Seanergy Sees Strength in Commodity Demand
California city votes to permanently ban data centers in first-of-its-kind measure
Voters in a Southern California city overwhelmingly approved a ballot measure that permanently prohibits data centers within city limits, underscoring growing local resistance to the infrastructure powering the artificial intelligence boom.
Monterey Park voters approved Measure NDC by a margin of 10,321 votes to 1,362 votes, or 88.34%, according to official election results from Los Angeles County.
The measure amends the city’s General Plan to prohibit data centers citywide and specifies that the ban will remain in effect unless voters choose to reverse it in a future election.
The ballot measure was presented to voters as a way to protect air quality, drinking water resources and public health while preventing potential impacts on electricity and water rates.
KEVIN O’LEARY SAYS UTAH AI DATA CENTER PROJECT WILL SHRINK AFTER LAWMAKERS DEMAND CUTS
The vote follows months of controversy surrounding a proposed data center project at 1977 Saturn Avenue, which became the focal point of community opposition to large-scale digital infrastructure development.
The project, proposed by Australian investment firm HMC StratCap through its DigiCo platform, would have converted the site into a roughly 218,400-square-foot data center designed to support large-scale computing operations, including artificial intelligence workloads.
Project documents estimated the facility would require approximately 50 megawatts of peak electrical capacity and generate about $5 million annually in tax revenue for the city.
KEVIN O’LEARY DETAILS MASSIVE UTAH AI DATA CENTER TO RIVAL CHINA’S TECH DOMINANCE
Opponents argued the project’s electricity demands, water consumption and environmental footprint outweighed its economic benefits. Public opposition to the Saturn Avenue proposal intensified throughout 2024 and 2025, eventually prompting city officials to pursue restrictions on future data center development. The project was later withdrawn.
On March 4, the Monterey Park City Council unanimously voted to place the measure on the June ballot.
Following the election, Mayor Elizabeth Yang celebrated the outcome in a Facebook post.
“Landslide win!!” Yang wrote. “Congratulations to our city Monterey Park on making history!!!”
The vote comes as technology companies and developers invest billions of dollars in data centers to support the rapid expansion of artificial intelligence and cloud computing services.
That growth has fueled debates across the country over electricity demand, water usage, land-use planning and the economic benefits such facilities can bring to local communities.
Monterey Park officials have described the measure as a historic step in limiting data center development, though broader questions remain about how communities nationwide will balance rising demand for digital infrastructure with local concerns over energy use, resource consumption and quality of life.
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As artificial intelligence adoption accelerates, disputes over where and how data centers are built are likely to remain a key issue for local governments, developers and residents across the United States.
For $6.25M, a stately 1847 Boerum Hill townhouse has historic charm and a dramatic glass solarium
The landmarked brick townhouse at 306 State Street is a rare 25-foot-wide home built in the Greek Revival and Italianate styles on the same Boerum Hill block as the notable 9 Townhouses row. The 1847 townhouse, asking $6,250,000, was thoroughly renovated in 2004. The six-bedroom home is currently configured as a two-family dwelling with a spacious garden flat, but can easily be converted to an oversized single-family residence. While historic details have been preserved, peerless additions like a glass solarium and a deVol kitchen make it a 21st-century standout.



Throughout the home, you’ll find six fireplaces–three wood-burning and three gas–for timeless warmth. Central A/C has been installed for contemporary comfort.
The parlor level has all of the classic elegance you’d expect beneath high ceilings, highlighted by crown moldings, graceful arches, and solid wood floors. At the rear of this floor is a dramatic south-facing glass solarium for the feel of an indoor garden.






A hand-crafted deVOL kitchen was installed in 2023, complete with a vented La Cornue range, exemplifying the modern English farmhouse style. Two sets of French doors open from the sunroom onto a deck with stairs that lead to the verdant rear garden.





On the third floor are three additional bedrooms. The home’s entire top floor is devoted to an indulgent primary suite. The main chamber is paired with a second bedroom or home office, both with ensuite baths. There is a convenient laundry room on this floor as well.



The garden level holds a one-bedroom duplex rental apartment. A living room with a wood-burning fireplace, a dining room, and a lower-level den offer plenty of space. There is another washer/dryer for tenant use, and direct access to the back garden.
[Listing: 306 State Street at CityRealty]
[At Compass by Lindsay Barton Barrett and Annika Grove]
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The post For $6.25M, a stately 1847 Boerum Hill townhouse has historic charm and a dramatic glass solarium first appeared on 6sqft.
As Stablecoin Popularity Grows, So Grows The Threat Vectors
When it comes to cryptocurrency buzz, stablecoins are the new Bitcoins. No one is going to get rich off them. But just like Bitcoin (CRYPTO: BTC) holders, stablecoin holders can also lose their shirt as exploit trends are on the rise, a new report by CertiK shows.
According to the report, “a number of important exploit trends have emerged around stablecoin infrastructure over the last 18–24 months.” CertiK highlights blockchain bridges, interoperability protocols, custody systems, and fintech payment systems. “As stablecoins evolve into core settlement infrastructure rather than simply trading assets, attackers have increasingly shifted their focus toward the operational and infrastructural layers surrounding them,” report authors wrote.
So far this year, bridge incidents among two separate blockchains are estimated to be at least $328 million stolen. The Kelp DAO wallet breach was the biggest, accounting for $291.3 million in April. Drift Protocol (CRYPTO: DRIFT) came in second on April 1, getting soaked for $285 million.
Beyond the DeFi protocols, custody and infrastructure systems are in the crosshairs now. What’s safe?
From Wallet Theft to Breached Infrastructure Walls
Attackers are now going after weaknesses in stablecoin custody and treasury infrastructure rather than attacking the DeFi protocols directly, according to the CertiK report, released June 5.
From the report:
Institutional adoption of stablecoins has led to the growth of programmable treasury systems, custodial platforms, fiat on- and off-ramps, and automated settlement infrastructure that has become a new attack vector. These systems have introduced more centralized risks, and have led to compromised private keys and insider threats; API vulnerabilities and cloud infrastructure misconfigurations; and an overall weakness in access-control systems that make for easier exploits.
“As stablecoin infrastructure becomes more integrated with traditional financial systems, attackers are increasingly targeting operational security failures alongside on-chain vulnerabilities,” report authors wrote. Networks heavily used for remittances and stablecoin transfers have become the …
Why Michael Saylor Selling Bitcoin Into A ‘Bleeding Market’ Is A Big Deal
Strategy Inc.’s (NASDAQ:MSTR) sale of 32 Bitcoin (CRYPTO: BTC) was immaterial in size but not in signal, according to market-making firm Wintermute.
Why The 32 BTC Sale Mattered More Than The Number Suggests
Wintermute’s weekly market update laid out the sequence clearly.
Bitcoin’s bid had already thinned for weeks, retail was selling crypto to chase equities, and US institutions had quietly turned bearish.
The Saylor disclosure simply removed the last reason for bulls to hold on.
“32 BTC is immaterial. Saylor selling for the first time in four years, into a market already bleeding flows, is not,” Wintermute wrote.
The firm noted Strategy had been an overhang for a month and the sale effectively forced a reckoning that the market needed to work through …
China’s Exports to the U.S. Jump 35% Despite Trump’s Tariffs
China sold far more goods abroad than expected last month — including a sharp jump in shipments to the United States — even with American tariffs still in place.
According to data released Tuesday, June 9, by China’s General Administration of Customs, exports rose 19.4% in May from a year earlier in dollar terms, accelerating from April’s 14.1% gain and easily beating economists’ expectations of roughly 15% growth.
The number attracting the most attention was the one tied to the United States.
China’s exports to the U.S. surged 35.4% in May compared with a year earlier, the strongest increase in five years. The jump marks a dramatic reversal from much of last year, when shipments to America were falling sharply under the weight of tariffs and slowing demand.
For many readers, the obvious question is simple: if tariffs are supposed to discourage imports, why are Chinese exports to the United States rising so quickly?
Why Tariffs Aren’t Stopping Trade
A tariff raises the price of imported goods, but it does not automatically eliminate demand.
Many American businesses still depend on Chinese-made products because there are few alternatives available at comparable prices or scale. As a result, imports can continue growing even when tariffs remain in place.
Part of the recent surge also appears to be about timing.
Companies around the world rushed to place orders ahead of rising energy and shipping costs linked to the conflict in the Persian Gulf. When businesses expect transportation costs to increase, they often stock up early, temporarily boosting trade figures.
That front-loading effect appears to have contributed to May’s export surge.
The AI Boom Is Driving Demand
The larger force may be technology.
China’s exports of computer chips, known as integrated circuits, jumped 110% in value from a year earlier, while exports of high-tech products overall rose 50%.
The global race to build artificial intelligence systems is fueling demand for semiconductors, electronics, servers, networking equipment, and other technology products. China remains a major supplier in many of those categories.
As companies worldwide invest billions of dollars into AI infrastructure, demand for Chinese-made technology products has remained strong.
Tariffs Are Lower Than Before
The trade environment has also become less restrictive.
U.S. tariffs on many Chinese goods now stand at roughly 10% after the Supreme Court struck down a series of tariffs that President Donald Trump had imposed using emergency powers.
Trade relations also improved somewhat after Trump met Chinese President Xi Jinping during an APEC summit in South Korea last October.
Lower duties make it easier for Chinese goods to remain competitive in American markets, helping explain why exports have rebounded so strongly.
Economists See More Growth Ahead
Several economists believe the momentum could continue.
Sheana Yue, a senior economist at Oxford Economics, said demand for green-energy products such as electric vehicles, batteries, and solar equipment remains strong, while AI-related technology exports continue to expand.
Tianchen Xu, a senior economist at the Economist Intelligence Unit, noted that China’s tariff disadvantage relative to some Southeast Asian manufacturing hubs has narrowed, improving the competitiveness of Chinese exports.
Those trends are helping offset weakness in other parts of the Chinese economy.
What It Means for Consumers and Businesses
For American consumers, the data suggests that lower-cost Chinese goods continue to arrive in large quantities.
That includes electronics, household appliances, industrial equipment, and components used by manufacturers across the United States.
Continued imports can help limit price increases for some products, even as inflation pressures remain elevated elsewhere in the economy.
For American businesses, the figures reinforce how deeply integrated global supply chains remain despite years of political tensions and tariff disputes.
For Trump, the numbers present a challenge to one of the core goals of his tariff strategy: reducing America’s dependence on Chinese imports.
And for China, the report highlights how important exports have become as a source of growth while the country continues to struggle with a prolonged real-estate downturn and weaker domestic demand.
The Bottom Line
Tariffs may dominate the political conversation, but they are not the only force shaping trade.
A combination of early ordering, booming demand for AI-related technology, and a more favorable tariff environment helped drive Chinese exports sharply higher in May.
The result: China’s exports are growing faster than expected, and American buyers remain a major part of that story.
JBizNews Desk — Asia
© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.
STAT+: Your sepsis algorithm shouldn’t require a time machine
You’re reading the web edition of STAT’s AI Prognosis newsletter, our subscriber-exclusive guide to artificial intelligence in health care and medicine. Sign up to get it delivered in your inbox every Wednesday.
The verdict is in: “Health care” will remain two words instead of one at STAT. You can click here to read more about the decision and what STAT readers on both sides of the issue said in our survey.
You know what else is two words? Ice cream. I got an ice cream maker at a garage sale over the weekend. Send your best ice cream recipes, AI story tips, and your questions to aiprognosis@statnews.com
Cost headwinds batter affordable housing developers, report finds
Affordable housing developers are being squeezed from all sides as operating costs surge, supply shrinks and policy responses race to keep pace, according to a June 2026 report from the Local Initiatives Support Corporation (LISC).
The report, “The State of Affordable Housing: Saving Affordable Housing Assets,” identifies five major headwinds reshaping the economics of affordable housing — supply constraints, rising insurance premiums, escalating utility costs, inflation and broad-based operating cost increases.
Valerie White, Head of National Housing Strategic Initiatives at LISC, told HousingWire’s The Builder’s Daily that these pressures and cost increases make it increasingly difficult to develop and preserve affordable housing at the scale needed to meet demand.
“When you have this multitude of factors that are happening all together, what started out quiet now becomes a noisy storm,” White said. “There’s not a lot of cushion to absorb these market changes.”
The report also outlines how LISC plans to deploy more than $5 billion by 2027 for the development of 57,000 affordable housing units, as well as policy reforms that the organization believes would help stimulate more affordable housing creation and preservation.
The following analysis digs into some of the main findings of the report and how organizations like LISC can help affordable housing developers deliver and preserve more units.
The five main headwinds for affordable housing developers
1. Supply constraints and expiring affordability
The report noted that homebuilders and developers, both market-rate and affordable, are operating in a market defined by chronic underbuilding and shrinking affordability restrictions. Most economists argue that there is a housing shortage of several million homes in the United States.
For affordable housing, a growing concern is that many subsidized units may lose that status in the coming years. Affordability restrictions on 374,497 federally assisted homes are expected to expire over the next five years, based on data from the National Housing Preservation Database.
The National Low Income Housing Coalition (NLIHC) estimates a national shortage of 7.2 million affordable homes for extremely low-income renters. Yardi Matrix further forecasts affordable unit starts falling to 68,000 in 2026 and 51,000 in 2027, widening the gap just as restrictions roll off.
For affordable housing developers, this combination of fewer starts and expiring subsidies means more competition for capital, tougher preservation decisions and a rising risk of displacement for low-income renters.
2. Inflation and the cost of housing
Inflation has widened the gap between incomes and housing costs. JCHS estimates, as cited by LISC, show:
- The annual income needed to afford the median-priced U.S. home rose from roughly $68,000 in 2020 to more than $130,000 in 2025.
- A first-time buyer’s monthly mortgage payment on a median-priced home jumped from about $1,200 in 2020 to more than $2,500 in mid-2025, assuming a 3.5% down payment and a 30-year fixed-rate mortgage.
For affordable housing developers, this sustained affordability gap means continued and growing demand for rental housing, including below-market units.
3. Surging insurance premiums
Insurance has become one of the fastest-rising line items in affordable portfolios, according to LISC. Some notable data points include the following:
- Property insurance costs for Low-Income Housing Tax Credit (LIHTC) properties have posted six consecutive years of double-digit increases, Novogradac data show.
- The median per-unit insurance cost on LIHTC-financed homes reached $697 in 2023, more than 20% above 2022 and well above the 2016 level of $286 per unit. The report notes some owners have seen premiums jump as much as 300% despite not filing claims.
Because LIHTC and other regulated properties face rent caps, owners cannot easily pass along higher premiums to tenants. The U.S. Department of Housing and Urban Development (HUD) also capped maximum rent increases at 10% in 2024, and local jurisdictions can restrict rent growth even further.
For nonprofit developers operating on thin margins, rising insurance costs can erode debt coverage ratios and can trigger compliance problems or forced sales.
4. Escalating utility costs and pressure from data center demand
Utility costs are another major driver of operating pressure for affordable housing operators. LISC highlights that residential electricity prices have outpaced inflation from 2018 to 2026, with more increases projected through at least 2027:
Between 2018 and 2026, residential electricity prices rose faster than the Consumer Price Index, while residential natural gas and gasoline prices swung sharply.
The report also flags a newer structural factor in rising utility prices: rapid growth in data centers and artificial intelligence. Data centers draw heavily from the same power grids used by households, contributing to higher systemwide energy costs.
While some affordable housing operators are pursuing energy-efficient designs, revenue-sharing and local benefits like broadband builds, the near-term impact on electricity prices is an additional burden on properties and tenants.
5. Rising labor, materials and operating costs
Expenses are rising faster than revenues in affordable portfolios across the board. LISC’s analysis of operating cost trends since 2017 shows severe pressure in several categories:
- Insurance costs are up 110%.
- Administrative costs, including staffing, health insurance and payroll taxes, are up 51%.
- Repairs and maintenance are up 35%.
- Overall operating expenses per affordable housing unit have increased 35.3% since 2018, when they averaged $6,089 per unit.
On the development side, JCHS data show a 42% increase in multifamily material costs from 2020 to 2025, compared with just 7% from 2014 to 2019. This cost spike pushes rents higher across the board.
The number of units renting for less than $1,400 fell by 9.3 million from 2014 to 2024, including a 2.5 million decline in units under $600. This upward shift in rent distribution leaves fewer “naturally affordable” options and increases reliance on subsidized developments, which are themselves under financial strain.
LISC’s $5.2 billion affordable housing response
Given these headwinds, LISC plans to invest $5.2 billion by 2027 to aid with the development or preservation of more than 50,000 affordable housing units across the country. with a housing-focused strategy for 2025–2027. The strategy involves:
- Scaling affordable housing production through lending, fund structures and tax credit investments.
- Preserving and improving existing single-family and multifamily housing
- Advancing “industry-leading innovation” with replicable investment models
LISC’s housing work centers on three core approaches.
1. Creative capital deployment and financing innovation
LISC describes a financing environment where all types of sponsors — for-profit, nonprofit and public agencies — are seeking new ways to raise capital for development and preservation. The report highlights several emerging practices and tools:
- Credit-rated housing authorities issuing bonds backed by their balance sheets to support new production and preservation.
- Nonprofit 501(c)(3) organizations exploring “as-of-right” bond issuances to fund mission-driven projects.
- Workforce housing and Naturally Occurring Affordable Housing (NOAH) strategies that preserve existing moderate-rent stock and address housing stress for working families, including first responders and health care workers.
LISC positions its own lending and fund-management activity as a way to structure this capital efficiently and steer it toward developments most at risk from today’s cost and revenue pressures.
“Affordable housing in general is a very, very complex financial endeavor. Underwriting the parts of the capital stack that you need to even get it done — it’s a lot. It’s a combination of subsidies, some soft debt and regular debt, some is market rate interest and some is lower interest; it’s a really complex puzzle that you have to put together,” White said in an interview.
2. Capacity building for emerging and nonprofit developers
The report underscores the importance — and vulnerability — of smaller, mission-driven developers. Emerging and nonprofit sponsors often spearhead projects in under-resourced communities but operate with thin staff, limited balance sheets and constrained back-office capacity.
LISC’s strategy to help these developers includes:
- Developer training through the LISC Developers Training Program.
- Operational and technical support for community development corporations (CDCs).
- Capacity-building grants and advisory services aimed at improving pipeline management, financial structuring and long-term asset management.
LISC argues that scaling this capacity-building support is essential to increasing both production and preservation opportunities, particularly for organizations that are closest to communities but least able to absorb today’s financial shocks.
3. Policy advocacy at federal, state and local levels
LISC’s report outlines policy moves that could materially change affordable housing economics if adopted or scaled. On the federal level, these reforms include the following:
- LIHTC expansions: Recent changes could add 1.2 million units over 10 years, with Congress considering more allocation authority and deeper-targeting tools for extremely low-income households
- Neighborhood Homes Investment Act: A proposed tax credit would fill the gap between development costs and sale prices for starter homes, aiming to support 500,000+ homes over a decade.
- Broader housing measures: Housing provisions embedded in larger federal bills could shift capital flows, incentives and the scale of subsidized production.
The report flagged some state and local policy reforms, including:
- By-right zoning and faith-based development, including by-right policies that cut discretionary approvals, and let faith-based institutions develop housing on their land.
- New York City insurance pooling: A new program in NYC will pool property and liability coverage for affordable and rent-stabilized housing, targeting 20,000 homes in year one and 100,000 by 2030.
- PILOT tax tools: Some cities support a Payment In Lieu Of Tax (PILOT) program to reduce tax burdens and encourage new and preserved affordable units.
- Local zoning reforms: Cities like Cambridge, Massachusetts, now allow four-story multifamily buildings in all residential zones to boost supply and support small-scale infill.
LISC argues that these local tools and reforms must be paired with federal credits and flexible Community Development Financial Institution (CDFI) capital for projects to remain viable amid rising costs and flat revenues.
This article was written by Tyler Williams with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication.
Reuters: Trump Family Crypto Ventures Generated $2.3 Billion While Investors Lost Similar Amount
The Trump family has earned at least $2.3 billion from a series of cryptocurrency ventures since President Donald Trump returned to the White House, while investors who bought into those projects collectively lost roughly the same amount, according to a Reuters investigation published Tuesday, June 9, 2026.
The report, based on blockchain records, corporate filings, public disclosures, and interviews with investors and industry experts, paints a picture of a highly profitable business model for the project’s promoters — even as many investors suffered steep losses.
The Numbers Behind the Report
Reuters found that four Trump-linked crypto ventures generated at least $2.3 billion for entities connected to the Trump family.
At the same time, more than one million investors collectively lost approximately $2.3 billion as the value of the assets declined.
According to the investigation, the Trump family’s role largely involved licensing its name and promoting the projects through public appearances, interviews, and social media rather than investing substantial amounts of its own capital.
Industry experts interviewed by Reuters said the ventures required relatively modest startup costs compared with the revenue they ultimately generated.
That meant the overwhelming majority of profits came from licensing fees, token sales, and revenue-sharing arrangements rather than from direct investment risk.
As Donald Trump himself told Reuters in a 2016 interview regarding licensing deals: “The licensing deals are the best of all deals because there’s no risk.”
The Four Crypto Ventures
The Reuters investigation focused on four Trump-affiliated crypto businesses:
- World Liberty Financial
- $TRUMP meme coin
- AI Financial Corp. (formerly ALT5 Sigma)
- American Bitcoin
The largest source of revenue was reportedly World Liberty Financial, a cryptocurrency venture co-founded by Eric Trump and Donald Trump Jr.
According to Reuters, more than $1.4 billion flowed to Trump-controlled entities through governance-token sales and revenue-sharing arrangements.
The report states that investors who purchased those tokens later suffered losses estimated at approximately $674 million as the token’s value fell roughly 87% from its September 2025 peak.
The Meme Coin Boom and Bust
The investigation also highlighted the performance of the $TRUMP meme coin, one of the most recognizable politically branded cryptocurrencies.
Reuters estimates the project generated approximately $616 million for Trump-affiliated entities.
Investors, meanwhile, lost more than $700 million as the token’s value declined sharply.
According to the report, the coin has fallen approximately 97% from its all-time high, underscoring the extreme volatility that has become common among celebrity- and politically branded digital assets.
Other Trump-linked crypto-related stocks experienced similar declines.
Shares of ALT5 Sigma, now known as AI Financial Corp., reportedly fell from more than $9 per share to roughly 75 cents by April 2026.
Why Wall Street Is Paying Attention
Beyond the political implications, the findings highlight a growing trend in the digital-asset market.
Celebrity-backed and politically branded cryptocurrencies have become increasingly popular among retail investors, often generating large amounts of money for founders and promoters before prices experience dramatic declines.
The Reuters analysis raises broader questions about whether investors fully understand the risks associated with these products and whether existing disclosure standards adequately protect consumers.
The investigation also arrives as regulators continue debating how digital assets should be governed and marketed.
Ethics Questions Emerge
Reuters reported that eight government ethics experts described the arrangements as presenting potential conflicts of interest because they involve businesses linked to a sitting president.
Critics argue that political influence and financial interests can become intertwined when public officials or their families profit from ventures tied to public visibility.
Supporters counter that the projects are private-sector businesses operating under existing laws and disclosure requirements.
The White House Response
The White House strongly disputed suggestions of wrongdoing.
White House spokesperson Anna Kelly told Reuters that President Trump’s actions and policies are made in the best interests of the American people and that neither the president nor his family has engaged in conflicts of interest.
Eric Trump and Donald Trump Jr. did not respond to Reuters’ requests for comment cited in the report.
The Trump family has previously defended its cryptocurrency ventures as lawful business activities that have been properly disclosed.
The Bottom Line
Regardless of political views, the Reuters investigation highlights a basic investment lesson.
The creators, promoters, and licensors of many crypto projects often earn money from fees, token sales, and branding agreements before investors ever see a return.
Investors, meanwhile, assume most of the market risk.
In the case of the Trump-linked ventures reviewed by Reuters, the promoters reportedly earned billions while investors absorbed comparable losses.
For retail investors, it serves as a reminder that a famous name may attract attention—but it does not guarantee long-term value.
JBizNews Desk — Markets & Cryptocurrency
© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.
AMA swears in new president
Anthony Pompliano Says Bitcoin’s 50% Correction Is ‘One Of The Best Bear Markets’ Ever
Bitcoin’s (CRYPTO: BTC) brief decline below $60,000 may feel painful for investors, but Anthony Pompliano says the current downturn is shaping up to be one of the healthiest bear markets in the asset’s history.
‘One Of The Best Bear Markets’
Speaking on CNBC Squawk Box on June 10, Pompliano said Bitcoin’s recent weakness continues to align with the four-year market cycle that has historically defined the cryptocurrency’s boom-and-bust periods.
BTC prices have seen a 23% drop over the past 30-day trading and more than 50% plunge from its October 2025 peak. This leads some investors to question whether the cycle framework remains intact.
Pompliano argues the opposite. “I think more and more people are convinced …
Russian army’s artillery chief assassinated near Moscow in car bombing, second in one day – report
A senior Russian military official in charge of the country’s ammunition died in a car bombing outside of Moscow, Russian media reported on Tuesday.
Col. Damir Davydov, head of the Kremlin’s defense ministry’s artillery wing, was assassinated outside of his home in Balashikha, a town about six miles from Moscow.
Russian independent outlet The Insider reported that Ukraine’s Security Service of Ukraine (SBU) was responsible for the assassination.
Ukraine has not commented on the incident.
Russian authorities notably only stated that a man was killed in the assassination, but did not confirm his identity.
A car explosion in Balashikha near Moscow killed Russian Colonel Damir Davydov, according to multiple Russian sources. Davydov reportedly headed procurement of missile and artillery ammunition within the Main Missile and Artillery Directorate (GRAU) of the Russian Defense… pic.twitter.com/S3ZAcuQNCj
— NOELREPORTS 🇪🇺 🇺🇦 (@NOELreports) June 9, 2026
Additionally, Kremlin Spokesperson Dimitry Peskov refused to comment on the victim’s identity. Peskov said that Russian President Vladimir Putin had been briefed on the incident and that investigations were still ongoing.
Kremlin refuses to acknowledge victim of car bombing assassination
“An explosion took place, but the details, as you understand, are not subject to disclosure in connection with the investigation that is underway,” Peskov said. “Of course, this is a matter for our special services.”
Russian independent media site Agentstvo reported on Wednesday that this is the first instance in which the Kremlin refused to acknowledge the victim’s identity in the assassination of a Russian military official.
The Insider reported that Davydov was still alive immediately after the blast, according to eyewitness accounts. Unconfirmed reports cited by the outlet said that he died while waiting for emergency services to arrive at the scene.
Unverified Russian Telegram accounts stated that a car bomb with the equivalent of nearly 400 grams of TNT was placed under the driver’s seat.
Notably, the incident happened less than a kilometer away from where Lieutenant-General Yaroslav Moskalik was killed in 2025. Davydov lived in the Aviatorov neighborhood of Balashikha, where apartments are allocated by the Russian Defense Ministry to members of the military or veterans.
According to the Insider, Davydov has been a target of Ukrainian authorities due to his alleged war crimes. A Ukrainian database called the book of executioners alleged that Davydov was directly involved in planning Russia’s invasion of Ukraine in 2022, during which he organized ammunition for Russian troops.
This comes as Russia has stepped up its strikes on Ukraine over the past few months. In March, Moscow shot over 7,000 glide bombs at Ukraine, over 1,500 more than in February.
In late May, Russia shot approximately 1,000 Shahed drones at Ukraine over the period of three days.
Russian authorities probe second car bomb incident in one day
Notably, Russian authorities discovered a second car bomb in southwestern Moscow. Investigators claimed that it was meant to target an employee of a scientific production enterprise. It was not clear how that device detonated.
According to Russian investigative services, a teenage girl was told by unidentified people to pick up the bomb and handed it to a teenage boy who placed it on the car along with a GPS tracker, the committee said.
There were no casualties, and the suspects have been charged.
As Iran weakens, Gulf states are looking beyond the Strait of Hormuz – analysis
In the Gulf, the talk is about what comes next after the recent US strikes on Iran. This is because the US-Iran clashes have often resulted in Iran carrying out attacks on the Gulf states.
US President Donald Trump said on Wednesday that Iran was taking too long to agree to a deal and it would have to “pay the price.” This comes after two months of talks towards a deal in the wake of a ceasefire in April. The ceasefire has not been a real one, as there have been continuous clashes every week in the region.
“Iran is all talk and no action,” Trump wrote on social media. “They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”
This comes after Iran was accused of downing a US Apache helicopter, and the US carried out strikes on Iran. Trump has threatened Iran before; however, it is clear that the recent strikes were stronger than before.
This also followed an exchange of strikes between Israel and Iran this week. Iran is trying to project confidence. It has not seemed willing to budge on various issues in talks about a deal. On the contrary, Iran appears willing to lash out in the region.
Some compare Tehran’s ideals to Nasserism
However, in some parts of the region, there is a sense that Iran is not as powerful as it pretends to be. Abdulrahman al-Rashed, a Saudi journalist and intellectual, as well as being former general manager of Al Arabiya news channel and former editor-in-chief of Asharq Al-Awsat, wrote about “what remains of Tehran’s empire.”
In his article, which was published in Arab News and Asharq Al-Awsat, he noted, “Today, Iran clings to one thing: preserving some of its geopolitical gains in the Arab region. Will it succeed in negotiations after failing in war?
Iran seeks to control Iraq, preserve Hezbollah, Houthis, after Assad fell in Syria, journalist says
“It seeks to control Iraq and preserve Hezbollah in Lebanon, having lost Syria and being on the verge of losing the Houthis in Yemen. It hopes that negotiations with the US administration will help preserve its extensive realm as much as possible.”
Rashed compared Iran’s attempt to impose its hegemony on the region to other countries that have tried to do the same in the past. For instance, he references the Egyptian leadership of Gamal Abdel Nasser in the 1950s and 1960s and his attempt to export “Nasserism” across the region.
Nasser has a major influence on the crisis in Jordan, Lebanon, and Iraq, as well as influence in Syria and Yemen. As such, Nasserism and the revolutions and coups it inspired had a huge influence on the Middle East.
“Nasserism’s intellectual and military reach swept through various parts of the region, but it failed to plant proxies, establish governments, and control vast geopolitical areas. Cairo’s influence over Syria, in the name of unity, lasted only three years before it was ousted in the first coup.
“Iranian influence, however, has been extensive, long-lasting, and backed by military force, unparalleled in the region since the decline of the British Empire’s presence,” Rashed wrote. “Tehran advanced far in its expansion, reaching the borders of Turkey and the waters of the Mediterranean Sea and the Red Sea.”
But Iran has suffered losses and setbacks in recent years.
“The regime weaves around itself an image of an invincible regional power, hoping to achieve through negotiations what it failed to achieve through military force,” he wrote. “Its endurance of losses, its targeting of less-defended areas, and its recent attack on Israel are all theatrical displays.
“What worries everyone is that the US administration might fall into Iran’s trap and grant it more than $24 billion in the negotiations and lift the blockade, in addition to overlooking its ballistic missile system and regional proxies, which would mean that future confrontations with Iran would be almost certain.”
His article is one of several hints in Gulf media that there is an expectation Iran may be on the defensive soon. Arab News also has a piece asking, “How long can Iran’s regime fight on?”
The big question in the Gulf is whether Iran will continue to carry out missile and drone attacks on Gulf countries. This includes threats to all the countries, from Kuwait to Bahrain, to the UAE, Saudi Arabia, and Oman.
Iran has constantly targeted these countries when tensions grow. Iran also feels impunity in doing so. It continues to blockade the Strait of Hormuz, creating an economic crisis. However, this has led countries in the region to quickly innovate to move and shift trade in ways that avoid the Strait. This will have long-lasting ramifications.
Countries will diversify trade and invest in new infrastructure and defenses. This is already happening in many countries, and countries that badly need investment, such as Syria, will benefit immensely.
This is likely why, when looking at the big picture, authors in Gulf media see a potential silver lining.
Dream Finders built scale through deals. Could KB be on the list?
Author’s Note: I worked for KB Home during two periods of my career and remain grateful for the experience. This analysis is based solely on publicly reported information and reflects my independent views on the company’s land strategy and industry positioning.
