Blackstone Puts $1.8 Billion Into Air Canada’s Aeroplan
Air Canada sold a quarter of its frequent flyer program on Tuesday, and it did not give up control of anything. An investor group led by Blackstone and La Caisse is paying C$2.5 billion — roughly US$1.8 billion — for a 25 percent non-controlling stake in Aeroplan Inc., a price that values the loyalty program at C$10 billion. Air Canada keeps 75 percent and continues to run Aeroplan’s strategy, operations and day-to-day management.
The reason a points program commands that kind of money has little to do with flying. Airlines sell miles in bulk to banks, hotel chains and retailers, which then hand them out to cardholders and customers. The airline collects cash the moment the points are sold and only delivers a seat later, if the member ever redeems. It is steady, high-margin revenue that does not move with jet fuel or booking cycles — which is exactly what makes it attractive to a buyer like Blackstone and exactly what makes it useful collateral for an airline that needs money.
Aeroplan has more than 10 million active members and lets them earn or redeem across more than 50 airline partners. Alongside Blackstone and La Caisse, the Québec pension manager formerly known as Caisse de dépôt et placement du Québec, the group includes PSP Investments and British Columbia Investment Management Corporation. Settlement is scheduled for August 17.
The cash has a job waiting for it. Air Canada will use the proceeds to repay a US$1.2 billion bond coming due — about C$1.7 billion — cutting gross debt without drawing down its cash balance, with most of the remainder going toward accelerated share buybacks. The airline said it intends to launch a substantial issuer bid for up to C$800 million of its shares, priced through a modified Dutch auction after the Aeroplan settlement and targeted for completion in September.
The structure matters as much as the price. Air Canada holds the right to buy the stake back between the fifth and eighth anniversaries of settlement, at a price set by a formula that delivers the investors a 6.5 percent internal rate of return net of all distributions. Air Canada will keep consolidating Aeroplan in its financial statements, with the outside stake carried as a non-controlling interest in shareholders’ equity. In plain terms, this looks less like selling a business and more like borrowing against one: the airline takes cash today, the investors take a defined return and a slice of distributions, and Air Canada has a marked path to buying the whole program back.
Chief Financial Officer John Di Bert said the deal unlocks value from Aeroplan while the airline retains operational control, and tied it to Air Canada’s pursuit of an investment grade credit rating. Mark Rutledge, a senior managing director at Blackstone, pointed to the firm’s long-running commitment to investing in Canada. Blackstone, the largest alternative asset manager in the world, oversees more than US$1.3 trillion in assets.
Investors had already moved on the news before it was official. Air Canada shares climbed to their highest level since July 2021 after Bloomberg reported Monday that Blackstone was closing in on a minority interest, and Bank of Nova Scotia analyst Konark Gupta upgraded the stock to sector outperform, arguing the price implied a far richer value for the loyalty business than the market had been assigning it.
Air Canada has been down this road before, in the other direction. Aeroplan was separated from the airline after its 2003 bankruptcy protection filing, went public in 2005, and later became Aimia. The relationship soured, and in 2017 Air Canada announced it would not renew its agreement and would build a competing program — sending Aimia’s stock down 63 percent in a single day. Air Canada then led a consortium with TD, CIBC and Visa to buy the program back for $450 million in cash plus the assumption of roughly $1.9 billion in Aeroplan Miles liability. Seven years later, a quarter of that same program is worth C$2.5 billion.
The timing is not accidental. Air Canada reports earnings Wednesday, and Bloomberg Intelligence has projected an 85 percent year-over-year drop in adjusted net profit, with the carrier squeezed by jet fuel prices driven higher by the war in Iran. An airline heading into a weak quarter with a large bond maturity in front of it has every reason to convert its most durable asset into cash without surrendering it — a playbook U.S. carriers wrote during the pandemic, when Delta, United and American all borrowed billions against their own mileage programs rather than sell equity at the bottom.
BofA Securities, Stikeman Elliott and Deloitte advised Air Canada and Aeroplan; Scotiabank, Kirkland & Ellis and Blake, Cassels & Graydon advised Blackstone. The money lands August 17, the buyback follows in September, and the earnings report arrives Wednesday.
JBizNews Desk | New York
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U.S. Home Sales Fall Again as Mortgage Lock-In Deepens
Americans bought fewer existing homes in July for the second month running, and the reason is the same one that has been holding the market down for three years: the people who would normally be selling are sitting on mortgages they cannot replace.
Existing-home sales fell 1.7% to a seasonally adjusted annual rate of 4.06 million, according to National Association of Realtors data released Tuesday. Economists had expected a smaller 1% drop. Sales were still 0.7% above July 2025, and transactions for the year to date run 2.4% ahead of the same stretch last year.
