Iranian Foreign Minister Abbas Araghchi dismissed the drone attack on the office of the Kurdistan Democratic Party leader, posting on X/Twitter on Monday that “Kurdish friends” should be aware of “false-flag ploys” aimed at “sowing discord between neighbors.”

Two drones targeted the office of Masrour Barzani, the Kurdistan Regional Government’s prime minister, and the home of the region’s intelligence chief in northern Iraq on Monday, the KRG security agency announced.

The attack was launched from Iranian territory, it said in a statement

“Nothing justifies the reckless attack on PM Barzani’s office. Kurdish friends should be vigilant against false-flag ploys to sow discord between neighbors,” Araghchi wrote. “We protected our Kurdish friends against Saddam and DAESH, and we’re thankful for security they’ve provided on our border.”

Iranian Foreign Ministry spokesperson Ismaeil Baqaei doubled down on Araghchi’s statements in comments to Iranian state media on Monday, describing the attack as “highly suspicious.”

Iranian Foreign Minister Abbas Araghchi speaks during a joint press conference with Turkish Foreign Minister Hakan Fidan (not pictured) in Tehran, Iran, November 30, 2025. (credit: MAJID ASGARIPOUR/WANA)

“This development is highly suspicious and requires all sides to exercise vigilance,” he told IRNA, adding that he had information indicating that Iraqi intelligence was holding groups responsible for planning and carrying out the “sinister plots.”

Security analyst accuses Iran’s response of being incomplete

Security analyst Roger Macmillan said that the response by the Iranian officials was lacking.

“The Kurdistan Counter-Terrorism Service didn’t just say ‘Iran did this.’ They named the munition type, two Hadid-110 drones, and stated a launch origin inside Iranian territory,” he explained.

“That’s a forensic claim, not a political one. A false-flag narrative needs to explain how a third party sourced and launched an Iranian-designated drone type from inside Iran’s own territory. Araghchi’s statement doesn’t engage with that detail at all; it simply asserts the incident is ‘suspicious’ and pivots to blaming unnamed others.”

The attack came after a report from Axios published on Sunday claimed that the Trump administration used Iraqi Kurdistan President Nechirvan Barzani as a backchannel to speak with the Islamic Revolutionary Guards Commander Ahmad Vahidi. The report was later confirmed by a spokesperson to Iran International.

Macmillan said that the fact that the strike came within days of the confirmation indicated that the motive behind the attack was to punish KRG and warn its leadership against making further admissions going forward.

IRGC attacks Kurdish territories, ‘Post’ confirms

Erbil has seen frequent attacks from Iran since the outbreak of the war. A Democratic Party of Iranian Kurdistan (PDKI) report seen by The Jerusalem Post claimed that between February 28 and August 1, the IRGC and affiliated groups were responsible for 423 attacks on five Kurdish organizations in the territory, resulting in 20 casualties. The Post has also previously spoken with Ardalan Mama, whose home was destroyed by an Iranian missile.

Since the outbreak of the war, Araghchi has frequently commented on the risk of alleged false-flag attacks. In March, he warned his Turkish counterpart of repeated false-flag operations aimed at undermining regional ties a day after NATO intercepted a ballistic missile fired from Iran over Turkey, and only weeks ago he described a drone strike on Egypt’s Damietta Port as an Israeli false-flag operation.

“Egypt is considered a friend and important partner in the region, and its security constitutes an utmost priority for us. We must all remain vigilant toward Israeli schemes and “false flag” operations that aim to undermine regional peace,” he wrote. “The threat is clear, shared, and fears Muslim solidarity.”

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Amylyx Pharmaceuticals said Tuesday that its experimental drug significantly helped patients who experience sudden drops in blood sugar after bariatric surgery, paving the way for its potential approval as the first treatment for the condition.

In a Phase 3 trial of people with post-bariatric hypoglycemia, or PBH, those taking the drug experienced a 55% reduction in the rate of serious low blood sugar events compared with those on placebo. This was better than expected; the study was statistically powered to show a 35% improvement over placebo.

A serious event is a medical emergency that could mean the person loses consciousness or experiences a seizure, so “any reduction in these hypoglycemic events would be very meaningful for people with PBH and their families,” said Amylyx co-CEO Justin Klee. To see such a large effect in the study “is just so exciting.”

Continue to STAT+ to read the full story…

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Saudi Arabia has placed financial transfers to the United Arab Emirates under extra layers of regulatory oversight reserved for countries considered high-risk for illicit money flows, according to three people with direct knowledge of the matter, the latest sign of a widening rift between the wealthy Gulf monarchies.

The measures, which were not announced publicly, could help explain why a number of companies say they have had difficulties transferring funds from accounts in Saudi Arabia to the UAE in recent months, an issue first reported by Bloomberg and the Financial Times in July. The enhanced oversight measures have not previously been reported.

Six businesspeople told Reuters their companies have had transfers in various currencies delayed or returned by Saudi banks with no official explanation.

Saudi Arabia’s central bank requires financial institutions to apply more checks when dealing with customers or jurisdictions that pose greater risks for money laundering, terrorism financing, and other crimes. Earlier this year, it notified key banks in the country to apply such measures when handling settlements with the UAE, said the three people with direct knowledge of the matter, who, like others, spoke on condition of anonymity.

A fourth person, a Western executive with operations in Saudi Arabia, said they received the same explanation when they asked their bank about transaction delays.

 Saudi Crown Prince Mohammed bin Salman receives The President of the United Arab Emirates, Sheikh Mohammed Bin Zayed Al-Nahyan, in Jeddah, Saudi Arabia, July 16, 2022. (credit: SAUDI PRESS AGENCY/HANDOUT VIA REUTERS)

Responding to questions from Reuters, the Saudi central bank said: “There are no direct restrictions on specific countries.”

It said Saudi Arabia has a robust regulatory framework to combat money laundering and terrorism financing in line with standards set by the Financial Action Task Force (FATF), a global watchdog based in Paris.

“All banks in the Kingdom apply necessary controls and preventive measures to mitigate risks based on their own internal assessments and institutional risk appetite, while also assessing various risk factors, including country and geographic risk,” it said.

A UAE official said its economy ministry has not received any reports from private-sector companies regarding difficulties or unusual delays in completing bank transfers between the two nations.

“The UAE and Saudi Arabia maintain deep and longstanding economic and commercial ties, supported by significant trade and investment flows,” the official said. “We remain in regular engagement with the private sector and relevant stakeholders, and would review any specific concerns brought to our attention through the appropriate channels.”

The additional scrutiny puts the UAE – a hub for real estate investment and the trade of precious metals and stones – among more than a half dozen countries in the region deemed high risk in Saudi Arabia for financial crimes, two of the sources said. They include Lebanon, South Sudan, and Iraq, which are on the FATF’s “grey list” of jurisdictions that need additional monitoring.

The FATF delisted the UAE in 2024 after it made improvements to its anti-money laundering regime, a decision some anti-corruption groups argue was premature. The United States has imposed sanctions on a number of UAE-based individuals and entities accused of raising or laundering funds for groups such as Iran’s Islamic Revolutionary Guard Corps and Somalia’s al Shabaab militants.

A Saudi insider said the enhanced oversight was intended as a “subtle message” to Emirati leaders about the importance of maintaining good relations following a period of escalating tensions between the two Gulf heavyweights – an interpretation shared by four regional financial-sector sources who were not briefed on the reasons for the measures.

Authorities in Saudi Arabia and the UAE did not answer questions about what may have prompted the move.

Sheikh Hamdan bin Mohamed Al Maktoum, Crown Prince of Dubai, UAE Deputy Prime Minister and Minister of Defence and Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and UAE National Security Adviser, arrive at Doha International Airport, in Doha, Qatar, September 10, 2025 (credit: REUTERS)

The two are major trading partners, but their ​interests have diverged over the years on everything from oil quotas and geopolitical influence to ​the race for foreign ⁠talent and capital.

UAE, Saudi Arabia clash over Yemen war

Simmering disagreements came into the open late last year over ​their support for opposing sides in the war in Yemen. Saudi Arabia accused the UAE of threatening its security by backing secessionist forces who made a push toward its borders.

There were more disagreements over how to respond to Iran’s war with the United States and Israel, even as Riyadh and Abu Dhabi sought to present a united front against Tehran’s attacks on Gulf nations.

Saudi Arabia and the UAE are so deeply enmeshed in trade, investment and logistics that analysts consider a full-blown economic rupture unlikely, saying it would serve neither country’s interests. The kingdom is the UAE’s largest trading partner in the Arab world, while the UAE was Riyadh’s fifth-largest export destination overall and its fourth-largest source of imports in 2024, according to data from the online platform the Observatory of Economic Complexity.

For all their differences, the Iran war has “solidified the rationale for cooperation” to secure vital interests, including reopening the Strait of Hormuz, said Justin Alexander, director of Khalij Economics, a Gulf-focused consultancy.

Top media officials from both nations posted synchronized statements on social media last month underlining the brotherly ties between the two.

Still, economic competition has been brewing for years as both attempt to reduce their reliance on oil-and-gas revenues and establish themselves as world-class financial and business centers.

Saudi Arabia pushing companies to move regional bases to Riyadh

While Dubai remains the Gulf’s main business hub, Saudi Arabia has pushed multinational companies to relocate their regional headquarters to Riyadh, making it a condition to secure big government contracts.

The businesspeople who spoke to Reuters said their difficulties with cross-border transfers began in the weeks after the UAE announced on April 28 that it was leaving OPEC, the group of oil-producing states effectively led by Saudi Arabia.

The head of a Dubai-based consultancy said some Saudi clients were struggling to make payments to the firm and had advised him to set up operations elsewhere.

Two other UAE-based companies received similar requests from clients, who said Saudi authorities asked them not to do business with firms in the UAE, according to an investor with stakes in both firms. The companies have been waiting weeks for payments from Saudi Arabia, in some cases for amounts below 1 million dirham ($272,257), which would previously have been processed in a few days, the investor said.

Authorities in Saudi Arabia and the UAE did not respond to questions about these accounts.

Three bankers said the enhanced oversight means transfers to the UAE pass through more hands and receive closer scrutiny from compliance departments. Some transfers take weeks to go through; others never make it, they said.

Three businesspeople said their firms now route payments via third countries to get around the issue.

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Hamas must honor its commitments to disarm or face an IDF operation to “finish the job,” US special envoy Jared Kushner told FOX News’s Trey Yingst on Monday.

Kushner’s comments came after meetings with Hamas and the National Committee for the Administration of Gaza (NCAG) in Cairo on Sunday, and respective meetings with Prime Minister Benjamin Netanyahu and President Isaac Herzog in Jerusalem on Monday.

“If they [Hamas] don’t follow through now on their commitment, everyone will see that they’re not genuine about peace, and then Israel will have a lot more support from the US and others to go and finish the job in the appropriate way,” Kushner stated.

The terror group affirmed its “commitment” to Trump’s 20-point peace plan, and the “15-point roadmap that we’ve been working on with them for the last four months, where they commit to giving up their weapons,” Kushner said.

“Time will tell whether that’s going to be implemented,” Kushner added.

President Isaac Herzog met with US Special Envoy Jared Kushner and Nikolay Mladenov, the Director-General of the US President Trump's Board of Peace, August 17, 2026. (credit: Shalev Shalom)

Kushner: Hamas said right things during meeting, but difficult to trust a terror organization that committed atrocities

Describing the behavior and comments of the Hamas delegation in Cairo, Kushner said that “they said all the right things, but obviously, it’s very, very hard to trust, you know, a terrorist organization that committed these terrible atrocities.”

“But we had a very cordial meeting, and they said all the right things, and so we’re giving them a chance to perform… it’s going to be based on actions and steps, and I hope it will be true,” Kushner told Yingst.

“We could be seeing progress, you know, in as much as in as little as 30 days,” Kushner told Yingst regarding the planned pace of demilitarization operations.

“Hopefully, on starting to take some of the weapons out, and hopefully, you know, filling in some of the tunnels as well in the next 60 to 90 days as well,” he added.

“For Israel, we think this is a win-win situation because if Hamas actually gives over the weapons and the tunnels willingly over the next 60 to 90 days, that obviously would be the elimination of a huge security threat for Israel, almost an unthinkable achievement,” he stated.

Trump admin. will not allow Gaza to be rebuilt until Hamas demilitarizes, Kushner says

The Trump administration will “not allow Gaza to be rebuilt until demilitarization occurs,” Kushner stated.

“We’re also not going to restrict Israel’s right to defend itself if there are any imminent threats,” he added, noting that his delegation “had to clarify what that means” during the four-hour meeting with Netanyahu.

“Israel has a strong desire to live in peace,” Kushner told Yingst.

“They’ve been through three years of war. It’s been very, very hard for the country, very hard for the people. I think there’s a lot of emotion in Israel and in the region,” he continued.

“As I travel around the region, I do think people are tired of war. I think they’re ready for something new… But it’s just sometimes hard. You know, who’s going to take the first step, and how do you build trust when there’s so little trust that’s now been eroded?” he added.

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Anti-Israel protesters demonstrated outside the Israeli Embassy in Washington on Monday, including by pouring red liquid on the ground and setting up fake graves covered in Palestinian flags, footage from the Combat Antisemitism Movement showed.

Among the signs held by the protesters were ones reading “No place for Israel in a good world” and “Israelis are baby killers.”

This is a developing story.

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A 75-year-old suspect was arrested for allegedly vandalizing the Basimta cafe in Jerusalem, following weeks of haredi (ultra-Orthodox) protests against it for being open on Shabbat, Israel Police announced on Tuesday.

According to the police, the suspect is thought to have vandalized the cafe with graffiti, thrown garbage at it, and damaged the cafe’s lock.

The suspect had restrictive conditions on her extension by the court, which also barred her from approaching or entering Basimta.

Ultra-Orthodox protesters demonstrate against a cafe operating on Shabbat and clash with Israeli police, while secular protesters hold a counter-demonstration in support of the cafe in central Jerusalem, August 8, 2026.  (credit: OREN BEN HAKOON/FLASH90)

Haredim protest cafe for being open on Shabbat

The cafe has seen protests against it being open on Shabbat every weekend for seven consecutive weeks, alongside counterprotests in support of the business owners.

On July 4, the first Saturday it drew protesters, dozens of haredi demonstrators, many of them reportedly minors, descended on the cafe in four separate waves, surrounding it, banging on its windows and overturning tables, according to cafe staff and footage circulated online.

Last month, it was revealed that the cafe is an official project of Jews for Jesus, a flagship organization of the diffuse movement of Messianic Judaism, which believes in the divinity of Jesus while claiming to practice Judaism, an overlap that no denomination across the Jewish world accepts as compatible.

Theia Chatelle contributed to this report.

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The U.S. government is giving Raytheon a $22.9 billion, seven-year contract to dramatically expand Tomahawk missile production, pushing annual output from roughly 60 missiles to more than 1,000.

The deal is designed to replenish inventories and rebuild the industrial capacity needed to manufacture precision weapons at a far larger scale than in recent years.

That makes this more than a defense-contract story.

For decades, the U.S. defense industry was structured around relatively predictable peacetime production. The new contract signals a shift toward long-term guaranteed demand intended to support factory expansion, supplier investment, workforce hiring and production-line modernization.

Tomahawk missiles are among the most widely recognized U.S. long-range precision weapons and are launched from ships and submarines.

Increasing production by more than sixteen-fold requires far more than adding assembly shifts. Suppliers must increase output of propulsion systems, guidance electronics, warheads, casings and other specialized components, many of which come from smaller manufacturers deep in the defense supply chain.

That is why the length of the contract matters.

A seven-year commitment gives companies more confidence to invest in new equipment and capacity because they have clearer visibility into future orders.

The broader economic effect could stretch well beyond Raytheon.

Major weapons programs support networks of machine shops, electronics firms, materials suppliers, logistics companies and engineering contractors across the country. A production increase of this magnitude can translate into substantial new capital spending and hiring throughout that network.

It also reflects a larger change in how Washington is approaching military procurement.

Recent conflicts have exposed how quickly advanced munitions can be consumed and how slowly complex weapons can be replaced when production lines are small.

The Pentagon is now increasingly using multiyear contracts and large guaranteed orders to persuade manufacturers to invest before inventories become critically low.

That can reduce the cost per weapon over time, but it also locks the government into large spending commitments years in advance.

For Raytheon, the contract creates something every manufacturer values: unusually strong demand visibility.

For the broader defense industry, it sends a clear message that the U.S. wants production capacity built not around the quantities needed today, but around what could be required during a sustained conflict.

Moving Tomahawk production from roughly 60 missiles a year to more than 1,000 would represent one of the most dramatic manufacturing expansions in the modern U.S. defense industry.

And it shows how quickly military readiness is becoming an industrial-capacity question as much as a battlefield one.

JBizNews Desk | Washington

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Americans still aren’t moving, so they are fixing up the houses they already own — and doing it one small job at a time. That is what showed up in Home Depot’s books Tuesday morning. The chain reported sales of $47.9 billion for the quarter that ended in early August, up $2.6 billion or 5.7% from a year earlier, with sales at stores open at least a year rising 1.7% and U.S. same-store sales up 1.3%. It left its full-year targets exactly where they were.

“Our second quarter results exceeded our expectations. We saw broad based demand across the business as customers continued to engage in smaller projects,” said Richard McPhail, the company’s chief financial officer.

The shape of the quarter matters more than the headline number. Customer transactions actually fell about 1%, but the average receipt rose to $92.50 from $90.01 a year ago — roughly $2.50 more per trip. Fewer visits, fuller carts. That is the signature of a repair-and-maintain market rather than a renovation boom: a water heater, a bathroom vanity, paint and lumber for a deck, not a gut kitchen.

McPhail described conditions as a frozen housing market, and said the 1.7% same-store number was the company’s best since late 2022.

On profit, net earnings came in at $4.8 billion, or $4.79 per diluted share, against $4.6 billion and $4.58 a year earlier. On an adjusted basis, which strips out one-time items, earnings were $4.92 per share compared with $4.68.

What the company did not do was raise its outlook. Home Depot still expects full-year sales growth of about 2.5% to 4.5% and comparable sales anywhere from flat to up 2%, with operating margin of 12.4% to 12.6%. After a quarter that came in ahead of plan, holding the range steady says management is not counting on a housing recovery in the back half of the year.

Costs are part of that caution. The company said its guidance includes tariff refunds it expects will partially offset unplanned fuel, energy and other product input costs, which McPhail said lets the retailer hold prices where customers expect them.

The results came without the chief executive. Ted Decker, 63, began a temporary medical leave announced last week, with McPhail and senior executive vice president Ann-Marie Campbell splitting his duties. He is expected back within a few months and did not join the earnings call.

For the ordinary homeowner, the read-through is simple. Mortgage rates remain higher than a year ago, and the resale market has been stuck since 2022, which means the household that would have traded up is instead spending that money on the property it is sitting in. Home Depot’s aisles are where that decision gets made, about $92 at a time.

JBizNews Desk | Atlanta

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This was a headline I’d been waiting to see.

“Boiler room raised $74 million selling retirees SpaceX, Anduril, Anthropic, and Perplexity while reaping ‘massive hidden fees,’ SEC claims,” my colleague Amanda Gerut wrote last week, outlining a case that the SEC has brought against a Long Island-based financial firm it’s calling a pre-IPO “boiler room.”

At the center of the SEC’s allegations, The Spaventa Group, run by former broker Andrew Spaventa. The complaint, filed Friday, is a doozy: The SEC is alleging that Spaventa and his firm had a force of more than 100 agents, making thousands of phone calls, to sell shares in pre-IPO darlings—with no hidden fees. The companies the agents were (again, allegedly) selling were the sexiest private company names out there, including Anduril, Anthropic, Perplexity, and SpaceX (before its IPO).

That there was an alleged boiler room scam running in the tri-state area, amid a legendary, AI-fueled run-up in the private markets isn’t surprising. (I’ve written extensively about the absolute exuberance—and likely fraud—that’s bound to emerge from this time, as investors chase phantom Anthropic shares, and the secondary market is both massive and unregulated). What is surprising is here the scale that the SEC says the scam hit, as Fortune’s Gerut wrote: 

“More than 800 people bought in. Most were retail investors, and more than 650 put in $100,000 or less, while over 100 were retirees, according to the Securities & Exchange Commission. The alleged boiler room raked in more than $74 million for 11 private funds run from offices on Long Island and New Jersey over the course of four and a half years from December 2020 to June 2025. 

Despite the promise of no rip offs from “unnecessary fees,” investors paid on average 46% more for their positions than Spaventa’s own companies paid to get them, the SEC alleged in a complaint filed on Friday in the Southern District of New York. In some cases, the premium ran as high as 91%. Investors allegedly had no idea the markups were so high.” 

Freeze frame; 800 people buying in, most with $100,000 or more, with more than 100 retirees, to the tune of an eventual $74 million—that’s a real scale-up from the last high-profile pre-IPO fraud chase the SEC brought this year, when the regulator brought a case against Giovanni Pennetta, alleging he’d misappropriated $10 million investor dollars while selling fraudulent shares of companies like Anduril. (Pennetta ultimately pled guilty to one count of wire fraud.)

Importantly, Spaventa denied the SEC’s claims when my colleague reached him by phone. 

But I’ll be following this case as it goes on—and others like it. Because regardless of how the Spaventa case plays out, we haven’t heard the last of the SEC on the chaotic swirl of demand that’s led to the increasingly public private markets. 

See you tomorrow,

Allie Garfinkle
X:
@agarfinks
Email: alexandra.garfinkle@fortune.com

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New Mexico Attorney General Raúl Torrez is reportedly working with state lawmakers to draft two new bills strengthening consumer protections and child safety online, the day before 29 state attorneys general are set to face off against Meta in a separate federal trial in Oakland, California.

The legislation, which is expected to be announced in the coming weeks, would extend beyond social media to cover artificial intelligence and chatbots.

“I think there’s a lot of momentum coming out of our victory in court, and the idea is to build on that momentum,” Torrez told the Guardian.

The timing lines up two fronts in the fight over Meta and child safety: Torrez’s push at the state legislative level, building on New Mexico’s own $942 million verdict against the company, and Tuesday’s opening statements in the federal case brought by California, Colorado, Kentucky and New Jersey as part of the broader 29-state coalition that sued Meta in 2023.

One of Torrez’s bills would remove the cap on penalties for violating New Mexico’s consumer protection laws. “What we are going to do is continue to lobby Congress for that, but also to work at the state level to try and build not only a comprehensive social media safety bill, but also to reform and update our consumer protection laws,” he told the Guardian.

Torrez said his office is also pursuing a second, separate case against Meta over data privacy and civic harms, with a trial expected to begin in September. In addition, he is preparing to file a lawsuit against an AI company over a chatbot he said children have formed emotional attachments to. The New Mexico Attorney General’s office declined Fortune’s request for comment.

“We disagree with the ruling and will appeal,” a Meta spokesperson told Fortune. “We work hard to keep people safe on our platforms and have been transparent about the challenges of identifying and removing bad actors and harmful content. We remain confident in our record of protecting teens online and will continue to defend ourselves against claims that misrepresent the facts.”

New Mexico’s legislative effort follows an Aug. 6 ruling in which First Judicial District Judge Bryan Biedscheid ordered Meta to create a $567 million abatement fund on top of $375 million in civil penalties a jury had already imposed in March, bringing the company’s total New Mexico liability to $942 million. The court also imposed reforms lasting five years, including age verification, overnight limits on push notifications, and mandatory time-use limits for users under 18.

An ongoing debate between privacy and security

That tension between the popularity of age verification mandates and the privacy and enforcement problems they raise has defined the broader fight over kids and social media this year. Congress has moved in fits and starts on the Kids Online Safety Act and the App Store Accountability Act, while the Federal Trade Commission has pulled back from social media rulemaking even as kids spend more than four hours a day online. Most Americans doubt existing age verification laws will actually work, and reporting has shown Gen Alpha users easily find ways around the age checks that do exist.

Child safety advocates, on the other hand, welcomed Torrez’s legislative push.

“We applaud Attorney General Torrez and attorneys general across the country who are holding Meta and other Big Tech platforms to account for their treatment of kids and teens,” Haley Hinkle, policy counsel at child advocacy group Fairplay, told Fortune. “States have been leading the charge to improve our children’s safety and data privacy online. We urge Congress to join the states in this leadership by passing the Kids Online Safety Act, bringing baseline safety by design standards to all children in the U.S.”

Julie Scelfo, founder and executive director of Mothers Against Media Addiction (MAMA), told Fortune: “It shouldn’t matter if a company manufactures food, toys, vehicles or digital products. Consumer product safety is the bedrock of a healthy society, and it is long past time for lawmakers to impose basic safeguards to protect children online, ones that Big Tech clearly is unwilling to implement on their own.”

“No company should be allowed to profit from products that intentionally addict and harm our kids. We applaud AG Torrez, as well as other attorneys general and lawmakers nationwide, for helping bring consumer and child safety into the 21st century,” Scelfo continued.

Tuesday’s federal fight

In the Northern District of California tomorrow, opening statements begin the case brought by the 29 states against Meta. They allege the social media giant designed Facebook and Instagram to keep children and teens on the platforms longer, to the point of physical and mental harm.

They accuse the company of illegally collecting children’s data in violation of COPPA, the same federal children’s privacy law at the center of the FTC’s rulemaking retreat. The case follows a Ninth Circuit ruling this month rejecting Meta’s bid to use Section 230 immunity to halt the trial, a decision that also cleared the way for thousands of other pending social media harm lawsuits.

The trial is expected to run seven weeks, with Meta CEO Mark Zuckerberg and Instagram head Adam Mosseri both expected to testify. According to a July court filing by Meta, potential damages in the broader litigation could exceed $1.4 trillion. The company currently has a $1.5 trillion market capitalization.

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If you could design an oral treatment that limits appetite and mimics some effects of physical activity, you might call it exercise in a pill. Now a company is releasing early results for a compound to do just that.

The pill, the company hopes, can maintain weight loss without the common gastrointestinal effects of GLP-1s. The component of exercise it is designed to re-create is preservation of lean muscle mass, a concern when people yo-yo on and off GLP-1 drugs, losing more muscle each time.

Enveda, a 5-year-old biotech based in Boulder, Colo., announced Phase 1 results in a press release Tuesday for an oral drug candidate that imitates lactate phenylalanine (lac-phe for short), a small molecule metabolite discovered by Stanford scientists. Those researchers showed in a 2022 Nature paper that lac-phe can suppress appetite and lower obesity in animals. Lac-phe and ENV-308, Enveda’s chemically engineered version, both act on leptin, a hormone that has been the target of scientists and drug developers for decades. If confirmed in clinical trials, the company says, ENV-308 would be the first “leptin sensitizer in a pill.” 

Continue to STAT+ to read the full story…

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Israeli low-cost airline Israir Airlines received approval to sell tickets for flights to the US, the airline announced on Tuesday.

The US Department of Transportation gave the initial approval to sell tickets, the airline stated, while noting that the US Federal Aviation Administration (FAA) is continuing the review before granting final approval for Israir to operate flights to the US.

Israir “is in continuous contact with the FAA and is working in full cooperation with the relevant authorities, with the expectation that the approval proces will be completed as soon as possible,” the airline said.

“As soon as the FAA authorizes Israir to fly to New York… Israir will immediately start operating the flights, and, as a result, start selling tickets,” the airline stated.

An Israir Airlines plane takes off from Ben-Gurion Airport, outside Tel Aviv, August 4, 2026. (credit: YOSSI ALONI/FLASH90)

Israir to fly to New York from October, airline forecasts

The airline is planning to operate flights on the New York route from October 19 onwards, it added.

As of August 18, the flights are not available on the website. Tickets are expected to go on sale from “next week,” the airline said.

Israir’s other destinations include only two locations outside Europe and the Caucasus, namely, Zanzibar, Tanzania, and Marrakesh, Morocco.

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The U.S. 30-year Treasury yield is trading at levels last seen 19 years ago, near the onset of the 2008 global financial crisis.
The 30-year Treasury yield was trading at 5.32 percent as of 3:15 a.m. on Aug. 18. The last time the rate was at this level was in June 2007. The recent spike in Treasury rates comes as a 60-day negotiating window tied to a ceasefire framework between the United States and Iran ended this week, without any agreement to end the war or fully reopen the critical Strait of Hormuz, creating uncertainty among investors.
Recent data on jobs and inflation have also not been promising. The U.S. job market unexpectedly lost 23,000 jobs in July, diverging considerably from consensus estimates of 80,000 new job additions. While the 12-month inflation rate fell slightly from 3.5 percent in June to 3.4 percent in July, it still remains high compared with the 2.4 percent rate in February before the U.S.–Iran war broke out….

This post was originally published here. 

Good morning,

Spirit Airlines may have gone bankrupt, but its data lives on. 

Google has reportedly purchased Spirit’s trove of operational and customer data as part of the carrier’s bankruptcy wind-down, scooping up years of booking patterns, pricing behavior, and customer service logs to help train its AI. 

Almost ironically, the budget airline famous for charging extra for literally everything—carry-ons, seat selection, printing your boarding pass at the counter—is now cashing in on the one thing it never charged for, the data it collected watching customers try to avoid those fees.

Here’s what moved the needle in tech today.

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Nvidia is putting its balance sheet behind one of the largest artificial-intelligence infrastructure projects ever attempted, agreeing to provide up to $105 billion in guarantees to support OpenAI’s lease of a massive data-center campus in Ohio.

The chipmaker will also invest $1.5 billion in SB Energy, the SoftBank-owned developer building the project in Pike County. OpenAI is expected to lease the site for 20 years, while Nvidia will be the exclusive chip supplier. 

The scale is extraordinary.

The campus is planned to reach as much as 8 gigawatts of computing capacity, with the first 800 megawatts expected to come online in 2028. For perspective, one gigawatt is roughly enough electricity to power about 750,000 U.S. homes on average. 

But the most important part of the deal is not simply its size.

Nvidia is increasingly using its enormous financial strength to help build the infrastructure that creates future demand for its own chips.

The guarantee covers part of the project’s lease and power obligations and helps ensure that the completed data-center property maintains a minimum value if OpenAI fails to meet its commitments. That financial backing makes it easier for the developer to raise the enormous amounts of debt required to construct the facility. 

In practical terms, Nvidia is no longer just waiting for customers to build data centers and order GPUs.

It is helping make those data centers financially possible.

That strategy could generate enormous returns if AI demand continues growing. Nvidia CEO Jensen Huang said the Ohio site alone could ultimately generate as much as $200 billion in Nvidia revenue, while the company estimates its broader OpenAI relationship could produce up to $600 billion in revenue by 2030. 

There is also significant risk.

When a supplier begins financially supporting the infrastructure used by its own customers, investors have to consider how much demand is truly independent and how much is being encouraged by financing relationships inside the same ecosystem.

Nvidia has rejected suggestions that the arrangement represents circular financing, arguing that it is using its scale and visibility into future demand to secure long-lived infrastructure where generations of Nvidia hardware can operate.

The Ohio project also shows why the AI race is increasingly becoming an energy race.

SoftBank and SB Energy plan to develop at least 10 gigawatts of new power generation and invest another $4.2 billion in regional grid infrastructure to support the campus. The project is expected to create roughly 35,000 construction jobs and 2,500 permanent operating positions. 

The bigger shift is what Nvidia is becoming.

For most of the AI boom, Nvidia was viewed as the company selling the picks and shovels.

Now it is increasingly helping finance the mine.

JBizNews Desk | Ohio

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

Pressure is growing among senior Likud officials on Prime Minister Benjamin Netanyahu to use the “swap” provision approved before the primaries to move Minister Avi Dichter into a realistic position on the party slate.

This message is now being conveyed to Netanyahu primarily because of Dichter’s status as a former Shin Bet (Israel Security Agency) chief and concerns that Likud could enter the election without a senior security figure in a realistic position.

Dichter was pushed outside the realistic range in the primaries, and the result has raised concern among senior Likud officials. Following the retirement of Yoav Gallant, Dichter is considered the most prominent security figure among the party’s senior members, and Likud officials believe his presence on the slate has electoral importance in an election campaign in which security issues are expected to play a central role.

The possibility of returning Dichter to a realistic position is already anchored in Likud’s election rules. Before the primaries, the party’s Constitution Committee approved a mechanism allowing Netanyahu to move a candidate who competed in the primaries into a position designated for one of the party chairman’s reserved slots, while moving the reserved candidate to a lower position. The mechanism became known as the “swap.”

The provision that could now help Dichter was at the center of a fierce dispute before the primaries. Petitions were filed against it with the Likud court, including claims that it was intended to allow certain candidates to be promoted. Haim Katz was mentioned at the time as one of those who could potentially benefit.

Israeli Minister and Likud member Haim Katz arrives for a meeting of the Likud Secretariat Committee at the Knesset, Israel’s parliament in Jerusalem, June 28, 2026. (credit: CHAIM GOLDBERG/FLASH90)

The court rejected the petitions and approved the provision, reasoning that the promotion would come at the expense of a position reserved for the party chairman and therefore would not push back another candidate elected by party members.

Likud court president supports preference for primary candidates over reserved

Likud court president Michael Kleiner expressed support in principle for giving preference to a candidate who competed in the primaries over a reserved candidate. Kleiner said he supported “any step that advances a person who competed and was elected over a person who was given a reserved spot.”

At this stage, pressure among senior officials is focused on Dichter. Other names could come up later, but no similar consensus exists around another candidate. The decision now rests with Netanyahu.

Using the provision for Dichter would mean using one of Netanyahu’s reserved slots to promote a minister who competed in the primaries, rather than bringing in a new candidate from outside the party. The provision, which sparked a battle even before the vote, could now be used for the first time following the results, returning Dichter to a realistic position on the Likud slate.

This post was originally published on here. 

The Strait of Hormuz will remain closed until the United States meets the conditions of the interim deal with Iran, including lifting the marine blockade and sanctions, as well as freeing Iran’s frozen assets, Iran’s top negotiator Mohammad Bagher Ghalibaf said in comments published by state media on Tuesday.

Ghalibaf claimed that the US only agreed to the original Islamabad Memorandum of Understanding (MoU) “out of desperation,” alleging that the US reneged on the commitments outlined in the MoU to compensate for what he alleged was “heavy political defeat.”

This is a developing story.

This post was originally published on here. 

The State Attorney’s Office filed an indictment with the Beersheba District Court on Tuesday against Abdullah Gergawi, 20, from the Bedouin town of Shaqib al-Salam, Israel Police announced on Tuesday morning.

Gergawi was arrested on July 19 on suspicion of having contact with a foreign agent, possessing weapons, and planning to carry out a terror attack near the Forum Club in Beersheba.

Police said that Gergawi had intended to use a booby-trapped vehicle to target the nightclub. 

It added that the investigation revealed that Gergawi had been in contact with ISIS activists and consumed related terror content, as well as planning to join the organization in Syria.

This is a developing story.

This post was originally published on here. 

Energy Minister Eli Cohen won the first slot in the Likud’s Knesset slate, it was confirmed on Tuesday morning, following counting of the votes in the ruling party’s primaries held across the country on Monday.

The voter turnout reached 53.5%, with 76,068 party members voting in the primaries, up about ten percentage points from the primaries held four years ago, taking into account the difference in voting hours, the Likud stated.

The primaries came amid fierce internal tensions over changes that have expanded Prime Minister Benjamin Netanyahu’s control over the party’s Knesset slate, which have made the primaries more competitive than in past years. The prime minister was granted the authority to determine eight slots within the first 30 spots on the party list last month following a vote on the controversial decision by the Likud Central Committee.

Cohen was followed at the top of the Likud slate by Knesset Speaker Amir Ohana and Justice Minister Yariv Levin, alongside Transportation Minister Miri Regev and coalition chairman Ofir Katz to round out the top five.

The rest of the top 10 consists of Education Minister Yoav Kisch, Culture and Sports Minister Miki Zohar, Deputy Minister Almog Cohen, Diaspora Minister Amichai Chikli, and MK Dudi Amsalem.

Prime Minister Benjamin Netanyahu and his wife Sara arrive to cast their vote at a polling station in Jerusalem, August 17, 2026 (credit: CHAIM GOLDBERG/FLASH90)

MKs Moshe Saada and Tally Gotliv, the latter of which was reportedly targeted for “political elimination” by the prime minister, received realistic slots ahead of the upcoming election.