Regardless of whether Dream Finders Homes succeeds in its pursuit of Beazer Homes, the case for its further acquisitions is easy to make.
The company has used M&A as a growth strategy, from its 2021 acquisition of McGuyer Homebuilders’ assets to its 2024 acquisition of Crescent Ventures and its 2026 public proposal to acquire Beazer Homes.
That track record raises a natural question for investors: if Dream Finders continues down the consolidation path, what could come after Beazer?
One logical name is KB Home. There is no public indication that either company is pursuing such a transaction. From a purely strategic standpoint, KB is one of the few remaining public builders with the scale, geographic reach and market positions that could transform Dream Finders overnight.
Homebuilding is increasingly a scale business
The strategic backdrop is straightforward. In U.S. homebuilding, scale creates purchasing power, capital flexibility, land access and better absorption of overhead across a broader production base. Builders already operating at substantial scale can spread fixed costs across more closings, negotiate more effectively with suppliers and trades, and maintain stronger balance-sheet flexibility during cyclical downturns.
Dream Finders has demonstrated that it understands this dynamic. Its proposed all-cash acquisition of Beazer Homes at $25.75 per share, implying an equity value of roughly $704 million, was presented as a way to create a larger builder with expected cost synergies, complementary geography and a land-light structure.
That framing makes clear that management is not treating acquisitions as merely opportunistic. They are part of a broader strategy to accelerate scale rather than wait years to build it organically.
Why KB Home stands out
KB Home brings something difficult to recreate organically: long-established operating positions in harder-to-enter markets. The company says it operates in 49 markets across nine states, with its strongest strategic positions on the West Coast: California, Arizona, Las Vegas and Orlando.
These are markets where local relationships, entitlement history and operating infrastructure are often built over decades, not quarters.
That matters because these are not easy markets to expand into. California, in particular, remains one of the most complex housing markets in the country, with long entitlement timelines, regulatory friction, infrastructure burdens and persistent land scarcity that favor builders already operating at meaningful scale.
For Dream Finders, acquiring established positions in those markets would be much faster than building them from the ground up.
The Texas gap
The strategic logic is more compelling through a Texas lens. Dream Finders has spent years deepening its presence in Texas and the Southeast, including the McGuyer transaction, which added backlog and lot positions in Houston, Dallas-Fort Worth, Austin and San Antonio. Crescent Ventures also extended the platform to Nashville and South Carolina, reinforcing the company’s pattern of expanding along growth corridors tied to migration and job creation.
KB’s story is different. It remains a respected national builder, but its footprint is better known in California, Arizona, Las Vegas and Orlando than its dominant scale in Dallas-Fort Worth.
DFW continues to rank among the country’s most important real estate and housing markets, supported by strong population growth, corporate relocations and broad investor attention heading into 2027 and beyond. A combination would effectively merge Dream Finders’ stronger growth orientation in Texas and the Southeast with KB’s entrenched positions in the West and Orlando.
From a map perspective alone, the fit is easy to understand. Dream Finders would gain immediate scale in high-barrier Western markets, while KB would be paired with a company that has demonstrated a greater appetite for aggressive expansion in Texas and adjacent Sun Belt growth markets.
Leadership adds intrigue
Leadership is another area to watch. Dream Finders recently appointed Clint Szubinski as Chief Operating Officer following his tenure as Executive Vice President and COO at Meritage Homes.
Szubinski also spent nearly a decade at KB Home in a variety of leadership roles, giving him firsthand knowledge of the company’s operations, markets, culture and strategic strengths. Meanwhile, KB Home is undergoing a leadership transition, with longtime CEO Jeffrey Mezger stepping down and moving into the role of Executive Chairman as part of a planned succession.
Leadership changes alone do not create acquisition opportunities, but they often catalyze a fresh review of strategy, capital allocation and long-term competitive positioning.
When a potential acquirer has a senior executive who knows a target company exceptionally well, future strategic discussions become easier to envision. That matters in an industry where scale has become more valuable, technology investments are increasingly costly and competition for finished lots and land positions remains intense. A new CEO inherits not only the existing business but also a strategic environment different from the one that shaped the prior two decades.
That does not mean a transaction is likely, but it does strengthen the argument that if Dream Finders were to study a larger public-builder acquisition, KB would be one of the few companies the leadership team could assess with a meaningful degree of firsthand operating context.
The platform math
The financial case would make the story truly transformational. KB generated approximately $6.24 billion in revenue in fiscal 2025. Dream Finders generated approximately $4.32 billion in revenue in 2025.
Combined, that implies a builder with annual revenue of $10.5 billion to $10.6 billion, before considering any subsequent growth or synergies.
That would catapult the combined enterprise into a different competitive category. The strategic appeal would extend beyond geography to operating leverage. A larger platform could improve purchasing leverage, supplier negotiations, trade relationships, overhead absorption, capital efficiency and land sourcing opportunities.
It would likely be marketed not simply as an acquisition but as a platform-enhancement story.
The cultural story would also be easy to frame. Dream Finders brings an entrepreneurial, acquisition-driven model and a more capital-efficient land strategy. KB brings mature operating systems, larger scale and longstanding positions in difficult-to-enter markets.
In theory, the combination would be positioned as complementary strengths rather than redundant overlap.
The obstacle: size
The reason this remains a strategic thought exercise is simple: KB is large. Recent reporting has placed KB Home’s market value in the several billion-dollar range, with one report citing around $3.7 billion in spring 2026. Any transaction would likely require a substantial stock component, meaningful financing commitments and probably support from institutional capital providers.
Dream Finders has already shown a willingness to pursue ambitious deals. Its Beazer proposal was backed by highly confident financing letters from Kennedy Lewis, Goldman Sachs and Bank of America Securities. But moving from transactions measured in the hundreds of millions to one measured in multiple billions would pose a very different set of challenges around leverage, dilution, execution risk and shareholder approval.
Complexity does not invalidate the strategic rationale. It simply means the financial structure would need to be compelling enough to justify the effort.
Why this deal will appeal to institutional investors
Dream Finders is arguably a more efficient organization because it generates outsized earnings and growth from a smaller capital base by running an asset-light, high-turnover model. The company’s own filings describe an asset-light lot acquisition strategy that relies heavily on options, allowing it to secure land “just-in-time” with reduced upfront capital and higher inventory turnover, which in turn has boosted returns on equity relative to traditional, land-heavy builders.
Independent analyses show that Dream Finders’ ROE is in the low to mid-teens today and, at times, above 30%, materially above typical industry averages and ahead of many larger peers, indicating that each dollar of equity generates more profit than at most competitors.
As of late 2025, roughly 98% of its controlled lots were held under options, an extreme level of land-light exposure that keeps land off the balance sheet and supports very high returns on equity by minimizing idle capital tied up in raw and developed land.
In addition, Dream Finders has achieved rapid growth in homes closed and revenue over a relatively short operating history while maintaining positive net margins and strong ROE, indicating it is not just growing but doing so with disciplined capital deployment rather than bloating the balance sheet with owned land.
Why KB Home might attract activist investor pressure
KB Home appears bloated relative to more efficient peers because it has a heavier fixed-cost structure and more capital on its balance sheet for the level of output it generates. Recent results show SG&A running at roughly 12.2%-12.8% of housing revenues, compared with Lennar’s 7.9%-8.8%, a gap that external analysts estimate could translate into about $250M–$300M in annual cost savings if KB operated at peer efficiency levels.
At the same time, KB has seen revenue down more than 20% year over year and EPS down roughly 60–70% in recent quarters, which means that a relatively high SG&A base is being spread over fewer closings, compressing margins and highlighting the extent of fixed overhead embedded in the model.
On the balance-sheet side, KB controlled about 63,257 lots as of early 2026, with roughly 59% owned and only 41% under contract, indicating a more land-heavy, capital-intensive posture than option-heavy builders that keep a higher share of lots off the balance sheet. Put together, KB is tying up more capital in owned land while running a structurally higher SG&A load than the leanest operators. As a result, each dollar of deployed capital supports more overhead and land carry and less pure margin and growth than you’d see in a truly optimized, asset-light platform.
End game
The real question is not whether KB Home is a strong standalone builder. Its scale, long operating history and market positions make that clear. The more interesting question is whether KB’s valuable positions in California, Las Vegas, Arizona, Orlando, and other key markets could eventually be worth more within a larger consolidating platform than as a standalone company.
As homebuilding continues to reward scale, capital efficiency and market access, investors ask exactly that question before consolidation occurs.
Regardless of the outcome of the Beazer proposal, one conclusion appears reasonable: Dream Finders has given investors every reason to believe it is unlikely to complete the acquisition.
Rocket Companies upsizes bond deal to $1.5 billion
Rocket Companies has priced the issuance of $1.5 billion in senior notes in an oversubscribed transaction, with proceeds to refinance an existing term loan, the company announced Tuesday.
The Detroit-based parent of Rocket Mortgage priced $900 million in 6.125% senior notes due in 2031 and $600 million in 6.5% senior notes due in 2034. The aggregate principal amount was upsized from a previously announced $1.2 billion.
The offering is expected to close June 16, subject to customary closing conditions. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Rocket’s direct and indirect domestic subsidiaries that guarantee its existing senior notes.
The company plans to use proceeds to repay Rocket Mortgage’s 2.875% senior notes due in 2026 and to pay down other indebtedness across the platform. Any remaining proceeds will be used for general corporate purposes.
The transaction extends a portion of Rocket’s debt profile into the next decade and locks in fixed-rate funding. But it comes at higher rates due to the current macroeconomic environment.
The notes are being offered in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S. They will not be registered under the Securities Act of 1933, and may not be offered or sold in the U.S. absent registration or an applicable exemption.
Rocket’s move comes amid rate volatility and compressed margins across the mortgage sector, where access to term funding and balance-sheet flexibility remain key advantages for large originators and servicers.
Companies that recently issued debt include Mr. Cooper Group — which was recently acquired by Rocket — as well as Pennymac Financial Services, loanDepot, and Rithm Capital.
This article was written by Flávia Furlan Nunes and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.
Over Half of Medicaid Recipients Don’t Know New Work Rules Could Cost Them Coverage
Millions of Americans who rely on Medicaid for health insurance are less than seven months away from a major eligibility change — and most have no idea it is coming.
A new survey from The Health Management Academy, an Arlington, Virginia-based research organization, found that 55% of Medicaid enrollees are completely unaware that work requirements will become a condition of eligibility beginning January 1, 2027. Another 27% said they had heard about the changes but did not understand the details.
The survey, conducted in April 2026, included 1,974 adults enrolled in Medicaid and highlights a growing concern among policymakers, hospitals, and insurers that millions of eligible Americans could lose coverage simply because they fail to complete new reporting requirements.
What the New Rules Require
Beginning in 2027, many adults covered through Medicaid expansion programs will be required to document at least 80 hours per month of qualifying activities.
Those activities can include:
- Employment
- Job training
- Education
- Community service
- Other approved activities
The requirement generally applies to adults ages 19 through 64 enrolled through Medicaid expansion programs.
Individuals who fail to meet the requirements — or fail to properly report them — could lose their health coverage.
The policy was included in last year’s federal budget legislation, often referred to as the “Big Beautiful Bill,” and represents one of the most significant changes to Medicaid eligibility in years.
According to projections from the Congressional Budget Office, the legislation is expected to produce the largest reduction in federal Medicaid spending in the program’s history.
Most Enrollees Have Heard Little or Nothing
The survey suggests awareness remains extremely low.
Nearly 48% of respondents said they had heard “nothing at all” about recent Medicaid eligibility changes.
Another 32% said they had heard only “a little.”
The confusion extends beyond work requirements.
Approximately 85% of respondents said they were unaware that states will be required to verify Medicaid eligibility every six months under the new rules.
Awareness also varies significantly by geography and demographics.
In Oregon, about 78% of respondents said they knew about the upcoming work requirements. In Nebraska, where implementation began early in May, awareness was closer to half.
Among demographic groups, Black Medicaid enrollees reported the highest level of unawareness, with 62% saying they did not know about the coming requirements.
Policy experts warn that many people who already meet the standards could still lose coverage if they fail to complete paperwork or do not realize reporting will be required.
Why Hospitals Are Concerned
The issue extends well beyond individual patients.
Hospitals — particularly rural hospitals — depend heavily on Medicaid reimbursement.
If large numbers of patients lose coverage, hospitals could see a rise in uncompensated care while receiving less reimbursement revenue.
The survey found that 42% of respondents said they could not travel farther than they currently do for hospital care if their nearest hospital closed.
Among respondents with chronic medical conditions, about 25% said a local hospital closure would make managing their condition significantly more difficult.
Rural healthcare providers have repeatedly warned that reductions in Medicaid enrollment could place additional strain on facilities already operating on thin margins.
Medicaid Insurers Face New Financial Pressure
The changes could also affect the nation’s largest Medicaid managed-care insurers.
The five largest players in the market —
Centene, CVS Health/Aetna, Elevance Health, Molina Healthcare, and UnitedHealth Group —
collectively manage roughly half of all Medicaid managed-care enrollment nationwide.
According to Fitch Ratings, the new rules may create revenue pressure for insurers while increasing the overall cost of covering the remaining Medicaid population.
If healthier individuals lose coverage because they fail to complete reporting requirements, the remaining pool could become older and sicker on average, driving up healthcare costs.
That dynamic could force states to increase payments to insurers to maintain program stability.
Some executives have sought to reassure investors.
Molina Healthcare CEO Joe Zubretsky recently said the impact should be gradual, noting that roughly two-thirds of Molina’s 1.3 million Medicaid expansion members already work and many others may qualify for exemptions.
The Bottom Line
The survey highlights a fundamental challenge facing states, healthcare providers, and insurers: a major policy change is approaching, yet most Medicaid recipients remain unaware of it.
Whether the new requirements ultimately reduce enrollment dramatically or only modestly, the next several months will likely determine how many eligible Americans keep their coverage — and how many lose it because they never realized the rules had changed.
JBizNews Desk — Healthcare
© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.
NYPD closes area around MSG for Knicks game
The New York Police Department will once again close several blocks around Madison Square Garden during Game 4 of the NBA Finals on Wednesday. In a post on X, the NYPD said the same “secure zone” implemented around the arena on Monday, when President Donald Trump attended the game, will be in effect. Unlike Game 3 earlier this week, when the normal free outdoor watch party outside MSG was canceled, there will be a watch party at Plaza33 on Wednesday, but it will be ticketed with a capacity of 1,000.
Starting at 4 p.m., the police will close the area from West 29th Street to West 35th Street between 6th Avenue and 8th Avenue to everyone except those “going to the game, restaurant, or bar, or traveling through the train station,” the police said. Everyone who can enter will be screened.
Seventh Avenue between West 29th Street and West 35th Street will be closed to vehicular and general pedestrian traffic.
On Monday, the police said the frozen zone around the arena was necessary because of Trump’s attendance at the Knicks game. On Wednesday, the department said the area will be closed because “we want everyone to be safe.”
When the party outside MSG was canceled on Monday, Mayor Zohran Mamdani announced another free event would take place at Bryant Park instead, in addition to several other events happening across the city. According to the New York Times, after the game, some people were fighting, climbing onto cars, and being combative with police officers. The police arrested eight people and issued court summonses for 13 more.
The party drew more than 7,000 people to the park to watch the Knicks lose to the San Antonio Spurs 115-111.
When asked about the restricted space at an unrelated press conference on Wednesday, Mamdani said MSG applied for a permit for an event on Plaza33 for between 500 and 1,000 people, and the city approved the maximum capacity. The mayor said the security measures will be in line with those for gatherings of this size, similar to what the police do for the Fourth of July and New Year’s Eve events.
“What we’re speaking about here is a moment where this team has brought an extraordinary amount of energy, pride, excitement to every corner of our city, and we want to encourage every New Yorker to celebrate this moment and do so responsibly,” Mamdani said. “We want this to be a memorable night for the right reasons.”
In a statement, MSG Sports called Mamdani and NYPD Police Commissioner Jessica Tisch “New York City’s biggest party poopers.”
“The last several victories the Knicks have had have been celebrated by thousands and thousands outside MSG. The joy and happiness were palpable everywhere. Apparently, Mayor Mamdani and Police Commissioner Tisch, despite what they say, don’t want to see these celebrations happen,” MSG Sports said.
MSG urged the mayor and commissioner to lift the restrictions, adding: “The complete closing of areas around MSG is going to affect not only the celebration but also all the small businesses that rely on Garden fans for their livelihood.”
According to the police, screening sites will be open at 4:30 p.m.; fans attending the game or going to a bar or restaurant in the area should arrive early.
Entry points to the secure zone include:
-West side of Sixth Avenue at West 33rd Street
-West side of Sixth Avenue at West 32nd Street
-West side of Eighth Avenue at West 33rd Street
-Northeast corner of Eighth Avenue and West 30th Street
Tonight’s watch party outside of MSG will be a ticketed event. For past games, the event, which includes large outdoor screens, a live DJ, and giveaways, was free and open to the public. No additional details have been released for the Game 4 watch party yet, but keep an eye on this page.
RELATED:
- 17 spots in NYC to watch the Knicks in the NBA Finals
- NYPD pulls permits for Knicks watch parties outside MSG, but fans still celebrate
The post NYPD closes area around MSG for Knicks game first appeared on 6sqft.
Charles Hoskinson Returns, Says Cardano Will Beat Bitcoin: Why Is ADA Going Down?
Cardano (CRYPTO: ADA) founder Charles Hoskinson returned Tuesday with an hour-long video, arguing Cardano is the only blockchain that can solve the global trust crisis and will eventually surpass Bitcoin (CRYPTO: BTC).
Hoskinson Says Cardano Solved What Bitcoin And Ethereum Could Not
Hoskinson’s core argument centers on what he calls verifiable reflexivity, the ability for any transaction to carry its own proof of correctness without relying on trusted third parties.
He argued Bitcoin handles only payments and cannot embed smart contracts or zero knowledge proofs at scale, while Ethereum (CRYPTO: ETH) lacks the accounting model …
Ripple Launches XRPL Payment Toolkit As XRP ETFs See $7.44M Inflow
Ripple launched an AI agent payment toolkit for the XRP Ledger on Wednesday as XRP (CRYPTO: XRP) ETFs pulled $7.44 million in net inflows on June 9.
Why Ripple Is Building Payment Rails For AI Agents On XRPL
The toolkit gives developers infrastructure to build agentic payment applications that settle transactions without manual approval loops, supporting x402-powered payments using both XRP and Ripple USD (CRYPTO: RLUSD), an open internet-native standard built around HTTP.
“AI agents are no longer a future state,” Ripple said. “They’re already paying for compute, settling invoices, navigating policy constraints, and completing transactions without a human in the loop.”
Ripple argued most existing payment rails were designed for humans to initiate and approve transactions, leaving autonomous systems without the speed and predictability they need.
The race to build agentic payment infrastructure is already underway. Robinhood …
A-G deputies warn Ben-Gvir over alleged pattern of blocking police promotions
Deputy Attorneys-General Gil Limon and Sharon Afek warned National Security Minister Itamar Ben-Gvir that his repeated refusal to advance senior police appointments raises concern of a systematic misuse of his powers that could harm police independence.
In a sharply worded letter to Ben-Gvir on Wednesday, the two senior Justice Ministry officials asked him to urgently explain why he has not approved two additional appointments recommended by Police Commissioner Daniel Levi and the Israel Police senior command staff.
The letter concerns Supt. Reut Rosenberg, an officer in the police legal advisory division, and Ch.-Supt. Itzik Alfasi, whose appointment as spokesman for the Investigations and Intelligence Division was reportedly blocked.
According to Limon and Afek, Rosenberg was recommended in August 2025 for promotion to chief superintendent and for appointment as head of the torts section in the police legal advisory division. The recommendation was later submitted to the Attorney-General’s Office. Despite that, they wrote, some nine months passed without Ben-Gvir approving her promotion or providing a substantive explanation.
Rosenberg has since filed an administrative petition against Ben-Gvir over his failure to advance her promotion.
No legal obstacle to complete appointment, deputy A-Gs argue
After reviewing the recommendation, Limon and Afek wrote that there was not only no legal obstacle to completing the appointment, but that Ben-Gvir was required to do so unless he could present weighty reasons that had not yet been provided.
The second case concerns Alfasi, who was reportedly recommended by the commissioner and senior command staff in August 2025 to serve as spokesman for the Investigations and Intelligence Division. According to the letter, Ben-Gvir refused to sign off on the appointment, and Alfasi was eventually moved to another position in the police spokesperson’s unit.
The deputies said the two cases could not be viewed in isolation.
“These cases once again raise a grave concern that these are not isolated or exceptional incidents, but systematic conduct in which the appointment authority entrusted to you is being misused in relation to sensitive police units that deal with law enforcement,” Limon and Afek wrote.
Even when the appointments are ultimately completed after court intervention, they warned, the damage may already have been done.
“The very fact that police officers in sensitive positions are required to initiate legal proceedings against the national security minister because of unlawful action taken by him creates a chilling effect and may negatively affect the independence of the police,” they wrote.
High Court didn’t order Netanyahu to fire Ben-Gvir
The warning comes against the backdrop of a broader legal battle over Ben-Gvir’s authority over the police and his alleged interference in operational and personnel decisions.
In April, the High Court of Justice stopped short of ordering Prime Minister Benjamin Netanyahu to fire Ben-Gvir, but gave binding force to a framework meant to limit the minister’s involvement in police matters. The court also issued an interim order requiring that sensitive senior appointments in law enforcement, from the rank of chief superintendent and above, be advanced only according to the recommendation of the senior police command staff, with prior notice to the attorney-general.
The new letter also points to earlier appointment disputes in the Investigations and Intelligence Division, including the cases of Rinat Saban and Ruti Hauslich.
In Saban’s case, the Jerusalem District Court ordered Ben-Gvir to approve her promotion after finding that his prolonged refusal to do so was unlawful and raised a real concern of extraneous considerations. Saban’s case became one of the central examples cited by the attorney-general in the broader High Court petitions over Ben-Gvir’s conduct toward the police.
Hauslich, a senior officer in the Investigations and Intelligence Division, also petitioned the Jerusalem District Court after Ben-Gvir delayed her promotion. Ben-Gvir later agreed to sign off on the promotion after the court hearing.
The attorney-general’s office has argued in past proceedings that the minister may set general policy for the police, but may not use his authority to intervene in specific investigations, operational policing, protest enforcement, or sensitive appointments in a way that could undermine professional independence.
Ben-Gvir has repeatedly rejected the allegations against him, arguing that he is not a “rubber stamp” for police appointments and that he is entitled to review senior appointments before approving them.
Ramat David Airbase hit by missile fragment during Sunday’s Iran escalation, IDF confirms to ‘Post’
Ramat David Airbase in northern Israel was hit by a missile fragment overnight between Sunday and Monday during the escalation between Israel and Iran, the IDF confirmed to The Jerusalem Post on Wednesday.
Initial reports in Israeli media and the Post on Tuesday highlighted that the base appeared to have been hit, citing satellite imagery published by Soar Atlas on X/Twitter earlier that day.
The military told the Post that no injuries were caused and that no damage was done to structures that affect flight operations.
However, some minor damage was caused to equipment and other support facilities, possibly damaging a road or pathway within the air base.
Investigations remain underway as to the cause of the incident.
IDF investigating circumstances leading to hit on airbase
These ongoing investigations include determining whether the fragment that hit was a whole missile, a fragment from an interception, or part of a warhead or other explosive munition.
The fact that investigations are ongoing suggests the impact may have been caused by a whole missile hitting the base, unintercepted.
Soar Atlas compared satellite footage from Monday with footage from June 5, appearing to show the impact of an airstrike on a hangar at the IAF base southeast of Haifa, near Migdal Ha’emek.
Ramat David Airbase hosts the Israel Air Force’s 101st Fighter Squadron, consisting of F-16 fighter jets, as well as drone squadrons.
This is not the first time that munitions fired by Iran or Iranian-backed terror groups have been reported to hit the airbase.
Last month, imagery was published of what appeared to be two airstrikes that impacted Ramat David Airbase during Operation Roaring Lion.
The base was reportedly also hit by Hezbollah rockets in 2024, as the Lebanese terror group fired across the border into northern Israel.
Twenty-two states condemn Iran, front group for ‘lethal’ worldwide terror attacks
Twenty-two countries across North America, Europe, and Australia condemned and demanded an end to Iranian regime attacks against Jewish, Israeli, and Iranian dissident sites and individuals within their territories, in a joint statement on Wednesday, in the wake of a series of attacks by Harakat Ashab al-Yamin al-Islamiya (HAYI), allegedly an Iranian front group.
The US, the UK, Australia, Austria, Belgium, Bulgaria, Canada, Czechia, Denmark, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, the Netherlands, New Zealand, North Macedonia, Norway, Portugal, and Sweden condemned the “lethal plotting” and other “malign actions” by the Islamic Revolutionary Guard Corps (IRGC) and its subsidiary bodies.
“We stand united in our determination to protect our countries and our people against these threats. The Islamic Republic of Iran must halt these actions now,” read the statement. “Attempts to kill, kidnap, harass, intimidate, or otherwise attack people on our soil undermine national sovereignty and international norms. These actions must stop immediately. We commend the work of countries to counter these activities, and we are together resolved to undertake further measures to halt them.”
The statement said that it was “deplorable” for the IRGC to use international and local criminal gangs to conduct attacks within their territory, as has been seen in Sweden, Australia, the US, and the UK.
Iran recruited Swedish gang to carry out attacks
Iran has had a close relationship with the Sweden-based transnational criminal organization Foxtrot, which has been involved in various violent crimes, including contract killings.
Last March, the US sanctioned Foxtrot for its cooperation with the IRGC in attacks on Israeli and Jewish targets in Europe, such as the January 2024 Israeli embassy attack. In May 2024, Sweden announced that the Islamic regime was using criminal networks to attack the targets across Europe.
Foxtrot often entices teenagers to commit violent crimes, a tactic adopted by Iran and exported across the world.
Iran was alleged in August by Australian Security Intelligence Organization to have orchestrated at least two antisemitic attacks in its country since 2024, using criminal gangs: the December 2024 Adass Israel Synagogue arson attack in Melbourne and the October 2024 Lewis’ Continental Kitchen arson attack in Sydney. The incidents resulted in the expulsion of Tehran’s ambassador from Canberra.
According to recent allegations made by the US Department of Justice with the arrest of Kataib Hezbollah commander Mohammad Baqer Saad Dawood Al-Saadi, similar attacks continued in Europe under the banner of HAYI.
HAYI attacks claimed across UK, Belgium, Netherlands, France, Germany
HAYI has claimed responsibility for at least 18 different attacks in Europe since March, including the London Golders Green ambulance arsons and stabbing attacks; and the April Skopje synagogue firebombing. Other alleged HAYI attacks occurred in Belgium, the Netherlands, France, and Germany.
Al-Saadi, who was arrested in May for attempting to orchestrate similar attacks against synagogues in the United States, allegedly claimed to a law enforcement agent that HAYI was responsible for a shooting at a Toronto synagogue and US consulate in March.
“We also condemn the recent campaign of attacks across Europe targeting Jewish communities, Iranian journalists, and US interests, claimed by Harakat Ashab al-Yamin al-Islamiya and supported by their intermediaries,” the 22 countries said in the joint statement.
HAYI is alleged by the DoJ of being little more than a mask for operations by the Iranian proxy Kataib Hezbollah.
Similar statement made in 2025, amid spike in attacks
In July, a similar statement was released by 14 countries: the US, the UK, Albania, Austria, Belgium, Canada, Czechia, Denmark, Finland, France, Germany, the Netherlands, Spain, and Sweden.
“We are united in our opposition to the attempts of Iranian intelligence services to kill, kidnap, and harass people in Europe and North America in clear violation of our sovereignty.
“These Services are increasingly collaborating with international criminal organisations to target journalists, dissidents, Jewish citizens, and current and former officials in Europe and North America. This is unacceptable,” the countries said at the time.
“We consider these types of attacks, regardless of the target, as violations of our sovereignty. We are committed to working together to prevent these actions from happening and we call on the Iranian authorities to immediately put an end to such illegal activities in our respective territories,” they added.
The Mamdani effect: BDS could cost NYC taxpayers $37 billion
Israel divestment could cost New York City taxpayers more than $37 billion over the next decade, according to a new report released today by the Anti-Defamation League.
Carried out with its affiliate, JLens, the ADL report examines the potential impact on the city’s pension funds of investment policies excluding companies that do business in Israel.
The analysis compares the 10-year historical performance of two hypothetical large-cap US equity portfolios: one is broadly diversified; the second excludes 47 major American companies targeted by the Boycott, Divestment and Sanctions (BDS) movement, for doing business in Israel, notably Alphabet, Amazon, and Microsoft.
Further findings show that the BDS-excluded portfolio underperformed by about two percentage points annually, which, when compounded over time, could result in substantial differences in long-term returns.
The report estimates approximately $37.55 billion in potential forgone value over a 10-year period – assuming a similar performance gap – when applied to the NYC pension funds’ estimated large-cap US public equity allocations (assets invested in large US companies).
Pension funds, other portfolios would lose tens of billions of dollars
The full report details projections for each of the five NYC pension funds, which together constitute the fourth-largest public pension system in the US.
If the funds, which collectively manage over $300 billion in assets, were to adopt BDS-aligned divestment strategies from 2025 to 2035, the research estimates the following potential losses:
Teachers’ Retirement System: $15.09 billion
New York City Employees’ Retirement System: $10.91 billion
Police Pension Fund: $7.13 billion
Fire Pension Fund: $3.02 billion
Board of Education Retirement System: $1.41 billion
“While some in New York, including Mayor Mamdani, have publicly supported the BDS movement,” Jonathan Greenblatt, ADL’s CEO and national director, said, “this analysis highlights the potentially serious financial consequences of applying BDS-aligned divestment strategies to the city’s pension funds.”
“This research shows that divestment strategies guided by the BDS campaign can be bad fiscal policy, and we believe that they risk contributing to an environment where Jewish New Yorkers are already targeted and marginalized,” he said.
The new ADL report expands on JLens’ 2024 research into university endowments, which found that a BDS-aligned strategy applied to the 100 largest endowments could result in $33 billion in forgone gains over a decade.
“The BDS movement has migrated from college campuses to city halls as universities have become less hospitable to anti-Israel activism. But the investment math doesn’t change with the venue,” Ari Hoffnung, JLens managing director, ADL senior advisor on corporate advocacy, and former NYC deputy comptroller, said.
“Our 2024 research showed that BDS-aligned strategies could cost university endowments $33 billion; this analysis shows that if our assumptions prove true, they could cost NYC pension funds more than $37 billion.
“Whether the target is a university endowment or a public pension fund, the financial consequences will be real – and they will fall on the people these institutions serve: from students and faculty to teachers, police officers, and firefighters.”
The report’s methodology was reviewed by leading legal and financial experts, including Joshua Mitts, the David J. Greenwald Professor of Law at Columbia University.
Mitts: Methodology is standard practice
Mitts said the methodology used is consistent with standard financial practice for evaluating exclusionary strategies.
“For long-horizon investors such as pension funds, understanding the potential financial implications of such constraints is an important component of portfolio analysis,” he explained.
It is worth emphasizing that ADL’s estimate is based on how similar portfolios performed over the previous decade and assumes that a comparable performance gap will persist over the next 10 years.
Iran threatens to stop World Cup games if faced with unauthorized flags or slogans
Iran threatened to halt its matches at the World Cup if unauthorized flags are displayed or slogans targeting the national team are chanted at stadiums, Iranian media reported, citing Sports Minister Ahmad Donyamali, following criticism of the team’s presence at the tournament.
The World Cup begins on Thursday, with Iran opening their Group G campaign against New Zealand in Los Angeles on June 15. They next face Belgium at the same venue on June 21 before taking on Egypt in Seattle on June 26.
“We have informed FIFA that if unofficial flags are brought or slogans against the national team are chanted in the stadiums where Iran plays in the World Cup, the team manager will definitely be responsible for stopping the match,” Donyamali said on Tuesday, according to Iranian media.
“We have been assured that no disruptive incidents will occur in the stadium during the match against Egypt.”
Iran and Egypt’s football associations had previously urged FIFA to prevent any LGBTQ+ Pride-related activities during the Seattle match. The fixture had been designated by local organisers as a “Pride Match” to coincide with Seattle’s Pride weekend.
