The commission said it was concerned the campaign to promote the Efluelda flu vaccine might amount to anticompetitive disparagement, portraying a rival shot as inferior to its own.

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A fire broke out Thursday at the Trainer Refinery in Pennsylvania, owned by Delta Air Lines through its Monroe Energy subsidiary, the company said in a statement, sending a towering column of black smoke over Delaware County and prompting a shelter-in-place advisory for nearby residents. Monroe Energy said the blaze began around 11:30 a.m. in a process unit pump room, and on-site firefighters responded immediately.

The fire was brought under control within hours. By about 2:30 p.m., Monroe Energy said crews had extinguished the blaze and issued an “under control” declaration. Delaware County officials said three people were injured: two with heat-stress-related injuries not expected to be critical, and a third who suffered a burn injury and was airlifted to Thomas Jefferson University Hospital. Reuters reported the injured worker’s injuries were non-life-threatening.

The company moved quickly to reassure the surrounding community. Monroe Energy said it deployed air monitoring when the fire began, in coordination with the Delaware County Local Emergency Planning Committee, and that while smoke was visible, monitoring showed no risks to human health. Officials confirmed the fire did not reach the unit containing hydrogen fluoride, one of the most dangerous chemicals used in refining and a substance integral to producing high-octane gasoline.

The plant is a significant piece of regional fuel supply. Monroe Energy employs nearly 500 people and processes an average of 185,000 barrels per day, producing jet fuel, gasoline, diesel and home heating oil. The refinery straddles the communities of Trainer, Marcus Hook and Chester along the Delaware River. Its output matters not only to Delta, which uses much of the jet fuel for its own fleet, but to drivers and homeowners across the Philadelphia region.

The timing is delicate. A source familiar with the matter said the fire occurred while the refinery was restarting its 68,000-barrel-per-day fluid catalytic cracker after an outage last week. Just last week, the refinery stopped its two 100,000-barrel-per-day crude-oil distilleries because of a leak, though Delta said at the time there was no danger to the public. A second disruption in as many weeks raises questions about the plant’s near-term reliability.

Delta’s ownership of a refinery is itself unusual, and it explains why an airline sits at the center of a fuel-supply story. Delta acquired the Trainer facility through Monroe Energy in 2012 as an “innovative approach” to managing fuel expenses, spending around $100 million to shift roughly 40% of production to jet fuel for its commercial fleet. The strategy was meant to hedge the airline’s single largest variable cost, making any interruption at the plant a direct concern for Delta’s bottom line.

The broader market context cuts both ways. U.S. jet-fuel prices jumped after the start of the U.S.-Israeli war on Iran, as attacks disrupted crude and fuel exports from the Middle East, and prices are now set to ease as crude falls and more tankers move through the Strait of Hormuz. However, any further disruptions could tighten the already constrained fuel market and push prices higher again. A refinery outage on the East Coast is exactly the kind of supply shock that can interrupt that downward trend in pump and ticket prices.

For now, the immediate danger has passed. Towns across the river in New Jersey were not impacted by the smoke but were monitoring conditions, and the shelter-in-place advisory was tied to a nuisance-level air-quality reading within a half-mile of the refinery. Monroe Energy said the exact cause of the fire is unclear and that the incident will be fully investigated. The financial and operational fallout will depend on how much of the plant’s production is affected and how long repairs take, a question that matters for Delta’s fuel costs and for prices across the Mid-Atlantic heading into the busy July 4 travel and driving weekend.

JBizNews Desk
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I-Pulse Inc., the privately held technology venture co-founded by billionaire mining magnate Robert Friedland, said Thursday, June 25, that it will receive $250 million from the Department of Commerce’s CHIPS program to develop semiconductor components in the United States, the latest sign of Washington’s drive to bring advanced chip production back onto American soil.

The award, disclosed in a company statement, will fund work on silicon-carbide semiconductors tied to a geothermal drilling method that runs on surges of high-power electricity. I-Pulse, which operates laboratories in New Mexico and France, uses high-voltage switches to apply electrical pulses to hot granite and other rock, fracturing and softening it ahead of the drill bit. The goal is to reach the deep, hot formations that next-generation geothermal energy depends on.

For Friedland, long known for building mining companies, the deal marks a deeper push into the business of supply-chain security. The funding comes through the federal program that has reshaped how Washington supports domestic chip manufacturing and places the veteran resource investor squarely inside the Trump administration’s campaign to reduce American dependence on foreign-made semiconductor components.

The CHIPS program was created to expand domestic semiconductor manufacturing and reduce reliance on foreign-made chips, the tiny components that power nearly every modern electronic device. Under the same initiative, the federal government has committed billions of dollars in grants and financing to companies including Intel Corp. to help rebuild U.S. chip production. The I-Pulse award extends that effort to a smaller, specialized company developing advanced power semiconductors.

The award also deepens Friedland’s growing relationship with federal agencies. One of his companies, Ivanhoe Electric Inc., is working with the U.S. Export-Import Bank on a debt package for an Arizona copper project, and Friedland attended the unveiling of a critical-minerals stockpiling venture at the Oval Office in February. In an interview, he said his companies are in discussions with numerous government agencies about strengthening America’s industrial base and bringing more manufacturing back home.

The semiconductors I-Pulse plans to build are not limited to geothermal energy. The company says its silicon-carbide components could also be used in underground mining, industrial manufacturing, and defense systems—a broad range of applications that helps explain Washington’s interest in keeping the technology and production within the United States.

I-Pulse is not a newcomer. The privately held company surpassed a $1 billion valuation a decade ago, and Friedland said he expects it to become a publicly traded company within the next few years, potentially giving early investors an opportunity to cash out while adding another semiconductor-related stock to U.S. markets. Its investors already include mining giants Rio Tinto and Newmont Corp.

Friedland framed the government funding as a way to accelerate geothermal power development at a time when the technology industry is scrambling to secure reliable electricity. The rapid build-out of artificial intelligence data centers has placed enormous strain on electric grids, and Friedland argued that the greatest limitation on AI is access to dependable clean energy. He said geothermal power offers one of the most promising long-term solutions, and that the CHIPS funding will help speed development of the technology needed to unlock it.

That argument ties the award directly to one of the biggest investment themes in business today. Companies including Microsoft and Amazon are investing tens of billions of dollars in new AI data centers, while utilities race to expand power generation fast enough to meet soaring demand. Any breakthrough that lowers the cost of deep geothermal energy could have significant implications for technology companies, manufacturers, utilities, and consumers concerned about rising electricity prices.

For the broader economy, the I-Pulse award represents one piece of Washington’s larger strategy to rebuild America’s semiconductor supply chain. By investing public funds in domestic chip production and related technologies, policymakers hope to strengthen national security, improve supply-chain resilience, and ensure that the next generation of critical semiconductor innovations is designed, manufactured, and scaled in the United States.

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Doctors at the Rambam Health Care Campus in Haifa have successfully treated their first Israeli opioid addiction patient using an experimental noninvasive brain technology, easing him through withdrawal in just 20 minutes. 

H., a 40-year-old family man from northern Israel, was injured in his neck several years ago. Because of the injury, he relied on painkillers and eventually became addicted to them.

“Over time the pain lessened, but he could not break free from the dependence on the pills and the doses kept increasing, until they reached a peak of about 130 pills a day,” Dr. Amir Minerbi, director of the Pain Medicine Institute at Rambam, explained. The painkiller detox clinic that treated H. operates out of the institute. “H. was no longer suffering from pain. He simply needed that substance in his blood so he would be calm and able to function.”

During the innovative treatment performed at Rambam, the team of specialists at the Haifa medical center intervened in the electrical activity of an area of the patient’s brain called the nucleus accumbens, the core of the brain system responsible for feelings of satisfaction, pleasure, and reward. The treatment, based on technology from the Israeli company Insightec, is similar to the one used to treat symptoms of essential tremor and Parkinsonian tremor, under MRI control.

In this case, the treatment was carried out with the help of a new technology that performs noninvasive neuromodulation, without heating or burning tissue, and allows stimulation in the same area of the brain to increase or suppress activity.

“The new technology allows us to intervene in the brain’s electrical activity in a targeted way, and thereby influence focused control areas in brain activity, depending on the disease being treated,” said Dr. Lior Lev-Tov, director of the functional neurosurgery unit in Rambam’s neurosurgery division and the one leading the new study at the medical center.

“Already during the treatment itself we identified a decrease in the patient’s craving for the drug. Tests carried out a week later produced negative results for opioids and other substances. The patient himself reported a craving score of zero out of 10 for using the drug, and even another side effect, a drastic drop in the desire for cigarettes, from three packs a day to just a few cigarettes, and with no urge to use alcohol. In other words, in a treatment that lasted about 20 minutes net, our patient was completely freed from an extreme dependence that had accompanied him every day for years. This is nothing less than a medical and therapeutic revolution.”

The opioid crisis is a global epidemic

Opioid addiction has been defined as a global epidemic, and in the United States it has claimed the lives of hundreds of thousands of people, with damage estimated at about $60 billion each year. In Israel, which only a few years ago ranked first in the world for the rate of growth in opioid use, the trend has been halted and is now declining.

“Opioid painkillers are used effectively to treat short-term pain, and they are an important tool in medicine for those who need them,” Minerbi explained. “A small but significant portion of painkiller users may develop an addiction to opioids, meaning they want to take the drug again and again, regardless of how it affects pain. Among those who take the drug over time, it becomes less effective for pain treatment, and it contributes to increasingly developing side effects such as harm to the lungs, an increased and premature risk of death, damage to the ability to integrate into the circle of life, a decline in quality of life, and more.”

“Today, detox from painkillers works in two ways: tapering off until stopping use, with success rates of 5%, while even those who manage to quit remain at risk of illness and death afterward,” he added. “The second option is to use an alternative drug that works through the same mechanism as the drug to which the patients developed an addiction. Detox has two stages: physical detox, which refers to withdrawal symptoms, and psychological detox, which may last a long time. The new development specifically targets areas in the brain that are responsible for addiction. We hope it will be able to help thousands who are dependent on opioids in a safer and less traumatic way.”

As noted, the study is being conducted at three centers in the United States as part of a multicenter trial that has so far produced excellent results in preserving treatment gains and detox from opioids. Some of the patients were even addicted to heroin, a drug whose detox process can last for years. H., the first Israeli patient, was also the first to undergo the treatment while in active withdrawal, a therapeutic challenge that contributed significant insights to the international study.

“From the moment of treatment until today he has been clean from use of the drug. The urge and craving to use the drug disappeared completely and we are happy for his happiness,” Dr. Lev-Tov reported. “He told us that he got his life back. The tests show that the body is completely clean and the patient’s physical and functional condition is completely normal.”

He added: “We are talking about a noninvasive ability to reach very deep and very sensitive areas, as part of a very complex network in the brain that is linked to reward, satisfaction, desire and the ability to control needs and impulses, and we are able to move the range from one end to the other. There is nothing like it in the world of medicine. This experience opens doors for us to treat a wide range of very serious illnesses such as PTSD, OCD, eating disorders, other addictions, severe depression, severe pain disorders, and I hope we will also be able to reach cognitive areas and treat attention deficit disorders, Alzheimer’s, Parkinson’s, and more.”

“This is a new therapeutic platform that allows us to offer a range of noninvasive treatments for a variety of problems that affect many people around the world,” Dr. Lev-Tov stressed. “A scientific breakthrough of the highest order that is still expected to affect us greatly and change the way we approach treating human beings. The patients I mentioned have enormous potential to return to full rehabilitation, live full lives, start families, return to the workforce, and move Israel and the entire world forward.”

He concluded: “Rambam is a global pioneer in the use of FUS technology and has become a center of excellence in the field. One that will continue to push the technology forward and make breakthrough treatment accessible to patients in additional indications. There is nothing more ethical or correct than leveraging existing technologies, finding the patient who can benefit from them, breaking boundaries, and daring. That is what we do here on a daily basis.”

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BlackBerry raised its full-year sales and profit forecast on Thursday, June 25, after its embedded-software division turned in one of its strongest quarters in years and Chief Executive John Giamatteo told shareholders the company is pursuing new business tied to artificial intelligence. In a statement accompanying the fiscal first-quarter results, Giamatteo pointed to “multi-year growth opportunities” in software-defined vehicles and what the industry calls physical AI—the software that powers robots, factory machines and medical devices.

For the quarter ended May 31, BlackBerry reported revenue of $152.9 million, up 26% from a year earlier. The result exceeded the company’s own guidance of up to $140 million and topped Wall Street expectations of roughly $134 million. Adjusted earnings came in at 4 cents per share, ahead of both the company’s forecast of 2 to 3 cents and the 3-cent analyst consensus.

On the strength of the quarter, management raised its outlook for the full fiscal year. BlackBerry now expects revenue of $594 million to $621 million, up from a previous forecast of $584 million to $611 million, with adjusted earnings of 16 to 20 cents per share. The company also lifted its adjusted EBITDA forecast to $119 million to $139 million. For the current fiscal second quarter, it expects revenue between $137 million and $148 million.

The standout performer was QNX, the division whose software powers vehicles and other mission-critical systems where reliability is essential. QNX revenue climbed 26% to $72.3 million, while adjusted EBITDA for the business jumped 52% to $19.3 million. The division now holds a royalty backlog approaching $1 billion in contracted future revenue. Reflecting that momentum, BlackBerry increased its full-year QNX revenue forecast to $295 million to $312 million.

Much of the company’s AI strategy centers on QNX. BlackBerry said safety-certified, real-time operating software is becoming increasingly important as robotics and automation expand. Management expects software-defined vehicles, industrial automation, robotics and medical devices to remain key long-term growth drivers. Markets outside the automotive sector already account for about 20% of QNX revenue, with recent wins including an AI-enabled heart-pump project for Johnson & Johnson. Giamatteo also highlighted expansion through the company’s Alloy Kore platform as another avenue for future growth.

The Secure Communications business, which provides encrypted messaging and crisis-management software to governments and highly regulated industries, generated $73.6 million in quarterly revenue. Companywide adjusted EBITDA more than doubled to $36.3 million, a 144% increase, while the adjusted EBITDA margin expanded from 12% to 24%. On a GAAP basis, net income rose to $8.5 million, compared with $1.9 million a year earlier, marking the company’s fifth consecutive profitable quarter.

BlackBerry also generated positive operating cash flow of $4.6 million, the first time in nine years it has achieved positive operating cash flow during a fiscal first quarter, excluding the effect of a 2024 patent sale. The company ended the quarter with $422.9 million in cash and investments and repurchased 2.6 million shares for approximately $10 million.

Investors responded enthusiastically. BlackBerry shares surged more than 20% after U.S. markets opened Thursday, trading around $10.40 and approaching the company’s 52-week high of $10.93. The stock has roughly doubled in value this year, giving the company a market capitalization of approximately $6.1 billion.

The results also prompted renewed interest from Wall Street analysts. Stifel initiated coverage the previous evening with a Buy rating and a $12 price target, arguing that investors continue to undervalue BlackBerry by viewing it as a former smartphone maker rather than a provider of mission-critical enterprise software. CIBC raised its price target to $10 and maintained an Outperform rating, citing improving fundamentals across both QNX and Secure Communications. Canaccord Genuity analyst Kingsley Crane increased his target to $8.20 while maintaining a Hold recommendation. RBC Capital, however, remained more cautious with a $4.50 target, arguing the recent rally may have outpaced the company’s financial performance.

Chief Financial Officer Tim Foote said the latest quarter marks a turning point in BlackBerry’s transformation, with the company shifting from restructuring and cash preservation to profitable growth. Management expects to generate approximately $100 million in operating cash flow during the full fiscal year.

JBizNews Desk
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The interim US-Iran peace accord gives inspectors from the UN nuclear watchdog access to Iran, the agency’s chief said on Friday, after Tehran indicated that key sites would remain off-limits until a final deal with Washington is reached and sanctions are lifted.

“There is an agreement and to comply with that agreement, the IAEA will have to have access and inspect,” International Atomic Energy Agency Chief Rafael Grossi said at a news conference in Japan. “We hope to be there soon.”

This is a developing story.

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“Let us not deceive ourselves. This was an extraordinary operation and achievement. However, the problem is not over. Terrorism continues to operate. What further problems terrorism will place before us and what lessons we must still learn from this matter, it is too early to say. We finished one battle, but the war continues.”

This is how Prime Minister Yitzhak Rabin summarized Operation Yonatan, the rescue of Israeli hostages at Entebbe Airport on July 4, 1976.

Ahead of the 50th anniversary of the Entebbe operation, the State Archives at the Prime Minister’s Office has unveiled an extensive collection of tens of thousands of documents, including minutes from cabinet meetings, the Ministerial Committee on Security Affairs, and the Knesset Foreign Affairs and Defense Committee, as well as records of telephone conversations, telegrams, and consultations held by the special team former prime minister YitzhakRabin established to handle the crisis.

Alongside previously released materials, the State Archives is publishing in full the files related to the Entebbe operation, some of which had already been partially disclosed.

“This was fascinating work, a mosaic of tens of thousands of documents creating a complex picture of an unprecedented historic operation,” said Michal Zeft, head of documentation and commemoration at the State Archives, who oversaw the project. “

You see a human picture of decision makers, moments of hesitation, and long days of uncertainty and tension, which ended in a historic operation.”

Review of the documents, minutes, and records sheds light on the doubts and concerns, the different scenarios that were examined, and the painful decision-making process that ultimately led to the successful rescue mission. The materials also include a transcript of an open conversation between Rabin and newspaper editors, in which he asked for their cooperation in preventing the publication of details that could endanger the lives of the hostages.

The outcome is well known: about a week after the plane was hijacked, in the early hours of July 4, IDF forces stormed the terminal at Entebbe Airport and freed the Israeli hostages and French pilots, who were flown back to Israel. Four people were killed during the operation, including Sayeret Matkal commander Lt.-Col. Yonatan “Yoni” Netanyahu and three hostages. In addition, five soldiers and six hostages were wounded.

France was responsible for Israelis in Air France hijacking, Rabin says

The drama began on June 27, 1976. “Before we continue, I have an announcement,” Rabin interrupted a cabinet meeting, reporting that contact had been lost with an Air France plane that had departed Israel en route to Paris after a stop in Athens. The following days were long and tense, marked by negotiations, concerns, secret preparations, intelligence gathering, and deliberate misinformation, culminating in the daring rescue operation in Entebbe.

“The plane has probably been hijacked,” Rabin said. During the meeting, he was updated that the aircraft had landed in Benghazi, but at that stage it was still unclear whether Libya was the intended destination, who the hijackers were, and what their intentions were.

Eli Mizrahi, Rabin’s bureau chief, recommended that ministers update the cabinet secretary on their actions later that day, but Rabin replied that there was no need. Rabin said: “My intention is to hold the government of France responsible for the fate of the Israelis flying on the Air France aircraft and not to release the French government from that responsibility.”

In the intensive discussions held by the government since the hijacking, and in correspondence with the French authorities, France’s responsibility was repeatedly emphasized. However, just two days later, the non-Israeli hostages were separated from the Israeli hostages and later released. At that point, it became clear that additional options for resolving the crisis, which had already been considered at the beginning of the emergency, needed to be examined more seriously.

To do this, Israel needed to buy time and delay the ultimatum issued by the terrorists as much as possible. On Wednesday, July 1, the Israeli government, which until then had adhered to its principle of not negotiating with terrorists, announced its willingness to enter negotiations for the release of the hostages. The negotiations continued almost until the last moment, when a military operation to rescue the hostages already appeared possible and was about to be launched.

The State Archives disclosure also includes audio recordings of 26 telephone calls conducted by Mizrahi with the Prime Minister, the Director General of the Foreign Ministry, and other senior officials during that dramatic week, as well as transcripts of five telephone conversations held by Colonel Baruch Bar Lev (“Borka”), who had served several years earlier as IDF and Defense Ministry attaché in Uganda, with the then ruler of Uganda, Idi Amin, in an attempt to leverage their previous connection to resolve the crisis.

“I think you have an opportunity given to you by God to save people and show that what people have said and written about you is not true,” Bar-Lev urged the Ugandan leader. “If you remember, I always gave you good advice, never bad advice. Is that correct?”

Amin replied: “I know very well. But you know I am in difficulties now, but you can help me save people’s lives by releasing all their demands.”

Bar Lev clarified: “I will do my best through my friend, but this is your country, and you are the president, and you have the power to do something. If something happens, you will be blamed, and if you save the people, you will be a holy man. What is the situation now, Your Excellency?”

Captives returning after the Entebbe Operation. (credit: Courtesy)

Rescue could have caused international complications while non-Israeli hostages were present

The documents further show that since some of the hostages were not Israeli, there was concern that a military rescue operation, which could endanger them, would cause international complications. However, after the hijackers released the non-Israeli passengers, Rabin convened an operational consultation in which Defense Minister at the time Shimon Peres and IDF Chief of Staff Motta Gur, along with other senior officials, began examining various military options for the first time.

However, the chief of staff warned that at that stage, only a limited operation to kill the terrorists was possible, not a hostage rescue mission. He explained that a rescue operation was far more complex, requiring aircraft deployment and intelligence that was still lacking, and it was unclear whether some hostages were inside the aircraft or whether it was booby-trapped.

Given the lack of precise intelligence, Peres suggested considering a military option and warned that about two days would be needed for preparation. “Yitzhak, a military operation is seemingly possible, but not before two nights and a day from the decision, and without the possibility of returning the passengers,” Peres wrote in a note to Rabin during a special meeting.

The note further stated: “Under these conditions and at this time, the matter does not seem right to me. But the urgency is that if there is a tendency toward a military operation, twelve fighters (disguised as passengers) must be sent immediately to Kenya. From an intelligence perspective, this is possible (so I was told). The plane is due to depart in the evening and only flies once a week, and this is the source of urgency.”

Later that day, Rabin met with newspaper editors.

“In Israeli chatter, we have reached a situation where there is no choice but to turn to newspaper editors and their national conscience,” he warned, explaining the complex situation and the risks if classified details were published. That night, Transport Minister Gad Yaakovi met with families of the Israeli hostages, who demanded that the government negotiate for their release.

Rabin also updated opposition leader Menachem Begin on the situation. In another security consultation, Foreign Minister Yigal Allon suggested traveling to Paris to promote an international initiative in which leaders from various countries could serve as mediators, including former US secretary of state Henry Kissinger, former UN secretary general Kurt Waldheim, and Pope Paul VI.

However, the proposal faced opposition, with critics arguing that Israel should not be the first to enter negotiations with the hijackers, and that such a trip would effectively signal the start of negotiations. There were also ideas to send senior Israeli officials to negotiate in Uganda, but there were concerns that they could themselves become hostages.

Minister Israel Galili warned that even negotiations would not guarantee the safety and release of the hostages, since if Kenya did not release five detainees held there following the attempt to down an Israeli aircraft, the hijackers could derail any deal. The chief of staff later sent a note to the prime minister warning that if the IDF could not rescue the hostages in Entebbe, he recommended accepting the terrorists’ demands.

However, he suggested extending negotiations until the very last moment, up to another 24 hours before the ultimatum expired, after which a decision would be made according to circumstances. Indeed, as the ultimatum approached its July 1, 1976, deadline, a special ministerial team was established to negotiate with the hijackers. It was also clarified that the team would continue efforts to secure the hostages’ release, and that all action would be conducted solely through France, which Israel continued to see as responsible for their safety. Meanwhile, letters from relatives of hostages arrived demanding negotiations.

The dramatic turning point came on Friday, July 2, when the chief of staff announced that a military operation plan existed, but only once sufficient intelligence was available, while in the meantime, the political leadership should continue negotiations. The small ministerial team met with the chief of staff and the head of the Mossad for a military consultation on a rescue plan.

Rabin initially questioned the feasibility of the proposed rescue operation.

“We have no ability to operate without the consent of the relevant countries. And what do we do, attack Uganda? How do we even reach Uganda? The goal is not to carry out a military act, but to save people. If possibilities arise, we will discuss them. At the moment, I see no way.”

But after the release of the non-Israeli hostages and the stagnation in negotiations, Rabin convened an operational consultation in which the defense minister and chief of staff examined military options in greater depth. The chief of staff responded that at this stage, only a limited operation to kill the terrorists was possible, not a hostage rescue, due to a lack of intelligence and the complexity of deploying forces.

Negotiations continue as Israel prepares for military operation

Negotiations continued on the surface, while covert preparations and intelligence gathering for a daring military operation accelerated. In one of the meetings, Peres recommended that, if a military operation were approved, deception measures be taken, including a press conference announcing ongoing negotiations with the French. On July 2, the ministerial team met with the chief of staff and the head of the Mossad for a military consultation, during which Gur presented a detailed operational plan for the first time, which would ultimately be approved.

“There is still missing intelligence to execute the plan, but it is possible,” the chief of staff noted. The next day, Saturday, he presented the detailed plan to the ministerial team along with its risks, but assessed that the chances of success were now high. Foreign Minister Allon said he would take responsibility for diplomatic and media deception efforts, and suggested that an El Al flight from South Africa to Israel scheduled at the same time should proceed as normal to avoid suspicion.

Regarding US questions the previous day about a suspicious aircraft at Ben-Gurion Airport, it was decided not to respond. The issue of refueling aircraft en route to Entebbe was also raised. Mossad chief Yitzhak Hofi clarified that it was unclear whether permission to land in Kenya would be granted, since this had not been requested directly.

Rabin assessed that Kenya would not expel Israel if its aircraft needed to refuel in Nairobi. He asked Air Force commander Maj.-Gen. Benny Peled to describe the flight route. Peled placed the operational map before the prime minister and explained: “We depart from Sharm el-Sheikh and begin climbing in altitude to trigger Egyptian radar. We fly along the Ethiopian coast.”

Rabin was concerned about Ethiopia’s response, but Peled said they had no radar, and the prime minister had to deliberate until the decisive Saturday afternoon meeting. At that meeting, the final IDF plan for the hostage rescue was presented and Rabin convened a special cabinet session, which approved the operation. “Only the government can make such a decision, so immediately after this meeting (the restricted one) ends, all cabinet members will join,” he said. Preparations for the military operation entered their final stage.

Gur presented the operational plan on a map: “The idea is that a force of 200 men, including fighters and staff, will fly in four Hercules aircraft tonight, arrive at Entebbe airport, land at the airfield, and operate at the terminal building. The force will free the hostages, load them onto the aircraft, and fly back,” he explained, emphasizing that the information gathered in recent days, including from released hostages, demonstrates how essential it is to act.

He also said: “We must take into account that we will need Nairobi and there are already several people there, in order not to encounter last-minute difficulties. Although from a military perspective, we were not allowed to establish overly close ties, so as not to reveal that we were going ahead with such an operation and not to expose its nature.” He continued his explanation: “If necessary, we will land the aircraft there, with the understanding that our people may remain there for some time in the hospitals there. For all of this, we will need to find a solution at the last moment and on the spot.”

Rabin responded: “I assume that if the aircraft are forced to land in Nairobi, the Kenyans will not expel them, but Israel will need to stand alongside Kenya if, as a result of the operation, Uganda acts against it.” At the cabinet meeting, which convened on Saturday at 2:00 p.m. at the Kirya in Tel Aviv, ministers asked difficult questions about the continuation of the negotiations.

Security of the state vs security of individuals

Peres summarized the dilemma as facing two very difficult options: one is responsibility for the security of the entire state, and the other is responsibility for the security of every individual within it.

Rabin acknowledged that in the exchange alternative there is a possibility of freeing most of the Israelis, but its cost would be the release of 40 prisoners: “If I do not present it this way, I will not see myself as fulfilling my duty to bring the matter to the government,” he explained, and proposed that the government approve the operation, even if not with a light heart, given the risk that some of the hostages might be harmed during it. At the end of the meeting, the operation was approved unanimously.

The aircraft departed on the long flight from Sharm el-Sheikh at 3:30 pm, even before the formal government decision was taken. Meanwhile, negotiations continued. Shortly after midnight between July 3 and 4, 1976, four Hercules aircraft of the Israeli Air Force landed in total darkness at Entebbe Airport.

IDF forces deployed from them stormed the terminal and, in a daring operation, freed the hostages who had been hijacked six days earlier after terrorists boarded the plane in Athens. The hostages were reunited with their families, and feelings of helplessness and anxiety turned into joy and pride at the success of the operation. However, the celebrations were overshadowed by the news that Sayeret Matkal commander and assault force leader Lt.-Col. Netanyahu and three hostages were killed in the operation.

It later emerged that passenger Dora Bloch, who had fallen ill that week, had been taken to a local hospital and was therefore not at Entebbe airport during the rescue. When this became known, concern grew for her fate. Messages were urgently sent to Israeli embassies in London, Geneva, and New York, instructing them to secure her release, but it was later revealed that she was murdered on July 4.

The cabinet meeting held after the return of the aircraft with the Israeli hostages opened with a moment of silence for the fallen. Rabin described the circumstances of Netanyahu’s death. 

“The force led by Yonatan ran toward the terminal, encountered a group of Ugandan soldiers who opened fire on them. The resistance came from fire on the second floor. One bullet struck Yonatan in the heart, and he was killed.”

“Yonatan’s father, Prof. Benzion Netanyahu, one of the early leaders of Revisionist Zionism, a historian and sociologist, is now in the United States,” he added. “I had the opportunity to speak with him at length when he was in Israel. His sons are here, but he is not. We should try to reach him, and he deserves to hear the news, not from the press.”

Peres supported the prime minister.

“I want the cabinet members to know that we have lost one of the finest fighters of the Jewish people,” he said. 

“Yonatan and his brothers (Benjamin and Ido Netanyahu) both served in the same Sayeret Matkal unit. This is a very heavy loss. We all had great hopes for him. He put his whole heart into this operation and played a key role in its planning.”

After Air Force commander Beni Peled described the air force’s role in the operation and the refueling stop in Nairobi to treat the wounded, the prime minister said:“If we had needed to guarantee a 100% positive response in Nairobi, we might not have been able to receive such a response. I believe we will overcome the difficulty with Kenya. If we do not get too closely entangled with the Kenyans, we will overcome this issue.”

After the operation, Israel asked French President Valéry Giscard d’Estaing to use his influence in Francophone African countries to support Kenyan President Jomo Kenyatta against Idi Amin’s efforts to isolate him. The documents show that despite extensive efforts to maintain secrecy, vague information about the Israeli operation in Entebbe began to spread, but the historic mission was not compromised.

Against the backdrop of relief and national euphoria in the cabinet and the public, Rabin concluded with words that still resonate 50 years later.

“Let us not deceive ourselves,” he said. “This was an extraordinary operation and achievement. However, the problem is not over. Terrorism continues to operate. What further challenges terrorism will present to us and what lessons we still need to learn from this matter is still too early to say. We have finished one battle, but the war continues.”

