and an unrelenting trench-warfare-like grind against a vague, know-it-when-you-feel-it force of hesitancy among consumer households weighing whether now’s the moment or not to try to buy a home, the June builder sentiment print comes as little surprise.

The path to this point had, by and large, seen homebuilders entering 2026 with guarded optimism.

This presentiment wasn’t based on the belief that 2026 would be record-setting. Instead, the hope was that 2025 may have represented the floor of a down cycle and that the industry was poised for a gradual, modest recovery. 

However, this cautiously positive outlook rested on the expectation that no new external headwinds would emerge to disrupt the market. The Iran war, which injected uncertainty into the economy and continues to keep mortgage rates elevated and could do so for the rest of the year, definitely did not play into most outlooks at the start of the year.

Spring selling season, by almost any measure, fell short of expectations. In March, new home sales increased 3.3% year over year, but the median sales price fell 6.2%, indicating that builders ramped up incentives to keep sales activity positive. In their own terms, homebuilders were “buying” sales. In April, new home sales were down 11.3% year over year. May’s new home sales data, which comes out next week, may paint a similar picture.

“The latest HMI survey also revealed that 35% of builders cut prices in June, up from 32% in May. The average price reduction was 6% in June, the same rate as the previous month,” wrote Robert Dietz, Chief Economist at the National Association of Home Builders. “The use of sales incentives was 62% in June, up slightly from 61% in May, and marking the 15th consecutive month this share has reached 60% or higher.”

Of particular concern were confidence declines in two of the more typically prolific new-home construction regions, Dietz wrote, noting, “the South fell two points to 33 and the West dropped one point to 27.”

One homebuilding executive who spoke with HousingWire TBD summed up the spring selling season in three words: “Buyers under distress.”

Another executive said that some of their communities could see a $30,000 price drop and still not generate sales. 

Yet another noted that the spring selling season has been inconsistent, with a strong month followed by a much slower month. This uncertainty makes forward planning difficult. 

Other homebuilding leaders contend that there is pent-up demand in the market, but elevated mortgage rates and economic uncertainty are keeping many of those buyers on the sidelines.

Meanwhile, many homebuilders, particularly those that serve entry-level buyers who are sensitive to mortgage rates, still-high asking prices and economic volatility, may need to choose between incentivizing new sales and tapping the brakes – possibly even taking the summer off – until conditions improve. 

Economic anxiety bites

California-based Rurka Homes, ranked 84th in the HousingWire Homebuilder Rankings, operates in a market that many would consider ground zero for the nation’s housing affordability crisis. The San Francisco metro area, with a median home price of more than $1.3 million, is one of the most expensive metro areas in the country, only overshadowed by the adjacent San Jose market, where the median home price is about $2 million. 

Rurka Homes, based in neighboring San Joaquin County, builds homes on the edge of the Bay Area bordering California’s Central Valley, predominantly in a suburban community called Mountain House. The builder’s homes, mostly 4- or 5-bedroom houses that range in size from 2,100 to nearly 4,000 square feet, typically sell for between the $800s and just over $1.3 million. 

Mountain House, located over 50 miles east of San Francisco, is a prototypical upper-middle-class commuter town. Rurka Homes President Nick Arenson told HousingWire TBD that the firm’s typical buyer is a family-focused commuter who’s trading in a townhome or smaller house for a larger detached home with a longer commute to major job centers. 

The spring selling season, Arenson acknowledged, has been tough. 

“A lot of buyers were hoping to buy based on the idea of future lower mortgage rates,” Arenson said. “Then, going into this year, people had some hopes that we could see them finally lowering interest rates and that we’d have more certainty, and of course, we’ve had less certainty and increasing rates. I think that’s the primary story,” Arenson said. 

In the Bay Area, a nationwide wave of high-profile tech layoffs and growing concerns about AI-driven job displacement are also weighing on homebuyer confidence. Rurka argued that the job market in San Francisco and Silicon Valley hasn’t been hit as hard by layoffs as other tech-heavy markets like Seattle or Austin. Still, the headlines are giving some buyers jitters. 

“There’s the talk of it, which makes people nervous, and the nervousness doesn’t help, right? Add in gas prices, the interest rates and everything else, and there is uncertainty,” Rurka said. 

Commuters feel the pinch

Beyond higher rates and lingering economic uncertainty, the high cost of gas, with prices reaching nearly $6 a gallon locally in Northern California, reared up as an unforeseen concern for commuters. 

Data from John Burns Research & Consulting (JBREC) found that, unsurprisingly, high gas prices hampered demand most prominently in peripheral commuter towns, where affordability-driven buyers trade lower prices for longer commute times. 

According to JBREC, the typical new-construction homeowner commutes about 12% more than the average homeowner who commutes by car, because new construction is disproportionately located in outlying areas. 

With the price of gas still averaging about $4 a gallon nationally, the communities hit the hardest are located in peripheral areas, such as the Stockton, CA, market, where Rurka Homes operates. The Stockton market has the largest percentage difference in commute time between new-construction homeowners and all other homeowners. New construction homeowners commute in the Stockton market 41% more, largely due to incoming residents who are priced out of Bay Area suburbs. 

Although the price of gas may not be a make-or-break issue for most homebuyers, it certainly adds to the level of economic anxiety and financial burden many consumers are feeling at the moment.

Pockets of strength and weakness

Not all housing markets perform at the same level, even when they are located within the same state. Chris Winter, President of Homebuilding at Utah-based Cole West, ranked 49th on HousingWire’s Homebuilder Rankings, spoke to this point. 

Cole West’s homebuilding operations are predominantly concentrated in Southern Utah, but the company has recently focused on bolstering deliveries in the northern suburbs of Salt Lake City as well. The spring selling season, Winter said, has been mixed. 

“I would say that it’s been a tale of two stories for Northern Utah and Southern Utah. Northern Utah started out pretty slow. January, February and March were kind of slow, but now that we are in the middle of June, we’re actually on our targets. Virtually every community has hit their numbers, and a couple have exceeded. There’s been, obviously, a couple that have been short, but we’re actually on pace for all of our sales targets for the year,” Winter said. “I wouldn’t say that we’re running along swimmingly, and that we’re all wearing party hats. In a couple of places, we’ve had to increase incentives to be able to hit those numbers.”

The Southern Utah division, concentrated in the southwestern portion of the state, has taken an opposite track. January and February started strong, Winter said, but the spring selling season has been slow. 

“Since then, it’s been really, really slow, to the point where we’re off like 35% year-to-date from our sales goals,” he said. 

Many of the southern division’s sales, Winter noted, come from vacation homes, which haven’t performed well over the last few months, especially in lower price points. 

Some affordability bright spots remain

Topeka, Kansas, with an average home price of just over $195,000, is one of the more affordable markets in the country. Located about an hour west of Kansas City, the town offers proximity to a metro area with a population of more than 2 million people, but at a discount. In Topeka, raw land is cheap, and there are ample lots available for development.

Topeka-based Gen III Construction & Development offers newly built 3-bedroom homes in Topeka for about $275,000. Walker Bassett, the company’s founder and CEO, said there is strong demand for homes at this price, but homes that creep too far into the $300s may sit on the market for a long time. 

As construction costs continue to rise, builders like Gen III Construction & Development must confront the challenge of delivering homes at price points buyers can afford while maintaining healthy margins to support their business.

“These cheaper houses don’t have much margin, so they’re harder to build, but we find that there’s a lot more demand,” Bassett said. 

Even though margins on many of these homes may be tight, the company is finding that sales on the more affordable products are doing quite well. That is, as long as the right home is delivered at the right price. 

“There are obviously some economic disruptions that we’re seeing on the global and national scale. I’d say that we haven’t really felt that any more than a hiccup. As things started getting louder, it seemed like there was a little bit of a pause, but April was the strongest month that our broker had in the last six years,” Gen III Construction & Development COO Dalton Cowan said.

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A new interactive public sculpture designed by Fashion Institute of Technology students opened at University Plaza in Union Square last week. Created in collaboration with the Union Square Partnership (USP), “Bead Maze” reimagines a doctor’s waiting-room toy as a large-scale artwork featuring interactive plywood beads connected by bent steel pipes and a color palette inspired by the vibrancy of the Union Square Greenmarket. The project, located between 13th and 14th Streets, was brought to life by design collective Scale Rule, which works pro bono to help realize student concepts through design, fabrication, and installation.

The massive artwork measures 26.5 feet by 13 feet, with heights ranging from 3 feet to 12 feet. It features curved steel pipes with movable plywood beads, with a signature acrylic bead resting atop the highest pipe serving as an “identifiable visual beacon.”

Arranged at varying heights across University Plaza, the installation invites visitors to move through its twisting form and slide beads along its winding pipes, an homage to the curving tunnels of the subway below. It is intended to evoke nostalgia across generations, offering a playful and memorable experience for visitors.

Scale Rule also worked with architectural studio Grimshaw and engineers Schlaich Bergermann Partner (sbp) to create the project. Bob Fisch, a member of the FIT Foundation Board, funded the installation and donated $1,500 to each of the seven students. Brooklyn-based A05 Studio fabricated the installation.

The design collective collaborates with architects and engineers and works pro bono to bring student concepts to life. It recently worked with Grimshaw and Schlaich Bergermann Partner on similar public art installations at the Queens Botanical Garden and Hofstra University.

“The public spaces in our cities are experienced by everyone, but too often shaped by too few,” Dan Bergsagel, co–founder of Scale Rule, said. “At Scale Rule, our mission is to bring more people into the process of designing the built environment we all inhabit.”

“Bead Maze has been an exciting opportunity to advance that aim with a new student cohort and at a different scale, embedded in one of the city’s most vibrant cultural crossroads,” he added.

The project builds on Union Square’s evolving public arts program, which includes the 7,500-square-foot 14th Street Busway mural, now in its sixth year. This year’s installation features artist Shantell Martin’s “Get Outside,” a mural encouraging viewers to reconnect with the outdoors and their communities while celebrating Union Square’s role as a hub for gatherings.

“Bead Maze is exactly the kind of artwork we want to champion in Union Square—visually compelling, deeply collaborative, and rooted in the life of the neighborhood,” Julie Stein, executive director of USP, said.

“We’re proud to work alongside the project team to continue to grow Union Square as a place where art thrives,” she added. “This project proves how shared spaces create unique opportunities for artists to build visibility while enriching our neighborhoods and inviting the public to experience civic space in new ways.”

FIT participated in the initiative to bring student creativity “into dialogue” with the city’s communities. The college plans to expand its public art programming on campus. Its collaboration with the USP reflects the district’s growing role as a hub for public art and a launchpad for emerging artists.

“Bead Maze” will be on view through November 2026.

RELATED:

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Bitcoin surged back above $66,000 on Monday, with the U.S.-Iran peace deal boosting risk appetite.

Cryptocurrency Ticker Price
Bitcoin (CRYPTO: BTC) $66,790.46
Ethereum (CRYPTO: ETH) $1,828.17
Solana (CRYPTO: SOL) $75.42
XRP (CRYPTO: XRP) $1.28
Dogecoin (CRYPTO: DOGE) $0.08954
Shiba Inu (CRYPTO: SHIB) $0.055119

Notable Statistics:

  • Coinglass data shows 123,438 traders were liquidated in the past 24 hours for $613.55 million.       
  • SoSoValue data shows net inflows of $85.9 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $4.95 million.
  • In the past 24 hours, top gainers include Jito, Zcash and Stellar.

Notable Developments

Full story available on Benzinga.com

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A memory maker that was not even public two years ago has just accomplished in 14 months what Bitcoin (CRYPTO: BTC) took nearly a decade to deliver — and become one of the AI era’s most explosive stocks.

Sandisk Corp. (NASDAQ:SNDK) is up 5,636% since it split from Western Digital Corp. (NASDAQ:WDC) in February 2025. Bitcoin has gained 5,572% over the last nine years.

Most of Sandisk’s run came after the stock bottomed at $27.89 in April 2025 — barely 14 months ago.

Wall Street Is Now In Love With Memory Stocks

Sandisk rose as much as 6% Monday to a record near $2,100, after Western Digital surged 14% to its own all-time high. A wave of Wall Street target increases on Western Digital — JPMorgan to $650 from $530, Wells Fargo to $575, Bank of America to $610 — lit up the entire storage complex.

Sandisk has rallied 28% over the past three sessions, its sharpest three-day run since early January.

The rally rests on a physical shortage.

Most people know Sandisk from memory cards and USB sticks. The …

Full story available on Benzinga.com

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For the first time in a generation, women are sliding backward in the climb to the top of corporate America. New research from Grant Thornton finds women now hold 31% of senior leadership positions at U.S. companies, down from 34% a year earlier and 35% in 2024. After two decades of gradual progress, the upward trend has stalled — and in some cases, reversed.

The decline is most visible in executive suites, but the problem begins much earlier. McKinsey & Co. found in its annual Women in the Workplace report that women occupy only 29% of C-suite positions, unchanged from the previous year. Women remain underrepresented at every level of corporate leadership for the eleventh consecutive year.

The numbers tell the story. Women account for roughly 49% of entry-level employees, yet their representation declines with every promotion level. By the time companies reach senior executive ranks, fewer than one-third of leadership positions are held by women.

Researchers point to what they call the “broken rung” — the first promotion from an entry-level position into management. That initial step appears to be where many women begin falling behind. According to McKinsey, for every 100 men promoted into management, only about 80 to 90 women receive the same opportunity. The disparity is even larger for women of color. Some studies found that only about 60 Black women were promoted for every 100 men advancing into management roles.

Because leadership pipelines are built over years, missing that first promotion has long-term consequences. Fewer women in management today means fewer candidates available for director, vice president, and executive positions tomorrow.

What makes the trend notable is that it is not being driven by a lack of ambition. Surveys consistently show women remain highly committed to their careers. About 65% of women say their work is an important part of their identity, slightly higher than the percentage of men who say the same.

Researchers increasingly argue that the issue is not an ambition gap but a support gap.

One major change has been the disappearance of leadership-development programs that once helped identify and prepare future executives. Jane Edison Stevenson, Global Vice Chair at Korn Ferry, says many companies have scaled back or eliminated formal management-training tracks that previously helped promising employees gain the operational experience required for senior leadership positions.

Those programs were often expensive and required years to produce results. As employee turnover increased and workers became more likely to change employers, many companies concluded the investment was no longer worthwhile.

The loss of sponsorship may be equally important. Sponsorship differs from mentorship because sponsors actively advocate for promotions and career opportunities. Research shows sponsorship is among the strongest predictors of advancement.

Yet only about 31% of entry-level women report having a sponsor, compared with 45% of men. Without influential advocates pushing for advancement, women may be less likely to receive the assignments and visibility needed for promotion.

Some experts also point to a growing sense of complacency. As women became more visible in leadership roles over the past decade, companies may have assumed progress would continue automatically.

Edison Stevenson warns that advancement does not happen on its own. If organizations are not deliberate about developing leadership pipelines, gains can quickly erode.

The changing political environment may also be playing a role. Several corporations have reduced, renamed, or scaled back diversity, equity, and inclusion (DEI) initiatives amid increased scrutiny and legal challenges. Heather Spilsbury, CEO of 50/50 Women on Boards, says that trend likely contributed to some of the recent decline.

Still, researchers caution against attributing the entire slowdown to DEI debates. Women’s representation in executive roles began slipping in 2023, before many of the latest corporate policy changes occurred. Analysts have struggled to identify a single explanation for the reversal.

For businesses, the issue extends beyond workplace equity. Grant Thornton found companies with more balanced leadership teams were more likely to report stronger revenue growth and faster workforce expansion. Investors, employees, and job candidates increasingly examine leadership diversity when evaluating organizations.

There are also concerns about burnout. McKinsey found that approximately six in ten senior women report experiencing frequent burnout, the highest level recorded in the study’s history. Persistent workplace pressures combined with limited advancement opportunities may be contributing to retention challenges.

There are still signs of progress. The Fortune 500 currently includes 52 women CEOs, and that figure is expected to rise to 54 this year, approaching the record 55 women chief executives reached in mid-2025.

But researchers continue to return to the same conclusion: the future of women in corporate leadership may depend less on the executive suite and more on that first promotion into management. Unless companies repair the broken rung and rebuild sponsorship and development pathways, the gains of the past decade could continue slipping away one step at a time.

JBizNews Desk
Workplace & Leadership Bureau

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General Motors (NYSE: GM) is making a major bet that the next growth opportunity for batteries may not be inside vehicles at all.

The automaker announced that it is developing sodium-ion battery technology designed for energy storage systems serving artificial intelligence data centers and other large-scale power applications.

The work is being conducted at GM’s Wallace Battery Cell Innovation Center in Warren, Michigan.

The move reflects a rapidly changing energy landscape.

As artificial intelligence infrastructure expands, data centers require enormous amounts of reliable electricity and increasingly need battery systems capable of storing and delivering power efficiently.

At the same time, automakers have invested billions of dollars building battery manufacturing capacity for electric vehicles, only to discover that EV demand has grown more slowly than many forecasts predicted.

GM sees an opportunity to bridge those two trends.

“Sodium is one of the most abundant elements on Earth,” said Kurt Kelty, GM’s Vice President of Battery and Sustainability.

Unlike lithium-ion batteries used in vehicles, sodium-ion batteries rely on lower-cost and more widely available materials. While they typically offer lower energy density, they can be highly attractive for stationary applications where size and weight are less important.

That makes them particularly well suited for energy storage supporting AI data centers.

GM’s strategy includes a partnership with Peak Energy, a startup focused on sodium-ion battery systems. GM Ventures is investing in the company while GM retains exclusive manufacturing rights for the battery cells.

Industry analysts note that no major Western automaker has previously committed to manufacturing sodium-ion batteries at scale.

GM is also expanding existing battery operations.

Its Ultium Cells joint venture with LG Energy Solution recently committed $70 million toward producing lower-cost lithium iron phosphate batteries at its Spring Hill, Tennessee facility.

The project has already helped bring back approximately 700 workers who were laid off earlier this year as EV demand softened.

The company is additionally exploring ways to repurpose retired EV batteries.

GM and Redwood Materials, founded by former Tesla executive J.B. Straubel, are deploying approximately 10,000 used GM battery packs into energy infrastructure projects, including AI-related facilities.

The broader market opportunity is enormous.

Residential electricity prices have risen nearly 48% since January 2020, according to government data, while analysts expect power demand from AI infrastructure to continue increasing sharply.

Morgan Stanley estimates that major technology companies could spend more than $1 trillion on energy infrastructure during 2025 and 2026.

GM is not alone.

Ford Motor Co. (NYSE: F) recently launched its own stationary energy-storage division and announced significant investments in commercial battery systems.

For both automakers, energy storage offers a hedge against a slower-than-expected transition to electric vehicles.

GM’s message is clear.

Continue building EVs.

Continue investing in batteries.

But find new customers beyond the automotive market.

The strategy transforms what once looked like excess battery capacity into a potentially valuable new business line tied directly to one of the fastest-growing industries in the world.

As AI data centers consume increasing amounts of electricity, the next major customer for Detroit’s battery expertise may not be drivers.

It may be the power grid itself.

JBizNews Desk — Technology

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Former prime minister Naftali Bennett said on Monday that Iranian regime change will start when Israel has a new government.

“The clock for regime change in Iran will start as soon as the government in Israel is changed,” said Bennett. “The leadership is a disappointment.”

“The term of the Netanyahu government began with a civil war, continued with the massacre of October 7, and ends with a historic failure against Iran,” he added.

Bennett stated that he would “implement mandatory conscription for everyone, stop the financing of evasion, and thus bring the IDF the tens of thousands of soldiers that it so lacks.”

“When there are no soldiers, you have to conquer the same point again and again, and that way you can’t win,” added Bennett. “We can restore security to Israel.”

Bennett added that he would defend Israel against Iran by renewing the “Octopus Doctrine.”

“On the one hand, we prevent Iran from going nuclear, and on the other hand, we accelerate the collapse of the regime with political, economic, technological, and military tools,” he said.

Ben-Gvir: ‘Trump’s agreement does not bind us’

Earlier on Monday, National Security Minister Itamar Ben-Gvir said in an X/Twitter post that Israel is not bound to US President Donald Trump’s US-Iran ceasefire agreement.

“Trump’s agreement does not bind us. Israel is not subject to the United States, and we are an independent and sovereign nation,” he said.

