Why a New Jersey Bank Is Selling $1.4 Billion in New York Apartment Loans
RED BANK, N.J. — Just one week after closing a major acquisition, a New Jersey bank is already shedding one of the largest risks it inherited.
OceanFirst Financial Corp., the parent company of OceanFirst Bank, announced Monday that it has agreed to sell approximately $1.4 billion of multifamily apartment loans acquired through its recent purchase of Flushing Financial Corporation, a transaction that officially closed on June 1, 2026.
The move will dramatically reduce OceanFirst’s exposure to New York City’s heavily regulated apartment market and lower the bank’s overall concentration in commercial real estate.
For investors, regulators, and borrowers alike, the sale highlights how New York housing policy is increasingly influencing decisions far beyond the city itself.
The loans being sold are primarily mortgages backed by multifamily apartment buildings throughout New York City, many of which contain rent-stabilized units. Those properties operate under regulations that limit how much landlords can increase rents and restrict their ability to remove apartments from rent regulation.
OceanFirst inherited the portfolio through its acquisition of Flushing Financial, the parent company of Flushing Bank, one of the largest lenders to multifamily property owners in New York’s outer boroughs.
The acquisition also included a $225 million strategic investment from Warburg Pincus, providing additional capital for the combined institution.
So why sell the loans almost immediately after buying them?
The answer lies in New York’s changing housing landscape.
Since the passage of New York’s Housing Stability and Tenant Protection Act of 2019, many rent-regulated apartment buildings have become more difficult to finance. The law sharply limited landlords’ ability to raise rents and reduced opportunities to increase property values through renovations and unit turnover.
As a result, many lenders have become increasingly cautious about holding large concentrations of loans backed by rent-stabilized buildings.
The uncertainty has only intensified in recent years.
New York City Mayor Zohran Mamdani has repeatedly advocated freezing rent increases for stabilized apartments, a proposal that landlords argue would further reduce building income and make it more difficult to cover maintenance costs, taxes, insurance, and mortgage payments.
For banks holding billions of dollars in apartment loans, those policy debates directly affect risk calculations.
In practical terms, OceanFirst is choosing to reduce its exposure before conditions potentially become more challenging.
The bank noted that it had already anticipated the sale when it announced the Flushing acquisition. The loans were marked down appropriately during the merger process, meaning the transaction is expected to align with previous financial assumptions rather than create an unexpected loss.
According to disclosures made during the merger, the multifamily portfolio consisted largely of relatively conservative loans.
Average loan balances were approximately $1.3 million, and the portfolio carried an average loan-to-value ratio of roughly 55%, meaning borrowers generally had substantial equity invested in their properties.
The concern is less about current borrower performance and more about long-term regulatory risk.
Nearly half of the portfolio was tied to fully rent-regulated buildings, placing it squarely in one of the most politically sensitive segments of New York real estate.
Bank of America has been overseeing the sales process, though OceanFirst has not publicly identified the buyer or buyers involved.
The proceeds will not sit idle.
OceanFirst said it plans to reinvest the funds into highly liquid, investment-grade securities that are expected to generate yields comparable to the loans being sold.
That allows the bank to reduce risk without significantly sacrificing earnings.
The strategy reflects a broader shift occurring across the regional banking industry.
Since the regional banking turmoil of 2023, regulators and investors have paid closer attention to commercial real estate concentrations, particularly among midsize and regional institutions.
Banks with large exposures to office buildings, multifamily properties, or other specialized real estate categories have faced increased scrutiny.
By reducing its commercial real estate exposure by $1.4 billion in a single transaction, OceanFirst is sending a clear message that it intends to pursue growth while maintaining a more conservative risk profile.
The implications extend beyond banking.
When lenders become less willing to finance rent-regulated apartment buildings, financing becomes more expensive and less available for property owners.
That can affect refinancing options, renovation projects, building maintenance, and long-term investment in housing stock.
In that sense, the decision by OceanFirst reflects a broader trend reshaping New York’s housing market.
The regulatory environment is influencing not only who owns apartment buildings but also who is willing to lend against them.
For OceanFirst, the transaction appears straightforward.
The company gains the branches, deposits, customers, and market presence that came with the Flushing acquisition while reducing exposure to one of the most heavily scrutinized segments of New York real estate.
The combined institution now operates approximately 71 branches across the Northeast, stretching from Massachusetts to Virginia, with approximately $23 billion in assets.
Chairman and Chief Executive Officer Christopher Maher has repeatedly emphasized that the Flushing acquisition strengthens OceanFirst’s presence in the New York metropolitan market.
The loan sale suggests the bank’s strategy is equally clear: expand in New York, but do so without carrying the apartment-loan exposure that many lenders increasingly view as a growing source of uncertainty.
JBizNews Desk — New Jersey
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The rabbis attacking Israel’s courts are attacking Religious Zionism – opinion
Last month, a billboard went up across the street from Israel’s Supreme Court. On it was a picture of a sitting justice, Noam Sohlberg, an observant, kippah-wearing Jew – beneath a demand that he take his “Reform hands” off the Chief Rabbinate. His offense: he had ruled that women may sit for the state rabbinate’s certification exams in Jewish law.
The petition had been brought by religiously observant women, steeped in Torah and Halacha. All they were asking for was to be tested in the very body of law they already live by. Nothing in that violates halacha. (Full disclosure: I was among those who brought that petition.)
The billboard was only the beginning. Days later, a group of senior rabbis from the Hardal wing of Religious Zionism – its hardline, “haredi-nationalist” edge, which fuses ultra-Orthodox stringency with religious nationalism – issued a declaration that Jews are forbidden by their religion to obey Supreme Court rulings they deem contrary to Halacha.
Hardal vs mainstream Religious Zionism
This could amount to a call for insubordination. And this week, when haredi (ultra-Orthodox) rioters – from the separate, non-Zionist ultra-Orthodox world, enraged by a different ruling on the military draft – vandalized the courtyard of Sohlberg’s home, rabbis and public figures from the Hardal camp still found it hard to condemn the attack – because Justice Sohlberg sits on the very Supreme Court they oppose.
Looking in from the outside, in Israel and in the Diaspora alike, this seems like more of the old story: religion versus the courts, Judaism versus democracy. It is a tidy narrative. It is also wrong.
Consider who Sohlberg actually is. He is a Religious Zionist: a graduate of the State-Religious school system and of Yeshivat Har Etzion, a conservative jurist from Gush Etzion, today the Deputy President of the Supreme Court and, under Israel’s seniority system, in line to become its next president.
Sohlberg is not alone. Three of the 11 justices on Israel’s highest court are Religious Zionists, roughly double their share of the population. Religious-Zionist men and women fill senior positions throughout the Justice Ministry and the courts. I teach at Bar-Ilan University’s law faculty, where many of my most outstanding students are religious – and some will become the judges of tomorrow.
What this fight reveals is that Religious Zionism is far from being of one mind. Far from it: it is in the midst of a deep-seated internal struggle. The Hardal faction works mainly within religious spaces – through the political party that usurped the very name “Religious Zionism,” the religious media, and the religious schools.
At times it can seem to be the authentic face of the movement. But the mindset of the broader Religious-Zionist community is vastly different. It works outward and is a full partner in building the country – in hi-tech and the economy, in public service, in the army, and in the courts. This is no accident. The very ethos of Religious Zionism is integration: to bridge the sacred and the worldly, and to play an integral role in building the State of Israel.
So when Hardal rabbis brand Sohlberg “Reform”, it’s not just an insult. It is an attempt to oust him from the Religious-Zionist public. But he most certainly belongs – more fully, and more admired and emulated, than they are. Those deliberately separating themselves from the building of Israel as a Jewish and democratic state, and attacking its institutions, are betraying the core principle of Religious Zionism: being a full partner in these efforts.
The radicals are not defending Religious Zionism against a hostile court. They are turning against its success — against the sons and daughters of Religious Zionism who long ago took their place inside the institutions of the state, including its courts.
The writer is the CEO of Kolenu, a Religious-Zionist organization working to support the values of Torah, moral leadership, and social responsibility.
Trump’s relationship with Erdogan a ‘constraining factor for the Turks,’ expert tells ‘Post’
US President Donald Trump’s relationship with Turkish President Recep Tayyip Erdogan is “somewhat” “calming down” the increasingly strained relationship between Jerusalem and Ankara, Dr. Gallia Lindenstrauss, a senior research fellow at the Institute for National Security Studies specializing in Turkish affairs, told The Jerusalem Post earlier this week.
Lindenstrauss spoke with the Post only days after Turkey’s Interior Minister, Mustafa Ciftci, told crowds at the AK Party Corum Provincial Advisory Council meeting he had aspirations to one day govern Jerusalem, and that he hoped “those lands will be ours once again.”
“God willing, they will come under our sovereignty and dominion once more. Because we have a global leader like Recep Tayyip Erdogan at our helm. A world leader,” Ciftci said.
The Ottoman Empire controlled Israel for more than 400 years, ending when it lost to the Allied forces in World War I. In 1918, its leadership signed the Armistice of Mudros, surrendering to Britain.
Ciftci’s comments, which were widely condemned by Israeli officials, add to an “existing tensions,” Lindenstrauss explained.
“While this can one could dismiss this rhetoric as only one of one minister, it has to be seen in the context of other worrying remarks,” she asserted.
Erdogan stance on Israel since October 7 attacks
Erdogan has made numerous inflammatory comments directed at Israel since Hamas launched its October 7, 2023 attacks, dragging Gaza into the war and resulting humanitarian crisis. His condemnation of Israel is particularly notable as Turkey was once the first Muslim country to recognize the Jewish state less than a year after Israel declared independence.
Though Ciftci’s remarks alluded to an Ottoman occupation of Israeli territory, which is considered Palestinian territory for those advocating for a one-state solution, Lindenstrauss said she very much doubted that much outrage would be stirred across the Arab world. However, she cautioned that such a statement could further embroil Ankara in the battle for the country to head the Muslim world. The competition is largely taking place in the Palestinian territories and found in issues relating to the Israeli-Palestinian conflict.
“Turkey’s involvement in east Jerusalem was more dominant in previous years and actually, because of the war, is a little bit less dramatic than it used to be. It’s definitely raised eyebrows both in Saudi Arabia and in Jordan,” she said. “Turkey has been involved both with [giving] support to the Palestinian Authority and also with, what Turkey claims to be only political support but Israel sees as more widespread, support to Hamas.”
Additionally, amid rumors of Qatari plans to expel Hamas leadership during the hostage negotiations between the Iran-backed terror group and Israel, Turkey was largely named as the terrorists’ future host nation, cementing Turkey’s growing position of influence in the region.
Through “balancing” relations with both the PA and Hamas, Ankara has cemented its position as “one of the guarantors to the Palestinian cause in the international arena.”
Holding Turkey back from further entrenching its position as a main Palestinian backer is its NATO membership, she continued, especially as the country is set to host a NATO summit in July. This, combined with Erdogan’s relationship with Trump, has meant that Turkey must delicately balance its Western relationships with its more extremist ones.
Ankara using US relationship to dissolve Kurdish groups
Ankara is also now utilizing those relationships as part of its wider aim to disarm and dissolve Kurdish groups, she continued, referencing reports that Erdogan had asked Trump to abandon his plans to utilize Kurdish militias on the Iraqi border in the war against Iran.
“One of the concerns of military confrontation between the US and Israel with Iran was that indeed the Kurds of Iran would strengthen, perhaps even gain some autonomous rule, and that would also endanger the process Turkey’s leading with the with the PKK on its dissolvement and disarmament,” she explained. “This again goes hand-in-hand with the assessment of what are the Turkish fears of this violent confrontation with Iran. How realistic the plan to involve the Kurds was in the first place, one can question, but we know that definitely Erdogan tried to block it.”
Hit significantly less than other regional countries during the March war, Ankara is also interested in avoiding becoming a target for Tehran. Earlier, it had prepared to absorb Iran’s missiles and an influx of refugees, but was largely spared except economically, she explained.
“Turkey will largely try to remain uninvolved militarily. It will support the diplomatic front. It supported the Pakistan mediation efforts, Qatar mediation efforts, Omani mediation efforts,” she concluded. “So it will remain in this mediation level. It also said it might assist in the crisis surrounding the closure of the Strait of Hormuz, but overall, I believe it will do its best to remain uninvolved militarily and only try to influence the diplomatic front.”
Israel beats enemies on multiple fronts but risks diplomatic setbacks – analysis
Everything has changed for Israel, with Iran, Hamas in Gaza, Hezbollah, and Syria.
Pre-October 7, Israel had no security zones, was afraid of getting into fights with nearly all of its enemies, especially Iran, but had a decent, if not great, diplomatic reputation.
Now, Israel has security zones everywhere, is unafraid to bludgeon its enemies if they look at it in the wrong way, including Iran, but is not using any diplomacy or any compromises to achieve its strategic goals, leading to continually dropping lows in its diplomatic strength. Given that diplomatic strength eventually impacts military strength, especially when it comes to the US, this is not a secondary issue.
Tehran and the new Middle East
Let’s start with Iran.
Most observers forget that Israel and Iran have not fought twice in the last few years, but now rather five times.
It started in April 2024, got worse in October 2024, and then expanded much more in June 2025 and February 2026, with a smaller but not insignificant round (around 25 Iranian ballistic missiles and dozens of IDF fighter jet airstrikes) this week.
In this new Middle East, the constant rounds of big fighting is not between Israel and Hamas, but Jerusalem and Tehran.
In some ways, this new arrangement is worse for Israel, but in some ways it is much better.
It is worse because Iranian ballistic missiles are far more dangerous and scary than Hamas’s low-class rockets.
But it is much better because now when Israel fights, it can directly damage, and in that way, speak to the head of the snake.
When Israel was getting bloodied by Hamas from Gaza, round after round, year after year, Iran did not care that Hamas was losing more fighters than Israel, because the Islamic Republic was sitting pretty drinking Kool-Aid on the sidelines 1,500 kilometers away.
Now Israel has shown it is ready, willing, and able to hold Iran accountable, and that when it does, the Jewish state will come out ahead, and the Islamic regime will lose something, or many things which are valuable.
Until now, Iran has also been under the misconception that Israel might be afraid to strike its nuclear program or ballistic missile program. Now it knows that no matter what paper it signs with the Trump administration, if it crosses certain redlines, the question about Israel striking would not be if, but when.
This may be more terrifying for Israel’s citizens for short bursts of time, but Israel is militarily safer than Iran now that it has rewritten the rules.
Hamas and the Gaza strip
With Hamas, the new threat is not really rockets or being invaded, but legitimacy.
Israel’s legitimacy is the lowest it has been since the 1970s and possibly the lowest ever.
Every month that goes by without rebuilding in Gaza does not just hurt Hamas – it also hurts Israel.
Jerusalem needs to get some amount of disarmament from Hamas to move rebuilding past a certain point and to start partial reductions of its Gaza security zone (say from 50-70% to 30%, while Israel probably only needs 15%), but holding out for complete disarmament before rebuilding starts even in areas under Israeli control is harming long-term Israeli interests in the US, in Europe, and with Israel’s Arab allies. That is only among Israel’s allies. Obviously, with Israel’s enemies, it is providing them with additional public relations ammunition for aggressive disinformation campaigns.
If after October 7, 2023, Israel needed to topple Hamas’s military threat and ensure the terror group could not just rearm in the near future, it has by now done that and then some, but allowed its legitimacy to drop off a cliff – and much farther than was necessary.
While some Israeli officials may want to keep the focus only on Iran, and it was critical to set back the Islamic regime’s nuclear and ballistic missile threats, ignoring Gaza is costing Israel far more than many are admitting.
The balance of power with Hezbollah
The balance of power with Hezbollah is also radically different.
The group went from being able to threaten the whole country with apocalyptic destruction by the sheer immensity of 150,000 rockets and missiles, to basically being a Hamas in the north, which can threaten the nearby northern areas, but not much more than that.
Moreover, anytime Hezbollah might provoke Israel, the air force can now exact harsh revenge without worrying about setting off judgment day, because Hezbollah no longer wields a judgment day-level threat.
Whether Israel can get Hezbollah to at least partially disarm – say, moving its rockets much farther away from Israel and keeping long-range precision rockets down under a certain number – in exchange for a withdrawal or partial withdrawal from southern Lebanon remains an open question.
But as with Gaza, the IDF is likely to hold some kind of security zone in Lebanon for the foreseeable future, since it cannot actually fully disarm Hezbollah.
All quiet in Syria
Israel has had quiet from Syria now for over 18 months.
Syrian ruler Ahmed al-Sharaa has an al-Qaeda background and resume and may be a ‘wolf in sheep’s’ clothing, but it is unclear what Israel would lose by a partial reduction of its huge Syrian buffer zone in exchange for Syria also demilitarizing in areas near Israel.
As long as Israel keeps a partial zone, jihadists should not be able to overrun any Israeli villages as they did from Gaza on October 7. And if al-Sharaa has decided not to fight Israel because he has too many internal problems, then a deal leading to a partial withdrawal for partial Syrian demilitarization
Israel has beaten its enemies, at least in relative terms, on every front. But it has failed to nail down any long-term diplomatic achievements, which would allow it to switch from fighting all the time to some of the time.
No one in Israel is talking about going back to the timid pre-October 7 positions, and Israeli military achievements have made Israel safer in the short and medium term. But if Israel does not remember how to do diplomacy before it is too late, eventually, its ignoring that critical arena will lead to the world, via Trump or others, imposing less desirable conditions on the Jewish state, including on its military abilities.
Most Israelis oppose ending Iran war under current terms as faith in Trump sees decline – poll
A new survey by the Israeli Democracy Institute (IDI) found a sharp decline in the share of Jewish Israelis who believe US President Donald Trump views Israel’s security as a central consideration, alongside broad skepticism about a potential US-Iran agreement and continued dissatisfaction with the government’s handling of Hezbollah.
Only 41% of Jewish respondents said Israel’s security is a central consideration for Trump, down from 64% in March and the lowest figure recorded since the question was first asked in November 2024.
Among Arab respondents, however, the share expressing that view rose from 43% to 59%.
Support for the statement declined across the Jewish political spectrum. Among respondents identifying with the Left, 25.5% said Israel’s security is a central consideration for Trump, compared with 34.5% in March. In the Center, the figure fell from 62% to 32%, while among those on the Right it dropped from 70% to 48%.
The survey also examined public expectations regarding a possible agreement between the United States and Iran.
Preventing Iran from developing nuclear weapons
Respondents were asked whether such an agreement would include provisions preventing the continued development of Iranian nuclear weapons, eliminating the ballistic missile threat, and weakening the regime in Tehran.
A majority (56%) said they believe an agreement would prevent further development of Iranian nuclear weapons. Far fewer believed it would address other concerns. Only 32% said they expect an agreement to eliminate Iran’s ballistic missile threat, while 28% believe it would weaken the regime.
The findings reflect a notable shift from March, when public expectations regarding Israel’s military campaign against Iran were considerably more optimistic.
At the time, about two-thirds of respondents believed the operation would eliminate Iran’s nuclear program and ballistic missile capabilities, while more than half thought it could lead to the fall of the regime.
The survey found that 57.5% of Israelis believe ending the conflict with Iran under the currently discussed framework would not serve Israel’s security interests.
Among Jewish respondents, fewer than one-third in any political camp said ending the war would be in Israel’s interest. The figures stood at 30% on the Left, 26.5% in the Center, and 29.5% on the Right.
Respondents also expressed dissatisfaction with Israel’s handling of Hezbollah in the North.
Only 17.5% of the public rated Israel’s performance as good or excellent. Among Jewish respondents, the figure was 19.5%, compared with 8% among Arab respondents.
Only one-quarter of right-wing Jews gave gov’t positive feedback on handling of Hezbollah
Even among right-wing Jewish respondents, only about one-quarter gave the government’s handling of Hezbollah a positive rating. Support was even lower among respondents on the Left and in the Center.
The survey also examined public attitudes toward Netanyahu’s political future.
A total of 61% of respondents said the prime minister should not run in the next Knesset election.
Among Jewish respondents, 57% opposed another Netanyahu candidacy, while 39.5% supported one. Among Arab respondents, 83% said he should not run, compared with 11% who said he should.
A more detailed breakdown among Jewish respondents showed significant divisions on the Right. About two-thirds of those identifying as center-right said Netanyahu should not run again, while 69% of respondents on the hard right supported another candidacy.
As expected, large majorities on the Left, center-left, and in the Center opposed a future Netanyahu run.
Analysis of voting patterns in the 2022 election found that most coalition-party voters support Netanyahu’s continued involvement in politics. However, roughly one-quarter of voters for Likud, the Religious Zionist Party, and United Torah Judaism said he should not run in the next election.
The Israeli Voice Index for May 2026 was prepared by Prof. Tamar Hermann, Dr. Lior Yochhanni, and Yaron Kaplan. The survey was conducted by the Viterbi Center for Public Opinion and Policy Research at the Israeli Democracy Institute between May 31 and June 5. It included 603 Hebrew-speaking respondents and 150 Arabic-speaking respondents, representing the Israeli population aged 18 and older.
Zamir says strike in Iran was preparation for a heavier blow, will return to bombing if needed
During a visit to Northern Command, IDF Chief of Staff Eyal Zamir said that the IDF’s recent airstrike in Iran was a precursor to a “much more significant and heavy” operation in comments to the press on Tuesday.
He emphasized that the IDF is prepared to strike Iran again if it attacks Israel, while continuing to dismantle terror infrastructure in southern Lebanon, including a base in the Buphor area.
Speaking at a command training exercise in northern Israel, he underscored the IDF’s readiness for ongoing operations.
“The IDF maintained and continues to maintain alertness and immediate readiness to return to fighting in Iran,” he said.
“All our defense and attack arrays were alert and ready. We intercepted the threats fired at us and struck Iran quickly and powerfully. We are ready to strike Iran again with another hard and deep blow. Iran’s attempt to set equations and change reality will fail.”
IDF chief Zamir says military will still strike Hezbollah after ceasefire announced, broken
Addressing the northern front, Zamir said the military will continue operations to target Hezbollah and protect communities near the border.
“IDF forces continue to fight and attack along the front defense line in southern Lebanon, destroying terror infrastructure, including significant underground facilities in the Buphor area, which Hezbollah used as a fire base and command center for combat management.”
Concluding his remarks, the chief of staff highlighted the importance of leadership in warfare.
“During a prolonged multi-theater war, command courses serve as a central anchor in strengthening the IDF’s foundations and allow us to maintain the IDF as a professional army with norms, values, and high standards.
“You have experienced unprecedented combat in IDF history and represent the IDF’s significant command echelon. The leadership and professionalism you demonstrate will determine the IDF’s ability to carry out its complex missions with excellence.”
“Ahead of you lies the most important task: to lead soldiers, defeat our enemies in battle, while adhering to operational norms and IDF values.”
US must respond to Iran’s downing of Apache helicopter, Trump warns
US President Donald Trump announced that America “must” respond to Iran’s downing of a US Apache Helicopter over the Strait of Hormuz on Tuesday.
“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.”
Trump emphasized that both pilots who were in the downed helicopter were safe and uninjured.
The helicopter crashed in the early morning hours on Tuesday while on patrol over the waters near the coast of Oman.
According to US Central Command (CENTCOM), the two pilots were rescued within two hours of the crash and are in stable condition.
This is a developing story.
STAT+: J&J spends $1 billion to enter KRAS race for cancer treatments
Johnson & Johnson said Monday it will purchase the startup Firefly Bio for $1 billion in an effort to expand its work in the suddenly buzzy field of KRAS inhibitors.
The deal comes less than two months after Revolution Medicines showed that a KRAS-targeted drug could nearly double survival in metastatic pancreatic cancer, one of the most intractable tumors known to medicine.
KRAS has long been in the sights of drug developers, because mutant forms of the gene and protein are found in around 30% of all tumors. But before Revolution Medicines, companies had struggled to find molecules that could latch on to and shut down a protein. Chemists compared the protein to a “greasy ball.”
STAT+: Pharmalittle: We’re reading about Lilly and Pfizer obesity drug data, Roche and J&J deals, and more
Good morning, everyone, and welcome to another working week. We hope the weekend respite was relaxing and invigorating because that oh-too-familiar routine of meetings, deadlines, and the like has returned with a vengeance. You knew this would happen, yes? To cope, we are relying, as always, on cups of stimulation. Our choice today is laced with chocolate raspberry. Feel free to join us. Remember, no prescription is required. Meanwhile, here are some tidbits to help you along. Best of luck accomplishing your goals today, and of course, do keep in touch. …
Revolution Medicines’ experimental pancreatic cancer drug has been the star of the oncology field in recent weeks, with new data showing the medicine produced unprecedented outcomes for patients, but its next act — this time as a co-lead — was just revealed, STAT points out. Tango Therapeutics said that in an early-stage clinical trial, a combination of its drug vopimetostat and Revolution’s daraxonrasib led to durable responses in the large majority of pancreatic cancer patients who received both medicines. Tango’s strategy of testing the two targeted drugs is notable because combination approaches in pancreatic cancer often include chemotherapy. The recent successful Revolution trial that has upended the specialty tested daraxonrasib versus chemotherapy as a second-line treatment.
Eli Lilly has already established that its next-generation obesity drug can lead to rapid weight loss, but researchers disclosed new data that provide more details on the safety and tolerability of the closely watched therapy, STAT writes. Lilly previously said that in one late-stage study, retatrutide helped people with diabetes lower blood sugar and lose a significant amount of weight, which is notable since those who have diabetes tend to lose less weight on treatment than those who do not. New data showed seven out of the 403 participants who received retatrutide experienced arrhythmias, and three treated participants experienced major cardiovascular complications, compared with none in the placebo group.
Existing home sales beat estimates, what it signals for 2026
Existing home sales beat to the upside today, which is not shocking for those who follow our Housing Market Tracker, as most of the tracker article headlines have shown that housing demand is holding up this year. The question is whether this growth can last amid higher mortgage rates, and why sales haven’t been hit as much by higher rates in 2026 as in previous years. I do have an explanation for this, so we can make sense of what is going on in 2026.
Existing home sales
From NAR: Existing-home sales increased by 3.2% month-over-month and year-over-year, according to the National Association of REALTORS® Existing-Home Sales report. The report provides the real estate ecosystem—including agents, homebuyers and sellers—with data on the level of home sales, price, and inventory.
First, I want to remind people that NAR tends to have more revisions lately, so when we beat to the upside in a big way or miss estimates to the downside in a big way, there will likely be a minor revision to the number in the next report. Even so, it isn’t shocking to see this growth; our weekly tracker data has been mostly positive all year long.
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We had a series of events that slowed things down early in 2026, including Christmas and New Year’s falling on Wednesday, an epic snowstorm, and higher mortgage rates due to the Iran conflict. Still, housing demand has held up ok this year, as our weekly pending home sales data shows. Mind that this data line takes 30-60 days to reflect in the sales data.
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Our total pending sales data has shown year-over-year growth since the end of March. Mind that the epic snowstorm really did a number on home sales in March for the states that got hit.
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Mortgage purchase application data has been showing growth on a year-over-year basis for almost every week this year.
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Most of the growth in purchase applications is due to better mortgage spreads this year, which have kept mortgage rates below 6.64% for most of the year. Why is that important? Because housing data tends to do better when mortgage rates are below 6.64% and head toward 6%.
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Can it last?
First, let’s bring reality to this picture. Existing home sales are working from the lowest bar ever, so, as I always like to remind people, take any growth you see in context with how low existing home sales are today. We are at the lowest levels of sales ever in history relative to civilian labor force growth.
We tend not to have a calendar year of sales below 4 million after 1996, regardless of what’s happening with the economy. So, 2026 data was working from a low bar, as it should have, because affordability has only slightly improved recently.
As long as wages grow faster than home prices and mortgage rates stay near 6%, this sales growth can last as affordability improves over time. It’s a very slow-moving process, but a process that history shows we can grow sales in the future.
If mortgage rates rise above 6.75% and head toward 7% as they have in the past few years, sales tend to fade, and this conflict isn’t helping. Again, however, better mortgage spreads this year have prevented mortgage rates from being above 7%. If this were 2023, 2024 or even 2025, mortgage rates today would be between 7.20%-7.75%.
Conclusion
Existing home sales beat the estimate today. We have year-over-year growth in sales, and even the first-time homebuyer percentage grew from 30% to 35% — one of the highest first-time homebuyer percentages in the past 10 years. How is that possible? I call it the denominator factor.
When mortgage demand is growing, it tends to increase among first-time homebuyers, since they finance 93% or more of their home purchases. As we have seen mortgage demand grow a little, we have seen a slight increase in first-time homebuyers this month. Try not to make too much of this — I know it shocked a lot of people today but it is more of a denominator factor than real growth.
I’ll be keeping an eye out on weekly data to see if higher rates slow things down, but for now, housing has done ok with higher rates in 2026.
MetroList, Lundy launch AI assistant for real estate professionals
MetroList, northern California’s largest multiple listing service (MLS), has partnered with Lundy, Inc. to introduce nora, an AI assistant designed to help real estate professionals manage daily tasks across multiple business platforms.
Through natural language interactions, agents can manage emails and calendars, search property and market data, answer MLS compliance questions and more.
The platform is also designed to learn user preferences and workflows over time, allowing it to provide increasingly personalized support while handling tasks in the background.
“MetroList has embraced several products from Lundy because we are committed to delivering practical innovation that helps our subscribers succeed,” said Dave Howe, president and CEO of MetroList. “nora represents the next step forward providing agents with a powerful new way to save time, reduce administrative work and stay focused on the needs of their clients.”
By combining MLS-connected intelligence with workflow automation and system integrations, nora is intended to help agents spend less time on administrative tasks, the company said.
“nora was built to give real estate professionals a true AI assistant that can help with the work they do every day,” said Justin Lundy, CEO of Lundy, Inc. “This is another collaboration with MetroList to provide an AI assistant that understands which tasks agents need to succeed.”
The platform operates on a wallet-based payment system powered by Stripe. To encourage adoption, MetroList is providing subscribers with an initial balance that allows them to test the platform and evaluate how it fits into their business operations before deciding whether to purchase additional services.
MetroList Services serves real estate brokers and agents across 15 northern California counties.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
IBHS adds neighborhood and multifamily wildfire standards for Western builders
The Insurance Institute for Business & Home Safety (IBHS) has expanded its Wildfire Prepared program with new standards for neighborhoods and multifamily buildings and updated requirements for single-family homes, creating a more complete design roadmap for builders in fire-prone communities.
The nonprofit research organization announced the changes in an IBHS release, framing them as the final major pieces of a program aimed at helping the housing industry reduce wildfire losses through design, materials and site planning, rather than relying solely on emergency response.
For homebuilders working in the West and other wildfire-exposed regions, the expanded standards offer a clearer set of design and construction practices that can be applied at the lot, building and community scale. They are intended to complement model codes and may be adopted voluntarily by developers, builders, local governments and HOAs.
What changed in the Wildfire Prepared program
According to IBHS, the program now includes:
- Neighborhood standards that address how homes are sited and spaced, street layout, vegetation management in common areas and edge conditions at the wildland-urban interface.
- Multifamily standards focused on attached and stacked housing types, where shared walls, decks and vents can increase pathways for ember intrusion and structure-to-structure fire spread.
- Updated home requirements for single-family detached homes, refining earlier guidance on roofs, vents, decks, gutters, siding and the immediate 0–5 foot zone around structures.
The neighborhood and multifamily components are meant to “round out” earlier single-family guidance, creating a more integrated framework so that resilience is not undermined by adjacent properties or common spaces, IBHS said.
Why this matters for builders and developers
Wildfire risk has become a core land-use and underwriting issue in much of the West. In California and other high-risk states, insurers have pulled back in some markets, regulators are reassessing property-insurance rules and local governments are tightening building and defensible-space requirements.
For production and custom builders, the IBHS framework may serve several functions:
- Design baseline in high-risk markets: A structured checklist of wildfire-resistant assemblies and site features that can be integrated into standard plans and community design guidelines.
- Risk conversations with capital and insurers: A third-party, research-based framework that can be cited in discussions with insurers, equity partners and lenders about long-term property risk and insurability.
- Differentiation in competitive subdivisions: A way to formalize “fire-wise” or resilience branding through specific standards on lot layout, materials and landscape, rather than general marketing language.
IBHS bases its recommendations on testing at its research facility, where it studies how embers, direct flame contact and radiant heat cause home ignition. The updated program continues to emphasize the vulnerability of the first five feet around a building and details how to treat that zone with noncombustible materials and controlled vegetation.
Key elements for neighborhood and multifamily design
While the press materials do not read like a prescriptive code, they highlight several themes that can be translated into development decisions:
- Building separation and orientation: Guidance on spacing, staggering and orientation to reduce structure-to-structure ignition potential.
- Common-area fuels: Treatment of open space, slopes, greenbelts and recreational areas so they do not become conduits for fire approaching homes.
- Edge conditions: Specific attention to lots that back up to wildland fuels, including fencing, outbuildings and landscaping at the perimeter.
- Multifamily vulnerability points: Details for attached garages, shared attics, exterior stairs and stacked decks/balconies that can otherwise allow fire to move quickly through a building.
For multifamily developers, incorporating these details at the entitlement and early design stages can be less costly than retrofitting later and may support more stable operating costs if insurance markets continue to tighten in wildfire corridors.
How builders can use the IBHS standards
Unlike building codes, participation in the Wildfire Prepared program is voluntary. IBHS positions it as a resource that can be written into:
- Developer design manuals and pattern books
- Architect and engineer scopes of work
- HOA CC&Rs and landscape guidelines
- Local incentive programs for resilient construction
Embedding wildfire-resilient details at the community planning level can also reduce friction with local fire authorities during approvals, particularly in jurisdictions where wildfire evacuation and access are already political flashpoints.
For builders, the practical question is cost and constructability. IBHS materials note that many wildfire-resistant features involve material substitutions (such as ember-resistant vents, Class A roofs and noncombustible surfaces near the home) and site-planning decisions that can be incorporated into standard workflows, rather than bespoke custom solutions.
Regulatory and market backdrop
The expanded Wildfire Prepared program lands amid a broader recalibration of fire risk in the housing market:
- Western states continue to rewrite codes and defensible-space rules as fire seasons lengthen.
- Insurers in California, Colorado and other states have either tightened underwriting or requested rate increases tied in part to wildfire exposure.
- Investors and lenders are asking more pointed questions about physical climate risks to housing assets.
In that context, standardized, research-backed design guidance can help homebuilders and multifamily developers respond consistently across projects, rather than on a jurisdiction-by-jurisdiction basis.
Senate Democrats introduce bill to automatically fund CFPB
All 11 Democrats on the Senate Banking Committee have introduced legislation that would
“automatically and fully fund” the Consumer Financial Protection Bureau, seeking to shield the agency from future funding cuts and political interference.
The bill, introduced June 4 and led by Ranking Member Sen. Elizabeth Warren, would require mandatory transfers to the CFPB equal to at least 12% of the Federal Reserve’s total operating expenses. The Federal Reserve is typically the agency’s primary source of funding.
Funding would continue up to the amount deemed reasonably necessary for the agency to carry out its responsibilities under federal consumer financial laws.
“The Trump Administration launched an assault on the Consumer Financial Protection Bureau, trying to drain it of its resources so it could no longer stop big banks and giant corporations from scamming Americans out of their money,” Warren said in a statement. “Democrats are united in fully funding the CFPB when we take back Congress.”
According to Warren and her colleagues, the CFPB has returned more than $21 billion to consumers through enforcement actions and other remedies since its creation following the 2008 financial crisis.
The legislation is backed by several consumer advocacy groups, including the National Consumer Law Center, Consumer Federation of America, the National Community Reinvestment Coalition and more.
Alys Cohen, director of federal housing advocacy and acting co-director of federal advocacy at the National Consumer Law Center, said restoring CFPB funding is critical as consumers face growing threats.
“The cost of living has skyrocketed, and in the face of growing risks from predatory payday lending apps and crypto scams, this Administration is actively gutting the Consumer Financial Protection Bureau,” Cohen said in a statement.
Adam Rust, director of financial services at the Consumer Federation of America, said the legislation would establish a funding floor and make transfers mandatory, ensuring the agency can continue pursuing enforcement actions against financial firms.
“This bill ensures that invented legal theories cannot sideline the CFPB from protecting people from financial predators. The CFPB’s record speaks for itself. Every dollar the Fed has sent to the CFPB has been returned many times over to consumers through direct remedies and avoided harms,” Rust said.