The lock-in works like this. A homeowner carrying a mortgage from 2020 or 2021 who sells and buys again swaps a low fixed rate for today’s. On the same loan balance, that can add hundreds of dollars a month for the identical house. So the owner stays put, the listing never appears, and the buyer who would have purchased it has nothing to bid on.
Rates moved the wrong way again in July. The average 30-year fixed climbed to 6.54% from 6.49% in June, per Freddie Mac, and reached 6.69% by early August — its highest since July 2025 — after six straight weeks of increases tied in part to geopolitical pressures that have kept inflation elevated since February. Rates moved from 6.43% to 6.66% over the course of the month.
Supply tightened rather than loosened. Unsold inventory fell 1.9% from June to 1.54 million units, leaving 4.6 months of supply — unchanged from both the prior month and a year ago. That squeeze keeps pushing prices up: the median existing-home price hit $434,100, a 2.0% annual gain and the 37th consecutive month of year-over-year appreciation.
Regionally, the picture split cleanly. The Northeast rose 2.0% for the month with a median price of $563,800, up 5.2% from a year earlier. The South fell 3.1%, the Midwest dropped 2.0%, and the West was flat. Median prices ran $622,200 in the West, $371,700 in the South and $342,900 in the Midwest.
The most concerning number in the report is who is missing. First-time buyers made up just 29% of July transactions, down from 33% in June and well below the 40% share NAR considers healthy. Cash buyers held at 26% and investors at 14%, both slightly above June. When more than a quarter of purchases are all cash, the financed buyer is competing against people rates cannot touch.
Affordability has technically improved. NAR’s Housing Affordability Index rose to 103.3 in July from 98.3 a year earlier, with gains in all four regions and the West leading at 7.3% — a reading above 100 means a household earning the median income can qualify for a mortgage on the median-priced home. But pending home sales posted their steepest monthly drop of 2026, and those affordability gains have not converted into transactions.
NAR chief economist Lawrence Yun called sales remarkably stable given where rates have gone, and said the market would be thriving if rates returned near 6%. He noted that in smaller Midwest cities, a $60,000 household income is enough to qualify for a median-priced home — a threshold that does not exist on the coasts. Freddie Mac’s Sam Khater said improving inventory and slightly lower listing prices suggest the market is beginning to adjust.
Homes took 29 days to sell on average, up from 28 in June. Single-family sales ran at 3.69 million with a median of $440,300, while condos and co-ops held flat at 370,000 with a median of $371,800.
For brokers, lenders and homebuilders, the read-through is that volume recovery is now hostage to a single variable. Nothing in the July data suggests demand has collapsed — it suggests transactions are being rationed by the rate spread between existing mortgages and new ones. Sales are still marginally ahead of last year on the strength of the Midwest and West. That gap closes only when rates fall enough to make moving rational again, or when enough time passes that the cheap mortgages age out of the market.
JBizNews Desk | Washington
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Iran refined drone, missile attacks to overwhelm air defenses as US ran low on Patriots – report
As the US-Iran war progressed, Iran adapted how it attacked US military bases in the Middle East, which forced the US to use its already scarce supply of Patriot interceptors, The New York Times reported on Tuesday.
During five days in June, Iran launched waves of drones and missiles at US forces on three bases in Jordan, aiming to overwhelm American air defenses. The IRGC used missiles that could suddenly change course, forcing the US to use scarce interceptor missiles, the NYT reported.
On July 17, an Iranian strike in Jordan hit a housing unit on a US base, killing three soldiers.
A statement from US Central Command (CENTCOM) on July 18 said that “On July 17, two US service members in Jordan were killed in action as CENTCOM and partner forces defended against Iranian ballistic missile and drone attacks. Additionally, one service member is currently missing in action.”
Responding to the fatal attack, US Secretary of State Marco Rubio told the NYT, “We shot down almost all the missiles; one leaked through.”
As the war has progressed, Iran has become more tactical and skilled with its strikes, learning how to evade US air defenses as the conflict has spread across the region, according to NYT reports.
Simultaneously, the US was running through its stockpile of interceptor missiles.
The US Army had used up “virtually all” of its highly accurate long-range missiles during the five-month war with Iran, according to a Reuters report on August 4.
These long-range munitions allow the military to carry out accurate strikes from a safe distance, playing a crucial role in the US-Iran conflict.
US munitions shortage after months of war
The Pentagon has fewer than 1,700 Patriot interceptors left, a source told the NYT.
When asked for comment on the stockpile data, the White House issued a statement from Trump, saying the US had “far more munitions than anyone in the world” and “far more than we need,” Reuters reported.
“Our defense companies are, at this moment, making more munitions than they have ever made before, in addition to expanding their plants and equipment at record levels,” Trump said.
The munitions shortage has an impact beyond the US-Iran conflict. The Army Tactical Missile Systems (ATACMS) stockpile, a short-range missile also in demand by Ukraine, is drained to the extent that there’s basically none left, Reuters reported.
Between February and July, the US had used around 65% of its Patriot interceptors.