In April, protesters gathered outside the FIFA Congress in Vancouver called for Iran to be banned from the tournament, saying the team represents the Islamic Revolutionary Guard Corps rather than the Iranian people.
Iranian team grapples with organizational and logistical challenges at World Cup
The Iranian team has also faced organisational challenges, with Iran’s football federation saying its ticket allocation was withdrawn days before the tournament, leaving supporters who had already made travel plans unable to attend their team’s matches.
The team, currently training in Tijuana, Mexico, will be able to enter the US the day before each match, the Department of Homeland Security said, amid a conflict that has added a geopolitical dimension to the tournament.
Trump isn’t fed up with Bibi, he’s angry about what he was sold – comment
The president of the United States confirmed last week that he cursed at the prime minister of Israel over the phone. On the same podcast, in the same breath, he said: “I really love Bibi and work with him excellently.”
Pick a headline. Most of the world’s media picked the first one. Axios reported the Beirut call in all its profane glory, including the warning that Israel would soon find itself alone, and the analysts lined up to pronounce the relationship dead.
Some of that was analysis. Some of it was wishful thinking disguised as analysis.
I don’t buy it. We know what Donald Trump sounds like when he genuinely despises someone, because he has shown us this with our very own prime minister, Benjamin Netanyahu.
When Netanyahu congratulated Joe Biden in November 2020, Trump told journalist Barak Ravid exactly what he thought of him, on tape, in language we can’t print, and then froze him out for years. No anonymous sources needed. The man said it himself and meant every word.
Compare that to now. Anonymous officials describe furious phone calls, and within days, Trump is on camera softening his own leaks. “A little bit perturbed,” he called it. Perturbed is what you are with your family. A president who truly wanted out of this relationship would not spend a week walking his own profanity back toward affection. That’s a tell.
So where is the anger coming from? This is the part that should make those of us here in Israel uncomfortable.
At times, Netanyahu needs Trump to sidestep his own advisors’ counsel
In mid-February, in the White House Situation Room, Netanyahu made the pitch of his life. According to The New York Times account, which we covered in these pages in April, Mossad director David Barnea and senior IDF officials appeared on the screens behind the prime minister, a wartime leader staged with his command arrayed behind him.
The Israelis showed Trump a video of potential post-regime leaders, former Crown Prince Reza Pahlavi among them. Iran’s missile program would be destroyed within weeks. The regime would be too weak to close the Strait of Hormuz. Then the uprising, and after the uprising, a new Iran.
Trump’s response, by that account: “Sounds good to me.”
His own people were less impressed. US intelligence assessed the uprising and regime change scenarios as detached from reality. The CIA director called the plan “farcical.” The secretary of state put it more crudely, and the chairman of the Joint Chiefs warned the president that in his experience, this was standard Israeli procedure: they oversell.
Four months later, the Strait of Hormuz was closed, and gas prices had become Trump’s biggest domestic headache heading into the midterms. The uprising never came.
So yes, Trump is angry, but he is angry the way a customer is angry. He feels he overpaid for a product that was advertised as transformative, and a president who feels he overpaid is a very different animal from a president who has turned on Israel.
The personal distrust does exist; it just lives one ring away from the Oval Office. Jared Kushner and Steve Witkoff have spent months coordinating with Doha, Cairo, and Ankara, and they have come to see Netanyahu as the obstacle to their regional architecture.
Those who were in the room at Mar-a-Lago in December have told me that Kushner positioned himself as the skeptic in that meeting, pressing Netanyahu with hard questions, shielding the president from another pitch.
Kushner and Witkoff don’t trust Bibi. But they aren’t the president, and Bibi knows it, which is why every meeting becomes an attempt to convince an audience of one over the heads of his advisers.
On the very day I wrote this, we published an interview with Oded Eilam, who once headed the Mossad’s counterterrorism division. His complaint? That Trump is the naive one, haggling with Tehran like a tourist in a bazaar.
Sit with that for a moment. Our security establishment thinks Trump doesn’t understand Iran. Trump’s security establishment thinks Israel oversold Iran. Somehow, both are right.
Which brings me to the real cost, and it has nothing to do with birthday greetings or expletives.
Trump will forgive Netanyahu. He forgives people he likes, and he likes winning with Israel. The harder question arrives the next time an Israeli prime minister sits in the Situation Room with the Mossad chief on the screen behind him and asks America to believe an Israeli assessment.
After this war, will the president in that chair believe it?
The relationship will survive. Whether our credibility in that room survives is a separate question, and it’s worth far more than a phone call.
Could a war of words between Turkey and Israel escalate toward a new crisis? – analysis
Turkey and Israel appear to be heading towards increasing chances of a confrontation in the region. This confrontation has so far played itself out primarily as a war of words.
For instance, Turkey’s interior minister, Mustafa Ciftci, said he hoped to see the “liberation” of Jerusalem. He compared this to recent conflicts between Armenia and Azerbaijan and in Syria, where areas had been liberated from adversaries.
On June 7, Israel’s Defense Minister Israel Katz wrote on social media, “To the Turkish Interior Minister who dreams of administering Jerusalem and hurls threats, I say this: Jerusalem is not Constantinople, and the State of Israel is not a crumbling Crusader Empire. Israel is a strong and resolute state that has proven its capacity to defend itself against any threat.”
Katz went on to note to the Turkish official that “Jerusalem has been the capital of the Jewish people for 3,000 years and will remain Israel’s capital forever. You and the Ottoman Empire that Erdogan dreams of, on the other hand, have collapsed and will never return.
“Unfortunately, you have learned nothing from the legacy of Atatürk, who worked to transform Turkey into a modern state; on the contrary, you are working to drag Turkey back into a dark and backward era.”
Ankara has talked about liberating Jerusalem in the past. It has been a theme of some rhetoric going back years, and it has become more common under the multi-decade rule of the AKP in Turkey.
Turkey’s President Tayyip Erdogan escalates rhetoric toward Israel and the broader Mediterranean
The AKP party has roots in the Muslim Brotherhood and political Islam. It is the more conservative and right-wing of the parties in Turkey, compared to the more secular and nationalist Republican People’s Party (CHP), which once dominated Turkish politics.
“Just as we witnessed the liberation of Damascus, Aleppo, and Karabakh, God willing, one day we will also witness the liberation of Jerusalem,” Ciftci said in a speech at an AKP Party conference in the city of Corum.
Now, Turkey’s President Tayyip Erdogan has appeared to increase the rhetoric by saying on Wednesday that Israel’s attacks on Syria and Lebanon had reached a point where they also threaten Turkey, Reuters noted. Turkey’s president condemns Israeli aggression in the region.
Turkey has been increasingly concerned that Israel is becoming a regional superpower. From Turkey’s point of view, the multi-front war after October 7 has led Israel to a much stronger position in the region. This has led to Israeli strikes on the Houthis in Yemen, on Iran, and also Israeli operations in Lebanon and Syria.
What’s interesting about Turkey’s view is that it is partly projecting its own policy on Israel.
Turkey, under the AKP, shifted after 2015 to become much more aggressive and seek out military adventures. It sent forces into Syria. It mobilized Syrian rebel groups to fight against the Kurdish YPG in Afrin in 2018. It also backed Azerbaijan’s conflict with Armenia and Azerbaijan taking over the disputed area of Karabakh.
Ankara came close to clashes with Greece and also sent forces to Libya. In essence, Turkey’s policy from 2015 to 2023 was a series of movements to increase Ankara’s influence across the region and around the world.
It’s logical in any system of states that when there are two strong countries in a region, they may gravitate towards a clash. This is what happened after World War II, when the US-Soviet alliance against the Nazis turned into the Cold War. It is also how the balance of power in Europe functioned for hundreds of years.
For instance, when any one country would grow too powerful, others would often clash with it. This happened during the Napoleonic Wars and also in the lead-up to the World Wars. As such, the Middle East is merely replicating a natural phenomenon.
Recent rhetoric has increased tensions and concern in both Jerusalem and Ankara
Turkey and Israel are among the strongest military powers in the region. Both are allies of the US. Both have strong defense industrial complexes. They also have very different ideologies: one is led by a right-leaning Jewish party with increasingly religious-nationalist elements, and the other is led by a conservative, populist, Islamic-leaning party.
“The attacks by (Israeli Prime Minister Benjamin) Netanyahu and his network of murder on Lebanon and Syria have brought the issue to a point where it also threatens Turkey,” Erdogan told lawmakers from his ruling AK Party in parliament, Reuters said this week.
He also accused Israel of destabilizing African countries, a reference to Israel’s recognition of Somaliland. Turkey has forces in Somalia and has backed Somalia for years.
Erdogan also accused Israel of creating “discord” in the Eastern Mediterranean and referenced Israel-Cyprus ties. Turkey backs Northern Cyprus, which it recognizes as a country. Turkey invaded Cyprus in the 1970s to support Turkish Cypriots. This led to the division of the island.
Israel has increasingly warm ties with Cyprus and Greece. This challenges Turkey’s role in the Eastern Mediterranean.
“These small entities, whose ambitions far exceed their size, have boarded Israel’s boat of mischief, taken on the role of Zionist subcontractors, and are pursuing some pipe dreams in the Eastern Mediterranean,” Erdogan said. “Nobody should chase adventures…”
“I want everyone to know that if the rights of Turkey and Turkish Cypriots are violated in the Eastern Mediterranean, our response will be very clear and very strong,” he stated.
The comments in recent days have raised eyebrows in Jerusalem and Ankara.
It is clear that Turkey and Israel, under their current leadership, will have rhetorical clashes. The question is whether this may one day lead to larger tensions in Syria or the Eastern Mediterranean.
May inflation climbs to 4.2%, Fed likely stays on hold
Prices of goods and services continued to climb in May, according to data released Wednesday by the U.S. Bureau of Labor Statistics (BLS).
In May, the Consumer Price Index for all items rose 0.5% from a month, down from a 0.6% monthly increase in April. However, annually, the all items index rose 4.2% in May, up from the 3.8% annual increase recorded in April. This is the fastest annual pace of inflation since April 2023.
According to the BLS, the energy index, which rose 3.9% month-over-month and 23.5% year-over-year, accounted for over 60% of the monthly all-items index increase.
The index for all items less food and energy rose 0.2% month-over-month in May, thanks to increases in the indexes for communication (+1.3%), airline fares (+2.7%), medical care (+0.3%), personal care (+1.0%) and recreation (+0.3%). Year-over-year, the all items less food and energy index rose 2.9%, up from a 2.8% increase in April.
“May’s inflation report was a tale of two CPIs: higher energy costs pushed headline inflation to its fastest pace in two years, but underlying inflation remained relatively contained,” Odeta Kushi, First American’s deputy chief economist, said in a statement.
The index for shelter rose 0.3% month-over-month and 3.4% compared to a year prior, while the food index jumped 0.2% on a monthly basis and 3.2% on a yearly basis.
Fed unlikely to change its near-term policy outlook
Economists said that due to the softer increase and relative stability of core inflation, the Federal Reserve is unlikely to change its near-term policy outlook.
“Inflation remains higher than policymakers would like and a resilient labor market gives the Fed little urgency to lower interest rates,” Khushi said. “At the same time, the relatively tame core reading should provide some reassurance that underlying inflation has not reaccelerated. The result is likely to reinforce the Fed’s current wait-and-see approach and keep rate cuts on hold for now, as officials look for greater confidence that inflation is moving sustainably back toward target before considering any policy easing. The softer-than-expected monthly core reading also reduces the likelihood that policymakers will need to consider rate hikes.”
While mortgage rate relief may not be coming anytime soon, Khushi believes increasing inventory levels and improving consumer confidence in the labor market and overall economy will still help propel the housing market forward.
“The encouraging news for housing is that demand appears to be waiting on the sidelines, rather than disappearing altogether,” she said. “Existing home sales posted their strongest monthly gain of the year in May and reached their highest level since December, despite mortgage rates moving higher during the month.”
New York listings bill calls Compass’s bluff
While most of the industry kept its eyes on Zillow and the portals, a bill quietly cleared a full chamber of the New York State Legislature, and almost nobody noticed. On May 29, the Assembly passed the Fair and Transparent Real Estate Listings Act, which now sits in the Senate Judiciary Committee. When it was introduced in March, it earned a polite round of coverage. The passage, the part that actually matters, has gone almost entirely unreported.
Here is why broker-owners and brokerage executives should care — and care now. The bill does what the Clear Cooperation Policy never could. CCP was an association rule that the industry could amend, dilute or walk away from. This is statute with license revocation standing behind it.
The mechanics are simple. A listing agent representing a seller or a landlord must publicly market the property on an MLS or a platform that costs the consumer nothing and does not require them to work with the listing brokerage to see it. The agent also has to share listing information with buyer agents, respond to their inquiries and make the property available for showings.
The provision aimed at one company
Compass built its growth engine on the three-phase marketing strategy. Phase one is the Private Exclusive, marketed only to Compass agents and their buyers, off the public market. Phase two is Compass Coming Soon, launched only on Compass.com. Phase three is the public launch on the MLS and the portals. The first two phases are the entire product.
Read New York’s definitions against that model and the target comes into focus. A platform that requires a consumer to work with the listing brokerage to view a listing does not count as public marketing. Compass Private Exclusives fail that test by design. Then comes the line that does the real work: If a property sits on a private or limited-access channel, the agent must concurrently market it publicly. That one word, concurrently, collapses the dark-launch window. There is no phase one anymore.
Compass has a ready answer, and you should expect to hear it. After Washington passed its ban, CEO Robert Reffkin argued that such laws do not block the phased strategy, because Private Exclusive is merely a label and, as he put it, you cannot sell something to yourself, so the listings end up publicly marketed anyway. That is a tidy argument against a sloppy ban. New York did not write a sloppy ban. The definitions read as though they were drafted with that quote taped to the wall.
The opt-out is the real weapon
Here is the part that should hold a broker-owner’s attention. New York did not outlaw the model. It left an opt-out. A seller can sign a state-prescribed disclosure and direct the agent to keep the listing private. The mechanism survives. The sales story does not. That form makes the seller initial, line by line, that they understand a private listing may mean reduced visibility, fewer offers, and a lower sale price.
Picture the moment. Your agent is selling the homeowner on the brilliance of going private, and the State of New York hands that same homeowner a document that says, in plain English, this choice may cost you money. The state is not banning the pitch. It is making your client sign a sworn rebuttal to it.
Teeth, data and a trend line
The enforcement is not symbolic. The bill raises the maximum fine from $2,000 to $5,000, routes half of every penalty to the state’s anti-discrimination in housing fund, and treats each listing marketed in violation as a separate offense. For a firm carrying hundreds of listings, that arithmetic compounds quickly, and a license suspension sits at the end of the road.
It is not landing in a vacuum either. A Consumer Federation analysis found Compass double-ending, both sides of the deal kept in-house, at 41% in Washington, D.C., against a historical norm that researcher Stephen Brobeck put at 3% to 12%. The bill’s findings section, with its language about shrinking the pool of offers and making homes invisible to certain buyers, reads almost like a summary of that report. And New York is not first. Washington and Wisconsin already have laws on the books, with bills pending in Illinois, Connecticut and Hawaii. The fight that began inside MLS policy committees has moved to the statehouses, and the statehouses hit harder.
What to do before it becomes law
Two caveats, because precision matters. This is not law yet. It cleared the Assembly, but it still needs the Senate and the Governor’s signature, and the New York State Association of Realtors has not taken a position. Plenty can still change. But a bill that clears a full chamber in one of the country’s largest housing markets is not background noise. It is a signal flare.
So treat it like one. Read the actual bill, not the summary. Ask whether your firm’s pre-marketing playbook can survive a concurrent-publication requirement, and what your disclosure paperwork looks like if it cannot. Decide now whether your value proposition rests on transparency or on controlling who gets to see a listing, because New York is about to make that a very expensive distinction. What we teach is that the value was never the listing you controlled, it was the expertise and the trust you brought to the table. A law like this rewards the firms that already believed that.
The walled garden was always going to meet a fence law eventually. New York just poured the footings.
Darryl Davis, CSP, has spoken to, trained, and coached more than 600,000 real estate professionals around the globe. He is a bestselling author for McGraw-Hill Publishing, and his book, How to Become a Power Agent in Real Estate, tops Amazon’s charts for most sold book to real estate agents.
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
Gas Prices Stuck Above $4 as Summer Driving Begins
WASHINGTON — The summer driving season is underway, but many Americans are discovering that filling up the tank remains an expensive proposition.
According to AAA, the national average price for a gallon of regular gasoline remains above $4 per gallon, significantly higher than levels seen a year ago and one of the most visible reminders of how global events continue affecting household budgets.
For many families, gasoline is one of the few expenses that cannot easily be avoided.
People may postpone vacations, delay major purchases, or reduce discretionary spending, but commuting to work, taking children to school, and running daily errands still require fuel.
That reality is making higher gas prices particularly painful.
The primary driver remains the disruption to global oil markets caused by ongoing tensions in the Middle East and restrictions affecting oil shipments through key transportation routes.
As crude oil prices climbed, refiners and fuel distributors passed those increases through to consumers.
The effects vary dramatically across the country.
Drivers in some Midwestern states continue paying among the lowest prices nationally, while motorists in California and several Western states face averages approaching or exceeding $5 per gallon.
Those regional differences stem from varying fuel taxes, environmental regulations, transportation costs, and refinery capacity.
The consequences extend far beyond the gas station.
Fuel is embedded in nearly every part of the economy. Trucks deliver groceries, manufacturers ship products, airlines transport passengers, and contractors operate fuel-powered equipment. When gasoline and diesel costs rise, businesses often pass those expenses along through higher prices.
That is one reason economists expect energy prices to play a major role in this week’s inflation report.
Small businesses are particularly vulnerable.
Delivery services, landscapers, contractors, food trucks, and transportation companies often operate on narrow profit margins and may struggle to absorb higher fuel costs without raising prices.
The timing could hardly be worse.
Summer typically brings increased travel demand, road trips, and higher fuel consumption. While demand generally rises during this period every year, elevated oil prices have magnified the financial burden on consumers.
There has been some modest relief.
Gasoline prices have retreated slightly from their recent peaks, but they remain substantially higher than many families were paying before the current disruptions in energy markets.
For drivers seeking ways to save money, experts continue recommending basic fuel-efficiency strategies, including proper tire inflation, reducing aggressive acceleration, combining errands into fewer trips, and comparing prices through mobile apps.
While those steps cannot solve the broader problem, they can help reduce costs at the margins.
For now, however, the broader outlook depends largely on developments in global energy markets.
Until oil supplies increase or geopolitical tensions ease, fuel prices are likely to remain a major source of pressure on household budgets.
As summer begins, the gas station continues serving as one of the clearest places where Americans experience the economic consequences of events happening thousands of miles away.
JBizNews Desk
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STAT+: Hope for Kendall Square’s lab market
Want to stay on top of the science and politics driving biotech today? Sign up to get our biotech newsletter in your inbox.
Good morning. In today’s news, we have: pricing conundrums, lab demand, and drug shortages.
The need-to-know this morning
- Sanofi said it was halting a Phase 3 study of its drug riliprubart in a rare autoimmune disease after an interim analysis showed the therapy was not effective. It’s the latest blow to the French firm’s R&D efforts, which new CEO Belén Garijo has been brought in to revitalize.
- Parabilis Medicines, a developer of cancer medicines, raised $670 million in an initial public offering. It’s the largest-ever biotech IPO, topping obesity drugmaker Kailera Therapeutics’ $625 million debut in April.
European countries at odds over drug-pricing policies
In Europe, countries are grappling with what to do about drug prices as they contend with conflicting pressures. Aging populations and growing rates of chronic disease are straining their budgets, but, at the same, the U.S. and drugmakers are demanding they pay more for medicines.
OB-GYN association, deviating from CDC guidance, issues its own vaccine recommendations
The American College of Obstetricians and Gynecologists has released a recommended vaccine schedule for pregnant people, one that diverges from the advice currently offered by the Centers for Disease Control and Prevention.
ACOG is recommending four vaccines be routinely administered during pregnancy, with several other vaccines recommended under certain circumstances. The new schedule is endorsed by 13 medical societies and health organizations.
Figure bolsters first-lien strategy with $717M deal for Kiavi
Figure Technology Solutions will acquire Kiavi in a $717 million deal that increases its exposure to real estate investor loans and the first-lien mortgage market, the companies announced Wednesday.
Under the deal, Figure will acquire Kiavi’s technology and operating platform, while a joint venture between Figure and global investment firm Sixth Street will purchase Kiavi’s balance-sheet assets.
Figure said the transaction will add more than $7 billion per year in new first-lien volume to its Figure Connect marketplace and more than $100 million in monthly volume to Democratized Prime, its on-chain warehouse platform. Kiavi’s products include short-term residential transition loans (RTLs) and long-term rental property loans known as debt-service-coverage ratio (DSCR) loans.
Following the close of the transaction, Kiavi CEO Arvind Mohan will join Figure’s executive team as chief business officer.
The deal deepens Figure’s push into first-lien products and investor-focused credit at a time when aging housing stock and tight for-sale inventory are driving demand for renovation and rental strategies.
“The rental market is booming and many properties require short-term transition financing to cover renovation before they’re made rental-ready. Then, they’re often refinanced with DSCRs to cover permanent upkeep,” Figure CEO Michael Tannenbaum wrote in a blog post.
According to Tannenbaum, Figure’s first-lien business grew from 10% to 20% of its mix last year. It expects first-lien products to reach about 40% of its marketplace volume by the end of 2027.
Deal financing
Figure plans to contribute $538 million to the acquisition via a $600 million issuance of senior unsecured notes. Ryan Tomasello, an analyst at Keefe, Bruyette & Woods, noted after the announcement that this will result in an estimated pro forma corporate leverage of about 2x. Sixth Street will contribute $179 million and is providing $3 billion in forward purchase commitments, he added.
Figure characterized the Kiavi platform as high margin and asset light, and it reaffirmed its medium-term EBITDA margin target of roughly 60%. It expects the transaction to be accretive to earnings per share and to deliver an unlevered cash payback in less than four years.
The companies said the combination represents a roughly $200 billion annual addressable origination opportunity that Figure intends to move onto its tokenized rails.
Figure said it currently accounts for about 75% of real-world asset tokenization. The Kiavi deal is meant to scale that foothold and accelerate its shift toward first-lien assets, a market it estimates is about 25 times larger than second liens.
Founded as LendingHome in 2013, Kiavi focuses on financing investors who buy, renovate, and rent or resell properties. It reported more than $250 million in revenue and more than $100 million in EBITDA last year, and it has funded more than $30 billion in loans to date, according to the announcement.
“For the past 13 years, Kiavi has been focused on powering our data flywheel and proving what’s possible when technology and industry expertise converge,” Mohan said. “This transaction represents a massive leap forward for the asset class.”
Artificial intelligence
Kiavi’s loans will be the first use case for Adaptor, Figure’s new AI product aimed at automating agent-to-agent onboarding by normalizing originator data across assets on Figure Connect and Democratized Prime.
“Blockchain is a big idea, but the on-chain capital markets are in their infancy,” Mike Cagney, Figure co-founder and executive chairman, said in the announcement. “Figure needs to make bold moves to bring entire asset classes on chain.”
Barclays Capital Inc. served as exclusive financial adviser to Figure and Sixth Street, while Jefferies LLC advised Kiavi.
This article was written by Flávia Furlan Nunes and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.
From Overlooked to In-demand: The Rise of Industrial Outdoor Storage
Industrial outdoor storage (IOS) has long been a familiar sight near ports, airports and industrial corridors. Yet despite its visibility, the sector remained largely overlooked by institutional investors for years. That is changing rapidly.
In a recent episode of NAIOP’s Inside CRE podcast, NAIOP President and CEO Marc Selvitelli, CAE, spoke with Leo Addimando, managing partner and cofounder of Alterra Property Group, about the evolution of IOS from an under-the-radar property type into one of commercial real estate’s fastest-growing sectors.
Defining a Once-ambiguous Sector
Alterra has been at the forefront of that transformation, acquiring more than 470 IOS properties nationwide. According to Addimando, one of the biggest reasons the sector remained overlooked for so long was that it lacked a clear identity.
“It was the largest category of real estate that had not been institutionalized and frankly had been hiding in plain sight,” he said.
For years, investors struggled to define what constituted IOS and how to evaluate it. The sector’s fragmented ownership structure, inconsistent zoning classifications and relatively small property sizes made it difficult for institutional capital to gain traction.
Today, however, a more standardized understanding of IOS is emerging. Addimando defines the asset class as properties ranging from one to 100 acres with limited building coverage and zoning that supports outdoor storage and operational uses.
Infrastructure Investment Fuels Growth
While logistics and transportation companies were historically the dominant users of IOS properties, demand patterns have shifted.
“Three or four years ago,” Addimando explained, “I would have told you it was two-thirds to three-quarters logistics- and transportation-related tenancy.”
Today, federal infrastructure spending, population growth in key markets and the rapid expansion of data centers are generating significant needs for construction equipment, utility contractors and service providers that rely on IOS facilities.
“The logistics folks are not growing right now, and the infrastructure folks are growing. So that’s where the demand comes from right now.”
The data center boom is proving particularly significant. Beyond the facilities themselves, supporting infrastructure for power, water and fiber networks is creating sustained demand for IOS properties across many markets.
Transportation Costs Drive Decision-making
Like every real estate sector, success in IOS begins with location. But the economics driving site selection are somewhat different.
According to Addimando, transportation expenses typically account for about half of an IOS tenant’s operating costs, while occupancy costs represent only a small fraction of the overall budget.
“When your transport costs are 50% of your cost base and your rent costs are 5%, how location-sensitive are you going to be? Very, very location sensitive.”
Proximity to customers, transportation networks and labor pools often outweigh land cost considerations. For many tenants, paying a premium for a well-located site is far more economical than absorbing higher transportation costs over time.
Zoning: The Critical Factor Investors Can’t Overlook
One of the most important lessons for investors entering the sector is understanding zoning. While environmental concerns often receive significant attention, Addimando argues that zoning presents greater risk.
Because few jurisdictions have zoning categories specifically designed for IOS, investors must carefully evaluate whether local regulations support long-term operational uses. Misjudging zoning requirements can significantly impact a property’s value and usability.
Early Innings of Institutional Adoption
Despite growing interest from large investors, Addimando believes IOS remains in the early stages of institutional adoption.
Major private equity firms, sovereign wealth funds and public REITs have begun exploring the sector, but its highly fragmented nature continues to present challenges. Building scale requires aggregating hundreds of smaller properties rather than acquiring a handful of large assets.
However, while challenges around scale and zoning remain, the sector’s fundamentals suggest IOS will play an increasingly central role in supporting infrastructure, logistics and emerging industries. What was once “hiding in plain sight” is now emerging as a recognizable and indispensable segment of the commercial real estate landscape.
Listen to the full episode of the Inside CRE podcast.
This post was created with the assistance of AI tools; all content was reviewed by the author.
Why The CLARITY Act Will Not Pass On July 4
The White House certainly set a July 4, 2026 target for the Digital Asset Market Clarity Act. I think this deadline remains purely aspirational. The political calendar simply does not support such an aggressive timeline. A late-summer or early-autumn passage makes far more sense.
The most glaring obstacle blocking a July 4 victory lap involves a severely shrinking Senate calendar. Lawmakers face a massive bottleneck regarding floor time before they leave for their August recess. The Senate already burned through crucial days reauthorizing Section 702 of the Foreign Intelligence Surveillance Act after a failed procedural vote on June 5. Members must now dedicate significant floor hours to debating military authorization concerning Iran and resolving Department of Homeland Security funding standoffs. Furthermore, a heavy backlog of official presidential nominations demands immediate attention. Legislative leaders simply cannot squeeze a complex market structure bill into this packed schedule.
Beyond the calendar crunch, the legislation faces a mandatory structural unification process that takes considerable time. The Senate Banking Committee passed its version of the bill on May 14 by a vote of 15 to 9. Meanwhile, the Senate Agriculture Committee approved its companion version back in January. Now, staff from both committees must merge these separate drafts into a single, cohesive document. This reconciliation process inherently demands weeks of intense back-and-forth negotiation. Merging jurisdictional boundaries between banking and agriculture committees always triggers fierce debates over oversight authority. Staffers need time to iron out these jurisdictional disputes before leadership can even schedule a full floor vote.
Even after the committees finalize a unified text, the bill must survive the notorious 60-vote filibuster threshold. This mathematical reality forces lawmakers to secure support from at least 7 Democrats. While the legislation cleared the Banking Committee with a bipartisan showing, that fragile coalition could easily fracture on the Senate floor. Key crossover Democrats have already signaled their conditional support. Senator …
Bitcoin ETFs Shed All Inflows Made After Trump 2024 Election Win
Bitcoin (CRYPTO: BTC) ETF net assets fell to $77.58 billion on Tuesday, the lowest level since the last presidential election, notwithstanding the most crypto-friendly regulatory environment in US history.
Every Post-Election Gain Is Gone Despite The Best Regulatory Climate Ever
Total net assets across all 11 US spot Bitcoin ETFs peaked at $169.54 billion in October 2025 and have since lost more than half that value.
Cumulative net inflows since inception peaked at $62.77 billion in October 2025 and have since declined by nearly $9 billion to $53.77 billion, the lowest level since August last year.
The regulatory backdrop makes the exodus harder to explain on policy grounds alone. The SEC dropped multiple high-profile enforcement actions, the US established a Strategic Bitcoin Reserve, and the CLARITY Act is advancing through Congress.
None of …
World Cup isn’t behind Trump’s push for Iran deal, White House WC chief tells ‘Post’ – interview
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The Trump administration’s preparations for the 2026 FIFA World Cup did not influence President Donald Trump’s decisions on Iran or his push for a ceasefire between Iran and Israel, Andrew Giuliani, the senior White House official overseeing the tournament, told The Jerusalem Post in an exclusive interview.
Giuliani, executive director of the White House Task Force on the FIFA World Cup 2026, rejected the idea that the administration’s desire for a quiet tournament had shaped US national security policy.
“I can tell you that it did not,” Giuliani said when asked whether the World Cup affected Trump’s decision-making on Iran. “It did not influence any decision from a national security perspective.”
Giuliani said the White House wants the world to come to the United States for the tournament, while making clear that the administration will not compromise on security.
“We want the world to come here and enjoy the World Cup,” Giuliani said. “But we do not want terrorists. We do not want hostile actors. We are making sure we are doubling and tripling the intelligence work to ensure that does not happen.”
Iran moved training camps from US to Mexico due to conflicts
The Iranian angle is among the most sensitive issues facing the tournament. Iran is scheduled to play two group-stage matches in the Los Angeles area, home to one of the largest Iranian communities outside Iran. Giuliani said the administration had already prepared for the Iranian team’s arrival.
“The president signed an order last year that allowed the players to enter,” Giuliani said. “All 31 players, 26 plus five alternates, received their visas.”
He said the players would be able to enter the US one day before the match.
Giuliani described the security arrangements around the Iranian team as a “very well-coordinated operation” involving US federal and local agencies.
“We have worked very closely with US Customs and Border Protection, with the Department of Homeland Security, with the FBI, and with local officials in Los Angeles to make sure this is being planned very carefully,” he said.
“We want everyone in Los Angeles to be safe. We want the Iranian national team to be safe. We want them to have the ability to compete.”
The administration is also preparing for Iranian-American fans expected to attend matches and related events.
“We also want all the Iranian-Americans who are excited to celebrate the World Cup and the fact that the team is here to be able to enjoy it,” Giuliani said. “I think Los Angeles has the largest Iranian population outside Tehran. These will be very special weeks for that community.”
Asked whether Iranian fans would be allowed to wave the pre-revolutionary Iranian flag, featuring the lion and sun symbol associated by many opponents of the Islamic Republic with a different Iranian identity, or hold protests outside stadiums, Giuliani said the federal government was approaching the issue primarily through a security lens.
“FIFA does what it does inside the stadiums regarding prohibited items,” he said. “We look at this from a security perspective. Outside the stadiums, people will be free to express their feelings. We want them to do that.”
“So long as they are not threatening law enforcement, not threatening Americans, or not threatening anyone else, they can express themselves,” Giuliani added. “That is one of the beautiful things we believe in here in the United States.”
