NEW YORK — Health care AI company Abridge on Thursday announced new deals with two trillion-dollar companies, pharma giant Eli Lilly and chip-maker Nvidia, as it aims to gain an edge in the competitive market that supports doctors and streamlines hospital billing and operations.

Draped head-to-toe in black, on a day forecast to be in the 90s, Abridge CEO Shiv Rao announced that Eli Lilly would make a strategic investment in the company. Abridge also announced a new partnership with Nvidia to develop “the first foundation model purpose-built for clinical conversations,” according to a release.

Abridge has disclosed nearly $800 million in funding and was most recently valued at over $5 billion. The company gained huge momentum for its ambient scribe that can listen to a conversation between a doctor and patient and draft a clinical note. The AI scribe technology has gained momentum, especially thanks to its ability to help health systems bill for services more efficiently and comprehensively. 

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A new research report from Alloy Advisors finds that a typical $400,000 home sale in the U.S. generates about $39,660 in transaction costs, with real estate commissions making up the majority of the friction. According to the report, AI is poised to accelerate downward pressure on the traditional 5%-plus commission model.

In “The Home Sale Transaction, Reconsidered,” authors Amit Kulkarni and Russ Cofano of Alloy Advisors, dissect the economics of a standard U.S. resale transaction in 2025 and argue that the current real estate commission structure is misaligned with the actual value delivered.

Using a $400,000 sale as a benchmark, the authors estimate a combined $39,660 in “hard” transaction costs — about 9.92% of the sale price — flowing to third parties, based on national averages and cross-market data. Sellers bear about three-quarters of that total, or $30,200, while buyers pay roughly $9,460 at closing beyond their down payment.

According to Kulkarni and Cofano, for housing professionals, the findings of the report present both a margin risk and a competitive opening: AI-enabled consumers will be able to see, question and negotiate specific line items in ways that were not possible even a few years ago.

“The real estate industry thinks that AI is just here to serve the industry and real estate professionals, but that is not the case,” Kulkarni told HousingWire. “AI is here to serve whoever wants to use it and that could mean a variety of different things for different industries, but when it comes to the real estate transaction, I think it will mean that consumers will soon find it overpriced.” 

For Kulkarni, AI is putting a point on the cost of transacting real estate as it is becoming clearer the value the human being can provide and the value AI provides. 

Commissions dominate the friction

According to the analysis, real estate commissions account for $23,000 of the $39,660 in total costs on the sample transaction — 5.75% of the sale price and 76% of all seller-paid friction. The remaining $16,660 is taken up by things like transfer taxes, owner’s title insurance, settlement fees, loan origination fees, underwriting fees, appraisals and home inspections. Additionally, the analysis argues that embedded in an agent’s commission is a “platform tax,” which it attributes to portal referral programs and MLS fees that rarely appear as standalone charges to consumers.

Post-settlement commissions have not fallen

The report directly addresses expectations that the National Association of Realtors’ (NAR) commission lawsuit settlement would compress real estate commission rates. Citing data from Clever Real Estate and Redfin, the authors note that the national average commission rose to 5.44% in mid-2025, up from 5.32% the prior year. Additionally a HousingWire survey from April 2025, found that 58.8% of agents said their buy-side commissions had not changed since the settlement went into effect in August 2024, while 11.76% reported that their commissions had increased. 

According to the report, there are several structural reasons why commission rates have not changed, including that the business practice changes did not remove seller-paid buyer commissions in practice, that 13 states and Washington, D.C., effectively ban à la carte brokerage services and the system is structured in a way that only compensates agents when a deal closes. 

Kulkarni and Cofano write in the report that these factors help explain why overall commission levels have been sticky despite significant legal and regulatory change — and why simple disclosure shifts may not be enough to move the national average.

What the agent’s work is actually worth

A central thesis of the paper is that most of the tasks historically bundled into a 3% listing commission have been commoditized by software and AI, while the remaining “human core” of the job does not scale with home price. The report separates agent tasks into two tiers:

  • Tier 1 – AI-compressed tasks: Comparative market analyses, MLS entry, listing descriptions, offer modeling, transaction coordination and basic disclosure checks. Pre-AI, the report pegs their combined market value at roughly $1,500 to $3,500 per listing. With modern tools, the authors estimate the marginal cost of these services has fallen close to zero for a competent AI user, aside from $10 to $30 per deal for workflow software.
  • Tier 2 – Human-value tasks: Skilled negotiation execution, emotional coaching, on-site judgment, hyperlocal knowledge and licensed fiduciary accountability. Using comparable professional service benchmarks, Alloy Advisors estimates this “human core” is worth roughly $2,000 to $6,500 per transaction, regardless of home price.

By comparison, a 3% listing commission on a $400,000 property is $12,000, and on a $1.5 million property it is $45,000, even though the underlying Tier 2 work does not increase proportionally.

Where agents continue to bring value 

According to Cofano and Kulkarni, the commission model’s indifference to skill is the heart of the problem, as consumers cannot reliably distinguish a top-decile agent from a median one before signing a contract with one, yet both typically charge the same percentage rate.

For agents, teams and brokerages, the implication is that sustained premium pricing will increasingly require demonstrable performance on the specific tasks where human skill still moves outcomes — particularly negotiation and local market insight — as AI not only automates more tasks for agents, but provides consumers with more information. 

“The more AI is used by consumers and the more information about a transaction it can provide them, becoming a real legitimate tool for them to process information as opposed to the human hand they are holding through the transaction. For the industry to not expect that to impact the fundamental economics of this, is just fantasy,” Cofano said. 

The report cites Realtor.com research from 2025, that shows that about 82% of active or potential buyers and sellers reported using AI for housing insights and respondents rated agents and AI nearly evenly on which source made them “smarter” about the market, with agents still perceived as more accurate overall. However, a YouGov survey from December 2025 cited in the paper found that 65% of Americans trust AI to compare prices on major purchases, including homes, but only 14% expressed trust in AI to act on their behalf in such decisions.

This level of information trust, according to Kulkarni and Cofano, is sufficient to put downward pressure on real estate commissions and other fees because AI can evaluate proposed terms, line items and alternatives in real time. 

“Whether they like it or not, these things are happening and they will have an impact on the structure of the business, the compensation of the business, how services are delivered and what services need to be delivered,” Kulkarni said. “Folks need to understand that this is not going to be the status quo. Things are going to change now that consumers are empowered with these tools.” 

Change is afoot 

For housing professionals, the authors say the takeaway is that near-term competitive pressure will come from AI-assisted consumers and new pricing options, long before large-scale regulatory overhaul or pure AI listing platforms reshape the landscape.

“People have always said they wanted a better way to transact real estate, but there really has not been a viable alternative that allows them to do it, but this is an actual viable alternative,” Cofano said. “There are consumers buying and selling just with the help of AI now — it’s still on the edges, but it could eventually become mainstream.” 

For agents, Alloy Advisors said this means they will have to work hard to hone the skills that support tasks AI is not suited to do, such as mentally supporting consumers through what can be an emotionally charged process and negotiating on behalf of their clients. 

“There is a reason consumers dislike buying cars and it is because, for most consumers, the stress around negotiating on their own behalf is something that’s very unpleasant and they’re not good at it,” Cofano said. “So, it is important to highlight here that we believe that the role of the agent as active negotiator and trust companion in the transaction plays a meaningful role and is worth money. And I don’t think that is going away anytime soon.” 

Alloy Advisors hopes this serves as a wake up call for agents and brokers to begin thinking about what their business will look like in an AI-forward world. 

Regardless of exactly what that world will look like, Cofano and Kulkarni agree that the “great agent will win.”

“Great agents win because they put the consumer at the heart of their business. They generally do what is right for the person that they are actually serving and who is paying money,” Kulkarni said. “For brokers this means that many may need to pivot their model to put the consumer at the center and find ways to help the agent better serve this new well-informed consumer.”

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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Qualia has launched Qualia Clear Essentials, a new artificial intelligence (AI) feature suite available at no additional cost to users of its Core platform — as the company seeks to broaden AI adoption among title and escrow professionals.

While AI tools have become more common, many title and escrow firms remain uncertain about how to implement the technology effectively within their existing workflows.

Qualia CEO Nate Baker said the company believes that hesitation is becoming increasingly difficult for businesses to afford.

“I think the single most important thing happening in the world right now is AI getting better very quickly,” Baker told HousingWire. “Every company, every title company needs to answer the question of, ‘Next month, when AI gets better, how does that instantly cause my business to be better?’

“If you can’t answer that question, you’re going to be on the losing end of AI.”

Qualia Clear Essentials is built directly into the company’s Core platform and includes three primary tools at launch — the Qualia Clear Support Assistant, the AI Order Opener and the CD Processor.

The company is introducing Clear Essentials less than a year after launching Qualia Clear, a broader AI platform designed to automate workflows and perform tasks within transaction files.

According to Baker, Clear Essentials is intended to help companies become comfortable using AI before adopting more advanced capabilities.

“I think that a lot of people hear about AI, and they’re afraid of it,” Baker said. “They’re afraid that it’s going to take their job or replace them, but our view is that AI is going to amplify people and make people far more effective and provide a much better service to people who are buying and selling homes.”

He described the new offering as “a smooth on ramp” for organizations that have not yet incorporated AI into day-to-day operations.

Support functionality

The Support Assistant functions as an AI-powered chat tool that can answer questions about transactions, platform usage and operational issues — accessing information tied to specific files within the Qualia system.

Baker said the assistant is being used for everything from troubleshooting balancing issues to helping employees learn the platform.

“One thing that’s interesting is I expected that this would reduce the number of support tickets that we received from our customers,” he said. “What we’re seeing is that clients are asking Clear Essentials 10 times-plus more support questions.”

The trend suggests employees often need assistance throughout the day but may be reluctant to interrupt managers or contact support teams for smaller questions, Baker added.

Automation benefits

Two additional tools included in the launch focus on reducing repetitive administrative work.

The AI Order Opener extracts information from purchase and refinance contracts and automatically populates order information within the platform.

Users review and approve the information before proceeding.

Baker said the process addresses one of the most time-consuming tasks in title operations.

“Opening an order takes 30 minutes to an hour for the average title company, and you do that on every transaction,” he said. “This just does that entire process. In the last day, I’ve heard many anecdotes from customers saying, ‘This is the best feature you’ve ever launched,’ because they hadn’t been familiar with Clear or with AI.”

The CD Processor is designed to analyze lender closing disclosures, import charges into files and identify discrepancies between lender documents and information already contained in the transaction record.

“It’s a tedious process of identifying differences in documents, and it’s error prone,” Baker said. “That super tedious process of staring and comparing is just automated at this point. Reducing time spent reviewing documents could allow employees to focus more on communicating with homebuyers and sellers — to explain what’s different or why the transaction is happening this way.”

Data protection, future development

Baker said nothing changes with customer and consumer information confidentiality.

“The consumer data is bound by all the same confidentiality that we already have with our customers and with the platform,” he said. “Additionally, we’re reviewing the answers that it is providing to make sure there’s a human in the loop that’s getting it right.”

Looking ahead, Baker said Clear Essentials will continue to evolve as AI capabilities advance.

“I think Clear Essentials is going to be a rapidly changing and evolving product,” he said. “[That could include] core types of documents, more actions, more integration with email.”

For Qualia, the launch reflects a broader belief that AI is becoming a necessity rather than an optional technology investment.

“Maybe a year ago it was optional as a title company to use AI, and today it is a requirement,” Baker said. “If you are not using AI in your business, you will not be competitive today — and you will not be competitive in 12 months.”

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As reverse mortgage lenders and servicers find innovative ways to incorporate artificial intelligence (AI) into their operations, compliance issues are likely to pop up.

Jim Brodsky, a founding member of Washington, D.C.-based law firm Weiner Brodsky Kider PC, says that AI should be categorized as an assistant but not a replacement for humans. Licensed mortgage originators and companies that delegate work to AI must be in control of the process as legal and operational challenges can follow if the relationship is inverted.

Brodsky delivered his message to attendees at this week’s Western Regional Meeting of the National Reverse Mortgage Lenders Association. As general counsel to NRMLA and its 300 member companies, Brodsky said that companywide policy adoption and partnerships with knowledgeable vendors are essential to staying out of hot water.

“If AI is not introduced in your company on an enterprise-wide basis … you’re going to have issues. It’s just inevitable,” Brodsky said. “The choice among providers requires a level of understanding of our business that some have and some don’t, and that’s a critical choice as well.

“When this is done right, it’s going to offer compliance and increased productivity opportunities for lenders and institutions … a force multiplier.”

Existing laws that apply to AI communications

Brodsky’s presentation touched on the federal Telephone Consumer Protection Act (TCPA) and its application to AI voice assistants used for inbound or outbound calls. He said that consumers must express prior consent before companies can initiate contact while noting exceptions for established business relationships that are active within the past 18 months. But exceptions do not extend to affiliate companies.

The National Do Not Call Registry, maintained by the Federal Trade Commission (FTC), also applies to AI-driven communications — i.e., “do not call means do not chat,” according to Brodsky. All outgoing communications, whether conducted by a human or technology, must identify the caller and provide contact information.

Unfair, deceptive or abuse acts or practices (UDAAP) — which were established under the Dodd-Frank Act and enforced by the FTC and the Consumer Financial Protection Bureau (CFPB) — also apply. Consumers must be notified upfront whenever a lender or servicer chooses to interact with them using AI, whether it’s inbound or outbound calls. They also must be provided an easy and accessible way to opt out of the AI interaction and speak with a human representative instead. Brodsky stressed that making it difficult for customers to reach a real person creates potential liability under UDAAP.

When it comes to privacy and security tied to the information received by AI, the Gramm-Leach-Bliley Act of 1999 applies. It states that companies must know where consumer data is stored, how it’s used and who controls it.

“That data is now absorbed in the learning facility of the AI as it’s learning from that data,” Brodsky explained. “Where does it go? Where does it stay? You need to be very robust there.”

Loan officers that use AI for marketing, application or processing tasks should remember that their bots aren’t licensed at the state or federal levels. Brodsky said they should ensure their technology identifies a human LO by name and includes their Nationwide Multistate Licensing System (NMLS) number so consumers know a credential person is in charge.

“Those licensing requirements still envision having you, a licensed natural person and a real company, be responsible to do the tasks,” he said.

Colorado law could provide a template

Lastly, Brodsky mentioned a state-level law that’s set to take effect Jan. 1, 2027. Colorado’s Automated Decision-Making Technology Act repeals similar legislation that was passed in 2024 and slated for adoption in February 2026.

Brodsky said the statute creates a framework for AI regulations across the financial services industry and is likely to serves as guidance for other states. For mortgage lenders, it applies to “consequential decisions” around credit access and eligibility.

Technology developers have obligations under the law to disclose the intended uses and classify the data that’s training their tools. They also must provide any known limitations and risks along with instructions for human oversight.

Lenders that deploy the tools must inform consumers that AI is being used to make credit decisions. If a loan applicant is rejected, they must explain the reasoning reached by AI and offer “meaningful human review and reconsideration,” according to Brodsky.

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When most people think of major stock market indexes, their minds go to the S&P 500, Nasdaq Composite, or Dow Jones because they’re the “Big 3.” One index that often flies under the radar is the Russell 2000, which tracks the smallest 2,000 companies in the Russell 3000 index.

The Russell 2000 is to small-cap stocks what the S&P 500 is to large-cap stocks, and so far this year, ETFs like the Vanguard Russell 2000 ETF have outperformed all of the “Big 3” indexes. If you have $1,000 available to invest, it could be a great addition to your portfolio for the long haul.

Investing in small-cap stocks – which are typically categorized as companies with market caps between $250 million and $2 billion – is generally a higher risk/reward trade-off than investing in larger companies.

ETF ASSETS ARE SURGING. HERE’S HOW THEY DIFFER FROM MUTUAL FUNDS

On one hand, their small sizes usually mean they’re more susceptible to broader market and economic conditions (like interest rates) and are more volatile. On the other hand, their small size leaves much more room for growth. It doesn’t always play out this way, but in theory, it’s much easier to double a valuation from $500 million to $1 billion than from $500 billion to $1 trillion.

HOW ETFS CAN BE EFFECTIVE BUILDING BLOCKS FOR RETIREES

Small cap doesn’t always mean a new, start-up-like company, either. It can be a well-established company operating in a niche. In either case, VTWO gives you access to 1,957 small-cap stocks from every major sector. It’s a true one-stop shop for small-cap stocks.

Through market close on June 5, VTWO is up 13.2%, marking one of its best starts to a year in a while. And although its gains this year are impressive, it’s important to zoom out and look at longer-term performance as well. Here is how VTWO has performed over the years compared to the “Big 3” indexes:

Source: YCharts. Table by author. Year-to-date returns based on market close on June 5.

ETFS VS MUTUAL FUNDS IN 2026: WHICH IS RIGHT FOR YOUR PORTFOLIO?

VTWO’s underperformance over the years doesn’t quite scream “invest in me,” but its main goal is diversification and covering more ground, rather than having the bulk of your returns rely on a handful of tech giants like the “Magnificent Seven” stocks.

I wouldn’t make VTWO the bulk of your portfolio (aim for less than 10%), but having some exposure is a great way to tap into growth potential while also setting your portfolio up to have a winner during times when small-cap stocks usually outperform the market (like now). If you think big tech is due for a pullback, now is a good time to add some of the little guys to your portfolio.

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Stefon Walters has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Prominent crypto analyst Capo remains bullish on Bitcoin (CRYPTO: BTC), arguing that current market conditions resemble an accumulation phase rather than the start of a deeper collapse.

“This Is Not Time To Sell, But To Buy”

In a June 11 market update, Capo acknowledged that his bullish thesis has not played out yet but maintained that his broader outlook remains unchanged.

The analyst noted that high-timeframe market calls often take longer to develop and that timing is frequently the most difficult part of macro investing.

Despite Bitcoin’s weakness, Capo continues to view the current area as a major support zone, as in February.

He also …

Full story available on Benzinga.com

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Ultra-Orthodox draft protesters shut down multiple highways and train routes, causing immense traffic in Israel for over two hours on Thursday. 

Two people were injured in the protests: one 21-year-old haredi protester who was hit by a car on Highway 1, and one 93-year-old man whose reasons for being injured have yet to be released. 

Footage on social media showed several haredi youths at different sites of protest getting into physical altercations with drivers and Israel Police officers. 

The windshield of Transportation Minister Miri Regev’s spokesperson was smashed in one such altercation. 

Police had shut down Highway 4 south of Ramat Gan earlier on Thursday and blocked off the area from Shiva Interchange to Mosavim.  Later, protesters blocked Highway 1 near the Ganot Interchange and Highway 6 near the Ben Shemen Interchange, west of Ben-Gurion Airport.

Multiple reports emerged of protesters blocking trains in central Israel. Ben-Gurion Airport employees reported chaos at the airport after train service was suspended in both directions. 

Highways 34 and 25 near Netivot were also blocked, causing more traffic in central Israel. 

Haredi protesters fight civilians, make traffic stand still in Israel 

Haredi protesters clash with civilians on Highway 6 on June 11, 2026. (credit: Section 27a of the Copyright Act.)

“At Savidor, the trains are frozen. One train that was supposed to travel to Jerusalem got diverted back, and passengers were forced to disembark,” one witness told The Jerusalem Post. 

“The Savidor Station is crowded with people either leaving the station or waiting, with little information about when the trains may be up again.”

“It’s complete chaos, a handful of fringe protesters have brought the country to a halt, and police seem to just be letting it happen,” a second witness, who claimed to have waited as Tel Aviv’s Savidor Station for over an hour and a half, told the Post

Another witness was stuck at Ben-Gurion Airport for over an hour. He said that cheers emerged when employees announced over the loudspeaker that trains would resume shortly. 

Airport in chaos after haredi protesters stop train traffic 

The Israel Airports Authority warned on Thursday that protests near Ben-Gurion Airport are expected to cause traffic congestion and delays, and recommended that passengers and airport staff use the train to reach the airport. 

According to a statement posted on X/Twitter, the Airport Authority said it is “prepared to maintain the operational continuity of Ben-Gurion Airport and the continuation of regular aviation activity,” adding that operations are expected to continue as scheduled.

This comes after the Knesset advanced a bill to give draft evaders the same rights as IDF soldiers.

Traffic is expected to be further strained by concerts by Omer Adam in Ramat Gan, Ben Tzur at the Moshava Stadium in Petah Tikva, and Eyal Golan at Bloomfield Stadium in Tel Aviv on Thursday night.

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The world’s airlines expect to earn roughly half as much this year as they did last year, dragged down by a surge in jet fuel prices tied to the war with Iran. The International Air Transport Association, the industry’s main trade group, delivered the downgrade Sunday, June 7, at its annual meeting in Rio de Janeiro.

Airlines will bring in a combined net profit of $23 billion in 2026, down from a previously projected $41 billion and below the $45 billion they earned in 2025, the group said. Profit margins are expected to thin from 4.2% to 2.0%, meaning carriers will keep just two cents of every dollar in sales.

The cause is fuel. The group expects average jet fuel prices to run 70% higher than last year, adding about $100 billion to the industry’s collective fuel bill. Oil prices jumped after the U.S.-Iran conflict began in late February and disrupted shipping through the Strait of Hormuz, the chokepoint that handles a large share of the world’s oil. Jet fuel now averages around $152 a barrel, up from roughly $90 last year.

Willie Walsh, the group’s director general, said war-related disruptions and rising fuel costs have shifted the outlook for the worse. He warned that smaller carriers that started the year with weak finances are struggling the most.

The pain is uneven. The Middle East, long the most profitable region for air travel, has been hit hardest. The group now expects the region’s airlines to lose $4.3 billion this year, a sharp reversal from the $7.2 billion profit they earned in 2025, as carriers like Emirates and Qatar Airways cut operations following weeks of airspace closures. In North America, profits are forecast to fall to $9.4 billion from $12.4 billion.

Travel demand itself is holding up. Passenger numbers are expected to rise 2.4% to 5.1 billion this year, with planes filling to about 84% of capacity. The problem is that demand cannot outrun costs. Airlines are now earning just $4.50 in profit per passenger, a razor-thin cushion.

For travelers, the squeeze is showing up at the booking screen. Airlines are raising fares to cover the higher fuel bills, so summer trips cost more than they did a year ago. Some carriers, including LATAM and Azul, are cutting how often they fly certain routes. Others are flying longer paths to avoid closed airspace over the Middle East, which burns more fuel and adds time to journeys. Fewer flights and pricier tickets are the direct result.

Fuel is not the only headache. Airlines are also short on new planes. Airbus and Boeing have struggled with delivery delays, leaving carriers flying older, less fuel-efficient jets at exactly the moment fuel is most expensive. The aircraft backlog has swelled to record levels, capping how fast airlines can grow and adding to their costs.

The business stakes reach well beyond the airlines themselves. Air travel ties directly into tourism, conventions, and trade. When flying gets more expensive, families rethink vacations, companies trim travel budgets, and the hotels, restaurants, and shops that depend on visitors feel it. Shipping costs rise too, since a meaningful share of high-value goods moves by air.

The whole forecast rests on how long the war lasts. As long as the Strait of Hormuz stays disrupted, fuel will stay expensive and airlines will keep absorbing the hit or passing it to passengers. If the conflict eases and oil flows normalize, the math could improve quickly. Until then, the industry is bracing for a lean year, and travelers should expect to keep paying more to fly.

JBizNews Desk — Aviation

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An American favorite pizza chain is quietly disappearing from communities across the country.

Papa Johns is following through on its plan to close about 300 North American stores, with dozens of locations shuttering in the first quarter – primarily in core Sun Belt states.

A recent analysis of Papa Johns financial filings by Fast Company found that 44 stores closed across 17 states, with the highest concentration of closures in Texas, California, Florida and Arizona.

Multiple location closures have also been identified in Michigan, North Carolina and Virginia.

CHICK-FIL-A EXPANDS ITS ‘GHOST KITCHEN’ MODEL WITH NEW DELIVERY-ONLY STORE IN FLORIDA

The pizza brand first announced in February that hundreds of underperforming restaurants would cease operations by the end of 2027, describing the locations as being primarily franchise-owned, more than a decade old and generating less than $600,000 in annual sales volumes (AUVs).

“We believe these closures will further strengthen the system, increasing AUVs by at least 3% and improve franchisee health by allowing franchisees to reallocate resources towards operational excellence in their remaining restaurants and open units in priority markets,” Papa Johns CFO Ravi Thanawala previously said.

He also said that the majority of the company’s restaurants worldwide have “performed well over the years and delivered strong returns for both corporate and franchise owners,” and that the strategic closure of underperforming restaurants is “among the most impactful actions we can take to improve restaurant profitability and fleet health.”

However, shares of Papa Johns International were down roughly 21% year to date through Wednesday’s close. Over the past five years, shares of Papa Johns International have fallen more than 69%.

In addition to the Q1 store closures, filings showed that Papa Johns laid off 7% of its corporate workforce.

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Not only are franchisees across the fast-food industry facing severe headwinds from inflation, supply chain expenses and labor costs, but pizzerias nationwide are facing stiff competition. A recent Wall Street Journal report found that pizza restaurants are now outnumbered by Mexican restaurants and coffee shops.

Other pizza chain competitors have made strategic moves amid weakening demand, including rival Pizza Hut closing hundreds of locations and its parent company, Yum! Brands, reportedly looking into a potential sale of the chain.

READ MORE FROM FOX BUSINESS

FOX Business’ Matthew Kazin contributed to this report.

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America’s historic beef shortage may not ease anytime soon as the U.S. cattle herd remains at its lowest level in more than seven decades, keeping pressure on prices even as consumers continue to buy beef at elevated levels.

Omaha Steaks President and CEO Nate Rempe joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss the supply challenges facing the beef industry and why meaningful price relief could still be years away. The discussion comes as retail beef prices reached a record $9.64 per pound in April, up 13% from a year earlier, according to USDA data.

While recent concerns have centered on the re-emergence of the screwworm parasite in parts of Texas and New Mexico, Rempe said the larger issue is its effect on cattle imports from Mexico, which account for roughly 4% to 5% of the U.S. live cattle market.

The bigger challenge, however, remains the size of the domestic herd.

“We’ve got to build the herd,” Rempe said. “If we can build the herd and we can build supply back up, then we can see beef prices come down.”

DOJ CONFIRMS ANTITRUST PROBE OF MAJOR MEATPACKERS OVER BEEF PRICE INFLATION

Rempe noted that ranchers must retain more female cattle for breeding rather than sending them to market, a process that takes time and delays any meaningful increase in supply.