Communications Minister Shlomo Karhi and MKs Boaz Bismuth, Nir Barkat, and David Bitan were all hovering around the cutoff for realistic Knesset slots.

Women’s Advancement Minister May Golan, Innovation, Science, and Technology Minister Gila Gamliel, Environmental Protection Minister Idit Silman, and MKs Hanoch Milwidsky, Keti Shitrit, Ariel Kallner, Avi Dichter, and Nissim Vaturi have not reached realistic positions and are expected to remain outside the Knesset.

After the completion of the vote count, Netanyahu hailed Likud’s new list as one of “renewal and integration,” adding that he was very pleased with the results.

“The new Likud list reflects renewal and the integration of new figures at the top of the list,” the Likud stated. “Together with the reserved slots to be filled, which will further strengthen the list, the Likud team led by Netanyahu will lead the party to a major victory and the establishment of a broad national government immediately after the election.

“This is the only way to prevent a left-wing government made up of Eisenkot, Yair Golan, Liberman, and the Arab parties,” the Knesset’s ruling party added.

Because of the slots reserved by Netanyahu, candidates ranked as high as 17th initially could be pushed as low as 25th on the final adjusted slate. The district slots also affect the picture: the candidate ranked 18th in the raw results will be placed 32nd on the adjusted slate.

Likud had announced last week that one of Netanyahu’s first reserved slots would go to entrepreneur and businessman Oren Dobronsky. Additional reserved slots were later granted by Netanyahu to three ministers: Defense Minister Israel Katz, Foreign Minister Gideon Sa’ar, and Likud Central Committee Chairman Haim Katz, who also holds multiple ministerial portfolios.

Accusations of fraud at Likud polling station in Yeruham

Overnight, Minister Golan and MK Amit Halevi filed complaints with the Likud Central Election Committee, demanding an immediate halt to the vote count at the Yeruham polling station, alleging repeated incidents of erasures, alterations, and vote markings were taking place during the count in ways that did not correspond with the names of the candidates being read aloud.

In some cases, the records were corrected only after the observer at the site intervened and demanded the amendments.

Golan and Halevi demanded that the count be stopped immediately and that a reinforced team of lawyers and Election Committee representatives be sent to the polling station.

Posters of Likud members running in the party primaries with the corresponding numbers to vote for each one, August 17, 2026. (credit: Liron Moldovan/Flash90)

Additionally, following a report by Amit Segal that Netanyahu had received polls showing that Likud would lose seats if Gotliv were elected near the top of the slate, and Netanyahu’s statement that he trusted Likud members to make the right considerations, Gotliv claimed on Tuesday morning on her X account that some polling stations had forged forms that did not include her name.

“Stay alert. Likud functionaries and vote contractors are hysterical over the power of the free votes,” she wrote.

The Likud primaries were held throughout Monday, with polling stations opening at 10 a.m. and closing at 9 p.m. with a total of 107 designated polling sites set up across the country.

Likud has for years prided itself on conducting primaries in which its registered members are eligible to vote for the Knesset list. Parties are not required to hold primaries in Israel, and only a few do so.

The party currently has around 40 ministers and MKs serving in the government and Knesset, but recent polls project the party winning only around 22 seats, intensifying competition for realistic spots on the party’s Knesset slate.

Shir Perets and Avi Solomon contributed to this report.

This post was originally published on here. 

The Religious Zionist Party (RZP), founded in 2021 as a successor to National Union-Tkuma, is one of the many parties vying for citizens’ votes in the election for the 26th Knesset, to be held on October 27. 

Led by Finance Minister Bezalel Smotrich, RZP is considered a far-right, religious-nationalist party with a platform focused on Jewish identity, settlement expansion, and Israeli sovereignty in the West Bank.

In the 2022 election, a joint list with National Security Minister Itamar Ben-Gvir’s Otzma Yehudit won 14 seats, seven of which were held by RZP in the 25th Knesset.

However, Smotrich has said he intends for RZP to run independently in the upcoming October election. The finance minister recently told The Jerusalem Post that he believed his party could succeed running alone and did not consider Ben-Gvir a partner for a joint run.

While Smotrich will not run alongside Ben-Gvir, he has also ruled out relying on Arab parties to form a government, previously stating that forming a government with the Arab party Ra’am would be worse than the October 7 Hamas massacre.

Finance Minister Bezalel Smotrich speaks at the Religious Zionist Party (RZP) primaries ahead of the 2026 Israeli  election, in Jerusalem, July 26, 2026 (credit: YONATAN SINDEL/FLASH90)

The finance minister has faced criticism over state budgets approved during the government’s term that allocated significant amounts of funding to the haredi sector. He has also pushed for a sweeping reform over the country’s dairy sector, calling for lowering milk and cheese prices by addressing monopolies that dominate the market. 

The reform was not passed during the government’s term due to opposition from within the coalition. Smotrich has called for continued efforts to advance the reform and address the high cost of living by increasing competition in the market.

Where Religious Zionist Party stands on the major issues

Smotrich has framed the party’s central mission around security, Jewish identity, West Bank sovereignty, and judicial reform.

At the RZP’s July 2026 election list launch, Smotrich told The Jerusalem Post that the party, “strengthens the identity of the Jewish people,” and said the party would work on security and “fixes to the judicial system.” 

In a separate interview with the Post, he said RZP was “committed to Israel’s security” and would seek to “put an end to the disastrous idea of dividing the land, handing over territory, and establishing a terrorist state in the heart of the Land of Israel.”

During the government’s term, he also served as the head of the Settlements Administration, a Defense Ministry body established in 2023 that manages matters in West Bank settlements and advances construction and housing in the area.

In his role, Smotrich has pushed to expand Israeli settlements in the West Bank. In July 2026, the government approved plans and funding for 34 new settlements, bringing the number initiated during his tenure to 103.

Similarly, Smotrich has stated that Israel should “return to the whole of Gaza in a big way,” and has called to “abolish the Oslo Accords” and dismantle the Palestinian Authority, replacing it with a military administration before ultimately applying Israeli sovereignty.

The far-right minister’s statements calling for West Bank annexation often drew sharp international condemnation, as well as criticism for harming Israel’s global standing.

Additionally, RZP has provided support for controversial haredi-backed legislation such as the bill to enshrine Torah study in the country’s Basic Law, and the bill to freeze the arrests of haredi draft evaders. Opponents argued the legislation encouraged draft evasion amid the IDF’s severe manpower crisis. RZP could continue supporting bills sponsored by the haredi parties if they are part of the country’s next coalition together.

While Smotrich has declared his commitment to military service and said he would work on a framework for drafting haredim in the next term, his party has supported legislation sought by the haredi parties. In June, six of the party’s seven MKs backed the proposed Basic Law enshrining Torah study as a fundamental value.

MK Moshe Solomon voted against it, and was subsequently removed from his Knesset committee positions by Smotrich.

Judicial reform and the role of the attorney-general

RZP has consistently supported a significant restructuring to Israel’s judicial system, including limiting the Supreme Court’s ability to intervene in government decisions and giving elected officials greater influence over judicial appointments.

RZP MK Simcha Rothman, who chairs the Knesset Constitution, Law and Justice Committee, has been a central figure in advancing the reforms, and Smotrich previously instructed Rothman to advance legislation limiting the court’s use of the “reasonableness” standard.

Regarding the role of the attorney-general, Rothman advanced a bill that would separate the roles of government legal adviser, head of the state prosecution, and the state’s representative in court. Under the proposal, the government would appoint the attorney-general, and their legal opinions would no longer be binding. Rothman accelerated work on the bill again in May 2026, as the coalition pushed to advance several controversial judicial reforms ahead of the election.

(L-R) Religious Zionist Party (RZP) MK Simcha Rothman, MK Ohad Tal, and Finance Minister Bezalel Smotrich are seen at the RZP primaries ahead of the 2026 Israeli election, in Jerusalem, July 26, 2026 (credit: YONATAN SINDEL/FLASH90)

What a vote for this party is likely to produce

Smotrich has said RZP will support Benjamin Netanyahu for prime minister and seek to continue the “National Camp” partnership.

If Netanyahu is able to form a coalition, RZP would likely seek to join a government alongside many of the parties that made up the current coalition, including the haredi (ultra-Orthodox) parties, Shas and United Torah Judaism, who Netanyahu has relied on as key coalition partners. 

Smotrich would be expected to continue pushing for West Bank annexation and expanded settlement construction. He has also advocated for increasing aliyah rates and told the Post that he has been working on plans to encourage more Diaspora Jews to immigrate to Israel and provide them with additional benefits.

Despite his party’s support for haredi-backed legislation in the previous Knesset term, Smotrich told the Post in a recent interview that he believes haredim should be enlisted in the IDF, adding that if his party is part of the next coalition, it would seek to develop a framework for haredi enlistment.

Keshet Neev, Zvika Klein, and Sam Halpern contributed to this report.

This post was originally published on here. 

There is no indication that human remains found near the home of Today show co-host Savannah Guthrie’s mother were related to the ongoing investigation into her disappearance, Arizona‘s Pima County Sheriff’s Department announced on Monday.

CNN reported that the sheriff’s department had declined to comment about who found the remains, when they were located, and why the announcement had indicated that they were unrelated to Nancy Guthrie’s disappearance.

Earlier this month, two ransom notes purportedly written by kidnappers who abducted Nancy Guthrie were released, six months after she vanished.

Savannah Guthrie's elderly mother has been missing for more than a week. (credit: according to Article 27 A of the Copyright Law, SCREENSHOT/X)

Copies of the two email messages were posted online by the Pima County Sheriff’s Department with a notice appealing again to members of the public to come forward with information that might help identify the masked prowler caught on video by Nancy Guthrie’s doorbell camera outside her home around the time she went missing.

Nancy Guthrie last seen nearly eight months ago

Nancy Guthrie, in frail health with limited mobility, was last seen alive on January 31 at her home in Tucson. She was reported missing on February 1 after a friend alerted family that she did not appear for Sunday church services as expected.

This post was originally published on here. 

Russia warned Britain on Tuesday that it would face consequences for supplying drones to Ukraine that are used to attack targets on Russian territory.

Russia’s embassy in London was responding to a report in the Times newspaper on Saturday which said British-made drones had been used for long-range strikes against Russia for the first time.

“London’s actions will inevitably carry consequences for which it will have to answer,” the embassy said in a statement posted on its Telegram channel.

“The deeper its involvement in the conflict and the greater its support for Kyiv’s terrorist machinery, the higher the price it will pay.”

Ukraine has been using deep-strike drones to hit oil refineries and logistics facilities.

British Prime Minister Andy Burnham (left) speaks as he stands next to Ukrainian President Volodymyr Zelensky as President Zelensky visits the UK on July 27, 2026 in Portsmouth, England.  (credit: Simon Jones-WPA Pool/Getty Images)

Britain‘s Ministry of Defense did not confirm whether British drones had been used.

Britain promises thousands of drones for Ukraine in funding package

In June, Britain said it would provide 150,000 drones to Ukraine by the end of 2026 as part of a £752 million funding package.

Asked about the Russian embassy comments, a defense ministry spokesperson said: “Britain stands shoulder to shoulder with Ukraine, and we are committed to providing the equipment Ukraine needs to defend itself against Putin’s illegal invasion.”

Since the start of Russia’s war against Ukraine in 2022, Moscow has repeatedly warned Britain and other Western allies that their support for Kyiv, including the supply of equipment, could provoke retaliatory measures and increase the risk of a broader confrontation.

This post was originally published on here. 

As children walked into the zoo near Gaza‘s Nuseirat refugee camp, they found a lion barely looking back at them through the bars of its cage and chimpanzees sitting listlessly in their enclosure.

Many of the animals were malnourished, weakened by shortages of food, medicine, and vaccines. But they were still alive, largely thanks to the efforts of zoo owner Mahmoud Gomaa.

He originally ran the attraction in the southern city of Rafah, but said he had to flee in 2024.

As the Israel-Hamas war raged, he moved the surviving animals from town to town before finding a place in Nuseirat in central Gaza earlier this year.

There, he reopened the zoo, hoping to give traumatized youngsters something to enjoy after nearly three years of destruction.

A monkey stands on the mesh of a cage at a zoo in Nuseirat, in the central Gaza Strip, August 12, 2026. (credit: REUTERS/Mahmoud Issa)

Zookeeper returned to find animal bones

“In the beginning of the war, people were looking for a way to survive… and I was looking for a way to save the animals more than saving myself,” Gomaa told Reuters.

Municipal records show that there were a number of zoos in Gaza before the Israel-Hamas war erupted, displaying exotic and wild animals, including lions and eagles.

Anyone trying to keep one open now faces enormous challenges, vets and animal experts said, not least in getting food in a territory struggling to feed its human population.

“Owners are currently feeding them frozen meat,” veterinarian Nidal Fadel said. “This is a wrong nutritional plan because in nature they eat fresh prey.”

The animals themselves are bearing the brunt of the war – sometimes directly.

When Gomaa fled Rafah, he said he had to leave behind three lions, several crocodiles, and some African ostriches.

A few months later, Gomaa returned and claimed he only found the bones of the crocodiles and the ostriches. Those three lions, which he had locked in their cages, had disappeared.

Animals traumatized by sounds, sights of war

There is also the trauma caused by the sound and sight of the conflict raging around them.

Palestinian children play outside a zoo damaged during the war, in Gaza City, August 15, 2026. (credit: REUTERS/Mahmoud Issa)

“Lions can detect sounds and disturbances that humans may not notice,” said Amir Khalil, a veterinarian who has led several trips to Gaza by the animal welfare organization Four Paws and rescued other zoos’ animals.

“Bombing and constant conflict create enormous stress and fear for them,” he added.

In Nuseirat, the surviving lion barely looked up at the visitors. But the children had better luck with some of the other animals, letting parrots ride on their shoulders and petting smaller monkeys.

It was a rare chance to relax in an enclave still facing regular airstrikes against Hamas, despite a fragile ceasefire. Israel’s military, which says its attacks are aimed at Hamas terrorist targets, did not immediately respond to questions about the conflict’s impact on civilian facilities like zoos and their animals.

This post was originally published on here. 

Fast-fashion giant Shein is preparing to go public in Hong Kong at a valuation of roughly $25 billion, a dramatic comedown from the nearly $100 billion valuation investors assigned the company during the height of the pandemic-era e-commerce boom. 

The Singapore-headquartered retailer is expected to sell as much as 8% of the company, potentially raising about $2 billion. That would still make the listing one of Hong Kong’s largest recent IPOs, but the valuation represents only about one-quarter of Shein’s reported $98 billion private-market valuation in 2022. 

The lower target reflects a much tougher business environment. Shein’s revenue growth slowed from more than 40% in 2023 to about 8% in 2025, while net income fell 39% last year to roughly $2.06 billion. In the first quarter of 2026, the company swung to a $99 million loss. 

Regulatory changes have also hit the business model that helped Shein dominate ultra-cheap online fashion. The loss of favorable U.S. import treatment for low-value packages, higher trade costs in Europe and tougher scrutiny of its supply chain have made direct shipping from Chinese factories more expensive and complicated. Competition from Temu and other low-cost platforms has added further pressure. 

The valuation has fallen rapidly even during the IPO process itself. Shein had previously been considering a $40 billion to $50 billion valuation, then lowered expectations to roughly $30 billion to $40 billion as investors pushed back. Interest has since centered in the mid-to-high $20 billion range. 

For investors, the IPO will be an important test of how public markets now value global e-commerce companies built around extremely fast growth and low-cost cross-border shipping. Shein remains enormous, generating more than $40 billion in annual revenue, but investors are increasingly focused on whether that scale can translate into durable profits under higher tariffs, slower growth and tighter regulation.

The company is expected to move toward launching the Hong Kong offering as early as this week, though the final valuation, number of shares sold and proceeds could still change depending on investor demand. 

JBizNews Desk | Hong Kong

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

  • In today’s CEO Daily: KB Home CEO Rob McGibney on the art of personalization.
  • The big leadership story: The ‘Jamie premium’ edges JPMorgan closer to $1 trillion valuation.
  • The markets: Down as crude oil futures rise.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. When Rob McGibney became CEO of KB Home on March 1, he knew there would be tough days ahead. In his first earnings call, he had to report a 23% decrease in year-over-year revenue to $1.08 billion while net income had shrunk 70% to $33.4 million; in his second, revenue was down 27% to $1.1 billion while earnings dropped 75% to $27.3 million. The stock is down since he took over. Borrowing costs are relatively high. Consumer confidence is relatively weak. And the specter of inflation, oil prices and higher construction costs doesn’t help.

There are a lot of things that McGibney can’t control. I spoke with the 26-year veteran of KB Home about what he’s doing to change the things he can.

First is more focus on built-to-order homes, which accounted for 73% of net orders in the second quarter, up from 57% last year. Consumers typically pay more for such homes and are less likely to cancel or demand discounts, but customized homes also mean longer waits at potentially higher mortgage rates. “We’re not forcing that buyer to pay for things that they don’t value, allowing them to put the things in the home that they really do value and care about,”  McGibney told me. “We allow people to personalize the home not just for the fit, finish, function and features but also to their budget … If [you’re] making that choice for the buyer, invariably you just get something wrong.”

Second, he wants to woo more first-time buyers, the average age of whom is now 40. (The median age of U.S. homebuyers has gone from 39 to 59 over the past 15 years.) McGibney acknowledges that people are marrying and having kids later, but he thinks expectations of “quick gratification” also come into play. “We’re seeing first-time buyers who are making $140,000 a year, have a 740 FICO score and put down $70,000. If you go back a decade or so, FICO scores were much lower and incomes were certainly lower,” he said. “When I bought my first house, we had to go through some pain. It was hard to save money for a down payment … but there’s some sacrifices to make that first step but people who make it have significantly more wealth generation capability over time.”

The two are interconnected in that Gen Z buyers were raised on personalization. “My kids grew up wanting personalized Nike custom ID shoes; they go to Chipotle and get to personalize what goes on that burrito … It stands to reason that they want the ability to personalize what’s going to be the largest purchase they’ve made up to that point in their life.” That said, he acknowledges that there’s little he can do to change the reality that many younger buyers can’t—or feel they can’t—afford to buy a home. “We as a company, or me as a CEO, can’t change the math,” he said. “But we’re working aggressively to get as far down that K (in the K-shaped economy) as we can by offering better affordability. It gets back to controlling what we can control.”

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This story was originally featured on Fortune.com

This post was originally published here. 

California’s billionaires are going on the defensive, putting millions of dollars behind an effort to defeat a one-time billionaire tax that would collect 5% of their net worth if approved.

A pair of billionaires, along with other wealthy individuals, have recently upped their contributions to Building a Better California, a PAC formed earlier this year to oppose Proposition 40, which would impose a one-time 5% tax on California residents with more than $1 billion in assets to increase healthcare funding in the state.

Venture capitalist John Doerr put in $7.5 million to the group, while the executive chair of blockchain company Ripple, Chris Larsen, contributed an extra $10 million to the group, according to a campaign finance filing from August 14, the Financial Times reported. Doerr is worth about $22.6 billion according to Forbes, while Larsen is worth $11.4 billion.

Some multimillionaires also contributed, including the co-founder of cybersecurity company Lookout, John Hering, and Greenoaks Capital founder Neil Mehta, who contributed $946,000 and $250,000, respectively.

The newest contributions come as Building a Better California boasts an endowment of $110 million as of late June—a sign that wealthy Californians are taking seriously the threat the one-time tax represents for their finances if approved by voters in November. 

Still, a recent poll by UC Berkeley’s Institute of Governmental Studies shows voters are split on whether to approve the billionaire tax. The survey of more than 4,000 registered voters found that 48% of likely voters support the measure, while 41% oppose it. Though registered Democrats overwhelmingly said they would back the proposed tax, only 50% of unaffiliated voters said the same, while 80% of Republicans said they would not support the proposal.

“These results suggest that the Billionaires Tax initiative is shaping up to be a closely fought contest, with the key question being whether opponents can make big enough inroads among the state’s traditionally Democratic-leaning voters,” said Eric Schickler, co-director of the Institute of Governmental Studies, in a press release.

Two fighting propositions

Building a Better California isn’t taking any chances. The group has backed two of its own initiatives, Proposition 41 and Proposition 42, which would cancel out the billionaire tax if either receives more votes than the billionaires tax, even if the billionaire tax is also approved.

Proposition 41 would require the state auditor to review any special tax proposal before it is presented to voters, while Proposition 42 would ban new taxes based on mere ownership of assets like property, which are usually only taxed when sold.

It’s unclear if either Proposition 41 or 42 has more of a chance at passing than the billionaire tax. The survey by the Institute of Governmental Studies found that while 72% of voters had heard of the billionaire tax, fewer than a third of the state’s voters were aware the two counter-intitiatives existed.

Building a Better California has also allocated a large chunk of its massive war chest to reserve $87 million worth of advertising time ahead of the November election to sway public opinion, the New York Times reported last month. 

While some important state politicians, including Gov. Gavin Newsom and the democratic candidate for governor, Xavier Becerra, have come out against the billionaire tax, earlier this month, the California Democratic Party endorsed the proposal, dealing a blow to billionaire opponents of the bill.

Among the billionaires who oppose the bill, Google cofounder Sergey Brin is among the most adamant. The world’s fourth richest man moved many of his assets out of California late last year and has already put $102 million toward opposing the California wealth tax after an additional $20 million contribution he made to Building a Better California earlier this month.

Other billionaires, including former Shark Tank star Mark Cuban have also come out against the billionaire tax. In an exchange on X over the weekend, Cuban warned California congressman Ro Khanna (D-Calif.) that the tax would hurt entrepreneurs and innovation in the state. 

“IMO, if this passes, only idiot startup founders stay in Cali,” Cuban wrote in a post.

Still, prominent politicians like Sen. Bernie Sanders of Vermont have pushed for the billionaire tax to pass. Sanders said in February that the billionaire tax would help show the wealthiest Americans “we are still living in a democratic society where the people have some power.”

Sen. Sanders with Rep. Khanna also introduced legislation in March that would take a version of California’s billionaire tax to the national level. 

Their bill, the “Make Billionaires Pay Their Fair Share Act,” would establish a 5% wealth tax on America’s 938 billionaires to expand Medicare, reverse cuts to Medicaid made by President Trump’s Big Beautiful Bill, and provide a $3,000 direct payment to every man, woman, and child in households making $150,000 or less. 

This story was originally featured on Fortune.com

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Ah, Doritos: a classic farm-to-table food right up there with heirloom tomatoes, organic roasted chicken, and artisanal cheese boards sourced from local cows greeted each morning by name.

At least that’s what new marketing for the tangy chips seems to imply, with slogans like “PepsiCo partners with farmers to bring Doritos from the field to you” and images of corn seedlings and a farmer, clad in a PepsiCo hat, astride a rusted tractor.

Yet Doritos are famously ultra-processed, the antithesis of the “Eat Real Food” edict rolled out by health secretary Robert F. Kennedy Jr. as part of his Make America Healthy Again movement to fight chronic disease. Food industry experts say the Doritos ads show the food industry is scrambling to improve its image while avoiding more fundamental changes to the ultra-processed products that make up 60% of the American diet.

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In the climate debate, low- and middle-income countries have often been blamed for rising emissions, while the vastly greater historical contribution of wealthy nations is treated as yesterday’s story.

Something similar has happened with the global antimicrobial resistance (AMR) crisis. Low- and middle-income countries (LMICs) have long been portrayed as the worst offenders of antibiotic overuse, with over-the-counter sales and weak regulation seen as one of the main reasons behind the rise and spread of drug-resistant infections. But a new study now challenges this narrative.

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In March 1986, Mary Beth Whitehead and her husband went to a New Jersey hospital and kidnapped a baby girl. She had given birth to the girl three days earlier. They took the infant to Florida, launching the first case examining the legitimacy of surrogate motherhood in America. Four decades later, surrogacy is so out of control that it risks being banned in the U.S. and around the world.

Whitehead had signed an agreement with William and Elizabeth Stern. She agreed to be artificially inseminated with William’s sperm, using her own eggs, carry any pregnancy to term, and then relinquish her parental rights to the Sterns. She was to be paid $10,000. When the baby was born, she changed her mind and decided to keep the girl — thus the escape to Florida.

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Residents of Pennsylvania’s Dauphin County — home of the state capital, Harrisburg, and the chocolaty oasis of Hersheypark — were shocked with unwelcome news in December 2024. For the first time in two decades, the county’s leaders had not only voted to raise their property taxes, but did so by a whopping 22%.

What they may not have realized: That higher tax bill was needed to help offset the soaring health care costs of the county’s employees.

Over the past 20 years, even as Dauphin County cut its workforce by 19%, its health care spending more than doubled. Per-employee costs tripled. If the county didn’t raise property taxes, officials would have had to consider slashing health benefits for a dwindling staff who rely on them.

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Finance Minister Bezalel Smotrich called on Prime Minister Benjamin Netanyahu to order the IDF’s complete takeover of the Gaza Strip and permit settlements in the area, speaking to students at the Sderot Yeshiva on Sunday.

Smotrich spoke in the presence of Yeshiva head Rabbi David Fendel and Sderot Mayor Alon Davidi, after a full day and night of targeted killings of Hamas terrorists in the Strip and developments in US President Donald Trump’s 15-point plan for Hamas’ disarmament.

“The State of Israel must agree to take responsibility for Gaza. To conquer it completely, establish a military government there, establish Jewish settlement there,” he said, speaking on the occasion of the first day of the new semester at the yeshiva.

Smotrich insisted that Israel’s security won’t be guaranteed without settlements.

“Because,” he said, “over time it has been proven that where there is settlement, there is an army and there is security, and where there is no settlement, over time there is no army and there is no security.”

IDF SOLDIERS operating in the Gaza Strip. (credit: IDF SPOKESPERSON'S UNIT)

Smotrich backed voluntary emigration, decried Trump’s new plan

The minister also called for voluntary emigration from Gaza, a proposal popular among the Israeli right-wing, to be encouraged by the government. 

Smotrich criticized Trump’s 20-point plan for Gaza, which calls for an international force to take security control over Gaza.

“There is no one in the world who will do the work for us. There is no country in the world that will send its soldiers to shed their blood and forcibly disarm Hamas,” he told the students.

“I have been telling the prime minister since the first day of the war: It is either us or them,” he added.

“Either the State of Israel will courageously rule Gaza and tell the entire world, ‘We will not allow two million, or 1.8 million, Nazis to live on our border and plot against our communities and our children,’ or terror will rule Gaza.”

Turning to the students, Smotrich reiterated his position of “conquest, military government, settlement.”

Located about one kilometer from Gaza, Hamas’ brutal October 7 attacks hit Sderot hard. Dozens of civilians, and a number of police officers and soldiers were killed during the terror group’s onslaught. 

Efforts to rebuild the city have been underway and most residents have returned after initially evacuating to other regions.

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Iran pushed to continue the war with the United States in order to force a ceasefire on its own terms, Iranian Foreign Minister Abbas Araghchi said during a conference with Iranian educators on Tuesday.

“We were the ones who refused the ceasefire and continued the war until we reached a point where they [the US] agreed to a ceasefire and negotiations on Iran’s terms,” Araghchi said. “We fought with strength and negotiated with strength, and we won the war, and we won the diplomacy.”

According to Araghchi, “The Iranian people stood against what was supposedly the largest military in the world, which was supported and assisted by most Western countries and by several other countries in the region and beyond.”

Araghchi concluded by saying that “those who tried to impose unconditional surrender on Iran begged for negotiations shortly after the war began.”

US President Donald Trump holds up the memorandum of understanding, signed by the US, and Iran, at the Palace of Versailles, in France.  (credit: SCREENSHOT/TRUTH SOCIAL)

Trump says Iran should raise white flag, threatens Oman over Hormuz

On Monday, US President Donald Trump told FOX News that Iran should raise “the white flag of surrender,” and that he has “no time schedule” and is in “no hurry” to make a deal. The Iranians are “good poker players, but they’re dying,” said Trump.

He also warned that “if Oman gets in the way [of US control in the Strait of Hormuz], we’ll bomb the s*** out of them.”

Regarding US munitions used against Iran, Trump said that what has been used so far against Iran “is peanuts.”

Miriam Sela-Eitam contributed to this report.

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Israel is not fully in sync with the United States, Yaki Dayan, a former Israeli consul in Los Angeles, told Radio 103FM on Monday while discussing the meeting between Jared Kushner, Board of Peace officials, and Prime Minister Benjamin Netanyahu.

Kushner, Nickolay Mladenov, Tony Blair, and members of the Board of Peace arrived in Israel to meet with Netanyahu. During the meeting, held on Monday, several understandings were reached regarding the disarmament of Hamas and the reconstruction of the Gaza Strip. 

“We are not completely in sync with the Americans, and that needs to be said,” Dayan said at the start of the interview. “I saw that the prime minister reprimanded Kushner over his meeting yesterday with Hamas leaders. It is really infuriating to see the Americans meeting with them, even though that is their practice and that is how they operate, but still, they are sitting with these murderous people and discussing things with them.”

Asked why the United States conducts negotiations with terrorists, Dayan said that “during Donald Trump’s time, every taboo has been broken,” adding that the Americans tend to meet with all parties across the spectrum as part of their standard practice, something that has angered Netanyahu.

US looking to begin Hamas disarmament as Israel withdraws

“The Americans are trying to find some kind of formula in which steps will be taken simultaneously,” Dayan explained. Under this formula, Hamas would begin disarming while Israel carries out limited withdrawals at the same time. The proposal has raised suspicions in Israel.

Gunmen stand guard at the funeral of Marwan Issa, a senior Hamas deputy military commander who was killed in an Israeli airstrike during the conflict between Israel and Hamas, amid a ceasefire between Israel and Hamas, in the central Gaza Strip, February 7, 2025. (credit: REUTERS/Ramadan Abed)

“We want Hamas to completely disarm, and not leave the weapons in some warehouse under Palestinian guard,” he said. He added that Israel would not accept a situation in which Hamas determines the conditions for an Israeli withdrawal or an end to the fighting.

Netanyahu not accepting US plan for Hamas, Gaza

Later in the interview, Dayan said, “What the prime minister is saying right now is: ‘This is not acceptable to me.’ I already saw the statement that came out of the meeting between Kushner and Netanyahu. It said that the Americans would be responsible for this entire process, which is interesting wording.”

He stressed that he was not referring to a joint statement, but rather to the wording of the statement issued by Netanyahu’s office.

Nevertheless, the Americans are insisting on progress. “The Americans want to see movement, and you need them on the nuclear issue, so there are things on the margins where you can compromise with them. Now all that remains is for us to define what those margins are,” he said. “And that is exactly the task we have to accomplish, because otherwise we are defining ourselves as a full-fledged client state, and that must not happen.”

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Police arrested two additional suspects on Tuesday morning on suspicion of involvement in a fight that preceded Eldar Dayan‘s disappearance and death, as part of the investigation being conducted by the Sharon Central Unit in the Central District.

The arrests follow those of two other suspects on Monday night on the same suspicion. All four suspects had previously been questioned at the Petah Tikva police station on suspicion of involvement in the fight.

Following developments in the investigation and its findings, investigators from the Sharon Central Unit arrested them. The four are expected to be brought before a court on Tuesday, where police will request that their detention be extended in accordance with the needs of the investigation.

Two arrested on suspicion of involvement in Dayan’s death

Dayan‘s two friends, Omri Peretz and Maxim Barberman, who were arrested on suspicion of involvement in his death, remain in custody. At this stage, six suspects in total are therefore under arrest as part of the investigation, four on suspicion of involvement in the fight that preceded his death, and two on suspicion of involvement in his death.

As noted, two additional suspects were arrested on Monday night over their alleged involvement in the fight that preceded Dayan’s death. The arrests have brought investigators from the Sharon Central Unit back to the moment that, according to one of the main versions being examined in the case, marked the beginning of the entire sequence of events.

Israeli authorities search for a body near the Yarkon Interchange in Petah Tikva, central Israel, August 6, 2026  (credit: AVSHALOM SASSONI/MAARIV)

Dayan and his friends met in the area between Hod Hasharon and Kfar Saba, where a confrontation developed between them and another group of young people. Peretz and Barberman claim that Dayan was beaten during the fight and that they themselves were also attacked. One of them described it during questioning as, “We hit them and got hit.”

Suspects claim they attempted to leave area after fight

According to their account, the three got into a vehicle after the confrontation and tried to leave the area. During their escape, one of Dayan’s friends said a member of the other group clung to the windshield of the vehicle. Peretz and Barberman claimed they were convinced they had struck him and even feared they had run him over, leading them to believe that police were already pursuing them.

The three then continued to the area of the Paz gas station at Yarkon Junction, where Peretz said he bought a bottle of water for Dayan. Security camera footage from the location showed all three leaving the store together and heading toward an open area.

The footage is significant for investigators because it shows Dayan alive after the fight and together with Peretz and Barberman. For that reason, suspicion of murder has so far focused on his two friends rather than on the young people who took part in the confrontation that preceded his disappearance.

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Alibaba is getting rid of its video game development arm for more than $2 billion, removing the Chinese tech giant from the in-house game development space entirely as it looks to double down into the AI sector.

Alibaba has agreed to sell Lingxi Games, the studio behind the mobile hit Three Kingdoms: Strategy Edition, to private-equity firm Trustar Capital, Bloomberg reported. While the studio is reportedly valued between $1.5 billion and $2 billion, the companies have not publicly disclosed a price.

“Alibaba is handing Lingxi to Trustar due to better focus on its strategic priorities,” Lingxi CEO Zhou Bingshu wrote in an internal staff memo according to Reuters.

Some of those strategic priorities for Alibaba include AI and cloud computing, which currently sit at the center of Beijing’s economic strategy.

“It’s just cleaning up the cap table,” Rui Ma, a China tech analyst and founder of China-focused research platform Tech Buzz China, told Fortune. 

In February last year, Alibaba pledged about $53 billion over three years on AI and cloud infrastructure, more than it spent on those areas over the previous decade. In May, CEO Eddie Wu told analysts the company would likely exceed that figure thank to increased data center buildout costs. The company is targeting $100 billion in AI revenue by 2031. 

From having ‘many pieces on the board’ to AI and cloud

Alibaba’s sprawling strategy made more sense when its dominant e-commerce business was throwing off enough cash to fund bets across a wide range of industries. 

“It’s just purely them executing on their plan of cleaning up non-core assets, making returns higher,” Ma said.

But domestic competition from companies including Pinduoduo and Meituan changed that equation.

“They couldn’t just kind of ride the cash flow from e-commerce and then just invest in whatever is interesting,” she said. “They had to really focus.” Ma described Lingxi as a remnant of an earlier Alibaba that tried to put “many pieces on the board.”

Gaming was also never one of Alibaba’s strongest businesses, according to Ma, with rival Tencent being a global gaming powerhouse—but AI offers a different proposition.

Alibaba entered the AI boom with one of China’s leading cloud businesses already in place, giving it both the infrastructure needed to build AI products and a potential way to monetize them. Ma said Alibaba has maintained a strong position in Chinese cloud missing word while developing a credible model strategy, although competition remains fierce.

Beijing’s playbook

The commercial logic is only part of the picture, according to Usha Haley, a professor at Wichita State University who has researched Chinese state support for domestic companies and testified before Congress.

For Haley, strategic decisions by large Chinese companies cannot be neatly separated from Beijing’s industrial priorities. Chinese companies, she said, have strong incentives to put resources into sectors the government has identified as strategically important like AI and cloud infrastructure.

“Alibaba–and this is all like all the private companies that we’ve spoken to in our research–it just has to see where government interests lie, and the government interests are clearly communicated,” Haley told Fortune.  

Alibaba’s Qwen models have pushed the company into the global AI race. Users downloaded Qwen’s open-weight models more than 3 billion times over the previous six months, putting Alibaba ahead of Meta and Google by that measure.

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Amazon Web Services’ top Asia executive is moving to Tokyo, as the global cloud computing provider bets that Japan’s potential for AI adoption makes it a far more interesting market than its sluggish headline GDP growth suggests.