“We are not partners to this agreement that does not ensure our security, and it does not bind us in any way,” continued Ben-Gvir. “We must not compromise on anything less than the dismantling of Hezbollah, we must not withdraw from any territory that our fighters have captured and cleared of terror infrastructure, we must not return to a situation where thousands of terrorists sit on the fences of northern settlements, and certainly we must not remain silent for a moment in the face of fire directed at the State of Israel.”

Other Israeli officials took to X on Monday morning to state their positions, including Yair Golan, leader of The Democrats, who criticized Netanyahu for capitulating to a deal he deemed unsatisfactory.

Netanyahu “stood on the sidelines” as Israel’s “military achievements secured with the courage of our pilots and the blood of our fighters have been erased,” Golan said.

Replacing Netanyahu an ‘existential’ issue, Iran agreement a ‘strategic failure’

“Trump signs an agreement that funnels billions to the Ayatollahs’ regime, leaves the nuclear infrastructure intact, preserves the ballistic threat as is, and throws a lifeline to the murderous regime in Tehran,” he said in harsh criticism of the agreement. 

Pinning much of the blame for the agreement he sees as unsatisfactory on Netanyahu, Golan continued, saying, “Netanyahu is good for Hamas. Netanyahu is good for Iran. Netanyahu is good for Hezbollah. Netanyahu is not good for Israel.”

Golan ended his post by saying, “Replacing him is not just a political necessity – it is an existential security imperative.”

Benny Gantz, leader of the Blue and White party, said “Under no circumstances – it is forbidden to agree to restrict Israel’s freedom of action in Lebanon or to a withdrawal that endangers the residents of the north,” in his X post.

“The emerging agreement with Iran appears to be a strategic failure that will require Israel to engage in diplomatic, military, and legal struggles in the coming years, which only a broad Zionist government can lead,” he said.

‘Bond between Trump and Netanyahu’ remains strong

MK Miki Zohar, on the other hand, took the opportunity to emphasize the strength of US-Israel relations and, in particular, the relationship between Trump and Netanyahu.

“The bond between Trump and Netanyahu will only grow stronger. More surprises are expected until the elections, and many people will be eating their hats in the coming period. Trump loves Netanyahu and Israel,” he was quoted as saying by KAN.

Defense Minister Israel Katz released a statement on Monday, saying that he and Netanyahu were outlining a “policy dictating that the IDF will remain in the security zones in Lebanon, Syria, and Gaza – indefinitely – in order to protect the border and Israeli communities,” calling the seizure of territory and establishment of security zones “among the greatest achievements of the IDF.”

Katz said that they will not compromise on Israel’s security, promising that all terror infrastructure will be destroyed. 

‘An abyss yawns between the empty promises of ‘total victory’ and this morning’

Former IDF chief of staff and leader of the Yashar! party, Gadi Eisenkot, lamented what he views to be a major failure of the government in his own X post, saying, “What began as the gravest failure, with historic internal and international legitimacy, is ripening into the bleak outcome of a failed government.”

“A government that operated without strategy or diplomatic or leadership courage, and over three years lost the public’s trust and that of its allies while abandoning Israel’s residents,” Eisenkot continued. 

“An abyss yawns between the empty promises of ‘total victory’ and this morning.”

Finance Minister Bezalel Smotrich also posted on X, saying, “The agreement with Iran is bad for Israel and for the entire free world. Period.” He also implied that Israel will have to continue to carry out the war against Iran itself in order to ensure that Iran does not achieve nuclear weapons.

He alluded to heavy pressures upon the Israeli government and on Netanyahu to comply with the ceasefire’s restrictions, while maintaining defiance of stipulations he views as detrimental to Israeli security.

Avihai Chiim contributed to this report.

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University College London has axed its dedicated Antisemitism Programme Manager, a UCL source told The Jerusalem Post on Monday.

UCL’s Antisemitism Programme Manager position was started in November 2022, and has been held by Anthony Orkin for that whole period. It was the first and only dedicated antisemitism role at any UK university.

The source told the Post that the role helped to respond to an 841% increase in antisemitism reported through UCL’s own Report and Support system in the year following October 7, 2023, “responding with sensitivity, expertise and urgency to an unprecedented and sustained volume of incidents, concerns and requests for support.”

Orkin held confidential support sessions for Jewish students and staff, delivered training and awareness sessions to over 2,430 students, staff, and stakeholders across UCL and beyond, and arranged and facilitated CST antisemitism training for UCL’s senior security staff in April 2025.

Most recently, Orkin delivered an antisemitism awareness session to the EDI Community of Practice on May 21, achieving an average participant feedback score of 4.75 out of 5.

“The importance of this role at this moment cannot be overstated,” the source told the Post. “Jewish students and staff at UCL need dedicated expert support at the most difficult time for the community in recent memory.”

UCL ‘talks a good game’ but doesn’t act, student Dov Forman tells ‘Post’

Author, influencer, and UCL student Dov Forman, told the Post that “Anthony is one of the few things they were genuinely getting right. I have no doubt that Jewish students will be worse off at UCL and will feel his departure immediately.”

“So many of my friends didn’t speak to anyone except Anthony about the antisemitism they faced, because they knew that anywhere else and with anyone else at the university, they’d be met with skepticism, bureaucracy, and resistance. He was the trusted expert they had confidence in and could turn to.

“The demand for his expertise has, unfortunately, been overwhelming and, sadly, for good reason. UCL talks a good game on antisemitism, but when it comes to action, it has too often been lackluster.”

Antisemitism complaints will now be tackled by UCL’s Equality, Diversity and Inclusion (EDI) team, overseen by Addeel Khan. Khan happens to also be the communications manager and trustee for Save One Life, a charity investigated by the UK’s Charity Commission last year over allegations that funds raised for Gaza may have been diverted to Hamas.

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The air was buzzing with excitement on Sunday, June 14th, as members of the Karnei Shomron community eagerly awaited the arrival of Prime Minister Benjamin Netanyahu. Political luminaries, including Energy Minister Eli Cohen, Construction and Housing Minister Haim Katz, and Governor of the Mateh Binyamin council, Israel Gantz, mingled with community friends and town workers at the Yeshivat Bnei Akiva in Karnei Shomron, enjoying camaraderie and plenty of food and drink.

However, as the IDF bombed Dahiyeh, sending Trump’s “dealmaking” into turmoil, and inspiring Iran to threaten Israel with midnight missiles, it was the perfect subterfuge for an announcement far greater than ceasefire extensions. Although the Prime Minister was a no-show, the excitement didn’t dissipate. Instead, the conversation turned to a Roof Plan, designed to bring the 11,000-member community to 40,000. The deal was developed through close collaboration between the Karnei Shomron Local Council, the Israeli government, and the Israel Land Authority.

The plan allows the construction of approximately 6,000 new housing units, along with substantial investments in infrastructure, public institutions, education, culture, transportation, commercial centers, employment zones, and public space development. This long-term, high-budget partnership is expected to accelerate housing supply and foster urban growth throughout the northern West Bank region of Israel.

The interconnected residential neighborhoods are presented as a fully integrated urban development, featuring premium high-density housing, a complete educational campus with dozens of kindergartens and schools, a cultural center, a country club, and a major commercial hub intended to serve residents across the broader region.

Upgrades to the existing parts of Karnei Shomron will focus on resurfacing and repaving roads, relocating high-voltage power lines underground, and enhancing overall safety and visual appeal. The environmental plan also calls for a new community park, backed by an investment exceeding NIS 10 million (about $3.2 million), that will include professional sports fields and various leisure facilities. This is supported by expanded transportation infrastructure, including newly paved access roads and dedicated bike paths.

‘This is the first of many such plans,’ Smotrich said

According to Finance Minister Betzalel Smotrich, “This is the first of many such plans to be introduced in Judea and Samaria. Ariel and Moetza Eizorit Shomron are expected to follow,” he continued.  “This creates ‘normalization, ‘ making Judea and Samaria every bit a part of Israel as is Caesaria, Dimona, Ofakim, and other places within Israel.”

He said he looks forward to his own town, Kedumim, getting a roof plan as well.

The historic and unprecedented initiative for the community is expected to significantly expand Karnei Shomron’s boundaries and establish it as a major regional center in the heart of the West Bank, connecting neighborhoods like Alonai Shiloh and Emmanuel. It is called a Roof Plan because it incorporates housing, infrastructure, public facilities, and funding. But most importantly, it serves as a practical measure to counteract the illegal construction that has been occurring in Area C by Arab residents, even along the seamline to Kfar Saba and Rosh HaAyin.

“We are signing one of the most significant moves in the history of Karnei Shomron,” Karnei Shomron Local Council Head Yonatan Kuznitz explains. “The roof agreement is not just a large-scale construction plan, but a strategic move that will determine the face of the region for decades to come. We are laying the foundations for turning Karnei Shomron into a leading regional metropolis that will connect Samaria to the center of the country and serve as a magnet for young families, employment, commerce, and quality education.”

Kuznitz noted that the Roof Agreement will also include new connections to major highways and transportation arteries, greatly improving residents’ access to other parts of the country.

Katz pointed out that granting the Roof Plan reaches beyond the growing metropolis of Karnei Shomron.

“From 2013 through last July, only fifty roof plans were signed throughout Israel. However, from last July, twenty-five additional roof plans were introduced. And this is the first time it is being introduced in Judea and Samaria, the Biblical heartland.” Katz said.

He noted that the substantial investments in infrastructure, public facilities, and urban development represent a major advancement for Karnei Shomron. He added that the plan will enable the community to triple its population while maintaining orderly and balanced growth.

Katz described the initiative as an unprecedented step in the region, emphasizing that the strength of a settlement should be measured not only by the number of housing units, but primarily by the quality of life it provides.

“We will keep working to advance and sign additional Roof Agreements in the West Bank over the coming year, as part of strengthening Jewish settlement and expanding the overall housing supply,” he declared.

A brief video by Netanyahu gave Kuznitz and Karnei Shomron a “Mazel Tov,” and then Smotrich addressed the crowd.

“The Roof Plan we sign today is for the future of Judea and Samaria,” Smotrich said.  “It is a significant chapter in the Zionist story of the entire state of Israel, especially these days when there are those who are trying to weaken us in politics, threaten us with sanctions, orders, and boycotts.  We give one clear answer – more construction, more settlement, and more Zionism.”

“In recent years, we have led an unprecedented settlement revolution.  We have established and regulated over a hundred yishuvim. We have prevented and are preventing the establishment of a terrorist state in the heart of the Land of Israel.”

Israeli sovereignty over the West Bank

Smotrich then delivered the one-two punch, addressing the Prime Minister directly. “Mr. Prime Minister, the time has come to declare sovereignty over Judea and Samaria – now – before the elections.”

He went on to point out that building planned communities in the West Bank is certain to prevent another “October 7” attack in Ranaana, Kfar Saba, Afula, and throughout Israel, and that the national and existential security of the State of Israel relies on initiatives like this.

Kuznitz finally addressed the crowd, calling the decision, “An event that will forever be etched in the history of Karnei Shomron and that will bring de facto sovereignty to the area and create a territorial continuity of strong Jewish settlement.”

He also highlighted that Karnei Shomron had some of the highest IDF recruitment rates in the country, which unfortunately came along with a heavy and painful price in blood. Twelve new graves, he pointed out, are in the cemetery since the October 7th war began.

“Their dedication and that of all IDF soldiers and security forces who guard our borders are what allow us today to go into new places and strengthen our hold on the Holy Land of Israel, the land of our ancestors.”

“This is how Zionism is expressed,” he added.

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Israel Police arrested two suspects in Tel Aviv on Sunday, who appeared to have drawn a firearm and were suspected of carrying out a robbery, the police confirmed on Monday.

Upon arriving at the scene, police discovered that the suspects, a 60-year-old resident of Ramat Hasharon and a 72-year-old resident of Ramat Gan, were filming a movie using a real gun belonging to one of the people involved in the production. 

The suspects had not coordinated with the police beforehand. They were arrested on suspicion of negligent use of a weapon without a license and illegal possession of a weapon. 

After they were questioned, the suspects were released to house arrest pending trial, and the weapon was confiscated by police. 

Palestinian man found to be carrying illegal gun, magazine 

Israeli security forces arrested a Palestinian man at the Meitar border crossing point, near Hebron, on Monday, after he was discovered to be carrying an illegal weapon

Israeli authorities did not specify whether the man was crossing into the West Bank or entering sovereign Israeli territory. 

During a routine search of the man’s bags as he went through the border crossing, inspectors discovered a Glock pistol and a magazine in his possession. 

He was subsequently arrested and taken in for further questioning. 

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WASHINGTON — The Food and Drug Administration said Monday that it will allow Colorado to import certain prescription drugs from Canada in an effort to bring prices down for residents, making it the second U.S. state to be granted such authorization. 

Patients have sought out drugs from Canada over the years for relief from the ever-rising costs of American drugs. The first Trump administration officially endorsed the practice in 2020, when it published a regulation allowing states and Indian tribes to propose import plans. The Biden administration affirmed this rule with an executive order in 2021. And Florida became the first state to earn FDA approval in 2024. 

But state importation programs have proved extremely difficult to carry out, even with bipartisan support. Florida has yet to actually import any drugs from Canada, in part due to pushback from the Canadian drug industry and fears the program will affect Canada’s drug supply. In May, the FDA extended its approval by six months to give Florida more time to get its program up and running. 

Continue to STAT+ to read the full story…

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Los Angeles-based Ascent Developer Solutions, a lender that provides financing solutions to single-family and multifamily developers and investors, announced on Monday that it will expand into New England. 

According to the announcement, the company opened a Boston-area office and hired senior executives to lead its expansion across New England, a move the company says advances its strategy to operate as a national lender to real estate investors and developers.

The new office will act as a regional hub for originating and executing loans throughout the Northeast, including Massachusetts, Connecticut, New Hampshire and Rhode Island. Ascent said local staffing and market expertise are intended to speed decision-making and support developers through closer, on-the-ground relationships.

“The establishment of our Northeastern hub is a direct response to the demand we’re seeing from developers in the region,” said Robert Wasmund, founder and CEO of Ascent Developer Solutions. “By establishing a stronger local presence and continuing to invest in relationships on the ground, we’re able to better support both existing and new clients in markets with strong long-term fundamentals.”

To lead the expansion, Ascent named Mario Massimino senior vice president of sales. Massimino, a former partner at MB Financial Group, brings development and finance experience and longstanding relationships across the region, the company said. He will oversee originations across the Northeast and focus on building and strengthening relationships with developers and sponsors.

“New England is an incredibly relationship-driven region, and having a local presence is critical to building trust and executing deals effectively,” Massimino said. “What differentiates Ascent is a profound understanding of the development process from start to finish, and that perspective as developers allows us to provide the kind of reliable partnership borrowers need in today’s market.”

Ascent also hired three additional executives to meet regional demand as it scales its East Coast operations. Anthony Capelli, Matthew Pedone and Chris Sava joined the firm as vice president/loan officers, all with existing ties to New England’s development and investment community.

Market participants say tighter bank credit and elevated rates have pushed more developers toward private lenders that can move quickly and structure more customized capital stacks. Ascent’s focus on a regional hub model and relationship lending reflects this shift, giving developers another source of nonbank capital for acquisitions, redevelopment and ground-up projects.

“As a vertically integrated real estate investor and developer, having a capital partner like Ascent Developer Solutions provides the certainty of execution and scalability necessary to grow our business and capitalize on opportunities in today’s market and throughout any economic cycle,” said Michael Massimino, CEO of MB Financial Group. “What sets Ascent apart is not only its access to capital, but also its deep understanding of the development and construction process and its unwavering commitment to its borrowers.”

Ascent’s New England move comes amid a broader growth phase. Since launching with backing from Elliott Investment Management L.P. in July 2024, the firm has originated $3 billion in loans, the company said, highlighting continued demand for flexible, developer-centric financing.

In parallel with its geographic buildout, Ascent has grown to more than 130 industry professionals nationwide, adding staff across originations, credit and construction management. Its Los Angeles headquarters has also expanded to support higher deal volume and serve as the operational center of its platform.

“With a bi-coastal presence now in place, we’re positioned to scale more effectively while staying true to the relationship-driven approach that defines our business,” Wasmund said. “We’re continuing to invest in the markets, people and capabilities that allow us to deliver consistent return for our clients.”

Ascent Developer Solutions provides bridge, renovation and construction loans to single-family and multifamily investors and developers. The company also offers revolving and other lending programs for homebuilders, large multifamily sponsors and manufactured housing communities, with loan amounts up to $100 million.

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As lenders weigh how to adopt artificial intelligence under evolving fair lending and compliance expectations, Copperlane is pitching a full-fledged AI “employee” rather than another point solution.

The startup, founded by 21-year-olds Athan Zhang and Brianna Lin, recently raised a $4.1 million seed round to build Penny, which the company describes as an autonomous AI loan officer that handles borrower intake, answers questions, and feeds underwriters and loan officers a steady stream of context.

In a conversation with HousingWire just days after Copperlane announced the seed funding, Zhang and Lin offered a glimpse into their startup and why Penny differs from today’s AI point solutions.

Editor’s note: This conversation has been edited for length and clarity.

Sarah Wolak: Let’s start by talking about Penny, which was described in your press release as an autonomous AI loan officer. Can you talk about the tasks it’s able to do independently and, conversely, where humans still need to be in the loop?

Athan Zhang: We call it autonomous because Penny has the functions to be autonomous, but it can be a copilot or an autopilot. It really depends on what our customers want. The way we typically pitch it is, think of Penny as an employee, just as you think of a loan officer assistant. You can have your loan officer assistant do more, or you can have them report more to the loan officer.

In terms of active capabilities, Penny can answer borrower questions. She has her own phone number, and borrowers can communicate with her via iMessage, SMS, or even call her if they want. She can provide suggestions and recommendations for program eligibility to help loan officers understand what a borrower might qualify for.

More importantly, she gives loan officers context around the borrower. Penny is one of the things that interacts with the borrower throughout the intake stage, so we can surface the most important pieces of information to the loan officers. That gives them more bandwidth to understand more customers at the same time, while Penny works to do things such as figuring out why parts of an application don’t line up, verifying documents, verifying numbers and putting together a briefing for loan officers.

Brianna Lin: One thing I’d note is that Penny, as this AI employee, follows the borrower throughout the entire journey of their application. Penny engages as soon as the borrower starts an application and she’s involved until the file reaches closing. Penny is engaged with the borrower throughout the experience and she fully understands the context, the history and the borrower’s background, just as a real loan officer would get to understand a person.

Wolak: How did you develop this idea? Was it a class project that evolved or something you both had a personal interest in?

Zhang: It was not a class project. For background, both Brianna and I are from the Washington, D.C.-Maryland-Virginia area, and both of our parents have worked extensively in the mortgage space. So growing up, we were always exposed to these problems.

When we went to college, this wasn’t necessarily what we set out to do. I was a computer science major; Brianna studied computer science and real estate. We had other ambitions, and we were always very entrepreneurial. We ended up joining this program called Y Combinator, which is essentially a startup accelerator that has produced companies such as Airbnb and DoorDash.

It’s a three‑month program that gives people like us a chance to try building what we want to build. We met each other through Y Combinator and actually realized we had both a shared background, but more importantly, a bigger understanding of how AI could be applied to mortgages.

Compared to many people in the mortgage industry, we understood more about the frontiers of AI, which is important for governance and alignment. On the flip side, compared to a lot of our peers, we just knew more about mortgages than the average person because of our proximity and what we grew up with.

Wolak: Can you explain how you saw inefficiencies in the mortgage space without having direct industry experience yourselves?

Zhang: The actual story starts with a conversation with my mom. I generally know what she does — she works in the secondary markets in risk management. She told me a lot about the quality of data that gets to risk by the time it reaches the secondary market.

By that point, many of these loans have been converted into numbers, and there’s a lot of variance in those numbers. Part of that is a data problem. I thought it was interesting how these loans get converted at the top level into just numbers.

I followed that problem downstream and ended up at origination, which is the process where these applications become those numbers. I talked to a lot of people. One of our first customers, before they were a customer, let us spend a week in their office.

That put me on the ground floor with loan officers. I had perspectives from people in the secondary market and from the first people talking to borrowers — the loan officers. We realized that’s where many of the problems and inefficiencies appeared, in how these applications were made.

Lin: We first found the idea through our families’ experience in the industry. Overall, our approach to learning about mortgages has been to be very aggressive and very boots‑on‑the‑ground. As Athan mentioned, we would go on-site with customers and sit directly with their loan officers, watching them work to learn the workflow and see the inefficiencies firsthand.