The backstory
The proposal comes as Democrats accuse President Donald Trump and his administration of weakening the consumer watchdog by restricting its resources. In November of last year, the administration declared that the agency’s funding is unlawful in a court filing and that the agency cannot legally request funds from the Federal Reserve under the Dodd-Frank Act.
Following that filing, a coalition of consumer advocacy groups sued Dec. 5 to block what it described as an effort by acting CFPB Director and White House budget chief Russell Vought to effectively dismantle the agency by cutting off its funding. The coalition’s suit claimed that since February 2025, Vought has not sought new funding for the CFPB, instead relying on reserve funds, which were expected to be depleted in early 2026.
In March, a federal judge ruled that the agency must continue to get its funding from the Federal Reserve as the law requires, ultimately squashing Vought’s public intentions to shut the agency down that he vocalized in October 2025.
Relax, Bitcoin Is Just Doing What It Always Does In Midterm Years, Analyst Stresses
Bitcoin (CRYPTO: BTC) may spend the remainder of 2026 trading below its long-term fair value trend, according to crypto analyst Benjamin Cowen, who nevertheless remains optimistic about the industry’s long-term growth trajectory.
BTC Below “Fair Value” Trendline
In a podcast on June 8, Cowen revisited one of his longest-running valuation models and suggested an update could be coming later this year.
The analyst said his existing framework has successfully captured much of Bitcoin’s market behavior over the past several years, including the current cycle’s resemblance to the 2019-2020 period.
“Sort of the assessment that this whole cycle was kind of …
Institutions Are Choosing Sides – What the ETF Data Says About Ethereum Vs. Solana
The race for institutional capital in crypto is no longer just about Bitcoin (CRYPTO: BTC). As crypto ETFs (Exchange Trade Funds) continue to attract mainstream investment, two assets are emerging as the key battleground for institutional flows: Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL). The data tells a nuanced story – and it may surprise you. This article breaks down what the latest crypto institutional flows ETF data reveals about how institutions are positioning themselves between the Solana ETF and the Ethereum ETF.
Solana vs Ethereum: Understanding the Two Contenders
Solana
Launched in March 2020, Solana was built to solve one of crypto’s most persistent problems – speed and scalability. Designed to process thousands of transactions per second at minimal cost, it has grown into one of the largest blockchain ecosystems in the world. At the time of writing, Solana has a market capitalization of approximately $38 billion.
Ethereum
Ethereum launched in July 2015, founded by Vitalik Buterin and co-founders. It was the first blockchain to introduce smart contracts, opening the door to decentralized finance, NFTs, and the broader Web3 ecosystem. It remains the second-largest cryptocurrency by market capitalization, currently valued at approximately $195 billion, and continues to serve as the dominant base layer for decentralized applications globally.
The Rise of Crypto ETFs
Crypto ETFs were created to …
Chick-fil-A expands its ‘ghost kitchen’ model with new delivery-only store in Florida
The ultimate test of fast-food physics is arriving in Miami.
Chick-fil-A is expanding its footprint in the Sunshine State with a new delivery-only “ghost kitchen” in Miami’s Wynwood neighborhood, marking a strategic move to bypass the real estate constraints of traditional brick-and-mortar restaurants.
Operating within the CloudKitchens network, the location is the privately held fast-food giant’s first delivery-only kitchen in Florida and just its sixth nationwide, allowing the company to maximize kitchen capacity and meet demand without the overhead costs of a traditional dining room.
CHICK-FIL-A FRANCHISEE SUED AFTER ALLEGEDLY FIRING EMPLOYEE OVER SABBATH OBSERVANCE
The restaurant is located at 1900 NE Miami Court, and will fulfill orders primarily through third-party delivery platforms, according to a Chick-fil-A press release. It is open Monday through Saturday from 10:30 a.m. to midnight – two hours later than Chick-fil-A’s typical dine-in or drive-thru closing time.
The new Wynwood location is expected to create approximately 30 local jobs, offering hands-on training, mentoring and competitive benefits.
“We know how important fast and reliable delivery is to Wynwood, and we want to meet the community where they are while keeping our signature hospitality,” owner-operator Thomas Overby said in the release.
“Being born and raised in Miami, serving this community is very special to me. Our new delivery kitchen location gives us the opportunity to serve the Wynwood community in a way that works best for them and gives me the privilege to deepen my connection with my hometown,” he continued.
While traditional restaurants face constraints including seating capacity, kitchen square footage and limited hours, a delivery-only kitchen allows the brand to serve a larger customer base and operate at full capacity without paying for prime retail real estate or dining room upkeep.
Partnering with established kitchen infrastructure networks like CloudKitchens allows the company to rapidly deploy its delivery framework into high-density urban areas such as Miami.
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Unlike its publicly traded competitors, Chick-fil-A is a privately held company with no public shareholders and reigns as America’s third-largest quick service restaurant. The slow rollout of its “ghost kitchen” model mirrors similar smaller-scale moves Chick-fil-A has made in recent years, like opening five stores in its first expansion into England and just one in Singapore – a city with more than 6 million people.
Chick-fil-A’s other five delivery-only locations operate in College Park, Maryland; Nashville, Tennessee; Louisville, Kentucky; Boston, Massachusetts; and Northern California.
A Wave of Giant AI Stock Sales Is About to Test Wall Street’s Nerve
Wall Street is heading into a test unlike anything it has faced before.
Three of the world’s most valuable private companies are preparing to sell shares to the public at nearly the same time, creating a historic stress test for investor appetite toward artificial intelligence, advanced technology, and trillion-dollar valuations.
The lineup is remarkable.
SpaceX is preparing to debut Friday at a valuation of approximately $1.77 trillion. OpenAI, creator of ChatGPT, confirmed Monday that it has confidentially filed for a public offering. Rival AI company Anthropic reportedly filed its own paperwork just days earlier.
Together, the companies represent several trillion dollars of private-market value preparing to transition into public markets.
The timing could hardly be more challenging.
Only days ago, the technology-heavy Nasdaq Composite suffered its sharpest decline since early 2025 as investors dumped semiconductor and AI-related shares amid concerns that valuations had become stretched.
The selloff was swift.
The Nasdaq fell more than 4%, while hundreds of billions of dollars in market value disappeared from AI-linked stocks.
Then came Monday’s rebound.
Chip stocks recovered sharply, helping the Nasdaq finish higher and reminding investors that enthusiasm surrounding artificial intelligence remains powerful despite growing concerns about valuations.
That volatility is exactly what makes the upcoming offerings so important.
When a company goes public, investors must find new capital to purchase the shares being sold. With SpaceX alone seeking roughly $75 billion, followed by OpenAI and Anthropic, Wall Street is being asked to absorb an extraordinary amount of new stock in a relatively short period.
If demand remains strong, all three offerings could succeed.
If sentiment weakens, later offerings may face pressure to reduce valuations or raise less capital than expected.
The order matters.
SpaceX is first.
Its debut will provide the market’s first real test of investor appetite for the next generation of AI-era mega-cap companies.
The companies themselves are also in very different financial positions.
SpaceX generated significant revenue but still lost billions of dollars last year.
OpenAI remains one of the fastest-growing companies in history, but it continues spending enormous sums on computing infrastructure and AI development.
Anthropic faces similar questions regarding growth, profitability, and long-term economics.
Investors must decide how much they are willing to pay today for profits that may not arrive until years into the future.
That calculation becomes even more complicated as economic uncertainty grows.
A separate survey released Monday by the Federal Reserve Bank of New York found that Americans are increasingly pessimistic about their personal finances, suggesting consumers may become more cautious in the months ahead.
For investors, the coming wave of offerings represents something larger than individual companies.
The public markets are about to answer a fundamental question:
After years of private funding rounds, soaring valuations, and excitement surrounding artificial intelligence, how much are investors actually willing to pay?
Friday’s SpaceX debut will provide the first clue.
The larger answer will unfold over the months ahead as Wall Street decides which companies deserve their lofty valuations—and which may have benefited from arriving at exactly the right moment.
JBizNews Desk
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Airlines Say Their New Fuel-Saving Engines Keep Breaking Down Too Soon
RIO DE JANEIRO — The world’s airlines used their biggest annual gathering this week to deliver a blunt message to the companies that build their jet engines: the fuel-saving engines you sold us are not lasting as long as promised, and passengers are paying the price.
At the International Air Transport Association (IATA) Annual General Meeting in Rio de Janeiro, outgoing IATA Director General Willie Walsh sharply criticized engine manufacturers, saying airlines are shouldering the cost of reliability problems while engine makers continue posting strong profits.
“Stop gouging us and get back to making great engines that work,” Walsh said Monday, warning that allowing the problems to persist into the next decade would be unacceptable for airlines and travelers alike.
The dispute centers on the newest generation of jet engines introduced over the past decade.
Airlines embraced the engines because they promised to reduce fuel consumption by roughly 15%, a major advantage in an industry where fuel is often the single largest operating expense.
The two dominant engines are the CFM International LEAP, produced by a joint venture between GE Aerospace and Safran, and the Pratt & Whitney Geared Turbofan (GTF), manufactured by RTX. Both power the world’s most popular short- and medium-haul aircraft, including the Airbus A320neo family, while the LEAP also powers Boeing’s 737 MAX.
The problem is durability.
A key industry metric is known as “time on wing” — how long an engine remains installed on an aircraft before requiring removal for maintenance or overhaul.
According to airlines, many of the new-generation engines are spending far less time on wing than the older engines they replaced.
The issue is particularly severe in hot and dusty regions, including parts of the Middle East, India, and Southeast Asia, where harsh operating conditions can dramatically accelerate wear and tear.
When an engine must be removed earlier than expected, the aircraft often cannot fly until repairs are completed.
That creates a chain reaction across airline operations.
Pratt & Whitney’s GTF program has become the most visible example. Since 2023, hundreds of aircraft worldwide have been grounded at various times as airlines remove engines for inspections and repairs tied to manufacturing and durability issues.
The maintenance system itself has become overwhelmed.
According to consulting firm Bain & Company, repair turnaround times for new-generation engines have increased by more than 150% since the pandemic. Airlines frequently face waits of several months before an engine can even enter a repair facility.
That means planes sit idle.
And idle planes do not generate revenue.
The costs add up quickly.
Industry estimates show lease rates for spare GTF engines have climbed to roughly $200,000 per month as demand for replacement equipment surges.
JetBlue Airways reported averaging approximately nine grounded aircraft during 2025 due to engine-related issues.
Air New Zealand said the financial impact from grounded aircraft has become significant enough to trigger a broader strategic review of its fleet operations.
Airline executives at the Rio conference voiced growing frustration.
LATAM Airlines Group Chief Executive Roberto Alvo argued that airlines have effectively become “the test beds of the technology,” absorbing the operational and financial consequences when products fail to meet expectations.
WestJet Chief Executive Alexis von Hoensbroech called the situation a “fundamental reliability issue.”
United Airlines Chief Executive Scott Kirby acknowledged improvements from manufacturers but warned that engine shortages remain one of the biggest constraints facing global aviation.
“The engine issue will likely be the industry’s largest bottleneck for at least the next five years,” Kirby said.
Manufacturers insist progress is being made.
GE Aerospace says it has invested heavily in improving durability, increasing production, and developing upgraded components designed to extend engine life. The company increased LEAP production by approximately 25% last year and says newly certified components should improve reliability.
Pratt & Whitney recently certified its upgraded GTF Advantage engine for the Airbus A320neo family. The company says the new version is designed to roughly double time on wing and improve overall performance. A full transition to the upgraded design is planned by 2028, while retrofit kits are being developed for engines already in service.
For travelers, the dispute may sound technical, but the consequences are very real.
Fewer available engines mean fewer operational aircraft.
Fewer aircraft mean fewer available seats.
That comes at a particularly challenging moment for airlines, which are already dealing with aircraft-delivery delays, supply-chain disruptions, labor shortages, and higher fuel costs linked to instability in the Middle East.
When capacity tightens and demand remains strong, ticket prices tend to rise.
Passengers may also face more cancellations, longer rebooking delays, and reduced schedule flexibility when aircraft are unexpectedly removed from service.
The broader concern voiced by airline executives in Rio is that the industry appears stuck in a cycle where efficiency improvements arrive faster than reliability improvements.
The current generation of fuel-efficient engines has been flying for years, yet many of the durability concerns remain unresolved.
As manufacturers begin developing the next wave of greener aviation technology, airlines say they want a simple guarantee: that future engines deliver the promised fuel savings without spending excessive time in repair shops.
Until then, one of aviation’s biggest technological advances continues to face a challenge that affects everyone from airline executives to everyday travelers waiting at the gate.
JBizNews Desk — Aviation
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Spectacular Earnings Imply a Strong Market – Despite a June Swoon
My favorite economist, Ed Yardeni, has reported that with 97% of the first quarter earnings now in, S&P 500 earnings are up a stunning 29.3% versus a year ago, with eight of 11 S&P sectors sporting double-digit earnings increases. Among the 3% of stocks left to report (about 15 names), Micron Technology (MU) has yet to announce its latest quarterly results, and the analyst community expects an astounding 910% surge in earnings, as well as 264% sales growth. If so, that will cap a stunning earnings announcement season.
Despite these strong earnings reports, we saw the inevitable correction from this overbought market last Friday. This may be the “June swoon” many feared, as the S&P 500 fell 2.6% and the NASDAQ was off 4.7%, even though the Dow only lost 0.3%. Most of the decline came on Friday. Even gold fell by $138 (down 3%) on Friday, as the whole world seemed to get out on the wrong side of the bed….
Despite media hype, Trump and Netanyahu remain united on Middle East – opinion
The US president and Israel’s prime minister are as united now, today, this week, and last week as they have been for the last several months. They share a vision for the Middle East. The difference between them is in timing and personality.
So, no, despite the headline-grabbing media hype, there has been no breakdown in their relationship. Their friendship has not eroded; communication between them has not halted.
And while, yes, US President Donald J. Trump and Prime Minister Benjamin “Bibi” Netanyahu did engage in a tense, heated phone conversation, that conversation is par for the course.
Calling Netanyahu “crazy” and telling him “you’d be in prison if it weren’t for me” was Trump blowing off steam. It was his frustration over Bibi’s decision-making vis-à-vis Lebanon and his fear that it was threatening negotiations with Iran.
It was the juicy stuff, and the media and the public love to exaggerate this into a huge conflict.
What’s not so juicy is hearing that neither their friendship nor their communication was damaged because they disagreed and because things got heated. World leaders disagreeing about world-shaping events is perfectly normal.
These two leaders are powerful and opinionated, and neither one of them likes it when they do not get their way. Neither one takes it calmly when there are obstacles placed in front of them, especially not when they had already made their positions clear.
Trump told Bibi that there should be no more attacks in Lebanon because it was harming US negotiations with Iran. And Bibi told Trump that Israel needs to protect Israeli citizens, which means attacking Hezbollah targets in Lebanon.
Think of their conversation, in essence, as an immovable force meeting an unstoppable object. Your choice as to who is immovable and who is unstoppable. The bottom line is that on this issue, there will be no agreement.
But know that a disagreement on an issue is not a communication breakdown.
Tactical disagreements, not a strategic rupture
In an interview with CNBC after the now-famous, expletive-filled phone call, Bibi lent context to their conversation. The prime minister said: “Sometimes we have, as in the best of families, tactical disagreements.”
“We always find a way to work them out, and we do so as great friends. We can disagree in the morning, and by the afternoon, we have common actions,” he stated.
To best understand their interaction, one must also understand that their styles of leadership are very similar. That similarity is one of the reasons why, at the same time, Trump and Netanyahu both get along so well and are so explosive with each other.
Both of them are polarizing and dominating personalities who often improvise. They are team leaders, not team players. They are what I call reactive decision-makers.
Neither Trump nor Netanyahu takes well to losing or to negatives. In this latest kerfuffle, Trump thought that Bibi had undermined him publicly by targeting Hezbollah in Lebanon. Bibi thought otherwise.
Politics inside Israel: after Hezbollah strikes at Israel from Lebanon, Bibi could not be seen as weak, and Israel had to strike back.
These leaders will be managed neither by their advisers nor by one another.
There is no difference between the goals of Trump and Netanyahu when it comes to Iran and Hezbollah. They both agree that Iran is a real threat and that Hezbollah is a serious problem.
Netanyahu wants to protect. Trump wants a resolution.
Their respective goals align; it’s their tactics and timing that are out of sync. Trump wants physical outcomes brought about through quick negotiation and resolution. Bibi wants continued pressure until the threat is neutralized.
Trump wants talks and agreements, and Bibi wants continued pressure involving military strikes.
It is a serious mistake for anyone, especially Iran and Hezbollah, to think that this squabble means that the Trump White House is wavering on support for Israel. While their instincts differ, they are undeniably united in their goal – an end to the conflict.
Trump is a deal-maker. For the US president, the conflict ends when he signs a terrific deal. Bibi is a protector. For Israel’s prime minister, the conflict ends when the threat is reduced, and Israel is, once again, safer. He cannot afford a resolution which is either incomplete or ends too early.
For Trump, pressure rises along with the rising price of gasoline, and midterm elections are also hanging in the balance. In Israel, too, upcoming elections are looming, and Netanyahu needs to prove that he is a protector who did not buckle under US pressure. The political survival of both the president and the prime minister is at stake.
This squabble was merely a distraction. It was nothing.
The writer is a columnist and a social and political commentator. Watch his TV show Thinking Out Loud on JBS.
Despite media hype, Trump and Netanyahu remain united on Middle East – opinion
The US president and Israel’s prime minister are as united now, today, this week, and last week as they have been for the last several months. They share a vision for the Middle East. The difference between them is in timing and personality.
So, no, despite the headline-grabbing media hype, there has been no breakdown in their relationship. Their friendship has not eroded; communication between them has not halted.
And while, yes, US President Donald J. Trump and Prime Minister Benjamin “Bibi” Netanyahu did engage in a tense, heated phone conversation, that conversation is par for the course.
Calling Netanyahu “crazy” and telling him “you’d be in prison if it weren’t for me” was Trump blowing off steam. It was his frustration over Bibi’s decision-making vis-à-vis Lebanon and his fear that it was threatening negotiations with Iran.
It was the juicy stuff, and the media and the public love to exaggerate this into a huge conflict.
What’s not so juicy is hearing that neither their friendship nor their communication was damaged because they disagreed and because things got heated. World leaders disagreeing about world-shaping events is perfectly normal.
These two leaders are powerful and opinionated, and neither one of them likes it when they do not get their way. Neither one takes it calmly when there are obstacles placed in front of them, especially not when they had already made their positions clear.
Trump told Bibi that there should be no more attacks in Lebanon because it was harming US negotiations with Iran. And Bibi told Trump that Israel needs to protect Israeli citizens, which means attacking Hezbollah targets in Lebanon.
Think of their conversation, in essence, as an immovable force meeting an unstoppable object. Your choice as to who is immovable and who is unstoppable. The bottom line is that on this issue, there will be no agreement.
But know that a disagreement on an issue is not a communication breakdown.
Tactical disagreements, not a strategic rupture
In an interview with CNBC after the now-famous, expletive-filled phone call, Bibi lent context to their conversation. The prime minister said: “Sometimes we have, as in the best of families, tactical disagreements.”
“We always find a way to work them out, and we do so as great friends. We can disagree in the morning, and by the afternoon, we have common actions,” he stated.
To best understand their interaction, one must also understand that their styles of leadership are very similar. That similarity is one of the reasons why, at the same time, Trump and Netanyahu both get along so well and are so explosive with each other.
Both of them are polarizing and dominating personalities who often improvise. They are team leaders, not team players. They are what I call reactive decision-makers.
Neither Trump nor Netanyahu takes well to losing or to negatives. In this latest kerfuffle, Trump thought that Bibi had undermined him publicly by targeting Hezbollah in Lebanon. Bibi thought otherwise.
Politics inside Israel: after Hezbollah strikes at Israel from Lebanon, Bibi could not be seen as weak, and Israel had to strike back.
These leaders will be managed neither by their advisers nor by one another.
There is no difference between the goals of Trump and Netanyahu when it comes to Iran and Hezbollah. They both agree that Iran is a real threat and that Hezbollah is a serious problem.
Netanyahu wants to protect. Trump wants a resolution.
Their respective goals align; it’s their tactics and timing that are out of sync. Trump wants physical outcomes brought about through quick negotiation and resolution. Bibi wants continued pressure until the threat is neutralized.
Trump wants talks and agreements, and Bibi wants continued pressure involving military strikes.
It is a serious mistake for anyone, especially Iran and Hezbollah, to think that this squabble means that the Trump White House is wavering on support for Israel. While their instincts differ, they are undeniably united in their goal – an end to the conflict.
Trump is a deal-maker. For the US president, the conflict ends when he signs a terrific deal. Bibi is a protector. For Israel’s prime minister, the conflict ends when the threat is reduced, and Israel is, once again, safer. He cannot afford a resolution which is either incomplete or ends too early.
For Trump, pressure rises along with the rising price of gasoline, and midterm elections are also hanging in the balance. In Israel, too, upcoming elections are looming, and Netanyahu needs to prove that he is a protector who did not buckle under US pressure. The political survival of both the president and the prime minister is at stake.
This squabble was merely a distraction. It was nothing.
The writer is a columnist and a social and political commentator. Watch his TV show Thinking Out Loud on JBS.
Jerusalem Pride turned a divided city into a celebration of belonging – opinion
Jerusalem does not do things quietly. It carries the weight of millennia, of faith, of conflict, of longing, in every stone.
So when thousands of people poured into the streets on June 4 for the 24th annual Jerusalem “March for Pride and Tolerance,” rainbow flags rippling against that ancient skyline, I felt something I wasn’t fully prepared for: pure, uncomplicated joy.
This year marks a decade since I made Jerusalem my home. Ten years in this city have given me a front-row seat to its contradictions and its miracles, and June 4 felt like both at once.
The crowd was unlike anything I could have scripted. Families with strollers painted in rainbow colors. Elderly couples walking hand in hand. Soldiers in uniform. Secular Israelis and religious ones. Diplomats. Teenagers. A grandmother holding a sign that simply read “love.”
The parade drew people from every corner of Israeli society, and watching them march together, past the Supreme Court, toward the Knesset, through a city holy to Jews, Christians, and Muslims alike, felt like Jerusalem, against all odds, making sense.
What struck me most was how family-friendly the march was. This wasn’t a fringe event or a provocation. It was a community celebration, with performers, speakers, and kids on their parents’ shoulders waving little flags.
President Isaac Herzog was there, becoming the first sitting Israeli head of state to attend Jerusalem Pride, a moment that carries weight not just symbolically but historically. Opposition Leader Yair Lapid addressed the crowd. The message from Israel’s leadership was unambiguous: “You belong here.”
What moved me most was the texture of the unity. I stood next to a haredi (ultra-Orthodox) man who had come, he told me, simply to watch, curious. Near the Knesset stretch of the route, a group of young Arab-Israeli women marched with a hand-painted sign in Arabic and Hebrew.
Volunteers handed out water to strangers without asking who they were or where they came from. A man in a kippah cheered from the sideline, phone raised, filming. These were not staged moments. They were the ordinary overflow of a city deciding, together, that there is room enough for everyone.
We are living through a global moment of rising hatred: antisemitism, homophobia, racism, and the cynical weaponization of one group’s fear against another. It is easy to feel despair, which is why what happened in Jerusalem on June 4 felt like an answer.
Jerusalem Pride Chooses love over fear
Not a naive one. Not a simple one. But a real one: thousands of people, different in almost every way, choosing to walk the same road together. Choosing visibility over silence, and choosing love over fear.
I AM an ally. I work in digital media for StandWithUs, an international education organization that supports Israel and combats antisemitism.
We recognized that the Jewish and LGBTQ+ communities are often vilified or erased within and from outside their own LGBTQ communities. Pro-Israel supporters are marginalized – not just by ideological opponents, but by the broader LGBTQ+ community itself that identifies with the “Queers for Palestine” ideology.
So we created a new division, “Pride for Israel.” It works specifically to connect LGBTQ+ communities and allies who support Israel and to push back against attempts to weaponize LGBTQ+ identity against the Jewish state.
We held our first conference in Los Angeles to reclaim unity and love for Israel, and the division is growing quickly, issuing statements about the blatant antisemitism involved in excluding Jews from Rome’s Pride parade and from a spa event in Barcelona for wearing a Star of David. Pride for Israel will be planning a second conference soon.
Israel is often flattened into a talking point. Its complexity – democratic, diverse, struggling, striving – gets lost in the noise.
But on June 4, I saw the Israel I believe in and the Jerusalem I have called home for 10 years: a city that is simultaneously the holiest place on earth and a place where a gay teenager can march safely down the street, where an Arab-Israeli and an ultra-Orthodox bystander and a tourist from the United States can stand in the same square and witness something remarkable together.
That is not a contradiction. That is the point.
For those who reduce Israel to a single narrative, the Jerusalem Pride march is inconvenient. But for those of us who believe in the dignity of every human being, regardless of who they love, how they pray, or where they come from, it is exactly the kind of evidence we need to share loudly and proudly.
Jerusalem does not belong to any one people. Its holiness, paradoxically, demands that it hold everyone. On June 4, for a few beautiful hours, it did.
The writer is the Digital PR and Media Writer for StandWithUs, an international nonpartisan education organization that supports Israel and combats antisemitism.
Jerusalem Pride turned a divided city into a celebration of belonging – opinion
Jerusalem does not do things quietly. It carries the weight of millennia, of faith, of conflict, of longing, in every stone.
So when thousands of people poured into the streets on June 4 for the 24th annual Jerusalem “March for Pride and Tolerance,” rainbow flags rippling against that ancient skyline, I felt something I wasn’t fully prepared for: pure, uncomplicated joy.
This year marks a decade since I made Jerusalem my home. Ten years in this city have given me a front-row seat to its contradictions and its miracles, and June 4 felt like both at once.
The crowd was unlike anything I could have scripted. Families with strollers painted in rainbow colors. Elderly couples walking hand in hand. Soldiers in uniform. Secular Israelis and religious ones. Diplomats. Teenagers. A grandmother holding a sign that simply read “love.”
The parade drew people from every corner of Israeli society, and watching them march together, past the Supreme Court, toward the Knesset, through a city holy to Jews, Christians, and Muslims alike, felt like Jerusalem, against all odds, making sense.
What struck me most was how family-friendly the march was. This wasn’t a fringe event or a provocation. It was a community celebration, with performers, speakers, and kids on their parents’ shoulders waving little flags.
President Isaac Herzog was there, becoming the first sitting Israeli head of state to attend Jerusalem Pride, a moment that carries weight not just symbolically but historically. Opposition Leader Yair Lapid addressed the crowd. The message from Israel’s leadership was unambiguous: “You belong here.”
What moved me most was the texture of the unity. I stood next to a haredi (ultra-Orthodox) man who had come, he told me, simply to watch, curious. Near the Knesset stretch of the route, a group of young Arab-Israeli women marched with a hand-painted sign in Arabic and Hebrew.
Volunteers handed out water to strangers without asking who they were or where they came from. A man in a kippah cheered from the sideline, phone raised, filming. These were not staged moments. They were the ordinary overflow of a city deciding, together, that there is room enough for everyone.
We are living through a global moment of rising hatred: antisemitism, homophobia, racism, and the cynical weaponization of one group’s fear against another. It is easy to feel despair, which is why what happened in Jerusalem on June 4 felt like an answer.
Jerusalem Pride Chooses love over fear
Not a naive one. Not a simple one. But a real one: thousands of people, different in almost every way, choosing to walk the same road together. Choosing visibility over silence, and choosing love over fear.
I AM an ally. I work in digital media for StandWithUs, an international education organization that supports Israel and combats antisemitism.
We recognized that the Jewish and LGBTQ+ communities are often vilified or erased within and from outside their own LGBTQ communities. Pro-Israel supporters are marginalized – not just by ideological opponents, but by the broader LGBTQ+ community itself that identifies with the “Queers for Palestine” ideology.
So we created a new division, “Pride for Israel.” It works specifically to connect LGBTQ+ communities and allies who support Israel and to push back against attempts to weaponize LGBTQ+ identity against the Jewish state.
We held our first conference in Los Angeles to reclaim unity and love for Israel, and the division is growing quickly, issuing statements about the blatant antisemitism involved in excluding Jews from Rome’s Pride parade and from a spa event in Barcelona for wearing a Star of David. Pride for Israel will be planning a second conference soon.
Israel is often flattened into a talking point. Its complexity – democratic, diverse, struggling, striving – gets lost in the noise.
But on June 4, I saw the Israel I believe in and the Jerusalem I have called home for 10 years: a city that is simultaneously the holiest place on earth and a place where a gay teenager can march safely down the street, where an Arab-Israeli and an ultra-Orthodox bystander and a tourist from the United States can stand in the same square and witness something remarkable together.
That is not a contradiction. That is the point.
For those who reduce Israel to a single narrative, the Jerusalem Pride march is inconvenient. But for those of us who believe in the dignity of every human being, regardless of who they love, how they pray, or where they come from, it is exactly the kind of evidence we need to share loudly and proudly.
Jerusalem does not belong to any one people. Its holiness, paradoxically, demands that it hold everyone. On June 4, for a few beautiful hours, it did.
The writer is the Digital PR and Media Writer for StandWithUs, an international nonpartisan education organization that supports Israel and combats antisemitism.
AI push stalls inside Israeli government despite national tech strength, report finds
Public bodies are pushing ahead with AI tools, but gaps in budgets, data governance, procurement, and national planning are slowing the shift from pilots to full implementation.
Israel risks falling behind in the government use of artificial intelligence despite its high-tech strength, research base, and human capital, according to findings published Tuesday by the State Comptroller. The multinational audit, led by State Comptroller Matanyahu Englman as president of the European Organization of Regional Audit Institutions, examined government preparedness for AI with the participation of 12 European countries.
The findings present what Englman called an “innovation paradox”: Israel has the technological capabilities of a high-tech power, but has not translated them into a comprehensive, coordinated, and executable government plan for AI adoption.
Israel’s high-tech edge is not reaching government fast enough
“Artificial intelligence is not a future issue. It is already changing the way governments operate,” Englman said. He added that audit institutions must examine government preparations before the risks materialize, not after.
The findings said AI adoption in government must improve public service while protecting individual rights and public trust. Implementation should strengthen transparency, safeguard human rights, ensure responsible use of state resources, and make public services safer, more efficient, and more beneficial.
No national AI roadmap despite new headquarters
Although the government adopted the recommendations of the Nagel Committee in September 2025 under Government Decision 3375 and ordered the establishment of the National Artificial Intelligence Headquarters in the Prime Minister’s Office, Israel still had not approved a comprehensive long-term national AI plan as of the audit’s completion date.
Such a plan should include a vision, goals, milestones, clear government responsibility, timetables, budget, and measurement and oversight mechanisms, the findings said. The government decision determined that the new headquarters would coordinate with the National Digital Agency on implementing AI technology in the public sector.
The gap is especially significant because Israel’s starting point is unusually strong. Its technological capabilities, high-tech industry, research activity, and human capital place it in a favorable position in AI, but those advantages have not yet become a full government implementation plan.
Public sector leaders see the promise, but systems lag behind
The Office of the State Comptroller conducted what it described as the first comprehensive mapping of its kind of Israel’s public sector readiness to adopt and implement AI. The findings were based on responses from 70 leading public bodies, including most government ministries, statutory bodies, auxiliary units, hospitals, health funds, large municipalities, and other entities.
The questionnaire found broad managerial recognition of AI’s importance. In 77% of the bodies, management attached great or very great importance to integrating AI solutions; in 63%, there was a leading and coordinating figure in the field; and in 72%, employee training programs were already being operated.
The public bodies reported 144 AI projects across 47 entities. Of those projects, 42% supported the core activity of the ministry or body, and 34% were intended to improve service to citizens, indicating real potential to improve public-sector performance.
Most AI work remains stuck in pilots
Despite the growth in AI activity, only 18% of the bodies reported that they had adopted a defined organizational strategy or policy for integrating AI.
The findings also showed that 34% of the bodies had not yet begun formulating a data strategy, while 41% operated without a formal data-governance framework. These gaps could limit the public sector’s ability to use AI responsibly, because AI systems depend on high-quality, accessible, secure, and well-governed data.
Of the reported AI projects, 68% were still in development or pilot stages, while only 32% had been implemented in practice. The findings said this shows that Israel’s public sector has not yet created the broad and mature infrastructure needed to move from isolated experiments to safe, effective, and measurable implementation.
Budget gaps are slowing AI adoption
The findings said 58% of participating public bodies had not been allocated a dedicated budget to promote AI projects during the years examined. Englman said the absence of organizational and budgetary infrastructure in most public bodies is delaying the development of public service.
About 80% of the bodies pointed to dedicated budgeting as the support most needed to accelerate AI adoption. Another 62% pointed to the need for training, while 58% said procurement mechanisms must be made more flexible.
“In order for Israel to realize its status as an ‘innovation nation’ within government bodies as well, we must face the gaps emerging from the field,” Englman said. “Now is the time to formulate a national master plan that will turn artificial intelligence tools into a lever for excellence in government service.”
Autonomous AI decision-making remains rare
The questionnaire found that 86% of participating public bodies do not have autonomous decision-making systems based on AI. The finding suggests that most public-sector AI use remains focused on support tools, service improvement, internal efficiency, or projects that have not yet reached full operational implementation.
The findings framed this within the broader need for responsible implementation, legal and ethical guidelines, information security, privacy protection, and benefit-measurement tools before AI systems are used more widely in public administration.
Weak data infrastructure threatens wider rollout
Israel has a policy for information sharing, but public bodies still face major obstacles, including prolonged approval processes, regulatory and bureaucratic limitations, enforcement gaps, information systems that do not interface with one another, and dependence on manual processes.
In the absence of an orderly and measurable government data strategy, it is difficult to turn government databases into reliable infrastructure for data reuse, advanced analysis, and responsible AI implementation in public service.
Responsible AI implementation must be built on high-quality data, proper data governance, information security and privacy, skilled human capital, and clear managerial responsibility.
Civil servants need AI skills, not just AI tools
The report said that human capital in the public service is critical to responsible AI adoption. Although Israel is strong in technological human capital and research, the government requires a complementary capability among civil servants, managers, regulators, procurement personnel, legal advisers, information-security personnel, and internal auditors.
These officials must be able to understand AI technology in depth, assess its risks, supervise external suppliers, and ensure that its use serves the public.
Localized training is not enough, according to the findings. A cross-cutting policy is needed to develop AI literacy and competence across the public service.
Master plan needed before gaps widen
Responsible AI implementation could become a central lever for improving public-sector efficiency and strengthening service to citizens. However, Israel must shift from viewing technological innovation as a localized project to treating AI as a cross-government capability.
A comprehensive government framework is required, combining uniform policy, dedicated budgeting, secure data and cloud infrastructures, professional training, adapted procurement mechanisms, legal and ethical guidelines, and tools for measuring benefits.
Englman also spoke of the state’s obligations with AI. “It is our duty to ensure that the adoption of technology promotes high-quality and efficient public service, while protecting individual rights and public trust,” Englman said.
Background
Israel has already taken several steps toward expanding AI use in both government and regulation. These include the launch of a national AI program, the appointment of a head for the National AI Directorate, and government-backed regulatory sandbox initiatives.
Separate reporting has also raised questions about how the new AI authority will interact with existing government bodies involved in technology, cyber policy, and national security.
Iran’s missile strikes may embolden Hezbollah to challenge Lebanon’s leadership – analysis
In the wake of the Iranian ballistic-missile attacks on Israel, it’s possible that Hezbollah may be emboldened. The terrorist group had felt pressure from the US-Israel talks and also from Israel’s continued military campaign in Lebanon.
It has now received a kind of lifeline from Iran. Tehran is trying to preserve Hezbollah’s role in Lebanon. It views Hezbollah as an important card in the Iranian regional deck of cards that it uses to control the Middle East.
Hezbollah has cheered the Iranian attacks. It is now trying to shift the focus to Lebanon and persuade Beirut to repair its ties with Iran.
Lebanon has tried to expel the Iranian ambassador in recent months, while Lebanese leaders have been more outspoken about the negative roles of Iran and Hezbollah.
“Hezbollah called on the Lebanese state to correct its relations with Tehran and to take advantage of the new political developments to achieve its national demands,” Beirut-based newspaper Al Akhbar, which is pro-Iranian, reported, adding that “Iran supports Lebanon, not the other way around.”