“Japan is in a moment of change,” Jaime Valles, AWS’ managing director of Asia-Pacific, Japan and China, tells Fortune at the firm’s Singapore office. “AI, security and competition are three strong reasons for Japanese companies to move from a traditional mainframe-based platform to the cloud.”

Japan’s government has warned that a failure to modernize the country’s IT systems, which it dubs a looming “digital cliff,” could cost the economy as much as $76 billion each year. 

The country was once a global pioneer in technological innovation, playing a leading role in the spread of technologies like LEDs, lithium-ion batteries, and notebook computers. But Japan’s corporate culture shifted to reward caution over disruptive innovation, a trend that the World Economic Forum attributes to a cultural aversion to failure and risk. 

“The technology posture Japan has today is still very based on traditional, legacy on-premise technology,” Valles says. “Even if you go deep into Japan, most of the support, enablement, applications and technology is run by four local companies: Hitachi, NEC, Fujitsu and NTT Data.”

Yet this conservative mindset has caused Japan to fall behind its peers in reaping the benefits of the AI boom. China has pulled forward in the development of humanoid robots and frontier open-source AI models, while Taiwan and South Korea’s chipmakers have entrenched themselves in global AI hardware supply chains. While Japan lags on manufacturing advanced logic chips, it is still a major manufacturer of legacy and specialized automotive chips, as well as materials and equipment.

Last year, Japan began a push to reboot its innovation engine with a plan to channel $2.3 trillion in public and private investment to 17 strategic sectors by 2040. Semiconductors will get the largest share of the money, receiving $426 billion. Around $66 billion will go to physical AI, a catch-all term that includes robotics and autonomous systems.

“With AI development moving so fast, Japan can’t afford to fall behind,” the country’s digital minister, Hisashi Matsumoto, said during a press briefing last June. “I hope many Japanese people understand that we need to press ahead with AI development, or we’ll end up becoming an AI colony.”

For Valles, that renewed technological push creates an opportunity for cloud providers to drive digital transformation among local companies. “AI allows individuals to make their ideas happen without support from anyone, as long as they have the right data platform, security posture, and reliable systems—all of which we provide,” he says. “With that in place, you’re going to have new ideas from multiple people within companies.”

‘Build something from zero’

Before moving to Asia, Valles spent close to a decade building up AWS’s business in Latin America from a small office in Brazil. “AWS Latin America did not exist,” Valles says. “There was an opportunity to build something from zero, and actually try new ideas.” 

Under his leadership, AWS opened several edge locations, or secure connections to the global AWS network, in Argentina, Chile and Colombia. In 2022, the firm also announced plans to open 30 new “AWS Local Zones,” which offer infrastructure, storage and database services.

At the core of his leadership playbook is a commitment to hiring people who are “bigger and better” than him, and being humble enough to let them experiment and innovate.

“The regions are different but at the end of the day, people are people, and culture is culture,” Valles explains. “It’s about bringing on the best leaders, listening to them, and having a mindset that allows you to continuously learn from them.”

‘Land of innovation’

Valles moved to Singapore in 2023 when he was tapped to lead AWS’ operations in the APAC region. He’s bullish on the region, touting it as the “land of innovation”.

“In my view, the future is going to be built and exported from Asia,” Valles tells Fortune. “That’s for multiple reasons, including the region’s diversity, the learning agility of its people, its mix of developing and developed nations, and its continuous drive for innovation.”

AWS is investing in the region, adding four new data center clusters in Malaysia, Thailand, New Zealand, and Taiwan over the last 18 months.

“The decision to invest in each of these regions was driven by customer feedback,” Valles explains. “We’re hearing from local governments and companies that they need computing power to drive innovation in education, health and other domains.” He adds that with more companies moving from AI training to inference, users require cloud regions close by to reduce latencies and delays in operations.

AWS is also rolling out localized initiatives tailored to users in each Asian market. In India, for instance, where software engineering is a core tenet of the economy, AWS has focused its efforts on uplifting developers. Last August, it launched the AI-driven development life cycle (AI-DLC) methodology in Bengaluru to support local developers.

The firm also works to provide adequate enterprise support for local businesses. “We have Japanese language enterprise support to help our Japanese customers in mission critical applications,” Valles says, adding that in Japan, one or two minutes of downtime would “already require an apology from the CEO”.

At the heart of it all, Valles remains an AI optimist. “We’re at such an inflection point in the industry,” he concludes. “I’m totally convinced that AI is going to allow us to build a new future, and completely transform everything that we see.”

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The billionaire Oculus and Anduril founder Palmer Luckey says he’s living proof the American Dream is alive and well. He went from a teen college dropout who was living in a trailer to selling his first company to Facebook (now, Meta) for $2 billion by just 21 years old—and he says that rags-to-riches rise could only happen in America.

“I was a 19-year-old kid working a minimum wage job with no college degree, living in a 19-foot camper trailer, and Peter Thiel gave me a million dollars when nobody else would to start Oculus,” Luckey told the Hoover Institution. “That’s not happening in China, I’ll tell you that.” 

The now 33-year-old said “there’s a million complaints” about opportunity drying up in the U.S. “Oh, you can’t get a break in America. Blah, blah, blah, blah.” 

Indeed, AI is cutting 16,000 U.S. jobs a month, and many Gen Zers can’t even land a summer job at an ice cream shop right now. But Luckey says his own story—and those of countless other founders just like him—proves that America is still the golden land of opportunity.

Palmer Luckey went from a homeschooled teenager building VR headsets to a $5 billion net worth

While homeschooled, 17-year-old Luckey started building a virtual reality headset in his family’s garage: the Oculus “Rift” VR headset. 

After raising $2.4 million on the crowdfunding site Kickstarter two years later, he dropped out of California State University, hired a handful of employees, and rented an office space to launch his virtual reality startup.

Although Luckey missed the application window for the famous Thiel Fellowship, his prototype still caught the attention of PayPal cofounder Peter Thiel, who invested in Oculus through his venture firm, Founders Fund.

Thiel’s investment paid off almost immediately. Just one year later, in 2014, Facebook acquired Oculus for $2 billion. But the partnership didn’t end there. 

In 2017, Thiel and Founders Fund backed Luckey again, this time in a very different kind of startup: Anduril, a defense tech company building autonomous weapons systems and surveillance technology for the U.S. military. Founders Fund led Anduril’s first funding rounds, and the company has since grown into one of the most valuable defense startups in the world, now worth $61 billion. 

His latest venture? Erebor Bank. 

A tech-focused bank he cofounded with Joe Lonsdale (co-founder of Palantir Technologies), it plans to offer crypto-collateralized loans and other services tailored to startups in AI, crypto, defense, and advanced manufacturing. It has once again received major financial backing from Thiel’s Founders Fund and has already hit a $9.5 billion valuation.

Meanwhile, Luckey’s own net worth is already over $5 billion.

Americans are leaving in record numbers. These founders say they’re making a mistake.

Americans are fleeing the U.S. in record numbers. The U.S. recorded a net negative migration of between 10,000 and 295,000 people in 2025—the first time in at least 50 years that more people moved out than moved in, according to The Brookings Institution. 

Up to 405,000 left voluntarily, pushed by a volatile political climate and a cost of living that is squeezing even high-earners on six-figure salaries. 

But Luckey isn’t the only self-made founder pushing back on the idea that opportunity in America has dried up.

Arvind Jain, the ex-Google engineer who cofounded two billion-dollar companies, including his most recent AI startup Glean, left a small town in northern India in 1986 with nothing but an engineering degree. And he insists those leaving the U.S. are making a huge mistake. 

“There are certain things in the U.S. today that are challenging,” Jain previously told Fortune. “But I think it remains the land of opportunity. It remains the place where entrepreneurship is celebrated.”

He’s far from alone. Several of America’s biggest companies today are run by people who moved to the U.S. and built major fortunes here.

Jensen Huang was born in Taiwan and briefly raised in Thailand before immigrating to the U.S. at age 9. His first job was washing dishes at Denny’s, and he went on to found Nvidia—now the world’s most valuable company. His cousin, AMD chair and CEO Lisa Su, also immigrated from Taiwan at age 3 and turned the struggling chipmaker into an $876 billion AI powerhouse. 

Dan Rogers, CEO of work management platform Asana, left the U.K. for a better career in the U.S. He planned his Stateside move from age 14, working his way through Dell, Microsoft, Amazon Web Services, Salesforce, and ServiceNow before landing the top job in San Francisco.

And his explanation for why he flew thousands of miles and uprooted his entire life to be in the Bay Area is basic math; he told Fortune: “I looked at the Fortune 50 AI list, 30 of the 50 are in the Bay Area. There is this inordinate concentration—and because of that concentration, it is self-reinforcing.”

Ambitious people know where the hottest companies are, so they flock there. Investors follow. And the cycle feeds itself, keeping the region the No. 1 destination for anyone hoping to turn an idea into an empire.

“Silicon Valley was, and is once again, with the AI companies, a real magnet for something special, for people that want to have an outsized impact,” Rogers added. “The hive of activity, the obsessiveness, the quality of talent, the access to funding and new ideas is second to none.”

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Two of Queensland, Australia’s most prominent philanthropists died within just days of each other. 

Roy Thompson, who built his fortune as a publican and property developer, died on Aug. 7, only eight days after his wife, Nola Thompson, had passed from Stage 4 ovarian cancer. The couple was married for 69 years, had eight children together, and donated tens of millions of dollars to charity, particularly in the Sunshine Coast region of Queensland. 

“His prognosis was a broken heart,” their son Peter Thompson told Sunshine Coast News.

While no confirmed net worth figures exist for the couple, they were often described as multimillionaires who deliberately avoided a luxurious lifestyle. 

“I’m 87, can’t live forever, can’t take it with you, so why shouldn’t you give it to people where you’ve made the money?” he told the Catholic Leader in 2021. “I’ve made a lot of money here and why not give it back?”

By 2018, they had donated $15 million to the University of the Sunshine Coast, including a $7 million building to house the Sunshine Coast Mind and Neuroscience—Thompson Institute, a mental health research center. Their gifts locked in scholarships and bursaries for students through 2075. The institute also houses the Nola Thompson Centre for Advanced Imaging, named for his wife.

Their generosity extended well beyond the university. In 1979, Roy launched the Sunshine Coast Rescue Helicopter Service. The couple gave $2 million toward the Wishlist Centre, affordable accommodation for patients and families across from the Sunshine Coast University Hospital. And in April 2021, they entrusted more than $5 million to the Buderim Foundation to establish the Thompson Charitable Fund. Roy Thompson was also recognized in the Order of Australia for his service to the community.

“Roy and Nola in very real, humble ways, helped to change the face of philanthropy on the Sunshine Coast,” Brendan Hogan, CEO of hospital charity Wishlist, told Sunshine Coast News.

The couple was also named Queensland Higher Education Philanthropists in 2017, but they shunned the spotlight. 

“We’re not social people,” Nola told My Weekly Preview when Roy was named to a Companion of the Order of Australia in 2018. “You won’t see them swanning around the social circuit—despite their standing as two of the Sunshine Coast’s biggest philanthropists,” the outlet noted. 

Living humbly and paying it forward

Roy encouraged others of means to follow suit. 

“There are a lot of people that have a lot more money than they need and I think it’s up to them to start giving,” Roy told My Weekly Preview. “Let’s face it, they can’t take it with them.”

The couple lived humbly, which was a nod to Roy Thompson’s beginnings. He grew up in a single-income household with a father working in local gasworks. 

“Things were not much better for the Thompsons in the 1970s, when Roy and Nola brought up their eight children on a modest builder’s wage,” said House of Representatives Member Andrew Wallace in 2018 remarks. “But in the end Australia rewards hard work, imagination and commitment.”

Roy Thompson went on to work in real estate and “had a great deal of success creating or transforming a host of Sunshine Coast landmarks,” Wallace added, including Chifley’s Hotel, which was a famous landmark and entertainment hub in the 1980s. He built the hotel in 1972 and sold it in 1978 to Stewarts Hotel Group, then bought the Mooloolaba Hotel and other Sunshine Coast developments that ultimately cemented his fortune, much of which went toward philanthropy.

Roy’s son said gratitude drove the giving. 

“Ninety percent of all his donations were distributed on the Sunshine Coast,” Peter Thompson told Sunshine Coast News.

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Concerns are growing that the de-facto tolling of the Strait of Hormuz could trigger a domino effect for key shipping bottlenecks worldwide, creating more global inflation and effectively killing key components of international maritime law.

As Iran insists on some form of fee structure for traversing the now-infamous strait—and the U.S. increasingly seems unable to prevent it—the rising expectation is that other nations may insist on new fees elsewhere, such as Asia’s Strait of Malacca, Europe’s and Africa’s Strait of Gibraltar, as well as key waterways impacted by Russia’s war in Ukraine.

“I think that the ‘freedom of the seas’ is dead,” said Michelle Brouhard, head of policy and geopolitical risk for the Kpler energy intelligence firm.

“The way that we’ve known maritime security is moving into a new era, and the rules are still getting rewritten,” Brouhard told Fortune. “It’s going to look different than what we’ve seen before. It’s going to be expensive; it’s going to be inflationary; and it’s also going to create a lot of benefits for people who start onshoring industrialization.”

The so-called freedom of the seas is the centuries-old recognition that maritime transit and commerce should be free and open to all. The “absolute freedom of navigation” was insisted in Woodrow Wilson’s famed “Fourteen Points” statement of peace to end World War I. That legality is carried today through the U.N. Convention on ​the Law of the Seas.

In that vein, “The post-World War II order is burning to the ground,” Brouhard said. This trend was already in the works with President Trump’s return to office and the so-called ‘Donroe Doctrine’ emphasizing regionalism and control over the Western Hemisphere. “It’s just accelerating now with the [Iran] war,” she added.

Shipping companies, insurance firms, and more would certainly oppose tolling structures—they’re already threatening to cancel coverage on vessels that pay tolls or involuntary fees—but that doesn’t mean they can prevent them, she said.

Iran is demanding a 5% or 7% service fee per barrel of oil that would generate close to $20 billion annually, and that’s not even counting fees on other cargoes, such as natural gas, petrochemicals, helium, fertilizer, and container cargoes. While analysts are skeptical that such high charges would come to fruition, many see a fee system of some kind as inevitable.

And Brouhard believes it’s increasingly an inevitably that more fees will be charged for cargoes to move through other straits as other nations seek to capitalize, such as Malaysia and Indonesia in the Strait of Malacca and Morocco with the Strait of Gibraltar.

“Once Iran said they were going to charge a fee—if they charge a toll—then everyone is going to charge a toll,” Brouhard said. “This is one of the last known natural resources that someone can make money off of. Imagine if you’re Malaysia, you’re a relatively poor country. Now, all of a sudden, you can charge a toll. You’re going to be a relatively rich country. Morocco could become a richer country,” she said.

“It’s an entirely new commoditized asset that didn’t exist before.”

New world order

There is an ongoing debate in energy and geopolitical circles as to whether some kind of fee structure—even a so-called voluntary one—is an inescapability or a leveraging tactic to win Iran the economic freedoms from sanctions it desires.

Bob McNally, former White House energy advisor under George W. Bush and founder of the Rapidan Energy Group, believes Iran would likely settle for tiny, voluntary service fees, similar to what already exists at the Strait of Malacca.

“We look at the whole question of Hormuz tolls as mainly an Iranian bargaining chip that they’re willing and able to give up for big sanctions relief and other things,” McNally said. “We just don’t think heavy-handed Iranian tolls are going to be the future. That could be wrong.”

Another argument is that Iran’s oil-producing neighbors, the Gulf Cooperation Council (GCC), may opt for regular payments to Iran—instead of a per-vessel fee system—to keep Hormuz open, said Gregory Brew, senior analyst for Iran and energy with the Eurasia Group. 

“My expectation has been that money will be delivered to the Iranians in some way, shape, or form,” Brew said. “It will likely come from the GCC states, and it will likely come in the form of voluntary fees that are meant to cover the costs of managing the strait.”

And that is very different that the miniscule, voluntary fees in Malacca, he said.

“I think the [Malacca] comparison will be made to frame the agreement in Hormuz as legal and acceptable,” Brew added. “The difference will come in the quantity of funds delivered. The Iranians won’t accept a nominal, minor amount. They’ll want something more substantial, and the GCC will likely have to deliver them what they want.”

Indonesia and Malaysia already have publicly flirted with tolling the Strait of Malacca this year but have also insisted they’ll avoid doing so for now.

Even though it would have violated the freedom of navigation, Brouhard said there’s an argument that the U.S. should have worked with Turkey and others to make Russia pay tolls through the Bosporus Strait as punishment for invading Ukraine—instead of capping the prices of Russia’s oil and gas sales.

Making Russia’s oil the most expensive in the world would have punished Russia more than making its oil the cheapest and benefitting the oil buyers, especially China, she said.

In such a way, Brouhard said, there’s an argument that the “freedom of the seas” is no longer ideal for the modern world.

“Freedom of the seas makes sense in a world where everybody’s friends with each other. But, in a world like now, where there are a lot of hostilities, and you have the rising power of China, maybe freedom of navigation doesn’t make sense,” Brouhard said.

As such, this would hasten onshoring and the building up of domestic supply chains. But it would also prove inflationary for essentially everything. In the case of oil though, tolls charged on cheaper oil on open straits would prove less costly than the oil spikes of today, she said. And worldwide tolls would also apply to container ships—essentially all exported goods—and not just oil and gas tankers.

“Everything that we’ve seen that has been inflationary has been on commodity prices,” Brouhard said. In a world of tolls on straits, “You’re going to have higher prices on the transit of container goods. And 90% of global trade happens on the water. It’s not just commodities, it’s everything. All global trade is happening on the water.”

This story was originally featured on Fortune.com

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Egg prices have finally stopped punishing American shoppers. A dozen averaged $2.19 in July, down nearly 26% from a year earlier as flocks recovered from avian flu. Now nearly 19 million eggs are carrying a different kind of problem—and the sell-by dates on some of them run through today.

The problem began in July, when Midwest Poultry Services voluntarily recalled white shell and brown cage-free eggs over potential salmonella enteritidis contamination.

The eggs were produced at farms in Texas between June 6 and July 3 and carry sell-by or best-by dates between July 20 and Aug. 17. They were sold under the Kroger, Simple Truth, Brookshire’s, Country Morning and Cal-Maine Sunups brands.

Then on Aug. 12, the Food and Drug Administration classified the recall under its highest-risk category after the eggs were linked to a salmonella outbreak that sickened at least 98 people and hospitalized 26.

The FDA said the Class I designation followed its assessment of the risk to the public and “should not be seen as an expansion or change to a firm’s voluntary public warning.”

Midwest Poultry Services could not immediately be reached for comment. Emily Metz, president and CEO of the American Egg Board, previously stressed that the classification does not represent a new recall. “What you’re seeing in the news today is not a new recall,” she said in a statement provided to the New York Times, adding that the company’s voluntary recall “is already complete.”

Consumers bought them at Kroger stores in Texas and Louisiana and Brookshire Grocery stores in Texas, Oklahoma, Arkansas, Louisiana, New Mexico and Mississippi, along with smaller retail outlets, according to the FDA. Kroger said in July that “all eggs currently available for purchase in our stores were sourced from a different production facility,” according to Reuters.

The outbreak has stretched well beyond the states where the recalled eggs were sold. As of July 24,  people across 17 states had been infected with the outbreak strain, according to the Centers for Disease Control and Prevention.  No deaths have been reported. Texas accounts for the large majority of cases, but illnesses also turned up in states including Michigan and New York, which are outside the states identified in the FDA’s distribution information.

That mismatch is one reason an investigation isn’t over. The FDA said epidemiological, laboratory and traceback evidence points to Midwest Poultry Services eggs as a likely source, but that the producer “does not account for all the illnesses in this outbreak.”

Illnesses began on dates ranging from Nov. 21, 2025, to June 30, 2026—a seven-month span. Of the 44 people interviewed about what they ate before getting sick, 40 reported eating eggs.

Midwest Poultry Services said it identified the potential contamination at two Texas farms through environmental monitoring and root-cause analysis, and that whole-genome sequencing by a third-party lab matched some samples to the outbreak strain. The company stopped distributing fresh eggs from those farms in July.

Salmonella typically causes diarrhea, fever and abdominal cramps 12 to 72 hours after eating contaminated food, with symptoms lasting four to seven days. Children under five, older adults and people with weakened immune systems face the greatest risk of severe illness.

Consumers can identify recalled cartons by the codes P-1950 or 0840962 alongside a Julian date between 157 and 184, printed in date-coding ink on the side of the carton. The FDA says consumers should not eat the eggs and should return them for a full refund, or throw them away if they’re no longer in their original packaging.

This story was originally featured on Fortune.com

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Nearly four years after the last time they teamed up to play doubles, Serena Williams and Venus Williams lost a first-round match to Peyton Stearns and Ukraine’s Marta Kostyuk 6-2, 1-6, 1-0 (8) on Monday at the Cincinnati Open in Mason, Ohio.

“I thought it was fun,” Serena said. “I thought it was special. We kicked off a little rust in the middle of the match and just, you know, (we were) starting to feel it. I didn’t come out here to win this tournament. Winning is obviously great. But in this position just, you know, having fun. It was really cool to be able to do this again.”

It was the third doubles match of the year for Serena, 44, who returned to the tour this year for the first time since 2022. She won a doubles match while teaming with Canada’s Victoria Mboko in a Wimbledon warm-up tournament in London, but the pair couldn’t compete in the next round after Mboko got hurt. Serena lost a first-round doubles match with the Czech Republic’s Karolina Muchova in Berlin.

Serena has played just one singles match this year, a first-round loss to Australia’s Maya Joint at Wimbledon. In that match, the 23-time major singles winner sustained an injury that kept her from competing with her sister in the Wimbledon doubles event.

Serena has yet to reveal her plans for the US Open, which starts on August 30.

A young fan holds a sign in support of the doubles match between Serena Williams and Venus Williams of the United States against Marta Kostyuk of Ukraine and Peyton Stearns of the United States during the Cincinnati Open at Lindner Family Tennis Center, August 17, 2026. (credit: Aaron Doster-Imagn Images)

Venus ends match with double fault

Venus, 46, is 3-9 in doubles matches and 0-10 in singles matches in 2026.

On Monday, Stearns and Kostyuk jumped ahead 6-0 in the decisive first-to-10 tiebreaker that the pro tennis tours use in place of a third set in doubles. The Williams sisters rallied within 8-7 and 9-8 before Venus served a match-ending double fault.

Venus said, “It’s our first time playing together in forever. It was great for us to get out there and do it.”

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The 60-day negotiating window meant to move the United States and Iran toward a more durable settlement expired August 17 without a comprehensive agreement, leaving behind a military balance increasingly different from the one that existed when the pause began.

Iran has used periods of reduced fighting to repair launchers, restore access to damaged military infrastructure, and accelerate missile and drone production. The United States is confronting depleted stocks of interceptors and precision weapons used during the conflict, while Gulf countries struck by Iranian missiles and drones are seeking additional air-defense systems and ammunition. Israel has accelerated production of its own interceptors and aerial munitions.

What began as an attempt to create diplomatic space has also functioned as a period of military reconstitution.

For Tehran, that effort has been explicit. Islamic Revolutionary Guard Corps Aerospace Force Commander Majid Mousavi said in April that Iran was updating and replenishing missile and drone launchers faster than before the war, although Reuters was unable to independently verify accompanying footage from an underground missile facility.

On May 21, Reuters, citing CNN and two sources familiar with US intelligence assessments, reported that Iran had restarted some drone production during the six-week ceasefire that began in April. The news agency reported July 29 that Iran was preparing to receive an initial shipment from China of as many as 400 shoulder-fired air-defense missile launchers as Tehran rebuilt its defenses.

An image of Iran's late Supreme Leader Ali Khamenei (L) and new Supreme Leader Mojtaba Khamenei with replicas of missiles in the background during a gathering to commemorate the death of Imam Reza on August 12, 2026 in Tehran, Iran. (credit: Contributor/Getty Images)

Iran restoring access to underground missile facilities quicker than expected

The Wall Street Journal reported July 23 that satellite imagery showed Iran restoring roads and access to underground missile facilities more quickly than some Israeli officials had anticipated. The imagery also indicated reconstruction at a missile-component plant near Tehran, although more sophisticated parts of Iran’s weapons industry appeared harder to restore.

Tehran has clearly recovered part of its ability to fight, but publicly available information does not establish that Iran has returned to its full prewar missile-production or operational capacity.

That uncertainty is central to Israeli calculations.

Danny Citrinowicz, a senior researcher in the Iran and the Shi’ite Axis Program at the Institute for National Security Studies and a former head of the Iran branch in the Research and Analysis Division of Israel Defense Intelligence, told The Media Line that focusing solely on the number of destroyed production sites risks obscuring the arsenal Iran may still retain.

“Nobody knows exactly how many weapons they have, but even during the friction with the US, they attacked Jordan numerous times with long ballistic missiles, so obviously they still have the capacity to launch missiles,” Citrinowicz said. “Adding to that, there are numerous reports in Israel that the Iranians were able to rebuild their manufacturing capacity – not 100%, but they have the ability to manufacture.”

Citrinowicz said that despite what he described as operational gains during the 39-day war, Iran retained sufficient missiles and launchers to sustain hostilities for weeks or months.

His assessment points to a structural problem exposed by the conflict. Strikes can destroy fixed production facilities, launchers, and command infrastructure. They have greater difficulty eliminating technical expertise, dispersed supply networks, underground storage, and the political decision to rebuild.

Iran has spent decades developing a largely indigenous ballistic-missile industry because missiles allow Tehran to threaten targets far beyond its borders despite the limitations of its conventional air force. The war damaged that architecture but did not remove the strategic reason Iran relies on it.

John Keith King, a strategic adviser and founder of Q Advisory, cautioned against interpreting every sign of resumed production as evidence that Iran had already restored its previous military strength.

Public estimates have differed sharply. An Israeli Air Force official reportedly estimated in early April that Iran retained slightly more than 1,000 missiles capable of reaching Israel, while US intelligence assessments cited in American reporting placed the surviving share at roughly 70% of its prewar stockpile. Later Israeli reporting said about two-thirds of Iran’s launchers remained operational. Satellite analysis also indicated that Iran had reopened 50 of 69 entrances at 18 underground missile facilities.

“The number of operational launchers, missile accuracy, command-and-control resilience, availability of solid-fuel components, and the ability to conduct sustained coordinated barrages are at least as important as the total number of missiles,” King told The Media Line. “Some of the current estimates originate with Israeli security sources and require continued independent verification.”

 People wave flags next to an Iranian missile on display during the 46th anniversary of the Islamic Revolution in Tehran, Iran, February 10, 2025.  (credit:  MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

King did not characterize the Israeli estimates as false, but said assessments based on security sources should not be treated as independently confirmed.

That distinction could prove critical if Israel considers another preventive military campaign.

The relevant calculation is no longer simply how many missiles Iran possesses. It is whether Tehran has enough functioning launchers, command networks, and precision systems to sustain large salvos; whether Israel can identify and destroy those systems quickly enough; and whether Israeli and American missile defenses can absorb another prolonged exchange.

US, Gulf countries replenishing arms during Iran ceasefire

Iran is not the only actor rebuilding.

The war placed unusually heavy pressure on air-defense inventories across the region. The International Institute for Strategic Studies reported May 12 that Iranian missile and drone attacks had depleted Gulf countries’ interceptor magazines and exposed capability gaps, prompting Saudi Arabia and other states to seek additional interceptors, radars, counter-drone equipment and surface-to-air systems.

The United States faces its own replenishment problem. On August 3, Washington announced framework agreements worth more than $3 billion to expand production of Patriot and Terminal High Altitude Area Defense (THAAD) interceptor components. The Pentagon said the agreements could eventually triple Patriot production capacity and quadruple THAAD production after the conflicts involving Iran and Ukraine strained US inventories.

The US military awarded RTX a $22.9 billion contract on August 17 aimed at dramatically increasing Tomahawk production as Washington moves to replenish long-range weapons used in recent conflicts.

It would be difficult to describe the current period simply as a pause in which Iran alone is rearming. It has become a broader regional replenishment race.

There is no public evidence that Washington entered the ceasefire specifically to restore its weapons inventories. Still, the United States and its partners have used the same period to address shortages and strengthen defenses, particularly around the Gulf, where American bases and allied infrastructure remain within range of Iranian missiles.

Iran is trying to restore the offensive capability needed to make another attack costly. Washington and its Gulf partners are rebuilding defensive stocks intended to absorb that capability. Israel must prepare both to defend itself against another Iranian barrage and to decide whether renewed Iranian production eventually justifies another strike.

King described the resulting environment as something less stable than a conventional ceasefire.

“I would describe the present situation not as peace, but as an armed pause within an unresolved conflict,” he said. “The ceasefire has not produced agreement over Iran’s nuclear and missile programs, control of the Strait of Hormuz, sanctions, or the future regional security structure. Both sides are therefore using the pause to rebuild military capacity and strengthen their negotiating positions.”

According to King, the situation creates a dangerous cycle.

“Iran’s rearmament may encourage another preventive strike, while continued American or Israeli threats convince Tehran that accelerating missile production is essential for survival,” he said.

Strait of Hormuz shipping obstacles showcase continued conflict

The Strait of Hormuz remains one of the clearest examples of how little of the underlying conflict has been resolved.

As the negotiating period expired, Iran said it was close to finalizing an understanding with Oman on routes for commercial vessels through the strait. Washington and Tehran remain divided over the larger political conditions surrounding the waterway, including the US blockade of Iranian ports and Tehran’s demand for a role in controlling passage through Hormuz. Separate efforts to restore the broader interim US-Iran arrangement produced no substantive progress before the deadline.

Military rebuilding on all sides could reduce the margin for error while diplomacy remains unable to address the conflict’s underlying causes.

A missile deployment interpreted as preparation for an attack, a new shipping incident, or an Israeli decision that Iranian production has crossed an unacceptable threshold could quickly transform the standoff.

Israel’s role in that scenario is particularly complicated.

The Israeli Defense Ministry has moved to increase production of Arrow interceptors, part of Israel’s ballistic-missile defense architecture developed jointly with the United States. It has also accelerated aerial-munitions production and moved to replenish weapons used in operations against Iran and on other fronts.

Yet military readiness does not automatically translate into freedom of action.

Citrinowicz argued that another major Israeli operation against Iran would remain heavily dependent on Washington, particularly if the United States sought to prevent a new round of direct fighting.

He said Israel’s ability to conduct such an operation would be sharply constrained as long as the US administration opposed renewed escalation. He argued that Prime Minister Benjamin Netanyahu would be especially reluctant to act against US President Donald Trump’s regional policy because Netanyahu also values the US president’s political support ahead of Israel’s election.

Citrinowicz said Israel would be unlikely to expand the war as long as the United States opposed further escalation, even if Netanyahu favored doing so, because acting against US policy in the region would be difficult.

He stressed that the dependence was structural rather than limited to one administration or military operation.

“There is no replacement in Israel for the US support,” Citrinowicz said. “We need the US support offensively and defensively… At the end of the day, we are highly dependent on the US.”

He said Israel must adjust when Washington’s regional priorities diverge from those of the Israeli government. In the present case, he said, US opposition to renewed fighting would leave Israel with few realistic alternatives because it depends on American diplomatic backing, offensive support and missile defense.

That dependency places Israel in a difficult position if Iranian missile rebuilding continues faster than expected while Washington remains reluctant to return to a large-scale offensive.

Israel could decide that allowing Tehran additional time would make a future strike more costly. Striking sooner could trigger Iranian retaliation against Israel, US forces, and Gulf infrastructure, followed by another round of American involvement.

King said the military question could not be separated from the diplomatic one.

“The only sustainable alternative is an enforceable agreement covering more than the nuclear issue,” he said. “It would require verifiable limitations on missile production and deployment, reliable inspection mechanisms, protected navigation through Hormuz, military deconfliction channels, and phased economic incentives tied to compliance.”

“Without such arrangements,” King said, “the region risks entering a recurring pattern in which Iran rebuilds, the United States or Israel strikes again, and every round becomes more destructive than the last.”

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Afghan journalist Tahmina Usmani became one of the most visible women working in her country’s media after the Taliban returned to power in August 2021. She continued presenting news as female journalists disappeared from television screens, then appeared on air with her face covered when Taliban authorities imposed a new dress code.

Now living in Paris, Usmani told The Media Line that her decision to remain on television reflected both her commitment to journalism and her determination to preserve a public voice for Afghan women.

Originally from Panjshir, Usmani was born and raised in Kabul. Her father worked in the automobile business, while her mother, who had been denied an education herself, encouraged her children to study.

“Honestly speaking, she was a strong supporter of my dreams,” Usmani told The Media Line.

Usmani earned a bachelor’s degree in law and political science from Rana University in Kabul and completed a journalism course. She hoped to continue studying international relations, but Afghanistan’s political upheaval disrupted those plans.

She began her broadcasting career at Noor TV, where her income helped support her parents and three siblings. Usmani joined TOLOnews in August 2020 and returned to political news programming on August 27, 2021, less than two weeks after the Taliban captured Kabul.

Usmani described herself as the first female TOLOnews anchor to appear after the takeover. Contemporary reporting shows that presenter Beheshta Arghand interviewed a Taliban representative on August 17, making Usmani more accurately one of the first women to return to the network’s broadcasts and political programming under the new authorities.

Her presence soon became part of a larger battle over whether women would retain any place in Afghanistan’s media.

In May 2022, Taliban authorities ordered female television presenters to cover their faces on air. Women initially resisted, but broadcasters were told that presenters who refused would be reassigned or dismissed. Usmani appeared on TOLOnews wearing a face covering, with international photographs capturing what became an emblem of the Taliban’s tightening control over women journalists.

“It is very difficult for us,” Usmani said at the time, explaining that presenting while veiled made breathing and speaking harder. Male TOLOnews employees later wore masks in solidarity with their female colleagues.

Talibans claim women to remain in broadcasting, expand restrictions

Taliban officials said they did not intend to remove women from broadcasting, but the restrictions expanded. Television dramas featuring women were banned, female presenters were subjected to strict dress requirements, and journalists faced growing pressure over what they could report and ask.

“Women were required to cover their faces, and journalists faced censorship in both their reporting and interview questions,” Usmani told The Media Line.

By August 2022, Usmani was among the few female journalists still working inside Afghanistan. She told Agence France-Presse that joining TOLOnews and serving as a voice for Afghan women gave her a sense of purpose during an increasingly bleak period. 

Usmani now believes independent journalism has become impossible inside the country.

“In my view, nowadays, there’s no truly independent media in Afghanistan under Taliban rule,” she told The Media Line. “Media organizations can only operate if they publish content approved by the Taliban. Journalists who criticize the authorities risk arrest or torture or even death.”

Human Rights Watch reported in 2025 that Taliban intelligence officials monitor media content, morality authorities enforce dress and conduct rules, and journalists face punishment for perceived criticism. The organization said the restrictions had produced a sharp decline in the number of women working in Afghan media. 

Usmani eventually concluded that remaining in Afghanistan was no longer safe.

“When I realized that I could no longer live and work freely or safely in Afghanistan, I decided to leave the country,” she said. “It was one of the most difficult decisions of my life.”

Journalist joins Afghanistan exile broadcaster in Pakistan

She moved to Pakistan and joined Afghanistan International, an exile broadcaster that reports for Afghan audiences from outside the country. Leaving brought a different set of hardships: separation from her family, uncertain residency status, cultural adjustment, language barriers, and the struggle to find stable work.

Usmani later relocated to France and is studying human rights and humanitarian action at Sciences Po in Paris through a professional certificate program in social and human sciences for young refugees.

She hopes to continue both her education and her journalism while using the opportunities available to her in exile to advocate for those denied them at home.

“I also hope that one day all Afghan girls, Afghanistan girls and women, as well as my fellow journalists and media colleagues, will have access to meaningful educational and professional opportunities,” Usmani told The Media Line.

“Above all, I hope to see Afghanistan one day become a free, peaceful, and prosperous country where everyone can live with dignity, freedom, and hope.”