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Montenegrin police and the US Federal Bureau of Investigation arrested an Iranian national suspected of hacking attacks that damaged US infrastructure to the tune of $3.4 billion, Montenegrin police said.

The 39-year-old man, with dual Iranian and Turkish citizenship, is sought by the Southern District Court in New York on charges including conspiracy to commit computer fraud, hacking, and identity theft.

He was arrested in the Adriatic coastal resort of Kotor, Montenegro’s police directorate said on Thursday.

“From 2013 onward, … he carried out massive hacking attacks … targeting more than 150 universities in the United States, causing damage estimated at over $3.4 billion,” it added in a statement.

The case will now go to a High Court judge in Montenegro’s capital of Podgorica for extradition proceedings, the police added.

FBI arrests Iranian hacker in Montenegro

The acquired data, as well as access to compromised university accounts, were used for the benefit of the Islamic Revolutionary Guard Corps and other Iranian entities, including universities, it said.

The FBI was not immediately available for comment.

Iran and the IRGC have a long history of state-sponsored cyber operations targeting the United States, often linked to IRGC.

In April, US cybersecurity, law enforcement, and ‌intelligence agencies warned about an escalation of Iranian hacking campaigns targeting equipment across critical US infrastructure.

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On Tuesday STAT reported on a mystery patient with obesity, sleep apnea, and pulmonary hypertension who’d received an obesity drug not yet approved by federal drug regulators. The identity of the 79-year-old who won access in April to the Eli Lilly experimental drug retatrutide under a compassionate use program — typically reserved for people who are terminally ill — is still unknown. 

But the report has raised interest in pulmonary hypertension. Given the unusual circumstances of the application, STAT had asked the White House if the patient was President Trump. After initially demurring, a spokesman said after publication that the drug was not for the president. 

Read the rest…

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When Joe Fraumeni was a pre-med student in the 1950s, he accompanied a group that visited Massachusetts General Hospital to sit in an amphitheater and watch a patient being cut open for an abdominal operation. As he told me many years later, Joe got so queasy from the sight that he had to walk out and decided not to become a surgeon.

How fortunate we were that he didn’t.

Read the rest…

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When news breaks of an Ebola case almost anywhere in the world, the public reaction is remarkably predictable. Headlines become urgent. Social media fills with anxiety. Questions arise about whether this is the beginning of another global crisis.

More than 30 years after its publication, much of that reaction can be traced to a single book.

Read the rest…

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When Lillian was booked into a rural Pennsylvania jail, she couldn’t stop vomiting. As she showered and changed into her jail uniform, “brain zaps” kept destabilizing her. “The corrections officer watching me kept having to grab me steady or I would have dropped and hit the floor,” Lillian recalled. 

She was withdrawing from fentanyl laced with medetomidine, a powerful tranquilizer that started to spread as an adulterant in the illicit opioid supply two years ago. Medetomidine causes excruciating, complicated withdrawal symptoms, often within hours of someone’s last dose, and many institutions are ill-prepared to treat them. The treatment gap is especially acute in carceral settings. 

Read the rest…

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The mortgage industry has never been short on movement. In just the past decade, we’ve seen the rise and fall of companies, shifts in market leadership, the emergence of new technology and the kind of disruption that forces every originator to stop and ask: What am I really building?

We’re operating in one of the most transformative eras our industry has ever faced. Artificial intelligence (AI) isn’t coming; it’s here. Mergers and consolidations are changing the competitive landscape. Direct-to-consumer strategies are redefining how buyers engage. And after the biggest boom in our history, the past four years have tested everyone’s endurance, belief and adaptability.

It’s easy to get lost in the noise. But the modern originator isn’t just surviving this shift; they’re redefining what success looks like. And it starts by finding meaning through four anchors: pursuit, purpose, passion and peace.

Pursuit: Who you’re chasing matters

Every originator I know is chasing something: volume, growth, freedom, recognition. The question is, who and what are you really pursuing?

In a world where algorithms and automation can do more of the heavy lifting, your edge comes from being intentional with your pursuit. Are you chasing transactions, or are you pursuing transformation for your clients, your team and yourself?

The best originators today have shifted their energy toward people, not pipelines. They know their value comes from human connection, listening deeply, solving real problems and showing up with empathy. You can’t outsource that.

Purpose: The “why” behind the work

When I think back to why I entered this business, it wasn’t for the rates or the refis. It started when my wife, Nicole, and I bought our first home. We were newly engaged, transitioning from renting to ownership. That home represented stability, roots and possibility. It became the foundation for building wealth and creating the life we wanted.

Years later, my purpose has evolved from helping families buy homes to helping leaders build legacies. My mission today is guiding the next generation of producing leaders to discover meaning in their work, build teams they love and create impact beyond income.

Purpose isn’t static. It evolves as we grow. But it’s always the compass that keeps you grounded when the market shifts or the metrics don’t look like they used to.

Passion: What ignites your energy

If purpose answers why you do it, passion reveals what lights you up while doing it.

Passion is the renewable energy source that keeps you going when the deals fall through or the market feels relentless. But passion fades when you spend too much time in the wrong lanes.

The modern originator must get clear on their strengths. Some of us are at our best in front of clients, others mentoring teammates, others building systems or content that scales trust. The point is to lean into what makes you feel alive. Delegate or automate the rest.

When you align your work with your passion, your business grows faster and feels lighter.

Peace: Protect what matters most

My friend Trent Shelton often says, “Protect your peace.”

That’s not a soft skill; it’s a survival strategy in this business. The constant ups and downs, rate changes and daily fires can take anyone on an emotional roller coaster.

Peace doesn’t mean avoiding pressure. It means creating rhythms that allow you to perform under it. For me, that includes prioritizing my health and faith, spending time with my family and keeping perspective that this is what we once prayed for: the chance to build something meaningful.

The irony of high performance is that the higher you climb, the more intentional you must be about rest, recovery and renewal. Peace is found when your work aligns with your values, and you design your life, not just your pipeline, with purpose.

The meaningful modern originator

Finding meaning in a busy world isn’t about doing more. It’s about doing the right things with meaning.

AI will continue to reshape how loans are processed. Companies will merge, models will evolve and the industry will keep changing. But the one thing that will always matter and always differentiate is the human behind the mortgage.

People don’t remember your rate sheet. They remember how you made them feel through one of the most important financial decisions of their life.

Meaningful originators don’t just sell mortgages; they build trust, they guide, they care. They’re builders of people, protectors of peace and pursuers of purpose in an industry that desperately needs it.

The world doesn’t need more noise. It needs more meaning.

Brian Covey is the Divisional SVP, CrossCountry Mortgage.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

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California voters will decide in November whether to impose a one-time 5% tax on billionaires under a ballot measure supporters say could raise about $100 billion to help offset federal Medicaid funding cuts, despite opposition from Gov. Gavin Newsom and other state leaders.

The proposal would apply to California residents whose net worth exceeded $1 billion as of Jan. 1, 2026. Under the initiative, roughly 90% of the revenue would be directed toward health care programs, with the remaining 10% earmarked for education and food assistance. 

Supporters of the measure, which they have branded the “Billionaire Tax,” celebrated this week after qualifying for the November ballot, arguing the proposal would help keep hospitals and emergency rooms open as California grapples with reductions in federal health care funding.

COCA-COLA TAKES ITS FIGHT WITH THE IRS TO FEDERAL APPEALS COURT WITH $20B ON THE LINE

Newsom, however, has argued the proposal is a short-term solution to a long-term budget challenge that could drive wealthy taxpayers out of the state and further destabilize California’s tax base. Democratic gubernatorial candidate Xavier Becerra and Republican candidate Steve Hilton have also voiced opposition.

A coalition of health care, education and housing organizations likewise warned the proposal could make California’s finances more volatile by encouraging high-income residents to leave.

The nonpartisan Legislative Analyst’s Office estimates the measure would generate tens of billions of dollars during its first few years, though it projects California’s personal income tax collections would later decline by hundreds of millions of dollars annually as taxpayers adjust their behavior.

California already relies heavily on its highest earners, with the state’s top 1% of taxpayers accounting for nearly half of all personal income tax revenue.

COCA-COLA TAKES ITS FIGHT WITH THE IRS TO FEDERAL APPEALS COURT WITH $20B ON THE LINE

The initiative includes several provisions designed to address concerns over how billionaires would pay the tax. Eligible taxpayers could elect to pay the liability over five annual installments, while certain individuals with largely illiquid assets could qualify for a deferral mechanism established under the proposal. The measure also contains anti-avoidance provisions intended to prevent taxpayers from shifting assets or restructuring ownership to reduce their tax liability.

Opponents argue many Silicon Valley billionaires have already relocated assets or threatened to leave California to avoid future tax increases.

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The labor union backing the proposal, Service Employees International Union-United Healthcare Workers West, previously offered to reduce the tax rate to 2% in an effort to win Newsom’s support. According to CBS News, the governor’s office said the lower rate did not change his opposition.

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Every piece of land worth buying is a race. A broker hears that a landowner might sell fifty acres, and within an hour, twenty buyers know about it. Whoever gets to a confident number first, the price the seller will actually accept, wins it. Everyone else is analyzing yields and preparing bids for land that’s already gone.
So here’s an uncomfortable question for anyone running a land team: How many of those races are you built to win? For most builders, the honest answer is not many. And it’s not because they lack data. It’s because they lack an efficient, rapid, data-backed system that surfaces decision-ready answers fast.

I’ll say something the people selling data won’t: The bottleneck in land acquisition was never information. We’ve been drowning in it for years. The bottleneck is the analysis – turning all of that information into a confident decision, fast.  

The real ceiling is decisions, not data

The math stopped a room cold when I ran it live for a room of homebuilder executives at an Urban Land Institute conference, and it’s just as true today. 

Take a strong divisional land team at a top 50 homebuilder: three people whose only job is analyzing land. A real first pass on one parcel analysis, covering zoning, ownership and environmental issues, takes two hours minimum, often five or more. Call it two parcels fully analyzed per person per day. That’s six a day, thirty a week, 120 to 200 parcels a month. That’s the ceiling, and it’s the industry standard: Smart people and long hours thrown at a problem that just never seems to resolve faster.

Now consider that at Prophetic, the company I founded, we have individual users analyzing more than 5,000 parcels a month. That’s not a better version of the same job. It’s a different job. When you lift the ceiling, people don’t run 300 parcels and call it a day. They treat it as a secret weapon: They canvas an entire market, catalog every parcel worth knowing and engage with off-market landowners. 

One client in the Seattle area moved so aggressively that they’d committed their full acquisition budget nine months in, then went back to their board to fund even more. They had an unfair edge, and they used it to grow in a way they’d thought impossible.

Why buying more data makes it worse

Here’s where the homebuilding industry keeps taking the wrong turn: faced with this bottleneck, most builders go buy more data, and it feels like progress. But data isn’t an answer; it’s raw input that still has to be wielded by an expert before a land buyer can act on it. So more data just means more people in the chain: analysts who slice and dice it and hand it back, adding steps, cost and error. You’ve spent money to make the problem heavier, not faster.

Land acquisition is an arbitrage business

This is a game of information arbitrage. The only question that matters is whether you know more, and faster, than the teams you’re competing against. 

When a competitor can pull up a parcel while still on the phone with the broker and reach a yield estimate in five minutes, while your teammate says, “I’ll get to it later this week,” that’s a loss. You just don’t feel it, because you never hear about the deal you didn’t win.

If you’re not making decisions this way while your competitors are, your reputation as a serious buyer slips. Others were faster to ask the right questions, ballpark the right price, understand nearby market dynamics and get that commission into the listing broker’s pocket first. 

The phone rings less and less over time. You can’t rest on your laurels and let the new AI-native reality pass you by. It’s time to use it as an offensive weapon for growth.

What to do on Monday morning

Don’t start with software. Start with a question: Are your growth goals actually aligned with how your team works? 

Plenty of builders set ambitious targets at the top and hand them to divisions with no realistic way to hit them, because the process caps out at 200 parcels a month, and they lack a competitive edge. If your process can’t carry the growth you’ve promised, change the process, because you’re not going to lower the goals. Then talk to a peer. 

The largest homebuilders in the country already operate this way: They centralize their land data, analyze thousands of parcels a month instead of hundreds and move on the best ones in minutes.

Homebuilding is cyclical, so we’re trained to treat every new cost as a threat, and enterprise software still reads as pure overhead. If that’s your lens, you’re shooting yourself in the foot out of the gate. 

Right now, you should be buying growth. This is the most opportunity-rich moment for buyers I’ve seen in a generation, with a real housing shortage and demand across first-time, move-up and active-adult buyers.

The land to meet that demand is out there. There are roughly 160 million parcels in this country, and the old way allowed a team to review only a few hundred a month. That meant 98% of the market was effectively invisible. 

With only about 2% of US real estate on the market at any given time, the real opportunity was always in the parcels no one else was looking at. That 98% is now unlocked. The only question left is whether you have the keys.

Oliver Alexander is the CEO and Founder of Prophetic, an AI-native land acquisition platform used by homebuilders and developers nationwide. 
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com. 

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The massive daily street protests rocking this Balkan capital began May 31 as a public outpouring of anger against a $4 billion coastal resort proposed by US President Donald Trump’s son-in-law Jared Kushner, and quickly snowballed into demands for the resignation of longtime Albanian Prime Minister Edi Rama.

Somewhere along the way, not-so-subtle displays of antisemitism have emerged alongside the political and environmental grievances, unprecedented in a country that has long taken pride in having saved thousands of Jews during the Holocaust.

Posters have cropped up depicting Rama as a scowling Hasidic Jew, while others show maps of the country with slogans denouncing the creeping “Zionist takeover” of Albanian territory. 

Organizers of the peaceful rallies insist they have nothing against Israel, Jews or Kushner’s father-in-law. They say their main target is Rama, 61, and increasingly, his archrival, 81-year-old Sali Berisha, leader of Albania’s main opposition party, who have together dominated Albanian politics ever since the fall of communism in 1990.

Yet trolls continue to blast fake news headlines and AI-generated videos via Facebook, TikTok, Instagram and YouTube, such as one last week claiming that “Trump and Kushner are selling off the Albanian coastline to Jewish billionaires and the Israeli military.” Kushner, married to Trump’s daughter Ivanka, is an observant Jew with strong ties to Israel. 

Protestors say complaints aren’t based in antisemitism

Local observers blame Russia, Iran and Turkey for trying to sow unrest in the country, which is seeking membership in the European Union. Others call the antisemitism a false flag to discredit the protests.

Yet some of the antisemitic sentiment has jumped from social media to real life. 

On Saturday night, a masked woman climbed over a wall separating the Israeli Embassy from one of Tirana’s main boulevards, removed the Israeli flag and ripped it apart as onlookers cheered. Both Rama and Berisha forcefully condemned the act, as did five of the protest’s key leaders and Galit Peleg, Israel’s top diplomat in Tirana.

“As ambassador of a democratic state, I believe in the Albanian people’s right to exercise their civic right to protest,” Peleg said on X/Twitter. “Yet an act of this nature disgraces the Albanian people and their proud heritage.”

She called on foreign embassies in Tirana to join Rama and Berisha in publicly condemning the incident “no matter what their government’s position is towards Israel.” But so far, not a single embassy has done so, and Peleg told the Jewish Telegraphic Agency, “I’m not holding my breath.”

Still, the ambassador, who has been posted to Albania for nearly four years, sought to put the incidents in perspective. “This is not a protest against Jews because proportionally, it’s really only a small group trying to provoke the crowd with antisemitic messaging,” she said.

The civic uprising actually began in Zvërnec, a village on Albania’s Adriatic coastline southwest of Tirana, after security guards dragged away a man protesting the appearance of a barbed-wire fence at the construction site of Kushner’s proposed luxury development. That area as well as the largely uninhabited island of Sazan are part of Kushner’s planned hotel and resort complex, which he’s financing along with several leading Arab investors from the Gulf.

Protestors say the development will damage fragile, protected coastal areas and allege that Rama’s government allowed backroom deals that bypass environmental regulations in favor of international investors. The flamingo , one of several endangered bird species whose natural habitat could be destroyed by development on such a massive scale , has quickly become the protest’s unofficial mascot.

Sen. Bernie Sanders of Vermont, who is Jewish, praised Albania’s protesters on X for rising up against an “environmentally disastrous luxury resort planned by Trump’s son-in-law Jared Kushner and his Qatari billionaire partners.”

A request for comment sent through the Sazan Real Estate Development LLC media portal received no response before publication.

Doriana Musai, 43, has been part of the protest since it began in Zvërnec. An architect and urban planner, she says the antisemitic provocations are part of what she calls a “witch hunt” launched by the Rama government to taint her fledgling movement.

“Our protest has only one objective: the resignation of the prime minister and his government, and a new republic with a constitution,” she said. “Even if Jared Kushner weren’t Jewish, the same thing would happen. Albanians don’t want to be treated as outsiders in their own country.”

‘We cannot control all the crazy people’

Another anti-government activist, art curator Andi Tepelena, defended the protests, which last weekend reportedly attracted as many as 200,000 supporters, nearly a tenth of the country’s population, but said he has no idea who pulled down the Israeli Embassy’s flag.

“We cannot control all the crazy people. This is the responsibility of the state and its security services,” he said. “We’re focused only on Albania’s problems. This has nothing to do with Israel or Palestine or the USA. And this isn’t about Kushner. It could be anyone.”

Rama himself clearly doesn’t buy that. He told the Financial Times in an interview published Tuesday that he’s “not the Godfather of Albania” and that Iran is behind the unrest.

“People say that I am the leader of all this. I tell them f, you. That simple,” he said, adding that “if it were not Jared Kushner, nobody would give a s, about flamingos, about Albania, about nothing. It’s the whole hate against Trump that creates all this scrutiny.”

Much of that hate is also directed at Israel and Zionists. One video that quickly went viral purports to show Israeli soldiers beating locals opposed to the project. 

Others claim Israeli settlers will soon occupy vast tracts of land on the coast, and a digitally manipulated photo even depicts a sign marking the border between Albanian and Israeli territory. No such sign exists.

Dritan Goxhaj, who has emerged as an unofficial protest leader, referred to Peleg in a recent Facebook post as “the diplomatic representative of the genocidal state of Israel in Albania.”

Peleg, for her part, told JTA that “in the margins of the protest are those trying to hijack it for their own purposes. It’s a minority, but there are useful idiots here who see these things on social media and then ask why Israelis are buying up territory.”

EU officials in Brussels have made clear that continued construction that violates its environmental standards will endanger Albania’s application to join the union. Even so, Rama won’t withdraw his support for the project; in one angry outburst soon after protesters began appearing in the streets of Tirana, he called them Nazis.    

David Isaac, president of the Jewish Community of Albania, said he agrees that the demonstrations’ first and foremost aim is to stop what hundreds of thousands of Albanians view as an illegal project with little oversight. 

But he said he had observed the antisemitic strains within the protests. “This has nothing to do with the Albanian Jewish community or with Israeli investors,” said Isaac. “We think Islamic fanatics who want to break Albania’s relationship with Israel are doing this so that everyone will think Albania doesn’t like Jews. This is all fake propaganda.”

Roughly half of Albania’s two million inhabitants are Muslim, yet most Albanians aren’t very religious , a legacy of half a century of Stalinist rule by dictator Enver Hoxha and his successor, Ramiz Alia, who turned Albania into one of the poorest, most isolated countries in Europe.

These days, between 50 and 200 Albanian Jews live in the country; it’s difficult to pinpoint a more accurate number. The country’s only Jewish house of worship is located just south of Tirana and is led by Yoel Kaplan, a Brooklyn-born Orthodox rabbi who was raised in Israel. He declined to speak with JTA about the protests.

In addition to the local community, Isaac estimated that Albania is home to as many as 3,000 foreign Jews , mostly Israelis, Americans and Europeans who have relocated to the Maryland-sized country, lured by its extremely low cost of living, its spectacular natural beauty and its legacy of friendship and solidarity with the Jewish people.

The country’s singular role in hiding Jews from their Nazi occupiers is well documented. A new photographic exhibit at Tirana’s underground BunkArt 2 museum tells the story of the 75 Muslims, Catholics and Orthodox Christians who risked their lives to save Jewish refugees from deportation and certain death following Germany’s occupation of Albania in late 1943.

As if that’s not enough, Rama , who addressed the Knesset earlier this year , is overseeing the construction of two museums honoring Jewish history and Albania’s wartime rescue of Jews: one in Tirana, and the other in Vlora, not far from Kushner’s proposed resort.

Israel-Albania relations in top form despite protests

In 2024, the country hosted its first-ever Holocaust education seminar for 25 high-school teachers in Elbasan. The Olga Lengyel Institute, which organized that event, plans a similar conference for late August in Tirana, in partnership with the Albanian History Teachers Association.

Last year, thanks to the March 2025 inauguration of El Al nonstop service between Tel Aviv and Tirana, nearly 60,000 Israelis visited Albania, a 570% increase from 2024 figures. 

Isaac says he’s “100% sure” that Iran is behind the anti-Israel vitriol online, with funding also coming from Turkey, whose influence in the country dates from centuries of Ottoman rule. Iran especially has been known to use cyber information operations to try and destabilize its adversaries.  

Arbana Xharra, a journalist from Kosovo and an expert on religious extremism, said it’s well known that antisemitic, anti-Western groups exploit these protests to advance their own agendas.

“This is not a new phenomenon. For years, such groups have operated not only in Albania but across Kosovo and other parts of the Balkans, attempting to inject ideological and geopolitical conflicts into local issues,” she told JTA from New York. “The organizers of the protests have a responsibility to speak out clearly. They should condemn the targeting of the Israeli Embassy and reject antisemitism in all its forms.”

Yet prominent Italian Jewish journalist Maurizio Molinari, who currently teaches a class on hybrid warfare at Tel Aviv’s Reichman University, points the finger squarely at Russia.

“Whoever knows Albania knows very well that Albanians don’t hate the Jews,” he said. “But there’s another factor here: Edi Rama is very pro-West , probably the most pro-Western leader in the Balkans. So we have to ask ourselves where all these protests come from. They were unexpected, very aggressive, and very un-Albanian.”

Molinari worked for Italy’s La Stampa from 1997 to 2020, the last four years as the newspaper’s editor-in-chief. In that capacity, he traveled to Albania at least 10 times, reporting on everything from immigration and corruption to the country’s ongoing efforts to join the EU.

“The whole point is to generate turmoil,” said Molinari, who became editor-in-chief of La Repubblica in 2020 but quit in late 2024 after Italian public sentiment soured on Israel. “Since Russia cannot win technologically against the West, the only way to make the West implode is from within. We saw this trend in the UK during Brexit in 2016, then in Europe during COVID, in France against [president Emmanuel] Macron, and in Germany against [former chancellor Angela] Merkel.”

He added: “What’s going on in Albania right now is an example of how dangerous hybrid war is. After Oct. 7, the same pro-Russia bots and trolls against Ukraine became pro-Hamas against Israel. This is a worldwide strategy.”

But even if the antisemitism is being manufactured, it is finding a global audience.

“I love Albania for this,” Candace Owens, the far-right influencer and antisemitic conspiracy theorist, wrote on X this week. “This is how it began for the Palestinians , the Rothschilds and their agents buying up land.”

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Against the backdrop of Prime Minister Benjamin Netanyahu’s declaration that Israel will not withdraw from the security buffer zone in southern Lebanon and the conclusion of his testimony in his trial, Likud, and consequently the coalition, gained one mandate, as the consistent downward trend of the Together party continued, a Maariv poll showed.

Since the merger between Naftali Bennett and Yair Lapid, the joint party has lost 10 seats in about two months and has declined this week to just 18 seats.

“Yashar!” led by Gadi Eisenkot remained stable this week. However, since the Bennett-Lapid merger, it has surged by 9 seats, reaching 21.

During Operation Roaring Lion, Likud stood at 28 seats. Since then it has gradually declined to 21 seats. This week, the trend was halted and it gained one seat, reaching 22.

Overall, the opposition bloc of Zionist parties receives 60 seats this week, a decline of one seat compared to the previous poll, while the coalition strengthens by one seat to 50. Arab parties remain stable with 10 seats. Blue and White (1.7 percent), Balad (1.6 percent), and the Reservists party (1.2 percent) do not pass the electoral threshold.

Together-Yashar! merger weakens opposition bloc

The Maariv poll also shows that a merger between Together and Yashar!, led by Bennett, receives 33 seats, one fewer than the previous poll and 8 fewer than when running separately. Such a merger weakens the opposition bloc, which drops to 58 seats compared to 52 for Netanyahu’s coalition. A breakdown of voter movement shows that of Together’s 18 seats, 16 remain with the merged list, while two shift, one to the coalition bloc and one to the undecided camp.

Among Yashar! voters, the picture is different. Of the 21 seats held by Yashar! with Eisenkot, only 13 remain with Bennett. The other eight are split as follows: four move to other opposition parties, one to the Reservists party, and three to the undecided camp. Placing Eisenkot at the head of the joint list results in 37 seats, unchanged from the previous poll. In the overall bloc breakdown, the situation remains the same as before the merger, 60 for the Zionist opposition, 50 for the coalition, and 10 for Arab parties.

The poll also found that 34% of Israelis believe that in a choice between Eisenkot and Bennett, Eisenkot is more suited to serve as prime minister. Twenty six percent prefer Bennett, while 40% have no preference.

Netanyahu should stand for Israeli interests, not Trump’s

Sixty three percent of Israelis believe Netanyahu should always act according to Israel’s interests, even if this conflicts with requests from US President Donald Trump. Eighteen percent say he should comply with the US president’s requests because the alliance with the United States is more important, while 19% are undecided.

In addition, nearly half of Israelis, 46%, say Netanyahu should continue his legal proceedings until a verdict is reached. Thirty six percent prefer a plea deal or pardon even at the cost of leaving politics, while 18% are undecided.

The poll, conducted on June 24–25 by Lazar Research led by Dr. Menachem Lazar, in cooperation with Panel4ALL, included 500 respondents, representing a representative sample of Israel’s adult population aged 18 and over, Jews and Arabs. The maximum sampling error is 4.4 percent.

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The negotiations between Israel and Lebanon were extended beyond what had been planned and will continue in Washington on Friday.

The decision was taken after 11 straight hours of talks, in an effort to reach an “in-principle commitment” to a security arrangement.

The Israeli Embassy in the United States confirmed the extension of the talks, which entered their fourth day. The negotiating teams will return to the table at the US State Department in the morning.

The talks, held under American mediation, are focused on Hezbollah’s future and the new security mechanisms in southern Lebanon.

One of the main ideas being discussed is the establishment of “pilot areas.” Under this framework, security responsibility would be transferred to the Lebanese Army in specific areas after Lebanese soldiers are screened and vetted in the United States to rule out ties to the organization.

The discussions are taking place against the backdrop of significant gaps between the sides. Lebanon is insisting on drawing up a timetable for an Israeli withdrawal from the areas the IDF currently holds. Israel, for its part, is demanding that any arrangement include the disarmament of Hezbollah, and is refusing to withdraw until that condition is met.

Israel denies withdrawing from Lebanon buffer zone

On Thursday, a State Department official claimed that Israel had already begun withdrawing from part of the buffer zone as a “goodwill gesture,” but an Israeli security source denied the report.

Defense Minister Israel Katz made clear this week that “even if there is an American demand, we will not withdraw from Lebanon,” and that Israel will keep forces in place to monitor implementation on the ground.

The fact that the talks stretched for more than 11 hours in a single day suggests American pressure to achieve a breakthrough, but the atmosphere within the Israeli delegation is marked by concern.

Earlier this week, Israel’s ambassador to the United States, Yechiel Leiter, said the contacts were a “train wreck.” Leiter criticized the influence of Tehran and the parallel talks Washington is holding with the Iranians, and stressed that dismantling Hezbollah must remain the basis for the talks.

In parallel with the diplomatic track, the United States is putting together a monitoring mechanism through US Central Command. The mechanism is intended to give Washington a real-time picture from the ground in order to prevent escalation.

As part of those efforts, US Central Command chief Adm. Brad Cooper is expected to arrive in Israel to meet with IDF Chief of Staff Lt. Gen. Eyal Zamir and Defense Minister Katz.

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Former Shin Bet (Israel Security Agency) chief Yoram Cohen, who is a member of Gadi Eisenkot’s Yashar! party, sent a legal warning on Wednesday to Israel’s Channel 14 after it aired inflammatory remarks about him.

A lawsuit was also filed by Cohen against Micha Kobi, a panelist on the program who had made the remarks.

According to the legal warning, Kobi had claimed, during Shimon Riklin’s program on June 17, that Cohen had pushed for deceased Hamas leader Yahya Sinwar to be released as part of the deal to return Gilad Schalit in 2011.

Further, Kobi claimed that Cohen had pressured Prime Minister Benjamin Netanyahu into taking the deal – allegedly while knowing Sinwar was planning to carry out a future massacre. 

Cohen fully rejected Kobi’s claims, calling them “completely false” and baseless.

Submitted through the Ben Zur Corb & Co. law firm, Cohen’s legal team argues that Channel 14 served as a platform for spreading a “serious false allegation” against someone who served for decades in the security establishment. 

The letter also demanded that the channel publish a correction, issue a public apology, clarify that the remarks are incorrect, and immediately remove all broadcasts and segments in which the claims were made.

Not seeking financial compensation yet

At this stage, Cohen is not seeking financial compensation from Channel 14. 

However, the letter emphasizes that the central demand is to delete the publications, retract the allegations, and clarify to the public that these are statements “that never happened and were never created.”

“As the governance alternative led by ‘Yashar!’ with Eisenkot grows stronger, so does the campaign of slander and lies,” Yashar! said in a statement following the letter being sent, adding that “the pressure is understandable and clear.”

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Gadi Eisenkot is not a man in a hurry.

Watching the polls make his Yashar party the largest in the opposition for the first time this week, I kept thinking that his patience will either be the asset that carries him into the prime minister’s office or the flaw that costs him the election.

He does not perform. He weighs his words like a man unsure he can carry them because he has paid in a currency that the rest of the field has not.

His son Gal was killed in Gaza in December 2023, while Eisenkot sat in the war cabinet; his nephew was killed in the same war. He quit that cabinet and said the government was not worthy of his son, of the fallen, or of the hostages who died in captivity.

That is not a biography you can manufacture, and it is the one credential Prime Minister Benjamin Netanyahu cannot answer.

For a year, the camp that wants Netanyahu gone had no address. Bennett surged the moment he and Lapid unveiled their Together slate, then bled seats almost as fast, and the voters peeling away went not to Lapid but to Eisenkot.

Eisenkot rises in Israeli election polls

This week, a Maariv poll put Yashar level with Likud at 21 apiece, the first time any opposition party has caught Netanyahu this Knesset, and more Israelis now rate Eisenkot over the prime minister as the better fit to lead.