Trump’s personal involvement in the tournament
Giuliani repeatedly tied the tournament to America’s 250th anniversary, which will be marked during the World Cup.
“This is an opportunity to host the largest sporting event this country has ever hosted and to do it in America’s 250th birthday year,” he said. “We expect more than two billion people to watch the final. There really is no bigger sporting event through which to showcase that.”
Trump himself, Giuliani said, has been personally involved in preparations for a long time.
“I have spoken with President Trump about this dozens of times, including this past weekend,” Giuliani said. “He is very excited that the tournament is about to begin, and he is excited that the rest of the world will be able to see American exceptionalism here.”
Giuliani noted that Trump was involved in the successful US bid to host the tournament during his first term.
“I remember working on this with the president,” he said. “I remember the evening when we were in the Oval Office after we knew the country had won the right to host the World Cup. He was very excited for the country.”
That evening, Giuliani said, had a “bittersweet” element for Trump, who at the time did not expect to be president when the tournament opened in 2026.
“And here we are again,” Giuliani said. “The 45th and 47th president of the United States gets to host the world.”
The 2026 World Cup will be the first with 48 national teams and the first to be hosted by three countries: the United States, Canada, and Mexico. Giuliani said the size of the tournament created enormous logistical and security challenges.
“The last time the United States hosted the World Cup, in 1994, there were 24 teams. Now it is double,” he said. “We have matches from Los Angeles to Boston, from Miami to Seattle, and really almost everywhere in between.”
More than 400 law enforcement bodies are involved in preparations, Giuliani said.
“We are in daily contact with those law enforcement organizations,” he said. “We are making sure the intelligence is very sharp, minute by minute, so we can help a police officer in Seattle who sees the same thing a police officer in Atlanta sees and connect the two.”
Drone threats and visa scrutiny both pose challenges
One of the issues worrying organizers is the threat posed by drones.
Giuliani said that last year, only five major security events in the US received counter-drone protection. During the World Cup, that protection will be expanded significantly.
“For 78 matches and one fan festival in each of the 11 US host cities throughout the tournament, we will be able to bring counter-drone protection to all those sites,” he said. “That is more than 150 event days in which we will be able to provide that coverage. It is an incredible effort that has taken more than a year by the federal government.”
The FBI, Justice Department, Federal Aviation Administration, Federal Communications Commission, State Department, and National Security Council are all involved in the effort, Giuliani said.
“It is really amazing to see the work being done to protect the skies around this World Cup,” he said.
Visa issues have also become a flashpoint ahead of the tournament. Somali referee Omar Abdulkadir Artan, one of FIFA’s prominent officials, was denied entry to the US. Iraqi star Aymen Hussein was reportedly detained and questioned for hours. Other participating countries have also faced visa difficulties involving fans and officials.
Giuliani said the administration views visas and national security as inseparable.
“Every visa decision is a national security decision. That is the first and most important thing to say,” he said.
At the same time, he said the administration had cut waiting times in major soccer countries.
“In Argentina, wait times were more than 300 days just a few years ago. Now the wait times in Buenos Aires are only a few days,” he said. “In Rio de Janeiro, Brazil, they were around 700 days. Think about that, 700 days for a five-time world champion. Today we have cut B1/B2 visa wait times to less than two weeks.”
Giuliani stressed that the administration would not soften security checks.
“We are not going to allow people who are hostile actors to enter,” he said. “We are carrying out the screening process. We want to process people’s applications and give them the opportunity to get appointments, but we are not changing national security procedures. We want a safe and successful World Cup, to invite everyone who comes to enjoy it, and to keep all hostile actors out.”
A message to Israeli fans
Giuliani also sent a direct message to Israeli fans.
“We want you to come to the United States for the World Cup,” he said. “Please come here. Enjoy this amazing World Cup. Celebrate America’s 250th birthday with us. We truly value this relationship. I know President Trump greatly values that special relationship. I value it as well.”
“We very much want you to be part of our 250th birthday,” he added. “So please come to the United States. Enjoy the World Cup. Enjoy all the great events.”
Trump, Giuliani said, will not attend the US national team’s opening match, though he will send a senior delegation.
“The president is very excited that the tournament is beginning,” Giuliani said. “He will not be able to attend the opening match, but several cabinet secretaries will be there to represent him. I will also be there to represent him.”
Asked what would count as success for the administration, Giuliani said the answer was simple.
“If, at the end of the World Cup, we are talking about what happened on the field, then we as a federal government did our job,” he said. “That is really a central part of it. We want to make sure the real story is the game itself.”
Still, he did not hide his hope for American success.
“You can accuse me of being a bit of a homer, but I hope and expect that the US national team will make a nice, deep run in this World Cup,” he said. “Imagine what kind of story it would be if, in America’s 250th year, the US men’s national team makes a serious run in the tournament. That could captivate the entire nation.”
Messi, Ronaldo, Haaland and the American audience
Asked which players are most exciting to the American public, Giuliani began with Lionel Messi.
“Everyone is very excited. Obviously, Messi, since coming to Miami a few years ago, has also lifted American soccer,” he said.
He also mentioned Cristiano Ronaldo and his connection to Trump.
“We have seen Ronaldo here a few times at the White House with President Trump. That was very special. Being with President Trump and Messi in the Oval Office was also a lot of fun,” he said.
The player who seemed to excite him most was Erling Haaland.
“I think it will really be amazing to see Haaland here from Norway,” he said. “Amazing.”
Giuliani said it would also be exciting to see American stars “take center stage,” including Christian Pulisic, Tyler Adams, and Weston McKennie.
“Who knows who else will come out of the shadows and become the hero of this incredible 40-day run we are about to begin,” Giuliani said.
Giuliani, 40, is the son of former New York mayor Rudy Giuliani. He played professional golf for several years before entering politics, ran in the 2022 Republican primary for governor of New York, and served in the White House during Trump’s first term as a special assistant to the president and a senior official in the Office of Public Liaison.
Today, he heads the White House task force responsible for the 2026 World Cup.
Asked at the end of the interview which player, coach, or world leader he was most excited to meet during the tournament, Giuliani chose a broader answer.
“I don’t know if there is one specific person,” he said. “What I am excited about is America’s opportunity to show its greatness. This is an opportunity to host the world.”
“People from all walks of life, all political views, and all religious backgrounds will come to the United States and see American hospitality and American exceptionalism,” he said.
“President Trump is always very clear. When he says America First, it means America First, but it does not mean America Only. We want the rest of the world to come here, enjoy the United States, and leave on July 20, saying, ‘That was an amazing 250th birthday celebration.’ We will have to do it again.”
A lighter moment came at the end of the interview, when Giuliani was asked whether he could be described as the Steve Witkoff of soccer.
Giuliani laughed, said he had played golf with Witkoff in the past, and replied: “I am going to tell him you said I am the Witkoff of soccer. I really want to see what his reaction will be.”
Bringas Home Team Joins simpliHŌM, plans southern California expansion
The Bringas Home Team, a California real estate team serving Riverside and San Diego counties, has left LPT Realty to join simpliHŌM, a national brokerage that has expanded to more than 1,100 agents across 22 states since 2024.
Led by founder Justin Bringas, the 20-agent team serves Murrieta, Temecula and surrounding communities.
Partnering with simpliHŌM is expected to support the team’s continued growth, with plans to expand to more than 40 agents and open a dedicated office in northern Murrieta by the end of 2026.
The Bringas Home Team has completed more than 450 home sales throughout its history. In 2026, the team said it has already closed more than $61 million in sales volume, with an additional $28 million currently under contract.
“Joining simpliHŌM was an easy decision because I was looking for more than just a brokerage — I was looking for leadership, vision and a community that truly supports its agents,” said Bringas. “Agents aren’t treated like competitors here. They’re treated like partners.”
Bringas also brings more than 19 years of experience in both real estate and mortgage lending.
“We are incredibly excited to partner with a top-producing team that has a massive vision for continued growth,” said Sean Miku, founder and CEO of simpliHŌM. “Justin Bringas is exactly the kind of leader we built simpliHŌM for. We created this company so that people like him can realize that whatever they dream, they can achieve it — and we’ll be right by their side.”
For Bringas, the move provides additional resources and opportunities for his team while supporting agents in building long-term careers within the industry.
“Real estate is more than a business — it’s about helping people realize their dreams,” he said. “I want every agent on my team to feel that same level of support in building their own careers.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
CoStar targets Zillow Preview in amicus filing over MRED feed
CoStar Group is looking to insert itself into Zillow’s ongoing antitrust battle with Midwest Real Estate Data (MRED) and Compass International Holdings.
On Wednesday, the parent company of residential real estate listing portal Homes.com, filed an amicus brief in opposition to Zillow’s motion for a preliminary injunction seeking to prevent MRED from suspending its listing feed. A hearing on this motion is scheduled for early July.
“Zillow’s Motion paints Zillow as a fledgling, pro-transparency actor victimized by the powerful Defendants because Zillow courageously spoke out against them,” the filing states. “That narrative could not be further from the truth. Zillow’s Motion is just another tool for Zillow to kneecap competition in an apparent effort to replace the current MLS regime.”
In the filing, CoStar claims that Zillow’s motion is part of its “scheme to expand its ecosystem and replace the non-profit MLS system.”
“It seeks to fragment the market in its favor, locking out rivals like Homes.com, while barring others’ pre-market listings and maintaining broad access to MLS feeds, until it no longer needs them,” the brief states.
According to CoStar, Zillow believes that it has grown so large that a listing on Zillow’s network alone is, by definition, pro-consumer. Thus, Zillow need not share it further. And a listing not available to Zillow’s network is, by definition, anti-consumer. Zillow needs a reality check.”
CoStar claims in the brief that Homes.com has been “directly harmed” by Zillow’s exclusive pre-market listing practices.
In mid-March, Zillow launched Zillow Preview, a new offering providing agents and their sellers with the option to publicly pre-market their listings before the properties transition to an active listing status. Zillow launched the product in partnership with Keller Williams, REMAX, HomeServices of America, United Real Estate and Side but it has since expanded the offering to include dozens of other brokerages and franchisors.
According to Zillow, listings may only be in a preview status for as long as local MLS rules allow and agents are responsible for understanding and complying with their local MLS rules regarding pre-marketing and statuses like ‘coming soon.’
“Hypocritical”
In the brief, CoStar calls the product “hypocritical,” claiming that Zillow Preview is the same thing as the defendants’ private listing networks, stating in the filing that the losing portal “trumpeted the very thing it had said was anathema when offered by a rival.”
According to CoStar, Zillow “audaciously complains about brokerages (1) ‘walling off the listings in their large networks from outside competitors,’ and (2) ‘using their large networks to lure buyers and sellers, capturing so-called network effects.’ But the practices that Zillow vociferously condemns describe precisely Zillow’s own behavior and objectives with respect to Zillow Preview.”
The Andy Florance-helmed firm goes on to claim that not only does it feel Zillow Preview anticompetitive but it is also anti-consumer.
“Zillow uses sellers’ listings as bait to divert consumer leads toward Zillow’s affiliated buy-side brokers, so that Zillow can obtain a cut of the buy-side commission,” the filing states. “Zillow dupes consumers by presenting a ‘Contact Agent’ and ‘Request a Tour’ button beside property listings . . . And the vast majority of consumers do not understand this deception, evidenced by a recent study that found 99.7% of respondents incorrectly identified whom they were contacting on the Zillow platform.”
Zillow has previously stated that on Preview listings, consumers will be able to contact the listing agent directly via the “Contact Agent” button or schedule a tour of the property after the listing becomes active with the help of a Zillow Preferred buyer’s agent through the “Schedule a Tour” button. Additionally, Zillow has said that agents with Zillow Preview listings will not be charged for any leads they obtain through the contact agent button on their own listings when they are in the preview status.
In CoStar’s view, Zillow wants things “both ways.”
“On one hand, Zillow wants immediate access to brokerages’ MLS listings so it can profit from those listings as a brokerage competitor and an MLS replacement,” the filing states. “On the other, Zillow wants to hoard pre-market listings and market them exclusively through Zillow’s own channels, to the detriment of competition and consumers.”
Zillow’s agreement with Realtor.com
The filing, which also claims that Zillow is a “monopolist,” examines Zillow’s agreement with Realtor.com to syndicate Zillow Preview listings on the site. CoStar argues that the agreement allows Zillow “to lock up high-value ‘coming soon’ listings provided by brokerages, while its exclusive horizontal partnership with Realtor.com allows Zillow to capture a dominant marketplace share through elimination of a major competitor and exclusion of all others.”
“Zillow wants a court order forcing MLSs to hand over their listings while Zillow hoards its own exclusive pre-market inventory — a breathtaking ‘heads I win, tails you lose’ proposition,” Gene Boxer, CoStar’s general counsel, said in a statement. “The Court should see this motion for what it is: an attempt to weaponize the judicial system to entrench Zillow’s dominance at the expense of competition, consumers, and the MLS system that has served the industry for decades.”
According to Boxer, CoStar filed the brief “because the Court deserves the full picture, and the full picture reveals that Zillow’s claims of concern for consumers and competition are a smokescreen for its own anticompetitive ambitions.”
Zillow did not immediately return HousingWire’s request for comment.
CoStar and Zillow are currently locked in a legal battle of their own over alleged copyright infringement related to photos of rental listings. In an amended complaint filed in March, CoStar claimed that Zillow has infringed on CoStar’s copyright on more than 53,000 watermarked photos across Zillow and the platforms it syndicates rental listings to, including Redfin and Realtor.com.
Beware the ticking time bomb hiding in your 401(k)
For working Americans with access to a 401(k), there’s perhaps no easier way to save for retirement. You tell your employer how much money you want to contribute per year or per pay period, and that money gets deducted from your paychecks accordingly.
Plus, if you’re lucky, you may not only have access to a 401(k) plan but also a workplace match. That’s free money you can invest alongside your own contributions.
But a lot of 401(k) savers overlook a big financial risk that could become a problem later on in retirement. And if you’re saving in a 401(k), it’s something you absolutely need to know about.
MOST 401(K) SAVERS MAY BE SHORT-CHANGING THEMSELVES, DATA SHOWS
One of the biggest risks of saving in a 401(k) is required minimum distributions (RMDs). Once you turn 73 or 75, depending on the year you were born, you’re forced to withdraw a certain amount from a 401(k) each year or otherwise risk a large penalty.
RMDs aren’t just annoying. They could push you into a higher tax bracket in retirement, cause you to get taxed on your Social Security benefits, and leave you paying surcharges on your Medicare premiums.
ARE YOU A NEW STOCK MARKET INVESTOR IN JUNE 2026? HERE’S WARREN BUFFETT’S ADVICE
Of course, the larger your 401(k) balance is once RMDs start, the larger those mandatory withdrawals are apt to be. But if you don’t need to withdraw all that money each year, it could create a huge headache.
And if you contribute steadily to a 401(k) over decades, all the while investing in the stock market, it’s conceivable that you could have a few million dollars sitting in that account by the time you reach the age when RMDs begin. That’s a good problem to have – but it’s a problem nonetheless.
While RMDs could become a big hassle for you if you have your retirement savings in a 401(k), there’s one way to make them less of a problem: Do Roth conversions before they begin.
HOW ETFS CAN BE EFFECTIVE BUILDING BLOCKS FOR RETIREES
With a Roth conversion, you move some (or all) of the money from your 401(k) into a Roth IRA. Roth IRA withdrawals are not taxable and are not subject to RMDs.
Another option is to carefully manage 401(k) withdrawals before RMDs begin. Taking larger withdrawals during lower-income years could reduce your future tax burden.
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For example, you may have a period when you retire from your job and only live on Social Security for a while. That could be a good time to do Roth conversions or strategically withdraw from your 401(k).
While 401(k)s make it easier for some people to accumulate retirement wealth, they have a huge potential drawback. It’s important to understand how RMDs might affect your taxes and overall financial situation in retirement so you can plan around them.
The Motley Fool has a disclosure policy.
Stocks Open Lower as Inflation Hits a Three-Year High and U.S. Strikes Iran Overnight
Stocks fell at Wednesday’s opening bell after the Bureau of Labor Statistics reported Wednesday, June 10, that consumer prices rose 4.2 percent over the past year in May — a three-year high — while overnight American airstrikes inside Iran shattered hopes for a quick end to the war. The Nasdaq Composite led the pullback, down 0.7 percent as Tuesday’s tech sell-off deepened, while the S&P 500 and the Dow Jones Industrial Average each fell about 0.5 percent as of just before 10 a.m. Eastern.
The inflation report set the tone. The 4.2 percent annual rise matched economists’ expectations, but the hot reading may boost bets that the Federal Reserve will hike interest rates this year. Energy prices remained the biggest driver of inflation amid the protracted war with Iran. Headline prices rose 0.5 percent from April to May. Before the report landed, markets had priced in a 98.2 percent chance the Federal Reserve leaves rates unchanged at its June meeting, according to the CME Group FedWatch tool. The 10-year Treasury yielded 4.53 percent, and the two-year stood at 4.14 percent.
The war escalated overnight. The U.S. launched a series of airstrikes within Iran on Tuesday, targeting air defense, ground control stations and surveillance radar sites, U.S. Central Command said. Iran acknowledged strikes around the city of Bandar Abbas and Qeshm Island inside the Strait of Hormuz, but gave no details on the damage.
The strikes came after President Donald Trump said in a post on Truth Social that while the two pilots involved in the shootdown of an Apache helicopter near the Strait of Hormuz were safe and uninjured, the United States must respond to the attack. Central Command called the strikes a proportional response to unjustified Iranian aggression.
Trump turned up the pressure again Wednesday morning. He wrote on Truth Social that Iran has taken too long to negotiate a deal that would have been great for them, and now they will have to pay the price. Brent crude rose nearly 2 percent to $93 per barrel after the post, while West Texas Intermediate hovered just below $90.
The supply damage keeps mounting. Rystad Energy said Wednesday that the shutdown of 11.8 million barrels a day of production across six Gulf producers has created the most severe oil supply disruption in modern history, with cumulative losses reaching 1 billion barrels. The consultancy warned each additional month of conflict could erase another 350 million barrels of output.
Global Markets
Asia sold off hard overnight. Japan’s Nikkei 225 fell 1.89 percent, while South Korea’s Kospi slumped 4.52 percent, leading regional losses amid a tech sell-off and Middle East tensions. Hong Kong’s Hang Seng traded 0.77 percent lower, and mainland China’s CSI 300 lost 1.11 percent.
SoftBank Group plunged 10 percent after its effort to secure at least $6 billion through a margin loan backed by its OpenAI stake hit a snag, according to Bloomberg News.
Europe held firmer. The pan-European Stoxx 600 rose 0.3 percent after its open, with London’s FTSE 100 up 0.2 percent, France’s CAC 40 adding 0.4 percent and Germany’s DAX rising 0.2 percent. Autos, insurance and healthcare led gains, while technology and banks lagged.
Movers and Shakers
Super Micro Computer fell 10 percent in premarket trading after the company announced a $7 billion financing package to fund its AI infrastructure order backlog.
Chip stocks stayed under pressure. Shares of Nvidia, Micron, Intel and Qualcomm pointed lower before the open after finishing Tuesday in the red.
Oracle reports earnings after Wednesday’s closing bell, with investors focused on details of its cloud business, which counts OpenAI as a customer, amid fluctuations in the AI trade.
Starbucks is exploring options for its business in Japan, including a stake sale, according to Bloomberg, which reported preliminary talks between the company and investment banks. Japan is one of the chain’s largest markets, with about 2,100 stores.
In housing, Keefe, Bruyette & Woods upgraded Toll Brothers to outperform from market perform, saying builders exposed to affluent buyers are better positioned to defend margins, while downgrading Lennar to underperform, citing its heavy entry-level exposure. Bank of America upgraded STMicroelectronics to Buy from Neutral.
What Comes Next
The week’s main event arrives Friday. SpaceX holds its initial public offering Friday, June 12, listing on the Nasdaq under the ticker SPCX at $135 per share, giving the company an initial market value of $1.77 trillion — the largest IPO on record.
Roughly $75 billion worth of shares must be allocated to underwriters and asset managers before trading begins Friday.
Until then, the market sits between two forces it cannot control: inflation climbing on war-driven energy costs, and a conflict in the Persian Gulf that shows no sign of ending.
JBizNews Desk
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Why the Plan to Free Fannie and Freddie May Be Stalling — and What It Means for Your Mortgage
President Donald Trump’s long-promised effort to remove mortgage giants Fannie Mae and Freddie Mac from government control is facing new questions after the official leading the project was handed a second, unrelated assignment running the nation’s intelligence agencies.
Trump announced on June 2 in a post on Truth Social that he was appointing Bill Pulte — director of the Federal Housing Finance Agency (FHFA) and chairman of Fannie Mae and Freddie Mac — as acting Director of National Intelligence, while allowing him to retain his housing responsibilities.
Speaking aboard Air Force One last Friday, Trump signaled that any move to take Fannie and Freddie public is not imminent.
He said he has not ruled out pursuing an initial public offering but emphasized, “It’s not a rush.” A day earlier, Trump praised Pulte’s work overseeing the mortgage giants and noted that the intelligence position is “not a permanent position.” Requests from CNN last week for updated timelines from the White House, FHFA, Fannie Mae, and Freddie Mac went unanswered.
To understand why this matters, it helps to know the role Fannie and Freddie play in the housing market.
The two government-sponsored enterprises do not issue mortgages directly. Instead, they purchase home loans from banks and lenders, package them into securities, and sell them to investors. That process replenishes lenders’ capital, allowing them to make new loans while helping keep mortgage rates lower and more widely available.
As a result, Fannie and Freddie sit beneath a substantial portion of the U.S. mortgage market and are deeply intertwined with how Americans finance home purchases.
The companies have remained under government conservatorship since the 2008 financial crisis, when federal officials stepped in to prevent their collapse and stabilize the housing market. What was intended as a temporary measure has now lasted nearly two decades.
Susan Wachter, a professor of real estate and finance at the Wharton School of the University of Pennsylvania, told CNN that few observers expected the arrangement to still be in place 18 years later.
Trump has long argued that the companies should eventually return to private ownership. During his first term, efforts to end conservatorship stalled, but supporters continue to argue that Fannie and Freddie are financially strong enough to operate independently and that a public offering could generate billions of dollars in value.
The challenge now may be execution.
Pulte, 38, whose grandfather founded one of the nation’s largest homebuilders, is now responsible for overseeing more than $10 trillion in mortgage exposure while simultaneously leading the sprawling U.S. intelligence apparatus, including agencies such as the CIA and the National Security Agency.
Housing experts note that restructuring and privatizing Fannie and Freddie is itself a highly complex undertaking requiring extensive regulatory, financial, and political coordination.
Wachter told CNN that the effort is effectively a full-time job and suggested that progress that once appeared to be moving forward may now be slowing.
The stakes are significant.
If the government mishandles an exit from conservatorship, it could unsettle the market for mortgage-backed securities that supports much of the U.S. housing finance system. If investors demand higher returns to compensate for increased uncertainty, mortgage rates could rise as a result.
That risk comes at a difficult time for prospective homebuyers, who are already confronting elevated home prices and mortgage rates that remain well above pre-pandemic levels.
Pulte’s growing portfolio of responsibilities has also attracted political scrutiny.
In his role overseeing housing finance, he has filed criminal referrals alleging mortgage fraud against several prominent political figures, including Federal Reserve Governor Lisa Cook and New York Attorney General Letitia James. Those allegations have been denied by the individuals involved.
His appointment as acting Director of National Intelligence has also drawn criticism from Democrats and concern from some Republicans, who note that the position was created after the September 11 attacks with the expectation that its holder would possess substantial national security experience.
For homeowners and prospective buyers, the immediate takeaway is relatively simple.
A privatization of Fannie Mae and Freddie Mac could eventually reshape how mortgage lending is funded in the United States. Whether that change ultimately lowers costs, raises them, or leaves the system largely unchanged remains a matter of debate.
What appears more certain today is that the process is unlikely to accelerate. With the official overseeing the effort now balancing responsibilities in both housing finance and national security, a slower and more cautious timetable looks increasingly likely.
That may provide some short-term stability. Financial markets generally prefer gradual transitions over rushed restructurings, particularly when trillions of dollars in mortgages are involved.
The larger question—whether the federal government will ultimately relinquish control of the two institutions that underpin much of America’s housing market—remains unresolved.
JBizNews Desk — Business
© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.
US conducts repeated ‘self-defense strikes’ in Iran following attack of US helicopter over Hormuz
The United States launched strikes against Iran on Tuesday evening, following the downing of a US Army Apache helicopter, US Central Command (CENTCOM) announced on Tuesday.
The strikes were described by CENTCOM as “self-defense strikes” and as “a proportional response to unjustified Iranian aggression.”
U.S. Central Command (CENTCOM) forces began launching self-defense strikes against Iran at 5 p.m. ET today at the Commander in Chief’s direction, in response to yesterday’s downing of a U.S. Army Apache helicopter. The mission is a proportional response to unjustified Iranian…
— U.S. Central Command (@CENTCOM) June 9, 2026
Several hours after the first round of strikes, explosions were heard in the Iranian cities of Jask and Bandar Abbas, according to Iranian state-sponsored media outlet Mehr news agency, citing local residents’ reports. A short time after that, explosions were reportedly heard in Qeshm Island in southern Iran, in what various media outlets referred to as a third round of strikes.
According to CENTCOM, the US struck Iranian air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz with precise munitions from US Air Force and Navy fighter jets.
US ‘must respond’ to Iran helicopter attack
Earlier in the day, US President Donald Trump announced that the US “must respond” to Iran’s downing of the helicopter.
“Last night, the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz,” Trump described in a post on Truth Social. “The United States must, of necessity, respond to this attack.”
Axios Global Affairs Correspondent Barak Ravid cited a US official as saying that forces attacked several Iranian air defense systems and radar systems around the Strait of Hormuz.
A US official told CNN that the US does not believe the strikes will impede negotiations to end the war and were intended as a warning shot, the network reported.
However, Iranian Foreign Minister Abbas Araghchi wrote that Iranian forces would “leave no attack or threat unanswered,” in a post on X.
“Leave our region if you want to be safe,” Araghchi added.
Despite its defeats on the battlefield, the U.S. opted to test our determination.
Our Powerful Armed Forces will leave no attack or threat unanswered.
Leave our region if you want to be safe.
History of the Persian Gulf has many chapters on dire fates of intruding outsiders. pic.twitter.com/O17GGtklxA
— Seyed Abbas Araghchi (@araghchi) June 9, 2026
Iran denies attacking helicopter
Multiple Iranian officials have disputed that Iran targeted the helicopter. The Iranian Deputy Foreign Minister told Qatari state-run Al Jazeera that Iran was not behind the attack. Additionally, Iranian state media cited an “informed military source” as saying that no air offensive military operations have been carried out in the Strait of Hormuz in the past 24 hours.
The source added that if the enemy attacks under the pretext of downing a military helicopter, it will face a “decisive response,” Iran International cited Iranian media as reporting.
Goldie Katz and Reuters contributed to this report.
Israel should have seized Iran’s uranium during Operation Roaring Lion, Gallant says
Israel should have chosen a different strategy against Iran’s nuclear program during Operation Roaring Lion, former defense minister Yoav Gallant said in an interview with 103FM on Monday.
“We should have gone and brought the enriched uranium by force in a military operation during the campaign. That would have uprooted the nuclear program from Iran,” he said.
“The ability of the US Army together with the Israeli army existed, and that was something that should have been done. It is dangerous and could come at a price, but it is a risk that must be taken for the security of the State of Israel.”
According to Gallant, Israel has entered a precarious situation and must not focus on unattainable goals or miss new strategic opportunities.
“If instead you put the effort into a fantasy plan to change the regime in ways that have no chance, you are wasting the only bullet you have in the magazine,” he said. “You are endangering soldiers and bringing the State of Israel into a reality in which missiles are being fired at it, all in order to achieve a strategic goal. If you did not achieve it, you did nothing.”
Gallant: Israel failed to turn military success into strategic action
Gallant also argued that Israel had failed to turn its military achievements into political gain, saying the country had not been able to translate its military successes into strategic action.
“In Israel’s case, there is only one goal for which you need to go to war against Iran, to stop the nuclear program. That did not happen. The fantasy goal of changing the regime from the air and through all kinds of questionable forces did not happen.”
According to Gallant, responsibility for the situation lies with the political leadership, namely its head, Prime Minister Benjamin Netanyahu.
“If the political echelon, meaning the prime minister, approves certain objectives for the army and the army fully meets them, the fact that you have no strategic achievement means you approved the wrong objectives. To boast about the achievements of the Air Force is not the prime minister’s role. His role is to bring about a political achievement.”
Israeli deterrence against Iranian missiles is ‘weak,’ Gallant says
Gallant described what he said was a serious erosion of Israeli deterrence, the acceptance of aggressive fire, the endangerment of civilians, and a loss of control over the scope of the response.
“We have reached a situation in which we are absorbing dribbles of missile fire of 400 kilos that can kill dozens of civilians, and we are responding with a weak reaction. That is impossible. We were in a situation that was agreed during my time, after we destroyed the missile array, killed Nasrallah, and eliminated the senior Radwan commanders and activated the pagers, in which we could strike anywhere in Lebanon. Hezbollah was on the ropes,” he said.
“From that situation, in which we could strike at any moment with full freedom of action, we reached a situation in which it is forbidden to strike,’ he continued. ‘We actually collapsed the equation concept. They attack, and we respond. When you strike the entire Iranian leadership on February 28, one minute later, you need to attack everything there is in Lebanon. If you do not do that, you are inviting war on two fronts.”
At the end of the interview, Gallant was asked if he would be seen in the upcoming elections, and responded, “No.”
Three female soldiers wounded by settlers while clearing illegal West Bank outpost
Three female soldiers were lightly wounded by settlers while clearing an illegal outpost outside of Gush Etzion overnight, the Israel Police announced on Wednesday.
Security forces arrived at the outpost adjacent to Ma’aleh Amos during the night, where they announced that the area was a closed military zone and demanded that all civilians disperse.
The forces encountered active resistance, the police stated, including direct attacks on officers at the scene and obstruction of construction equipment.
שלוש לוחמות נפצעו במהלך פינוי מאחז בלתי חוקי בגוש עציון. חשוד נעצר
הלילה, פעלו כוחות הביטחון לפינוי מאחז בלתי חוקי שהוקם בשטחים הסמוכים למעלה עמוס שבחטיבת עציון. עם הגעת הכוחות למקום, הוצג צו האלוף המכריז על השטח כשטח צבאי סגור, והנוכחים במקום נדרשו להתפנות.
עם תחילת פעילות… pic.twitter.com/FSbXLTAk3e
— משטרת ישראל (@IL_police) June 10, 2026
Soldier’s nose broken by settler during West Bank riots
During the altercation, one soldier was punched in the face, resulting in her being taken to the hospital with a broken nose. Two other soldiers were also given medical treatment after being affected by pepper spray.
Ynet reported that security forces responded to the violence using flashbangs and other protest dispersal techniques to restore order.
One 18-year-old suspect was arrested for attacking the security forces and taken in for questioning by the police.
Trump says US close to striking Iran’s power plants, bridges over failing negotiations
US President Donald Trump said the United States may begin striking Iran’s power plants and bridges due to the Islamic regime “tapping the United States along” in talks, according to an interview with Fox News’s Trey Yingst on Wednesday.
“I may keep going,” Trump told Fox. “They had a chance to sign a deal and survive.”
He added that little progress has been made in negotiations between the two countries.
Earlier on Wednesday, Trump implied that he would take action against Iran for taking too long on a peace deal.
“The Bully of the Middle East is DEAD!!!” wrote Trump in a Truth Social post. “They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”
US Central Command (CENTCOM) announced on Tuesday that the US launched strikes against Iran in response to the downing of a US Army Apache helicopter, targeting Iranian air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz.
CENTCOM described the strikes as “self-defense” and “a proportional response to unjustified Iranian aggression.”
Trump: Rescue of Apache pilots a ‘miracle’
The downed Apache pilots were rescued by a US military unmanned vehicle, with Trump describing the operation as a “miracle.”
Trump told Fox that an Iranian drone had hit the low-flying helicopter without exploding, with the pilots managing to safely bring the aircraft down while the drone was still lodged inside the fuselage.