Progressive Democrat Peggy Flanagan defeats AIPAC-backed Angie Craig in Minnesota Senate primary
Minnesota Democrats chose the state’s Lieutenant Governor Peggy Flanagan as their nominee to the US Senate on Tuesday, according to US media projections.
Flanagan, a progressive, will face off against Republican nominee and sports broadcaster Michele Tafoya in the November general election for the seat left open by the retirement of Democratic senator Tina Smith.
A pair of Democratic primaries in Minnesota on Tuesday were among a string of high-profile battles between progressive and moderate candidates, where Israel and the pro-Israel lobby serve as key wedge issues.
The state’s highest-profile race was the US Senate primary between Rep. Angie Craig, who has been endorsed by the pro-Israel lobbying group AIPAC, and Lieutenant Gov. Peggy Flanagan, who said she would reject AIPAC’s money and accuses Israel of committing genocide.
The race, and the candidates’ sparring over AIPAC, comes as the lobby and Israel under the leadership of Prime Minister Benjamin Netanyahu have become increasingly unpopular among Democratic voters. Israel is also an issue in the Democratic gubernatorial primary in neighboring Wisconsin taking place on Tuesday.
Flanagan has referred to Craig as “AIPAC’s candidate” in the Senate race, which prompted Craig to distance herself from the group’s spending during a TV debate in June.
“AIPAC has not contributed at all, the PAC, to my Senate campaign,” said Craig, whose wife, Cheryl Greene, is Jewish. “Not one penny.”
Flanagan countered that, while AIPAC itself has not donated to Craig’s campaign, it has held fundraisers for the four-term congresswoman. AIPAC did not respond to a request for comment.
Minnesota republicans nominate Lisa Demuth for governor over former MyPillow CEO Mike Lindell
Minnesota Republicans chose state Representative Lisa Demuth as their nominee for governor, defeating former MyPillow CEO Mike Lindell, who had the endorsement of US President Donald Trump, according to US media projections.
She will face Democratic nominee Senator Amy Klobuchar in the November general election.
Palestinian suspects steal pipes near Yellow Line in Gaza, IDF responds too slowly to apprehend
IDF observers identified several Palestinian suspects in the northern Gaza Strip on Tuesday afternoon as they approached the Yellow Line and managed to steal iron pipes. The information was quickly relayed to a force operating in the area, which deployed a drone toward the suspects, but the attempt was unsuccessful, and the Palestinians escaped unharmed.
The Palestinians did not cross the Yellow Line, but they did manage to steal the pipes a short distance away, a security official familiar with the details of the incident said.
An investigation conducted in the field described the incident as “not good,” as commanders on the ground said the IDF’s response time should have been faster and concerns were raised over Hamas potentially testing IDF troops’ alertness.
Commanders in the sector were concerned that the pipes could have provided both an opportunity to test IDF response time and to locate raw materials for manufacturing rockets.
Following the incident, procedures in the area were clarified.
However, the security official said the incident was unrelated to the rules of engagement, as there is no lack of clarity among forces on the ground regarding the removal of an immediate threat and the handling of unusual incidents.
The official also stressed that the incident occurred three kilometers from the Israeli border.
Security, readiness around engineering work along Yellow Line to be strengthened
Following the incident, the decision was made to strengthen security and readiness around the engineering work the IDF is carrying out along the Yellow Line.
According to the security official, additional underground infrastructure has been uncovered in the Gaza Strip in recent weeks, and the IDF is preparing to destroy it.
At the same time, the Defense Ministry and the IDF’s Technology and Logistics Directorate are reinforcing security measures at military posts and along the Yellow Line.
Last week, Walla reported that the IDF’s hands are tied when it comes to carrying out targeted killings under instructions from the political echelon.
However, an official and authorized political source told Walla that, over the past week, the IDF had not submitted any request to carry out a targeted killing in the Gaza Strip.
Russia ‘monitoring’ as historian critical of Zionism vanishes upon landing in Israel
Russian-Israeli historian Artyom Kirpichenok, 51, reportedly disappeared after arriving in Israel last week.
Kirpichenok landed at Ben-Gurion Airport on August 2 on a flight from Yerevan.
He returned to Israel for a conference he was meant to host but has not been heard from since. Loved ones and colleagues who tried to contact him were unsuccessful.
Kirpichenok immigrated to Israel in the 1990s, graduated from Hebrew University of Jerusalem, and lived in the country for nearly 15 years.
He then returned to Russia, where he adopted a critical stance about the Jewish state and Zionism.
Russian embassy says it contacted relevant Israeli authorities
Russia’s Ambassador to Israel, Anatoly Viktorov, said he had submitted a request to the relevant Israeli authorities but did not say whether he had heard back.
“We have taken note of reports published by several Russian media outlets concerning journalist and Middle East scholar Artem Kirpichenok, who was reportedly detained by law enforcement authorities in Israel on August 2,” a statement from Russia’s Embassy in Israel said.