Yet leading the opposition does not lead to power. The bloc reaches 61 in only a poll or two, and otherwise only by leaning on the Arab parties that Bennett refuses to count. The durable majority comes only from pulling a particular kind of voter out of Netanyahu’s own bloc.

I have called them “the homeless Right,” national-religious and traditional Israelis who served, or whose children did, and buried people while other communities did not.

They will not vote for Likud, the party that spent this Knesset writing a law to keep haredi (ultra-Orthodox) men out of uniform to hold its coalition together. They will not follow Bennett, who took equal conscription, the cause they care about most, and folded it into a package with Lapid.

Six of them, perhaps more, have been standing in the cold. Eisenkot can bring them inside, and not because of his platform.

He came from Eilat, the son of Moroccan immigrants, a traditional Jew with family in the settlements, one of the very voters the opposition has never known how to reach.

Which is why the Channel 14 campaign to brand him a leftist should be named for what it is, a wall built by the Right’s own broadcaster to keep these voters from the man who could take them.

Even the party’s name rebukes the smear: MK Matan Kahana, a member of Eisenkot’s party (previously Bennett’s right-hand man), says it came from freed hostage Eli Sharabi, who said freeing the captives was not a matter of Right or Left but of being yashar, straight.

Eisenkot’s team helps him close gaps with voters

Yet the team Eisenkot has gathered exposes the problem he has not solved.

His most senior recruit is Yoram Cohen, the former Shin Bet chief who wears a kippah and carries real security weight.

Around him are economists, retired generals, even the former director-general of Netanyahu’s own Prime Minister’s Office; the two religious-Zionists, Matan Kahana and Orit Farkash-Hacohen, sit on its moderate wing.

It is a serious list, secular and technocratic in its center of gravity and nearer Tel Aviv than the hilltops. Nowhere on it stands a face the homeless-right voter instantly claims as his own, someone who reads as right-wing in the tribal grammar that decides Israeli elections.

Eisenkot knows this. He is a strategist first and is moving to close the gap.

He is in early talks with Avigdor Liberman, whose fiercely secular Yisrael Beytenu shares his rage at the draft exemptions, and circling former Likud names near the threshold, such as Gilad Erdan and Yuli Edelstein, who broke with Netanyahu from the Right over that very law.

The same merger that lifts him toward governing size would hand him the signal he cannot generate alone. Here is the trap beneath the arithmetic.

Everything that makes Eisenkot attractive to these voters is his refusal to perform, and acquiring a right-wing identity is itself a performance.

The moment he is seen to bolt on a hardliner for the appearance, he stops being the one politician in Israel who does not do exactly that. The product is integrity. Spend it to buy the Right, and the shelf is bare. He cannot win them without auditioning, and I am not certain anyone can, him included.

Whether he manages it is the question of this election.

Why England and New York City are lessons for Eisenkot

What I am certain of is that we are lucky to have the argument at all. In Israel, the fight over who counts as a real Jewish leader remains a family argument, with a bereaved general among the options on the ballot. That is a luxury, and this week, two other countries showed how fast it can vanish.

In Britain, Keir Starmer resigned, calling his cleanup of Labour antisemitism his proudest achievement.

It was smaller than it sounds: He cleaned the party while the country grew more dangerous for its Jews, who now suffer the highest rate of religious hate crime of any group, with antisemitic incidents at double their pre-October 7 level.

His likely successor, Andy Burnham, is no Corbyn, and he stood with Manchester’s Jews after the Heaton Park murders. He is foggy all the same, unable to say whether Gaza is a genocide “from where I am as mayor [of Manchester].”

For British Jews, the danger has stopped being a hostile party and become something quieter, the draining away of the assumption that they belong in a friendly one.

In New York, the warning was blunter. Brad Lander beat Dan Goldman in the 10th district.

Both men are Jewish, and that is the point. Goldman is the moderate who defends Israel and took AIPAC’s backing, everything the American Jewish establishment trained its children to be. He is the one they discarded.

Lander, who calls Gaza a genocide and faults Democrats for “paying for Netanyahu’s wars with our tax dollars,” advanced.

Moderation did not protect Goldman. Moderation is what marked him. The federations that found their voice against Jeremy Corbyn – safely British and in the other party – have lost it now that the danger wears the colors of the party they vote for, because to name it is to name a home they will not leave.

Not every race went that way, but the test is hardening, and Mamdani, who drove the slate, was not talking about one city when he said it starts now.

So here is what I want the synagogue rabbis in New York and the board member in Toronto to carry into Shabbat: The British Jews now losing the assumption that they belong did not lose it by being too loud.

They lost it while being moderate, while insisting the trouble was with the fringe, while every alarm was in another city, never at the school their grandchildren attend.

“It can’t happen here” was never a wall around them. It was an anesthetic, administered while it happened. You still believe the result in New York cannot reach your children. So did they.

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Let me confirm the Apple price-hike consumer angle, which is the everyday-business hook here.

Korean Stocks Plunge Over 8% as Apple Price Hikes Sink Chipmakers, Halt Trading

South Korea’s main stock index crashed more than 8 percent on Friday, June 26, forcing the Korea Exchange to slam on a 20-minute trading halt after a wave of selling tore through the country’s largest chipmakers. It was the fifth time the exchange has tripped its circuit breaker this year and the third halt this week alone, a stretch of turbulence that has rattled what had been, until recently, the best-performing stock market on the planet.

The spark came from an unlikely place: a price increase on iPads and laptops. Apple announced Thursday, June 25, that it was raising prices on Macs, iPads, home devices and the Vision Pro headset, its first formal move to pass soaring memory-chip costs on to shoppers. In a statement, the company said the rapid buildout of AI data centers had created an extraordinary surge in demand for memory and storage, adding that it had never seen a component price climb this fast. Apple shares fell about 6 percent, the stock’s worst day since April 2025.

That sounds like an American consumer story, but it landed hardest in Seoul. Samsung Electronics and SK Hynix, the two Korean giants that dominate global memory-chip production, each tumbled more than 9 percent on Friday and dragged the broader market down with them. The benchmark KOSPI slid roughly 8.2 percent, and the selling was severe enough to freeze the entire market mid-session.

Here is the connection. Apple raising prices because memory chips have gotten so expensive should, on its face, be good news for the companies that make those chips. But investors read it the other way. Tim Cook, Apple’s chief executive, had earlier told The Wall Street Journal that the price increases were unavoidable and likened the memory shortage to a hundred-year flood. The fear now is that if devices get more expensive, people buy fewer of them. Research firm IDC estimates the global smartphone market could see its biggest-ever annual decline this year, near 14 percent, with the PC market falling more than 11 percent. Fewer phones and laptops sold eventually means softer demand for the chips inside them, and that threatens the exact growth story that sent Samsung and SK Hynix soaring all year.

A second blow came from across the Pacific. The New York Times reported that OpenAI was weighing a delay of its hotly anticipated stock-market debut to 2027. The artificial-intelligence boom has been the engine behind Korea’s entire rally, and any hint that the marquee names of that boom are cooling sends a chill through the chip trade.

The numbers behind the chip squeeze help explain the panic. Prices for DRAM, the memory used in nearly every modern device, jumped as much as 98 percent in the first quarter of this year and are set to climb another 58 to 63 percent this quarter, according to industry tracker TrendForce. Some in the industry have nicknamed the spike “RAMageddon.” The cause is the same everywhere: AI companies such as Nvidia are signing massive long-term deals with memory makers, who are steering production toward data centers and leaving less supply for ordinary gadgets. Micron said this week it had locked in $22 billion in such long-term commitments. Apple is not alone in passing the cost along. Microsoft said Thursday it would raise Xbox console prices by $100 to $150.

The pain reaches the checkout counter. Apple’s lowest-priced laptop, the MacBook Neo, jumps from $599 to $699 just months after launch, and the company hinted more increases could follow, including, eventually, on the iPhone. For now, the iPhone, Apple Watch and AirPods were spared.

Not every voice on Wall Street is bearish. Dan Ives of Wedbush kept his “outperform” rating and $400 price target on Apple, arguing the company’s premium customers can absorb higher prices without walking away.

Korea’s slide was also partly homegrown. Samsung and SK Hynix had become so dominant that they now drive much of the KOSPI’s value, leaving the whole index exposed when they fall. The head of South Korea’s markets watchdog warned that the government may have moved too quickly in approving leveraged funds tied to the two chipmakers, products that have amplified the market’s swings since launching last month. Even as it fell, Samsung confirmed plans to pour more than 1,000 trillion won, about $646 billion, into chipmaking infrastructure over the next decade.

For all the drama, perspective matters. The KOSPI is on track to lose nearly 10 percent this week, yet it remains up roughly 90 percent for 2026, still the strongest major market in the world. Friday’s crash was less a collapse than a violent reminder of how much of that gain rests on a single bet: that the world’s hunger for AI chips keeps growing. When Apple raised its prices, it quietly asked whether that hunger has a limit.

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Iran is looking to make billions of dollars from the re-opening of the Strait of Hormuz, the Wall Street Journal reported Thursday, citing officials familiar with the matter.

According to the officials, Tehran believes that the countries responsible for security, safety, and environmental services within the strait would earn over $40 billion a year.

Moreover, Iran is looking at Turkey’s handling and taxation of the Dardanelles as a model for future management of the Hormuz, the officials claimed.

Iran has suggested the idea to other middle eastern countries as well as China, the officials said, adding that Tehran wants other countries in the region to take a part of the responsibility and revenue.

At the start of the war between Iran, the US, and Israel, Tehran effectively shut down all shipping through the Strait of Hormuz, demanding ships gain permission to traverse the strait, which connects the Persian Gulf to the Gulf of Oman.

Due to its location, the strait has been extremely important for oil and fuel shipments. In April, US President Donald Trump announced the US would also blockade the strait. 

Control of Hormuz has been debated by the US and Iran

After months of nearly no shipping through the strait and the ensuing damage to the world economy, the US-Iran Memorandum of Understanding (MOU), signed in mid-June, effectively opened the Strait of Hormuz to regular traffic again.

According to the MOU, Iran and Oman will negotiate an agreement over the administration of the strait, in accordance with maritime law.

During US Secretary of State Marco Rubio’s visit to the Gulf states this week, he made it clear that Iran would not be allowed to impose tolls on ships wishing to pass through the strait. 

Amid similar reports in May of Iran planning to toll ships in the strait, Trump rejected the idea, commenting that “we don’t want tolls.”

This week, Trump said Iran had agreed not to impose tolls on the strait again.

“Iran has informed the US that, despite troublemaking Fake News reporting to the contrary, there are ‘NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND BEING SOUGHT OR RECEIVED BY IRAN ON SHIPS TRAVELING THE STRAIT OF HORMUZ,'” he wrote in a Truth Social post.

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South Korean memory-chip giant SK Hynix filed with the U.S. Securities and Exchange Commission on Wednesday, June 24, to raise roughly $29 billion through a Nasdaq listing — a deal that would rank among the biggest share sales in history. According to the filing, the company plans to issue up to 17.79 million new shares through American depositary receipts, with trading expected to begin around July 10.

The size is staggering. At about 45.45 trillion won, or $29.4 billion, the offering would eclipse both Alibaba’s 2014 U.S. debut and Saudi Aramco’s $25.6 billion initial public offering from 2019, according to Reuters. It is also far larger than the company signaled earlier this year, when an initial confidential filing in March pointed to a haul of no more than $14 billion — a jump that reflects how fast SK Hynix shares have climbed.

The reason for the surge is the same force driving so much of the market: artificial intelligence. SK Hynix is the world’s top supplier of high-bandwidth memory (HBM), the specialized chips that AI data centers need in massive volumes. Its biggest customers include Nvidia and Google parent Alphabet, both of which depend on its chips to build their AI systems. The stock has risen more than 300% this year, pushing the company’s market value to roughly $1.2 trillion and, this week, past Samsung Electronics to make it South Korea’s most valuable listed company for the first time in decades.

An American listing would give SK Hynix direct access to U.S. capital markets and a much broader investor base. Some large U.S. institutional investors are restricted to buying U.S.-listed stocks, so trading on the Nasdaq alongside its closest American rival, Micron, could draw in money that previously couldn’t reach the company. The offering is being managed by a roster of major banks including Citigroup, JPMorgan, Goldman Sachs and Bank of America.

The cash will fund an enormous expansion already underway. SK Hynix said proceeds will help build a new chip factory in the South Korean city of Yongin, an advanced packaging plant in Cheongju, and the purchase of cutting-edge equipment such as extreme ultraviolet lithography machines. Separately, the company is developing its first American production site — a $4 billion packaging facility in Indiana — part of a broader push by chipmakers to expand manufacturing on U.S. soil.

The financial backdrop helps explain investor enthusiasm. SK Hynix posted a record operating profit of about 37.6 trillion won in the first quarter, with sales nearly tripling, and the company has told investors it expects favorable pricing for its HBM chips to continue into next year as demand outstrips what it can produce.

For everyday consumers, the memory boom is a double-edged sword. The same shortage that is making SK Hynix so profitable has pushed up the price of the memory chips used in everyday electronics, from smartphones to laptops, as AI data centers soak up supply. A listing of this size also signals just how much capital is now flowing into the AI buildout — money that is reshaping the global technology industry and the products millions of people use.

The timing was striking. SK Hynix’s filing landed the same day that Micron, its main U.S.-listed competitor, reported record results after the bell, underscoring how memory chips have gone from a boom-and-bust commodity to one of the hottest corners of the market. For American investors, the listing offers a new way to bet directly on the AI memory race — and for SK Hynix, a chance to be valued the way Wall Street values the companies feeding the AI machine.

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At least 235 people have been reported dead and as many as 41,000 are missing following the two earthquakes that struck Venezuela on Wednesday, according to government and USGS counts.

Venezuelan  Health Minister Carlos Alvarado said that the updated death count is based on numbers recorded at medical centers in the country during an interview with state television on Thursday. 

A magnitude 7.2 earthquake struck the south American country around 160 km (100 miles) west of Caracas, and less than a minute one with a magnitude of 7.5 followed, according to the US Geological Survey (USGS), which estimated total deaths to be in the thousands.

Hundreds of people in Venezuela were trapped under rubble and many more still unaccounted for on Thursday after two powerful earthquakes wreaked havoc in and around the capital Caracas, setting off powerful aftershocks and leaving thousands homeless.

The disaster struck a country already grappling with years of economic turmoil that had left much of its infrastructure fragile, complicating rescue efforts and posing a crucial test for the country’s interim government, which welcomed promises of aid from across the international community.

Jorge Rodriguez, who heads Venezuela’s national assembly and is the brother of interim Venezuelan President Delcy Rodriguez, said on Thursday afternoon that at least 188 people had been confirmed dead and 200 were trapped.

He said at least 1,520 people had been hospitalized and 250 buildings were damaged or destroyed, leaving nearly 3,000 families homeless.

‘Disaster zone’

The worst-affected area, La Guaira state, near Caracas, “has become a disaster zone,” Rodriguez said, adding that her government was working with businesses to deploy heavy machinery to accelerate rescue efforts. Electricity in the state was scarce on Thursday.

Caracas’ main airport in La Guaira was closed on Thursday after suffering damage. Witnesses’ footage during the earthquakes showed scenes of panic as ceilings came down.

On-site footage Wednesday and Thursday showed survivors and emergency services searching for trapped people, and survivors being taken away on stretchers. In others, residents decried a lack of help.

La Guaira resident Yamileth Jimenez said her 19-year-old son was trapped in the rubble of their seven-story apartment building.

“He’s under the slabs and there’s no machinery to get him out,” said Jimenez, distraught after her father had died just three days earlier.

Rescue workers were scarce in the state’s eponymous capital, where volunteers were digging with their bare hands.

“We lost everything. We have no food or medicines … We hope help arrives quickly,” said Pedro Perez, 64, the owner of an upholstery workshop. He said he lost his home and business and had been forced out onto the streets with his wife and children.

Residents rush outside

Many Venezuelans were at home when the quakes struck during a public holiday. Residents fled shaking buildings and poured into the streets as structures collapsed across Caracas and nearby coastal areas.

“When we went downstairs, the scene was like a horror movie,” said Caracas resident Maria Alejandra, who did not give her surname.

Houses collapsed near the quake’s epicenter in Morón, a small seaside town in the state of Carabobo, where there was no water or electricity. Three children were among at least eight killed in the area, Mayor Emily Riera told Reuters.

Some 200 families who live in a damaged residential complex in Morón were removing what personal possessions they could reach, including mattresses, televisions and washing machines.

Some said they were going to stay with relatives. Others were waiting for promised government shelters.

Denis Sequera, 47, said her 5-year-old granddaughter helped lead her 79-year-old father to safety as the shaking began, while she helped her 70-year-old mother.

“She kept telling my dad, ‘Grandpa, get out, put your hands over your head,’ and she led him into the yard,” Sequera said. “We couldn’t go back inside. We slept outside and are now waiting for help.”

The USGS, using predictive modeling, estimated the death toll would most likely run into the thousands, with a substantial probability of exceeding 10,000.

A website set up to track missing people and shared by leaders from the country’s opposition listed more than 41,000 people as unaccounted for just after 3:30 p.m local time. Reuters could not verify the reports.

The 7.5-magnitude quake was Venezuela’s strongest since 1900. The country lies on the boundary between the Caribbean and South American plates and has suffered devastating earthquakes, including one that killed an estimated 30,000 people in 1812.

“This earthquake was horrible, even worse than the one in 1967,” said Maria Romero, an 80-year-old pensioner in southern Caracas, referring to a magnitude 6.3 quake that the USGS said killed 240 people.

International solidarity and aid

Leaders from across the political spectrum expressed solidarity with Venezuela, a shift from the international polarization that has surrounded the country in recent years.

Rodriguez said international rescue teams were expected soon and thanked leaders including US President Donald Trump and Russian President Vladimir Putin.

Trump said the US was “ready, willing and able to help” and that the US would “be there for our new and great friends,” while US Secretary of State Marco Rubio said rescue teams were being deployed and the Pentagon would send assets to Caracas’ badly damaged airport.

The US Treasury on Thursday issued a license authorizing transactions related to earthquake relief efforts in Venezuela that would have been banned under sanctions into October.

UN aid chief Tom Fletcher said the organization was coordinating the rapid deployment of international rescue teams, adding that “a massive collective effort” would be needed in a country where, even before the quake, 8 million people needed humanitarian aid.

The UN’s Venezuela human rights mission urged the government to lift restrictions on some social media, saying it was a “matter of life and death.”

Pope Leo has sent €100,000 ($114,000) to Venezuela for quake relief from the Vatican’s charity fund, Vatican media reported.

Chef Jose Andres, founder of the humanitarian meal provider World Central Kitchen, said on Thursday his team had begun distributing meals in Caracas. He also said on X that his Longer Tables Fund will immediately contribute $1 million to help Venezuela.

Other countries, including El Salvador, Spain, Italy, and Mexico said they had sent or would send aid or rescue workers.

Israel is preparing for the “possibility of deploying an Israeli humanitarian aid delegation” to the area, the Foreign Affairs Ministry said in a statement Thursday.

Starlink, the satellite internet unit of Elon Musk’s SpaceX, said on Thursday it will provide free services to its users in Venezuela for a month, after two earthquakes hit the South American nation.

The company is also working to “rapidly deploy Starlink terminals and restore connectivity to the hardest-hit areas,” Starlink said on X.

Oil infrastructure spared

At least eight hospitals had been affected, Jorge Rodriguez said. The Venezuelan Red Cross said its headquarters had been critically damaged but it sent rescue teams to the worst-affected areas. The French embassy was also badly hit.

Near the epicenter, workers were restarting the Morón Petrochemical Complex, Venezuela’s second-largest in operation, a local firefighter chief said, after damage was assessed. The small El Palito refinery, meanwhile, remained partially out of service due to power outages.

Other oil infrastructure appeared to be unaffected.

Foreign oil companies operating in Venezuela, including Chevron, the main foreign partner of the country’s state-run oil company PDVSA, as well as Italy’s Eni and Spain’s Repsol, said all personnel had been accounted for.

Chevron said the company remained operational while Eni and Repsol said the quake had not affected their operations.

Shell, which is evaluating developing gas fields in Venezuela, said all its employees were unhurt.

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Researchers using artificial intelligence and advanced imaging said on Thursday they had achieved the first complete reading of a closed Herculaneum scroll burnt by the eruption of Mount Vesuvius nearly 2,000 years ago.

The breakthrough marks a major step toward deciphering hundreds of ancient manuscripts found at Herculaneum, the Roman town destroyed along with Pompeii in the 79 CE disaster.

Looking to speed up the scholarship, the Vesuvius Challenge, which is promoting new technologies to try to understand the carbonized text, said it would place all its data, code and models of the papyri online and offer a $1 million prize to the first person or team to read in full any other scroll.

“Just a year ago it would have been crazy for any of us to believe that there would be a complete scroll read completely non-invasively with hundreds of columns of text,” said Brent Seales, professor of computer science at the University of Kentucky and one of the founders of the project.

“Today we have shown you that that is possible,” he told a conference streamed from Naples. “I believe we’re going to read every single one of the scrolls in the collection.”

Uncovered text explores ethics, art, human behavior

The blackened, fragile scrolls cannot be physically opened without severe damage. Researchers have instead used high-resolution scans and computational techniques to “virtually unwrap” them and detect ink on the papyrus layers.

So far, about 45 papyrus scrolls and scroll fragments have been scanned. More than 600 unopened scrolls remain, and large parts of the villa where they were discovered have yet to be excavated, raising the possibility that more could yet be found.

The Vesuvius Challenge has already awarded $1.8 million in prizes for work linked to unmasking the Herculaneum texts, but Nat Friedman, a US technology executive and founding sponsor of the project, said new insight would lead to major advances.

“We think it is possible to dramatically improve the algorithms that we have … and we think that the ink detection techniques that we’re using could probably be greatly advanced,” he said, encouraging more computing experts to get involved.

Among the new material presented on Thursday were 70 columns of text from “On Vices, Book 1,” attributed to the Epicurean philosopher Philodemus.

Nearly 1.5 meters of readable text across 20 columns was also recovered from a document dated to 200-300 BCE, the oldest Herculaneum scroll yet unwrapped, exploring ethics, arts and human behavior.

New tech is ‘transformative,’ says lead researcher

Federica Nicolardi, lead papyrologist for the Vesuvius Challenge, said new technologies were transformative.

“Even with the most successful methods available … to physically unwrap the scrolls and read them, one had to damage them. But with virtual unwrapping, we are no longer forced to choose between preserving and reading these extraordinary artifacts. We can do both,” she said.

Nicolardi said progress was snowballing, with researchers in the last 24 hours unwrapping the full length of one scroll, producing about 140 columns of new text. Until recently, they were only uncovering about 10% of columns, she added.

“Literally last night, in front of Mount Vesuvius, something, or I should say everything, changed,” she said.

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King Charles will not live at Buckingham Palace after its 10-year refurbishment finishes next year, royal officials said on Thursday, ending nearly two centuries of the central London landmark serving as the British monarch’s primary residence.

Officials at the same time disclosed the king paid £12.9 million ($17.04 million) in tax in 2024/25 — the first time the figure has been made public — placing him among Britain’s top 100 taxpayers.

Members of the royal family have promised greater transparency about their finances amid growing criticism following the death of Queen Elizabeth in 2022.

Charles decided to continue living at Clarence House, his longstanding London home nearby, when the £369 million refurbishment of Buckingham Palace concludes next year. The project includes replacing aging electrical wiring, pipes and heating.

When work started in 2017, officials had expected the palace to remain the monarch’s primary London residence as it had been since Queen Victoria became sovereign in 1837.

Palace still monarch headquarters

James Chalmers, the king’s treasurer and keeper of the privy purse, said it would remain the primary venue for ceremonial and official functions including receiving foreign dignitaries.

“It is and will remain monarchy HQ, the crown jewel of our national buildings, with the sovereign’s standard flying proudly from the roof whenever his majesty is in London,” he told reporters.

Neither Charles nor the late Queen Elizabeth had stayed overnight at the palace since 2019. The king will maintain private rooms there that could be used as accommodation.

Some 700,000 people visit the building every year, and there will be greater public access, Chalmers said, without providing details.

Charles reveals tax bill

By law, the British king is not obliged to pay income, capital gains or inheritance tax, but Charles, like his mother did after 1993, has voluntarily done so without disclosing the amounts.

Charles, like all monarchs since 1399, gets a private income from the vast Duchy of Lancaster estate — £25.2 million in 2025/26 — as well as from his other holdings and investments.

Chalmers said the king paid £11.7 million in tax in 2023/24 and more than £30 million in taxes since becoming king in 2022.

He also receives money from the government, known as the Sovereign Grant, to pay for staff, royal palaces and travel. That amount will be £137.9 million in 2026/27.

But Chalmers said it would be cut for the first time in 2027/28 to £100 million “in line with his majesty’s clear wishes,” a level where it will stay until 2031/32.

That makes it almost £60 million higher than in 2016 when the funding formula was changed to pay for the Buckingham Palace refit. “This is not a blank check,” Chalmers said, adding there were safeguards in place to ensure the amount was proportional.

Prince William, heir to the throne, paid £7.76 million in tax in 2024/25 and instructed that £1.5 million in rent from a closed prison go to the local community, his office said. William and Charles have faced criticism that they are profiting from charging the army, health service and schools rent.

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The US State Department approved the possible sale of F/A-18F Super Hornet and EA-18G Growler aircraft to Australia, the department announced in a statement on Thursday.

The sale, which the department estimates will cost $250 million “will support the foreign policy and national security objectives” of the US, according to the statement.

“Australia is one of our most important allies in the Western Pacific,” the department continued. “The strategic location of this political and economic power contributes significantly to ensuring peace and economic stability in the Western Pacific.”

“It is vital to the US national interest to assist our ally in developing and maintaining a strong and ready self-defense capability,” the statement said.

Deal won’t harm US defenses, says department

Further, the deal isn’t meant to alter the “basic military balance” of the region, the department said, adding that no additional US contractors will be assigned to Australia and that the deal won’t impact US defense readiness.

“The proposed sale will enhance Australia’s capability to meet current and future threats and increase its interoperability with the US and its allies through comprehensive training, the department added.

“Australia will have no difficulty absorbing this training into its armed forces.”

US readies sale of equipment to Turkey

The same day, the White House notified Congress of its intention to sell jet engines to Turkey, in a deal estimated at $700 million.

On Thursday, several Democratic lawmakers said they opposed the engine sale and cautioned the administration over selling Ankara any F-35s.

“We cannot reward Erdogan’s government while it continues to violate US law and threaten our reliable, democratic allies,” Representative Chris Pappas of New Hampshire said in a social media post. “Absolutely no F-35s to Turkey.”

“The US government is prepared to license the export of these items having taken into account political, military, economic, human rights, and arms control considerations,” the State Department said in its notification to Congress.

On Thursday, several Democratic lawmakers said they opposed the engine sale and cautioned the administration over selling Ankara any F-35s.

“We cannot reward Erdogan’s government while it continues to violate US law and threaten our reliable, democratic allies,” Representative Chris Pappas of New Hampshire said in a social media post. “Absolutely no F-35s to Turkey.”

Congress has 15 days to introduce a joint resolution of disapproval if it wants to block the sale. Such a resolution would need to pass in both chambers and could be vetoed by Trump.

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Former supreme leader Ali Khamenei’s underground bunker complex included a blast-resistant room and escape tunnels beneath central Tehran, Iran International reported on Thursday, citing architectural plans received from an informed source.

The documents’ authenticity were also confirmed by a security source, the outlet said. 

According to Iran International, the plans show the complex, known as Habib Ebrahimi, as situated next to Khamenei’s official residence. 

The Islamic Revolutionary Guard Corps (IRGC) reportedly began construction of the site in 2009 with Khamenei’s approval, financing the project through the IRGC’s Khatam al-Anbiya Construction Headquarters.

According to the plans, the main entrance was large enough to allow cars inside, and allow them to reach a depth of 30 meters underground. 

The compound also allegedly included a 27-meter tunnel linked to several different escape routes and a second tunnel reported to lead to a parking garage near the Enghelab Square in central Tehran.

In early March, the IDF had targeted the underground bunker using intelligence provided by the clandestine IDF units 8200 and 9900 to discover its location.

The IDF at the time had said that 50 aircraft had targeted the secret underground lair spread over several blocks in the heart of Tehran, with over 100 munitions. 

Five-story underground office building for senior officials

Iran International further noted that several of the images also depicted a five-story underground office complex for senior officials attached to the Supreme Leader’s Office.

Sources familiar with the project, speaking to Iran International on condition of anonymity, shared that the site was concealed beneath a reported sports center. 

The facility included a three-level parking garage, target ranges and two shelters located approximately 30 and 35 meters beneath the surface, the sources shared, adding that one of the shelters housed a blast-resistant room to protect Khamenei from missiles.

Khamenei, who was killed by the IDF during the opening strikes of Operation Roaring Lion, had been at a regular command complex at the time of his death.

Yonah Jeremy Bob contributed to this report.

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A resolution for Israel to officially recognize the Armenian Genocide will be submited at the upcoming government meeting by Foreign Minister Gideon Sa’ar.

Sa’ar, announcing the resolution in a Thursday post to X/Twitter, said that the proposed resolution will afterward be brought before the Knesset for a vote.

“Recognizing the genocide perpetrated against the Armenian people in the final years of the Ottoman Empire is both a moral and historical duty,” Sa’ar affirmed. “We must also firmly condemn any denial, minimization, or distortion of the historical truth.”

“Despite the extensive and unambiguous historical documentation, the Armenian Genocide remains to this day the subject of an institutionalized campaign of denial and minimization, including a manipulative rewriting of history books, mainly by Turkey,” the Foreign Ministry said in a statement.

As of 2026, 32 UN member states, including the United States, Canada, Russia, and Germany, have formally recognized the genocide.

The Holy See and the European Parliament have also officially recognized the genocide.

Over 200 memorials have been erected across 32 countries to commemorate the event.

What is the Armenian Genocide?

The Armenian Genocide began in April 1915 and led to the deaths of approximately 1.5 million Armenians, as well as the systematic destruction of their heritage and culture.

Spearheaded by the Ottoman Empire’s Committee of Union and Progress (CUP), the Ottoman government arrested, deported, and murdered hundreds of Armenian intellectuals and leaders in Constantinople before turning its attention to the remaining populace.

Between 100,000 to 200,000 Armenian women and children were forcibly converted to Islam, and an estimated 800,000 to 1.2 million Armenians were forced on death marches through the Syrian desert, suffering mass murder, rape, starvation and thirst.

Survivors of the marches were sentenced to concentration camps, however the ethnic cleansing of survivors, carried out by Turkish nationalists, continued on through the Turkish War of Independence (1919–1923). 