“It was on fire, it was hot,” Trump said of the conditions the pilots faced during the incident.
Trump added that the US destroyed over half of what Iran has attempted to reconstitute amid the ceasefire.
Danya Saperstein and Goldie Katz contributed to this report.
National Insurance to adopt new protections, accommodations for sexual assault survivors
Sexual assault victims and survivors of prostitution who appear before National Insurance Institute (NII) medical panels will be able to ask for special accommodations, including being examined by a female doctor, appearing by video, or in some cases having their case reviewed without appearing in person.
The changes were approved this week by the Jerusalem Regional Labor Court, in a decision handed down Tuesday and publicized Wednesday.
The case was brought by four people who had experienced sexual assault or prostitution and were represented by the Justice Ministry’s Legal Aid Department. They argued that the National Insurance Institute’s medical appeals process was not properly adapted for people with sexual trauma.
For many, medical panels are a necessary step in receiving disability benefits or other social rights. But for survivors of sexual assault, the process can be especially difficult. It may require them to speak about intimate trauma, undergo questioning by doctors, or attend a formal hearing in a setting that can feel intimidating or triggering.
The appeal argued that while some accommodations existed at the first stage of such medical panels, they were not properly available later in the process, when people appealed decisions and appeared before higher-level medical committees.
Following the case, the NII, the Health Ministry and other state bodies agreed to changes meant to make the process more sensitive to survivors of sexual trauma.
New system will better accommodate survivors
Under the new system, when NII knows that a person appearing before a medical committee has experienced sexual assault, that information will be marked in the internal system so the case can be handled more carefully.
If the person asks for a female doctor to be part of the panel, NII will try to grant the request, depending on whether a female doctor is available in the relevant medical field and location.
In suitable cases, the committee will also be able to consider holding the hearing by video, or deciding the case based on medical documents alone, without requiring the person to come in physically.
The changes will apply to medical appeals committees dealing with general disability, work injuries, victims of hostile acts and disabled children.
The case also led to changes in the training of doctors who serve on NII medical committees. A professional committee set up through the Israel Medical Association recommended adding training on sexual trauma and other types of trauma. Health Ministry Director-General Moshe Bar Siman Tov adopted the recommendations, and the new material is expected to be added to the training program for medical panel doctors beginning in the next academic year.
The training is expected to include how to identify trauma, how to ask sensitive questions, how to conduct physical examinations in a trauma-aware way, and how to communicate respectfully with applicants.
Judge Rachel Barag-Hirshberg approved the agreements and made them binding. She noted that the people who brought the case had endured sexual assault and prostitution, and still gathered the strength to seek recognition of their social rights through NII.
Before closing the case, the judge wrote that the bodies involved had shown an understanding of the need for a more tailored response for survivors of sexual trauma, so that they could better access basic social rights.
Legal Aid Department head Nochi Politis said the ruling showed the importance of public authorities working together to create systems that place crime victims at the center.
“The development of dedicated responses promotes more proper proceedings and better decisions for victims,” she said, adding that the department represents sexual assault victims at no cost and without an income test from the stage of filing a complaint.
Attorney Yael Kasten-Rabsky, who heads the NII field at the Legal Aid Department, said the decision advanced “a more accessible, sensitive and adapted system” for survivors of sexual trauma.
Attorney Anat Rubio-Kimmelman, who represented the survivors together with attorney Nava Eilon, said that allowing a survivor to be examined by a woman could make a significant difference.
In many cases, she said, survivors were unable or unwilling to speak freely with a male examiner because of their post-trauma, but were not given a real choice.
That difficulty became even sharper after the October 7 attacks, she said, which exposed professionals to especially severe cases. With the new training and accommodations, she said, survivors should have a fairer chance to make their case and receive the rights they are entitled to.
Zelensky addresses direct talks with Russia in call to Witkoff, Kushner after strikes kill four
Four people were killed, including one pregnant woman, in Russian strikes on Ukraine’s northeastern Kharkiv and Donetsk region, Ukrainian officials reported.
The overnight missile and drone attacks injured an additional six people and damaged residential buildings and shops, the regional prosecutor’s office said in a statement on Telegram.
The latest strikes follow a series of large attacks from Russia this month, while Ukraine has increased its drone strikes on Russian oil facilities in Crimea, leading to Russian fuel shortages.
Overnight in Sevastopol, Russia’s Black Sea naval fleet claimed it repelled a Ukrainian drone attack, according to a statement from Governor Mikhail Razvozhayev.
Zelensky speaks with Kushner, Witkoff on direct peace talks with Russia
Notably, on Monday evening, Ukrainian President Volodymyr Zelensky said on Telegram that he had a “very positive conversation” with US envoys Steve Witkoff and Jared Kushner.
“I am grateful for the readiness to work as actively as possible already in the weeks to come to give a boost to diplomacy for ending Russia’s war against Ukraine,” he wrote.
The talks with the US envoys followed Zelensky’s trip to London, where he met with British, French, and German leaders about finding an end to Ukraine’s war with Russia. Zelensky described the talks as “substantive” and added he was preparing for the upcoming G7 summit in France.
US envoys Steve Witkoff and Jared Kushner, along with Ukrainian officials, have been in discussions to meet in Kyiv, according to Reuters. It would mark the first official visit to Ukraine by the two envoys who previously traveled to Moscow for talks with Russia in January.
The US led peace talks between Russia and Ukraine have stalled since the US has been occupied with finding a solution to its war with Iran.
Zelensky’s proposition for in-person talks with Putin
Zelensky’s office also published an open letter last week to Russian President Vladimir Putin proposing in-person talks to end the over-four-year war. Putin quickly rebuffed his proposal.
“There are different people around Putin. Half of them want to continue this war and the other half want to stop it,” Zelensky said in an interview with the Guardian.
“Businessmen understand that the Russian economy is in a terrible situation.”
Putin, at an annual business forum in St. Petersburg, assured attendees that although Ukrainian strikes had caused damage, there was no real threat to Russia’s economy.
Zelensky’s open letter to Putin, meeting with Abramovich
Zelensky told Sky News that he met with Jewish Russian oligarch Roman Abramovich in Kyiv, where Abramovich offered to deliver a message to the Kremlin on the prospects of peace talks.
“[Abramovich] wanted to give me the message that they [Russia] are ready to, that they want to understand what we are ready to do”, Zelensky said. The former Chelsea FC owner then offered Zelensky to take a reply “and give it to Putin.”
“I said the question is not about us. You are fighting against us on our territory,” he added. “I said to him about Donbas, it was the key message, I said we will not leave, and we will not go out of our territory. No, we will not give you a victory [in] such [a] way, and you will not get it.”
A Ukrainian official told Reuters that Zelensky published his open letter to Putin after he received no response to the message sent via Abramovich.
WATCH: President Herzog calls for Lebanese President Aoun to reject Hezbollah, Iran influence
President Isaac Herzog called for Lebanese President Joseph Aoun to free the nation from the influence of Hezbollah and Iran in a video message on Wednesday.
“I’ve seen the interview of the president of Lebanon on CNN, and it was quite an interesting interview. But I must say, the situation is very clear. We in Israel seek peace with Lebanon,” Herzog said in a video statement published in both English and Arabic.
“The people of Israel support peace with Lebanon. Peace with Lebanon is feasible. I always say, my dream is to take a car and drive all the way to Beirut. It’s feasible. But for that, the government of Lebanon, the leadership of Lebanon, and the people of Lebanon have to stand up against Iran and against Hezbollah, and make it clear that they want peace, not terror,” he continued.
“It was Hezbollah who violated the Security Council resolution of 2006. It was Hezbollah who violated the ceasefire agreement of 2024. And Israelis and Israel cannot accept any attacks on our citizens, any attacks crossing our borders, any attacks of terror,” he added.
“We have the full right to defend ourselves. And so long as there is no clear, clear arrangement that protects our nations, it will be impossible to move forward, so it’s in your hands,” he concluded.
Aoun rejects Hezbollah, Iran, says people are ‘fed up’ with war
Aoun slammed Hezbollah and Iran in an interview with CNN on Friday, saying that his country’s people “are not [Hezbollah leader] Naim Qassem’s people.”
Aoun told CNN’s Christiane Amanpour that he spoke to a diverse number of Lebanese civilians, who have told him that they are “fed up” with the war between Hezbollah and Israel.
“They deserve not seeing their homes destroyed every five to 10 years,” Aoun said, describing the war as “futile.”
Regarding Iran, Aoun accused the Islamic Republic of using Lebanon “for the sake of your [Iran’s] own interest.”
“You are not trying to help us,” said Aoun. “The people of Lebanon are paying the price.”
STAT+: Pharmalittle: We’re reading about U.S. pressure on European drug prices, longer shortages, and more
Good morning, everyone, and welcome to the middle of the week. Congratulations on making it this far, and remember, there are only a few more days until the weekend arrives. So keep plugging away. After all, what are the alternatives? While you ponder the possibilities, we invite you to join us for a delightful cup of stimulation. Our choice today is maple cinnamon French toast, a pantry favorite. Remember that no prescription is required — so no need to reach for your abacus to calculate a co-pay or rebate. Meanwhile, here is the latest menu of tidbits to help you on your way. Have a wonderful day, and please do stay in touch. …
The number of prescription drug shortages in the U.S. fell by 23% last year, marking the second consecutive year of declines and the lowest level since 2017, according to a new analysis that otherwise found troubling signs about medicines that are in short supply, STAT says. For instance, the average drug shortage lasted 5.3 years, exceeding the 4.3 years seen in 2024 and greatly outpacing the average two-year shortage experienced in 2019. Moreover, nearly two-thirds of out-of-stock medicines were in short supply for more than three years, and 39% were unavailable for more than five years. Meanwhile, the 75 drugs that were in short supply last year spanned 130 therapeutic categories, indicating that shortages affected a wide range of diseases and patient populations.
In Europe, two divergent paths are emerging as countries grapple with what to do about drug prices, affecting pharma companies and patients across the continent — and testing the influence of the U.S., STAT explains. In the U.K., after a pressure campaign from both pharma companies and the Trump administration, the government has adopted more industry-friendly policies while also simply promising to spend more on medicines. Germany, another of the continent’s biggest markets, is headed in the opposite direction. Facing growing deficits in its health budget, the government has proposed moves that would cut spending and increase the fees the industry has to pay.
PennyMac names Tiffany To, Ontollo CEO, to board of directors
PennyMac Financial Services Inc. announced on Tuesday that Tiffany To, the CEO and co-founder of AI and operational intelligence software company Ontollo, has joined its board of directors.
David Spector, chairman and chief executive officer of PennyMac, said To’s experience in AI, business transformation and enterprise technology will help support the company’s continued investment in technology-driven mortgage operations.
“We are pleased to welcome Tiffany to PFSI’s Board of Directors,” Spector said in a statement. “She has spent her career at the forefront of AI and business transformation, building products, leading organizations and helping enterprises turn technology into real competitive advantage.”
Before founding Ontollo, To served as executive vice president and general manager of enterprise and platform at Atlassian, where she oversaw the company’s enterprise business and platform teams and helped develop AI-powered tools for customers.
Earlier in her career, To was chief operating officer and a board member at cybersecurity company ForAllSecure, where she helped commercialize technology developed at Carnegie Mellon University for government and enterprise customers. She also held leadership positions at Cohesity, Coho Data, Nutanix, VMware, Intel, Silicon Graphics and Symbol Technologies.
To earned a bachelor’s degree in computer systems engineering from Stanford University and an MBA from the University of California, Berkeley’s Haas School of Business.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Is Bitcoin Cheap? Grayscale Found Indicators That Say ‘Yes, But…’
Bitcoin’s (CRYPTO: BTC) plunge around $61,000 has pushed on-chain valuation metrics into undervalued territory, though the asset remains more expensive than at prior cycle bottoms.
“Is BTC Cheap Yet?“
Zach Pandl, head of research at Grayscale wrote on June 9 that a range of on-chain indicators suggests Bitcoin is trading below its long-term fair value after falling to a new cycle low.
A composite valuation model combining three separate on-chain measures indicates Bitcoin is now undervalued relative to historical averages.
However, the signal is not as extreme as levels seen during major market capitulation events, including the collapse of crypto exchange …
CBS News Turmoil Unlikely to Derail Paramount’s Warner Bros. Discovery Merger
The public drama surrounding CBS News may be generating headlines, but industry analysts and executives close to the transaction say it is unlikely to stop Paramount Skydance’s proposed acquisition of Warner Bros. Discovery, a deal valued at approximately $110 billion including debt.
According to reporting confirmed Monday, June 8, by sources involved in the merger process, regulators reviewing the transaction are focused primarily on antitrust concerns rather than controversies involving newsroom management.
“Legally speaking, it doesn’t matter,” one executive involved in the deal told CNN, referring to the recent upheaval at CBS News. “But PR-wise, it might matter.”
That distinction is becoming increasingly important as Paramount Skydance works to complete one of the largest media mergers in recent years.
Under the agreement, Paramount Skydance, led by CEO David Ellison, would acquire Warner Bros. Discovery for $31 per share. The combination would bring together two of Hollywood’s largest entertainment companies, unite the streaming platforms Paramount+ and HBO Max, and place major news brands including CBS News and CNN under the same corporate umbrella.
Warner shareholders approved the transaction in April, and the companies continue to pursue regulatory approvals.
The merger, however, now faces an additional layer of public scrutiny because of developments inside CBS News.
Following Paramount’s acquisition last year, Ellison appointed Bari Weiss, founder of The Free Press, as editor-in-chief of CBS News. Weiss, whose background is primarily in print and digital journalism, has overseen a series of controversial changes inside the network.
Last week, veteran “60 Minutes” journalists including Sharyn Alfonsi, Cecilia Vega, and executive producer Tanya Simon departed amid a broader restructuring. Former technology journalist Nick Bilton was subsequently tapped to help lead the iconic newsmagazine program.
The situation intensified when longtime correspondent Scott Pelley, a 37-year CBS News veteran, publicly criticized management after his departure.
In an interview with The New York Times, Pelley described CBS News as being “on fire,” criticized current leadership, and alleged that management decisions were being influenced by political considerations.
CBS management disputed aspects of Pelley’s account, while Weiss told staff the separation reflected an inability to find a path forward.
The controversy has generated significant media attention at a sensitive moment for Paramount.
Critics of the merger have argued that ownership changes at CBS could foreshadow future editorial conflicts at CNN should the Warner acquisition proceed. Several media commentators have also questioned whether ongoing newsroom turmoil could complicate the regulatory review process.
Most analysts, however, believe the issues are largely separate.
Analysts at Raymond James said they continue to expect the merger to close, although they cautioned that Paramount’s target of completing the transaction during the third quarter of 2026 may prove ambitious.
The larger regulatory threat appears to come not from newsroom controversies but from antitrust concerns.
Several media outlets reported last week that a coalition of Democratic state attorneys general, led by California Attorney General Rob Bonta, is preparing a legal challenge aimed at blocking the merger.
That challenge reportedly focuses on traditional antitrust arguments, including reduced competition, potential job losses, wage pressure, and increased concentration within the media industry.
Those issues carry substantially more legal weight in merger reviews than disputes involving editorial management.
Paramount strongly rejects those concerns.
A company spokesperson told CNN that the merger would increase competition, expand consumer choice, and create new opportunities for creators, employees, and audiences.
Supporters of the transaction argue that larger scale is necessary for traditional media companies to compete against technology giants and streaming competitors that increasingly dominate entertainment consumption.
The stakes extend far beyond the immediate controversy at CBS.
If completed, the merger would reshape the American media landscape by combining two major film studios, multiple television networks, two large streaming services, extensive sports rights, and two of the nation’s most recognizable news organizations.
For now, the CBS controversy remains primarily a reputational challenge for Paramount leadership.
The legal battle over the merger, however, will likely be decided on a different set of questions—competition, market concentration, employment, and consumer impact.
Those are the issues regulators and courts will ultimately weigh as they determine whether one of the largest media combinations in decades moves forward.
JBizNews Desk — Business
© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.
Refinance and purchase applications rebound in latest MBA survey
Mortgage applications increased 10.8% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending June 5, 2026.
Last week’s results included an adjustment for the Memorial Day holiday. On an unadjusted basis, the index increased 21% compared with the previous week.
The refinance index increased 15% from the previous week and was 20% higher than the same week one year ago. The refinance share of mortgage activity increased to 40.2% of total applications from 38.0% the previous week.
The seasonally adjusted purchase index increased 7% from one week earlier, while the unadjusted purchase index increased 17% compared with the previous week and was 4% higher than the same week one year ago.
“Mortgage rates were volatile last week as news from the Middle East continues to drive markets,” said Mike Fratantoni, MBA’s SVP and chief economist. “While the average rate was up slightly, with the 30-year fixed rate now at 6.6%, there were opportunities where borrowers were seeing somewhat lower rates. Both refinance and purchase applications rebounded coming out of the Memorial Day holiday week, with refinance applications up 15% and purchase applications up 7%.”
By product, the Federal Housing Administration (FHA) share of total applications increased to 17.4% from 17% the week prior. The U.S. Department of Veterans Affairs (VA) share of total applications decreased to 13.4% from 14.4% the week prior. The U.S. Department of Agriculture (USDA) share of total applications decreased to 0.4% from 0.5% the week prior.
The adjustable-rate mortgage (ARM) share of activity increased to 8.6% of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.6% from 6.57%, while rates for 30-year fixed-rate mortgages with jumbo loan balances remained unchanged at 6.66%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.27% from 6.26%, and rates for 15-year fixed-rate mortgages increased to 5.99% from 5.93%. The average contract interest rate for 5/1 ARMs increased to 5.96% from 5.82%.
Xactus Mortgage Intent Index
Xactus‘s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — increased to a reading of 134.8, a week-over-week change of 20.57%.
“The Xactus Mortgage Intent Index rebounded approximately 21% from the prior week, which was impacted by the Memorial Day holiday,” said Thomas Lloyd, Xactus’ chief strategy officer.
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Lloyd said that despite the increase, activity remains “modestly below” both month-over-month and year-over-year levels, with the index down just under 2% on each measure.
He continued, “As the interest rate environment has remained relatively stable over the past several weeks, the data may suggest that borrowers are beginning to adjust to a higher-for-longer rate environment. Supporting that view, year-over-year declines have moderated from negative 3%–4% range earlier in May to approximately negative 1%–2% over the past two weeks.”
Inflation rose again in May as elevated energy prices squeeze consumers
This story about the May 2026 CPI inflation report is developing and will be updated with more details.
Inflation ticked higher in May as American consumers continued to face elevated fuel prices amid the Iran war’s impact on the energy market and across the economy.
The Bureau of Labor Statistics (BLS) said on Wednesday that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.5% from a month ago and is 4.2% higher than a year ago. The annual figure is the highest since April 2023.
Both the 0.5% monthly increase and the 4.2% rise from a year ago were in line with the expectations of economists polled by LSEG.
So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% on a monthly basis and 2.9% from a year ago. The monthly figure was slightly cooler than the expected rise of 0.3%, while the annual core figure was in line with economists’ predictions.
INFLATION IS SQUEEZING AMERICAN CONSUMERS AND THE FED’S LATEST REPORT SHOWS IT’S GETTING WORSE
High inflation has created severe financial pressures in recent years for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Price hikes are particularly difficult for lower-income Americans, because they tend to spend more of their already-stretched paychecks on necessities and have less flexibility to save.
Energy prices rose 3.9% in May amid the Iran war’s disruption of Middle Eastern oil supplies, with prices up 23.5% in the last year. The BLS noted that the energy index accounted for over 60% of the overall CPI increase in May.
Gasoline prices increased 7% on a monthly basis in May and are up 40.5% compared with a year ago. Electricity prices rose 0.6% last month and are up 5.9% from a year ago. Utility gas service prices fell 0.5% in May and are up 3% year over year.
XRP ETFs Pulled In $1.4 Billion—So Why Is XRP Down 50% In A Year?
Spot XRP (CRYPTO: XRP) ETFs have attracted more than $1.4 billion in cumulative inflows since launching in late 2025, yet XRP plunged 52% over the past year.
Investors are now wondering why institutional adoption hasn’t translated into higher prices.
Why ETFs Have Not Moved The Price
In an X post on June 1, crypto.news noted that XRP became one of the fastest-growing single-asset crypto ETF categories in history, trailing only Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Despite the strong launch, ETF holdings still represent only about 1.3% of XRP’s circulating supply. For an asset with a market capitalization measured in billions of dollars, that level of ownership …
Trump Administration Warns More Than 500 Hospitals to Reveal Prices or Face Millions in Fines
The Trump administration has put more than 500 hospitals on notice: show patients what medical care actually costs or risk hefty financial penalties.
The warnings, revealed Tuesday after being obtained by The Associated Press, were sent beginning in April to hospitals that federal officials say are failing to comply with healthcare price-transparency rules. The administration argues that hidden pricing prevents patients, employers, and insurers from comparing costs and contributes to higher healthcare spending nationwide.
Hospitals that fail to comply could face penalties of up to $2 million per year.
The Goal: No More Surprise Bills
For many Americans, the issue is familiar. A patient receives a test, procedure, or hospital visit without knowing the price beforehand, only to receive a bill weeks later.
Federal officials say the transparency rules are intended to change that.
Under the requirements, hospitals must publicly post pricing information so consumers can compare costs before receiving treatment. That includes rates for common services such as blood tests, imaging scans, surgeries, and other medical procedures.
The administration says transparent pricing encourages competition and helps consumers make more informed healthcare decisions.
A senior administration official said President Donald Trump plans to intensify enforcement of transparency standards originally created under a 2019 executive order, signaling that additional hospitals are likely to receive warning letters in the months ahead.
Major Hospital Systems Receive Notices
The enforcement effort is not limited to smaller facilities.
Several of the nation’s largest and most recognizable hospitals received warnings.
Texas led the nation with 42 hospitals receiving notices. Among them were:
- Baptist Medical Center in San Antonio
- University of Texas MD Anderson Cancer Center in Houston
Ascension, one of the largest nonprofit hospital systems in the United States, had 13 hospitals across multiple states receive letters.
The issue spans both Republican- and Democratic-led states.
Indiana had 34 hospitals receiving notices, while California had 38. Other states with large numbers of hospitals receiving warnings include Florida, Alabama, Louisiana, and Texas.
Why Employers and Insurers Care
The push is drawing attention from employers who pay billions annually for employee healthcare coverage.
Business groups have long argued that healthcare remains one of the few major purchases where consumers often cannot determine the cost before receiving the service.
“Transparency is the foundation of a healthcare system that rewards competition based on cost and quality,” said Shawn Gremminger, Chief Executive Officer of the National Alliance of Healthcare Purchaser Coalitions.
Employers contend that better pricing information could help lower healthcare costs by allowing consumers to compare providers and encouraging hospitals to compete more aggressively on price.
Hospitals Face Growing Pressure
For hospitals, the warnings create both compliance challenges and financial risks.
Many healthcare systems argue that pricing structures are complex because rates vary depending on insurance contracts, government reimbursement programs, and individual patient circumstances.
Federal officials, however, have increasingly taken the position that confusing or incomplete pricing disclosures are no longer sufficient.
The message from regulators is straightforward: hospitals must provide accessible pricing information or face escalating penalties.
The Political Dimension
The crackdown also aligns with the administration’s broader focus on affordability.
Healthcare costs remain one of the most significant expenses facing American families, and transparency efforts allow the administration to argue it is taking steps to help consumers better manage those costs.
At the same time, critics note that healthcare affordability remains a broader challenge, particularly following the expiration of certain insurance subsidies that had helped lower premiums for some Americans purchasing coverage through Affordable Care Act marketplaces.
What It Means for Patients
For consumers, the potential benefit is simple.
If hospitals fully comply, patients could increasingly be able to see and compare the costs of medical services before receiving treatment — much like comparing prices for other major purchases.
Whether greater transparency ultimately leads to lower healthcare costs remains an open question. But with more than 500 hospitals already receiving warnings and additional enforcement expected, federal officials are making clear that price transparency is moving from policy goal to regulatory requirement.
JBizNews Desk — Healthcare
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Citigroup Shares Outperform Down Market After Trump Endorsement
Shares of Citigroup held up far better than the rest of Wall Street on Wednesday, June 10, after President Donald Trump publicly praised the bank and its chief executive in a post on his Truth Social platform. On a difficult day for stocks, the endorsement briefly lifted Citi shares and helped the bank outperform many of its largest rivals.
Trump’s post appeared shortly after the market opened.
“Wow! CITI was ranked Number 1 in topping M&A Advisory Market by Value in Q1,” Trump wrote, congratulating Chief Executive Jane Fraser and her team while describing the achievement as a major comeback for the bank.
The public praise was unusual. Presidents rarely single out individual publicly traded companies for direct commendation, making the post stand out among investors and market watchers.
The stock responded immediately. Citigroup shares climbed as much as 1.8% intraday, reaching approximately $137.12 before giving back most of the gains. The stock ultimately finished the session down about 1%, but that performance still significantly outpaced the broader market.
The S&P 500 fell 1.62%, while major financial stocks including JPMorgan Chase, Goldman Sachs, and Wells Fargo posted steeper declines. In a session dominated by inflation concerns and geopolitical uncertainty, losing less than the market amounted to relative strength.
There is, however, an important caveat.
It remains unclear which specific merger-and-acquisition ranking Trump referenced. According to industry data compiled by Dealogic, Citigroup currently ranks below several competitors in overall global merger advisory activity. Recent league tables place Goldman Sachs among the leading advisers by transaction value, while Citigroup ranks lower in overall market share.
Citigroup does hold leadership positions in several specialized sectors. During an appearance on Fox Business, Leon Kalvaria, Citigroup’s Global Chair of Banking, highlighted the bank’s strong performance in power and energy-sector transactions. Citi has advised on several major energy deals this year, placing it among the leading advisers in that segment.
Whether Trump was referencing a niche category or broader advisory performance remains uncertain.
Regardless of the ranking question, Citigroup’s stock performance in 2026 has been impressive.
According to market data, Citigroup shares have gained roughly 14.3% year-to-date, outperforming the broader market and many large banking competitors. The rally reflects growing investor confidence in a turnaround effort that has been underway for several years under Fraser’s leadership.
Since becoming CEO, Fraser has overseen a sweeping restructuring of the bank. Citigroup has exited non-core businesses, simplified operations, reduced management layers, and focused more aggressively on profitable institutional banking, treasury services, and wealth management.
The overhaul has included significant job reductions and operational changes, but investors have largely rewarded the strategy.
Trump’s characterization of Citigroup as a comeback story aligns with how many analysts now view the bank. Once seen as a laggard among major U.S. financial institutions, Citi has increasingly earned credit for improving efficiency and narrowing the performance gap with competitors.
There may also be a personal element behind Trump’s interest. Public reports have indicated that members of the Trump family have maintained banking relationships with Citigroup over the years. While such relationships are not unusual among major financial institutions, they add an interesting layer to the president’s public endorsement.
For investors, the episode highlights an important reality of modern markets. High-profile endorsements can move stocks temporarily, but long-term performance ultimately depends on earnings, strategy, and execution.
Citigroup’s brief rally following Trump’s post faded as broader market concerns took over. Investors remained focused on inflation, interest rates, and geopolitical tensions rather than social media commentary.
At the same time, the session reflected a broader shift in investor behavior. As some technology and growth stocks came under pressure, money flowed into sectors viewed as more defensive or economically resilient, including financials, healthcare, and energy.
That rotation helped support bank shares generally and reinforced the relative strength Citigroup has shown throughout much of the year.
The next major test will come with Citigroup’s upcoming quarterly earnings report. Investors will be looking for continued progress on profitability, expense reductions, and revenue growth.
For one volatile trading day, however, a presidential endorsement helped place Citigroup in the spotlight and reminded Wall Street that perception can move markets—even if only briefly.
JBizNews Desk — New York
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Retired Gen. Kimmitt: Hormuz, Lebanon Are ‘Diversions’
A retired U.S. general argued Wednesday, June 10, that the fighting in the Strait of Hormuz and the unrest in Lebanon are distractions pulling attention away from the real issue in the war with Iran. Mark Kimmitt, a retired U.S. Army brigadier general and former Assistant Secretary of State for Political-Military Affairs, called the two flashpoints “diversions” during an appearance on Bloomberg Television’s The Close with hosts Romaine Bostick and Katie Greifeld.
His comments came on a day when the conflict flared again and markets reacted. Oil prices rose after President Donald Trump escalated his warnings toward Iran, pledging a strong response following continued delays in peace negotiations. Brent crude traded near $93 per barrel, while West Texas Intermediate crude approached $92, adding fresh pressure to inflation concerns already weighing on investors.
Kimmitt’s argument centers on strategic focus. Daily headlines have been dominated by disruptions in the Gulf and instability along Israel’s northern frontier. Both developments carry major geopolitical and economic consequences. Yet Kimmitt suggested neither represents the central objective of the conflict.
Instead, he argued that attention has drifted away from the issue that U.S. officials have consistently identified as the core concern: Iran’s nuclear program.
Secretary of State Marco Rubio has repeatedly described Iran’s nuclear ambitions as the fundamental challenge that must be addressed before any lasting resolution can emerge. By that measure, the battles around Hormuz and Lebanon are theaters of conflict rather than the conflict’s ultimate purpose.
For investors and consumers, however, those so-called diversions carry real-world costs.
The Strait of Hormuz remains one of the most important energy chokepoints on earth, handling a substantial share of global oil shipments. Any disruption immediately reverberates through energy markets. Rising crude prices quickly filter into gasoline costs, transportation expenses, manufacturing inputs, and ultimately consumer prices.
That economic impact has become increasingly visible. Higher energy costs have contributed to persistent inflation pressures and complicated the outlook for central banks around the world.
The market reaction on Wednesday highlighted that dynamic. News related to Iran and the Gulf region drove immediate movement in oil prices despite no major change in the underlying nuclear dispute. Traders continue to react to each development that could affect energy supply, shipping routes, or military escalation.
Kimmitt’s comments also help explain a pattern that has frustrated markets throughout the year. Individual events—attacks on shipping, military strikes, disruptions to energy infrastructure, and regional flare-ups—have repeatedly generated sharp market reactions. Yet the broader strategic dispute remains unresolved.
Each new incident sends oil prices higher and creates fresh uncertainty for businesses and investors. Once the immediate shock fades, attention shifts to the next development.
If the underlying issue remains Iran’s nuclear program, as Kimmitt and many U.S. officials contend, markets may continue to experience this cycle of volatility until a more permanent solution emerges.
Earlier in the day, Kimmitt also expressed cautious optimism that the latest tensions would not necessarily lead to a broader regional war. He suggested that diplomacy remains possible and indicated hope that current developments could eventually create conditions for renewed negotiations.
That perspective aligns with his broader assessment. If Hormuz and Lebanon are secondary fronts rather than the main issue, then resolving the conflict ultimately depends less on tactical military developments and more on addressing the underlying nuclear dispute.
The economic stakes are substantial.
Elevated oil prices increase costs for airlines, shipping companies, manufacturers, retailers, and consumers. Higher energy prices also make it more difficult for central banks to reduce interest rates because inflation remains stubbornly elevated.
For households, the consequences show up in gasoline bills, transportation costs, utility expenses, and the prices paid for everyday goods. For businesses, higher energy costs can reduce profits, delay investment, and increase uncertainty.
Whether policymakers embrace Kimmitt’s framework may influence the next phase of the conflict. If attention remains focused primarily on securing shipping lanes and managing regional flare-ups, markets may continue to experience periodic oil-price shocks. If diplomatic efforts concentrate on the nuclear question itself, investors may begin to see a clearer path toward stability.
For now, however, the diversions Kimmitt described continue to play an outsized role in both global markets and household budgets.
JBizNews Desk — Washington
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Iran attacks Kuwait, Bahrain, Jordan in retaliation for US strikes – report
The Kuwait Army announced it was intercepting hostile aerial targets after Iranian media reported Iran’s Revolutionary Guard Corps (IRGC) had targeted the Ali Al Salem Air Base in Kuwait early Wednesday morning.
The IRGC also said they had targeted four sites at the US al-Azraq base in Jordan using long-range missiles, Iranian media reported.