“To date, the embassy has not received any inquiries from Kirpichenok’s relatives, friends, or colleagues. Nevertheless, we have submitted a relevant request to the appropriate Israeli authorities. We are monitoring the matter,” the embassy added.
Russian journalist and former State Duma representative Daria Mitina claimed that Kirpichenok was being held in prison by the Shin Bet (Israel Security Service).
“Unfortunately, our worst fears have been confirmed. Artem Ivanovich Kirpichenok is in prison, in the custody of Israel’s Shin Bet security service,” she wrote, adding that the case needs “maximum public attention.”
Israeli man indicted for throwing bricks at media offices, threatening ‘someone will die’
Avraham Hadi, 44, was indicted by prosecutors on Wednesday for allegedly targeting the offices of several news outlets and the Justice Ministry in a series of vandalism and threat incidents.
The indictment comes as Israel heads toward elections following a Knesset term marked by fierce disputes over changes to the media and legal system.
The State Attorney’s Office filed the indictment against the Ramat Gan resident with the Tel Aviv Magistrate’s Court.
According to the indictment, Hadi threw bricks at the entrance doors of the Channel 12 and Haaretz headquarters, as well as a Justice Ministry building. He is also accused of spray-painting a threatening message outside the Channel 13 offices.
The alleged incidents took place between November 2025 and July 2026. Channel 12’s entrance was targeted twice in July, while the entrance to the Haaretz offices was damaged in a similar incident several days after the first attack.
Prosecutors said Hadi’s choice of targets reflected his own views of the judicial system and of the specific media outlets, and that the attacks were therefore deliberate and planned.
Hadi allegedly demanded apologies for Sde Teiman affair
During the second attack on the Channel 12 offices, on July 28, Hadi allegedly left behind a threatening message calling on the outlet to “apologize over the Sde Teiman affair.”
“Until you apologize over the Sde Teiman affair, I am not stopping,” the note said. It warned that, if no apology were issued, “the next brick will be aimed at one of your heads,” adding that “someone will die.”
The Sde Teiman affair centered on footage broadcast by Channel 12 in 2024 that appeared to show reservists abusing a Palestinian security detainee at the military detention facility. Five reservists were later indicted, but the military prosecution withdrew the charges in March, citing evidentiary difficulties and concerns over their ability to receive a fair trial.
Hadi was arrested on July 30 following an investigation by the Tel Aviv District Central Unit. Police said clothing and other evidence found during a search of his home linked him to the alleged offenses.
The indictment charges Hadi with extortion by threats, making threats, malicious damage to property, defacing property, and obstruction of justice.
During an earlier remand hearing, Hadi denied the allegations. His attorney, Eran Amrani, argued that the alleged acts should be viewed as political protest and noted that they were said to have been carried out at night, when people were unlikely to be present.
IAA files indictment against two Fureidis residents caught carrying illegally excavated artifacts
The Israel Antiquities Authority (IAA) on Wednesday filed an indictment with the Hadera Magistrate’s Court against Amir Warkani, 27, and Yosef Warkani, 33, both residents of Fureidis, after they were allegedly caught illegally collecting antiquities at the Horvat Hadarim archaeological site.
Horvat Hadarim, also known as Horvat Haidra, is located west of Moshav Ein Ayala on the Carmel coast in northern Israel. It is considered to be one of the most important archaeological sites in the area between Ein Ayala and Tel Dor.
It was declared an antiquities site in 1964, and over the years, archaeologists have documented remains of an ancient settlement, buildings, graves, quarries, a square structure, and mosaics at the site. Salvage excavations carried out nearby also uncovered the remains of a structure dating to the Roman period.
The incident took place on March 9. According to the indictment, the two arrived at Horvat Hadarim in a private vehicle carrying four metal detectors, two shovels, a pickaxe, a knife, a hammer, three flashlights, chargers, headphones, gloves, and bags intended for carrying their search equipment.
The two men allegedly scanned the area with metal detectors and, whenever they received a signal indicating the presence of metal, dug into the ground in an attempt to locate archaeological finds.
According to the indictment, they succeeded in finding several artifacts.
Shortly before leaving the site, IAA inspector Nir Distelfeld arrived together with an Israel Nature and Parks Authority (INPA) inspector and a police officer.
Distelfeld and the other officials found a total of 13 ancient bronze coins, three ancient bronze items, two ancient lead items, and another 14 unidentified metal objects in the suspects’ possession.
Police forced into shelter with two suspects arrested for antiquities theft amid sirens
A week before the Warkanis were arrested, The Jerusalem Post at the time had reported on Distelfeld’s arrest of two other antiquities thieves at the Horvat Hermesh site, located near the Elyakim interchange.