“As you know, we’re at a 72-year low,” Rempe said. “I think maybe last year when we talked, we were thinking we would see recovery in ’27, now we’re into ‘28, maybe even ’29 before we start seeing meaningful herd building happening.”

Those supply constraints have persisted even as consumer demand remains strong heading into key grilling holidays and summer gatherings.

“The demand is just not waning,” Rempe said. 

That combination of limited supply and resilient demand has created an unusual market dynamic that continues to support higher prices.

‘WE GOTTA EAT’: PHILLY BUTCHER ON RISING BEEF PRICES AS CUSTOMERS ADJUST SPENDING HABITS

“I think the big question for economists and people thinking about the beef market and sort of retail beef in general is how long can that persist?” Rempe said. “How long can the supply stay constrained and demand stay high?”

The comments underscore the challenges facing beef producers as the industry works to rebuild the nation’s cattle herd from historically low levels.

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This duplex loft in the Jackson Foundry Lofts at 130 Jackson Street in Williamsburg has classic loft bones made modern with 21st-century design highlights. But the condo’s private outdoor space is truly extraordinary. Constructed within the building’s industrial architecture, the multilevel garden is anchored by a towering 70-foot-high smokestack that contains a wood-burning outdoor fireplace. Asking $2,095,000, the one-bedroom duplex loft is a standout among the look-alike new construction offerings of the coveted neighborhood.

Built circa 1863, the property, set on a quiet, tree-lined street just steps from the L train, was constructed as a Civil War munitions factory. Post-war, it housed the C.W. Weld tool manufacturing works, a printing house, and a book depository. It was converted to residential condos in 2007.

The garden-level unit has wide-plank white oak flooring, recessed Philips Hue lighting, and a newly-installed central air-conditioning and heating system. The building is topped by a shared roof deck.

The apartment spans 1,130 square feet on two levels. The lower level has a loft layout with an open great room framed by 17-foot ceilings and floor-to-ceiling windows with remote-controlled shades. A well-appointed kitchen, anchored by a large prep island, serves the adjacent living and dining rooms.

A powder room and a concealed Bosch washer/dryer can also be found on this level.

Up a cast-iron staircase is a large L-shaped bedroom with an en-suite bath. This sleeping space, open to the room below, has two large closets. A landing area at the top of the stairs offers space for a home office or den.

The star of this north Brooklyn home is the 750-square-foot back garden. Features include a split-level Brazilian walnut wood deck, automatic lighting, irrigated landscaped plantings, and a retractable electric awning.

A custom storage shed is perfect for keeping cushions and other outdoor items safe from the elements. The most notable fixture, of course, is the massive smokestack and its outdoor fireplace, reminiscent of the home’s industrial past.

[Listing details: 130 Jackson Street, #1E at CityRealty]

[At The Corcoran Group by Rhonda Vitoulis]

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The post A 70-foot brick smokestack anchors a private garden at this $2.1M Williamsburg loft first appeared on 6sqft.

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Bitcoin (CRYPTO: BTC) is holding above the critical $60,000 level, yet some investors are rotating capital into XRP (CRYPTO: XRP) and select altcoins ahead of potential crypto legislation in Washington.

Institutional De-Risking

Speaking on Schwab Network’s Crypto Corner, Adam Lynch, director of equity research at the Schwab Center for Financial Research said Bitcoin ETFs have experienced approximately $1.7 billion in outflows over the past week and more than $5.4 billion over the last month.

Crypto investment products overall have recorded roughly $4.5 billion in outflows during the past three weeks.

The recent selling marks a sharp reversal from early May, when Bitcoin ETFs enjoyed a 10- to 12-day inflow streak.

“We …

Full story available on Benzinga.com

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Take this podcast to go: • Apple PodcastsSpotifyMore

Watch this episode without interruptions.

The week the hosts try to untangle on this episode of The Deep Dive reads like a thriller no writers’ room would dare pitch: Israeli strikes on Beirut, Iranian missiles aimed at the north, an American Apache downed over the Strait of Hormuz, and a US retaliation that Trump announced on social media before the dust had settled. All while a nuclear deal was supposedly days away and a ceasefire was, technically, in effect.

The framing question lands like a punch: can anyone really say the fire has ceased?

What makes it worth your time is the refusal to settle for easy answers. The hosts, Shifra Jacobs, the studio manager, and Shir Perets, the senior desk manager, dissect the “toxic love story” between Trump and Netanyahu.

They walked through a reported 15-year freeze on Iran’s uranium enrichment and caught the one word missing from JD Vance’s victory lap: Israel. Underneath it all is the human ledger: kids with no normal school year since COVID, 15-second sprints to the shelter, soldiers still dying in a truce that exists mostly on paper.

It’s smart, funny where it can afford to be, and unflinching where it can’t. Headlines are everywhere; understanding why this week actually mattered isn’t.

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Iran fired a barrage of ballistic missiles into Israel on Sunday, and US President Donald Trump publicly ordered the prime minister of Israel “not to retaliate.” Trump also told the Financial Times that Benjamin Netanyahu “won’t have any choice” because the American president calls “all the shots.”

Bibi struck back anyway, no doubt feeling it was better to upset Trump than to show voters in an election year that “Mr. Security” was America’s weak lackey.

Just days earlier, CBS and The New York Times reported leaks out of the Pentagon that the Defense Intelligence Agency is investigating Israeli espionage against the United States.

It was a week in which the temperamental Trump told Bibi he’s “f***ing crazy” and “everybody hates Israel.”

A pair of recent Pew Research Center surveys emphasized the message. One found that “60% of Americans have an unfavorable view of Israel, up from 53% last year,” and another revealed that two in three people in most of the 36 countries surveyed hold unfavorable views of Israel and Netanyahu, while only 25% were favorable.

If there’s any bipartisanship left on Capitol Hill, it is the growing opposition to the war in Iran and to unfettered aid to Israel.

This comes as Israel’s 10-year, $38-billion aid agreement is coming up for renewal amid spreading bipartisan congressional criticism, while administration insiders search for a scapegoat to blame for the unpopular war and the failure to produce the results Trump promised.

Eighty-five House Democrats wrote to Trump, reminding him of his opposition to Israel annexing the West Bank and demanding he press Netanyahu to halt bulldozing Palestinian homes in the West Bank to build more Jewish settlements.

This can’t be shrugged off, as I’ve often been told; they all hate us anyway, so it makes no difference what we do. Nor is it simply a matter of habitually inept public relations by Israel and its friends here. Like it or not, Israel’s plunge in standing here and abroad is directly related to its policies, and especially its intensive war-making since October 7.

I don’t believe Israel committed genocide in Gaza, but I can see how many feel that way in light of the massive, indiscriminate bombing, enormous death toll among women and children and the elderly, the destruction of hospitals, schools and infrastructure, frequent blocking of humanitarian aid and food, and the open lust for revenge from top leadership.

Lebanon looks like a repeat of the costly mistakes of the 1982 war. Israel has again occupied the land south of the Litani River, sent over a million Lebanese fleeing their homes, and bombed Beirut (the reason Iran gave for its latest missile salvo).

Israel’s PR problems

Little noticed in the fireworks was a speech given at The Jerusalem Post Annual New York Conference by Ronald Lauder, president of the World Jewish Congress, stating the obvious: Israel has an image problem and needs professional help.

He’s right, up to a point. The billionaire cosmetic heir is a personal friend of both Trump and Netanyahu. Both see themselves as PR mavens who share cluelessness about both cause and solution.

Public relations advice won’t solve their systemic problems, but Israel clearly needs help improving the substance of its message to the world if it is to begin digging out of the deep crater it has bombed itself into.

Way back in the last century, before I turned prematurely grey, I was briefing a Jewish audience about some friction between the president and the prime minister at the time (Ronald Reagan and Menachem Begin). The first question I was asked (and frequently through the years) was, “Why don’t the Israelis get some good PR advice?” 

The answer was the same then as it is today: they get lots of good advice, but they think they know better.

As I said, PR isn’t the answer, but it is a start. Lauder’s first piece of advice is valid but just a small step: take the job out of the hands of amateurs and self-aggrandizing politicians whose talents seem to be self-aggrandizement and pushing from bad to worse.

Instead of trying to gag the press, Netanyahu should gag some of his ministers. Take Amichai Chikli, his diaspora minister who acts like the anti-diaspora minister. He has been called “remarkably ignorant about Diaspora Jewish life,” confrontational, and particularly disdainful of Reform Judaism. Like so many, he has been quick to equate criticism of his government’s policies with antisemitism.

Lauder wants Israel to replace politicians and amateurs with PR professionals. That’s not easy when the prime minister lures coalition partners with promises of their own ministries or other lucrative sinecures.

Part of the problem Israel faces is that in America, cabinet secretaries serve at the pleasure of the president. In Israel, the prime minister serves at the pleasure of coalition partners who have a penchant for threatening to bring down the government if he doesn’t meet their demands.

The haredi (ultra-Orthodox) parties are masters, demanding massive funding for their substandard schools that fail to provide an education vital to real-world survival and insisting on draft exemptions so their young men can study while everyone else must serve.

American Jewry

Lauder says Diaspora Jews must be partners. Netanyahu sees himself as the leader of the Jewish people around the world and, like his predecessors, speaks of a partnership. But they’re just blowing smoke. For all the years I’ve been observing, it has been the same – “We love you but keep your advice to yourself and send us more money and weapons.”

Many Jews and their representatives in Congress are drifting away. The settlement movement is highly unpopular among most Americans, and the Netanyahu government’s failure to deal seriously with settler violence against West Bank Palestinians is eroding Israel’s standing.

American Jews are uncomfortable with the most extreme right-wing government in Israel’s history; one dominated by nationalist and religious extremists who say the largest group of American Jews aren’t real Jews.

Bezalel Smotrich, the influential finance minister and leader of the Religious Zionist party, calls Reform Judaism a “fake religion.” Three other key Netanyahu partners share the view – Shas, United Torah Judaism, and Otzma Yehudit, as well as many in Netanyahu’s Likud.

That may be Israel’s toughest PR challenge. Most American Jews identify as Reform (37%) or Conservative (17%). Orthodox Jews are about 9%, and the rest say they are unaffiliated.

I agree with Lauder. Israel must do a better job of telling its story and make Diaspora Jews feel like partners. 

But it will take more than hiring PR professionals. It demands fundamental changes. It is about how Israel governs itself, how it respects the rights of its minorities, how it treats the Palestinians and its neighbors, and how it relates to its fellow Jews.

Later this year, Israelis will go to the polls. I hope they elect a new leadership smart enough to stay out of partisan US politics, win back the trust and affection of American Jewry, reinforce its democracy, make peace with the Palestinians, and rebuild its international stature.

The challenge is not about how to shape Israel’s image but how to move toward policies that don’t alienate Israel’s natural friends. It may not be halachic, but you can’t put a kippah on a pig and call it kosher.

The writer is a Washington-based journalist, consultant, lobbyist, and former legislative director at the American Israel Public Affairs Committee.

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The Pentagon was locked down, and floors two through five were evacuated due to a false hazardous materials alarm, CNN reported on Thursday. 

Multiple Arlington County Fire Department units, including their Hazmat Team, responded to a “hazardous materials incident” at the Pentagon, the department announced earlier on Thursday afternoon. 

A Pentagon spokesperson said that authorities are working to evacuate employees due to an air quality issue. 

“The Pentagon has sophisticated systems to ensure the safety of the building and its occupants. Those systems have detected an air quality issue necessitating precautionary measures until we determine its significance,” Pentagon spokesman Sean Parnell said in an email.

“The Department is executing standard protection protocols, including a shelter-in-place order for the affected area. Response teams are in place and ready to support building occupants,” he added. 

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A recent European financial investment in the West Bank may threaten Israeli efforts to see the Palestinian Authority abandon its pay-for-slay policy, even if the money has bypassed the PA, an expert told The Jerusalem Post on Thursday.

The European Investment Bank and the European Commission announced earlier this week that the Palestinian economy received a €395 million injection to support Palestinian micro, small, and medium-sized enterprises.

The funds will bypass the PA and be channeled directly through the Bank of Palestine, the National Bank, Quds Bank, Cairo Amman Bank, and Palestine Investment Bank to “expand access to credit through local financial intermediaries,” the EIB confirmed.

As noted by Itamar Marcus, the founder and director of Palestinian Media Watch, and exclusively reported on by the Post in February, the Bank of Palestine, one of the banks participating in the program, has explicitly refused requests from the Finance Ministry to close 3,400 accounts reportedly used to distribute payments to released terrorists.

“Banks that are receiving the money directly from the EU have the bank accounts paying terror salaries to terrorists and their families,” Marcus commented. “As long as the EU continues injecting money to strengthen the economy that enables the PA to limp along, without first seeing fundamental reforms throughout Palestinian society, it is responsible for Palestinian youth being brought up to believe that violence and terror will ultimately destroy Israel. Conflict and terror will continue for another generation, courtesy of the EU.”

Funds intended to expand access to financing for Palestinian businesses

The package also includes the deployment of the remaining €2.1 million in technical assistance under a total €3.5 million envelope, of which €1.4 million has already been deployed.

EIB said the funds would “expand access to affordable financing for Palestinian businesses.”

“Palestinian businesses need reliable access to finance if they are to continue operating, investing and protecting livelihoods under extremely difficult conditions,” said EIB Vice-President Gelsomina Vigliotti.

“With these agreements, we are putting into operation the €400 million facility announced in October 2025 and making available up to $395 million through local partner banks to support Palestinian MSMEs where financing is most needed. At the same time, €3.5 million in technical assistance will help reinforce the sector at multiple levels.”

The Palestinian economy has struggled for years, with conditions worsening after Hamas’s October 7 attack prompted Israel to revoke the work permits of roughly 100,000 Palestinians on national security grounds. Economic pressures had already been in place after Israel, in 2022, legislated the withholding of Palestinian Authority funds in response to the authority’s payments to convicted terrorists and the families of slain attackers under its pay-for-slay program.

Palestine Monetary Authority Deputy Governor Mohammad Manasrah said, “The implementation of this $395 million package marks a concrete step in reinforcing the Palestinian financial sector’s ability to support businesses during a period of exceptional strain. Through five sub loans to local banks, part of which is structured as sub-debt to strengthen banks’ capital base, while the use of proceeds remains exclusively directed toward financing micro, small and medium-sized enterprises, this cooperation will broaden access to financing across Palestine, enabling businesses to continue operating, adapt to difficult conditions and sustain economic activity.”

Despite positive steps, terror glorification permeates PA society

Though Marcus said it was a positive step that the EU had “attempted to bypass the terror-supporting Palestinian Authority” to provide direct help to small businesses, he told the Post that “terror support and terror glorification permeate every aspect of Palestinian society so that whenever money is pumped into Palestinian society it is supporting the terror environment.”

The EIB operation forms part of the European Commission’s “Multiannual and Comprehensive Program for Palestinian Recovery and Resilience,” which has a budget of up to €1.6 billion for 2025 to 2027, and includes a €620 million grant specifically for the PA.

Though the EU has prohibited the use of its funds for pay-for-slay payments, critics have noted that the EU funds have allowed the PA the financial leeway to invest in the salaries of terrorists.

Marcus voiced fears about the types of protocols in place, ensuring that only businesses not participating in the glorification of terrorism receive the funds.

“For example, clothing factories and stores are producing and selling the shirts for children that have pictures of terrorists, teaching them that murderers of Israelis are their heroes and role models. Other factories and stores produce and disseminate the maps of ‘Palestine’ that erase and replace Israel. Sporting goods are sold to teams that are named after terrorists,” he explained. 

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If the orders are handed down, the Golani Brigade is ready for anything, including advancing its ground forces to take over Beirut, IDF Golani Brigade Battalion 13 Commander “M” told The Jerusalem Post in an interview on Thursday.

Next, he discussed having recently taken over the Wadi Saluki area of southern Lebanon from Hezbollah, how it makes Israeli northern civilians safer, and how it pushes back Hezbollah drone and rocket launching lines, while noting that the FPV drone threat remains.

M has been in the IDF for 15 years and served in Gaza during “Chariots of Fire parts I and II” in 2025 in Khan Yunis and Rafah, after which his unit was among the first to enter Lebanon when the IDF invaded in early March of this year.

Since they were among the first to invade, M said, they encountered periodic Hezbollah resistance and engaged in close-range fighting.

In total, three soldiers from his battalion were killed, while the IDF has killed around 50 Hezbollah fighters in the general area.

Later, his battalion also found and seized or destroyed Hezbollah weapons and tunnels.

Included in the items they found were materials from Iran explaining military strategy, as well as military maps from Iran.

“There is a lot of strong spirit,” M said about his battalion’s feelings about its accomplishments.

Taking over Wadi Saluki

M and Battalion 13 took over the Wadi Saluki area around two weeks ago, in parallel with other Golani units taking over Beaufort Castle.

At the time, when M finally received orders to take over the Wadi Saluki area, his units had been waiting for weeks to do so. Until then, they had carried out repeated in-and-out penetrations in that area, but had not attempted to hold onto any areas.

Providing additional details, he said, “When we got the order that we can stay there and take over areas, our officers formulated our battle strategy and rules. Then we went out at night and penetrated through the Saluki area.”

“Next, we went beyond to the West, cutting through parts of the river. The river has some large increases in the water depth and is extremely difficult to cross through even when it is uncontested by the enemy,” he recalled.

M complimented the air force, tanks, and artillery units for helping pave the way for their advance with significant firepower against Hezbollah forces right before they made their move.

He also complimented his tactical field intelligence collection units.

“We were raised on the stories of the IDF battles at the Saluki from 1997. Now it was easier to get there,” he noted.

Soldier recounts ‘most difficult battle’ while in Lebanon

One anecdote he said involved their most difficult battle during “face-to-face combat over a house. My forces went in, and the terrorists opened fire. We killed them eventually, but their initial attacks wounded some of our soldiers. When Tuvia Lifshitz ran in to help his fellow wounded soldiers, the Hezbollah fighters shot him and killed him. Later, the IDF fighters surrounded and isolated the terrorists within the house until they killed them.”

In another instance, in a village near the Saluki area, his battalion marched through seven kilometers in the rain, and some of his soldiers were wounded by Hezbollah mortar fire.

He said that most of his forces continued to advance, while a specific rescue unit came to take care of the wounded soldiers until they could be evacuated by helicopter to medical centers.

M acknowledged, as many IDF officials have, that the military entered the Lebanon invasion without being fully ready for Hezbollah’s new FPV drone threat

M admitted that even if his advance is preventing Hezbollah from launching drones into northern civilian villages to some extent, the threat remains, especially against the soldiers in southern Lebanon.

However, he stated that using nets, special guns, and greater awareness of observing threats and listening for sounds from the air has helped somewhat reduce Hezbollah’s drone threat effectiveness.

He said that he trusted the defense establishment would eventually develop more complete solutions, though this could still take months.

M stated that he wanted the northern villagers to be able to live normal lives and his son to grow up to be able to live a peaceful life.

“There needs to be patience… This is guerrilla warfare. It’s not going to be ‘one operation, and we are done.’ You cannot just attack one area, and it is over. You need to act systematically. But we prevent attacks and invasions, and penetrations into our [northern civilian] villages. That will not and cannot happen,” he said.

“They cannot attack with anti-tank missiles, no short-range mortars or rockets, and now need to work on other things. This was our main mission. And you cannot do these things with just the air force – you need invading ground forces,” he noted.

M’s battalion is now being given a period of weeks to refill and fix their equipment and other soldiering needs, as well as some time off to refresh at home, before returning for the next mission.

He thanked all the different kinds of soldiers, including reservists and commissioned and non-commissioned officers.

M, who is married and has one child, has commanded the battalion for around one year and calls his current position a lifelong dream.

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Oracle reported the biggest quarter in its history on Wednesday, June 10, telling investors in a filing with the Securities and Exchange Commission that its order backlog for cloud and artificial intelligence work has ballooned to $638 billion. The company posted record revenue of $19.2 billion for its fiscal fourth quarter, up 21% from a year earlier.

The number drawing the most attention was that backlog, which Oracle calls remaining performance obligations. It represents contracts signed but not yet delivered, essentially money customers have promised to pay for future work. It grew by $85 billion in the quarter alone, climbing from $553 billion to $638 billion. For a company with annual revenue of $67.4 billion, that backlog is roughly ten times what it brings in each year.

The rest of the report was strong too. Earnings came in at $1.45 per share on a GAAP basis, up 21%, and $2.11 on an adjusted basis, up 24%. Total cloud revenue reached $9.9 billion, up 47%. The fastest-growing piece was the cloud infrastructure business, where Oracle rents out computing power. That unit posted revenue of $5.8 billion, up 93% from a year earlier.

The results topped Wall Street’s expectations. Analysts had looked for about $19.1 billion in revenue and $1.96 per share. Oracle beat both.

What makes this quarter important reaches beyond Oracle. The company has become one of the central players in the AI buildout, renting the massive computing capacity that other firms need to train and run AI systems. Its backlog is widely watched as a gauge of whether the AI spending boom is real and durable, or whether it is starting to cool. Wednesday’s jump suggests demand is still climbing.

Chairman and chief technology officer Larry Ellison and chief executive Safra Catz have spent the past year raising the company’s growth targets, and the backlog gives those promises weight. The catch is that a backlog is a promise, not cash in hand. The question hanging over the company is how fast it can turn those signed contracts into delivered revenue, and how much it must spend to do so.

That spending is enormous. Oracle is pouring tens of billions of dollars into data centers and the chips that fill them, with capital spending expected to run near $75 billion in the coming fiscal year. Building that capacity requires heavy borrowing, and Oracle already carries one of the largest debt loads of any technology company. The bet is that the AI orders will more than pay for it. If demand holds, the math works. If it slows, the bills come due regardless.

For ordinary investors, Oracle matters more than many realize. Its stock sits in countless index funds and retirement accounts, so its swings ripple into savings that have nothing to do with technology. The shares have climbed steeply over the past several months on AI optimism, then pulled back this week along with the rest of the market. Oracle closed Wednesday around $206 a share, caught in a broad selloff driven by inflation and the war with Iran, even as its underlying business posted records.

The broader signal is what businesses across the economy will take from this report. Oracle’s surging backlog tells suppliers, builders, and power companies that the demand for AI infrastructure is not letting up. That means continued orders for everything from servers and chips to electricity and construction. It also means the companies chasing this boom are taking on heavy debt and betting big that the spending pays off.

Oracle’s fiscal year is now closed, and the company heads into a new one with a record pipeline and record obligations to match. Wednesday answered the immediate question of whether the AI orders are real. The longer test, turning that $638 billion in promises into delivered profit, starts now.

JBizNews Desk — Technology

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Residential construction input costs jumped in May at their fastest pace in more than three years, putting fresh pressure on builder margins and project underwriting just as many builders were counting on cost stability to offset higher mortgage rates.

According to new analysis from the National Association of Home Builders’ Eye on Housing economics team, prices for goods used in new residential construction, including energy, rose 2.1% in May from April and 8.3% year over year. The monthly gain is the largest since March 2022, during the post-pandemic run-up in materials costs.

Stripping out energy, residential building material prices rose 0.7% for the month and 4.4% from a year earlier — the fastest annual pace since January 2023. Services inputs were flat on the month but up 4.7% year over year.

Energy shock returns as key cost driver

The NAHB data, based on the Bureau of Labor Statistics’ Producer Price Index, show energy once again emerging as the primary driver of cost volatility:

  • Energy input prices to residential construction surged 17.2% in May and are 62.8% higher than a year ago.
  • No. 2 diesel fuel posted the largest annual increase among tracked inputs, with prices up 105.9% year over year.

Energy represents a relatively small share of the overall inputs index but has an outsized impact on construction logistics, excavation, trucking and on-site operations. For builders, the diesel move alone can quickly erode already-thin gross margins on fixed-price contracts signed months earlier.

Core materials: moderate but persistent inflation

The underlying building materials component — roughly 93% of the goods index — is showing steadier but still meaningful inflation:

  • Building material prices: +0.7% month over month; +4.4% year over year.
  • Softwood lumber: +5.6% year over year.
  • Ready-mix concrete: +1.7% year over year.
  • Metal molding and trim: +42.9% year over year.
  • Gypsum building materials: −1.1% year over year.

While lumber inflation is modest compared to the 2021–2022 spikes, the combination of higher lumber, metals and diesel translates into higher structural, framing and sitework costs. The small decline in gypsum offers limited relief relative to more volatile categories.

Services costs hold firm

Service inputs to residential construction were unchanged in May but remain elevated compared with a year ago:

  • Total service inputs: flat month over month; +4.7% year over year.
  • Trade services (about 60% of the services index): +3.8% year over year.
  • Transportation and warehousing services (about 11%): +17.3% year over year.
  • Other services (about 29%): +1.7% year over year.

For builders, the combination of higher diesel and sharply higher transportation and warehousing costs signals ongoing pressure in the delivered cost of materials and components, even before labor and overhead.

Why this matters for builders

The PPI for inputs to new residential construction rose 1.3% in May and is up 6.9% year over year, outpacing many builders’ 2025–2026 underwriting assumptions that were built around slower inflation and improved supply chains.

For homebuilders, this environment has several immediate implications:

  • Spec vs. to-be-built: Rising input prices favor shorter cycle times and tighter purchasing windows. Long lead-time, to-be-built contracts locked months in advance face greater margin risk.
  • Escalation and allowances: The return of high monthly volatility, especially in energy and transportation, may justify revisiting escalation clauses and material allowances in contracts with buyers and trade partners.
  • Product and option mix: Categories with outsized inflation — metals, transportation-intensive components — may warrant value engineering or substitution, particularly in entry-level and first move-up segments sensitive to total monthly payment.
  • Land and deal underwriting: Pro formas that assumed flat or disinflating materials over the next 12–18 months may need to be re-run with higher construction cost contingencies.

The broader Producer Price Index for final demand rose 1.1% in both April and May and is up 6.5% year over year, reinforcing that pipeline inflation has not fully subsided even as the Federal Reserve weighs the timing of rate cuts. For builders, that means fewer tailwinds from cost deflation to offset still-elevated borrowing costs and affordability constraints.

Key takeaway for the field

After a period of relative stability, residential input costs are reaccelerating, led by energy and logistics. Builders that update bids and budgets quickly, shorten build cycles where possible and tighten purchasing coordination with trades will be better positioned if volatility persists through the second half of 2026.