Hezbollah wants Lebanon to change course. Rather than courting Israel, Hezbollah wants Beirut to shift back toward a pro-Iranian stance or at least allow Iran to retake control of its affairs.
The axis of ‘resistance’ against Israel
“The Iranian missile response against the Zionist entity in defense of our Lebanese people is a message of moral, political, and field commitment from the Islamic Republic to Lebanon,” Hezbollah said.
In essence, Hezbollah is once again claiming that it is “resisting” Israel, and that Iran is helping Lebanon to “resist.” Iran calls the terrorist group and its other proxies the “axis of resistance.”
The Iranian stance coincided with “the appreciated support from the Ansar Allah [Houthis] movement in Yemen,” Hezbollah said.
This means Iran is trying to rebuild its multifront threat against Israel.
Hezbollah criticized what it described as “baseless accusations” made by some Lebanese officials against Iran. It was referring to a recent interview by Lebanon’s president with CNN.
Hezbollah called on the Lebanese authorities to “correct their official relationship with the Islamic Republic in a way that serves the interests of both countries.”
The statements show that Hezbollah will try to exploit the recent Iranian attacks by using them to its advantage.
It remains to be seen whether the terrorist group can return to its former position of power in Lebanon. Beirut will need to stay the course in its talks with Israel and the US to prevent that from happening.
Iran’s missile strikes may embolden Hezbollah to challenge Lebanon’s leadership – analysis
In the wake of the Iranian ballistic-missile attacks on Israel, it’s possible that Hezbollah may be emboldened. The terrorist group had felt pressure from the US-Israel talks and also from Israel’s continued military campaign in Lebanon.
It has now received a kind of lifeline from Iran. Tehran is trying to preserve Hezbollah’s role in Lebanon. It views Hezbollah as an important card in the Iranian regional deck of cards that it uses to control the Middle East.
Hezbollah has cheered the Iranian attacks. It is now trying to shift the focus to Lebanon and persuade Beirut to repair its ties with Iran.
Lebanon has tried to expel the Iranian ambassador in recent months, while Lebanese leaders have been more outspoken about the negative roles of Iran and Hezbollah.
“Hezbollah called on the Lebanese state to correct its relations with Tehran and to take advantage of the new political developments to achieve its national demands,” Beirut-based newspaper Al Akhbar, which is pro-Iranian, reported, adding that “Iran supports Lebanon, not the other way around.”
Hezbollah wants Lebanon to change course. Rather than courting Israel, Hezbollah wants Beirut to shift back toward a pro-Iranian stance or at least allow Iran to retake control of its affairs.
The axis of ‘resistance’ against Israel
“The Iranian missile response against the Zionist entity in defense of our Lebanese people is a message of moral, political, and field commitment from the Islamic Republic to Lebanon,” Hezbollah said.
In essence, Hezbollah is once again claiming that it is “resisting” Israel, and that Iran is helping Lebanon to “resist.” Iran calls the terrorist group and its other proxies the “axis of resistance.”
The Iranian stance coincided with “the appreciated support from the Ansar Allah [Houthis] movement in Yemen,” Hezbollah said.
This means Iran is trying to rebuild its multifront threat against Israel.
Hezbollah criticized what it described as “baseless accusations” made by some Lebanese officials against Iran. It was referring to a recent interview by Lebanon’s president with CNN.
Hezbollah called on the Lebanese authorities to “correct their official relationship with the Islamic Republic in a way that serves the interests of both countries.”
The statements show that Hezbollah will try to exploit the recent Iranian attacks by using them to its advantage.
It remains to be seen whether the terrorist group can return to its former position of power in Lebanon. Beirut will need to stay the course in its talks with Israel and the US to prevent that from happening.
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.”
Trump vows ‘total victory’ over Iran, while US rescues Apache crew near Strait of Hormuz
New episodes every Sunday-Thursday.
Listen and subscribe wherever you get your podcasts.
For more news, analysis, and the latest updates, head to jpost.com.
Headlines edited by James Genn and Lara Sukster Mosheyof.
Hosted and produced by Lara Sukster Mosheyof.
Trump vows ‘total victory’ over Iran, while US rescues Apache crew near Strait of Hormuz
New episodes every Sunday-Thursday.
Listen and subscribe wherever you get your podcasts.
For more news, analysis, and the latest updates, head to jpost.com.
Headlines edited by James Genn and Lara Sukster Mosheyof.
Hosted and produced by Lara Sukster Mosheyof.
Will Iran-Israel ‘tit-for-tat’ flare ups become the new norm? – analysis
Iran appears to have ended its ballistic-missile attacks against Israel. The regime’s airstrikes came two days after it chose to target Israel in response to its operations in Lebanon.
Iran was signaling that in addition to using Lebanon as a bargaining chip in talks with the US, it also wants to set down new lines of deterrence against Israel.
Israeli officials have said Jerusalem will not permit this to happen, and that Iran won’t be allowed to change the “equation.”
The question now is whether Iran will continue to conduct these types of “tit-for-tat” responses and whether this becomes the new normal.
Iran already did this when it attacked Israel with large numbers of ballistic missiles and drones in April and October 2024, essentially breaking a kind of glass ceiling, or regional norm.
In each case, Iran claimed to be responding to Israeli actions. It said Israel had attacked a diplomatic building linked to Iran in Damascus, and that it was angry over the elimination of Hamas leader Ismail Haniyeh in the summer of 2024.
Iran strives to carve out new norm
The real story was that Tehran wanted to carve out this new norm – attacking when it wants and setting new escalation rules in the region. This was supposed to shift the balance of power in Iran’s favor.
Tehran had done this before with missile and drone attacks against Saudi Arabia’s Abqaiq oil facility in 2019. It was now testing to see what kind of response it would get by striking Israel.
Prime Minister Benjamin Netanyahu this week said Iran would not be allowed to rewrite this equation.
“A year ago, we launched a historic preemptive strike against Iran’s intention to destroy us with atomic bombs,” he said. “We thwarted this immediate threat, and we also eliminated the tyrant [supreme leader Ali] Khamenei.”
“With that same determination, we acted against Hezbollah as well,” Netanyahu said. “Hezbollah planned to invade the Galilee with thousands of terrorists, and at the same time, it planned to devastate Israel’s cities with 150,000 missiles and rockets.”
“Iran and Hezbollah are weaker than ever, and we are stronger than ever,” he said. “But our battle against them is still not finished. In the last 24 hours, Iran and Hezbollah tried to impose a new equation upon us, and it is an equation I find intolerable and unacceptable.”
“They thought they would fire at Israel from Lebanese territory and from Iran, and we would not act,” Netanyahu said. “That did not happen, and it will not happen… After Iran attacked Israel, I instructed the IDF to attack military and economic targets throughout Iran. We did that, too.”
Nevertheless, Israel is now “holding fire,” he said, adding that “in the event that the terrorist regime in Iran makes the mistake of resuming attacks on us, we will respond with overwhelming force.”
Iran shows willingness to attack across region
The question is whether his statement will reverberate throughout Iran and the region and make Tehran realize it can no longer lob missiles at Israel.
In recent months, Iran has shown that it is willing to carry out attacks all over the region. This has created a 4,800-kilometer front line from Lebanon to Iraq and the Gulf, as well as to Yemen, where the Iranian-backed Houthis are. The Houthis joined the Iranian attacks this week and do not appear to be deterred.
Iran’s goal is to up the ante in the region, and it feels it can do whatever it wants whenever it wants. It already has been doing this for more than 45 years, but it now feels emboldened.
Even though Israeli officials claim Iran is weakened, sometimes even a weakened country, or one that feels cornered, may lash out. Tehran is clearly trying to prevent a sense in Washington or Jerusalem that the regime will fall.
It wants to show that any action will lead to a reaction. Iran’s objective is to establish deterrence and also to carve out “redlines” across the region, indicating where it will still defend its proxies, such as Hezbollah. Iran does not want them removed or dismantled.
The coming months and years will reveal whether this week’s tit-for-tat escalation was a one-time event or whether this becomes the new normal. Since 2024, it has appeared to be a kind of new normal.
Will Iran-Israel ‘tit-for-tat’ flare ups become the new norm? – analysis
Iran appears to have ended its ballistic-missile attacks against Israel. The regime’s airstrikes came two days after it chose to target Israel in response to its operations in Lebanon.
Iran was signaling that in addition to using Lebanon as a bargaining chip in talks with the US, it also wants to set down new lines of deterrence against Israel.
Israeli officials have said Jerusalem will not permit this to happen, and that Iran won’t be allowed to change the “equation.”
The question now is whether Iran will continue to conduct these types of “tit-for-tat” responses and whether this becomes the new normal.
Iran already did this when it attacked Israel with large numbers of ballistic missiles and drones in April and October 2024, essentially breaking a kind of glass ceiling, or regional norm.
In each case, Iran claimed to be responding to Israeli actions. It said Israel had attacked a diplomatic building linked to Iran in Damascus, and that it was angry over the elimination of Hamas leader Ismail Haniyeh in the summer of 2024.
Iran strives to carve out new norm
The real story was that Tehran wanted to carve out this new norm – attacking when it wants and setting new escalation rules in the region. This was supposed to shift the balance of power in Iran’s favor.
Tehran had done this before with missile and drone attacks against Saudi Arabia’s Abqaiq oil facility in 2019. It was now testing to see what kind of response it would get by striking Israel.
Prime Minister Benjamin Netanyahu this week said Iran would not be allowed to rewrite this equation.
“A year ago, we launched a historic preemptive strike against Iran’s intention to destroy us with atomic bombs,” he said. “We thwarted this immediate threat, and we also eliminated the tyrant [supreme leader Ali] Khamenei.”
“With that same determination, we acted against Hezbollah as well,” Netanyahu said. “Hezbollah planned to invade the Galilee with thousands of terrorists, and at the same time, it planned to devastate Israel’s cities with 150,000 missiles and rockets.”
“Iran and Hezbollah are weaker than ever, and we are stronger than ever,” he said. “But our battle against them is still not finished. In the last 24 hours, Iran and Hezbollah tried to impose a new equation upon us, and it is an equation I find intolerable and unacceptable.”
“They thought they would fire at Israel from Lebanese territory and from Iran, and we would not act,” Netanyahu said. “That did not happen, and it will not happen… After Iran attacked Israel, I instructed the IDF to attack military and economic targets throughout Iran. We did that, too.”
Nevertheless, Israel is now “holding fire,” he said, adding that “in the event that the terrorist regime in Iran makes the mistake of resuming attacks on us, we will respond with overwhelming force.”
Iran shows willingness to attack across region
The question is whether his statement will reverberate throughout Iran and the region and make Tehran realize it can no longer lob missiles at Israel.
In recent months, Iran has shown that it is willing to carry out attacks all over the region. This has created a 4,800-kilometer front line from Lebanon to Iraq and the Gulf, as well as to Yemen, where the Iranian-backed Houthis are. The Houthis joined the Iranian attacks this week and do not appear to be deterred.
Iran’s goal is to up the ante in the region, and it feels it can do whatever it wants whenever it wants. It already has been doing this for more than 45 years, but it now feels emboldened.
Even though Israeli officials claim Iran is weakened, sometimes even a weakened country, or one that feels cornered, may lash out. Tehran is clearly trying to prevent a sense in Washington or Jerusalem that the regime will fall.
It wants to show that any action will lead to a reaction. Iran’s objective is to establish deterrence and also to carve out “redlines” across the region, indicating where it will still defend its proxies, such as Hezbollah. Iran does not want them removed or dismantled.
The coming months and years will reveal whether this week’s tit-for-tat escalation was a one-time event or whether this becomes the new normal. Since 2024, it has appeared to be a kind of new normal.
Fatah skips Cairo talks as Hamas delays Gaza disarmament
Fatah was absent from some of the bilateral meetings during the two-day conference in Cairo amid reported frustration over Hamas’s refusal to disarm and the growing influence of the Democratic Reform Bloc, according to Arabic media reports on Monday.
The high-level meeting was said to have included mediators from Egypt, Qatar, and Turkey, as well as representatives from eight Palestinian factions, most notably Hamas, Palestinian Islamic Jihad, the Popular Front for the Liberation of Palestine, the Democratic Front for the Liberation of Palestine, and the Democratic Reform Bloc.
While Fatah spokesman Abdel Fattah Dawla made comments to Independent Arabia, which made it apparent the group was growing frustrated with Hamas’s lack of motion in handing over control of the Gaza Strip to the Palestinian Authority, France 24’s Arabic service noted that many believe Fatah’s stretches of absence were due to the Democratic Reform Bloc’s participation.
The bloc is currently led by Mohammed Dahlan, a former senior Fatah figure reported to have recently met with Shin Bet chief David Zini in the United Arab Emirates, where he lives in exile.
Dahlan fell out with Palestinian Authority President Mahmoud Abbas in 2011. The Palestinian Authority convicted Dahlan of multiple serious offenses, including involvement in a poisoning plot against PLO chairman Yasser Arafat, an attempted coup against the Palestinian leadership, and embezzlement. Dahlan denied these accusations as “fantastical” at the time.
Dawla told Independent Arabia that Hamas is “obligated to implement the terms of the ceasefire agreement that it signed unilaterally, which includes disarming,” and stressed “the need not to give [Prime Minister Benjamin] Netanyahu any pretext to evade implementing the rest of the agreement and to continue killing the Palestinian people.”
Why is Hamas not disarming in Gaza?
Though Hamas has yet to disarm and follow through with its agreements, Dawla blamed the lack of movement toward the second phase of the US-brokered deal on “the behavior of Israeli Prime Minister Benjamin Netanyahu and his insistence on remaining in the Gaza Strip.”
Dawla urged Hamas to “take practical steps to enable the Palestinian Authority and the PLO to exercise their duties as the legitimate political and legal authorities over the Gaza Strip” and complained that, so far, the Iran-backed terrorist organization had “not taken any steps in that direction; it is negotiating over weapons and making concessions to others.”
Hamas and its allied terrorist groups were reported to have demanded that the conditions of disarmament include weapons only being handed over to Palestinian parties, such an action be carried out in stages rather than all at once in pace with Israel’s withdrawal from the Gaza Strip, and that anti-Hamas militia groups allegedly receiving Israeli support be entirely disbanded, according to France 24.
Hamas attempts ‘united front’ – researcher to Post
Dr. Harel Chorev, a senior researcher at the Moshe Dayan Center and a historian of the Middle East specializing in the social and political history of the Palestinians, explained to The Jerusalem Post that Hamas’s promises to disarm were part of a “masquerade” and the group had ambitions to remain in power in Gaza.
“They (Fatah) understand very well that Hamas’s intentions are to remain in power, and therefore, they refuse to cooperate, and their demand for Hamas disarmament is no less strong than Israel’s,” Chorev commented. “Hamas is trying to build a united front, so-called that supports its demands, but the fact is that Fatah is not supporting it… the Hamas situation is deteriorating at the moment, so there’s no reason to give them a hand at the moment, and to save them by showing a united Palestinian front.”
A senior official in the Palestine Liberation Organization also registered his displeasure at the developments in Cairo, telling Independent Arabia that there was “an attempt to create an alternative framework to the PLO” and “some factions are not allowed to decide the fate of the Gaza Strip in the absence of Palestinian legitimacy.”
The PLO official explained that any agreement reached “is not binding on us in the absence of the Fatah movement,” warning against “creating an alternative parallel framework that would perpetuate a geographical separation of the state of Palestine and even divide the Gaza Strip.”
Fatah skips Cairo talks as Hamas delays Gaza disarmament
Fatah was absent from some of the bilateral meetings during the two-day conference in Cairo amid reported frustration over Hamas’s refusal to disarm and the growing influence of the Democratic Reform Bloc, according to Arabic media reports on Monday.
The high-level meeting was said to have included mediators from Egypt, Qatar, and Turkey, as well as representatives from eight Palestinian factions, most notably Hamas, Palestinian Islamic Jihad, the Popular Front for the Liberation of Palestine, the Democratic Front for the Liberation of Palestine, and the Democratic Reform Bloc.
While Fatah spokesman Abdel Fattah Dawla made comments to Independent Arabia, which made it apparent the group was growing frustrated with Hamas’s lack of motion in handing over control of the Gaza Strip to the Palestinian Authority, France 24’s Arabic service noted that many believe Fatah’s stretches of absence were due to the Democratic Reform Bloc’s participation.
The bloc is currently led by Mohammed Dahlan, a former senior Fatah figure reported to have recently met with Shin Bet chief David Zini in the United Arab Emirates, where he lives in exile.
Dahlan fell out with Palestinian Authority President Mahmoud Abbas in 2011. The Palestinian Authority convicted Dahlan of multiple serious offenses, including involvement in a poisoning plot against PLO chairman Yasser Arafat, an attempted coup against the Palestinian leadership, and embezzlement. Dahlan denied these accusations as “fantastical” at the time.
Dawla told Independent Arabia that Hamas is “obligated to implement the terms of the ceasefire agreement that it signed unilaterally, which includes disarming,” and stressed “the need not to give [Prime Minister Benjamin] Netanyahu any pretext to evade implementing the rest of the agreement and to continue killing the Palestinian people.”
Why is Hamas not disarming in Gaza?
Though Hamas has yet to disarm and follow through with its agreements, Dawla blamed the lack of movement toward the second phase of the US-brokered deal on “the behavior of Israeli Prime Minister Benjamin Netanyahu and his insistence on remaining in the Gaza Strip.”
Dawla urged Hamas to “take practical steps to enable the Palestinian Authority and the PLO to exercise their duties as the legitimate political and legal authorities over the Gaza Strip” and complained that, so far, the Iran-backed terrorist organization had “not taken any steps in that direction; it is negotiating over weapons and making concessions to others.”
Hamas and its allied terrorist groups were reported to have demanded that the conditions of disarmament include weapons only being handed over to Palestinian parties, such an action be carried out in stages rather than all at once in pace with Israel’s withdrawal from the Gaza Strip, and that anti-Hamas militia groups allegedly receiving Israeli support be entirely disbanded, according to France 24.
Hamas attempts ‘united front’ – researcher to Post
Dr. Harel Chorev, a senior researcher at the Moshe Dayan Center and a historian of the Middle East specializing in the social and political history of the Palestinians, explained to The Jerusalem Post that Hamas’s promises to disarm were part of a “masquerade” and the group had ambitions to remain in power in Gaza.
“They (Fatah) understand very well that Hamas’s intentions are to remain in power, and therefore, they refuse to cooperate, and their demand for Hamas disarmament is no less strong than Israel’s,” Chorev commented. “Hamas is trying to build a united front, so-called that supports its demands, but the fact is that Fatah is not supporting it… the Hamas situation is deteriorating at the moment, so there’s no reason to give them a hand at the moment, and to save them by showing a united Palestinian front.”
A senior official in the Palestine Liberation Organization also registered his displeasure at the developments in Cairo, telling Independent Arabia that there was “an attempt to create an alternative framework to the PLO” and “some factions are not allowed to decide the fate of the Gaza Strip in the absence of Palestinian legitimacy.”
The PLO official explained that any agreement reached “is not binding on us in the absence of the Fatah movement,” warning against “creating an alternative parallel framework that would perpetuate a geographical separation of the state of Palestine and even divide the Gaza Strip.”
STAT+: NIAID appoints new acting director after weekslong questions over leadership
The National Institutes of Health has appointed researcher John Powers III to lead its infectious disease institute on an acting basis, after weeks of being in leadership limbo following reports that the previous director, Jeffrey Taubenberger, had stepped down.
The appointment of Powers, previously a senior adviser at the National Institute of Allergy and Infectious Diseases and Taubenberger’s deputy, comes at a moment of heightened attention for the institute. The NIH’s second-largest agency, responsible for $6.5 billion worth of funding, has been without a permanent leader since the ousting of Jeanne Marrazzo last March. In recent weeks, a handful of other top leaders have also been reassigned to other posts, causing lawmakers to express concern about the bench of infectious disease expertise at a time of alarm over the recent hantavirus outbreak and the Ebola outbreak in Central Africa.
The news was announced to NIH staff in an email, seen by STAT, sent Tuesday morning. Powers “brings extensive experience in clinical infectious diseases, clinical research, regulatory science and public health leadership,” the email said.
STAT+: NIAID appoints new acting director after weekslong questions over leadership
The National Institutes of Health has appointed researcher John Powers III to lead its infectious disease institute on an acting basis, after weeks of being in leadership limbo following reports that the previous director, Jeffrey Taubenberger, had stepped down.
The appointment of Powers, previously a senior adviser at the National Institute of Allergy and Infectious Diseases and Taubenberger’s deputy, comes at a moment of heightened attention for the institute. The NIH’s second-largest agency, responsible for $6.5 billion worth of funding, has been without a permanent leader since the ousting of Jeanne Marrazzo last March. In recent weeks, a handful of other top leaders have also been reassigned to other posts, causing lawmakers to express concern about the bench of infectious disease expertise at a time of alarm over the recent hantavirus outbreak and the Ebola outbreak in Central Africa.
The news was announced to NIH staff in an email, seen by STAT, sent Tuesday morning. Powers “brings extensive experience in clinical infectious diseases, clinical research, regulatory science and public health leadership,” the email said.
Gilead and Merck’s latest trial success and flop
Good morning. As I’ve been watching the NBA finals, every commercial break has started to sound like this.
GSK buys maker of targeted cancer drugs for $10.6B
Nuvalent is the latest biotech to be subsumed in the recent wave of pharma acquisitions, my colleague Andrew Joseph reported this morning. The company has two drugs under review by the Food and Drug Administration that target genetic mutations found in lung cancer. Approval decisions on both are expected later this year.
Gilead and Merck’s latest trial success and flop
Good morning. As I’ve been watching the NBA finals, every commercial break has started to sound like this.
GSK buys maker of targeted cancer drugs for $10.6B
Nuvalent is the latest biotech to be subsumed in the recent wave of pharma acquisitions, my colleague Andrew Joseph reported this morning. The company has two drugs under review by the Food and Drug Administration that target genetic mutations found in lung cancer. Approval decisions on both are expected later this year.
Trump administration warns more than 500 hospitals to provide more price information or face fines
WASHINGTON — The Trump administration has warned more than 500 hospitals that they are failing to provide the public with basic pricing information — arguing that the lack of disclosure is keeping healthcare costs higher than they should be.
The Associated Press obtained exclusively the list of hospitals that since April have either received letters of warning or requests to submit plans to provide transparent pricing. Failing to comply with the warnings comes with penalties as high as $2 million annually for each recipient that doesn’t create a plan to post clear pricing data.
Trump administration warns more than 500 hospitals to provide more price information or face fines
WASHINGTON — The Trump administration has warned more than 500 hospitals that they are failing to provide the public with basic pricing information — arguing that the lack of disclosure is keeping healthcare costs higher than they should be.
The Associated Press obtained exclusively the list of hospitals that since April have either received letters of warning or requests to submit plans to provide transparent pricing. Failing to comply with the warnings comes with penalties as high as $2 million annually for each recipient that doesn’t create a plan to post clear pricing data.
Dan Firda named CEO at Brands By Integra
Dan Firda moves to Brands By Integra as CEO from Compass International Holdings, taking the reins of a 2,000-agent, multi-brand real estate platform operating across 18 states, the company announced on Monday.
As part of the leadership transition, the company said founder and current CEO Jim D’Amico will become chairman of Brands By Integra and will focus on long-term strategy while Firda oversees day-to-day operations and national growth.
Firda joins the firm after serving as national vice president of franchise growth at Compass International Holdings, formerly Anywhere Real Estate Inc., and at Century 21, according to the announcement. He brings more than 20 years of corporate real estate experience, including leading a growth consultant team focused on franchise retention and franchisee growth.
Between 2018 and 2025, Firda’s division achieved a 96% franchisee renewal rate and executed some of the largest franchise mergers in the corporation’s history, the company said.
“Dan Firda is a generational talent in real estate brokerage growth, and his track record of scaling operations while maintaining elite franchise retention levels speaks for itself,” D’Amico said in the announcement. “We started this company with just two agents in Massachusetts, and today we stand as a 2,000-agent company that is generating over $3 billion in sales volume.”
Brands By Integra has built what it describes as a “house of brands” model, operating prominent Century 21 and Coldwell Banker affiliates alongside New Fed Mortgage Corp., New Fed Insurance and James Rose Asset Management. The platform encompasses roughly 2,000 agents across 18 states, tracking about 6,000 transaction sides and $2.64 billion in annual sales volume, according to the company.
The firm said Firda’s appointment will support a strategy centered on building deeper market density, advancing corporate technology and pursuing additional independent brokerage acquisitions. That focus aligns with broader industry consolidation as brokerages seek scale, diversified revenue streams and tech-enabled efficiencies to offset margin compression and rising compliance costs.
“I am incredibly honored to join Brands By Integra during such a transformative era for residential real estate,” Firda said. “Jim D’Amico has built an extraordinary culture that successfully blends a family-first environment with institutional-grade scale. My primary objective is to preserve this incredible momentum, unlock new value for our franchise partners, and aggressively drive our growth infrastructure forward into the company’s next phase.”
In 2025, agents at Brands by Integra closed 5,839 transaction sides totaling $2.64 billion in sales volume, according to RealTrends Verified data.
This article was written by Brooklee Han with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.
Wendy Forsythe promoted to COO at eXp Realty
Wendy Forsythe has been promoted to chief operating officer of eXp Realty, moving into the role after two years as the brokerage’s chief marketing officer, the company announced Tuesday.
Forsythe brings experience as an agent, brokerage owner and senior executive at multiple large firms. Before joining eXp, she served as chief operating officer at HomeSmart International, president for Compass’ California and Hawaii region, and chief strategy officer at Fathom Holdings, according to the announcement.
She began her career as a real estate agent and later owned and operated a brokerage, a background eXp is highlighting as the company focuses on what it calls an “agent-centric” model across its cloud-based platform.
“As eXp Realty continues to scale, our operations must be as agile and innovative as our brand,” Leo Pareja, CEO of eXp Realty, said in a statement. “Wendy’s combination of field-level agent empathy, operational excellence, and a proven track record of scaling large brokerages and brands makes her the right leader for our next chapter.”
During her tenure as CMO, Forsythe led what the company described as its most significant brand transformation to date, including modernizing its global brand identity, expanding social media reach and elevating agent events such as eXpcon.
In the new role, Forsythe will oversee brokerage operations, technology integration, agent programs and transaction support. She will also continue to provide strategic direction for the marketing organization during a transition period, the company said in its announcement.
“Having started my career as an agent and a brokerage owner, I view every operational system and technology tool through the lens of our customer, the eXp agent and team leader,” Forsythe said in the release. She added that the company is positioning for an inflection point driven by AI, technology and a shifting competitive landscape.
Forsythe succeeds Patrick O’Neill, who is departing the company. eXp thanked O’Neill for his “leadership and operational contributions” in the announcement.
The COO change comes as large national brokerages work to streamline operations, integrate new technology and manage margin pressure in a slower transaction market. For brokers and team leaders at eXp, operational leadership will shape how quickly new tools, support programs and process changes reach the field and impact agent productivity and profitability.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Martha Stewart, Trex team up on outdoor living for remodelers, builders
WINCHESTER, Va. — Trex Company has formed a brand partnership with Martha Stewart to promote composite decking and outdoor living products, a move aimed at driving higher-end exterior upgrades among homeowners, the company announced.
The collaboration grew out of Stewart’s decision to use Trex decking, railing and other products in an outdoor renovation at her Bedford, New York, property, according to the announcement. That project is now the centerpiece of a broader content and marketing push built around design guidance, product selection and the contractor–homeowner process.
For homebuilders and remodeling firms, the tie-up pairs one of the most recognizable home-design personalities with what Trex describes as the world’s No. 1 brand of wood-alternative decking and residential railing. Trex products are sold through more than 6,700 retail outlets across six continents.
Under the agreement, Stewart will collaborate with Trex on educational and inspirational content that walks through the deck planning journey, from layout and aesthetics to product specs and installation considerations. The companies plan to share updates, behind-the-scenes footage and design takeaways from the Bedford project throughout the summer on Trex.com and across both brands’ social channels.
The Bedford outdoor space, now under construction, will showcase a mix of Trex products, including Trex Transcend Lineage decking, Trex Select aluminum railing, a custom Trex Pergola and Trex Outdoor Deck Lighting. Trex said Stewart personally curated the package to balance appearance, long-term performance and sustainability, a key selling point for many production and custom builders trying to meet buyer expectations on durability and environmental performance.
“Partnering with Martha Stewart feels incredibly natural,” Jodi Lee, senior vice president of marketing for Trex, said in the release. “She is the trusted authority on all things home, and Trex is the most trusted authority in outdoor living. Together, we aim to give homeowners the confidence to create beautiful outdoor spaces with the right guidance and products.”
Stewart said she chose Trex in part because of the company’s focus on design options and recycled content. “Their attention to detail, design versatility and wide range of products make it easy to create outdoor spaces with the warmth of wood and far less upkeep,” she said. “I also value that Trex prioritizes sustainability by using recycled and reclaimed materials, proving homeowners don’t have to sacrifice beauty, quality or performance to make a responsible choice.”
Trex emphasized that Stewart is closely involved in design and product decisions for the project, with the company’s TrexPro contractors handling installation. “She was deeply involved in every detail and extremely intentional about balancing elevated aesthetics with sustainability and long-term performance,” Mike Onderko, senior director of product management for Trex, said.
Why this matters for builders and remodelers
The partnership underscores how outdoor spaces remain a key battleground for differentiation in both new-home construction and large-scale remodeling. Higher interest rates have slowed transaction volume but pushed more households toward stay-in-place upgrades, with decks, patios and outdoor kitchens among the top-ticket exterior projects.
For production builders, the collaboration is likely to push more consumers toward composite systems and aluminum railings instead of pressure-treated lumber, especially at mid- to upper-price points where buyers follow design media and influencer trends. That can reshape option menus and supplier negotiations as more buyers come in asking for specific SKUs or finishes they see in Stewart-branded content.
For remodelers and design-build firms, the Trex–Stewart project will effectively serve as a case study in premium outdoor living — one that homeowners will be able to reference in consultations. The focus on planning, product mix and working with qualified contractors may also help set expectations around budget, lead times and trade coordination for complex outdoor rooms that incorporate lighting, shade structures and integrated furnishings.
Trex, which has been named to sustainability and “most trusted” brand lists by multiple outlets in recent years, is also leaning into ESG themes that resonate with institutional investors and municipal stakeholders on larger developments. Builders working in jurisdictions with green-building incentives or HOA-driven design controls may find it easier to justify composite systems when consumers see them framed through a mass-market lifestyle brand.
The companies encouraged design professionals and homeowners to follow progress on the Bedford project via Trex’s Instagram account (@trexcompany) and Trex.com, where additional design resources and product details are available.
Strong jobs data, inflation concerns keep mortgage rates elevated
Mortgage rates continue to stay above 6.7%, but housing demand remains positive, with growth in weekly pending sales, new listings and active inventory combatting a high rate cycle.
At HousingWire’s Mortgage Rates Center on Tuesday, 30-year conforming loan rates averaged 6.78%, while rates for 30-year jumbo loans averaged 6.77% and rates for 30-year loans backed by the Federal Housing Administration (FHA) were at 6.33% — all increases from data one week ago.
HousingWire lead analyst Logan Mohtashami recently noted that weekly pending home sales continue to post year-over-year gains, while active inventory and new listings have increased, suggesting that buyers are continuing to engage with the market despite elevated borrowing costs.
In an analysis published June 6, Mohtashami attributed the recent rise in mortgage rates largely to higher bond yields rather than weakness in housing fundamentals, arguing that demand has held up better than many analysts anticipated.
Analysts like Mohtashami are paying attention to what the Federal Reserve will do and the ongoing conflict in the Middle East.
“Mortgage rates are near yearly highs because the conflict is still going on, and the Fed is talking about rate hikes instead of cuts now. With that said, we still haven’t gone above my yearly peak forecast in rates, but that is in jeopardy if this conflict lasts until the end of summer,” Mohtashami said.
Kyle Bass, production business manager at Refi.com — an affiliate of Veterans United Home Loans — pointed out that while Freddie Mac reported a slight decrease in rates last Thursday, refinance activity remains “repressed.”
“Recent application trends show many homeowners choosing to remain on the sidelines as they wait for a more meaningful decline in borrowing costs,” Bass said. “As a result, today’s refinance market is increasingly driven by borrowers with specific financial goals rather than those simply seeking a lower interest rate.”
However, Bass said that borrowers who have improved their credit scores, reduced other debts or accumulated substantial home equity “may find opportunities that make financial sense” regardless of where mortgage rates are today.
What it means for refis
Optimal Blue’s May 2026 Market Advantage report, released today, also saw refinance activity drop. The refinance share declined to 19% of total lock volume in May, its lowest level since June 2025. As a result, the company observed that borrowers are turning to adjustable-rate mortgages (ARMs), which accounted for 11% of total production in May, the highest level since October 2022 outside of March 2026.
Mike Vough, senior vice president of corporate strategy at Optimal Blue, said pull-through rates, which measure the percentage of locked loans that ultimately close, declined for both purchase and refinance loans as borrowers reacted to changing rate conditions.
“Instead of waiting on the sidelines, [buyers] are doing things like pursuing rate buydowns, ARMs, and buying now with the intention of refinancing later,” said John Donikian, vice president at Best Interest Financial. “The market is also now adversely selecting borrowers.”
He continued, “Mortgage rates aren’t high because of a weak housing market. They’re remaining elevated because of inflation and widespread economic uncertainty pushing bond yields. Until investors believe inflation is fully controlled, many prospective homebuyers will see elevated mortgage rates as the new norm.
Inflation, jobs data shape rate outlook
Other mortgage professionals point to broader bond-market dynamics as a key driver of borrowing costs. Cody Schuiteboer, president and CEO of Best Interest Financial and Donikian’s colleague, noted that the spread between mortgage rates and Treasury yields remains wider than historical norms, reflecting investors’ continued caution toward mortgage-backed securities.
“There are three main factors that keep rates high. The Treasury Department needs to sell lots of bonds due to the growing budget deficit. Increased supply means investors need higher returns on their investment, which results in increased rates for mortgages,” Schuiteboer said. “Inflation, [ too]. Prices are stubborn and haven’t stopped growing, which means the markets are preparing for potential future hikes and/or rate cuts from the Fed.”
Schuiteboer added that he’s watching the ongoing geopolitical uncertainty and rising oil prices.
Steven Parangi, a loan officer and owner of Alpine Mortgage Services, said stronger-than-expected employment data and persistent inflation pressures have contributed to the recent rise in mortgage rates. Data released last week by the U.S. Bureau of Labor Statistics found that 172,000 total nonfarm payroll jobs were added, and April’s job numbers were revised upward from 115,000 jobs to 179,000 jobs added.
Mike Fratantoni, the senior vice president and chief economist of the Mortgage Bankers Association, said last week that the job market is showing “surprising resilience” but that overall inflation is too high.
“MBA continues to anticipate that the Federal Reserve’s next move will be a rate hike, and that means mortgage rates are unlikely to drop anytime soon,” Fratantoni added.
Parangi shares this sentiment.
“When inflation is reaccelerating at the same time employment is holding firm, it becomes very difficult for the Fed to justify cutting rates,” he said. “Until investors see evidence of softer inflation and a weaker economy, mortgage rates will have a hard time moving much lower.”
Affordability challenges
Parangi added that although mortgage rates remain near historical norms, affordability challenges are being amplified by home prices that have risen sharply since 2020, making today’s borrowing costs more difficult for prospective buyers to absorb.
“While today’s rates are not unusually high from a historical perspective, what makes them feel so high is the combination of today’s rate with today’s home prices. Home prices moved up dramatically over the past few years and wages have not kept up in many markets. A 6.5% mortgage rate on a home price that already rose 40%, 50% or more since 2020 is significantly different than the same rate ten years ago,” he said.
Melissa Cohn, regional vice president of William Raveis Mortgage, said that market sentiment has shifted from hopes for a rate cut to “fears of a rate hike” by the Fed this year.
“Mortgage rates are hovering at 9-month highs due to war-driven energy shocks, persistent inflationary fears and a stronger-than-expected employment sector,” she said. “All of these factors are keeping mortgage rates higher than we had hoped for this year.”
Existing home sales rise 3.2% in May to 4.17 million
The pace of existing home sales jumped 3.2% month-over-month in May to a seasonally adjusted annual rate of 4.17 million units, according to the National Association of Realtors’ (NAR) May Existing Home Sales report released Tuesday.
This pace is up 3.2% compared to a year ago.