The two were in the midst of an illegal excavation of the site when they were discovered by the IAA, an INPA inspector, and a local security guard. Several pieces of ancient pottery had been shattered, and layers of earth had been disturbed during the suspects’ excavation.
While transporting the suspects to the police station, a rocket siren sounded, forcing the police officers and IAA inspectors to stop and take shelter with the apprehended suspects, as well as other civilians, until the Home Front Command issued an all-clear alert.
Approximately 30 people were present in the small, public shelter.
Miriam Sela-Eitam contributed to this report.
Legal fight over a ditch puts 265-home Utah project at risk
A narrow irrigation ditch runs along the edge of a 142-acre former farm near Willard, about 50 miles north of Salt Lake City.
Beside it sits a 2.74-acre patch of wet ground. Both features are now at the center of a federal lawsuit.
Federal regulators say the ditch connects to the Great Salt Lake, which would protect the entire parcel under the Clean Water Act.
Residential developers call that connection a legal stretch.
Willard Land, which wants to build 265 homes, sued the U.S. Army Corps of Engineers on Tuesday. The company challenges the agency’s decision to claim jurisdiction over the ditch and wetland. It wants a federal judge to throw out that finding.
“The Clean Water Act gives the Army Corps of Engineers limited authority to regulate navigable waters – not total control over every drainage ditch and damp parcel of land in the country,” Charles Yates, an attorney with Pacific Legal Foundation representing the developer, said in a statement. “Federal agencies cannot expand their authority beyond the limits Congress set and the Supreme Court has enforced. When Congress draws a line, lower courts and agencies must follow it.”
This case shows how environmental rules can and do collide with housing economics. Federal water protections matter, but developers say jurisdictional uncertainty and lengthy permit processes can kill approved projects. When that happens, homes go unbuilt, infrastructure stalls, and compliance costs raise prices on projects that survive.
It also comes as Utah grapples with a housing shortage like many states. Lawmakers had sought to pass housing lot reform to encourage starter home construction. But the measure failed.
A similar fight is playing out in Mississippi
Willard Land’s case is not an outlier. A federal court in Mississippi’s Southern District is weighing a nearly identical dispute involving Ward Gulfport Properties. The company is challenging the Corps’ finding of a continuous surface connection between onsite wetlands and a neighboring creek, plus a relatively permanent tributary, in Gulfport.
The development plan has been in the works for more than a decade. Ward Investments first partnered with Gulfport in 2015 to seek permits for a 524-acre mixed-use project along Turkey Creek, south of Interstate 10 and west of U.S. Highway 49. The plan envisions commercial, retail, business-park, industrial, residential and recreational space, plus a town center and public trails.
Gulfport residents raised alarms early. At a 2015 public meeting, environmental organizers and hundreds of North Gulfport residents voiced concerns. They said filling in 432 acres of wetlands would cause flooding along Turkey Creek.
The Mississippi court already dismissed the developers’ claims covering one parcel for lack of subject-matter jurisdiction. Remaining claims involve a different parcel. Ward Gulfport’s complaint argues that a 2023 Supreme Court ruling undercuts the Corps’ findings there.
That ruling came in a lawsuit against the EPA. It narrowed the definition of “waters of the United States” under the Clean Water Act. On July 31, the court paused the remaining claims, despite the developers’ objection, until the Corps finishes a new rule redefining protected waters.
Pacific Legal Foundation isn’t involved in the Mississippi case. But the nonprofit represented Michael and Chantell Sackett in that same Supreme Court case. The firm has made the ruling it won a central part of its Utah case.
A ditch that could sink 265 homes
In the Utah lawsuit, developer H. Lewis Swain and contractor Brent Bailey planned 265 homes on the site. Their project, called the Old Farm Subdivision, won approval from Willard City after years of local review. That approval came with strings attached.
Engineers designed water and sewer lines connecting the project to city systems. Those lines would also serve other nearby properties. Rights-of-way problems, however, forced a route change near the ditch and wetland.
In April 2025, the Corps issued its ruling. It found that 1,502 feet of the ditch, called Ditch 1, qualifies as a federally regulated water. The adjacent wetland qualified too.
That finding triggered a new requirement. Developers needed a Clean Water Act permit before touching either feature. Permits like that take years and can cost hundreds of thousands of dollars.
Disputing the path
Willard Land disputes the Corps’ science and its legal theory. Company lawyers say the ditch isn’t meaningfully connected to the Great Salt Lake. They call the Corps’ hydrologic link too attenuated to apply.
Court filings trace the water’s alleged path in detail. It flows through culverts, canals and an underground siphon. Eventually, it dissipates into a wildlife management area before possibly reaching the lake.
That route covers roughly 8.9 miles. Willard Land argues it contains too many breaks to satisfy federal law. Company lawyers point to the same 2023 Sackett ruling their firm won, which narrowed federal water jurisdiction.
Developers also raise a narrower legal argument. They say the ditch never served as a highway for interstate commerce. Without that history, they argue, it can’t count as a navigable water.