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Two plaintiffs have joined a federal class-action lawsuit in Colorado against home equity investment (HEI) company Unison Agreement Corp. and its affiliates, expanding allegations that the company’s HEI products function as high-cost mortgages despite being marketed as interest-free alternatives.

The amended complaint, filed June 8 by law firm Singleton Schreiber in the U.S. District Court for the District of Colorado, adds Jamie and Alicia Williams of Weld County and Douglas Clayton of Longmont as named plaintiffs alongside original plaintiffs Katharine and Charles Kane of Centennial.

The case builds on a class-action lawsuit initially filed in April 2026 by the Kanes, who allege Unison deceptively marketed its home equity agreements as a simple, debt-free alternative to traditional mortgages. According to that complaint, the Kanes received roughly $87,000 after fees at the start of their agreement, but Unison estimated they could owe as much as $278,618 to terminate the contract as of March 31, 2026.

Unison’s product, similar to competitor offerings, provides homeowners with an upfront cash payment in exchange for a share of the home’s future value. The company has promoted the agreements as involving “no debt, no interest, no monthly payments” while describing itself as a “partner” that shares in a home’s gains and losses.

The lawsuit argues these claims are misleading because homeowners are still obligated to repay the company, typically through a large lump-sum payment when the agreement ends or the home is sold. The amended complaint alleges the new plaintiffs experienced similar outcomes.

“Every new plaintiff in this case tells the same story; they trusted Unison’s promise of a simple, interest-free product, and they are now trapped,” Elizabeth Aniskevich, senior counsel at Singleton Schreiber, said in a statement. “This amended complaint shows that what happened to the Kanes is a reflection of how Unison operates, rather than an isolated incident, happening to hundreds of Colorado homeowners right now.”

Unison did not respond to HousingWire‘s request for comment at the time of publication.

According to the amended complaint, the Williamses entered into an agreement with Unison in 2019 as they sought funds to help cover business expenses. They say they received $30,861 of a $64,600 advance after Unison required them to use a portion of the funds to pay down their primary mortgage.

The couple has since moved to Adams County after Jamie Williams accepted a job nearly two hours from their Weld County home and listed the property for sale. They are awaiting a final payoff amount and are concerned about their ability to purchase another home, according to the filing.

Meanwhile, Clayton — a 66-year-old middle school custodian from Longmont — initially sought a home equity line of credit but instead entered into a Unison HEI agreement, the complaint alleges. Out of a $63,750 advance, Clayton received $28,294 after more than half of the funds were directed toward debts selected by the company. The lawsuit notes that the agreement will not terminate until Clayton is 94 years old.

The amended complaint also includes accounts from other Colorado homeowners. These include a disabled U.S. Army veteran on a fixed income who allegedly faces an effective interest rate ranging from 13% to 19.2%, and a firefighter who inherited responsibility for a Unison agreement after his father died of pancreatic cancer at age 62.

Broader scrutiny of HEI products

The lawsuit alleges violations of the Colorado Consumer Protection Act, the Colorado Uniform Consumer Credit Code, and Colorado laws governing forward and reverse mortgages. According to the complaint, the Colorado Division of Real Estate has stated that home equity agreements, such as those offered by Unison, may qualify as residential mortgages that require licensure, and the plaintiffs contend Unison does not hold the required license.

“Unison also engages in a variety of practices during marketing, signing, and servicing of the agreement that keep homeowners in the dark when it comes to the true nature of the Unison product, in violation of the Colorado Consumer Protection Act,” the amended complaint reads.

The original complaint also alleged that Unison structured agreements to maximize its returns while limiting its own risk. This includes discounting a home’s initial value, requiring homeowners to pay all property-related costs during the contract term and retaining control over the appraisal process used to determine the home’s final value.

The plaintiffs argued that these practices can leave homeowners with little remaining equity after a sale despite years of ownership.

The Colorado case is one of several legal challenges facing Unison and the broader home equity investment industry. A separate lawsuit filed earlier this year in California alleges the company uses equity-sharing contracts that function as unlicensed, high-interest mortgages disguised as investment partnerships.

In another case, the Ninth Circuit Court of Appeals ruled last year in Olson v. Unison that the company’s product functioned as a reverse mortgage under Washington state law, and that the company engaged in deceptive marketing practices, although the case was later settled.

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The market reaction to events around the Iran conflict, specifically oil prices and bond yields, has made it one of the most interesting weeks of the year. President Trump is frustrated that a peace deal hasn’t happened and could be worried that Iran is trying to string this out as long as possible to create a lot of political pain for him and other Republicans, as midterms are coming up soon. I wrote about that in this article and discussed it on this episode of the HousingWire Daily podcast.

However, the market reaction to this week’s news is very telling to me. Mortgage rates and oil prices haven’t skyrocketed higher — in fact, oil prices and the 10-year yield have tended to fade lower after each headline. Let’s look at what is going on and what it could mean for rates the rest of the year.

Oil prices

We are well into June and oil inventories are being drained fast, which is a big problem for the world economies. This week, the U.S. attacked Iran twice and President Trump has threatened to attack them later tonight and seize their oil fields. With every headline, oil prices haven’t regained the previous high. Why?

chart visualization

I believe the oil market thinks we are closer to a deal than the general public does. Traders don’t want to commit more money at higher prices because they don’t want to be caught off guard. We saw how quickly fertilizer prices peaked at $986 on April 10, 2026, and have since collapsed to $799. Pre-conflict prices were $753 and commodity traders are all well aware of how wild trading can get. This week, we have had crazy headlines and we haven’t been able to get WTI oil prices above $94.

We might be at the point where traders believe Iran itself can’t hold out much longer, especially if NATO gets involved in July, as they promised, with oil revenues falling due to the blockade.

Mortgage rates and the 10-year yield

Mortgage rates are near yearly highs, and the 10-year yield has behaved similarly to oil prices this week: it rises on headlines and then tends to fade. Currently, the 10-year yield is 4.52%, below the peak of 4.68% we have seen this year. This, even with all the crazy headlines this week and PPI inflation was very hot today.

chart visualization

For now, the 10-year yield has only exceeded my peak forecast of 4.60% once, during the most hectic headline-driven events of the conflict, and is currently 16 basis points lower the top of 4.68%.

On another note, we should give a medal to mortgage spreads, which are the only reason mortgage rates haven’t ranged between 7%-7.875% this year.

chart visualization

Mortgage rates do have some upside potential above my target peak forecast of 6.75% for the rest of the year, but for now, better mortgage spreads and how bond and oil traders are acting this week have kept a lid on rates getting above that.

Conclusion

If you’re confused on why oil prices and the 10-year yield aren’t higher, I totally get it. Remember, traders don’t care about politics or what the next pundit says on TV — they’re here to make money.

This week, we had many reasons for oil prices and the 10-year yield to go much higher, but currently they’re fading lower despite these headlines, taking oil prices and the 10-year yield slightly lower. I’ll continue to watch the headlines and how these markets behave to see how these factor affect mortgage rates.

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The Pentagon updated its list of verified religious affiliations that US service members can identify with, and removed Christian as a classification for several religious groups, including the Church of Jesus Christ of Latter-day Saints.

This week, the Defense Department slashed the list of formalized religious categories that personnel can identify as down to 31. Over 20 of those 31 categories were listed as Christian. 

In protest of the list, Utah Senator Mike Lee, who identifies as a member of the Mormon church, criticized it in a video posted on X. 

“I think it’s very unfortunate that the Pentagon has chosen to identify basically every faith group in America that professes faith in Jesus Christ as Christian, with one exception: that is those belonging to the Church of Jesus Christ of Latter-day Saints,” he said. 

“I find this offensive, not just because that happens to be my faith and not just because it happens to be the faith of tens of thousands of US military personnel, but it’s also just repugnant to any sense of decency, any sense of our common heritage and our common belief that the government needs to not weigh in on doctrinal disputes between various religious denominations,” he added.

Pentagon shortens list of Christian groups, initially excludes Mormons

The Pentagon released the revised list on Monday, following the backlash to the original registry. No religious group was classified as Christian in the new list.

“The Pentagon’s job is not to adjudicate theological debates, but instead to ensure sincerely-held faith is respected and encouraged in our ranks,” the Pentagon’s rapid response account stated in a post on X/Twitter. 

Sean Parnell, a Pentagon spokesperson, announced last week that they had removed 180 recognized religious classifications, citing an “unmanageable” amount of faith groups.

“This decrease in religious affiliation codes is not designed to make any claims on the legitimacy of any faith or religious belief, nor is it intended to provide a list of ‘officially approved’ religions,” the statement said. 

“Rather, it is designed to allow chaplains to quickly look at the religious composition of their units and determine how they structure resources to best provide for warfighters of all faith groups.”  

Hegseth receives backlash for handling of religion in the military 

Earlier this year, Defense Secretary Pete Hegseth spoke on the Pentagon’s intention to shorten the list and completely scrap the army’s spiritual fitness guide.

Hegseth has stated that the US military’s spiritual and religious services are too focused on self-care and should be more focused on “truth”. 

Hegseth’s handling of religion in the military has been criticized repeatedly. He has pressed chaplains to preach more about scripture than psychology, and also hosts monthly evangelical Christian worship services that have raised legal questions from experts. 

Hegseth has also faced criticism for inviting pastors from his small Christian denomination to preach at the Pentagon, including one pastor who has stated that women shouldn’t have the right to vote.

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Thirteen additional hesder yeshivot – which combine Torah study with serving in the IDF – on Thursday joined prior institutions, bringing up to 25 the number that have banned their Orthodox religious-Zionist male students from joining the tank corps in protest at an IDF pilot program to integrate women into the corps.

According to the IDF, the program is only a pilot program, and it is unclear whether it will lead to placing women permanently in the tank corps.

Further, the pilot program involves establishing women-only tank units, such that neither secular nor religious men would be serving with women within the same tank or unit, the primary concern of the religious-Zionist institutions that are protesting.

From their perspective, it is immodest for men and women to serve together in the same tank or tank units and could lead to problematic mingling between them in such a small, secluded space.

Traditionally, religious-Zionist hesder graduates serve in male-only units, and usually in units that are composed of overwhelmingly hesder students, or at least men from Orthodox backgrounds.

The IDF appreciates the hesder program because virtually all of the program’s students, though they serve less time in the IDF than other Israeli societal sectors, because their service is split by a year of Torah study, serve in combat units, and many go on to become mid- and high-level officers.

IDF pushes to integrate women into combat

However, the IDF was informed by the High Court of Justice on April 13 that it was under a legal duty to implement, as far as possible, equal opportunity for women and men in access to combat roles, including beginning its long-delayed pilot integration of women into the tank corps by the November 2026 draft cycle.

Moreover, given that the government failed to integrate haredim into the IDF both before and since October 7, 2023, and the IDF has lost up to around 25,000 soldiers to physical or emotional harm in recent years, leaving a massive gap in human resources, the military has been pushing hard to fill combat roles with women.

One woman was even recently accepted to the elite Sayeret Matkal special forces, and women have taken on relatively new ground combat command roles as brigade and battalion commanders, and even as a missile boat commander.

Despite the IDF putting out a public response on Wednesday, noting the various ways it is still protecting hesder students from serving with women in tank units, the number of institutions barring their students nearly doubled on Thursday.

That said, two-thirds of the hesder yeshivot had not yet pulled out.

Some may be waiting to see how the pilot program pans out and whether the IDF keeps its promise to maintain women in separate tank units, unlike artillery and infantry units that now have mixed male and female units.

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Don’t you just hate it when you’re heading out of Madison Square Garden after one of the most exciting basketball playoff games in history, and some nudnik comes up and wants to talk about Palestine?

If Jerry Seinfeld were doing a stand-up routine now, he might open it with this line, after FinesseFave, an influencer, waylaid him following the New York Knicks’ thrilling come-from-behind victory over the San Antonio Spurs at the Garden on Wednesday night and asked him to say, “Free Palestine.”

FinesseFave, who has several hundred thousand followers across various platforms, pushed a microphone at Seinfeld, saying, “What up, Seinfeld? What up? Can we get a ‘Free Palestine’?” to which the legendary comedian responded, “Ha-ha. It doesn’t exist,” and walked away.

The streamer shared the video with his 180k TikTok followers, adding the caption, “Clown hasn’t been relevant in decades anyway.”

Seinfeld repeatedly publicly harassed for support of Israel

Seinfeld, who created the wildly popular series Seinfeld, which ran for nine seasons, started out as a stand-up and was used to hecklers. This has helped him keep his cool on many occasions when he has been publicly harassed because of his support for Israel following the October 7 Hamas massacre in 2023 and the outbreak of war.

In February 2025, he told an anti-Israel activist, “I don’t care about Palestine,” after he was approached outside Radio City Music Hall in New York.

An anti-Israel heckler interrupted Seinfeld’s show in June 2024 at the Qudos Bank Arena in Sydney, Australia. “We have a genius, ladies and gentlemen. He solved the Middle East,” Seinfeld said in response to the heckler. “It’s the Jewish comedians; that’s what we have to get.” The audience applauded his response.

Earlier in 2024, he was booed when he gave a commencement speech at Duke University, and some students walked out.

These instances, and several others, have not intimidated Seinfeld. In December 2023, he visited Israel, toured the remains of Kibbutz Be’eri and met there with survivors of the October 7 Hamas massacre, and went to Hostages Square in Tel Aviv to support people with family members who were being held in Gaza. On that visit, he said he was, “proud to be an ambassador for spreading the truth throughout the world.”

Maybe the next time he is approached by someone wanting him to talk about Palestine, he can use this line from the series, “The jerk store called. They’re running out of you.”

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The Congressional Israel Allies Caucus hosted its annual Jerusalem Day celebration on Capitol Hill on Wednesday, June 10, 2026, bringing together lawmakers, faith leaders, and supporters of the US-Israel relationship to mark the reunification of Jerusalem and reaffirm support for the city as Israel’s capital. 

The event was organized by the Congressional Israel Allies Caucus, which is co-chaired by Rep. Chris Smith (R-NJ), Rep. Brad Sherman (D-CA), Rep. Ronny Jackson (R-TX), and Rep. Brad Schneider (D-IL). 

Participants included Members of Congress, Jewish and Christian leaders, and advocates of the US-Israel alliance. Senator Ted Cruz, White House Faith Office Head Paula White, Special Envoy to Combat Anti-Semitism Leo Terrell, Pastor Larry Huch, and a senior Israeli official were expected to attend and address the gathering. 

Organizers said the event highlighted bipartisan American support for Jerusalem and the relationship between the United States and Israel. The gathering also focused on faith-based diplomacy and cooperation between Jewish and Christian communities. 

Celebrating Israel’s capital return to sovereignty

“On Jerusalem Day, we join Israel in celebrating the 1967 restoration of its ancient capital city to Israeli sovereignty. This was a great day for the Jewish people and for everyone who believes in the right of every nation to exercise its sovereignty within secure borders,” said Rep. Chris Smith (R-NJ). 

Rep. Brad Schneider (D-IL) said, “As Co-Chair of the Israel Allies Caucus, I am honored to join the Jerusalem Day Reception celebrating Jerusalem as Israel’s unified capital city.” 

“For more than 3,000 years, Jerusalem has been the eternal capital of the Jewish people, the holy city to the three Abrahamic faiths, and today is unique for its faith and history woven into the very fabric of the city. It is a place where people of diverse backgrounds and religions prosper together. I am proud to celebrate its enduring significance and the unbreakable bond between the people of the United States and Israel,” Schneider added. 

Jordanna McMillan, Israel Allies Foundation US Director, said recognition of Jerusalem and the relocation of the US Embassy to the city affirm “our shared Judeo-Christian values, commitment to religious freedom, and a strategic partnership that advances America’s interests in a more stable Middle East.” 

The Israel Allies Foundation said it coordinates the activities of more than 1600 legislators through 64 parliamentary caucuses worldwide in support of faith-based diplomacy and Israel. 

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The United States will sanction thirteen individuals and entities that attempted to purchase and transfer weapons systems on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC), State Department spokesperson Tommy Piggot announced in a press statement on Wednesday.

The sanctioned persons and organizations, who reportedly sought to source weapons that included man-portable air-defense systems (MANPADS), are based in Iran, Belarus, China, and Hong Kong. 

“The United States, as directed in the President’s National Security Presidential Memorandum Two, is committed to disrupting procurement efforts supporting Iran’s military programs. This action represents the commitment to stop Iran from engaging in activities related to the reconstitution of its proliferation-sensitive programs,” the statement read.

A fact sheet released by the department explicitly names and describes four entities and individuals.

First is the Armory Alliance, a Belarus-based organization that acts as a middleman for China and Iran by purchasing large quantities of MANPADS and 

Iran’s Center for Innovation and Technological Cooperation also sanctioned

Second is Mohammadmahdi Maleki, a Belarus-based Iranian employed by Armory Alliance, who actively contributed to the organization’s efforts to supply Iran with weaponry. 

Third is Iran’s Center for Innovation and Technological Cooperation (CITC), a government entity involved in acquiring satellite imagery and intelligence used to assist Iranian strikes throughout the region. They, too, have reached out to Chinese sources in attempts to procure weapons for the IRGC.

Sajjad Ahadzadeh, the head of the CITC, was also among the people sanctioned by the US State Department after being directly involved in the procurement of MANPADS and other weapons and materials for use by the Iranian government.

US pushes forward with Operation Economic Fury

The sanction designations follow the US implementation of Operation Economic Fury, a Treasury Department initiative to create a chokehold on Iran during the conflict and to sanction entities with connections to the regime in order to degrade Iran’s ability to advance its military objectives.

They are also driving the Iranian regime towards taking clandestine actions via underground banking networks and covert trade routes to circumvent sanctions and their economic consequences. 

“Today’s action supports the implementation of United Nations (UN) sanctions and restrictive measures on Iran, reimposed as a direct result of Iran’s ‘significant non-performance’ of its nuclear commitments,” Piggot said.

“UN Security Council resolution 1929 requires UN Member States to prevent the supply, sale, or transfer of conventional weapons such as MANPADS to Iran,” he continued, adding that the US is committed to maintaining maximum pressure on Iran in order to deny the IRGC access to resources to sustain their “destabilizing activities.”

The Treasury Department also pointed out that they are “maintaining maximum pressure on Iran and targeting the regime’s ability to generate, move, and repatriate funds,” having “disrupted tens of billions of dollars worth of revenue.”

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The number of open jobs in America jumped in April even as companies pulled back on actual hiring, according to the Bureau of Labor Statistics, which released its Job Openings and Labor Turnover Survey on Tuesday, June 2. The report showed job openings rising to 7.6 million, the highest level since May 2024, while hiring slowed sharply.

The gap between those two numbers is the whole story. Employers are advertising more positions but filling fewer of them. Hires fell to 5.1 million for the month, and total separations dropped to 5.0 million. Openings rose by more than 730,000, yet the people actually starting new jobs declined by roughly 419,000.

Economists have a name for this: a low-hire, low-fire market. Companies are reluctant to let workers go, but they are also slow to bring new ones in. Both sides are sitting still.

The jump in openings was not broad. Almost the entire increase came from a single category, professional and business services, which added about 668,000 postings. Strip that out, and the rest of the economy looked flat. That has led some analysts to question whether the headline number really signals a hiring boom or just a pile-up of unfilled jobs in one corner of the market.

Worker behavior tells the same cautious story. Quits held steady at about 3.0 million, while layoffs and discharges stayed near 1.7 million. The quits rate slipped to its lowest in years. When people stop quitting, it usually means they are nervous. Leaving a job without another one lined up takes confidence, and right now workers are choosing to stay put.

The layoff rate ticked down from 1.2% in March to 1.1% in April. By that measure, Americans who have jobs still enjoy strong security. The risk of being let go remains low. The harder problem is for people trying to get hired or change jobs. Openings exist, but companies are taking their time, and that slows down raises and promotions across the board.

For the Federal Reserve, now led by Chair Kevin Warsh, the report lands at a delicate moment. The central bank watches hiring and quitting closely for signs the job market is either overheating or cracking. April’s numbers suggested neither. The market is cooling slowly, not collapsing.

What happens next may depend on forces outside the labor market entirely. The war with Iran has pushed up oil and gasoline prices, and that feeds inflation. Higher inflation makes the Fed less willing to cut interest rates, which keeps borrowing expensive for the businesses that do the hiring. Matthew Martin, senior U.S. economist at Oxford Economics, warned that weaker household spending and uncertainty could start to weigh on companies’ hiring plans in the months ahead.

For everyday workers, the practical takeaway is simple. If you have a job, you are probably safe. If you want a new one, expect a longer search. Employers are posting openings but moving slowly to fill them, and the easy job-hopping of recent years has faded. Vacancies are staying open longer, which means more interviews, more waiting, and less leverage to negotiate pay.

Small business owners feel the same freeze from the other direction. Many have openings they cannot fill at wages they can afford, while also being careful not to overextend payroll heading into an uncertain summer. The result is an economy that looks stable on paper but feels stuck for anyone trying to move.

The next major labor reading comes when the Bureau of Labor Statistics publishes its June turnover data later this summer. Until then, the picture is one of an economy holding its breath, with workers and employers alike waiting to see how the war, inflation, and interest rates settle out before making their next move.

JBizNews Desk — New York

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

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A lot of industries have subpar reputations and bad actors. Lawyers have their own subset of comedians telling jokes about them. Doctors have a peculiar word for their faulty fellows. The “used car salesman” was always a foil for us real estate agents by having a reputation for being worse. Private listings may do more damage to our reputation than good.

However, we work hard to boost our reputation. During the height of the short-sale market, sales stifled to a quarter of what they were, and the average price sold went down 35%. It was like getting a 35% pay cut and having your hours compensated cut by 75%!

Plus, no health insurance or 401k. I once paid $10 for gas with a set of quarters found around the house and waited for a check to clear to bring one of our kids to a needed doctor’s appointment. Those short-sale clients who see me around town today still give the biggest hugs and gratitude for the work I did. Those sales were fulfilling as well, seeing people move on with their lives.

I’ve hired hundreds of real estate agents over the years and every single one of them wants to help people. Of course, money is important. My advice — which I tell every new agent — is to concentrate on getting the letter of recommendation and doing a wonderful job. The money will follow in referrals and take care of itself. 

Private listings keep sellers from getting the best possible price

Today, we real estate professionals are forced to offer a new program to sellers who we represent. It’s called a “private listing.

This new option is mandated by the Dark Powers in our industry.  It’s a weird idea. Mostly because it can keep the seller from getting the best possible price.

We offer it because a small number of our customers want to keep their business out of the public eye.  They have their reasons. None of our business.

Unless Law enforcement shows up to the Open House.

Private listings are something I don’t recommend

Private listings keep the listing secret from much of the buyer population.

If a buyer is unaware of a product, how is the seller supposed to get the best price with the most advantaged terms? If you’re a homeowner, selling your home and this sounds a bit crazy to you, it’s because it is.

As a real estate broker for 26 years, I’m accustomed to crazy. So, a question might come to mind.

Why in the world is this private listing craziness occurring?  Giant corporate brokers have been suing each over and scrambling to come up with private listing plans in the last year.  The pitch to the seller goes as follows: Wouldn’t you like to not have to have people trampling through your home? Client nods yes. And I’m sure you’d find it nice to not have days on the market accumulate in the MLS?  Bigger nod by client. And, wouldn’t it be great to test the market first?  Of course!

But, in my opinion what happening here is straight-up gaslighting. Our brokerage posts a disclosure upfront that our sellers read and sign before we list a property for a private sale. No different than how the public discovered cigarettes were bad for your health and officials were forced to tell the truth about aftereffects. We are saying that private listings may be bad for the terms you get and for your wallet. Our disclaimer reads as follows:

Your home will not be listed with any public Multiple Listing Service (MLS). Potential Buyers will be unable to view homes not listed on a public MLS website and will not receive alerts for new listings and price adjustments.

Certain real estate brokerages and online portals may have policies which may restrict you from listing on their websites and might prevent your listing from having a full exposure to the buyer pool. Anything less than 100% exposure to all potential Buyers could result in a lower selling price.

Listing your home as an Echo Fine Properties Private Exclusive can limit the number of buyers who will see your home, extend your marketing timeline and create awareness among Echo Fine Properties agents regarding upcoming inventory. The Echo Fine Properties protocol generates interest with private marketing and provides valuable feedback before deciding to go public. Since the entire pool of Buyers may not have access to view your home, private listings is not a true indication of price and marketing.

Private exclusive listings, also known as off-market or pocket listings, are legal in Florida, but private listings are subject to the rules and regulations of the Multiple Listing Service (MLS) and the National Association of Realtors (NAR). Florida law requires that a listing agreement include the commission details agreed upon between the seller and the listing agent, but this information is no longer allowed in MLS listings. Exclusive private listing may result in Limited Exposure of Properties.

So, the next question is, why would the brokers be promoting this if it can harm their own client? Easy answer. The double dip, although that’s been disputed. No, not the George Costanza from Seinfeld double dipping. This double dipping is more nefarious. The modus operandi in my opinion by having both sides of the transaction is so the real estate agent can double dip their earnings. Not mentioned in the advertising flyer so much, right? 

Are we setting ourselves up?

On August 17, 2024, NAR mandated that real estate agents must have Buyer Broker Agreements (BBA) explained, negotiated and signed by their clients the same way a listing agreement is signed by the homeowner. Their purpose was to disclose that commissions were really paid by the buyer. The industry lost hundreds of millions of dollars in lawsuits and settled hundreds of millions more. 

I see the exact same thing coming from sellers who are unaware of the potential loss of terms and dollars. In no case can you test the market by not exposing all potential homebuyers to a property available for them. Even if someone bought a home at full price off market, by not having all potential buyers witness it, a bidding war may have been stifled. And some buyers are going to meet a seller in the grocery store and tell them that, “I was in the market and would have paid more money if I was only aware.” Just like that our industry will have the next class action lawsuit. 

While I can’t carry a tune and never played a musical instrument, I can blow a whistle. Hopefully, this sounds an alarm.

Jeff Lichtenstein is the broker of Echo Fine Properties in Florida.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: tracey@hwmedia.com

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MISMO, the mortgage industry’s standards organization, launched a new artificial intelligence governance toolkit on Thursday, which is designed to help lenders, servicers and other housing finance companies manage AI-related risks while supporting innovation.

The Framework for Responsible AI in the Mortgage Ecosystem, known as FRAME, is now available to MISMO member companies through MISMO Connect.

FRAME was introduced during MISMO’s Spring Summit in Louisville, Kentucky, where lenders, servicers, technology providers and compliance professionals received an overview of the framework and its implementation tools.