We did a lot of in‑person meetings with potential customers, went to conferences, and visited local banks and credit unions in San Francisco. We were very aggressive about learning upfront, and that gave us the confidence to work on the problem.

Wolak: The mortgage industry traditionally lags on technology, but there are companies with internal AI or AI assistants. For instance, United Wholesale Mortgage has Mia, which can answer calls and contact borrowers for follow‑ups if the system flags them as eligible for a refinance or something else. What makes Penny different from the AI that’s already in the market?

Zhang: This is the classic build‑or‑buy question. In any industry, whether you should build or buy depends on the technical hurdles of what you’re trying to build.

AI has lagged in the mortgage industry partly because there isn’t much regulation around it yet. We’re only starting to see early pieces, such as the Freddie Mac 1302 that came out in March. It’s not even a concrete piece of legislation on AI.

There’s a lot of cold feet around AI because we don’t really know what safety and governance will look like. That’s part of why Brianna and I got into this. We come from AI research backgrounds and environments where you’re exposed to alignment work. Alignment as a process really started gaining traction only recently, so we know it’s still early, which some industry leaders might not fully appreciate.

When we build Penny, we’re positioning ourselves with the expectation that regulation will eventually come down. We have the foresight to anticipate what it might look like and to build Penny in a safe way. That’s important, and it’s something many smaller or even midsized shops don’t have the expertise to do. That’s our right to win, and we intend to exercise it.

Lin: A lot of our competitive edge comes from the fact that, if you look at most tech players in this space, they’re mortgage people who spent years in the industry and then pivoted into building tech. Athan and I come from AI and tech backgrounds. We’ve studied computer science and AI intensively, and now we’re building for mortgage and learning the space very quickly.

We have a better understanding of the models and how to deliver them in a safe and compliant manner to the industry. I’d also note that while many competitors claim they have internal AI loan officers or AI employees, from what I’ve seen, these are still point solutions that address very specific pains, such as document parsing or Q&A. The systems are not fully agentic. They’re not truly functioning as a real person would, and they don’t think in the same way that anyone on a team would.

Wolak: To achieve what you’re describing — thinking and acting like a real person — how long did it take to implement everything? And with compliance, some people might argue that mortgage veterans building AI know how to best address fair lending concerns. How are you building those considerations into Penny?

Zhang: It’s not a set duration. This is always an ongoing process. In terms of legislation, it’s not as if we’re unaware of fair lending, ECOA, TRID and all these rules. If we didn’t know about them, we wouldn’t be running a very good company. Our core competency is AI, but we’re working in a vertical with its own domain requirements.

That’s why we’ve been very aggressive about filling what is most likely our weak spot. We’re very aggressive about being on the ground and learning the problem. We know our competitors have more experience in mortgage. In my view, it’s easier to learn the domain by being there and understanding that this is what you need to learn, compared with someone who has to spend more time learning AI and the technical side.

Wolak: With the seed money you’ve secured, what are the next steps and milestones? What should investors and industry observers expect over the next 12 to 18 months as you deploy that capital?

Zhang: One of our biggest bottlenecks has been engineering. We have to think about integrations with different software platforms, while also running a lot of research and building systems to make sure Penny is safe and aligned.

It’s been very intensive. We feel the pressure because we have a decent number of customers and that number is growing. We’re using capital to reinforce our ability to deliver more feature requests and improve the product for existing customers, while also supporting what we expect as we add more customers.

The other part of the capital is reinforcing the growth motion. A lot of what we do now is simply being present at conferences, but right now that’s just Brianna and me. We want to invest more in those relationships with organizers and lenders and be more present in the space.

Lin: Growth is the major theme. That includes hiring more people and doing what we’re already doing, but more aggressively — being more involved at conferences and seeing more customers in person. Even as we grow the team, Athan and I will continue to be boots on the ground for at least the next year or two.

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After a half-century drought, the New York Knicks have finally brought an NBA championship back to the five boroughs. To celebrate, as is tradition in New York City, a ticker-tape parade will be held for the team on Thursday, the first time in franchise history. The parade will take place at 10 a.m. on June 18 along the Canyon of Heroes in Lower Manhattan and end outside City Hall, where Mayor Zohran Mamdani will present the team with keys to the city.

Photo credit: Michael Appleton/Mayoral Photography Office on Flickr

The Knicks’ unforgettable NBA Finals performance, including trailing by 29 points in Game 4 with OG Anunoby’s tip-in to secure the win and Jalen Brunson’s MVP-clinching 45-point Game 5, will go down as one of the greatest playoff runs in history.

“For more than 50 years, New Yorkers have waited for this moment. Through near misses, heartbreak and a hope that every year could be our year, this city never stopped believing in the Knicks. And this team fulfilled that hope with grit, resilience and heart—just like the five boroughs itself,” Mamdani said.

“New Yorkers have cheered for our team from packed living rooms in the Bronx to watch parties in Brooklyn, from bars in Queens to Staten Island to Manhattan, and Madison Square Garden itself,” he added. “Now it’s time for our city to celebrate together.”

The mayor will join the Knicks team, as well as James Dolan, the owner of the Knicks and Madison Square Garden, at the parade, the New York Times reported.

The parade follows the traditional route through the Canyon of Heroes, which runs between Bowling Green and City Hall and is lined with commemorative plaques marking each ticker-tape parade hosted over the last 140 years.

More details on the parade and the ceremony at City Hall will be released soon, according to the mayor.

Credit: Michael Appleton/Mayoral Photography Office on Flickr

As part of the celebrations, City Hall, the David N. Dinkins Municipal Building, and Brooklyn Borough Hall will be lit in blue and orange on Thursday night. Other buildings may also be illuminated.

The parade is expected to draw large crowds, with hundreds of police officers on duty, according to a memo from NYPD Commissioner Jessica S. Tisch to roughly 34,000 officers, which said it will likely “place significant demands on the NYPD,” according to the Times.

While this city has enjoyed a heightened level of unity during the Knicks’ postseason run, rising energy as the team moved closer to the Finals led to disorder at watch parties outside MSG, prompting the NYPD to pull permits for some events outside the arena before later restoring them.

After Saturday’s victory, the NYPD reported 63 arrests, 10 officer injuries, and a shooting. One cop was punched in the face, while another was struck by a glass bottle, according to Gothamist. In one of the most widely shared videos from the celebrations following the victory, revelers set a shuttle bus intended to transport soccer fans to MetLife Stadium for the World Cup on fire in Times Square. A total of five buses were set on fire or damaged by vandalism that night, according to The Athletic.

Ticker-tape parades are a long-standing tradition in NYC, reserved for commemorating some of the city’s most significant achievements. Since the first parade in 1886, held for the dedication of the Statue of Liberty, the city has hosted more than 200 ticker-tape parades, named for the shredded paper from ticker-tape machines that rains down like confetti.

In 2021, COVID-19 first responders were honored with a parade, along with New York City FC’s championship. Most recently, the city hosted a parade for the New York Liberty after the team won its first-ever WNBA championship, as 6sqft previously reported.

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Applications are currently being accepted for 40 mixed-income units at a new high-rise rental in Murray Hill. The Dian, located at 162 East 36th Street, is a 22-story luxury building with 160 apartments. Designed by Ismael Leyva Architects, the tower’s design pays tribute to the city’s Art Deco legacy with a facade of layered brick, limestone, and granite. Qualifying New Yorkers earning 40, 60, and 130 percent of the area median income can apply for the apartments, priced from $969/month for a studio to $4,484/month for a two-bedroom.

Credit: NYC Department of Housing Preservation and Development

On the corner of 36th Street and 3rd Avenue, the ground-up building offers 87 studios, 46 one-bedrooms, and 27 two-bedrooms. Apartments feature oak flooring, custom millwork, and premium finishes throughout.

Designed to offer the feeling of a private club, amenity spaces include a rooftop lounge with stunning skyline views, a fitness center with a sauna, a residents’ club, a pet spa, co-working spaces, and storage space.

Leasing launched for the building’s market-rate rentals earlier this year, with apartments starting at $4,860/month for studios and going up to nearly $16,000 for a two-bedroom, two-bath.

Found in a prime Murray Hill location, The Dian is a few blocks from both Grand Central Terminal, with access to several subway lines and regional rail, and the United Nations headquarters.

Qualifying New Yorkers can apply for the apartments until July 7, 2026. Complete details on how to apply are available here. Preference for 20 percent of the units will be given to residents of Manhattan Community District 6.

Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

RELATED:

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Benchmark and TD Cowen on Monday pushed back against death spiral fears surrounding Strategy Inc. (NASDAQ:MSTR) as the stock surges 8% on Bitcoin’s (CRYPTO: BTC) recovery above $66,000.

Benchmark Says Strategy Has Several Buffers Before Bitcoin Sales Become Necessary

Benchmark analyst Mark Palmer called the death spiral narrative a story that skips several steps. 

Strategy’s $1 billion cash reserve must be depleted before any meaningful Bitcoin sales enter the conversation, and the perpetual preferred stock (NASDAQ:STRC) carries no hard maturity date that would trigger accelerated selling.

“The death-spiral story assumes that Strategy is one bad week from selling Bitcoin, and it skips several steps to get there,” Palmer wrote. 

“The company would have to move through a long sequence of failures before its Bitcoin reserve, currently valued at almost $55 billion, would even enter the conversation,” he …

Full story available on Benzinga.com

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WASHINGTON — A leading Senate Democrat says the Trump administration’s changes to federal contracting are making it harder for small businesses to compete for government work.

On June 12, Sen. Ed Markey (D-Mass.), the ranking Democrat on the Senate Small Business and Entrepreneurship Committee, released a report titled “Trump’s Contracting Catastrophe: Turning Main Street into Pain Street.” The report argues that federal contracting policies implemented since early 2025 have significantly reduced opportunities for small businesses.

The administration disputes that characterization, arguing that its reforms are intended to reduce waste, improve accountability, and make federal procurement more efficient.

According to Markey’s report, federal agencies have reduced spending with small-business contractors by more than $47 billion since January 2025, representing a 19% decline compared with the previous 16-month period. The report also claims that more than 6,500 small businesses have stopped working with the federal government during the past 15 months.

Markey argues that the changes are disproportionately affecting the very businesses federal contracting programs were designed to support.

The report found declines across multiple categories of small-business participation, including small disadvantaged businesses, women-owned firms, HUBZone companies, veteran-owned businesses, and service-disabled veteran-owned businesses.

“The federal government should be a partner for Main Street, not a piggy bank for the wealthy and well-connected,” Markey said in releasing the report.

The committee attributes the decline to several administration actions, including changes to contracting goals, delays in certification programs that allow firms to qualify for set-aside contracts, contract cancellations, and increased scrutiny of small-business programs.

The Small Business Administration has also tightened oversight of economically disadvantaged business programs, a move administration officials describe as necessary to prevent abuse and ensure compliance with eligibility requirements.

The impact, according to the report, is being felt in communities across the country.

In Massachusetts, Markey’s home state, small-business contracting reportedly declined by 31% since the start of 2025. For many small firms, federal contracts provide a stable source of revenue, support hiring, and serve as a valuable credential when competing for private-sector work.

The White House sees the situation differently.

In an executive order issued on April 30, the administration argued that federal procurement had become burdened by excessive costs, administrative inefficiencies, and weak performance incentives. The order directed agencies to expand the use of fixed-price contracts and strengthen accountability measures.

Another executive order issued in March restricted certain diversity-related contracting practices, reshaping programs that many Democrats say are critical to expanding opportunities for underrepresented businesses.

Republicans on the Senate committee, led by Chair Joni Ernst (R-Iowa), have largely supported the administration’s efforts, describing them as part of a broader push to reduce waste, fraud, and inefficiency in government spending.

The data itself remains the subject of debate.

According to the Government Accountability Office, overall federal contracting increased in fiscal year 2025, rising to approximately $793 billion from $755 billion the previous year.

GAO data show small-business contracting declining by approximately $3.7 billion, to $172.6 billion, a much smaller decrease than the one cited in Markey’s report.

The discrepancy appears to stem largely from differences in measurement periods. Markey’s committee focused on the most recent 15 months, while GAO figures cover the broader federal fiscal year.

Adding to the uncertainty, the SBA has not yet released its official 2025 Small Business Procurement Scorecard. The most recent scorecard, covering fiscal year 2024, showed a record $183.5 billion in federal contracts awarded to small businesses.

Despite disagreements over the numbers, both sides acknowledge that many small businesses face growing economic pressures from inflation, higher operating costs, and broader market uncertainty.

Supporters of small-business contracting programs warn that if fewer small firms participate in federal procurement, agencies may become increasingly dependent on a smaller number of large contractors.

That possibility has become a central concern in the debate.

For now, the dispute remains unresolved, with both sides awaiting the SBA’s official 2025 data. Until then, thousands of small businesses that rely on government contracts will continue operating in a procurement environment that is undergoing significant change.

Washington — JBizNews Desk

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How history judges the Iran war may depend on the goals accomplished and the outcome of the ceasefire. What remains are the deep scars of those who were killed and those still in grave danger at the hands of Iran’s rabid regime.

Whether a country initiates a just war or prolongs one, the safety and well-being of its citizens must remain a focal point.

As details emerge about a signed agreement between the United States and Iran, there still may be room to protect the Persian people from Tehran’s despots, the Lebanese from Hezbollah, Yemenis from the Houthis, and Gazans from Hamas. After all, Iran still holds the keys to the terrorist groups it supports, or “proxies,” as they are known in the region.

Strategically, the Iran war was years in the making. Tehran believed it could exert power through nuclear weapons, while ambitious American plans to weaken the regime and strip it of its uranium and nuclear ambitions were also taking shape.

The October 7 attacks accelerated the Middle East agenda on every Iranian proxy front.

At the center are the people: the grandparents, parents, and siblings of those murdered on October 7; the soldiers who courageously fought for a reason; and even the families of the villains in this story.

There is no happy ending when the Iranian people are promised freedom by the one country that presents itself as an arbiter of freedom. Those who oppose the regime are in grave danger because they may pay with imprisonment, hardship, or death. 

Locals and foreigners are being held unjustly in prisons. Who will defend them?

History is often decided in a cold, calculated manner. In 2015, the Joint Comprehensive Plan of Action was signed, creating a short-term pause in certain nuclear advancements in exchange for temporary sanctions relief.

Earlier diplomatic agreements offer another example. The Sinai interim agreements were phased in between 1974 and 1975. After the Yom Kippur War, Sinai I and Sinai II served as step-by-step agreements under which Israel withdrew its military from parts of the Sinai Peninsula, while Egypt agreed to ease restrictions related to the Suez Canal and the Straits of Tiran.

If a war is fought by people, then the goals and outcomes of ceasefire negotiations should include the safety of those people.

When I wrote the opinion piece “Did Mahsa Amini Die in Vain?” I did not want to find myself in the same place, asking the same question a short time – or even a long time –later. Her parents and her nation deserve better. When young men and women who have just entered college, full of expectations for their lives, go off and fight a war without an endgame, there is no justice.

What are the terms of the memorandum of understanding (MoU)?

Those terms should benefit nations, not politicians. The politicians, one hopes, were elected by the people.

What is driving the MoU? If it is based on the economy, elections, polls, or out-maneuverability, then countries risk losing their citizens’ hope.

The Iranian regime did not wipe out Israel or destroy major US assets. The US did deplete some of Iran’s power. The MoU may deliver some nuclear leverage, sanctions relief, and open waterways through the Strait of Hormuz.

Gulf countries split more deeply over the war and realized they would not be spared. In the end, every country will do what it sees as best for its economy and its citizens.

Tehran never did what was best for its economy or its citizens. It held the world’s economy hostage as a bargaining chip.

High-stakes military diplomacy drives strategic agreements, but when the average citizen loses, civilization loses as well.

US President Donald Trump must bring the people back into the equation. As America celebrates its 250th year, it should recognize that democratic values hold society together.

Don’t forget the people.

The writer is president and CEO of The Media Line news agency and founder of the Press and Policy Student Program, the Mideast Press Club, and the Women’s Empowerment Program. She can be reached at ffriedson@themedialine.org.

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US President Donald Trump said on Monday that the Strait of Hormuz will be “completely opened” on Friday, while speaking to reporters alongside French President Emmanuel Macron in Evian-les-Bains, France.

“The strait is already partially opened,” said Trump. “Essentially, ships are starting to go out now. On Friday, it will be completely opened.”

Trump described the current Iranian leadership as “smart,” saying the US wants “good relations” with them.

“If that does not happen, we will go back to war,” added Trump. “I hope that does not happen.”

Trump responded to a question on sanctions relief for Iran, saying, “It’s really a behavioral thing. If they do what they’re supposed to do, that starts taking effect.”

Trump added that the memorandum of understanding would be released “pretty soon,” with Macron describing the agreement as “a very important step for peace.” 

“I want it to be released because it’s a very powerful document,” said Trump. “It’s not like the Obama document, which was just a terrible document… So, probably pretty soon. I would say sometime after Friday.”

Vance: Many details of deal remain unresolved

Earlier on Monday, US Vice President JD Vance told CNBC that many details remain to be finalized regarding the preliminary peace deal between the United States and Iran.

Vance also mentioned that the US anticipates the Strait of Hormuz will remain open without tolls in the long term after the signing, which is scheduled for Friday.

The agreement, announced on Sunday, aims to extend the US-Iran ceasefire for 60 days and establish a framework for future negotiations regarding critical issues. However, the text of the preliminary deal has not yet been released.

“That’s the sort of thing that we’re going to figure out in these technical negotiations,” Vance said regarding the Strait.

“You know that there are a lot of very important details to figure out that we’re actually going to sit at the table and discuss together and figure out a path forward.” He said.

Iran’s nuclear program

Included in the details yet to be determined is the conclusion of Iran’s nuclear program.

Vance made it clear that while Iran has “committed to destroy and dispose of their stockpile of highly enriched material,” the process for doing so has not been outlined.

“And what we’ve said is, okay, let’s discuss exactly how we’re going to achieve that,” he stated.

“They want access to an unsanctioned economy. We’ve talked about, ‘OK, we’re open to that,’ but that would require a long-term commitment to the inspection and verification regime,” he continued.

Regarding who would attend the signing on Friday, Vance told CNBC that Iran’s foreign minister, Abbas Araghchi, and its parliamentary speaker, Mohammad Bagher Ghalibaf, are expected to attend.

He did not say who would represent the US at the signing.

When discussing Israel’s involvement in the agreement, Vance noted, “I think there are elements in Israel who like the agreement.” He added, “Israel will certainly have a place at the negotiating table in the new Middle East.”

US officials: Iran pact signed, Hormuz traffic to rise significantly

The memorandum of understanding has been signed by Trump, Vance, and Iran’s Ghalibaf, one US official said on Monday, adding that the US is expected to publish the full text within 24-48 hours.

Trump encouraged Vance to take the lead on brokering the agreement with Iran, a White House official told Walla

In an interview on ABC’s “Good Morning America” program, Vance said the agreement was already signed digitally on Sunday, and no funds were released. Vance said Iran would receive money only if it took verified steps to eliminate its stockpile of highly enriched uranium.

Speaking at a briefing with reporters, the anonymous US official added that there will also be a signing ceremony on Friday.

“You will see a significant increase in traffic in the Strait of Hormuz, actually starting already, and that will ramp up slowly over time,” the senior official said.

“We probably won’t return to normal in two weeks, but we will see a significant increase in strait traffic,” they added.

A White House official also told Walla that the US has made some concessions regarding sanctions on Iran because “the Iranians have given up [ground] in places they didn’t give up in the past.”

The US and Iran said they had agreed terms to end their war and reopen the strait, news that brought relief to markets, although the pact may hinge on an end to hostilities in Lebanon and defers talks on Tehran’s nuclear program.

While still a framework, the deal marked the biggest breakthrough toward resolving the conflict that has killed thousands and upended energy markets since it began with joint US-Israeli strikes on Iran in February.

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As every day passes, it becomes increasingly apparent how much negotiating with the mullahs is a waste of time and that the only solution that guarantees the well-being of the Iranian people themselves and the security of Israel, America, Europe, and the West is regime change.

Simply put, you cannot negotiate with a government that is willing to massacre its own people to survive, that chants “death to America” and “death to Israel,” and that dreams of becoming shahids in the afterlife more than the well-being of its people.