Timeline records show years of delay. Willard Land first sought a jurisdictional ruling in March 2022. Corps officials didn’t decide until three years later.
After the ruling, E.K. Bailey Construction applied for a permit. Corps officials withdrew that application in April, citing incomplete paperwork. Willard Land calls the withdrawal an effective denial.
Company records show significant money already sunk into the project. Roughly $650,000 went toward drilling a well. Another $500,000 covered engineering, wetland studies and related costs.
Corps officials have not yet responded in court. Willard Land’s claims remain untested allegations at this stage.
‘Sounds like competition to me’: Sizing up Google’s real estate play at the AI Summit
The traditional path to homeownership — from portal search to real estate agent to loan officer — is being rapidly rewired by artificial intelligence (AI), and the industry’s biggest players want to be first through the new front door.
That was the central theme of a packed session Tuesday at HousingWire‘s AI Summit in Dallas, where Diego Sanchez, president of HW Media, sat down with Dan Snyder, CEO of Lower, and Chris Rediger, CEO of HouseCanary. The trio explored how AI is reshaping discovery, lead generation and the mortgage process itself.
Snyder’s company has been aggressively acquiring assets to build an end-to-end platform. He opened by describing the logic behind Lower’s recent purchases of Movoto, the fifth-largest real estate portal, and NeatLabs, a venture-backed point-of-sale loan operating system.
“What we’re trying to do is form one path — search to close,” Snyder said. “Essentially, our consumer goes in the front door; Movoto, whether it’s to Movoto.com or through AI, we’ll see what happens there. Then, how do you embed the financing? How do you ultimately get the loan closed and make the human talent shine?”
Snyder acknowledged that the industry is at an inflection point, with AI accelerating development cycles and product refinement in ways that were unimaginable just a few years ago.
“It’s the most exciting time I can remember,” he said. “Just the speed of the engineers going faster. It’s the speed of where product managers themselves can iterate and ship code, which is super exciting.”
He also emphasized the strategic advantage of owning underlying technology rather than relying on third parties.
“I’m fairly impatient,” Snyder said. “And so now we have [the question], what can we do to reinvent the way a consumer searches? What can you do to make it easier so you can just get your loan with a maybe a screenshot? These things would have taken years and years. Now with AI, I think it’s going to come a lot faster than we think.”
Google’s play for top of the funnel
Rediger, whose company has been quietly working with Google for three years, detailed a partnership that places home listings directly inside Google search results.
“It started with a real simple problem, which was, how do we actually show listings in Google?” he said. “And then they engaged us to help navigate those waters. So there’s a lot of regulatory and compliance items around displaying home listings, and HouseCanary is a 50-state broker. So we worked with Google to just show it, and it’s been pretty well adopted. It’s on mobile only right now, and it’s still in pilot, but it’s growing very quickly.
“[It’s] getting a lot of participation from MLSs and data providers, and we’re getting a lot of feedback from brokers and consumers that they really like it. It’s a different approach than the typical portal search, and it’s very top of funnel.”
The feature, currently in pilot, is rolling out gradually, and Rediger was careful to explain certain limitations.
“Google requires us to work with the MLSs to be the data provider,” he said. “So in areas where an MLS is not participating, we might have limited data. Therefore, it wouldn’t show. We are live nationally, so every market’s eligible. There might not be appropriate data in that market, and also there might not be data that’s relevant to your search query.”
When asked whether this partnership positions Google as direct competition to portals like Movoto, Zillow and Realtor.com, Rediger pushed back.
“Is what was designed by Google meant to replace a portal? The answer is no,” he said. “It is top of funnel. It’s a pretty quick and unique and elegant experience that’s not a research-driving process. You do a quick search — homes near me, homes in an area. Then you see some homes in the area. You see some agents that are local to that area that actually do business in that area, and you’re done, right?
“Google still links to portals. Portals are having drip campaigns and a lot of cool, whiz-bangy things that really attract the customer over time. This is very much a single-shot hit, like very Google. You type in what you want. You get instant gratification and then you move on.”
Snyder, whose company owns a portal that competes directly for that traffic, was more blunt.
“Sounds like competition to me,” he said. “Now, they’ve talked about it a long time. You know, it keeps popping up. But we’ll see.”
He suggested that Google’s ambitions could extend far beyond a simple carousel of listings.
“[If] they really wanted to build a full real estate, mortgage and valuation killer, they probably could, right?” he said. “So what we do is just try not to worry about the competition as much as possible. Like, how can you lean in?”
LLMs as the next frontier
Both executives agreed that the real disruption lies beyond traditional search engines.
Rediger predicted that large language models (LLMs) will become the dominant method of discovery within five years.
“There’s still a lot that has to happen between here and now,” he said. “Right now, we have prohibited use in the data, so they cannot use it in LLMs. They cannot train LLMs with it. It cannot be fed into that LLM at all. It’s truly for that search experience.”