The framework was developed in collaboration with MISMO’s AI Community of Practice and is intended to help organizations establish policies, procedures, controls and oversight mechanisms for the responsible use of artificial intelligence.

The initiative originated with the Mortgage Bankers Association’s Residential Board of Governors, which asked MISMO to lead the development of an AI governance framework tailored to the mortgage industry.

“RESBOG recognized early that our industry needed practical guidance for responsible AI adoption,” said Dan Sugg, 2026 chairman of the Residential Board of Governors and chief mortgage lending officer at Michigan First Credit Union. “Mortgage companies are increasingly utilizing AI-enabled systems, and they need a framework that helps them manage risk while supporting innovation.”

FRAME includes a governance policy template, an AI system inventory, an AI system risk assessment, implementation guidance and a getting-started guide. The tools are designed to help organizations identify, assess, monitor and govern AI-enabled systems used across their operations.

Rick Hill, vice president of industry technology at MBA and a contributor to the framework, said the toolkit is intended to serve as a risk management resource rather than create additional regulatory requirements.

“The goal is not to create new regulations or additional bureaucracy, but to help mortgage companies understand where AI is being used, assess the risks associated with those use cases, document their decision-making, and establish a repeatable governance process,” Hill said.

MISMO President Brian Vieaux said the organization plans to continue refining the framework through engagement with regulators, government-sponsored enterprises, investors and other stakeholders.

“Our goal is to create a practical framework that lenders can use today while helping build broader understanding and acceptance across the industry,” Vieaux said.

The announcement comes a day after the MBA released a white paper urging the mortgage industry to develop a unified framework for managing artificial intelligence. The white paper, which warned about the risks that AI poses to the financial services industry, recommended that lenders maintain a “human in the loop” approach.

Government agencies have started to address the issue of AI governance. Earlier this year, Freddie Mac updated its seller-servicer guide to include AI and machine learning governance requirements, and Fannie Mae issued guidance calling on lenders to establish policies and procedures that govern AI systems.

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

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Google is taking its real estate listing pilot program nationwide, according to an announcement on Thursday. 

In a blog post, Google said it is rolling out enhanced Local Services Ads (LSAs) for home listings across all 50 U.S. states following a limited pilot program. The company said this expands a paid lead-generation option for real estate agents who advertise on Google. In order to use LSAs, Google said a business must have a physical location asset linked to their advertising campaign. 

These advertisements showcase property information — including price, photos and core home features — directly within LSAs, according to a company announcement. The listing data is powered by HouseCanary’s ComeHome.com platform. Through the listings, consumers have access to links to request a tour of a property or contact a buyer’s agent.

When consumers search for homes on Google, the updated LSAs are designed to connect them with local real estate agents at the moment they begin their search. From the ad unit, buyers can call, message or book an appointment with an agent.

“Our goal is to deliver a helpful real estate experience by acting as a supporting bridge,” the blog post stated.

Existing LSA agents will automatically appear in the enhanced home listing experience. New agents can enroll in Local Services Ads directly, while portal partners can onboard their agents through the LSA managed partner program, Google said.

Google began testing this advertising program that embeds for-sale home listings directly into mobile search results back in December 2025 before appearing to pull these listings in early January. In mid-May, however, the listings reappeared in search results in many of the original test markets, including Miami, New York, Cleveland, Chicago, Austin, San Francisco and Los Angeles.  

As real estate listing portals, including Zillow, Redfin and Realtor.com, have begun launching application integrations within LLMs like OpenAI’s ChatGPT, many in the housing industry have questioned if this usage falls within MLS data usage and IDX feed rules. In turn, this has opened a discussion surrounding both the modernization of MLS rules and listing data control.

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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Gotham Football Club has tapped renowned architectural firm SHoP Architects to design a new $35 million training facility in New Jersey for the championship-winning women’s soccer team. Announced on Wednesday, the project will transform the former New York Red Bulls training facility in Whippany into a purpose-built training hub focused on player performance, recovery, and well-being, making it one of the first facilities to meet the National Women’s Soccer League’s new training standards. Renovations are expected to begin later this summer, with completion targeted for summer 2027.

SHoP Architects, the team behind notable New York City residential buildings like the Brooklyn Tower and 111 West 57th Street, will renovate the existing buildings and infrastructure with a focus on athlete-centered design, durability, and campus cohesion.

The facility will feature upgraded recovery and wellness spaces, a new locker room, dining hall, meeting rooms, and offices, all designed to support player performance, preparation, and staff efficiency.

SHoP Architects will design social spaces intended to connect existing buildings with key areas of the campus. The Gotham Quad, for example, will serve as a communal space for relaxation, celebration, and reflection, with wood elements used throughout to create a sense of warmth and cohesion.

“Our goal is to create a practice facility that reflects Gotham FC’s identity and ambition through a design that is elite yet grounded,” Dana Getman, principal of SHoP Architects, said. “Through sustainable adaptive reuse and warm, timber-intensive new interventions like the Gotham Quad, we’re going to deliver a new model for a state-of-the-art training campus.”

“It’s a facility designed to support world-class athletes on the pitch while fostering deep team chemistry and community connection,” she added.

In addition to three outdoor fields, a new pre-engineered metal building will house a full-size synthetic turf pitch, allowing for year-round on-site training. The indoor field will improve scheduling flexibility and support consistent player development while maximizing campus resources and strengthening team identity and cohesion.

“Gotham FC is being built with the ambition to become one of the defining clubs in women’s soccer and a global brand in sport,” Carolyn Tisch Blodgett, governor of Gotham FC, said. “Transforming this site into our first dedicated training facility is a critical part of that vision, giving our players and staff a true home base designed around performance, recovery, development and connection.”

“As the game continues to grow globally, investments like this reinforce the standard we are setting across the club and help us compete for championships, attract world-class talent and build something that lasts,” she added.

Gotham FC is set to face the Washington Spirit at Citi Field on July 15 in a rematch of one of women’s professional soccer’s biggest rivalries.

The match will mark the first women’s sporting event held at the home of the New York Mets and comes four days before the men’s FIFA World Cup final at MetLife Stadium, adding to the wave of soccer events set to sweep the tri-state region this summer.

Rendering courtesy of New York Liberty

In Brooklyn, the New York Liberty are building an $80 million state-of-the-art training facility on the waterfront in Greenpoint. Designed by Populous, the design team behind the Sphere in Las Vegas, the 75,000-square-foot facility will be one of the few dedicated practice spaces for a WNBA team. Construction is expected to wrap up in 2027.

RELATED:

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Amazon Web Services (AWS) said on Thursday, June 11, that its data centers around the world withdrew about 2.5 billion gallons of water last year to cool the servers that power its cloud-computing and artificial-intelligence businesses. The figure was detailed by AWS executives including Kerry Person, vice president of data center operations, and Will Hewes, the company’s water stewardship lead. It is one of the clearest pictures Amazon has ever provided of the water footprint behind the global computing boom.

The disclosure matters because Amazon has long faced criticism for providing limited information about data-center water consumption. Rivals Microsoft and Google have published water-use figures for years. Amazon had largely focused on efficiency metrics rather than total withdrawals, and earlier this year investors filed resolutions urging major technology companies to provide greater transparency. Thursday’s announcement is Amazon’s most direct response yet.

Amazon is presenting the figure as evidence that its operations are highly efficient. The company says it uses approximately 0.12 liters of water per kilowatt-hour of computing, compared with an estimated industry average of 0.84 liters per kilowatt-hour. According to AWS, that makes its operations roughly seven times more water efficient than the average data-center operator. The company said outside auditors reviewed the calculations and that water withdrawals at facilities Amazon directly owns and operates declined about 2% year-over-year, even as its global footprint expanded.

The company attributes much of the reduction to its cooling strategy. Data centers generate enormous amounts of heat, and many operators rely heavily on evaporative cooling systems that consume significant amounts of water. AWS says its facilities use outside-air cooling about 90% of the time, relying on fans to move air through server halls. Water cooling is generally used only when outdoor temperatures exceed roughly 85 degrees Fahrenheit. The company also adjusted operating temperatures within its facilities to further reduce cooling demand.

The disclosure arrives at a sensitive moment for the industry. In Amazon’s home region, the Seattle City Council this week unanimously approved a one-year emergency pause on new large data-center developments within the city. The action reflects growing concern among local governments over the water, electricity, and land demands created by artificial-intelligence infrastructure.

Person said community reactions are often different from what critics expect.

“As we’ve been engaging with our local communities, they’ve been very pleasantly surprised about how little water we are using,” he told reporters.

Not everyone agrees. Simon Hans Edasi, a Seattle-area data scientist who studies data-center development and water resources, has raised concerns about Amazon’s planned $4.8 billion campus in Burbank, Washington, near the Columbia River. He argues that the industry is increasingly expanding into eastern Washington and other regions where water supplies are already under pressure.

Several recent studies have found that a significant share of new U.S. data-center construction is occurring in areas experiencing varying degrees of water stress. Those concerns have fueled permitting battles, project delays, and in some cases the cancellation or relocation of major developments.

For companies investing tens of billions of dollars in AI infrastructure, community opposition is becoming a material business risk. Delays in permits and approvals can significantly increase costs and slow expansion plans.

Amazon says its long-term answer is its Water Positive by 2030 commitment, first announced in 2022. The company says it has completed approximately 75% of the work needed to achieve that goal and currently replenishes about three gallons for every four gallons it uses.

According to Hewes, the strategy focuses on three priorities: reducing water consumption, replacing drinking water with treated wastewater whenever possible, and investing in local replenishment projects. Those efforts include repairing leaking municipal infrastructure, restoring watersheds, and supporting agricultural irrigation programs that use recycled water.

Microsoft has announced similar goals, including a pledge to improve water efficiency by 40% by 2030 and replenish more water than it consumes in the regions where it operates.

As artificial intelligence drives unprecedented demand for computing power, technology companies are increasingly competing not only on performance and scale, but also on environmental impact.

Amazon also highlighted a broader industry statistic, noting that global data centers account for approximately 0.5% of industrial water use worldwide. Whether that argument satisfies communities increasingly wary of large-scale AI development may ultimately be decided one project at a time.

JBizNews Desk — Technology

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The IDF promoted two officers to the General Staff earlier this week, with Guy Markizeno becoming the new prime minister’s military secretary, and Tal Politis becoming the new defense attaché in Washington.

Markizeno was promoted to Maj.-Gen. and replaces Roman Gofman, who left in order to become Mossad director.

Markizeno previously served as Defense Minister Israel Katz’s military secretary and held command positions within the military’s Artillery Corps.

The prime minister’s military secretary serves as the “ambassador of the General Staff’s thinking to the prime minister, and the ambassador of political requirements to the General Staff,” IDF Chief of Staff Eyal Zamir said.

Politis, a former Navy SEAL and deputy head of the Israel Navy, was promoted to V.-Adm. and replaces Maj.-Gen. Hidai Zilberman, who left the post in December to head the Planning Directorate. The position has been temporarily held by Brig.-Gen. Arik Ben-Dov.

Katz: ‘US-Israel strategic alliance is central pillar of Israel’s security’

“The strategic alliance between the United States and Israel is one of the central pillars of Israel’s security and of stability in the Middle East,” Katz said.

“Under the leadership of Prime Minister Netanyahu and President Trump, the depth of the strategic ties between Israel and the United States has reached unprecedented levels, first and foremost during Operation Rising Lion,” he added.

“I want to thank the one who filled the attaché’s place during this period and did so well, Brig.-Gen. Arik Ben-Dov, and express appreciation to the entire attaché team in Washington for its contribution during this unique period,” Zamir added.

Meanwhile, Brig.-Gen. Barak Hiram was appointed as the head of the IDF Operations Directorate’s Operations Division.

This role is widely considered the most influential Brig.-Gen. rank within the IDF hierarchy and is seen as a necessary stepping stone towards future promotions and, eventually, becoming IDF chief of staff.

Yonah Jeremy Bob contributed to this report.

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The former top lawyer of the Toronto District School Board has sued his former employers for an alleged “poisoned and systemically antisemitic environment.” The Statement of Claim, viewed by The Jerusalem Post on Thursday, was submitted to the Ontario Superior Court of Justice last month.

Plaintiff Paul Koven, 59, who is Jewish, held various senior leadership positions, including executive officer, legal general counsel, and subsequently associate director of Education, Organizational Transformation and Accountability at TDSB between 2019 and 2024.

Before going on medical leave in 2024, Koven was the only Jewish executive at the TDSB.

Central to the claim is Koven’s allegation that TDSB housed a “poisoned and systemically antisemitic environment” in which Associate Director Leola Pon “made overtly antisemitic and racially divisive remarks.”

One of these took place in or about 2023 to 2024, when Pon reportedly made a “blatantly antisemitic comment” about a lawyer at a downtown law firm, who had worked with the plaintiff on high-profile litigation, saying she could not vote for him for a legal award because she had been told he was a “Zionist.”

Koven also spoke of how TDSB as an institution has been subject to numerous controversies and complaints about antisemitism, such as the Board’s dereliction, neglect or refusal to implement the report titled “Affirming Jewish Identities and Addressing Antisemitism”; a field trip in September 2024, where students were exposed to pro-Palestinian chants and anti-Israel slogans, breaching TDSB’s own policies; and the fact that the Board’s own Human Rights Annual Report found that from September 2023 to December 2023 the number of incidents of antisemitism were actually 2,000% higher (1,987%) than incidents of Islamophobia.

Hundreds of complaints made about inadequate response to antisemitism

Parents of Jewish students have, in fact, submitted hundreds of complaints to various Jewish organizations, including but not limited to B’nai Brith Canada, the Centre for Israel and Jewish Affairs, and the Jewish Educators and Families Association, about TDSB’s inadequate response to antisemitism.

Koven said that this “toxic, racially charged and discriminatory work environment” forced him to take medical leave and ultimately left him with no choice but to resign, due to constructive dismissal.

Koven is pleading that the TDSB discriminated against him with respect to employment on the basis of his Jewishness, and therefore violated his human rights.

He is seeking damages from TDSB in the amount of $750,000 for wrongful dismissal, constructive dismissal, and/or negligent misrepresentation; and $750,000 in general damages for injury to dignity, feelings, and self-respect, as well as for violation of his rights under the Human Rights Code, in relation to antisemitism.

From Pon specifically, Koven is seeking $750,000.00 in general damages with regard to antisemitism, and $100,000.00 for intentional infliction of emotional distress.

He is also requesting a declaration that TDSB and Pon are jointly and severally liable, and $1,000,000 for moral damages for bad faith in the manner of dismissal, demotion, mental distress, aggravated, exemplary, and/or punitive damages.

Antisemitism in Canadian schools

A 2025 Canadian government report revealed that nearly one-in-six antisemitic incidents in Toronto schools were initiated or approved by a teacher or occurred during a school-sanctioned activity.

About 30% of incidents involved physical antisemitism, either assault (6.2%), vandalism (14.9%), or aggressive hand gestures, such as throat slitting motions (10%). Spoken harassment, such as insults, expressions of hatred, and incitement to violence, was the second most common antisemitic attack.

Nearly three-quarters of antisemitic incidents took place in institutions under the Toronto District School Board, the Ottawa-Carleton District School Board, and the York Region District School Board.

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Pakistan’s city of Quetta has been shaken by an attack on a female doctor while she was on duty on Saturday, June 5 at Civil Hospital, prompting outrage over workplace safety and violence against women in public institutions. Dr. Mahnoor Nasir, 29, was injured when a hospital employee allegedly threw acid on her in the ward before fleeing the scene, police and hospital sources said.

After initial treatment in Quetta, she was airlifted to Karachi’s Aga Khan University Hospital for specialized care, where hospital sources said she sustained burns to about 13% of her body, including injuries to her face, abdomen, thighs, and both hands. The hospital reported that her eyesight remains intact, although both her eyes were affected.

Balochistan Young Doctors Association (YDA) president, Dr. Abdul Hayee Baloch, told The Media Line that the attack caused severe damage to the doctor’s face, while her neck and head were also injured. He strongly criticized the government and the health department, saying that despite official claims, adequate treatment could not be provided at the government hospital, which led to her transfer to a private medical facility.

A medical technician, Abdul Razzaq Khilji, rushed to Dr. Nasir’s aid during the attack, using his jacket to shield her, and suffered burns in the process. Balochistan Chief Minister Sarfraz Bugti announced that he would be given a prestigious civil award, praised his actions as an example of courage and service, called him a “precious asset to society,” and said that all his medical expenses would be covered.

The suspect, identified by police as Humayun Shah, a lift operator at the hospital, was later killed in an exchange of fire with police during the ensuing manhunt. Key questions remain unanswered, including how he was able to bring acid into a government medical facility.

‘Mahnoor turned out to be a trailblazer’

Haji Ismat, Nasir’s uncle, who is accompanying her at the hospital, told The Media Line that doctors are encouraged by her progress. He said that his niece had always dreamed of becoming a doctor and that she had inspired several younger members of her family to pursue higher and professional education.

“Mahnoor turned out to be a trailblazer,” he said, noting that she was often a source of support for patients from their village and surrounding areas who visited Civil Hospital for treatment.

“On the surface, the attack targeted Mahnoor, but in reality, it has sent a wave of fear through working women across the country who have pursued higher education and professional careers,” he noted.

The attack has prompted strong condemnation from doctors and rights groups. The YDA announced a boycott of government hospital services except for emergencies, and UN Women Pakistan, the resident office of the United Nations agency for gender equality and women’s empowerment, strongly condemned the acid attack, calling it one of the most devastating forms of gender-based violence, saying there could be no justification for such a brutal act.

In a statement, UN Women Pakistan said the incident serves as a stark reminder that ending violence against women and girls requires collective action, accountability, and unwavering commitment from all sectors of society. The agency also expressed solidarity with Nasir, her family, colleagues, and women healthcare professionals across the country.

Concerns over easy availability of corrosive acid

Women’s rights activists and social media users have renewed concerns over the easy and unchecked availability of corrosive acid in local markets, including on the black market.

Pakistan’s legislative framework has completely failed to deter gender-based chemical violence, women’s rights activist Riffat Ayesha told The Media Line. She emphasized that despite a decade of legal reforms, corrosive acids remain extremely easy to obtain and are widely sold in informal markets under the thin pretext of being domestic drain cleaners or industrial agents.

Ayesha forcefully condemned the total absence of a state-mandated tracking system, demanding to know who is buying these lethal substances and for what purpose. Until the state implements strict buyer verification, she warned, the unregulated sale of these chemicals will continue to cause profound physical harm and lifelong psychological terror on women across the country.

Yasir Bashir, a Rawalpindi-based senior law consultant and member of the Lahore High Court Bar Association, told The Media Line that Pakistan’s legal system treats acid attacks as among the most serious violent crimes, combining provisions of the Pakistan Penal Code with a dedicated special law introduced in 2011.

“Under this special legislation, causing hurt through corrosive substances such as acid carries a minimum sentence of 14 years’ imprisonment, which may extend to life imprisonment, along with a mandatory fine,” he explained.

He noted that if an acid attack results in death, the case is prosecuted as murder under Section 302, which can lead to either the death penalty or life imprisonment. Courts may order offenders to pay compensation covering victims’ medical treatment and rehabilitation costs.

Overall, he said, Pakistan’s legal framework classifies acid attacks as aggravated offenses involving intentional disfigurement and severe physical harm, reflecting their long-term physical and psychological impact on victims.

Quetta-based political analyst Hazar Khan Baloch described the acid attack on a female doctor at a government hospital as highly alarming and possibly the first of its kind. He told The Media Line that the case took a troubling turn when the suspect was later killed in a police encounter.

Baloch commented that the sequence of events has raised more questions than answers, especially about the motive behind the attack and why the suspect was eliminated so quickly, possibly before a full investigation could determine key facts such as whether there were accomplices or institutional lapses.

He said the incident reflects a disturbing mix of gender-based violence, workplace insecurity, and concerns over law enforcement practices, adding that while such “swift justice” may offer immediate retribution, it risks undermining due process and deeper accountability.

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Bitcoin (CRYPTO: BTC) could eventually reach $1 million, but its path to a new all-time high may require a major catalyst that reinforces its role as decentralized financial infrastructure, according to a Morgan Stanley (NASDAQ:MS) executive.

“We’re Still Early Stage Here

Speaking on the Coin Stories podcast, Amy Oldenburg, head of digital asset strategy at Morgan Stanley, said Bitcoin’s long-term adoption story remains in its early stages even as major financial institutions continue building products around the asset.

The firm recently launched its Bitcoin exchange-traded product, (NASDAQ:MSBT), which she said had the best first-day ETF debut in Morgan Stanley’s history.

Morgan Stanley recommends Bitcoin allocations …

Full story available on Benzinga.com

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Stocks opened higher on Thursday, June 11, shaking off a brutal week even as the U.S.-Iran conflict deepened and a fresh inflation report came in hot. The S&P 500 rose 0.21%, the Dow Jones Industrial Average gained 0.45%, and the Nasdaq Composite added 0.26% in the opening minutes. The small-cap Russell 2000 fell 1.10%, a sign investors remained cautious about higher interest rates sticking around.

Oil prices climbed after President Donald Trump said the United States would hit Iran “very hard” and seize “total control” of the country’s oil and gas industry, while U.S. Central Command confirmed fresh strikes overnight. Explosions were reported across Iran, including near the Strait of Hormuz, the strategic shipping lane through which a significant portion of the world’s oil supply passes.

The market’s gains came despite an alarming inflation report.

The U.S. Bureau of Labor Statistics reported that the Producer Price Index (PPI) jumped 1.1% in May from April, exceeding economists’ expectations of 0.7%. On a year-over-year basis, wholesale prices climbed 6.5%, marking the steepest increase since November 2022.

Energy prices drove much of the increase. Wholesale gasoline prices surged 23.4% during the month as escalating tensions with Iran pushed crude oil prices sharply higher. Excluding food and energy, so-called core wholesale prices rose a more moderate 0.4%, suggesting the inflation shock was concentrated largely in energy markets.

The report arrived just one day after separate government data showed consumer inflation reaching 4.2% annually, the highest reading in three years, and only days before the Federal Reserve’s June 17 policy meeting.

The biggest corporate story of the morning belonged to Oracle Corporation.

The software and cloud-computing giant reported fiscal fourth-quarter results after Wednesday’s closing bell. Revenue totaled approximately $19.2 billion, while adjusted earnings came in at $2.03 per share, both above Wall Street expectations.

Despite the strong results, Oracle shares fell roughly 8% at the open after management revealed plans to raise approximately $40 billion through a combination of debt and equity offerings, including a reported $20 billion stock sale, to fund an aggressive expansion of artificial-intelligence infrastructure.

Chief Executive Clay Magouyrk told analysts the company expects to bring nearly one gigawatt of computing capacity online this quarter alone, while Chief Financial Officer Hilary Maxson said Oracle anticipates roughly $70 billion in capital expenditures during the coming fiscal year.

Investors appeared concerned about the scale of the spending.

Analysts at Bank of America noted that more than half of Oracle’s contracted future revenue is tied to a single customer, OpenAI, increasing perceived concentration risk.

The spending plans also rattled parts of the broader software sector. Shares of German software giant SAP fell more than 4% as investors questioned whether competitors would face similar pressure to dramatically increase AI infrastructure spending.

Not all analysts turned negative.

UBS analyst Karl Keirstead raised his price target on Oracle to $285 from $250, while Oppenheimer and Wedbush increased their targets to $275. Evercore ISI lifted its target to $245, and Barclays maintained an overweight rating with a $240 price target.

Another major market focus is SpaceX.

Elon Musk’s rocket company is expected to price its long-awaited initial public offering after Thursday’s close at approximately $135 per share, with trading expected to begin Friday on the Nasdaq under the ticker symbol SPCX.

At a reported valuation exceeding $1.75 trillion, the offering would rank as the largest IPO in history.

The proposed listing has already generated controversy.

Senator Elizabeth Warren has urged the Securities and Exchange Commission to delay approval of the offering, citing concerns about valuation and Musk’s concentrated control over the company.

Adding further uncertainty, Iranian state media reportedly warned that Musk’s businesses operating in the Middle East, including the Starlink satellite network, could be viewed as military targets amid escalating regional tensions.

Elsewhere, semiconductor stocks rebounded after a difficult stretch that erased nearly $1 trillion in market value earlier this month.

Shares of SoftBank Group Corp. fell more than 9% after reports suggested financing tied to its investment in OpenAI encountered complications. Meanwhile, investors were awaiting earnings from Adobe Inc., scheduled for release after Thursday’s closing bell, with analysts closely watching whether the company’s AI initiatives are translating into meaningful revenue growth.

For now, Wall Street’s gains rest on a fragile assumption: that the latest inflation surge is primarily an energy story and that the conflict with Iran remains contained.

Investors now turn their attention to Adobe’s earnings, SpaceX’s IPO pricing, and next week’s highly anticipated Federal Reserve interest-rate decision, which may ultimately determine whether the market’s recent volatility intensifies or begins to ease.

JBizNews Desk — New York

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The head of the Social Security Administration told Congress on Wednesday, June 10, 2026, that the agency has reduced wait times on its national helpline to the lowest level in more than a decade, a turnaround he credited to shifting employees from headquarters positions to customer-service roles.

In written testimony before the House Ways and Means Subcommittee on Social Security and Work & Welfare, Commissioner Frank Bisignano said the agency’s average “speed of answer” — the amount of time it takes for an agent to answer an incoming call — fell to under five minutes in May. According to Bisignano, that is down from a peak of approximately 42 minutes in fiscal year 2024, representing an 89% improvement.

He also told lawmakers that the agency now answers approximately 90% of calls placed to its national toll-free 800-number.

The figures matter because the phone system remains one of the primary ways Americans interact with the agency. Tens of millions of retirees, disabled workers, survivors, and family members rely on the Social Security Administration for monthly benefits and frequently contact the agency regarding payment issues, eligibility questions, benefit adjustments, name changes, and other administrative matters.

For years, long hold times have been among the agency’s most common complaints. Extended delays often pushed people into crowded field offices or left them waiting weeks to resolve issues affecting household finances.

Bisignano told lawmakers the improvements extend beyond telephone service.

According to his testimony, average wait times at Social Security field offices have declined by roughly 30%, while the backlog of initial disability claims has fallen 32% from a peak of 1.27 million cases. He also noted that the agency completed implementation of the Social Security Fairness Act, restoring benefits to certain public-sector retirees months ahead of schedule.

Bisignano attributed the gains to what he described as placing “the right amount of staff in the right places,” with more employees assigned directly to public-facing service functions.