The Guards said the targets included F-35 fighter jet hangars and a command-and-control center, and warned they were ready to deliver a “crushing and decisive” response to any further US attack.
Sirens also sounded in Bahrain early on Wednesday after Iran, according to Bahrain’s Ministry of Interior.
تُعلن رئاسة الأركان العامة للجيش أن منظومات الدفاع الجوي الكويتيه تتصدى حالياً لأهداف جوية معادية وفق الإجراءات العملياتية المعتمدة.
وتهيب بالجميع الالتزام بتعليمات وإرشادات الأمن والسلامة الصادرة عن الجهات المختصة، واستقاء المعلومات من المصادر الرسمية المعتمدة.#الجيش_الكويتي pic.twitter.com/tVYM18ciJS
— KUWAIT ARMY – الجيش الكويتي (@KuwaitArmyGHQ) June 10, 2026
Axios Global Affairs Correspondent Barak Ravid cited a US official as saying that four ballistic missiles and several more drones were fired by Iran at US bases in Bahrain, Kuwait, and Jordan.
The New York Times cited a US official as saying that while Iran launched multiple missiles and drones at various US bases in the Middle East, nearly all were intercepted and there have been no reports of US casualties or damages to the bases from the attacks.
Retaliation for US strikes
The strikes were in retaliation for US strikes launched on Tuesday evening, which struck Iranian air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz, US Central Command (CENTCOM) announced.
The strikes were described by CENTCOM as “self-defense strikes” and as “a proportional response to unjustified Iranian aggression.”
The US strikes were in retaliation for the downing of a US Army Apache helicopter over the Strait of Hormuz, according to CENTCOM.
‘Iran is acting like Israel on October 8’: Expert warns why Tehran is taking bigger risks
Iran has entered an aggressive phase of friction-testing and learning boundaries with Israel, the US, and countries in the region, geopolitics and technology expert Yonatan Adiri warned during a 103FM interview on Monday.
According to Adiri, the recent confrontations with Iran are shaping a new reality in the Middle East and forcing Israel to reexamine the limits of the campaign.
“You can think of today’s Iran like Israel on October 8,” Adiri explained. “[Iran] understands that it needs to rub against others, go out and rediscover the boundaries again, vis-a-vis its neighbors, vis-a-vis Israel, and of course also vis-a-vis the Americans.”
According to him, Tehran is currently in the midst of an aggressive learning competition with regional states and is willing to raise the level of friction to test the limits of power and the response to it.
“Iran is prepared for very significant friction. The Iranian attack on the nuclear reactor in the United Arab Emirates is a dramatic event with enormous economic implications,” he said.
Broader risks in the Middle East
Adiri added that the significance of the events is not limited to the military or diplomatic arena, but also relates to broader risks in the region. “The International Atomic Energy Agency warned about the danger of an explosive event with nuclear damage in the region. The Iranians are playing this game also with Saudi Arabia, Bahrain, and Kuwait. In a few months, Iran will not be the same country we knew.”
He then addressed the effect of the tensions on global markets, arguing that the world economy has learned to absorb the reality that has emerged. “Iran is in a situation where there is a blockade on the Strait of Hormuz,” he said.
“Oil prices have remained more or less at the level to which the global economy has adjusted. As long as there is no agreement, Iran does not receive sanctions relief or the $24 billion that became a prerequisite. It is convenient for the global economy to live with this.”
Adiri also said that the US is preparing in advance and working to secure control of the Strait of Malacca, which lies between Singapore and Indonesia, to prevent further deterioration.
Adiri addressed how Israel should act in the new campaign
According to Adiri, Israel should continue testing the boundaries of action, including with Washington.
“It was right that [Prime Minister Benjamin] Netanyahu showed that Israel is prepared to rub against the Americans as well in order to keep learning the limits of the campaign. It would have been right to strike from the outset with a significant opening blow and not work in increments, because the windows of legitimacy are smaller than before,” he said.
Adiri warned that Israel cannot afford to fear friction when facing an adversary willing to take risks. “We have an adversary who understands that he is in a learning competition with the best and is willing to take aggressive risks. Israel must not be afraid of this friction and must not recoil now.”
US-Iran nuclear talks saw progress on key issues before recent strikes – report
The US-Iranian negotiations on Iran’s nuclear program saw progress on several key issues in the days before this week’s flare-up of strikes, The New York Times reported on Tuesday.
According to US officials, the major elements being negotiated in a nuclear agreement could include a 15-year suspension of Iranian uranium enrichment.
Negotiations, US officials told NYT, have moved well beyond deliberations on the opening of the Strait of Hormuz, as diplomats have begun narrowing down on four key issues regarding Iran’s nuclear program.
In addition to a hiatus on nuclear enrichment, the US is pushing for dilution of Iran’s already enriched uranium, the dismantlement of nuclear facilities, and the expansion of international inspections.
The Trump administration has previously demanded a 20-year halt on the enrichment process, but US officials expect a settlement for 15 years.
As for the other points of contention, the US is demanding that the Islamic Republic shut down its three remaining nuclear facilities at Natanz, Fordow, and Isfahan, and that the diluting of enriched uranium be overseen by the International Atomic Energy Agency, and the implementation of surprise inspections anywhere in Iran, the NYT reported.
Recent US-Iran strikes not impeding negotiations, Americans say
US President Donald Trump said that he believes the US and Iran will still reach a “very good” deal after the US struck Iran, in a phone call with ABC News Chief Washington Correspondent Jonathan Karl just before US Central Command (CENTCOM) announced the strikes Tuesday evening.
CENTCOM wrote in their announcement that the strikes were “a proportional response to unjustified Iranian aggression,” in reference to the downing of a US Army Apache helicopter over the Strait of Hormuz.
Multiple other US officials echoed the sentiment that the strikes would not impede negotiations to different news outlets.
Likud Court dismisses petitions to expel Gallant from party despite harsh criticisms against him
The Likud Court unanimously rejected petitions to expel former Defense Minister Yoav Gallant from the party, while attaching sharp criticism of his conduct around “Gallant Night,” the judicial reform, the IDF crisis, and the draft law.
In the ruling, issued on Sunday, Court President Michael Kleiner and members Yitzhak Bam and Yair Lachen determined that there was no legal basis to terminate Gallant’s membership in Likud. “We found no cause to terminate Mr. Yoav Gallant’s membership in Likud,” Bam wrote at the opening of the decision.
The petitions were submitted by Likud members, who claimed that Gallant acted contrary to the party’s values, blocked judicial reform, effectively aided the opposition, violated coalition discipline, and undermined members’ trust.
The party’s auditor and legal advisor supported his expulsion: the auditor argued that Gallant’s positions on Gaza – his opposition to Israeli military rule and support for a non-hostile Palestinian entity – contradicted Likud’s principles regarding the Land of Israel. The legal advisor contended that Gallant breached his duty of loyalty to the party and assisted the opposition.
Gallant, on the other hand, argued that the petitions were sweeping and lacked an evidentiary basis, asserting that he acted as defense minister out of “deep concern for Israel’s security.”
Gallant claims judicial reform advanced too quickly
He emphasized that he continues to support recalibrating the balance of powers in favor of the Knesset and the government, but believed the reform was advanced too quickly and without regard for security consequences.
During the hearings, he claimed he acted against draft refusal, but in a measured way to prevent a broader collapse in reserve forces. According to him, the outcome test was that on October 7, and during the war, forces mobilized “150%,” including air crews.
Bam and Lachen were particularly critical of the press conference Gallant held before “Gallant Night.” Bam wrote that it constituted “a surrender to the terror” of reservists who threatened not to report for duty, calling it “threat-based extortion of Israeli democracy.” However, he noted that the court has no means to determine whether Gallant assisted the opposition or acted from a genuine conception of state interest. “What are we, what is our power, and what is our courage to decide in this dispute?” he wrote.
Another key ruling concerned the tension between loyalty to a party and loyalty to the state. According to the court, a minister or Knesset member’s duty of loyalty to the State of Israel takes precedence over loyalty to the party. “A duty of loyalty to the party cannot override the duty of loyalty to the State of Israel,” the ruling stated. The court warned that too broad an application of “breach of party loyalty” could become a tool to eliminate political rivals within Likud: “A broad and vague cause for expulsion is an invitation to arbitrariness.”
Court rejects claim Gallant violated coalition discipline
Claims of violating coalition discipline were also rejected. The court found that no clear protocols or faction decisions were presented, and that Gallant resigned from the Knesset once he understood he could not support the draft law. Bam wrote that under these circumstances, “claims of violating faction discipline as grounds for expulsion were better left unclaimed.”
Lachen joined the rejection, but noted that “the deep sense of hurt” among Likud members should not be dismissed. According to him, Gallant’s press conference “effectively exacerbated the public and political crisis” and gave “momentum to the protest opposing the Likud government.” Nevertheless, he ruled: “A political mistake – even a serious one – is not necessarily equivalent to a constitutional ground for expulsion.”
Kleiner determined that Gallant’s resignation from the Knesset was sufficient to dismiss the petition, adding a principled remark: the petitioners are asking the court to enter areas that Likud itself believes courts should avoid. Kleiner also recommended that Likud’s Constitution Committee reconsider the rationale behind the new Section 21, which allows direct court petitions to expel members.
Gallant himself argued that the petitioners sought to impose the view of “20 people over 140,000 members.” The court effectively accepted this defense: Gallant left the process with sharp political criticism, even ideological reprimand, but no sanctions. The judges ruled that the ultimate judgment about him would be made politically, by Likud members at the ballot box.
US pressure limits Israel as Iran steps in to save a weakened Hezbollah, experts say – analysis
Iran’s proxy and Israel’s foe is at the center of the conflict roiling the Middle East and threatening to boil over any minute.
On Tuesday, tensions were running high after a day of battle between Israel and Iran ended through American coercion, hoisting the Lebanese-based Hezbollah terrorist organization as a major regional player.
US President Donald Trump was quick to pressure Israel and Iran to stop attacking each other. Media reports said a tense conversation between President Trump and Israeli Prime Minister Benjamin Netanyahu also included a threat by the American leader not to help Israel in case it continued to strike the Islamic Republic.
“The Trump administration has created a totally new and very bad reality,” Amatzia Baram, a professor emeritus at the University of Haifa and an expert in Middle Eastern politics, told The Media Line. “To appease Iran, they are willing to limit Israel in Lebanon. Washington wants this even more than the Lebanese government itself. This is a grave mistake.”
Israeli strikes against Hezbollah over the weekend triggered retaliation from its sponsor, Iran, cementing a new equation. For decades, Israel defined Hezbollah as its most formidable enemy. Israel then thought it had nearly defeated Hezbollah at the end of 2024, only to be stuck with it as Iran uses the group as a deterrent, not by its force but by threatening to attack Israel if it attacks its most-prized proxy.
Hezbollah rocket and drone fire into northern Israel, ceasefire violations
The few hours in which Israel and Iran traded blows on Monday ended with an Iranian warning that it will strike harder if Israel resumes its attacks in Lebanon.
Hezbollah began firing at Israel two days after the joint American-Israeli attack against Iran began in March, ending in a ceasefire a month later. Since then, Israel has continued to attack Hezbollah targets in southern Lebanon, further cementing its presence in the area, which Hezbollah claims is a violation of an original ceasefire reached in November 2024.
Hezbollah has responded by continuing rocket and drone fire into northern Israel. Both sides are essentially violating the ceasefire while trying to control the levels of violence and limiting the scope of the attacks to northern Israel and southern Lebanon, leaving the Hezbollah stronghold of the Dahieh neighborhood in Beirut off limits for Israel.
For less than 24 hours, the ceasefire spiraled out of control when Israel struck Hezbollah terrorists in the Dahieh, deep within Lebanon. Iran threatened to retaliate for such an attack and did so.
In Israel, there were no casualties from the Iranian missile barrage. Reports from Iran also did not indicate casualties.
“The Iranian attack appears to be an attempt to save face and not an effort to exact a price on Israel,” Dr. Menahem Merhavy, a research fellow and expert on Iran at the Harry S. Truman Institute for the Advancement of Peace at the Hebrew University of Jerusalem, told The Media Line. “The attack extracted Iran from a trap.”
“Iran has been unsuccessful in leveraging what it believes was victory over the US and Israel,” Merhavy continued. “Iran is on the verge of catastrophe, and losing Hezbollah is a major source of stress for it.”
Iran has been pulling the strings behind the scenes in the Middle East through several terrorist organizations it has backed, supported, and trained for years, creating a “ring of fire” surrounding Israel.
“The ‘ring of fire’ is currently stuttering,” said Merhavy. “But Iran won’t give up the idea and will not abandon Hezbollah.”
“Hezbollah has been weakened to about half of its previous abilities,” Baram said. “But still, they have significant ability to fight. Hezbollah is busy rebuilding itself, and despite Iran being in a difficult position, it is still helping Hezbollah—financially, militarily, and strategically by positioning itself as its defender and savior.”
“Hezbollah was meant to help Iran, not the opposite,” Baram continued. “The US bears responsibility for this.”
The war of October 2023 began with a surprise attack by the Gaza-based Hamas organization against Israel and quickly evolved into a regional conflict involving all of Iran’s proxies. Israel’s response has systemically degraded that web, leaving Iran weakened even before its first direct confrontation with Israel in April 2024.
“Iran’s latest attack and its quick signal that it finished retaliating, signals its unwillingness to enter another prolonged conflict because they cannot afford it,” said Merhavy.
Speaking on Monday after both Iran and Israel held their fire, Netanyahu said “our struggle with them has not ended yet,” referring to both Iran and Hezbollah.
Attacks against Hezbollah in southern Lebanon have been small, insignificant
“They are weaker than ever,” he added in an attempt to convince the public that Israel had the upper hand.
“Israel didn’t attack Hezbollah between 2006 to 2023 for one reason – it was afraid that the massive missile and rocket arsenal would cause major damage to Israel,” Baram said. “Now, Israel isn’t afraid of attacking Hezbollah because of its potential to cause damage, but rather Israel is concerned that Iran will get involved and the US will not support Israel if it chooses to respond to this.”
On Tuesday, the Israeli military was believed to be behind a strike against Hezbollah targets in southern Lebanon. The Israel Defense Forces (IDF) did not confirm.
Netanyahu has repeatedly vowed to destroy Hezbollah, after the group joined Gaza-based Hamas’ war against Israel in October 2023. Despite several wars and repeated rounds of fighting, Israel has not been able to conclusively end Hezbollah’s threat. Its fire is aimed mostly at northern Israel, severely disrupting life there and creating a major source of frustration.
“Attacks against Hezbollah targets in southern Lebanon are small, tactical, and have little significance to Hezbollah’s standing in Lebanon,” said Baram.
“Attacks against command headquarters, weapons depots, and assembly factories in Beirut and north of Beirut are at an almost strategic level that can weaken Hezbollah, and that needs to be Israel’s target for the future.”
According to Merhavy, the new equation could be very temporary. But in the meantime, Hezbollah is significantly exposed to Israeli attacks.
“Hezbollah can be pounded all over Lebanon, but Beirut and Iran can do absolutely nothing about it,” he said. “Israel has been able to act freely in Lebanon for months.”
Beyond its military capabilities, Hezbollah has built a vast financial and social network that is deeply embedded in Lebanese society, mainly within the country’s Shiite community.
Through charities, schools, healthcare services, reconstruction projects, and direct financial assistance, the group has created a parallel support system that many Lebanese families depend on, especially in areas where the state has struggled to provide basic services.
This deeply rooted social and economic role has made it difficult for both the Lebanese government and Israel to significantly weaken Hezbollah’s influence.
“There is a lot of frustration with both Hezbollah and Iran amongst the Shiite community in Lebanon,” Merhavy said. “Iran has yet to provide funds to rebuild homes that were destroyed by the Israeli military in the past two years. Hezbollah terrorists are also unable to move freely in Lebanon for constant fear of being targeted by Israel.”
The situation is complicated by the divergence of interests between Israel and the US.
Netanyahu has been under major pressure from US President Donald Trump to curb attacks against Hezbollah, fearing they would derail the talks to reach a permanent deal between the US and the Iranian regime. Israel has also been in direct negotiations with the Lebanese government for several weeks.
Mediated by the US, there is a hope that the government in Beirut will be able to force Hezbollah to withdraw from southern Lebanon, thus removing a major direct threat against Israel. Tehran has reportedly threatened the Lebanese government for negotiating with Israel.
“It should be an American interest that Israel weakens Hezbollah,” said Baram. “Israel has no choice but to continue to engage in dialogue with the US. But because it is now extremely limited in conducting military strikes against Hezbollah, Israel must work with the US to target Hezbollah’s financial network and also cooperate with Syria against Hezbollah.”
In late 2024, the collapse of the Assad regime in Syria dealt a major blow to Hezbollah’s regional position by disrupting key supply routes used to transfer Iranian weapons through Syria into Lebanon. Israel has sought to capitalize on the changing reality in Syria, striking at targets in the country and limiting Hezbollah’s ability to rebuild its military capabilities along Israel’s northern border.
The new equation has enabled all sides to claim victory while imposing new limitations. Israel can strike Hezbollah at risk of confrontation with Iran and friction with Washington.
Iran can threaten escalation, but appears reluctant to enter another wider direct conflict. Hezbollah, once the centerpiece of Tehran’s regional deterrence strategy, is increasingly busy preserving its own survival.
The stakes are high. Whether this new equation holds or collapses in another round of fighting, the outcome will be decisive for the balance of power across the Middle East.
US close to deal addressing Iran’s nuclear program ‘for the long term,’ VP Vance says
An agreement between the United States and Iran that addresses Iran’s nuclear program “for the long term” is nearing fruition, US Vice President JD Vance told CBS News, adding that it could come in the coming weeks or months.
“Right now, I feel that we are in a position to get a deal that is good for the United States economically and that really does deal with the Iranian nuclear program, not just now, not just while Donald Trump is president, but for the long term, to where my kids can say when they’re adults, ‘Iran is not going to have a nuclear weapon,'” Vance said.
“That’s the goal of the policy. And I think we’re very close to achieving that goal. But we still got some wood to chop. We’re going to keep doing it,” he added.
Iran-US deal could come before November midterms, Vance says
The deal could come before the midterm elections in November, Vance claimed.
During the interview, Vance also stated that he didn’t believe the Iranian negotiation party was intentionally stringing along the US President, and that their system “takes a long time to reach consensus.”
“I always hear people ask me, ‘Do you trust the Iranians?’ And what the president has said is: ‘I don’t trust anybody. I don’t trust anybody. What I do trust is my own ability to negotiate. I trust our administration’s ability to negotiate, and I trust the enforcement provisions that we’re going to get in place,” he said.
Iran seizes exiled soccer star Ali Karimi’s villa, assets over alleged Israel ties
Iran seized the financial assets and several properties from Iranian soccer star Ali Karimi over his alleged ties to Israel, according to a Monday X/Twitter post by Tasnim News Agency, an IRGC-affiliated news outlet.
A three-story villa covering over 1,000 square meters was confiscated in Lahijan, along with some high-value mobile phone lines, Iran Wire reported.
Iran’s judiciary claimed that these measures were done in an effort to “counter espionage and cooperation with Israel.”
This is not the first seizure of Karimi’s property by the Iranian government. Last month, Iran’s Judiciary Media Center announced that two commercial units and four residential buildings belonging to the football player were seized by judicial order for “utilization for the public benefit,” according to Iran International.
Karimi, Iran’s former national team captain, has a history of openly defying the Islamic regime.
📹 بخش دیگری از اموال علی کریمی به نفع مردم توقیف شد
پیش از این نیز ۲ واحد تجاری و ۴ واحد مسکونی از علی کریمی شناسایی و به دستور قضایی به نفع مردم توقیف شده بود که یکی از املاک شناسایی شده یک پلاک ثبتی شامل دو واحد تجاری و ۴ واحد مسکونی است pic.twitter.com/9ubuSzPY51
— خبرگزاری تسنیم (@Tasnimnews_Fa) June 9, 2026
A major voice in exile, anti-regime rhetoric has placed him in danger
Karimi, who is currently living in exile in the United States, became a major voice of anti-regime protests in 2022. He took to social media to criticize the regime and offer support to anti-government protestors, according to Iran International.
His substantial number of followers is a grave concern for the IRGC, which has targeted him for extradition back to Iran after he openly criticized the government, the Independent reported.
He is still a political activist and frequently speaks at anti-regime rallies and diaspora demonstrations.
For the first time ever: An autonomous drone boat rescues US pilots in Strait of Hormuz
For the first time ever, a US Navy Autonomous Surface Vehicle (ASV) rescued two US Army helicopter crew members after their Apache helicopter was shot down in the Strait of Hormuz off the coast of Oman.
In a statement provided by US Central Command to Defense & Tech by The Jerusalem Post, US Navy Captain Tim Hawkins, US Central Command Spokesperson said that “the surface drone that assisted in Monday night’s rescue of the Apache crew off the coast of Oman was a US Navy Corsair unmanned surface vessel operated by US 5th Fleet’s Task Force 59.”
A Saronic Technologies spokesperson confirmed to D&T that “the US military has acknowledged that a Saronic Corsair autonomous surface vessel was used in the recent rescue operation following the downing of a US Army helicopter.”
US Central Command said that “the soldiers were safely rescued within approximately two hours and are in stable condition.” The ASV took the two to another location on the water where they were picked up by a helicopter that took them to shore.
Saronic’s Corsair was under the operational lead of the US Naval Force Central Command (NAVCENT) and the 82nd Airborne Division with Task Force 59. Task Force 59 is NAVCENT’s Unmanned Systems Unit, and it is the Navy’s primary hub for integrating drones and AI‑enabled maritime platforms.
Unmanned Surface Vehicles have long been deployed in sea mine clearance missions to minimize risk to sailors. But the rescue by the Corsair marks the first time that troops have been saved during combat.
The ASV was first unveiled in October 2024, and the company has since built over 300 platforms.
The platforms are 24 feet long and capable of carrying 1,000 pounds with an endurance of over 1,000 nautical miles and a top speed of 35 knots. The platforms are designed to operate independently or in networked swarms with a human operator in the loop via datalink. According to the company, the vessel has logged over 100,000 nautical miles, including multi-day missions.
While it is unclear how many Corsairs have been delivered to the Navy, Task Force 59 began fielding them in late March after the Navy signed a deal worth $392 million with Saronic in December 2024.
Just days before the rescue, Saronic held a demonstration of Corsair with US military officials overseeing strategic port operations and deployment logistics.
Lt.-Col. Lauren Cabral, commander of the 834th Transportation Battalion, was quoted as saying that “there is an opportunity for us to be able to utilize this equipment and this piece of technology here that would help us in protecting that restricted area along the waterside. It’s another phenomenal opportunity for the Coast Guard to be able to use this type of equipment, as well as most of the authorities sort of lie under their portfolio to be able to exercise that.”
More drone boats
The Pentagon has been investing in autonomous unmanned surface vehicles as a cost-effective way to expand the Navy’s reach and capabilities in complex maritime environments. Reuters said that the Navy plans to deploy potentially thousands of Corsairs.
In July, the Pentagon announced that it was looking for USVs capable of carrying large payloads, including missiles, thousands of miles at sea. According to a solicitation by the Navy, the Modular Attack Surface Craft (MASC) program will see a high-endurance USV to meet the need for a fast, high-capacity, embarked payloads platform.
“MASC seeks to leverage cutting-edge technologies and modular design principles to create adaptable and resilient solutions that can effectively counter evolving threats,” the solicitation read.
MASC is also looking for platforms that can operate at high speeds in rough sea conditions, are interoperable with existing US Navy systems, and are capable of autonomous maneuvering with and without radio frequency (RF) missions, and with open architecture software, as well as software that allows for multiple USVs to be controlled simultaneously.
Knesset advances bill to enshrine Torah study into Basic Law, supporting haredi draft evaders
The Knesset passed in its preliminary reading on Wednesday a bill that seeks to enshrine Torah study in Basic Law, as part of a proposal pushed by haredi (ultra-Orthodox) parties that seeks to encourage draft evasion and change the status of Yeshiva students who do not serve, enabling them to continue receiving state benefits.
The legislation passed with 56 lawmakers in favor and 43 against. It was sponsored by Degel Hatroah leader MK Moshe Gafni and had received government backing ahead of the vote.
A separate bill under the same name that is sponsored by the haredi Sephardic Shas Party is also expected to be advanced and will most likely be merged with Gafni’s bill.
Shas’s proposal had contained contentious wording calling for equality of rights between IDF soldiers who serve and haredim who evade military service, which sparked outrage from both coalition and opposition lawmakers on Monday.
Leader of the Shas Party, Arye Deri, has demanded that legislation be advanced, and said on Monday that its passage was a condition for party lawmakers to join coalition votes.
The far-right Religious Zionist Party, led by Finance Minister Bezalel Smotrich, said on Tuesday that it would not support a bill that calls for equality of rights between IDF soldiers who serve and haredim who evade military service.
The contentious wording was subsequently removed, but the move to enshrine Torah Study into the country’s Basic Law would still have sweeping implications on the status of haredim who evade service in the country.
Who voted against the Torah Study bill?
While some Religious Zionist Party MKs voted in favor of the bill during the vote, MK Moshe Solomon voted against.
MK Dan Illouz and MK Yuli Edelestein, members of Netanyahu’s ruling Likud party, also voted against the legislation.
Gafni’s bill states that it seeks to enshrine into the Basic Law the status of Torah study as “a fundamental value in the heritage of the Jewish people.”
It proposes that the State of Israel “recognize those who commit themselves to long-term dedication to Torah study as performing significant service to the state and the Jewish people.”
The existing wording, enshrined in the country’s Basic Law, would ease the ability to grant benefits and rights to haredi men who evade service.
Haredi party leaders have continuously pushed for Netanyahu’s coalition to advance legislation that would not increase haredi enlistment. The IDF has repeatedly warned of an urgent manpower shortage, notably after more than two years of war.
What is the status of the Haredi draft in Israel?
In March, IDF Chief of Staff Lt.-Gen. Eyal Zamir said the IDF could soon collapse if there is no solution to the manpower shortage.
Moving forward with the legislation also comes as the High Court of Justice ordered in April that the state take concrete steps to revoke key financial benefits from draft evaders and to move toward criminal enforcement against haredi men who evade military service.
The advancement of Basic Law: Torah Study legislation is also reportedly part of an emerging deal between Netanyahu and the haredi parties, ahead of the upcoming Knesset dissolution vote in its second and third readings.
The agreement between Netanyahu and the parties is to push the election date to October 20, rather than hold it in September, as the haredi parties have sought. In return, they would receive advancement on the Basic Law: Torah Study, haredi daycare subsidies law, and the kashrut law, according to a Channel 12 report.
Lawmakers from Shas and UTJ told the Knesset House Committee last week that they wanted to move up the election date to September, before the High Holy Days. Numerous reports have stated that the haredi parties have pushed for this to improve turnout among their voters.
Reportedly, Netanyahu has opposed the move and instead seeks to hold elections in late October, allowing the coalition more time to advance legislation during the Knesset’s final session and potentially achieve military goals.
Israel can contain Hamas without reoccupying all of Gaza – opinion
Discussions over the future of the Gaza Strip have been eclipsed by the US-Israeli war on Iran.
Yet keen observers believe that Trump’s Gaza Plan is doomed. No international stabilization force is ready to step in, while the planned technocrat interim government has been intimidated out of entering the Strip by Hamas.
Moreover, Nickolay Mladenov, the High Representative for the Board of Peace for Gaza, reported to the UN Security Council that establishing an effective transitional civilian authority in Gaza is not possible without first overcoming Hamas’s resistance to disarming.
The war against Iran may end soon, as neither the US nor Iran appears eager to continue it. Subsequently, attention will move to other arenas. Iran’s proxy in Lebanon, Hezbollah, has been weakened but remains well-armed and holds veto power over the Lebanese government’s decisions.
Similarly, Hamas in Gaza has resisted pressure to disarm and remains the de facto ruler of the territory it controls – over 30% of the Strip.
Unsurprisingly, terror armies such as Hezbollah and Hamas cannot be eliminated when their ideology commands broad support among the populations in which they operate and when they continue to receive military aid from abroad. Iran has enabled its proxies to survive.
‘Total victory’ against Hamas is unrealistic
In Israel, the IDF has presented plans to renew its assault on Hamas in order to achieve disarmament and deliver the “total victory” demanded by politicians.
Yet this goal is entirely unrealistic. Notably, Israel has not succeeded in eliminating or disarming Hamas in the West Bank, a territory that has been under IDF military control since 1967.
Meanwhile, polls consistently show that Hamas remains popular among Palestinians despite the immense suffering brought on by the October 7, 2023 massacre in Israel. Furthermore, Hamas has rebuilt its weapons-smuggling networks to recover from the blows dealt by the IDF, and is actively recruiting and training new fighters in preparation for an Israeli offensive.
While the IDF could take over the entirety of the Gaza Strip – and the prospect of a “decisive” victory is tempting – the wisdom of “finishing the job” is questionable for several reasons.
A conquest of the entire Gaza Strip would make its impoverished population of approximately two million people Israel’s direct responsibility.
Preserving the status quo – a divided Gaza – spares Israel this burden, which has already become a challenge for the international community following the adoption of the Trump Plan for Gaza by the UN Security Council.
Such a conquest would also transform the IDF, which currently operates in the roughly 60% of Gaza it controls – areas largely empty of civilian population – into an occupation army functioning among civilians who have been educated for years by Hamas to hate Israelis.
This kind of population provides fertile ground for Hamas to wage guerrilla warfare against Israeli forces. A “hearts and minds” strategy is not a realistic option for Israel, and any ambitious deradicalization project faces slim prospects of success, requiring a multi-generational timeframe. Israeli energies would be better directed elsewhere.
The multi-front war since October 7, 2023 has been the longest military engagement in Israel’s history. While Israeli society has displayed remarkable resilience and its economy has demonstrated considerable strength, Israel would welcome a respite.
The current deployment in Gaza – defending border communities that were in close proximity to Hamas – requires relatively few troops. Reigniting the Gaza front would necessitate a significant reserve mobilization and would be costly in both lives and resources.
The case for a full takeover of Gaza is not compelling enough at a time when Israelis are longing for some degree of normalcy.
A divided Gaza – one that leaves Hamas in control of a portion of the territory – also preserves the schism within the Palestinian national movement, Israel’s principal long-term adversary, which shows little sign of moderating its deep hostility toward the Jewish state.
This approach reflects Israel’s Gaza strategy following Hamas’s expulsion of the Palestinian Authority from the territory in June 2007.
That separation policy weakened the Palestinian national movement and its push for statehood, which is currently opposed by a large majority of Israelis who are not convinced that the Palestinians can become a reliable neighbor in the foreseeable future.
October 7, 2023, did not represent a failure of the separation policy per se. The failure lay in the IDF intelligence branch’s complacency and, more broadly, in Israel’s policy of restraint and containment.
The separation strategy wrongly embraced a “quiet for quiet” approach, tolerating recurrent missile attacks on its civilian population while allowing Hamas to substantially expand its military capabilities.
Israel failed to act aggressively enough to prevent that buildup. In a protracted and intractable conflict, “mowing the grass” – using military force periodically to degrade enemy capabilities, restore temporary deterrence, and extend the intervals between violent confrontations – is the only viable approach to adversaries, whether hostile states, terrorist organizations, or terrorist armies.
This concept offers no definitive endpoint and no decisive victory. It requires ongoing vigilance and periodic action, while acknowledging that the threat may always reemerge. In Gaza, Israel neglected this imperative.
A Hamas-controlled enclave in Gaza is therefore a bearable outcome – provided Israel remembers to “mow the grass” frequently enough. It also frees the IDF from occupation duties, which carry their own costs and complications.
Finally, restraint in Gaza may spare Israel the reflexive international criticism that so often greets its use of force, criticism that frequently rests on a fundamental misreading of the situation
The writer is the founder of the Jerusalem Institute for Strategy and Security (JISS) and currently a Senior Researcher there. He also serves as Chair of the Program for Strategy, Diplomacy and Security at the Shalem Academic Center.
Zionist NGO Regavim to countersue Canada, EU over sanctions, denies claims of violence – interview
The Zionist NGO Regavim will be taking legal action against Canada and the EU following the imposition of sanctions, Naomi Kahn, director of the International Division at Regavim, told The Jerusalem Post on Wednesday.