“More Americans are on the move, with home sales rising to the highest level since December. This is great news for the housing market and the economy,” Lawrence Yun, NAR’s chief economist said in a statement. “Increased home sales mean more economic activity — lawn care, furniture purchases, moving services, mortgage originations and other related business activities all get a boost.”
The inventory of existing homes for sale at the end of May came in at 1.55 million, up 3.3% from April and 0.6% compared to a year ago. This represents 4.5 months of supply at the current sales pace.
The median sales price of existing homes also continued to rise on a yearly basis in May, jumping 1.3% annually to $429,300. This marks the 35th consecutive month of year-over-year price increases.
“The new record-high May home price reflects solid fundamentals for homeowners and ongoing supply constraints,” Yun said.
Despite this price increase, NAR’s Housing Affordability Index showed improvement in May, registering at 105.6, up from 97.5 a year ago. NAR said affordability improved year-over-year across all four regions with the West recording the largest affordability increase at 11.0% and the Northeast with the smallest at 5.1%.
“Improving affordability is helping drive this momentum. Even with mortgage rates ticking up compared to earlier in the year, they remain lower than a year ago and are essentially at the long-term historical average. Income gains are also outpacing home price growth by a small margin in most parts of the country,” Yun said.
The Realtors Confidence Index, also released Tuesday by NAR, shows that the median time on market was 29 days in May, down from 32 days in April, but up from 27 days a year ago. The share of first-time homebuyers also rose in May, jumping to 35% from 33% in April and 30% a year ago. Additionally, the share of all-cash transactions remained unchanged month-over-month in May at 25%, but this is below the 27% recorded a year ago.
Regionally, existing home sales were up on a monthly basis in the Northeast (+2.2%), Midwest (+6.4%) and South (+2.0%), while the pace of exiting home sales remained flat month-over-month in the West at an annual rate of 750,000.
On a yearly basis, existing home sales were down 8.0% in the Northeast to an annual rate of 460,000 units, however they rose 2.0% in the Midwest (1.0 million units), 5.9% in the South (1.96 million units) and 5.6% in the West.
In more recent data, HousingWire Data shows that an estimated 79,042 single family homes were sold during the week ending on June 5, 2026, down 0.1% year-over-year. The median sales price was also down 1.9% to $409,990, while active inventory of single-family homes has dropped 0.3% to 806,198 homes.
UWM sanctioned after judge orders Ishbia deposition
A federal judge has ordered United Wholesale Mortgage (UWM) to make its CEO, Mat Ishbia, available for a deposition in a dispute with Atlantic Trust Mortgage Corporation. The judge also imposed a sanction for civil contempt due to UWM’s failure to obey a previous court order regarding this matter.
U.S. District Judge Terrence Berg ordered on Monday that Ishbia must be available for a deposition of up to four hours within the next 30 days in the case filed by UWM against the brokerage shop two years ago.
The judge granted Atlantic Trust’s motion to hold UWM in civil contempt, ordering the company to pay the brokerage attorney’s fees related to bringing the motion. Atlantic Trust has 14 days to submit its bill to the court for approval.
“Failure to comply with this Order will be grounds for a second finding of contempt of court and will result in additional financial sanctions,” Judge Berg wrote.
In a statement to HousingWire, a UWM spokesperson said, “While UWM disagrees with this finding, UWM respects the Court’s order and will comply with the order. UWM remains confident in its position and this should not detract from the substance of the matter.”
UWM filed the lawsuit in a U.S. district court in Michigan in 2024 against Atlantic Trust, a Florida-based broker shop with 20 loan officers, according to the Nationwide Multistate Licensing System (NMLS).
The lender sued Atlantic Trust for breach of contract, specifically for violating its “All-In Initiative.” This initiative required independent mortgage brokers to stop working with two competitors to continue doing business with UWM. UWM alleges that Atlantic Trust submitted 71 loans to these competitors, resulting in $335,000 in liquidated damages.
During a telephonic conference on December 12, the court ordered UWM to produce Ishbia for a deposition to answer questions about the lawsuit, as the defendant had identified him as a person with relevant information.
In March, Atlantic Trust reported that UWM indicated it would not comply with the decision, and the court reaffirmed its order. UWM then filed a motion opposing the determination.
“From the Court’s perspective, this appeared to be a contumacious stratagem because by then the Court had twice ordered UWM to conduct the deposition,” the Judge wrote. “Nevertheless, the Court carefully considered the motion and on April 9, 2026, because the motion violated the Local Rules, the Court struck the motion.”
The judge gave Atlantic Trust the opportunity to file a motion addressing whether Ishbia’s deposition was lawful and whether the company should be held in contempt for not complying with the previous order.
At some point, UWM proposed producing its chief legal counsel, Adam Wolfe. Atlantic Trust rejected, stating that Wolfe is not an adequate or appropriate substitute.
Atlantic Trust argues that Ishbia has unique, direct personal knowledge regarding the creation of the “All-In Initiative” and its liquidated damages provision. Meanwhile, UWM contended his deposition would provide no relevant information, be exceptionally burdensome and appear to be sought solely for the purpose of harassment.
The judge rejected UWM’s arguments, noting that under the Sixth Circuit, corporate officers cannot avoid depositions simply because of their high-ranking titles.
Mortgage credit availability edges higher in May
Mortgage credit availability inched higher in May, driven by a modest loosening in jumbo loan programs, according to the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association (MBA) that analyzes data from ICE Mortgage Technology.
The MCAI rose 0.1% to 108.0 in May. The index, which was benchmarked to 100 in March 2012, increases when lending standards loosen and declines when credit tightens.
The Conventional MCAI increased 0.2%, while the Government MCAI — which includes Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) loan programs — was unchanged.
Within the conventional segment, the Jumbo MCAI rose 0.3% and the Conforming MCAI was flat, MBA reported.
“Mortgage credit availability in May stayed close to the previous month’s levels,” said Joel Kan, CMB, MBA’s vice president and deputy chief economist. “Mortgage rates reached 9-month highs over the month, which put pressure on homebuyers and reduced the demand for refinancing. Given the economic uncertainty and rate volatility, lenders held their loan program offerings fairly stable, although based on the subindexes, jumbo credit availability increased slightly over the month. The jumbo index increased 0.3 percent, with most of the increase coming from ARM loan offerings.”
The flat overall credit profile underscores that lenders are still cautious despite pressure from weak refinance volume and affordability-constrained purchase demand. Small changes in the jumbo segment — particularly growth in adjustable-rate mortgage (ARM) offerings — suggest some lenders are targeting higher-income borrowers who are less rate-sensitive and may still transact despite elevated rates.
The MCAI is a standardized, quantitative index focused exclusively on mortgage credit availability. It is calculated using borrower eligibility factors such as credit score, loan type and loan-to-value ratio, along with underwriting criteria from more than 95 lenders and investors.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Work to bring Second Avenue Subway to East Harlem begins
New York officials on Monday broke ground on phase two of the Second Avenue Subway, which will bring the Q train to 125th Street. Gov. Kathy Hochul announced that excavation has begun at East 119th Street and Second Avenue, where next year a tunnel-boring machine will begin mining the new subway tunnels from 120th Street and Second Avenue to 125th Street and Malcolm X Boulevard. The groundbreaking marks a major milestone for a project first proposed nearly a century ago that has faced multiple failed attempts to bring subway service to East Harlem.

The nearly $7 billion second phase will extend the Second Avenue Subway from 96th Street north to 125th Street and Park Avenue and add three new ADA-accessible stations at 106th, 116th, and 125th Streets.
The 125th Street station will connect the Q train to the Lexington Avenue 4, 5, and 6 lines, as well as Metro-North. The project is set for completion in 2032 and is expected to serve roughly 100,000 daily riders.
Officials have sought to bring subway access to East Harlem since the 1920s, but the Great Depression halted plans. In 1948, voters approved bonds to fund the extension, but the project was left unbuilt after the start of the Korean War.
In 1972, construction on the line finally began, but the city’s fiscal crisis stopped work in 1975. A groundbreaking for phase one, expanding the Q to 96th Street, took place in 2007; the line finally opened in 2017. At $2.5 billion per mile, construction costs for the 1.8-mile segment were among the highest per-mile costs for a rail project in history, according to Bloomberg.
Earlier this year, the project’s future was again threatened when President Donald Trump’s administration withheld funding for the extension despite earlier commitments to cover roughly half of its cost. The Metropolitan Transportation Authority sued the federal government, and the funding was released in April shortly before a court hearing.

The start of phase two builds on a century of stalled efforts in a historically transit-deprived area where about 70 percent of residents rely on public transit.
“The Second Avenue Subway will change everything for East Harlem, saving people precious time and making possible opportunities that have for too long been out of reach for too many,” Hochul said.
“The last groundbreaking for a Second Avenue Subway in East Harlem was 54 years ago, only for the project to be abandoned and this community left behind,” she added. “By breaking ground on the major construction phase of this project, we are one giant step closer to realizing a dream nearly a century in the making.”
Hochul also announced that, following the resumption of federal funding, the MTA has awarded a major contract to build the final tunnel segment of this phase, running from East 105th Street to 110th Street and including the future East 106th Street station, using a “cut-and-cover” approach.
The MTA said it is applying lessons learned from the first phase of the project to deliver more than $1 billion in savings and expects to complete utility relocations ahead of schedule, allowing construction to begin about six months earlier than originally planned.
Tunnel boring machines are expected to be delivered early next year. Weighing more than 1.5 million pounds, the machines feature 23-foot tungsten carbide cutterheads that adjust to different types of materials, switching between drill heads for hard rock and for softer soil or sand. The machines also reinforce the tunnel lining as they move forward.
The second phase is divided into four contracts, compared with 10 in phase one, in an effort to improve project efficiency. Tunnel boring falls under Contract 2, valued at $1.97 billion, which includes excavation for the tunnel boring machines, controlled blasting for future stations, and asbestos and lead abatement in the existing 1970s-era tunnels.
Contract 3 will construct the structural shell of the new East 106th Street station, along with associated tunneling to connect existing segments north and south of the station. Contractors are expected to begin work in the coming months.
“Today’s groundbreaking, along with the award of another construction contract for Phase Two of the Second Avenue Subway, brings us even closer to achieving transportation equity and excellence in New York,” Sen. Chuck Schumer said.
“This project will ensure that East Harlem has greater access to jobs, health care, family, and other essential services while reducing congestion and subway crowding, and improving air quality,” he added.
RELATED:
- MTA threatens to sue Trump over stalled Second Avenue Subway funds
- Second Avenue Subway to expand west on 125th Street with three new stations
- Trump withholds $18B for Second Avenue subway, Gateway tunnel projects
The post Work to bring Second Avenue Subway to East Harlem begins first appeared on 6sqft.
Swirling street mural in Hudson Square ‘flows’ with the movement of pedestrians
A new asphalt mural in Hudson Square turns pedestrian movement into bold, swirling stripes of rainbow colors. Unveiled Monday by the Hudson Square Business Improvement District (HSBID), “Urban Flow” by Dasic Fernández spans Little Sixth Avenue and Dominick Street, featuring an evolving network of colorful bands that expand and contract to reflect patterns of circulation and gathering. The mural is intended to complement the future Hudson Square Plaza, a 6,000-square-foot public space set to open this summer.

The mural was fabricated on site by Fernández and a team of artists. It also widens in select areas to accommodate street furniture and create space for public activity, offering a variety of pedestrian-friendly zones.
The final coating of paint was applied over four days from June 2 to June 5, with assistance from Fernández, his team, and community volunteers.


The artwork visually expands the pedestrian environment of the new Hudson Square Plaza, reflecting the bid’s ongoing efforts to enhance the public realm. The 6,000-square-foot plaza follows a $6 million renovation of the adjacent Spring Street Park in 2018.
The group has also created additional open space through the renovation of Freeman Plaza East and West, providing accessible outdoor areas for both relaxation and work.

“Urban Flow” is not Fernández’s first public work in New York City. In 2021, he completed a 4,800-square-foot asphalt mural on Doyers Street in Chinatown, commissioned by the city’s Department of Transportation and the Chinatown Business Improvement District.

“‘Urban Flow’ will breathe additional life and color into the busiest entry point in the neighborhood, inviting visitors to experience the creative energy of our streets,” Samara Karasyk, president and CEO of the HSBID, said.
“Dasic’s striking artwork creates a beautiful carpet for the new plaza, extending Spring Street Park into a vibrant outdoor living room that sparks imagination and connection,” she added.

The mural is part of the large-scale public art program, Hudson Square Canvas, which launched in 2019. Since its creation, the program has completed more than 15 large-scale installations across the neighborhood. In a 2025 neighborhood survey, three in four respondents said public art improved their pedestrian experience.
HSBID now plans to deliver at least two installations annually as part of the program.
RELATED:
- City unveils design of new Hudson Square public plaza
- Colossal Buddha sculpture opens on the High Line
- ‘Mr Pink’ is lurking around Flatiron and Nomad’s rooftops
- Trucks of Art returns: DSNY invites artists to decorate NYC garbage trucks
The post Swirling street mural in Hudson Square ‘flows’ with the movement of pedestrians first appeared on 6sqft.
Where Bitcoin Price Could Go From Here
The Bitcoin price has been one of the most closely watched stories in financial markets over the past eight months. After reaching a historic all-time high, Bitcoin (CRYPTO: BTC) has entered a deep correction that has wiped out more than half its value – and now sits at a technical level that traders and long-term investors watch more closely than almost any other. This article breaks down Bitcoin’s current price action, what the charts are saying, and what could follow next.
Bitcoin Price Action: A Deep Retracement
Bitcoin’s correction began in the third quarter of 2025, shortly after the cryptocurrency reached its all-time high of $126,000 on October 6, 2025. Since that peak, the Bitcoin price has fallen sharply – losing more than 50% of its value over approximately eight months. At its most recent low, Bitcoin touched $59,000 on June 4, 2026, before staging a partial recovery.
For context, this is not an unusual move in Bitcoin’s history. Previous cycles have seen corrections of 50-80% from peak to trough. What makes the current Bitcoin crash notable is where the price has landed – directly at a demand zone that was critical in launching the previous rally to all-time highs.
Technical Analysis: Where the Bitcoin Price Could Go from …
Ethereum’s Fee Revenue Has Collapsed – What It Means for ETH’s Long-Term Value
Ethereum (CRYPTO: ETH) built its reputation as the backbone of decentralized finance – and for years, its fee revenue reflected that status. But Ethereum fee revenue has collapsed dramatically over the past two years, raising serious questions about the network’s long-term value proposition and what the Ethereum future projection looks like for investors. This article breaks down what Ethereum fee revenue is, why it collapsed, and what it means for ETH going forward.
What Is Ethereum Fee Revenue?
Every transaction on the Ethereum network requires a fee – known as gas – paid in ETH. These fees compensate validators who process and secure transactions, and a portion is permanently burned through EIP-1559, reducing the total supply of ETH over time. When network activity is high, fees rise, more ETH is burned, and the deflationary pressure supports ETH’s value. When activity falls, the reverse happens.
At its peak in 2021, Ethereum generated over $1 billion in monthly fee revenue as DeFi, NFTs, and token launches drove unprecedented on-chain activity. Daily gas fee revenue regularly exceeded $30 million. Validators earned substantial rewards, and ETH burns were significant enough to make the asset deflationary during periods of high demand.
The Collapse
Ethereum fee revenue has fallen sharply from those peaks – and two structural factors explain most of the decline.
Layer 2 Network Activity
The Dencun upgrade in early 2024 dramatically reduced the cost of Layer 2 transactions by introducing a new …
XRP To Rally Back To $3? ‘A Realistic Scenario’ Under One Condition, Analyst Claims
XRP (CRYPTO: XRP) could be nearing one of its most important technical levels in nearly a decade, according to a prominent market commentator.
“Largest Buying Zone“
In an X post on June 9, crypto analyst Ali Martinez said XRP is approaching what could be its largest buying opportunity in the last eight years.
According to Martinez, every major touch of a long-term ascending trendline since 2017 has marked a significant turning point for the asset, often leading to rallies back toward the $3 region.
XRP is now approaching that support zone again, with …
Trump Family Reportedly Made $2.3 Billion From Crypto Ventures
A Reuters investigation found the Trump family generated at least $2.3 billion from four crypto ventures since returning to the White House, while more than a million investors lost the same amount on the other side of those trades.
Same Playbook Across Four Ventures: Trumps Risk Nothing, Investors Lose Big
Reuters examined World Liberty Financial (CRYPTO: WLFI), the TRUMP (CRYPTO: TRUMP) meme coin, American Bitcoin (NASDAQ:ABTC), and AI Financial Corp (NASDAQ:AIFC), formerly ALT5 Sigma.
In each case, the Trumps licensed the family name rather than investing their own capital, promoted the ventures through social media and public appearances, and collected revenue as investors piled in.
When prices collapsed, the family remained in profit while buyers absorbed the losses.
World Liberty Financial generated the most, funneling more than $1.4 billion in governance token sales to the Trump family through a revenue …
SpaceX Sets $135 Share Price for Friday Debut in Largest IPO Ever
HAWTHORNE, Calif. — Elon Musk’s SpaceX is days away from what could become the largest stock-market debut in history, and the terms are now set.
In a filing with the U.S. Securities and Exchange Commission, SpaceX fixed its offering price at $135 per share, with trading scheduled to begin Friday, June 12, 2026, on the Nasdaq under the ticker SPCX. At that price, the company would raise approximately $75 billion and carry a valuation of roughly $1.77 trillion, surpassing the size of every previous initial public offering.
The scale is difficult to overstate.
A valuation of $1.77 trillion would immediately place SpaceX among the most valuable publicly traded companies in America, despite generating only a fraction of the revenue of many firms already occupying the top tier of the market.
The offering is being led by Goldman Sachs, with Morgan Stanley playing a central role in distributing shares to individual investors. The underwriting syndicate includes more than twenty major financial institutions.
At its core, SpaceX is built on two businesses.
The first is its rocket-launch operation, which has transformed the economics of space transportation through reusable rockets. The second is Starlink, the company’s rapidly growing satellite internet network, which now serves more than 9 million customers worldwide and has become the primary driver behind SpaceX’s valuation.
According to company filings, SpaceX generated approximately $18.67 billion in revenue during 2025 but still reported a net loss of roughly $4.9 billion as it continued investing aggressively in expansion, satellite deployment, and development of its next-generation Starship rocket system.
That gap between revenue and profitability sits at the heart of the investment debate.
At its proposed valuation, investors are effectively betting that Starlink will continue growing rapidly while Starship eventually opens entirely new markets in cargo transport, satellite deployment, national defense, and potentially human spaceflight.
The numbers imply extraordinary expectations.
At more than 100 times annual sales, SpaceX would trade at a valuation rarely seen among companies of its size. Such pricing assumes years of continued growth and successful execution.
Any major delays, cost overruns, regulatory setbacks, or technical challenges could quickly alter investor sentiment.
There is also a governance issue that ordinary investors should understand.
Through a special class of super-voting shares, Musk will retain approximately 85% of voting control, meaning public shareholders will have very limited influence over company decisions.
In practical terms, buying SpaceX stock is largely a vote of confidence in Musk’s leadership and long-term vision.
The timing is particularly noteworthy because SpaceX is not the only technology giant preparing to enter public markets.
OpenAI, the company behind ChatGPT, confirmed Monday that it has confidentially filed paperwork for its own public offering. Rival AI company Anthropic reportedly submitted confidential documents approximately a week earlier.
Together, the three companies represent one of the largest concentrations of private-market value ever attempting to enter public markets within a single quarter.
That creates another layer of importance for Friday’s debut.
Whoever lists first often establishes the valuation benchmark for companies that follow. A strong reception for SpaceX could improve conditions for OpenAI and Anthropic. A weak reception could force later offerings to reassess pricing expectations.
For everyday investors, the most important lesson is simple.
The offering price establishes only the starting point. Once trading begins Friday morning, the market will determine what SpaceX is actually worth.
History is filled with highly anticipated IPOs that surged, collapsed, or moved unpredictably once real buyers and sellers entered the market.
For now, SpaceX remains one of the most ambitious companies in the world, combining space exploration, satellite communications, artificial intelligence infrastructure, and national-security contracts under one roof.
Friday will mark the first time public investors have an opportunity to place their own value on that vision.
The filing may have set the price. The market will decide whether it agrees.
JBizNews Desk
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Korean Won Resilience Amid Equity Outflows
Stocks Open Higher as Chip Shares Rebound and Oil Prices Retreat
NEW YORK — U.S. stocks opened higher Tuesday as investors returned to technology shares after last week’s sharp selloff, while easing oil prices helped improve sentiment across the market.
Shortly after the opening bell, all four major U.S. indexes were in positive territory. The S&P 500 rose 0.63%, the Dow Jones Industrial Average gained 0.67%, the Nasdaq Composite advanced 0.69%, and the Russell 2000 climbed 0.77%, according to market data.
The gains follow a volatile stretch for Wall Street. Last Friday, the Nasdaq suffered its largest one-day decline since April 2025, falling 4.18% as semiconductor stocks plunged and erased roughly $1 trillion in market value. Markets stabilized Monday, and investors appeared more willing to buy back into the sector Tuesday morning.
Oil Prices Ease as Middle East Tensions Cool
One factor helping markets was a pullback in oil prices.
Investors have been closely monitoring the conflict between Iran and Israel, which has rattled energy markets for months due to concerns about disruptions to global oil supplies.
President Donald Trump has been attempting to preserve a fragile ceasefire between the two sides. While tensions remain elevated, Iran’s military said it had halted strikes against Israel while warning that military action could resume if Israeli operations continue in Lebanon.
The prospect of fewer immediate threats to energy infrastructure helped push crude prices lower, offering some relief to businesses and consumers concerned about rising fuel costs.
For investors, lower oil prices generally reduce inflation pressures and improve profit outlooks for transportation, manufacturing, and consumer-focused companies.
World Cup Hiring Boosts Economic Optimism
Another factor supporting markets is the surprisingly strong U.S. labor market.
Economists had expected employers to add roughly 80,000 jobs in May. Instead, the economy added 172,000 jobs, significantly outperforming forecasts.
Several analysts attributed part of the increase to hiring tied to the upcoming FIFA World Cup, which begins in the United States on June 11 and is expected to generate increased demand across hospitality, transportation, security, food service, and entertainment sectors.
The stronger hiring data reinforced expectations that consumer spending remains resilient despite ongoing concerns about inflation and higher borrowing costs.
Smucker Delivers Earnings Surprise
One of Tuesday morning’s biggest gainers was J.M. Smucker Co., the owner of well-known brands including Folgers, Jif, and Hostess.
Shares climbed nearly 6% after the company reported stronger-than-expected quarterly results.
According to the company’s earnings release, quarterly net sales reached approximately $2.3 billion, up 6%, while adjusted earnings per share rose 20% to $2.77.
Chief Executive Officer Mark Smucker said the company finished its fiscal year with strong momentum and believes its portfolio remains well-positioned.
Investors appeared willing to overlook management’s cautious outlook.
The company forecast fiscal 2027 sales could decline 3% to 4%, reflecting continued pressure on household budgets as consumers remain selective about grocery spending. Smucker expects adjusted earnings per share between $9.75 and $10.25 and projects approximately $1 billion in free cash flow.
The results suggest that while consumers continue buying staple products, many remain focused on value amid persistent economic uncertainty.
Semiconductor Stocks Lead the Rebound
The semiconductor sector remained at the center of investor attention.
Several chip-related stocks posted strong gains after suffering steep losses in recent weeks.
Lam Research surged 7.5%, while Sandisk rose roughly 7% after analysts at Mizuho and Bank of America Securities increased their price targets on the company.
Not every technology stock participated in the rebound.
Qualcomm fell 4.4%, Marvell Technology dropped 4.2%, and Workday slipped 4%, highlighting continued investor caution toward some of the market’s highest-valued technology names.
The mixed performance underscores an ongoing debate on Wall Street over which companies can justify lofty valuations following years of strong growth driven by artificial intelligence and semiconductor demand.
What It Means for Consumers
For everyday Americans, Tuesday’s market action points to several encouraging trends.
Lower oil prices could translate into some relief at the gas pump if declines continue. Strong hiring suggests employers remain confident enough to keep adding workers. Meanwhile, consumer-focused companies such as Smucker continue reporting healthy profits, even as shoppers remain price-conscious.
Still, investors remain cautious.
The same issues that sparked last week’s selloff — elevated technology valuations, geopolitical uncertainty in the Middle East, and questions about future consumer spending — remain unresolved.
Tuesday’s rally may indicate confidence is returning, but markets are likely to remain sensitive to economic data, corporate earnings, and developments overseas in the weeks ahead.
JBizNews Desk — Markets
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Judge Throws Out Trump’s $100,000 Fee on Skilled-Worker Visas
A federal judge struck down President Donald Trump’s $100,000 fee on H-1B visas on Monday, June 8, 2026, handing a major reprieve to the technology companies, hospitals, universities, and research institutions that depend on the program to hire highly skilled foreign workers.
In a 42-page ruling, U.S. District Judge Leo Sorokin of Massachusetts agreed with the plaintiffs that the fee amounted to an unauthorized tax rather than a standard regulatory charge.
“The President has no authority to levy a tax unless such a power is delegated by Congress through statute,” Sorokin wrote.
The challenge was brought by a coalition of 20 state attorneys general, who argued that the administration exceeded its authority by imposing such a dramatic fee increase without congressional approval.
The judge relied in part on recent Supreme Court precedent limiting executive authority to impose taxes and similar charges absent clear authorization from Congress.
The fee represented a dramatic increase from what employers traditionally paid.
Before the change, companies generally spent several thousand dollars to obtain an H-1B visa. The administration argued that dramatically increasing the cost would discourage overreliance on foreign labor and encourage employers to hire American workers instead.
Supporters said the fee would help protect domestic jobs.
Critics said it would effectively shut off access to specialized talent needed by many industries.
The numbers suggest the fee had a substantial impact.
According to government figures, only 85 payments of the $100,000 fee had been received as of mid-February, a remarkably small number for a visa program that typically supports tens of thousands of workers annually.
For employers, Monday’s ruling removes a significant obstacle.
The H-1B program provides 65,000 visas annually, plus an additional 20,000 visas for workers holding advanced degrees. Technology companies, hospitals, universities, pharmaceutical firms, and engineering companies rely heavily on the program to recruit specialized talent.
The fight, however, is not over.
The administration immediately signaled its intention to appeal the ruling, arguing that the policy remains an important part of broader efforts to prioritize American workers.
Separately, the U.S. Chamber of Commerce and other business groups continue to challenge the policy through additional legal actions.
The stakes are substantial on both sides.
Supporters view stricter visa policies as a way to encourage domestic hiring and workforce development. Opponents argue that limiting access to highly skilled workers ultimately weakens American competitiveness and could push innovation, research, and investment overseas.
The ruling also affects thousands of prospective workers around the world, particularly in countries such as India, where many professionals seek employment opportunities in the United States through the H-1B program.
For now, the visa program returns to its previous cost structure.
But with appeals already expected and multiple legal challenges still working their way through the courts, businesses face the same challenge they often dislike most: uncertainty.
Companies planning hiring needs months or years in advance must now determine whether Monday’s victory represents a permanent change or merely a temporary pause in a much larger legal battle.
JBizNews Desk
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Northern Israel’s Ramat David Air Base struck during Iran conflict, satellite images appear to show
Satellite imagery published by Soar Atlas early Tuesday morning on X/Twitter may indicate that Ramat David Air Base in the North may have been struck during the recent escalation in conflict with Iran over Sunday-Monday.
Comparing satellite footage from Monday to footage from June 5, it is possible to see what appears to be the impact of a strike at a hangar at the base, which is near Migdal Ha’emek in northern Israel.
It is unclear from the imagery what the extent of the damage would be or what may have been damaged.
The IDF did not respond to The Jerusalem Post’s inquiry for clarification, nor did it respond to Yediot Aharonot, which first reported Soar Atlas’s X post.
Satellite imagery from June 8 shows a possible strike at Ramat David Airbase.
Explore and Compare: https://t.co/4foamTEXty
Although the imagery is low-res, a white patch where the hangar previously stood is visible. Thanks @tom_bike for the find.#MiddleEast #Israel #IranWar https://t.co/NtOlkFdU7E pic.twitter.com/JJmGcv4x8E
— Soar (@SoarAtlas) June 9, 2026
Last month, there was also imagery published of what appeared to be two strikes that impacted Ramat David during Operation Roaring Lion.
Ramat David normally houses five air force F-16 and drone squadrons.
Ramat David reportedly hit by Hezbollah rockets, drones in 2024
There were also reports of the base being struck by Hezbollah in 2024.
Despite the strikes on the base and on other air force bases over the last three years of war, the Israeli air force has said it has, to date, not lost a single fighter jet.
Before Iran’s major attacks, the air force and the IDF have redistributed soldiers and fighter jets to avoid losing critical assets when, at times, not every base can be properly protected.
Iraq’s PM heads to Washington to discuss militias, business, and gain Trump’s support
Iraq’s new Prime Minister Ali al-Zaidi is preparing a trip to Washington to secure support from the Trump administration and drum up investment for Iraq, which has suffered economic losses due to the closure of the Strait of Hormuz since February.
The war in Iran has also brought other threats from Iranian-backed militias in Iraq. A part of the Iraqi paramilitary security forces, and as such, both inside and outside the government, Zaidi, with US support, appears to want to rein in the militias.
According to Asharq al Awsat, a London-based media outlet, “Iraqi Prime Minister Ali al-Zaidi is preparing for a trip to the United States at President Donald Trump’s invitation. It will be his first since taking office as his government presses ahead with efforts to bring armed factions under state control.”
The report notes that Zaidi is still organizing his government. Some cabinet posts remain vacant. Over the last weeks, he secured an agreement from Muqtada al-Sadr, a Shi’ite cleric, to disarm Sadr’s large Saraya al Salam militia. However, more extreme Iranian-backed militias such as Harakat Hezbollah al Nujaba have said they won’t disarm.
The report at Asharq notes, “Despite the absence of defense and interior ministers, al-Zaidi’s administration has moved forward with a sensitive disarmament campaign targeting several armed factions.” It adds that “Al-Zaidi has made state monopoly over weapons the centerpiece of his program. Backed by unusually strong public support from Trump shortly after winning parliamentary confidence, he has stressed that ending the influence of the factions is essential to reshaping Iraq’s economy and attracting foreign investment.”
US embraces Zaidi, who opposes pro-Iran ex-PM
Shafaq News in Baghdad added that “Prime Minister Ali Faleh al-Zaidi announced on Saturday an upcoming official visit to the United States, accompanied by businessmen, to expand mutual and joint investment opportunities, noting at the same time that the development fund is for the private sector and will absorb a contribution from the Central Bank worth $10 billion.”
This report says he is drumming up support among Iraqi businesspeople and key economic groups ahead of the trip. Zaidi is a former banker, and he has experience in the private sector. The US has warmed to Zaidi after opposing former Prime Minister Nouri al-Maliki, who is known to be very pro-Iran and almost became prime minister in February.
Shafaq says that “According to a statement from the Prime Minister’s Media Office received by Shafaq News Agency, Al-Zaydi affirmed that the government relies on cooperation with the private sector to ensure the success of its reform efforts in the economy and development, and that it will adopt an open-door policy regarding the proposals, requests, and problems submitted by businessmen that require intervention and resolution.”
The report adds that “Al-Zaidi stressed the fight against corruption and extortion, and called on all businessmen or companies not to be drawn into offering any sums of money to facilitate their work and obtain their rights, and that his door is open to any case of obstruction practiced by any element within the body of the state.”
The report goes on to say that Zaidi has worked to pressure the militias not to escalate amid Israel-Iran tensions this week. “Informed sources reported on Monday that Iraqi Prime Minister Ali al-Zaidi, along with his own team, is leading an intensive effort aimed at preventing Iraqi armed factions from becoming involved in the recent military escalation between Iran and Israel, even if the United States returns to direct participation in the confrontation alongside Israel.” Maliki has also been meeting with US officials in Baghdad to discuss the issue of militias and their control of weapons.
UK, Canada, France, Norway, Australia, NZ sanction West Bank settler individuals, entities
Australia, Canada, France, Norway, New Zealand, and the United Kingdom have imposed joint sanctions on West Bank individuals they accuse of “horrific abuses against Palestinian civilians.”
The foreign ministers of all six countries jointly announced the move on Tuesday, Australia and New Zealand sanctioned many of those now sanctioned by the other states last week.
All six countries have recognized the State of Palestine and claimed that the new sanctions will help to “preserve the viability of the two-State solution.”
The ministers’ statements – although with different wording – all condemn extremist settler violence in the West Bank. They accuse this phenomenon of driving forced displacement of Palestinian communities and undermining the viability of a two-state solution, as well as broader regional peace and security.
“For too long, violent settlers have acted with almost impunity while the expansion of settlements and the creation of outposts continue with the support and assistance of the Israeli government,” said France’s Jean-Noël Barrot.
He claimed that some settlers commit violence under the protection of Israeli security forces, and urged the Israeli government to “take steps to ensure that perpetrators of violence in the West Bank are truly held accountable.”
The UK is specifically imposing sanctions on six entities and one individual involved in “financing, enabling and carrying out settler violence in the occupied West Bank” and Canada is listing two individuals and five entities.
Those designated individuals and entities will face asset freezes and possibly travel bans and Director Disqualifications.
UK – no economic involvement in illegal settlements
For the first time, the UK Foreign Secretary has also announced that the UK’s official guidance explicitly advises businesses against economic and financial activity in illegal settlements.
The UK continues to support trade with Israel within 1967 lines, but states that there should be no economic involvement in illegal settlements.
“Today we are acting with our international partners to sanction those who support and sponsor violence against Palestinian communities in the West Bank,” said UK Foreign Secretary Yvette Cooper.
“Settler expansion and violence are illegal and a fundamental threat to the viability of a two-state solution, and to long-term peace and security for Palestinians and Israelis.”
Israel’s foreign ministry said, “Israel firmly rejects the disgraceful measures adopted by foreign governments against Israeli citizens, entities, and a government minister.”
“The real essence of these steps is the attempt to impose a political stance regarding the right of Jews to settle in the Land of Israel and concerning the Israeli-Palestinian conflict – camouflaged as measures against violence.”
“What these governments have in common is their resounding failure to combat the antisemitism that is rampant in their own countries. Anti-Israeli policies of the kind adopted today only serve to fuel that antisemitism.”
It also noted that these same governments have failed to impose sanctions or take action against the Palestinian Authority’s salaries for terrorists (“pay-for-slay”) policy and incitement.
UK sanctions Israeli organizations under Global Human Rights Sanctions Regulations
The UK sanctioned six Israeli organizations and one Israeli citizen under the 2020 Global Human Rights Sanctions Regulations, primarily for the resources and funds that they supposedly provided to West Bank outposts and farms, which were allegedly engaged in violence and the displacement of Palestinians. The organizations and individuals did not immediately respond to queries for comment.
The Farms Association, which, according to its website, was founded in 2024 to fundraise, coordinate security, and represent farm owners before state authorities, was subject to an asset freeze by the UK. The association was allegedly providing financial services, resources, and technologies to violent settler groups. Neria Ben Pazi, who was previously sanctioned by the UK in 2024 for constructing three West Bank outposts and participating in acts of violence, sits on the association board. Eliav Libi is also on the board. Libi is the director of Libi Construction and Infrastructure, which was sanctioned along with his own Harel Libi last May.
For allegedly serving as a financial conduit for the Farms Association, Ahavat Gilad was subject to an asset freeze and its director disqualified for directing or any promotion or management of a company in the UK. The destination for donations on the Farm Association’s website is listed as Ahavat Gilad.
The Ari Yishag organization, which on its Facebook page professes to work to “strengthen the hills and outposts of the front, and raise awareness of the settlement of the Land of Israel,” was punished with the same sanctions. It was accused of fundraising for outposts associated with acts of violence, according to the UK government.
Artzenu was subject to an asset freeze by the UK, as was its alleged fundraising body Shivat Zion Lerigvey Admata, which also had a director disqualification sanction leveled against it. Artzenu describes itself as a group of farmers and settlement activists founded in 2020 to entrench settlement activity across the country and improve economic and security conditions for farms. The UK alleged that it had financially backed farms and outposts associated with violence against Palestinians, including supplying tactical equipment for “armed settler squads.”
Eyal Hari Yehuda construction company owner Itamar Yehuda Levi was slapped with a travel ban, and both he and his organization were sanctioned with asset freezes and director disqualification. Yehuda and the company were sanctioned for construction and demolition work in the West Bank, allegedly including the destruction of Palestinian property. The company’s owners and staff were alleged by the UK to have shot and killed Palestinians.