Subcommittee Chairman Ron Estes praised the effort, describing it as a “dramatic turnaround” after years of customer-service challenges, outdated technology systems, and staffing shortages. Estes called the previous 42-minute average wait time unacceptable for an agency serving millions of Americans.

Not all lawmakers accepted the numbers without question.

Several members of Congress challenged how the Social Security Administration calculates wait times and whether the improvement is as dramatic as the agency claims. Bisignano defended the methodology, stating that the agency measures performance using standards commonly employed by private-sector customer-service organizations.

Much of the debate centers on a change made last year to the agency’s reporting methodology.

In 2025, the Social Security Administration began recording wait times differently for callers who selected the callback option instead of remaining on hold. Under the revised method, callers choosing a callback are not counted as waiting on hold, even though they may wait substantially longer before speaking with a representative.

A report issued by the agency’s Office of the Inspector General noted that callers who used the callback system waited an average of nearly two hours before receiving assistance. While the inspector general concluded that the agency’s published figures were accurate under its stated methodology, the report also highlighted that those numbers do not fully capture the total time many callers spend waiting for service.

When callback delays are included, the inspector general estimated average wait times during fiscal year 2025 at roughly 15 minutes, considerably longer than the headline figure reported by the agency.

Questions have also been raised about the starting point used to measure improvement.

Independent reviews indicate that the 42-minute average wait cited by officials reflects conditions in late 2023, and that wait times had already improved significantly before Bisignano assumed leadership. By the end of 2024, some agency reports showed average waits closer to 12 minutes, suggesting that part of the improvement predates the current administration.

Criticism has also come from Senator Elizabeth Warren, whose office conducted an independent review of Social Security customer service. Warren’s staff reported that many test calls either went unanswered or were disconnected after lengthy holds. Among calls that eventually reached a representative, the office reported average wait times substantially longer than the agency’s official figures.

For the millions of Americans who rely on Social Security benefits, the dispute is more than a statistical argument.

Retirees correcting payment errors, families applying for survivor benefits, and workers seeking disability assistance all depend on timely access to agency representatives. Faster service can mean quicker resolution of payment problems, reduced financial stress, and fewer trips to local offices.

Bisignano told lawmakers that the agency intends to continue improving service across all channels, including telephone support, online services, and in-person field offices.

Whether the reported gains fully reflect the experience of callers remains a matter of debate, but lawmakers on both sides of the issue agree on one point: improving customer service at one of the federal government’s largest agencies remains a priority for millions of Americans who depend on it.

JBizNews Desk — Washington

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

Medicare drug spending is climbing faster than expected, driven by surging use of GLP-1 medicines and ongoing fallout from Democrats’ Part D redesign.

Also, Enliven’s leukemia drug has encouraging early data, Novartis is expanding its molecular glue ambitions, and SonoThera raised $125 million to advance an ultrasound-based approach to gene delivery.

Continue to STAT+ to read the full story…

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The Tom DeMark Sequential indicator that predicted Dogecoin’s (CRYPTO: DOGE) 31% crash from $0.113 to $0.078 in May is now flashing a buy signal as DOGE bounced 3% on Thursday.

The Same Indicator That Called The Top Is Now Calling A Bottom

Analyst Ali Charts flagged the signal on X, noting the May 7 sell signal preceded the 31% correction almost exactly. 

The same setup now points the other direction. Supporting the case, the daily SAR flipped bullish at $0.078, sitting below price and holding for two consecutive green days, the most constructive price action since April. 

On Tuesday, Ali Charts also flagged whale accumulation of over 200 million DOGE, adding further weight to the setup.

However, the full bearish EMA stack remains overhead as resistance between $0.09195 and $0.11742. 

The broken channel base near $0.093 to $0.095 is the first real wall to clear. Reclaiming the 20 EMA at $0.09195 on volume targets $0.09725 then $0.10168. Losing SAR support at …

Full story available on Benzinga.com

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Top of the morning to you, and a fine one it is. Sunny skies and mild breezes are enveloping the Pharmalot campus once again, making it possible for the official mascots to eat breakfast on the deck and take long naps. As for us, we are firing up the trusty kettle to make another cuppa stimulation. Our choice today is English breakfast, an old standby. Please feel free to join us. Meanwhile, here are a few items of interest. Hope you have a meaningful and productive day and, of course, do stay in touch. …

Some employers are planning to drop coverage of GLP-1 drugs for weight loss next year as more people take the medications, counteracting some savings from lower prices for Novo Nordisk’s and Eli Lilly’s Zepbound ​and Foundayo, Reuters reports. About 10% of employers who now cover GLP-1 drugs for weight loss said they planned to drop the ‌drugs in 2027, according to the Business Group on Health, a policy research group for large employers. A second survey by benefits consultancy Mercer said 5% of large employers — which it defines as employing over 500 people — plan to drop coverage in 2027. Mercer said 44% of ​companies with more than 500 employees cover the drugs for obesity. Data from the Business Group on Health show ​67% of large employers cover GLP-1s in 2026.

Rapidly expanding use of weight loss medicines in the U.K. has wiped about $1 billion off annual grocery spending, Bloomberg News writes. Households with at least one user of GLP-1 weight loss drugs bought 299 million fewer food items in the year after adoption of the medication, with users reporting a dwindling number of cravings and cutting back on treats like chocolate and potato chips, according to a study from Worldpanel by Numerator. Use of the drugs has nearly tripled in two years, the group said, with 6.3% of households in the U.K. including at least one current user of GLP-1s such as Ozempic and Mounjaro. That’s up from 4.1% in 2025 and 2.3% in 2024.

Continue to STAT+ to read the full story…

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Kevin O’Leary says Bitcoin’s (CRYPTO: BTC) recent weakness has less to do with fading investor interest and more to do with regulatory uncertainty.

BTC Going “Nowhere” Until CLARITY Act

Appearing on Fox Business on June 10, the O’Leary Ventures chairman said Bitcoin’s decline from its all-time high near $120,000 to around $60,000 has disappointed many investors who expected ETFs and institutional adoption to drive prices higher.

“Bitcoin’s going nowhere until the CLARITY Act becomes law,” O’Leary said.

He added that sovereign wealth funds and institutions are not yet touching Bitcoin as it is not yet law. O’Leary predicts 1% to …

Full story available on Benzinga.com

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One of the most popular money-making trades in global finance this year — borrowing Hong Kong dollars cheaply and investing the proceeds in higher-yielding U.S. dollar assets — is losing its appeal as borrowing costs in Hong Kong rise, according to a report published Tuesday by Bloomberg News reporters Iris Ouyang and Jacob Gu. The shift reflects changes in Hong Kong’s financial system that are making the trade more expensive to maintain.

Here is the trade in simple terms. For much of this year, Hong Kong dollars were relatively inexpensive to borrow. Traders took advantage by borrowing Hong Kong dollars at low rates and moving the money into U.S. dollar assets offering higher returns. The difference between the borrowing cost and the investment return is known as a carry trade.

The attraction of the strategy depends on one key factor: cheap funding. As long as borrowing costs remain low, traders can earn the spread between the two currencies. When funding costs rise, that profit margin shrinks.

The benchmark at the center of the story is HIBOR, the Hong Kong Interbank Offered Rate, which measures the rate banks charge one another to lend Hong Kong dollars. As HIBOR increases, the cost of financing carry-trade positions rises as well.

The reason traces back to Hong Kong’s currency system. Since 1983, the Hong Kong dollar has been pegged to the U.S. dollar within a trading band of HK$7.75 to HK$7.85 per U.S. dollar. When the currency weakens toward the lower end of that range, the Hong Kong Monetary Authority (HKMA) intervenes by purchasing Hong Kong dollars from the market.

Those interventions remove liquidity from the banking system. With less cash available, short-term borrowing costs tend to increase. In effect, the same market forces that encouraged the carry trade have also contributed to the conditions making it less profitable.

Seasonal factors are adding pressure. Midyear is traditionally a period when large dividend payments, corporate funding needs, and new stock offerings absorb liquidity from Hong Kong’s financial system. That can further tighten money-market conditions and contribute to higher borrowing rates.

The implications extend beyond hedge funds and currency traders. Most residential mortgages in Hong Kong are linked directly or indirectly to HIBOR. As the benchmark rises, mortgage payments can increase, affecting household budgets across the city.

Banks often benefit from a higher-rate environment because they can earn more on loans and other interest-bearing assets. Borrowers, however, face higher financing costs. Property developers, homebuyers, and businesses seeking credit may all feel the effects if funding costs continue climbing.

For savers, the picture is somewhat brighter. Higher interest rates can lead to improved returns on bank deposits and savings products, though those gains often lag changes in wholesale funding markets.

Importantly, the recent rise in borrowing costs is not viewed as a threat to Hong Kong’s currency peg. Rather, many analysts see it as evidence that the system is functioning as intended. The peg relies on automatic adjustments in liquidity and interest rates to keep the currency within its designated trading range.

The broader question for investors is whether the narrowing gap between Hong Kong and U.S. funding costs will continue. If borrowing Hong Kong dollars becomes significantly more expensive, the economics that fueled the carry trade could weaken further.

For now, the takeaway is straightforward: the era of exceptionally cheap Hong Kong dollar funding appears to be fading, reducing the attractiveness of one of the market’s most widely used currency trades.

JBizNews Desk — Asia

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An IDF officer and non-commissioned officer (NCO) were wounded by an explosive device during a counterterrorism operation in Jenin, the IDF announced on Thursday.

The officer was severely wounded, while the NCO was only lightly wounded.

Both were evacuated to receive medical attention, and their families have been notified.

Army Radio reported that IDF forces had been operating in Jenin in order to establish a permanent outpost within the refugee camp. Troops located a suspicious object and picked it up, apparently leading to the explosion.

 In a separate incident, a female IDF soldier was moderately injured by a drone strike in southern Lebanon on Thursday.

Reports added that the soldier was evacuated to a hospital to receive treatment, and her family has been notified.

Six IDF soldiers wounded in Hezbollah drone strikes

Last week, an IDF reservist was moderately wounded, and three other soldiers were lightly wounded by a Hezbollah explosive drone strike, Army Radio reported.

In a separate incident, two other IDF soldiers were lightly wounded by another Hezbollah drone explosion in southern Lebanon that same day.

The soldiers were evacuated to receive medical treatment, and their families were notified, the IDF said.

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British Defense Minister John Healey resigned on Thursday amid a dispute over military spending, accusing Prime Minister Keir Starmer of failing to commit the government resources needed to defend the country at a time of heightened threat.

The unexpected resignation, accompanied by a scathing public letter, compounds the pressure on Starmer when he is facing a likely leadership challenge and exposes the crisis at the heart of government – how it can ramp up defense spending when there is no money to spare.

Britain’s defense and finance ministries have been locked in talks for months over how to meet rising demands to increase military spending, delaying the publication of Britain’s Defense Investment Plan, which was expected last year.

Military leaders have stressed that the plan is needed to meet the rising threat level at a time of frequent Russian incursions into British waters, but the government is already struggling to reduce debt while the overall tax burden is at its highest level in decades.

The high-profile resignation comes as Starmer struggles to hold onto power, after Wes Streeting resigned as health minister in May and as another challenger, Andy Burnham, attempts to return to frontline politics to launch a leadership bid.

“You have been unable, and the Treasury has been unwilling, to commit the resources that the nation needs to defend the country at this time of rising threats,” Healey said in his letter to Starmer.

British defense minister resigns over Starmer’s slowalking defense funds

Britain’s defense industry has been infuriated over the delay to the plan, saying it cannot invest in long-term programs.

The UK is contending with the US pivoting away from protecting Europe, while at the same time, the US-Israeli war with Iran exposed Britain’s lack of military readiness, with its navy unable to immediately deploy an advanced warship to the region.

The defense plan is aimed at laying out the funding for military equipment and services to ensure the armed forces move to a state of “warfighting readiness”, and Starmer said on Wednesday it would be published before a NATO summit beginning on July 7.

“Your DIP financial settlement – which I was first given in full on Monday afternoon this week – falls well short of what is required for defense and the country at this dangerous time,” Healey said.

“I am being forced to make decisions that would reduce the readiness of our forces and increase the risk to personnel on operations, and could make the country less safe.”

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Influential investor and media personality Kevin O’Leary anticipated regulatory clarity to be the key driver for the next phase of Bitcoin (CRYPTO: BTC) and cryptocurrency adoption.

‘Real’ Crypto Catalyst Awaited

O’Leary posted on X a clip from his Fox interview aired on Tuesday, in which he said that Bitcoin’s growth has stalled because the “real catalyst” for the next wave of cryptocurrency growth has yet to arrive.

“Large institutions, pension funds, and sovereign wealth funds are waiting for regulatory clarity before making meaningful allocations to Bitcoin and digital assets,” the “Shark Tank” star stated. “That’s why I believe the next phase of crypto adoption will be driven less by speculation and more by legislation.”

Full story available on Benzinga.com

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Bitcoin (CRYPTO: BTC) ETF net assets have fallen back to election night levels, but analyst Scott Melker argues the dollar decline is price action not capitulation, with ETFs still holding 93% of their peak Bitcoin.

The Dollar Decline Is Misleading: Coins Tell A Different Story

Total ETF net assets peaked at $169 billion in October 2025 and have since fallen 54% in dollar terms. 

However, Bitcoin holdings only dropped from 1.37 million coins at the peak to 1.27 million today, a 7.2% decline. The $4.4 billion in net outflows over the record 13-session streak represents a real but small trim relative to total holdings.

“These ETFs still hold roughly 93% of the Bitcoin that they did at the very top,” Melker said on Yahoo Finance. “The decline in price that’s being reported is price. It …

Full story available on Benzinga.com

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Starbucks is exploring options for its Japan business, including the possible sale of a minority stake or a public listing, according to people familiar with the matter cited in a report published Wednesday. The discussions are described as preliminary, and the company has not publicly confirmed any plans or commented on the reported deliberations.

In simple terms, Starbucks is considering whether to bring in outside investors to own part of its Japan operation. Another option under review is an initial public offering of the business, allowing investors to buy shares in the Japan unit while Starbucks retains a significant ownership position.

According to the report, a transaction could value the business at approximately ¥400 billion to ¥500 billion (about $2.5 billion to $3.1 billion), though no formal process has been announced and no final decision has been made.

For customers, little would change. Starbucks stores across Japan would continue operating under the same brand, serving the same products, and using the same loyalty programs. The question is not about changing the coffee business itself but about changing who owns part of it.

Japan is one of Starbucks’ most important international markets. The company operates approximately 2,100 stores across the country, making it one of the largest Starbucks footprints outside North America. Most of those locations are company-operated rather than franchised.

The reported discussions follow a major transaction Starbucks recently completed in China. In an official filing with the U.S. Securities and Exchange Commission, Starbucks disclosed that funds managed by Boyu Capital acquired a 60% stake in the company’s China retail operations, while Starbucks retained a 40% ownership interest and continued to own and license the Starbucks brand to the venture.

That China deal valued Starbucks’ China business at roughly $4 billion and reflected a broader strategy of partnering with local investors while maintaining control of the brand and long-term growth plans.

Brian Niccol, Chairman and Chief Executive Officer of Starbucks, said at the time that the China partnership would accelerate growth by combining Starbucks’ global brand with strong local expertise and operational capabilities.

A similar arrangement in Japan would extend what many analysts describe as an asset-light strategy. Rather than owning every international operation outright, Starbucks can generate capital from mature markets while continuing to benefit from future growth through retained ownership stakes, licensing fees, and brand royalties.

Unlike some corporate divestitures, the reported Japan discussions are not being driven by a struggling business. Starbucks has a long history in the country and remains one of the most recognized coffee brands in Japan.

The company first entered Japan in 1996, opening its inaugural location in Tokyo. In 2014, Starbucks purchased the remaining ownership stake in Starbucks Coffee Japan for approximately $914 million, giving the company full control of the business after years of operating through a joint venture.

If Starbucks ultimately sells a minority stake today, the valuation being discussed suggests the Japan operation has appreciated significantly since that acquisition.

The timing also aligns with Niccol’s broader effort to reshape the company. Since becoming CEO, he has been implementing the “Back to Starbucks” turnaround strategy, focused on simplifying operations, improving customer experience, and strengthening profitability.

Selling stakes in mature international businesses can free up capital, improve financial flexibility, and allow management to focus resources on key strategic priorities, including efforts to strengthen the company’s core North American operations.

For investors, the reported discussions could provide a clearer picture of how much Starbucks’ international businesses are worth. When outside investors place a specific value on an operation like Japan, it offers a market-based benchmark that can help analysts assess the company’s overall valuation.

Several important caveats remain. The discussions are reportedly in the early stages, the information comes from unnamed sources rather than company executives, and many preliminary deal talks never result in a transaction.

Starbucks could pursue a stake sale, an IPO, a strategic partnership, or decide to keep the business exactly as it is.

What is clear is that Starbucks is continuing to evaluate how it structures ownership of its international operations. After reshaping its China business through a local partnership, Japan may now be the next market under review as the world’s largest coffee chain looks to balance growth, capital allocation, and shareholder value.

JBizNews Desk — Asia

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Despite an overhanging shadow of war with Iran, over a dozen Israeli defense companies are taking part in ILA Berlin, one of Europe’s major aviation and defense exhibitions that opened on Wednesday.

ILA Berlin, taking place between June 10-14, 2026, will host more than 750 exhibitors from 37 countries. There are 15 Israeli companies participating, pitching their battle-proven systems to countries and companies aiming to rearm as Europe’s defense spending continues to rise due to ongoing conflicts and regional rivalries.

The companies are showcasing systems from various domains such as aerospace and space systems; air defense; unmanned platforms and counter-UAS solutions; radar and electronic warfare; AI-driven command, control, and situational awareness; and advanced homeland security.

In addition to Israel Aerospace Industries, Elbit Systems, and Rafael Advanced Defense Systems, the smaller companies taking part include Aeromaoz, ASIO Technologies, Axon Vision, BIRD Aerosystems, Creomagic, eyesAtop, Magam Safety, Maris-Tech, Orbit Communication Systems, RSL Electronics, TSG, and Uvision.

According to the Defense Ministry, Israel’s participation in ILA Berlin 2026 “comes amid a record-breaking year for Israeli defense exports, which surpassed the $19 billion threshold in 2025, driven in part by the expansion of the Arrow 3 deal with Germany.”

Germany is undergoing a significant transformation in its defense posture. Since 2022, Berlin has committed to large‑scale increases in defense spending, initiated major procurement programs, and articulated a long‑term ambition to become Europe’s strongest military power. 

The country is investing heavily in air defense, armored platforms, advanced munitions, and integrated command‑and‑control systems, creating a broad spectrum of opportunities for international defense suppliers.

The Berlin Air Show underscores Germany’s growing importance as a defense hub. While ILA has traditionally focused on aerospace, it has expanded in recent years to include broader defense and security technologies, reflecting Germany’s increasing emphasis on integrated air and missile defense and on strengthening its industrial partnerships.

“Israel’s participation in the exhibition reflects the Ministry’s strategy to deepen defense and strategic cooperation with Germany, and the significant potential for expanding business partnerships with German industry and additional European nations,” said Director of the International Defense Cooperation Directorate (SIBAT), Brig.-Gen. (res.) Yair Kulas.

New partnerships

While there were pro-Palestinian protesters on the opening day, Israel’s Defense Ministry said that “the exhibition serves as an important platform to advance and deepen strategic partnerships – both with Germany and with other friendly nations across Europe.”

At the airshow, Elbit Systems announced that it had signed a strategic partnership with Diehl Defense to jointly offer the SkyStriker loitering munition system to the German Armed Forces (Bundeswehr)

According to a press release, Elbit Systems along with its German Subsidiary, Elbit Systems Deutschland, and Diehl Defence will “combine their complementary technologies, industrial capabilities, and deep operational expertise to offer a high‑performance, mature loitering munition solution, tailored specifically to Germany’s defense and modernization priorities.”

The SkyStriker is an autonomous, long‑range loitering munition designed to locate, track, and engage operator‑designated high-value targets with high accuracy. The platform is capable of carrying up to a 10‑kilogram warhead, loitering more than two hours, and achieving a range of over 200 km. It can be launched from numerous platforms including land-based vehicles, the EuroPULS rocket launcher, naval vessels, containers and aircraft.

The partnership also includes local manufacturing, assembly, integration, and qualification activities at Diehl Defence, if awarded relevant programs, supporting the development of sovereign capabilities and strengthening the German defense industry.

 Elbit Systems' SkyStriker drone in flight. (credit: ELBIT SYSTEMS)

No politics, just systems

Unlike Eurosatory, where France banned Israeli companies from presenting offensive weapons systems, ILA offers a venue free from the political constraints, allowing them to present a wider range of systems and engage more directly with German and European stakeholders.

In a recent interview, Shifters CEO Ofer Ballin told Defense & Tech by The Jerusalem Post that “we all know that Europe is going through a tremendous change in terms of force building, and the geopolitical situation over the next decade will make the need supersede the politics.”

Assaf Chaprak, CTO at Shifters, told D&T that “Germany has always been a better option than France. The decision that the French government made is pure antisemitism. It is outrageous and shameful, but regardless, Eurosatory is a great opportunity to meet and engage with clients and with users.”

The opening ceremony of the Israeli National Pavilion took place on Wednesday under the leadership of SIBAT within the Israel Ministry of Defense (IMOD), with the heads of Israel’s defense industries in attendance. 

Israel’s Ambassador to Germany, Ron Prosor, said the technologies on display “offer the most concrete demonstration” of Israel’s contribution to German and European security. 

“Israel, Germany, and Europe face shared security challenges, including the infiltration of Iranian-origin technologies into the European arena and shared threats in the fight against terrorism.

The close strategic relationship between our two countries, including in the defense sector, holds enormous potential for future cooperation in additional areas, including joint technological development and production,” he said.

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This story first appeared in Adam’s Biotech Scorecard, a subscriber-only newsletter. STAT+ subscribers can sign up here to get it delivered to their inbox.

Never before have I covered so much positive news about pancreatic cancer in such a short period of time. What happens next? Could Revolution Medicines buy Tango Therapeutics? Or, perhaps Bristol Myers Squibb goes all out and acquires Revolution Medicines?

To be clear, neither of these deals has been announced, or even rumored. I’m just playing the biotech M&A speculation game. But a strong case for something to happen can be made in the wake of Monday’s exciting report from Tango. In an early-stage clinical trial, patients with advanced pancreatic cancer benefited more from a combination of two targeted drugs — a PRMT5 inhibitor from Tango and Revolution’s pan-RAS inhibitor — than they might from each drug on its own.

Continue to STAT+ to read the full story…

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This story first appeared in Adam’s Biotech Scorecard, a subscriber-only newsletter. STAT+ subscribers can sign up here to get it delivered to their inbox.

Never before have I covered so much positive news about pancreatic cancer in such a short period of time. What happens next? Could Revolution Medicines buy Tango Therapeutics? Or, perhaps Bristol Myers Squibb goes all out and acquires Revolution Medicines?

To be clear, neither of these deals has been announced, or even rumored. I’m just playing the biotech M&A speculation game. But a strong case for something to happen can be made in the wake of Monday’s exciting report from Tango. In an early-stage clinical trial, patients with advanced pancreatic cancer benefited more from a combination of two targeted drugs — a PRMT5 inhibitor from Tango and Revolution’s pan-RAS inhibitor — than they might from each drug on its own.

Continue to STAT+ to read the full story…

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A targeted drug from Enliven Therapeutics induced molecular responses in nearly half of patients with advanced leukemia, including higher response rates in patients treated at an earlier stage of their disease.

The updated early-stage study results reported Thursday for the Enliven drug, ELVN-001, compare favorably to a current blockbuster medicine sold by Novartis and an upstart experimental drug recently bought by Merck.

At 24 weeks, an 80 mg, once-daily dose of ELVN-001 achieved a major molecular response in 48% of patients with chronic myeloid leukemia, or CML, a slow-growing cancer that starts in myeloid cells.

Continue to STAT+ to read the full story…

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The Council of Multiple Listing Services (CMLS) has appointed Jessica Edgerton as its next chief executive officer, effective July 1, the MLS trade group announced on Thursday.

Edgerton joins CMLS from Leading Real Estate Companies of the World, where she has served as chief legal officer for the past nine years. She brings 16 years of leadership experience in organized real estate, including five years as legal counsel at the National Association of Realtors (NAR).

“I am deeply honored to lead CMLS at a moment when our work has never mattered more,” Edgerton said in the announcement. “Our industry created the MLS for a vital purpose: to give real estate professionals a shared foundation of trusted information and to give consumers the data they need to confidently make the most significant financial decisions of their lives.”

As CEO, Edgerton will lead CMLS’s work to advance the multiple listing service community, strengthen member value and promote an accessible, efficient and transparent housing market enabled by the MLS, the organization said in its announcement.

“Jessica brings the vision, credibility and collaborative leadership CMLS needs for this important moment,” said Nicole Jensen, 2026 chair of CMLS and CEO of realMLS. “She understands the essential role MLSs play in creating access to trusted real estate information, supporting informed decisions and helping the market work for consumers and professionals.”

Edgerton is filling a role previously held by Denee Evans. In May of 2025, CMLS announced Evans’ plans to step down from her role after 11 years at the organization, joining in 2014 as CMLS’s first full-time staff member.

At LeadingRE, Edgerton supported a global network of more than 500 brokerages across 70 countries, many of which operate in markets without an MLS system. CMLS said that experience gives her firsthand perspective on the market impact of complete, accurate and trusted listing data.

Through my work with brokerages around the world, I have seen what real estate markets look like when professionals and consumers do not have access to the complete, trusted information an MLS provides,” Edgerton said. “It gives me an even deeper appreciation for the MLS as essential market infrastructure and for the leaders who make that system work every day.”

Edgerton will work with the CMLS board, staff, members and partners to advance the organization’s mission and “strengthen the role of MLSs across North America,” according to the announcement.

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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Solana (CRYPTO: SOL) Foundation President Lily Liu noted that the recent weakness in Bitcoin (CRYPTO: BTC) is being driven less by crypto-specific problems and more by capital rotating into AI and other high-growth opportunities.

Capital Rotation Behind Price Downfall

Liu argued on CNBC on Wednesday that over Bitcoin’s 17-year history, it has risen from mere cents to tens of thousands of dollars, reaching as high as $120,000 during the latest cycle.

“Over the long term, it is doing fine,” Liu said.