On Tuesday, the United Kingdom, Canada, Norway, France, New Zealand, and Australia announced new sanctions against several individuals and organizations in the West Bank, whom they accuse of violence against Palestinians. As part of the announcement, Canada also imposed sanctions on the Regavim Movement.
Regavim is a Zionist NGO dedicated to protecting Israel’s national lands and resources. It mainly acts to prevent illegal seizure of Israeli state land, and to protect the rule of law in matters pertaining to land-use policy in the State of Israel.
Unlike some of the other individuals and entities sanctioned yesterday, Regavim has never been accused of violence against Palestinians. Ironically, in fact, it is known for publishing a report debunking the very concept of settler violence.
“Sanctioning civil society organizations who have absolutely no connection to actual violence or were never accused of violence, have never been accused of any illegal activity whatsoever, is an attack on the State of Israel as a whole, and particularly in our case, it’s an attack on Israel’s judicial system,” Kahn told the Post.
Regavim sanctioned for lobbying for destruction of Palestinian property
The EU and Canada both said they sanctioned Regavim for “lobbying for the demolition of Palestinian property and an EU-funded Palestinian primary school at the Jabbet al Dhib village, near Bethlehem, in the West Bank.”
Kahn disputes this, saying the school was an “illegal structure that was built by the European Union on Israeli state land in Area C, the area under Israeli jurisdiction, and the court found grounds to demolish that structure.”
“Now, that just means that they don’t like the court’s judgment, and that means that they’re sending a message, not very subtle, to Israel’s judges: ‘If you vote against the European Union’s activities, even though they’re illegal and everyone knows it, we will sanction you next, and we will sanction the entire state of Israel anytime they do something that we don’t like, even when it’s against the law.'”
“It’s not a question of whether Regavim is or isn’t violent. Of course it isn’t. We are a research think tank and policy and lobbying group.”
Kahn told the Post that Regavim sees it as important to push back against this “entire affront to Israel’s integrity as a democracy with a functioning judicial system,” and against Israel’s sovereignty over territory over which, under international law, it is sovereign.
“This is an attack on Israel’s sovereignty, on its judiciary and on its legitimacy,” Kahn added.
Thus, as mentioned, they will be taking immediate action to file an appeal and a counterclaim.
“First of all, there’s a bureaucratic process with all of these sanctions in which you can appeal the decision to sanction you, so we’re going to do that, but it essentially has very little chance of succeeding. But in addition to that, we intend to file counter suits because this is a defamation.”
“They are somehow including us in a list of people that they’re accusing of violence where there’s absolutely no proof, no hint, no involvement whatsoever in anything [we do] that could be construed as violent. They simply don’t like our political stance. So we’re going to be filing counter suits against this.”
In addition, Regavim will call on the government of the state of Israel to push back against sanctions on the diplomatic playing field.
EU sanctions are attempt to clear path for Palestinian state, NGO says
Kahn believes that the sanctions are an attempt to clear the way for the creation of a Palestinian state.
“And it is clear that Israeli voters, Israelis who actually live here and will have to pay the price of that sort of thing, do not support the creation of a Palestinian state. Certainly not now, when the Palestinian Authority has been proven to support terrorism, continues to pay terrorists, continues to encourage the eradication of the state of Israel. So there’s no peace partner. And by the European Union simply forcing this situation, they are endangering our lives.”
“Let’s just hypothetically propose that every single Jew decided to leave Judea and Samaria. Will that be enough? No, because that’s not really what they want; what they want really is to create a state of Palestine there.”
“Israelis know what the results of that will be. We saw it on October 7th. We know that a Palestinian state in Judea and Samaria will be the end of the state of Israel,” she concluded.
Trump administration’s handling of Epstein cases disapproved by majority of American public – poll
Few Americans, including just 21% of Republicans, think President Donald Trump’s administration has helped deliver justice in cases connected to accused sex trafficker Jeffrey Epstein, a new Reuters/Ipsos poll found.
The results of the six-day poll, which closed on Monday, come as congressional investigators continue to probe the alleged crimes of Epstein, who served time in prison after pleading guilty in 2008 on prostitution charges, including soliciting an underage girl.
Epstein died by suicide in a Manhattan jail cell in 2019.
Just 10% of respondents in the Reuters/Ipsos poll said the Trump administration had helped efforts to hold people connected to Epstein accountable. Only one in five respondents said the alleged clients of Epstein have been held accountable.
Some of Epstein’s victims have claimed that rich and powerful people have been protected in official investigations.
Epstein files a political headache for Trump, nation believes truth is hidden
The Trump administration fanned speculation with the release in January of millions of Justice Department investigation files that named or featured photographs of dozens of powerful people in business and government, including Trump himself.
Several corporate executives have stepped down this year after appearing in the files, but none have been charged with crimes.
Bill Gates, the billionaire founder of Microsoft, was one of those individuals and is scheduled to sit for a closed-door interview with congressional investigators on Wednesday.
The files released this year indicated that Gates and Epstein met repeatedly after Epstein pleaded guilty to the prostitution charges to discuss expanding Gates’ philanthropic efforts. A spokesperson for Gates’ philanthropy said in February that the billionaire “took responsibility for his actions” regarding his ties to Epstein during a town hall meeting with employees.
The Epstein scandal has proven a persistent political headache for Trump, who long fanned the flames of suspicions around Epstein and has been dogged by criticism that his administration was failing to fully disclose all that the US government knew about the case.
Some 84% of respondents in the latest Reuters/Ipsos poll – including similar shares of Republicans, Democrats, and independents – said the Epstein files showed that powerful people in America are rarely held accountable.
Three-quarters of the country thinks the federal government was probably still hiding information about Epstein’s alleged clients.
Wounded ‘Amazing Race’ star brings Rabbi Sacks’ message to Israeli students
Liheyot Ye’udi, an educational program inspired by the teachings of Rabbi Lord Jonathan Sacks, has completed its second year after reaching 70,000 students across Israel, organizers said this week.
The initiative, run by The Rabbi Sacks Legacy and coordinated by Sulamot, works with students in Israel’s state and state-religious school systems. It aims to help young Israelis see themselves as leaders, moral voices, and people capable of responding to the country’s social challenges with responsibility and action.
The year-end event brought together students, educators, public figures, and Israeli content creators who have been involved in the program. It included appearances by Itay and Omri Rozenblit, former contestants on “The Amazing Race Israel.”
Omri Rozenblit, who was wounded while fighting in Gaza and lost a leg, told the students that identity is shaped by values rather than by physical condition.
“You are who you define yourselves to be. You are the size of your values,” he said. “I was wounded in the war and lost a leg. Perhaps I am defined as disabled, but as far as I am concerned, I am not disabled. I remind myself that this is only body and flesh. I am my ideals. I am Israeli, Jewish, a fighter.”
Dylen Dror: Doing good begins with a small decision
Digital influencer Dylen Dror, who has helped create content for Liheyot Ye’udi over the past two years, said the program changed the way he thinks about doing good.
“The most meaningful thing I learned is that doing good does not begin only with a big project,” Dror said. “It begins with a small decision: to notice, to listen, to help, to choose, and to see the other. Rabbi Sacks said that every person has a unique voice and a role in the world, and that idea spoke to me as well.”
The day concluded with a tribute at the President’s Residence, where President Isaac Herzog praised the initiative and the students participating in it.
“We live in a world filled with worry and anxiety,” Herzog said. “And what can the solution be? When we read Rabbi Sacks, we feel calmer. There is something deeply logical there, something that explains where you are and where you are going. I commend this initiative to spread the teachings of Rabbi Sacks.”
Turning to the students, Herzog added: “Continue to spread Rabbi Sacks’ teachings. They are important, and they will accompany you always.”
Rabbi Sacks’ teachings as an answer to polarization
Nadiva Koschitzky Sheer, representing the Koschitzky family, which supports the project, said Rabbi Sacks’ teachings were especially relevant at a time of polarization in Israeli society.
“Rabbi Sacks taught us that disagreement is not a threat to our unity, but the foundation of Judaism, of a strong democracy, and of a healthy society,” she said. “You, the young participants in this program, are the best antidote to the polarization and division in Israel.”
Daniel Taub, chair of The Rabbi Sacks Legacy in Israel and a former Israeli ambassador to the United Kingdom, said the project was part of a broader effort to bring Rabbi Sacks’ ideas into Israeli homes and classrooms.
“A year ago, when we met with the President, he set us a challenge: that Rabbi Sacks should be in every home in Israel,” Taub said. “This year, too, the Liheyot Ye’udi program reached 70,000 students across Israel, in both the state and state-religious school systems.”
Rabbi Sacks, who served as chief rabbi of the United Hebrew Congregations of the Commonwealth, became one of the most influential Jewish thinkers of his generation, writing widely on morality, identity, responsibility, and Jewish leadership. Since his death in 2020, his family and students have worked to expand access to his teachings in Israel and around the Jewish world.
Liheyot Ye’udi has become one of the main Israeli educational frameworks carrying that legacy into classrooms, with students using Rabbi Sacks’ writings as a basis for discussion, personal reflection, and social action.
Erdogan says Israel’s ‘aggression’ threatens Turkey, entire Mediterranean region
Turkish President Recep Tayyip Erdogan said on Wednesday that Israel’s attacks on Syria and Lebanon had reached a point where they also threaten Turkey, adding Israel’s “aggression” posed a threat to the whole world and must be stopped.
NATO member Turkey has been one of the fiercest critics of Israel’s assaults on Iran, Gaza, and Lebanon, saying Israel was the biggest obstacle to regional peace. It has halted all trade with Israel and called for measures against it at international courts.
“The attacks by (Israeli Prime Minister Benjamin) Netanyahu and his network of murder on Lebanon and Syria have brought the issue to a point where it also threatens Turkey,” Erdogan told lawmakers from his ruling AK Party in parliament, and added that Ankara’s security was tied to that of these two countries.
Erdogan also said Israel was leading a “sneaky effort” to destabilize African countries and the Mediterranean by igniting “the fire of discord” on the ethnically split island of Cyprus.
“These small entities, whose ambitions far exceed their size, have boarded Israel’s boat of mischief, taken on the role of Zionist subcontractors, and are pursuing some pipe dreams in the Eastern Mediterranean,” he said, without elaborating.
Turkey blames Israeli provocations for starting US-Iran war
“Nobody should chase adventures… I want everyone to know that if the rights of Turkey and Turkish Cypriots are violated in the Eastern Mediterranean, our response will be very clear and very strong.”
Turkey, Iran’s neighbor, has blamed Israel’s “provocations” for starting the US-Iran war.
Erdogan on Wednesday urged world powers to take a clearer stance against Israel, saying it was emboldened by the “silence of the international community.”
“Pulling Israel back to within the bounds of the rule of law has become a shared duty not just for certain countries, but for all of humanity,” he said.
Netanyahu hits back at ‘antisemitic’ Erdogan, ‘oppressor,’ genocide against Kurds
In an X/Twitter post, Prime Minister Benjamin Netanyahu hit back at Erdogan, saying, “The antisemitic dictator Erdoğan, who is committing genocide against the Kurds, backing the Hamas terrorist organization, oppressing his own people, and imprisoning his political rivals, is the last person who should be lecturing the State of Israel.”
הרודן האנטישמי ארדואן שמבצע רצח עם בכורדים, תומך בארגון הטרור חמאס, מדכא את בני עמו ושם בכלא יריבים פוליטיים הוא האחרון שיכול להטיף מוסר למדינת ישראל.
מדינת ישראל וצה”ל, הצבא המוסרי ביותר בעולם, ימשיכו לפעול בעוצמה נגד איראן ושלוחותיה שמאיימות על המזרח התיכון ועל העולם כולו.
— Benjamin Netanyahu – בנימין נתניהו (@netanyahu) June 10, 2026
“The State of Israel and the IDF, the most moral military in the world, will continue to act decisively against Iran and its proxies, which threaten the Middle East and the entire world,” he added.
WATCH: Two sperm whales spotted off coast of Ashdod by University of Haifa researchers
Two sperm whales were documented off the coast of Ashdod for the first time since 2022 during a deep-sea survey on Monday, which also coincided with International Ocean Day.
Just before the University of Haifa’s Morris Kahn Marine Research Station team was set to return to shore, the two sperm whales, one of the Mediterranean’s rarest species, were spotted.
“We received an exciting glimpse of their presence here, and also a reminder of the importance of protecting them,” said project leader Yali Mevorach.
The team was originally slated to perform surveys over the course of six days, but instead were called to shore after one day due to Iranian missile strikes.
“Just moments before we lifted the hydrophone (an acoustic system used to locate dolphins and whales) from the water, about 35 km west of Ashdod, at a depth of 700 meters, we suddenly heard familiar clicks,” said Dr. Aviad Scheinin, principal investigator of the project and head of the Apex Predators Division at the Morris Kahn Marine Research Station.
Fifth time sperm whales have been spotted with hydrophone
In addition to being the second time researchers have seen the whales since 2022, this is only the fifth time the species has been spotted via the hydrophone.
The Mediterranean Sea is estimated to be home to a few hundred sperm whales, which are considered an endangered species. Israelis are only lucky to spot the whales a few times each year, as evidence from ongoing research conducted by the Morris Kahn Marine Research Station shows that the whales spend a large portion of the year in Israel’s deep waters.
In February, a sperm whale was found dead on the beach in Zikim, which highlighted just how vulnerable the Mediterranean sperm whale population is.
“The Israeli Mediterranean suffers from many human impacts, limited food availability, and a complex climate, making it difficult for species like these to survive in our region,” Mevorach said.
“We have been researching them for several years, with sightings remaining relatively rare. Today, we received such an exciting glimpse of their presence here – healthy, beautiful, and actively hunting. It is proof that we have Israeli sperm whales that need us to study them and protect them.”
Former Mossad official says Trump naive about Iran, misunderstands Middle East diplomacy
US President Donald Trump treats negotiations with Iran “like a bazaar,” former head of the Mossad’s counterterrorism division Oded Ailam said during an interview with 103FM on Monday morning.
“It’s hard to summarize, we are only in a pause. We have not finished anything, just as we have not finished anything in any arena, and we need to admit the truth. There are extraordinary military achievements in all arenas that are not really being translated into diplomatic achievements,” he said.
“One of the main reasons is a capricious president named Trump, who is negotiating in the Iranian bazaar. More or less, he comes in the morning to his stall, puts up a sign that says, ‘By the end of the day, I need to sell all the merchandise,’ and expects prices to go down.
“He does not understand the terminology of the Middle East, not the dialectic, and the Iranians are teaching him a lesson in that regard.”
Ailam also called on Israel to look at events taking place elsewhere in the world, noting his talk of a wall funded by Mexico, his plans to conquer Greenland, and the deadlines he has given for those issues.
“We owe this man an enormous debt, no matter what. He brought the Abraham Accords; he was the most dominant factor in the hostage deal. This man did what seven presidents before him did not do, and he attacked Iran, which absorbed heavy blows. However, we are talking here with a president who sometimes acts against his own interests and could write a glorious chapter in Barbara Tuchman’s book The March of Folly.”
Former Mossad counterterror head says Trump limited Israel’s Iran strikes
Ailam then described Israel as a limited player on the regional stage and argued that its standing is deteriorating in the face of its enemies.
“Let’s take an analogy from the World Cup: they bring up the striker Ousmane Dembélé, and the coach tells him, ‘You only shoot with your right foot and only pass backward.’ We need to get the maximum out of this. We have no say.
“I think that in the end it is right that Trump, as usual, put the brakes on the planes that were on their way. That is a metaphor.”
“Israel must sever the equation in which the Iranian lawyer tells the Lebanese client, ‘I represent you, and I don’t care what you say.’ The importance of this move was that Israel did not accept it. Israel is sending a very clear message that the key in Beirut will hang on the wall in Tehran. In that sense, the message was very sharp and clear.”
He added more about the developments taking place in Lebanon, stating that Israel’s territorial control is what has harmed Iran and Hezbollah the most.
“What worries the Iranians most is that they are seeing a process of internal disintegration begin inside Lebanon, including within the Shiite community, where people are starting to ask questions. I speak with Lebanese and follow what is happening there. We have never seen such serious doubts from all parts of the spectrum,” he said.
Israel to open representative office in Papua New Guinea, FM Sa’ar announces after talks with PM
Israel will open a representative office in Papua New Guinea, Foreign Minister Gideon Sa’ar announced after a conversation with Papua New Guinea’s Prime Minister James Marape on Wednesday.
Sa’ar said in a post on X/Twitter that he thanked Marape for his support and friendship with Israel, specifically noting that Marape had decided to move Papua New Guinea’s embassy to Jerusalem in 2023.
“We will advance bilateral relations!” he declared.
Spoke with the Prime Minister of Papua New Guinea Hon. James Marape.
I thanked him for his support and true friendship with the State of Israel.
We appreciate his decision to open PNG’s embassy in Jerusalem in 2023.
I informed him of my decision to open Israel’s Representative… pic.twitter.com/WcfvZ2b6T3— Gideon Sa’ar | גדעון סער (@gidonsaar) June 10, 2026
Israel opens new embassy in Fiji
Israel has been pursuing stronger relations with other Pacific Island states recently.
Earlier this month, Sa’ar attended the opening of Israel’s new embassy in Fiji’s capital, Suva, 30 years after the previous one was closed.
“By opening Israel’s embassy in Fiji, we are continuing to expand Israel’s diplomatic activity around the world in general, and in the Pacific region in particular, and sending a message of strengthening the partnerships and relations with countries that are friendly toward Israel,” Sa’ar said before his visit to Suva.
Israel has full diplomatic relations with various other Pacific Island states, including Micronesia, Kiribati, the Marshall Islands, Nauru, Palau, Samoa, the Solomon Islands, Tonga, Tuvalu, and Vanuatu, as well as non-UN member states, the Cook Islands and Niue.
Shir Perets contributed to this report.
Opinion: ‘They all think I’m insane’: What it’s like to start medical residency at 72
Every time Dawn Zuidgeest-Craft intended to apply to medical school, life got in the way. But after 45 years as a neonatal nurse practitioner, she finally did it, beginning medical school at the age of 69 in 2022.
The pivotal moment came after her husband had a health scare. As she told me on this episode of the “First Opinion Podcast,” she sat him down and said, “‘Well, honey, you know, this is crazy. You literally almost died. And life is too dang short. What’s on your bucket list?’ And he said, ‘I really want to travel the world.’ And I said, ‘Well, I still want to go to med school.’”
Opinion: Even in abortion-protecting states, teens face unnecessary barriers to care
On May 28 the Nevada Supreme Court made the unanimous decision of halting enforcement of the state’s abortion parental notification law, allowing teens to access abortion services without being mandated to inform their caregivers. The ruling comes in response to a case filed by a Nevada physician and Planned Parenthood against a 1985 parental notification law that had been blocked under Roe v. Wade and was first enforced beginning in July 2025.
While the state Supreme Court’s decision grants only a preliminary injunction while the case proceeds through the lower courts, it marks a momentous step in addressing the current barriers to abortion access for teens even in abortion-protective states.
STAT+: As the U.S. looks on, European countries feel growing pressure on drug prices
LONDON — In Europe, two divergent paths are emerging as countries grapple with what to do about drug prices, affecting pharma companies and patients across the continent — and testing the influence of the U.S.
In the U.K., after a pressure campaign from both pharma companies and the Trump administration, the government has adopted more industry-friendly policies while also simply promising to spend more on medicines.
Germany, another of the continent’s biggest markets, is headed in the opposite direction. Facing growing deficits in its health budget, the government has proposed moves that would cut spending and increase the fees the industry has to pay.
Thune pushes back on Trump’s call to fire Senate parliamentarian to pass SAVE America Act
Senate Majority Leader John Thune, R-S.D., pushed back on President Donald Trump’s call for him to “immediately fire” Obama-era Senate parliamentarian appointee Elizabeth MacDonough, arguing that doing so would not pave the way for passage of the SAVE America Act because Republicans “don’t have the votes.”
“For me, it’s a function of math…” Thune told FOX Business on Wednesday.
“The issue with respect to the parliamentarian is one where, even under reconciliation, it has to be principally about budget and not policy, and SAVE America would not be at a 51-vote threshold. It would be at a 60-vote threshold under the rules, so she would just basically enforce the rules now.”
Thune pointed to a ruling that favored Republicans last week, when MacDonough determined that a Democratic-backed weaponization amendment would require 60 votes to pass rather than a simple majority.
FURY ERUPTS AS UNELECTED SENATE ‘SCOREKEEPER’ BLOCKS TRUMP’S AGENDA
“But [if] it had been a 51 [vote threshold] there would have been… an anti-weaponization amendment attached [to] that bill which would have jeopardized its passage in the House and probably jeopardize the president signing into law, so you win some you lose some with a parliamentarian,” he added.
President Trump called on Thune to remove MacDonough in a Truth Social post on Monday, writing that he “should immediately fire the parliamentarian, who treats Republicans and everything they stand for horribly!”
TED CRUZ SAYS THE DEM PARTY IS EMBROILED IN ‘CIVIL WAR’ AFTER ‘RADICAL LEFT’ TAKEOVER
“Just the other night, as an example, she ruled against us on a proposal that would have easily been approved, and should have been, by anyone else,” the president added, insisting Republicans reserve “every right” to change her to pave way for the SAVE Act.
The Trump-backed bill would require Americans to provide proof of citizenship when registering to vote in federal elections.
The president has also called for nuking the Senate filibuster, another measure Thune mentioned during his discussion on “Mornings With Maria.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“[That’s something] we don’t have the vote to do and, on that issue, it’s not even close,” he said.
“[On] some of these issues, it is a close call, but there probably aren’t half of Senate Republicans who are in favor of doing that.”
Are Republicans turning against medications for treating opioid addiction?
When Robert F. Kennedy Jr. took office in February 2025, he broke new ground as the first health secretary openly in recovery from addiction to drugs and alcohol.
At a public appearance soon after, he delivered precisely the message that many substance use experts had hoped to hear: that evidence-based medications for treating opioid addiction, in particular, would remain essential components of the country’s response to its drug overdose crisis.
DOJ reaches second settlement on youth gender care
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Good morning. Lately, I’ve been listening to the “I Love Boosters” score when I need to focus at the office. The Tune-Yards-composed music is kooky, manic, and sort of makes my heart rate go up. I love it.
How to study for the real estate exam: AI-powered strategies that work
Every year, thousands of aspiring real estate agents complete their pre-licensing education only to discover that earning course credit and passing the licensing exam are not the same thing. Industry estimates suggest that only about 50% to 60% of candidates pass the real estate licensing exam on their first attempt.
One reason so many candidates struggle is that the exam tests more than vocabulary. Knowing a definition is one thing; applying that knowledge in a scenario-based question is another. Success depends on understanding how concepts connect. That’s why practice exams, targeted review and personalized study plans have become some of the most effective tools for exam preparation.
Exam prep is also becoming more personalized. Today’s students have access to AI-powered study tools that can help pinpoint weak areas, generate targeted practice questions and tailor review sessions based on where they need the most support.
From your first pre-licensing lesson to the weeks leading up to exam day, the right study strategy can help you prepare more efficiently and improve your chances of passing on the first try.
Tip #1: Understand what you’re preparing for
Before creating a study plan, it’s important to understand how the real estate exam is organized.
Real estate licensing exams vary by state, including the number of questions, time limits and passing score requirements.
Most licensing exams include both a national and a state-specific portion. The national section covers foundational topics such as property ownership, contracts, financing, agency relationships, valuation and real estate math. The state portion focuses on local laws, regulations and licensing requirements.
Knowing how your state’s exam is organized can help you allocate study time appropriately and avoid focusing too heavily on one topic at the expense of another. AI-powered study tools can further support this process by generating practice questions tied to specific content areas, helping you reinforce concepts as you learn them.
Tip #2: Build a real estate study plan that works for you
The most effective exam prep doesn’t happen after you finish your coursework. It happens alongside it.
Rather than treating exam preparation as a separate phase, build review and practice into your study routine from the start. Revisiting material as you learn it can improve retention, reinforce key concepts and help you identify weak areas early.
Just as important, leave time for a final review period before your exam. The weeks leading up to test day should focus on practice exams, reinforcing knowledge and addressing weaker areas, not learning everything for the first time.
AI-powered learning tools can make it easier for you to stay on track by providing support whenever questions arise. Colibri Real Estate’s Rubi AI Tutor is built directly into the learning experience, allowing you to ask questions, get explanations for difficult concepts and generate practice questions based on the material you’re currently studying.
Tip #3: Prioritize real estate practice exams
If there is one study strategy that consistently separates successful candidates from unsuccessful ones, it’s practice testing.
Many students spend too much time reading and highlighting materials. While those activities may feel productive, they often create a false sense of confidence. Practice exams require you to recall information, apply concepts to realistic scenarios and think the way you’ll be expected to on test day.
A quality real estate practice test also helps candidates:
- Become familiar with exam wording
- Improve pacing and time management
- Identify areas that need additional review
- Build confidence through repetition
The most effective approach is to review every question after completing a practice exam, not just the ones you answered incorrectly. Understanding why an answer is correct is often just as valuable as understanding why another option is wrong.
AI-powered study tools can make this review process more effective by turning missed questions into learning opportunities, helping students explore the reasoning behind correct answers, clarify confusing concepts and deepen their understanding before moving on to the next topic.
Tip #4: Focus on the topics that matter most
Although every state has its own exam requirements, several subject areas consistently appear on licensing exams.
Pay particular attention to:
- Property ownership and land use
- Contracts and agency relationships
- Financing and settlement procedures
- Property valuation and market analysis
- Real estate mathematics
- State-specific laws and regulations
Many students spend too much time reviewing topics they’re already comfortable with. Concentrating on weaker areas often produces greater score improvements than repeatedly reviewing familiar material.
AI-powered learning tools can make this process more efficient. Instead of spending equal time on every topic, students can use AI to identify weaker areas, reinforce difficult concepts and generate targeted practice questions that focus on the subjects most likely to impact their exam performance.
Tip #5: Get personalized support throughout the learning process
Traditional study guides provide the same experience for every learner. AI real estate exam study tools can help create a more personalized approach.
AI can help students spend less time guessing what to study next and more time focusing on the material that will have the greatest impact on exam readiness.
Ready to study smarter?
Passing the real estate exam takes preparation, but it doesn’t have to be overwhelming.
Candidates who create a structured study plan, prioritize practice testing, focus on high-value content areas and consistently monitor their progress give themselves the best opportunity for success.
Passing the real estate exam starts with the right foundation. Colibri Real Estate’s pre-licensing courses combine state-required education with exam prep resources and AI-powered support through Rubi AI Tutor, helping students build confidence from their first lesson through exam day.
Click Here
The danger of the single-bureau blind spot: Why the 30-year mortgage demands the Tri-Merge Standard
As mortgage originators navigate one of the tightest margin environments in a generation, the pressure to slash operational costs has reached a fever pitch. In response, a polarizing debate has emerged across the industry: Can lenders safely cut corners on credit data to achieve short-term line-item savings?
While comparing a 30-year home loan to a 60-month auto loan is a risky race to the bottom, understanding the reality of the single-bureau blind spot is critical for lenders trying to protect thin margins without choking off vital origination volume.
A history of safety and soundness in housing finance
To understand why this standard matters, we must look at the history of housing finance. Prior to the 1990s, fragmented credit data frequently resulted in inconsistent lending decisions.
The Tri-Merge Credit Report was established to solve this systemic problem, ensuring all lenders had access to the comprehensive data needed to evaluate a 30-year financial commitment. This standardized system was specifically designed to shield the secondary market from systemic risk and ensure the ongoing safety of government-sponsored enterprises (GSEs).
Debunking the myth of data uniformity and the “66% risk”
Despite decades of consistency, a misconception has emerged: the idea that a single-bureau report is sufficient for comprehensive risk assessment. This perspective overlooks how data is gathered. Because lenders are not legally mandated to report data to all three National Credit Reporting Agencies (NCRA), data furnishing remains voluntary. Consequently, credit profiles are rarely uniform across the three major bureaus.
Moving to a single-file system introduces a dangerous blind spot, effectively ignoring 66% of available national credit data. A single-bureau credit pull can completely miss past delinquencies, high revolving utilization or other critical financial insights reported to the other two bureaus. This lack of visibility ultimately increases borrower defaults and exposure to risk downstream.
To visualize this disparity, consider a typical consumer profile where data varies dramatically:
- Bureau 1: Reflects a 720 score with few recent inquiries.
- Bureau 2: Reflects a 634 score, driven down by high utilization.
- Bureau 3: Reflects a 618 score, severely impacted by an active 90-day auto loan delinquency.
A lender relying solely on Bureau 1 remains completely blind to the critical risks exposed by Bureaus 2 and 3. The industry widely recognizes this danger. In a recent National Mortgage News (NMN) survey of 123 mortgage professionals, lenders ranked comprehensive three-bureau data as essential to avoiding hidden liabilities during origination. Furthermore, high-volume originators emphasized that missing even a single tradeline can significantly shift an applicant’s score band, drastically altering their perceived underwriting risk.
Exposing the “700+ score” shortcut
Some observers argue that single-file reports predict risk equally well for borrowers with credit scores over 700. However, this argument contains a fundamental analytical flaw: their conclusion is based entirely on historical loans that were already fully vetted through a complete Tri-Merge pull.
The similar performance observed in these profiles is the direct result of the Tri-Merge filtering out high-risk anomalies before closing. Localized reporting variations mean a 700+ score at one bureau can easily mask a 600-level reality at another.
The high stakes of short-term cost-cutting
In an environment focused on margin compression, comparing the extensive due diligence required for a 30-year mortgage to a 60-month auto loan is a dangerous race to the bottom. A mortgage is a multi-decade asset demanding the highest scrutiny.
The NMN survey reinforces this, finding that mortgage professionals rank accuracy of risk assessment as the single most important factor when evaluating credit models. Reducing transparency for short-term cost savings inevitably increases defaults. If this erodes credit quality within the Mortgage-Backed Securities (MBS) market, taxpayers will ultimately bear the cost of GSE volatility.
Protecting the future of homeownership safely
Protecting the housing ecosystem from systemic risk does not mean shutting down growth. By providing a 360-degree view, the Tri-Merge Standard prevents the blind spots that lead to taxpayer-funded volatility. At the same time, legacy credit models often leave creditworthy Americans underserved. Lenders can safely expand homeownership by pairing comprehensive three-bureau data with modern, forward-looking scoring models like VantageScore 4.0.
For instance, VantageScore 4.0 illuminates these consumers by using a 24-month lookback period to assess credit trajectories. This enhanced visibility allows lenders to safely expand their traditional buy box, uncovering highly qualified borrowers legacy systems miss entirely. Ultimately, this methodology helps qualify 10% more borrowers, many of whom are first-time homebuyers.
The Tri-Merge Credit Report is not an outdated hurdle; it is the fundamental safeguard protecting the safety, soundness and long-term stability of the American mortgage market.
Want to see how the Tri-Merge Standard became the definitive shield for the U.S. housing market and unpack the historical data behind the 66% risk gap?
Click Here
The responsible AI framework every mortgage lender needs before going live
Every technology adoption cycle reaches a point where the question shifts from “should we?” to “how fast can we?” In mortgage lending, AI has reached that moment. Lenders are deploying AI tools for document processing, income analysis, borrower communication and, increasingly, credit decisioning. The productivity gains are real, the efficiency improvements are measurable and the competitive pressure is accelerating.
But mortgage lending is not a typical industry when it comes to deploying new technology. It is one of the most heavily regulated consumer finance activities, with obligations spanning the Equal Credit Opportunity Act, the Fair Housing Act, RESPA, TILA, TRID and a growing body of state-level AI-specific legislation. The consequences of getting AI deployment wrong aren’t just technical—they’re legal, reputational and, in some cases, tied directly to individual loans.
The good news is that responsible AI deployment isn’t the enemy of competitive advantage. Done correctly, it is the foundation of it.
The regulatory environment has already changed
Lenders who believe they can deploy AI now and figure out compliance later are misreading the regulatory environment. The rules are still evolving—but they are further along than most executives realize.