You cannot negotiate reasonably with a regime that values Hezbollah in Lebanon more than the economic well-being of its citizens. You cannot negotiate with a regime that does not respect women’s rights, gay rights, minority rights, and other basic human rights.

After all, if a regime does not value the well-being of its own people, how can it be expected to care about the well-being of Americans, Israelis, Europeans, and others in the West?

Indeed, the raison d’être of the Iranian regime is vilayet-e-Faghih, the rule of Islamic jurisprudence. Under such a system, it does not hesitate to execute rape victims, stone people to death, or even sell the hair of political dissidents at a marketable value abroad. 

No deal will be able to alter any of this horrific behavior.

The Islamic Republic of Iran cannot exist anymore because the regime is not willing to change its attitudes and objectives and thus to change from within. Iran is a multi-ethnic country, and all of the ethnic groups need to have their freedom. 

The country’s entire population is hoping that the West will help them to overthrow the government so they can have a better relationship with the world for the sake of their future.

The regime cannot be reformed. It has to go. There is no other solution. 
Any hope that the regime will act according to agreements is a mistake. This regime will only try to buy time so that it can do damage to its neighbors and the US and Western interests at a later date. 

This regime is not going to be a friend of anyone the West wished for.
South Azerbaijani dissident Aslan Sultan noted that now is certainly the time to topple this regime, as the mullahs in Tehran have never been weaker: 

“After 47 years of brutal and tyrannic ruling in Iran, the Islamic regime is in its weakest and most vulnerable situation after last year’s 12-day battle with Israel and also the 44-day joint war with the US and Israel. 

“This is a regime with a deceased supreme leader and a successor who is probably hiding himself underground, frightened and heavily injured or even dead, according to some rumors.”

Sultan emphasized that the regime has long ago lost legitimacy in the eyes of the Iranian people and that they are yearning for liberation.

Sadig Isabeyli, head of the Savalan Research Centre and member of the Board of Directors of the South Azerbaijan National Liberation Front, added: 

“In the current geopolitics of the Middle East, the Islamic Republic of Iran should be viewed not as a traditional, natural historical model of statehood but as a terrorist state seeking to establish a regional power system built on ideological foundations and networked terror mechanisms. 

“The mullah regime that came to power after the 1979 Islamic Revolution did not limit its activities within state borders; on the contrary, it sought to develop a trans-regional strategy of ideological influence based on the principle of ‘exporting the revolution.’”

According to Isabeyli, “This strategy is implemented through religious-ideological narratives, proxy forces, security apparatuses, information manipulation, and other regional threat networks. 

“Therefore, in many cases, Tehran manages military conflicts in geopolitical processes not directly under its own name but through networked terrorist groups it has created at the level of regional threat and is able to gain advantages and concessions by influencing various countries. 

“For example, through Hezbollah in Lebanon, Shi’ite militias in Iraq, Houthis in Yemen, and terrorist groups it has established under various names in Saudi Arabia, Bahrain, Azerbaijan, Georgia, Pakistan, Afghanistan, and a number of African countries, it aims to undermine the national security architecture of these states and create an environment of long-term instability in them.”

The regional security implications of Tehran’s strategy

For this reason, Washington, DC, must understand that the Iranian threat extends far beyond its nuclear program and its ballistic missile program.
 
Iran essentially had created a Shi’ite Crescent that spread its tentacles across the Middle East region and beyond, posing a grave threat to the security of Israel, America, Europe, and the entire free world. 

What is happening with the Strait of Hormuz and the attacks on the Arab Gulf countries is just the tip of the iceberg regarding the Iranian threat. 

Indeed, solving the Iranian issue requires much more than just transporting their nuclear material to the United States or another third country. It requires the full dismantlement of the regime. And now, we have the golden opportunity to pursue regime change.

The writer is the CEO of the Dona Gracia Center for Diplomacy and an Israel-based journalist. She is the author of Women and Jihad: Debating Palestinian Female Suicide Bombings in the American, Israeli, and Arab Media.

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Iran has already begun shaping the narrative surrounding the deal with the US as a victory, Dr. Raz Zimmt, head of the Shi’ite Axis Program at the Institute for National Security Studies (INSS), said in a Monday interview with 103FM.

During the radio interview, Zimmt discussed the reactions in Tehran, the agreement’s economic implications, and the possibility of renewed anti-regime protests. 

According to Zimmt, while some factions in Iran oppose any engagement with Washington, the dominant response to the agreement has been positive, largely because the regime is portraying it as an achievement over both Israel and the US.

“With the exception of a small and vocal minority of ultra-radicals, who viewed negotiations with the United States after the war, and certainly reaching an agreement with it, as a betrayal, there is definitely support for ending the war,” said Zimmt. “More importantly, the emerging agreement, although not all of its details are yet clear, is being presented as a strategic victory for Iran.

“At the end of the day, they are presenting it exactly as we feared: Iran not only managed to survive against the two strongest armies in the world, but also succeeded in leveraging this event to achieve a new order that will deter its rivals and secure other economic benefits,” he continued.

Zimmt also addressed developments that preceded the signing of the agreement. According to reports from Iran, an Israeli strike in Beirut’s Dahiyeh district affected the dynamics between the sides. He said Trump subsequently demonstrated additional flexibility, particularly regarding the timing of lifting the maritime blockade.

“We are relying on reports from Iran indicating that the details of the agreement had not yet been finalized, and that following the escalation and the Israeli strike in Dahiyeh, President Trump further softened his positions, which made it possible to reach the final agreement. I assume that once Israel struck in Dahiyeh, Iran’s original intention was to implement the equation it had established, a strike against Israel in response to an Israeli strike in Dahiyeh,” he said.

Iran avoids attacking Israel following Beirut strike

Asked what happened behind the scenes that ultimately prevented an Iranian attack on Israel, Zimmt pointed to two parallel developments.

“Yesterday afternoon, there was a dilemma,” he said. “The timing was very sensitive, and ultimately, two processes took place. One was discussions among Iran’s leadership, as happened last week, and the second was pressure on President Trump, who appears to have agreed to soften his position in at least one area: the timing of lifting the maritime blockade.

“Reports up until yesterday suggested that the blockade would be lifted gradually over the coming month, but by last night it became clear that it would probably be lifted as early as Friday,” Zimmt continued. “From the Iranian perspective, that was a concession that allowed them to say they had maintained their connection to Lebanon.”

Addressing reports that Trump promised Iran Israel would withdraw from Lebanon, Zimmt said such a move appears unlikely in the near term, particularly without a diplomatic process involving the Lebanese government. However, he suggested Iran could now seek to restrain Hezbollah after using the threat of escalation in Lebanon as leverage during negotiations.

“At face value, I find it difficult to see an Israeli withdrawal from Lebanon except in the context of negotiations between the Israeli and Lebanese governments,” said Zimmt. “Even if such a process begins, it will be gradual. The question now is whether, after signing the agreement, the Iranians might tell Hezbollah: what worked very well over the past few weeks was that we used the threat of escalating the situation in Lebanon to pressure President Trump to move forward on the Iranian issue. That no longer serves our interests.

“Therefore, from this point on, even if the IDF remains in southern Lebanon, you should cease fire. We could return to that scenario, but it is obviously very fragile, because as long as IDF forces remain in southern Lebanon, it is impossible to prevent a situation in which Hezbollah forces try to attack them.”

Billions expected to flow into Iran

Zimmt warned that the agreement is likely to provide the Iranian regime with significant economic relief. Even if frozen Iranian assets are not released immediately, he said, renewed oil exports alone could generate billions of dollars in revenue for Tehran.

“There is no doubt that billions of dollars will flow into Iran,” he said. “Even if frozen Iranian funds are not released in the coming weeks, the very fact that the Americans intend to allow oil exports from Iran, at least the oil already sitting on tankers, amounts to billions of dollars in assistance to the Iranians. This will certainly strengthen the regime and help it cope with its severe economic distress.

“Having said that, it is important to remember that the deep economic crisis Iran has fallen into in recent years, especially in recent months, is not solely the result of economic sanctions. It is also the result of mismanagement, corruption, and the fact that the Islamic Revolutionary Guard Corps plays a central role in the Iranian economy.”

Still, Zimmt stressed that an influx of money alone will not resolve the regime’s deeper structural challenges.

“Without very significant structural reforms in the Iranian economy, and given the severe damage the economy has suffered in recent months, it will be very difficult for Iran’s leadership to provide solutions to all of the country’s economic problems. Therefore, it is clear even within Iran that, regardless of the economic benefits that will strengthen the regime, this does not solve the fundamental problems facing the Islamic Republic. It is entirely possible that we will see renewed protests in the future.”

According to Zimmt, while the agreement may strengthen the regime in the short term, it does not address the underlying causes of public dissatisfaction. Without major economic reforms and improvements in governance, he said, domestic unrest could eventually reemerge despite any immediate gains resulting from the deal.

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Israeli and anti-Iranian regime participants in Italy’s Bologna Pride were reportedly violently attacked by the rest of the crowd on Sunday.

At least 20,000 people were estimated to have joined the Rivolta Pride 2026 parade, whose slogan this year was “No Pride in Genocide.”

A small group of about six demonstrators decided to join while carrying Iranian or Israeli symbols. It included an Iranian photographer wearing the pre-1979 Iranian flag, a Jewish woman wearing a rainbow flag featuring the Star of David, and several members of Partito Radicale [Radical Party] an Italian political movement centered on civil rights and nonviolent activism.

The Radical Party said that “within 20 seconds, we were intimidated and, amid chants of ‘Zionists out of the march,’ we were prevented from continuing through violent shoving and coordinated pushing. Through megaphones and shouting, we were forced to leave the procession.”

Additionally, the Radical Party said that the Iranian photographer displaying the Iranian flag was told, “We don’t care about Iran,” and was forced to leave.

The Radical Party posted videos showing the Jewish and Iranian protesters being unable to move forward while other protesters yelled “Free Palestine” and “Genocide” at them.

Jewish and Israeli protestors were banned from multiple marches in Italy

“With the exponential rise of antisemitism over the past two years, Jewish LGBTQ communities around the world have increasingly found themselves isolated, challenged, discriminated against, and forced to confront attempts at exclusion,” the Radical Party posted on Facebook.

It also noted that this was the second time this year that Jewish or Israeli protesters had been excluded from pride in Italy: The organizing committee of Rome Pride decided to exclude the Jewish LGBTQ association Keshet Italia from the upcoming June 20 event, over the group’s refusal to condemn Israeli actions in Gaza as genocide.

Israel’s Ambassador to Italy Jonathan Peled firmly condemned the incident, calling it “an unacceptable act and contrary to the values of equality, freedom, and inclusion.”

He said that it was the exact opposite of Tel Aviv Pride, “where thousands of people – Jews, Christians, and Muslims – marched together in an atmosphere of respect and coexistence.”

The organizers of the Pride Parade denied violence against the six participants, saying “the provocation by six supporters of Israel was peacefully and unanimously rejected by all participants of the march.”

“One of the fundamental pillars of pride is the condemnation of genocide, the support for the fight for a free Palestine and the rejection of any exploitation of our rights to justify colonial and racist policies,” they claimed.

The organizers confirmed that they do not accept any symbols relating to Israel at the march.

Additionally, they confirmed their antipathy to the use of the flag of the Iranian monarchy, which, they said, “has recently been revived by a small segment of the diaspora who currently advocate for the return of the monarchy and support Israel and the US military intervention.”

Other anti-regime Iranians were said to have been allowed to participate in the march.

The organizers concluded by saying, “The fight against antisemitism has always been a fundamental value for us,” defining the actions of the six demonstrators as “a clear and pathetic Zionist provocation.”

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National Security Minister Itamar Ben-Gvir canceled his upcoming trip to the US due to difficulties obtaining a visa, Channel 12 reported on Monday. 

The difficulties were reportedly related to the requirement to provide fingerprints to obtain a US visa, Channel 13’s Suleiman Maswadeh reported. 

Maswadeh noted that, as an Israeli minister traveling for diplomatic purposes, Ben-Gvir should have been traveling on a diplomatic visa and foregone the fingerprinting process. 

Ben-Gvir’s office released a statement on Monday, according to Channel 13, claiming that the purpose of the trip was in fact personal. The minister did not want to “exploit his status,” and therefore decided to travel on a regular tourist visa. 

This is a developing story.

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FIFA, the governing body of soccer worldwide, will propose a match between Israel and Palestine during the inaugural game of its under-15s football festival, to be held in September, according to reports on Monday by The Guardian and The Athletic.

The match would be played during a symbolic tournament in the US, with players from all 211 of FIFA’s member associations present -including Russia, which has been banned from tournaments ever since its invasion of Ukraine in 2022.

FIFA President Gianni Infantino will aim for the match to take place, with previous attempts to show “good relations” between the Israeli and Palestinian associations failing.

FIFA’s tense moment with Israeli, Palestinian representatives

The tournament was already announced in May, during a FIFA congress that was better remembered because of a tense situation between the Israel FA Vice-President Basim Sheikh Suliman and the Palestinian soccer federation President Jibril Rajoub.

Rajoub refused to stand alongside Suliman during their speeches at the congress after Infantino called them to the podium.

Infantino put his hand on Rajoub’s arm and invited him with a gesture to come closer to Suliman, but to no avail.

According to The Guardian, a handshake was scheduled between the two soccer executives, but Rajoub changed his mind during Suliman’s speech.

Asked what Rajoub said when he refused, Palestinian FA Vice-President Susan Shalabi, who was in the room, told Reuters: “I cannot shake the hand of someone the Israelis have brought to whitewash their fascism and genocide. We are suffering.”

Infantino then took the stand and said: “We will work together, President Rajoub, Vice-President Suliman. Let’s work together to give hope to the children. These are complex matters.”

Now Infantino seems to aim for a new encounter between delegations, with no official decision over the match having been taken as of the writing of this article.

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Three cases of femicide were reported in Iran last week, with the women brutally murdered by their husbands following what regime-affiliated media described as “family disputes,” according to Iranian media reports.

Nour News, a media company affiliated with Iran’s Supreme National Security Council, reported that a mother of two was murdered in Tehran’s Bisim neighborhood. The 35-year-old was attacked by her husband with a knife and hammer while she slept.

Detectives from the 10th Division of the Tehran Major Crimes Police arrested the husband, who was reported to have confessed to the killing during preliminary investigations.

“For a few days, due to work conditions and the fact that I was a laborer working in different places, I had disputes with my wife. On the night of the incident, we argued before going to bed. I waited until she fell asleep, but in a moment of anger, I killed her with blows. Then I called the police and reported the incident,” the husband reportedly told investigators.

The couple’s two sons, aged eight and 10, were said to have been asleep in their bedroom during the murder.

A 46-year-old woman was also reported as murdered by her husband in Lahijan, after initially being reported as missing, according to the regional news site Nimrokh Gilan.

The woman’s 66-year-old husband was said to have reported his wife missing before eventually confessing to police that he killed her and left her body in the Astaneh-ye Ashrafiyeh area. It was reported that the only motive he gave police was “family dispute.”

Police are still searching for the woman’s body, according to the most recent reports.

A 38-year-old woman was also reportedly murdered by her 41-year-old husband in a village near Aqqala. Police found the husband in a hideout, arresting him “in the shortest possible time.”

Economic hardship’s impact on domestic violence

Iran’s Institute for Management and Planning Studies (IMPS), a prominent academic and research arm under the presidency in Iran, reported last week on the significant impact economic hardship has on the likelihood of a woman experiencing domestic violence, claiming that one-in-every-two women murdered is killed by a close relative.

“Rainfall shock” is often used to describe the impact that agricultural issues, which by extension lead to economic issues, can have on a woman’s safety.

Iran, notably, has been suffering from water scarcity for a number of years. In 2021, water shortages sparked violent protests in the southern Khuzestan province. Sporadic protests also broke out in 2018, with farmers in particular accusing the government of water mismanagement. Last year, it was announced that Tehran’s reservoirs, which collectively could once store nearly 500 million cubic meters, now barely hold 250 million.

“Whenever there is a negative rainfall shock, the rate of violence against women increases by 5.5%. However, when there is a positive rainfall shock, no change in the rate of violence is observed,” the IMPS study said.

“Whether it is a positive temperature shock or a negative rainfall shock, interpersonal violence increases by about 5%, and intergroup violence increases by 15%. It is expected that such climate changes will become more frequent in the future, allowing us to predict how much crime and violence may increase,” according to the study.

Out of the 223,521 international female respondents, aged 13-45, 41% reported having experienced sexual violence, 24% had experienced physical violence, and 20% had experienced psychological and emotional violence. More than half of the respondents experienced some type of domestic violence.

Though the study focused exclusively on rainfall as an economic variable in domestic violence, Iran’s economy has been decimated under the weight of sanctions, multiple wars with Israel, and regime-imposed internet shutdowns.

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WASHINGTON — Weight loss drugs will be available to adults 65 and older in Medicare for the first time next month, thanks to a government program that’s supposed to be temporary. It may be difficult to end it.

Medicare is prohibited by law from paying for obesity drugs. The Trump administration is circumventing that law by making the drugs available via a demonstration program.

Initially, Medicare had hoped to push private Medicare insurers to voluntarily cover the drugs via a three-year program called BALANCE, which would have started following a short transitional period. But insurers balked, so the federal government is instead extending the transitional coverage program, called Bridge, until the end of next year.

Continue to STAT+ to read the full story…

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XRP (CRYPTO: XRP) is facing renewed criticism over its tokenomics and valuation, even as Ripple pushes the XRP Ledger into the emerging market for AI-agent payments.

‘Token Is Optional Infrastructure, Not Essential Utility’ 

Crypto trader Moody Hank argued on June 14 that XRP may still be expensive even near the $1 level, citing the token’s large supply, escrow structure and Ripple’s continued holdings.

He noted that XRP has a total supply of 100 billion tokens, with about 58 billion currently circulating and roughly 36 billion still held in escrow.

The trader criticized XRP’s pre-mined launch structure and argued that Ripple’s monthly escrow unlocks create a steady source of selling pressure.

“Every single month Ripple unlocks up to 1 …

Full story available on Benzinga.com

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BitMine Immersion Technologies, Inc. (NASDAQ:BMNR) shares traded higher on Monday after the company reported another increase in its Ethereum (CRYPTO: ETH) holdings.

BitMine Ethereum Accumulation

BitMine bought 76,881 ETH last week, raising its total holdings to 5.62 million ETH, or about 4.66% of Ethereum’s total supply.

The purchase brings BitMine 93% of the way toward its goal of owning 5% of Ethereum’s 120.7 million supply by 2026.

The company has 4,718,677 ETH staked, with annualized projected staking rewards of $219 million as a cash-flow backstop.

BitMine said its total crypto, cash, marketable securities and other holdings stand at $10.4 billion, including stakes in Beast Industries and Eightco Holdings.

The company also raised $273.8 million net through a Series A preferred stock offering, which carries a 9.5% annual dividend paid weekly.

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CFTC Chairman Mike Selig says cryptocurrency perpetual futures are beginning to move onshore in the U.S., marking what he calls a “watershed moment” for regulated digital asset markets.

This Is Just The Beginning, Not End

In an interview with Bankless on June 15, Selig remarked the CFTC’s recent approval of a Bitcoin (CRYPTO: BTC) perpetual futures contract on a registered U.S. exchange represents a major shift away from years of offshore crypto derivatives activity.

“We want the industry to survive, to thrive and to build here in the U.S,” he vouched.

The comments came after the CFTC approved a Bitcoin perpetual futures contract listed by KalshiX and issued a no-action letter allowing Coinbase (NASDAQ:COIN) customers to access …

Full story available on Benzinga.com

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The states with the best affordability for homebuyers and that are facilitating the most construction of new homes are centered in the Midwest and South, according to a new report.

Realtor.com released the 2026 edition of its housing report cards for all 50 states plus the District of Columbia, which showed that states across the Midwest and South outperformed their peers from the Northeast and West.

While no states earned an A+ grade, which suggests that all have room for improvement, 12 of the 13 states with the highest grades were all located in the Midwest and South, receiving grades in the B- to A range. Half of the grade is based on an affordability measure, while the other half is based on homebuilding activity.

“This year’s refresh reveals a familiar regional divide, but also some notable shifts beneath the surface, with a new state at the top of the class and a handful of states whose grades moved dramatically in either direction,” said Realtor.com senior economist Joel Berner.