There are roughly 11 million ethnic Armenians alive today.

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The chief executive of an $8 billion logistics company that boomed during the pandemic has reopened the debate over working from home with a blunt verdict: it’s a scam. Ryan Petersen, founder and CEO of Flexport, said on the Twenty Minute VC podcast this week that remote work is “white-collar fraud,” arguing it leaves employees distracted, weakens accountability and gradually erodes company culture.

Petersen’s case was deeply personal. “I have a three-year-old and a five-year-old. The idea that I could do any work at my house is like a total fantasy,” he said, explaining that the distractions of home life make it nearly impossible for him to remain fully focused throughout the day. He added that the challenge is likely even greater for employees living in smaller homes or apartments with limited workspace. The problem, he said, intensifies when children return home in the afternoon while the workday is still in full swing.

The comments are particularly striking because Flexport was one of the biggest winners of the remote-work era. During the pandemic, as e-commerce surged and global supply chains descended into chaos, companies increasingly turned to Flexport’s logistics software to help move products around the world. The company’s revenue climbed to approximately $3.3 billion in 2021, up from about $670 million before the pandemic, while Flexport achieved profitability for the first time. Its customers include major companies such as Georgia-Pacific and Gerber, which rely on its platform to manage complex international shipping operations.

Yet Petersen said it was during that same period that he became convinced remote work was hurting the business. He admitted he “made the mistake” of allowing the company to remain fully remote long after pandemic restrictions had eased and believes Flexport’s culture deteriorated as a result, although he stopped short of detailing specific examples. Today, Flexport requires employees to work from the office five days a week, and Petersen suggested workers unwilling to return ultimately left the company. The one notable exception he offered was for highly skilled professionals in developing countries, where remote work can provide access to jobs paying significantly more than local opportunities.

His comments immediately sparked criticism online, particularly from parents who argued remote work provides invaluable time with their children without necessarily reducing productivity. Ryan Carson, CEO of legal software company Untangle, wrote on X that the additional family time remote work provides is worth more than anything many employees could accomplish for a corporation. Others rejected Petersen’s broader argument altogether, saying modern offices are often designed more to monitor employees than to improve the quality of their work.

The debate arrives during another transitional period in corporate America. After years of requiring employees to return to their desks, even some of Wall Street’s most demanding employers have shown selective flexibility. Goldman Sachs and JPMorgan Chase, both known for strict return-to-office policies, recently agreed to allow employees to work remotely during portions of the upcoming FIFA World Cup, acknowledging that exceptional circumstances sometimes justify greater flexibility. The mixed approach reflects how unsettled the issue remains more than six years after the pandemic permanently changed workplace expectations.

For employees, where work takes place has implications far beyond convenience. It affects commuting expenses, childcare costs, family schedules, housing decisions and even which careers remain accessible to people living outside major metropolitan areas. The debate also carries significant economic consequences for downtown business districts, commercial real estate owners, public transportation systems, restaurants and retailers that depend heavily on office workers returning each weekday.

Business leaders remain sharply divided. Supporters of office work argue that face-to-face collaboration strengthens relationships, accelerates innovation, improves mentoring and helps build stronger corporate cultures, particularly for younger employees early in their careers. Critics counter that rigid office mandates risk driving away talented workers who increasingly prioritize flexibility and work-life balance. Numerous studies conducted since the pandemic have also found that productivity often remained stable—or even improved—for many office workers operating remotely.

Artificial intelligence is adding another dimension to the discussion. As routine tasks become increasingly automated, some executives argue that collaboration, creativity and spontaneous in-person problem-solving become even more valuable, making physical offices more important than ever. Others believe AI-powered collaboration tools make distributed teams even more effective than before, reducing the need for centralized workplaces.

What is clear is that Petersen has no intention of softening his position. His blunt description of remote work as “white-collar fraud” has reignited one of corporate America’s most emotionally charged debates. With employers continuing to refine workplace policies and employees still demanding flexibility, the battle over where work happens appears far from settled—and its outcome will shape how tens of millions of people build their careers in the years ahead.

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Micron Technology stock surged following the June 24 release of its third-quarter earnings and fourth-quarter outlook, which crushed expectations and showed demand for memory chips is still soaring.
Shares of the chipmaker jumped nearly 16 percent on Thursday, closing the session at $1,213, with a market cap of nearly $1.37 trillion. At its intra-day peak of $1,255, its market cap briefly passed Meta and Tesla, making Micron the 11th-largest company in the world before falling behind the two companies at the market close.
“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” Sanjay Mehrotra, president and CEO of Micron, said. “Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year strategic customer agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”…

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AP Photo: Oil tankers and cargo vessels wait at anchor near the Strait of Hormuz off the coast of Oman as commercial shipping cautiously resumes through one of the world’s busiest energy corridors.

A cargo vessel transiting the Strait of Hormuz was struck on its starboard side near Dahit, Oman, on Thursday evening, according to an advisory issued by the United Kingdom Maritime Trade Operations (UKMTO), which said the impact damaged the ship’s bridge but caused no casualties or pollution. A U.S. official confirmed to CBS News that Iran’s Islamic Revolutionary Guard Corps was responsible for the attack on the Singapore-flagged vessel, while two separate U.S. officials confirmed the incident to Reuters. The strike came just as commercial shipping had begun cautiously returning to the world’s most important oil chokepoint.

Energy markets reacted immediately. West Texas Intermediate crude reversed earlier losses to settle more than 2% higher at $71.92 per barrel, while Brent crude climbed 2.1% to $75.26. Oil had traded lower for much of the day amid optimism that shipping traffic was finally normalizing. According to shipping intelligence firm Kpler, more than 20 oil tankers carrying approximately 35 million barrels of crude have successfully passed through the strait since the United States and Iran agreed to reopen the vital waterway. Many of those shipments had remained stranded inside the Persian Gulf for more than three months.

The latest attack immediately disrupted an international maritime evacuation effort. The International Maritime Organization (IMO) announced it was temporarily suspending its coordinated evacuation framework after the vessel involved in Thursday’s incident was attacked outside the designated protection program. IMO Secretary-General Arsenio Dominguez said the organization would halt further evacuations until authorities gain greater clarity regarding the security situation. The evacuation effort had been launched only days earlier to help thousands of mariners aboard hundreds of vessels safely exit the region.

At the center of the dispute remains disagreement over approved shipping routes. The United States has encouraged vessels to follow a southern corridor hugging Oman’s coastline, while Iran continues insisting that ships obtain permission from Tehran and transit along routes closer to the Iranian coast. Following Thursday’s attack, Iran’s Persian Gulf Strait Authority warned that vessels operating outside its designated framework would not qualify for safe-passage guarantees or insurance protections, language closely watched by global shipping companies and marine insurers.

The incident also tests the fragile ceasefire framework currently governing navigation through the Strait of Hormuz. Under the existing 60-day memorandum of understanding, Iran agreed not to impose transit fees during the temporary reopening period. Before conflict disrupted shipping earlier this year, roughly 20% of the world’s oil supply passed through the narrow waterway. Separately on Thursday, The Wall Street Journal reported that Iran is seeking to generate billions of dollars by charging ships for security, environmental, and navigation services—a proposal that both President Donald Trump and Secretary of State Marco Rubio have publicly rejected.

Despite the latest attack, several major shipping companies continue cautiously resuming operations. A Liberian-flagged oil tanker successfully completed its transit Thursday using the southern route near Oman, while Maersk confirmed that two of its vessels safely exited the Persian Gulf overnight in coordination with international security partners. Other global carriers, including Hapag-Lloyd and CMA CGM, have also gradually resumed operations after months of delays caused by regional instability.

Many energy analysts continue to believe the long-term outlook for oil remains relatively stable despite Thursday’s price spike. Citi said a broader de-escalation remains its base-case scenario and expects Brent crude to decline toward $60 to $65 per barrel over the next six to twelve months as shipping volumes normalize. Even so, the geopolitical risk premium remains significant. Iran’s Islamic Revolutionary Guard Corps Navy reiterated Thursday that vessels failing to comply with Tehran’s navigation instructions could face enforcement action.

Speaking during meetings with Gulf foreign ministers in Bahrain, Secretary of State Marco Rubio adopted a measured tone, saying the United States expects commercial shipping to continue moving safely through the Strait of Hormuz and would judge Iran based on its actions rather than its public statements. “If ships are moving as they should be moving, then that’s what we’re going to judge,” Rubio told reporters.

For businesses, the implications extend well beyond oil prices. Every disruption in the Strait of Hormuz affects global freight costs, marine insurance premiums, energy markets, and supply chains that depend on uninterrupted shipments of crude oil and refined petroleum products. Thursday’s attack serves as another reminder that even modest security incidents in the narrow waterway can quickly ripple through global financial markets and international commerce.

JBizNews Desk
New York
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Apple Inc. raised prices on several MacBook and iPad models on Thursday, saying it could no longer absorb soaring memory and storage costs driven by the artificial intelligence boom. In a statement to NBC News, the company said the unprecedented surge in demand for memory and storage components tied to AI data centers had forced it to pass some of those higher costs on to consumers. The announcement sparked a sharp selloff on Wall Street, wiping out roughly $250 billion in market value in a single trading session.

Apple shares closed more than 6% lower, marking the company’s worst one-day decline since April 2025. Although Apple remains valued at more than $4 trillion, the drop significantly narrowed its lead over Alphabet in the race to remain one of the world’s most valuable companies, while Nvidia continues to hold the top spot with a market capitalization approaching $5.4 trillion.

The increases affect several of Apple’s most popular computers and tablets. The MacBook Neo now starts at $699, up from $599. The MacBook Air rises to $1,299 from $1,099, while the entry-level 14-inch MacBook Pro climbs to $1,999 from $1,699. The 11-inch iPad Pro now begins at $1,199, compared with $999 previously, and the iPad Air increases to $749 from $599. Apple also raised the price of its Apple TV streaming device by $70, bringing it to $199. Prices for the iPhone, Apple Watch, and AirPods remain unchanged for now.

Industry analysts were caught off guard because Apple rarely raises prices outside of a new product launch cycle. Evercore analyst Amit Daryanani called the move unexpected, estimating that the increases ranged from 17% to 25% across many Mac and iPad models, while the Apple TV jumped approximately 54%.

At the center of the increases is an industry-wide shortage of memory chips that some analysts have dubbed “RAMageddon.” According to Counterpoint Research, prices for memory and storage components have quadrupled during the past three quarters as manufacturers shifted production toward high-bandwidth memory used in AI servers. The shortage has dramatically benefited memory suppliers such as Micron Technology, which recently reported record quarterly revenue and sharply higher profit margins fueled by AI demand.

Apple Chief Executive Tim Cook had hinted that pricing pressure was building. In an interview with The Wall Street Journal last week, Cook described today’s semiconductor supply environment as unlike anything he had experienced during his decades in the technology industry, calling it a “hundred-year flood” in component pricing. Apple also indicated Thursday that additional price increases could follow if component costs remain elevated.

The biggest question now facing consumers is whether the iPhone will eventually see similar increases. Counterpoint Research estimates that higher component costs could add roughly $150 to $200 to the manufacturing cost of future iPhones. Rather than dramatically increasing sticker prices, Apple could instead continue its recent strategy of eliminating lower-priced entry-level models, effectively raising the average selling price across the lineup without announcing large headline price hikes.

Artificial intelligence also provides Apple with an opportunity to justify more expensive hardware. IDC expects future iPhones to feature 12GB of RAM to support the company’s expanding Apple Intelligence platform. The research firm estimates that more than half of iPhones sold since 2022 will not support Apple’s newest AI-powered Siri capabilities, encouraging consumers to upgrade to newer, higher-priced devices.

Despite Thursday’s sharp decline, several analysts remain optimistic about Apple’s long-term outlook. Wedbush Securities analyst Dan Ives maintained his outperform rating and $400 price target, arguing that Apple’s premium customer base has historically shown a willingness to absorb higher prices in exchange for the company’s ecosystem and brand loyalty.

Thursday’s move nevertheless highlights how deeply the artificial intelligence boom is reshaping the broader technology industry. The race to build AI infrastructure is no longer affecting only semiconductor manufacturers and cloud providers. It is now reaching everyday consumers purchasing laptops, tablets, and eventually smartphones, as rising component costs ripple through the global technology supply chain.

JBizNews Desk
New York
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Days after the Mamdani-DSA socialist or communist victories in New York City, there was all manner of punditry speculation about a populist revolt, the breakdown of conventional political organizations, I guess in this case the Democratic party. Economic worries about affordability and probably other factors that undoubtedly have some merit.

Yet to me, and I want to be very clear about this, the single strongest animating fervor that unites this Mamdani socialist movement is antisemitism, a hatred of Jewish people, and a desire to eliminate the state of Israel. And that includes the diversity, equity, and inclusion, or DEI movement, which in many ways is the progenitor of this scourge of antisemitism.

Just look at any of these socialist mayors and their fellow travelers in New York of course, but don’t forget Los Angeles, Seattle, Chicago, the odd Senate race in Maine, and the other crackpot Senate candidate in Michigan. And you will find a constant refrain attacking Israel, trying to explain away the horrific barbaric slaughter in Israel on October 7, 2023. Even defending Hamas who made the slaughter.

One candidate here in New York, Darializa Avila Chevalier, organized a pro-Palestine rally at Columbia University the day after the horrific Israeli attack by Hamas. Just scroll through their tweets and other communications and you’ll see constant references, against Jews, against Israel, in favor of Hamas, or any of the anti-Israeli terrorist groups, somehow all in the name of Palestine, which is actually a place that exists only in the imagination of these far-left radicals.

How ironic that Israel itself enjoys commercial, trading, and business, even governance with large parts of Palestine, and the Arab communities who live on the West Bank, all of this unbeknownst to these crazy American antisemites. And they’d rather talk about all of that than anything positive ever about America. Indeed, whether it’s wiping their hands on the American flag, or blaming America for 9/11, or denying Holocaust standards, or arresting Benjamin Netanyahu. You could almost say antisemitism is not only the animating force behind this Mamdani socialism, it’s almost the only force. Yet, on the economic side, there is an aha moment.

The latest agenda published by the national DSA includes abolishing the United States Senate, defunding the military, open borders, universal amnesty for illegal immigrants, national takeover of large corporations, defunding the police, free government everything, including all healthcare and including abortions, voting rights for criminals, confiscatory taxation of wealth and income, and penalizing business wherever possible. Plus, stacking the Supreme Court.

So as President Trump said it’s hard to know if this is socialism or communism or whatever. As he put it: “Well, they’re going radical left.”  He added: “You know, you talk about the Democrat socialists,” but “it’s really communists. That’s these people. I watched that woman last night. That’s not a socialist. I know socialist.” He concluded: “that woman is a communist.”

Well whatever ism, I know one: it is antisemitism. And thus far we are seeing virtually nothing about men and women of goodwill in politics or business or anywhere who have the courage to stand up to this antisemitism.

It will presumably be up to the Republicans this autumn in the midterm elections to draw a very clear contrast with this new Mamdani-AOC socialist tail that is suddenly wagging the entire Democratic party dog. Yet it will not be sufficient to merely disagree on their crazy economics, or their border, or their security, or their hatred of our military. The issue of hate and bigotry of any kind, and yes of course antisemitism, must be ended. Full stop.

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Nearly 24 hours after devastating twin earthquakes in Venezuela, people in the coastal city of La Guaira were still using their hands to dig through rubble, trying to rescue their neighbors.

“We are trying to help with what we can, but there is a lack of equipment,” said Carlos Borges, who said he was frustrated by the shortage of machinery like backhoes to move the piles of concrete slabs that were once high-rise apartment buildings.

His team pulled three people from one building, as other anxious family members, including the single mother of a missing teenage boy, waited at the site on Thursday morning.

US Geological Survey models suggested deaths could exceed 10,000 after two powerful earthquakes wreaked havoc in and around the capital Caracas on Wednesday. The government of acting President Delcy Rodriguez has confirmed nearly 200 dead and 1,520 injured.

Residents of La Guaira, a popular spot for beachgoers and the worst-hit city in the country, and Moron, near the quakes’ epicenter, were scrambling amid limited official help.

Air of desperation among La Guaira’s residents

“Is it not possible to call in the military? Everyone come, come and pitch in. Put them in an armored vehicle and come help the people. Find tractors wherever you can,” said Argenis Martinez, a resident of La Guaira’s Los Corales neighborhood, who was looking for a relative among the rubble.

Some rubble caught fire overnight, despite a cut to domestic gas service. Terrified residents, many with nowhere else to go, huddled in the streets or peered into destroyed buildings, looking for survivors.

The government, which said 250 buildings had been damaged or destroyed, mainly in La Guaira, has said aid is on the way from Spain, the United States, Mexico and Qatar and called on the private sector to lend equipment like backhoes to help with rescue efforts.

At other places in La Guaira, neighbors pulled two dead people from a house, including a little girl, and saved a mother and two children, injured but alive, from a destroyed apartment building.

Reuters witnesses saw members of a colectivo — ruling party-allied motorcycle groups who have long been accused of abusing protesters at anti-government rallies — assisting rescue efforts at at least one location.

“My building is uninhabitable and now I have nothing. It’s just me and my son, and I have no family in the country,” said Suhayl Sarquiz, 50, who lost her job a few months ago.

Looters targeting stores amid chaos

In some areas of La Guaira, people were looking for food and water, and a Reuters team witnessed looting at at least two stores.

The city’s Jose Maria Vargas Hospital was overflowing with injured, and some patients were being tended to outside, where police were limiting access to the building. Officials there said they had no information for journalists.

“It’s a tragedy,” said Beatriz Rodriguez, 60, whose nephew’s legs were amputated at the hospital after being crushed in the quakes. Another nephew, age 6, was killed.

The armed forces are deploying field hospitals to La Guaira, its command said in a press release, and will be able to perform emergency surgeries. A Reuters team in the city on Thursday saw a military convoy near the local stadium carrying out aid efforts.

Hospitals elsewhere were also struggling.

As he worked through a 24-hour emergency shift at the modest hospital in Moron, Dr. Augusto Ramirez found himself short of basic supplies.

“We need blood pressure monitors, gauze, thermometers, gloves, plaster, painkillers — everything,” Ramirez told Reuters.

He, two fellow doctors and other staff had treated 112 people since the quakes collapsed houses and cut off electricity and water in the town. Nine have died from skull fractures and other injuries, including three children.

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Homebuilding’s mid-year public company earnings season is now looking through the prism of the back half of 2026.

Each of the sector’s players had better have put themselves in a good position for some heavy lifting and outperformance, rather than lugging around a forgettable first half.

In that light, it’s welcome news that one of the industry’s recent and not-so-recent underperformers has rediscovered some competitive pep in its step as it pivoted back to what long differentiated it before “spec inventory” became the industry’s dominant playbook. KB Home.

Its Q2 financial results, while conspicuously underperforming a year ago, came in better than Wall Street expected on several important financial, operational and strategic fronts.

Even more significantly, the quarter indicated that KB’s two-year effort to return to a predominantly built-to-order operating model is gaining traction and delivering the financial outcomes that management believed would ultimately justify the painful transition.

During the pandemic housing boom, buyers overwhelmingly wanted homes they could move into immediately. Builders responded by shifting toward Ready-to-Own inventory, accelerating starts, increasing speculative construction, and using mortgage incentives to maintain sales velocity. For KB Home – a company whose identity had long centered on personalization and built-to-order homes – the market temporarily rewarded behaviors that ran counter to its historic strengths.

The company has spent the past 18-plus months steering and striving back toward those strengths. Now, after grinding through quarterly cycles marked by lower deliveries, compressed earnings, and humbling year-over-year comparisons, management believes its strategic and financial performance trough has largely passed.

“One year ago on our second quarter fiscal 2025 earnings conference call, we shared our intention to return to a predominantly BTO business,” Executive Chairman Jeffrey Mezger told analysts. “We acknowledged that doing so would create a temporary trough in deliveries, which we believe is now behind us.”

For homebuilding executives, that’s the strategic story behind the quarter. Mezger’s message – wrapped in a bow of financials that eclipsed Wall Street expectations in several important benchmarks – was that the past is behind KB and, from an operating-model vantage point, the organization is now beelining straight back to the future, to the company’s strategic build-to-order DNA.

The market has changed. KB is changing with it.

That’s not to say that the new-home market backdrop is any more forgiving.

The housing market, which many builders expected to emerge in the spring, never fully materialized. Mortgage rates have remained stubbornly elevated. Affordability challenges continue to weigh disproportionately on first-time and payment-sensitive buyers. The Iran conflict that began earlier this year added another layer of uncertainty, further dampening consumer confidence just as the industry’s most important selling season unfolded.

Those forces have hit companies focused on entry-level housing harder than builders serving more affluent move-up buyers.

KB occupies both worlds and has taken its share of lumps on having to buy sales with big, margin-crushing incentives to work through its standing inventory. Historically, the company has maintained significant exposure to value-conscious households. Yet its recalibrated focus on personalization, design-center upgrades, and higher-priced West Coast communities increasingly positions it to capture stronger discretionary demand while preserving differentiation for more price-sensitive buyers.

Management acknowledged that spring conditions remained challenging.

At the same time, Rob McGibney, KB Home CEO, president and Director, told analysts that June demand tracked “right in line with our expectations,” adding that the company had seen nothing to alter confidence in its second-half outlook. He said the expanding built-to-order backlog provides materially better visibility than KB has enjoyed in recent years.

That visibility confers both confidence and optionality, valuable attributes in a market where forecasting demand remains difficult.

Built-to-order changes the economics before construction begins

KB’s argument for returning to built-to-order extends well beyond customer preference. Management increasingly frames it as a fundamentally different strategic and operational system.

“The fundamental premise of our built-to-order model is putting the customer at the center from day one,” Mezger said. Buyers select the lot, floor plan, structural options and finishes before construction begins, creating what management believes is a lower-risk business model than speculative production.

The financial implications and advantages become self-evident.

“When a buyer commits and we lock in the purchase price, our direct costs are established before a shovel hits the ground,” Mezger explained. “Crucially, we know the margin we will achieve at delivery before we start.”

That predictability changes several operating variables simultaneously, reducing pricing risk by allowing purchasing and procurement teams to negotiate labor and materials from a committed backlog rather than speculative forecasts. It also smooths and supports a steadier production cadence.

Best of all, from a per-unit gross margin standpoint, it generates substantially higher design-center revenue, with personalized options and upgrades yielding gross margins considerably higher than those from base-home construction alone.

By quarter-end, 73% of KB Home’s Q2 net orders were for built-to-order homes, and total backlog had grown 45% since the start of the fiscal year. This mix-shift pivot shifts the outlook conversation away from deliveries, which necessarily lag during the transition, and moves the operational focus toward future earnings power.

Northern California becomes an earnings story again

The second major driver emerging from KB’s quarter sits nearly 3,000 miles from its new Arizona headquarters. Northern California.

Analysts repeatedly pressed management on why Q4 margins are on pace to improve so sharply and whether those gains would disappear after several high-priced communities close out. McGibney’s response suggests more reliable, more “core,” something to bank on.

“Our teams there have done a good job of growing the lot pipeline,” he said. “We’re seeing a good book of business that’s coming through, high ASPs, strong margins. And we don’t see that as a Q4 event, really. We see it more as a structural change that’s going to be with us for a long time now that we’ve got our discipline and our rhythm back in that area of the country.”

Put differently, if Bay Area deliveries produce only one quarter of a favorable geographic mix, investors should discount the benefit. If, rather, KB has rebuilt a sustainable pipeline of higher-priced, higher-margin Northern California communities serving AI-driven employment growth and higher-income households, those communities become an ongoing contributor to earnings quality rather than a temporary accounting lift.

Evercore ISI reached much the same conclusion, describing Northern California as a “lasting tailwind” expected to support gross margins beyond 2026.

Operating discipline is beginning to show through

The other encouraging development is less visible but perhaps equally important. Execution. KB reduced the built-to-order start-to-completion construction cycle time to approximately 100 days, the company’s fastest pace in more than a decade. Management also described meaningful reductions in direct construction costs over the past several years while continuing to simplify offerings, rebid suppliers, renegotiate trade relationships and improve operational efficiency.

Meanwhile, operating leverage is expected to improve sequentially as deliveries recover through the second half. William Hollinger, KB Home Senior VP and Chief Accounting Officer, projected continued SG&A improvement as revenues increase, while guidance anticipates gross-margin expansion driven by leverage, richer BTO mix, and higher-priced West Coast deliveries.

Taken together, these improvements suggest KB’s turnaround is becoming operational rather than merely financial.

Another story unfolding around KB

Viewed in isolation, KB’s Q2 looks like a company making progress executing a difficult strategic reset. Within today’s homebuilding landscape, however, this begs another question. Is execution enough? Or has scale become the industry’s defining competitive advantage?

Homebuilding M&A has entered one of its most active periods in decades.

Different buyers. Different transaction structures. The same strategic conclusion.

As Zelman & Associates recently observed, “When the largest builders, foreign strategics, private equity sponsors, and well-capitalized regional operators are all pursuing acquisitions at the same time, it reflects a shared conviction that scale has become a defining competitive variable in homebuilding.”

Wolfe Research reaches much the same conclusion. “The consolidation theme is alive and well,” Trevor Allinson wrote, pointing to offshore capital, Berkshire Hathaway, and continuing valuation disparities among public builders as reasons industry consolidation likely remains an enduring theme. Since 2016, Wolfe has completed 10 public homebuilder acquisitions, averaging roughly 1.2x book value.

That industry context creates an interesting lens through which to view KB.

KB’s answer is operational scale, not acquisition scale

Unlike many peers, KB is not trying to solve the industry’s scale equation through transformational acquisitions, nor has it embraced aggressive land-light strategies.

Instead, management appears to be betting that operating scale – driven by backlog visibility, production consistency, trade relationships, disciplined land investment, faster cycle times, and personalization – can close much of the performance gap.

Wolfe Research acknowledges that strategy deserves credit. The firm’s post-earnings report notes that KB has already returned to its targeted 70% built-to-order order mix and emphasizes that built-to-order homes generate roughly a 400-basis-point higher gross margin than spec offerings.

But Wolfe remains cautious. The firm continues to rate KB Underperform, arguing that returns remain among the weakest in the peer group and that investors still need evidence that the BTO and Bay Area mix benefits are durable rather than cyclical.

That skepticism sharpens the real question investors – and perhaps competitors – should now ask.

Has KB merely improved its next two quarters? Or has it rebuilt a business model capable of outperforming across the next housing cycle? In an earnings season laser-focused on who will own American homebuilding’s future, KB offers a reminder that one path to competitive relevance can begin with remembering what made a company distinctive in the first place.

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Hundreds of people from the Bedouin community demonstrated on Thursday outside the offices of the Regulation of Bedouin Settlement Authority in Beersheba, protesting the demolition of homes in Bedouin communities.

The demonstration came in the wake of comments made the previous day by National Security Minister Itamar Ben-Gvir. Addressing the issue, he said he would continue demolishing “more and more and more” illegally built homes in the Negev.

“We want to live in peace, we want cooperation,” said Talal Alkernawi, the mayor of Rahat. “This conduct is unacceptable to us, we strongly condemn it. To boast that you [Ben-Gvir] are a minister who demolishes? Who are you demolishing, the citizens of the state?”

“We want coexistence, but our next step is to establish a tent city at the entrance to Beersheba, at the entrance to Ofakim, at the entrance to Dimona.”

Ben-Gvir  had earlier referred to the planned protest and criticism of his ministry’s demolition policy during a Local Government Conference held on Thursday.

“They told me that Bedouin whose homes were demolished are sleeping in a school in Arad. They are there because they say ‘Ben-Gvir is demolishing our homes.’ So I am telling them: they should prepare many more schools across the Negev, because I am going to demolish more and more and more,” he said.

He also said that since taking office, more than 5,000 illegal structures have been demolished, and that land equivalent in size to Tel Aviv and Givatayim combined has been returned to the state.

“Anyone who builds in violation of the law must understand one thing: illegal construction will not pay off. No protest will change this policy,” he said.

Thousands of homes lost, damages estimated at NIS 250 million

In response, the Regional Council for Unrecognized Villages in the Negev strongly criticized Ben-Gvir and disputed his figures, noting that “the area of Tel Aviv and Givatayim is 55 square kilometers, while the area cleared in the Negev is at most 2 square kilometers.”

Further, it said that thousands of families have lost their homes and that the cumulative economic damage from the demolitions is estimated at around 250 million shekels.

“I hear the crying and wailing of the mayor of Rahat against enforcement of illegal homes in the Negev,” Ben-Gvir responded. “And I am telling him: the era of lawlessness is over, the era of governance has begun. We will destroy every illegal house in the Negev down to its foundations.”

Haggai Reznik, head of the Rifman Institute for the Development of the Negev, also criticized the Bedouin leadership, claiming that it opposes regulatory efforts.

“As long as the formal and informal leadership of the Bedouin opposes every attempt at regulation, including legislation that would allow demolition only when a legal regulatory solution exists, it continues to speak with a double voice to the public it claims to represent and to the State of Israel,” Reznik said. “It only says what not to do, and not how to fix things. This is, at best, limited wisdom, and in the worst case the main driver of chaos in the Negev.

“The Rifman plan is the only comprehensive solution, and any Zionist government will be required to adopt it,” he said.

Plans are already set in motion, Bedouin Settlement Authority says

The Regulation and Development of Bedouin Settlement Authority also responded to the protest, saying  that it has been working in recent years to advance regulation and practical solutions on the ground.

“As part of these efforts, for example in Neighborhood 1 in Abu Krinat, residents now live in a regulated neighborhood with infrastructure, roads, and educational institutions,” it said. “At the same time, the authority is promoting extensive development of neighborhoods across the Negev, intended to provide housing solutions for families from the diaspora.”

It added that it is advancing two main programs: a “focusing plan” to develop new plots with infrastructure for families living in unregulated conditions without protection or services, and a “leveling” program aimed at regulating land ownership claims in settlements, an issue it said has long prevented development in the Negev and left many Bedouin citizens without basic services.

“There is no contradiction between upholding the rule of law and advancing development, investment in infrastructure, and changing the reality in the Negev,” the authority said. “On the contrary, regulation according to the law enables the state to invest in infrastructure, build public institutions, strengthen personal security, and create a better future for residents.”

“We call on Bedouin society to accept the proposal on the table and choose a path of regulation, development, and a better future for families and children in the Negev.”

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Israel must withdraw from Lebanon today or be forced to retreat in defeat tomorrow, Islamic Revolutionary Guard Corps Quds force commander Esmail Qaani threatened on Thursday.

“You Zionists must leave all of Lebanon. This land is the arena of resistance and steadfastness, not a playground for occupiers,” he demanded in a social media post.