Following suit with previous UK sanctions against Harel and Eliav Libi and their company, Canada sanctioned them on Tuesday along with Regavim, Coco’s Farm, Micha’s Farm, and Nachala.
The Regavim Movement focuses on preventing “illegal seizure of state land,” and to protect the rule of law and clean government in matters pertaining to land-use policy in the State of Israel. Nachala organizes groups of young couples whose goal is to establish new communities in Judea and Samaria. The other two are farms in the West Bank which have been accused of engaging in violent actions against Palestinians.
“This round of sanctions lists two individuals and five entities for their role in directly or indirectly facilitating, supporting, providing funding for or contributing to the use or attempted use of violence by extremist settlers against Palestinian civilians or their property,” said Global Affairs Canada. “Extremist settler violence is further destabilizing the West Bank, driving the forced displacement of Palestinian communities and undermining the viability of a two-state solution, as well as broader regional peace and security.”
Canada’s fifth round of actions against settler violence
The sanctions were the fifth round of Canadian actions against Israelis allegedly involved in West Bank violence, with farmers Moshe Sharvit and Zvi Bar Yosef, and activists Yinon Levi and David Chai Chasdai sanctioned in 2024. Later that year, Canada sanctioned the farms associated with Sharvit and Bar Yosef, alongside anti-Arab assimilation group Lehava, radical outpost group Hilltop Youth, and settlement movement Amana. Nachala founder Daniella Weiss, Lehava director Ben-Zion Gopstein, Hilltop Youth leader Meir Mordechai Ettinger, and activists Einan Ben-Nir, Amram Tanjil, Elisha Yered, Ely Federman, and Shalom Zicherman were sanctioned in the same round.
Ben Pazi was sanctioned by Canada in the third round of sanctions, along with former Kach Party leader Noam Federman, activist Eden Levy, activist Shlomo Sarid, and the organizations Mount Hebron Fund and Shlom Asiraich.
Last Tuesday, Australia sanctioned Gopstein, Levy, Sharvit, and farms and outposts associated with them. They also sanctioned the farms of Bar Yosef, Ben Pazi, and Levi, who were sanctioned in July 2024.
Itamar Yehuda Levi, Harel Libi, and Eliav Libi were banned from New Zealand last Monday, according to the New Zealand Herald.
Last June, National Security Minister Itamar Ben Gvir and Finance Minister Bezalel Smotrich were sanctioned by Canada, New Zealand, Australia, and Norway. France imposed a travel ban on the ministers in May.
Israel was unprepared for 10,000 Palestinian security prisoners during war, report finds
During Israel’s counter-invasion of Hamas in Gaza, over 10,000 Palestinians, a spike of 92%, were imprisoned from October 2023 until January 2025, the State Comptroller’s report revealed on Tuesday.
According to Comptroller Matanyahu Englman, whose term concludes next month, neither the Israel Prisons Service (IPS) nor the IDF was adequately prepared for the implications of needing to arrest and imprison such large volumes of Gazans long-term.
The absence of the IDF and the IPS having prepared even any theoretical plans or estimates for how many Gazans they might need to arrest and imprison in the event of a longer war and how they would they would do so, led to improper “freebie” releases of senior Hamas officials mid-war at times when Israeli hostages were still being held in Gaza, said the report.
On November 23, 2023, the IDF detained the director of Shifa Hospital, Muhammad Abu Salmiya, for significant coordination with the Hamas terrorists who used his facility as a command center.
The case of the release of Abu Samiya
The report specifically flags the release of Abu Samiya on July 1, 2024, and of 18 other senior Hamas officials at various points, as especially problematic
Englman said, “The fact that prisoners who presented danger to the security of Israel were released without notifying the prime minister in real time should be viewed with severity.”
The Jerusalem Post understands that the case of the release of Abu Samiya was far more complex than this summary sentence by the comptroller.
Shin Bet sources told the Post in real-time in 2024 that the political echelon and the cabinet had ignored the major issue of drastically overcrowded prisons and makeshift field-prison facilities for several months.
Given the absence of cabinet guidance, sufficient resources, and cell space, the IPS, IDF, and the Shin Bet all were forced to make a large number of ad-hoc decisions to address imminent problems, with many of those decisions being sub-optimal.
Sde Teiman field detention facility
For example, the establishment of the huge makeshift IDF base, Sde Teiman field detention facility, was accused by the High Court of Justice of leading to a wide range of violations of the detainees’ rights.
At least one IDF prison guard was convicted of abusing a prisoner, five more IDF prison guards were indicted in the large Sde Teiman case, with their indictment only being withdrawn due to how the IDF prosecution violated the prison guards’ fair trial rights, but not necessarily because of an absence of evidence, and other possible cases are pending.
These harms to Palestinian detainee rights massively harmed Israeli legitimacy globally, with the New York Times and other media outlets publishing long pieces about the abuse months before the IDF prosecution got involved.
The report said it does not address any of these issues as it focused only on IPS facilities, though it is not clear why this distinction was made.
Absent the High Court’s intervention in mid-2024, the Sde Teiman problems might have continued indefinitely.
Sources close to the IDF Military Advocate General Yifat Tomer Yerushalmi told the Post at the time that she had tried to close the facility earlier, but had not succeeded.
The report focuses on the errors made by the IPS, IDF, and Shin Bet, which harmed security on the Israeli side in terms of releasing prisoners who it says should have been held for longer.
While the Shin Bet has said it lacked sufficient guidance from the political echelon, a claim which comptroller sources sympathize with, the comptroller sources also say that the agency should have recognized that in the unique situation of the war at the time, a special appeal should have been made to Netanyahu regarding the handling of the Abu Samiya file.
Put differently, in a vacuum, the Shin Bet possibly made the right call to release Abu Samiya as he was not a violent terrorist and did not present a physical danger in that sense.
Having held him for seven months with no clear path to indict him, releasing him to make room for more violent prisoners was not illogical.
However, given that Hamas was holding Israeli hostages and the public relations boon which the terror group received from Abu Samiya’s return, without having to give anything in return themselves, comptroller sources said that the Shin Bet should have thought out of the box and held a special meeting with Netanyahu.
The influx of arrests slowed down the whole process
Next, the report said that the IDF and IPS’s lack of preparation for arresting and imprisoning such a large sudden influx of Gazan prisoners significantly harmed the Shin Bet’s ability to carry out future arrests and interrogations.
In other words, if the Shin Bet had nowhere to hold new detainees, how could it arrest and then interrogate them?
The comptroller also said that the overbooking of Gazan prisoners in IPS facilities endangered IPS personnel.
The comptroller does not note that the overcrowding could have also increased the frequency of IPS prisoner abuse.
Regarding numbers, the comptroller said that the pre-war totals of 16,200 total prisoners and 5,200 security prisoners had jumped to 23,400 total prisoners and over 10,000 security prisoners by early 2025.
The true number of Palestinians whom the IDF arrested may be as high as 30,000, but the comptroller did not produce numbers on the thousands of Palestinian security prisoners who were released in the first half of the year of the war due to lack of space or shaky evidence.
In addition, the cabinet released around 3,000 security prisoners as part of three hostage deals which it signed between 2023 and October 2025.
In terms of the numbers and the shortage of space, in October 2023, the maximum number of prisoners who should have been held in the cell space available was around 14,500.
By early 2023, there was insufficient space for 3,502 security prisoners as well as thousands more non-security prisoners.
2,366 Palestinian security prisoners were still being held in IDF cells as of February 2025, an extended improper situation according to the comptroller and various Israeli legal officials.
The comptroller does not give updated numbers of Palestinian security prisoners for mid-206, but the Post understands that the numbers are still extremely high, including for administrative detention, though the rate of new arrests dropped substantially already in 2025 when the number of actual battles between Hamas and IDF forces dropped substantially.
In addition, fewer Hamas fighters generally surrendered in 2025, and multiple IDF sources indicated that it was more difficult to take prisoners when Hamas fighters would emerge by surprise from underground tunnels near IDF positions, a significant trend in 2025.
No trials yet for October 7 terrorists
Englman also criticized that not a single Hamas terrorist has been brought to trial to date for crimes related to the war.
However, the government only approved a budget for handling indictments and trials of the October 7 Hamas terrorists last week, on June 4.
Until October 2025, the government decided to delay any indictments or trials out of fear that it would need to trade many of the Palestinian security prisoners for the return of Israeli hostages (which it did ultimately need to do.)
This prevented the state prosecutor from moving forward on any indictments or trials.
When the government approved over one billion shekels on June 4 to prosecute terrorists who participated in the October 7 Hamas massacre, this was the first time that there was funding for moving the cases over from the state prosecution to the military prosecution.
The legislation to prosecute terrorists involved in the October 7 massacre was passed in May, granting authority to impose the death penalty and conduct public trials for the perpetrators of the attacks at a new Jerusalem military court, which will need to be built.
The law’s proposal consists of a broad framework for implementing the trials.
The Defense Ministry and the Finance Ministry stated that the framework of over a billion shekels was approved for the years 2026-2029, and that the funds will be allocated to the Defense Ministry and the IDF.
The approved budget is intended for establishing numerous buildings to implement the law, the Defense and Finance Ministries stated.
The infrastructure to be built for the trials includes a court complex, prosecution offices, and an IDF headquarters facility.
Until the buildings are built, new military prosecutors are hired, and new military judges are hired – something which could easily take several months if not years – the cases are likely to be put on hold.
Not addressing these specific issues in detail, the comptroller concluded that against the broader historical backdrop, “Bringing to trial Hamas terrorists who perpetrated terror attacks on October 7 and during the Iron Swords War is a decisively important issue, from a legal, ethical, and public relations perspective. Bringing the terrorists to trial will do justice for the victims of the slaughter.”
The Post was still awaiting responses from the IDF, IPS, and Shin Bet at press time.
UN accuses Israel of aiding West Bank settler violence, says Hamas committed war crimes in Gaza
The United Nations Commission of Inquiry on the Occupied Palestinian Territory on Tuesday released a report accusing Israeli authorities of being involved in West Bank settler attacks that have injured or killed Palestinians.
The UN report claimed that Israeli authorities had enabled settler attacks through financial and military support, in an alleged climate of impunity fostered by judicial and law-enforcement bodies. It also found that the Palestinian terrorist group Hamas had committed war crimes against both Palestinians and Israelis.
The Prime Minister’s Office and the IDF did not immediately respond to requests for comment, nor did Hamas.
The report said Israeli settler attacks on Palestinian villages and agricultural land had surged since 2023, rising by 130%, including incidents involving groups of masked assailants. The UN also claimed that Israeli security forces often accompanied settlers, which the report said provided a “shield” for the violence.
Israel has repeatedly rejected allegations that IDF troops shield settlers during attacks on Palestinians in the West Bank, saying such actions are rogue incidents that violate military protocol and are investigated.
At least seven Palestinians were killed, and 832 were injured last year, with violence continuing into 2026 in the form of frequent attacks, according to the UN.
UN claims settler violence used to advance state policy
The report accused Israeli security forces of perpetrating a “collapse of the distinction between settlers and soldiers.”
It claimed such violence has been used to advance state policy and displace Palestinians in the West Bank.
The Commission also alleged that settlers committed or threatened sexual violence to instill fear and harassed Palestinian women.
“The relentless, daily assaults by Israeli settlers against Palestinians are intolerable – and must end,” said the commission’s head, S. Muralidhar, an Indian former senior judge. He urged the international community to press Israel to curb the violence.
Despite condemnations and the dismantling of unauthorized outposts in the West Bank, the report said that Israeli authorities have not done enough to stop the attacks.
Wassel Abu Yousef, a member of the executive committee of the Palestine Liberation Organization, the body the UN recognizes as representing Palestinians, told Reuters the report “reflects the extent of the violence perpetrated by settlers against our people.” He called for measures such as sanctions in response.
Hamas’s human rights violations
The UN report said it was also gravely alarmed by serious abuses it documented in the Hamas-controlled Gaza Strip.
The commission found that Hamas-affiliated terrorists were involved in at least 60 of 249 documented cases of executions and severe physical violence in 2024 to 2025, including beatings with metal pipes and bone-breaking as punishment for alleged collaboration with Israel or accessing humanitarian aid without Hamas permission.
In two instances, 11 men were publicly executed. The commission said these acts amount to war crimes and violations of international law.
The commission found that the October 7, 2023, massacre in Israel by Hamas and other terrorist groups, which killed 1,200 people and involved hostage-taking and destruction of property, amounted to war crimes.
State audit warns Israel’s cyber preparedness gaps threaten economy and security
State Comptroller Matanyahu Englman warned that Israel’s cyber-preparedness gaps before and during the Israel-Hamas war amounted to a “comprehensive and significant warning,” according to a report published Tuesday on the state’s readiness for cyber incidents and its wartime performance. The audit examined the Prime Minister’s Office, the National Cyber Directorate, the Shin Bet, the National Security Council, government ministries, sectoral cyber units, and 21 key bodies in the economy from February 2023 through June 2025.
The report found that cyberattacks against Israeli bodies increased in scope, intensity, daring, and creativity after the outbreak of the war on October 7, 2023. Early attacks focused on influence operations and denial-of-access incidents, while later attacks shifted toward destructive operations, including deleting information, and in 2024 toward collecting information on civilians, personal targets, and processes in Israel.
Cyber threat intensified during the war
According to the National Cyber Directorate’s assessment, the threat from cyberattacks will continue to intensify. The report said that from the outbreak of the war until the completion of the audit in June 2025, Israel did not suffer a cyber incident that significantly harmed the economy, but it identified hundreds of incidents with significant potential for damage between October 7, 2023, and April 30, 2024.
The report cited the National Cyber Directorate’s estimate that cyberattacks cost the Israeli economy NIS 12 billion annually. It also noted that global cybercrime damage was estimated at about $8 trillion in 2023, about 15% higher than in 2022.
Cabinet was not given a full cyber picture
The report found that from 2020 until June 2025, the National Cyber Directorate did not submit required semiannual reports on the protection status of computerized systems in Israel, including critical state infrastructure bodies, to the prime minister, cabinet secretary, head of the National Security Council, head of the Shin Bet, and chair of the Knesset Foreign Affairs and Defense Committee.
It also found that the steering committee responsible for essential computerized systems in critical state infrastructure bodies did not convene in 2021 and did not convene for one year and two months after the outbreak of the war. The committee met in December 2020, January and December 2022, June 2023, and December 2024.
Prime ministers did not initiate dedicated security cabinet discussions on cyber during the decade before the war and through June 2025, except for one dedicated meeting held in 2018, the report said. Although cyber was mentioned in broader discussions, including annual intelligence assessments and multi-arena situation reviews, the cabinet was not exposed to the full range of cyber risks, preparedness gaps, and potential damage.
Protection levels were insufficient in parts of the economy
The National Cyber Directorate had warned before the war that cyber protection levels in parts of the economy, excluding critical state infrastructure bodies, were insufficient. These warnings were presented in several forums, including to an interministerial team, to then-intelligence minister Gila Gamliel, and once to a ministerial forum headed by Prime Minister Benjamin Netanyahu.
In October 2024, about a year after the war began, then-National Cyber Directorate head Gaby Portnoy reported that the maturity level of cyber protection in the economy remained insufficient and might not meet future challenges. Portnoy said the dramatic improvement in the pace and capabilities of attacks required action to strengthen Israel’s line of defense and ensure functional continuity at the economic and security levels.
The report said some critical state infrastructure bodies had certification levels before the war that reflected a limited ability to deal with attackers. By June 2025, certification scores had improved, but a gap still remained.
Cyber law delayed for more than a decade
The report criticized the failure to complete dedicated cyber legislation for more than a decade, despite professional agreement inside the government that Israel needed a legal framework for cyber defense. Such a law, the report said, was needed to guide and supervise essential bodies, require them to meet an appropriate protection level, report serious cyberattacks, and follow state instructions during such attacks.
The report said several government decisions on the issue were adopted between 2011 and 2021, while an international comparison by the National Cyber Directorate found that Israel was significantly behind in cyber regulation. Several previous State Comptroller reports had also identified gaps in advancing Israel’s cyber law.
In January 2024, after the outbreak of the war and amid increased cyberattacks in the civilian space, Netanyahu instructed officials to submit a cyber bill memorandum for approval by the Ministerial Committee for Legislation within three months, by April 2024. As of June 2025, the bill had not been completed, disagreements between ministries had not been fully resolved, and no timetable had been set for submitting the bill, the report found.
National drills were not held for six years
Additionally, the report found major gaps in national and sectoral cyber exercises before the war. At the national level, the National Emergency Authority and the National Cyber Directorate did not hold a national cyber drill for six years before the Israel-Hamas war.
Only in November 2024, about a year after the war began, was a national cyber drill held in tabletop format. In March 2025, the National Emergency Authority held a broader national drill that included both a war scenario and a cyber scenario, which the National Cyber Directorate helped plan and attended.
The report also found that representatives of the political echelon, including the prime minister, security cabinet members, and ministers, did not participate in the national cyber drills held in 2018, 2024, and 2025. At the sectoral level, gaps were found in cyber drills in 2022 and 2023, even though the National Cyber Directorate had defined an annual sectoral drill as a required anchor for sectoral cyber units.
Sectoral cyber units showed functional weakness
Sectoral cyber units were described as the professional and practical infrastructure for guiding, supervising, and overseeing cyber defense in hundreds of public and private bodies that provide essential services. However, it found that part of the sectoral cyber unit system suffered from significant functional weakness.
Before the war, the National Cyber Directorate did not hold intelligence reviews for the sectoral cyber units, did not establish a regular information-sharing forum among them, and did not sufficiently involve them in developing tools intended for their use. The professional guidelines sent to the units were recommendations only and were not binding, while the directorate could not oversee the extent of their implementation.
The report noted positively that during the audit, the National Cyber Directorate began addressing some gaps, including by convening a professional forum with the sectoral units and presenting an intelligence review. It said strengthening the sectoral units was essential because the level of protection in some sectors remained insufficient.
National cyber crisis concept was outdated
Although a 2011 government decision required the National Cyber Directorate to formulate a national concept for handling emergency situations in the cyber dimension, the report found that the document “The National Concept for Managing a Cyber Crisis” had not been updated for many years.
The document did not include references to cyber-defense guides and organizational preparedness materials published by the directorate from 2018 to 2023. It also did not detail all state regulatory bodies in the cyber field, their powers, areas of responsibility, or the interfaces between them.
The National Cyber Directorate did not instruct the sectoral units to operate according to the concept, even during the war, the report found. It also identified gaps in cooperation among relevant bodies dealing with cybercrime and financially motivated cyberattacks.
21 key bodies showed preparedness gaps
The report distributed questionnaires to 21 important bodies in the economy to assess their readiness before the war and their ability to respond to cyber incidents. The bodies included sensitive entities guided by the National Cyber Directorate, government ministries, essential bodies, higher education institutions, local authorities, and special bodies operating under self-guidance in the cyber field.
Seven of the 21 bodies, or 33%, received a score of 60 or lower in an index measuring organizational frameworks and tools needed to handle a significant cyber incident. These included appointing a cyber officer, establishing a management team for a cyber crisis, convening a cyber steering committee at least once every six months, and employing an internal or external incident-response team.
The report found that four bodies, or 19%, had no internal or external incident-response team. It also found that 48% of the bodies had not convened a cyber steering committee as required in the year and a half before the war, 38% had not established a cyber crisis management team, and 90.5% did not have cyber insurance.
Director-generals lacked cyber-risk information
Before the outbreak of the war, eight of the 21 director-generals, or 38%, lacked the situational picture and information infrastructure needed to understand their organization’s cyber preparedness, protection level, and gaps. The missing information included cyber risks, cyber policy, principles for handling incidents, business recovery plans, lessons from exercises, and findings from investigations of significant incidents.
The report found cross-cutting gaps in presenting recovery plans for cyber incidents to director-generals (52%) and in presenting lessons learned from exercises (55%). It also found that 40% of director-generals were not presented with critical and high-severity penetration-test findings, while 52% did not receive annual reports from their organizational security operations center.
These gaps could impair management’s ability to allocate resources, make decisions, and ensure continuity of operations during a significant cyber crisis, the report said.
Risk analysis and incident planning were incomplete
The reports of 18 of the 21 bodies, or 86%, indicated gaps in threat and risk analysis between January 2022 and July 2023, before the October 7 attack. The report also found gaps in some bodies in planning and implementing technological measures to detect cyber incidents, although some were corrected during the audit.
On the eve of the war, two of the 21 bodies, or 10%, reported that they had not implemented any SIEM or SOC system for monitoring and handling cyber incidents. These bodies later reported that the issue had been corrected following the audit.
The reports on 20 of the 21 bodies, or 95%, indicated that, before the war, there was at least one gap in planning for handling cyber incidents and integrating those plans into work processes. The report warned that inadequate preparedness could undermine bodies’ ability to manage cyber incidents effectively and increase the damage they cause.
Lessons from past cyber incidents were not fully implemented
Among 13 important bodies that said they had experienced cyber incidents, five, or 38%, reported that they only partially implemented lessons from those incidents. The report warned that partial implementation could lead to similar future incidents.
The report also found that the National Cyber Directorate’s information on hundreds of wartime incidents with significant potential for damage lacked essential details needed to build a full situational picture, investigate incidents, and produce systemic lessons. The missing information weakened the state’s ability to prevent recurrence and to improve cyber defense processes.
The report noted positively that the National Cyber Directorate acted at the beginning of the war and during it to identify and reduce critical gaps, strengthen cyber resilience, divert resources, and change priorities. However, it said those actions did not fully address the gaps identified in the audit.
Temporary orders filled part of the legal vacuum
In the absence of a permanent cyber law, the National Cyber Directorate worked with the Shin Bet and the Defense Ministry’s security department to enact emergency regulations and temporary orders for serious cyberattacks in the digital services and hosting-services sector. The original validity was seven months, but it was updated several times and extended until November 2025.
By the end of August 2024, the National Cyber Directorate had reported to the attorney-general and the Knesset Foreign Affairs and Defense Committee several cases in which it identified serious cyberattacks and issued binding instructions to bodies under the temporary framework.
The report also noted positively that the Knesset approved Amendment 13 to the Protection of Privacy Law in August 2024. The amendment expanded enforcement and oversight tools, updated criminal offenses, required the appointment of privacy protection officers in certain public and private bodies, and created a special oversight mechanism for security bodies.
National plan recommended
Englman called on all relevant parties to treat the deficiencies as an urgent warning and act promptly to correct them. He recommended that the National Cyber Directorate, government ministries, and sectoral cyber units formulate a national-governmental action plan to reduce cyber-protection gaps in both the short and long term and bring it for government approval.
The report also recommended that the prime minister hold orderly discussions, at least once every six months, to present the state’s cyber-preparedness picture and the gaps in it to the security cabinet or to a dedicated ministerial committee. It further recommended that the Prime Minister’s Office act to complete the cyber law.
The report said responsibility now rests with the prime minister, the National Cyber Directorate, the Shin Bet, the National Emergency Authority, the government cyber defense unit, the sectoral cyber units, and the management of the audited bodies. Each must act within its area of responsibility to ensure that the gaps identified in the report are corrected.
The report comes amid a broader rise in cyber activity against Israel. The National Cyber Directorate handled more than 26,000 serious cyber incidents in 2025, a 55% increase compared with 2024, Yossi Karadi said at the Cybertech Global conference in Tel Aviv.
A permanent cyber law was advanced in January 2026, with the National Cyber Directorate seeking stronger powers after years of operating largely through executive decisions and temporary emergency regulations. Karadi later said the Iran war had delayed the bill and that it would likely not be completed before 2027.
Karadi warned in March 2026 that AI was increasing the scale and sophistication of cyber threats, including hacking, deepfakes, and mass attacks. In December 2025, he said Iran had tried to target Israelis during the June war through large-scale cyber and social-engineering campaigns.
Former National Cyber Directorate head Gaby Portnoy called in May 2025 for a cyberdefense coalition with regional partners that helped defend Israel against Iranian attacks in 2024.
In response to the report, The Israel National Cyber Directorate said the National Cyber Defense Law, which was approved Monday night in its first reading, would improve cyber protection for essential organizations and digital suppliers, and strengthen government regulatory ministries’ ability to lead cyber defense efforts in the various sectors under the directorate’s professional guidance.
Nearly 100,000 pres. pardon applicants’ records exposed to wartime cyber threats, report finds
Sensitive computerized information at the President’s Residence was not protected in a manner suited to the risks facing a body of national importance, according to findings published Tuesday by the State Comptroller. The audit found deficiencies in cyber management, database governance, supplier oversight, email handling, monitoring, and outdated systems at the residence.
The President’s Residence holds large amounts of information, including especially sensitive data on nearly 100,000 pardon applicants. Damage to those systems could harm privacy, the reputation of the institution, and the public image of the President’s Residence and the person who stands at the head of the state.
Sensitive national institution faced wartime cyber risks
The proper functioning of the President’s Residence depends on the confidentiality, integrity, availability, and survivability of the information in its possession, including the computer systems and communications components that process and store it.
The audit said the President’s Residence’s information and computer systems are central and essential assets that must be protected like any other organizational resource of value. Harm to those systems could cause operational, technological, and financial damage, as well as harm to privacy and to a central symbol of the state.
The risk is especially significant during wartime, when the number of cyberattacks increases. The report said the substantive deficiency in senior management’s handling of information protection led to the conclusion that cyber-protection issues were not addressed in a manner suited to the risks facing the President’s Residence.
Pardon database did not meet key legal requirements
The President’s Residence holds sensitive information on nearly 100,000 pardon applicants in its pardon database. The audit found that the database was managed in a manner that did not comply with certain legal requirements that apply to bodies that hold databases.
Among other things, the President’s Residence had not appointed an information-security officer for the databases. It had also not prepared the required database-definition documents, mapped its databases, or prepared an inventory of database systems.
The audit also found that the President’s Residence had not established required procedures regarding access permissions. It did not operate an automated documentation mechanism to monitor access to the database systems.
Supplier oversight left sensitive systems exposed
Since 2019, the President’s Residence has received services from an external supplier for the characterization, development, support, and maintenance of the pardon database. The audit found that the President’s Residence did not act as required under the Information Security Regulations in its engagement with the supplier.
The President’s Residence did not conduct a preliminary examination of the information-security risks involved in the engagement from 2019 onward. The agreement with the supplier also did not clearly specify what information the supplier was permitted to process or the purposes for which the supplier could use it.
The agreement did not specify the systems the supplier was permitted to access or the actions it was authorized to carry out. It also failed to establish a mechanism to return the information to the President’s Residence at the end of the engagement period.
The supplier was not obligated to report to the President’s Residence on its compliance with the Information Security Regulations. It was also not obligated to report a database information-security incident if one occurred.
Sensitive pardon requests were sent by unencrypted email
The President’s Residence transferred pardon requests containing sensitive information to the Justice Ministry and to the Military Advocate General’s Corps by email over the internet, without encryption. The audit found that this method was used even for especially sensitive information.
The information transferred included personal details, personal and family circumstances, and medical, social, economic, and rehabilitative reasoning. By doing so, the President’s Residence acted contrary to the requirements of the Information Security Regulations and the Cyber Defense Doctrine, the report said.
The audit also found that pardon requests sent to the Justice Ministry and to the Military Advocate General’s Corps were stored in the email inbox of the legal bureau at the President’s Residence for an unlimited period. The inbox was not emptied regularly, leaving old pardon requests containing especially sensitive information stored there.
That meant anyone with access to the inbox, such as a system administrator, could be exposed to personal details of pardon applicants over many years, even when there was no need to retain them.
Cyber management framework was not strong enough
In September 2024, the President’s Residence adopted the guidelines of the government cyber defense unit for the unclassified environment. However, as of June 2025, no steering committee for cyber-defense issues had been established at the President’s Residence.
During the audit, in June 2025, a ministerial steering committee for cyber-defense issues was established for the first time at the President’s Residence. It was chaired by the director-general of the President’s Residence and convened for the first time in early July 2025.
The audit found that central tasks had not been advanced. The management of the President’s Residence had not assessed damage, examined or approved the office risk map, formulated measurable targets for examining implementation of cyber-defense infrastructure, carried out management reviews, or checked the feasibility and execution of activities defined for the cyber-defense management system.
Penetration testing remained partial
In July 2025, during the audit and about 10 months after the President’s Residence adopted the government cyber defense unit’s guidelines, the residence updated that it had begun carrying out an infrastructure risk survey for the first time. As part of that process, a penetration test was being performed.
The audit found that the President’s Residence had carried out only a partial infrastructure penetration test. It also found that no penetration test had been carried out for applications installed on its computer systems.
The lack of full testing limited the residence’s ability to identify vulnerabilities in its infrastructure and applications. This was especially significant because some computerized systems had reached the end of their life cycle, and some endpoint stations were running expired versions that exposed them to vulnerabilities.
Monitoring gaps and outdated systems increased risk
The President’s Residence operates several communications networks and has a disaster recovery plan. However, the audit found deficiencies in its compliance with requirements concerning monitoring of information systems.
Monitoring is a central component of cyber defense because it helps detect unauthorized access, abnormal activity, and possible incidents. Partial monitoring can weaken the ability to respond quickly to a breach or misuse of sensitive information.
The audit also found that some computerized systems at the President’s Residence had reached the end of their life cycle. Some endpoint stations were running expired versions, leaving them exposed to known vulnerabilities.
Cyber work plans and budget tracking were insufficient
The management of the President’s Residence did not manage its cyber-defense activity over the years according to dedicated cyber-defense work plans. Its general work plans included some cyber-related tasks, and the 2025 work plan included two tasks related to cyber defense.
The President’s Residence allocated about 15% of its total information-technology budget to cyber defense in 2023. That share dropped to about 5.8% in 2024 and rose to about 11% in 2025.
The report viewed the allocation of cyber-defense budgets in 2023 and 2025 positively. However, it found that the President’s Residence did not maintain a separate record of budgets directed specifically to cyber defense, making it difficult to examine whether it complied with the guidelines of the government cyber defense unit.
National symbol must close the gaps
State Comptroller Matanyahu Englman said the President’s Residence must continue correcting the deficiencies found in the audit. He said this was necessary to ensure the confidentiality, integrity, availability, and survivability of the information in its possession.
The report warned that harm to systems containing sensitive information on nearly 100,000 pardon applicants could damage privacy, reputation, and the image of the President’s Residence. It said the residence must act to protect the privacy of residents and prevent damage to the institution’s standing.
“The President’s Residence must continue acting to correct the deficiencies in order to ensure the confidentiality and survivability of the information,” Englman said.
The findings come as Israel has faced an increasingly severe cyber threat environment during wartime, including Iranian-linked activity and attacks on public and private entities.
Earlier cyber-related audits and reporting have raised concerns about vulnerabilities in public systems, critical infrastructure, government databases, hospitals, and remote-work environments.
Northern Ireland police arrest Sudanese national over ‘barbaric’ knife attack
Police in Northern Ireland said they had arrested a Sudanese man on Tuesday over a knife attack that left one person in a serious condition and prompted calls online for a protest after footage circulated on social media.
Prime Minister Keir Starmer described the incident as “sickening” after video of the attack, which took place in north Belfast late on Monday evening, was shared widely online.
Police said the suspect was a 30-year-old Sudanese national, correcting an earlier statement that he was believed to be Somali, and cautioned that inaccurate information was circulating online about the victim’s condition.
The injured man, in his 40s, remained in a serious condition in hospital, the police said.
It comes at a time of heightened tensions in Britain after the murder of a student who was handcuffed by police as he lay dying from stab wounds after his killer, a Sikh man, falsely alleged a racist attack.
Lawmakers call for transparency on suspect’s background
In a debate in the British Parliament in London, some lawmakers called for more transparency about the Belfast suspect’s background, saying a lack of confirmed information risked fueling speculation online and stoking tensions over immigration.
Northern Ireland’s main political party leaders jointly condemned the attack in a statement, calling it “horrific” and urging calm while backing the police investigation.
The deputy first minister, Emma Little-Pengelly, had described it as a “savage and barbaric attack.”
A widely shared post on Facebook and WhatsApp called for protests on Tuesday evening.
“This is a deeply concerning assault and I have declared this a critical incident,” Assistant Chief Constable Ryan Henderson said. “We have commenced an investigation to establish a motive.”
“We are also aware of footage circulating online and we would strongly urge members of the public not to share or repost these images. Doing so risks causing further trauma to the injured man’s loved ones and may impact the ongoing investigation.”
STAT+: What’s changed since the last major Ebola outbreak
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Good morning. After much deliberation, STAT has made a decision: We’re sticking with “health care.” Two words. Sarah Mupo, STAT’s exceptionally thoughtful director of editorial operations, explains the decision here. Her account includes a collection of reader thoughts on the issue. I particularly enjoyed what Karen Pennar, former editor of this newsletter, had to say about it.
A suppressed federal alcohol report
A federally-commissioned study on the health effects of alcohol was published today in an independent journal. The research, which ultimately found that even low levels of drinking may increase disease risk, started as part of an update to U.S. dietary guidelines. But the work sparked controversy when some lawmakers — along with alcohol industry trade groups — claimed the scientists were biased against alcohol and would reach a conclusion with draconian implications.
STAT+: NIH staffers published a letter of dissent a year ago. They feel it’s been ignored
Last June, hundreds of staffers at the National Institutes of Health broke rank in an unprecedented move and published an open letter of dissent to agency Director Jay Bhattacharya.
Bhattacharya eventually met with many of the signers of the so-called Bethesda Declaration, who hoped it would spur a course correction at an agency they saw as going down a problematic path. But in a report published Tuesday, on the one-year anniversary of the letter, 71 staffers write that they feel NIH leadership “largely ignored the concerns raised in our declaration.”
The new report, called “The Bethesda Declaration One Year Later, Continuing Harms to the NIH Mission,” outlines nine main concerns, with proposed solutions. It is also a response to the sentiment that “things are normalizing and getting better,” said Jenna Norton, a program officer at the NIH who emphasized she was speaking in her personal capacity.
Dexcom RCT suggests CGM benefits for broad diabetes population
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Good morning health tech readers!
STAT+: Pharmalittle: We’re reading about a $10.6 billion GSK deal, an AstraZeneca obesity pill, and more
Rise and shine, everyone, another busy day is on the way. And it is getting off to a pleasant start here on the Pharmalot campus, where clear blue skies and comfy breezes are greeting us. Who could ask for anything more? Actually, we could — it is time to reheat the kettle for another cuppa stimulation. Our choice today is raspberry hibiscus. And here is a helpful tip: A teaspoon of honey enhances the flavors splendidly. Of course, you are invited to join us. For the full experience, we are hawking replicas — take a look. Meanwhile, here are a few tidbits to help you along. As always, do keep in touch. We appreciate feedback, criticism, and tips. …
GSK agreed to buy Nuvalent, a cancer drug developer, in a deal worth $10.6 billion, as the company continues its expansion in oncology, STAT writes. The deal is the latest in a run of biopharma acquisitions in recent months, as large and even midsize companies have been looking to bolster their pipelines as some of their key products face looming generic competition. This latest deal is one of the largest in the recent buying spree, and GSK’s largest in years. Nuvalent designs targeted cancer therapies, with two molecules both under U.S. Food and Drug Administration review for types of non-small cell lung cancer. They could be approved this year. The deal will give GSK, which has focused on gynecologic cancers as well as multiple myeloma, a broader lung cancer portfolio.
Merck and Gilead Sciences disclosed that an experimental long-acting pill combining two HIV medicines had met its primary efficacy goal in final-stage trials, Bloomberg News notes. The companies said that in two large trials, a once-weekly combination pill containing Merck’s islatravir and Gilead’s lenacapavir had proven to be “non-inferior” to standard pill regimens that are taken daily. If approved by regulators, the new combination could become the first once-weekly pill for the treatment of HIV. A once-weekly pill would provide a less-frequent dosing option that does not require an injection. Gilead currently sells a different version of lenacapavir as a twice-yearly injectable to prevent the disease under the brand name Yeztugo.
Trump’s $100K fee for H-1B visas struck down
Illinois awards new Medicaid contracts
2026 The Thousand: The Gedalje Group moves into top 10 after 468 sides in 2025
Eric Gedalje has been a staple of the Lake Havasu City, Arizona, real estate scene since he made his first commercial real estate investment at the age of 19.