MORTGAGE RATES TICK HIGHER, BUT BUYERS SHOW SIGNS OF CONFIDENCE

Indiana topped the list with a total score of 76.3 on the 100-point scale, earning an A based on strong affordability and homebuilding activity that helped it rise three spots from last year’s rankings. 

The median-priced home in the Hoosier State was $295,810 and required about 28% of the median household income of $71,469, which fell below the 30% benchmark for affordability.

Other states to receive A grades include Iowa, which has a median listing price of $282,886 and a median household income of $75,991, as well as last year’s leader South Carolina, with a median listing price of $363,896 and a median income of $67,758.

WHY GEN Z IS SAYING ‘NO’ MORE OFTEN – AND SAVING MORE MONEY

Texas ranked fourth with an A- grade, given the Lone Star State’s median listing price of $364,749 and median income of $76,585. North Carolina and Nebraska were the only two states to receive B+ grades.

The biggest risers in the report compared with last year were Delaware and Utah, which each jumped 12 spots. Delaware rose from 19th to 7th, while Utah saw its ranking rise from 29th to 17th.

Six states received F grades on their report cards, with New York ranking last due to a $668,173 median listing price and median income of $82,657. The other five states that received F grades were all located in the Northeast or West, with Massachusetts, Rhode Island, Hawaii, California and Connecticut rounding out the bottom of the list in order of the worst grade to the best.

5 CITIES THAT NAIL THE RETIREMENT SWEET SPOT

Most of the states near the bottom of the rankings saw their rankings hold steady or change little from a year ago, as they continue to face high prices, limited land for building with restrictive zoning policies, and building costs outpacing what middle-income buyers can afford.

The biggest drops were three states which all fell eight spots in the rankings – Alabama fell from 13th to 21st, Maryland dropped from 23rd to 31st, and New Jersey slipped from 35th to 43rd.

Here’s the list of the Realtor.com report’s grades for each of the 50 states as well as the District of Columbia:

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California’s wealthiest residents are racing to outmaneuver a proposed tax that would take a one-time slice of their fortunes, and the planning is reshaping where they live, how they hold their assets, and which lawyers they keep on retainer, the Wall Street Journal reported this week.

The measure is the 2026 California Billionaire Tax Act, headed for the state’s November 3, 2026 ballot after the union behind it, SEIU-United Healthcare Workers West, submitted roughly 1.55 million signatures on April 27. It would impose a one-time 5% tax on the net worth of any Californian worth $1 billion or more, with the money — an estimated $100 billion — aimed largely at filling holes left by federal cuts to health-care funding.

The detail driving all the maneuvering is the timing. The tax keys off whether someone was a California resident on January 1, 2026, while their net worth is measured on December 31, 2026. In plain terms, you had to already be gone before this year began to cleanly escape it. Moving in the middle of 2026 doesn’t change the residency call. That design was deliberate — the authors built it as a one-time levy with a backward-looking snapshot precisely to make fleeing harder.

A wave of billionaires tried to beat the clock anyway. Reported departures before the deadline include Alphabet co-founders Larry Page and Sergey Brin, Meta chief Mark Zuckerberg, venture investors Peter Thiel and David Sacks, and former Uber CEO Travis Kalanick, with exits aimed at no-income-tax states like Texas, Florida, and Nevada. By one analysis tied to the California Tax Foundation, the three richest names alone account for a large share of the state’s billionaire wealth.

Here’s the creative part. Many of those who left in late 2025 or are leaving now are betting on the courts. Tax lawyers argue the measure’s residency rule is constitutionally shaky because it tries to tax people based on where they lived on a single past date, which may collide with the right to travel between states established in cases like Saenz v. Roe. If a court strikes that provision, a 2026 departure could still spare them some or all of the bill. So “leaving” isn’t just relocation — it’s a wager that the snapshot won’t survive a legal challenge.

For those staying put, the planning shifts to how assets are held. The tax covers worldwide holdings — businesses, stocks, bonds, art, collectibles, intellectual property — but carves out exceptions that advisers are working hard to navigate. Real estate owned directly or through a revocable trust is excluded, yet property held inside an LLC, which is how many wealthy families structure it, may not qualify, so some are restructuring ownership. Tangible items like a valuable painting can be excluded if kept outside California for at least 270 days in 2026 — unless the move was clearly staged to dodge the tax. There are also smaller carve-outs: up to $5 million for miscellaneous assets and up to $10 million in Roth-style retirement money. Estate planners are also reworking trusts, since the measure contains complex rules for when a trust’s assets count as a beneficiary’s own.

Underneath it all is the loophole the tax is really chasing, sometimes called “buy, borrow, die.” Because the United States taxes investment gains only when assets are sold, a founder sitting on appreciated stock can borrow against it to fund a lavish lifestyle and never trigger income tax. A wealth tax sidesteps that by taxing the holdings themselves rather than waiting for a sale.

Supporters say the avoidance fears are overblown. The union and allied analysts argue the comprehensive base and one-time structure leave little room to hide, and that splashy departure announcements are partly theater meant to scare voters. A working paper from the National Bureau of Economic Research found California billionaires paid about $4.1 billion in income tax last year — roughly 0.2% of their combined net worth — and calculated that even if every billionaire vanished overnight, it would take 25 years for the lost income-tax revenue to equal what the wealth tax would raise in five.

Critics, including the Tax Foundation and conservative analysts, counter that the measure invites years of litigation and accelerates an exodus of capital already underway. Reaction among the wealthy is split: LinkedIn co-founder Reid Hoffman called the idea “horrendous” for innovation, while Nvidia chief Jensen Huang said he is “perfectly fine” with it.

The bigger business story is the cottage industry it has created. Wealth managers, trust attorneys, and residency-audit specialists are booked solid, and the fight will likely outlast the November vote — both sides expect a court battle no matter the result. For other states eyeing their own billionaires, California is about to become the test case for whether a wealth tax can actually be collected, or just chased.

JBizNews Desk — California

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NEW YORK — America’s wealthiest investors are holding unusually large amounts of cash while quietly shifting billions of dollars into alternative assets, gold, infrastructure, and global opportunities.

According to UBS’s Global Family Office Report 2026, published on May 28, many of the world’s richest families are preparing for a prolonged period of economic and geopolitical uncertainty rather than betting on a smooth continuation of recent market gains.

One of the clearest examples is Warren Buffett.

Before stepping down as chief executive of Berkshire Hathaway at the end of last year, Buffett accumulated a record $381.7 billion in cash and short-term investments, choosing not to aggressively deploy capital despite a strong stock market.

He is far from alone.

A recent Goldman Sachs survey found that wealthy households with at least $1 million in investable assets keep roughly 20% of their net worth in cash or cash-equivalent investments, including Treasury bills and other short-term government securities.

The strategy reflects growing caution.

Many affluent investors believe stock valuations have become stretched after years of gains, while concerns about inflation, interest rates, government debt, and geopolitical instability continue to linger.

Unlike previous years, cash now offers meaningful returns. Higher interest rates allow investors to earn respectable yields while waiting for better opportunities.

Several prominent investors have already taken defensive steps.

Buffett’s cash reserves continued growing even as stock prices climbed, while billionaire investor Peter Thiel reportedly reduced exposure to some of the market’s hottest artificial-intelligence stocks, including Nvidia, despite the company’s strong performance.

The moves have fueled speculation that some wealthy investors believe parts of the AI-driven rally may have become overheated.

Yet UBS says the behavior should not be viewed as panic.

Instead, the report describes a broad repositioning of portfolios.

Approximately 60% of family offices surveyed said they expect to adjust their long-term asset allocation during the next year — the highest level UBS has ever recorded and nearly double the percentage reported just one year earlier.

Maximilian Kunkel, Chief Investment Officer for UBS Global Wealth Management, described the shift as a proactive effort to prepare for emerging opportunities while reducing risk.

The biggest destination for that money is alternative investments.

According to UBS, family offices now allocate approximately 42% of their portfolios to assets outside traditional stocks and bonds. These include:

  • Private equity
  • Private credit
  • Commercial real estate
  • Infrastructure
  • Hedge funds

Many investors favor alternatives because they are less tied to daily stock-market swings and can provide diversification during periods of volatility.

The wealthier the investor, the greater the use of alternatives. Goldman Sachs found that roughly 80% of investors with more than $10 million in assets hold alternative investments.

Two traditional assets are also making a comeback.

Gold allocations are rising as investors seek protection against inflation, geopolitical tensions, and concerns about the U.S. dollar. Average gold holdings remain relatively small but are increasing among family offices making portfolio changes.

Infrastructure investments are also attracting attention. Assets such as data centers, power grids, transportation networks, and utilities are increasingly viewed as stable long-term investments capable of generating steady cash flow.

Artificial intelligence remains the dominant investment theme.

According to UBS, 65% of family offices identified AI as one of their highest-priority investment opportunities, followed by energy and natural resources, as well as automation and robotics.

At the same time, confidence in the U.S. dollar appears to be weakening among many wealthy investors.

Nearly two-thirds of respondents expect the dollar’s dominance as the world’s reserve currency to gradually decline. As a result, some investors are increasing exposure to currencies such as the euro and Swiss franc.

While cryptocurrencies continue to attract headlines, they remain only a small portion of most family-office portfolios.

The potential impact of these shifts is significant.

According to Deloitte, there are now more than 8,000 family offices worldwide managing approximately $3.1 trillion in assets. Even modest allocation changes by these investors can influence global markets.

When asked about their biggest concerns, 64% of family offices cited a major geopolitical conflict as their top risk over the next year. Another 49% pointed to a potential global trade war, while 39% identified inflation as a primary threat.

The message from the world’s wealthiest investors is not that a crash is imminent.

Instead, they appear to be preparing for a future that may be more volatile, more fragmented, and less predictable than the one markets enjoyed in recent years.

For now, the rich are not abandoning risk entirely. They are simply keeping more cash available, spreading investments across a wider range of assets, and positioning themselves for a world they believe may become increasingly uncertain.

Wall Street — JBizNews Desk

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The New York Knicks won their first NBA championship in 53 years Saturday night, June 13, 2026, beating the San Antonio Spurs in five games and handing the city its biggest sports celebration in a generation. The party is barely over, and a much larger one is already underway: the 2026 FIFA World Cup kicked off the same week, with eight matches headed to the New York–New Jersey region. For the local economy, that raises a simple question with a not-so-simple answer — which one brings in more money, and to whom?

On paper, the World Cup dwarfs everything. The NYNJ Host Committee, chaired by Tammy Murphy, projects roughly $3.3 billion in economic impact for the region from the tournament’s local matches, including the final at MetLife Stadium on July 19, in an analysis built with Tourism Economics, an Oxford Economics company. The committee expects more than 1.2 million visitors and over 26,000 supported jobs across the two states.

But that’s the regional number, and it splits across a state line. New Jersey Governor Phil Murphy has estimated the tournament will deliver about $2 billion in economic impact to New Jersey specifically, supporting roughly 14,000 jobs. In other words, of the $3.3 billion regional figure, New Jersey claims well over half for itself — leaving the rest to spill into New York and the broader metro area. That matters, because every World Cup match is played in New Jersey, not New York.

The Knicks number is smaller, but it’s concentrated squarely in the five boroughs. Mayor Zohran Mamdani and the New York City Economic Development Corporation estimated the team’s playoff run generated about $202 million in economic activity from home games played, a figure they said could reach $465 million had every potential Finals home game been staged, at roughly $90 million per home date. Because the Knicks clinched on the road in Game 5, the real total lands below that ceiling.

For the team’s owner, the run paid off directly. Analysts estimate the playoffs added around $140 million in revenue for Madison Square Garden Sports Corp. (NYSE: MSGS), controlled by James Dolan, whose Knicks franchise is now valued near $9.85 billion.

Stack the headline figures side by side and the World Cup wins by a wide margin. But two things complicate that scoreboard.

The first is geography — the catch hiding inside the phrase “New York.” The Knicks money is unambiguously New York City: it happens at Madison Square Garden in the middle of Manhattan. The soccer does not. All eight regional matches, including the final, are played at MetLife Stadium in East Rutherford, New Jersey, temporarily rebranded “New York New Jersey Stadium.”

New Jersey officials have openly expressed concern that while their state hosts the matches, many visitors may spend much of their money across the Hudson River — on Broadway shows, Times Square attractions, Manhattan restaurants, and New York hotels.

So even New Jersey’s own $2 billion estimate could ultimately be affected by where visitors choose to stay, eat, shop, and spend. And the costs are real. New Jersey has already spent more than $16 million in taxpayer funds on stadium-related work, while NJ Transit has committed roughly $35 million toward transportation planning and infrastructure tied to the event.

The second catch is that all these projections come from people with a reason to make them look large. Host committees, elected officials, and economic-development agencies are promoters, not neutral scorekeepers. Economists frequently argue that major-event impact studies overstate benefits because they count spending that might have occurred elsewhere in the region anyway.

The same criticism applies to championship runs.

Many sports economists argue that the largest financial gains from a title run flow to team owners, broadcasters, sponsors, and ticket-resale platforms rather than being distributed broadly throughout a city. In many cases, spending is shifted rather than newly created.

There is also a difference in duration. The Knicks’ impact arrived in a concentrated burst over several playoff weeks. The World Cup stretches across more than a month and generates sustained global television exposure that can influence tourism, hotel demand, business travel, and regional branding long after the tournament ends.

So the honest scorecard is this: the World Cup is the far larger economic event by projection — roughly $3.3 billion regionally, with about $2 billion expected to land in New Jersey — while the Knicks championship run is the cleaner and more direct New York City economic story, with spending concentrated in Manhattan and the five boroughs.

The World Cup’s billions may ultimately prove larger, but exactly how much of that money ends up in New York versus New Jersey remains one of the tournament’s biggest unanswered questions.

Two championships. Two global events. Two very different economic stories.

And in both cases, the cheering may be easier to measure than the money.

JBizNews Desk — New York

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The largest health insurer in the country is spending $3 billion to wire artificial intelligence into nearly every corner of its business — and in one early trial, the software is picking up the phone to call doctors’ offices and book appointments for patients. UnitedHealth Group executives, describing the effort in remarks reported Friday, said the company plans to spend the money across 2026 and 2027 and is already seeing about $2 back for every $1 invested, as the technology automates manual work and makes staff more efficient.

The examples are striking. At UnitedHealth, AI reads summaries of medical charts aloud to nurses as they drive to patients’ homes, and it listens to millions of recorded customer calls to figure out what is driving complaints. The company has also rolled out a member chatbot named Avery that interacts with more than 20 million members. The appointment-scheduling test, in which AI agents call physicians’ offices on a patient’s behalf, is one of the newest experiments.

The scale of the buildout is hard to overstate. UnitedHealth now employs about 22,000 software engineers worldwide, and more than 80% of them use AI to write code or build new digital agents — programs designed to carry out tasks on their own. The company says it has already put more than 1,000 AI applications into production. In 2024, its chatbots handled more than 65 million customer calls, and in early 2025, members performed roughly 18 million AI-assisted searches to find doctors and healthcare providers.

The reason is money and speed. Sandeep Dadlani, who oversees technology operations at Optum Insight, has said the goal is to cut through healthcare’s notoriously slow and expensive administrative systems. AI is being deployed to automate fraud detection, generate clinical notes, review medical documentation, assist customer-service representatives, and help select billing codes that determine how much a medical visit costs and who ultimately pays for it.

The push comes at a critical time for the company. UnitedHealth has been grappling with rising medical costs while continuing to recover from the massive 2024 Change Healthcare cyberattack, one of the largest healthcare data breaches in American history. Executives believe automation can help offset those pressures while improving service for members and providers.

For a company of UnitedHealth’s size, even small productivity gains can translate into enormous savings. The insurer’s businesses touch tens of millions of Americans through employer-sponsored coverage, Medicare Advantage plans, pharmacy services, and physician networks. Industry analysts have described the initiative as one of the largest corporate AI investments ever made in healthcare.

At the same time, the rapid expansion raises questions about transparency and trust. When artificial intelligence becomes involved in healthcare decisions or communications, patients often have little visibility into how it is being used or whether a human reviewed the recommendation. A recent examination by STAT found that many patients remain unaware when AI systems are helping shape their healthcare experiences.

Healthcare experts have also warned that AI assistants can occasionally produce inaccurate information or incomplete recommendations. Public trust in healthcare chatbots remains mixed, particularly when conversations involve sensitive medical issues.

UnitedHealth says it is drawing clear boundaries around the technology. The company notes that more than 90% of claims are automatically approved, largely using traditional rules-based systems rather than generative AI. Dadlani has repeatedly emphasized that AI is intended to support human decision-making and will not be used to independently deny insurance claims.

That distinction matters because insurers’ use of algorithms in coverage decisions has already generated lawsuits, regulatory scrutiny, and public criticism in recent years. Consumer advocates continue to push for greater transparency whenever automated systems influence healthcare outcomes.

Not all of the results have focused on cost cutting. One AI tool developed by the company reviews patient records to identify conditions that may have gone undiagnosed. Early testing found physicians were approximately twice as effective at identifying certain health problems when supported by the AI system, according to company data.

The broader healthcare industry is watching closely. Rivals including CVS Health, Humana, and Cigna have all increased investments in artificial intelligence, but none has publicly announced a commitment approaching UnitedHealth’s $3 billion plan. The race reflects a growing belief across healthcare that AI could reshape everything from scheduling appointments to processing claims and identifying diseases.

It adds up to one of the largest AI bets any healthcare company has ever made. Whether UnitedHealth’s investment ultimately makes healthcare faster, cheaper, and easier to navigate — or simply inserts more machines between patients and their care — will be determined in real time by the tens of millions of Americans whose healthcare journeys increasingly intersect with artificial intelligence.

JBizNews Desk
Healthcare & Technology Bureau

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KFC is launching what it calls its “next chapter” globally, rolling out new menu items, redesigned restaurants and refreshed branding as the fast-food giant looks to strengthen its position in the increasingly competitive chicken market.

The Yum Brands-owned chain said Monday that the initiative will eventually touch its more than 34,000 restaurants across over 150 countries. KFC noted that a new restaurant opens somewhere in the world roughly every 3.5 hours.

“As the global appetite for chicken grows, KFC is answering the call,” KFC Global CEO Scott Mezvinsky said in a statement. He added that the company sees an opportunity to “set the standard for modern chicken” in the quick-service restaurant industry.

MAJOR CARL’S JR OPERATOR REPORTEDLY SET TO SHUTTER, SELL DOZENS OF CALIFORNIA LOCATIONS

A key component of the strategy centers on menu innovation. KFC plans to expand its lineup of boneless chicken offerings, including tenders designed for dipping and snacking, while introducing more than 20 new sauces tailored to local tastes. Examples include Chimichurri Ranch and Hot Honey Habanero.

The company is also betting on growing consumer demand for customizable, sauce-focused meals, with new menu items featuring chicken tenders, wings and sandwiches coated in bold flavors.

Beyond food, KFC is expanding its beverage platform, known as “KWENCH by KFC,” which includes boba refreshers, milkshakes, sparkling lemonades and iced coffees. The beverage lineup is moving from a pilot program to permanent menus in Australia and Canada this year.

KFC said the changes are intended to give customers more reasons to visit throughout the day, whether for snacks, drinks or full meals.

The company is also introducing a new generation of restaurant designs aimed at creating more modern dining experiences. The first U.S. example is expected to open in McKinney, Texas, later this summer and will feature an open-concept layout. A larger two-story flagship location is scheduled to debut in Dubai this fall.

The brand refresh extends beyond menus and restaurants. KFC said it is updating its visual identity across packaging, advertising and digital platforms while retaining its signature bucket and Colonel Sanders branding.

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The rollout begins in the United Kingdom and Ireland, with expansion to the United States and Australia expected in the coming weeks. Additional markets will follow through 2026.

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WASHINGTON — In July, the U.S. government will begin depositing $1,000 into investment accounts for millions of American babies under a new program known as Trump Accounts.

The U.S. Treasury Department, which is overseeing the rollout, says accounts officially open on July 4, with registration already underway. Treasury Secretary Scott Bessent has described the initiative as a way to connect ordinary Americans to the financial markets from birth.

But while supporters see the program as a long-term wealth-building tool, a growing number of economists and policy experts question whether it can meaningfully reduce wealth inequality.