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As the Likud primary campaign ends and the final results of the primaries are published, Prime Minister Benjamin Netanyahu’s attention is turning to the eight reserved slots at his disposal, which will allow him to influence the composition of the party list even after members have cast their votes.

On Monday, one name returned to center stage, illustrating what the prime minister hopes to achieve through the reserved slots: Moshe Kahlon.

The former finance minister arrived to vote in Haifa, where senior Likud officials conveyed a message to him on Netanyahu’s behalf: “If you want, I’ll save you a high spot.”

Kahlon neither accepted nor rejected the offer, telling associates that he has not yet decided whether to return to politics. Likud has recently conducted polling on the cost of living and found that Kahlon remains strongly associated with the issue.

Another name under consideration for a reserved slot is Tsega Melaku, who withdrew from the primary race. Members of the Ethiopian-Israeli community have been campaigning for her to receive a reserved place, and 32 kessim, Ethiopian Jewish religious leaders, signed a letter to Netanyahu asking him to guarantee her a spot on the list.

A voting booth at the Likud primaries in Ashdod, showing the party members running and the corresponding numbers to vote for each one, August 17, 2026. (credit: Liron Moldovan/Flash90)

Reserved slots carry significant weight as results are counted

Likud officials say that, according to polling conducted by the party, she could bring Likud support equivalent to about half a Knesset seat from members of the community.

After the results the published, each reserved slot will carry significant personal consequences for Likud MKs.

Anyone who finishes in 25th or 28th place will know that every candidate Netanyahu places ahead of them could be the person who pushes them out of the Knesset. Likud officials therefore believe it will be considerably more difficult for the prime minister to secure approval for additional reserved slots after the count, particularly if they are not given to candidates with clear electoral value.

The challenge also has an institutional dimension.

The Likud Secretariat must vote on the reserved slots in person, with 48 hours’ notice, and senior party officials believe MKs in borderline positions will arrive at the vote with a clear personal interest in the outcome.

Democrats chairman Yair Golan’s decision to forgo reserved slots in his party is also expected to be cited by opponents of the practice in Likud, who will argue there is no justification for pushing back candidates elected in the primary. Likud officials estimate that Netanyahu may ultimately settle for only one or two additional reserved slots, and only if he finds candidates with clear public and electoral appeal.

MKs who fail to secure a realistic place on the list will continue serving until the general election, and some also retain influence within the party’s institutions. This is one reason Netanyahu has held talks with incumbent MKs in recent days. An elected official who already knows they will not return to the Knesset on the Likud ticket is less dependent on the prime minister and on party discipline.

Polls closing doesn’t end process

Internal party discussions have even raised the possibility that political rivals could try to recruit disappointed MKs to move against Netanyahu before the election, including through a constructive no-confidence vote. For now, there is no indication that such an effort is actually being organized, but the possibility remains in the background.

Legally, the closing of the polls does not necessarily mark the end of the process.

The primary reached the voting stage after weeks of petitions concerning district slots and reserved positions, while allegations involving ballots and technical problems were already raised during voting day. The votes will be counted manually and under supervision, with results from polling stations transmitted to the central operations room.

Narrow margins, particularly in district races and guaranteed representation slots, could lead to further appeals to the Likud court.

The list of winners and losers that will begin to take shape Tuesday morning will reveal much more than the order of the candidates. It will show how much influence remains with political deals and organized blocs, how far independent voters succeeded in breaking their hold, which ideological positions Likud members rewarded, how many incumbents were pushed out, and how closely the elected list resembles the one Netanyahu would have chosen himself.

The morning after the primary, the battle will shift to Netanyahu and the question of the reserved slots. If he seeks to use them to alter the list chosen by Likud members, he will have to secure approval from MKs for whom every position they are pushed down could determine whether they serve in the next Knesset.

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A weeklong confrontation around Palestinian homes in Kusra has turned the village, about 10 miles south of Nablus, into the latest focal point of an increasingly volatile West Bank, drawing unusual rebukes from Washington and the Vatican and renewing questions inside Israel over the state’s ability – and willingness – to contain violent settlers.

The immediate crisis began on Sunday, August 9, when Israeli settlers blocked access to three Palestinian homes on the outskirts of Kusra and established a tent near the properties. Residents said their water and electricity had been cut. The United Nations later said about 15 Palestinians, including two children, were trapped inside the affected homes without running water or electricity.

The confrontation had not been conclusively resolved by Sunday, August 16. Reuters continued to describe the homes as besieged and photographed Israeli forces outside one of them that day. Pope Leo XIV, speaking after noon prayers at his Castel Gandolfo residence, appealed for an end to repeated violence against Palestinian civilians in the West Bank and urged the international community to advance a two-state solution. He did not refer to Kusra by name.

The three properties belonged to Palestinian families living in the same area, but subsequent Israeli military statements focused specifically on one of the homes closest to the tent. That distinction caused some confusion during the standoff: The IDF referred in its statement to “the Palestinian family” and “the house,” while reporting from the scene continued to describe three besieged homes. Reuters also noted that it was unclear which of the three properties the military meant in parts of its statement.

By Wednesday, August 12, Israeli forces had attempted to remove the settlers from the immediate area. Witnesses and video reviewed by Reuters showed troops using tear gas during clashes with settlers. Forces removed part of the tent structure before withdrawing, after which settlers attempted to break through the gate of one of the Palestinian homes. The operation did not immediately end the confrontation.

Israeli settler extremists throw stones at a dirt road at the Palestinian village of Kusra, in the West Bank, in an attempt to block the movement of Palestinians and Israeli forces, August 12, 2026 (credit: SCREENSHOT/VIA SECTION 27A OF THE COPYRIGHT ACT)

That same Wednesday, senior Israeli commanders – including the head of the IDF Central Command, the commander of the Judea and Samaria Division, and the commander of the Judea and Samaria Border Police District – visited Kusra and spoke with one of the Palestinian families affected by the confrontation.

“The commander of the IDF Central Command, the commander of the Judea and Samaria Division, and the commander of the Judea and Samaria Border Police District toured the area of Kusra and the nearby outposts this morning and spoke with the Palestinian family residing there, who informed them that the house has electricity and water infrastructure,” the IDF told The Media Line.

The military added, “Near the house, in Area B where a closed military zone order was issued, a tent was erected where Israeli civilians were staying. Border Police forces evacuated the tent and are working to evacuate the civilians who were staying there. The incident is still ongoing, and security forces are currently at the scene.”

The IDF described the people at the tent as “Israeli civilians”; reporting from Kusra identified them as settlers. In this article, “settlers” is used when referring to the group involved in the confrontation, while “Israeli civilians” is retained when quoting or describing the military’s legal and operational terminology.

Despite its military-style organization, the Border Police is part of Israel Police rather than the IDF. The IDF retains broader security authority in the territory, including the ability to declare closed military zones, while police authorities enforce criminal law involving Israeli civilians. In Kusra, soldiers secured the area while Border Police personnel were tasked with removing civilians from the disputed site.

“During the tour, the commanders expressed their grave concern over the actions carried out by Israeli civilians against the Palestinian family and instructed that several measures be taken moving forward,” the IDF said in the same August 12 statement.

IDF soldiers in the village of Kusra, south of Nablus, West Bank, on August 14, 2026.  (credit: FLASH90)

Those measures did not immediately end the standoff. On Thursday, August 13, the IDF reinforced its deployment in Kusra, saying troops had been sent that morning to carry out defensive missions, patrol the area, and protect residents. Reuters reported that Israeli soldiers took positions around and inside several Palestinian homes while the confrontation continued.

The number of settlers present fluctuated, and Israeli authorities did not provide a single authoritative figure. Video obtained by Reuters on Friday showed seven settlers outside one affected home. Forces dismantled part of the encampment Wednesday, but settlers remained or returned after troops withdrew. Another tent erected Friday was also removed, again without conclusively ending the confrontation.

Footage from earlier in the week also showed several Israeli men in green military clothing joining settlers in morning prayers at the tent. The publicly available footage did not conclusively establish whether all of those shown were active-duty soldiers, reservists or personnel from another security unit. The IDF referred to “security personnel” and said disciplinary measures would be taken against those involved. Their participation drew scrutiny because uniformed personnel deployed to enforce security and separate the parties appeared to be participating alongside one side of an active confrontation, raising questions about impartial enforcement.

The division of responsibility between military and police authorities has since become part of a broader policy debate. On Friday, August 14, Defense Minister Israel Katz instructed the IDF to formulate a plan to transfer civilian enforcement and public-order responsibilities concerning Israelis in the West Bank to Israel Police. Katz said the military should concentrate on counterterrorism, border defense, and protecting communities, while police should assume responsibility for civilian law enforcement.

No transfer has yet taken place, and Katz’s instruction begins a planning process rather than completing an institutional change. If implemented, the proposal would place broader enforcement against Israeli civilians under police authority while leaving the IDF responsible for the wider security environment. Police would not gain independent authority to operate in Areas A and B, where they currently require IDF accompaniment.

The proposal is contested. Haaretz reported that Israeli security officials consider it unworkable, while human rights lawyer Michael Sfard told The Guardian that a formal transfer could become a major step toward annexation. Sfard also said Israel could expand police powers within the existing military framework, making the proposal’s legal effect dependent on details that Katz has not released.

The dispute over conditions at the Palestinian homes has itself become part of the confrontation. Nidal Foqaha, a Palestinian political analyst, said Palestinian residents increasingly distrust assurances from Israeli authorities.

Palestinians refute IDF Central Command chief on access to utilities 

The Palestinian family involved has refuted the claim from the head of the IDF Central Command that it had access to electricity and water.

“Such contradictions, combined with the absence of effective protection and enforcement, further undermine confidence in Israeli claims that the situation is being addressed,” Foqaha told The Media Line.

The IDF statement addressed the military’s deployment and the condition of one home but did not answer every allegation concerning the other properties or individual security personnel. Reuters said Israel Police and the military did not respond Saturday to requests for comment about residents’ allegations of earlier attacks in Kusra.

Kusra is also emerging against the backdrop of the deadly July 24 confrontation in Tell, a Palestinian town about 3 miles southwest of Nablus. Four Palestinians and two Israeli soldiers were killed after a confrontation involving armed Israeli civilians, Palestinians, and security forces. Palestinian authorities said settlers had come to attack residents. The Israeli military initially described the Israelis as hikers but later acknowledged that some were armed and said gunfire had come from both sides before troops intervened. Video reviewed by Reuters appeared to show Israelis pushing Palestinians with rifles before a Palestinian seized a weapon and was then apparently shot, although Reuters said it could not independently authenticate the footage.

The aftermath included large-scale Israeli raids and questioning in Tell. The IDF said 80 people were questioned and 11 arrested, while Prime Minister Benjamin Netanyahu ordered a broader security response and his office said settlement construction in the area would be accelerated.

For Foqaha, the events in Tell and Kusra form part of the same deteriorating security environment.

Israeli army soldiers stand near a Palestinian house which was besieged by Israeli settlers in Kusra village in the West Bank August 13, 2026. (credit: REUTERS/ALI SAWAFTA)

“Escalation around Kusra and across the Nablus area cannot be separated from the deadly events in Tell two weeks ago, or from the broader pattern of settler violence and terrorism against Palestinian villages also in the Ramallah area or Southern Hebron,” he said.

“Continued attacks on residents, and the seizure of privately owned land and attempts to take control of Palestinian homes are creating an unbearably dangerous situation,” he added.

Foqaha blamed what he called the Israeli military’s failure to protect Palestinians, remove illegal outposts, and hold attackers accountable.

The assessment that the problem is becoming one of governance is not confined to Palestinian analysts.

Israel will face consequences by avoiding making difficult decision

Kobi Michael, a senior researcher at the Institute for National Security Studies and the Misgav Institute, delivered a stark criticism of Israeli authorities’ handling of violence by settlers, arguing that failure to confront violent factions among them could ultimately damage both Israel’s international position and the wider settlement enterprise.

“The State of Israel has willingly, and with its eyes open, lost governance in the West Bank. The price will be high – not only vis-à-vis the international community, but mainly regarding the legal and consensual settlement project, and then vis-à-vis the US administration,” Michael told The Media Line.

Using an Israeli expression about suffering the consequences of avoiding a difficult decision, Michael added: “We will eat the smelly fish and be thrown out of the city. We will have to suppress this growing radical and violent gang, dismiss reserve soldiers who cooperate with them, dismantle illegal outposts and farms, and pay the price. This is what I mean by ‘eating the smelly fish.’”

The diplomatic cost Michael referred to has become increasingly visible.

US Ambassador to Israel Mike Huckabee, whose positions on Israeli settlements have historically put him closer to the Israeli right than many of his predecessors, issued an unusually severe denunciation of the events in Kusra. He called the siege a “horrific act of terror” and said US officials had asked Israeli authorities to remove those responsible. Reuters quoted him describing their actions as “criminal” and referring to those responsible as “Israeli terrorists.”

US and Israeli officials also told Reuters that Washington wanted Netanyahu to condemn the siege publicly.

The reaction comes against a broader rise in documented violence and displacement. In an August 11 statement to the UN Security Council, the United Kingdom cited Office for the Coordination of Humanitarian Affairs reporting of more than 1,300 settler-related incidents affecting more than 250 Palestinian communities. It separately noted that around 900 Palestinians had been injured and more than 3,200 displaced in the West Bank during 2026, while at least three Israelis had been killed and 24 injured.

The displacement total includes Palestinians forced from their homes by settler attacks and related access restrictions, along with those displaced by demolitions carried out for lack of Israeli-issued building permits. A separate UN briefing delivered August 11 placed the broader 2026 displacement total at about 3,800 Palestinians, nearly half of them children. The UN said settler attacks and related access restrictions had become the leading driver within those categories during 2026.

London welcomed recent Israeli arrests and indictments connected to attacks by settlers but said substantially more was required to prevent attacks and prosecute those responsible.

European governments have increasingly treated developments in Gaza and the West Bank as interconnected elements of the same diplomatic crisis. At their July meeting, EU foreign ministers expressed deep concern over the humanitarian situation in Gaza and called for safe and unhindered humanitarian access. During the same discussion, they reiterated opposition to settlement expansion and attacks by settlers in the West Bank.

The measures under discussion are intended to increase economic pressure on settlement activity rather than target trade with Israel as a whole. EU officials have considered a full or partial ban on imports originating in settlements, stricter export-licensing requirements and possible tariffs on settlement products. EU foreign policy chief Kaja Kallas said the measures were directed at settlements and activities viewed by the EU as undermining the two-state solution, not against Israel generally.

The result is a widening diplomatic problem for Netanyahu’s government: Disagreements with Washington now extend from the future of Gaza to the conduct of Israeli settlers and the effectiveness of Israeli law enforcement in the West Bank.

“If Netanyahu does not change the policy and the reality on the ground, he will be dragged into a very problematic situation vis-à-vis the American administration, including President Trump, and that might even damage him in the election,” Michael said.

Foqaha argued that Palestinian perceptions of the events go beyond individual settler attacks and increasingly concern the future political geography of the West Bank.

“For Palestinians, these are not isolated incidents. They consider such incidents as only serving the agenda of extremist political forces in Israel and as the implementation on the ground of Smotrich’s plan to consolidate Israeli control over the West Bank, displace Palestinian communities, replace them with settlers and foreclose the possibility of a viable Palestinian state based on the two-state solution principle,” he said.

Continued confrontations in West Bank could bring broader clash, analyst warns

Foqaha warned that continued confrontations over homes and agricultural land could transform localized violence into a wider clash.

“If settler attacks and attempts to seize Palestinian homes and land continue, the situation could unfortunately develop into an open and much wider confrontation between Palestinian villagers and settlers. The Israeli army must act urgently to prevent this outcome, not by imposing further restrictions on Palestinian communities, but by preventing settler terrorism, protecting Palestinian villages and holding the perpetrators accountable.”

One immediate challenge will come with the approaching olive harvest, when Palestinian farmers must reach agricultural land that in many areas lies close to Israeli settlements and outposts.

“This is traditionally a sensitive period, when Palestinian farmers need access to their own land located near settlements and outposts and are frequently exposed to violent attacks. Without credible preventive measures, effective protection for farmers and unrestricted access to their groves, the situation could deteriorate rapidly,” Foqaha said.

The IDF, for its part, said in its August 12 statement that its response in Kusra was intended to prevent precisely such a recurrence.

“The security forces will continue to operate firmly and responsibly to improve the situation in the area, uphold law and order, and prevent the recurrence of such incidents,” it concluded.

Whether the measures taken in Kusra – and Katz’s proposal to shift civilian enforcement more clearly toward the police – produce a sustained change will carry consequences beyond the village itself. The violence around Nablus is increasingly straining relations between Palestinian communities and Israeli security forces, sharpening divisions inside Israel over settlement policy and law enforcement, and putting further pressure on Washington’s relationship with Netanyahu’s government.

This post was originally published on here. 

Berkshire Hathaway has dramatically increased its investment in Google parent Alphabet, turning what was once an unusual technology bet for Warren Buffett’s conglomerate into its third-largest stock holding.

Berkshire increased its Alphabet position by 83% during the second quarter, ending June with nearly 106 million shares worth about $37.8 billion.

That puts Alphabet behind only Apple, valued at roughly $66 billion in Berkshire’s portfolio, and American Express at $51.3 billion.

The size of the investment is significant, but the timing may be even more important.

Berkshire spent 14 consecutive quarters selling more stocks than it purchased as it accumulated one of the largest cash piles in corporate America. That changed sharply during the second quarter, when the company purchased $23.5 billion of stocks while selling just $3.7 billion.

Alphabet was at the center of that shift.

The investment also gives Berkshire exposure to considerably more than Google’s search and advertising businesses. Alphabet is spending heavily on artificial intelligence and data-center infrastructure while holding one of corporate America’s most extraordinary outside investments.

Alphabet invested roughly $900 million in Elon Musk’s SpaceX in 2015. By the end of June, that stake was valued at approximately $94 billion — more than 100 times the original investment.

In other words, Berkshire is putting tens of billions of dollars behind a company that has itself demonstrated an ability to turn an early strategic investment into nearly $100 billion of value.

The move also marks an important chapter in Berkshire’s transition from Buffett to Chief Executive Greg Abel. Buffett has said the original decision to invest in Alphabet was his, while capital allocation is now being managed under Abel’s leadership.

For Berkshire shareholders, the bigger message is where the conglomerate is finally willing to put some of its enormous financial firepower.

After years of accumulating cash and struggling to find investments large enough to meaningfully move Berkshire, Alphabet has become one of the few companies receiving tens of billions of Berkshire dollars.

That makes the investment more than another portfolio adjustment.

Alphabet is now one of Berkshire Hathaway’s biggest bets.

JBizNews Desk | Omaha

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

Ship crossings via the Strait of Hormuz were still in single digits on Monday, despite rising slightly from the weekend, according to preliminary shipping data on Tuesday, amid a stalemate in US and Iranian peace talks.

Six commodity ships transited the strait on Monday, of which three were exiting the Gulf and three were entering, Kpler shiptracking data showed, compared with the 10-day average of 11 ships. Three ships transited on Saturday while two moved through the waterway on Sunday.

There were no very large crude carriers or tankers carrying liquefied natural gas passing through.

Some vessels could be passing through the strait with their transponders switched off and they are not considered in the tally.

The very large gas carrier (VLGC) Xavia entered the strait via the Iranian route under ballast, meaning empty of a cargo, according to the data. VLGCs are typically used to ship liquefied petroleum gases such as propane and butane.

Iranian President Masoud Pezeshkian speaks on the 47th anniversary of the Islamic Revolution in Tehran, in February.  (credit: Iran’s Presidential website/WANA/Handout via Reuters)

A medium-range fuel tanker and an intermediate-range tanker also entered the Gulf, the data showed, while a medium-sized LPG carrier, a Panamax bulk carrier and a Panamax-sized fuel tanker exited the Gulf.

Traffic slowed after weekend strikes on UAE vessels

Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers, while US-Iran talks to resolve the Middle East conflict stalled.

Five commodity vessels transited the strait on Saturday, with none registered for Sunday, shiptracking data from Kpler showed, versus 31 in the prior weekend.

Ships entering the strait on Saturday included an empty Very Large Crude Carrier with its Automatic Identification System switched off and an Indian-flagged Very Large Gas Carrier that used the Iranian route, Kpler data showed.
 
A small tanker laden with Iranian fuel oil exited, it showed.

This post was originally published on here. 

Two students were killed in a shooting at a high school in the southern Philippines on Tuesday, one of them the gunman, and the situation was now under control, officials said, in the second such incident in the country in less than two months.

The shooting took place at a school attached to the privately-run Ateneo de Zamboanga University in the city of Zamboanga, where the gunman brought a pistol and a rifle onto the school campus and fired at students inside the classroom, according to a preliminary police report.

The gunman, a grade 9 student, killed himself. The victim was a male student a grade above him, police said.

The university’s president Ernald Andal confirmed there was no longer an active shooting and there were no additional fatalities or reported injuries.

“We do not want any of these things to happen. We wish to prioritise the safety of all our students,” Andal said.

People walk near the nine-story building under construction that collapsed in Balibago, Angeles City, Pampanga, Philippines, May 24, 2026. (credit: REUTERS/Noel Celis)

Previous shooting at a high school in Philippines

The shooting followed an attack in June at a public high school in Tacloban City in which at least three students were killed and about 20 others injured when two of their schoolmates opened fire on campus.

School ​shootings are rare in the Philippines, which has relatively strict gun ownership regulations, including background ‌checks ⁠and psychological evaluation requirements, although illegal firearms remain in circulation.

News channel ANC showed footage of students and parents gathering outside the school gates with some armed police and soldiers present. Crime scene investigators were seen arriving at the school.

The school is a five-storey building on an 8-hectare (19.8 acre) site that houses the university’s grade school and junior high school students, according to its website.

The incident came less than 10 days after a high-profile incident in Thailand, where a student went on a shooting rampage at a school on the outskirts of the capital Bangkok.

This post was originally published on here. 

A high-level American delegation met Hamas leader Khalil al-Hayya in Egypt on Sunday as the Trump administration tried to move its Gaza plan forward and narrow the gaps over Hamas’s disarmament, Israel’s withdrawal and the future governance of the territory.

Leading the American side was Jared Kushner, President Donald Trump’s son-in-law and one of the architects of his Middle East policy. Kushner helped broker the Abraham Accords during Trump’s first term and has returned to a central role in the administration’s Gaza diplomacy, working closely with US envoy Steve Witkoff on some of Washington’s most sensitive negotiations.

Kushner was joined by senior figures involved in planning Gaza’s postwar future, including former British prime minister Tony Blair and Board of Peace Director-General Nickolay Mladenov. According to Axios, Kushner told Hamas that statements about demilitarization were no longer enough and that Washington expected concrete, verifiable steps.

Hamas left the meeting saying it remained committed to the American framework while demanding that Israel fulfill its side of the agreement. Eight Arab and Muslim countries later criticized Israel over its rejection of the latest road map. Prime Minister Benjamin Netanyahu maintains that Hamas must be fully disarmed and that Israel cannot withdraw while the terrorist organization retains the ability to rebuild its military power.

What stands out now is how routine the meeting itself has become.

(Front row, L/R) Uzbekistan’s President Shavkat Mirziyoyev, Egypt’s Prime Minister Mostafa Madbouly, and Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani attend the inaugural meeting of the Board of Peace, hosted by US President Donald Trump. (credit: Saul Loeb/AFP via Getty Images)

In March 2025, the disclosure that US hostage envoy Adam Boehler had met Hamas officials directly caused an uproar in Jerusalem. Israel made clear to Washington that it objected. Ron Dermer, then one of Netanyahu’s closest ministers, reportedly confronted Boehler over the talks.

Boehler defended the contacts publicly. “We’re the United States. We’re not an agent of Israel,” he told CNN, arguing that Washington had interests of its own and that direct contact could help secure the hostages.

Secretary of State Marco Rubio soon described the initiative as a “one-off situation.”

Sharm el-Sheikh October meeting had clear purpose, result, bringing hostages home, establishing ceasefire

It didn’t stay that way. Last October, Kushner and Witkoff met Hamas leaders directly in Sharm el-Sheikh during the negotiations that produced the ceasefire and the release of the remaining living hostages. That meeting had a clear purpose and a clear result. The hostages came home, and some of those freed later thanked Kushner and Witkoff for their role.

Sunday’s meeting went further.

Kushner was discussing the terms under which Gaza will be rebuilt and governed, when Israel will withdraw, and how Hamas will disarm. Those are questions about Gaza’s political future, and Hamas now has a direct seat in those conversations with Washington.

The Israeli response has changed as well. There has been no public explosion comparable to the reaction to Boehler’s meetings. Jerusalem’s dispute with Washington now centers largely on the content and sequencing of the plan: whether Hamas will really disarm, how that will be verified, and when Israel will be expected to pull back.

Direct US-Hamas talks have become part of the process.

There are good reasons to use that channel if it delivers results. Israel should care about whether Hamas gives up its weapons, dismantles its military infrastructure, and relinquishes control of Gaza. The October talks showed that direct contact can help produce outcomes Israel wants.

Political effect of talks is important

The political effect is important. Hamas murdered 1,200 people on October 7 and dragged 251 hostages into Gaza. Israel went to war with the declared aim of destroying its military and governing capabilities. Yet Hayya is now sitting across the table from the people shaping Gaza’s future.

Hamas understands what that gives it. It can tell Palestinians and the wider Arab world that Washington still needs to hear its demands and still needs its agreement.

Kushner should keep the channel open as long as it produces concrete results. Those results should be easy to identify: weapons surrendered, tunnels destroyed, armed formations dismantled, and governing authority transferred to a body in which Hamas has no role.

This should be simple. If these meetings help remove Hamas from Gaza’s military and political future, they will have served a purpose. If Hamas emerges from the war weakened on the battlefield while securing a permanent place at Washington’s negotiating table, the process will have preserved something Israel went to war to eliminate.

This post was originally published on here. 

Vandals broke into a Reform synagogue in Jerusalem over the weekend, damaging the building and artwork and tearing down Pride flags displayed by the congregation.

Shortly after midnight a group of youths entered the grounds of Kol HaNeshamah in Jerusalem’s Baka neighborhood, smashed a window and made their way into the prayer hall. 

Security footage released by the Reform movement shows at least three people at the site. No congregants were present at the time.

“This past weekend we experienced a serious incident at our synagogue, when unknown individuals broke into the compound, damaged the building, vandalized a work of art and tore down the Pride flags that represent the community’s values of inclusion and acceptance,” Debi Shoua Haim, a rabbi at Kol HaNeshamah, told the Jewish Telegraphic Agency. 

“Precisely during the month of mercy and forgiveness, it is painful to see displays of hatred and violence that have no place in a properly functioning society,” Shoua Haim said, referring to the Hebrew month of Elul, traditionally a period of repentance leading up to the Jewish High Holidays.

Synagogue faced previous attacks over LGBTQ+ support

The congregation turned over security footage from the incident to police, who opened an investigation through Jerusalem’s Moriah station, Shoua Haim said. Police also sent a detective to the synagogue on Saturday to examine the footage and collect fingerprints, according to Shoua Haim. 

Kol HaNeshamah is one of Israel’s best-known Reform congregations and has previously been targeted in attacks involving its support for the LGBTQ community. In 2018, a large rock was hurled into its courtyard while more than 200 people were taking part in Simchat Torah celebrations, prompting the congregation to file a police complaint. No one was injured. 

In June 2023, the synagogue reported two break-ins within a matter of weeks in which Pride flags displayed for Pride Month were torn down. During one of those incidents, intruders also entered the sanctuary, although nothing was stolen.

Security footage from the 2023 incidents showed two youths entering the synagogue. Rabbi Oded Mazor, another rabbi at Kol HaNeshamah, said at the time that the intruders had entered through a kitchen window before moving through the building, kicking objects and pulling down the flag. Police complaints were filed after both attacks. 

The latest attack drew condemnation from Gilad Kariv, a Reform rabbi and lawmaker from Israel’s Democrats party who previously headed the Israel Movement for Reform and Progressive Judaism.

Kariv called those responsible “incited hooligans” and accused the Israeli government of contributing to hostility toward Reform and other liberal Jewish denominations. 

“This is a government that specializes in spreading hatred for free and in delegitimizing the liberal Jewish streams,” he wrote on X/Twitter. 

Kariv also called on Jerusalem Mayor Moshe Lion to visit Kol HaNeshamah and publicly stand with the congregation. Reform and Conservative communities in Jerusalem and elsewhere in Israel face similar attacks “on a weekly basis,” he said.

Jerusalem Mayor Moshe Lion is seen addressing the Jerusalem Post annual conference at the Museum of Tolerance in Jerusalem, on October 12, 2021. (credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)

No suspects, motive announced in break-in

Lion has not yet publicly commented on the incident but Jerusalem Deputy Mayor Yossi Havilio described it as part of a “wave of hate crimes against the LGBTQ community in Jerusalem,” saying the Pride flag had been taken from the synagogue and urged police not to dismiss the vandalism as a prank. 

“A hate crime is not a ‘prank,’” Havilio wrote on social media. 

The incident also came within hours of an attack at Central Synagogue, a major Reform congregation in Manhattan, where an assailant disrupted a Friday night Shabbat service and attacked a congregant and a security guard. There has been no indication that the two incidents were connected.

Kol HaNeshamah was founded in Jerusalem in 1984 and has become a prominent center of Reform Judaism in the city, combining egalitarian religious practice with support for religious pluralism and LGBTQ inclusion. Its presence in Jerusalem has also periodically made it a target of opposition from critics of non-Orthodox Judaism.

Police have not publicly identified the perpetrators or declared a motive for Saturday’s break-in, and there have been no arrests announced in the case.

Shoua Haim said the congregation would not change course in response to the attack.

“To all those who are trying to extinguish our light, the Kol HaNeshamah community will continue to be an open, embracing and accepting house of prayer,” she said. “Hatred will not defeat our values, and we will continue to work for togetherness, love and tolerance.”

This post was originally published on here. 

Five years after the Taliban seized power on August 15, 2021, Afghan women and girls remain trapped at the center of a deepening human rights crisis, stripped of many of the rights, freedoms and opportunities that once shaped their lives.

Since the collapse of Ashraf Ghani’s government, Taliban authorities have systematically pushed women and girls out of public life, dismantling their access to education, employment, movement, and civic participation.

The United Nations says Afghan women and girls are entering their fifth year of near-total exclusion from public life, while girls remain barred from education beyond the sixth grade.

What began as a series of restrictions has evolved into an increasingly entrenched system of control. Women face sweeping limits on employment, movement, and access to public spaces, while Taliban rules impose strict dress requirements and, in many circumstances, require women to be accompanied by a male guardian.

UN human rights monitors warn against legitimizing the Taliban regime, saying its five-year rule has intensified oppression with no evidence of impending moderation.

Girl reportedly committed suicide after denied education

In a statement marking the anniversary, UN experts urged governments to refrain from normalizing relations with the Taliban until there is demonstrated, measurable, and independently verified progress on human rights, particularly the rights of women and girls.

Taliban spokesman Zabihullah Mujahid speaks during a news conference in Kabul, Afghanistan November 10, 2021. (credit: REUTERS/Ali Khara/File Photo)

The statement was endorsed by more than two dozen UN-appointed independent experts, including Afghanistan rapporteur Richard Bennett and specialists on women’s rights, education, food, torture, freedom of expression, and enforced disappearances.

Meanwhile, a new UN Women report says Afghan women face mounting restrictions on movement, education, and public life, while many report deteriorating mental health and little control over their futures.

In a tragic incident reported in the last days of July 2026, a 16-year-old Afghan girl, identified by her family as Fariba, reportedly died by suicide after being denied the opportunity to continue her education under the Taliban’s ban on girls’ secondary schooling. According to reports, she left a note saying it was “too hard to be a girl in Afghanistan.”

Fariba’s reported death is more than an individual tragedy; it highlights the devastating human cost of denying girls their fundamental rights and opportunities. Every girl deserves the chance to learn, pursue her dreams, and shape her own future.

Working and highly educated women, along with their families, have faced severe harassment and pressure, forcing many to flee Afghanistan.

Islamabad’s forced repatriation campaign has worsened the situation for those who fled to Pakistan alone.

The Media Line spoke with Afghan women who fled their homeland alone, leaving behind families and futures as they sought safety from Taliban persecution. At their request, their identities and locations have been withheld for safety reasons.

Marzia Imamzadeh, a Hazara Shia refugee, told The Media Line that she dreamed of becoming a lawyer after earning top academic honors at Kabul University.

Recalling the loss of both parents in a suicide bombing, she described how her life was shattered. Following the Taliban takeover and restrictions on girls’ higher education, Imamzadeh recounted fleeing toward Pakistan and surviving an attack on her convoy by the Islamic State Khorasan Province that left her alone upon reaching a refugee camp.

She says that her mental health has severely deteriorated amid profound insecurity and the constant fear of forced deportation.

Speaking anonymously to The Media Line, a former Afghan women’s volleyball coach shared her painful reality as a refugee in Pakistan.

Separated from her children and unable to afford food or medical care, she described a severe mental health crisis driven by pervasive insecurity, all while receiving no help from relevant authorities to halt her potential deportation.

Zala Ahmadi, an Afghan woman living in the diaspora, told The Media Line that she was one semester short of a computer science degree at Kabul University when the Taliban takeover ended her plans to launch a software startup.

A vocal critic of Taliban policies toward women and girls, Ahmadi said she sold her family’s remaining gold jewelry to pay smugglers to cross into Pakistan after being barred from education and employment.

She now lives as an undocumented refugee in a crowded apartment, unable to work legally and fearing deportation, while watching her younger sisters lose access to education.

News presenter continues to report from abroad after Taliban takeover

The Afghan women who spoke to The Media Line said that words could hardly capture the hardships they have endured in exile, while their loved ones continue to face difficult conditions back home.

The Media Line exclusively spoke with Tahmina Usmani, an Afghan journalist and former presenter with TOLOnews and Afghan International, who became TOLOnews’ first female news presenter and the first woman to return to television after the Taliban seized power in August 2021. She has relocated to Paris.

Usmani continued to deliver news with courage, clarity, and professionalism, keeping vital issues such as women’s rights and freedom of expression in the public spotlight.

In a video statement to The Media Line, she detailed the problems that arose once the Taliban assumed control and why she fled her homeland.

By sharing her experience, she emphasized that Afghan women continue to inform, lead, and shape their country’s future despite extraordinary restrictions.

Marwa Ali, a social activist and former Afghan national athlete living in Paris, told The Media Line that she grew up during a period when women’s and girls’ rights and freedoms were gradually improving.

However, she said, the Taliban’s return to power in 2021 abruptly reversed those gains, stripping women of their autonomy, restricting their freedom of movement, and banning them from participating in sports. She added that women and girls who violate the restrictions reportedly face violence and are branded anti-Islamic.

Tahmina Safi, a former judge of Afghanistan’s Supreme Court and co-founder of the Afghanistan Impact Network, told The Media Line that “five years after the Taliban takeover, restrictions on women have become a deeply entrenched system of gender-based exclusion affecting half of Afghanistan’s population.”

In reply to The Media Line’s question, Safi underlined that the international community must keep Afghan women’s rights, dignity, and voices at the center of its Afghanistan policy, warning that humanitarian aid should not replace political pressure or normalize Taliban rule.

Turning to foreign governments, she pointed to a clear policy contradiction: they condemn the Taliban’s systematic restrictions on women while continuing political and humanitarian engagement, arguing that such engagement does not constitute recognition.

Safi emphasized that Afghanistan needs a legitimate, democratic political system in which all Afghans can freely choose their government, regardless of gender or ethnicity. True stability, she maintained, means not merely the absence of war, but dignity, education, healthcare, economic freedom, and a voice in the country’s future.

Paul Farley, a US-based former Senior Intelligence Service officer and an advisor and consultant on geopolitical risk and international relations, told The Media Line that “the trajectory of women’s rights in Afghanistan remains firmly negative, with little indication of significant improvement.”

Farley said the Taliban has rejected calls from fellow Muslim countries to ease restrictions on women. While pragmatists in Kabul recognize the need for international legitimacy, he said ultimate authority rests with Kandahar’s hardline clerical leadership, which considers the restrictions theologically non-negotiable.