Snyder echoed that sentiment, describing a future where consumers delegate the entire search process to AI agents.
“I think people are going to ask their AI agent, and everyone will have an AI agent and then the AI agent will find the best way,” he said. “I don’t know if it’s by Google or otherwise. I think the patience is going to wane and the attention is going to wane. People still want to go see and go tour the homes. So, that means you’ll still need great buyer agents and you’ll need great listing agents to sell your house.”
Despite the rapid automation of discovery and loan processing, both CEOs emphasized that human talent — particularly top-performing agents and loan officers — will become more valuable, not less.
“It’s not going to necessarily disrupt the originator,” Snyder said. “I get that asked all the time. It’ll disrupt the originator that can’t get any loans. If you’ve got a value proposition, if you’re a great Realtor, I think the AI will amplify talent more than ever, from engineering to origination.”
When Sanchez asked directly whether agents and loan officers would be replaced, Snyder was characteristically direct.
“I think the winners will win and the mediocre will go find a different industry because it’ll be a lot easier to make money somewhere else than in mortgage or real estate,” Snyder said.
Rediger agreed.
“I think AI is a tool that’ll elevate the high performers to a different echelon, and I think it’s going to reduce the number of total originators and total real estate agents,” he said.
Ground game still matters
While the discovery layer is being upended, the relationship between agents and loan officers remains critical.
“We’ve fully integrated hundreds of these real estate teams across the country,” Snyder said. “One of our [main questions] is, can we win the ground game? We’re seeing a three-times conversion [increase] when distributing a lead to the local originator, believe it or not. And then with the capture, it’s working with that real estate team locally, and it’s working really well.”
Rediger, meanwhile, is focused on a different operational challenge by attempting to understand the economics of AI itself.
“What we’re building is really observability — understanding how we’re actually using AI and how our engineers are using AI and how we’re going to continue to not spend too much on those tokens,” he said. “I think [it’s about] understanding how you’re actually implementing it — and then you can start translating on a per-token basis to the products you’re actually pushing to market.
“There are not really any products out there that have that. I know this is an operation answer, but it’s pretty cool to see this many tokens translated to this revenue increase with this product.”
Bank of America unveils $250B initiative to modernize US infrastructure
Bank of America (BofA) is launching a $250 billion initiative to finance a broad buildout of U.S. infrastructure, including data centers, semiconductor facilities, power generation and transportation projects.
The banking giant announced Wednesday that its Critical Infrastructure Finance Initiative will mobilize and deploy $250 billion through lending, investments, capital markets and advisory transactions over an 18-month period ending July 4, 2027.
The effort comes as growing demand for computing power, electricity, manufacturing capacity and diversified supply chains drives infrastructure investment across the U.S. BofA said the initiative will focus on projects that strengthen energy security, technological leadership and long-term economic growth.
“We are proud of our long history supporting the American economy. As America marks its 250th year, this initiative reflects our confidence in the country’s future and the investments that will shape it,” said BofA Co-President Jim DeMare. “The infrastructure that powers our economy, strengthens our energy security and secures our technological leadership will drive growth, create jobs and define America’s next chapter.”
The initiative will target three broad areas: digital infrastructure, energy and power infrastructure, and core infrastructure.
Digital projects can include data centers, computing hardware, chips, telecommunications and semiconductors. Energy investments can include conventional and renewable power generation, energy storage and distribution systems, while core infrastructure can include transportation, electric and energy transmission, grid optimization, water systems, critical minerals and mining.
BOFA CEO BRIAN MOYNIHAN DISMISSES RECESSION FEARS DESPITE WALL STREET’S MOST HAWKISH FED FORECAST
Bank of America said investments supported by the initiative could help create tens of thousands of jobs across construction, manufacturing, technology and infrastructure operations.
The bank also pointed to its workforce-development efforts. In 2025, Bank of America invested nearly $40 million in more than 730 workforce-development partners across 97 U.S. markets. Those organizations estimate the funding helped connect more than 90,000 people with employment opportunities and provided more than 290,000 people with access to training, education and career-readiness programs.
Bank of America’s Global Capital Solutions and Global Infrastructure & Sustainable Finance teams will lead the initiative, with support from all eight of the company’s lines of business.
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The $250 billion target will be measured based on eligible primary-market lending, investing, capital markets and advisory transactions between Jan. 1, 2026, and July 4, 2027. The bank said it will use a methodology consistent with its $1.5 trillion, 10-year sustainable finance goal.
This post was originally published here
Wall Street Pays Up to $100,000 for Early Access to Trump’s Posts
Trading firms are now paying Trump Media a monthly fee for a direct pipe that delivers President Trump’s Truth Social posts to their computers a fraction of a second before those posts appear to everyone else. The company told analysts on its first-ever earnings call Monday evening that it has signed more than 10 customer agreements, mostly with high-frequency trading firms, and that those customers are paying between $60,000 and $100,000 a month for the feed, known as an application programming interface. The head start is measured in split seconds, and it puts the buyers ahead of ordinary retail traders.