“No one in my family had ever owned a home, let alone invested in real estate, but I did it. And then I did like six more times, and then eventually I got my real estate license,” said Gedalje, the leader of the eXp Realty-brokered large team The Gedalje Group.
After his early days as a solo agent, Gedalje went on to form his team in 2016. Since then, the team has grown to 20 agents, who closed 468 transaction sides totaling $245 million in sales volume in 2025. This earned the team the No. 10 and No. 48 ranks in the nation for sides and volume, respectively, in the 2026 RealTrends Verified The Thousand rankings.
Gedalje credits both the drive and productivity of his agents — each of whom average roughly 25 units per year — as well as his strong roots in Lake Havasu City for helping the team achieve strong results.
While the team does have a Zillow Flex partnership, which Gedalje said is helpful for some agents with a less established business, he feels his team is best suited for agents with an established book of business looking to up their game.
“Depending on the agent, their skill set and their personal book of business, the leads they receive from me or our online lead generation are individually tailored to what they need,” he said.
Due to Gedalje’s hands-on leadership with his team members, he said he plans on capping the team at 20 agents.
“Real estate sales is only part of my business. I started in the industry as an investor and that organically grew into real estate development,” he said. “So to keep the quality there for the agents and for them to still find value in being part of the organization, I think if there were more than 20 agents, it just wouldn’t be sustainable for me as a team leader.”
As for the team’s high volume of production in 2025, Gedalje said much of the success comes from the self-discipline and lead generation skills of his agents.
“A lot of my team members have come from firms or teams that gave them really strong foundations in the business — and we have seen them join us and just really take off,” he said.
While Gedalje said the team is not set up to take on inexperienced agents, he does assign each new team member a mentor whom they can consult with as they look to further develop their own business.
Looking ahead to the second half of 2026, Gedalje said that despite continued slow housing market conditions nationwide, his team is on track for potentially its biggest year ever.
“I’m not superstitious — but I hate to even say it out loud — but we are on track for June 2026 to be our best month ever, and it looks like 2026 will be our best year by quite a distance,” he said. “I know the market is not as strong as some people hoped and that interest rates aren’t improving, but we are just keeping our heads down and continuing to work.”
HousingWire acquires Keeping Current Matters to deepen local data for agents
HousingWire has acquired Keeping Current Matters (KCM), adding the subscription content platform for real estate professionals to its HousingWire Solutions division and expanding local market intelligence inside the tools agents use to win listings.
The deal, announced Tuesday, makes KCM a core component of HousingWire Solutions alongside Altos and RealTrends under the leadership of Mark Adams, executive vice president. It is HousingWire’s fifth acquisition since 2020 as the company broadens its platform for real estate, mortgage and homebuilding professionals.
For the tens of thousands of agents who subscribe to KCM, the company said the move is aimed at one outcome: helping them win more business in a market where listing opportunities are scarce and sellers are more selective about who they hire.
“Agents don’t need more data, they need the right intelligence in the moment they’re sitting across from a client,” HousingWire CEO Clayton Collins said. “KCM has earned agents’ trust for years by making the market easy to explain. With HousingWire’s data behind it, that story becomes local and specific to the exact market each agent works in — driving sharper conversations, stronger listing presentations and more transactions.”
KCM delivers presentations, charts, scripts and ready-to-use content that agents use in listing appointments, buyer consultations and ongoing client outreach. By integrating KCM with HousingWire’s data infrastructure, the companies said they will deliver more localized and timely views of the housing market directly inside those assets.
HousingWire data already powers KCM Local, which brings property-level market intelligence into the KCM platform. The companies plan to extend that local data across KCM’s content, scripts and client-facing materials so agents can ground their messaging in hyperlocal pricing, inventory and demand trends.
“We built KCM to help agents explain the market with confidence, and our members have rewarded that with their trust for years,” said Bill Harney, CEO of Keeping Current Matters. “With HousingWire’s data and resources behind the platform, our customers get a more local, more powerful product and an even better reason to bring KCM into every client conversation.”
David Childers, president of KCM, said the integration aligns with how KCM members already use the platform in their day-to-day business.
“The integration with HousingWire makes our users more local, more relevant and more valuable to the clients they serve,” Childers said. “It’s a natural next step in the direction our members have been moving all along.”
Why this matters for housing professionals
The acquisition comes as agents navigate a low-inventory, high-competition landscape, shifting commission structures and more scrutiny of agent value. In this environment, listing agents in particular need to demonstrate local expertise and use data-driven narratives to justify pricing and marketing strategies.
For real estate teams and brokerages, the combined HousingWire-KCM platform could streamline how market data and messaging flow into listing presentations, CMA tools and automated marketing. Embedding local-level data into scripts and client-facing content may help standardize how agents talk about rates, inventory and affordability in specific ZIP codes or neighborhoods.
For lenders and other housing companies, the deal signals HousingWire’s continued push to pair media and data with workflow-oriented tools, potentially opening up more integration points into loan officer, agent and builder tech stacks over time.
Monhegan Partners LLC and Newport LLC served as transaction advisers, and The Miller Law Firm PLLC served as legal counsel to Keeping Current Matters.
Members can expect more local depth across the content, scripts and presentations they use every day, according to the companies. Prospective members can explore KCM Local at KeepingCurrentMatters.com.
Rocket seeks $1.2B notes sale to repay 2026 bonds
Rocket Companies plans to issue $1.2 billion in debt, with proceeds earmarked to pay upcoming maturities and other debt obligations, the company announced Tuesday.
The move comes as nonbank mortgage lenders continue to manage liability profiles built during the low-rate era and address “maturity walls” in 2025-2027.
In this case, Rocket intends to sell $600 million of notes due in 2031 and $600 million of notes due in 2034, with the notes fully and unconditionally guaranteed on a senior unsecured basis by Rocket Companies’ direct and indirect domestic subsidiaries that already guarantee the firm’s existing senior notes. The Detroit-based firm is the parent of companies like Rocket Mortgage and Amrock.
The company plans to use proceeds to repay Rocket Mortgage LLC’s 2.875% senior notes due in 2026 and to pay down other indebtedness across the platform. Refinancing the 2026 issue in the current rate environment is likely to increase Rocket’s interest expense, but it can extend the company’s debt stack and preserve liquidity.
The offering will be exempt from registration under the Securities Act of 1933 and is being marketed only to qualified institutional buyers under Rule 144A and to certain non-U.S. investors under Regulation S, according to the company announcement.
Rocket has previously issued unsecured senior notes, including the 2.875% 2026 notes now targeted for repayment, as part of a broader strategy to diversify funding beyond warehouse lines and mortgage servicing rights (MSR) financing.
Mr. Cooper Group, recently acquired by the company, has repeatedly tapped the unsecured bond market, including multiple nine-figure senior note offerings, to refinance existing debt and fund MSR acquisitions.
Pennymac Financial Services has issued senior notes to term out corporate borrowings and reduce reliance on shorter-term warehouse and secured financing. loanDepot, Rithm Capital and others have used corporate debt markets and convertible notes at various points to shore up liquidity and extend maturities as origination volumes fell from 2020–2021 peaks.
2026 The Thousand: Noble Black mega team closes $546.03M, joins Corcoran
For Noble Black and his New York-based mega team Noble Black & Partners, 2025 was an eventful year. Not only did the team of 25 licensed agents close 220 transaction sides totaling $546.03 million in sales volume, earning the team the No. 7 rank in the nation among mega teams for sales volume in the 2026 RealTrends Verified The Thousand, but after a decade at Douglas Elliman, the team moved to Corcoran in September 2025.
The move was a homecoming of sorts for team lead Black, who had previously been brokered with the Anywhere brand.
“Culture was part of why we moved to Corcoran from Elliman last year,” Black said. “Culture has always been important at Corcoran — what they value, how they treat people — and I think everyone on the team has recognized and really appreciated the support, culture and how well the company is run, since we moved here.”
Black acknowledges that a team the size of his is not typical for Corcoran and he is grateful for the support of Pamela Liebman, the president and CEO of Corcoran.
“With Corcoran we appreciate that it is such an established brand and Pam just runs a great business and she makes very logical business decisions that are good for the health of the overall company,” Black said. “For us that was really important, plus the systems, the advertising, the staff here — they are all amazing. It is a great backbone for us to build our business off of.”
Building a team
He added that Liebman is also a great mentor, something he greatly values and something that he has worked to cultivate in his team, creating a collaborative culture among the agents.
“I think there are so many teams out there that are just a bunch of agents putting their numbers together to get a ranking, but we are very much a team in the sense that people are pitching in to help each other out with showings or sharing information — it is just a very collaborative group,” he said.
Having worked so hard to create this collaborative, tight knit group, Black said he is very careful with who he adds to the team.
“There have been cases where I have foregone hiring somebody because I didn’t think they were a fit personality-wise or ethics-wise because I want my people to enjoy working with one another,” Black said. “We are not looking to grow for the sake of growing. I am very aware of the downside of having a bigger team because it makes it harder to keep that culture and it’s harder to make everyone feel like they are valuable and that they have time to work with me.”
While Black is selective about who he brings into the team, one person he now couldn’t imagine running the team without is COO Jamie Gagliano.
“Jamie joined me going on four years ago and that has been the biggest difference,” Black said. “I really wanted someone that could help organize the team structure and we are very big on making sure we meet a certain standard of service we are delivering to clients and she has been so good with that. Having her part of the team is what has allowed us to produce the larger numbers we are now and do things like open up a wing of the team in the Hamptons.”
While Black is thrilled with where his career has gone, he said he never thought he would be the guy with a team of over 20 agents.
“I’ve been doing real estate for 22 years now and about two years in it became clear that I have more business than what I could handle on my own, so I hired somebody and then eventually needed to hire a second and a third and we’ve grown from there,” Black said.
Market conditions
As he looks ahead to the rest of the year, despite the continued slow market conditions and the recently enacted “pied-à-terre” tax enacted in New York, Black said he and his team are looking to continue to grow and improve productivity.
“The main lesson for us that we keep coming back to is that there are always going to be people buying and selling, so it is important that we always know what we are talking about from the latest market conditions to home values and then just making sure we are delivering a product that is at the very top of the market,” Black said. “We want to be distinct from others in the city and make sure that we are putting their interests ahead of ours.”
2026 The Thousand: Noble Black mega team closes $546.03M, joins Corcoran
For Noble Black and his New York-based mega team Noble Black & Partners, 2025 was an eventful year. Not only did the team of 25 licensed agents close 220 transaction sides totaling $546.03 million in sales volume, earning the team the No. 7 rank in the nation among mega teams for sales volume in the 2026 RealTrends Verified The Thousand, but after a decade at Douglas Elliman, the team moved to Corcoran in September 2025.
The move was a homecoming of sorts for team lead Black, who had previously been brokered with the Anywhere brand.
“Culture was part of why we moved to Corcoran from Elliman last year,” Black said. “Culture has always been important at Corcoran — what they value, how they treat people — and I think everyone on the team has recognized and really appreciated the support, culture and how well the company is run, since we moved here.”
Black acknowledges that a team the size of his is not typical for Corcoran and he is grateful for the support of Pamela Liebman, the president and CEO of Corcoran.
“With Corcoran we appreciate that it is such an established brand and Pam just runs a great business and she makes very logical business decisions that are good for the health of the overall company,” Black said. “For us that was really important, plus the systems, the advertising, the staff here — they are all amazing. It is a great backbone for us to build our business off of.”
Building a team
He added that Liebman is also a great mentor, something he greatly values and something that he has worked to cultivate in his team, creating a collaborative culture among the agents.
“I think there are so many teams out there that are just a bunch of agents putting their numbers together to get a ranking, but we are very much a team in the sense that people are pitching in to help each other out with showings or sharing information — it is just a very collaborative group,” he said.
Having worked so hard to create this collaborative, tight knit group, Black said he is very careful with who he adds to the team.
“There have been cases where I have foregone hiring somebody because I didn’t think they were a fit personality-wise or ethics-wise because I want my people to enjoy working with one another,” Black said. “We are not looking to grow for the sake of growing. I am very aware of the downside of having a bigger team because it makes it harder to keep that culture and it’s harder to make everyone feel like they are valuable and that they have time to work with me.”
While Black is selective about who he brings into the team, one person he now couldn’t imagine running the team without is COO Jamie Gagliano.
“Jamie joined me going on four years ago and that has been the biggest difference,” Black said. “I really wanted someone that could help organize the team structure and we are very big on making sure we meet a certain standard of service we are delivering to clients and she has been so good with that. Having her part of the team is what has allowed us to produce the larger numbers we are now and do things like open up a wing of the team in the Hamptons.”
While Black is thrilled with where his career has gone, he said he never thought he would be the guy with a team of over 20 agents.
“I’ve been doing real estate for 22 years now and about two years in it became clear that I have more business than what I could handle on my own, so I hired somebody and then eventually needed to hire a second and a third and we’ve grown from there,” Black said.
Market conditions
As he looks ahead to the rest of the year, despite the continued slow market conditions and the recently enacted “pied-à-terre” tax enacted in New York, Black said he and his team are looking to continue to grow and improve productivity.
“The main lesson for us that we keep coming back to is that there are always going to be people buying and selling, so it is important that we always know what we are talking about from the latest market conditions to home values and then just making sure we are delivering a product that is at the very top of the market,” Black said. “We want to be distinct from others in the city and make sure that we are putting their interests ahead of ours.”
Are you a new stock market investor in June 2026? Here’s Warren Buffett’s advice.
Over the past 30 years, the S&P 500 index has generated a total return of 1,770% (as of June 5). That performance supports the view that the stock market is one of the best asset classes for growing your wealth. A starting sum of $10,000 in this benchmark in June 1996 would be worth $187,000 today. The gains have been even more remarkable over the past decade.
Understanding that this kind of performance can have a profound impact on your financial well-being, it might be time for new investors to direct some of their savings into the stock market. Given how daunting it might seem, it can be difficult to figure out where to even begin.
Here’s where Warren Buffett comes into the picture. The great investor is also a wonderful educator whose advice is well worth considering. If you’re new to the stock market this month, listen to the Oracle of Omaha’s suggestion.
WARREN BUFFETT ERA ENDS AFTER 60 YEARS AS CEO WITH GREG ABEL TAKING OVER
Buffett is known for his exceptional capital allocation skills, having compounded Berkshire Hathaway’s share price at a yearly clip of almost 20% for six decades before stepping down as CEO at the end of last year. But his advice for most investors is surprisingly simple. He basically recommends buying a low-cost S&P 500 index fund.
This perspective probably comes from the fact that the average person doesn’t have the time, ability, or desire to want to pick individual stocks and manage a portfolio. And it stems from the inability of expert fund managers to beat the market.
THIS SECTOR HAS DOMINATED ETF RETURNS SO FAR IN 2026
Active management strategies generally have a bad track record. Data shows that the vast majority of large-cap fund managers lose to the S&P 500 over the long term. Whether these professionals trade too often, charge high fees, or just aren’t adept portfolio managers, that is a very disappointing statistic. And it makes you wonder why more investors don’t choose the passive route.
One of the best options is the Vanguard S&P 500 ETF. It comes with an extremely low expense ratio of 0.03%. Over several years and decades, investors will pay a significantly smaller amount than what active managers typically charge. The difference leaves more money in your pocket.
This ETF tracks the S&P 500 index, so its holdings match the benchmark. The top five holdings are Nvidia, Apple, Microsoft, Amazon, and Alphabet, clearly showing a strong position within the information technology sector. Investors will certainly be exposed to all things related to artificial intelligence.
However, it’s worth pointing out that this ETF contains all sectors of the economy. It’s essentially a hassle-free method for gaining broad market exposure.
The S&P 500 index today trades at a historically expensive valuation, calling into question the benchmark’s return potential. While the phenomenal trailing 10-year total return of 316% might not repeat, I think it still makes sense to invest in the stock market.
TAP INTO THE HUMANOID ROBOTICS BOOM WITH THIS ETF
Profit growth and margins are robust. And the companies leading the charge, some of which were mentioned already, are some of the most dominant businesses the world has ever seen, so they deserve the market’s appreciation.
If the current valuation is a real concern for you, then consider adopting a dollar-cost averaging (DCA) strategy. By doing so, you could allocate fresh savings to the market on a monthly or quarterly basis, virtually eliminating the need to accurately assess what the correct starting valuation should be.
And even adding small sums of money to a DCA approach can lead to tremendous long-term results. Let’s say you initially invest $10,000 into the Vanguard S&P 500 ETF. But then every single month, you invest $100. Assuming the historical 10% annualized total return holds true, you’d have $382,000 after 30 years. Of course, if you put more money to work, the ending figure will be larger.
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Neil Patel has positions in Vanguard S&P 500 ETF. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Berkshire Hathaway, Microsoft, Nvidia, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.
Uber and Wayve Bring Driverless Cabs to London as Ride-Hailing Giant Expands Autonomous Push
LONDON — Londoners may soon be able to hail an Uber with no human behind the wheel. British autonomous-driving company Wayve said Monday, June 8, that it is ready to launch a robotaxi service with Uber in London as early as this summer, marking a major step in Uber’s global strategy to expand autonomous rides. The move follows Uber’s growing partnerships with self-driving leaders including Waymo, which already provides driverless rides through the Uber app in several U.S. markets.
The rollout will begin cautiously. Kaity Fischer, Wayve’s Vice President of Operations, said the initial launch will involve dozens of vehicles rather than hundreds. The company has been testing autonomous-driving technology on London’s streets since 2018 and says the vehicles are ready for public use.
The first rides will not be fully driverless.
Wayve said trained, licensed Uber drivers will initially remain in the vehicles as safety supervisors while the company builds a public safety record and earns regulatory confidence. The company has not announced a timeline for when those supervisors might eventually be removed.
That cautious approach reflects the challenge facing the technology.
London is widely regarded as one of the most difficult cities in the world for autonomous vehicles. Unlike many modern cities built on grid systems, London’s roads evolved over centuries and are crowded with buses, black cabs, cyclists, delivery vehicles, construction zones, and millions of pedestrians.
If self-driving technology can successfully navigate London, supporters argue, it could work almost anywhere.
For Uber, the pilot is about much more than London.
The ride-hailing giant has spent years repositioning itself for a future where autonomous vehicles become a core part of its business. Rather than building its own self-driving technology, Uber has partnered with leading autonomous-driving companies around the world.
The company’s partnership with Waymo, owned by Alphabet, has already expanded driverless rides through the Uber app in several U.S. cities. Riders in those markets can request rides that are fulfilled by Waymo’s autonomous vehicles while still using the Uber platform.
The Wayve partnership brings that strategy into Europe.
London represents Uber’s largest announced autonomous-vehicle pilot on the continent and could become a blueprint for future launches across major European cities.
For Wayve, the launch marks the beginning of a broader global strategy.
The company says London is expected to be the first of more than ten cities where it plans to deploy autonomous vehicles, with additional launches anticipated in markets including Tokyo later this year.
Unlike some competitors, Wayve relies heavily on artificial intelligence rather than highly detailed pre-mapped routes. The company argues that approach allows its vehicles to adapt more naturally to new environments and changing road conditions.
That sets up a direct competition with Waymo, currently considered the leader in commercial robotaxi operations.
Waymo already operates driverless ride services in several U.S. cities and continues expanding. The emerging battle between Waymo and Wayve is about more than technology. It is about who controls what could become a transportation market worth tens of billions of dollars globally.
The British government has strongly supported the technology.
Officials have argued that autonomous vehicles could improve road safety, increase transportation access, and create new economic opportunities. Government projections estimate self-driving technology could contribute £42 billion to the UK economy and support approximately 38,000 jobs in the years ahead.
Those projections helped persuade policymakers to accelerate rules allowing commercial autonomous-vehicle testing.
Not everyone is enthusiastic.
The technology raises significant questions about employment.
Uber’s platform relies on drivers, and London’s iconic black-cab industry employs thousands of people. While safety drivers will remain during the initial phase, the long-term goal of robotaxi technology is to eliminate the need for human drivers altogether.
How quickly that transition occurs remains one of the most controversial aspects of autonomous transportation.
Safety remains the central question.
Supporters argue autonomous vehicles never become distracted, fatigued, intoxicated, or emotionally impaired. They point to data suggesting self-driving systems may ultimately prove safer than human drivers.
Critics counter that the technology still faces real-world challenges. Reports involving autonomous vehicles operating in the United States have highlighted incidents ranging from navigation errors to traffic violations and unexpected driving behavior.
The success or failure of London’s pilot will ultimately depend less on promises and more on performance.
For ordinary Londoners, however, the coming change may feel remarkably simple.
Within months, opening the Uber app could result in a vehicle arriving at the curb with no one sitting behind the wheel.
Whether that becomes a routine part of city life or remains a technological experiment will depend on how those first vehicles perform on some of the most challenging streets in the world.
JBizNews Desk — Europe
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Ethereum’s Fee Revenue Has Collapsed – What It Means for ETH’s Long-Term Value
Ethereum (CRYPTO: ETH) built its reputation as the backbone of decentralized finance – and for years, its fee revenue reflected that status. But Ethereum fee revenue has collapsed dramatically over the past two years, raising serious questions about the network’s long-term value proposition and what the Ethereum future projection looks like for investors. This article breaks down what Ethereum fee revenue is, why it collapsed, and what it means for ETH going forward.
What Is Ethereum Fee Revenue?
Every transaction on the Ethereum network requires a fee – known as gas – paid in ETH. These fees compensate validators who process and secure transactions, and a portion is permanently burned through EIP-1559, reducing the total supply of ETH over time. When network activity is high, fees rise, more ETH is burned, and the deflationary pressure supports ETH’s value. When activity falls, the reverse happens.
At its peak in 2021, Ethereum generated over $1 billion in monthly fee revenue as DeFi, NFTs, and token launches drove unprecedented on-chain activity. Daily gas fee revenue regularly exceeded $30 million. Validators earned substantial rewards, and ETH burns were significant enough to make the asset deflationary during periods of high demand.
The Collapse
Ethereum fee revenue has fallen sharply from those peaks – and two structural factors explain most of the decline.
Layer 2 Network Activity
The Dencun upgrade in early 2024 dramatically reduced the cost of Layer 2 transactions by introducing a new …
Tom Lee: Bitcoin, Ethereum, XRP Bull Market Is ‘Intact,’ Bears Spin A ‘False Narrative’
Fundstrat co-founder Tom Lee on Monday pushed back against growing concerns over market weakness, arguing that cryptocurrencies remain in healthy long-term uptrends despite recent volatility.
Why Crypto Is Underperforming
Speaking on CNBC’s Power Lunch, Lee acknowledged that cryptocurrency investors have been disappointed this year as digital assets largely failed to participate in the enthusiasm surrounding AI-related stocks.
Over the past year, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP) slumped more than 40%.
Despite the underperformance, Lee said “Crypto is a downstream story of AI.”
He explained that increasingly powerful AI systems will require blockchain-based verification and …
Ethereum Price Hit 68% Retracement From The Top: What Went Wrong With ETH?
Ethereum (CRYPTO: ETH) recently printed its lowest daily relative strength index ever recorded at 17.4, a reading analyst Michaël van de Poppe called a “historic opportunity.”
ETH Down 68% In 10 Months With $1,500 As The Line In The Sand
Ethereum peaked at $4,953 in August 2025 and traded as low as $1,593 over the weekend, a 68% crash in 10 months.
Analyst Ash Crypto pointed out that the only comparable setup in ETH’s history was June 2022, when ETH broke through every support level and crashed to $880 before bottoming.
That bottom produced a 5x return over the following 18 months for anyone who bought it.
“ETH has only done this once before in its entire history,” Ash Crypto wrote on X. “Back in June 2022, same …
Bitcoin Consolidates At $62,000: Watch Q4 For The Bear Market Bottom, Top Exec Says
Bitcoin’s (CRYPTO: BTC) current downturn resembles previous mid-cycle bear markets, but failure to recover by the end of 2026 could signal something more serious.
“Classic Mid-Cycle” For Bitcoin’s Bear Market
Speaking in a CNBC Market Alert interview on June 8, Lucy Gazmararian, Founder and Managing Partner of Token Bay Capital, said Bitcoin’s weakness remains consistent with historical market cycles despite growing concerns surrounding Strategy Inc. (NASDAQ:MSTR) and broader crypto market sentiment.
“I think where we are is sort of classic mid-cycle,” she said, describing the current environment as a typical phase of a bear market cycle that arguably began in October 2025.
Over the past month, BTC prices witnessed a plunge of 23% while MSTR declined 35%.
While headlines surrounding Michael Saylor and Strategy’s recent Bitcoin …
Sam Altman-Affiliated AI Token WLD Surges Over 100% In A Month Despite Layoffs
Tools for Humanity, Sam Altman’s iris-scanning startup behind Worldcoin (CRYPTO: WLD), announced layoffs on Monday, framing cuts as a strategic reset ahead of a Tuesday town hall that will reveal the full scope of the reductions.
“As we enter the next step of our company strategy and operating priorities, we have made the hard decision to make changes to some roles and teams across the company,” an internal email read.
The company employs more than 500 people with an unclear number of roles affected.
Tools for Humanity carries a $2.5 billion valuation backed by Andreessen Horowitz, Bain Capital, and Khosla Ventures.
Despite millions of sign-ups, the company has struggled to show …
‘Bitcoin Never Had A Chance’ Against The AI Bubble, Arthur Hayes Argues
Arthur Hayes on Tuesday laid out the case why Bitcoin (CRYPTO: BTC) cannot rally until the AI bubble pops, arguing that the latter absorbed liquidity that could have gone to cryptocurrencies.
AI Borrowed Every Dollar That Was Created Since 2022
Hayes laid out the core math in his essay, saying that US M2 rose by $1.5 trillion between November 2022 and today.
Over the same period, AI companies issued roughly $1.5 trillion in debt to fund data center construction.
The numbers match almost exactly, meaning AI absorbed every dollar of new liquidity before it could find its way into Bitcoin.
“Bitcoin never had a chance,” Hayes wrote. “The only reason Bitcoin rallied strongly off the November 2022 low is that the AI debt binge really kicked into gear starting in 2025.”
Bitcoin peaked in October 2025 precisely …
Nearly Half of Americans Say They Are Worse Off Than a Year Ago
Americans have not felt this gloomy about their own finances in years, and a closely watched survey released Monday, June 8, 2026, put hard numbers to the mood.
The Federal Reserve Bank of New York, in its monthly Survey of Consumer Expectations, said the share of people who feel “somewhat worse off” or “much worse off” than a year ago is the largest since January 2023. The combined figure reached 43.7%, while the share calling their situation “much worse” jumped to 13.3%, up about 2.7 percentage points from April and the highest since July 2022.
The outlook was just as bleak.
Looking ahead, 36% of households expect their finances to get worse over the next year, while only 22.9% expect them to improve — the widest gap between pessimists and optimists since October 2022.
In short, people feel squeezed now and expect more of the same.
The cause is not a mystery. Rising inflation has pushed up the cost of everyday necessities and eaten away at purchasing power. Higher gasoline, grocery, housing, insurance, and utility bills have been grinding on household budgets for months, and families are feeling it directly.
That strain is showing up in how Americans pay their bills.
Credit-card delinquencies have climbed to their highest level since 2011, according to earlier New York Fed data. When more households fall behind on credit cards, it is often a sign that monthly expenses are growing faster than incomes.
The jobs picture sent mixed signals.
The share of workers who fear losing their job within the next year rose to 15.1%, while the perceived chance of finding a new job fell to 43.7%, the lowest reading since December 2025. Yet the share planning to voluntarily leave their current jobs rose to 20.8%, the highest since February 2023.
The survey arrived just days after a stronger-than-expected May employment report showed the economy adding 172,000 jobs.
The result is a labor market that still appears relatively healthy on paper even as workers grow more anxious about their financial future.
Why does this matter?
Because consumer spending drives roughly two-thirds of the U.S. economy.
When households feel poorer, they often delay vacations, cut restaurant visits, postpone large purchases, and search for lower-cost alternatives. That makes consumer sentiment one of the earliest warning signs for retailers, restaurants, airlines, hotels, and countless other businesses.
Several consumer-facing companies report earnings this week, including Chewy and United Natural Foods, providing investors with an early look at whether consumer anxiety is translating into weaker spending patterns.
The survey also increases pressure on the Federal Reserve.
Policymakers meet next week, and markets currently see little chance of an immediate rate cut. The central bank faces a difficult balancing act. Lower interest rates could ease pressure on borrowers but risk reigniting inflation, while keeping rates elevated helps contain inflation but increases borrowing costs for households already feeling stretched.
There is another reason Federal Reserve officials pay close attention to these surveys.
Consumer expectations can become self-fulfilling. If households expect prices to keep rising, they may demand higher wages or accelerate purchases, creating additional inflationary pressure.
For now, the message from American households is remarkably clear: they are paying more, feeling poorer, and increasingly worried about the year ahead.
For businesses heading into the summer, that may be the most important economic signal of all — not because of what consumers are doing today, but because of what cautious consumers often do next.
JBizNews Desk
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Spirit Won’t Be the Last: IATA Warns More Airlines Could Fail as Fuel Costs Crush Profits
RIO DE JANEIRO — The world’s airlines are heading into what industry leaders describe as one of their toughest financial years since the pandemic, and the recent collapse of Spirit Airlines may only be the beginning.
Speaking at the International Air Transport Association (IATA) Annual General Meeting in Rio de Janeiro, outgoing IATA Director General Willie Walsh warned that more airlines could fail or be forced into mergers as soaring fuel costs squeeze profits across the industry.
IATA now expects global airlines to earn a combined $23 billion in net profit during 2026, roughly half the industry’s $45 billion profit in 2025 and far below the $41 billion forecast the organization issued just six months ago.
The culprit, Walsh said, is fuel.
The conflict that erupted after U.S. and Israeli strikes on Iran in late February disrupted shipping through the Strait of Hormuz, one of the world’s most important energy corridors. The resulting surge in oil prices has dramatically increased costs for airlines worldwide.
IATA now expects jet fuel to average approximately $152 per barrel in 2026, up from about $90 per barrel last year.
That increase adds an estimated $100 billion to airlines’ fuel expenses.
Industry fuel costs are now projected to reach roughly $350 billion, accounting for more than 31% of total airline operating expenses, compared with about 25% last year.
“This is an industry that survives on very thin margins,” Walsh told delegates. “A shock like this has enormous consequences.”
The pressure is already producing casualties.
Spirit Airlines, the Florida-based ultra-low-cost carrier known for rock-bottom fares and extensive add-on fees, ceased operations last month after struggling to manage rising costs and mounting financial pressure.
Walsh said Spirit is unlikely to be the last airline to disappear.
He warned that weaker carriers could either fail outright or become acquisition targets for larger rivals seeking additional market share.
Budget airlines are particularly vulnerable because they depend heavily on ticket sales and often lack alternative revenue streams.
Large network carriers generate substantial income from premium cabins, corporate travel contracts, airport lounges, cargo operations, and loyalty programs tied to credit cards. Those businesses provide valuable buffers during difficult periods.
Ultra-low-cost carriers generally do not enjoy those advantages.
When fuel prices spike, they have fewer tools available to offset the increase.
Walsh stressed that the low-cost airline model itself remains viable, pointing to Europe’s Ryanair as a successful example. The problem, he said, is that fuel costs are rising faster than airlines can pass those increases on to passengers.
Not everyone agrees fuel is entirely to blame.
U.S. Transportation Secretary Sean Duffy recently argued that Spirit’s collapse reflected deeper business problems and called the airline’s failure largely “self-made.”
The reality likely lies somewhere in between.
Spirit entered the fuel-price shock with an already fragile balance sheet, making it less capable of absorbing rising expenses than stronger competitors.
The profit forecasts underscore just how narrow airline margins have become.
IATA expects airlines to earn only about $4.50 per passenger this year.
Walsh noted that the figure demonstrates resilience given the industry’s challenges, but he joked that it would not even buy a hot dog at many sporting events.
The industry’s net profit margin is expected to shrink to approximately 2%, down from 4.2% in 2025.
What makes the situation remarkable is that demand remains surprisingly strong.
Despite higher fares, travelers continue to fly.
IATA projects total airline revenue will rise about 9.4% this year to nearly $1.2 trillion, driven by strong passenger demand.
Passenger revenue alone is expected to reach approximately $839 billion, while average load factors are projected to hit a record 84%, meaning planes are flying fuller than ever.
The problem is that costs are climbing even faster.
Industry operating expenses are expected to rise approximately 13%, wiping out much of the benefit from increased ticket sales.
Adding to the challenge is an aircraft shortage.
Airlines continue to face significant delivery delays from both Boeing and Airbus, while ongoing reliability issues with newer jet engines have left many aircraft grounded for maintenance.
IATA estimates these supply-chain disruptions cost airlines roughly $11 billion during 2025.
The average age of the global airline fleet has climbed to a record 15.2 years, while carriers remain short more than 5,000 fuel-efficient aircraft that could help reduce fuel consumption.
The shortage comes at exactly the wrong time.
Older aircraft burn more fuel, making airlines even more vulnerable when oil prices surge.
For travelers, the implications are straightforward.
Higher fuel costs generally mean higher ticket prices.
Airlines are also likely to reduce service on marginal routes, leading to fewer flight options in some markets.
And if additional budget carriers disappear through bankruptcy or consolidation, competition could weaken further, reducing pressure on airlines to keep fares low.
This year’s gathering also carried special significance for Walsh personally.
After leading IATA through the pandemic recovery and one of the most turbulent periods in aviation history, he is preparing to step down and take a leadership role at IndiGo, India’s largest airline.
His farewell message to the industry was direct.
The airlines with strong balance sheets, efficient operations, and financial flexibility will likely survive the turbulence ahead.
Those without a cushion may not.
As airlines enter the busy summer travel season, the industry’s challenge is no longer finding passengers.
It is finding a way to stay profitable while fuel prices remain stubbornly high.
JBizNews Desk — Aviation
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Google Picks Intel to Build Millions of Its Own AI Chips in Surprise Win
Shares of Intel Corp. (INTC) surged Monday, June 8, 2026, after a report that Alphabet’s Google has chosen the long-struggling chipmaker to manufacture millions of its custom artificial-intelligence chips — the biggest vote of confidence in years for Intel’s factory business. According to a report Monday from The Information, citing four people with direct knowledge of the talks, Google placed a firm order for more than 3 million of its in-house tensor processing units, known as TPUs, for production in 2028. Intel shares jumped about 12%, to roughly $110.81, lifting the company’s market value to around $557 billion.
Here is what makes the deal matter, in plain terms. Intel is not selling Google its own chips. Google designs these TPUs itself; Intel will build them in its plants. That makes it the largest known outside-customer commitment for Intel’s contract-manufacturing arm, which has spent years chasing clients with little to show for it. The order followed months of testing of Intel’s advanced packaging — the technology that stitches chips and memory into a single module.
The reason behind the move comes down to one word: scarcity.
Taiwan Semiconductor Manufacturing Co. (TSMC), the Taiwanese company that makes nearly every leading-edge AI chip, is straining to keep up with demand, and the squeeze is worst in exactly those advanced-packaging lines. For the companies that design the world’s most sought-after chips, depending on a single supplier in a single country has become a risk they badly want to reduce. That is the opening Intel has been waiting for.
A second giant is circling, too.
Nvidia is running early trials on Intel’s most advanced 18A manufacturing process, testing whether Intel can build a processor that fuses four graphics chips into one — a design tied to Nvidia’s Feynman architecture due in 2028 — though Nvidia has not yet placed an order. Even cautious interest from the most valuable name in AI chips is a milestone for a company written off not long ago.
The scale of the prize is large, and growing.
Google’s order is firm — more than 3 million TPUs in 2028 — and is part of a build-out that Morgan Stanley estimates could exceed 6 million TPUs across 2027 and 2028. Wall Street noticed. Mizuho raised its price target on Intel to $128 from $124, keeping a Neutral rating and citing strong AI demand across the chip industry.
The news caps a remarkable shift in how investors see a company that recently looked left behind.
Intel stock has more than tripled over the past year. The company has been courting Apple as a foundry customer, while the U.S. government continues to support domestic semiconductor production through the CHIPS Act and related programs. The broader goal is clear: reduce dependence on overseas manufacturing and rebuild America’s advanced chip-making capabilities.
The catch is delivery.
The 2028 timeline gives Intel roughly two years to scale its 18A process to high-volume production and prove it can match TSMC’s yield and reliability. That is the question hanging over the stock. A single blockbuster order is encouraging, but turning it into chips that ship on time and at a profit is precisely the step where Intel has stumbled before.
Promises are easy in this business; finished wafers are hard.