Farley warned that the long-term consequences could be severe, creating social misery for women, marginalizing an entire generation of girls, and depriving Afghanistan of professionals, particularly doctors and nurses.

Combined with restrictions on female health workers, he said, the policies could produce a severe shortage of female doctors and midwives in Afghanistan’s strictly gender-segregated health system, potentially driving up maternal mortality.

Without direct international leverage linking diplomatic recognition to human rights standards, Farley warned, the oppressive status quo could become deeply entrenched, undermining Afghanistan’s future development.

Fariba Akbari, an Afghan women’s rights activist in exile, told The Media Line that Afghan women’s day-to-day struggle for survival and their severe mental health crisis remain critically underreported.

She said women excluded from education, employment, and public life are facing severe poverty, food insecurity, forced marriage, and pervasive trauma, which she said are manifesting in alarming rates of depression, anxiety, and profound despair.

Akbari said an entire generation of Afghan women had seen its aspirations systematically erased, while international media and public discourse increasingly treat the ongoing humanitarian crisis as a normalized status quo.

She described the combination of poverty, security threats, domestic abuse, and forced deportations as a “brutal cycle” pushing Afghan women and children to the brink.

“This is no longer just a political stalemate; it is a full-scale humanitarian crisis,” she said. “As conditions worsen, the international community faces a critical choice: intervene or allow the quiet destruction of millions of lives to become the new normal.”

This post was originally published on here. 

It’s hard to imagine any screening of The Sixteenth Sheep: The Reunion, the documentary by acclaimed director Ran Tal, that doesn’t turn into a singalong, and that’s what happened at the DocuText Festival at the National Library of Israel on Sunday night, which opened with the premiere screening of the film.

Although the audience didn’t sing all the way through every song, it is hard to listen to these beautiful songs without joining in, just as the audiences filmed in this documentary do.

The movie tells the behind-the-scenes story of the reunion of the Sixteenth Sheep group – David Broza, Gidi Gov, Yehudit Ravitz, and Yoni Rechter, each of them among the greatest Israeli musicians of all time on their own, but together, a true supergroup.

The four agreed to participate in revival concerts for The Sixteenth Sheep album, based on a 1978 book of poems by the late Yehonatan Geffen and which features music composed by Rechter. It has become a classic that continues to delight three generations, from toddlers to their grandparents.

Israelis love The Sixteenth Sheep songs, which are told and sung from the point of view of a child, as he counts sheep and tries to fall asleep. Unlike many children’s songs, which are cliché and derivative, the quality of the music and lyrics is as high as anything ever written here, and the songs don’t condescend to children or idealize childhood.

YEHONATAN GEFFEN (credit: DEFENSE MINISTRY)

Film will debut in Yes and Hot later in the year

They deal with the fears and anxieties of a child, as well as showcasing children’s humor and delight in the world. The classic tunes, such as “The Prettiest Girl in Kindergarten,” “Closed Kindergarten,” “Whoever Looks,” and “How a Song is Born,” can still be heard every day on the radio – nearly 50 years after their release.

When it was announced that the four would do a handful of revival concerts in late 2024, well into the war, it seemed like the best idea ever, a soothing reminder of one of the most enduring achievements in Israeli culture, and the concerts sold out in minutes.

Soon, more dates were announced, and the musicians have continued to perform together on and off over the past two years, with some backup musicians and a video appearance by Geffen, whose distinctive voice narrated many of the songs on the album.

Devotees of The Sixteenth Sheep will not want to miss this film when it is shown later in the year on Yes and Hot. And at the DocuText screening, Ravitz and Rechter were in the audience. Even though they did not come up on stage, it was a thrill just knowing they were there.

The documentary, first and foremost, is a record of this reunion tour, and much of it is footage of the group performing the songs. It will bring back wonderful memories for those who saw the concerts and will give those who couldn’t make it a chance to see them.

There are interviews with audience members who are superfans of the group and the songs and shows the community and intense enjoyment the concerts gave them.

But it’s also a portrait of each of the artists, and of Geffen, who the others speculate would have been far more overtly political during wartime than they were. There are many clips from their initial Sixteenth Sheep concerts back in the 1970s, and time has been extremely kind to these four artists, who are all in their 70s now, but who still sing beautifully.

Rechter admitted that in the beginning, he thought he would need to invite some new singers in to perform, but the others resisted, and rightly so. We also get a glimpse of the dynamics of the group members, all of whom have healthy egos and sometimes clash artistically.

It’s also interesting to hear them speak about what it was like for them to revisit these hits from nearly 50 years ago, and how they feel about getting older.

Songs featured have deeper meanings than other children’s classics

Rechter and Broza speak of their relationship with Geffen, who was a kind of mentor to them, and Geffen can be seen talking in interviews from years ago about how writing helped heal some of the scars from his troubled childhood, particularly his mother’s suicide. Knowing that will only enhance your appreciation for the songs.

The songs effortlessly evoke what children think about, sweets, seashells, their kindergarten being closed, curiosity about passersby they see in the city, and confusion about adult life.

“The Prettiest Girl in the Kindergarten” teaches an unforgettable lesson about empathy, how can such a pretty girl ever feel sad?, which is far more meaningful than so many preachy kids’ songs.

These concerts also featured songs from each artist’s solo career, including songs that Geffen wrote, such as Broza’s “Things Will Be Better,” and many of these are shown in the film.

Tal also situates the concerts squarely during wartime, showing the demonstrations in nearby Hostages Square, which sometimes passed by the theater. Ravitz said that at first she had an impulse to wait with the reunion until the war ended but realized that the war was not close to ending.

I was lucky enough to attend one of the shows, and it was like being given some kind of magical potion that let me forget the reality outside the theater for a little while, and many people said that they felt something akin to this in the film.

If I have one quibble with the documentary, it’s that it does not give a full sense of the album, that the songs are a journey through the mind of a child who can’t fall asleep.

At the concert I attended, Gov said, “The real reason we reunited and that we are here is that for over a year now, the people of Israel have not slept at night.” It was a beautiful moment, and it illuminated why 2024-2025 was the perfect time for the group to come together again.

As I noted in the review I wrote of that performance, it was as if the Houthi terrorists from Yemen, who had been bombing Tel Aviv pretty regularly in early 2025, wanted to give the city a rest so people could enjoy The Sixteenth Sheep.

But as shown in the documentary, songs such as “Lightning and Thunder,” for which Broza wrote the music, about how some thunder is scary and some isn’t, took on a new meaning during the period of those concerts, and it’s wonderful that this phenomenon was captured in a documentary.

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Dean Leitersdorf and Moshe Shalev, the founders of Israeli AI startup Decart are in the final stages of signing a huge deal with Anthropic, the US AI company behind Claude.

The deal is expected to not only bring one of the world’s most successful language model developers to Israel but also create at least two new billionaires on a scale not much different from that created by the huge exit of Wiz.

According to industry estimates, Leitersdorf and his team managed to retain control of Decart and a combined shareholding of about 64% of the company’s shares, a control that gives them a combined value on paper of about $4 billion.

After Leitersdorf’s brother, Orian, joined the company’s founding team as its chief scientist last year, each of the three founders is expected to receive an estimated $1 billion to $1.5 billion, slightly less than what Wiz founders Assaf Rapaport, Yinon Kostika, Ami Luttwak and Roy Reznik pocketed, who are believed to have received just under $2 billion each.

However, while Wiz’s founders received full compensation for their stake in the company in cash from Google last March, Decart’s founders preferred to take a lower offer in terms of overall size, but one that included shares of a company that is on its way to being listed on the NYSE.

“Microsoft’s move reflects a broader shift from AI hype to cost-conscious adoption.” (credit: SHUTTERSTOCK)

The big winners in the deal include founders, tax agency

Leitersdorf and his team received an acquisition offer from Nvidia, which was higher than Anthropic’s and was estimated to be $7-8 billion. Anthropic, however, agreed to give an upper limit of $6 billion, but mostly in shares, and according to estimates, the company spent only a few hundred million dollars from its coffers in cash and the rest will be given to Decart shareholders in Anthropic shares.

Decart’s shareholders believe they can produce a higher return from shares of a company like Anthropic, which is planning to launch the largest IPO in history, at a company valuation of $2 trillion, with annual revenues expected to reach $100-120 billion by the end of the year, according to Fortune.

As with the Wiz deal, the vast majority of investors in the company are not Israelis, with the exception of the Aleph fund of Michael Eisenberg, an advisor to Prime Minister Benjamin Netanyahu, which holds a very small stake in the company. The majority of the investor shares are owned by major US funds such as Benchmark, Sequoia, Radical Ventures and Zeev Ventures, a US fund managed by serial investor Oren Zeev. The main investors are expected to share more than $2 billion.

The bulk of the state’s revenues from the deal will come, according to industry estimates, from the shares of the three founders. Assuming that the Israeli founders exercise their shares at their current value, about NIS 12 billion, this represents a potential income of around NIS 4.2 billion, including a maximum capital gains tax of 30% and a maximum surtax of 5%.

“Receiving shares in lieu of cash is subject to tax, even though the founders receive an illiquid asset,” says Adv. (CPA) Racheli Guz-Lavi, Managing Partner and Head of the Tax Department at Amit Pollak Matalon (APM) law firm.

“However, if certain conditions are met, the tax event can be postponed until the shares are exercised in the future, in accordance with the provisions of the structural changes in the Income Tax Ordinance and subject to the fulfillment of the legal conditions and approvals required of the shareholders. If part of the proceeds are exercised as part of a secondary transaction, in which shares are sold for cash, then tax will be paid on this portion at the time of sale.”

As Guz-Lavie explains, taxation of exit funds given in the buyer’s shares is a more complex event:

“If Anthropic is issued in the future and the value of its shares increases, the state may ultimately collect tax on a larger profit. On the other hand, if the value of the shares decreases, the future tax may also be lower. Therefore, in such a deal, the question is not only how many billions the founders are worth ‘on paper’, but when the shares will become liquid, at what value they will be realized, and how much tax the state will see today and how much only in the future.”

Expanding operations

If Anthropic completes the acquisition, it will be the AI giant’s first activity in Israel, having previously operated here only through Israeli salespeople stationed in Ireland.

However, Decart is expected to continue to be a R&D center for Anthropic products, with an emphasis on improving the efficiency of running Anthropic’s models on various types of chips such as Nvidia’s graphics processors, Google’s TPU processors and Amazon’s “Infernasia” processors.

Decart could become Anthropic’s second R&D center outside the US, with 89 employees in Israel and another 17 in the US. Anthropic is currently expanding its development activities in London, where it is building a 15,000 square meter center that employs 200 people.

Competitor OpenAI is also expanding its activities, as part of the race for a Wall Street IPO alongside Anthropic. As “Globes” reported last month, the company has hired a team of senior salespeople from Amazon’s AWS cloud operations in the US and Europe, with the aim of recruiting many new corporate customers.

However, sources close to the company have made it clear that it has no intention of opening operations in Israel or hiring a representative here to manage local operations.

This post was originally published on here. 

Chris Neczypor, the finance chief at Lincoln Financial, will succeed Drew Asher on Jan. 1. Asher plans to retire at the end of 2027.

This post was originally published here. 

US President Donald Trump’s envoy Jared Kushner on Monday said conversations between the US and different areas of the Iranian government were probably more robust than ever, but the two sides had not yet reached an understanding.

Kushner, who is visiting the Middle East, made the comments in an interview with Fox News.

Kushner said that “Trump doesn’t want to rush into a deal, he’ll make the right deal when it’s ready.”

He added that the president would be “very patient with Iran.”

Kushner said that Trump was placing an emphasis on economic pressure over military actions, focusing on the blockade of Iran which had left the Iranian economy “way worse off now.”

Kushner also said that Trump was acting to ensure that Iran could not have a nuclear weapon, adding that “if Iran is willing to finish the deal that they’ve been discussing with us to give up their ability to create a nuclear weapon then obviously he is willing to make a deal.”

A vessel in the Strait of Hormuz, as seen from Musandam, Oman, July 16, 2026 (credit: REUTERS/STRINGER)

Hezbollah stands in the way of peace, must be disarmed, US State Dept. spokesman declares

Hezbollah is solely responsible for Israel’s presence in Lebanon, a US State Department spokesperson told Sky News Arabia early on Tuesday morning.

The Iran-backed group is the biggest threat to Lebanon’s safety and stability, the official also told the network, adding that Hezbollah acts as the main obstacle to Lebanon’s economic recovery and the only blemish on its international reputation.

The group must be disarmed and dismantled, the spokesperson told the channel, maintaining that disarming the group is an integral part of the pilot program for Israeli withdrawal from certain areas in southern Lebanon.

This program, which seeks a staggered Israeli withdrawal from areas to be taken over by Lebanese government forces, remains the only practical path towards peace and security, the spokesperson further said.

The program is set to expand if the first stages are successfully completed, they added.

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Chrysler parent Stellantis announced on Monday that nearly one million vehicles  worldwide are being recalled over radio software that may prevent rearview cameras from displaying images properly.

About 955,000 Chrysler, Jeep, Dodge and Ram vehicles are affected by the recall.

This covers more than 848,000 vehicles in the U.S., including various 2026 and 2027 model year Chrysler Pacifica, Pacifica Plug-in Hybrid and Voyager, Dodge Charger, Jeep Cherokee, Compass, Gladiator, Grand Cherokee, Grand Wagoneer, Wrangler and Ram 1500, 2500 and ProMaster vehicles.

TOYOTA RECALLS 655K CAMRYS GLOBALLY OVER DISPLAY DEFECT THAT CAN KNOCK OUT SAFETY INDICATORS

About 107,000 vehicles are being recalled in Canada, Mexico and other countries. This includes nearly 83,000 vehicles in Canada, 8,000 in Mexico and 16,000 in markets outside North America.

If the rearview camera display fails to appear, drivers are instructed to use their rearview and side mirrors when reversing their vehicles, Stellantis said.

The automaker said it is unaware of any accidents or injuries in connection with the recall.

Vehicle owners will receive an over-the-air radio software update and will be prompted on the vehicle’s media screen when the update is available.

NEARLY 50,000 CHRYSLER VEHICLES RECALLED OVER SEAT BELT SAFETY DEFECT

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Recall notices will be mailed to owners beginning next month with additional information and instructions.

In 2014, the National Highway Traffic Safety Administration adopted a rule requiring rear-visibility technology in new vehicles weighing under 10,000 pounds by May 2018, saying the U.S. had 210 deaths and 15,000 injuries per year on average caused by back-over crashes involving light vehicles. The regulator said children under age 5 accounted for 31% of those fatalities.

Reuters contributed to this report.

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Union Pacific collected $91.1 million more in fuel surcharges than it spent on fuel during the second quarter, offering a rare look at how a charge designed to offset rising diesel costs can become a source of profit for a transportation company.

The railroad disclosed the figures in filings with the Surface Transportation Board. Union Pacific said its fuel-surcharge increases were in line with the industry and that the charges are one part of the overall price customers negotiate when choosing rail service.

The gap was much larger than at rival railroads.

Norfolk Southern reported a fuel-surcharge surplus of about $3.6 million during the quarter, while CSX reported roughly $8.4 million. Union Pacific’s surplus was more than ten times either amount.

The company previously said fuel surcharges added about 14 cents per share to second-quarter earnings. Based on Union Pacific’s outstanding shares, that translates to roughly $83.2 million in profit.

Fuel surcharges are typically tied to benchmark diesel prices through formulas written into customer contracts. The complication is timing.

There can be a lag of as much as two months between a change in fuel prices and the surcharge customers actually pay. When fuel prices rise quickly, a railroad can temporarily under-recover its costs. When prices fall or stabilize while the surcharge formula is still catching up, the opposite can happen.

That is exactly what Union Pacific’s numbers show.

In the first quarter, the railroad collected $34.8 million less in fuel surcharges than it spent on fuel. Across the entire first half of 2026, however, surcharge revenue still exceeded fuel expenses by $56.4 million.

Union Pacific was the only major U.S. railroad whose fuel-surcharge revenue exceeded its fuel costs over the full first half.

That comparison makes the numbers more striking.

BNSF, Union Pacific’s major competitor in the western United States, reported fuel surcharges that were $658.1 million below its fuel costs during the same six-month period.

For shippers, the issue is bigger than one quarterly accounting line.

Rail costs ultimately become part of the price of grain, chemicals, automobiles, building materials, consumer products and countless other goods moving through the economy. When transportation surcharges rise, manufacturers and distributors either absorb that expense or eventually pass some of it along.

Rail fuel surcharges have existed for decades and have survived regulatory scrutiny and legal challenges. But railroads provide an unusually transparent window into the practice because they are required to report both fuel spending and surcharge revenue.

That makes Union Pacific’s $91.1 million second-quarter surplus particularly revealing.

The figures also arrive as Union Pacific seeks regulatory approval for its proposed $85 billion acquisition of Norfolk Southern, a deal that would create the first railroad spanning the continental United States.

Critics of the merger argue that a larger railroad could gain additional pricing power. Union Pacific says the combination would improve service and create a more efficient national rail network.

Whatever happens with the merger, the latest filings show something businesses rarely get to see so clearly: a surcharge created to recover a volatile operating cost can sometimes recover considerably more than the cost itself.

JBizNews Desk | Omaha

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Turkish Foreign Minister Hakan Fidan was received at Khalifa Haftar’s family compound in Benghazi on Aug. 12, becoming the first Turkish diplomat of his rank to be welcomed in eastern Libya in more than a decade and giving Ankara diplomatic access to both halves of the divided country.

The visit drew scrutiny from Israeli officials and commentators tracking Turkey’s Eastern Mediterranean expansion, put pressure on a Trump administration plan that depends on Egypt and Turkey coordinating rather than competing in Libya, and elicited celebration from Turkish pro-government commentators who cast the shuttle as evidence of Ankara’s growing regional reach.

Libya has remained divided since the collapse of Moammar Gadhafi’s government in 2011. Prime Minister Abdul Hamid Dbeibah’s internationally recognized Government of National Unity controls Tripoli and much of western Libya with Turkish military support, while Khalifa Haftar’s Libyan National Army and allied institutions dominate the east and much of the south.

Egypt, the United Arab Emirates and Russia have backed Haftar. A 2020 ceasefire ended his forces’ failed campaign to capture Tripoli but did not reunify the country’s political, military or economic institutions.

Fidan arrived in Benghazi after meetings in Tripoli, where he met Dbeibah. The following day, he continued to El Alamein on Egypt’s Mediterranean coast for talks with Foreign Minister Badr Abdelatty. “Turkey does not consider Libya’s peace and stability separately from its own stability,” he told reporters.

Turkish Foreign Minister Hakan Fidan speaks during an interview with Reuters at the 23rd edition of the annual Doha Forum, in Doha, Qatar, December 6, 2025 (credit: REUTERS/IBRAHEEM ABU MUSTAFA)

Turkey’s intelligence head secretly traveled to Benghazi in 2023

“Egyptian-American agreement on the Libyan file is a strategic necessity for both sides,” Hany El-Aasar, executive director of the Cairo-based National Center for Studies, told The Media Line. Egypt spent 2019 arming Haftar’s forces against a Tripoli government that Turkish drones and troops were defending, while Egypt and Turkey kept diplomatic relations downgraded for a decade. Their coordination now on the American-brokered political framework represents a reversal Cairo does not want to see undone.

Kaan Devecioğlu of the Ankara-based Center for Middle Eastern Studies wrote in an analysis published this week that Fidan’s shuttle should be read “not as Turkey abandoning its former Libya policy, but as transforming the strategic gains established around Tripoli in 2019 into a broader architecture of influence extending across Libya.” Normalization with Egypt was, he wrote, “one of the most important regional changes making the Turkey-Haftar rapprochement possible.”

Ankara’s intelligence chief İbrahim Kalın traveled quietly to Benghazi in 2023 without passing through Tripoli, a move Rome’s Institute of International Affairs described as the “true novelty” that shifted Turkey from exclusive Tripoli partner to interlocutor with both halves of the country.

Hebrew-language Israeli commentary has been sharper. Hay Eytan Cohen Yanarocak of Tel Aviv University’s Moshe Dayan Center, writing in Israel Hayom, described the 2019 Turkey-Libya maritime agreement as a border “that lacks geographic logic but serves Ankara as a strategic tool to control shipping routes and infrastructure on which the economies and security of Israel and the entire region depend,” warning that any Turkish assertion of authority “could turn into harassment of Israeli ships.”

The Reichman University-affiliated International Institute for Counter-Terrorism described Turkey’s Libya-to-Horn-of-Africa footprint as a “crawling encirclement” that “quietly completes a move that threatens not only Israel’s security but also the arteries of its economy.”

In Turkish pro-government media, the tone has been triumphalist. The daily Takvim described Fidan’s tour as a “diplomatic landing” in Libya and headlined that the Saudi Arabia-Turkey-Pakistan defense pact signed in Mecca on Aug. 7 had triggered “panic in Athens and Tel Aviv.” In Cairo the following day, Fidan told reporters that if Israel did not advance to the second phase of the Gaza agreement, “there will be radical steps that we, Turkey, Qatar and Egypt, must take.”

During Fidan’s Tripoli meeting with Dbeibah, a map showing “Palestine from the River to the Sea,” a formulation that Israel treats as erasing its territory, appeared on a wall behind the two officials. Israel’s Foreign Ministry responded on X/Twitter that Fidan “can save himself the trouble of giving lectures and issuing threats,” accusing Turkey of being “a headquarters for Hamas movement, hosting its leaders.”

Fidan’s Benghazi meetings included Aguila Saleh, speaker of the eastern-based House of Representatives, and Belqasim Haftar, who runs the Libya Development and Reconstruction Fund, engagement with the political, security and economic hierarchy the Haftar family has built in eastern Libya.

The US, Greece, Cyprus and Israel established the Eastern Mediterranean Energy Center at Rice University in Houston in June to promote energy development, infrastructure security and regional cooperation. The partnership strengthens an alignment that Athens, Nicosia and Jerusalem have built since 2019 as they challenge Turkish maritime claims.

Those claims rest partly on the 2019 Turkey-Libya maritime delimitation agreement, which Greece, Cyprus, Egypt and Israel reject as disregarding their maritime rights. Ankara’s outreach to eastern Libya could make opposition there to the agreement less certain.

Dr. Eldad Ben Aharon, senior researcher at the Peace Research Institute Frankfurt and author of the recently published Israeli–Turkish Relations at the End of the Cold War, cautioned against overstating Fidan’s success.

“I would be cautious about describing the visit as a strategic breakthrough,” Ben Aharon told The Media Line. “It is certainly a notable diplomatic achievement for Ankara, but from an Israeli perspective it does not fundamentally alter the regional balance. Libya neither borders Israel nor poses a direct security challenge in the way that Turkish involvement in Syria or Gaza does.”

The shuttle should be understood, he said, less as a policy reversal than as Ankara adapting its diplomacy to a changed regional environment while pursuing largely consistent long-term objectives. Egypt, Turkey and the United States continue to differ on a range of regional issues, but “all currently have incentives to preserve a minimum degree of coordination in Libya because stability has become a higher-order strategic objective.”

Should Turkey consolidate its ties with both Libyan authorities while preserving the 2019 maritime memorandum, Ben Aharon said, “Israeli policymakers will increasingly have to factor Ankara’s Libya policy into their long-term energy and maritime planning.”

Washington’s Bet, Under Fire

The American initiative Fidan’s shuttle is helping to consolidate is Massad Boulos’ reported three-track framework: security integration, political cooperation and unified economic management. It reportedly proposes reunifying Libya’s rival governments in exchange for American oil investment and the release of Libyan state assets frozen abroad, with elections deferred rather than made a precondition.

Boulos, President Trump’s senior adviser for Arab and African affairs, laid out the framework in Washington in April, projecting Libyan oil production of 1.6 million barrels a day in the short term and 2 million to 3 million by the end of the decade. Chevron won a Sirte Basin contract in February, the largest American oil move in Libya in decades. Exxon Mobil followed with an agreement covering four offshore blocks.

Before the US and Israel attacked Iran on Feb. 28, more than 20 million barrels a day of crude and refined products transited the Strait of Hormuz. Second-quarter 2026 flows averaged 4.9 million barrels a day as the war disrupted traffic through the waterway. Libyan crude has become one of Washington’s few near-term alternatives.

Pakistan and Saudi Arabia have also become involved in the diplomatic push. Together with Egypt and Turkey, they consult through the Regional Four, or R4, an emerging grouping formed to coordinate responses to regional crises. Pakistan has separately agreed to sell more than $4 billion in military equipment to Haftar’s forces and has begun mediating between Libya’s rival power centers with US and Saudi backing.

Two days before Fidan’s Benghazi visit, Fawzi al-Mansouri, chief of military intelligence for Gen. Haftar’s Libyan National Army, was killed by a car bomb in Benghazi. In the same week, six drone strikes hit facilities at the Zawiya oil complex, including a strike that destroyed a gasoline tank containing 4.5 million liters belonging to state fuel distributor Brega Petroleum.

General Electric withdrew its engineers from the adjacent 1,300-megawatt power plant, more than 700 megawatts of which was already offline. A drone hit the South Zawiya electrical substation on Aug. 12. An explosion at the same substation cascaded through multiple stations overnight into Sunday, blacking out Tripoli, Zawiya, Sabratha, Surman and Gharyan twice during the night, according to Libya’s General Electricity Company and Turkish state news agency Anadolu.

The National Oil Corporation has warned that it may declare force majeure, allowing it to suspend contractual obligations, if the attacks continue.

“We cannot deal with the drone strikes and the assassination as separate incidents, nor can we jump to the conclusion that a single plot lies behind them,” El-Aasar said. Libya’s security and energy institutions had come under pressure, he told The Media Line, at the moment Washington was trying to bind them together.

A Libyan security source with detailed knowledge of the western Libyan militia network told The Media Line that the drones used in the Zawiya attacks were stolen from the warehouses of Abdel Ghani al-Kikli, the Tripoli militia commander known as Gheniwa who was killed in the May 12, 2025, clashes.

The drones were taken, the source said, by a figure known as “Amo Mohammed al-Dabbashi,” who was himself killed months later. Control of the inventory then passed to al-Dabbashi’s cousin.

The Petroleum Facilities Guard, a nominally state security body responsible for protecting Libya’s oil fields, pipelines, refineries and export terminals, has said its initial forensic investigation points to first-person-view drones launched from inside Libya. Such drones transmit live video to their operators, who fly them from the aircraft’s perspective.

Some were controlled through fiber-optic cables rather than radio signals, making them highly resistant to conventional electronic jamming. The guard is divided into regional commands operating within Libya’s fragmented security system rather than functioning as a fully unified national force.

Abdul Salam al-Zoubi, deputy defense minister in Dbeibah’s Tripoli-based Government of National Unity, met Boulos and other senior US officials in Washington in June, four days before Saddam Haftar met Secretary of State Marco Rubio.

Saddam Haftar, who is being groomed as his father’s political successor and already commands eastern security forces, would head a new presidential council under the reported arrangement, while Dbeibah or his nephew Ibrahim would retain the premiership. National elections would be deferred to a later, unspecified stage.

The Egypt-Turkey rapprochement is the bright spot in Washington’s Libya calculation. Their coordination on the Boulos framework suggests that neither country currently plans to make a countermove against the other’s Libyan allies. The United Arab Emirates, which backed Haftar for a decade, has not publicly commented on the Zawiya strikes.

“For many in Libya, Boulos’ proposal lacks popular support because of its vagueness and lack of a clear vision for taking Libya toward stability and safety,” said Omar Khattaly, a Libyan-American analyst and business consultant who advises on the country’s political economy and visited Tripoli in late July. “To Libyans, it is a repeat of the same failed plans that ultimately contributed to the current chaos.”

On the ground, Khattaly said, Libyans see Boulos “as a broker seeking financial benefits from possible future oil contracts and would rather see more direct involvement from the US secretary of state and the State Department.”

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British Prime Minister Andy Burnham communicated with somebody who was posing as a close adviser to US President Donald Trump, sources with knowledge of the situation told Politico on Monday.

Burnham communicated with someone pretending to be White House Chief of Staff Susie Wiles, exchanging a “few messages of no signficance” before realizing that the contact was illegitimates, Politico reported.

The sources said that the British embassy in Washington raised the incident with the White House out of concern that Wiles’ phone had been hacked again. The White House told Politico that the incident “had nothing to do with the chief of staff’s devices being hacked.”

Last year an FBI investigation was launched after Wiles’ personal phone was hacked, giving an impersonator access to private phone numbers of senators, governors, top US business executives and other figures.

Politico reported that Downing Street declined to comment on the incident. The contents and timing of the messages with the Wiles imposter remain unknown.

Britain's Defence Secretary Wes Streeting walks following the first cabinet meeting with British Prime Minister Andy Burnham at 10 Downing Street, in London, Britain, July 21, 2026. (credit: Chris J. Ratcliffe/Reuters)

Phone numbers of UK cabinet ministers have been leaked since the incident

Since the incident the personal phone numbers of at least three UK cabinet ministers have been published online, The Guardian reported on Monday evening.

The names and numbers of UK Defense Secretary Wes Streeting, Justice Secretary Alex Norris, and Northern Ireland Secretary Chris Bryant were made available online, according to the report.

Streeting’s phone number has been removed, a source told the Guardian, with Downing Street officials working to take down the others.

The source added that Streeting does all his government business on his official government phone. Downing Street declined to comment on whether measures had been put it place to prevent another breach.

This post was originally published on here. 

Moldova’s foreign ministry condemned the violation of the country’s airspace by an unidentified aerial object that later exploded on Monday, it said in a statement on social media.

Moldova shares a border with Ukraine and supports that country in Russia’s war in Ukraine. It has dealt with numerous incidents of drones flying over its territory and debris near the border.

The aerial object entered Moldovan airspace at 1737 local time (1437 GMT) and exploded shortly after, near the settlement of Talmaza, close to the border with Ukraine, Moldovan authorities said. The explosion set grass on fire but there were no casualties, they said. They did not identify the origin of the object.

“This incident constitutes a serious violation of the sovereignty of the Republic of Moldova and poses a direct risk to the safety of our citizens. Such incidents are unacceptable,” the foreign ministry said in its statement.

STATUES OF Lenin front governmental buildings in Tiraspol. (credit: @MarkDavidPod   )

In separate incident, Russian drone shot down over Romania 

An F-18 fighter on a NATO air policing mission shot down a drone that illegally breached Romanian national airspace, the fourth unmanned aircraft shot down over the country this year, Romania’s Defense Ministry said on Sunday.

A spokesperson for NATO’s military headquarters, US Army Colonel Martin O’Donnell, said the alliance is constantly on watch and prepared to defend itself from any threat. 

“Additional details regarding Sunday’s incident remain under investigation, but the drone appears to be Russian,” he said.

This post was originally published on here. 

Three out of four Jewish adults in the US say they incorporate Judaism into their daily lives on a regular basis, a new report from Sense Worldwide and released by the Jim Joseph Foundation revealed this month.

Dubbed Project Prism, this study examined how young Jewish-American adults live, especially of those who don’t participate in Jewish communal life, as well as the experiences, factors, and key drivers that shape their decisions.

The study involved more than 2,000 Jews between the ages of 22 and 30, across a spectrum of backgrounds, religious identities, and life experiences.

Though 75% of respondents said they had some Jewish element in their life, often with family or friends, 45% said their only participation in Jewish experiences. 

These experiences, the report said, include informal participation activities such as celebrating holidays, enjoying Jewish food, or talking about Jewish topics. It also found that informal Jewish participation is a stronger predictor of feelings of connection and purpose than participation in Jewish organizations.

Milwaukee Jews march in the community's annual Walk for Israel, part of the federation's celebrations for Israel's independence day.  (credit: Courtesy of the Milwaukee Jewish Federation)

Just participation in activities linked to positive outcomes

Project Prism identified three key factors that hinder young adults from participating more in Jewish life. First, a lack of existing connection can make Jewish life feel distant from their lives and priorities.

Second, young adults said Jewish activities need to be more flexible, manageable and easy to participate in.

Finally, they want spaces where they can engage with complexity and differing perspectives without facing social pressure or penalty.

Moreover, the report found that socially immersive experiences lead to more success in creating a sense of belonging. These experiences involve summer camps, Israel travel programs, youth groups, and Jewish schools. Just attending an event was found to be more conducive to later positive outcomes than whether participants felt a sense of belonging at the event.

“The research gives us a much fuller and accurate understanding of where, how, and why Jewish young adults seek out and experience Jewish life,” said Stacie Cherner, Director of Research and Learning at the Jim Joseph Foundation.

“Now, importantly, we can begin to translate these insights to action. As we continue to support longstanding organizations whose work is affirmed by this data, we’re also learning alongside partners in the field about potential new opportunities the research uncovered.”

“The breadth and depth of this data is fascinating and actionable,” said Yonah Schiller, Chief R&D Office at the Jim Joseph Foundation.

“It affirms much of our early R&D research and points towards new needed areas of exploring impact and designing for a new generation in a quickly changing world. A critical mass of Jewish young adults are not engaging in Jewish communal life, yet are also Jewishly activated within family life and trusted and integrated social networks.”

“The possibilities for novel and resonant expressions of Jewish life are unlimited. This is an exciting and an inherently creative moment for the future of Jewish life in the US. Creating and supporting new interventions, frameworks, and infrastructures to meet this moment has never felt more critical and urgent.”

This post was originally published on here. 

The US is preparing to tell dozens of countries they must pick sides in the artificial intelligence race with China, warning they will be excluded from a US-led coalition if they also sign up for Beijing’s competing framework, according to a US official and an internal draft reviewed by Reuters.

Washington last year launched the Pax Silica initiative aimed at securing supply chains for AI models, semiconductors and critical minerals, amid a fierce technology rivalry with Beijing.

About two dozen countries have joined, including Kazakhstan, a key potential source of critical minerals that has also joined China’s coalition, as well as close US allies such as Japan, Australia, and South Korea.

The draft letter, prepared by the State Department, is addressed to the 35 signatories of a US “AI Opportunity Statement” signed in June, which includes members of the non-binding Pax Silica framework and other countries that have expressed a desire to align cooperation on AI with Washington.

By pressing countries to choose sides, the US hopes to starve China of resources in a race to make the most sophisticated AI, which could be used for military or economic dominance.

Chinese President Xi Jinping applauds during a ceremony marking the 105th anniversary of the founding of the Communist Party of China at the Great Hall of the People in Beijing, China, July 1, 2026. (credit: REUTERS/Maxim Shemetov/File Photo)

Jinping launches World Artificial Intelligence Cooperation Organization

In July, Chinese President ​Xi Jinping launched a rival “World Artificial Intelligence Cooperation Organization,” promoting his country’s open-weight technology as a challenge to US influence over ‌the fast-moving sector.

Kazakhstan is the only country so far known to have joined both initiatives, setting off alarm bells in Washington.

“To be part of everything is to be part of nothing. Signature of the Pax Silica Declaration is not merely a membership subscription, but a commitment,” the letter says, urging countries to “choose deliberately” on AI.

“It cannot be held alongside membership in duplicative initiatives whose expectations conflict with our own,” the letter said, without specifically mentioning China.

Reuters could not determine when the US intends to send the letter or whether it might be amended before sending. The draft was undated.

The State Department told Reuters it would not comment on “purportedly leaked internal documents.”

China’s embassy in Washington said the country opposes politicizing trade and technology issues. “Such actions will only stifle global AI advances and serve no one’s interests,” an embassy spokesperson said.

The Kazakh embassy in Washington did not respond to a request for comment.

The Pax Silica agreement aims to push US allies and partners toward joint projects and export controls, and ultimately reduce reliance on adversaries for critical minerals, AI models, and the semiconductor chips that power them.

The race between the US and China for technological leadership has reached a pivotal moment, as Chinese open-weight AI models have made rapid gains against proprietary systems from US companies such as OpenAI and Anthropic.

The exponential growth of the technology’s capabilities, including the ability to hack autonomously, has forced a global reckoning over its power.

Beijing is weighing restrictions on overseas access to some ​of China’s leading AI models, highlighting the growing tension with its stringent national security agenda.