Under the program, every U.S. citizen born between 2025 and 2028 qualifies for a one-time $1,000 government deposit, provided a parent or guardian opens the account. The funds are invested in a low-cost stock-market index fund, with annual fees capped at 0.1%, and cannot generally be accessed until the child reaches adulthood.

Families, employers, charities, and others may contribute up to $5,000 annually.

Supporters point to the power of long-term compounding. Government projections estimate that a child who receives only the initial deposit could see the account grow to approximately $15,000 over time.

Critics, however, argue that the larger issue is not the initial deposit but who can afford to keep contributing.

Families able to contribute the maximum $5,000 per year could potentially build accounts worth hundreds of thousands of dollars by adulthood. By contrast, children whose families cannot contribute additional funds may be left with little more than the original government contribution and investment growth.

According to government projections, an account funded at maximum contribution levels could reach approximately $742,000 by age 18, compared with roughly $15,000 for an account receiving only the initial deposit.

That gap has drawn concern from several researchers.

David Radcliffe, policy director at The New School’s Institute on Race, Power, and Political Economy, argues the structure primarily benefits families that already possess financial resources. Connecticut State Treasurer Erick Russell has similarly warned that wealthier households may be positioned to build significantly larger nest eggs than lower-income families.

Another concern involves participation.

Because parents must actively enroll their children, some experts worry that families facing financial hardship or lacking familiarity with investing may be less likely to sign up. The Aspen Institute has noted that automatic enrollment could have increased participation among lower-income households.

Questions have also been raised about whether the program can meaningfully address longstanding racial wealth disparities.

Federal data show substantial differences in median household wealth among demographic groups. Critics note that previous “baby bond” proposals sought to target larger benefits toward lower-income children, while Trump Accounts provide the same initial deposit regardless of family income.

Supporters counter that private-sector participation can significantly expand the program’s impact.

Secretary Bessent has launched a nationwide effort encouraging additional contributions, while several prominent business leaders and corporations have pledged support. Michael and Susan Dell have committed billions toward funding accounts for lower-income children, Ray Dalio has pledged tens of millions of dollars, and companies including JPMorgan Chase and Bank of America have announced matching contributions for eligible employees’ children.

Supporters argue that even modest investments can introduce millions of families to long-term saving and investing, creating opportunities that otherwise might not exist.

Critics acknowledge that the accounts can provide meaningful financial benefits but remain skeptical that a universal $1,000 deposit alone can significantly narrow the wealth gap.

Whether the program ultimately reduces inequality or reinforces existing differences may depend less on the government’s initial contribution and more on who continues contributing after the account is opened.

Washington — JBizNews Desk

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A key step in the origin of many pandemics occurs when an animal-borne virus infects humans and then evolves to spread more efficiently from person to person.

For that reason, scientists and doctors keep closely monitoring viruses that could jump from animals to humans, such as emerging strains of avian flu and bat coronaviruses, as well as those such as hantavirus and Ebola that have already crossed into humans but, for now, spread poorly among people.

In just a few months, the researchers recreated in a test tube the evolutionary path the coronavirus followed during the COVID-19 pandemic – from the original Wuhan strain to the emergence of the highly contagious Omicron variants.

This achievement resulted from a new collaboration among the laboratories of Prof. Gideon Schreiber of the Weizmann Institute of Science, Dr. Jirí Zahradník of the First Faculty of Medicine, Charles University in Prague, and the BIOCEV Center. 

The findings, published in Nature Communications under the title “Stringent selection drives convergence toward omicron-like SARS-CoV-2 receptor-binding motifs,” raise hopes that in the future, scientists could predict how viruses are likely to evolve and under what conditions new waves of infection could emerge.

Weak selection pressure leads to multiple viral variants

The experiment simulating this scenario, conducted at Weizmann, was led by Aviv Shoshany from Schreiber’s team. Under weak selection pressure, by contrast, many viral variants survive, and advantageous mutations become enriched without taking over completely. This scenario was simulated by Ruojin Tian, Dr. Miguel Padilla-Blanco, and Dr. Martin Mokrejš from Zahradník’s group in Czechia.

Zahradník, who previously did his postdoctoral work in Schreiber’s lab, focused on weak selection, while the Weizmann lab staff focused on stronger selection. “We found that if you begin with Omicron, even if it’s weak, it’s stable and remains there. We worked on only a section of protein in the virus, and most of the mutations were in that segment.”

“It took only a few months to make our discovery, but we spent more than two years preparing a journal article for publication, because we had to conduct many tests, including mathematical calculations,” Schreiber recalled. “It was unbelievable. Billions of people were infected, but for all, there was the same result – we found the essence of the evolution of the virus. There aren’t many cases like that.”

In August 2021, Schreiber and colleagues published the results of an in vitro evolution experiment that identified a pair of mutations in the coronavirus’s binding site that make the virus highly contagious by improving its ability to bind to receptors in the human respiratory tract.

About three months later, the Omicron variant was first identified in South Africa; when researchers sequenced it, they found the same pair of mutations. That was the moment Schreiber realized that the in vitro evolution method developed in his lab could potentially predict major turning points in the course of pandemics.

Schreiber, who earned his degrees at the Hebrew University of Jerusalem and did post-doctoral work at Cambridge University, told The Jerusalem Post in an interview that evolution proceeds through mutations and natural selection. To survive and spread, viruses replicate at high speed, which can often lead to genetic errors that accumulate, producing new variants. In the new study, the researchers replicated the gene encoding the coronavirus binding site using a deliberately error-prone mechanism, thereby simulating in “fast forward” the appearance of mutations.

Using genetically engineered baker’s yeast cells, they exposed millions of resulting variants to human receptors and, imitating natural selection, retained only those that still bound successfully. By repeating cycles of mutation and selection over and over, the scientists reconstructed the evolution of the virus-human interaction over the course of a whole pandemic.

At the starting line of this evolutionary race in a test tube were the original Wuhan strain and several variants that emerged during the pandemic – including Alpha, Beta, and Omicron. The researchers studied how their binding sites evolved under two scenarios – strong selection pressure and weak selection pressure. Strong selection pressure is a situation in which only a small number of viruses survive each evolutionary stage, allowing advantageous mutations to rapidly become dominant.

“No matter which viral variant we started with, under strong selection pressure, a variant remarkably similar to Omicron and its sub-variants emerged early on and rapidly took over the entire population,” Schreiber said. “The exact same trajectory was observed during the coronavirus pandemic, which has not undergone another major shift since Omicron appeared and became dominant at the end of 2021.

“Some future pandemics that spill over from animals to humans may follow a similar path – accelerated evolution culminating in the dominance of a viral variant that is highly contagious and specifically adapted to bind to human receptors,” Schreiber predicted.

The evolutionary pathway leading to Omicron dominance was not viewed under weak selection pressure – and computer simulations revealed why, he continued. During the mutation process, several mutations can sometimes arise simultaneously. If one mutation gives a new viral variant a survival advantage and helps it dominate the population, other mutations – those that are neutral or even detrimental – can “hitchhike” alongside it and spread as well. The simulations showed that under strong selection pressure, advantageous mutations become dominant before the hitchhikers get a chance to accumulate. Under weak selection pressure, however, beneficial mutations drag many additional mutations with them, diminishing their own dissemination advantage.

“To survive in their bodies, the virus had repeatedly to fight their residual immune activity and repeatedly infect receptors in the respiratory tract,” Schreiber explained. “Those are precisely the conditions of strong selection pressure, and our study shows they are essential for the emergence of Omicron – further supporting the hypothesis that it originated in immunocompromised people. Interestingly, when we started the selection from Omicron, both strong and weak selection pressures were sufficient to maintain the Omicron sequences, explaining why this variant persists in the general population. This highlights how important it is to properly treat immunosuppressive conditions such as AIDS before the next global pandemic strikes, and to protect immunocompromised individuals from infection and chronic disease.”

He concedes that today, the coronavirus arouses much less interest here and abroad compared to four years ago. “People forgot, because of new crises, but next time, I hope we’ll be better prepared to cope with pandemics. We have very good tools now to understand how they advance.”

“The in vitro evolution method we developed could be applied in the future to other viruses of concern,” he adds. “We will be able to isolate viral proteins and investigate how they are expected to evolve under different scenarios. Our approach makes it possible to identify dangerous variants before they become dominant, helping focus efforts on preventing the conditions that allow them to take over – and preparing for them in advance.”

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In a move to capture the dual market forces of live broadcast television and digital streaming, Fox Corporation on Monday announced it is acquiring Roku, Inc. for $160.00 per share in a deal valued at an enterprise value of $22 billion. 

The combination pairs FOX’s live entertainment, news and sports portfolios — including The Tubi service, the NFL, MLB and FOX News Media — with the top television streaming platform in the U.S. by hours streamed, accelerating the company’s expansion into connected TV advertising.

“This is a defining moment for FOX, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade,” Fox Corporation Executive Chair and CEO Lachlan Murdoch said. “Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it.”

WARNER BROS DISCOVERY SHAREHOLDERS APPROVE PARAMOUNT SKYDANCE DEAL

“We are executing this acquisition from a position of financial strength — maintaining our investment grade balance sheet while providing our shareholders with an uninterrupted return of capital program in the form of share buybacks and dividends,” Murdoch continued. “Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter.”

The transaction positions the combined company as the third-largest player in U.S. television by share of viewing. Currently, Roku is in over 100 million global streaming households, which includes more than half of all U.S. broadband households.

Unanimously approved by the Boards of Directors of both companies, FOX is buying the company using a mix of cash and its own stock. Once the merger is complete, ownership will be split 73% for current FOX shareholders and 27% for Roku shareholders, based on who held shares prior to the deal.

Roku founder, chair and CEO Anthony Wood will maintain an ongoing role at the combined company and will join the FOX Board of Directors following the transaction’s close in the first half of 2027.

“Over the past two decades, we’ve built Roku into the leading TV streaming platform, reaching more than 100 million households globally and reshaping how people discover and enjoy entertainment. I’m incredibly proud of what our team has built, and the combination with FOX is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers,” Wood said.

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“That’s why our Board of Directors unanimously determined after concluding its strategic review process that this transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company,” Wood added. “I couldn’t be more excited about what we’ll accomplish together.”

The deal remains subject to customary closing conditions, including approvals by FOX and Roku shareholders and U.S. and certain non-U.S. regulatory approvals. 

The transaction is expected to close in the first half of calendar year 2027.

READ MORE FROM FOX BUSINESS

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FORT LAUDERDALE, Fla. — JetBlue is betting heavily on one airport as it works to return to profitability.

Lauderdale has been a star for us,” JetBlue President Marty St. George said this month, describing the airline’s rapidly expanding presence at Fort Lauderdale-Hollywood International Airport.

The strategy includes significantly more flights, new international destinations, premium cabin offerings, and potentially a new airport lounge. For an airline still working through losses and restructuring efforts, Fort Lauderdale has become a centerpiece of its recovery plan.

On June 1, JetBlue raised its revenue outlook for the year, citing stronger-than-expected demand.

Part of the opportunity emerged from a competitor’s collapse.

Spirit Airlines, long the largest carrier at Fort Lauderdale, ceased operations on May 2 after years of financial struggles and mounting debt. While JetBlue had already been growing its presence at the airport, Spirit’s exit created an opening to capture additional gates, routes, and customers.

According to aviation analytics firm Cirium, JetBlue now controls approximately 36% of airport capacity, up from about 24% a year ago, making it the largest airline at Fort Lauderdale.

Between May and June alone, JetBlue increased capacity by roughly 5%, even as several competitors reduced service during Florida’s slower summer travel season.

The growth has been dramatic.

JetBlue is averaging approximately 106 daily departures from Fort Lauderdale this year, compared with roughly 68 flights per day a year earlier.

During peak winter travel periods, including Presidents Day and major school vacation weeks, the airline expects to operate around 150 daily flights, bringing Fort Lauderdale close to the scale of Boston Logan International Airport, one of JetBlue’s largest hubs.

Longer term, the airline has indicated it could eventually exceed 250 daily flights from the airport by 2027.

One of the most visible signs of JetBlue’s ambitions is its expanding lounge strategy.

The carrier entered the airport lounge business only recently, opening its first BlueHouse Lounge at John F. Kennedy International Airport in New York. A second location is planned for Boston in 2026.

Fort Lauderdale could become the third.

St. George said the airline continues evaluating potential locations and believes the growing number of premium travelers makes a lounge a logical addition. Airport officials have also expressed support for the project.

International service is another major focus.

Fort Lauderdale has long served as a gateway to Latin America and the Caribbean, and JetBlue has been expanding aggressively. The airline recently announced new service to Caracas, Venezuela, while adding approximately 20 new routes from the airport over the past year.

The goal is to attract more international travelers and diversify revenue beyond traditional domestic leisure routes.

Premium offerings are increasingly central to that strategy.

JetBlue built its reputation on affordable fares but is now targeting higher-spending travelers through expanded Mint service, a new domestic first-class product known as Mini Mint, and enhanced loyalty and credit-card programs tied to future lounge access.

The airline says Fort Lauderdale has exceeded internal expectations, with revenue growth continuing even as capacity expands.

That growth is especially important because JetBlue remains unprofitable.

The airline reported a $319 million first-quarter loss in 2026, compared with a $208 million loss during the same period a year earlier. Higher fuel costs and operational challenges offset stronger passenger demand.

Revenue rose nearly 5% to $2.24 billion, while revenue per available seat mile increased 6.5%, near the high end of company guidance.

JetBlue ended the quarter with approximately $2.4 billion in cash, along with access to an unused $600 million credit facility.

The company’s broader turnaround initiative, known as JetForward, aims to generate approximately $310 million in additional earnings this year and between $850 million and $950 million by 2027.

Chief Executive Officer Joanna Geraghty has described the strategy as a combination of network optimization, cost reductions, and premium revenue growth.

According to St. George, all of JetBlue’s projected second-quarter growth is coming from Fort Lauderdale, where the airline expects seat revenue to rise between 7% and 11%.

JetBlue is also benefiting from its recently announced Blue Sky partnership with United Airlines, allowing customers to earn and redeem loyalty rewards across both carriers’ networks.

The airline’s largest competitor in South Florida remains American Airlines, which operates a major international hub at nearby Miami International Airport.

There are still risks.

Fuel prices remain volatile, the airline continues to operate at a loss, and passenger traffic at Fort Lauderdale declined slightly last year after years of strong growth.

JetBlue, Broward County, and airport officials are also completing a new five-gate Terminal 5 expansion designed to accommodate future growth.

For now, the airline is making a clear bet: that Fort Lauderdale can become the engine that powers JetBlue’s return to sustainable profitability.

Travel & Aviation — JBizNews Desk

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The US and Iran appear poised to agree on a path forward toward some kind of deal. It is not entirely clear what is being agreed upon or what may emerge in the coming days. Over the past months, there have been many similar claims that a deal is about to be signed. In many cases, the actual points being agreed upon were not a deal, but rather a type of memorandum of understanding (MoU) to reach a deal in the future.

There are many takeaways from the emerging agreement. Former US ambassador to Israel Dan Shapiro posted on X/Twitter that “until the text of the US-Iran deal is signed and released, there is going to be a lot of spin on both sides. But here is my initial take…” He went on to note, “This war was a mistake, and it needs to end.

The president thought that the Iranian regime would collapse quickly, but it did not. In fact, it has been strengthened strategically by its survival against a heavy US-Israeli assault and [by] carrying out some effective counterstrikes. Many countries in the region are now courting Iran and looking to de-escalate and rebuild ties. A sign of which way the wind is blowing.”

What could happen in the next few days and months?

There are many possibilities based on what we know and what we don’t know. This is an opportune time to be reminded of former US Secretary of Defense Don Rumsfeld’s famous “known unknowns” and “unknown knowns.”

Scenario 1: A deal happens and goes well for both sides

One scenario is that an MoU is agreed and signed in Switzerland.

In an optimistic scenario, both Iran and the US believe they have won something, and even Israel is content to wait and see. After the signing in Switzerland, the mediators in Islamabad, Doha, and other places move to work on a deal. Iran ends the blockade of the Strait of Hormuz, and the US ends the blockade of Iran.

There is an agreement to remove enriched uranium from Iran. Iran gets sanctions relief. Everything returns to normal in the Middle East, and there is stabilization. With the war behind everyone, the US can work on a new era in the region and pivot to focus on other issues in Europe and Asia. With the Strait open, the economies of the region improve, and Israel and the Gulf states can work toward closer integration.

Scenario 2: An agreement is not signed in Switzerland

Despite the efforts of Pakistan, Qatar, and others to get to an MoU, Iran and the US are still unable to agree this week and, instead, the deal is postponed once more. In this scenario, the region returns to the low-level conflict it has seen since April. Israel continues to operate against Hezbollah in Lebanon. Iran continues to threaten to retaliate for any Israeli strikes on Beirut. The region continues in low-level turmoil.

The continued closure of the Strait of Hormuz means countries need alternative trade routes, and this means developing more overland trade via Syria. The White House comes to accept that the war won’t end but that it won’t spill over, either. A new status quo is low-level conflict.

Scenario 3: Agreement but no final deal

A third scenario envisions an MoU signed this week, but negotiations between Iran and the US drag on throughout the summer. Iran and the US can’t come to a final agreement. Iran likely prefers this. Tehran assumes that once an interim deal is done, the White House sees the benefit of no more conflict and that US partners in the region – such as Qatar, Saudi Arabia, and Pakistan – urge the US not to re-start the war.

This scenario means that the negotiations drag on, and there is an open-ended question about whether the conflict is actually over. Israel maintains freedom of action in Lebanon, and Jerusalem pushes for more strikes on Iran in the future.

These become new “rounds” of conflict, a new norm in which Israel and Iran engage in short conflicts every few months. The US needs to keep military refuelers in Israel, and Ben-Gurion Airport continues to experience travel chaos.

There is then a push to have the US shift basing to Israel rather than the Gulf. With elections looming for Israel in the fall, more rounds of conflict take place with Iran, Hezbollah, and Hamas.

Scenario 4: Iran suffers an internal coup

Iran’s government agrees to an MoU. However, as Iran moves forward in talks with the US, in the divided Iranian system, weakened by war, and with military commanders cut off from one another, there is a coup in Tehran. It may come from the IRGC and so-called “hardliners” who oppose a deal.

It could also come from the army, seeking to pre-empt a hardliner coup. The low-level chaos in Iran now creates uncertainty. The US now knows it can’t rely on Iran to sign a final accord because it’s not clear who is in charge.

Scenario 5: The US returns to conflict with Iran

Iran may sign an agreement this week, but a final status agreement will be difficult to achieve. In this scenario, the Trump administration decides to use force over the summer or the fall to pressure Iran back to the peace table. This results in the US demanding that it also receive payment for its troubles.

The US assumes a greater role in the region and is pressed into helping the Gulf countries defend themselves. Israel continues strikes on Hezbollah, which causes Iran to continue attacks on Israel. With no final deal, the MoU ends up not being worth much and doesn’t result in a deal. Nevertheless, the opening of the Straits is in everyone’s interests, so they remain open.

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El Al will add Starlink internet services to its aircraft starting in 2027, the company announced in an X/Twitter post on Monday.

According to the statement, the new onboard service “will provide a fast, stable and continuous browsing experience throughout the flight, just like at home.”

“We continue to invest in the most advanced products and services,” the post continued, “with the aim of upgrading your flight experience from the ground to the air.”

The Starlink service is set to be available at the beginning of 2027 and will be offered to customers free of charge, according to Reuters.

El Al currently offers wireless internet service on its 787 and 777 fleets, as well as on some 737 aircraft, according to the company’s website.

The service is offered in three pricing tiers, ranging from messaging/social media only to full video streaming, and can be paid for with a credit card or frequent flyer points.

Current in-flight Starlink availability

Starlink is already available on other airlines around the world, including US carrier United Airlines, which rolled out the service starting with its regional aircraft in March 2025, according to a press release.

Starlink shared an X post on Saturday showing a user’s in-flight Starlink experience onboard a United flight, saying the service offers “high-speed internet from 30,000 feet.”

On June 8, Hungarian low-cost carrier Wizz Air announced on X that the service would be installed on its aircraft in 2027.

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EU foreign ministers have not reached a consensus to approve sanctions against Israel’s far-right National Security Minister Itamar Ben-Gvir, EU’s top diplomat Kaja Kallas said on Monday.

“Many member states have also proposed to sanction Ben-Gvir, but no consensus on that was reached,” she said.