For everyday readers, the bigger picture is about where the country’s most important chips actually get made. Almost every advanced processor inside today’s phones, data centers, and AI tools is built in Taiwan, an arrangement that looks increasingly fragile to companies and governments alike. A genuine second source on American soil would make that supply chain sturdier and harder to disrupt.
For Intel, landing a customer the size of Google is the clearest sign yet that its years-long, expensive bet on becoming a contract manufacturer might finally pay off. Whether this marks the beginning of a broader migration of business toward Intel or simply a hedge against TSMC capacity constraints will become clearer in the months ahead. Nvidia’s decision on whether to graduate from testing to a real production order may ultimately provide the answer.
JBizNews Desk
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Lululemon Cuts Forecast as Bad Press and Weak Product Launches Weigh on Sales
Lululemon Athletica lowered its sales and profit outlook on June 4 after executives told investors that negative publicity and disappointing product launches hurt customer demand, particularly in North America.
Speaking during the company’s quarterly earnings call, interim co-CEO and Chief Financial Officer Meghan Frank said Lululemon experienced periods of heightened negative commentary across traditional media and social media platforms, which contributed to weaker store traffic and softer sales performance. She also acknowledged that several recent product introductions failed to generate the customer enthusiasm the company had expected.
“We saw spikes of negative commentary around the brand,” Frank told analysts, adding that some new merchandise simply did not resonate with shoppers as planned.
One source of that publicity was a public dispute with Chip Wilson, the company’s founder and one of its largest shareholders. Wilson had spent months criticizing management and the company’s direction during a proxy battle. The dispute ended in late May when Lululemon agreed to add three new directors to its board and Wilson agreed to refrain from publicly criticizing the company for approximately 18 months.
Frank said media attention surrounding the conflict has since subsided.
The financial impact, however, remains significant.
Lululemon now expects full-year earnings of $10.95 to $11.15 per share, down from its previous forecast of $12.10 to $12.30 per share. The revised outlook falls below analyst expectations of approximately $12.30 per share, according to LSEG.
The company also trimmed its annual revenue forecast to approximately $11 billion to $11.15 billion.
For the current quarter, Lululemon expects revenue of $2.45 billion to $2.48 billion, below Wall Street forecasts of roughly $2.60 billion. Earnings are projected at $1.76 to $1.81 per share, well below analyst expectations of $2.68 per share.
Executives now expect sales to decline 2% to 3% during the current quarter and to remain flat or slightly lower for the full fiscal year, reversing earlier projections that called for modest growth.
The weakness is concentrated in the company’s largest market.
While total first-quarter revenue increased 4% to $2.5 billion, sales in the Americas declined. Net income fell 38% year-over-year to $195 million, pressured by lower margins and higher tariff-related costs.
International markets provided a brighter spot. Lululemon reported strong growth outside North America, demonstrating continued demand for the brand in overseas markets.
To address slowing performance, the company is making significant changes to its product assortment.
Executives said Lululemon has reduced the number of products carried in North American stores by approximately 15%, reorganized merchandise between performance and lifestyle categories, and reduced reliance on markdowns. Select stores are also testing additional assortment changes and localized merchandising strategies.
Management described the effort as a broader attempt to strengthen what it calls the company’s “product engine” and restore momentum in its core business.
The company is also navigating a leadership transition.
Frank has served as interim CEO since Calvin McDonald stepped down earlier this year. She is expected to hand leadership duties to incoming CEO Heidi O’Neill in September. O’Neill spent 27 years at Nike, where she held several senior leadership roles.
The transition means Lululemon is attempting to revive growth while simultaneously preparing for a new chief executive to take control of the company.
Investors reacted swiftly to the weaker outlook. Following the earnings announcement, Lululemon shares fell approximately 11% in after-hours trading.
For a company once known for selling premium athletic apparel at full price with little need for promotions, the market’s concern is clear. Investors are questioning whether Lululemon can quickly regain momentum in North America while introducing products that reconnect with consumers.
For shoppers, the company’s efforts could translate into more promotions, markdowns, and merchandise changes in the months ahead as Lululemon works to restore growth and rebuild confidence in its brand.
JBizNews Desk — Business
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San Francisco voters reject tax hike targeting companies with highly paid executives
San Francisco voters appeared to reject a ballot measure that would have significantly increased taxes on some large companies with highly paid executives, delivering a win for business groups and technology leaders who argued the proposal could hinder the city’s economic recovery.
According to results posted by the San Francisco Department of Elections, Measure D was failing with 53.64% of voters opposed and 46.36% in favor. The measure required a simple majority to pass.
Measure D would have expanded San Francisco’s existing CEO pay ratio tax, which applies to certain large businesses when a top executive earns more than 100 times the median compensation of workers. The proposal would have changed the formula by comparing executive pay with a company’s entire workforce rather than only its San Francisco employees, while also increasing tax rates on affected businesses.
CHATGPT BOOM FUELS A LUXURY HOUSING FRENZY IN BAY AREA
City officials estimated the measure would generate between $250 million and $300 million in annual revenue. Supporters said the proposal would help address income inequality while providing additional funding for city services.
Opponents, including Mayor Daniel Lurie, argued the measure could drive employers away from San Francisco and make the city less competitive as officials work to revive downtown and attract new investment.
The proposal also faced opposition from prominent technology executives, including Google co-founder Sergey Brin, who donated $500,000 to a committee campaigning against the measure.
CALIFORNIA TECH LEADERS CHALLENGE PROGRESSIVE POLICIES AS BILLIONAIRES, BUSINESSES FLEE: REPORT
The outcome adds to a series of election results that suggest San Francisco voters have shifted toward a more centrist approach on economic and governance issues. In recent years, voters recalled former District Attorney Chesa Boudin, removed three school board members and elected Lurie, a moderate Democrat who campaigned on public safety and economic recovery.
The vote comes as San Francisco seeks to capitalize on an artificial intelligence-driven investment boom while continuing to confront concerns about its business climate and the departure of several high-profile companies and entrepreneurs in recent years.
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The defeat of Measure D is likely to be viewed by business advocates as a sign that voters remain focused on economic growth, job creation and efforts to strengthen the city’s competitiveness.
FOX Business’ Eric Revell contributed to this report.
This sector has dominated ETF returns so far in 2026
So far this year, semiconductors and the physical infrastructure of artificial intelligence (AI) are dominating the exchange-traded fund (ETF) scene. For example, the iShares Semiconductor ETF is up 89% year to date. Given the intense interest – and investments – in AI, this makes sense.
Semiconductors and AI reinforce each other in a tight loop. AI depends on ever more sophisticated chips to run. Now, AI is changing how chips are designed and where they’re manufactured. In short, AI is designed to perform tasks that normally require human intelligence, and semiconductors are the physical devices that enable it to do so.
TAP INTO THE HUMANOID ROBOTICS BOOM WITH THIS ETF
Driven by AI and data-center demand, the chip industry is in a powerful upcycle. With large cloud providers spending heavily on AI infrastructure, the entire semiconductor value chain is lifted. Greater demand for central processors, graphics processors, power management, memory, and manufacturing equipment is like catnip to investors – so much so that semiconductor revenue reached $298.5 billion in the first quarter of 2026, up a staggering 25% from the fourth quarter of 2025.
As a passively managed ETF, the iShares Semiconductor ETF provides exposure to large-cap and mid-cap companies, primarily through U.S.-listed stocks. It tracks the NYSE Semiconductor Index and currently holds a concentrated basket of 30 stocks.
Top holdings include industry leaders such as Micron Technology, Advanced Micro Devices, and Marvell Technology.
WHAT ARE ACTIVE ETFS AND HOW ARE THEY RESHAPING HOW AMERICANS INVEST?
With a reasonable expense ratio of 0.34%, or $34 per $10,000 invested annually, SOXX provides access to a narrowly focused group of sector-specific ETFs.
IDC’s April forecast predicted that the semiconductor market will exceed the $1 trillion revenue threshold by the end of this year. However, investing in a semiconductor ETF is not the right move for everyone.
As an investor, it’s vital to remember that anything could happen. For example, AI could lose popularity for any number of reasons, from hype fatigue to slower-than-expected adoption or constraints on power and data-center buildouts. Like all technology, semiconductor stocks and ETFs can be volatile, and there’s no guarantee that they’ll continue to thrive.
HOW ETFS CAN BE EFFECTIVE BUILDING BLOCKS FOR RETIREES
Before leaping, look past the current hype and make sure you’ve taken a close enough look under the hood to know precisely what you’re buying. If you do choose to put money into a semiconductor ETF, it should be part of a well-diversified portfolio that you intend to hold for the long term.
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Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Marvell Technology, Micron Technology, and iShares Trust – iShares Semiconductor ETF. The Motley Fool has a disclosure policy.
Mortgage Rates Jump Again as Hiring Stays Strong
WASHINGTON — Home shoppers got more bad news this week as mortgage rates moved higher following a stronger-than-expected jobs report, reinforcing expectations that borrowing costs may remain elevated for months to come.
According to recent mortgage market data, the average rate on a 30-year fixed mortgage climbed to approximately 6.65%, remaining near the highest levels seen this year. The increase follows Friday’s employment report from the U.S. Bureau of Labor Statistics, which showed employers added 172,000 jobs in May while the unemployment rate held at 4.3%.
The jobs number came in stronger than economists expected and immediately changed how investors viewed future interest-rate cuts.
For prospective homebuyers, the result is frustrating. A healthy labor market is generally good news for the economy, but it also gives the Federal Reserve less incentive to lower interest rates. Mortgage rates tend to follow expectations for Fed policy, meaning strong economic data can actually make homeownership more expensive.
The impact on household budgets is substantial.
A buyer financing the same home today faces significantly higher monthly payments than a few years ago. According to housing market data, the typical monthly payment on a newly purchased home has climbed to roughly $2,623, near the highest level in almost a year.
At the same time, home prices continue to rise.
Recent market figures show the typical sale price remains about 2.3% higher than a year ago, creating a double burden for buyers: higher home prices and higher borrowing costs.
The situation has created a standoff across much of the housing market.
Many existing homeowners locked in mortgages below 4% during the pandemic and are reluctant to sell because doing so would require financing a new home at today’s much higher rates. That limits inventory, keeps prices elevated, and leaves buyers competing for a relatively small number of available homes.
The labor market itself also presents a more complicated picture than the headline suggests.
While layoffs remain relatively low and hiring continues, workers who do lose their jobs are taking longer to find new employment. Government data shows approximately 2 million Americans have been unemployed for at least 27 weeks, a figure that has risen significantly over the past year.
In practical terms, most employed workers remain in relatively good shape, but those seeking work face a more difficult hiring environment than headline numbers suggest.
Mortgage rates have experienced an extraordinary journey over the past five years.
The average 30-year fixed mortgage fell to a record low of approximately 2.65% in early 2021 before climbing near 8% in 2023. Today’s rates remain well below historic peaks seen in the early 1980s but are substantially higher than many buyers became accustomed to during the pandemic era.
The timing is particularly difficult because late spring and early summer traditionally represent the busiest homebuying season of the year.
Families hoping to move before the next school year are encountering affordability challenges that continue to keep many on the sidelines.
For those still planning to purchase, housing experts continue to recommend comparing offers from multiple lenders. Even small differences in mortgage rates can save thousands of dollars over the life of a loan.
For now, however, the message from both the labor market and the mortgage market is clear: the economy remains strong enough to keep interest rates elevated, and that strength continues to make homeownership more expensive for millions of Americans.
JBizNews Desk
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J.M. Smucker Expects Sales to Fall This Year
Nvidia and Google Want to Pay Israeli Taxes in Dollars as Shekel Soars
JERUSALEM — Two of the world’s most valuable technology companies are pushing Israel to make a significant change to how it collects taxes. Nvidia and Google have formally asked Israel’s Tax Authority to allow them to pay their Israeli corporate taxes in U.S. dollars rather than shekels, a request that gained momentum Monday as Finance Ministry officials signaled new openness during discussions with technology industry leaders.
The request comes as the Israeli shekel trades near its strongest level in decades, climbing roughly 20% against the dollar over the past year and recently reaching about 2.8 shekels per dollar, one of its strongest levels in more than three decades.
The issue may sound technical, but it sits at the center of one of Israel’s biggest economic challenges.
Companies such as Nvidia and Google earn much of their revenue in U.S. dollars but pay salaries, operating expenses, and taxes in Israeli shekels. When the shekel strengthens, every dollar earned buys fewer shekels, making operations in Israel more expensive when measured in dollar terms.
There is another effect as well. When multinational corporations convert large amounts of dollars into shekels to pay taxes, they increase demand for the Israeli currency, which can push the shekel even higher. Paying taxes directly in dollars would eliminate that conversion and reduce additional upward pressure on the currency.
The proposal traces back to one of the largest deals in Israeli technology history.
When Google agreed to acquire Israeli cybersecurity company Wiz for approximately $32 billion, the transaction generated an estimated $2.5 billion Israeli tax obligation for the company’s founders. Converting such a massive amount of dollars into shekels risked creating significant currency-market disruptions.
At the initiative of the Bank of Israel, tax authorities reportedly allowed those taxes to be collected directly in dollars rather than converted into shekels. What was initially viewed as a one-time solution has now become a precedent that other major corporations want to follow.
According to reports from Globes, additional multinational companies have approached the Tax Authority seeking similar treatment.
The largest and most influential request may be Nvidia’s.
Nvidia’s Israeli operations are built around its $7 billion acquisition of Mellanox Technologies in 2020. Mellanox remains an Israeli entity, making Nvidia one of Israel’s largest corporate taxpayers.
During its last fiscal year, Nvidia reportedly paid approximately $1.28 billion in Israeli taxes when the dollar traded between roughly 3.3 and 3.5 shekels. Since then, Nvidia’s business has exploded alongside global demand for artificial intelligence infrastructure. The company’s Israeli operations now generate dramatically more revenue than they did just a year ago, meaning future tax obligations could be substantially larger.
The request applies only to corporate taxes. Employees would continue paying income taxes in shekels under existing rules.
What makes the proposal unusual is that it could benefit both sides.
For companies, paying taxes directly in dollars reduces currency-conversion costs and limits exposure to exchange-rate fluctuations.
For the Israeli government, each tax payment received in dollars means fewer dollars being converted into shekels, easing some of the pressure pushing the currency higher. The government can also use those dollars to help service Israel’s own dollar-denominated obligations.
In effect, the arrangement could provide a modest tool for managing currency pressures without requiring direct intervention from the Bank of Israel.
Not everyone is convinced.
Critics argue that allowing giant multinational corporations to pay taxes in dollars while smaller Israeli businesses continue paying in shekels creates an uneven playing field. Others note that the policy addresses a symptom rather than the underlying cause.
The shekel is strong because Israel’s economy — particularly its technology sector — continues attracting foreign investment and generating substantial export revenue despite nearly three years of regional conflict.
That irony is difficult to miss. The same technology companies that helped drive billions of dollars into Israel and strengthen the currency are now asking the government for relief from the consequences of that success.
Still, momentum appears to be building.
Officials participating in Monday’s discussions reportedly showed greater openness than in previous meetings, leading many analysts to believe Israel may eventually create a formal framework allowing at least some large multinational companies to pay taxes in dollars.
The issue reaches far beyond taxes. Israel’s technology sector helped create the strong shekel by attracting billions of dollars in foreign investment and export revenue. Now some of the same companies responsible for that success are asking the government to help shield them from its consequences.
If Israel ultimately allows major multinational companies to routinely pay taxes in dollars, the decision would mark one of the most significant changes to corporate tax administration in years. It could also become another tool in the government’s effort to ease pressure on a currency that has become both a symbol of Israel’s economic strength and a growing challenge for the companies that helped create it.
JBizNews Desk — Israel
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Netanyahu looked downtrodden, like a ‘kid who lost his balloon’ during press statement – opinion
Prime Minister Benjamin Netanyahu appeared deflated in his pre-recorded press statement in northern Israel on Monday, a stark contrast to the confident “absolute victory” speeches he has delivered in recent years.
He stated that he would not allow Israel’s enemies to dictate the state’s security paradigm, saying, “Israel has the full right to defend itself, and it will use that right as much as needed.” Even as he spoke, an alert sounded in Metula after a drone entered the town’s airspace.
Netanyahu can once again claim a policy shift as a personal triumph. What began as military strikes against Hamas has escalated to strikes targeting Iran. Israel, once able to act freely in southern Lebanon and strike Dahiyeh as needed, now faces the reality of Iranian threats promising ballistic retaliation for any future action in the area.
This escalation unfolds while Hezbollah continues launching drones, UAVs, and rockets, Hamas is consolidating strength in the Gaza Strip, and US President Donald Trump nears finalizing an agreement widely seen as a defeat for Israel in its dealings with Iran. Indeed, Netanyahu’s “absolute victory” narrative seems undercut by strategic pressures on multiple fronts.
Israel is not equipped to sustain rounds against Iran. The economy cannot absorb the strain, the public cannot endure it, and the defense establishment faces serious operational challenges. This situation unfolds during the Trump era, which will end in roughly two and a half years. What Israel fails to address now cannot be postponed.
Presently, the country struggles to assert dominance on any front. After years of dramatic military successes, the scoreboard increasingly shows setbacks.
Iran has grown more dangerous. While its military and economy have weakened, the regime feels emboldened, believing it has survived past conflicts against the odds. It seeks revenge and is prepared to obtain a nuclear weapon by any means necessary, even clandestinely from North Korea or through an improvised nuclear test. Yesterday’s strikes were largely symbolic, leaving the underlying threat intact, perhaps even intensified.
Trump: PM does not decide Iran deal, I do
During his appearance, Netanyahu made several striking claims, but mentioned Trump only briefly. On Sunday, Trump told a Financial Times reporter, “Bibi will sign any agreement I bring. He does not decide. He does not decide. Only I decide.” Yet, Netanyahu’s remarks emphasized the need to maintain the personal and political alliance.
“A year ago, in Operation Rising Lion, we stopped Iran’s nuclear program,” said Netanyahu. “If we had not acted in time and with force, we would not be here today,” suggesting that without Israel’s action last June, Iran would already have acquired nuclear capabilities, a scenario that many analysts consider improbable within a single year.
“As I have done for decades, I firmly stand on our right to act against our enemies,” he added. “This is how we acted even now.” Yet critics point to a long history of restraint and concessions, from negotiating monthly payments from Qatar to Hamas, to avoiding direct confrontation with Hamas leadership despite multiple Shin Bet recommendations, releasing prisoners, and tolerating Hezbollah’s military buildup.
Limited Beirut, Iran strikes
Recent military actions provide a mixed record. Netanyahu authorized strikes on Dahiyeh in Beirut against Trump’s wishes and targeted Iran without US approval. However, the strike on Dahiyeh was limited, hitting empty offices, and the Iranian strike avoided sensitive infrastructure to prevent destabilizing oil markets, according to Israel’s ambassador in Washington. As the IAF prepares for potential follow-up strikes, control and messaging largely remain influenced by the US.
Netanyahu’s critics argue that he has tied himself politically to Trump to protect his own position, particularly amid his legal challenges. This alignment, they claim, has constrained Israel’s strategic freedom, leaving the country vulnerable to threats it cannot adequately counter.
Ultimately, Netanyahu’s leadership reflects a paradox: while he presents victories, the state faces mounting strategic risks. His tenure demonstrates a blend of personal political survival and complex regional pressures, leaving Israel with few clear paths to long-term security.
Haredi protesters block Jerusalem road over false reports of draft dodger arrest
Haredi (ultra-Orthodox) protesters blocked a road in the Jerusalem neighborhood of Ramat Shlomo on Tuesday, according to Ynet.
Ynet noted that the protest was sparked by reports of a draft dodger’s arrest. However, the report turned out to be false as the associated police activity was related to a traffic offense, not an enlistment refusal.
Eight participants were arrested during the riot, during which fires were started, and a police station was broken into.
“We will not tolerate any harm to the symbols of government and to the valuable police officers who work to protect the law and the public,” said Jerusalem District Police Commander Avshalom Peled.
Also on Tuesday, Jerusalem District Police raided the homes of suspects connected to the June 1 haredi riots in Beit Shemesh.
“The serious incident that occurred at the Beit Shemesh station, in which rioters started a violent riot and broke into the station compound, constitutes crossing a red line and a direct attack on the legal institutions of the State of Israel,” he added.
“We will not tolerate anarchy and will not allow harm to police officers or police facilities,” said Peled. “The targeted arrests carried out tonight are just one step in a determined and ongoing enforcement activity, and anyone who took part in disorder, vandalism, or harming police officers should know that the long arm of the police will reach them at the time, place, and way of our choosing.”
Rioters block traffic, throw stones
In addition to the riot at the police station, other rioters attempted to block traffic on Route 38 by throwing stones.
According to Ynet, the riot was eventually quelled through the use of batons and stun grenades.
The riot followed a May 27 KAN News report that the IDF had requested police assistance to prepare for the mass arrest of hundreds of haredi draft dodgers.
An additional riot took place on Wednesday at the home of Supreme Court Deputy President Justice Noam Sohlberg, resulting in the arrest of over 60 suspects.
‘Entirely baseless’: Azerbaijan rejects claims it hosted Israeli operations against Iran
“Azerbaijan increasingly sees itself as a connectivity state linking multiple regions.” has been pulled into one of the most sensitive questions surrounding the Israel-Iran war: whether its territory played any role in Israeli operations against Iran.
Baku has rejected recent reporting that Israel deployed elite military and intelligence units in Azerbaijan as part of a network of covert sites used to facilitate operations against Iran, calling the claim “entirely baseless” and saying it has never allowed its territory to be used for military operations, intelligence activities, or hostile purposes against another state.
The dispute is explosive because Azerbaijan shares a border with Iran, maintains deep security and energy ties with Israel, sells gas to Europe, works closely with Turkey, communicates with Russia, and has spent years trying to avoid a direct rupture with Tehran. In a region where geography can be a leverage or a liability, Baku is trying to turn proximity to conflict into diplomatic influence without being pulled into the wars around it.
That is the central difficulty of Azerbaijan’s position: Its cooperation with Israel is open and long-standing, but the claim that its territory was used for military or intelligence operations against Iran remains disputed and officially denied. The debate has placed fresh scrutiny on a country whose strategic value has grown because of Russia’s war in Ukraine, the crisis around the Strait of Hormuz, and the US-Israel confrontation with Iran.
Fuad Shahbazov, an independent researcher and political analyst based in Baku, strongly disputed the CNN report about alleged Israeli activity in Azerbaijan, saying it relied on anonymous sources and lacked physical evidence.
“CNN failed to refer to any serious or credible source, just reframing it to anonymous sources familiar with the situation,” he said. “The satellite imagery failed to provide any physical evidence of Israelis in Azerbaijan’s side,” he added.
The broader Israel-Azerbaijan relationship goes well beyond energy and rejects the idea that it implies hostility toward Iran.
John Roberts, a UK-based energy, security, and geopolitical analyst specializing in Caspian, Middle Eastern, and Russian energy issues, took a more cautious position. He said Azerbaijan would be deeply unhappy if such information had emerged publicly, but he did not dismiss the reports.
“There were reports concerning just what use Israel may have made of observation points. In order to see how things were developing in Iran,” Roberts said. “I think the Azerbaijanis would be very upset that the information came out, but I have no reason to doubt the information,” he added.
The broader Israel-Azerbaijan relationship goes well beyond crude oil. Shahbazov described Israel as one of Azerbaijan’s most important strategic partners, while stressing that Baku rejects the idea that cooperation with Israel means hostility toward Iran.
“Azerbaijan pursues quite a pragmatic multivector diplomacy, because the country has long sought to maintain productive relations with competing powers simultaneously, rather than joining geopolitical blocs,” Shahbazov said. “Baku consistently argues that cooperation with Israel does not mean hostility towards Iran or Turkey or another Muslim country, because it’s mostly energy and security cooperation,” he added.
Israel views Azerbaijan as a rare Muslim-majority partner with close political, economic, and security ties to the Jewish state, Shahbazov said. Azerbaijan’s border with Iran and its location between the Middle East, the Caucasus, and the Caspian Basin make it strategically valuable to Israel.
Roberts said Israel and Turkey were two key external actors that contributed to Azerbaijan’s military success in Nagorno-Karabakh.
“Turkey, which taught them how to use, operate, and manufacture drones for them. Nagorno-Karabakh was an early use of drones in warfare. And Israel, because it taught some of the elite Azerbaijani troops,” Roberts said.
Shahbazov was even more direct about the defense relationship. “We do not refute those allegations that we have a very, very deep security partnership with Israel,” he said. “This includes intelligence sharing, this includes military technical, defense industry, procurement, weapons supply, even experience exchange with military officers,” he added.
For Israel, Azerbaijan is not a direct gas supplier, but it is a significant oil partner and an increasingly important energy and security counterpart. Shahbazov said Azerbaijan remains Israel’s second main oil supplier and has continued deliveries despite the war.
“Azerbaijan contributes to Israel’s energy security through oil exports,” he said. “Azerbaijan is the second main oil supplier of Israel, even despite the war since 2003. Azerbaijan still systematically and consistently supplies Israel with oil with no interference or with any interruptions,” he added.
Baku walks a fine line between its relationship with Israel and its ties to Iran
Roberts framed the oil relationship in commercial rather than strategic terms. Once Azerbaijani crude reaches Ceyhan in Turkey, he said, it enters the open market, and Israel is one of the nearest customers.
The Israeli connection is also what makes the Iranian dimension so sensitive. Azerbaijan shares a border with Iran and has significant ethnic, historical, and cultural overlap with the Azerbaijani population in Iran. Roberts said Baku has been careful not to make territorial claims or provoke Tehran.
“Azerbaijan is very careful not to make claims over Iranian territory,” he said. “It tried to have good trade relations. It tried to work with the Iranian government over issues like the Caspian. It tried to improve road and rail links with Iran. In no way does Azerbaijan want to upset Iran.”
Both experts said Iran-linked security threats have made Azerbaijan’s position more difficult. In March 2026, Azerbaijan said it had foiled Iran-linked plots against the Baku-Tbilisi-Ceyhan oil pipeline, the Israeli Embassy, an Ashkenazi synagogue, and a Mountain Jewish community leader. A day earlier, Azerbaijan accused Iran of launching four drones at Nakhchivan, injuring four civilians and damaging airport infrastructure; Tehran denied responsibility.
Shahbazov said Azerbaijan also faces the challenge of Iranian sympathizers and possible sleeper cells inside the country.
“It’s quite a complicated question, because there is no specific guideline on how the government will be handling this sleeper cells or Iranian sympathizers issue,” he said. “Since Azerbaijan is a Shia-majority Muslim country, and we have quite a number of Iranian sympathizers, who are not exactly members of Iranian cells, but personally they do sympathize for the regime,” he added.
He also warned that the war had not destroyed the Iranian regime but had strengthened the Islamic Revolutionary Guard Corps.
“IRGC became more powerful and more authoritarian than it was before the war,” Shahbazov said. “So I expect that the IRGC will take control over the country in all spheres, including civilian, diplomatic, and military spheres. So IRGC will be quite a serious problem, even a greater problem than it was one or two years ago,” he added.
Roberts also saw Iran as a revolutionary actor willing to use calibrated escalation across the region.
“It would appear that Iran has a governmental structure that really is quite genuinely revolutionary,” he said. “That fervor is still there.”
Azerbaijan maintains a strong border security capacity, receiving support from both the US and Israel
Iranian attacks beyond its borders can serve a deterrent function, Roberts said, but sustained escalation against Azerbaijan would carry risks for Tehran because Azerbaijan has recently won a war and has capable armed forces of its own.
Shahbazov pointed to Azerbaijan’s border security capacity, noting that it has received support from the United States and Israel. “Azerbaijan is one of those regional states that has a quite effective border security service.”
He said infiltration attempts from the Iranian side continue, but mostly involve smuggling. “There are still some attempts of infiltration from the Iranian side, but mostly those are smugglers, drug smugglers, or the people who are carrying some guns,” he said. “None of them successfully managed to infiltrate into Azerbaijan.”
The dispute over alleged Israeli activity is only one piece of a larger Azerbaijani strategy: staying useful to competing powers without becoming captive to any of them. Baku’s value has grown because it can talk to Israel, Turkey, the European Union, the US, Russia, and Iran, even as many of those actors are increasingly at odds with one another.
That diplomatic flexibility is also visible in Azerbaijan’s approach to Moscow. Roberts said Baku’s policy toward Russia is based on caution, distance, and realism.
“The point about their relationship with Russia is keeping Russia at a distance, being polite, not being unnecessarily inimical, but no full trust in Russia,” Roberts told The Media Line. “Azerbaijan will not go to try to deliberately upset Russia, but it will do things in its own interest that Russia may not be happy with,” he added.
Energy has made that caution more valuable. After Russia invaded Ukraine in 2022, Europe accelerated its search for alternatives to Russian gas. Azerbaijan had already been supplying Europe through the Southern Gas Corridor, a 3,500-kilometer route carrying gas from the Shah Deniz field through the South Caucasus Pipeline, the Trans-Anatolian Natural Gas Pipeline across Turkey, and the Trans-Adriatic Pipeline through Greece, Albania, and the Adriatic Sea to Italy.
The European Commission says Azerbaijani gas supplies to the EU through the corridor increased by more than 40% between 2021 and 2024. It also says the State Oil Company of the Republic of Azerbaijan supplied gas to 14 countries in 2025, while Reuters reported that Azerbaijan began gas deliveries to Germany and Austria in January 2026.
Shahbazov described the war in Ukraine as the turning point that heightened Azerbaijan’s value in European calculations.
“Russia’s invasion of Ukraine elevated Azerbaijan’s importance in European energy security calculations,” Shahbazov told The Media Line. “Because before 2022, Azerbaijan was already supplying gas to Europe through the Southern Gas Corridor. But after the war, the EU began actively seeking reliable non-Russian suppliers as a part of isolating Russia from and trying to diminish its role in the global energy market,” he added.
While Azerbaijan is playing a larger role in supplying energy to Europe, it cannot fully replace Russian volume
Still, both experts warned against overstating Azerbaijan’s capacity. Shahbazov said Azerbaijani gas can help Europe diversify but cannot fully replace Russian volumes.
“But still, Azerbaijani gas cannot fully replace Russian gas, because it’s technically impossible, given also the size of gas reserves that Russia has,” he said. “Russia simultaneously supplies Asia and the European markets, which Azerbaijan cannot do, of course. But Azerbaijan can be quite an important contributor in terms of global uncertainty,” he added.
Roberts said Azerbaijan has already done much of what it can without major new upstream investment. Additional European exports would require pipeline upgrades, added compression capacity, and long-term commercial certainty for companies such as BP.
The same geography that makes Azerbaijan useful as an energy supplier also strengthens its role as a corridor state. Turkey is central to that position. The partnership is strategic, military, cultural, and infrastructural, and it gives Azerbaijan energy access to Europe through the Trans-Anatolian Natural Gas Pipeline. In June 2026, Turkey’s energy minister said Ankara and Baku were looking beyond oil and gas toward electricity transmission and green energy corridors with Georgia, Bulgaria, and southeastern European states.
Azerbaijan’s links to Turkey, Israel, Europe, Russia, and Iran have made ambiguity a strategic tool. Shahbazov described this as a deliberate “multivector” foreign policy, while Roberts argued that Azerbaijan is unlikely to abandon that approach.
“I would be absolutely astonished if Azerbaijan at any point showed all its cards and took a definite side,” Roberts said. “It enjoys very good commercial relations with the West, with Europe, and with the United States. Look at the development of its oil and its gas and the markets it serves. It is well aware of how important those commercial ties are,” he added.
Beyond energy, Azerbaijan is also positioning itself at the center of the Middle Corridor, which links China and Central Asia to Europe through the Caspian and the South Caucasus while bypassing Russia and Iran. Roberts said Azerbaijan is central to this geography.
“Azerbaijan is absolutely essential because it is the country between Iran and Russia that constitutes the gateway at the Caspian through to Europe,” he said.
A final peace treaty with Armenia, Roberts added, could open additional routes into Turkey and Europe while reducing dependence on the Black Sea during the Russia-Ukraine war.
Azerbaijan increasingly sees itself as a connectivity state linking multiple regions.
Shahbazov framed Azerbaijan’s future in even broader terms, saying its importance is no longer tied only to hydrocarbons. “Azerbaijan increasingly sees itself as a connectivity state linking multiple regions.”
He described the country as becoming “the hub of both energy and transportation at the same time,” combining geography with political flexibility.
“What makes Azerbaijan particularly significant is that it combines geography with political flexibility, so it’s not simply an energy exporter,” Shahbazov said. “It’s becoming a regional platform for diplomacy, for strategic cooperation.”
That stability is becoming a strategic asset. Azerbaijan sits near the Iran-Israel front, north of the Persian Gulf crisis, west of Central Asia, south of Russia, and east of Turkey. It has emerged from its own war with Armenia stronger, while neighboring Georgia and Armenia face political uncertainty, and the Black Sea remains affected by the Russia-Ukraine war.
Roberts warned against assuming there is a single coherent regional plan behind these shifts. “I would be very careful about using words like a ‘bigger plan or picture.’ I think an enormous amount of what happens in the Middle East is unplanned. It’s accidental, it’s coincidental, it’s mistaken, and it’s not planned.”
That uncertainty may be precisely why Azerbaijan’s position matters. It is not large enough to replace Russia in Europe’s energy market or powerful enough to dictate the outcome of the Iran-Israel confrontation. But it is geographically placed at the intersection of several crises and politically agile enough to talk to actors that are increasingly unable or unwilling to talk to one another.
For Europe, Azerbaijan is a tool for diversification. For Israel, it is a rare Muslim-majority security and energy partner. For Turkey, it is a strategic brother-state and corridor partner. For the US, it is a useful Caspian actor at Iran’s northern edge. For Russia, it is a neighbor that must be managed but no longer fully constrained. For Iran, it is both a sensitive border state and a potential source of suspicion.
Baku’s challenge is that the same geography that gives it influence also exposes it. Its future role will depend on whether it can continue to convert proximity to conflict into diplomatic and economic leverage without being pulled into the wars surrounding it.
Gadi Eisenkot challenges Netanyahu to public debate in response to Likud video criticizing him
Yashar Party leader Gadi Eisenkot challenged Prime Minister Benjamin Netanyahu to a public debate ahead of the upcoming elections, after the premier’s Likud party released a video claiming he would be unable to form a government with the support of Arab parties.
Eisenkot’s Yashar has risen in the polls in recent weeks, coming close to being the largest party in the opposition bloc seeking to replace Netanyahu. In most polls, he falls not far behind former prime ministers Naftali Bennett and Yair Lapid’s Together Party, which trails the Likud.
לגדי אייזנקוט אין איך להקים ממשלה בלי הערבים pic.twitter.com/6uhDvOw38M
— הליכוד (@Likud_Party) June 9, 2026
The video published by the Likud claims that Eisenkot has no way to form a government without the Arab parties. The clip shows Arab party leaders calling for a Palestinian state, and adds that without the support of Hadash-Tal Party leader Ayman Odeh and Ra’am Party leader Mansour Abbas, there “is no Eisenkot.”
נתניהו, מספיק עם סרטוני הסתה ולהתחבא מאחורי חשוד שמואשם בפגיעה מכוונת בביטחון המדינה.
אתה יותר היסטרי מאיך שראיתי אותך ב-11.10.23.עזוב סרטים, קבע תאריך ומקום.
בוא לעימות פומבי. נענה לשאלות הציבור.
מנהיג אמיתי מדבר עם ציבור.— Gadi Eisenkot – גדי איזנקוט (@gadi_eisenkot) June 9, 2026
In response, Eisenkot directly challenged the prime minister, saying, “Netanyahu, enough with the incitement videos… set a date and a place. Come to a public debate.”
‘We’ll answer the public’s questions. A true leader speaks with the public,” he added.
Opposition remains opposed forming coalition with Arab parties
Parties in the opposition bloc have spoken against forming a government with the Arab parties.
Eisenkot has vowed to conduct a state commission of inquiry into the government’s handling of the October 7 Hamas attacks if elected.
General elections are set to take place no later than October 27.
IDF strikes Hamas’s naval police headquarters, kills several terrorists
The IDF struck Hamas’s naval police headquarters in Khan Yunis on Sunday, the military confirmed on Tuesday.
“The facility was used to advance and execute attacks against IDF troops and the State of Israel,” and is “involved in planning, directing, and executing terrorist activities,” the statement said.