Freddie Mac updated its servicer guide in late 2025 to include explicit requirements for AI and machine learning governance, covering transparency, accountability and ethical stewardship of AI systems. Those requirements went into effect on March 3, 2026. Fannie Mae separately published cybersecurity and business resiliency requirements that apply directly to lenders using technology platforms with AI components.
At the state level, the patchwork is developing rapidly. Colorado was the first state to enact AI-specific legislation governing automated decision-making tools in 2024; Texas followed in 2025. New York has proposed legislation that would directly regulate automated decisioning in lending. California has clarified that existing consumer protection laws apply to AI-driven decisions, with explicit application to mortgage companies.
Meanwhile, the Consumer Financial Protection Bureau (CFPB) has been clear for several years that AI-driven credit decisions must produce specific, explainable reasons for adverse action, not generic ones. An AI model that cannot generate a precise, accurate explanation for why it denied a borrower isn’t just a compliance risk; it’s a loan that cannot be defended if challenged.
The four pillars of a responsible AI framework
Across regulatory guidance, industry standards and recent enforcement trends, four consistent requirements define responsible AI in lending:
- Explainability: Every AI-influenced decision must be traceable to a clear, documentable rationale.
- Fairness testing: Models must be tested for disparate impact before deployment and monitored continuously. Neutral data inputs can still function as proxies for race, income or geography.
- Human oversight: AI should assist decisioning, not replace accountability. A clear escalation path with human review and override.
- Audit readiness: Lenders must be able to document how models are built, trained, monitored and governed over time.
These pillars are worth examining not just as compliance checkboxes, but as operational commitments that require infrastructure, process and accountability structures to support them.
The ‘black box’ problem is not theoretical
One of the most significant risks in AI deployment is model opacity. Many AI and machine learning systems used in lending today function in ways that are difficult to interpret from the outside. The model produces an output—but the path from input to conclusion isn’t easily explainable.
This creates a specific compliance problem in the mortgage industry. The CFPB has been explicit: When AI influences a credit decision, lenders must be able to provide specific, accurate reasons for adverse actions. A lender that cannot identify why their AI scored a particular borrower the way it did cannot meet this obligation, regardless of how good the model’s aggregate performance statistics are.
There is also a subtler risk. AI models can inadvertently use seemingly neutral data — device type, application timing, behavioral patterns during the application process — as proxies for protected characteristics. A model that’s never been tested for disparate impact on race, income or geography may be producing discriminatory outcomes without anyone at the lender realizing it. Regulators are increasingly equipped to detect these patterns, with agencies building out their own analytical capabilities to flag lending anomalies.
The responsible answer to this is not to avoid AI — it’s to choose and monitor AI tools that are designed for explainability from the ground up, and to build testing protocols that surface these issues before regulators do.
Governance is a program, not a policy document
One of the most common mistakes lenders make in AI deployment is treating governance as a documentation exercise. A policy is written, a vendor attestation is collected and the system goes live. That approach may satisfy a checklist momentarily; it won’t hold up under scrutiny.
Effective AI governance in lending requires a living inventory of every AI tool in production — what it does, what data it uses, who is accountable for its performance and how it is monitored over time. Models drift. Data distributions change. A model trained on one market environment may behave differently as rates, demographics or economic conditions shift.
Without ongoing monitoring, a system that was fair and accurate at launch can degrade in ways that create both performance and compliance risk. Governance is not a document—it’s an operating system.
Responsible AI is a competitive advantage, not a constraint
It is worth being direct about something that sometimes gets lost in compliance discussions: Lenders who build responsible AI frameworks are not just protecting themselves from downside risk. They are building infrastructure that gives them durable advantages.
A lending operation with explainable AI can defend its decisions — to regulators, to borrowers and to investors. That defensibility reduces legal exposure and audit risk in ways that translate directly to cost. An operation with strong fairness testing and bias monitoring can serve a broader borrower population responsibly — including the underserved segments that represent significant future market opportunity as demographics shift. And an operation with genuine human oversight and clear escalation paths builds the kind of borrower trust that drives retention and referrals in ways that pure automation cannot.
The lenders racing to deploy AI without this foundation are taking on risk they may not fully see yet. The lenders building the framework first are creating something harder to replicate: The operational credibility to scale AI confidently as the technology and regulatory environment continue to evolve.
Where to start
For lenders who are early in their AI governance journey, the most useful first step is an honest inventory. What AI tools are currently in production or being evaluated? What decisions do they influence? Who owns each tool’s performance? What documentation exists for how they were trained, validated and tested for bias?
Most lenders find that this inventory reveals gaps — not because of negligence, but because AI capabilities have been adopted incrementally, often through vendor relationships, without a unified governance view across the organization. That gap is solvable, but it needs to be visible before it can be addressed.
From there, the priority should be building monitoring and human oversight into deployments before expanding them — not as an afterthought once scale is reached. The regulatory and reputational cost of a compliance failure in AI-driven lending will far exceed the cost of building the governance infrastructure upfront.
The lenders who treat responsible deployment as foundational — not optional — will be the ones who can scale it furthest, fastest, and with the least exposure when the scrutiny inevitably arrives.
David Aach is the COO of Blue Sage Solutions
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.
Anthony Scaramucci Remains A ‘Long-Term Believer’ In Bitcoin, Sees BTC Recovering By Q4 2026 Or Q1 2027 Provided This Theory Remains Intact
SkyBridge Capital founder Anthony Scaramucci said on Tuesday that Bitcoin (CRYPTO: BTC) appears to be following its typical four-year cycle and may be nearing a bottom.
Scaramucci Thinks 4-Year Cycle Is Playing Out
During a conversation with Galaxy Digital CEO Mike Novogratz, Scaramucci said that he remains a “long-term believer” in Bitcoin and believes the asset is following its four-year cycle of accumulation, a bull run and a subsequent bear market.
Scaramucci described the situation as a “self-fulfilling prophecy,” where traders take the cue and start selling to match the expectations.
“So, if the four-year cycle theory holds, Bitcoin doesn’t recover until the early part of the fourth quarter of 2026, possibly into the first quarter of 2027,” he added.
Bitcoin Faces An ‘Irrational’ Sell-Off—What The Data Warns About These 5 ETFs
Bitcoin (CRYPTO: BTC) is reeling from a correction that analysts dub an “irrational” sell-off. As the flagship cryptocurrency briefly plunged below $60,000, new data reveals that five major spot Bitcoin ETFs are bearing the brunt of the damage, plummeting into the bottom ten percent in key momentum metrics.
The Edge Ranking Collapse
According to Benzinga Edge Stock Rankings, momentum scores for five prominent Bitcoin ETFs—Bitwise Bitcoin ETF (NYSE:BITB), Coinshares Bitcoin ETF (NASDAQ:BRRR), Grayscale Bitcoin Mini Trust ETF (NYSE:BTC), VanEck Bitcoin ETF (BATS:HODL), and iShares Bitcoin Trust ETF (NASDAQ:IBIT)—have suffered a severe contraction.
The momentum score, which measures a stock’s relative strength based on price movement patterns and volatility, collapsed from 10.43 to 6.32 for all five funds.
This steep decline squarely places these ETFs in the bottom 10% of the market. Furthermore, all five funds are exhibiting negative price trends across short, medium, and long-term horizons, signaling intense and sustained downward pressure.
DOGE Is Down 18%, But Whales Keep Buying—What Are They Seeing?
Dogecoin (CRYPTO: DOGE) might be struggling, but large investors are seizing the moment to load up on the memecoin at a discount.
Whales May Be On To Something
Widely followed cryptocurrency analyst Ali Martinez highlighted in an X post that whales accumulated over 200 million DOGE tokens over the last week. At the prevailing prices, this amounted to $16.80 million.
The buying occurred as the price tested a major multi-year support level around $0.081, a zone with significant historical concentration of DOGE tokens.
Notably, Grayscale Dogecoin Trust ETF (NYSE:GDOG), 21Shares Dogecoin ETF (NASDAQ:TDOG), …
Crypto Billionaire Changpeng Zhao Says Bitcoin Won’t Be ‘Dead’ For Long As Google Searches For The Term Hit Record High
Binance (CRYPTO: BNB) co-founder Changpeng “CZ” Zhao urged the cryptocurrency community on Monday not to “panic” over Bitcoin’s (CRYPTO: BTC) ongoing downturn, voicing confidence that the leading cryptocurrency will bounce back.
CZ Remains Bullish
In an X post, CZ noted that the current wave of fear, uncertainty, and doubt is temporary, even as “Bitcoin is dead” headlines proliferate and search interest surges.
Search interest for the term shot to its all-time high of 100 in February and has climbed back up strongly during the recent downturn, according to data from Google Trends.
But CZ reassured cryptocurrency supporters, saying, “Bitcoin won’t be ‘dead’ for too long. Don’t panic, in large friendly letters.”
Bitcoin Plunges To $61,000: Where Is The Bottom For BTC?
Bitcoin (CRYPTO: BTC) trades below $61,000 on Wednesday morning, with the final bottom expected to arrive sometime between July and October, according to a prominent analyst.
“BTC Roadmap Continues To Play Out Spot-On”
In a June 9 market update, crypto analyst Kevin pointed to several calls that he believes played out as expected:
- A January countertrend rally.
- A short opportunity near $97,000 after key moving averages were lost.
- A spring relief rally and the current phase of summer weakness.
“The Bitcoin roadmap continues to play out spot-on,” he said.
He believes the market is now entering the final stage of the cycle, where the true bear market low is expected to form.
BTC prices are struggling to hold …
BNP Paribas Predicts Three Federal Reserve Rate Hikes Starting in December
For much of this year, Wall Street’s debate centered on how many times the Federal Reserve would cut interest rates. Now, one major global bank is making the opposite bet.
BNP Paribas, France’s largest bank, says the Fed’s next move is likely to be a rate increase, not a cut. In a recent Markets 360 analysis, the bank reversed its prior expectation of steady policy and now forecasts that the Fed will begin unwinding the three rate cuts delivered in 2025 through a series of hikes starting in December 2026.
The forecast stands in sharp contrast to many economists and investors who continue to expect lower rates ahead.
Why BNP Thinks Rates Are Going Higher
The bank’s case rests largely on the strength of the U.S. labor market.
According to the latest employment report, nonfarm payrolls increased by 172,000 jobs last month, roughly double economists’ expectations of about 85,000. Meanwhile, the unemployment rate held steady at 4.3%.
That resilience matters because the Fed’s three rate cuts in 2025 were intended to protect a labor market that policymakers feared was weakening. If hiring remains strong, BNP argues, the Fed may have less reason to support growth and more reason to focus on inflation.
Guneet Dhingra, Head of U.S. Rates Strategy at BNP Paribas, said the firm sees rising inflation risks combined with continued labor-market strength, a combination that could force policymakers to remove some of the stimulus added last year.
The bank also points to geopolitical risks, including the ongoing Iran-Israel conflict, which has periodically driven energy prices higher and could add further inflationary pressure.
Looking Back to 1999
BNP Paribas says today’s environment resembles a period from more than two decades ago.
The bank believes the Fed could follow a pattern similar to 1999, when it reversed emergency rate cuts made during the financial turmoil surrounding the Long-Term Capital Management crisis in 1998.
In that case, the central bank cut rates to stabilize markets and then quickly reversed course once conditions improved.
BNP expects a similar sequence now, forecasting three consecutive rate hikes beginning in December and potentially earlier if inflation accelerates or labor-market conditions strengthen further.
The bank also projects unemployment could gradually decline toward 4% by year-end, giving policymakers additional room to prioritize inflation control.
Wall Street Isn’t Convinced
Not everyone agrees.
Citigroup continues to forecast three rate cuts, beginning in September, arguing that labor-market weakness could emerge later this year.
Goldman Sachs economists have also pushed back on the idea of rate hikes, saying stronger jobs data alone is unlikely to trigger a policy reversal.
The result is one of the widest disagreements among major Wall Street firms in years.
Investors, meanwhile, are becoming less certain that rate cuts are coming.
Prediction market Polymarket recently showed roughly a 52% probability that the Fed raises rates before year-end, while CME FedWatch data pointed to approximately a 43% chance of a hike by December.
What It Means for Consumers
If BNP Paribas is correct, Americans could face higher borrowing costs in 2027.
Federal Reserve rate increases typically push up the cost of:
- Mortgages
- Auto loans
- Credit cards
- Business borrowing
At the same time, higher rates generally benefit savers by increasing yields on savings accounts, certificates of deposit, and money-market funds.
For households planning to purchase a home or finance a vehicle, the difference between rate cuts and rate hikes could translate into thousands of dollars over the life of a loan.
The Bottom Line
The next major test comes at the Federal Reserve’s June 16–17 meeting, the first under new Fed Chair Kevin Warsh.
Virtually no one expects a rate increase this month. The real debate is what comes next.
For now, strong job growth, stubborn inflation concerns, and geopolitical uncertainty are forcing investors to reconsider an assumption that dominated markets for much of the past year: that the Fed’s next move would automatically be lower rates.
BNP Paribas is betting the opposite.
JBizNews Desk — Markets
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Campbell’s Warns Food Costs Will Stay High, Raising Concerns for Grocery Prices
Campbell’s Company warned investors Monday, June 8, that inflationary pressures on food production remain elevated and are expected to stay that way through at least the first half of its next fiscal year, signaling that relief on grocery prices may not arrive anytime soon.
Speaking on the company’s third-quarter earnings call, Chief Financial Officer Todd Cunfer said Campbell’s is planning for significantly higher costs ahead, noting that many of those expenses are already locked into the company’s supply chain.
“The one thing becoming clearer every day is that first-half inflation will be pretty high,” Cunfer told analysts.
The biggest drivers are rising energy, transportation, and raw material costs.
According to Campbell’s executives, elevated oil prices continue to ripple through the economy, increasing the cost of fertilizer, packaging materials, freight transportation, and aluminum used in food cans. The company said disruptions tied to ongoing tensions in the Middle East have contributed to higher commodity prices and logistics costs.
Executives cautioned that even if geopolitical tensions eased immediately, it would take time for energy markets, shipping networks, and industrial supply chains to normalize.
Campbell’s now expects inflation of approximately 5% to 6% during fiscal 2027, up from prior expectations of roughly 3% before recent increases in commodity and transportation costs.
For consumers, the warning matters because Campbell’s products appear in millions of American households.
The company owns major brands including Campbell’s Soup, Progresso, Goldfish, Prego, Rao’s, Chunky Soup, Pace, and several other pantry staples. Rising costs across such a broad portfolio often serve as an early indicator of pricing pressures throughout grocery stores.
So far, Campbell’s says it is attempting to offset those expenses internally rather than passing them directly to consumers.
Chief Executive Officer Mick Beekhuizen said management plans to focus first on productivity improvements and cost reductions before considering what he described as “surgical pricing,” targeted increases on select products where necessary.
The company is pursuing approximately $100 million in overhead and administrative cost reductions, including an early retirement program and broader efficiency initiatives.
Management says the objective is to preserve profitability while minimizing the impact on shoppers.
The inflation warning came alongside mixed quarterly results.
Campbell’s reported fiscal third-quarter earnings that slightly exceeded Wall Street expectations, although analysts had already lowered forecasts ahead of the release.
The company continues to face challenges in its snacks division, where consumer demand has softened.
Beekhuizen said Campbell’s is simplifying its snack portfolio and concentrating resources on its strongest brands, particularly Goldfish crackers, which remain one of the company’s fastest-growing products.
A growing challenge is competition from lower-priced store brands.
Private-label products have gained market share as consumers seek ways to manage higher living costs. Generic soups, sauces, crackers, and other pantry items often sell at meaningful discounts compared with national brands, making it more difficult for companies like Campbell’s to raise prices without losing customers.
That reality helps explain management’s reluctance to broadly increase prices despite higher operating costs.
Executives also pointed to a trend that may reflect broader economic pressures on households.
Campbell’s said consumers appear to be preparing more meals at home and reducing restaurant spending. For a company that sells soups, sauces, and shelf-stable food products, increased home cooking can support sales.
However, economists often view the shift as a sign that families are becoming more cautious with discretionary spending.
Despite the cost pressures, Campbell’s reaffirmed its full-year financial outlook and highlighted its long history of returning cash to shareholders.
The company has paid a dividend for 56 consecutive years, a track record that remains important to many long-term investors.
The broader message from management was clear: food manufacturers continue to face inflation that is proving more persistent than many expected.
For consumers, that means grocery prices in categories such as soup, pasta sauce, crackers, and other pantry staples may remain under pressure even if headline inflation moderates elsewhere.
Campbell’s says it intends to absorb as much of the increase as possible through cost-cutting and operational efficiencies. But if inflation remains elevated for an extended period, some of those higher costs could eventually find their way onto grocery shelves.
JBizNews Desk — Business
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Los Angeles Stadium Workers Reach Deal to Head Off World Cup Strike
The roughly 2,000 cooks, bartenders, servers, and dishwashers working at Los Angeles Stadium in Inglewood, California, have reached a tentative labor agreement that appears to avert a strike just days before the venue hosts its first FIFA World Cup match.
The agreement was announced Tuesday, June 9, by UNITE HERE Local 11, which represents the workers employed by stadium food-service operator Legends Global. Union Co-President Kurt Petersen called it the strongest contract ever negotiated at a National Football League stadium and said it includes what he described as “massive raises.”
The timing was critical.
Just last week, workers voted 96% in favor of authorizing a strike after negotiations stalled. Had a walkout occurred, fans attending Friday’s opening match between the United States and Paraguay could have faced long concession lines, reduced food and beverage service, and potential disruptions during one of the tournament’s first marquee events.
Under the proposed agreement, most workers will earn more than $40 per hour within about two years, placing many of the stadium’s concession employees among the highest-paid hospitality workers in the country. Tipped employees are expected to receive pay increases of at least 30%.
The contract also includes premium compensation for major events, including the World Cup and next year’s Super Bowl, contributions to a housing fund for hospitality workers, and protections designed to limit subcontracting and guard against job losses from automation.
One of the most unusual provisions centers on immigration concerns.
According to union leaders, workers sought protections allowing them to leave the workplace if federal immigration enforcement activities threaten their safety during tournament operations. Petersen said the language is believed to be the first provision of its kind in a stadium labor contract.
The concern stems from FIFA’s accreditation requirements, which require workers to submit personal information including Social Security numbers and fingerprints. Union officials expressed concern that the data could potentially be accessed by federal immigration authorities.
Those concerns intensified after Acting ICE Director Todd Lyons said the agency would play a role in World Cup security operations.
The American Civil Liberties Union of Southern California has filed a complaint with state regulators and urged California Attorney General Rob Bonta to examine whether the accreditation process could expose immigrant workers to unnecessary risk.
At the same time, Los Angeles County Sheriff Robert Luna said the Department of Homeland Security assured local officials that federal personnel assigned to World Cup venues would focus on security responsibilities and not conduct civil immigration enforcement actions at matches.
For the business side of the tournament, the agreement removes a potentially costly problem.
Legends Global, which manages food and beverage operations at major venues around the world, said it was pleased to reach the tentative agreement and looked forward to serving fans during the tournament. A labor dispute during one of the most-watched sporting events on the planet would have created operational challenges not only for the company but also for FIFA, which is expected to generate billions of dollars in revenue from the competition.
The contract carries significance beyond this summer’s tournament.
The agreement runs through April 30, 2028, placing its expiration alongside more than 100 stadium, hotel, airport, and concession contracts scheduled to expire shortly before the 2028 Los Angeles Olympic Games. Labor leaders view that alignment as a strategic opportunity to strengthen bargaining power ahead of another global sporting event.
The stadium, known commercially as SoFi Stadium, opened in 2020 and seats approximately 70,000 spectators. It serves as the home of the Los Angeles Rams and Los Angeles Chargers. For the World Cup, the venue is operating under the temporary name Los Angeles Stadium because FIFA tournament rules restrict certain commercial sponsorship branding.
The stadium is scheduled to host eight World Cup matches, beginning Friday with the United States-Paraguay opener. The tournament, jointly hosted by the United States, Canada, and Mexico, will run for 39 days and is expected to attract millions of attendees and billions of television viewers worldwide.
The deal is not final. Union members are expected to vote Wednesday on whether to ratify the agreement.
If approved, one of the biggest potential labor disruptions facing the World Cup will be resolved before the first fans arrive at the concession stands.
JBizNews Desk — Los Angeles
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Meta Launches Free Skilled-Trades Academy With Guaranteed Jobs Building AI Data Centers
Meta Platforms announced Monday, June 8, the launch of a nationwide workforce initiative that will provide free training for skilled trades and guarantee employment for graduates working on the infrastructure powering artificial intelligence.
CEO Mark Zuckerberg unveiled the program, called America’s Workforce Academy, in a post on Threads, saying the United States will need hundreds of thousands of skilled workers to build the data centers required for America to remain a leader in AI.
“We’re going to need hundreds of thousands of skilled tradespeople to build the infrastructure needed for the U.S. to lead in AI,” Zuckerberg wrote. “People need access to the education and opportunity to land those jobs.”
Meta is committing an initial $115 million during the program’s first year and says the effort represents the largest private-sector investment in skilled-trades training with a job guarantee in U.S. history.
The concept is straightforward.
Participants receive free training in high-demand trades connected to data-center construction and operations. Upon completion, graduates earn an industry-recognized credential from the National Center for Construction Education and Research (NCCER) along with an America’s Workforce Certificate. Graduates are then guaranteed employment with contractor partners working on Meta’s data-center projects.
The academy launches with pilot programs in Louisiana, Ohio, Indiana, and Texas.
Meta is partnering with the National Urban League, Associated Builders and Contractors (ABC), CBRE, and local chambers of commerce to deliver the training and place graduates into jobs.
The initiative reflects the enormous labor demand being created by the AI boom.
Artificial intelligence requires vast amounts of computing power, which in turn requires massive data centers packed with servers, cooling systems, electrical infrastructure, and fiber-optic networks. Building those facilities requires thousands of electricians, welders, mechanics, fiber technicians, and other skilled workers.
Rachel Peterson, Meta’s Vice President of Data Centers, said the company’s expanding AI infrastructure requires a workforce on an unprecedented scale.
“America needs hundreds of thousands of skilled tradespeople,” Peterson said. “This academy creates clear and accessible pathways into those careers.”
The program builds on earlier workforce efforts.
Meta recently partnered with CBRE to launch the LevelUp Fiber Technician Pathway, a free four-week training course designed to prepare workers for fiber-optic technician jobs. According to Meta, that program attracted more than 35,000 applications within its first week, highlighting strong demand for careers that do not require a four-year college degree.
The urgency reflects Meta’s rapidly expanding infrastructure footprint.
The company says it currently operates or is developing 27 data centers across the United States. Those facilities form the backbone of Meta’s AI strategy as it competes with rivals including Microsoft, Amazon, Google, and OpenAI.
Dina Powell McCormick, Meta’s President and Vice Chairman, described the initiative as part of a broader effort to ensure Americans benefit from AI-driven growth.
“The AI revolution is creating historic opportunity,” McCormick said.
The workforce academy represents only a small portion of Meta’s larger commitment to spend approximately $600 billion on U.S. infrastructure and jobs over the next three years as the company accelerates investment in artificial intelligence.
Questions remain about the program’s long-term scale.
While Meta guarantees employment for graduates, the company has not disclosed exactly how many positions will be available annually. The jobs are expected to be full-time roles with contractors working on Meta projects, though the company has not specified how many positions will be union jobs.
Associated Builders and Contractors said it expects the program to train thousands of workers over time.
For many Americans, the appeal is obvious.
Skilled-trades careers often provide strong wages, long-term job security, and opportunities for advancement without requiring student loans or a traditional college degree. Employers across the country have struggled for years to find enough qualified electricians, mechanics, and construction workers.
Mike Rowe, CEO of the mikeroweWORKS Foundation and a longtime advocate for skilled trades, praised the initiative, arguing that America’s labor shortage can only be addressed by expanding opportunities and modernizing workforce training.
The broader significance extends beyond Meta itself.
Much of the public conversation surrounding artificial intelligence has focused on jobs that could disappear as automation expands. Meta is making a different case: that the AI economy will also create large numbers of well-paying, hands-on jobs for workers who build and maintain the infrastructure behind the technology.
Whether the academy ultimately delivers on its promise at national scale—and how many permanent careers emerge from the effort—will determine whether Meta’s workforce bet becomes a model for the broader AI industry.
JBizNews Desk — Business
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House Approves $70 Billion for Immigration Enforcement, Sending It to Trump
The federal government is preparing for one of the largest expansions of immigration enforcement in modern American history after the House of Representatives approved a nearly $70 billion funding package that now heads to President Donald Trump for his signature.
The legislation passed the House on Tuesday, June 9, by a narrow 214-212 vote after already clearing the Senate. Supporters say the measure will strengthen border security and immigration enforcement operations, while critics argue it dramatically expands federal power with limited oversight.
The package allocates approximately $38 billion to Immigration and Customs Enforcement (ICE), $26 billion to the U.S. Border Patrol, and roughly $5 billion for unexpected operational expenses.
Unlike many federal spending measures that require annual renewal, this legislation funds the agencies through the remainder of Trump’s current term, providing a multi-year commitment of resources.
The business implications extend well beyond Washington.
Federal immigration enforcement depends heavily on private-sector contractors. Companies provide detention facilities, transportation services, monitoring systems, surveillance technology, software platforms, communications equipment, and staffing support.
For those firms, the legislation could create years of predictable government demand and billions of dollars in contract opportunities.
The funding could also affect labor markets across the country.
Industries including agriculture, construction, hospitality, food processing, landscaping, manufacturing, and home healthcare rely heavily on immigrant labor. Business groups have long warned that increased enforcement can reduce workforce availability, increase labor costs, and contribute to higher prices for consumers.
Supporters of stricter enforcement argue that tighter labor markets can boost wages for American workers. Critics counter that labor shortages can slow economic activity and increase costs throughout the supply chain.
The debate highlights the increasingly close relationship between immigration policy and economic policy.
Employers in labor-intensive industries are watching closely because workforce availability directly affects project timelines, production levels, and operating expenses. Even modest shifts in labor supply can have significant effects across regional economies.
Democrats sought amendments requiring agents to display identification and obtain judicial warrants before entering private property. Those proposals were rejected before final passage.
With congressional approval secured, attention now turns to implementation and how agencies deploy the funding.
The bottom line: the nearly $70 billion package represents a major victory for supporters of expanded immigration enforcement. It is also poised to create substantial opportunities for government contractors while raising new questions for industries that depend on immigrant labor.
JBizNews Desk — Washington
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America can’t compete with China in AI without these workers, Meta’s president says
Tech companies racing to expand artificial intelligence infrastructure are increasingly running into a challenge that has little to do with software or chips: finding enough skilled workers to build and maintain the facilities powering the AI boom.
Meta President and Vice Chairman Dina Powell McCormick and mikeroweWORKS Foundation CEO Mike Rowe joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss America’s Workforce Academy, a new training initiative aimed at connecting workers with skilled-trade careers tied to data center and infrastructure development.
The program comes as major technology companies invest billions of dollars in new AI-related projects across the United States. Expanding that infrastructure requires electricians, fiber technicians, welders and other skilled workers, many of whom remain in short supply as demand accelerates.
Powell McCormick said the initiative is designed to help workers access training without stepping away from their current jobs for extended periods. Participants receive paid training, earn industry-recognized credentials and are guaranteed a job opportunity upon completion.
META LAUNCHES $115M SKILLED TRADES ACADEMY WITH GUARANTEED JOBS FOR GRADUATES IN 4 STATES
Those workforce needs have become increasingly important as policymakers and business leaders frame AI development as part of a broader competition with China. Building data centers, power infrastructure and communications networks requires a large pipeline of trained workers capable of supporting long-term expansion.
“If the country, if America doesn’t come together and ensure that we frankly treat these workers as the American heroes that they are, without them, we can’t compete with China,” Powell McCormick said.
Rowe, whose foundation has spent years promoting careers in the skilled trades, said many of the jobs needed for the next phase of infrastructure growth remain largely overlooked despite offering strong earning potential.
TRUMP ADMIN ROLLS OUT WORKFORCE PELL GRANTS TO FAST-TRACK WORKERS INTO HIGH-DEMAND JOBS
“The jobs we’re talking about, by and large, exist out of sight and out of mind,” Rowe said.
Meta said the academy will initially launch in Louisiana, Ohio, Indiana and Texas, with plans to help connect workers to careers supporting the growing demand for American infrastructure and AI development.
New Columbia Study Warns Private-Credit Ratings May Be Hiding Real Risk
A new study from Columbia Business School is raising concerns about one of Wall Street’s fastest-growing markets, arguing that the ratings used to judge many private-credit loans may be making risky investments appear safer than they actually are.
The research, reported Monday, June 8, examined the rapidly expanding $1.8 trillion private-credit industry and found evidence that many of the ratings supporting these loans systematically understate risk. The paper has been posted publicly but has not yet undergone peer review.
Private credit refers to loans made directly by investment firms rather than traditional banks. The market has exploded in recent years as investors searched for higher returns than those available from government bonds and other conventional fixed-income investments.
A major source of that money is the insurance industry.
Life insurance companies have increasingly invested policyholder premiums and annuity assets into private-credit loans because they typically offer higher yields. Those investments ultimately back products that millions of Americans rely on for retirement income and long-term financial security.
The controversy centers on the ratings assigned to those loans.
Before insurers can hold many of these investments, the loans typically receive a credit rating that determines how much capital insurers must reserve against potential losses. Higher ratings require smaller capital cushions, making investments more attractive to both lenders and insurers.
According to the Columbia researchers, that system may be creating incentives for ratings that are too generous.
The study’s findings echo concerns previously raised by regulators.
In 2024, the National Association of Insurance Commissioners (NAIC) reviewed a sample of 109 privately rated securities and found that 106 received higher ratings from outside firms than the NAIC believed they deserved. In 17 cases, loans that NAIC analysts viewed as speculative or junk-grade had been rated investment-grade by private rating providers.
Some ratings differed by as many as six notches.
Although the NAIC later withdrew the report, citing limitations in the available data, its findings have continued to influence discussions among regulators and industry observers.
Questions about rating quality have also attracted international attention.
In an October 2025 report, the Bank for International Settlements (BIS) noted that many private-credit ratings are issued by smaller firms rather than the large agencies that dominate public bond markets. The BIS warned that these firms may face commercial pressures that encourage more favorable ratings in order to win and retain business.
Critics argue that the arrangement creates an inherent conflict: companies seeking financing benefit from higher ratings, investors benefit from lower capital requirements, and rating firms benefit from repeat customers.
The timing of the debate is becoming more important as loan performance deteriorates.
According to Fitch Ratings, the U.S. private-credit default rate reached a record 6.0% in April 2026. Fitch also reported that private-credit-backed corporate borrowers experienced a 9.2% default rate during 2025, suggesting that financial stress is rising across parts of the market.
Those figures have intensified concerns that ratings may not fully reflect the actual risks investors face.
Washington is paying attention as well.
In July 2025, Senator Elizabeth Warren urged the Treasury Department and federal financial regulators to conduct stress tests on institutions heavily exposed to private credit. Warren also questioned rating agencies about their methodologies after reports of inflated ratings within the sector.
Regulators have already begun tightening oversight.
Beginning in 2026, the NAIC gained authority to challenge certain private ratings that differ significantly from its own internal assessments. If a rating exceeds the NAIC’s evaluation by three or more notches, regulators can require insurers to use the more conservative measure when determining capital reserves.
For consumers, the issue may sound technical, but the implications are straightforward.
The assets backing life insurance policies and retirement annuities are expected to remain secure for decades. If those investments carry more risk than their ratings suggest, insurers could be maintaining smaller safety cushions than regulators intended.
In a severe economic downturn, that mismatch could force institutions to sell assets at depressed prices, potentially amplifying losses throughout the financial system.
At the same time, many researchers caution against assuming the market faces an imminent crisis. Other academic studies have argued that private-credit funds often maintain substantial equity buffers and may be less vulnerable to systemic shocks than traditional banks.
The debate therefore is not necessarily about whether private credit will trigger the next financial crisis. Rather, it is about whether the ratings that investors, insurers, and regulators rely upon accurately reflect the risks embedded within a market that continues to grow at a rapid pace.
As trillions of dollars move from traditional banking channels into private lending, that question is likely to remain at the center of regulatory scrutiny for years to come.
JBizNews Desk — Business
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