Western governments have expressed outrage after Ben-Gvir posted a video ​of himself taunting activists who had intended to ​bring humanitarian aid to Gaza being pinned to the ground.

France decided to ban Ben-Gvir from French territory in May, while Italian prosecutors have put him under investigation.

This is a developing story.

 

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Yaki Dayan, the former Israeli consul in Los Angeles, voiced deep concern about the recent developments between the US and Qatar, compared with the strained relations with Israel, during a Monday interview with 103FM.

Dayan expressed concern about the agreement expected to be signed between the US and Iran. “There is no alternative from Israel’s side, and on the Democratic [Party] side, there are no giant friends waiting at the door to embrace you,” he explained.

He also added: “Not only that, we hear Trump speaking about Qatar in terms that an American president previously used only about Israel. Washington’s favorite son is Qatar. We are seeing the emerging axis, Saudi Arabia, Qatar, Pakistan, and Turkey, which is also taking shape as a result of this war. The situation in Washington right now is a very serious problem; the question is how it will be translated into action.”

New Middle East axis?

Dayan also addressed the Qatar issue, which has caused growing concern, even more so recently: “Will there be hard moves on the ground? As long as it is talks between the prime minister and Trump, then that is fine, especially when Netanyahu insists that there be no link between Lebanon and Iran. That is what needs to be done; insist on that point. But there is no doubt it does not sound good.”

“It does not sound good that the American president keeps coming back and saying, ‘A tough man,’ ‘tough talks,’ ‘serious mistakes,’ that is how he speaks about Israel, and then we hear him speaking about Qatar and saying, ‘What a courageous country,’ and we see Saudi Arabia aligning with Pakistan and Turkey. Maybe we are seeing a new Middle East, but it is not the Middle East we wanted to see after the war with Iran,” he warned.

Better agreement with Iran, still not a solution to nuclear bomb 

When asked about comparisons between the current agreement and the one signed in 2015, he replied: “We know how to compare it in the sense that there apparently are no missiles and no proxies. That was not in the 2015 agreement either.”

“In 2015, there really was a nuclear agreement. Here, there is still no nuclear agreement. There is only an agreement to reopen the Strait of Hormuz. They will talk for 60 days about the nuclear issue. If you go to places like Fox, they say Trump will not approve enrichment, which is what Obama did and allowed enrichment to a low level, all kinds of things like that. In the end, one must remember that there is no nuclear agreement right now,” he added.

He also explained that the agreement calls for reopening the Strait of Hormuz in exchange for lifting the blockade, something that Dayan described as “the strongest tool the Americans had,” while adding that the monetary side of the agreement will be key for its implementation.

“There will be money, or there will not be money. We are hearing absurd things, $300 billion to strengthen the Iranian economy. Lindsey Graham aptly described it as something like the Marshall Plan after World War II, only the Nazis remained in power. There are no missiles, there are no proxies, but the regime remains in place,” he said.

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The vast majority of the IDF and the Mossad oppose the current Iran nuclear deal as insufficient in light of the power dynamics between the parties, the “blood and treasure” invested, and the threats confronting Israel, the Jerusalem Post has learned.

While that view is not unanimous and top Israeli officials understand the need to defer to Israel’s political echelon and to the Trump administration on certain matters, it is nearly unanimous, and officials are making their views heard in private forums.

While the Trump administration has been almost entirely focused on opening the Strait of Hormuz and the nuclear issue, the Post understands that IDF and Mossad officials had hoped for progress on the ballistic missiles and proxy threats, which they are stuck dealing with on a day-to-day and year-to-year basis.

These issues have been left out of the deal.

Further, many Mossad officials and even some IDF officials believed it was important to keep Iran under sanctions until the Islamic regime changed its tune in a broader way to stop threatening Israel, or even until it was toppled.

Officials betting on sanctions pressure

Some Mossad officials, though fewer IDF officials, even believed that it was likely that the Islamic regime would fall within the year if financial sanctions pressure remained, given that the country lost over $300 billion from being bombed and has been losing huge additional sums daily since the US counter-blockaded Iran at Hormuz, the Post has learned.

These officials believed, the Post understands, that even if Iran held out against financial sanctions from 2018 to 2026, the combined new pressure of the damages to the regime from the 2026 war, along with the Hormuz blockade, would have finally pushed Iranians enough over the threshold to be willing and able to topple the regime.

In light of the billions of dollars expected to stream to the regime once the new deal is signed, many in the IDF and the Mossad now fear that any prospect of regime change could be delayed far past a year from now, missing a unique opportunity to make Israel and the world safer for generations.

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Recent Covid vaccination appears to have broad cardioprotective effects, according to a new study, which found reduced risk of events like heart attacks and stroke, hospitalization, and death in people who had received the vaccine. 

The study, published in JAMA Internal Medicine on Monday along with several other Covid-related papers, followed more than one million veterans who received flu vaccinations at Veterans Affairs health care facilities in 2024; about a third of them also received a Covid vaccine. 

Read the rest…

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Amid ongoing concern about clinical trial transparency, a new analysis found that results for less than half of the studies registered in a key European database were reported within the required time frame and complete results were fully reported for only 42%.

While the quality of the registration data was high overall — more than 99% of expected data was found in the 234 clinical trials for which results were supposed to have been disclosed — the researchers contended that overall compliance with legal reporting requirements was weak and regulatory oversight is lacking.

European Union and member state regulators “have so far not delivered the promised ‘high levels of transparency never seen before for clinical trials,’” the authors wrote in their analysis. It was recently posted on the medRxiv preprint server, which displays unpublished research that has not yet been peer-reviewed.

Continue to STAT+ to read the full story…

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Strategy Inc. (NASDAQ:MSTR) bought 1,587 Bitcoin (CRYPTO: BTC) for $100 million last week, surging 7% in early Monday trading.

Strategy Funded Both Bitcoin And USD Reserve Through Stock Sales Alone

The purchase ran from June 8 to June 14 at an average price of $63,024 per coin, bringing total holdings to 846,842 BTC worth roughly $56 billion. 

Over the same week, Strategy raised $209 million by selling 1.73 million MSTR shares through its at-the-market program, using the proceeds to fund both the Bitcoin buy and a $100 million increase to its USD Reserve, now standing at $1.1 billion.

Notably, Strategy funded accumulation and dividend obligations entirely through equity issuance without touching its Bitcoin stack …

Full story available on Benzinga.com

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The price of a new vehicle has finally stopped climbing — at least temporarily.

According to Kelley Blue Book, a Cox Automotive company, the average new-vehicle transaction price in the United States was $49,220 in May, down 0.5% from April’s $49,456 and up just 1.2% from a year ago.

While the decline is modest, it represents the smallest annual increase of 2026 and offers evidence that the rapid vehicle-price escalation that defined recent years may finally be slowing.

The relief, however, remains limited.

For millions of Americans, a vehicle priced near $50,000 remains financially out of reach.

The current affordability challenge traces back to the supply shortages that disrupted the automotive industry during and after the pandemic. Inventory shortages pushed prices to record levels, and although supply chains have largely recovered, prices have remained elevated.

Ownership costs have also continued to rise.

Insurance premiums, maintenance expenses, repair costs, and financing rates have all increased significantly over the past several years. Cox Automotive analysts note that these combined costs have created affordability challenges for many middle-income and lower-income households.

The used-car market shows a similar pattern.

The Manheim Used Vehicle Value Index rose 0.3% in May and remains approximately 3.1% higher than a year ago. Because wholesale pricing typically influences retail prices several weeks later, analysts expect used-car prices to remain firm throughout the summer.

Government data tells a similar story.

The latest Consumer Price Index report showed new-vehicle prices falling 0.3% in May, while used-vehicle prices increased 0.1%. The changes suggest stabilization rather than a significant decline.

Affordability remains the industry’s biggest challenge.

Cox Automotive projects 15.8 million new-vehicle sales in 2026, a decline of approximately 2.4% from 2025, citing affordability concerns as the primary reason.

Many consumers accelerated purchases earlier in the year to avoid potential tariff-related price increases, leaving fewer buyers willing to spend near-record prices today.

One important detail often gets overlooked.

The industry average is heavily influenced by high-priced pickup trucks and luxury vehicles. Removing many of those premium vehicles from the calculation produces an average transaction price closer to $39,000, creating a substantially different affordability picture.

Compact cars and smaller crossovers continue to represent the most accessible segments of the market.

Electric vehicles are also becoming more competitive.

Tesla reduced average pricing approximately 1% from April and 3.4% from a year ago, helping narrow the gap between EVs and traditional gasoline-powered vehicles.

Because Tesla represents a significant share of the U.S. EV market, its pricing decisions influence industry-wide averages.

Trade policy also remains a factor.

Many of the lowest-priced vehicles sold in the United States are assembled outside the country and therefore remain exposed to tariffs and other import-related costs. That reality limits how much relief consumers may see at the lower end of the market.

For buyers, the takeaway is straightforward.

Vehicle prices are no longer rising at the pace seen during the pandemic years, but they are not falling meaningfully either.

Combined with elevated financing costs, higher insurance premiums, and increased ownership expenses, affordability remains one of the biggest challenges facing American households.

The market may be cooling.

The cost of owning a car is not.

JBizNews Desk — Automotive

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NEW YORK — Elon Musk became the world’s first trillionaire on Friday, when his rocket company SpaceX completed the largest stock-market debut in history, listing on the Nasdaq at $135 a share and raising $75 billion at a value of about $1.77 trillion. The milestone crowned a man who now controls a tangle of companies spanning rockets, electric cars, artificial intelligence, social media, brain implants and underground tunnels. Here is a guide to the Musk empire — how the pieces fit together, and how high his fortune could still climb.

At the center sits SpaceX, founded in 2002 and now far more than a rocket maker. It launches more rockets than most countries, runs the Starlink satellite-internet network — which reached 10.3 million subscribers early this year, double a year earlier — and is building toward sending people to Mars. The company that just went public is also bigger and stranger than the old SpaceX: over the past year Musk folded two of his other businesses into it. SpaceX has even asked regulators for permission to launch a “space cloud” of up to a million satellites to run AI computing in orbit, roughly a hundred times the size of Starlink today.

That makes the newly public SpaceX a three-in-one conglomerate. Musk’s AI company xAI, maker of the Grok chatbot, was absorbed into SpaceX in February. xAI had itself swallowed X, the social-media platform formerly known as Twitter, in March 2025. So a single company now owns rockets, satellites, a leading AI lab and one of the world’s largest social networks. Musk holds roughly 40% of it — a stake worth several hundred billion dollars on its own.

Then there is Tesla, the electric-car maker Musk has led for nearly two decades and long the source of much of his wealth. Worth around $1.2 trillion, Tesla is racing beyond cars into humanoid robots — its Optimus machine — and self-driving software, which it is shifting from a one-time purchase to a monthly subscription. Musk owns roughly 10% of the company, plus a set of stock options restored by Delaware’s highest court in December. Looming over all of it is a new pay package, approved by shareholders in November, that could hand him up to nearly $1 trillion in additional Tesla shares if the company hits a series of aggressive targets.

Further out on the frontier is Neuralink, Musk’s brain-implant company. Founded in 2016, it builds a coin-sized device, the N1, that lets paralyzed patients control computers with their thoughts, and it is testing a separate implant called Blindsight meant to restore vision. In its most recent funding round, Neuralink was valued at about $9 billion — a rounding error next to SpaceX and Tesla, but with outsized potential. The company plans to move from a handful of test patients to high-volume production this year, using a surgical robot to automate the implant procedure. If brain-computer interfaces become mainstream medicine, that $9 billion figure could multiply many times over, turning a science-fiction bet into a major business.

The empire’s odds and ends are still substantial. The Boring Company digs traffic tunnels and is worth billions on its own. Musk made his first fortune at PayPal in the early 2000s, and last year he served as a senior adviser to the President before stepping away. Several of his companies feed one another: Tesla has invested $2 billion in xAI and sold it hundreds of millions of dollars of battery packs, blurring the lines between his businesses.

Where could it all lead? Musk has already become the first person to pass $500 billion, $600 billion, $700 billion and $800 billion in net worth, all since late 2025, and now the first to cross a trillion. Almost none of that is cash. As he put it earlier this year, his fortune is “almost entirely due to my ownership stakes in Tesla and SpaceX.” That is exactly why it can keep climbing. If Tesla hits the milestones in its giant pay package, if SpaceX keeps rising from its $1.77 trillion debut, and if xAI and Neuralink grow into their promise, analysts and prediction markets see a path toward $2 trillion and beyond. The same concentration is also his biggest risk: a stumble at Tesla or a sell-off in SpaceX could erase hundreds of billions just as fast.

For now, Musk sits atop a collection of companies unlike anything one person has controlled before — touching how people drive, talk, connect to the internet, and perhaps one day think. The trillion-dollar question is whether so many world-changing bets, all tied to one man, can keep paying off at once.

JBizNews Desk
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Stocks climbed and oil prices fell sharply Monday morning as Wall Street welcomed the weekend agreement to end the war between the United States and Iran and reopen the Strait of Hormuz. Speaking on CNBC, Vice President JD Vance said the administration expects the vital waterway to reopen “in a toll-free way for the long term,” with technical details still to be finalized. The agreement, which President Donald Trump declared “complete” in a Sunday evening social media post, sparked a broad market rally as investors moved quickly to remove the war premium that had pushed energy prices higher for months.

Shortly after the opening bell, the Dow Jones Industrial Average rose about 600 points, or 1.2%. The S&P 500 gained 1.5% to around 7,546, while the tech-heavy Nasdaq Composite led major indexes with a jump of roughly 2.3%. Smaller companies also participated in the rally, with the Russell 2000 moving higher. Treasury bonds gained, sending yields lower, while the U.S. dollar weakened against most major currencies.

The market reaction reflects expectations that lower oil prices could ease inflation pressures and reduce economic uncertainty. Energy costs became one of the most visible consequences of the conflict, contributing to a rise in consumer prices and increasing pressure on businesses and households alike.

The agreement also launches what promises to be a busy week for investors. The Federal Reserve begins its first policy meeting under new Chair Kevin Warsh on Tuesday, with a decision expected Wednesday. Most economists anticipate the central bank will leave interest rates unchanged in the 3.50% to 3.75% range, but markets will focus on any signals regarding inflation and future rate cuts.

Several key economic reports are also due this week, including housing and retail sales data. U.S. markets will be closed Friday in observance of the Juneteenth holiday. Meanwhile, Pakistan Prime Minister Shehbaz Sharif said an official signing ceremony for the Iran agreement is expected to take place Friday in Switzerland.

SpaceX Remains Center Stage

Among individual stocks, SpaceX remained one of the market’s biggest stories. Shares climbed roughly 6% Monday after surging 19% during Friday’s debut. The company’s public offering valued the aerospace giant at more than $2 trillion, making it one of the most valuable companies in the world.

Over the weekend, CEO Elon Musk posted on X that SpaceX could generate more than $1 trillion in annual revenue by 2030, adding to investor enthusiasm.

Wall Street remains divided on the stock’s valuation. Wolfe Research initiated coverage with a $175 price target, while CFRA issued a Sell rating with a $115 target. Morningstar estimated the company’s value at approximately $780 billion, arguing the stock is significantly overvalued and expressing concerns about Musk’s merger of SpaceX with artificial intelligence startup xAI.

The broader space sector also benefited from the excitement. Rocket Lab rose about 4% after KeyBanc Capital Markets upgraded the company to Overweight with a $135 price target. KeyBanc also upgraded Firefly Aerospace to Overweight and assigned a $50 target.

Energy Stocks Fall as Oil Retreats

Energy companies were among the market’s weakest performers as crude prices dropped.

APA Corp. and Devon Energy each fell more than 3.5%, while Marathon Petroleum and EOG Resources lost roughly 3%. Oil giants Chevron and Exxon Mobil declined more than 2.5%.

The decline reflected the sharp drop in crude prices after the reopening of the Strait of Hormuz reduced fears of supply disruptions.

At the same time, lower fuel prices boosted sectors that depend heavily on transportation costs. Airline and cruise company shares moved higher as investors anticipated relief from elevated jet fuel and marine fuel expenses.

Other Market Movers

Traws Pharma dropped approximately 17% after British regulators delayed a mid-stage clinical trial, disappointing investors who had hoped for faster progress.

Meanwhile, Madison Square Garden Sports gained ground following the New York Knicks’ first NBA championship since 1973, as enthusiasm surrounding the franchise boosted investor sentiment.

In commodities trading, West Texas Intermediate crude oil fell about 5% to near $80 per barrel, while international benchmark Brent crude dropped nearly 5%. Both remain well below the levels above $100 per barrel reached during the height of the conflict.

Bitcoin climbed above $66,000, reflecting renewed investor appetite for risk assets.

Despite the optimism, traders note that the agreement has not yet been formally signed. Weekend exchanges of fire between Israel and Hezbollah highlighted how fragile the ceasefire remains, and President Trump has warned all parties against actions that could derail the process.

For now, however, financial markets are sending a clear message. With oil flowing again and fears of a broader regional conflict easing, investors are betting that the worst of the crisis is over — and that Friday’s planned signing ceremony in Switzerland will confirm it.

Wall Street – JBizNews Desk
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Béla Guttmann may be the most consequential soccer coach you’ve never heard of. But if it weren’t for Guttmann, you may never have heard of Pelé.

And Brazil may never have become the greatest soccer-playing country on Earth.

That’s because Guttmann changed the shape of modern Brazilian soccer – and changed the sport forever – when he imported the revolutionary 4-2-4 system from Hungary to Sao Paulo in 1957. A year later, Brazil won the first of five World Cups, and the joga bonito was born.

But what Guttmann brought to Brazil isn’t nearly as interesting as how he got it there. That’s just one of the fascinating stories in “The Beautiful Game… The Untold Story,” the exhibit that will open the Holocaust Museum LA on Sunday at the Goldrich Cultural Center, a $70-million expansion that will double the size of the Pan Pacific Park museum’s campus to 70,000 square feet.

The exhibit was unveiled during a private reception on Saturday, followed by a free preview day open to the public from 10 a.m. to 5 p.m. The grand public opening will take place in August.

Exhibit to launch alongside World Cup

The show’s launch coincides with eight local World Cup matches, which kicked off with the United States’ 4-1 win over Paraguay on Friday at SoFi Stadium, and it shines a light on the important but largely overlooked relationship between Jewish life and the global game, as well as how Jewish innovators like Guttmann shaped the modern rhythm, style, and culture of the sport.

“It was in the same intellectual level as jazz, as art and everything modern and progressive,” journalist Allon Sander, who helped curate the exhibit, said of Jewish participation in European soccer in the years before World War II.

“The origin of the game and how it intersects with Jews and the Holocaust and the impact that these Jewish footballers and coaches had to shape the game and help popularize the sport is so fascinating,” added Beth Kean, the museum’s CEO. “And it’s an unknown history.”

Much of that story can be told through Guttmann, who was born in Budapest in the final year of the 19th century and developed into one of the sport’s first Jewish stars, representing Hungary in the 1924 Olympics and playing for nine teams in two countries before retiring to become a coach.

But none of that success mattered when the Hungarian government began introducing anti-Jewish laws in 1938, costing Guttmann his job and nearly his life when he was sent to a Nazi forced-labor camp, where he was tortured. Just days before he believed he would be shipped to Auschwitz, which meant certain death, he escaped alongside Erno Erbstein, another Jewish coach.

Erbstein revolutionized soccer in Italy before dying in 1949, along with the entire Torino team, when their plane crashed into a hilltop outside Turin. Four years ago, he was inducted into the Italian soccer hall of fame. Guttmann, meanwhile, who lost much of his family in the Nazi death camps, would go on to coach for 42 years in 14 countries, winning championships in six of them, yet only staying in a single place for more than two years just once.

“He’s running away from his demons,” said Ronen Dorfan, a journalist and sports historian based in Budapest whose research was instrumental in putting the exhibit together. “His father was murdered, his sister was murdered. You never know how you survived in Budapest during the war, so he had guilt feelings.”

The exhibit was designed in three sections: the first devoted to the years before World War II, the second is about the Holocaust, and the third is the postwar years. And while it details Jewish participation in, and influence on, global soccer, it also challenges the cliché that Jews were intellectuals, artists, and laborers but not athletes.

“We are always trying to challenge stereotypes. Stereotypes that we might have about ourselves and even stereotypes that we believe about others,” said Jordanna Gessler, the museum’s vice president of education and exhibits, who helped curate the show. “It’s crucial to help people find their place and their voice and really see the unity, the similarities between people.