European countries also came under threat from an Iranian official on Thursday, when Iran’s Deputy Foreign Minister for Legal and International Affairs Kazem Gharibabadi blamed Italy and Romania for allowing the United States to use their air bases in its attacks on Iran.

“The statements of the NATO Secretary General regarding the use by the United States of Italian and Romanian bases in an attack on Iran give rise to the international responsibility of these countries,” Gharibabadi stated on X/Twitter. 

“According to General Assembly Resolution 3314, the provision of territory by a state for use by a third state to carry out aggression against another country is considered an act of aggression.”

Italy denies NATO chief’s claim on Iran attacks

NATO Secretary General Mark Rutte, speaking to Fox News television, cited Italy as an example of European support for the US and said 500 US planes had taken off from US bases in Italy “to support Epic Fury,” Washington’s name for the war it launched alongside Israel.

On Wednesday, Italy pushed back against Rutte’s remarks, saying that Rome had authorized only technical and logistical flights.

Italy hosts about 120 US military facilities, including the Sigonella naval air station in Sicily and the Aviano air base in northern Italy.

The remarks caused a political row in Italy, where Italian Prime Minister Giorgia Meloni‘s government has repeatedly said it did not authorize the use of Italian territory for direct military action against Iran.

In a statement, Italian Defense Minister Guido Crosetto said Italy had acted in full compliance with its constitution, international treaties, and agreements governing allied bases on its soil.

“As already clarified in parliament, the government authorized exclusively technical and logistical, non-kinetic activities,” Crosetto  said, adding that Italy had refused requests that fell outside those limits.

Crosetto expressed surprise that Rutte, who “has nothing to do with Operation Epic Fury,” had given an account that conveyed a “totally misleading message” by confusing authorized support flights with combat-related operations.

In response to a request for comment, a NATO official said Rutte had only “highlighted how Allies, including Italy, carried out their existing bilateral agreements in the context of basing and overflights.”

Opposition leaders demand explanation from Italian government

Opposition leaders in Italy seized on Rutte’s comments, demanding fresh explanations from the government.

Five Star Movement leader and former prime minister Giuseppe Conte said Meloni should clarify the matter in parliament, while Nicola Fratoianni of the Green and Left Alliance said either the government had misled lawmakers or Rutte “has suffered a heatstroke.”

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Fans will be allowed to bring rainbow flags when Egypt face Iran in Seattle’s designated “Pride Match” at the World Cup, FIFA said on Thursday, setting up an awkward collision between local celebrations and two nations where homosexuality is criminalized.

Friday’s group game falls on Seattle’s Pride weekend, a scheduling quirk that emerged only after December’s draw pitted the two Muslim-majority countries against each other.

Egypt and Iran objected ⁠after the ​draw, with Egypt’s Football Association saying such events clashed with its cultural and religious values. Both countries impose severe penalties on LGBTQ people.

“The FIFA World Cup 2026 is an inclusive event that welcomes people from all backgrounds. Fans of all sexual orientations and gender identities are welcome at matches and events,” FIFA said in a statement.

“General statements of human rights, including rainbow flags and other flags representing sexual orientation and gender identity, are permitted under the FIFA World Cup 2026 Stadium Code of Conduct and may be displayed inside stadiums.”

FIFA added that items will be allowed provided they are used “in a manner consistent with the code,” which limits the size of flags or banners and prohibits items deemed “political.”

‘Pride Match’ Organized by Seattle, not FIFA

FIFA has distanced itself from the Pride festivities, emphasizing that the celebrations are organized by Seattle’s local World Cup committee and not the global soccer body.

“I must clarify that there will be no ‘Pride Match’ at the World Cup,” FIFA President Gianni Infantino told Swiss magazine Die Weltwoche in January.

“There will be a FIFA World Cup match in Seattle and, on the same day, events organized by external organizations will be taking place in the city. But that has nothing to do with the match itself.”

At the 2022 World Cup in Qatar, FIFA threatened yellow cards for captains wearing the “OneLove” armband, citing its rules against political slogans.

Seattle organizers remain undeterred, viewing the spotlight as a platform for promoting acceptance.

“The Pride celebration… has happened on this weekend for 50-plus years,” Hedda McLendon, from Seattle’s local World Cup organizing committee, told Reuters.

“It is going to happen this weekend, it is going to happen long after the World Cup.”

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Roman Sorkin’s defining moment in Maccabi Tel Aviv’s championship-clinching win over Hapoel Tel Aviv came with 32 seconds left in Game 4, but the story of his season – and perhaps of his transformation as a player – ran much deeper than one corner three.

When Sorkin rose up and drilled the decisive shot to break a 76-76 tie, it was not simply the basket that sealed Maccabi’s 83-79 win, a 3-1 series victory, and the club’s 58th Israeli League championship. It was the latest reminder of how far he has come and how central he has become to everything Maccabi does.

For much of the previous game and a half, Sorkin had been out of rhythm. After scoring no points in Game 3, he had just four in Game 4 and had been frustrated time and again by Ish Wainright’s physical defense. Wainright had succeeded in pushing him away from the basket, disrupting his timing and taking him out of the flow of the offense. It was the kind of stretch that could rattle a player, especially in the middle of a championship series.

But Sorkin did not disappear. He stayed in the game mentally, trusted the moment, and delivered when Maccabi needed him most.

“I owed a lot to my team after the last game and a half,” Sorkin said after the win. “I was too focused on myself, and that’s part of the old me. I can’t be like that anymore. People here count on me.”

That quote may have said more about Sorkin than the shot itself.

Over the course of the season, Sorkin developed from an important contributor into Maccabi’s anchor and, ultimately, the Israeli MVP. He was one of the team’s most consistent players in domestic competition and in Euroleague play, and he carried that level into the postseason. Even when Hapoel made him work for every touch and every look in the finals, Maccabi never lost faith in him – because he had earned that trust over time.

That growth did not happen overnight. Sorkin’s rise has been built over the past few years, through setbacks, responsibility, and steady improvement. The player who once had to fight for minutes and consistency has become one of the premier big men in Israeli basketball and a legitimate force at the European level. He is no longer just a complementary piece; he is one of the players Maccabi turns to when the season is on the line.

Maccabi demanded resilience over challenging season

And this season, more than most, demanded resilience. Maccabi dealt with roster shortages, long stretches away from home, constant instability, and the emotional and logistical strain of another year played under the shadow of war. There were interruptions, uncertainty, and physical exhaustion, yet Sorkin remained one of the players who helped hold the team together.

“We moved to Belgrade, came back, and there were difficulties along the way, but this is a group of men,” Sorkin said. “I felt like I was letting the guys down, and this is a group that truly enjoys being together. This is a group of lions.”

In the end, that may be the lasting image of Maccabi’s title run: not just Sorkin hitting the biggest shot of the season, but Sorkin embodying what the season required – toughness, growth, accountability, and belief. The three-pointer may have sealed the championship, but it was everything that came before it that made Sorkin the face of Maccabi’s triumph.

See more Israeli sports coverage at www.sportsrabbi.com/en

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The government of Mexico is tapping international investors again. On Monday, June 22, the United Mexican States filed a preliminary prospectus supplement with the U.S. Securities and Exchange Commission to sell new dollar-denominated bonds, with the proceeds aimed largely at buying back shorter-dated debt it already owes. The filing lays out a two-part deal: a new benchmark of Global Notes due 2037 and an additional issue of 6.750% Global Notes due 2056.

The 2056 portion is not a brand-new bond but a reopening. According to the filing, those notes will be consolidated with, and become fungible with, the $2 billion of 6.750% 2056 notes Mexico sold on January 9, carrying the same terms and identification numbers. Tacking onto an existing line is a common tactic for governments because it deepens a single bond’s trading pool, which tends to make it easier to buy and sell. Mexico is marketing the combined sale at roughly $6.3 billion, with the proceeds earmarked primarily to repurchase outstanding shorter-dated international bonds and extend the country’s debt maturity profile.

The structure is classic liability management: borrow fresh money at today’s rates and use it to retire bonds coming due sooner, pushing the repayment calendar further out. The 2037 notes will pay interest each February and August, beginning in 2027, while the reopened 2056 notes make their first interest payment on August 9. Mexico retains the right to redeem either series before maturity. The two offerings are independent and not conditioned on each other, meaning the government can complete one even if it pulls the other.

For Mexico, the move fits a pattern of front-loading its borrowing early and often. The country opened 2026 on January 5 with a $9 billion three-part deal — its second-largest dollar offering on record — selling $3 billion of 5.625% notes due 2034, $4 billion of 6.125% notes due 2038, and $2 billion of the 6.750% 2056 bonds now being reopened. That sale drew about $30 billion in orders, more than three times the amount offered. In February, the Finance Ministry added roughly $2 billion in sustainable peso-denominated bonds at home.

The logic is to lock in funding before conditions can turn. Borrowing costs across emerging markets remain elevated, and the U.S. Federal Reserve’s recent hawkish turn under new Chair Kevin Warsh, which has lifted U.S. Treasury yields, raises the baseline against which Mexico and its peers must price their debt. By repaying near-term maturities now, Mexico reduces the pile of bonds it would otherwise have to refinance in a possibly tougher market later, and signals to investors that it is managing its obligations actively rather than waiting for bills to come due.

The country has become one of the most active borrowers in the developing world. Analysts have projected Mexico will raise around $25 billion in international markets this year, a pace that could make it 2026’s largest emerging-market sovereign issuer, ahead of Saudi Arabia, Poland and Turkey. Part of that heavy schedule reflects the financing needs tied to state oil company Pemex, whose own debt load has repeatedly drawn on the sovereign’s support and market access.

The deal also carries a read for ordinary investors and businesses. Sovereign bond sales like this one set the benchmark borrowing cost for an entire economy: when Mexico prices its government debt, the yields ripple outward into what Mexican banks, exporters and large companies pay to borrow in dollars. Strong demand and tight pricing tend to signal investor confidence in the country’s finances, while weak demand or higher yields can raise costs across the board. That makes Monday’s transaction a useful gauge of how global money managers view Mexico heading into the second half of the year.

Final pricing confirmed strong institutional demand, with the transaction serving both as a financing tool and a debt-management exercise. The same major international banks that have led Mexico’s recent dollar offerings acted as underwriters and dealer managers, handling both the new bond sale and the concurrent repurchase effort.

JBizNews Desk
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Mortgage rates ticked slightly higher this week, but were little changed, mortgage buyer Freddie Mac said on Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.49% from last week’s reading of 6.47% and 6.52% the week before last.

The average rate on a 30-year loan was 6.77% at this time a year ago.

HOUSING AFFORDABILITY UNLIKELY TO RETURN TO MORE FAVORABLE LEVELS OF THE PAST, ECONOMIST SAYS

“The average 30-year fixed mortgage rate was little changed this week at 6.49%,” said Sam Khater, chief economist at Freddie Mac. 

“Rates have remained relatively stable over the last six weeks. Meanwhile, purchase activity eased modestly and eased modestly and refinance activity has continued to pick up recently, reflecting borrowers’ responsiveness to current rate levels,” Khater added.

The average rate on a 15-year fixed mortgage also moved slightly higher, rising to 5.84% as of Thursday. That’s an increase from last week’s reading of 5.81%, though it remains below the average rate of 5.89% from a year ago.

INCOME NEEDED TO AFFORD A MEDIAN-PRICED HOME HAS NEARLY DOUBLED SINCE 2020, REPORT FINDS

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Although mortgage rates aren’t directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.4% as of Thursday afternoon.

The latest mortgage data comes a little over a week after the Federal Reserve voted to hold its benchmark interest rate steady at a range of 3.5% to 3.75% amid concerns about stubbornly high inflation that has trended higher due to the Iran war constraining oil supplies.

Fed policymakers voted unanimously to hold rates steady because of the elevated inflation following newly-minted Fed Chair Kevin Warsh’s first policy meeting as the central bank’s leader. Their economic projections on the so-called “dot plot” showed nine members of the 17-member Federal Open Market Committee projecting a rate hike before the end of this year.

FEDERAL RESERVE LEAVES INTEREST RATES UNCHANGED AS WARSH ERA BEGINS

The Commerce Department on Thursday released the personal consumption expenditures (PCE) index – the Fed’s preferred inflation gauge – which showed that headline PCE inflation was up 4.1% from a year ago, while core PCE was 3.4% higher.

Both metrics are well above the Fed’s long-run target of 2% inflation, which has diminished the market’s expectations for the central bank to cut interest rates this year. 

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The CME FedWatch as of Thursday shows that rates remaining at their current levels through the end of the year is the most likely outcome, while it also shows a greater probability of one or more rate hikes this year than a rate cut.

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Seasoned real estate agents are anchoring the residential market as buyers confront the toughest affordability environment in decades, according to the National Association of Realtors’ (NAR) 2026 Member Profile, published on Thursday.

The annual report, based on 2025 transactions and trends, shows the typical member now has 13 years of experience, up from 12 years in the prior survey. NAR membership stands at 1,438,569, as of late June 2026, according to the release.

Three-quarters of members (75%) say they are “very certain” they will remain active in real estate for at least the next two years, edging up from 74% a year ago, despite an existing-home sales pace just above 4 million units — the lowest level since 1995, according to the report.

“The real estate market has been operating under suppressed conditions for more than three years, and yet the typical Realtor continues to gain experience and stay committed to the profession,” Jessica Lautz, NAR deputy chief economist, said in the association’s announcement. “What we are seeing is a more seasoned industry — professionals who are leaning on referrals, repeat clients and deep market knowledge to navigate one of the most challenging buyer environments in decades.”

Experience and production

The profile underscores a widening gap between newer and veteran agents, with 15% of members having two years or less in the business, while 23% have 26 years or more. Additionally, the typical agent closed nine transaction sides in 2025, with a median individual sales volume of $2.7 million for brokerage specialists, up from $2.5 million in 2024. Newer agents, which the report defines as Realtors with experience of two years or less, had a median of two individual transaction sides and $330,000 in sales volume, while mid-career agents (6–15 years) had a median individual volume of $3.3 million.

On the income side, median gross income from real estate activities reached $59,200 in 2025, a slight increase from $58,100 in 2024. Agent income continues to scale with tenure with Realtors with 16 or more years of experience reporting a median gross income of $88,500, up from $78,900 and members with two years or less in the business earning a median of $8,000, just below $8,100 a year earlier.

Median total business expenses rose to $9,530 from $8,010, with vehicle costs the largest category at $1,580.

Teams and business models

For the first time, NAR separated individual and team production data, reflecting how often agents now work in formal teams. According to the report, 21% of Realtors worked as part of a team in 2025, with a median of four team members. Individually, the typical agent reported nine transaction sides; as a team, the median was 32 sides. In addition, team-based brokerage specialists reported median sales volume of $17.5 million, compared with $2.7 million individually. Residential specialists on teams typically closed $11.9 million in volume, while commercial specialists reported $21 million.

The report also found that even as brokerages consolidate, most Realtors remain affiliated with independent brokerages, with 53% of members reporting they are with independent companies. The median tenure for members with their current firm is six years.

Affordability is the top client constraint

NAR’s survey asked brokerage specialists to identify the most important factors limiting potential clients from completing a purchase. Housing affordability again led by a wide margin at 27%, compared to 12% for lack of inventory and 11% for difficulty finding the right property.

Lautz said in the release that the market “is sharply divided between repeat buyers with housing equity who can move with relative ease and first-time buyers who are struggling to save for a down payment.”

That divide shows up in production patterns as well. Experienced agents, who are more likely to serve repeat and move-up clients, reported much higher shares of repeat and referral business: 

  • Repeat business: Median 28% of business overall, up from 20% a year earlier; 49% for agents with 16+ years in the business versus 0% for agents with two years or less.
  • Referrals from past clients: Median 22% of business overall; 32% for the most experienced agents versus 0% for those with two years or less.

Who Realtors are today

The report continues to show a profession that skews older, female and college-educated:

  • The typical Realtor is a 57-year-old white female who owns her home.
  • Women account for 66% of all Realtors, up from 63% in the previous survey.
  • 86% of members own their primary residence, and 41% own a secondary property.
  • 73% say real estate is their only occupation; 27% have another income source.
  • The median household income for Realtors’ households is $141,100.

Most members had careers outside real estate before entering the field. Fifteen percent came from sales or retail and another 15% from management, business or finance. Only 6% reported real estate as their first career.

Work patterns and technology

Realtors reported working a median of 35 hours per week in 2025, unchanged from the prior year. Work hours vary by role, with sales agents reporting a median of 30 hours per week and brokers and managers who sell reporting a median of 40–45 hours per week.

Technology use remains nearly universal, with 96% using a smartphone daily or nearly every day for business and 93% use email, 55% use social media apps and 52% use GPS on their phones daily or nearly every day, while 73% maintain a business website, most commonly featuring their own listings (82%), consumer education content (70%) and a link to their firm’s site (62%).

Despite the push toward virtual tools earlier in the decade, most business is still not directly traceable to virtual tours or open houses. NAR found 62% of Realtors got none of their 2025 business from in-person open houses, and 81% got none from virtual tours.

Looking ahead

With 75% of members very certain they will remain in real estate over the next two years, NAR’s profile suggests that entrenched practitioners with strong repeat and referral pipelines will continue to control a large share of transactions if sales volumes stay near current levels.

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

This post was originally published on here

Seasoned real estate agents are anchoring the residential market as buyers confront the toughest affordability environment in decades, according to the National Association of Realtors’ (NAR) 2026 Member Profile, published on Thursday.

The annual report, based on 2025 transactions and trends, shows the typical member now has 13 years of experience, up from 12 years in the prior survey. NAR membership stands at 1,438,569, as of late June 2026, according to the release.

Three-quarters of members (75%) say they are “very certain” they will remain active in real estate for at least the next two years, edging up from 74% a year ago, despite an existing-home sales pace just above 4 million units — the lowest level since 1995, according to the report.

“The real estate market has been operating under suppressed conditions for more than three years, and yet the typical Realtor continues to gain experience and stay committed to the profession,” Jessica Lautz, NAR deputy chief economist, said in the association’s announcement. “What we are seeing is a more seasoned industry — professionals who are leaning on referrals, repeat clients and deep market knowledge to navigate one of the most challenging buyer environments in decades.”

Experience and production

The profile underscores a widening gap between newer and veteran agents, with 15% of members having two years or less in the business, while 23% have 26 years or more. Additionally, the typical agent closed nine transaction sides in 2025, with a median individual sales volume of $2.7 million for brokerage specialists, up from $2.5 million in 2024. Newer agents, which the report defines as Realtors with experience of two years or less, had a median of two individual transaction sides and $330,000 in sales volume, while mid-career agents (6–15 years) had a median individual volume of $3.3 million.

On the income side, median gross income from real estate activities reached $59,200 in 2025, a slight increase from $58,100 in 2024. Agent income continues to scale with tenure with Realtors with 16 or more years of experience reporting a median gross income of $88,500, up from $78,900 and members with two years or less in the business earning a median of $8,000, just below $8,100 a year earlier.

Median total business expenses rose to $9,530 from $8,010, with vehicle costs the largest category at $1,580.

Teams and business models

For the first time, NAR separated individual and team production data, reflecting how often agents now work in formal teams. According to the report, 21% of Realtors worked as part of a team in 2025, with a median of four team members. Individually, the typical agent reported nine transaction sides; as a team, the median was 32 sides. In addition, team-based brokerage specialists reported median sales volume of $17.5 million, compared with $2.7 million individually. Residential specialists on teams typically closed $11.9 million in volume, while commercial specialists reported $21 million.

The report also found that even as brokerages consolidate, most Realtors remain affiliated with independent brokerages, with 53% of members reporting they are with independent companies. The median tenure for members with their current firm is six years.

Affordability is the top client constraint

NAR’s survey asked brokerage specialists to identify the most important factors limiting potential clients from completing a purchase. Housing affordability again led by a wide margin at 27%, compared to 12% for lack of inventory and 11% for difficulty finding the right property.

Lautz said in the release that the market “is sharply divided between repeat buyers with housing equity who can move with relative ease and first-time buyers who are struggling to save for a down payment.”

That divide shows up in production patterns as well. Experienced agents, who are more likely to serve repeat and move-up clients, reported much higher shares of repeat and referral business: 

  • Repeat business: Median 28% of business overall, up from 20% a year earlier; 49% for agents with 16+ years in the business versus 0% for agents with two years or less.
  • Referrals from past clients: Median 22% of business overall; 32% for the most experienced agents versus 0% for those with two years or less.

Who Realtors are today

The report continues to show a profession that skews older, female and college-educated:

  • The typical Realtor is a 57-year-old white female who owns her home.
  • Women account for 66% of all Realtors, up from 63% in the previous survey.
  • 86% of members own their primary residence, and 41% own a secondary property.
  • 73% say real estate is their only occupation; 27% have another income source.
  • The median household income for Realtors’ households is $141,100.

Most members had careers outside real estate before entering the field. Fifteen percent came from sales or retail and another 15% from management, business or finance. Only 6% reported real estate as their first career.

Work patterns and technology

Realtors reported working a median of 35 hours per week in 2025, unchanged from the prior year. Work hours vary by role, with sales agents reporting a median of 30 hours per week and brokers and managers who sell reporting a median of 40–45 hours per week.

Technology use remains nearly universal, with 96% using a smartphone daily or nearly every day for business and 93% use email, 55% use social media apps and 52% use GPS on their phones daily or nearly every day, while 73% maintain a business website, most commonly featuring their own listings (82%), consumer education content (70%) and a link to their firm’s site (62%).

Despite the push toward virtual tools earlier in the decade, most business is still not directly traceable to virtual tours or open houses. NAR found 62% of Realtors got none of their 2025 business from in-person open houses, and 81% got none from virtual tours.

Looking ahead

With 75% of members very certain they will remain in real estate over the next two years, NAR’s profile suggests that entrenched practitioners with strong repeat and referral pipelines will continue to control a large share of transactions if sales volumes stay near current levels.

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

This post was originally published on here

A new charter for the panel that advises the Centers for Disease Control and Prevention on vaccine use substantially refocuses the responsibilities of the committee, downplaying its role in recommending the use of new vaccines and giving it responsibility to assess alternatives for disease prevention.

Whereas previous iterations of the committee’s charter stressed the importance of vaccine research-relevant experience in the selection of its members, the new version, posted to the CDC’s website on Thursday, merely stipulates that the panel as a whole should “represent a balanced range of scientific, clinical, and public health expertise relevant to the Committee’s mission” — a broad umbrella under which people with little experience in vaccines or vaccination policy might conceivably fit.

Read the rest…

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A side effect of the weight-loss drug craze is reshaping the cosmetic-surgery business, sending middle-aged Americans to the operating table years earlier than they once would have. According to a Fortune report published Wednesday, June 24, the phenomenon known as “Ozempic face” — the hollowed cheeks and sagging skin that can follow rapid weight loss on GLP-1 drugs — is driving a surge in demand for facelifts and fat-grafting procedures, particularly among Generation X.

The numbers point to a real shift. The American Academy of Facial Plastic and Reconstructive Surgery reported a 50% rise in fat-grafting procedures in 2024, with surgeons directly attributing much of the increase to patients seeking treatment for facial volume loss after taking weight-loss medications. Houston plastic surgeon Dr. Bob Basu told Fortune that the patient mix has changed dramatically: where facelifts were once mostly sought by people over age 60, he is now seeing far more patients in their 40s and 50s opting for surgical facial rejuvenation.

The cause is built into how the drugs work. Medications such as Ozempic and Wegovy produce rapid weight loss, and that loss doesn’t spare the face. Fat disappears from the cheeks, jawline and neck along with the rest of the body, leaving skin that once felt supported appearing loose, hollow and older. For many younger patients, the result is an aged appearance that fillers alone often cannot fully correct. As Dr. Basu explained, the significant volume loss frequently pushes patients toward surgery years earlier than they otherwise would have considered.

Generation X was already the dominant force in the aesthetics market before the GLP-1 boom, and the popularity of weight-loss drugs is accelerating that trend. According to the American Society of Plastic Surgeons, adults between the ages of 40 and 54 underwent nearly 11 million minimally invasive cosmetic procedures in 2024. They accounted for more than half of all neuromodulator injections, including Botox, Dysport and Daxxify, and represented nearly two out of every five surgical cosmetic procedures performed nationwide.

The economics also help explain the shift. Injectable treatments generally cost less upfront, with Botox averaging roughly $420 per session, but those treatments wear off within several months and require repeated visits indefinitely. Surgical procedures such as facelifts carry a much higher initial price tag, yet the results last significantly longer, making surgery more cost-effective over time for patients committed to maintaining their appearance.

For the medical aesthetics industry, the emergence of GLP-1 medications has created a powerful new growth engine layered on top of an already expanding market. Generation X drives spending on anti-aging treatments and beauty products and has reached its peak earning years. Industry analysts estimate the generation’s collective purchasing power will approach $23 trillion over the next decade, making it the highest-spending generation globally. Combined with rapid adoption of weight-loss medications, that financial strength has clinics, surgeons and medical spas expanding to meet rising demand.

The ripple effects extend well beyond plastic surgery. The explosive growth of GLP-1 medications has already transformed industries ranging from food manufacturers and beverage companies to fitness businesses and pharmaceutical suppliers. Cosmetic medicine is now becoming another major beneficiary, with physicians reporting increasing demand not only for facelifts but also for fat-transfer procedures, skin-tightening treatments and other facial rejuvenation services designed to restore lost volume after dramatic weight reduction.

Social media has accelerated the trend. Platforms including TikTok and Instagram have turned “Ozempic face” into a widely recognized phrase, with before-and-after videos and patient testimonials generating millions of views. That online exposure has increased public awareness of the side effect and prompted many people experiencing facial volume loss to seek consultations they may not otherwise have considered.

Medical professionals, however, continue to urge caution. Plastic surgeons emphasize that not everyone who loses weight on GLP-1 medications develops severe facial hollowing, and surgery is not always the appropriate solution. Many patients achieve satisfactory results with fillers, fat grafting or less invasive treatments, while others benefit simply from allowing their bodies time to stabilize after weight loss. Experts also stress that cosmetic decisions should be made in consultation with qualified, board-certified physicians rather than based on social-media trends or marketing campaigns.

For the business of beauty, however, the direction appears unmistakable. One of the world’s fastest-growing categories of prescription medications has unexpectedly created a booming new customer base for cosmetic surgeons. As millions more patients continue taking GLP-1 drugs to lose weight, the demand for procedures addressing facial aging may continue rising—turning an unwanted side effect into one of the fastest-growing segments of the global aesthetics industry.

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

In the heart of Jerusalem’s city center, at 14 King George Street, there is a shop called Rachel Imenu’s Corner. Within it, a profound human drama about the art of negotiation unfolds daily. This is the home turf of Mr. Yosef Yakovian, the protagonist of the documentary film I am currently working on a film titled For Shoes

Yosef is a retailer of footwear and clothing, but for him, commerce is much more than a profession; bargaining, purchasing, and selling, reading environmental data, analyzing it, and taking action, have flowed in his veins since childhood, as is natural for a son of the culture of the Persian nation. Through his character, my camera seeks to capture an entire way of life that does not stop at the shop’s doorstep but constitutes his gait, language, and second nature an ancient and intimate art that, amid the digital technological era and an accelerated Western culture, sometimes seems to be nearing its end.

“For shoes,” as the Midrash reminds us, the brothers of Joseph the Righteous sold him to the Ishmaelites. Most readers tend to interpret this sale price as an expression of the cheapness of a brother’s life, sold for a paltry and humiliating sum. But perhaps, from an alternative historical and psychological perspective, the “achievement” of the low price can be attributed precisely to the Ishmaelites the desert masters of negotiation, who even then knew how to identify the pressure and cracks on the opposing side, eroding the deal’s price in their favor.

This seam, between the traditional art of commerce and the ability to turn human dynamics into a lever of power, is precisely the key to understanding what is happening today in the global arena. When one looks at the new Memorandum of Understanding signed between Iran and the United States, it becomes clear that this is not a random diplomatic maneuver; it is an instructive lesson in that Persian-Shi’ite negotiation architecture; a masterpiece that blends the political realism of “Mirrors for Kings,” the bazaar mentality, and deep theological and legal principles of Ijtihad, Taqiyya, and Ghaibah.

The bazaar mentality and “Ta’arof” — the psychological lever

While Western leaders conduct diplomacy under a political stopwatch and media pressure, in Tehran they operate in entirely different units of time. The Persian bazaar is not merely a marketplace, but an institution where the opening price is never the final price, and time management is a flexible resource. This principle converges with the refined social code Ta’arof. Ta’arof sanctifies extreme politeness, displays of humility, and exaggerated gestures of respect, but in a political context, it serves as a sophisticated psychological cover designed to obscure intentions, exhaust the opponent, and make them feel morally inferior.

In modern negotiations, this mentality translates into the strategy of brinkmanship. The formula is constant: create a controlled crisis choking shipping lanes in the Strait of Hormuz, uranium enrichment, or activating proxies and then demand that the West “pay” just to restore the situation to its previous state. This is precisely the mechanism underlying the current Memorandum of Understanding. Iran did not surrender a sovereign asset; it merely agreed to reopen the Strait of Hormuz within 30 days. In return for this “gesture,” it receives an immediate exemption from oil export sanctions and 
access to frozen assets. The West breathes a sigh of relief, but in practice, it paid full price for goods that Iran had taken hostage just a few months ago.

While the Americans seek “quick fix” solutions to serve their political timelines, the Iranians act like carpet weavers: knot after knot, with endless patience. The current 60-day interim agreement provides Tehran with immediate economic oxygen, while all the difficult core issues the fate of 60% enriched uranium and the ballistic missile program have been pushed to further talks in Switzerland.

The literature of “Adab” and “Mirrors for Kings” — Persian political realism

To understand the roots of this cynical political realism, one must turn to the philosophy of the Near East. Those who most directly and practically shaped and wrote about the art of negotiation, diplomacy, and statecraft in our region
are not metaphysical philosophers, but Persian political thinkers and statesmen. In this cultural tradition, an entire literary genre developed known as “Mirrors for Kings” (Adab literature), which served as a practical guide for rulers, ministers, and ambassadors, distilling management and negotiation tactics centuries before Niccolò Machiavelli.