According to Liu, the primary reason behind disappointing price action is a shift in capital toward other speculative growth opportunities.

She pointed to the digital asset treasury boom that fueled crypto markets between June and September 2025 as a major source of liquidity.

Following such a …

Full story available on Benzinga.com

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A Florida fuel-trading company is in advanced talks to ship Cuba the largest cargo of American fuel the island has received since before the U.S. embargo reshaped relations between the two countries, according to remarks confirmed Tuesday by Matthew Klann, President of Vanguard Energy. The Miami-based company has already supplied smaller shipments of gasoline and diesel to Cuba and is now working toward a significantly larger delivery as the island struggles through a deepening energy crisis.

What makes the development remarkable is the history behind it. The United States has maintained a trade embargo against Cuba for more than six decades, and Washington has spent much of this year trying to restrict fuel flows to the island. A major, openly arranged shipment of U.S. fuel would represent a sharp departure from decades of precedent and highlights a unique policy exception now taking shape.

To understand how Cuba reached this point, it helps to look at the events of the past several months. Cuba has long relied heavily on imported fuel, particularly from Venezuela. Disruptions to those supplies, combined with additional U.S. pressure on energy shipments to the island, have left Cuba facing severe shortages that have strained its electrical grid and transportation networks.

The consequences have been felt across the country. Cuban officials have acknowledged months of fuel shortages severe enough to disrupt power generation. Rolling blackouts have become a regular feature of daily life, with some areas experiencing outages lasting many hours at a time. Businesses, schools, hospitals, and households have all been affected by the lack of reliable electricity.

The reason U.S. fuel is now being considered lies in Washington’s distinction between Cuba’s government-controlled economy and its emerging private sector. Secretary of State Marco Rubio has argued that allowing certain transactions that benefit private Cuban entrepreneurs aligns with broader U.S. policy goals aimed at strengthening independent economic activity while maintaining pressure on the state.

In practical terms, that means fuel exports intended for private businesses may qualify for exceptions that would not apply to government entities. Companies such as Vanguard Energy have been operating within that narrow framework, supplying fuel to approved buyers under existing regulations.

Until now, those shipments have been relatively small. Earlier deliveries represented only a fraction of Cuba’s overall energy needs. The cargo currently under discussion would be substantially larger and could provide meaningful relief to parts of the island’s struggling economy.

The move comes as Cuba continues searching for alternative energy suppliers. Fuel shipments from other countries have arrived intermittently, but they have not been sufficient to stabilize the island’s energy system. The uncertainty surrounding foreign supplies has increased the importance of any new source of fuel.

The business implications are significant. For Vanguard Energy, the arrangement could establish an early foothold in a market that very few American companies are legally permitted to serve. If the policy framework remains in place, companies that develop expertise navigating the regulatory and logistical challenges could gain a substantial competitive advantage.

Those logistical challenges are considerable. Cuba’s fuel-import infrastructure faces capacity constraints, and handling large shipments can require complex coordination involving storage facilities, ports, and distribution networks. Successfully managing those obstacles is likely to be as important as securing regulatory approval.

For ordinary Cubans, however, the issue is less about geopolitics than daily life. Fuel shortages affect electricity generation, public transportation, refrigeration, food distribution, and countless other basic services. Any increase in available fuel could have an immediate impact on living conditions.

For U.S. policymakers, the potential shipment represents a test of a broader strategy: maintaining economic pressure on the Cuban government while allowing targeted support for private citizens and entrepreneurs. Whether that approach can achieve both objectives remains an open question.

Neither Vanguard Energy nor U.S. officials have disclosed the size of the proposed shipment or a specific delivery timetable. Discussions remain ongoing, and final approvals have not yet been announced.

If completed, however, the deal would mark one of the most significant fuel shipments from the United States to Cuba in decades and could become a milestone in the evolving relationship between U.S. policy and Cuba’s private economy.

JBizNews Desk — Americas

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Aluminum traded on the London Metal Exchange slipped to about $3,594 a tonne on Monday, easing back from the more than four-year high of roughly $3,790 it touched on June 2. The decline came as a stronger U.S. dollar made the metal more expensive for buyers using other currencies, briefly cooling a rally that has run for months.

Here is the simple version. Aluminum is priced in dollars. When the dollar gets stronger, the same bar of metal costs more for buyers in Europe, China, India and elsewhere paying in their own currencies. That extra cost tends to slow demand and pressure prices lower. That is most of what happened this past week.

The dollar climbed after a strong U.S. jobs report. A healthy labor market raises the odds that the Federal Reserve keeps interest rates elevated if inflation remains stubborn. Higher U.S. rates tend to attract investment into dollar-denominated assets, strengthening the currency and weighing on commodities priced in dollars. That chain reaction, not any easing of overseas tensions, is what knocked aluminum off its peak.

It is important to understand what did not cause the pullback. Supply concerns that have supported aluminum prices in recent months have not disappeared. Traders continue to monitor disruptions affecting energy markets, shipping routes and raw-material supplies, all of which can influence the cost and availability of aluminum around the world.

There is also continuing concern about access to bauxite, the ore used to make aluminum. Export restrictions and supply-chain uncertainties in key producing regions have added another layer of pressure to the market. When raw materials become harder or more expensive to move, the effects are felt throughout the aluminum supply chain.

For all the day-to-day swings, the bigger picture remains a market trading near multi-year highs. The recent decline represents a pullback from a sharp rally rather than a fundamental change in direction. Prices remain well above levels seen earlier in the year.

The business impact extends far beyond commodity traders. Aluminum is a critical input for automobiles, beverage cans, construction materials, packaging, electrical transmission lines and aircraft manufacturing. When prices remain elevated for extended periods, those costs eventually work their way through factories and into consumer products.

Manufacturers that consume large amounts of aluminum often try to lock in supply contracts ahead of time, but prolonged price increases can still pressure profit margins. Beverage makers, automakers and industrial manufacturers all keep a close eye on aluminum markets because the metal is embedded in so many everyday products.

The currency story matters for Americans as well. A stronger dollar can make imported goods cheaper for U.S. consumers while making American exports more expensive overseas. Aluminum’s recent move is one example of how expectations about Federal Reserve policy can ripple through global markets and eventually affect businesses and households alike.

What happens next will likely depend on two competing forces. On one side, a strong dollar and the possibility of higher-for-longer U.S. interest rates could continue to pressure commodity prices. On the other, ongoing supply concerns and tight availability of key materials could provide support.

This week, the dollar gained the upper hand. Over the longer term, however, supply conditions may prove to be the more important factor in determining where aluminum prices go next.

For now, aluminum remains near multi-year highs, underscoring just how strong the market has been despite the recent pullback.

JBizNews Desk — Markets

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A suspected Russian hacker is in US custody after being extradited from Thailand and has been charged with facilitating a campaign of cyberattacks carried out by a Russia-aligned group that victimized numerous US companies.

Denis Obrezko, who was arrested in Thailand in November, made his initial appearance in federal court in Boston on Tuesday in connection with a case that US authorities alleged concerned a large-scale cyber espionage campaign being carried out by a group known as Void Blizzard.

The 36-year-old was charged with conspiring to commit unauthorized access to a protected computer and is now being held without bond in a case that is being prosecuted by the US Department of Justice’s National Security Division.

The Justice Department had no comment on Wednesday, and a court-appointed lawyer for Obrezko did not respond to a request for comment. 

Thailand‘s Foreign Affairs Ministry said in a statement the Thai government’s decision to extradite Obrezko was in accordance with Thailand’s domestic law and its obligations under the related treaties on extradition, “while fully respecting the due process of law of the defendant.”

Void Blizzard targets NATO members, Ukraine

Void Blizzard had been flagged by Microsoft in a May 2025 report as what it said was a new group that it had observed conducting cyber espionage activity against organizations important to Russian government objectives.

Active since at least April 2024, Void Blizzard’s activity has primarily targeted organizations in NATO member states and Ukraine across multiple sectors, including government, defense, transportation, media, healthcare and non-governmental organizations, Microsoft said.

An FBI agent in an affidavit filed in connection with the case against Obrezko said Void Blizzard’s activity has focused primarily on mass email harvesting across a wide range of US business sectors and industries.

The FBI has identified at least 11 US companies that have been hacked, a number that is believed to be just a fraction of Void Blizzard’s victims, the court filing said.

According to charging documents, the FBI linked Obrezko to cryptocurrency transactions that were carried out to buy a virtual private server and domain name that were used to conduct attacks targeting companies in the United States and elsewhere.

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General Motors on Tuesday announced it’s releasing a software update that allows some electric vehicle (EV) owners to send power back to the electric grid.

The update allows owners of GM’s vehicle-to-home energy system, which allows the EV to power the home during a blackout, the expanded capability of sending electricity to the power grid.

Owners of the system would be able to sell power from their vehicle back to utility providers at times when demand is high, with GM getting a portion of the proceeds. EVs are viewed as an untapped resource for balancing the electric grid to meet surging demand from AI data centers as well as extreme weather events. 

GM said that it alone has over 250,000 bidirectional capable vehicles on U.S. roads at this time, while it will include the vehicle-to-grid technology in all planned EVs going forward. 

AUTO INDUSTRY TRADE GROUP URGES FEDS TO SCRAP GAS TAX AND REPLACE IT WITH A VEHICLE WEIGHT FEE

It said that the quarter-million GM EVs that are capable of vehicle-to-grid energy transfers currently have the storage capacity to help power 120,000 homes for up to one week. 

GM said that it’s actively testing vehicle-grid integration technology through a partnership with Pacific Gas and Electric Company (PG&E), and it expects that by 2030 there will be over 52,000 GM EVs actively participating in grid-balancing protocols.

It’s also conducting tests in Michigan with DTE Energy, using the homes of GM employees, to grow reliable backup capacity in a way that suits the preferences of home and EV owners, which GM Energy Vice President Wade Sheffer said is a “win for customers, automakers, and utilities.”

INSIDE GM’S $242M PUSH TO REBUILD AMERICA’S SKILLED TRADES WORKFORCE

“Maintaining a safe, reliable, and affordable grid is paramount. This transition won’t be easy, and we deeply respect the challenge of balancing day-to-day grid reliability with rapid innovation,” Sheffer said in a letter, adding that the company sees three areas in which utilities, regulators and automakers can simplify the path forward.

Those include boosting the enrollment of customers in utility programs by GM and industry partners, educating them on EV grid support and the value in utility programs and rates, with best practices developed amid its ongoing regional pilot projects.

GM TAKES $7B HIT AFTER SHIFTING EV STRATEGY DUE TO SLOWING DEMAND

GM noted that consumers will be more motivated to participate when given clear and appropriate incentives, such as expanding localized, time-of-use tariffs, allowing EV owners to charge cost-effectively during energy surplus and receive appropriate compensation for supporting the grid during peak strain or times of need.

GM also said that streamlining paperwork, engineering reviews and utility interconnection processes to boost consumer confidence in being able to easily purchase and install a bidirectional charger.

“It’s time for us to look at parking lots and driveways across our communities as a massive, distributed power asset waiting to be integrated. By working together, we can help secure an affordable, reliable, and resilient energy future for everyone,” Sheffer’s letter said.

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o on recalled gas-X pills due to potential chemical contaminants

According to the Food and Drug Administration, gas-X capsules sold nationwide are being recalled because of a system leak during presentation that could have caused it to contaminate them.

After discovering that the drugs may have been contaminated with water when a device leaked during presentation, Haleon voluntarily recalled the product next week.

The bank’s announcement reads,” The loads are being recalled due to potential contaminants with a diluted propylene glycol-based water from a system leakage during the presentation method.”

Four thousands of 120 and 72 pet. pill bottles of 125 mg Gas-X Extra Strength Softgels are affected by the recall.

SPACE HEATERS ARE SOLD AT COSTCO, AND OTHER MARKET Stores RECALLED FOR YEARS FOR FIRE HAZARD.

The remember, according to the manufacturer, affects 120 cat. bottles with significant numbers TL8K, YH9X&nbsp, YH9Y, and 72 cat. bottles with lot number X78N. All of these damaged merchandise expire on November 30, 2028.

On or around April 13 were the effected pills distributed.

The organization warned that the consumption of the Softgels that are contaminated with coolant may cause side effects like diarrhea, nausea, vomiting, and chest pain.

In connection with this remember, Haleon claimed to have not received any negative reports. Anyone who has issues with their health may speak with their doctor or healthcare provider.

Gas-X Softgels are commonly used to relieve stress, bloating, and pain by quickly removing gas balloons in the digestive system. Green, cyan, and black rings are present in the natural pills.

By text, email, and phone, Haleon is informing its customers and vendors. The business has made arrangements to have all recalled items returned.

Common PRODUCT SOLD AT TARGET RECALLED DURING Pollution Problems

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Customers who bought items that match the significant figures are urged to quickly stop taking the pills and request insurance from the manufacturer.

At Haleon, customer health and product quality are top priorities. The contamination’s source has been identified and fixed. To stop coming recurrence, the company stated that corrective and preventative measures have been taken.

Additionally, Haleon produces another well-known medications, including Tums, Theraflu, and Advil.

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A planned meeting between New York City Mayor Zohran Mamdani and Colombian President Gustavo Petro was quietly called off following pressure from US President Donald Trump‘s administration, The Washington Post reported on Thursday, citing several people familiar with the affair.

The two leaders had intended to conduct a private meeting followed by a public event discussing Western democracy, one source told the Washington Post, during Petro’s visit to the US due to Colombia’s representative currently holding the United Nations Security Council presidency – a position that rotates yearly among UNSC members.

One State Department official claimed that the meeting with Mamdani would have caused Petro to be violating visa restrictions made against him after he criticized the United States’ support of Israel’s war in Gaza, and urged US soldiers to “Disobey the orders of Trump. Obey the orders of humanity.”

“A visa is a privilege, not a right,” the official said. “Any individual’s US visa is at risk of revocation if they visit America and outrageously implore US soldiers to disobey orders of the duly elected president of the United States.”

“Under our UN headquarters agreements, we allow diplomats to the UN, but Office of Foreign Assets Control and visa sanctions remain in place,” the official added.

Petro has also accused the US of being “complicit in genocide” in Gaza, and has condemned its strikes on boats allegedly carrying narcotics, as well as the abduction and overthrow of Venezuela’s President Nicolas Maduro.

Petro being punished for criticizing Trump administration, expert says

Adam Isacson, a Colombia expert at the Washington Office on Latin America, drew comparisons between the restrictions placed on Petro and other leaders whom the US has treated similarly, including former Iranian president Mahmoud Ahmadinejad, former Libyan leader Muammar Gaddafi, and the Iranian delegation to the UN General Assembly last year.

“One doesn’t have to like Gustavo Petro to recognize that he isn’t in the same category as those leaders,” Isacson told the Washington Post, adding “If this is a new precedent of world leaders who criticize this administration having their UN visits truncated, then they will stop coming.”

“He’s not a dictator – his term ends in two months,“ Isacson said about Petro. “It appears that he’s being punished for the crime of criticizing the Trump administration.” 

The White House did not comment on whether Trump was directly involved in the decision to prevent Petro and Mamdani’s meeting.

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Three Indian sailors have died in a US military operation to halt a tanker off Oman as part of Washington’s efforts to blockade Iran-linked shipping, Indian authorities said on Thursday.

The deaths are the first reported since the blockade began on April 13, operations which have seen the US disable eight ships and turn back more than 100 others.

Separately, the Indian embassy in Oman on Thursday reported an incident involving another tanker off Oman.

The Indian Foreign Ministry also stated that the commercial vessel MT Jalveer, which had 20 Indians on board, had also come under attack by the US navy. All the sailors on the ship were confirmed to be safe.

Of the three vessels, the ministry said, two were sanctioned by the US Office of Foreign Assets Control, while the third was in the non-compliant category.

Indian Shipping Ministry confirms sailors’ death, 13 vessels still stranded in strait

Indian Shipping Minister Sarbananda Sonowal confirmed the three sailors had died.

“Sadly, three Indian seafarers initially reported missing are now confirmed dead after bodies have been located and identified,” Sonowal said.

The Indian Shipping Ministry also announced that, at present, there are 562 Indian seafarers on Indian flagged vessels, with a total of over 18,000 Indian sailors in the Gulf region as a whole, and 13 Indian vessels stranded in the Strait of Hormuz.

The US should take note of India’s protest against attacks on ships carrying their citizens, India’s Foreign Ministry announced.

The US military’s Central Command (CENTCOM) said a US aircraft had carried out a precision strike on the Palau-flagged oil products tanker Settebello in the Gulf of Oman.

It “fired precision munitions into the ship’s engine room after the crew repeatedly failed to comply with directions from American forces,” CENTCOM said.

India’s foreign ministry on Wednesday condemned the attack and said 21 Indian sailors had been rescued.

The Omani Navy responded to the Settebello’s distress call after it reported an engine fire following the US strike, British maritime risk management group Vanguard said.

India summons US official to lodge protest

India summoned the US deputy chief of mission to the country after lodging a “strong protest” over the incident, two Indian sources told Reuters on Wednesday.

Family members of Shivanand Chaurasia, one of the sailors who died, told reporters he had gone to sea about nine months ago and had told his father earlier this week that everything was fine.

The US attacks on vessels carrying Indian seafarers come ahead of next week’s Group of Seven summit where Indian Prime Minister Narendra Modi is likely to hold bilateral talks with US President Donald Trump. CENTCOM said the Settebello “violated the ongoing blockade by attempting to transport oil from Iran.”

It said the US blockade had disabled eight non-compliant vessels, redirected 134 ships that complied, and allowed 42 vessels supporting humanitarian aid to pass.

US ‌forces disabled the unladen Marivex oil tanker, which also had Indian crew aboard, in the Gulf of Oman on Monday after it attempted to sail to an Iranian port.

India is the world’s third-largest supplier of seafarers, with more than 300,000 sailors working in global shipping fleets, according to government data. Ships being targeted by the US blockade include Iranian vessels as well as so-called shadow fleet tankers, which are typically older vessels without Western insurance used to transport sanctioned oil and sailing under the flags of various nations to obscure their true ownership, cargo and movements.

“I strongly condemn any act from any party that endangers the lives of seafarers and the safety of international shipping. This is simply unacceptable,” Arsenio Dominguez, secretary-general of the UN’s shipping agency the International Maritime Organization, said on Wednesday.

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At the Jerusalem Post 2026 New York Conference, Israel’s Tourism Ministry unveiled an ambitious campaign, seeking to present a country that must be experienced to be understood.

The ballroom at the conference had the familiar cadence of Israeli-American policy gatherings: tightly scripted remarks, a steady rotation of officials and advocates, and an audience accustomed to hearing Israel described in terms of strategy, resilience, and crisis management. But as the lights dimmed for the unveiling of the Tourism Ministry’s latest initiative, the atmosphere shifted.

The centerpiece was the launch of a new North American campaign titled “I Am Israel,” unveiled as part of what officials described as a broader effort to revive inbound tourism during a period of continued regional instability and reputational challenge abroad. The campaign, backed by an investment of approximately NIS 20 million, according to ministry officials, is designed to reposition Israel not primarily as a destination of sites and landmarks but as a lived experience – one mediated through people, culture, and emotional connection.

Kicking off the presentation was actor and longtime Israel advocate Michael Rappaport, who said he had visited Israel nine times in the past two-and-a-half years, and described those visits as transformative. “Tourism is not just about flights, it’s not just about hotels,” said Rappaport. “Tourism is about connection.”

The comment drew a knowing response from parts of the audience, many of whom are accustomed to Israel advocacy framed in geopolitical terms rather than personal narrative. Rappaport spoke of “gritty authenticity” and the lived texture of Israeli society – language that aligned closely with the campaign’s attempt to move away from traditional promotional imagery.

“We chose not to show only landscapes and sites,” explained Michael Izhakov, director-general of the Tourism Ministry. “We chose to show Israel through the people, through real moments, experiences, culture, and the joyful Israeli spirit.”

This shift represents a deliberate departure from the sanitized version of Israel that has characterized tourism marketing for decades. Instead of static beauty, the ministry is in a narrative of lived experience.

The Ministry of Tourism event at the 2026 New York Conference. A shift in atmosphere.  (credit: The Israeli Ministry of Tourism)

As Izhakov noted during his address, “For us, this connection goes beyond numbers and marketing,” emphasizing that their work aims to reach Jewish, Christian Evangelical, and pro-Israel constituencies with a message intended to be deeply personal and emotion-oriented.

WHILE THE campaign indeed leans into emotion, its grounding is firmly rooted in economic necessity, with the United States remaining the largest driver of inbound tourism to Israel.

In 2025, over 30% of all arrivals to the country originated from American soil, a notable figure compared to the 2019 peak, when nearly 1 million American visitors accounted for approximately 4.5 million total tourists. During his US tour, Izhakov has spearheaded high-level engagements with travel industry titans, community leaders, and potential investors.
As far as he is concerned, tourism is a pillar of soft international relations. “Every tourist also becomes an ambassador for us around the world,” he says. That being said, the other significant tether he referred to regarding tourism was the one that manifested between Israel and the American Jewish Diaspora.

Indeed, unlike previous efforts that focused on sheer visitor volume, the ministry is now prioritizing the development of a narrative framework in which tourism becomes a form of identity engagement.

By tapping into the historical affinity of American travelers, the ministry aims to translate personal visits into long-term advocacy. “We are meeting communities, travel agents, businesspeople, and leaders who are telling us something simple: We want to come to Israel,” Izhakov shared. This approach acknowledges that while geopolitical events fluctuate, the personal bond formed through firsthand encounters is a durable, long-term asset for the state.

Increasingly blending state-level diplomacy with the private sector’s agility, this broader outreach is bolstered by a significant structural evolution within the ministry. Departing from conventional tourism rhetoric, the ministry is integrating Israel’s technological identity into its growth strategy to ensure long-term stability and expansion.

As Izhakov declared at the conference, “In 2026, the Tourism Ministry will deepen investments in technology and artificial intelligence. Do not forget, we are the ‘Start-Up Nation.’”

This dedication to modernization is evident in internal changes like the creation of the “Lighthouse” unit, a one-stop shop overseen by the director-general that offers comprehensive support to entrepreneurs in overcoming bureaucratic challenges.

Additionally, recent government reforms permit up to 49% mixed-use development, including residential areas within hotel zones, helping developers bridge the feasibility gap and ensuring that Israel maintains a vibrant, modern hospitality sector while safeguarding its natural landscapes.

A key part of that effort, according to ministry officials, is the intentional move away from what Yoash Ben Izhak, vice president of marketing at the Tourism Ministry, described as conventional promotional language. “Our mission is not to help Israel blend in,” Ben Izhak said. “It is to ensure that Israel stands out as it has for thousands of years. We’re offering tourism with meaning.”

What comes next

The campaign’s rollout is defined by a sense of unwavering momentum that defies the cooling effect of regional instability. As Izhakov reminded the audience, the ministry refused to stand still, stating, “Even during this period, we did not stop, we did not pause our plans, we did not wait for the day after.”

The program neared its conclusion with a more somber note, briefly stepping away from the campaign presentation’s promotional tone, framing the event within the broader context of national service and conflict, and taking a moment to recognize the brave soldiers who fought to defend the State of Israel. It was the campaign itself, however, that remained the focal point of the evening.

The ministry is effectively building for the future, with Izhakov asserting, “We are not just rebuilding Israeli tourism, we are building its next generation.” Ultimately, “I Am Israel” is a strategic maneuver: that the country can be marketed not just as a destination but as an experience that must be felt.

The campaign has launched with a clear message: Israel is inviting the world to witness and interpret its narrative personally. As Izhakov concluded, “We are telling them something simple: We want you to come to Israel.”
In an era of fractured perceptions, Israel can still be marketed not just as a place to visit but as a story one is invited to enter.

This article was written in collaboration with the Tourism Ministry.

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AI Financial Corp., (NASDAQ:AIFC), previously known as Alt5 Sigma, has reported an improved outlook despite suffering significant losses from a billion-dollar investment in a Trump-endorsed cryptocurrency. 

On Wednesday, the company disclosed in a Securities and Exchange Commission filing that the issues that led to its previous warnings to investors “have been substantially mitigated.” The company said it has enough liquidity and financial resources to support operations and meet its obligations for at least the next 12 months.

In August, the company, then known as Alt5 Sigma, entered into a $1.5 billion deal with the Trump family-backed World Liberty Financial (WLFI). Since then, AI Financial Corp’s stock has plunged over 92% from $8.97 on the deal date to $0.65, as of Wednesday’s close, as per data from Benzinga Pro.

To remain listed on Nasdaq, AI Financial must sustain a share price above $1. The company risks delisting if it does not achieve compliance within the next two weeks.

Despite the losses, AI Financial’s CEO Tony Isaac has confirmed on Wednesday that the company has no intention of selling its WLFI tokens. Approximately 3.2 billion of …

Full story available on Benzinga.com

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Federal prosecutors say California real estate investor falsified collateral documents, helping trigger a 2025 sell-off that erased roughly $1 billion in market value from regional bank stocks.

The case grows out of a scare that hit Wall Street in October 2025. That month, Zions Bancorporation and Western Alliance Bancorp disclosed that loans tied to funds operating under the Cantor Group name had gone bad. The news wiped out roughly $1 billion of Zions’ market value in a single day and dragged down other regional bank stocks, as investors worried the problems might be wider than two lenders.

Now the matter has turned criminal. On Wednesday, June 10, 2026, the U.S. Attorney’s Office for the Central District of California announced the arrest of the California real estate investor at the center of those loans on a federal bank fraud charge.

Mahender Makhijani, 44, of Corona del Mar, was taken into custody on a criminal complaint that accuses him of cheating a bank out of nearly $100 million by faking documents to make the property backing his loans look far more valuable than it was. He was scheduled to make his first court appearance Wednesday afternoon in federal court in Santa Ana. According to the complaint, Makhijani controls Cantor Group V LLC, a Newport Beach company that borrowed heavily against real estate.

“When criminals are allowed to deceive lenders, the spillover effects can harm consumers and businesses,” said First Assistant U.S. Attorney Bill Essayli. He called the arrest part of an effort to protect the banking system.

Here is what prosecutors say happened. Western Alliance advanced close to $100 million to Cantor Group V so the firm could make or buy loans backed by real estate. Under the deal, Cantor was supposed to pledge those loans, and the underlying property, to the bank. The bank wanted first claim on the collateral — meaning if a borrower stopped paying, the bank would be first in line to take the property and sell it. That first position is what made the loans safe enough to fund.