The US touted Kazakhstan in June as the first country in Central Asia to join Pax Silica, bringing significant reserves of critical minerals that fuel advanced technologies.

China wielding critical mineral supply against Trump tariffs

China has used its current near-monopolies over critical minerals as a retaliatory weapon in a tariff war launched last year by US President Donald Trump, who has ramped up US efforts to source the minerals domestically and from allies.

Members of Pax Silica have access to shared investment opportunities in AI-related projects while those who sign the AI Opportunity Statement have symbolically agreed on a “common purpose” and “shared vision” with the US, according to the statement posted on the State Department’s website.

US officials drafted the letter to make clear that “you can’t have it both ways,” the US official told Reuters, speaking on condition of anonymity given ongoing internal discussions on the issue.

“It’s difficult to see how a country can credibly position themselves as trusted partners in one technology ecosystem while simultaneously signing up for an initiative designed by China to advance a competing vision for AI,” the official said.

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US President Donald Trump’s approval rating fell to the lowest level of his presidency with an overwhelming majority of Americans concerned the US war with Iran will last a long time, according to a Reuters/Ipsos poll that concluded on Monday.

Just 33% of respondents in the four-day survey said they approved of Trump’s performance in the White House, while 64% disapproved. Trump’s approval rating, down from 35% in a poll that closed earlier this month and lower than at any point in his current term, has now tied the lowest level of his prior term reached in December 2017.

After returning to the White House last year with just under half the country approving of his presidency, Trump’s popularity this year took a hit after he ordered strikes on Iran alongside US ally Israel.

The ensuing conflict paralyzed a fifth of the global oil trade, triggering a surge in the price of gasoline which is weighing on US households – and on Trump’s Republican allies defending congressional majorities in November midterm elections.

Trump pledged no long-lasting wars in his presidential campaign

Trump, who campaigned on promises to keep inflation in check and avoid long-lasting wars, initially pledged the conflict with Iran would take a few weeks, and argued the war was the only way to prevent Iran from developing a nuclear weapon that could threaten the world.

A symbolic mockup of an Iranian missile is displayed, amid a ceasefire between US and Iran, in Tehran, Iran, April 27, 2026. (credit: MAJID ASGARIPOUR/REUTERS)

But Iran has proved resilient and has kept the oil trade through the Strait of Hormuz largely bottled up even as the conflict has cooled.

Some 80% of Americans – including 87% of Democrats and 71% of Republicans – think US involvement in Iran “will go on for an extended period of time,” the Reuters/Ipsos poll found. Just 16% said the conflict would likely end in a few weeks.

The Reuters/Ipsos poll, which was conducted online, gathered responses from 1,166 US adults nationwide and had a margin of error of 3 percentage points in either direction.

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A ceiling fan spinning overhead is supposed to disappear into the background. This one can send a blade into the room.

About 9,460 Hampton Bay Halwin 52-inch indoor/outdoor ceiling fans are being recalled because the fan blades can separate from the motor assembly while the unit is running, creating an impact hazard for anyone underneath.

The affected models are AK396H-MBK and AK396H-BN, sold through Home Depot. Federal safety regulators are telling consumers to stop using the fans immediately and contact the company for a refund or Home Depot store credit.

The danger is straightforward. A ceiling fan operates under constant rotational force, and even a relatively lightweight blade becomes a fast-moving object once it breaks loose. That turns a hardware defect above a dining room, bedroom, patio or family room into a direct injury risk.

The recall is especially important because there may be no obvious warning before failure. A fan can appear to be working normally until the connection holding a blade to the motor assembly gives way.

That makes this different from a defect consumers can reasonably monitor while continuing to use the product.

Owners should first check the model number on the fan and compare it with the recall information. If the unit matches one of the affected models, the safest response is to shut it off and leave it off until the recall remedy is completed.

Consumers should also avoid standing beneath the fan while inspecting it and should not attempt to reinforce or repair the blade connection themselves unless the manufacturer specifically provides an approved repair procedure.

The recall reaches beyond indoor rooms because the Halwin model was marketed for both indoor and outdoor use. That means affected fans may be installed on covered patios, porches and other spaces where families spend long periods directly beneath them.

For homeowners, landlords and contractors, there is another practical consideration: recalled fixtures can remain installed long after purchase records are lost. Anyone managing multiple properties should check the fan itself rather than assume an older installation is not covered.

Home Depot customers with an affected unit are eligible for a refund or store credit under the recall remedy.

The key point is simple: this is not a cosmetic defect and not a product consumers should continue using until it becomes inconvenient to replace.

A fan blade that can detach at full speed belongs off, not overhead.

JBizNews Desk | Washington

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Defense giant L3Harris forced out chairman and chief executive Chris Kubasik, 65, over the weekend after a board investigation revealed that he had violated the company’s code of conduct. 

The $50 billion aerospace-and-tech company did not provide any detail about what Kubasik did to violate the code, but specified it did not involve financial reporting, controls, customer relationships, or operations. Kubasik, who has served as CEO since 2021, resigned from the L3Harris board and all of its subsidiaries and affiliates.The abrupt departure comes 14 years after Kubasik was fired from another leading defense contractor, following an ethics investigation that determined he had a relationship with a subordinate employee.

Under the terms of the separation agreement between Kubasik and L3Harris struck on Sunday, Kubasik leaves with no severance or bonus, and as part of the deal he forfeited all his outstanding equity awards, stripping him of two option grants and other awards that could have paid him $45 million in cash and equity. 

Kubasik will still hold onto some of his options that can net him stock worth about $23 million, as well as more than 200,000 shares of stock in L3Harris that he already owns, valued at nearly $57 million. L3Harris has paid Kubasik compensation valued at $66.3 million during the past three years, including $25.6 million in fiscal 2025. During his tenure, L3Harris had a close relationship with the Trump Administration’s Department of War. In April, L3Harris subsidiary Aerojet Rocketdyne made a deal for a $1 billion government investment into the missile-propulsion business L3Harris plans to take public. L3Harris also delivered a 747 to the White House to serve as an interim Air Force One in June, after modifying the gifted jet from Qatar’s royal family.

The separation disclosure says the L3Harris board decided to reach a deal with Kubasik to get him to leave rather than trying to fire him for cause. Kubasik did not admit to any violation of the company code of conduct, and the deal expressively forbids any of the parties or their representatives from making public statements “inconsistent” with Monday’s disclosure. The board appointed Sam Mehta, 53, as Kubasik’s immediate replacement. Mehta had been leading L3Harris’ space and mission systems and communications and spectrum dominance segments. Lewis Hay II, formerly the lead independent director on the board, will become independent chairman.

L3Harris’ stock fell more than 4% on Monday following the company’s shotgun CEO transition. L3Harris reaffirmed its full-year 2026 guidance across revenue, growth, and operating margin and other metrics.

“Chris has overseen significant transformation during his tenure at L3Harris, and he has built a strong team to carry the business forward,” said Hay in a statement. “However, our values guide the actions we take each day as The Trusted Disruptor and are at the center of everything we do. The Board and Chris have agreed that implementing our succession plan today is the right thing to do. We thank him for his service.”

Kubasik’s ouster comes 14 years after he had to leave Lockheed Martin following an ethics investigation there confirmed a “close personal relationship” between Kubasik and a subordinate employee. Kubasik was serving as vice chairman, president, chief operating officer, but had been appointed to take over as CEO at the defense contractor in 2013. Weeks before he was supposed to take the reins, Kubasik was forced to resign. He was replaced then by Marillyn Hewson, who served until she moved into the executive chairman role in 2020. 

Lockheed paid Kubasik $3.5 million as part of a separation agreement when he left, but L3Harris was even more stringent, despite the amount he’s walking away with. 

According to the terms of his deal with L3Harris, Kubasik forfeited his 2026 bonus and he wasn’t eligible to get $9.3 million in cash severance or separation payments. He also had to give up unvested restricted stock and performance shares, and $7.6 million in options, meaning he’ll walk away from at least $45 million on the table. That figure could have stretched to $62 million if L3Harris had paid out at the maximum for performance over the next two award cycles. 

The L3Harris board still has the right to claw back his options if undisclosed misconduct including fraud, sexual assault, embezzlement, quid pro quo sexual harassment, securities violations, or material regulatory violations is established down the line by a court ruling. 

L3Harris did not respond to requests for comment. Attempts to reach Kubasik were unsuccessful.

This story was originally featured on Fortune.com

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Swig, the Utah-born beverage chain that helped popularize “dirty soda,” is finding some of its strongest growth well beyond its home state.

Andrew K. Smith, managing director and co-founder of restaurant-focused private equity firm Savory Fund, told FOX Business that Swig locations outside Utah are performing roughly 40% to 50% better than stores within the state.

The chain now operates in 23 states and expects to reach about 200 locations by the end of the year, Smith said, with additional expansion planned for next year.

Swig is best known for highly customizable drinks, particularly “dirty sodas” — fountain drinks mixed with flavored syrups, cream and other add-ins. The concept has surged in popularity in recent years, fueled in part by social media and pop culture.

MCDONALD’S EXPANDS INTO SPECIALTY DRINKS WITH ‘DIRTY SODAS,’ REFRESHERS PUSH

Hulu’s “The Secret Lives of Mormon Wives,” which puts Utah culture in the national spotlight, also helped introduce dirty soda to a broader audience.

“We actually were doing very, very well before ‘The Secret Lives of Mormon Wives,'” Smith said with a laugh. “But ’The Secret Lives of Mormon Wives’ definitely made, I think, the appeal and the interest and the mystique of dirty soda much more broad.”

Smith said Savory Fund’s investment in Swig was not simply a bet on soda. Instead, he sees the company benefiting from a broader shift in how Americans purchase their beverages.

Coffee followed a similar evolution, he said, going from something consumers routinely made at home to a premium and customizable product that they increasingly purchased from chains like Starbucks.

MAKER OF ICE CREAM SOLD AT GROCERY STORES NATIONWIDE FILES FOR BANKRUPTCY AS IT APPEALS $23.8M JUDGMENT

“Really what Swig is, and what it was, was the ‘Starbucksification’ of soda, teas and lemonades,” Smith said.

Savory Fund manages more than $750 million in assets and has invested in restaurant brands including Swig, R&R BBQ, Mo’ Bettahs Hawaiian Style Food, Via 313 Pizzeria and PINCHO.

More recently, the firm invested in Zao Asian Grill, a 23-location Mountain West fast-casual chain that Smith believes could also expand well beyond its current footprint.

For Savory Fund, the goal is not simply to find the next trendy concept, according to Smith.

“As investors, and other investors that I would speak for, we don’t chase concepts, and we’re not chasing the right brand,” Smith said. “We’re backing exceptional founders, and we help them build enduring brands for our consumers.”

CALIFORNIA PIZZA KITCHEN CO-FOUNDER OPENS UP ABOUT FAMOUS CHAIN’S WILD RISE, BANKRUPTCY AND COMEBACK

Smith also said consumers across Savory Fund’s portfolio have not stopped spending, but they are looking more closely at whether the food, service and overall experience justify the price they are paying.

“If you paid $20 for a meal, and you sit down, and you’re like, this looks more like $11, they feel like they got kind of scammed,” he said. “…You’ve got to make sure that your value on the plate is the same as the dollars that they’re giving.”

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Smith added, “Restaurants are one of the best real-time indicators of consumer confidence, because millions of decisions happen every day in this industry.”

This post was originally published here. 

Heading off to college is exciting, but it also involves new adult responsibilities. That makes it a great time to start getting comfortable with credit, building healthy spending habits and learning how to manage money.

It’s important for all students to build a solid foundation in managing their finances, said Sara Wilson, director of product innovation at Student Connections, an organization that helps students overcome financial barriers.

“You have to consider the financial decisions you make in college because they impact what your financial security is going to be once you enter your first job,” Wilson said.

If you’re starting college this fall or you’re currently a student, here are some expert recommendations:

1. Start building your credit

College is the perfect time to start building your credit score, said Courtney Alev, consumer financial advocate at Credit Karma. A credit score is a mathematical formula that helps lenders determine how likely you are to pay back a loan. Credit scores are based on your credit history and range from 300 to 850. A low credit score makes it more complicated or more expensive to obtain car loans, mortgages, credit cards, auto insurance, and other financial services.

“College is an ideal time to start building a credit report, because the earlier you start, the more time you have for that credit to build and then work in your favor when you eventually need it, whether it’s for a loan or an apartment,” Alev said.

Alev recommends starting your credit card journey with secured credit cards. These credit cards are opened with a one-time deposit that serves as collateral. This first deposit is usually returned when the user closes the account with zero balance or when they move to an unsecured credit card with the same bank. Another starting option is student credit cards, which are easier to qualify for and tend to come with lower credit limits.

Regardless of the type of credit card you open, the No. 1 goal is to only spend what you can afford to pay off each month, Alev said.

2. Budget as much as you can

During college, you might have multiple sources of income, whether from a part-time job, a financial aid stipend or family support. Having multiple or irregular streams of income might make it difficult to manage your finances, but budgeting is still a crucial step toward achieving financial stability.

You can budget by using an app, creating a spreadsheet or simply writing your expenses down on paper. No matter the format, it’s important for your budget to include your earnings and spending each month. Having a specific financial goal in mind can help you stay motivated to budget.

“Budgeting is simply creating a plan to get what you want with your money,” Wilson said. “Figuring out what you want, then the plan that you need to follow to get there.”

To help juggle multiple sources of income, students should divide their monthly bills by four so they have a target for the amount they need to set aside each week, said Lindsay Bryan-Podvin, financial therapist and founder of Mind Money Balance, a financial wellness service.

For example, if rent is due on the first of the month and it’s $1,000, that means you need to save $250 each week. Dividing your bills can help you manage your money when your income is inconsistent throughout the semester.

3. Start saving

While it might be difficult to earn extra income while you’re in college, creating an emergency fund can save you a headache down the road. Many students can get excited about the idea of investing, but before diving fully into it, Alev recommends that you have a savings cushion.

“The power of that compounding interest and the growth of the economy can really pay off over time, and it’s so important, but an emergency fund is going to serve your immediate needs,” Alev said. She suggests that you aim to have enough savings to cover rent and other essentials for a few months before starting to invest.

4. Talk about money with your friends

One of the most exciting aspects of college is the new friends you meet. As you’re building new friendships, Bryan-Podvin recommends that you practice open communication about your financial journey.

“It can feel really hard to say ‘I can’t afford that or that’s not a priority for me,’” Bryan-Podvin said.

Being transparent about your finances can help you avoid feeling pressured to spend above your means.

Bryan-Podvin recommends that you clarify your spending priorities to make it easier to avoid overspending. For example, if you pay for a gym membership because it makes you feel better, keep this expense in mind when you have to say no to ordering takeout with your roommates.

5. Have a plan for your student loans

While paying back student loans begins after graduation, it’s crucial that you have a plan while you’re still in college. Having a plan includes knowing how much you’re borrowing each semester, what your expected total repayment amount is and how much your monthly payments will be once you graduate.

“As long as you understand what you’re getting into and you’re making a plan for how to navigate and manage it, you’re an informed consumer of that debt,” Wilson said.

How much you borrow in student loans will affect your financial life after graduation, so it’s crucial that you don’t put off understanding the cost of the loans.

6. Take advantage of the resources that your school provides

Universities typically have a number of resources, so it’s best to take advantage of them while you’re in school, said Phil Schuman, executive director at the Higher Education Financial Wellness Alliance.

“The nice thing about the system that you have on your campus is the people aren’t going to judge you,” Schuman said. “Their job is to help you figure out what the solution is to your question, and they’re going to point you in the right direction.”

Whether your question is about financial aid or budgeting, making sure you’re tapping into the free resources on campus can help smooth your financial journey. You can typically find resources at your school’s library, student life office or recreation center.

7. Don’t panic if you make a mistake on your financial journey

Mistakes happen to everyone, not only students. But what is important is that you know how to cope when you make a mistake, Schuman said.

Managing your finances is a learning process that will continue well beyond your college years. But starting your journey in college can help you kickstart that learning process.

“Mistakes will happen,” Schuman said. “Give yourself grace. Nobody is perfect when it comes to their finances, so don’t feel like you have to be as well. Talk to somebody, acknowledge it, and then figure out what you can do moving forward to right the wrong next time.”

This story was originally featured on Fortune.com

This post was originally published here. 

Less than one week after Mark Walter shockingly sold the Los Angeles Lakers to Bob Iger and Josh Kushner, the Buss family is now relinquishing its own shares to the new majority owners. 

At least, most of the Buss family wish to do so. 

Earlier on Monday, ESPN reported the Buss family decided to sell the remaining 17.8% ownership stake in the iconic NBA franchise to Kushner and Iger. 

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The family’s trust, which includes siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse, “received majority votes to allow trustees to execute the sale.” The vote required four of six to agree to sell to “enact the tag-along provision of Mark Walter’s sale to Kushner and Iger, which valued the Lakers at $12.5 billion.”

The outlet added that, once the transaction has been completed, Jeanie Buss will no longer have a required ownership percentage to remain the governor of the Lakers. 

“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the Buss family told ESPN in a statement. “We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”

BOBG IGER, JOSH KUSHNER SHOCKINGLY PURCHASE LAKERS MONTHS AFTER MARK WALTER BECAME MAJORITY OWNER

“As a family” doesn’t seem to be the case now. Jeanie Buss’s lawyer wrote a letter to the lawyers of her siblings explaining why she believes they can’t sell their minority stake to the new Lakers majority owners, according to CNBC.

In the last paragraph of that letter, the attorney writes, “On behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers and that your clients shall take no action on this supposed ‘vote’ to sell the 17.8% stake.”

ESPN added later Monday night that Jeanie Buss “was the lone family member not in favor to sell as the five siblings voted 5-0 – including two of the three trustees – to sell the Buss stake.” 

Walter’s time as majority owner came to an end a year after purchasing the stake from the Buss family. 

In June 2025, the Buss family decided to sell the Lakers to Walter for a then-record $10 billion. There was, however, some in the Buss family who felt misled by Jeanie in what they characterized as a rushed sale, per ESPN. They felt pressured to vote for the sale to go through. 

In the end, all six siblings said “yes” to the sale, which closed in October 2025. The sale gave each sibling $500 million post-tax. 

Within the sale to Walter, Buss was allowed to remain the governor of the Lakers given the 17.8% ownership stake still intact. 

But Walter’s surprise sale of the Lakers comes amid a federal investigation into the Guggenheim Partners CEO. It was reported that the FBI recently seized Walter’s phone and laptop, as well as a high-ranking Guggenheim Investments executive’s this past year. 

Some are viewing the Lakers’ sale as a quick way to liquify assets for Walter with potential legal problems ahead. 

The Financial Times also reported Monday that Walter and his business partner, Todd Boehly, are looking to sell their stakes in the English Premier League’s Chelsea Football Club.  

As part of this new addition to the deal that includes the Buss family shares, Kushner and Iger will roughly control 83% of the Lakers. They were slated to have 65% of control with just Walter’s shares. 

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Kushner, 41, is the founder and managing partner of venture capital firm Thrive Capital, as well as co-founder and vice-chairman of Oscar Health. He is the younger brother of Jared Kushner, the son-in-law of President Donald Trump. 

Iger, 75, is the former CEO of Disney, where he led the company to the acquisitions of Marvel, Lucasfilm and 21st Century Fox, to name a few.   

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Turkish President Tayyip Erdogan urged US President Donald Trump in a call to continue talks with Iran to de-escalate tensions between the two countries, and offered Ankara’s support in peace efforts, the Turkish presidency said in a statement on Tuesday.

The two discussed the wars in Iran and Gaza, the defense pact signed between Turkey, Saudi Arabia, and Pakistan, and bilateral ties.

During the call Erdogan reportedly told Trump to continue talks with Iran, saying that “it is of great importance to make the utmost use of diplomacy in the tensions between Iran and the United States, that we hope the talks will continue,” and adding that Turkey will support peace efforts.

Additionally, Turkey’s foreign minister spoke with his Iranian counterpart in a call on Tuesday, with the pair discussing efforts to open the Strait of Hormuz and to continue the US-Iran ceasefire.

Erdogan condemned continued IDF operations in Gaza

Speaking about the war in Gaza, Erdogan said that Israel was continuing to attack Palestinians when the second phase of Trump’s peace plan was supposed to have taken effect.

US President Donald Trump walks with Turkish President Recep Tayyip Erdogan during a formal arrival at the Bestepe Presidential Compound at the NATO summit in Ankara, Turkey, Tuesday, July 7, 2026.  (credit: Emrah Gurel/Pool via REUTERS)

“At a time when we aim to move to the second stage in the Gaza peace process, there has been an increase in actions by the Israeli administration targeting Palestinians, and that Turkey will continue to support steps toward lasting peace in the region and the reconstruction of Gaza,” he said.

Erdogan also spoke with Trump about the recent Joint Defense Agreement that was signed by Turkey, Saudi Arabia, and Pakistan earlier this month. This “demonstrated a strong stance for ensuring regional stability and security,” he said.

On Sunday, Trump took to Truth Social to commend the three countries on the signing of the Mecca Joint Defense Agreement, adding that it “shows how the Middle East is coming together, and how Countries will finally be able to defend themselves in a more meaningful way.”

Reuters contributed to this report.

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As an exhausting primary season begins to wind down, voters in Florida, the last remaining big state yet to hold its primaries, head to the polls Tuesday with several races on the Jewish community’s radar.

The conservative state is home to large numbers of Jews, including a growing number of Jewish emigres from more liberal enclaves, and features several marquee matchups on both sides of the aisle.

The state has faced some political turmoil, including last-minute Republican-led redistricting that could hurt the chances of some pro-Israel Jewish Democrats at a moment when such figures are an endangered species in the US House.

On the GOP side, the right’s civil war between hardline pro-Israel figures and a growing crop of white nationalist-adjacent Israel skeptics will be laid bare in multiple races.

Here are some of the storylines for Jews to watch for on Florida’s ballot:

The ‘groyper’ governor’s race

No other low-polling candidate this cycle has grabbed as much attention as James Fishback, the former investment banker running for governor in Florida. 

James Fishback, Republican nominee for governor of Florida, addresses an audience at the University of Central Florida in University, Florida, April 23, 2026. (credit: SCREENSHOT VIA YOUTUBE)

Despite consistently trailing his rival, US Rep. Byron Donalds, in the GOP primary, Fishback has raised concern among both Jewish conservatives and party elites. He has embraced online far-right figures including Nick Fuentes, the white nationalist and antisemitic influencer, and uses memes and coded phrases such as “goyslop” to court Fuentes’s “groyper” movement of young men who spread irony-laced antisemitic talking points online.

Asked earlier in the campaign about “goyslop,” a term that refers to low-quality food supposedly promoted by Jewish elites, Fishback told the Jewish Telegraphic Agency he employed it in a speech “because it’s funny. Get a life.”

Much of Fishback’s campaign has focused on the youth vote, fueling concerns that antisemitism could be a building block of the next generation of the right. His college campus visits have boasted high turnout, and young Republican groups that have hosted him have themselves been criticized for antisemitic behavior. 

Few analysts expect Fishback to win the primary. His campaign has been mired by scandal and odd behavior, and Donalds, the Trump-endorsed frontrunner, leads most polls by comfortable margins. But Fishback is polling in the double digits in some recent analyses of likely voters from polling outlets including Cygnal, which also has him outpacing two other establishment candidates, and primary polling in Michigan and Wisconsin that turned out to be inaccurate further complicates the prognosis. 

Even a reasonably strong performance from Fishback, particularly among the youth vote, would be met with alarm in some Jewish conservative corners.

A Jew who insults Muslims takes on a rival who insults Jews

Elsewhere in Florida’s Republican field, tensions between rising antisemitic and anti-Islamic sentiment within the party are mounting.

US Rep. Randy Fine, the incumbent in the state’s deep-red 6th District, has prompted considerable ire on Capitol Hill for comments denigrating Muslims, including comparing them to dogs, and saying that Gazans should “starve away” until the Israeli hostages were released. As a hardline pro-Israel voter who also wears a kippah on the House floor, Fine has made his Judaism central to his political identity, making him a litmus test for both the right and organized Jewry. 

Some of that ire has made it back to his home district, where Fine is facing primary challenger Dan Bilzerian, a celebrity poker player and Instagram influencer who routinely promotes antisemitic conspiracy theories. He has said he wants to “kill Israelis,” has called Fine a “fat Jew” and called antisemitism “a made-up term.”

He has further claimed that Israel “wanted Oct. 7 to happen” and called reports of Hamas raping victims that day “bull—t.” Bilzerian has spent at least $1 million of his own money on the race.

The primary has been marked by inflammatory rhetoric and personal attacks. Fine responded to Bilzerian’s entry into the race by declaring that “we don’t want Armenians to be able to serve in Congress” (Bilzerian is Armenian), prompting anger from Armenian-American groups.

Last week a Fine campaign sign was defaced with a swastika, an act condemned by the Anti-Defamation League and other Jewish groups. In a release, Fine accused Bilzerian’s supporters of having painted the swastika, a charge Bilzerian has denied and labeled “the most jew move of all time.” 

On Friday, Fine’s campaign said the candidate had referred Bilzerian to federal investigators for allegedly receiving unreported campaign donations from China. Bilzerian’s pitch to voters heavily centers around antisemitism: “District 6 understands the jewish problem,” he wrote on social media over the weekend, accompanied by pictures of his campaign stops.

Some Jewish groups, including the American Jewish Committee, have condemned Fine’s rhetoric on Gaza and other matters. He still receives support from AIPAC, the pro-Israel lobby, as well as the Republican Jewish Coalition, whose PAC has given his campaign thousands of dollars this cycle, according to federal election filings. In recent days, Republican leaders including House Speaker Mike Johnson, who had declined to condemn Fine’s earlier remarks about Muslims and dogs, have condemned Bilzerian’s antics as antisemitic. 

The combined presence of Bilzerian and Fishback on the ballot is leading at least one GOP group to lump them together as similar threats. The Front Line, a Republican PAC aligned with Texas Sen. Ted Cruz and formed with the goal of curbing antisemitism within the party, released an ad during the World Cup that attacked them both. 

In the ad, which was generated with artificial intelligence, the two candidates are shown hosting a party with media personalities Tucker Carlson and Candace Owens, Democratic Reps. Rashida Tlaib and Ilhan Omar, the pro-Palestinian group Code Pink and Iranian clerics who cut a giant cake made to look like a crossed-out Israeli flag.

One pro-Israel Dem faces a left-wing challenger…

Rep. Jared Moskowitz, one of the most pro-Israel Democrats in Congress, is finding himself in a familiar predicament this election cycle: fending off an anti-Zionist democratic socialist.

Activist Oliver Larkin is running against Moskowitz for the seat in the state’s 25th District, which is about 25% Jewish and is considered a toss-up in November after being redrawn this year. Moskowitz currently represents the 23rd District, which covers much of the same ground.

Moskowitz has outraised his challenger 11-to-1, according to local media estimates, and has refused to debate him. He has the support of AIPAC, which has raised at least $667,000 for him, according to analyses of federal campaign reports. 

He also has a groundswell of Jewish support in the district, even from some unlikely corners: The rabbi of a large Orthodox synagogue in Boca Raton has encouraged his congregants to change their voter registrations from Republican to Democrat in order to cast votes for Moskowitz.

Polling from Moskowitz-aligned firms has shown him with a considerable lead, while a poll from a Larkin-aligned outlet this month put the two in a statistical dead heat.

Moskowitz has also outright accused Larkin of fomenting antisemitism, telling the South Florida Sun Sentinel editorial board in a letter that his opponent “has embraced the support of individuals and organizations that have repeatedly trafficked in antisemitic rhetoric and hostility toward the Jewish community.” 

Moskowitz has also claimed that Larkin is “running against me solely on my religion.” The Sun Sentinel board rated Moskowitz’s claim “demonstrably untrue” and, in an unusual move, said it would not endorse him for reelection after he declined a joint interview with Larkin. The paper decried what it described as Moskowitz’s “lack of respect for voters.” 

But Larkin’s own language has alarmed some Jews, including his labeling of modern-day Israel as a “religious supremacist” country and his call for Israel to become a “secular” state. Asked by Fox News if he supports selling defensive weapons to Israel, Larkin responded, “I do not make a distinction between offensive and defensive weaponry.”

A rally he and other progressive candidates were scheduled to participate in with Palestinian-American Rep. Rashida Tlaib of Michigan on Friday was moved at the last minute after the venue, citing Jewish leaders’ concerns over Tlaib’s anti-Israel rhetoric, cancelled. 

Larkin has denied charges of antisemitism and spoken positively about Judaism on the campaign trail. In a statement to JTA, his campaign said he would advocate for “the liberation of Jewish South Floridians and Jewish people the world over from antisemitism,” and said an arms embargo on Israel should be “the minimum standard for anyone claiming to support democracy.”  

He also has the support of Jewish figureheads on the anti-Zionist left. Author and trans activist Abby Stein was among a group of progressive figures who hosted a fundraiser for him in Brooklyn earlier this month.

Redistricting controversy surfaces amid primary race

Things once seemed simpler for Rep. Debbie Wasserman Schultz, an establishment Jewish Democrat and former chair of the Democratic National Committee who has comfortably served in Congress since 2004 from a safe blue seat.

But after a late GOP-led redistricting push in Florida earlier this year, prompted by President Donald Trump’s demands for Republicans to redraw their districts to help them hold the House, Wasserman Schultz’s future is suddenly a lot less certain.

A campaign aide for Rep. Debbie Wasserman Schultz (D-Florida) takes photos of her with voters at a Fourth of July celebration on July 4, 2026 in Sunrise, Fla.  (credit: Teo Armus/TWP via Getty Images)

Instead of the district she has represented for decades and which many Democratic observers believed she could still win despite the gerrymandering, the congresswoman decided to run in the neighboring 20th — a heavily Black district that for three decades has been represented by a Black lawmaker. 

And Wasserman Schultz’s primary opponents, including a former congresswoman facing a federal fraud trial and 2 Live Crew rap star “Uncle Luke” Campbell, aren’t happy she’s gunning for the seat. Critics accuse Wasserman Schultz of carpetbagging and say her decision to run in an easier seat will harm Black representation in government. Campbell has said her decision to run would harm Black-Jewish relations.

Even congressional leaders normally in Wasserman Schultz’s corner have balked at her decision. House Minority Leader Hakeem Jeffries withheld an endorsement in the race, citing what he called the “sensitivities of the moment.”

Florida’s third Jewish Democratic mainstay in the House, Rep. Lois Frankel, is facing her own primary challenge in a new district, though in her case, the boundaries are similar to her old district. Frankel, a staunch Israel supporter, will have to defeat progressive challenger Victoria Doyle, a retired attorney.

The close resemblance to her old district and lack of substantive groundswell support behind Doyle likely means Frankel will retain the party’s nomination.

Besides redistricting, Wasserman Schultz and Frankel, as with other institutional Democrat figures, are also facing a voter base unhappy with the party’s status quo. This year the state’s LGBTQ+ Democratic Caucus withheld endorsements in both races, despite Wasserman Schultz’s and Frankel’s historically good relationships with the caucus. Rep. Jared Moskovitz, meanwhile, did receive the caucus’s endorsement.

DSA vs. Soviet refugee in Dem Senate primary

Democrats haven’t held a U.S. Senate seat in Florida since 2019. But in a midterm environment expected to favor the party, the state could prove pivotal, and the primary to replace former Sen. Marco Rubio is putting one of the party’s biggest division points, “socialist” branding, in the spotlight.

The frontrunner for the nomination, retired Lt. Col. Alexander Vindman, is a Kyiv-born Jewish refugee from the former Soviet Union. Vindman, whose twin brother is a congressman in Virginia, attained broader name recognition during the first Trump administration, when he publicly testified about a controversial phone call between Trump and Ukrainian President Volodymyr Zelensky.

Vindman’s opponent is state Rep. Angie Nixon, who, in contrast to her opponent’s family history of fleeing from socialism, recently joined the Democratic Socialists of America. Nixon has made noise in her party for pushing pro-Palestinian legislation on the state level, including a push, less than a month after the Oct. 7, 2023, attacks in Israel, for “de-escalation and cease-fire in the state of Israel and occupied Palestine.” 

Nixon has campaigned alongside Oliver Larkin, as well as far-left elected figures in the party including Tlaib, and her pro-Palestinian positions are a big point of worry for some Jewish figures. But in a state with high numbers of voters, particularly Latinos, who have fled socialist or Communist regimes, it’s the candidates’ associations with the “S”-word that may prove the deciding factor.

Vindman has far outraised Nixon to date, and leads in the scant polling that has been conducted so far. A July poll from the University of North Florida, however, suggests that Nixon fares slightly better against the Republican nominee, appointed Sen. Ashley Moody.

Joseph Strauss contributed to this report.

This post was originally published on here. 

China is suspected of funding pro-Palestine marches in the UK, The Telegraph revealed exclusively last week.

According to the report, US politicians investigating alleged secret Chinese backing of Code Pink, a far-Left feminist protest group, are also examining its activities in Britain as part of an inquiry into foreign interference.

Code Pink has organized many protests in the UK against Britain’s involvement in “the genocide in Gaza”, and issued statements claiming that Britain’s leaders have been “bought by Zionism.”

The Telegraph revealed that the US investigation is examining £250,000 in alleged payments to a UK company linked to Code Pink from firms connected to Neville Roy Singham, a tech tycoon accused of financing Chinese propaganda worldwide.

“The committee is well aware that Singham’s funding is supporting pro-Hamas and pro-communist causes not only in the United States, but also overseas, including in the United Kingdom,” Jason Smith, the chairman of the US Congress Ways and Means Committee, told The Telegraph.

Code Pink protestor Medea Benjamin calls for peace with Iran as US Secretary of Defense Pete Hegseth testifies during a House Committee on Appropriations, Subcommittee on Defense hearing to examine the 2027 budget for the Department of Defense on Capitol Hill in Washington, DC, on May 12, 2026. (credit: SAUL LOEB / AFP via Getty Images)

Congressional source: China funding pro-Hamas groups in US, UK under investigation

“We are aware that China is funding pro-Hamas and leftists in the UK and the US. That is why we are investigating it and will continue to do so,”  a congressional source told The Telegraph.

Code Pink in the US has received millions of dollars from Singham, who is facing multiple inquiries into his network and whether it disseminated pro-China propaganda on behalf of the communist regime in Beijing.

Committee links Code Pink funding and influence to Singham, Chinese government

A congressional committee has claimed that Code Pink – which was founded by Jodie Evans, Singham’s wife – appeared to have been “funded and influenced by Mr Singham and the communist Chinese government”.

Code Pink also runs a campaign called “China is not our enemy”. 

The Telegraph said Code Pink did not respond to a request for comment but has previously called the allegations against it “a big fat lie”.

Medea Benjamin, a co-founder, told the Washington Times: “We get zero money from the chinese communist party.”

This post was originally published on here. 

IDF soldiers detained two terrorists and raided more than 100 houses near Jenin in the West Bank during a Monday operation, the military said.

Duvdevan undercover counterterror commandos, with intelligence guidance from the Shin Bet (Israel Security Agency) operated to detain the terrorists in the area of Kabatiya, near the city of Jenin, the military stated.

The two terrorists are suspected of planning and promoting terrorist plots to harm the citizens of the State of Israel and the IDF, the military said.

Additionally, almost 100 sites were raided by IDF troops from the Menashe Regional Brigade, with additional suspects detained or interrogated during the operation.

IDF increases its presence in West Bank

This comes a month after The Jerusalem Post learned that the IDF increased its deployment across the West Bank to 26 battalions, adding two battalions amid a sharp escalation marked by Palestinian terrorist attacks and attacks from settlers.

IDF troops operate in the West Bank. (credit: IDF SPOKESPERSON UNIT)

The figure represents the number of battalions operating across the West Bank, not a disclosed number of soldiers. The deployment is not static, with forces routinely moved between areas according to operational assessments and changing security needs.

It is unclear whether the additional deployment will remain in place throughout the summer and ahead of the High Holy Days, as the military continues to reassess a rapidly shifting situation.

Sarah Ben-Nun contributed to this report.

This post was originally published on here. 