Three prominent Persian thinkers illustrate how these principles are deeply embedded in Tehran’s political DNA:

  1. Ibn al-Muqaffa (8th century): In his philosophical-practical work, Al Adab al-Kabir (The Great Book of Life’s Manners), he formulated strict rules for managing political relationships and the art of persuasion for the political echelon. He emphasized the supreme importance of concealing 
    intentions, demonstrating restraint and absolute emotional control, alongside the use of calculated compromises as a tool to achieve long term strategic goals.
  2. Nizam al-Mulk (11th century): The grand vizier of the Seljuk Empire, who in his seminal work Siyasat-nama (The Book of Government), dedicated specific chapters to diplomacy and foreign relations. Mulk warned that envoys and ambassadors do not come merely to negotiate but to gather intelligence, identify internal weaknesses, and report on them. Accordingly, he developed tactics of delay and deterrence, teaching how to demonstrate manipulative power against the other side during discussions to manage the discourse from a position of strength and without resorting to war.
  3. Kai Ka’us (11th century): In his renowned work Qabus-nama, dedicated to the conduct of ambassadors, he outlines a model of applied psychology in negotiation. He emphasizes the dynamic need to adapt the message to the target audience: the negotiator must understand the psyche of the person opposite him, speak their language, and know exactly when to use soft and flattering language (similar to Ta’arof) and when to switch to aggressive, unequivocal, and threatening language.

The open gates of Ijtihad: Legal dynamism as a tactical weapon

Upon this historical-secular foundation, the religious layer is superimposed, fundamentally distinguishing the Sunni Muslim world from the Shi’ite-Iranian one, and projecting directly onto the negotiation table: the institution of Ijtihad interpretive innovation and independent legal reasoning. 

According to accepted Sunni Muslim tradition, the “gates of Ijtihad were closed” as early as the tenth century. Although modern research on Islamic law has shown that in practice, independent legal reasoning never completely ceased and its gates were not hermetically sealed, in the institutional Sunni consciousness, the aspiration remained to adhere to past traditions and existing rulings (Taqlid). In contrast, in the Shi’ite world, and in Iran in particular, the gates of Ijtihad were never closed neither in theory nor in practice.

In Shi’ism, the Mujtahid (the senior religious scholar, usually holding the rank of ayatollah) possesses the authority, and indeed the obligation, to reinterpret divine laws anew according to the spirit of the times and changing circumstances. The sanctification of Ijtihad grants the Iranian leadership phenomenal legal and political plasticity and flexibility. While Sunni or Western leaders are often bound by rigid doctrines or written laws, the supreme leader in Iran can, in the name of the dynamism of Ijtihad and within the framework of protecting the interests of the Islamic state (Maslahat), alter religious rulings from one extreme to the other with a stroke of a pen. Suddenly, a compromise considered “treason” yesterday can be declared “heroic flexibility” today. The implication for negotiations is immense: Iran holds an inherent religious-legal license to display political acrobatics, change the rules of the game mid-course, and legitimize any tactical compromise without losing its religious legitimacy.

Between “Velayat-e Faqih” and “Ghaibah” — The asymmetry of concealment

This legal and historical flexibility converges perfectly with Iran’s governmental-religious architecture: the absolute concealment of the supreme leader, the Rahbar. According to the doctrine of Velayat-e Faqih, the rule of the 
jurisprudent shaped by Khomeini—the supreme leader is the official highest Mujtahid, holding absolute authority. However, this rule derives its legitimacy from the concept of Ghaibah, the occultation (disappearance) of the 12th Imam, the Mahdi, who vanished from mortal eyes and will return at the end of days. The supreme leader is perceived as filling his place and leading by his authority. Consequently, he is elevated above the common people and is not supposed to “dirty his hands” with daily political compromises or direct meetings with Western leaders. This cultural and religious distance plays a crucial political and operational role in negotiations, creating an absolute asymmetry within the negotiation room:

  • Absolute immunity from direct responsibility: Since the supreme leader is not physically present in Geneva and does not sign any document, he holds an absolute and immune right of veto. He can, at any given moment, invalidate understandings reached by his envoys (such as Parliament Speaker Ghalibaf or Foreign Minister Araghchi), claiming they exceeded their authority or succumbed to pressure.
  • Preservation of myth and deterrence: Preventing the leader’s exposure to investigative journalism, difficult questions, or public confrontations maintains his aura of power, determination, and sanctity among his supporters in Iran and the network of proxies across the Middle East.
  • Built-in division of roles: The leader remains ideologically rigid and pure, while allowing his articulate technocrats and diplomats to present a moderate and pragmatic facade to the West. This double game allows Iran to demonstrate “cultural offense” in response to harsh Western statements, 
    and to extract further concessions under the threat that “the conservatives at home will blow everything up.“ 

Legitimacy for concealment: The principle of “Taqiyya

It is impossible to understand the Iranian willingness to sign agreements, such as the current agreement to return inspectors from the International Atomic Energy Agency (IAEA), without understanding the concept of Taqiyya. Taqiyya is a religious injunction rooted in Shi’ism, which permits concealing one’s true beliefs, lying, or presenting a false front in times of distress, danger, or a threat to the community.

In a political context, the leadership of the revolution perceives Iran as being in a constant struggle for survival against “global arrogance” (Western imperialism). Under this worldview, the use of ambiguity, signing vague formulations, and presenting false pretenses regarding the true intentions of the nuclear program are not seen as a lack of diplomatic integrity, but as a supreme religious and strategic duty to protect Islam and the revolution. Iran allows the return of inspectors (a tactical step) to remove the economic blockade, but reserves the right to interpret the extent of the inspection’s “intrusiveness” at its most sensitive sites.

Conclusion and future outlook

The current Memorandum of Understanding does not mark the end of the diplomatic game, but rather the relocation of its pieces to a much more advanced and dangerous stage. While the West tends to celebrate short-term 
tactical achievements of temporary calm or the opening of trade routes, Tehran conducts a broad strategic campaign in which time, patience, and cultural depth are the primary resources.

Just as the Ishmaelites in the desert knew how to buy Joseph “for shoes“ through a brilliant identification of the vulnerabilities and psychological pressure of the opposing side so too does the Iranian leadership continue to guide Western powers through the pathways of global negotiation. As long as Western perception insists on analyzing Tehran’s moves through linear and technocratic lenses, while ignoring the historical and religious baggage that shapes its actions from the realist state theory of the Siyasat-nama, through the flexible legal space of Ijtihad, and up to the veil of ambiguity of Taqiyya it will find itself repeatedly led step by step, thread by thread, into the intricate Persian carpet woven for it by the diplomatic masters of the Islamic Republic. 

The writer, a PhD, is a theater director, an expert on Iranian culture and religion, and is a member of the Bama Tova organization.

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Uriah Cohen, 38, a Yitzhar resident, was indicted on Thursday over a June 6 incident in Huwara, in the northern West Bank, in which prosecutors say he blocked a Palestinian vehicle, pointed an assault rifle at its occupants, and fired into the air.

The prosecution asked the Petah Tikva Magistrate’s Court to detain Cohen until the end of proceedings. He is charged with firing a weapon in a residential area in a manner endangering life, threats, reckless and negligent acts, obstruction of justice, and being an accessory after the fact.

According to the indictment, Cohen and a co-owner of the flock identified as Yakir called on people from the area to help locate sheep after the animals left Tzafnat Farm, an agricultural outpost near Tapuah Junction.

An April Peace Now analysis, based on reports of a March 25 Security Cabinet decision that was not formally published, listed Tzafnat among West Bank outposts slated for retroactive authorization.

The defendant pointed his weapon at occupants of another car

At about 10:37 a.m., prosecutors said, Cohen drove into Huwara with an unidentified masked man. Both were armed with assault rifles. Cohen allegedly then swerved into the path of a Hyundai Tucson with Palestinian registration plates, blocking it and causing the vehicle to hit his car.

Cohen and the masked man then got out, ordered its occupants to leave, and pointed their weapons at the vehicle to frighten them, the indictment said.

Cohen allegedly fired into the air. As the Hyundai fled, the masked man allegedly fired toward it.

The indictment says Yakir later arrived at the scene on a quad bike with an unidentified passenger wearing the upper part of a military uniform and a military helmet. Other unidentified people arrived on foot.

Yakir is not among the people whom the indictment alleges carried out the assault that followed.

The sheep search quickly devolved into assault

According to the charge sheet, the people who arrived on foot and the helmeted passenger approached another Hyundai carrying two Huwara residents and ordered them out. They allegedly opened the doors and pulled the two men from the vehicle.

The group, joined by the masked man who had arrived with Cohen, then allegedly beat the two men with fists, a club, and a rifle butt.

One man suffered bleeding in the brain, fractures around his right eye and cheek, and cuts to his face, and was hospitalized in intensive care, according to the indictment. The second man was also injured. Both were left lying on the road.

Footage shows Cohen collecting shell casings from the scene

Cohen is not charged with carrying out the beating. The indictment says he pulled the helmeted passenger away while he was punching one of the victims.

Prosecutors allege that Cohen later collected shell casings from the road. The masked man and the helmeted passenger then got into Cohen’s car, and Cohen drove them away, passing the two injured men as they lay on or beside the road, according to the indictment.

The detention request says the state has security-camera footage, a bystander’s phone recording, testimony from soldiers posted in the area, medical records, and statements from the victims.

It says the footage shows Cohen stopping the first vehicle, bending down to pick something up from the roadway, pulling the helmeted man away from one victim, and leaving with the masked and helmeted men.

The prosecution said Cohen acknowledged being at the scene and identified himself in the security footage, but gave what it described as contradictory explanations for stopping the first vehicle. It said he did not identify the masked man who was with him or other people at the scene.

Kan reported that an IDF debrief found that the flock had escaped after the pen gate was left unsecured, rather than having been stolen. That finding is not part of the indictment.

Cohen’s lawyers at Honenu rejected the allegations, saying he believed the sheep had been stolen and acted in self-defense.

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US President Donald Trump raised eyebrows when he revealed on Wednesday that Turkey had come close to joining the conflict involving Iran, but ultimately stayed out of it after a personal request from him. At the same time, Trump showered Turkish President Recep Tayyip Erdogan with praise and hinted at future steps that could significantly strengthen Turkey’s military capabilities, developments that are causing concern in Israel.

When speaking at the meeting with NATO Secretary General Mark Rutte at the White House, Trump described his conversations with Erdogan during the regional crisis.

“I like him. He’s a friend of mine. And he stayed out of the war,” Trump said. “You know, he was a leading candidate to get involved in the war with Iran.”

Trump acknowledged Erdogan’s strained relationship with Israel, but said the Turkish leader nevertheless respected his request.

“He’s not a big fan of Israel, as you know,” Trump said. “And I asked him to stay out of it, and he stayed out.”

Ahead of a planned visit to Turkey next month, Trump continued to lavish praise on Erdogan.

“Erdogan is a strong man,” he said. “Everything I’ve ever asked him to do, he’s done.”

Trump and Erdogan’s relationship

According to Dr. Gallia Lindenstrauss, a senior researcher at Israel’s Institute for National Security Studies (INSS), Trump views Erdogan as a leader who can deliver results.

“Trump sees Erdogan as someone who can deliver what he needs and as a leader who wins,” Lindenstrauss said. “We know that Trump is attracted to successful leaders.”

Dr. Assa Ophir, an expert on Turkey and the Middle East, said that the relationship goes both ways.

“Erdogan values Donald Trump because he feels he can do business with him,” Ofer explained. “He has managed to obtain things from Trump that he simply could not secure from previous US presidents.”

Trump is helping to modernize the Turkish airforce

The Trump administration has begun advancing measures that could significantly strengthen Turkey’s air force. The Turkish Air Force currently relies largely on old US-made F-16 fighter jets and domestically produced drones such as the Bayraktar, which gained widespread attention during the war in Ukraine.

Lindenstrauss noted that modernizing the air force is one of Erdogan’s top priorities.

“The issue of the air force is a major concern for Erdogan,” she said. “Turkey’s air force is currently at a relative disadvantage. The goal is to achieve greater independence, and one of Erdogan’s key priorities in recent years has been developing Turkey’s domestic defense industry.”

As part of that effort, the US administration approved a deal worth hundreds of millions of dollars to supply engines for Turkey’s indigenous fifth-generation fighter jet program, known as KAAN.

“Turkey is working on building its own fighter aircraft, the KAAN,” Lindenstrauss explained. “But it needs engines, and those still have to come from the Americans. Without them, the project is effectively stalled.”

Israel and NATO concerns about Trump’s relationship with Erdogan

The issue generating the greatest concern in Israel is the possibility that Turkey could eventually regain access to the F-35 stealth fighter program. For years, Israeli officials have lobbied Washington to prevent such a sale.

Prime Minister Benjamin Netanyahu previously addressed the matter last year, saying: “We will continue our efforts to equip our outstanding pilots with the best tools available. And I would add: we will also work to ensure that those who should not receive these capabilities do not receive them.”

Trump’s recent comments, however, have fueled speculation that his administration may be reconsidering the issue.

“He’s a member of NATO,” Trump said of Erdogan. “Some people don’t consider him one, but he is. He’s a strong member of NATO.”

He then added: “Yeah, I’m probably going to do something that will make him very happy.”

Until now, the United States has refused to sell F-35 fighter jets to Turkey because of Ankara’s decision to purchase and operate Russia’s S-400 air defense system. Western officials have long argued that operating the S-400 alongside the F-35 could allow Russia to gain valuable intelligence on the aircraft’s stealth capabilities.

“As long as Turkey possesses the S-400 system, NATO views it as a Trojan horse,” Lindenstrauss warned.

Earlier this week, however, US Vice President JD Vance indicated ‌that a review was underway to see how the United States could sell ⁠Turkey F-35 fighter jets, given Ankara’s 2019 acquisition of Russian S-400 missile defense systems.

“Pete and the entire team are reviewing this right now, ‌because ⁠there are certain things that we have to certify have happened… in ⁠order to comply with American law. The president has ⁠asked us to do that,” Vance ⁠told reporters.

Erdogan’s anti-Israel rhetoric has become increasingly hostile since 2023

The prospect of Turkey gaining access to more advanced military technology is cause for concern in Israel, given Erdogan’s increasingly hostile rhetoric toward the country since the outbreak of the war in Gaza.

“Israel must be stopped,” Erdogan declared in a recent speech. “This is the duty of humanity, and of all those who stand on the side of humanity. We must not allow history to repeat itself.”

Against that backdrop, many Israeli officials and analysts believe that any significant upgrade to Turkey’s air force could alter the regional balance of power. While some members of Congress continue to push back against future defense deals with Turkey, it remains unclear whether they will be able to stall or stop the trend.

For now, Trump’s remark, “I’m probably going to do something that will make him very happy,” has left policymakers in both Jerusalem and Washington wondering whether a new chapter in US-Turkey defense relations is about to begin, and what that could mean for Israel’s security interests.

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Marathon meetings in the Knesset House Committee were scheduled for Thursday next week as the coalition moves to advance at a rapid pace the controversial Basic Law: Torah Study bill pushed by haredi (ultra-Orthodox) parties.

The bill seeks to enshrine Torah study in the country’s Basic Law as part of a proposal that critics argue encourages draft evasion and changes the status of yeshiva students who do not serve, enabling them to continue receiving state benefits.

The first committee meeting on Sunday to advance the legislation is set to take place over the course of eight hours, from morning until evening. There are then two more meetings set for Monday and Tuesday.

Opposition coordinator Merav Ben-Ari (Yesh Atid) subsequently sent a letter to Knesset Speaker Amir Ohana (Likud) on Thursday, in which she argued that the lawmakers did not have enough time to prepare in advance for so many discussions beginning already on Sunday.

The haredi parties – Shas and United Torah Judaism – had boycotted coalition voting last week and into this week, stating that they would not cooperate with Prime Minister Benjamin Netanyahu’s coalition until there was advancement with the legislation they have been pushing for.

On Tuesday, leaders of Degel Hatorah and Shas, MKs Moshe Gafni and Arye Deri, released a joint statement saying they had held a meeting with Netanyahu.

The two stated that the prime minister had “made it clear at the meeting that he is committed to approving the laws and will work to advance them quickly.”

There had previously been contentious wording in the bill’s proposal that equated those who study Torah with those who serve in the IDF, which has now been removed in the new draft of the legislation.

Critics argue that the implications of the legislation would still grant sweeping state benefits to draft evaders, despite the change of wording.

New proposal calls Torah study ‘fundamental value’ of Jewish, Israeli heritage

The wording in the new proposal, seen by The Jerusalem Post on Thursday, focuses on Torah study as being “a fundamental value in the heritage of the Jewish people and in the State of Israel.”

The bill passed its preliminary reading earlier this month and must still be advanced in a Knesset committee before undergoing three more required readings in order to come into effect.

In a controversial move on Monday, the legislation was approved to be moved to the Knesset’s House Committee for advancement, rather than to the Constitution, Law, and Justice Committee, which is led by MK Simcha Rothman (Religious Zionist Party).

Rothman argued that the decision to transfer the legislation to the House Committee for advancement was “in light of complex scheduling constraints and the creation of an unusual burden on the legislative agenda of the committee.”

However, there have been reports that his decision not to advance the bill in his committee was part of an attempt by Rothman’s Religious Zionist Party, led by Finance Minister Bezalel Smotrich, to distance itself from the contentious legislation.

The House Committee, in contrast, is led by coalition whip MK Ofir Katz, a member of the Likud party.

Knesset legal adviser Sagit Afik warned against moving the legislation to the House Committee, stating that the legal advisory position is that the bill should be discussed in the Constitution, Law, and Justice Committee.

Afik also stressed that the legislation was a significant Basic Law, and “therefore, the legislative process must also be proper and appropriate.”

IDF warns of urgent manpower shortage

The haredi parties have encouraged the coalition to advance legislation that would not increase haredi enlistment. The IDF has repeatedly warned of an urgent manpower shortage after more than two years of war.

In April, the High Court of Justice ordered that the state take concrete steps to revoke key financial benefits from draft evaders and to move toward criminal enforcement against haredi men who evade military service.

In March, IDF Chief of Staff Lt.-Gen. Eyal Zamir said the IDF could soon collapse if no solution was found for the manpower shortage.

The tensions also come amid the coalition’s last Knesset session to advance its legislation before the upcoming elections, scheduled for no later than October 27.

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Prime Minister Benjamin Netanyahu may be working over the weekend to influence Likud lawmakers ahead of a Sunday vote, as part of an effort to secure control over at least the first six reserved spots on the party’s Knesset list ahead of the upcoming elections, Likud MK Amit Halevi told The Jerusalem Post in a Thursday interview.

Halevi is a member of the Likud Constitution Committee, which will hold a vote on Sunday on changing the primary system in a way that could grant Netanyahu authority to select candidates for the highest slots on the party list.

Any decision made on Sunday would still need to be finalized by the committee.

While the Likud holds primaries to determine its Knesset list – set to take place no later than July 28 – there have been numerous reports that Netanyahu has been seeking to change the method of conducting the primaries this year to grant the premier more control and determine the highest slots on the list himself.

There have also been reports that Netanyahu has threatened to leave Likud if the proposed changes are not advanced.

Ahead of the Sunday vote to change the system, Halevi said he believed the prime minister would attempt to speak with Likud MKs “in closed rooms” over the weekend to persuade those who were opposed to the move.

Parties are not mandated to hold primaries in Israel, and only a few conduct them. The Likud has prided itself for years that it conducts primaries in which its over 100,000 registered members are eligible to vote for the Knesset list.

The vote to change the primary system was initially scheduled to take place on Wednesday, but was later pushed to Sunday next week.

“I think he’s trying on the weekend to meet them [Likud MKs] and to say, let’s do this, let’s do that, and he’s trying to build the formula with much less resistance,” Halevi said.

Netanyahu likely to join Likud Constitution Committee meeting

Halevi told the Post that there is a high likelihood that Netanyahu will join the Likud Constitution Committee meeting on Sunday to vote as well.

“If I understood well, the prime minister will be there because… he wants to influence. That’s my opinion, according to my experience,” Halevi said.

Halevi added that he believed it was important for the party to hold its primaries and that he did not believe they would be canceled, despite some reports suggesting otherwise.

“It’s not at all obvious in Israel’s current political climate that there is a party with over 150,000, now already close to 170,000 paying members, who want to be involved and are active, with over 100 branches across the country.”

He said that the primaries made Likud stand out from parties like Blue and White, led by MK Benny Gantz, or Yisrael Beytenu, led by MK Avidgor Lieberman, who decide their own lists.

Halevi said he did not see a contradiction in maintaining the democratic process of primaries and having Netanyahu reserve a limited number of top slots.

“I think there is room to allow the prime minister [to pick the first slots on the list], precisely because of the current era I described: most other parties do not have primaries, and the ability of political competitors to quickly bring in people who are electoral assets is something we need to deal with,” he said.

“People who represent the values of the party, the spirit of the party, and what the party wants to promote in the next elections, these people can be brought in quickly, without going through the long process of primaries,” Halevi said about reserving slots.

“I think it is very important to allow this in order to maximize the chance of victory for the national camp in the elections. What is at stake is extremely significant for our country in the upcoming elections,” he added.

Halevi also argued that reserved slots could help bring in strong candidates from outside the party.

“It’s very hard to come [into Likud] from outside. It’s very hard to take part in a competition like this when you have 15 ministers who are in their positions and another 25 Knesset members. So that’s why there is a rationale to make the reservations too.”

“There are excellent people who simply do not want to go through the primaries. They are not from within the party and don’t have the networks or long-standing connections,” Halevi explained.

Reserved slots may go to Sa’ar, Kahlon

There have been reports that some of the reserved slots could go to figures such as Foreign Minister Gideon Sa’ar and former finance minister Moshe Kahlon.

Regarding who the reserved slots would ultimately be used for, Halevi said he believed some would be allocated to people who “embody the spirit of the party.”

“People from the military or people who paid personal prices in the war, who can strongly express the demand for victory,” he said.

“Maybe former officers, people who served and sacrificed, or people with strong public service backgrounds.

“That is likely the direction. There may also be politicians from the past, I don’t know. But the general direction, from what I understand, is people who represent strength, resilience, and victory,” Halevi continued.

He also stressed that it was most important to do what would be best for the party to succeed in the elections. The debate on how to hold the Likud primaries comes ahead of the general elections, which are set to take place no later than October 27.

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The Dow Jones Industrial Average closed at a fresh all-time high on Thursday, June 25, after the Commerce Department reported that the Federal Reserve’s preferred inflation gauge ran hotter than it has in more than two years, even as a blockbuster earnings report from Micron Technology and a sell-off in Apple split Wall Street down the middle.

The blue-chip index rose roughly 300 points, about 0.6%, to a new record, topping its prior peak set on June 16. The gains came from outside technology, with healthcare, financial, and industrial names carrying the load. The S&P 500 finished little changed, while the tech-heavy Nasdaq Composite slipped about 0.4% as the market’s biggest companies fell out of favor.

The session reflected a market rotating away from the handful of mega-cap technology companies that have powered much of Wall Street’s rally this year and into more traditional sectors viewed as better positioned for a higher-interest-rate environment.

Driving the day’s trading was the latest inflation report. The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, rose at a 4.1% annual rate in May, the highest reading since April 2023, while prices increased 0.4% from the previous month. Excluding food and energy, core PCE climbed 3.4% from a year earlier. Although the annual reading matched economists’ expectations, the monthly increase came in slightly below forecasts, helping calm fears that inflation was accelerating even further.

The rise in inflation has been fueled in part by higher energy costs following the U.S.-Iran war, which began on February 28 and pushed oil prices sharply higher during the spring. Chicago Federal Reserve President Austan Goolsbee told CNBC that inflation remains “too high” and is moving in the wrong direction, while many Federal Reserve officials continue signaling that additional interest-rate increases later this year remain on the table.

Market movers

The day belonged to Micron Technology, whose shares surged about 17% after the memory-chip maker reported fiscal third-quarter results that easily exceeded Wall Street’s expectations. The company earned an adjusted $25.11 per share, well above analysts’ estimates of $20.78, while revenue climbed to $41.46 billion, more than four times the $9.3 billion reported during the same period last year.

Micron also forecast approximately $50 billion in revenue for the current quarter and highlighted 16 long-term supply agreements, easing concerns that demand tied to artificial intelligence infrastructure was beginning to cool.

The strong results lifted the broader semiconductor sector. Qualcomm climbed about 10% after raising its outlook for non-handset revenue and announcing a new partnership with Meta Platforms.

Technology’s biggest drag came from Apple, whose shares fell about 4% after announcing price increases across portions of its MacBook and iPad lineup, citing rising memory and semiconductor costs. The move raised fresh concerns that higher component prices are beginning to flow through to consumers.

Microsoft also declined nearly 4% after announcing price increases for several Xbox consoles, including a $100 increase for its 512-gigabyte model and a $150 increase for its 1-terabyte version.

Outside technology, Caterpillar advanced about 5%, while JPMorgan Chase gained roughly 2% after naming Doug Petno and Troy Rohrbaugh as co-presidents, another step in Chief Executive Jamie Dimon’s long-term succession planning.

One of the session’s biggest winners was Bayer, whose U.S.-listed shares soared approximately 16% after the U.S. Supreme Court ruled 7-2 that the company was not required to provide additional warnings regarding alleged health risks associated with its Roundup weedkiller, significantly reducing legal uncertainty surrounding thousands of pending lawsuits.

Food manufacturer McCormick & Company also moved higher after reporting adjusted earnings of 80 cents per share, comfortably exceeding analysts’ expectations of 69 cents, as consumers continued spending more on meals prepared at home.

Commodities and volatility

Oil prices edged higher following reports that Iran’s Revolutionary Guard attacked a vessel in the Strait of Hormuz, renewing concerns about potential disruptions to one of the world’s most important energy shipping lanes. Despite the gains, crude oil remained well below the highs reached immediately after the conflict began earlier this year.

Gold hovered near the $4,000-per-ounce level as investors continued balancing inflation concerns with safe-haven demand.

Meanwhile, the Cboe Volatility Index (VIX), Wall Street’s closely watched fear gauge, remained near 19, suggesting investors remain cautious but not overly concerned about near-term market volatility.

For consumers, Thursday’s trading highlighted two competing realities. Strong gains in industrial, healthcare, and financial stocks suggest the broader economy remains resilient, but persistent inflation and rising technology prices from companies such as Apple and Microsoft indicate households continue facing higher costs for everyday products. At the same time, the Federal Reserve appears more focused on containing inflation than providing relief through lower interest rates.

Investors will now turn their attention to Friday’s final reading of the University of Michigan’s June Consumer Sentiment Index, which could offer additional insight into how Americans are feeling about inflation, spending, and the overall economy.

JBizNews Desk
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Buying a first home has gotten materially harder for young adults in most major U.S. metros since 2019, as home values have far outpaced income gains and higher mortgage rates push monthly payments out of reach, according to a new Pew Research Center analysis of American Community Survey data.

The study focuses on households headed by adults under 40 and compares inflation-adjusted changes in both home values and incomes from 2019 to 2024 across 160 metropolitan areas. It offers one of the clearest national snapshots yet of how the post‑pandemic housing market is reshaping demand from the rising generation of buyers.

The numbers: prices up 30%, young incomes up 9%

Pew’s analysis finds that, nationally, the inflation-adjusted median home value rose 30% between 2019 and 2024, from $269,600 to $350,000.

Over the same period, inflation-adjusted median household income for under‑40 households increased just 9%, from $92,700 to $100,900.

That divergence pushed the price-to-income ratio for young households from 2.9 to 3.5 in just five years. Pew notes the only other time the ratio for young buyers reached this level was during the mid‑2000s housing bubble, when it peaked at 3.6 in 2006. Before 2000, it hovered around 2.5.

For builders and residential real estate professionals, that ratio is a shorthand for how far local prices can stretch before younger buyers are effectively sidelined from homeownership or pushed deeper into exurban markets and smaller metros.

Affordability shock in the payment, not just the price

The data underscore that the affordability squeeze is being driven by monthly cost as much as sticker price.

Pew modeled monthly ownership costs using a 3.5% down payment and average 30‑year fixed mortgage rates:

  • In 2019, on a $269,600 home with a 3.9% mortgage rate, the estimated monthly cost was $1,689.
  • By 2024, on a $350,000 home with a 6.7% rate, the monthly cost jumped to $2,776.

That’s a roughly 64% increase in the monthly payment in five years, even before layering in property tax and insurance hikes many markets have seen during the same period.

The share of renter households under 40 with enough income to afford those modeled monthly costs dropped from 56% in 2019 to 37% in 2024. In other words, nearly two‑thirds of young renters no longer “pencil out” as feasible buyers at today’s price and rate levels, based on Pew’s assumptions.

For homebuilders, that shrinking pool signals more intense competition for qualified younger buyers and continued reliance on move‑up and higher‑income households unless product and incentives can bring monthly payments back within reach.

Down payment remains the first barrier

Even before tackling the monthly payment, many young adults cannot clear the down payment hurdle. A 2024 Federal Reserve survey cited by Pew found that 70% of renters under 40 say they rent because they cannot afford a down payment. That response outranked inability to afford the monthly mortgage itself.

Rising prices have increased the cash needed to close:

  • On a $269,600 home in 2019, a 3.5% down payment plus roughly 3% in closing costs required about $17,500 in cash.
  • On a $350,000 home in 2024 with the same assumptions, the cash needed rises to about $22,800.

This widening gap has implications for builders marketing to first‑time buyers and for agents who rely on entry‑level turnover. Products that can legally and sustainably reduce cash-to-close — buydowns paired with low‑down‑payment loans, pricing of smaller footprints, or partnerships around down payment assistance — are likely to remain central to capturing this segment.

Young adults still value homeownership, but enthusiasm is tempered

Pew’s survey work shows the cultural pull of homeownership remains strong, even as the math gets tougher.

  • Overall, 87% of adults say it is harder for young adults to buy a home today than it was for their parents’ generation. Among adults under 40, that share rises to 89%.
  • At the same time, 67% of Americans say buying a home is a good investment today; 14% call it a bad investment and 18% say it is neither. Adults under 40 are less likely than older adults to say homeownership is a “very” good investment.

For residential pros, this mix — strong perceived difficulty paired with still‑positive long‑term sentiment — suggests demand has not disappeared but is delayed and highly sensitive to small changes in payment, rate and product design.

Affordability is now a local story — and it’s worsening in most metros

Pew’s metro‑level analysis highlights how unevenly the affordability squeeze is playing out.

  • In 142 of the 160 metro areas analyzed, median home values grew faster than the median income of young adult households from 2019 to 2024.
  • Pew classifies metros based on the under‑40 price‑to‑income ratio:
    • Very affordable: 2.5
    • Somewhat affordable: 2.5 to 3.5
    • Somewhat unaffordable: 3.5 to 5
    • Very unaffordable: ≥ 5
  • In 2019, 59% of metros with data were very or somewhat affordable for under‑40 households. By 2024, that share had dropped to 39%.
  • The share of metros that were somewhat or very unaffordable rose from 41% in 2019 to 61% in 2024.

Four states — California, Hawaii, Nevada and Utah — stood out in 2024, with every metro where data was available classified as “very unaffordable” for young adults based on the price‑to‑income ratio. The 10 least affordable metros nationwide were all in California or Hawaii.

By contrast, the 10 most affordable metros for young adults were spread across New York, Illinois, Missouri, Ohio and Pennsylvania, reinforcing the notion that affordability pressures may redirect household formation and job growth toward lower‑cost regions in the Midwest and Northeast.