“This is a story that was lost in time, and we’re really bringing it out,” Gessler added. “To really have this conversation and encourage people to explore stories that they might not know.”

One thing people might not know is that in the 1920s and ’30s, Europe’s best teams weren’t in England, Germany or France, but in Austria and Hungary, where they were led by Jewish players and coaches such as Hugo Meisl, Jozsef Braun, Arpad Weisz, Marton Bukovi, Gusztav Sebes, and Gyula Mandi. Weisz and Braun were both killed by the Nazis.

The surge of antisemitism and fascism in Germany, Italy, and Eastern Europe helped spread the influence of those revolutionary players and coaches around the world.

“With the rise of the Reich and the Holocaust, the coaches ran away,” Dorfan said. “And they ran to every corner of the world, to Brazil, to Argentina, to Portugal [and] provided coaches to Real Madrid, to Barcelona, to Benfica, to Flamengo.

“There isn’t one of these clubs that doesn’t owe its tactical development in the ’40s and ’50s to the Jewish coaches, which came primarily from Hungary.”

The primary tactical development was the shift from the popular but rigid 2-3-5 formation, which required immense physical endurance and tactical discipline, to the fluid 4-2-4, which spread the wingers to the touch line and allowed for improvisation and creativity on the attacking end, a formation pioneered in Budapest in the 1920s.

Guttman brought the 4-2-4 spread formation to the New World

“They developed a more refined game of passing the ball, keeping it on the carpet rather than the English kick and run, and really put thought into tactical thinking,” Dorfan said.

Guttmann, who played or coached for more than two dozen teams in his career – including one in Romania that paid him in vegetables during the postwar period – brought the Hungarian approach to Brazil in 1957, when he coached São Paulo to a championship. After Vicente Feola, the manager Guttmann replaced at Sao Paulo, took over the national team a year later, he brought the formation with him, popularizing many of the tactics still used in modern soccer, such as fluid defensive wingers, overlapping full backs, the use of a withdrawn striker, and an attacking midfield.

“He is the whole exhibition in one man,” Dorfan said of Guttmann.

“Obviously if we wouldn’t have had the Holocaust, those [coaches] wouldn’t be kept out of Europe, Europe would be much stronger, much more developed. [And] then the development of Brazil or the success of Brazil would be coming much later,” Sander said.

Dorfan spent the better part of two years tracking down many of the more than 100 trophies, uniforms, photos, and trinkets that make up “The Beautiful Game” exhibit, a search that required determination, perseverance, and more than a little luck. Many of the items, because of their ties to Jewish athletes and teams, were hidden during the war and presumed lost. Others resurfaced only through detective work that sent Dorfan following leads that spanned decades and crossed more than a dozen borders.

That also costs money. So Alan Rothenberg, the man who, as president of the US Soccer Federation, first brought the World Cup to Los Angeles 32 years ago, stepped up to lead an effort that raised more than $1 million to fund the exhibit.

“The story really needs to be told, particularly with what’s going on right now with respect to antisemitism,” Rothenberg said. “It’s really important for people to realize what can happen. And soccer is a great vehicle to draw them in. The one main thing in the museum is bringing schoolkids in.”

The Nazis and their collaborators failed in their attempt to erase the history of Jewish soccer pioneers; in fact, they inadvertently popularized both the men and women and their ideas. But the sport also helped other Jews survive a dark period, and Kean said that may be the most beautiful and uplifting part of “The Beautiful Game.”

“The main reason we decided to do this exhibition in the first place is because for years so many survivors, when they talk about their life before the war, so many of them talk about soccer. So many of them were passionate and fond of the sport,” she said.

“We knew the exhibit opening was going to coincide with the World Cup. LA is going to be on the world stage. This is a great opportunity for the museum to get these stories out.”

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Prime Minister Benjamin Netanyahu may have to swallow the bitter pill of the United States’s agreement with Iran in order to say “I told you so” later on, the prime minister’s former communications adviser, Aviv Bushinsky, said in an interview with 103FM on Monday.

Bushinsky explained that despite the current disagreements between Netanyahu and US President Donald Trump that are visible and out in the open, Netanyahu would not easily give up Trump’s support:

“On the one hand, Netanyahu remembers and bears grudges, but on the other hand, he is very practical,” Bushinsky said. “One of his bitter rivals in Israeli politics, the man who also defeated him in an election, Ehud Barak, who said harsh things about Netanyahu, later served alongside him. He was his defense minister, and they were very close.”

“Netanyahu is much more instrumental in these matters. For example, yesterday the president rushed to congratulate Trump. Netanyahu, despite all the anger and bitterness, also congratulated Trump.”

“I think that, despite all the harsh words and the well-known ‘Trumpism,’ Netanyahu is very instrumental. He needs Trump, and despite these words, I still think there is a strong partnership there,” Bushinsky said.

He later said that the many interests within Trump’s administration, including the “evangelicals and many members of the Republican Party,” would prevent the alliance between Netanyahu and Trump from falling apart.

According to Bushinsky, the question now is whether Trump will provide Netanyahu with something.

“There are elections in another 100 days. Let us assume that nothing happens for another 60 days. So what, will we go to war three months before the elections?” Bushinsky asked. “Maybe that is Netanyahu’s dream, but Trump is somewhere else. He sees the stock markets rising, he sees the price of a barrel of oil falling, why does he need this again?”

Changing dynamics of Trump admin.

Bushinsky also drew attention to the changing dynamics within the US administration under Trump.

“At the beginning, Witkoff was supposed to be the negotiator; he disappeared, and suddenly, the prime minister of Pakistan is conducting the entire event. This has implications within the US administration,” explained Bushinsky.

“JD Vance is more dominant, and he said that Israel would not like this agreement. Beyond the personal issue, I think Netanyahu made something of a mistake in his gamble. Do you remember Paul the Octopus from the World Cup? Maybe he should have asked him.”

Bushinsky also criticized Netanyahu’s handling of the war with Iran and the ceasefire negotiations, noting that it is “not a matter of him putting all his chips on Trump and Trump suddenly turning around: Netanyahu should have seen that the agreement was heading in this direction and either embraced Trump and said it was a tremendous agreement, or said it could be marketed, especially regarding nuclear weapons, which is the heart of the matter.”

“He did not go in that direction. He tried, in a creative way, perhaps even to blow up the agreement, with the bombing in Dahiyeh yesterday, in the hope that Iran would respond, and then there would be an escalation. It was the wrong gamble, and now Netanyahu himself has been left bitter.”

Bushinsky further analyzed how this strategic loss could affect Netanyahu ahead of the upcoming elections.

“I have this obsession with looking at past speeches. Netanyahu’s ‘sourpusses speech’ was in 2017. It is very interesting. Netanyahu talks about the ‘industry of gloom’ and says that everyone is upset by the results. What does he say there in that same speech? ‘Well done to Trump for withdrawing from the nuclear agreement.’ I think today’s bitter Netanyahu misses that Netanyahu of 2017,” said Bushinsky.

No news regarding Lebanon

He argued that Netanyahu is currently in an uncomfortable political position, having been “humiliated” with the announcement of the deal, adding that there is no news regarding the situation in Lebanon. 

“Will the IDF begin withdrawing from Lebanon? What achievements do we have against Hezbollah?” he asked. “At the moment, the situation is not good. In this position, Netanyahu does need Trump so that perhaps he can provide him with something on another front.”

“Less realistic is the idea that this whole agreement will collapse, and then Netanyahu will come out looking great,” Bushinsky noted. “He will say, ‘I told you so,’ and that would be right before an election.”

“In my assessment, if [Netanyahu] sees that he is trailing in the polls and that the opposition has a chance of securing a majority, I think he will retire. I think the thing that would embarrass Netanyahu most would be losing to his former aide, Naftali Bennett, or to some pathetic figure like that.”

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The Knesset’s House Committee voted in favor on Monday of granting Likud MK Tally Gotliv immunity after she was indicted for disclosing and publishing classified confidential information in violation of the Shin Bet (Israel Security Agency) law.

Eleven lawmakers voted in favor, while three voted against after three days of discussions on the matter that spanned from the early morning into the afternoon.

Attorney-General Gali Baharav-Miara, who filed the indictment, had attended two of the lengthy debates last week. She did not join the Monday panel, sending representatives from her office instead to present its stance. The Knesset plenum is still required to hold a vote on Gotliv’s immunity to finalize the decision.

Baharav-Miara filed the indictment against Gotliv in May for publishing the identity of the partner of protest leader Shikma Bressler, who, according to the indictment, was a Shin Bet employee. 

Under the Knesset Members’ Immunity Law, Gotliv was able to request that the Knesset grant her immunity from criminal prosecution before the case proceeded to court. The attorney-general has argued that Gotliv’s actions do not allow her to qualify for parliamentary immunity.

Gotliv said she revealed classified information knowingly

Last week, Baharav-Miara told the panel that Gotliv created a severe security risk by exposing the personal details of a Shin Bet agent during wartime.

Baharav-Miara presented the committee members with a top-secret document containing a professional opinion issued by the Shin Bet.

MKs who were shown the ultra-classified Shin Bet opinion said it stated that Gotliv endangered the life of an agent, as well as his children and family, according to a Channel 13 report.

The main part of the classified opinion detailed real examples of Shin Bet employees whose names were exposed, putting their lives at real and immediate risk, the report added.

Goltiv’s argument to the panel centered around the claim that sharing the identity was warranted, and she has not denied doing so. 

She told the panel that she did the act knowingly, arguing that it was justified and that she should receive immunity as an MK. Gotliv also focused for multiple hours on renewing claims that treason had taken place during the October 7 attacks and presented various theories on the matter.

Her remarks involved a lengthy personal attack against Baharav-Miara. She also screened a video last week to the panel with clips that she presented as “evidence of betrayal” during the October 7 Hamas attacks in 2023. She made accusations of treason that she claimed took place during the attacks, presenting various theories to the panel and sparking outrage from opposition MKs.

The charge listed in the indictment against Gotliv is revealing and publishing confidential information under the Shin Bet law.

“Why are you indicting me? Because you do not know what to do with me. I acted under the authority of my immunity. I exposed [anti-judicial reform activist Shikma] Bressler’s partner,” Gotliv told last week’s panel.

Opposition coordinator Yesh Atid MK Merav Ben-Ari told the panel that “in all the hours Gotliv spoke, she did not once address the offense she is here for today.

“Not only did she take no responsibility, but she amplified the offense she committed. She provided no testimony or shred of evidence to support her claims,” she added.

Opposition lawmakers repeatedly spoke against committee chairperson Ofir Katz’s (Likud) conduct during the debates and penned a letter to Knesset Speaker Amir Ohana (Likud) about it. They objected to the fact that he continuously kicked out MKs for interrupting Gotliv, while he allowed Gotliv to interrupt the A-G as she presented her stance to the panel.

Lawmakers were not permitted to make interruptions, or they would have been removed from the panel, and the rules stipulated that only MKs who participated in all meetings on the matter would be eligible to vote. Attendance for at least half the duration of a meeting would be considered participation. As a result, some opposition lawmakers were unable to partake in the deciding vote. 

The first debate also took place last week on Monday, despite the renewed conflict with Iran that had begun the evening before and continued throughout the day. This also led to sharp criticism from lawmakers.

Attorney General Baharav-Miara requested that MK Gotliv’s immunity be denied

Ahead of the first Knesset debate on Monday, Baharav-Miara wrote a letter to members of the panel, requesting that Gotliv’s immunity be denied.

She explained that the indictment against Gotliv was filed on the basis of “professional, objective, and good-faith discretion,” and that none of the grounds for parliamentary immunity applied in her case.

The indictment against Gotliv was filed in May, based on her publishing on January 24, 2024, a screenshot from the website Edna Karnaval that included the full name of Bressler’s partner and claims tying him to alleged contacts with then-Hamas leader Yahya Sinwar before the October 7 massacre.

Karnaval is described by the indictment as having a “critical and blunt” style, especially toward public officials.

The screenshot, according to the indictment, included a headline alleging that Mossad chief David Barnea had received information from the US that they had intercepted calls between Bressler’s partner and Sinwar four days before October 7. The article further claimed that Barnea had summoned Bressler to a meeting, and that the Prime Minister’s Office had later issued a denial of Gotliv’s earlier statements.

The indictment said that the post received in excess of 400,000 views, 1,000 comments, 1,000 likes, and 500 shares. It said that Gotliv’s X/Twitter account had over 65,000 followers at the start of the relevant period, and over 90,000 by the time the indictment was filed.

Prosecutors alleged that Gotliv revealed and published the name of the Shin Bet employee and his relationship with Bressler “knowingly, deliberately, continuously, demonstratively, and repeatedly.”

The indictment said that the post remained available online from the time of publication until the indictment was filed, and that Gotliv did not remove it from her account.

The indictment further said that Gotliv stood by the publication, repeatedly published similar statements in which she again identified Bressler’s partner as a Shin Bet employee, and publicly stated that she had no intention of removing, or apologizing for, what she had written.

The Mossad denied the claim at the time, calling it a “recycled falsehood” and saying Barnea had “never met, spoken to, or invited Shikma Bressler to a meeting.”

Earlier in May, Defense Minister Israel Katz signed a certificate of confidentiality ahead of the indictment filing, clearing a procedural obstacle that had delayed the case.

Gotliv has repeatedly framed the matter as a political and legal fight over her work as an MK. In her post ahead of the indictment, she wrote that the attorney-general had acted after Katz signed the confidentiality certificate, and said she had not yet received the indictment, adding that she expected to read it “soon at one of [Baharav-Miara’s] mouthpieces.”

Sarah Ben-Nun contributed to this report. 

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Lebanon is an integral part of the agreement to end the war with the US, Iran’s foreign ministry spokesperson said on Monday, adding that the draft memorandum mentions Lebanon thrice, calling for an end to the war on all fronts and for respect for its sovereignty and territorial integrity.

Esmaeil Baghaei said diplomatic visits to regional countries are on Tehran’s agenda before the signing of the agreement due on Friday in Geneva, Switzerland.

“Regarding the manner and mechanism of signing the memorandum of understanding, a final decision will be made today and tomorrow, and its results will be officially announced,” he added.

Oman’s Foreign Minister Badr Albusaidi praised the agreement, calling it a “timely win for diplomacy and common sense.”

“The entire global community should welcome Iran-US understanding,” Albusaidi wrote on Twitter/X. “Warm thanks to all who helped get it done.”

This is a developing story.

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The haredi (ultra-Orthodox) parties – Shas and United Torah Judaism – announced on Monday that they would halt voting in favor of coalition legislation after the highly controversial daycare subsidies bill, which would expand state-funded daycare subsidies for draft evaders, was not placed on the plenum’s schedule as planned. 

The daycare bill has been pushed by the haredi parties and aims to change the eligibility criteria for daycare subsidies, basing it solely on a mother’s income, in a move that critics argue will encourage state subsidies for parents of draft evaders even amid the IDF’s severe manpower shortage.

“We have just informed the coalition chairman that, due to the failure to place the Daycare Bill on the Knesset agenda, we will not vote today in favor of coalition-sponsored legislation in the Knesset plenum,” Shas and United Torah Judaism stated in a joint message. 

The plenum schedule published shortly after the announcement did not include any coalition legislation. 

The haredi parties’ announcement comes as the coalition’s highly controversial bill to establish a political probe into October 7 failures was reportedly expected to be brought for its first reading vote in the plenum this week.

The coalition had reportedly lacked a majority to pass the daycare subsidies bill in its first reading, if the vote were to be held on Monday as planned. A group of lawmakers in the coalition have vowed to vote against the legislation, including MKs from Prime Minister Benjamin Netanyahu’s ruling Likud Party.

Shas threatens to halt coalition over Torah Study, Basic Law bill

Last week, Shas also threatened to halt coalition voting if another contentious bill that seeks to enshrine Torah Study in the country’s Basic Law was not advanced. The legislation then passed its preliminary reading on Wednesday, after receiving government backing. 

The Basic Law: Torah Study legislation is part of a proposal pushed by haredi parties that seeks to encourage draft evasion and change the status of yeshiva students who do not serve, enabling them to continue receiving state benefits.

The move to enshrine Torah study into the country’s Basic Law would have sweeping implications on the status of haredim who evade service in the country and would, effectively, equate IDF soldiers to draft evaders.

Haredi party leaders have continuously pushed for Netanyahu’s coalition to advance legislation that would not increase haredi enlistment. The IDF has repeatedly warned of an urgent manpower shortage, notably after more than two years of war.

In March, IDF Chief of Staff Lt.-Gen. Eyal Zamir said the IDF could soon collapse if there is no solution to the manpower shortage.

There have also been reports of an agreement between Netanyahu and the haredi parties to move the election date to October 20, rather than hold it in September, as the haredi parties have sought. In return, they reportedly would receive advancement of the Basic Law: Torah Study and the haredi daycare subsidies bill.

The tensions come amid the coalition’s last Knesset session to advance its legislation before the upcoming elections, scheduled to take place no later than October 27.

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Dozens of haredi (ultra-Orthodox) protesters blocked Gilat Junction near Ofakim on Monday in response to the arrest of a draft dodger by Ofakim police.

Police officers managed to disperse the protests, which blocked Highway 25 and Route 241 after dozens of protesters arrived at the junction and began blocking traffic lanes, according to Israel Police.

“Traffic at the junction has reopened and is operating as normal,” the police said.

“After a police officer called out to the protesters to clear the road and that this was an illegal protest, the protesters began to lie down on the road and next to the wheels of vehicles,” the police added.

Earlier on Monday, 17 haredi men were indicted by the state for breaking into the home of IDF Chief Military Police Officer Brig.-Gen. Yuval Yamin during a protest on April 28 against the enlistment of yeshiva students.

Charges of rioting, trespassing, malicious damage

The indictment includes charges of rioting, trespassing, and malicious damage against the defendants, including four minors, who allegedly broke through the locked gate outside Yamin’s Ashkelon home while his wife and two children, one of whom is a minor, were inside the house.

According to the indictment, the Ashkelon protesters carried signs with slogans like “War on the draft law, in actions and not words,” and shouted phrases like “We will die and not enlist” and “Yuval Yamin is a traitor.”

The Ashkelon Magistrate’s Court received the indictment, which comes amid increasingly violent protests and riots against the arrest of draft dodgers and haredi enlistment in general.

Sarah Ben-Nun contributed to this report.

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Several leaders from the Middle East and Gulf states praised Sunday night’s agreement reached by the United States and Iran.

“I have followed with interest the announcement of the memorandum of understanding reached between the United States of America and the Islamic Republic of Iran, and what it includes in terms of affirming a halt to military actions and escalation in the region, including Lebanon,” said Lebanese President Joseph Aoun in a Monday afternoon statement posted to X/Twitter.

Aoun added that he appreciated Lebanon’s inclusion in the agreement, noting that the people of Lebanon “look forward to these understandings being transformed into practical steps that put a definitive end to the cycle of violence, and establish a phase of stability, security, recovery, and reconstruction.”

Qatari State Minister Dr. Mohammed bin Abdulaziz al-Khulaifi took to his X page to say that his country welcomes “the understanding reached between the United States and the Islamic Republic of Iran, which paves the way for a lasting cessation of military operations.”

“We commend the constructive efforts of the Islamic Republic of Pakistan in facilitating this process, alongside the support of regional and international partners,” he continued.

“Qatar reaffirms its steadfast commitment to peace and dialogue as the most effective means of resolving differences, in line with the principles of the United Nations Charter and in support of international peace and security,” the minister concluded.

Kuwait’s Foreign Ministry released a statement on X welcoming the agreement and encouraging “all parties to engage in the forthcoming negotiations with a positive and constructive spirit,” emphasizing their aim to rebuild and foster neighborliness and mutual respect in the region.

Turkish foreign minister hopes Iran deal will yield ‘positive outcomes’

Turkish Foreign Minister Hakan Fidan told Iranian counterpart Abbas Araghchi in a call on Monday that Turkey hoped further talks with the US would yield positive outcomes after a deal to halt the war, a Turkish diplomatic source said.

Fidan also warned against “provocations” that could derail the agreement and vowed that Turkey would continue supporting efforts for regional peace, the source said. Araghchi thanked Turkey for its efforts in the negotiation process, the source added.

Iraq also welcomed the US-Iran deal to end the war between the two countries, saying it will work to repair relations with countries impacted by the conflict.

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