European Central Bank researchers are warning that the extraordinary rise in artificial-intelligence stocks is likely to produce a market correction — even if AI ultimately delivers the productivity and profits investors expect.

In a research post published Monday, ECB economists said U.S. technology valuations have climbed to levels last seen around the dot-com era and argued that history suggests the current boom will not move higher indefinitely.

The warning is unusual because it does not depend on AI turning out to be a failure.

The researchers argue that transformative technologies often produce an early surge in valuations because investors place enormous value on the possibility that a small number of companies could dominate the new industry.

That happened with railroads, electricity, radio and the internet.

As the technology matures and spreads throughout the economy, however, the nature of the risk changes.

Investors are no longer betting on a handful of companies succeeding or failing. They become exposed to the technology across the economy, making the risk harder to diversify and increasing the return investors demand for owning stocks.

That can push valuations lower even while corporate profits continue growing.

Investor psychology could make the adjustment more severe.

The ECB researchers said excessive optimism can push prices beyond what fundamentals justify. When that confidence breaks, markets can fall much more sharply than they would under a purely rational repricing.

The concern is particularly important because U.S. technology companies have become a huge part of global investment portfolios.

Euro-area households have approximately €440 billion invested in U.S. technology stocks, much of it through investment funds. European insurers and pension funds also carry substantial exposure to the largest American technology companies.

That means a major decline in Nvidia, Microsoft, Alphabet, Amazon, Meta and other AI-linked stocks would not remain confined to Wall Street.

European markets have historically moved closely with U.S. equities, giving a sharp American technology correction the potential to reduce household wealth, pressure investment funds and tighten financial conditions across Europe.

There is another difference from the dot-com crash.

Governments and central banks today have less room to respond aggressively.

Interest rates are already constrained by persistent inflation, while government debt and deficits limit the ability of many countries to launch massive fiscal rescue programs without increasing borrowing costs.

That could make a future technology selloff more economically damaging than investors expect.

The researchers stopped short of saying AI is a bubble or predicting when a correction will occur.

They also acknowledged that AI stocks could eventually reach valuations substantially above today’s levels if the technology proves transformative enough.

The message is more nuanced — and potentially more important.

AI can change the world.

AI companies can generate enormous profits.

And investors can still lose substantial amounts of money along the way.

JBizNews Desk | Frankfurt

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The median rent on a new Manhattan lease hit $5,000 in July, the highest figure ever recorded, and the reason is not that New Yorkers suddenly got richer. It is that there is almost nothing to rent.

The median on new market-rate leases signed last month rose 6.4% from a year earlier, according to appraiser Miller Samuel and The Real Deal — roughly double the 3.2% annual increase in shelter costs nationwide reported by the Bureau of Labor Statistics. The average Manhattan rent reached $6,306 and the average price per square foot passed $101, both records as well.

Listings fell 39% in July. Manhattan’s record-setting streak began in February 2025, and inventory has been nearly cut in half over the past year and a half.

The mechanism is a chain that starts in the sales market. High mortgage rates make buying expensive, so households who would normally purchase a first apartment stay in their rentals instead. Those units never come back onto the market. Fewer vacancies means fewer listings, and the listings that do appear draw more applicants than there are apartments. Landlords price accordingly.

“The growth rate of the median is double the rate of inflation,” said appraiser Jonathan Miller, who called the odds of the trend continuing high, and attributed much of the pressure to would-be buyers staying put in rental units.

The squeeze shows up in transaction counts as clearly as in prices. Only about 6,000 new leases were signed in Manhattan in July, down 20% from a year earlier. Brooklyn’s roughly 3,000 new leases were down by nearly a third, and Brooklyn set records across all three measures too, with a median of $4,500 — up 17% year over year. Falling volume alongside rising prices is the signature of a supply problem rather than a demand boom: fewer deals are getting done because there is less to rent, not because more people are competing.

Apartments are also moving faster. Days on market for vacant units fell roughly 30% from a year earlier, to about 36 days in Manhattan and 37 in Brooklyn, with well-priced listings disappearing almost as soon as they post, according to Corcoran’s Gary Malin.

Set the number against income and the arithmetic explains the political temperature. A $5,000 median works out to $60,000 a year, against a median household income in the city of roughly $87,640 — meaning the typical household would spend something close to seven of every ten dollars it earns before taxes on rent at the median. The standard affordability benchmark is three in ten. The gap is why the market rate is effectively out of reach for the median New York household, and why the tenants paying it skew heavily toward finance, tech and dual-income professionals.

Mayor Zohran Mamdani has capped rents for tenants in stabilized apartments, but the roughly two-thirds of the housing stock outside that system continues to climb. Some in the industry argue landlords who own buildings containing both regulated and market-rate units raise the unregulated rents to offset the freeze on the regulated ones — a claim advanced by real estate interests and disputed by tenant advocates, and one the July data can neither confirm nor refute on its own.

The FARE Act, which bars landlords from passing broker fees to tenants who did not hire the broker, passed its one-year mark in June, and its effect on rents remains contested among brokers, lawmakers and housing advocates. The argument is that fees once charged upfront have simply been folded into monthly rent.

Rents in the city normally rise through the summer moving season and flatten in the fall. Miller said he is not confident that happens this year, pointing to expectations that mortgage rates rise further — driven by tariffs, higher energy and transportation costs tied to the Iran war, and a new Federal Reserve chair signaling rates may need to go up. Higher mortgage rates keep more would-be buyers renting, which keeps supply tight, which keeps rents climbing. The loop reinforces itself.

For employers, that is the number worth watching. Manhattan rent is now a fixed cost in every hiring conversation the city’s businesses have, and it is rising at twice the national pace for housing.

JBizNews Desk | New York

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So one of the political lessons of the primary election season is how badly polls have been wrong. Comrade Abdul El-Sayed in Michigan was supposed to win by more than 20 percentage points, but instead barely escaped by a thin cat’s whisker.

And the extremist Francesca Hong in Wisconsin was also supposed to win by 20 points or so. But she lost by an even thinner cat’s whisker.

And there are plenty of other examples. Where am I going with all this? Well, all these polls show President Trump’s supposed unpopularity on Iran or the economy or the much-abused term affordability may turn out to be very wrong in the midterm elections. 

Now, true enough, Mr. Trump’s not on the ballot, but I think when he really gets revved up on the campaign trail, and the GOP House and Senate people nationalize the election, we’re gonna find out that actual voters will reject big-government socialism and un-American values, as Newt Gingrich calls them.

Most of the recent polls don’t get likely voters. Instead they ask adults or registered voters and they’re frequently asking loaded questions. Now, one exception is my pal John McLaughlin, whose likely voter polls show that actually, people want Mr. Trump to finish Iran off. And additionally, a large majority prefers free market capitalism to socialism.

What’s more, the economy is doing far better than the mainstream press is telling us. Mr. Trump has always scored well with working class voters of all shapes and sizes. We are in a manufacturing boom. It is the strongest in years, probably decades.

Treasury Secretary Scott Bessent keeps telling people about the 105,000 hard goods producing jobs added this year alone. And since Mr. Trump came into office, the economy has produced 93,400 factory construction jobs. Think hard hats, think working folks.

Meanwhile, financial journalist John Carney reports that manufacturing wages have increased by nearly 5 percent so far this year. And that’s twice the inflation rate. 

On top of that, we’ve seen almost 400,000 federal jobs drop, and almost 900,000 private sector jobs created, which shows the Trumpian reconstruction of Biden’s big-government socialism.

Now, speaking of affordability and inflation, the democratic socialists love to talk about it. But it was under President Biden’s big-government socialism that the consumer price index cumulatively rose 21.4 percent during his four years.

Now, recently, even with the temporary bump up in energy prices from the Iran War, Mr. Trump’s new Federal Reserve chief, Kevin Warsh, has brought the inflation rate down to near zero in the last couple of months. And frankly, just over the past six months only 2.4 percent at an annual rate, which is nearly akin to the Fed’s 2 percent target.

Also, talking about affordability, Here’s one: Prescription drug prices have been plunging. Over the past year, they have declined 3.4 percent. And during Mr. Trump’s second term, they have not increased in any single month.

Now, these are just snippets of potential national messaging. Clearly, though, Mr. Trump’s free enterprise capitalism is powering a prosperous economy. And, hopefully, it will be buttressed with some middle class tax reform as part of the midterm election package.

Now, just as clearly, Democrats favor Medicare for All and huge tax increases and a state-run economy and open borders and defunding the police and defunding ICE and packing the Supreme Court and ending the Senate and other crazy notions that I think are gonna be very unpopular with real likely voters.

So don’t pay much attention to these early polls.

This post was originally published here. 

The long-term impact of AI is one of the most hotly debated topics in Silicon Valley. Nvidia CEO Jensen Huang predicts every job will be transformed—and likely lead to a four-day workweek. Other tech titans go even further: Bill Gates says humans may soon not be needed “for most things,” and Elon Musk believes most humans won’t have to work at all in “less than 20 years.”

While those predictions might sound extreme, they’re not just plausible, they’re likely, said Geoffrey Hinton, the British computer scientist widely known as the “Godfather of AI.” The transition, he warned, could trigger a sweeping economic reshuffling that leaves millions of workers behind.

“It seems very likely to a large number of people that we will get massive unemployment caused by AI,” Hinton said in a November 2025 discussion with Sen. Bernie Sanders (I-Vt.) at Georgetown University.

“And if you ask where are these guys going to get the roughly trillion dollars they’re investing in data centers and chips…one of the main sources of money is going to be by selling people AI that will do the work of workers much cheaper,” he continued. “And so these guys are really betting on AI replacing a lot of workers.”

Hinton has grown increasingly vocal about what he sees as Big Tech’s misplaced priorities. The industry, he previously told Fortune, is driven less by scientific progress than by short-term profits—fueling a push to replace human workers with cheaper AI systems.

His warnings come as the economics of AI face new scrutiny. OpenAI, the maker of ChatGPT, isn’t expected to turn a profit until at least 2030 and may need more than $207 billion to support its growth, according to HSBC estimations published in November 2025.

The future of AI is behind a fog of war

Hinton’s journey from AI insider to outspoken critic underscores the high stakes of the technology he helped create. After quitting his Google job in 2023 to speak more freely about AI’s risks, he has become one of the most prominent skeptics. Last year, his pioneering work in machine learning earned him the Nobel Prize.

He also acknowledged AI will create new jobs, as many tech leaders predict. But he added he does not expect the number of new roles to come close to the number eliminated. Even so, he cautioned that all predictions—including his own—should be treated with heavy skepticism. 

“Trying to predict the future of it is going to be very difficult,” Hinton told Sanders. “It’s a bit like when you drive in fog. You can see clearly for 100 yards and at 200 yards you can see nothing. Well, we can see clearly for a year or two, but 10 years out, we have no idea what’s going to happen.”

What is clear, however, is that AI isn’t going away, and experts say workers who adapt—and use the technology to amplify their skills—will stand the best chance of navigating the coming upheaval.

100 million jobs are at risk, Bernie Sanders warns

Sanders has attempted to quantify the stakes. In a report released in October 2025—based partly on estimates generated by ChatGPT—he warned nearly 100 million U.S. jobs could be displaced by automation. Workers in fast food, customer service, and manual labor face some of the highest risks, but white-collar roles in accounting, software development, and nursing could also see significant cuts.

“It’s not just economics,” Sanders wrote in an op-ed for Fox News. “Work, whether being a janitor or a brain surgeon, is an integral part of being human. The vast majority of people want to be productive members of society and contribute to their communities. What happens when that vital aspect of human existence is removed from our lives?”

Sen. Mark Warner (D-Va.) has raised similar alarms, warning the disruption could hit young people first and hardest—potentially driving unemployment among recent college graduates to as high as 25% in the next two to three years.

“Let’s look at the fact we never did anything on social media,” Warner told CNBC. “If we make that same response on AI and don’t put guardrails, I think we will come to rue that day.”

A version of this story originally published on Fortune.com on December 4, 2025.

More on the future of work

This story was originally featured on Fortune.com

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World Liberty Financial, the cryptocurrency venture backed by President Donald Trump and his family, has moved a major step closer to becoming a federally chartered financial institution after U.S. regulators granted preliminary approval for its proposed national trust bank.

The Office of the Comptroller of the Currency approved the application Friday for World Liberty Trust Company, a new national trust bank that would operate from Florida and bring several of the company’s most important cryptocurrency functions directly under federal banking supervision.

The approval is preliminary, not final.

World Liberty cannot begin operating the bank until it satisfies a series of pre-opening requirements and passes an OCC examination. The regulator retains the authority to modify, suspend or rescind the approval before the bank opens.

If those conditions are met, however, World Liberty would gain something considerably more valuable than another crypto license.

It would receive a national bank charter.

The proposed bank plans to issue and redeem World Liberty’s dollar-backed USD1 stablecoin, maintain the reserves supporting it and provide digital-asset custody services to institutional clients across the United States.

USD1 is designed to maintain a value of $1 and has grown to more than $4 billion in circulation, making it one of the larger stablecoins in the market.

Currently, BitGo handles the issuance and custody of USD1. Under World Liberty’s plan, those operations and the reserve assets supporting the stablecoin would eventually move into the new federally chartered trust bank.

That would give World Liberty considerably more control over the economics surrounding its own token.

Instead of relying on an outside institution to issue and safeguard USD1, the company could bring issuance, redemption, reserves and institutional custody together inside its own regulated banking subsidiary.

The charter would not turn World Liberty into a traditional retail bank.

The trust company would not operate like JPMorgan Chase or Bank of America by taking ordinary consumer deposits and making conventional loans. Its activities would be limited largely to trust, custody, stablecoin and related digital-asset services.

But a national charter carries another important advantage: scale.

Federal supervision can provide a clearer framework for serving institutional customers nationwide rather than navigating a patchwork of individual state regimes.

The OCC placed substantial conditions around that privilege.

World Liberty Trust must maintain at least $20 million in Tier 1 capital, with at least $10 million or half of its Tier 1 capital — whichever is greater — held in qualifying liquid assets.

The bank must also maintain enough additional liquid assets to cover at least 180 days of operating expenses during its first three years.

Major changes to its business plan will require OCC review, and senior executives and directors will face additional regulatory scrutiny during the bank’s early years.

The decision also arrives amid political scrutiny surrounding the Trump family’s financial interest in World Liberty.

Critics, including Democratic lawmakers, have questioned whether a federal agency under the Trump administration should approve a banking charter connected to a business in which the president’s family has an economic interest.

World Liberty and the administration have rejected suggestions that the company receives improper treatment, while the OCC said it evaluated the application under its existing chartering and supervisory standards.

From a business standpoint, the larger development is what the approval says about cryptocurrency’s continuing move into the regulated financial system.

Stablecoin companies once operated largely outside traditional banking.

Increasingly, they are seeking national charters, federal supervision and direct control over the reserves and custody infrastructure behind their tokens.

World Liberty is now one step closer to joining that group.

The OCC has given it a preliminary green light.

The next test is whether it can satisfy the regulator’s conditions and turn a Trump-backed crypto venture into an operating federally chartered trust bank.

JBizNews Desk | Washington

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Stocks fell for a second straight session Monday after the truce document between the United States and Iran ran out of time, sending oil sharply higher and pushing long-term borrowing costs to levels not seen in nearly two decades. When crude rises, so does the cost of shipping, manufacturing and filling a gas tank — and investors sold shares rather than hold them through another leg of the war.

The S&P 500 finished 0.52% lower at 7,745.06, while the Nasdaq Composite declined 0.32% to settle at 26,644.91. The Dow Jones Industrial Average lost 272.63 points, or 0.51%, and closed at 53,459.78. The Russell 2000 fell 0.51%.

The trigger was the calendar. Stocks tipped lower in afternoon trading as oil prices rose on concerns about an escalation in the US-Iran war after a memorandum of understanding between the two nations expired on Monday. Brent crude futures, the international benchmark, hit $90 per barrel after President Trump said he doesn’t see the war ending anytime soon. Trump also threatened Oman, telling Fox News that if the country interferes with the Strait of Hormuz there would be consequences. A senior Iranian official told Reuters on Monday that the country may shift to an offensive policy rather than defensive one, if diplomacy efforts with the U.S. fail.

Energy markets responded immediately. U.S. West Texas Intermediate futures rose 2.6% to $84.50 per barrel, while international benchmark Brent crude futures were higher by 2.7% at $90.87 a barrel. For American drivers, that is the number that eventually shows up at the pump, and it is moving in the wrong direction heading into the back half of summer.

The bond market took the harder hit. The 30-year Treasury yield hit its highest level since June 2007 as oil prices advanced. Long-term yields set what Americans pay on mortgages and what companies pay to borrow, so a 30-year at levels last seen before the financial crisis makes every long-dated loan more expensive. Traders had gone into the session expecting the opposite: the yield on the 2-year Treasury note, which typically reacts in line with short-term Federal Reserve interest rate decisions, dropped more than 1 basis point to 4.1542%. The 30-year Treasury yield, which is typically sensitive to geopolitical events, was more than 2 basis points lower at 5.2445% in early trading before the reversal.

Not everything fell. Micron Technology was a bright spot in the session, however, as shares gained 4%. Chipmakers rallied as Anthropic PBC’s revenue surge bolstered bets on the artificial-intelligence trade after Bloomberg News also reported that Anthropic’s second-quarter revenue was more than $11.5 billion — a massive jump from a year earlier. On the other side, Nike shares are trading at lows not seen since September 2014, as the sports apparel stock continues to falter under pressure.

Step back from the day and the month still looks positive. The major averages are higher across the board so far in August. The Dow is on track for its fifth straight positive month, while the S&P 500 and Nasdaq Composite are on pace for their first positive month in three. Six of the 11 S&P 500 sectors are higher month to date. Tech is leading with a gain of more than 7%, while communication services is lagging. That works out to a bit better than one sector in two moving higher this month.

Last week set the table. For the week ended Aug. 14, the S&P 500 gained 0.4%, while the Nasdaq Composite advanced 0.1%, marking their third consecutive weekly gains. The Dow Jones Industrial Average, however, fell 0.6%, snapping a two-week winning streak. The soft spot was the American shopper: retail sales for July decreased 0.6% against expectations of a small gain, and preliminary consumer sentiment for August fell to 51 after increasing to 55.2 in July.

That makes this week’s calendar unusually consequential. Walmart, Home Depot and Target are among the retailers scheduled to report quarterly results this week — the clearest read available on whether households are actually pulling back. The Federal Reserve posts its latest meeting minutes Wednesday. Three members dissented in favor of a hike at the last meeting, and with oil climbing again, those minutes will tell investors how seriously the central bank is weighing another increase rather than a cut.

JBizNews Desk | Wall Street

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Less than one week after Mark Walter shockingly sold the Los Angeles Lakers to Bob Iger and Josh Kushner, the Buss family is now relinquishing its own shares to the new majority owners. 

The Buss family decided to sell the remaining 17.8% ownership stake in the iconic NBA franchise to Kushner and Iger, ESPN reported Monday. 

The family’s trust, which includes siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse, “received majority votes to allow trustees to execute the sale.” The vote required four of six to agree to sell to “enact the tag-along provision of Mark Walter’s sale to Kushner and Iger, which valued the Lakers at $12.5 billion.”

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The outlet adds that, once the transaction has been completed, Jeanie Buss will no longer have a required ownership percentage to remain the governor of the Lakers. 

“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the Buss family told ESPN in a statement. “We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”

BOBG IGER, JOSH KUSHNER SHOCKINGLY PURCHASE LAKERS MONTHS AFTER MARK WALTER BECAME MAJORITY OWNER

This decision comes after Walter’s time as majority owner came to an end a year after purchasing the stake from the Buss family. 

In June 2025, the Buss family decided to sell the Lakers to Walter for a then-record $10 billion. There was, however, some in the Buss family who felt misled by Jeanie in what they characterized as a rushed sale, per ESPN. They felt pressured to vote for the sale to go through. 

In the end, all six siblings said “yes” to the sale, which closed in October 2025. The sale gave each sibling $500 million post-tax. 

Within the sale to Walter, Buss was allowed to remain the governor of the Lakers given the 17.8% ownership stake still intact. 

But Walter’s surprise sale of the Lakers comes amid a federal investigation into the Guggenheim Partners CEO. It was reported that the FBI recently seized Walter’s phone and laptop, as well as a high-ranking Guggenheim Investments executive’s this past year. 

Some are viewing the Lakers’ sale as a quick way to liquify assets for Walter with potential legal problems ahead. 

The Financial Times also reported Monday that Walter and his business partner, Todd Boehly, are looking to sell their stakes in the English Premier League’s Chelsea Football Club.  

As part of this new addition to the deal that includes the Buss family shares, Kushner and Iger will roughly control 83% of the Lakers. They were slated to have 65% of control with just Walter’s shares. 

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Kushner, 41, is the founder and managing partner of venture capital firm Thrive Capital, as well as co-founder and vice-chairman of Oscar Health. He is the younger brother of Jared Kushner, the son-in-law of President Donald Trump. 

Iger, 75, is the former CEO of Disney, where he led the company to the acquisitions of Marvel, Lucasfilm and 21st Century Fox, to name a few.   

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L3Harris Technologies said on Monday that CEO Christopher Kubasik stepped down from the role after an investigation by the board of directors found he engaged in misconduct, which led to the company reaching a separation agreement with him and naming his successor.

L3Harris’ announcement didn’t disclose the specific findings of the investigation, but said it “became aware of certain conduct that was not consistent with the values” outlined in the company’s code of conduct.

It noted that the conduct was unrelated to L3Harris’ financial reporting, controls, customer relationships or operational performance. The investigation was conducted with the assistance of outside counsel and prompted the board to determine that it was in the firm’s best interest to enter into a separation agreement with Kubasik.

L3Harris appointed Sam Mehta as its new CEO following the move. Mehta joined the company in 2023 and has 25 years of experience in the aerospace and defense industry, most recently serving as L3Harris’ president of space and mission systems (SMS) and communications and spectrum dominance (CSD).

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The SMS and CSD segments account for more than 80% of L3Harris’ total revenue, the company noted in its announcement.

L3Harris lead independent director Lewis Hay III was named chairman of the board and said that Mehta is a “proven executive who brings deep knowledge of our business, priorities and culture, making him ideally suited to become president and CEO at this important time in our company’s and our nation’s history.”

“Sam’s readiness to lead L3Harris reflects the Board’s robust succession planning and our focus on cultivating talent,” Hay added.

Mehta said in a statement that he is honored by the opportunity to lead L3Harris as its president and CEO, adding that he looks forward to working more closely with leaders and colleagues across the company to support the defense contractors’ mission.

“Today, L3Harris has a portfolio purpose-built for the future of warfare, and we are well-positioned to continue executing our focused growth strategy as The Trusted Disruptor,” Mehta said.

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Regarding Kubasik’s departure, Hay said that the departing executive had “overseen significant transformation during his tenure” and that the company appreciated his service, as they mutually agreed to implement the corporate succession plan.

Reuters reported that under the separation agreement the company reached with Kubasik, the former CEO won’t receive severance payments, benefits or equity incentive awards. He will be permitted to retain and exercise previously vested stock options granted under L3Harris’ equity incentive plans, per the report.

DEPARTMENT OF WAR TAPS ORACLE FOR SOFTWARE DEAL WORTH NEARLY $7B

During his tenure at the company, Kubasik helped drive the 2019 merger of L3 and Harris Corp., serving as president and COO before he became CEO in 2021. The company acquired Aerojet Rocketdyne for $4.7 billion in 2023 as it expanded its presence in the defense sector.

In January, L3Harris announced the spin-off of its missile solutions unit, as the Pentagon said it would take a $1 billion stake in the new company. That spin-off was postponed last month until at least mid-2027.

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Reuters contributed to this report.

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Aaron Kaufman used to meet his lofty daily protein goals — a gram for each pound he weighs — with ground beef.

Then in the spring the 32-year-old moved from Brooklyn to Manhattan. To offset the higher cost of rent, he has been spending more on groceries instead of eating out. But on his first visit to the local grocery store, he saw that ground beef was $8 a pound, compared with $6 in Brooklyn. He decided to switch proteins, leaning largely on cheaper options such as chicken.

He still prefers the taste of ground beef. “Every once in a while, I’ll treat myself if it’s on sale,” Kaufman said.

He’s not alone. After absorbing nearly two years of surging beef prices, Americans are finally showing signs that they have reached their limit. That marks a notable turn for a market where a shrinking US cattle herd repeatedly pushed prices to records, yet consumers kept buying enough beef to support still-higher prices.

Read More: Record Beef Prices Spark Blame Game in Complex Cattle Economy

Now, that resilience is beginning to crack — and at a time of year when demand should be strongest. Beef sales volumes in the 13 weeks ending in mid-July, a crucial stretch encompassing both Memorial Day and July Fourth, fell 0.3% from a year earlier, according to research firm Circana. In the same period in each of the previous two years, volumes grew about 5%. Chicken, meanwhile, continues to see consumption rise, with ample supplies keeping prices under pressure.

The shift suggests there may finally be a ceiling on what Americans are willing to pay for beef, one of the biggest drivers of food inflation. Consumers who had responded to rising prices by cooking at home or buying cheaper cuts are increasingly pulling back altogether or shifting to less expensive proteins.

“Consumers are stretched,” said Chris DuBois, an executive vice president at data analytics firm Circana. “It’s not always just about the price of food, there’s the price of life that hits, so that puts some of the pressure on total volume in the store.”

The steep runup in beef prices has become a major concern of the Trump administration ahead of the midterm elections, as the costs of staples like eggs, ground beef and gasoline play an outsize role in consumer perceptions of inflation. 

The US has sought to ease the pressure by importing more meat from countries including Argentina and moving to resume live cattle shipments from Mexico. Beef processors, squeezed by the rising cost of cattle, have closed plants to reduce competition for scarce animals, including a move announced Thursday by Tyson Foods Inc. But those measures can only do so much: The domestic herd remains near the lowest level in more than five decades, keeping beef supplies tight.

Average consumer ground beef prices were flat in July, which includes Independence Day, in a sign that retailers and consumers resisted further price increases. A pound averaged $7.116, the US Bureau of Labor Statistics said Wednesday. While that is still near a record high, the 9.4% increase from July 2025 marks the most modest year-over-year jump in 17 months.

To be sure, demand hasn’t disappeared. Even as roughly 40% of beef buyers said they are purchasing the protein less frequently, a dedicated subset of younger, protein-obsessed shoppers have continued to pay up, said Duncan Angove, chief executive officer of supply chain management firm Blue Yonder. 

But the weaker beef volumes are especially notable during the summer grilling season when beef demand should be strongest.

“Seasonal demand is typically one of the strongest supports for beef prices,” said Shawn Sparks, a managing director at protein sourcing and brokerage firm The Sparks Group Inc. “When demand begins to soften during peak grilling season, it suggests affordability is becoming a more important factor.”

While sales should still be boosted by Labor Day, the improvement will be “somewhat more measured than in previous years,” Sparks added.

Weaker demand signals helped a steep slide in wholesale beef prices and live cattle futures starting in late June. Futures in Chicago touched the lowest price since December in late July, as the US Department of Agriculture decided to resume cattle imports from Mexico later this month, after a more than yearlong ban to prevent the spread of the deadly screwworm parasite. The market set a fresh nine-month low Friday after Tyson announced its latest plant closures.

“It’s been a chain of events that we’ve seen on the demand side that has led to this point,” Abby Greiman, a livestock market adviser at Ever.Ag Insights, said of the selloff. “It feels a lot softer than it has for a long time.”

The US’s 250th anniversary and the World Cup already helped extend consumption, but “the market I think has been looking for an opportunity to catch its breath, because it’s been dealing with high prices for so long now,” said Michael Di Sabato, the founder of HighLine Consulting Group. “This was the first opportunity for consumption to push back a little bit.”

Fast-food companies have already noted the trend. Michelle Hook, chief financial officer of Shake Shack Inc., said on a call with investors this month that beef inflation in the second half of the year will be “a little bit less pronounced.” Burger King owner Restaurant Brands International Inc. said it is expecting some relief, though “a lot more of that” will come in the beginning of 2027.

Still, consumers shouldn’t expect much immediate reprieve. The first port reopening for live cattle shipments from Mexico isn’t the US’s biggest, and those animals also need to be raised for several months before being slaughtered. Meanwhile, the US cattle herd as of July 1 still remains near its lowest levels in about five decades.

Lower prices wouldn’t flow through until the end of the third quarter at the earliest, due to leftover inventories and hedging programs, George Paleologou, chief executive officer of Premium Brands Holdings Corp., said on a recent earnings call.

In terms of the timing for giving it back to customers, it depends on how far prices fall, said Paleologou, whose company sells packaged meats in the US and Canada. “As they come down, we’ll pass those on. But similar to the delays on the way up, there’ll be delays on the way down.”

This story was originally featured on Fortune.com

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Being part of a millionaire—or even billionaire—family might sound like a dream. But according to Malcolm Gladwell, extreme wealth can actually rob children of something important: the motivation to succeed on their own.

“I would rather have a dad who made $100,000 than a billion,” Gladwell said in a 2009 lecture at Microsoft that has recently resurfaced on social media. “I think that having a father with a billion dollars would actually be quite crippling to your motivation, and so that’s an advantage that’s actually a disadvantage.”

For Gladwell, who has amassed an estimated $30 million net worth through his work as a journalist, bestselling author, and podcaster, the point isn’t that every child needs to grow up struggling to make ends meet. Rather, there’s a sweet spot between financial hardship and extreme abundance: enough money to provide stability and opportunity, but not so much that a child never has to experience the constraints, disappointments, and work that shape ambition.

The 62-year-old expanded on that idea in his 2013 book, David and Goliath: Underdogs, Misfits, and the Art of Battling Giants. In it, he interviewed one of the “most powerful people in Hollywood,” whom he left unnamed—and the executive made a similar argument.

“My own instinct is that it’s much harder than anybody believes to bring up kids in a wealthy environment,” the person said. “People are ruined by challenged economic lives. But they’re ruined by wealth as well because they lose their ambition and they lose their pride and they lose their sense of self-worth. It’s difficult at both ends of the spectrum. There’s some place in the middle which probably works best of all.”

Paying thousands of dollars for elite education might backfire, according to Gladwell

Education more broadly offers another example of how an advantage can become a disadvantage, with Gladwell questioning whether elite schools always provide the educational advantage their price tags suggest.

“I would love to know on a systematic analysis of why it is the case that you’re better off going to that school than learning how to cope in a far more heterogeneous, rough-and-tumble public school environment,” he said in the 2009 lecture. 

Beyond price, he always has argued that success isn’t always determined solely by raw ability. Relative standing matters, too—which means surrounding yourself exclusively with high-achieving peers can sometimes work against you.

“If you’re interested in succeeding in an educational institution, you never want to be in the bottom half of your class. It’s too hard,” Gladwell said on the Hasan Minhaj Doesn’t Know podcast last year. “So you should go to Harvard if you think you can be in the top quarter of your class at Harvard. That’s fine. But don’t go there if you’re going to be at the bottom of class. Doing STEM? You’re just gonna drop out.”

There is also evidence that extreme privilege can come with real pressures and pitfalls.

Columbia University researchers found in a 2005 study that children from upper-class families can exhibit elevated likelihoods of substance use, anxiety, and depression in part thanks to excessive pressures to achieve and isolation from parents.

“The American dream spawns widespread beliefs that Ivy League educations and subsequently lucrative careers are critical for children’s long-term happiness,” the researchers wrote. “In the sometimes single-minded pursuit of these goals, let us not lose sight of the possible costs to mental health and well-being of all concerned.”

Growing up without wealth is often also a major motivator

On the opposite end, many business leaders have said coming from humble circumstances became a source of motivation rather than a limitation.

Ulta Beauty CEO Kecia Steelman is one example. She previously told Fortune that she grew up “poor, hungry, and determined” in rural Iowa. After getting pregnant as a teenager, she got a job as a floor associate at Target making $8 an hour and began climbing the retail ranks. Last year she was named CEO of Ulta—the country’s largest beauty retailer with some 1,500 stores.

“Being really grounded and humble with my beginnings, I wouldn’t change that,” Steelman said.

Former PepsiCo CEO Indra Nooyi has similarly credited her upbringing and early struggles with shaping her work ethic. She arrived in the U.S. in the late 1970s to study graduate-level management at Yale University. To pay for her degree, Nooyi worked the midnight-to-5-a.m. shift as a dormitory receptionist before heading to class each morning.

Looking back, Nooyi said the U.S. offered something that mattered more than an easy path to success: the possibility of creating one.

“I remember back in the old days people would say they thought the streets might be paved with gold,” she said. “Maybe they weren’t paved with gold, but they were paved with the possibility of ambition.”

Nvidia CEO Jensen Huang has similarly argued that learning to endure a little struggle—and developing the ability to work through challenges—is part of what separates successful people from the rest.

“Let the suffering come to you a little bit at a time,” Huang said last month at Y Combinator’s Startup School 2026. “Don’t imagine how hard it’s going to be and let all of that turn into anxiety and not doing something about it. You want to imagine in your head, ‘How hard can it be?’”

This story was originally featured on Fortune.com

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A New York state judge on Monday effectively postponed Luigi Mangione’s trial on murder and weapons charges over the 2024 killing of a health insurance CEO, Reuters reported.

The trial had been scheduled to begin on September 8. Mangione, who pleaded guilty last week to separate federal charges, has pleaded not guilty to the state charges.

Mangione’s lawyers asked New York state Justice Gregory Carro on Friday to dismiss the charges, arguing that Mangione should not be punished twice for the same conduct under New York’s double jeopardy law. Carro gave prosecutors until October 9 to respond to the motion and scheduled Mangione’s next state court appearance for December 10, meaning the trial will not proceed as scheduled next month.

This is a developing story.

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The Community Home Lenders of America (CHLA) is asking the Federal Housing Finance Agency (FHFA) to expand Federal Home Loan Bank System membership to independent mortgage banks as the agency considers eliminating regulations governing new FHLBank business activities.

In an Aug. 12 letter addressed to FHFA general counsel Clinton Jones, the trade group supported the agency’s proposal to repeal regulations that govern FHLBank new business activities. CHLA said the regulation contains “overly prescriptive and duplicative requirements” that can limit the FHLBanks’ flexibility.

“CHLA supports giving the FHLBanks greater operational flexibility,” the letter explained in calling for guardrails. “However, that flexibility should not result in the expansion of activities that could create unnecessary risk to the System or blur the distinction between the FHLBanks and Fannie Mae/Freddie Mac.”

CHLA outlined three priorities for FHFA: maintaining safeguards around significant new FHLBank activities, expanding membership and liquidity access to IMBs, and ensuring continued membership remains tied to ongoing mortgage lending activity.

CHLA specifically raised concerns about potential expansion of FHLBank programs involving the direct acquisition of residential mortgages. FHLBanks already can acquire eligible mortgage assets through their Acquired Member Assets (AMA) programs, but CHLA said repealing the relevant regulation — Part 1272 of the Code of Federal Regulations — could make it easier to expand mortgage purchase activities without the same level of review for new or material risks.

The trade group has previously opposed proposals that would move FHLBanks closer to direct loan purchasing functions associated with the government-sponsored enterprises.

CHLA seeks IMB membership

CHLA also renewed its call to make IMBs eligible for FHLBank membership. Current eligible members include commercial banks, thrifts, credit unions, Community Development Financial Institutions (CDFIs) and insurance companies that meet applicable requirements. IMBs are excluded.

CHLA said that exclusion no longer reflects the structure of the mortgage market. IMBs account for about 84% of mortgage originations and a significant share of government and agency lending, according to the group.

IMBs also serve substantial numbers of low- and moderate-income, minority and other underserved borrowers. Unlike depository institutions, however, they rely primarily on private warehouse funding rather than deposits to finance mortgage originations.

CHLA said qualified IMBs should be allowed to join the FHLBank System under appropriate capital, collateral, borrowing and risk-management requirements.

“Providing qualified IMBs with access to FHLBank liquidity would better align the System’s public benefits with the institutions that now perform a substantial share of the nation’s mortgage lending,” CHLA said.

The group also urged FHFA to consider whether continued FHLBank membership should be linked more directly to ongoing mortgage lending.