Why this matters for builders and brokers

The Pew data points to several strategic implications for homebuilders and residential real estate professionals:

  • Product mix and price points. With the young‑renter buyer pool shrinking from 56% “payment‑qualified” to 37% in five years, entry‑level and compact product that can price under local FHA loan limits — and keep total monthly costs closer to 2019 benchmarks — will likely gain share.
  • Geographic bets. Builders allocating capital may find more sustainable first‑time demand in metros that still fall in Pew’s “very” or “somewhat” affordable buckets, particularly in the Midwest and parts of the Northeast, even as coastal markets continue to support move‑up and luxury product.
  • Financing structure as a sales tool. Because the primary pain point is the payment and cash‑to‑close, not just the nominal price, rate buydowns, closing cost assistance and partnerships around down payment help will remain important in converting under‑40 prospects.
  • Longer renter pipelines. With more young households priced out or delayed, builders and agents may need to cultivate longer‑term lead pipelines, including renters who are 3‑5 years from purchase, rather than expecting immediate conversion.
  • Policy and zoning context. The spread of “very unaffordable” metros provides additional data that state and local policy debates around zoning, density, impact fees and infrastructure will directly shape whether younger buyers can form owner‑households within the same metros where they work.

For now, the Pew findings suggest that young adults still want to own, and still broadly view a home as a good investment. But until incomes, prices and rates realign — or product and policy change the math — the under‑40 cohort will remain a constrained and highly selective segment in many U.S. metro housing markets.

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Who got exclusive access to Eli Lilly’s highly anticipated obesity candidate? Why are drugmakers spending so much money on acquisitions? And are hair loss drugs a good investment?

We discuss all that and more on this week’s episode of “The Readout LOUD,” STAT’s biotech podcast. We bring on our colleague Lizzy Lawrence to discuss her scoop that Lilly and the Food and Drug Administration have allowed one person to receive the pharma company’s obesity candidate, retatrutide, through the FDA’s “compassionate use” program.

Read the rest…

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SAN DIEGO — On the exhibition floor at the annual international BIO conference in San Diego, biotech and startup executives hummed around pavilions representing member countries and states, pausing to watch World Cup games on a giant screen at a South Korean contract drug manufacturer’s booth.

Many attendees were thinking about how to compete off the pitch, too. China’s growing power in the business of developing new drugs became a central matter for much of the convention — as well as how to boost biotech in the U.S.

The roadmap of hopes and fears for a U.S.-centric biotech industry followed, both onstage and off: getting a better hold on Washington and beating back pricing policies, as well as moving quickly on artificial intelligence as early strategies yield clues about how to use the technology to gain a competitive edge.

Continue to STAT+ to read the full story…

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A mortgage filing made public this week shows that 601W Companies, the New York real estate firm that owns the 40-story office tower at One South Wacker Drive in downtown Chicago, defaulted on a $343 million loan on June 9. The default is the latest sign that Chicago’s office market continues to struggle years after the pandemic reshaped how and where people work.

The default occurred when the loan reached its maturity date and the outstanding balance was not repaid. In commercial real estate, failing to pay off a loan when it comes due typically triggers a default, even if the borrower has remained current on interest payments. According to the filing, that is what happened at One South Wacker Drive.

The debt was originally provided by Blackstone Mortgage Trust, the commercial real estate lending arm of private-equity giant Blackstone. The company originated the $343 million loan in late 2018, the same year 601W acquired the building for approximately $310 million. Loan records indicate the financing carried an origination loan-to-value ratio of roughly 78%, meaning the debt represented a significant portion of the property’s value at the time.

Like many large commercial real estate loans, part of the financing was packaged into a commercial mortgage-backed security (CMBS). Roughly $159 million of the debt was bundled with other loans and sold to bond investors. While common in commercial real estate, that structure means financial stress at a single office building can affect a broad range of institutional investors beyond the original lender.

The property itself remains one of Chicago’s better-known office towers. The 1.2 million-square-foot building was designed by renowned architect Helmut Jahn and underwent a major renovation shortly before the COVID-19 pandemic disrupted office markets nationwide. Today, however, the tower is approximately 73% occupied, well below the occupancy levels landlords relied on before remote and hybrid work became widespread.

There are signs of progress. Energy developer Invenergy is reportedly negotiating an expansion that could nearly double its footprint in the building. If completed, the deal would meaningfully increase occupancy and strengthen cash flow. But those improvements were not enough to resolve the refinancing challenge before the loan matured.

Blackstone sought to minimize concerns about the default. A spokesperson for Blackstone Mortgage Trust noted that the loan represents less than 2% of the company’s overall portfolio and said the property has been on the lender’s internal watchlist since 2022. The company added that it still views the building’s operating performance as reasonable despite ongoing challenges. Investors appeared to agree, with shares of Blackstone Mortgage Trust slipping only modestly following the news.

For 601W, the situation reflects broader pressures across its portfolio. The company also owns Chicago’s Aon Center, which faces the maturity of a $678 million debt package. Separately, the firm has been involved in a foreclosure dispute tied to the historic Civic Opera Building. At the same time, 601W has continued pursuing acquisitions, purchasing properties at significant discounts as office valuations remain depressed. Recent transactions include the acquisition of 175 West Jackson Boulevard in Chicago and the Wells Fargo Center North Tower in Los Angeles.

The larger story extends far beyond a single office tower.

Across the United States, office values have fallen sharply since 2020 as companies reduced their real-estate footprints and embraced hybrid work arrangements. At the same time, higher interest rates have dramatically increased borrowing costs, making it far more difficult for property owners to refinance loans that were originated when rates were near historic lows.

That combination — lower occupancy and higher financing costs — has created significant pressure throughout the commercial real-estate sector. Owners face declining property values while lenders confront growing risks tied to maturing debt.

The consequences reach beyond landlords and investors. Office towers represent a major source of property-tax revenue for cities. When building values decline, local governments collect less revenue, increasing pressure on municipal budgets. Lower office occupancy also affects restaurants, retailers, transit systems, and other businesses that depend on daily commuter traffic.

Chicago has already seen a growing number of office properties trade at steep discounts compared with pre-pandemic valuations. Some buildings are being converted into apartments or mixed-use developments as owners search for alternative uses.

The default at One South Wacker Drive does not threaten Blackstone or fundamentally alter Chicago’s economy. But it adds another prominent name to the growing list of office buildings struggling to refinance debt in a market that looks dramatically different from the one that existed when those loans were first issued.

For Chicago’s downtown office market, the message remains clear: recovery is happening, but it remains slow, uneven, and far from complete.

JBizNews Desk | New York
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After being removed from the Penn Station reconstruction project by the federal government, the Metropolitan Transportation Authority has rejected an offer from Amtrak to rejoin the effort. Andy Byford, senior adviser at Amtrak, sent a letter to MTA Chair and CEO Janno Lieber on Monday formally inviting the MTA to return as a “fully involved” partner after the agency was taken off the project last year and its original reconstruction plan was scrapped. Lieber declined to sign an agreement to join, questioning whether President Donald Trump and Amtrak would follow through on the development.

The MTA’s rejection marks another chapter in the tumultuous process surrounding the Penn Station reconstruction. Released in 2023, the MTA plan called for replacing Penn Station with a 250,000-square-foot, single-level facility centered around a spacious, light-filled train hall.

However, in April 2025, the Trump administration said it was taking over the project, with Amtrak spearheading the overhaul instead. Department of Transportation Secretary Sean Duffy said the move would save taxpayers $120 million and echoed Trump’s statements that “the days of reckless spending” were over.

Last month, the administration selected a master developer for the project, a joint venture of Halmar International and Skanska. Lieber said the renovation plan had the “appearance of impropriety” because the selection process was “opaque,” according to the New York Times.

The announcement came a day after Duffy said the federal government would spend $8 billion to rebuild the station, as 6sqft previously reported.

Earlier this month, Amtrak released the first renderings of the project. Designed by Practice for Architecture and Urbanism (PAU), the plan references the architectural legacy of the original Penn Station, designed by McKim, Mead & White and demolished in the 1960s, as well as the Farley Building across Eighth Avenue.

Rather than demolishing blocks to relocate Madison Square Garden and build a new station, the design preserves much of the existing structure through “surgical reconstruction paired with radical thinking,” according to PAU.

Inside, the station is centered around a 50-foot train hall with public spaces, including shops, restaurants, bars, and waiting areas. A sculptural stair connects the street to the single-level concourse, which will feature widened corridors, ceiling heights of at least 20 feet, and upgraded public amenities.

Byford said that Amtrak plans to move forward with the project whether or not the MTA agrees to cooperate. Lieber noted that the MTA’s lease agreement with Amtrak gives the agency approval rights for any construction affecting the northern part of the station.

In October, Amtrak sent the MTA a “collaboration agreement” that would have granted the federal government more say over renovation decisions. However, the MTA has not signed on, saying it would compromise the existing lease agreement that gives it significant control over the project, according to the Times.

“The MTA’s Long Island Rail Road and the MTA’s subways carry two-thirds of the daily users of Penn Station,” Lieber wrote, according to Gothamist. “Even more important, the Long Island Rail Road has a prepaid lease running for another 160 years that gives us approval rights for any construction within or affecting the northern half of the station.”

Lieber has also said Amtrak’s plan could lead to higher costs for riders, a contention Byford denied in an interview this week, as reported by the Times. Byford also said Amtrak’s plan would not affect the station’s new Seventh Avenue entrance and 33rd Street concourse, built under Lieber’s leadership and opened in November 2023.

Looking ahead, Lieber said the agency is “ready to collaborate,” but rejected the creation of a new agreement that would eliminate the rights it holds under the lease. “In order to do it, just send us the plans, brief us, and we will give you feedback,” he said, according to Gothamist.

Amtrak says construction on the project will begin by the end of 2027. For now, the agency still needs to secure funding and reach an agreement with all involved parties.

RELATED:

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In a stunning turn of events, US Vice President JD Vance told the media outlet Unherd on Thursday that CENTCOM officials will meet with Iranian Islamic Revolutionary Guard Corps (IRGC) officials in Doha, Qatar, to resolve conflicts between the sides.

“One of the things we wanted to come out with,” he tells me, was a “channel on the Iranian side” for reducing conflict.

“Which we did. They were like, ‘OK, fine, we’ll send somebody from the IRGC to go hang out in Doha with somebody from CENTCOM,’ and that’s how we’re going to settle a lot of these disputes,” Vance told Unherd.

The statement might cause whiplash for observers who know that seemingly only moments ago, CENTCOM was part of a bombing campaign with Israel in which IRGC officials all over Iran, killing them in large numbers, likely hundreds, if not in the thousands.

Although Israel took the lead for assassinating senior IRGC officials, it is likely that CENTCOM had a significant hand in this as well.

CENTCOM, IRGC officials to hold direct talks in Qatar

Further, US law currently defines the IRGC as a terror group, leaving the legality of such meetings in a gray area.

In fact, usually when the US meets with enemy countries, especially those connected to intelligence, the CIA often takes the lead, because it can do so covertly and is less bound by standard laws and transparency considerations than the US military.

It was unclear why Vance did not mention the CIA. 

On the other hand, if successful, some observers would say that building trust between military officials from both sides is more likely to help with avoiding future conflict than mere political officials talking to each other.

CENTCOM chief Gen. Brad Cooper has been involved in some past negotiating rounds with Iran, but publicly at least, the Iranian officials involved in those talks were civilian diplomats.

The Jerusalem Post is seeking comment from the Vice President’s Office and the CIA.

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The Israel Navy hosted a German Navy delegation, including a vessel conducting a port visit at the Port of Haifa, the military confirmed on Thursday.

During the visit, the visiting German vessel conducted a joint Passing Exercise (known as a PASSEX) as part of the “efforts to enhance operational cooperation, exchange knowledge, and deepen the professional relationship between the two navies,” the military said.

Other joint activities also occurred during the visit.

These included meetings between the senior officers involved, namely Haifa Naval Base Chief R.-Adm. Erez Ben Zion, and Germany’s 4th Frigate Squadron Chief, Naval Captain Volker Kübsch, and the visiting vessel’s Commanding Officer, Cmdr. Rico Geisler.

During the meetings, Ben Zion, Kübsch, and Geisler discussed the continued cooperation between the two navies and ways to further strengthen ties.

Israel’s submarine ties with Germany’s naval industry

Israel has close ties with Germany’s naval manufacturing industry, having purchased corvettes and several submarines from the European country over the past years.

In May, Israeli defense manufacturing giant, Elbit Systems Ltd., announced that it was expanding ties with the German submarine manufacturer ThyssenKrupp Marine Systems Atlas Elektronic (TKMS), after both companies signed a Memorandum of Understanding.

TKMS had already established ties with the Israeli Navy, selling four new submarines worth billions of shekels, as well as Israel Aerospace Industries, with which it worked on a deal to supply the German Navy with unmanned submarine vehicles.

Defense & Tech by The Jerusalem Post reported in February that the submarines delivered by IAI to TKMS were the autonomous BlueWhale mini-submarines.

USS Gerald R. Ford aircraft carrier docks in Haifa during operations Roaring Lion, Epic Fury

In February, during the build-up to Israel and US airstrikes on Iran as part of operations Roaring Lion and Epic Fury, the world’s largest aircraft carrier, the USS Gerald R. Ford, was sent to dock in Israel. It eventually docked at Haifa Naval Base.

Yonah Jeremy Bob, Shir Perets, and Udi Etzion contributed to this report.

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Ex-deputy NYC mayor Randy Mastro and investigative journalist Richard Behar have filed a suit against NYC Mayor Zohran Mamdani in the state Supreme Court. The petition was viewed by The Jerusalem Post.

The action stems from the mayor’s alleged “pattern of obstruction” regarding Behar’s two Freedom of Information Law (FOIL) requests for all records pertaining to his mayoral actions relating to antisemitism and Israel.

The First FOIL request specifically sought records relating to Mamdani’s Executive Order 1 to rescind the definition of IHRA antisemitism, despite it being adopted by the US government, over 35 US states, over 90 American cities and counties, and many universities.

Behar is seeking all records explaining Mamdani’s rationale for issuing Executive Order No. 1, records assessing its merits, interoffice communications, research, studies, public impact analyses, and directives.

The Second FOIL request sought records relating to the following: Mamdani’s revocation of an Executive Order by the prior mayor that had banned city agencies from participating in economic warfare (BDS) against Israel; Mamdani’s decision to remove NYC Economic Development Corp webpages promoting the city’s ties with Israeli companies and entrepreneurs; and Mamdani’s vow when running for mayor to terminate the public-private partnership between Cornell University and the Technion in Israel.

Behar submitted the two FOIL requests to the Office of the Mayor of New York City on January 13, 2026, and May 8, 2026.

There has been no response.

Behar describes the city’s conduct as ‘unlawful’

According to Behar and Mastro, the City’s conduct in response to the FOIL requests is “unlawful,” mainly because under Public Officers Law § 89(3)(a), an agency must acknowledge a FOIL request within five business days and must grant or deny access to the requested records within a reasonable time thereafter, not to exceed 20 business days.

The case has been expedited by state Supreme Court Judge Gerald Lebovits, and the case will be fully submitted to the judge by July 2 and ready for a decision by that point.

Behar told the Post that the backdrop for his demands is the rising antisemitism in the city, something which has arguably worsened under the anti-Israel mayor.

“At a time when antisemitic violence in New York City has reached historic levels, the public has a compelling interest in understanding why Mayor Mamdani chose, as his first official act, to dismantle the very protections his predecessor had put in place to address this crisis.”

Mastro submitted the petition on Behar’s behalf. Mastro was appointed first deputy mayor of New York City by the previous mayor, Eric Adams. As part of this role, Mastro was tasked with overseeing the newly-established Mayor’s Office to Combat Antisemitism.

Before this, he also served as deputy mayor for operations under former mayor Rudy Giuliani.

Judge Lebovits, who will preside over the case, is the son of a Holocaust survivor. In 2019, he wrote a book named Holocaust Houdinis about his family’s story of survival.

ADL findings on the potential impact of New York’s divestment from Israel

Earlier this month, the Post reported on new research by the Anti-Defamation League (ADL), which found that Israel divestment could cost New York City taxpayers more than $37 billion over the next decade.

Carried out with its affiliate, JLens, the ADL report examines the potential impact on the city’s pension funds of investment policies excluding companies that do business in Israel.

The report estimates approximately $37.55 billion in potential forgone value over a 10-year period, assuming a similar performance gap, when applied to the NYC pension funds’ estimated large-cap US public equity allocations (assets invested in large US companies).

“While some in New York, including Mayor Mamdani, have publicly supported the BDS movement,” Jonathan Greenblatt, ADL’s CEO and national director, said, “this analysis highlights the potentially serious financial consequences of applying BDS-aligned divestment strategies to the city’s pension funds.”

“This research shows that divestment strategies guided by the BDS campaign can be bad fiscal policy, and we believe that they risk contributing to an environment where Jewish New Yorkers are already targeted and marginalized,” he said.

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The UN’s International Maritime Organization announced that it would be pausing its plan to evacuate the Strait of Hormuz on Thursday, following a cargo ship reporting being attacked as it attempted to pass through the strait close to the coast of Oman.

US officials told The Wall Street Journal that the attack had been conducted by the Islamic Revolutionary Guard Corps.

The IMO is currently assisting ships escape the Gulf, hundreds of which have been stranded there since the Iran war began at the end of February.

The ship reported being struck on its starboard side by a projectile 7.5 nautical miles southeast of Oman’s port of Dahit, the British Navy agency UKMTO said.

Iran’s Revolutionary Guards said on Thursday that safe passage through the strait would only be possible through routes designated by Iran, adding that it would take action against vessels that failed to comply.

The vessel hit was the Singapore-flagged container ship Ever Lovely, according to British maritime risk management group Vanguard and three maritime security sources.

The incident was deemed an attack based on initial assessment

The incident was deemed an attack based on initial assessments, British maritime security company Ambrey said.

The strike caused damage to the ship’s bridge but no casualties or environmental impact, the UKMTO said, adding that authorities are investigating the incident and advising vessels to transit with caution.

Another maritime security source said the vessel was likely targeted by a drone, although it was not clear yet who carried out the strike. Iran’s Revolutionary Guards said on Thursday that safe passage through the strait would only be possible through routes designated by Iran, adding that it would take action against vessels that failed to comply.

“If Iran threatens or blocks ships in the strait, “then we’re going to have a problem,” U.S. Secretary of State Marco Rubio, who has been on a tour of the Gulf this week, said prior to the incident.

Oil prices edged up about 1% following the incident, which analysts said rekindled concerns about how long it could take for Gulf oil flows to resume to normal levels.

The vessel hit was the Singapore-flagged container ship Ever Lovely, according to British maritime risk management group Vanguard and three maritime security sources.

The ship’s owner, Taiwan-based Evergreen, could not immediately be reached for comment

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Two trains collided near the village of Bialosliwie in west-central Poland, Polish media reported on Thursday.

The website of TVP Poznan reported that two people were injured and 16 fire brigade teams were dispatched to the scene.

Initial reports had said that a passenger train collided with a freight train, but pictures posted on the website of broadcaster TVN24 appeared to show two passenger trains. The pictures showed that some carriages had come off the tracks.

Footage posted on social media showed people standing next to the tracks and derailed carriages.

This is a developing story.

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An IDF helicopter carrying President Isaac Herzog was forced to make an emergency landing at an Israel Air Force base after hitting a bird, the IDF announced on Thursday.

The helicopter safely landed at the Palmachim air force base, and Herzog was able to take off again in a replacement helicopter a few minutes later.

There were no injuries or damage reported from the incident.

Herzog returning from Operation Protective Edge memorial ceremony

Herzog had been returning from the memorial ceremony on Mount Herzl for soldiers who were killed during Operation Protective Edge, and on his way to a shiva in northern Israel.

The helicopter, the IDF stated, was transferred to IAF technical personnel for maintenance, and the incident is under review.

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China struck back at the Pentagon on Monday, banning exports to 10 American companies, including the only U.S. firms working to build a rare earth supply chain that does not run through Beijing. The order came from China’s Ministry of Commerce, which said it was punishing Washington for adding Chinese firms to a military blacklist earlier this month.

The hardest hit are MP Materials Corp and USA Rare Earth, two leading U.S. producers of rare earth minerals. Rare earths are the magnets and metals inside almost everything modern, from smartphones and electric cars to fighter jets, wind turbines and home appliances. China controls most of the world’s supply, and these two companies sit at the center of America’s push to change that.

The Commerce Ministry placed the 10 firms on its export control list and imposed a full ban on shipping any Chinese-origin “dual-use” goods to them. That is a step up from the old rules, which only required a license. The ban reaches around the world: any company anywhere is now barred from passing Chinese-made dual-use materials to the listed American firms. Also named were drone makers Teal Drones and Jaia Robotics, both owned by Red Cat Holdings, plus motor manufacturer Aveox and Ball Aerospace & Technologies Corp.

China went a second route at the same time. Its Ministry of Finance barred Chinese government buyers from purchasing products from 46 separate U.S. companies. American-owned businesses operating inside China were left out of that procurement ban.

The trigger was a move in Washington. On June 9, the Pentagon updated what it calls its 1260H list, a roster of companies it believes help China’s military. It added some of China’s biggest names, including Alibaba Group, Baidu, electric-car maker BYD and NIO. Being on that list does not bring instant sanctions, but it bars the U.S. Department of Defense from signing direct contracts with those firms starting June 30, with tighter rules on indirect purchases in 2027. In practice, the label scares off other federal agencies and private partners too.

China’s Commerce Ministry said the Pentagon acted with what it called malicious intent and ignored the understanding reached when President Donald Trump and Chinese leader Xi Jinping met in Beijing last month. That meeting had kept a fragile trade-war truce alive. Beijing framed its own export ban as a matter of national security and its non-proliferation duties.

There is a sharp irony in which companies China picked. MP Materials is backed by the Pentagon itself. The Pentagon put $400 million into the company in July 2025 and became its largest shareholder. MP Materials runs the only active rare earth mine in the United States, at Mountain Pass, California. By hitting it, Beijing aimed straight at the heart of America’s plan to wean itself off Chinese minerals.

That plan still has a long way to go. The United States produced its most rare earth material in decades last year, yet domestic mines covered only about a third of what the country used. The rest was imported, roughly 71% of it from China. So even as Washington races to build its own supply, it still leans heavily on the country it is fighting with.

Some experts say Monday’s move stings less than it looks. Han Shen Lin, China country director at the consultancy The Asia Group, said the countermeasures are largely symbolic. Most of the targeted American companies have little or no real business inside China, so a ban on selling to them or buying from them does not change much day to day.

The bigger worry is what it signals. For more than a year the two governments have traded blacklists, tariffs and export limits while trying not to tip back into a full trade war. Rare earths are China’s strongest card. By aiming its controls at the exact firms America is using to escape that grip, Beijing showed it is willing to play that card rather than just hold it.

For U.S. manufacturers, the stakes are real. Rare earth magnets go into car motors, missiles, jet engines and the gadgets in most people’s pockets. Aerospace makers have already warned of shortages of materials like yttrium, used to keep engine parts from melting. Any squeeze on supply can raise costs and slow production, and those costs eventually reach the people buying the cars and electronics.

Here is the plain bottom line. The new bans hit a small number of companies and may not move prices this week. The longer story is a slow, expensive race: America trying to build a rare earth industry of its own, and China using its dominance to make that race as hard as possible.

JBizNews Desk | New York

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

JPMorgan Chase has named Doug Petno and Troy Rohrbaugh as co-presidents effective immediately — the clearest step yet in the board’s planning for an eventual successor to CEO Jamie Dimon.

Dimon, who has led JPMorgan since 2006, remains as chairman and CEO. Over his tenure, he has reduced the bank’s direct mortgage origination footprint in favor of higher-return businesses while tightening credit in certain channels and focusing on cross-sold, relationship-based lending.

In addition to their new companywide roles, Petno will become sole CEO of the Commercial & Investment Bank (CIB), a position he previously shared with Rohrbaugh. Meanwhile, Rohrbaugh will become CEO of Consumer & Community Banking (CCB), the bank announced Thursday.

Petno, a 35-year veteran of the firm, spent more than two decades in Global Investment Banking and previously led JPMorgan’s Global Natural Resources Group. Rohrbaugh joined the bank in 2005. He served as co-head of Markets & Securities Services and previously headed Macro Markets.

The CIB and CCB represent JPMorgan’s two largest operating units, each of which carry significant implications for the housing finance industry. They handle retail mortgage origination, securitization, trading and capital markets access for large nonbank lenders and real estate investment trusts (REITs).

The promotions are part of the board’s ongoing process to “preserve top qualified internal succession candidates” and ensure leadership continuity at the top of the company.

Dimon has repeatedly indicated he does not intend to remain CEO for “another five years,” increasing investor and regulatory pressure for visible succession planning at the bank.

Mortgage implications

In the mortgage space, the bank continues to play a smaller role in origination than it did a decade ago, even as it remains critical in servicing, warehouse lending, mortgage-backed securities (MBS) markets and mortgage servicing rights (MSR) financing.

JPMorgan’s origination volume hit $13.7 billion in the first quarter of 2026, up 46% year over year. Retail channels drove the majority of that production (63.5%). The bank’s home lending revenues reached $1.23 billion. Chase was the fourth-largest U.S. mortgage lender during that period, according to Inside Mortgage Finance.

In shareholder letters and investor discussions, Dimon has argued that streamlining origination standards, servicing requirements and securitization rules could lower mortgage costs and increase lending without materially increasing risk. He has estimated that reforms could generate hundreds of billions of dollars in additional mortgage lending per year.

Succession planning

As part of the announcement, Marianne Lake — the current CEO of CCB who previously served as the bank’s chief financial officer — will retire from the firm after more than 25 years of service. She will work with Rohrbaugh and other senior executives over the coming weeks to support a smooth handoff, the bank said.

Lake has been one of a small group of executives widely viewed as potential successors to Dimon. As head of the consumer bank, she navigated the business through the COVID-19 pandemic, a rapid rate-hiking cycle, and a period in which JPMorgan pulled back from some lower-margin and noncore mortgage origination channels, ceding share in home loans to nonbanks.

Petno and Rohrbaugh were also awarded $30 million in retention equity, while Mary Erdoes, CEO of Asset & Wealth Management, and chief operating officer Jennifer Piepszak were awarded $20 million.

The awards come in the form of restricted stock units that cliff vest after three years, subject to a performance condition: JPMorgan must deliver an average return on tangible common equity of at least 12% across 2026, 2027 and 2028. Net shares are subject to a two-year post-vesting holding period, as well as the firm’s existing stock ownership and retention rules for operating committee members.

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There was a time when knowing how to use a computer, Microsoft Word, Excel, email, and the internet was considered optional. Today, those skills are required in virtually every workplace.

Artificial intelligence is rapidly becoming the next essential business skill.

Recognizing that shift, JBiz has announced the launch of its Leadership AI Operations Summit, a two-day executive training program designed to help business owners, executives, managers, employees, entrepreneurs, and professionals become certified in today’s most widely used AI platforms.

The summit will take place July 13–14, 2026, from 10:00 a.m. to 5:00 p.m. daily, at the Sheraton Eatontown Hotel in Eatontown, New Jersey.

A major feature of the summit is professional certification. Every participant who completes the program will receive a Certificate of Completion in AI Platforms for Business Operations, recognizing their training in practical AI business applications and workplace implementation.

“Just as computers, Word, Excel, email, and the internet transformed the workplace, AI platforms are now transforming how businesses operate,” said Duvi Honig, founder of JBiz. “Those who learn how to use these tools effectively today will have a significant competitive advantage tomorrow.”

Unlike traditional seminars that focus primarily on theory, the Leadership AI Operations Summit is designed as a hands-on executive training experience.

Participants will engage in live demonstrations, practical exercises, implementation frameworks, business-focused use cases, and real-world applications designed to help attendees immediately put AI to work inside their organizations.

The summit will cover how AI can be used for:

• Emails, reports, and business communications
• Research and information gathering
• Marketing and content creation
• Customer service and sales support
• Workflow management and automation
• Data analysis and business operations
• Presentations, proposals, and strategic planning
• Productivity and efficiency improvement

Attendees will receive training on many of today’s leading AI platforms, including ChatGPT, Claude, Gemini, Grok, Microsoft Copilot, Perplexity, Meta AI, Mistral, Claude Code, and other emerging AI technologies.

The program is designed for organizations of all sizes and industries. Business owners, executives, managers, and employees are encouraged to attend together to maximize implementation, collaboration, and workplace impact.

The summit’s focus is not simply learning about AI but understanding how to apply it in daily operations. Organizers say businesses are increasingly using AI to save time, reduce costs, improve productivity, strengthen customer service, automate repetitive tasks, improve decision-making, and streamline workflows.

For many companies, the challenge is no longer whether AI will become a core business tool. The challenge is ensuring their workforce understands how to use it effectively before competitors gain an advantage.

Businesses that embrace AI strategically may gain advantages in efficiency, productivity, customer service, and growth. Those that delay adoption risk falling behind as competitors move faster, make better-informed decisions, and operate more efficiently.

Corporate group registrations are already generating significant interest, and organizers note that executive seating is limited.

Registration is now open at www.OJChamber.com.

For more information, contact Esther@OJChamber.com or call 212-659-5270 ext. 104.

JBizNews Desk | New York

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

For much of the modern era, authority was largely a function of position. Governments, international organizations, major media outlets, and established institutions occupied a privileged place in public life because they were assumed to possess both expertise and legitimacy. 

Their conclusions carried weight not only because of the evidence they presented but also because of who they were. Today, that assumption is increasingly being challenged.

Across much of the democratic world, public trust in institutions has declined. Surveys consistently show growing skepticism toward governments, political parties, traditional media, and, in many cases, international organizations. 

The reasons are varied – political polarization, information overload, perceived bias, institutional failures, and the democratization of information through digital technology – but the consequence is clear: institutional authority no longer guarantees public trust.

Yet the erosion of trust in traditional institutions has not produced a vacuum.

People still need reliable information. Democracies still require trusted sources of knowledge. Public debate still depends on facts that can command broad credibility. 

The question, therefore, is not whether authority disappears, but rather who earns it. The defining feature of today’s information environment is that credibility increasingly competes with hierarchy. 

In a world saturated with information, the scarce resource is not access to data but confidence in its reliability. 

As a result, authority is gradually shifting from those who merely possess institutional status to those who can demonstrate transparency, methodological rigor, and evidentiary integrity.

This represents a profound transformation in the nature of public influence and authority itself. Historically, institutions derived legitimacy from their formal roles. 

Today, legitimacy must increasingly be earned through performance. 

Citizens are less inclined to accept claims because they originate from a government, an international organization, or an established authority. 