According to the IDF, the headquarters was reportedly being utilized to rebuild Hamas’s military capabilities under the cover of the ongoing ceasefire. The terrorist group is exploiting civilian facilities as well as military infrastructure to smuggle weapons, the military said.
Several terrorists killed, weapons storage facilities destroyed
Several terrorists were reportedly killed in the strike, including a commander in Hamas’s military wing.
The IDF also targeted three Hamas weapons storage facilities in southern Gaza last week. Local residents were given advanced warning prior to the strikes, which led to the identification of Hamas terrorists attempting to transfer weapons from the site.
Taliban official kills Iranian-Kurdish mother and daughter after failed forced marriage attempt
A member of the Taliban murdered a 15-year-old girl and her Iranian-Kurdish mother after he failed in his attempt to abduct the teenager for a forced marriage, an informed source told The Jerusalem Post after information was published by the Kurdistan Human Rights Network on Monday.
Sara Yousefi and her mother, Chiman Hosseinzadeh, were said to have been killed by Mofti Mohammadollah, head of the Taliban’s Hajj and Endowments Department in Kohistanat district, when he attempted to take the young girl on May 8.
When Hosseinzadeh began resisting the attempted abduction, it was said that Mohammadollah opened fire on the pair.
“The gunshot wound to Sara’s chest also indicates that the perpetrator fired deliberately and with the intent to kill,” the source said.
Mohammadollah allegedly assaulted both Yousefi and Hosseinzadeh prior to the killings, the source continued, stating that the teenager’s face showed visible signs of injury and the house was left in a state that indicated there was a physical altercation.
The source added that Mohammadollah had already been married three times before seeking the hand of Yousefi, though the status of his three prior marriages remains unclear.
Murderer arrested, but family lives in fear of his influence
The teenager’s father had allegedly accepted Mohammadollah’s proposal “due to financial motivations,” though her mother did not approve.
Allegedly restricted from traveling to Iran, the source claimed relatives had been contacted prior to the two women’s deaths with requests to help them return to Hosseinzadeh’s homeland.
The mother and daughter were buried last week in Kahriz-e Sardar in Bukan.
Though the alleged perpetrator has been arrested and judicial proceedings are reportedly underway, the source told the Post that the victim’s family feels unsafe traveling to Afghanistan to oversee the legal process out of fear of Mohammadollah’s influence and power.
“They have little confidence that justice will be delivered through the Taliban’s courts and judicial system,” the source claimed, adding that the family had engaged with diplomatic channels in hopes of pressuring the Taliban to follow through on the proceedings.
“However, it does not appear likely that justice will ultimately be achieved in this matter,” the source said.
The murder of Yousefi and Hosseinzadeh comes amid a wider crackdown on the rights of women in Taliban-controlled Afghanistan. Since the terror group seized control in 2021, women have been stripped of many of the freedoms they enjoyed under the legitimate government.
We remind the de facto authorities that all people have the right to freedom of movement and that all persons, both women and men, are entitled to equality before the law.
— UNAMA News (@UNAMAnews) June 7, 2026
Girls around the age of 13 are banned from continuing to secondary school, women have been banned from attending universities, and the United Nations has warned that child marriages are expected to surge by 25% through 2026.
The United Nations Assistance Mission in Afghanistan also raised concern earlier this week about reports of women being detained for failing to comply with “dress requirements” set out by the Taliban. Local media reported that 21 women and girls were detained in Herat province.
Under the Taliban’s morality law, a woman’s face is considered awrah (intimate parts of the human body), so women are forced to wear clothing that fully covers their faces.
“UNAMA is concerned over multiple arrests and detentions of women in Herat…for alleged non-compliance with dress requirements, which raises serious human rights concerns,” UNAMA wrote in a post on X late on Sunday.
“We remind the de facto authorities that all people have the right to freedom of movement and that all persons, both women and men, are entitled to equality before the law.”
Over 100 UNRWA staff referred to US State Department over Hamas ties, Oct. 7 attacks
More than a hundred current or former UNRWA staff were referred to the US State Department for suspension or disbarment from their role in the UN agency for participating in the October 7, 2023, massacre and or their affiliation with Hamas’s military wing, the USAID Office of Inspector General (USAID OIG) confirmed last week.
UNRWA school principals, teachers, security personnel, attendants, psychosocial counselors, and medical professionals were among those referred.
Some of the 101 individuals had already been referred by the USAID OIG, but additional information was uncovered since the initial application.
Two deputy school principals at an UNRWA institution were referred by USAID OIG for serving in senior positions in Hamas’s Izzadin al-Qassem Brigade.
In one case, the UNRWA professional served as a deputy company commander in the Ain Jalut 5th Infantry Battalion, while the other was said to be a squad leader for the 2nd Infantry Battalion of the Khan Yunis Brigade.
Another deputy school principal was said to have served as a platoon commander in Hamas’s Nuseriat battalion and had communications responsibilities during the 2023 massacre, while a teacher who also worked as a soldier for the terror group was said to have delivered two anti-tank missiles to a prescribed location for use in the October 7 terror attacks.
UNRWA-affiliated commanders of Hamas fighting forces, soldiers
If the State Department chooses to disbar or suspend the 101 individuals identified by USAID OIG, they will be excluded from working across future US-funded aid organizations.
The referrals have already led to the disbarment of Hafez Mousa Mohammed Mousa, an operative of the Hamas East Jabaliya Battalion, who was found to have coordinated communications with other suspected Hamas members during the October 7 attacks while also serving as an UNRWA school principal.
A representative from UNRWA told The Jerusalem Post, “We take these allegations very, very seriously and any allegation of neutrality breach made against staff will be taken very seriously, and that includes alleged membership in sanctioned Palestinian groups.”
Asserting that the allegation would be treated seriously, whether it was made by Israel or another party, the representative added, “We have a zero tolerance policy for neutrality breaches, and that means there is no place in UNRWA for terrorists or criminals or those who don’t share the values of the United Nations.”
UNRWA provided information to USAID OIG for their referrals and offered to provide more information if needed, he added, concluding that the organization would be happy to respond to allegations where corroborated evidence is provided.
‘CBS News is on fire’: Scott Pelley accuses Bari Weiss of editorial interference after being ousted
Former CBS News correspondent Scott Pelley on Sunday accused CBS News chief Bari Weiss of editorial interference and called for her removal from the network’s leadership in his first interview since being fired, telling The New York Times that “CBS News is on fire.”
Pelley, who spent 37 years at CBS News as a White House correspondent, anchor of the CBS Evening News, and correspondent for 60 Minutes, said his firing came during a period of upheaval that included a controversial settlement with US President Donald Trump, the sale of Paramount to David Ellison, the appointment of Weiss to lead CBS News, and a series of dismissals at 60 Minutes.
Pelley recounts events leading to firing
Pelley described the recent changes at 60 Minutes as a shock, noting that they came after what he characterized as a highly successful season for the program.
He said staff members were stunned by the removal of senior leadership, including executive producer Tanya Simon, and the appointment of Nick Bilton as the show’s new executive producer.
According to Pelley, Bilton’s arrival raised concerns among staff because he lacked prior experience managing a television news operation.
Pelley also described a tense staff meeting during which he challenged Bilton’s appointment and questioned why longtime employees had not received a fuller explanation for the leadership changes.
Shortly afterward, Pelley said he was called into a meeting with CBS News president Tom Cibrowski and was informed that his conduct during the staff meeting constituted grounds for termination. Pelley denied allegations that he physically intimidated Bilton and said he was subsequently dismissed from the network.
Claims of editorial interference
A significant portion of the interview focused on Pelley’s allegations that Weiss attempted to influence coverage of politically sensitive stories.
Pelley told The New York Times that Weiss sought changes to a report on protests in Minneapolis related to immigration enforcement operations, arguing the edits would have portrayed protesters as more aggressive and aligned with the administration’s version of events.
He said he rejected the proposed changes after reviewing the underlying footage and concluded that the available evidence did not support the characterization Weiss wanted included in the report.
Pelley described the incident as an example of what he viewed as political influence being exerted on newsroom decisions.
CBS News disputed those allegations, telling The New York Times that Weiss’s comments were part of a standard editorial process intended to make the report “as strong, fair, and accurate as possible.” The network also rejected claims that Weiss had acted on behalf of a political agenda.
Calls for leadership changes
Pelley argued that the larger problem at CBS News was a lack of experience among members of the network’s new leadership team.
While acknowledging Weiss’s success as founder of The Free Press, he questioned whether she was qualified to run a major television news organization.
Asked directly whether Weiss should remain in her position, Pelley responded that she should not.
He also claimed trust inside CBS News had been severely damaged following the recent firings and leadership changes.
In the interview’s closing moments, Pelley expressed hope that Paramount leadership would reconsider the direction of the news division and restore what he described as stability and editorial independence.
“We can save this. It’s possible to land this plane,” he said. “But right now, CBS News is on fire.”
OpenAI Files to Go Public, Joining SpaceX and Anthropic in the IPO Race
SAN FRANCISCO — OpenAI, the company behind ChatGPT, said Monday, June 8, 2026, that it has taken the first formal step toward selling its stock to the public. In a statement, the company said it had recently submitted a confidential S-1 filing with the U.S. Securities and Exchange Commission, the required registration document companies file before launching an initial public offering.
OpenAI said it has not yet determined the timing of a public listing and cautioned that an IPO may still be some time away.
A confidential filing allows a company to submit its financial information to regulators for review before publicly disclosing its financial statements and business details. For OpenAI, the process carries particular significance. The company is valued at more than $850 billion, making it one of the most valuable private companies in the world, yet it continues to invest heavily in computing infrastructure, advanced AI models, and the massive data-center capacity required to support its growing products.
The filing places additional attention on Chief Executive Officer Sam Altman, who will ultimately have to persuade public-market investors that OpenAI can convert its enormous investments into sustainable profits. In a blog post Monday, Altman described the move as part of what he called the “third phase of OpenAI,” following its research phase and its product phase, during which hundreds of millions of users adopted ChatGPT and the company’s expanding suite of AI tools.
OpenAI is not entering the public markets alone.
Its chief rival, Anthropic, reportedly submitted confidential IPO paperwork roughly a week earlier, while SpaceX, led by Elon Musk, is expected to make its own highly anticipated public-market debut in the coming days at an estimated valuation of approximately $1.75 trillion.
The simultaneous march toward public markets by some of the world’s most valuable artificial intelligence and space technology companies marks a pivotal moment for investors. Each offering will provide new insight into how Wall Street values companies that are shaping the future of AI, cloud computing, automation, robotics, and advanced technologies.
The larger question is whether public investors are willing to support trillion-dollar valuations for companies that continue to spend aggressively on growth.
OpenAI has reportedly raised more than $180 billion and continues investing heavily in chips, data centers, research, and computing capacity. Various reports have suggested the company could seek a valuation exceeding $1 trillion when it eventually goes public, though OpenAI itself has not provided guidance on valuation expectations.
Reports have also suggested debate within the company regarding the pace of a public offering. While Altman has reportedly favored moving quickly toward a listing, Chief Financial Officer Sarah Friar has emphasized preparing the company for the scrutiny and disclosure requirements that come with being publicly traded.
Earlier this year, Friar told CNBC that it is “good hygiene” for a company of OpenAI’s scale to operate as though it were already public, reflecting the growing expectations surrounding transparency, governance, and financial discipline.
One element that could resonate strongly with consumers is OpenAI’s reported interest in making a portion of any future stock offering available to individual retail investors rather than limiting participation solely to large institutions. Friar has previously suggested she hopes ordinary investors will eventually have the opportunity to own a stake in the company behind ChatGPT.
According to reports, OpenAI is working with Goldman Sachs and Morgan Stanley on preparations related to a potential public offering.
The confidential filing marks only the beginning of the process. Detailed financial disclosures will remain private until later stages of the SEC review process, and regulators may take weeks or months to evaluate the filing before OpenAI is permitted to begin formally marketing shares to investors.
For now, OpenAI has taken only the first formal step toward becoming a public company. But the filing signals that the artificial intelligence industry is entering a new chapter—one in which investors will increasingly demand not only technological breakthroughs, but also clear paths to profitability, sustainable growth, and returns on the enormous capital being invested in the AI race.
If OpenAI, Anthropic, and SpaceX all reach public markets in the months ahead, the offerings could become one of the most consequential tests yet of investor appetite for the technologies reshaping the global economy.
JBizNews Desk
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Mortgage lock volume slid 9% in May, Optimal Blue reports
Mortgage activity slowed in May as rising interest rates dampened both purchase and refinance demand, according to Optimal Blue‘s May 2026 Market Advantage report.
The report, released Tuesday, found that total mortgage rate lock volume fell 9% from April, although it remained 7% higher than a year earlier. Purchase loans continued to dominate the market, accounting for more than 81% of all rate locks, while refinances represented 19% of volume, the lowest share since June 2025.
The average 30-year conforming mortgage rate, as measured by Optimal Blue’s Mortgage Market Indices, rose 13 basis points during the month to 6.44%. The yield on the 10-year Treasury note increased 5 bps to 4.45%, while the spread between mortgage rates and Treasury yields widened to just under 200 basis points.
“Purchase activity continues to be the loan purpose leader in spite of affordability pressures,” Mike Vough, senior vice president of corporate strategy at Optimal Blue, said in a statement. “More than four out of five mortgage locks were tied to purchase transactions in May, but the more notable shift may be what happened after borrowers locked.”
Vough said pull-through rates, which measure the percentage of locked loans that ultimately close, declined for both purchase and refinance loans as borrowers reacted to changing rate conditions.
Refinance activity saw some of the sharpest declines. Rate-and-term refi volume fell 34% from April, although it remained 46% above year-ago levels. Cash-out refinances declined 13% month over month but were still 7% higher than in May 2025.
Purchase lock volume decreased 5% from April but remained 3% above the same period a year earlier.
The report also showed borrowers increasingly turning to alternative loan products. Adjustable-rate mortgages accounted for 11% of production in May, the highest level since October 2022, excluding March 2026. Nonqualified mortgage (non-QM) loans made up 9% of total lock volume, up 83 bps from April and 207 bps from a year earlier.
Meanwhile, conforming loans continued to lose market share. Conforming mortgages accounted for just under 49% of total lock volume in May, extending a decline that pushed the category below 50% for the first time in April.
Federal Housing Administration (FHA) and nonconforming loans each accounted for 19% of volume, while U.S. Department of Veterans Affairs (VA) loans accounted for 13%.
On the secondary market side, lenders shifted execution strategies. Hedged loan sales into agency mortgage-backed securities fell to 41% of funded loan sales, while cash executions increased to 32%.
“We saw lenders continue to balance different execution options during May,” Vough said. “Agency MBS share declined while cash executions gained ground.”
Mortgage servicing rights (MSRs) values also increased during the month. Servicing values on conforming 30-year loans rose 7 basis points to 1.36%, reflecting stronger servicing economics as rates moved higher.
The report found some signs of softening demand among first-time homebuyers, who accounted for 44% of conforming purchase locks, 70% of FHA purchase locks and 44% of VA purchase locks. Each of these shares represented modest declines from April.
Borrower credit profiles remained largely unchanged. The average credit score for purchase borrowers held at 731, while average debt-to-income ratios remained stable across major loan programs.
Loan sizes edged higher, with the average locked loan amount rising to $395,536 in May, up from $394,046 in April. The average loan-to-value ratio was 81.6%.
Pipeline conversion weakened during the month. Purchase pull-through rates fell to 76.7%, down 539 basis points from April, while refinance pull-through dropped to 65.3%, a decline of 1,332 bps month over month.
Martin Shkreli Accuses IONQ Of Making Wild Bitcoin Mining Claims: ‘They Were Lying’
Martin Shkreli, also known as “Pharma Bro,” has escalated his stand against quantum computing firm IONQ Inc. (NYSE:IONQ), accusing the company of peddling exaggerated capabilities to crypto investors.
Responding to a prominent Bitcoin (CRYPTO: BTC) investor’s anecdote about a quantum firm’s impossible mining pitch, Shkreli bluntly declared, “They were lying.”
The ‘Trivial’ Bitcoin Pitch
The controversy ignited over a social media post from Mike Alfred, a value equity investor who sits on the board of Bitcoin mining company IREN Ltd. (NASDAQ:IREN).
Alfred shared that a major quantum company advised him to stop investing in crypto mining, claiming their technology made it “relatively trivial” to mine all remaining unmined Bitcoin in a mere 48 hours.
Shkreli explicitly named IONQ as the culprit behind the outlandish claim. “IONQ said this to a lot of people and they were lying,” Shkreli posted on X.
When a user expressed disappointment that he didn’t reiterate his usual call to short the stock, Shkreli casually responded, “I mean, yeah, of course.”
Carlsberg Moves Toward $700 Million India IPO as Global Brewers Bet on Growth
Danish brewing giant Carlsberg A/S is preparing to take its Indian business public in a deal that could raise as much as $700 million and become one of India’s most closely watched consumer-sector listings of 2026.
According to people familiar with the matter, Carlsberg is expected to file draft papers for an initial public offering of its India unit as early as this month. The proposed listing would give investors direct access to one of the fastest-growing beer markets in the world while allowing the Danish parent company to monetize part of a business it has spent nearly two decades building.
Carlsberg declined to comment on specific IPO plans but confirmed Monday that it is exploring options to enhance shareholder value, including a potential public listing, while emphasizing that no final decision has been made.
The planned transaction is expected to be structured primarily as a secondary share sale, meaning Carlsberg would sell a portion of its own holdings rather than issuing new shares through its Indian subsidiary.
That distinction matters. In a secondary offering, the proceeds generally go to the existing shareholder—in this case Carlsberg—rather than directly into the operating company. The strategy allows the brewer to unlock value from a rapidly expanding asset while maintaining a significant presence and control in the Indian market.
The company has reportedly hired Kotak Mahindra Capital, along with the Indian investment-banking operations of JPMorgan Chase & Co. and Citigroup Inc., to manage the proposed offering. The involvement of three major financial institutions signals that preparations are advancing, even though the final size and timing of the deal remain subject to market conditions.
The business being offered is substantial.
Carlsberg India holds approximately 22% of the country’s beer market, making it the nation’s second-largest brewer. Since entering India in 2007, the company has expanded to a network of 14 breweries, including eight owned facilities and six contract-manufacturing locations spread across the country.
India has become increasingly important to global beverage companies seeking growth outside slower-growing Western markets. With a population exceeding 1.4 billion people, a rising middle class, and growing disposable incomes, the country remains one of the few large consumer markets where beer consumption still has significant room to expand.
Investors evaluating a Carlsberg India IPO will likely compare it with United Breweries Ltd., the country’s largest listed brewer and maker of Kingfisher beer. United Breweries currently carries a market value of roughly $3.6 billion.
However, the comparison also highlights potential risks. Shares of United Breweries have fallen approximately 36% over the past year, significantly underperforming India’s benchmark Nifty 50 Index, which has declined about 8% over the same period.
The proposed offering comes amid a broader trend of multinational alcohol companies exploring ways to unlock value from their Indian operations.
Pernod Ricard, maker of Absolut Vodka and Chivas Regal whisky, has also reportedly examined a potential listing of its India business and hired advisers to evaluate options. The interest reflects confidence that India’s long-term consumer growth story remains intact despite periodic economic slowdowns.
Yet the industry faces challenges as well.
Brewers have recently warned about rising production costs, including higher prices for packaging materials, transportation, and key ingredients. Industry groups have also highlighted the complexity of India’s alcohol regulations, where each state sets its own taxes, distribution rules, and licensing requirements.
That patchwork system can make it difficult for producers to pass higher costs on to consumers and can squeeze profit margins even when sales volumes rise.
For investors, the attraction is straightforward. Carlsberg India offers exposure to a well-known global brand operating in one of the world’s most promising consumer markets. For Carlsberg, the IPO could provide a significant cash return while retaining a strategic foothold in a country expected to remain a major growth driver for the global beer industry.
What Comes Next
If Carlsberg proceeds with the filing, the draft prospectus will reveal key details, including the number of shares being offered, the proposed valuation, financial performance of the Indian business, and the exact stake the Danish parent intends to sell.
Until those documents are filed, the reported $700 million fundraising target remains an estimate and the structure of the transaction remains subject to change.
JBizNews Desk — Asia
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Bitcoin Set To Hit Market Bottom, Says Top Crypto Analyst—So, What Are The ‘Premier Accumulation Windows’ Of Interest?
Influential cryptocurrency analyst and trader Ali Martinez said on Monday that Bitcoin (CRYPTO: BTC) is nearing a bottom, marking the start of a major accumulation cycle.
Selling Pressure To Increase?
In an X thread, Martinez weighed in on the next possible moves of the apex cryptocurrency.
The analyst noted that Bitcoin’s latest crash to $59,000 has effectively flushed out overleveraged premiums across the board, with long-term holders selling over $3 billion in spot BTC.
Martinez said the distributed supply has temporarily pushed up exchange reserves, which is likely to increase short-term selling pressure.
BTC Levels To Watch Out For
Martinez further highlighted that after Bitcoin’s drop to $59,000, more than 10.46 million BTC …
A leader of the 2014 U.S. Ebola response compares then to now
In October 2014, when the Centers for Disease Control and Prevention warned that the Ebola outbreak in West Africa risked infecting 1.4 million Africans by 2015, Susan Reichle was the counselor to USAID in Washington, D.C. At the time, the CDC mounted the largest response in history, and for the first time in an Ebola outbreak. USAID was involved in the response, too.
It was a very different situation compared to the current outbreak in the Democratic Republic of the Congo and Uganda. In 2014, the world learned about the outbreak when there were 49 confirmed cases, and it took two-and-a-half months to get to 300 cases. This time, there were already hundreds of suspected cases by the time the CDC began its response, and 300 confirmed cases were reached within two weeks.
STAT+: Trump’s health care affordability czar touts Medicaid cuts to hospital leaders
NATIONAL HARBOR, Md. — Hospital finance leaders rolled out the red carpet for the Trump administration’s new health care affordability czar at an industry conference on Monday. He promptly took the main stage to champion Medicaid cuts that threaten their bottom lines.
Casey Mulligan, appointed by Robert F. Kennedy Jr. as the Department of Health and Human Services’ chief economist and chief regulatory officer in April, spent most of his speech at the Healthcare Financial Management Association’s conference praising the One Big Beautiful Bill Act’s cuts to state-directed payments, which the government projects could save $510 billion over 10 years.
State-directed payments work by first taxing Medicaid providers like hospitals and nursing homes, using that money to obtain federal Medicaid match dollars, and then redistributing the money to providers, often giving them more than they paid in taxes. Since 2024, some providers have gotten reimbursed at much higher commercial rates. The One Big Beautiful Bill Act will gradually trim those payments beginning in 2028 until they’re close to or on par with Medicare rates.
Opinion: Why STAT is sticking with ‘health care’ as two words
After the Associated Press Stylebook made the startling decision in April to shift from “health care” to “healthcare,” it set off a fierce debate not only in the STAT newsroom, where we use a lightly modified version of AP style, but among our readers.
As STAT’s director of editorial operations and a longtime copy editor, I consulted with my colleagues and also asked for readers’ help. The fight over a single space, which has raged for years, might look a little silly from the outside, and maybe it is. But it’s taken on perhaps outsize importance, and many people, including me, have strong feelings on the matter.
STAT+: Wearables, and the flood of data they generate, inch closer to entering the clinic
A major selling point for wearable devices is the promise that they’ll help identify hidden health conditions before they lead to major harm. But a nagging issue has been the connection to clinician guidance when a smartwatch or ring raises the alarm.
To help address this issue, wearable makers Oura and Whoop recently announced they’ll make it possible for users to connect virtually with doctors directly from their apps. While the move could represent the first step in the long-awaited adoption of consumer health data by traditional clinical care, experts cautioned that the bar for data in clinical decision-making is higher than for simple wellness purposes. The Food and Drug Administration has only authorized a handful of wearable features for clinical use, and the evidence base for using wearable data to inform medical care is nascent. Widespread use by clinicians will take considerably more work.
“This was an inevitable development,” said Ida Sim, a physician and professor at the University of California, San Francisco, who studies how to make best use of consumer health data. “We’ve got these sensors that have ostensibly valuable data … but we haven’t even begun to tap into the real clinical value.”
Opinion: Ending animal testing could set back xenotransplantation just as the field is poised for a breakthrough
Health secretary Robert F. Kennedy Jr. seeks to end all federally funded animal testing after concluding that “the predictivity of animal models is very, very poor for human health outcomes.”
In November 2025, Centers for Disease Control and Prevention staff were told that the agency would be required to phase out primate studies, and they are in the process of transferring their animals to a primate sanctuary. The National Institutes of Health, the largest funder of biological sciences in the U.S., has stopped issuing funding opportunities exclusively for animal models, sending a clear message that basic science conducted in animals small and large will no longer be a priority. Of the eight NIH-funded National Primate Research Centers in the U.S., one has been shuttered, and a second is exploring the possibility of converting to an animal sanctuary.
Institutions Don’t Mind Scooping Up Bitcoin At A Discount, Says Top Coinbase Exec
John D’Agostino, Head of Institutional Strategy at Coinbase Global Inc. (NASDAQ:COIN), said on Monday that institutional investors are happy at being able to purchase Bitcoin (CRYPTO: BTC) at a discount.
Whales Ready To Buy BTC Cheap?
During an interview with CNBC, D’Agostino said that investors, who have spent considerable time studying Bitcoin, are not dismayed by the cryptocurrency’s price dip.
“I can tell you that the family office is new in the UAE, and the government sovereign funds that are putting the effort into buying are not unhappy at being able to buy it at a discount,” said D’Agostino, who recently concluded a visit to the Middle East.
D’Agostino added that the infrastructure supporting Bitcoin and other cryptocurrencies is “shockingly stronger” currently than during previous bullish price periods, a factor that institutional investors weigh heavily.
“I’m seeing them [institutions] thinking about what the cheapest way is to buy an asset that they loved at $125,000, they liked at $100,000, and loved even more at $65,000,” the …
Kenyan police fire tear gas during protest against US Ebola quarantine facility
Kenyan police fired tear gas on Tuesday to scatter protesters in the central town of Nanyuki opposing a quarantine center for Americans exposed to Ebola that the US government has raced to build despite Kenyan court orders barring further work.
The proposed 50-bed unit on an air force base has angered many Kenyans, who accuse the United States of offloading the health risk of caring for those exposed to the Ebola outbreak in eastern Democratic Republic of Congo and Uganda.
Two people were killed in protests last week in Nanyuki, where frustration has grown among residents as Kenyan and US authorities publicly reaffirm their commitment to the plan in spite of the court orders.
Police fired tear gas to disperse small groups of protesters who had gathered early on Tuesday. One protester carried a white cross emblazoned with the phrase “Respect Ebola,” in red.
US President Donald Trump’s administration has said it “cannot and will not allow” any cases to enter the US, unlike during the 2014-2016 Ebola outbreak in West Africa when several infected US nationals were treated on US soil.
US military planes have continued to ferry in staff and equipment even after court orders blocking the plan
The Nanyuki facility is designated for Americans who have been exposed to the virus but are still asymptomatic. Patients who develop symptoms would be sent for care to other countries, US officials have said.
US military planes have continued to ferry in staff and equipment even after court orders blocking the plan, according to US and diplomatic sources and flight tracking data, with several aircraft expected to land this week.
Satellite imagery seen by Reuters shows an increasing buildup of white tents in the middle of a plot of land totaling around 0.046 sq km (11 acres) that was cleared within the Laikipia Air Base since May 27.
The United States has said it is aware of the court challenge and was “working with the Kenyan government to resolve any objections.”
Kenyan officials have said the facility would also serve Kenyans and foreign nationals in addition to American citizens, but US officials have not confirmed this.
Iran says ticket allocation for World Cup withdrawn days before tournament
Iran’s football federation (FFIRI) said on Tuesday that its ticket allocation for the World Cup has been pulled just days before football’s global showpiece kicks off, leaving supporters who had already made travel plans unable to attend their team’s matches.
“This is despite the fact that many Iranian football fans, relying on the officially announced process, had already made the necessary plans to attend the matches,” the FFIRI added in a statement.
This is a developing story.
Iranian citizens tell N12 they are ‘hostages’ of the regime, are against any deal
Residents of Tehran referred to themselves as “hostages of a cruel regime” in an interview with Israel’s N12 News on Tuesday, calling any potential deal with Iran a “betrayal.”
One Iranian spoke of the increased police and security presence in Tehran following a short period of strikes between Israel and Iran.
“The atmosphere is becoming more security-oriented again,” said Tehran resident Roshanek, noting the harsh security methods used by the forces during Operation Roaring Lion, in which authorities would arrest those found to have anti-regime content on their phones.
Iranian anti-regime activist Alireza Mashhad called on US President Donald Trump and Prime Minister Benjamin Netanyahu to continue the fight against Iran, specifically asking Netanyahu to end the regime for good, calling such action “the right thing” to do.
Any deal with the ayatollahs is a betrayal of freedom,” said Mashhad. “They do not attach any value to the people, and are not bound by any value or agreement.”
Another resident of Tehran, identified as “Omid,” told N12 of the hardships he and his fellow Iranians endure due to the actions of the regime, emphasizing that only Mojtaba Khamenei’s “cruel” government is to blame.
“If power plants are attacked in the coming days, if the water supply is cut off, if the refineries are damaged, if we have no electricity, and the lives of millions of citizens become even more difficult than they are today – remember who brought us to this point,” said “Omid.”
‘Omid’: Regime ‘robbed us of our future’
“This regime has sacrificed its own people for decades for its ideology and for its survival,” he added. “We are hostages of a cruel regime that destroyed our economy and robbed us of our future.”
Another Tehran resident, identified as “Yasmin,” said that she hopes for peace with Israel, telling N12 that she wishes Iran would join the Abraham Accords.
“Our problem is not with the people in Israel,” she said. “I hope that a day will come when Iranians and Israelis get to know each other not through war, military threats, or headlines.”
Federal judge strikes down Trump’s $100,000 H-1B visa fee, ruling it an unauthorized tax
A federal judge on Monday struck down a $100,000 fee that US President Donald Trump imposed on new H-1B visas for highly skilled foreign workers, concluding that it constituted an unlawful tax Congress never authorized.
US District Judge Leo Sorokin in Boston issued the ruling in a lawsuit filed by 20 Democratic state attorneys general challenging a fee Trump announced in September that dramatically raised the cost of obtaining H-1B visas, which tech companies in particular rely heavily on to bring in foreign workers.
The administration argued the fee constituted a lawful monetary penalty that the president was authorized to impose under federal immigration law, which gives him the power to restrict the entry of certain foreign nationals when he deems it “detrimental to the interests of the United States.”
But Sorokin concluded that the fee was not a penalty but a tax that the Republican president lacked any authorization from Congress to issue and that the US State Department and US Citizenship and Immigration Services could not implement.
“Here, the substance and application of the $100,000 payment reveal that it is a tax, regardless of what the payment is called,” wrote Sorokin, who was appointed by Democratic President Barack Obama.
The judge cited the US Supreme Court’s February ruling striking down Trump’s sweeping tariffs, which he pursued under a law meant for use in national emergencies. Under the logic of the justices’ decision in that case, Trump similarly had no authority under immigration law to levy a tax, Sorokin said.
President has ‘clear legal authority to restrict entry of aliens’
White House spokeswoman Taylor Rogers, in a statement, said the Trump administration is confident Sorokin’s order will be reversed on appeal.
“President Trump has clear legal authority to restrict entry of any class of aliens he determines is not in America’s best interests, and that is exactly what he did,” she said.
The H-1B program offers 65,000 visas annually, with another 20,000 visas for workers with advanced degrees, approved for three to six years. Employers seeking a visa for a foreign worker before Trump’s proclamation typically paid about $2,000 to $5,000 in fees, depending on various factors.
Trump, in imposing the hefty new fee, in a proclamation said the H-1B program “has been deliberately exploited to replace, rather than supplement, American workers with lower-paid, lower-skilled labor.”
The fee does not apply to visas granted to foreign citizens already in the United States on student visas, who generally make up a large share of new H-1B recipients.
Few employers have paid Trump’s fee since it was instituted. As of February 15, USCIS had received just 85 payments of the $100,000 fee, an agency official said in a March filing.
Enhanced vetting of H-1B applicatns, new visa selection process
The Trump administration has also ordered enhanced vetting of H-1B applicants and proposed a new visa selection process that would favor higher-skilled and better-paid workers.
The $100,000 fee prompted at least three different lawsuits challenging its implementation, including a case by the US Chamber of Commerce, which is appealing a December decision by a judge in Washington, who rejected its claims that Trump had no authority to set the fee.
California Attorney General Rob Bonta, a Democrat who led the multi-state coalition that filed the case before Sorokin, hailed his ruling for striking down Trump’s “unlawful and costly $100,000 tax.”
“This tax was an attack on America’s ability to attract and retain the high-skilled talent that strengthens our economy and helps us meet critical workforce needs,” he said.
Trump greeted with boos at NBA Finals in Madison Square Garden
Basketball fans greeted US President Donald Trump with a chorus of loud boos on Monday, as the Republican became the first sitting US president to attend the NBA Finals at Game 3 of the championship series between the New York Knicks and San Antonio Spurs.
Attending as a guest of Knicks president James Dolan, Trump stood in a luxury box at Madison Square Garden, the self-styled “World’s Most Famous Arena,” smiling as the sell-out crowd jeered and booed when he appeared on the Jumbotron during the national anthem.
“I thought it was amazing, actually,” Trump told reporters as he prepared to depart from JFK airport in New York. “You mean, when they had the camera on me? I thought it was very good.”
The incident marked the latest chapter in Trump’s complicated relationship with his former hometown, where fuming fans waited in lines that snarled around the sidewalks of Midtown Manhattan with extraordinary security measures in place for the presidential visit.
With New York commanding a 2-0 head start in the best-of-seven series against the San Antonio Spurs, the Knicks’ first home Finals game in 27 years was the hottest ticket in the five boroughs, with fans shelling out thousands of dollars to enter the American sports cathedral.
But a formidable security presence slowed entry to the arena for ticket-holders, as commuters and tourists navigated a maze of black metal fencing that restricted pedestrian traffic around the venue.
“I wish he wasn’t here. He’s not a real fan, and he’s just making things awful,” said Errol Ismail, a Brooklyn resident and owner of a fitness company, who tried multiple entrances to get into the venue. “We’ve waited a lifetime for this, and he’s made it about himself, like everything else.”
Trump’s approval rating remained near the lowest level of his political career, according to a Reuters/Ipsos poll conducted on Monday, with about 35% of respondents saying they approved of his performance.
The Spurs beat the Knicks 115-111 to cut New York’s series lead to 2-1.
CELEBRITIES POUR IN
New York City Mayor Zohran Mamdani told reporters ahead of Monday’s game that he purchased a ticket directly from Madison Square Garden for nearly $1,000. Mamdani and Trump have been critical of each other’s policy positions, but their meetings have been friendly.
The game attracted the Knicks’ usual roster of A-list fans to “Celebrity Row,” with filmmaker Spike Lee, Yankees legend Derek Jeter, and comedian Ben Stiller all in attendance.
Queens-born Trump has a difficult relationship with the heavily Democratic-voting city he once called home and was a vocal critic of activism within the NBA, accusing the league of becoming a “political organization” as many players protested racial injustice in the Black Lives Matter movement in 2020.
He faced cheers and boos when he attended the US Open tennis men’s final in Flushing, Queens, last year. Many ticket-holders missed the start of the match when security checks related to his attendance caused confusion and slowed entry.
Trump’s planned attendance on Monday ratcheted up security plans over the weekend.
A watch party for fans, traditionally held outside the arena for playoff games, did not take place on Monday due to security concerns, the New York Police Department said.
Several attendees told Reuters they welcomed the president as a fellow Knicks fan, but they declined to provide their names.
Other fans said they were taking a night off from politics.
“I was at the Garden in 1999 to watch the Knicks lose to the Spurs in Game 5. I’m not gonna let the president get in the way of my ecstasy tonight,” said Ben Wizner, deputy legal director at the ACLU, an organization that has filed dozens of lawsuits against the Trump administration’s actions.




































































































































