FHFA previously declined to require members to maintain a specific minimum level of residential mortgage assets. CHLA said the agency should consider annual reviews of members’ mortgage lending activity to ensure continued access to FHLBank benefits remains connected to the system’s housing mission.

CHLA ultimately supports repealing Part 1272 but said the change should include safeguards around new activities and modernization of FHLBank membership.

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Keller Williams Realty launched a new agent community focused on modular housing, aiming to give its North American agents training, certification and industry connections to work more effectively with factory-built homebuilders, landowners and developers.

In an announcement on Monday at its Mega Agent Camp, Keller Williams launched its KW Modular community. The initiative is open to KW-affiliated agents across North America.

The firm said the community is designed to help agents pursue opportunities in the modular housing market, including transactions involving land, development and factory-built homes.

“Modular housing gives agents another way to expand how they serve buyers, landowners, builders, and developers,” Scott Malouff, the community leader of KW Modular, said in a statement. “Our goal is to give KW-affiliated agents the knowledge, relationships and resources they need to confidently participate in this emerging segment of residential real estate.”

The launch comes as labor shortages and affordability pressures push more builders and investors to evaluate off-site and factory-built construction as a way to add supply while managing costs and timelines. For brokers, understanding where modular products fit into local zoning, financing and appraisal frameworks has become a strategic competency in certain growth markets.

How KW Modular is structured

KW Modular is built around three pillars for education, connection and certification, according to the announcement. These pillars are designed to provide agents with specialized training and tools, connect them with a  national network of agents, modular builders, developer and vendors and to provide them with advanced training and certification opportunities.

The community will offer training on modular housing transactions, land acquisition, development processes, financing and builder relationships. It will also connect agents with modular builders, developers, vendors and other professionals active in the space.

“Before launching KW Modular, I spent nearly two years touring modular factories across four continents, and what I saw convinced me that factory-built homes can play an increasingly important role alongside site-built construction,” Malouff, who is also the founder and CEO of Malouff International Group, a Keller Williams–affiliated real estate team based in San Antonio, Texas, said. 

“With labor and affordability challenges putting pressure on construction, factory-built housing is creating new opportunities to bring greater efficiency, consistency, and predictability to the building process,” he added.

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

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The price of getting on an airplane has become one of the sharpest pressure points in the American consumer economy.

U.S. airline fares were 25.5% higher in July than they were a year earlier, according to the latest Consumer Price Index data, even as overall inflation slowed. Fares also rose another 2.2% in July alone, extending a run-up that has left travelers paying substantially more for the same seat than they did last summer.

The increase is striking because it is not being driven by one isolated holiday rush or a handful of expensive routes. It reflects a broader reset in airline economics after a year of higher fuel costs, constrained seat capacity and reduced competition on some routes.

Jet fuel has been one of the biggest pressure points.

Fuel prices surged earlier this year as the conflict with Iran disrupted energy markets and pushed crude and refined-product costs sharply higher. Airlines responded the only way they realistically could: by raising fares, adding or increasing fees, trimming marginal routes and trying to recover more of the fuel bill from passengers.

Even after fuel prices eased from their spring highs, fares did not fall with them.

That is because airline pricing does not move in lockstep with the daily oil market. Carriers buy fuel over time, often hedge portions of their exposure and set fares according to demand and available seats, not simply what a barrel of oil costs that morning. After absorbing months of higher expenses, airlines have little incentive to immediately unwind fare increases if passengers are still filling planes.

Capacity is the other half of the equation.

Aircraft delivery delays have limited how quickly airlines can add seats, while staffing and air-traffic-control constraints have made it harder to expand schedules in some markets. The collapse of Spirit Airlines has also removed a major ultra-low-cost competitor that historically forced larger carriers to match cheaper fares on overlapping routes.

The result is fewer opportunities for the kind of aggressive fare wars that once pushed ticket prices down.

Consumers are responding by changing how they travel rather than abandoning travel altogether. Higher-income households continue to support premium cabins and expensive leisure trips, while more price-sensitive passengers are shifting toward basic economy, shortening vacations, using credit-card points or choosing destinations based on airfare rather than deciding where to go first.

That divide matters because strong spending by affluent travelers can make the airline industry look healthier than the typical household feels.

A family buying four $400 tickets last summer would be looking at roughly $502 per ticket if its fares rose by the national 25.5% average — an additional $408 before baggage fees, seat assignments, airport parking or the hotel bill enters the calculation.

The increase is particularly important heading into the fall travel calendar.

Families are already beginning to price flights for the Jewish holidays, Thanksgiving and year-end travel, and airlines generally have little reason to discount heavily when available seats remain tight and operating costs remain elevated.

There are still exceptions. Individual routes can become cheaper when airlines add capacity or compete aggressively, and international markets do not necessarily move in the same direction as domestic fares. Travelers who can move their dates by a day or two may still find substantial differences between flights.

But the national trend has shifted decisively.

In April, airline fares were already 20.7% above the prior year. By June, the increase had reached 26.5%. July’s 25.5% reading shows that the surge has not disappeared even as the broader inflation picture has begun to improve.

For travelers, that means waiting for airfare to simply return to last year’s levels is becoming less of a strategy and more of a gamble.

The more useful approach is to compare nearby dates and airports, monitor individual routes rather than national averages and calculate the entire trip cost — including baggage and seat fees — before deciding that one fare is cheaper than another.

The inflation report may say price pressures are easing across parts of the economy. At 35,000 feet, consumers are still experiencing something very different.

JBizNews Desk | Washington

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Sanofi, one of Massachusetts’ largest pharmaceutical employers, will lay off 229 workers, according to records the company filed with the state.

The workers losing their jobs have been employed with Blueprint Medicines, a Cambridge-based biotech that Sanofi acquired in a $9.1 billion deal in July 2025.

The workers’ positions will be cut between Oct. 9 and late June 2027, according to the filing with the state’s Executive Office of Labor and Workforce Development.

Continue to STAT+ to read the full story…

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The burger wars has a new contender for the throne: Burger King. 

The fast-food giant has reclaimed its place as America’s second-largest burger chain, overtaking Wendy’s and trailing only McDonald’s in sales.

The results demonstrate that Burger King’s multi-year renovation and marketing campaign may be paying off. 

“Burger King U.S. was a standout performer this quarter with our elevation strategy driving another major step forward in sales and expanding our outperformance versus the industry to the high single digits,” Restaurant Brands International CEO Joshua Kobza said in the parent company’s Q2 earnings call this month. “I’m incredibly proud of what our teams and franchisees have accomplished so far this year.”

At the center of the strategy is Burger King’s most popular menu item: the Whopper. In February, Burger King announced its first major makeover of the sandwich in nearly a decade. The new version includes a glazed bun, reformulated mayonnaise, and a sturdy new box. This month, the chain reported a 20% increase in sales since the revamped version debuted. 

The upgrade package cost franchisees an estimated $4,000 a year, but Burger King urged operators not to pass that expense directly to customers, according to CNN. That decision matters in a competitive fast-food market where customers have grown intensely sensitive to price. 

McDonald’s is chasing the same value-conscious customer, but its efforts have been bumpier. CEO Chris Kempczinski acknowledged that a crowded calendar of menu launches and promotions had complicated restaurant operations and blurred the company’s affordability message. 

Wendy’s faces a more severe challenge. The fast-food chain experienced six consecutive quarters of declining sales. Its U.S. same-store sales sank 7% in the latest quarter, while Burger King’s jumped 8.5% and McDonald’s ticked up 0.8%. 

In a recent Q2 earnings call, Wendy’s CEO Robert Wright blamed “quality degradation, challenges around our value offerings, inconsistent operations and marketing that is not driving customers to our restaurants” for Wendy’s failure. 

The chain’s woes have drawn the attention of activist investor Nelson Peltz, who is preparing a proposal to take Wendy’s private, backed by BlueFive Capital and Flynn Group, according to the Financial Times.

Tom Curtis: customer service rep and president

While Wendy’s customers have been flocking to competitors, Burger King has benefited from a unique approach to customer service as well as a not-so-secret weapon: its own president. 

In February, the company announced a phone number that lets customers call or text Burger King President Tom Curtis directly with feedback. Burger King said Curtis will personally take as many calls as possible and that every message would be reviewed and answered to inform decisions across the business. 

“Guests are our most important advisors,” Curtis said in a statement. “We’re grateful that they provide the feedback that is shaping our brand today and in the future.”

In May, he said he had personally responded to 1,800 calls, part of more than 70,000 customer communications received by the company. Curtis credited that feedback with helping shape changes to the Whopper and broader restaurant upgrades.

While he’s not the first executive to lend out his phone number to the public, the campaign debuted the same month that McDonald’s CEO came under fire for a viral video posted to his personal social channels promoting the chain’s new Big Arch burger.

Viewers mocked Kempczinski’s taste test for his small bite and for referring to the sandwich as a “product.” Comments under the post included “I deleted the McDonalds app after watching this,” and  “Not a single calorie was consumed in this video.”

Burger King posted a video of Curtis taking a rather large bite of the Whopper, followed by his commentary: “only one thing missing, a napkin.” Burger King told NBC News the video was unrelated to Kempczinski’s taste test, which was posted a week prior.

This story was originally featured on Fortune.com

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Fearing possible fraud during Monday’s Likud primaries, Economy and Industry Minister Nir Barkat hired a team of undercover private investigators to ensure that the counting process would be conducted properly, sources familiar with the matter told Walla.

The team consists of field personnel placed in many polling stations across the country, with special emphasis on the counting center, where the voting data is fed, the sources revealed.

They also revealed that some of the team members are equipped with recording devices in order to collect evidence in real time in the event that suspicions of fraud, bias, or irregularities in the vote count arise.

Barkat was accused of attempting a coup against Prime Minister Benjamin Netanyahu after October 7 and was “marked” as someone Netanyahu and his associates do not want to visit.

People close to Barkat believe Netanyahu-affiliated figures inside the Likud decided to “ensure that his political career ended” after the primaries, pushing the minister to hire the investigation team.

Likud primaries held on Monday. (credit: MARC ISRAEL SELLEM)

‘Correct wrongdoing, bring culprits to justice’

Barkat’s team also said that if the team finds any wrongdoing, the plan is to correct it, pass the findings to the authorized bodies, and take those responsible to justice.

“Anyone who thinks it’s possible to play with votes, the count, or the results should know that this time there is someone watching, recording, and checking,” said a source involved in the matter.

“If wrongdoing is discovered, the goal will be not only to correct the result but also to ensure that those responsible for it are brought to justice,” they added.

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The New York City Council passed a package of bills Thursday that take aim at the proliferation of dog poop on city sidewalks and parks. Among them is a measure that would create a composting program that turns dog droppings into compost rather than ending up in landfills. The Safe and Clean Outdoor Ownership Practices (SCOOP) Act was created to address growing complaints about the notably unscooped piles that remained after the blizzard this past winter.

Photo credit: John McCarten/NYC Council Media Unit on Flickr

According to the Council, there has been a jump in 311 complaints about dog waste, which was particularly apparent after two major snow storms this winter. In 2026, there have been nearly 3,000 complaints so far, up about 10 percent from last year.

City Council Speaker Julie Menin initiated a plan that would outfit 1,200 public garbage cans with bags for dog waste. One bill outlines a strategy for placing signage in city parks reminding visitors of a $250 fine for not picking up after your pet.

One of the bills, introduced by Council Member Shahana Hanif, whose district includes Park Slope and Carroll Gardens, would create an education campaign to inform the public about pathogens like E. coli and roundworm that can be transmitted by dog waste. Results will be measured by the number of 311 calls complaining about dog poop.

“New Yorkers shouldn’t have to dodge dog waste on our sidewalks or worry about the health and environmental risks it poses,” Hanif said. “I’m proud that Intro 872-A has passed the council and that we’re taking a citywide, multilingual approach to educating dog owners about their responsibility to pick up after their pets. This is about keeping our sidewalks clean, our waterways safe, and our public spaces accessible to everyone.”

As the New York Times reported, the bills were passed in a unanimous vote, with the exception of a bill that would ask the Department of Parks and Recreation to partner with volunteers on a composting program (dog droppings can be rendered into a soil-friendly form effective in nonedible flower beds).

On that bill, four members abstained, including Councilwoman Gale Brewer, who expressed concerns that the program would give park workers the unwelcome task of “interfacing with the dog feces.”

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Eyepoint said Monday that patients administered its experimental treatment for a common cause of age-related blindness failed to maintain vision with less frequent injections compared to a standard treatment — meaning a Phase 3 clinical trial had fallen short of its primary goal.

The study setback imperiled Eyepoint’s plans to seek regulatory approval for the drug, Duravyu, and caused its stock price to plummet. Shares of Ocular Therapeutix, the maker of a competing eye treatment that will be submitted to the Food and Drug Administration later this year, rose in reaction. 

Both Eyepoint and Ocular are developing drugs to maintain vision in people with wet age-related macular degeneration, or wet AMD; those drugs can be injected into the eye less frequently than currently approved treatments.

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Venture capital firm Andreessen Horowitz is the focus of a Justice Department antitrust probe over whether its investment partners are improperly serving on the boards of competing artificial intelligence companies, according to people familiar with the matter. 

The companies at issue include Databricks Inc., one of the most valuable privately held technology companies in the world, and Fivetran Inc., both backed by the VC firm, according to the people, who asked not to be named discussing a confidential matter. Andreessen Horowitz co-founder Ben Horowitz serves on the board of Databricks, and partner Martin Casado is a board member of Fivetran. Both companies help businesses collect, organize and analyze massive troves of data.

Casado was also on the board of a similar company dbt labs, which was acquired by Fivetran in June. The Justice Department conducted a months-long review of the deal, first announced in October, said the people, but ultimately cleared it unconditionally. 

The nearly year-old investigation, which hasn’t been previously reported, was opened around the same time as the merger review and has continued after the deal was completed, the people said. 

Spokespeople for Databricks and the Justice Department declined to comment. Spokespeople for Andreessen Horowitz and Fivetran didn’t respond to requests for comment.

Resolving such investigations typically requires that directors step down from one of the competing boards. And companies targeted by the Biden administration did just that, with directors on some dozen boards, including Live Nation Entertainment Inc. leaving their positions to resolve the conflict.

White House Connections

The investigation of Andreessen Horowitz, which has closely aligned itself with the second Trump administration, is particularly noteworthy. The company has forged ties to the White House and its tech portfolio stands to benefit from the minimal regulatory policies that some of Andreessen Horowitz’s team is pressing in Washington. 

Horowitz and the firm’s other co-founder, Marc Andreessen, each donated millions of dollars in 2024 to a group aligned with then presidential candidate Donald Trump. And the firm has been a key voice on AI policy, successfully pushing the administration to remove many safety guardrails on the use of the technology, Bloomberg News has reported. Later in 2024 Horowitz also gave $2.5 million to a super PAC that supported Democratic presidential candidate Kamala Harris.

Read More: Andreessen Horowitz’s Rising Influence Over Trump-Era AI Policy

The Justice Department hasn’t made any final decisions on how to proceed with the investigation, which could end with no action, the people said.

The investigation also represents a continuation of a key Biden-era focus on a rarely invoked 1914 law against so-called interlocking directorates, where individuals or entities sit on boards of directors for two companies that directly compete with one another. 

Under then Assistant Attorney General Jonathan Kanter, the DOJ forced directors to resign from a number of boards to resolve such concerns. In 2021 then Endeavor Group Holdings CEO Ari Emanuel stepped down from the board of Live Nation. And in 2022 and 2023 directors from more than 10 other companies exited boards as well.

Competing Boards

In the Andreessen Horowitz probe however, it’s the involvement of the firm itself on competing boards, since more than one individual director is at issue. While the law is worded to apply to companies as well as individuals and a handful of courts have agreed, it could still provide an avenue for the firm to challenge any allegations by the government. 

As of January, Andreessen Horowitz had $90 billion in assets under management, making it one of the richest venture capital firms in the world. The firm recently raised a $15 billion fund, its largest haul ever, to invest across the startup ecosystem. Andreessen Horowitz has poured billions into AI upstarts, including backing companies like coding startup Cursor, which was just acquired by SpaceX and voice AI company ElevenLabs. The firm also is a major investor in SpaceX, which went public in June, and has backed OpenAI, which is looking to go public in the near future.

Databricks is another IPO contender within Andreessen Horowitz’s portfolio. Horowitz is sitting on billions of dollars in potential returns due to his continued lead investments in the company, dating back to a $14 million fundraising in 2013. Databricks last week announced $5 billion in funding at a $190 billion valuation.

This story was originally featured on Fortune.com

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Strategic oil inventories have researched a 40-year low, and experts warn their continued depletion could damage the underground caverns where the reserves are stored.

Last week, the Strategic Petroleum Reserve (SPR) plunged below 300 million barrels for the first time since the 1980s, when the reserves were being filled, according to the Department of Energy. That pool is expected to drain further to 243 million barrels as the U.S. releases 172 million barrels to manage severe supply disruptions and rising energy costs due to the Iran war.

Those reserves are kept in 60 salt caverns across two sites in Texas and two sites in Louisiana, each thousands of feet underground and have a total storage capacity of 714 million barrels. But as oil is drained from these reserves, the integrity of the caverns may be imperiled.

“I don’t know anyone who believes we can go below 300,” Amos Hochstein, a senior energy advisor for former President Joe Biden, told CNBC on Saturday. “I know plenty of people who think we can’t get near 300 because physically you will damage the caverns where the oil is stored.”

The Department of Energy denied Hochstein’s claim the changing inventory levels risk harming the caverns.

“The caverns are always full. All that changes is the ratio of oil and water that is filling them,” DOE chief spokesperson Ben Dietderich told Fortune in a statement. “President Trump and [Energy Secretary Chris Wright] are responsibly managing the SPR as the critical national security asset it was designed to be, helping stabilize oil markets and protect Americans from supply disruptions.” 

The health of the caverns as political ammo

Both Republicans and Democrats have used the status of the caverns as political ammo on issues surrounding the SPR. In 2025, Wright testified to the House Energy and Commerce Subcommittee on Energy that President Donald Trump’s efforts to replenish the SPR were hampered by more than $100 million in necessary repairs to the reserve’s facilities. The restoration, he argued, was a result of the quick drawdown of reserves following the Biden administration selling nearly 200 million barrels in 2022 and 2023 to steady global energy costs amid Russian’s invasion of Ukraine.

“The immediate thing we need to do is finish the repairs on the Strategic Petroleum Reserve,” Wright said in testimony. “It was drawn down so quickly, and that causes some damage to the infrastructure itself. Those repairs are ongoing, and it costs a nontrivial amount of money to repair the SPR.”

As of May, most of the SPR’s caverns were in “very good condition” following the drawdowns, according to a report from the Government Accountability Office (GAO) released to the public in June. However, the GAO warned “every drawdown cycle expands cavern volume and reduces the spacing between caverns within the salt dome, which ultimately reduces their long-term viability.”

Concerns about the future health of the caverns

Engineering experts, indeed, still have concerns about the longevity of the caverns given the repeated drawdown of the SPR. Siddharth Misra, an associate professor of petroleum engineering and geophysics at Texas A&M University, explained that when the caverns were constructed in the 1970s and ‘80s, they were designed to have an initial 25-year lifespin, engineered to handle just five drawdowns and refills. Instead, the facilities have endured dozens of releases in that timeframe. 

During these drawdowns, the total fluid volume inside the facilities must always remain at 714 million barrels, meaning operators must pump fresh water into the facilities to keep pressure stable, Misra noted. The water “aggressively dissolves the salt walls,” widening the cavern and thining the walls separating the adjacent chambers. Moreover, pumping so much cool water inside the caverns, which naturally have a higher temperature, can result in thermal shock, causing large pieces of salt to fall and break, potentially damaging the extraction pipes within the cavern.

“From an engineering and geomechanical standpoint, these concerns are highly valid,” Misra told Fortune in an email. “Salt is a highly dynamic rock type, and aggressively altering the fluids, pressure, and temperatures inside these deep caverns directly threatens their structural integrity.”

Despite the Department of Energy saying the minimum amount of oil to operate the SPR is 70 million barrels, Misra said the current reserve levels still present a real risk to the reserves, which will hit their legal limit of 252 million barrels in about three months if extraction moves at a conservative pace of 500,000 barrels per day. There’s also increased risk of physical damage, he said, including a layer of an oil-water-impurity sludge rising near the ceiling intake of the extraction system, which can destroy the surface pumps, as well as dissolution of the salt wall and thermal shock.

“We should be highly concerned about the integrity of the caverns anytime crude inventories drop below 300 million barrels,” Misra said. “At these depleted levels, the reserve physically loses its ability to pump oil at the rapid emergency speeds it was built to achieve without risking severe structural damage.”

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The Likud Party closed its polling stations for its internal primaries on Monday evening after approximately 140,000 registered members were eligible to vote for candidates seeking spots on the party’s Knesset slate ahead of the October 27 elections.

The primaries came amid fierce internal tensions over changes that have expanded chairman Prime Minister Benjamin Netanyahu’s control over the party’s Knesset slate, which have made the primaries more competitive than in past years.

The voter turnout reached 53.5%, with 76,068 party members voting in the primaries, up about ten percentage points from the primaries held four years ago, taking into account the difference in voting hours, the Likud stated.

The results are expected to be announced late on Monday night.

Candidates who receive realistic slots on the list could hold significant roles in the government if Netanyahu is to be elected as prime minister in the October 27 election.

People are seen at a Likud primary polling station in the southern Israeli city of Ofakim, August 17, 2026 (credit: Liron Moldovan/Flash90)

The polling began at 10 a.m. and continued until 9 p.m. at stations throughout the country.

The over 100 candidates seeking to secure a slot on the party’s list continued to campaign throughout the morning. Many posted pictures of themselves with Netanyahu, such as Knesset Speaker Amir Ohana, who is expected to receive a high slot on the list.

Regional Cooperation Minister David Amsalem posted a photo of himself voting, calling on registered members to join.

“I believe in Likud members, in their wisdom, their hearts, and in our path. We did our part with great love. Now I call on everyone who has not yet voted: Get out of the house, go to the polls, and make your voice heard,” he stated.

Likud ministers and members of Knesset running in the primaries also continued throughout the day to photograph themselves casting their ballots at the various voting stations throughout the country.

The Likud primaries in Ashdod, August 17, 2026. (credit: Liron Moldovan/Flash90)

Regional Cooperation Minister David Amsalem posted a photo of himself voting, calling on registered members to join.

“I believe in Likud members, in their wisdom, their hearts, and in our path. We did our part with great love. Now I call on everyone who has not yet voted: Get out of the house, go to the polls, and make your voice heard,” he stated.

Parties not required to hold primaries, Likud holds votes

Netanyahu showed up at the Jerusalem polling station at the International Convention Center (ICC) to vote in the afternoon.

He stated on Sunday ahead of the primaries that he would join the voting and cast his ballot “for a winning slate.”

“I trust you, Likud members, to choose your representatives correctly, according to your own judgment. I am not interfering in the national list, and I wish everyone success,” Netanyahu added.

Agriculture and Food Security Minister Avi Dichter told The Jerusalem Post, while at the ICC in Jerusalem to cast his vote, that this year’s primaries had generated a different level of enthusiasm, with turnout among members appearing “higher and stronger,” and voters arriving with “a wide smile on their face.”

Giving backing to the premier amid the tensions over the reserved slots, Dicter added that “we need to build a good team beside and behind Prime Minister Netanyahu.”

It was later reported by Israeli media that haredi (ultra-Orthodox) activists had registered to the party ahead of the primaries to vote in favor of preferred candidates, despite not having a previous connection to the party.

Likud has for years prided itself on conducting primaries in which its registered members are eligible to vote for the Knesset list. Parties are not required to hold primaries in Israel, and only a few do so.

Netanyahu pushed to change the system in recent weeks ahead of the primaries, leading to an especially competitive race with even fewer slots available than usual.

Netanyahu was granted the authority to determine eight slots within the first 30 spots on the party list last month following a vote on the controversial decision by the Likud Central Committee.

There were reports that Netanyahu had threatened to leave Likud if the proposed changes were not advanced.

Those within the party who oppose changing the primaries have argued that it will cause those who would otherwise score highly in the primaries to fall further down the list.

The Likud primaries are further competitive because the party currently has around 40 ministers and MKs serving in the government and Knesset, but recent polls project the party winning only about 22 seats, leaving many at risk of losing their places on the party’s Knesset list.

Further tensions surrounding the slots also come after the Tel Aviv District Court last week rejected Likud MK Afif Abed’s attempt to restore a narrowly approved change allowing current and former MKs, ministers and deputy ministers to run in the party’s district primaries, leaving the restrictions in place ahead of the vote.

Likud had announced last week that one of Netanyahu’s first reserved slots would go to entrepreneur and businessman Oren Dobronsky.

Additional reserved slots were later granted by Netanyahu to three ministers: Defense Minister Israel Katz, Foreign Minister Gideon Sa’ar, and Likud Central Committee Chairman Haim Katz, who also holds multiple ministerial portfolios.

The party said its internal court ruled that the defense minister should receive a reserved slot in order to “allow him to focus on security needs rather than engage in politics at this time.”

Sa’ar to receive reserved slot as part of party merger

Likud also stated that Sa’ar would receive a reserved slot as part of the merger agreement between his party and Likud and that the Likud Central Committee chairperson would receive a slot due to his senior position in the party.

Sa’ar had announced in 2025 that his New Hope-United Right would be merging with Likud, and would be returning to the party. He previously resigned from Likud in 2020,  heavily criticizing Netanyahu at the time.

The changes to the party’s primaries that have expanded Netanyahu’s control over the Knesset list have led to fierce internal tensions, with some party members in favor and others strongly against.

A fierce critic of changing the system has been MK Tally Gotliv, who is viewed as a candidate who would receive broad support from registered party members.

She claimed during the voting that there were polling stations with fake ballots that did not include her name.

“Stay alert. Likud activists and vote contractors are in a panic over the power of independent votes,” she stated.

“Update me directly. A polling station with a fake ballot will be disqualified,” she added.

Gotliv has sharply criticized the Tuesday decision to reserve the slots for the three ministers, condemning the defense minister.

She called the decision to grant the defense minister a reserved slot “a disgraceful move that mocks Likud voters.”

Likud MK Amit Halevi, who has expressed support for allowing the premier to reserve slots, told the Post on Sunday that the primaries “will be a democratic celebration in the Likud.”

“I wish more parties conducted themselves democratically like the Likud. Some 140,000 members, active, engaged citizens who make their voices heard and have an influence, will go to the polls tomorrow,” he added.

The primaries determine the Likud’s Knesset slate, with the party chairman placed first. Registered members then vote for candidates on the national list, while members from geographic districts vote for candidates from their respective districts.

Candidates chosen on the national list are combined with district representatives and places that guarantee representation for groups including women, immigrants, young members, and minorities. The regulations also reserve certain positions for candidates chosen by the party chairman.

The precise locations of those different categories are determined before each election through the party’s temporary election regulations. That is why the current fight has centered not only on whether primaries will take place, but on how much of the resulting slate the members will actually control.

Other party leaders from Netanyahu’s coalition expressed support for the primaries.

National Security Minister Itamar Ben-Gvir, who leads the far-Right Otzma Yehudit Party, voiced his support for various Likud candidates, including Gotliv and Women’s Advancement Minister May Golan.

The Religious Zionist Party, led by Finance Minister Bezalel Smotrich, also expressed support.

“Good luck to all the candidates, and, God willing, success to all of us together in the upcoming elections,” the party stated.

“The national camp must continue to lead Israel toward continued growth and prosperity,” it added.

Democrats Party leader Yair Golan, from the oppostion bloc seeking to replace Netanyahu in the upcoming elections. sharply criticized the primaries.

“Never have so many people vied for a place on the deck of the Titanic,” he stated.

Sam Halpern and Sarah Ben-Nun contributed to this report.
 

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Likud ministers in Prime Minister Benjamin Netanyahu’s government backed the premier’s eight reserved slots in the party’s list that he would fill at the Likud primaries on Monday, while also characterizing the event as a celebration of the party’s democratic nature.

“We need to build a good team beside and behind Prime Minister Netanyahu,” Agriculture and Food Security Minister Avi Dichter told The Jerusalem Post at the International Convention Center polling station in Jerusalem.

The reserved spots have created tensions in recent weeks as they represent a significant proportion of the 22 seats the Likud is projected to win in the October election.

Should that projection hold, it would mean that only 14 seats on the Likud’s list in the Knesset would be filled by members elected by registered Likud voters.

Even that, though, would be unique in Israeli politics, as the Likud is one of only a handful of parties to hold primaries, and the only party to allow all its registered members to cast a vote.

Likud primaries held on Monday. (credit: MARC ISRAEL SELLEM)

Ministers defend Netanyahu’s reserved slots

Dichter and other ministers in the party spoke to the Post at the ICC as they headed to cast their ballots. Approximately 140,000 registered Likud members around Israel were eligible to cast votes for candidates at polling stations around the country.

Dichter stated that this year’s primaries had generated a different level of enthusiasm, with turnout among members appearing “higher and stronger,” and voters arriving with “a wide smile on their face.”

Communications Minister Shlomo Karhi also defended Netanyahu’s reserved slots, stating they “are nothing new. They existed last time as well.”

 “There are a few more now,” he said, “but they allow the prime minister, who has to coordinate the entire system, including alliances between parties and preserving the bloc, to continue leading Likud to victory.”

Additionally, Karhi argued that the primaries were still democratic, noting that “beyond the reserved slots, which are something the prime minister needs to be given the ability to use, everyone else competes in the primaries.”

 “It’s a celebration of democracy,” he added.

Likud ministers call primaries a celebration of democracy 

Transportation Minister Miri Regev also defended the democratic nature of the primaries, echoing Karhi’s characterization of the event.

While also calling it a “celebration of democracy,” she indicated that Netanyahu’s reserved slots were less democratic.

 “There’s no doubt that with the reserved slots, half of the list is democratic, and half of the list consists of reserved slots.”
Culture Minister Miki Zohar told the Post that he supported Netanyahu “all the way” and was not bothered by the reserved slots that were up to the prime minister’s discretion to fill.

He also said, regarding lower recent polling that shows the Likud receiving approximately 22 seats rather than the 32 seats that the party currently has, that he  believed “by the elections, the results will be different.”

 “We’ll grow stronger. The polls never flatter us, but when the real results come in, we always deliver a strong result, and that’s what will happen this time as well.”

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The Coordinator of Government Activities in the Territories (COGAT) and Israeli security forces evacuated an illegal settler outpost near Susya, in the southern Hebron hills, on Monday, according to Army Radio.

The outpost, known as Givat Or Yehuda, was reportedly the site of a violent incident three months earlier, which Army Radio cited as the reason for Monday’s evacuation.

In May, when Israeli security forces arrived at the outpost to confiscate stolen and illegally held vehicles, extremist settler residents threw stones at police officers and blocked roads to prevent them from moving.

The evacuation comes on the heels of a string of violent settler attacks on the Palestinian village of Kusra near Nablus, over 100km north of Susya, which resulted in the IDF declaring the area a closed military zone.

However, some 15 extremist settlers entered Kusra again on Saturday, though the IDF had declared the area a closed military zone, Army Radio reported.

IDF soldiers in the village of Kusra, south of Nablus, West Bank, on August 14, 2026.  (credit: FLASH90)

IDF troops arrived at the area where the Jewish extremists were gathered and read the closed military area order to the settlers, who then left the area, Army Radio reported later.

Military to conduct probe into Kusra incident, settler leaders condemn violent acts in the village 

A military spokesperson told The Jerusalem Post earlier in August that the IDF would be conducting a probe into the incident.

The probe will cover why it took the IDF 48 hours to evacuate the illegal outpost set up by Jewish extremists, as well as why the military did not remove the outpost for a second time after the settlers returned.

Palestinian residents who remain in the area told Israel’s public broadcaster KAN News that they still feel threatened by Jewish extremists.

The recent events in Kusra drew international attention and prompted condemnations of settler violence from figures who otherwise strongly support Israeli settlement in the West Bank, including several settlement officials and National Security Minister Itamar Ben Gvir.

Ben-Gvir told KAN News that while he admires the extremist settlers building outposts, “there are some among them who really need to be stopped.”

Corinne Baum, Shir Perets, Jerusalem Post Staff, and Yonah Jeremy Bob contributed to this report.

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A genetic test conducted privately at a laboratory abroad has raised concerns that the sperm donor whose donation was used to conceive a woman’s children may not be a genetic match, the Health Ministry announced on Monday.

The ministry began reviewing the case after receiving a report from Assuta Medical Center in Tel Aviv regarding the test.

The review includes an examination of the test itself and the laboratory where it was conducted. Professionals are also reviewing the case in coordination with Assuta Medical Center.

Assuta pledges to conduct thorough investigation into incident in coordination with Health Ministry

Assuta said it had recently received an inquiry from the patient raising questions about the origin of the sperm donation.

“A short time ago, we received an inquiry from a patient who raised doubts regarding the source of the sperm donation she had selected and from which her child was born,” Assuta said in a statement.

 View of Assuta Hospital, Ramat haHayal, Tel Aviv. May 20, 2023. (credit: AVSHALOM SASSONI/FLASH90)

“Upon receiving the inquiry, Assuta immediately reported the matter to the Health Ministry, as is standard practice, and opened an in-depth investigation into the case.”

Further testing will be required before any conclusions can be reached, the statement added.

“At this early stage, it is not yet possible to reach conclusions, and additional tests are required. Assuta is in direct contact with the patient and will conduct the review process transparently and in full coordination with the Health Ministry,” Assuta added.

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JPMorgan Chase is closing in on a milestone no bank has ever reached.

The financial giant was worth roughly $970 billion on Monday morning—a modest stock-market rally away from becoming the first bank in the world with a $1 trillion market cap and a far cry from its $138 billion valuation on December 30, 2025, just before he took over. Last month, JPMorgan posted the highest-ever quarterly profit by a U.S. bank.

Getting to $1 trillion would be the latest payoff from a playbook CEO Jamie Dimon has spent two decades refining: maintain enough financial firepower to withstand crises, keep investing when rivals pull back, and use periods of industry turmoil to expand.

That combination has repeatedly allowed JPMorgan to go on offense when competitors were under pressure. Dimon has long emphasized what he calls the bank’s “fortress balance sheet,” which helped JPMorgan acquire Bear Stearns and Washington Mutual during the 2008 financial crisis and swoop in to buy First Republic during the regional banking crisis 15 years later.

“Best-in-class ability to invest”

But JPMorgan’s advantage extends beyond acquisitions. 

Wells Fargo analyst Mike Mayo wrote in an Aug. 13 note that JPMorgan’s edge is that it can afford to spend heavily on branches, bankers and technology—and then use the growth from those investments to spend even more. That “flywheel” has helped JPMorgan build leading franchises across consumer banking, investment banking, trading and wealth management. Mayo wrote that this “best-in-class ability to invest for superior growth” could help the bank reach a $2 trillion valuation in the next seven to eight years. 

But the path to $2 trillion isn’t guaranteed. Mayo points out that the past decade did not include what he considers a “real” recession, while unusually buoyant markets have lifted revenues across the industry. JPMorgan is also trading near its peak forward earnings multiple since the financial crisis.

That puts more pressure on the bank to keep growing earnings. Mayo estimates that roughly two-thirds of JPMorgan’s increase in market value over the past six years came from earnings per share doubling, while only one-third came from the stock commanding a higher multiple.

After Dimon

The biggest test of whether JPMorgan’s advantage is truly institutional, however, may come when Dimon leaves.

Dimon, 70, has led JPMorgan since 2006, and investors have long attached a “Jamie premium” of 10% to 15% to the bank’s shares. Mayo wrote that maintaining JPMorgan’s culture and management strength will be critical to sustaining its performance and acknowledged the looming succession question. 

“CEO succession will likely remain a front-and-center topic,” he wrote. 

The question of who will succeed Dimon is one of corporate America’s longest-running ones, with recently appointed co-presidents Doug Petno and Troy Rohrbaugh seen as the front-runners after Marianne Lake dropped out.  

This story was originally featured on Fortune.com

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