Instead, they ask different questions: How was the evidence collected? Can the methodology be scrutinized? Are the sources available for review? Can the conclusions withstand criticism?

In other words, public trust is becoming more evidence-based than title-based.

A shift in trust and credibility

What is emerging, therefore, is not only a shift in trust but also a shift in the very architecture of credibility.

This shift has created space for new actors to emerge. Independent investigative bodies, civil society organizations, research initiatives, and citizen-led commissions have begun to exercise influence once reserved almost exclusively for states and large institutions. 

Their power does not derive from legal authority or political mandate. It derives from their ability to produce knowledge that others find credible. 

This is not simply a diversification of voices. It is a restructuring of the field in which authority is produced.

This transformation is especially significant in the realm of public diplomacy. For generations, states were the principal architects of international narratives. Governments communicated, international organizations validated, and the public consumed information through relatively centralized channels. 

Today, however, narratives compete in a decentralized information ecosystem. Public understanding is shaped not only by states but also by researchers, civil society organizations, investigative networks, and independent experts.

In such an environment, influence depends less on institutional rank and more on evidentiary strength.

This is why the production of a credible evidentiary record has become a strategic act in itself. The ability to gather, preserve, verify, and present facts is no longer merely an academic exercise. It is a form of public leadership.

AGAINST THIS backdrop, the Civil Commission on October 7 Crimes Against Women and Children represents a concrete example of how independent actors are increasingly participating in the production of authoritative public knowledge.

The Commission was not established by virtue of governmental authority, nor does it derive its legitimacy from political power. 

Rather, its contribution lies in its effort to assemble, preserve, analyze, and present a comprehensive evidentiary record concerning one of the most contested and consequential issues arising from the events of October 7.

Its significance lies not only in its findings but also in what its emergence signals about the changing architecture of public credibility. 

In entering a domain traditionally dominated by states and major international institutions, the Commission reflects a broader shift: the opening of authoritative space to actors whose influence is not granted from above but built from the bottom up through evidentiary work.

Its authority rests not on institutional status but on methodology, rigor, and the strength of the evidence it assembles.

The significance of independent commissions and civil society investigations should therefore be understood within this broader transformation. 

Their contribution lies not only in the conclusions they reach but also in the evidentiary infrastructure they create. 

By assembling documentation, preserving testimony, identifying patterns, and exposing findings to public scrutiny, they build a foundation upon which public understanding can be formed and contested.

This is not an abstract concern. It becomes most visible in moments where trust itself is under strain. Today, as we present the Civil Commission Report on the sexual violence of October 7th at the United Nations Human Rights Council’s Annual Discussion on Women’s Rights, this is especially evident. 

Few crimes test public trust more profoundly than conflict-related sexual violence. Evidence is often fragmented, victims may be unable or unwilling to testify publicly, and political interests can shape both investigations and public perceptions. 

In such circumstances, authority alone is insufficient. Institutions must also demonstrate transparency, rigor, and credibility. The challenge is not merely to establish facts but to earn public confidence in the process through which those facts are documented and verified.

Where trust is fragile, transparency becomes essential. Where authority is contested, evidence becomes decisive.

The emerging reality does not mean that governments and international institutions are becoming irrelevant. Far from it. They remain indispensable actors in democratic societies and international affairs. 

But they no longer enjoy a monopoly on credibility.

The future will likely belong to institutions, whether public, private, or civic, that can combine authority with demonstrable trustworthiness. 

Those who rely solely on status may find their influence diminished. Those who embrace transparency, methodological rigor, and accountability may discover that credibility can be earned even without formal power.

The central question of our age is therefore not who possesses authority. It is who can persuade others that their authority is deserved.

In an age of contested facts, credibility belongs not to those who speak the loudest or occupy the highest office, but to those willing to show their work. When the truth itself is disputed, evidence becomes more than documentation; it becomes the foundation of public trust.

The writer is the co-founder and CEO of the Civil Commission on October 7 Crimes by Hamas against Women and Children.

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Defense Minister Israel Katz on Thursday committed Israel to becoming the leading global player in space-attack capabilities.

“One of the central goals which the prime minister [Benjamin Netanyahu] and I set is that we are recruiting the best minds,” since “as of today, no country has the ability to mount attacks in space. We must be the leading country in the world with this capability,” said Katz.

The defense minister continued, “If we achieve this, it will ensure the advantage of deterrence, of the ability to attack, destroy, and all of the other matters versus our enemies with large resources.”

Overall, it seemed clear that Katz was referring to Iran.

This is especially true since, during the 2026 war with Iran, Israel struck multiple Iranian spacewar-related facilities, including those working on developing capabilities to attack satellites in space.

It was unclear if he indirectly also wanted to deter Russia and China from assisting Iran in developing these capabilities and in other spheres.

Other countries already have the capability for space attacks

However, Katz’s statement was not entirely accurate. Both Russia and China have performed test attacks on their own satellites in prior years and managed to destroy their test targets.

However, each time they did so, they created perpetually rotating debris around Earth’s orbit that has endangered their still-functioning satellites along with other countries’ satellites and space platforms.

Some have already speculated that Israel could destroy enemy space satellites using the Arrow 3 missile system, given that it already strikes ballistic missiles in space.

Yet, due to the debris issue that Russia and China have already encountered, many countries are working on other techniques, such as paralyzing, damaging, jamming, dragging, or using lasers against satellites in space.

While some Israeli officials have hinted at such efforts, Katz’s public statement is the clearest one to date by a senior Israeli official. In contrast, if Iran or other enemies advanced past Israel in space, they could attack Israeli satellites and reduce their surveillance capabilities.

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Prime Minister Benjamin Netanyahu faced heckling from the audience during his speech at Bahad 1’s combat officer graduation ceremony on Thursday.

Members of the crowd shouted “Go home” at Netanyahu, although cheering could be heard afterward.

The shout was heard immediately after Netanyahu said, “There were years when I heard the conversation, I heard veteran officers turn to new ones and ask them, has anyone been in a collision under fire? But in recent years, these questions are hardly asked. You arrived at Bahad 1 equipped with operational experience that you acquired in the War of Rebirth. Sometimes it is a painful experience. Before I came here, I was a fighter, and I lost a dear friend.”

Katz announces IDF to remain within security buffer zones

Defense Minister Israel Katz also spoke at the ceremony, announcing that the IDF would indefinitely remain within the security buffer zones in Lebanon, Syria, and Gaza.

“We oppose the withdrawal of IDF forces from the security zone in Lebanon, despite all the existing and future pressures,” he said.

“We will not withdraw from the security zone in Lebanon. The purpose of the IDF remaining in the security zone in Lebanon is clear: to protect the northern communities, thwart threats, and destroy the terrorist infrastructure in the area – below and above ground,” he added. “Commanders and fighters have all the support necessary to complete their mission and protect themselves and the citizens of Israel.”

He also announced that if Iran attacked Israel for any reason, Israel would attack back “in a way that will clearly demonstrate to it the power gap between us.”

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The Police Internal Investigations Department (Mahash) has questioned an officer involved with the Haredi protests held on Geha Highway last week, upon suspicion that the officer assaulted a protester, the Israel Police announced Thursday. 

The officer was released without restrictions. 

The investigation was initiated last week as several videos were circulated around social media showing the assaults. 

In one of the videos, you can see an individual dragging a protester to the ground, punching them in the stomach, kicking them in the head, and then walking away. 

There have been several protests this month in Jerusalem, Tel-Aviv, and Ramat Gan, again demonstrating against the IDF haredi draft legislation being pushed through the Knesset. 

Physical altercation at haredi draft protest, June 24, 2026. (CREDIT: 27A)

Protestors block highways and railways causing severe traffic and disruptions

Protesters have blocked highways and railways for hours, causing heavy traffic congestion and disruptions to school transportation services, before being dispersed by police. On several occasions, the dispersal has led to violent clashes between protesters and authorities, as well as confrontations with civilians.

Israeli Police has said of the protests, “The Israel Police views the right to protest as a cornerstone of a democratic state and permits protests as long as they are held within the framework of the law. At the same time, the police will not allow riots of any kind, disruptions to freedom of movement, or any behavior that may endanger public safety.”

‘Ben-Gvir, wake up!’ Deri calls police violence unacceptable

Shas Chairman Arye Deri responded to police violence at the protest.

“[National Security Minister] Itamar Ben-Gvir, wake up! It is unacceptable that what the police did not do in Kaplan against anarchists who sought to destroy the country, they are doing right now against citizens crying out that they have been turned into criminals just because they study Torah.”

“You know that we oppose demonstrations, but we cannot stand idly by in the face of this injustice and severe violence. You have proven that when something matters to you, you know how to operate the police. Stand up now and stop the police violence against the Torah students,” Deri added.

Opposition leader Yair Lapid took the opportunity to attack the incumbent government in response to Deri’s statement.

“Arye Deri sits in the cabinet and sends our children to fight and die for the country – and then he walks outside and sends his own children to block roads against drafting into the IDF.

“All of this is happening with the consent of [Prime Minister Benjamin] Netanyahu, [Finance Minister Bezalel] Smotrich, and Ben-Gvir. This moral stain will never be washed away from this government. We will return, draft everyone, and bring order to the streets of Israel.”

Jonah Davidov, Hodaya Ran contributed to this report.

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Israel has become accustomed to living from crisis to crisis. For more than two years, public attention has been consumed by war, displaced communities, bereaved families, and the immense task of rebuilding a fractured society.

The response of Israeli civil society has been remarkable. Volunteers, foundations, and concerned citizens have stepped forward to fill gaps, support vulnerable populations, and respond to urgent and evolving challenges. Yet alongside this extraordinary mobilization, another challenge has emerged.

Across Israel’s nonprofit sector, organizations addressing long-standing social, medical, educational, and rehabilitation needs are grappling with a new reality. Their missions have not changed. Their beneficiaries have not disappeared. Their financial gaps are growing. But public attention and philanthropic resources have understandably shifted toward the most visible and immediate consequences of war.

What happens to critical needs that were never at the center of public conversation and have now been pushed even further to the margins?

ALYN Hospital, Israel’s only pediatric and adolescent rehabilitation center, is one example. Every day, children with traumatic injuries and complex medical conditions carry on with their rehabilitation journeys. Some are recovering from severe burns, brain or spinal cord injuries, and serious accidents. Others are living with neurological disorders, developmental challenges, and chronic medical conditions that require intensive rehabilitation. 

They are not the focus of breaking news alerts. Yet their need for rehabilitation is every bit as urgent today as it was before October 7.

Maintaining essential services

As philanthropic resources are deployed to address the aftermath of war and destruction, nonprofits across Israel are being forced to rethink how they engage supporters and sustain essential services. The task is no longer only to make the case for their work, but to find new ways to bring people closer to needs that are urgent, even when they are no longer visible in the headlines.

For children requiring rehabilitation, however, there is no option to pause and wait for a more convenient moment.

That is why ALYN’s Desert Night Hike, taking place today and tomorrow, carries meaning this year. Scores of hikers will set out together from Sde Boker and walk through the night on a 9-km. trek. But they will not be walking alone. Each participant has mobilized a community of friends, family members, colleagues, and supporters who have chosen to sponsor their journey and contribute to the children of ALYN.

The symbolism of walking through the darkness of the desert could not be more fitting. It reflects the reality faced by ALYN and by many nonprofits across Israel today: the path ahead is uncertain, resources are harder to secure, and the usual routes are no longer enough. Yet we keep walking, we keep moving forward, because the children who depend on rehabilitation cannot wait for the light to return.

The writer is the executive director of Friends of ALYN Hospital.

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A little over a year ago, Batoul Suleiman Alloush was a modern young woman trying to recover from the trauma of watching relatives and her high school best friend being massacred in Baniyas by Sunni extremists.

She did not cover her hair, wore short sleeves and trousers, and studied emergency medicine. Now, just over a year later, she wears a full chador that covers even her hands, hasn’t spoken to her family in months, and has withdrawn from Tishreen University.

Alloush’s transition from a secular lifestyle within the Alawite community to a conservative Sunni way of life has sparked significant controversy and debate.

Syrian authorities, led by Sunni Islamist Ahmed al-Sharaa, have maintained that the young woman voluntarily left her family home and converted of her own free will. Her family, however, contends that she was abducted and is being held by force.

The dispute over Alloush’s case is unfolding against a broader backdrop of heightened sectarian tensions and violence affecting Syria’s Alawite community.

In March last year, attacks against the community reached a peak, prompting widespread concern among international and local human rights organizations.

Groups including the United Nations, Human Rights Watch, Amnesty International, and the Syrian Feminist Lobby have since urged Damascus to conduct thorough investigations into reported rapes, abductions, and killings that took place during that period and in the months that followed.

Around 60% of women abducted during sectarian attacks last year in the western Hama countryside and Homs have not been returned, according to a report published last month by the Syrian Feminist Lobby.

Many of the testimonies reported on by the organization show startling similarities to the comments made to The Jerusalem Post by a source close to the Alloush family and the information made publicly available by Alloush’s parents.

Despite Sharaa’s continued enforcement of Syria’s 1950s anti-Israel boycott laws, B. spoke with the Post late Wednesday night, expressing hope that international media attention would pressure authorities to help secure the return of the 21-year-old along with the many Alawite women who remain missing after more than a year of sectarian violence.

Young woman has previously shown no interest in other religions

While there are many gaps left unaccounted for by Jableh officials’ claims that Alloush migrated to Sunni Islam, B. said the most startling is why a young, modern woman who had never shown any interest in other religions would suddenly cut off her parents and sister to join a group affiliated with the same religious extremists who murdered her loved ones.

“When they left Baniyas during the massacre, they walked over the bodies, the slaughtered bodies of their relatives,” B. recounted.

An entire branch of the Alloush family was wiped out by the attack; her paternal cousin’s family was “slaughtered with the knife, the same as her best friend was slaughtered with a knife, from his neck with his grandpa and his little brother,” B said.

Hundreds of the more than 1,400 killed in early March were massacred in the small city in the Tartus Governorate, only 34 miles from Latakia.

“After seeing her best friend from high school slaughtered in front of her eyes, she wasn’t releasing liquids, so she was sick for two days,” he said, adding that the experience continued to plague her mind in the year that followed.

With Sunni Islamist gangs torching homes, abducting and raping women, and murdering masses in the streets, Alloush’s aunt in Bahrain instructed the family to go to Qulay’at, a small village in northwestern Syria, where she owned three houses.

For 12 and a half months, the family lived there in relative peace with Alloush residing in female dormitories in the Al-Zira’a district of Latakia during term time.

In April 2026, Alloush left the dormitories either by force or, according to statements issued by authorities, by choice.

The Alloush family was deprived of any knowledge of her or her well-being for eight days until they were summoned to the Jableh police station with instructions to bring along Alawite community leaders, B. said.

The family, who had expected to finally see Alloush return, were met instead by an impromptu court case, which B. said had already seemingly decided Alloush’s fate.

“They were supposed to see a policeman in uniform, but what they saw was a bunch of gangs and some sheikhs that they don’t have anything to do with the police,” B. described, adding that there was a “fake court” set up with a female Alawite judge he accused of being in the pocket of the Sharaa regime.

When the family was finally able to see Alloush, B. said they noticed she looked incredibly “tired” and vacant, suggesting that she had been drugged to complacency.

“She looked weird to them. She’s not the same Batoul because they gave her some injections,” B. claimed.

“Her dad tried to touch her, and she had no reaction, nothing at all… I don’t know what they injected her with so that she wouldn’t have any reaction. She was like a dead body walking.”

While there is no concrete evidence to support such a claim, the Syrian Feminist Lobby noted that many freed abducted Alawite women testified that they were drugged during captivity. Syria has long been known as a hotspot for illicit substances, especially given the Assad regime’s Captagon empire.

Alloush’s mother begged the judge to grant her a few minutes alone with her daughter, a request that B. said was swiftly denied and accompanied by a threat to throw the Alloush matriarch, patriarch, and youngest daughter into prison.

A known sheikh, accompanied by his “gang,” entered the courtroom twice during legal proceedings, B. claimed, adding he believed he was the man responsible for Alloush’s abduction.

After Alloush testified that she left the university dorms of her own accord, B. said that the judge started questioning her on why she had altered her story, alluding to an earlier conversation where Alloush had seemingly privately told the judge that she left from her parents’ home.

Hearing the questioning, B. said that the court’s record writer was summoned outside by the sheikh and later confirmed to the judge that the sheikh was Alloush’s “emir” (commander or ruler).

Woman’s family not granted access to court records

The Alloush family was never granted access to the court records – a court that ultimately decided that the medical student had not been kidnapped.

Syria’s Interior Ministry announced last year that it had decided that 41 of 43 reported abductions of Alawite women were not considered genuine cases of kidnapping, which the Syrian Feminist Lobby argued further weakened trust in judicial institutions.

Western onlookers and those who support the official stance on Alloush’s case argue that, as an adult aged 21, she has made the decision to leave her family home and convert to a new faith.

Those more critical of the official stance, including her family, note that she was never permitted to voice her consent alone in a neutral environment. Numerous testimonies of survivors pointed to coerced declarations that they left of their own free will.

Sonja Dahlmans, a researcher who presented a report on the abduction of minority women in Egypt to the US Congress and is now completing a PhD on the abduction of women in Syria at the University of Melbourne, told the Post that Islamist movements have often engaged with, and at times strategically reframed, the Western concept of consent, a pattern she argues is also evident in Syria now.

“The first thing they do for the outside world is pretend that it was voluntary that she consented to this. This was also the case with Batoul. They say, ‘Well, she is 21, she’s not a child, she knows what she does, and this is the path she has chosen,’” Dahlmans explained. “That is what they do. They play with Western media and policy makers.”

One survivor told the Syrian Feminist Lobby that she was subjected to sexual violence and held in solitary confinement for a week and that her captors forced her to record a video claiming she had left voluntarily with a lover.

A man referred to as “the sheikh” supervised the recording and pressured her into accepting divorce and marriage to her abductor in exchange for release.

Dahlmans shared she was personally aware of cases where Syrian women were beaten and where photos were sent to the women’s families showing their bruises.

Even so, Alloush later appeared in videos declaring that she had freely chosen this life for herself, which authorities considered evidence.

She has also notably appeared in a video, claiming, “I left of my own free will, and thank God I’m fine. None of the rumors are true, that I was kidnapped, trafficked, or anything like that.”

B. said that the video was published at 2 a.m. and was clearly coerced, which he evidenced with the fact that she hasn’t interacted online since April, and her family believes she is being digitally isolated by Bayat al-Akhawat (The Sisters’ House), where she is staying in Jableh.

Notably, the house where the video was filmed has already been the subject of scrutiny.

The independent Syrian Observer reported that the missionary house had been accused of using coercive control, isolating girls and women, and obstructing family reunification under religious justification.

The missionary, which works under an umbrella tied to Syria’s Religious Endowment Ministry, was allegedly involved in the forced marriage of three underage girls, aged between 16 and 14, according to the report.

Addressing rumors that Alloush had fled her home to avoid a forced marriage, B. denied that the young woman’s engagement had been imposed on her by her parents or anyone else.

Alloush had been engaged to her cousin, who lived in Bahrain and with whom she was in frequent contact.

He visited her every three years, B. said, stressing that there had been no pressure on her either to accept the proposal or to remain engaged. B. claimed Alloush would often tell her father that she was happy to be marrying a man who reminded her so much of him.

Dahlmans said that Alloush’s case was not unique but tied to the larger reality of what it means to be a minority in an Islamist country.

Hay’at Tahrir al-Sham, a formerly designated terrorist organization commanded under Sharaa, used the abduction of women in Idlib and some parts of Aleppo as a way of coercing communities to adopt Islamic lifestyles, she explained, adding that such patterns could be seen now.

Non-Muslim women threatened into wearing head coverings

Non-Muslim women began wearing head coverings, as also noted in the UN’s report last year, as a way of protecting themselves against attacks on their community, and many women have been reluctant to enter public spaces out of fear of being abducted.

At the center of the matter is the issue of Zina, meaning illicit sex, and Haya, meaning modesty, Dahlmans continued.

Women are forced to adopt Haya practices to avoid being a victim of Zina; sometimes that can look like adopting the hijab, while in other cases it means being married off as a child or being subjected to female genital mutilation.

“When a woman has been taken, abducted, and sexually assaulted, that is often considered her responsibility. So this idea of Zina and Haya means that if you were harassed, you’ve admitted that you have sinned, unless you can definitely, without any doubt, prove that it was a sin by force,” she explained, adding there were hints that such practices have been adopted in the Syrian legal system.

In both the UN report and the testimonies shared by the Syrian Feminist Lobby, victims were reported to have been treated as criminals by authorities. Families were told their daughters were “immoral,” had “left voluntarily,” or could not be controlled.

Survivors were coached to repeat phrases thanking security agencies and denying abduction, and some were charged with the crime of adultery for their own rape.

Asked why the Islamist factions in Syria would risk these abductions and the continued holding of Alawite women, given international attention on the new Sharaa regime, Dahlmans explained there were two possible reasons.

Firstly, she noted that gendered violence is often framed as a series of isolated incidents driven by a politically charged backlash to the fall of the Assad regime, which some critics say had favored the Alawite community.

However, she cautioned that this explanation is insufficient to capture the broader dynamics at play, pointing out that the Alawites experienced similar patterns of abuse long before Assad’s rule, including under Ottoman governance, and that comparable forms of violence have also been documented against groups such as the Druze and Yazidis.

Systemic gendered violence allows for mass assimilation, ‘genocide’

The second explanation for gendered violence, clearly favored by Dahlmans, was that it is part of a violent form of systematic assimilation allowed to happen with almost complete impunity.

Fertile women are taken, women who can be raped and give birth to the future generation of Islamists, she highlighted, changing the future demography of a country. This, combined with the need to adopt Islamic practices as a safety mechanism, constitutes “genocide,” Dahlmans argued.

Cementing these dynamics is the apparent sense of shame attached to women who have been sexually violated, she said.

Unable to live with that stigma, victims are often pressured to accept a perceived “legitimizing” reality by adopting their abductors’ religious practices, which is why they are often abducted rather than killed alongside their male relatives.

Dahlmans acknowledged that this may be difficult to understand from a Western or even Jewish perspective, where attitudes toward sexuality are generally more open and have enabled some former Gaza hostages to speak publicly about abuse.

She added that minorities in neighboring countries do not always have the same ability or social space to do so.

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Agility Robotics, the Oregon company behind the warehouse robot Digit, said it will go public through a merger with Churchill Capital Corp XI, a blank-check firm, in a deal valuing the business at roughly $2.5 billion. The companies announced the agreement in a joint statement, and Agility chief executive Peggy Johnson framed the moment as a turning point for an industry moving from demonstrations to real deployments.

The transaction is expected to generate more than $620 million in proceeds, including about $420 million raised by Churchill from public investors and roughly $200 million from a separate private placement involving new and existing institutional backers. Once the deal closes, which the companies expect by the end of 2026, the combined business will trade on the Nasdaq under the ticker AGLT.

For readers unfamiliar with the structure, a SPAC — or special purpose acquisition company — is a shell company that raises money from investors and then merges with a private business to take it public. The process is often faster than a traditional IPO and provides immediate access to growth capital.

What makes Agility noteworthy is what it builds.

Its flagship product, Digit, is a humanoid robot designed to work in environments built for people. Standing nearly six feet tall and capable of lifting boxes, moving totes, and performing repetitive warehouse tasks, Digit is intended to help companies address labor shortages while improving productivity.

Unlike many humanoid robots that remain in research labs or demonstration videos, Digit is already working in real commercial environments.

The robot has been deployed at customer locations including GXO Logistics, Schaeffler, Toyota Motor Manufacturing Canada, and Mercado Libre. Agility says its machines have accumulated more than 65,000 hours of real-world operation.

One of the company’s most closely watched relationships is with Amazon, which has tested Digit in warehouse environments as part of its broader automation strategy. Amazon is also an investor in the company.

Chief Executive Peggy Johnson, a former executive at Microsoft and Magic Leap, believes the industry has reached an important inflection point.

Businesses across manufacturing, logistics, warehousing, and distribution continue struggling to fill positions. At the same time, advances in artificial intelligence are making robots increasingly capable of performing useful work safely and efficiently.

Agility estimates the long-term market opportunity for humanoid robotics could approach $1 trillion.

The company plans to use proceeds from the transaction to expand manufacturing, fulfill existing orders, and accelerate deployment of its next-generation robot platform.

That next version, known as Digit v5, is expected to offer improved dexterity, better object handling, and enhanced safety features required for broader commercial adoption.

Investors have shown growing interest in what many call “physical AI” — the combination of artificial intelligence software with machines capable of operating in the real world.

Agility’s backers include Nvidia, SoftBank Vision Fund 2, DCVC, and several large institutional investors. Their support reflects increasing confidence that robotics may become one of the next major growth areas within artificial intelligence.

There are risks.

SPAC transactions have produced mixed results over the past several years, with some highly anticipated deals struggling after reaching public markets. Investors will likely want additional financial disclosures before fully evaluating the company’s long-term prospects.

Still, Agility’s customer roster, existing deployments, and growing order pipeline distinguish it from many robotics startups that remain years away from commercial adoption.

If successful, the company could become one of the first publicly traded firms focused primarily on humanoid robots.

For now, Digit is already working in warehouses.

Soon, Agility itself may be working on Wall Street.

JBizNews Desk | New York
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WASHINGTON — The Supreme Court sided with the maker of Roundup weedkiller Thursday in a ruling expected to block thousands of lawsuits alleging it failed to warn people the product could cause cancer.

The case came before the justices after a tidal wave of litigation that included some multibillion-dollar verdicts against the global agrochemical manufacturer Bayer, a Germany-based company that acquired Roundup when it bought its original producer Monsanto in 2018.

Read the rest…

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WASHINGTON — The chair of the Senate health committee introduced a bill to restrict a federal drug discount program known as 340B that has been lucrative for nonprofit hospitals.

The bill by Sen. Bill Cassidy (R-La.) comes as hospitals face attacks on their bottom lines, especially in Medicaid. The tax bill that Republicans passed last summer significantly decreased the federal government’s share of Medicaid costs and is expected to reduce the number of people on Medicaid. Hospitals also face the prospect of legislation that would lower hospital payments to levels charged by doctor offices, an idea known as site-neutral payments. 

The so-called 340B program also has received scrutiny, and it could be a target for lowering health care spending in future legislation. Cassidy has been looking into the 340B program for years, including an investigation into the company that contracts with the government to be the program’s vendor and a hearing last October.

Continue to STAT+ to read the full story…

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Qualia has expanded its wire fraud prevention platform, Qualia Shield, adding new automated verification capabilities designed to help title and escrow companies identify potential fraud during real estate transactions.

Shield is integrated into the Qualia title and escrow operating system and automatically performs risk assessments whenever wire instructions are added or modified during a transaction, leaders said.

Expanded features include evaluation of all wire types, including commission payments, agent disbursements and other transaction-related wires.

It also verifies bank account ownership using bank ownership records and cross-checks identity information against public records to identify discrepancies involving names, addresses, Social Security numbers and dates of birth.

“We’ve seen the wire fraud threat evolve from opportunistic to industrialized,” said Nate Baker, CEO and co-founder of Qualia. “Criminal networks have built operations specifically to target the real estate closing process. They know the pressure points. They know when teams are rushed. And they’ve become very good at exploiting the gaps that exist between disconnected systems. The only way to close those gaps is to make protection automatic and native to where the work happens.”

Additional updates include artificial intelligence-powered name matching intended to reduce false-positive identity mismatches by recognizing common variations such as initials, suffixes and hyphenated names.

Transactions that receive a low-risk assessment may qualify for up to $2 million in wire fraud insurance coverage backed by Lloyd’s of London, Qualia said. The company added that approximately 99% of transactions processed through its platform fall below that coverage threshold.

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

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CoStar Group stockholders approved all proposals at the company’s annual meeting on Tuesday, including the reelection of eight director nominees and an advisory vote on a redesigned executive compensation plan, the company said in an announcement on Thursday.

The vote gives CoStar leadership a governance green light as it pursues a strategy that pairs revenue growth with a renewed focus on EBITDA margin expansion. Additionally, the vote came after an activist investor campaign called for a complete overhaul of the board and the possible removal of Andy Florance as CEO.

According to preliminary results disclosed by CoStar, investors supported each director candidate with more than 93% of votes cast. The directors returning to the board include Florance, Louise Sams, John Berisford, Angelique Brunner, Rachel Glaser, John Hill, Christine McCarthy and Robert Musslewhite. 

Earlier this year, CoStar’s board, which includes three new directors, unanimously approved a plan to “deliver revenue growth and prioritize EBITDA margin expansion,” CEO Andy Florance said in the announcement. The company then held in-person meetings with more than 500 stockholders to outline its strategy and long-term objectives.

“The overwhelming stockholder support for our directors reflects their confidence in our strategy and the considerable opportunities ahead for CoStar Group,” Florance said in a statement.

Say-on-pay support follows comp overhaul

Stockholders also approved the nonbinding advisory vote on pay for CoStar’s named executive officers, with 71.38% of votes cast in favor, the company reported.

That approval follows a multi-year engagement campaign targeting the company’s largest investors. In 2025, the board chair and compensation committee chair met with the firm’s top 50 stockholders, representing 77% of outstanding shares, to discuss governance and executive compensation.

These discussions resulted in a board approved, redesigned 2026 executive compensation program that CoStar said includes things like more rigorous, quantitative performance goals, greater transparency around metrics and payouts and a simplified structure intended to align pay more tightly with long-term stockholder value.

Activist investor push

In January, CoStar provided investors with an update on financial and corporate governance initiatives for 2026, much of which they said was the result of a “robust review” of the company by the Capital Allocation Committee. While the update painted a fairly rosy picture for the firm as a whole in 2026, with estimated 18% year-over-year revenue growth to between $3.78 and $3.82 billion and a net income of $175 million to $215 million for the year, things did not look quite as strong for CoStar’s Homes.com

Although Homes.com has recorded a 337% increase in subscribers since Q1 2024, according to CoStar, the firm said it does not expect Homes.com to attain positive adjusted EBITDA until 2030. 

In late January and early February, activist investors D.E. Shaw and Third Point pushed back on CoStar’s Homes.com timeline calling on CoStar to divest or shutdown Homes.com. In April, Third Point sold its shares of CoStar ending its activist investor push. 

CoStar has indicated that it is firmly against divesting or shutting down Homes.com. During Q1 2026, CoStar reported a 23% annual jump in revenue to $897 million and a 49% increase in adjusted net income to $94 million. Additionally, the company said Homes.com revenue grew 58% to $26 million in the first quarter, with agent subscribers surging to 35,175. Overall residential revenue for the quarter reached $425 million, up 32% year-over-year.

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

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