To prove it held that first position, Cantor had to hand over title insurance policies. From September 2024 to April 2025, the complaint says, Makhijani falsified those policies so they appeared to show Cantor was first in line. In reality, other lenders were ahead of it, which made the collateral worth far less.

The method was low-tech, according to the affidavit. Makhijani or a subordinate edited the title documents in Adobe software, then stripped out the digital fingerprints that would reveal the changes — in some cases by printing the altered files and scanning them back in. An employee then sent the doctored policies to the bank. When the bank flagged problems, prosecutors say, Makhijani got on the phone and lied about them, and in December 2024 had a spreadsheet of false explanations sent over to smooth things out.

Had the bank known the collateral’s true value, prosecutors say, it would have treated Cantor as in default and demanded the full balance back. Western Alliance sued in Los Angeles County in August 2025, the first public sign of trouble before the broader disclosures shook the market two months later. The criminal complaint does not name the bank, identifying it only as “Bank #1,” but the loan size, the timing and the lawsuit match the case Western Alliance brought against the Cantor fund.

The complaint also reflects how seriously federal regulators are taking strains in bank lending. IRS Criminal Investigation, the FBI, the Federal Deposit Insurance Corporation’s Inspector General, the Federal Housing Finance Agency’s Inspector General, and the Inspector General for the Federal Reserve and the Consumer Financial Protection Bureau are all working the case. Darren Lian of IRS Criminal Investigation’s Los Angeles office said agents traced the money through layered transfers and shell companies.

The October scare put a spotlight on a soft spot in the financial system. Regional banks tend to lend within a single region and lean heavily on commercial real estate, an area under pressure as office values fall and loans come due. When one borrower turns out to have hidden the truth about collateral, it raises a worry that costs everyone money: that other loans on other banks’ books may be weaker than they look. That fear is what drove the sell-off, even though analysts at the time argued the Cantor losses looked specific to a few borrowers rather than a system-wide crack.

For ordinary customers and businesses, the stakes are practical. Healthy regional banks are the lenders behind much small-business credit, local mortgages and construction projects. Losses on the scale alleged here force banks to tighten standards, which can make borrowing harder and costlier across a community.

A criminal complaint is only an allegation, and Makhijani is presumed innocent unless proven guilty. If convicted, he faces a maximum of 30 years in federal prison. The investigation is continuing.

JBizNews Desk — United States

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Meta announced Tuesday that it has signed an agreement with Reliance Industries to lease its first artificial intelligence data center in India, according to a statement released through the company’s newsroom and comments from Mark Zuckerberg, Founder and Chief Executive Officer of Meta, and Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries Limited.

The plant will be built in Jamnagar, a city in the western Indian state of Gujarat. Under the agreement, Reliance will construct the facility while Meta leases the computing capacity inside it. The first phase is expected to operate at 168 megawatts of power, with room for future expansion.

Here is the simplest way to understand the arrangement. Meta operates platforms used by billions of people worldwide, including Facebook, Instagram, and WhatsApp, and requires vast computing power to run its growing artificial intelligence systems. Rather than building its own facility from the ground up in India, Meta will pay Reliance to build and operate the infrastructure while leasing the computing resources it needs.

India is central to the strategy. It is one of Meta’s largest and fastest-growing markets, and the company said locating computing power within the country will allow AI products and services to run faster for local users. Zuckerberg said the Jamnagar facility will strengthen Meta’s global AI infrastructure while deepening its long-term investment in India.

The partnership builds on an existing relationship. In 2020, Meta invested $5.7 billion in Jio Platforms, Reliance’s telecommunications and digital subsidiary, in a move aimed at expanding internet access and helping small businesses across India. The companies later worked together to make Meta’s open-source AI models available to Indian businesses and developers. The new data center extends that partnership into the physical infrastructure powering artificial intelligence.

The facility has been designed around two of the largest operating costs in data centers: energy and water. Reliance is developing what it describes as one of the world’s largest data center campuses in Jamnagar, with access to the significant power resources required for AI computing. The site will run on renewable energy and use desalinated seawater for cooling rather than freshwater supplies. Meta said it will cover the full cost of the energy and water needed to operate the center.

Ambani described the agreement as a milestone for India’s digital infrastructure, saying that building the country’s first custom-designed data center for a technology company of Meta’s scale demonstrates India’s readiness to play a leading role in the global AI economy.

Meta also announced a major clean-energy expansion in India. The company said it has contracted nearly 1 gigawatt of new solar and wind generation through two energy providers.

CleanMax will supply 837 megawatts from new projects in Rajasthan and Karnataka, bringing Meta’s total announced capacity with the company to more than 900 megawatts. Fourth Partner Energy will provide an additional 88 megawatts from projects across Tamil Nadu, Karnataka, Maharashtra, and Uttar Pradesh.

The business implications are significant. AI data centers have become one of the largest areas of spending across the global technology sector, influencing employment, construction activity, power demand, and local infrastructure investment. By having Reliance build and operate the facility, India retains ownership of the underlying infrastructure while keeping related energy and water spending within the country.

For Reliance, the agreement helps transform Jamnagar—long known as a major refining and energy hub—into a destination for AI and cloud-computing customers. The company has signaled its intention to host AI infrastructure for outside firms, and securing a customer the size of Meta represents a major validation of that strategy.

The deal also highlights a broader trend across the technology industry as major American companies race to secure computing capacity around the world rather than relying solely on domestic infrastructure.

For users in India, the immediate goal is straightforward: faster AI services and digital applications powered by servers located closer to where they live and work.

Neither company disclosed the financial terms of the lease agreement or provided a firm timeline for when the Jamnagar facility will begin operations.

JBizNews Desk — Asia

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A 25-year-old Tel Aviv resident was arrested Wednesday evening on suspicion of violating the privacy of social media influencer Shir Weiss, and was questioned overnight on suspicion of rape.

The additional allegation followed a complaint filed by another woman after the Israel Police published the suspect’s photograph.

Officers from the Lev Tel Aviv police station in the Yarkon district arrested the suspect on Wednesday on suspicion of privacy violations and alleged sexual offenses. The suspect was taken in for questioning and was subsequently remanded in custody. 

The investigation was launched following a complaint filed by social media influencer Shir Weiss, who said that while she was in a Bershka store at the TLV Mall, she noticed the suspect in a neighboring fitting room allegedly peering into the stall where she was trying on clothes and photographing her.

Following the complaint, investigators conducted an extensive covert investigation during which they gathered evidence linking the suspect to the alleged offenses.

As a result, police received court authorization to publish the suspect’s photograph to locate him and establish his identity, after the evidence collected indicated suspicion beyond a reasonable doubt that he had committed the act.

Woman files rape complaint against privacy-violating suspect

After the suspect’s photograph was published with court approval, another complainant, a woman in her twenties who recognized the suspect from the published photograph, went to the Yarkon district police station and filed a complaint alleging that he raped her during the past several days.

Maariv learned that the suspect is not known to police but is well acquainted with Tel Aviv‘s nightlife scene through his work.

Police emphasized that the investigation is ongoing and said that any information from the public could help advance the legal proceedings and ensure a swift and effective response to the offenses attributed to the suspect.

During the night, the suspect was questioned regarding both complaints, which are unrelated and were filed by two different complainants. On Thursday morning, he is expected to be brought before the Tel Aviv Magistrate’s Court, where police will request an extension of his detention to continue the investigation.

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At least 22 personnel were killed in a military helicopter crash in Pakistani Kashmir, security sources said on Thursday.

The number of personnel killed in the crash, which occurred on Wednesday, was not made public until the recent announcement, though it was stated that “All personnel on board” had been killed. 

The Mi-17 helicopter crashed near Muzaffarabad during take-off due to a technical fault, the military said in a statement on Wednesday.

Helicopter crashed, caught fire, all killed on board

The helicopter crashed while taking off and caught fire, a Reuters witness said, adding that firefighters were trying to control the flames.

Rescue teams have reached the site and a board of inquiry has been ordered to ascertain the exact technical cause of the accident, it said.

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An American official has died in Myanmar‘s commercial capital of Yangon, according to the US State Department, in an incident that two sources on Thursday said took place at a hotel last month.

“We can confirm the death of a US government employee assigned to US Embassy Rangoon,” a State Department spokesperson said, without providing additional details. Yangon was known as Rangoon during its colonial era.

“Out of respect for the privacy of the family and loved ones, we have no further information to provide at this time.”

The official was found at Yangon’s Sakura Residence & Hotel, which lies in one of the city’s main diplomatic hubs, according to two people familiar with the incident who asked not to be named due to the sensitivity of the matter.

Hotel staff, reached via telephone, declined to comment and the local police station did not respond to requests for comment.

The Associated Press, which first reported the incident, said a Thai woman had been detained in connection with the death. Reuters could not immediately and independently verify the details.

“This is currently a matter of consular assistance and an ongoing police investigation being handled through the relevant official channels,” Thailand’s Foreign Ministry said, declining to comment further.

Myanmar in turmoil since military coup

Myanmar has been in political and economic turmoil since the military seized power in a coup in February 2021, arresting Nobel laureate Aung San Suu Kyi and members of her government.

The takeover triggered widespread protests, sparking a civil war that has pitted the military against a coalition of pro-democracy armed resistance forces and long-established ethnic minority armies.

In early April, former junta chief Min Aung Hlaing was sworn in as the country’s president, following a widely criticized, military-engineered election that was conducted in the throes of conflict.

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A prehistoric cave is in the process of being excavated on the outskirts of Fureidis, a town south of Haifa and near the Zichron Ya’acov interchange, the Israel Antiquities Authority (IAA) announced on a Thursday morning.

The ongoing excavations are funded by Ayalon Highways Company and directed by the IAA’s Prehistory Branch head Dr. Kobi Vardi and Amit Gabbay in cooperation with Prof. Ron Shimelmitz of the University of Haifa’s School of Archaeology and Maritime Cultures and the Zinman Institute of Archaeology.

The cave dates back to 400,000 and 250,000 years ago, to the time of the Acheulo-Yabrudian culture – a collection of archaeological cultures in the Levant from the end of the Lower Paleolithic era.

“It is very rare to find a site in such a state of preservation,” said Vardi. “Every prehistorian who visits the site is absolutely thrilled.”

“The site, which is no less important than the well-known Nahal Me’arot site, and dates to the same period, will allow us to study in high resolution how humans lived at that time.”

Animal bones belonging to fallow deer, gazelle, and ancient horses have already been found within the cave, explained Vardi, alongside evidence of the presence of water, which may have made the site “attractive for ancient hunter-gatherer groups.”

Researchers explained that Acheulo-Yabrudian culture is characterized by their variety of advanced flint tool production methods, including small sharp handaxes, scrapers, and blades. 

Following the discovery of the site’s importance, the IAA and Haifa University plan to advance a large-scale research program aiming to reconstruct how ancient humans lived, adapted to their environments, and developed new technologies over the course of human evolution.

“We have been fortunate to excavate a unique site of global importance that has been protected from the ravages of time thanks to the exceptional conditions that existed here,” said Haifa University’s Professor Ron Shimelmitz. “This time capsule belongs to a unique period at the end of the Lower Paleolithic era, just before Neanderthals and modern humans became dominant and spread across many regions.” 

Only handful of Acheulo-Yabrudian sites found in Israel, Levant

“Only a handful of sites from this important phase have been uncovered in Israel and the wider Levant, and most of them are inaccessible for research.”

Shimelmitz explained that the gradual changes that emerged during the Acheulo-Yabrudian period “in human physiology, technology, and society foreshadowed the traits and complex behavioral patterns that developed later and characterize both Neanderthals and modern humans.”

“To a degree, they can be seen as the seeds that led to the development of our complex culture. One of the central processes taking place during this period is the transition to living in larger groups and spending longer periods at the same sites,” Shimelmitz said. “Caves from this period have yielded evidence of intensive use of fire and prolonged human activity, suggesting complex and rich camp life.”

“These are findings that many researchers associate with the development of social cooperation and the transmission of knowledge, as part of the processes of human evolution.”

“We very much appreciate the enthusiasm shown by Ayalon Highways Company in enabling us to undertake the excavation,” the researchers concluded. “The hope is that after the research is completed, this site will be open and accessible to all: to the residents of Fureidis, students at the nearby school, and anyone interested in the prehistory of the region.”

Early human handaxes found in Galilee show appreciation for aesthetics

In mid-March, a collection of Paleolithic stone handaxes found in the Sakhnin Valley of the Lower Galilee has shed new light on the cultural and cognitive world of early humans. 

The finds were presented in a study completed by researchers from Tel Aviv University and published in the journal Entin Faculty of Humanities: Tel Aviv: Journal of the Institute of Archaeology of Tel Aviv University.

After noticing several knapped stones scattered around the valley, Sakhnin resident Muataz Shalata brought the finds to the attention of Tel Aviv University Professor Ran Barkai, an archaeologist and expert on the topic of early Paleolithic culture.

Barkai, alongside Shalata, embarked on an archaeological expedition in the valley and discovered a series of Paleolithic sites containing hundreds of large, carefully crafted stone handaxes.The axes were dated to the Pleistocene, likely made by Homo erectus, the first human species to evolve to have a humanlike body shape and gait, who had lived in the region hundreds of thousands of years ago.

“Handaxes served as the main tool of early humans for more than a million years,” Barkai said. “In the Sakhnin Valley, many hundreds of handaxes were found, indicating that the area served as an important hub of human activity over long periods of time.”

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IDF soldiers destroyed an anti-tank missile launcher belonging to Hezbollah terrorists in southern Lebanon on Wednesday, the IDF confirmed.

A terrorist was also killed in the strike, the military added.

The operation was carried out by the IDF’s 91st Division, the military clarified.

According to the statement, IDF also located and seized Kalashnikov rifles, shotguns, and other small arms, as well as rocket-propelled grenades (RPGs) and rockets in a raid on a Hezbollah weapons storage facility.

IDF continues counterterror operations against Hezbollah

Over the past week, soldiers of the 91st Division killed more than 35 Hezbollah terrorists in southern Lebanon, the military noted.

IDF destroying an anti-tank missile concealed in bushes in southern Lebanon, published June 11, 2026. Credit: IDF Spokesperson’s Unit
Strikes were initially reported in Baalbek, however, the IDF denied striking the area, Army Radio’s Doron Kadosh reported.

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Yonatan Urich, a senior aide to Prime Minister Benjamin Netanyahu, was indicted by the prosecution on Thursday for passing along classified information with the intention to harm the state.

Urich’s charges were added to the broader ‘Bild’ case indictment, which includes charges against former Prime Minister’s Office spokesman Eli Feldstein and IDF reservist Ari Rosenfeld.

This is a developing story.

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Throughout Lawrence Tabak’s 25 years at the National Institutes of Health, serving first as the head of one of its institutes before becoming principal deputy director and subsequently acting director, he took many trips to universities around the country to talk to researchers. He made a point to prioritize state schools and smaller institutions. 

Never on those visits was there a shortage of researchers brimming with ideas they hoped would attract the funding to pursue. But without easy access to leaders within a field or top-of-the-line lab equipment, researchers outside top universities often struggle to compete for grants from the NIH.

“There was never an institution I went to that I wasn’t blown away by a few young people,” Tabak said. “But it made me upset, because I realized the maldistribution of resources was compromising their ability to reach their potential.” 

One proposal that’s been floated several times to help spread the wealth is to cap the number of grants individual researchers can receive from the NIH. Most recently, it was proposed in 2017 but was quickly walked back by the first Trump administration after pushback from high-rolling universities who would be harmed by the policy. 

Continue to STAT+ to read the full story…

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Mitchell Miglis had two months left. The Stanford University neurology professor had spent two years studying what long Covid does to the human nervous system — why patients’ hearts race when they stand, why their blood pressure collapses, why their bodies lose the ability to regulate themselves. His National Institutes of Health RECOVER grant was weeks from completion, data collected, analysis underway.

On March 25, 2025, a termination notice arrived. The grant was “incompatible with agency priorities.” No modification could bring it into alignment. “This is not only disappointing and demoralizing from a scientific perspective,” Miglis wrote in the Sick Times, a publication about long Covid, “but in a broader sense, as a clinician who sees these patients every day, a much larger disappointment to the patient community.”

Read the rest…

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In June 2025, I led a study that was accepted for publication in Nature Medicine. The cost to publish this manuscript, which reported the results of a randomized clinical trial, was zero dollars. The paper underwent rigorous peer view and extensive edits and copy editing by the editorial staff. This study was the result of years of work by a large team of staff and investigators at Johns Hopkins and was funded by a combination of philanthropy and grants from the National Institutes of Health (your and my tax dollars).

In 2026, I was part of a group that published in Nature Medicine a different NIH-funded study — also the results of years of hard work supported by your and my tax dollars. To comply with the 2024 NIH Public Access Policy that went into effect on July 1, 2025, we paid $12,850 to the publisher. This charge was for open-access fees, now required by the publisher, and was non-negotiable.

Read the rest…

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Governor Tiff Macklem’s warning that Canada’s economy remains weak sent government bond prices higher as investors increased bets on future rate cuts.

The Bank of Canada left its key interest rate unchanged on Wednesday, June 10, 2026, and Governor Tiff Macklem described the country’s economy as “weak,” a message that sparked a rally in Canadian government bonds and reinforced expectations that future interest-rate cuts remain possible.

The central bank held its benchmark overnight rate at 2.25%, marking the fifth consecutive meeting without a policy change. The decision was widely expected by economists and financial markets.

Speaking in Ottawa alongside Senior Deputy Governor Carolyn Rogers, Macklem acknowledged that economic conditions remain sluggish.

“The economy is weak, but it is not clearly in recession,” Macklem said, adding that policymakers expect growth to improve during the second quarter.

Bond markets reacted immediately.

Canada’s benchmark two-year government bond yield fell to approximately 2.84% shortly after the announcement after trading near 2.88% earlier in the day. Bond yields move inversely to prices, meaning investors were buying government debt following the central bank’s comments.

The move reflected growing market expectations that the Bank of Canada’s next policy adjustment is more likely to be a rate cut than a rate increase.

In its policy statement, the central bank highlighted the difficult balancing act facing policymakers.

“Economic activity in Canada has been weak and uncertainty about U.S. trade policy persists,” the bank said.

Officials also pointed to continuing tensions in the Middle East and elevated oil prices. However, the bank emphasized that it intends to look through temporary energy-driven inflation pressures and “will not let higher energy prices become persistent inflation.”

The statement underscores the competing forces currently shaping Canada’s economy.

Higher oil prices can push inflation upward, which would normally support higher interest rates. At the same time, weak economic growth and soft business activity argue for lower borrowing costs to stimulate demand.

Caught between those competing risks, policymakers chose to remain on hold.

The decision comes as Canada continues to flirt with recession.

The economy recorded a second consecutive quarterly contraction during the first quarter of 2026, meeting the traditional definition of a technical recession. Despite that, Macklem stopped short of formally describing the economy as being in recession, arguing that conditions could improve as growth rebounds during the spring and summer months.

For consumers and businesses, the decision has direct implications.

The Bank of Canada’s overnight rate influences borrowing costs throughout the financial system, including variable-rate mortgages, lines of credit, business loans, and consumer lending products.

By leaving rates unchanged, the central bank maintained existing borrowing costs for millions of Canadians.

Fixed mortgage rates operate differently because they are heavily influenced by government bond yields. As a result, Wednesday’s rally in Canadian bonds could eventually help reduce pressure on fixed-rate borrowing costs if lower yields persist.

The current pause follows one of the most aggressive easing cycles among major central banks.

Between June 2024 and October 2025, the Bank of Canada reduced its benchmark rate by 2.75 percentage points, lowering it from 5.0% to 2.25%. Since then, policymakers have adopted a wait-and-see approach, weighing slowing economic activity against lingering inflation risks.

Economists generally interpreted Macklem’s comments as supportive of future easing rather than tightening.

Ali Jaffery, Chief Economist at KPMG Canada, described the central bank’s tone as dovish, arguing that inflation risks remain manageable given the economy’s weakness.

Andrew Grantham, Senior Economist at CIBC, characterized the Bank of Canada as “very patient” and said policymakers appear comfortable waiting to see whether current rates can support a modest recovery.

Several major financial institutions, including CIBC, BMO, and Royal Bank of Canada, currently expect the benchmark rate to remain unchanged through the remainder of 2026.

A major variable remains trade policy.

The upcoming review of the United States-Mexico-Canada Agreement (USMCA) in July could significantly affect Canada’s economic outlook. Any changes to trade arrangements would have direct implications for manufacturing, exports, investment, and cross-border supply chains.

Until there is greater clarity on trade negotiations and the trajectory of economic growth, the Bank of Canada appears content to keep rates at 2.25%, monitor incoming data, and wait for stronger evidence that either inflation or economic weakness is gaining the upper hand.

JBizNews Desk — Canada

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

A Toronto activist group called for the US to release the Iranian regime proxy group commander who allegedly helped orchestrate attacks on Jewish, Israeli, and dissident sites and individuals across Europe and North America in the name of Harakat Ashab al-Yamin al-Islamia (HAYI), in a Thursday statement.

Al-Ahrar Palestinian Prisoner Support called for the immediate release of Kataib Hezbollah commander Mohammad Baqer Saad Dawood Al-Saadi, who had been extradited and charged by the US Department of Justice on May 15 for various terrorism offenses related to 18 attacks.

The Canada-based organization called on activists and organizations to act against the “violent move” by the US, rejecting its criminalization and describing its attacks as legitimate wartime actions.

“Mohammad Al-Saadi deserves widespread and unconditional support for his role in struggling against imperialism, whatever that may have looked like – from having a relationship with martyr leader [IRGC Quds Force commander Qassem] Soleimani to being yet another criminalized Iranian-Arab Muslim man to potentially even being a member of the Resistance to simply stating that the US is committing war crimes against his people while in court – these are all experiences worthy of uplifting and sharing.”

The group condemned Turkey for allegedly arresting Al-Saadi before extraditing him, asserting that the country’s support for campaigns against Israel was limited to “empty statements.”

War brought to the US, expansion of ‘global intifada’

Al-Ahrar, which also has a New York and New Jersey branch, asserted that Al-Saadi had brought the war within the borders of the US, comparing him to Washington DC Capital Jewish Museum shooter Elias Rodriguez. Al-Ahrar signed the May Tariq El-Tahrir Youth & Student Network petition praising and calling for the release of the murderer of two Israeli embassy staff.

Al-Saadi was also compared to Palestinian prisoners in Israeli prisons and Palestine Action vandals in the UK.

“All of these prisoners, many of whom are Palestinian and Arab, facing racist criminalization for participating in the struggle to liberate their homeland, are at the forefront of the movement against state repression,” said Al Ahrar. “Al-Saadi is part and parcel of this movement and international campaign – join us in calling for his liberation!”

The group also affirmed in the statement that it was part of Masar Badil Palestinian Alternative Revolutionary Path, which organizationally overlaps with Samidoun Palestinian Prisoner Solidarity Network. Samidoun is proscribed as a terrorist entity for its links to the Popular Front for the Liberation of Palestine (PFLP).

Al-Saadi pleaded not guilty, ‘we are in a war situation’

The Al Ahrar support of the alleged HAYI mastermind came as Canada and 21 other states condemned Islamic Regime and HAYI attacks in their territories, including a March shooting against the US Toronto consulate. Al-Ahrar defended the shooting on Thursday, saying the consulate represented not only “hundreds of years of genocidal occupation and colonial conquest, but also the infrastructure that continues to facilitate this globally.”

Al-Saadi pleaded not guilty last Monday to the criminal charges against him, according to Reuters, arguing “we are in a war situation.”

Charges against him included conspiring to provide material support to Kataib Hezbollah and the Islamic Revolutionary Guard Corps (IRGC), conspiring to and providing material support for acts of terrorism, attempted acts of transnational terrorism, conspiring to bomb a public site, property destruction by means of fire or explosives, and terrorism.

The plots attributed to him included a plan to carry out attacks against a New York City synagogue earlier this year.

This post was originally published on here

Columbia University anti-Israel student activist Mohsen Mahdawi appealed on Wednesday an immigration court order to deport him to Jordan, according to his legal representation American Civil Liberties Union (ACLU).

Mahdawi, who was arrested last April for undermining US foreign policy and government counter-antisemitism efforts with his pro-Palestinian campus activism, had been ordered removed to Jordan by an immigration judge last Wednesday.

The ACLU and other legal representatives on Wednesday appealed to the First Circuit US Court of Appeals. They have also petitioned on Wednesday to the Second Circuit, where his habeas petition is being deliberated. His legal team argued that his detention and censorship was punitive and served no legitimate purpose.

Mahdawi said that in a statement that as someone who was born in a Palestinian “refugee camp,” he thought he would be able to build his life in the US with the rights he ostensibly lacked there.

“Now the administration is abusing immigration law to silence me for speaking the truth about Palestinian suffering and genocide. When a government weaponizes immigration to punish speech, millions of immigrants and citizens feel that blow,” said Mahdawi. “This fight belongs to all who believe in democracy and every person willing to stand together in defense of the First Amendment. I take this fight to the First Circuit with love and faith – because the First Amendment is sacred, and I refuse to be silenced.”

Deportation to continue after US immigration judge rules Mahdawi not removable 

Deportation proceedings had been reinstated against Mahdawi in early May after the US Board of Immigration Appeals overturned a February decision by a US immigration judge to reject the government’s efforts to deport him, arguing that the Department of Homeland Security (DHS) failed to prove he was removable.

“The original immigration judge correctly dismissed Mohsen’s immigration case before she had been fired, and the government cynically appealed the case within the Trump administration-controlled immigration court system knowing that the BIA would reverse,” Mahdawi’s attorney Cyrus Mehta said in a Wednesday statement with the ACLU. “We look forward to vindicating Mohsen’s First Amendment rights in the First Circuit Court of Appeals as well as the First Amendment rights of all other noncitizens living in the United States.”

The 34-year-old green card holder was arrested by DHS agents while he was attending a citizenship interview, with his deportation sought under the 1965 Immigration and Nationality Act.

“The secretary of state has determined” that his “presence and activities in the United States would have serious adverse foreign policy consequences and would compromise compelling US foreign policy interests,” was the explanation given for the move.

A judge ruled on the same day of his arrest that Mahdawi could not be removed from Vermont while the petitions against his arrest were being considered.

Petitions against Mahdawi’s detainment have argued that his arrest was a punitive measure over his activism, in violation of a resident’s First Amendment right to protected speech and due process.

The government said that its actions were legitimate under the INA and that the Vermont court lacked jurisdiction over the matter.

Mahdawi leads pro-Palestinian protests

Mahdawi has been a student and activist at various universities in the West Bank and the US since 2014. He was the head of the Fatah Student Movement at Birzeit University in the West Bank, and at Columbia, he was one of the leaders of pro-Palestinian protests. However, Mahdawi said that he stepped back from the role in March 2024.

Mahdawi reportedly co-founded the Dar: Palestinian Student Society alongside activist Mahmoud Khalil, a leader at Columbia University’s Apartheid Divest whose own deportation order is still being challenged.

ACLU Speech, Privacy, and Technology Project Deputy director Nate Freed Wessler said that “Mohsen should never have been detained for his speech.”

“The government’s continued persecution of our client for his beliefs should send a chill down the spine of everyone in this country, because once we start allowing exceptions to the First Amendment for speech the current government doesn’t like, there’s no telling where the censorship will stop.”

This post was originally published on here

Columbia University anti-Israel student activist Mohsen Mahdawi appealed on Wednesday an immigration court order to deport him to Jordan, according to his legal representation American Civil Liberties Union (ACLU).

Mahdawi, who was arrested last April for undermining US foreign policy and government counter-antisemitism efforts with his pro-Palestinian campus activism, had been ordered removed to Jordan by an immigration judge last Wednesday.

The ACLU and other legal representatives on Wednesday appealed to the First Circuit US Court of Appeals. They have also petitioned on Wednesday to the Second Circuit, where his habeas petition is being deliberated. His legal team argued that his detention and censorship was punitive and served no legitimate purpose.

Mahdawi said that in a statement that as someone who was born in a Palestinian “refugee camp,” he thought he would be able to build his life in the US with the rights he ostensibly lacked there.

“Now the administration is abusing immigration law to silence me for speaking the truth about Palestinian suffering and genocide. When a government weaponizes immigration to punish speech, millions of immigrants and citizens feel that blow,” said Mahdawi. “This fight belongs to all who believe in democracy and every person willing to stand together in defense of the First Amendment. I take this fight to the First Circuit with love and faith – because the First Amendment is sacred, and I refuse to be silenced.”

Deportation to continue after US immigration judge rules Mahdawi not removable 

Deportation proceedings had been reinstated against Mahdawi in early May after the US Board of Immigration Appeals overturned a February decision by a US immigration judge to reject the government’s efforts to deport him, arguing that the Department of Homeland Security (DHS) failed to prove he was removable.

“The original immigration judge correctly dismissed Mohsen’s immigration case before she had been fired, and the government cynically appealed the case within the Trump administration-controlled immigration court system knowing that the BIA would reverse,” Mahdawi’s attorney Cyrus Mehta said in a Wednesday statement with the ACLU. “We look forward to vindicating Mohsen’s First Amendment rights in the First Circuit Court of Appeals as well as the First Amendment rights of all other noncitizens living in the United States.”

The 34-year-old green card holder was arrested by DHS agents while he was attending a citizenship interview, with his deportation sought under the 1965 Immigration and Nationality Act.

“The secretary of state has determined” that his “presence and activities in the United States would have serious adverse foreign policy consequences and would compromise compelling US foreign policy interests,” was the explanation given for the move.

A judge ruled on the same day of his arrest that Mahdawi could not be removed from Vermont while the petitions against his arrest were being considered.

Petitions against Mahdawi’s detainment have argued that his arrest was a punitive measure over his activism, in violation of a resident’s First Amendment right to protected speech and due process.

The government said that its actions were legitimate under the INA and that the Vermont court lacked jurisdiction over the matter.

Mahdawi leads pro-Palestinian protests

Mahdawi has been a student and activist at various universities in the West Bank and the US since 2014. He was the head of the Fatah Student Movement at Birzeit University in the West Bank, and at Columbia, he was one of the leaders of pro-Palestinian protests. However, Mahdawi said that he stepped back from the role in March 2024.

Mahdawi reportedly co-founded the Dar: Palestinian Student Society alongside activist Mahmoud Khalil, a leader at Columbia University’s Apartheid Divest whose own deportation order is still being challenged.

ACLU Speech, Privacy, and Technology Project Deputy director Nate Freed Wessler said that “Mohsen should never have been detained for his speech.”

“The government’s continued persecution of our client for his beliefs should send a chill down the spine of everyone in this country, because once we start allowing exceptions to the First Amendment for speech the current government doesn’t like, there’s no telling where the censorship will stop.”

Bahrain’s Interior Ministry said on Thursday that an 11-year-old girl suffered minor injuries, while vehicles caught fire and homes were damaged in Hamad Town and the capital Manama after debris fell from Iranian drones that were intercepted and destroyed.

Iranian missiles continue to rain periodically through the Middle East and Gulf regions, as Jordan’s Royal Air Force and air defense systems intercepted 20 missiles within their airspace, according to Jordan News Agency.

A military source said that the interception resulted in several fragments falling, and that engineering units have discarded the remnants after checking them for explosive materials.

No damage or injuries have been reported. 

This is a developing story.

This post was originally published on here

Before the World Cup kicks off in Mexico City on Thursday, FIFA President Gianni Infantino is fending off concerns over potential visa issues for players and officials entering the United States.

Infantino said FIFA is focused on being a “sports organization” and would not intervene in helping the US determine approvals for entry into the country.

“We try always to find solutions, always,” Infantino said Wednesday in a World Cup news conference in Mexico City. “But then we need to respect that we are not the kings of the world who can rule over governments and police forces, and I don’t know what. We are a sports organization, we try to do our best with the means that we have.”

Without detailing circumstances or sharing knowledge of any context behind the US denying entry to Omar Artan, a referee from Somalia, Infantino called the turn of events “unfortunate.”

One US official said Tuesday night Artan was not accepted when his flight landed in Miami from Istanbul due to an alleged “association with suspected members of terror organizations.” He said FIFA understands there are also times to “chill and relax” when visa issues arise rather than creating additional conflict.

Ticket controversies, visa issues, Iranian participation

“Sometimes, to immediately start screaming and shouting has the opposite effect in terms of finding a solution,” he said.

Infantino said there are no regrets from FIFA about selecting the United States as one of the three host countries for the 48-team tournament.

Asked about the status of the Iranian team, which moved its training to Mexico and will shuttle to games in the United States and then fly back to Tijuana, Infantino clarified he is not suggesting FIFA isn’t active in aiding its tournament participants.

“I don’t mean to chill and do nothing, I mean to trust us that we are working behind the scenes, trying to understand,” he said. “There are things we are told, things we are not told. We always try to make things positive and find a solution.

“It has been successful to bring Iran to play in America, I don’t know who would’ve managed to do that … we don’t live on the moon, we live on planet Earth, and we try our best.”

He said the same applies to the ongoing investigations by attorneys general in New Jersey, New York, California, and Texas over allegations of misleading ticket price structure. FIFA revealed Wednesday that listed ticket prices were sold for an average of less than $500.

Infantino, who claimed only four complaints crossed his desk from “800,000 tickets sold” for matches in San Francisco and Inglewood, California, said FIFA will also take a chill approach to responding to the uproar around ticketing.

Why so relaxed? “Because before starting to sell 7 million tickets, we checked what we would do with the best lawyers or experts,” Infantino said.

“In California, we sold 800,000 tickets for the games in Los Angeles and San Francisco. Out of the 800,000, we had three customers who complained. The fourth one has come since. These cases were solved before the investigations started. We welcome any investigations. We’ll present everything and make our case. But it’s most important that every dollar that we generate goes back into football.”

Trump administration: Somali referee denied US entry over possible terror ties

The Somali referee, who headed to the World Cup, then turned away, was denied entry into the United States over a possible tie to terrorism, a Trump administration official claimed to Fox News.

Omar Abdulkadir Artan, 34, made it to Miami International Airport on a flight from Istanbul on Saturday but was refused entrance into the country by US Customs and Border Patrol.

“Upon further inspection by CBP, derogatory information, including association with suspected members of terror organizations, was discovered, making the traveler ineligible for admission to the United States under the Immigration and Nationality Act (INA),” the statement read, Fox News reported Wednesday.

“The traveler was refused admission and given immigration forms that provide the section of law used to complete an expedited removal under 8235 of the INA. President Trump’s administration will not allow any security threat to enter our country – full stop.”

FIFA President Gianni Infantino addressed questions about the United States controlling access for entry into the country on Wednesday at his World Cup kickoff press conference and pointed to Artan’s case.

“It is unfortunate what happened to Omar, the referee from Somalia. But again, we don’t control everything,” Infantino said. “We try, we’ll discuss, we’ll see. Maybe sometimes it’s good as well to chill, relax. We work on everything, we try to resolve everything.”

Artan was named 2025 Male Referee of the Year by the Confederation of African Football and would have been the first-ever Somali referee to take charge of a match at the World Cup.

Fox reported Artan had been issued a visa to enter the United States last week, citing the Somalia Embassy in Kenya that processed it.

This post was originally published on here

Pini Dunner’s “The Blackest of Lies” opened with: “Benjamin Franklin declared that ‘half the truth is often a great lie.’ Mark Twain put it slightly differently: ‘A half-truth is the most cowardly of lies.’ And this, from Tennyson: ‘The lie which is half a truth is ever the blackest of lies.’”

What Dunner is describing is known as paltering, an active use of selective, factually truthful statements to mislead someone or create a false impression. There is an evidence-based argument that, without needed amendments, the 21st Century ROAD to Housing Act is just the latest bipartisan deception, which strong-willed advocates, Congress and/or the White House should demand be fixed or flushed.

This pushback survey illustrates the following:

Per the Wall Street Journal Editorial Board.

  • “A Bipartisan Housing Fiasco,” “The new House legislation will raise costs and give more power to regulators.” “Housing shortages are the result of restrictive state and local zoning and permitting” and “…eager to claim a victory on affordability, even if it’s likely to be pyrrhic.”

Per the WNG.org.

  • Heritage economist E.J. Antoni, whose Bureau of Labor Statistics (BLS) nomination was pulled by the White House, said: “Unfortunately, though, a lot of them [aspects of the ROAD bill] are just more demand subsidies, and they’re more government programs, which aren’t actually going to fix the fundamental mismatch between supply and demand that we face today.”
  • “Norbert Michel, director of the Cato Institute’s Center for Monetary and Financial Alternatives, told WORLD”…“Whatever outcome current government policy and previous government policies have wrought, that’s where we are now. And you really shouldn’t expect anything radically different from this [housing] bill,” Michel said. “It really doesn’t radically change what we’ve been doing for the past several decades.”
  • “Francis Torres, director of the Bipartisan Policy Center’s housing and infrastructure projects…” said: “I wouldn’t say that, as a renter, I would expect my rent to go down the month after this bill passes just because of this bill. I think in the long run, me and other people who rent would benefit from a more abundant rental housing market—would benefit from housing being easier and faster to build in the places where there’s most access to jobs and opportunities.”

AEI Housing Center’s Edward Pinto and Tobias Peter asserted the ROAD bill’s leftward subsidy-minded lurch is a “pork-filled potpourri,” a “ROAD to less housing” and “Elizabeth Warren’s Housing Coup: The GOP Senate Is About to Pass a Bill That Is Great for Progressives.”

Antoni argued that more migrant deportations can help the housing crisis, because it opens up existing housing. Roughly three million people have been deported or self-deported. But at that pace, a housing crisis estimated at some five to eight-plus million units isn’t enough.

Construction is needed near where demand is and requires federal preemption.

HousingWire:

  • “Recall HUD’s Pamela Blumenthal and Regina Gray said: “Without significant new supply, cost burdens are likely to increase as current home prices reach all-time highs…” and “The regulatory environment — federal, state, and local — that contributes to the extensive mismatch between supply and need has worsened over time. Federally sponsored commissions, task forces, and councils under both Democratic and Republican administrations have examined the effects of land use regulations on affordable housing for more than 50 years.”
  • Perverse incentives and the fingerprints of the Iron Triangle or AmeRegCorp are in evidence.”

For six months, an evidence-backed op-ed series via HousingWire made the argument, advanced by cited sources including MHARR, that without amendments to preempt zoning barriers plus affordable lending for more “inherently affordable manufactured homes” the ROAD bill won’t work.

Stating the obvious can be clarifying.

Subsidies are a leftist ‘solution.’ Applying economic insights from Thomas Sowell reminds us that subsidies shift and mask costs without fixing problems. “TANSTAAFL” is short for “There Ain’t No Such Thing As A Free Lunch” because someone must always pay.

Both NAR and NAHB have provided research documenting how modern manufactured homes defy decades of outdated mockery as “trailers” or “mobile homes.” HUD and NAR documented that manufactured homes appreciate at similar or sometimes greater rates than conventional housing.

Per Catherine Koh/NAHB.

“The gap widens among homeowners, with manufactured homeowners earning a median of $41,500 versus $93,000 for single-family homeowners.

Household Characteristic Manufactured Homes Household Single-Family Household
Age (Median) 55 55
Majority Education Attainment Level High school or equivalency (37.8%) Bachelor’s degree (24.8%)
Annual Household Income (Median) $40,000 $85,000
Annual Household Income of Homeowners (Median) $41,500 $93,000
Sources: 2023 American Housing Survey (AHS) and NAHB analysis.

…The average cost per square foot for a new manufactured home in 2023 was $86.62, compared to $165.94 for a site-built home (excluding land costs)…”

The Biblical wisdom and ancient principle of ‘separating the wheat from the chaff’ must be applied to all sources, including purportedly notorious Manufactured Housing Institute (MHI) member Frank Rolfe. “So don’t tell me ‘we can’t solve affordable housing‘ because the correct statement is ‘we don’t want to solve affordable housing.’ ‘American incomes cannot support $400,000 homes and $2,000 apartment rents. Not even close. How did we end up in such a mess?’ ‘But there’s nothing more annoying than watching state and federal bureaucrats and non-profits that come up with ideas that don’t have a prayer of working and just throw good money after bad…news articles are a cornucopia of such idiocy. If you want to solve U.S. affordable housing you would have to eliminate all the barriers…’”

Per HousingWire: “Manufactured housing is the homeownership solve we keep ignoring” and “Comparing RV and manufactured housing data sheds critical light on U.S. affordable housing crisis.”

National Homeownership Month is typically celebrated by NAR and NAHB to promote their members’ products and services. Understandable. So, why has MHI for years failed to similarly promote it, as MHProNews repeatedly documented?

Why have smaller businesses and professionals within the MHI orbit asked them for years for a proper image and educational campaign, one mimicking for manufactured housing what the GoRVing campaign does for the RV industry?

Will detail- and honest-minded souls gaze beyond half-truths and paltering?

Without more inherently affordable manufactured homes, there will be more homelessness and more struggling to pay rent or higher-cost mortgages. 

Perverse incentives – AmeRegCorp, the Iron Triangle – keep housing constrained due to “man-made barriers.” Who says? Artificial intelligence-powered Gemini, Grok, Copilot and ChatGPT. Let’s be clear, AI and all computing rely on Two GIGOs: “Garbage In-Garbage Out” or “Good In-Good Out.” Given accurate information, AI is adept at pattern recognition.

Most MHI leaders, corporate and staff, for years declined directly mentioning MHARR or yours truly. Why? AIs suggest strategic avoidance. Consolidation-focused MHI insiders want low production. Low 21st-century production, EconomicLiberties.us throttling plus limiting capital access foster consolidation into deeper pockets.

Table 1    
Manufactured Home Production National Totals Average for years shown
1995-2000 2,033,545 338,924
2001-2025 2,333,138 93,326
     
Average Annual Deficit =   245,598
     
Table 2   Cumulative 21st Century Deficit
21st Century Annual Deficit in MH Production 245,598 x 25 = 6,139,950

Those tables are evidence that without millions more manufactured homes, the housing crisis will continue. 

Congress and the White House can patch the potholes in the ROAD bill by adding the MHARR amendments. Fix it or flush it. 

L. A. “Tony” Kovach is the co-founder and publisher of ManufacturedHomeProNews.com and ManufacturedHomeLivingNews.com. 
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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One year after introducing Mia at UWM LIVE!, the Mia AI-powered LO assistant has evolved from a borrower communication tool into a broader engagement platform supporting millions of conversations. Driven largely by broker feedback, Mia now includes multilingual capabilities, including Spanish, expanded outreach functions and new capabilities designed to help brokers strengthen relationships with borrowers and referral partners.

In this conversation, Jason Bressler, Chief Technology Officer at United Wholesale Mortgage (UWM), discusses what the company learned from Mia’s first year in the market, how broker adoption exceeded expectations and why AI-powered communication is becoming an increasingly important part of the mortgage experience.

HousingWire: Mia was introduced as an AI-powered LO assistant designed to help brokers manage borrower communication more efficiently. What has surprised you most about how brokers have adopted and used it? 

Jason Bressler: The biggest surprise was how quickly adoption changed. Early on, there was a lot of hesitation. Brokers and loan officers didn’t want Mia communicating with their leads, borrowers or past clients without knowing exactly how it would perform.

We saw a decent amount of immediate opt-outs because people simply didn’t know what to expect. But within three to four months, that changed dramatically. Brokers started seeing real results. Our CEO, Mat Ishbia, highlighted success stories in sales meetings, shared testimonials and played recordings of Mia’s conversations. Some loan officers were generating multiple new deals each week through Mia’s outreach efforts.

Once brokers saw the business impact, adoption accelerated quickly. Today, the response is overwhelmingly positive. Brokers want more functionality, more customization and more ways to integrate Mia into their businesses. From a technology standpoint, that feedback loop is invaluable because it helps us continually improve the product based on real-world usage.

HW: Mia has now supported nearly three million calls and more than 80,000 closed loans. What have you learned about what brokers and borrowers expect from AI-powered communication? 

JB: At the beginning, there really weren’t many expectations because this was such a new concept, especially at the scale we launched it. We gave roughly 50,000 loan officers access to their own Mia phone number and the ability to have AI handle inbound and outbound communication.

Initially, there was a lot of curiosity and caution. Over time, however, we learned that brokers want Mia to have increasingly detailed and natural conversations. They want her to understand UWM products, know information about their business, understand licensing limitations and communicate as an extension of their team.

As adoption has grown, expectations have grown as well. Brokers increasingly want Mia to speak on their behalf and handle more complex conversations. The goal is to make those interactions as informative, personalized and comprehensive as possible.

HW: UWM launched Mia On Demand at UWM LIVE!, which now includes call options for listing-agent outreach, pre-qualification follow-up and mortgage reviews. Why were those the next use cases to prioritize? 

JB: Those enhancements came directly from broker feedback. The easiest way to describe it is that many people hesitate to initiate conversations. Whether it’s reaching out to a potential referral partner or making a cold call, there’s always some level of discomfort. 

Mia eliminates that barrier.

She can make those initial outreach calls, start conversations and create opportunities that many people might otherwise avoid. That opens the door for brokers to develop new relationships and create more business opportunities.

The new use cases reflect areas where brokers wanted help starting and maintaining conversations. We listened to that feedback and built solutions around it.

HW: Spanish-language support was one of the most requested enhancements. How important is multilingual communication to the future of AI borrower engagement?

JB: It’s extremely important. We have a large Hispanic broker community, and many brokers told us they were hesitant to use Mia with certain borrowers due to language limitations. Once we introduced Spanish functionality, Mia’s AI adoption increased significantly.

Today, if a borrower begins speaking Spanish, Mia automatically recognizes it and switches languages. We’re also adding functionality through Brand 360, UWM’s marketing portal for clients, that will allow loan officers to designate specific contacts for Spanish communication from the beginning of the conversation.

What’s exciting is that this extends beyond Spanish. Mia can currently support roughly 32 languages. If a borrower begins speaking Korean or another supported language, Mia can automatically transition into that language as well.

That creates a much more accessible experience for borrowers while allowing brokers to engage a broader audience.

HW: As Mia continues to evolve, how has your perspective on AI’s role in mortgage lending changed over the past year? 

JB: I think Mia’s role will continue to expand significantly. She already has the capability to handle many parts of the mortgage conversation process, and over time, she’ll be able to assist with nearly every aspect of the loan application journey, except for actually quoting rates.

The future is about moving beyond simple voice AI and creating increasingly sophisticated, conversational interactions, making Mia more knowledgeable, more responsive and more capable of handling a much wider range of borrower and broker questions.

The next major evolution for the industry will likely be AI-powered call centers. Many voice AI providers can have conversations, but what’s much harder is responding intelligently to objections, adjusting in real time and handling complex interactions at scale.

That requires extensive infrastructure, training, scripting and ongoing refinement. We’ve invested heavily in building that foundation. As the technology matures, I believe the industry will see a new generation of AI capable of handling much more advanced customer engagement and support functions.

HW: UWM LIVE! also introduced Refi ’86. How do you see AI and pricing strategy working together to help brokers capture refinance and retention opportunities?

JB: Some of the most impactful AI applications in mortgage lending won’t necessarily be customer-facing. AI-driven data modeling and machine learning will increasingly power dynamic pricing strategies. Lenders will be able to evaluate not only borrower characteristics, but also broker performance patterns, geographic factors, income profiles and numerous other variables to identify the best product and pricing options almost instantly.

The ability to deliver highly personalized recommendations quickly will become a major competitive advantage. Much of that technology already exists today. The question is how aggressively lenders and brokers choose to invest in it and integrate it into their workflows.

Ultimately, technology and pricing strategy will continue working together to help brokers identify opportunities, improve borrower retention and deliver more tailored mortgage solutions.

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For many lenders, UAD 3.6 (Uniform Appraisal Dataset) may still feel like something the appraisal world needs to own and lenders only need to monitor, but that sentiment may leave some organizations underprepared. 

UAD 3.6 is not a back-office update. It is a meaningful shift in how appraisal data is structured, delivered and interpreted, and lenders who engage with it early will be better positioned for the transition ahead.

The reality is that this change touches both the appraisal and lending sides of the business. For those who haven’t started preparing, now would be a good time to begin.

No one will have all the answers, and that’s OK

Many lenders are asking how to “train for UAD 3.6” as if it’s a one-time event, but the transition will be more of an ongoing adjustment. This is not a system update to install and move on from. It’s a shift that will call for flexibility, patience and a willingness to learn as things unfold.

Your teams shouldn’t expect to have every answer on day one. Underwriters won’t have a perfect playbook, and QC teams won’t immediately know what to prioritize. That’s completely normal for a change of this magnitude. The lenders that navigate it well will be the ones who understand what UAD 3.6 is asking of them and stay open to adapting in real time, rather than waiting for certainty before they act.

A chance to revisit workflows 

One thing UAD 3.6 does is invite lenders to take a closer look at how their appraisal processes are structured today. For years, those workflows have followed a familiar pattern: reports come in, underwriters review them line by line, conditions are issued and revisions follow. The pattern works, but it doesn’t always work efficiently, and many teams have grown so accustomed to it that improvement can be hard to see from the inside.

UAD 3.6 introduces a more structured, data-driven format that changes how information is presented and evaluated. That shift will require some adjustment, particularly for underwriters who have developed precise review habits over time. Those habits are valuable, but they may need revision as teams learn to work with a new data structure.

Rather than treating that adjustment as a disruption, lenders can use it as a prompt to ask which parts of their current workflow genuinely serve the process and which have simply persisted out of habit. There’s often more room to improve than teams realize until something pushes them to look.

What lenders can do right now

For those who want to move into UAD 3.6 smoothly, these steps can make a real difference.

  1. Start with education. Rather than reducing UAD 3.6 to a checklist or a single training session, help teams understand what is changing and why. Underwriters, operations leaders and anyone who touches the appraisal process will benefit from a broader context. The goal is to build the judgment to work with new data over time, not memorize a new format.
  2. Audit your current workflow. Map out how an appraisal moves through the organization today. Where do delays happen most often? Where do revisions cluster? Which steps consume the most time without necessarily requiring it? Understanding those patterns now means UAD 3.6 doesn’t have to surface them under pressure.
  3. Prepare your underwriters. This may be the most human part of the transition. Underwriters are trained to be precise and consistent, and those qualities remain essential. UAD 3.6 will simply ask them to bring an adaptive mindset alongside that precision, with the expectation that they’ll learn and adjust as the new format becomes more and more familiar.
  4. Engage partners early. AMCs, valuation providers and technology partners all have a stake in how this transition goes. Lenders that bring them into the conversation early will have a clearer picture of how appraisal data will be delivered and what process changes may follow.
  5. Set realistic expectations. There will be an adjustment period. Turn times may fluctuate and review processes may need refinement before they settle. Communicating that now, before the pressure is on, will help teams stay focused on steady progress rather than measuring themselves against a standard of immediate perfection.

Get ahead while there’s still time

It’s easy to defer UAD 3.6 planning when rates are moving, volume is unpredictable and teams are stretched. But that’s precisely when early preparation has the most value. Lenders that build some familiarity with the change now will have a steadier path when volume picks back up. Those that haven’t will likely feel the strain in underwriting queues, extended turn times and operational friction that takes real time to unwind.

UAD 3.6 brings more structure, more consistency and real potential for greater efficiency. Capturing that potential will require a willingness to let go of familiar processes that may no longer be serving the organization well. 

Forward-thinking lenders will resist the urge to simply recreate old workflows in a new format. Instead, they’ll ask where time is being spent, where reviews overlap and where decisions could move faster without sacrificing quality. The inefficiencies that exist in many appraisal processes today aren’t there because they’re necessary, but because they’re familiar. UAD 3.6 gives lenders a reasonable basis to revisit them.

For organizations with appraisal processes that are already efficient and adaptable, UAD 3.6 will likely be an uncomplicated update. For those navigating longer turn times, duplicative reviews or recurring revision loops, this transition offers the opportunity to address those challenges rather than carry them forward.

Nikkita Phanda is Senior Vice President of Digital Operations at Class Valuation.
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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Strategy Inc. (NASDAQ:MSTR) CEO Phong Le said on Wednesday that institutional shareholders were not as unsettled by the company’s Bitcoin (CRYPTO: BTC) sales as retail investors and cryptocurrency anarchists.

Strategy CEO Says BTC Sale Blown Out Of Proportion

During an interview with CNBC, Le said that the firm would continue to sell its Bitcoin if “it makes sense” for its common stockholders.

He stated that the latest sale of 32 BTC, worth $2.5 million, was to “test” the company’s processes and wondered why it received so much attention.

“Institutional shareholders that we talk to don’t seem to be unnerved by it,” the CEO added. “I think the unnerving is the retail community that views on never selling your Bitcoin, who are crypto-anarchists. Frankly, we have a lot more than just them as constituents.”

Full story available on Benzinga.com

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