That sliver of time is the entire product. Wall Street’s largest trading desks run algorithms that read incoming text and fire off orders automatically, without a human touching a keyboard. Getting the information a few seconds earlier can translate into very large profits for those systems. And the president’s posts are unusually valuable raw material, because he uses the platform to announce policy before it reaches a press office. His statements on Iran and the Strait of Hormuz have moved oil, and his 2025 tariff announcements first knocked stocks down and then pushed them back up when he softened the measures.The service, called Truth API, went live on August 1 and provides low-latency licensed access to publicly available posts from certain top Truth Social accounts.
The company has said the feed carries posts from the platform’s 10 highest-ranking accounts and delivers them in milliseconds. Rival social networks also license data feeds to traders; what makes this one different is that the account generating the market-moving material belongs to the sitting president, and the company selling the feed is owned by him.
For Trump Media, the money matters. The company reported second-quarter revenue of $1.7 million, up 89 percent from $0.9 million a year earlier, alongside a net loss of $238.1 million, most of it non-cash items including $190.4 million in unrealized losses on digital assets and equity securities. Operating expenses came down 44 percent from the first quarter to $165.2 million, and the company pointed to a strong cash position, but investors sold the stock anyway, sending shares down 6.57 percent to $3.70. Total assets stood at $2.0 billion at the end of the quarter, with roughly $1.9 billion in financial assets.
Set the API contracts against those numbers and the appeal is obvious. Ten customers paying $60,000 to $100,000 a month works out to somewhere between $7 million and $12 million a year — several times what the entire company brought in over the past twelve months from advertising, streaming subscriptions and fund management fees combined.
The audience for the underlying platform, meanwhile, keeps shrinking. Truth Social drew 261,300 daily active users in July, down 40 percent from a year earlier, according to figures the research firm Similarweb provided to CNN, while X averaged 123.5 million daily users in the same month. The value being sold is not reach. It is speed of access to one man’s keyboard.
That is where the objections start. Senators Elizabeth Warren and Adam Schiff have asked federal regulators to examine whether the arrangement is legal, writing to Securities and Exchange Commission Chairman Paul Atkins that handing early access to Wall Street firms and high-frequency traders will damage confidence in the basic fairness of the markets. A former senior SEC official, Boston College law professor Renée Jones, has argued that information of this kind belongs to the government and the public rather than to a private company.
Securities lawyers are less certain the practice breaks any rule. Robert Frenchman, a partner at the firm Dynamis, told Reuters the service does not appear to violate federal securities law, since a technology platform is generally free to sell its distribution in tiers even if the result strikes people as unfair.
That gap between unfair and illegal is what any fix has to close, and there are only two realistic routes. Regulators can act — the Warren-Schiff letter is a request for the SEC to determine whether selling accelerated access to presidential announcements crosses into market-manipulation or disclosure territory. Or the White House can neutralize the product by pushing market-moving announcements through official government channels at the same moment they hit Truth Social, the way agencies already release economic data on a fixed schedule to everyone at once. Until one of those happens, the fastest route to the president’s next policy statement carries a price tag.
Trump Media also told investors it expects to complete its prospective merger with TAE Technologies in the fourth quarter, subject to regulatory and closing conditions.
JBizNews Desk | Wall Street
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IDF identifies remains of soldier killed in Cyprus, buried as unknown in Haifa since 1948
The IDF announced on Wednesday that after a lengthy investigation, the burial place of IDF soldier Shlomo Haimson, whose burial place had been unknown for almost 78 years, has been located.
Haimson was killed by guards at a detention camp in Cyprus during an escape attempt in September 1948.
It was determined that he is buried in the immigrant section of the Haifa cemetery. His family was informed last night that his burial place had been located.
This is a developing story.
Pro-Palestinian democratic socialist Francesca Hong loses Wisconsin governor primary race
Milwaukee County Executive David Crowley is projected to win the Democratic nomination for Wisconsin governor, over democratic socialist state Assembly member Francesca Hong.
Hong’s record on Israel and antisemitism has been of concern to Wisconsin Jews this election season, as well as Democratic figureheads more broadly.
This is a developing story.
Settler extremists clash with IDF after outpost evacuation, lay siege to West Bank village
Dozens of settler extremists clashed with the IDF on Wednesday morning near Kusra, in the northern West Bank, after the military evacuated an outpost that was set up in the area.
The entire area has previously been declared a closed military zone.
Border Police officers were dispatched to the scene, and the IDF is bringing additional soldiers to reinforce the area.
Extremists appear to be dismantling fences, blocking roads, and besieging the area, in footage seen by The Jerusalem Post.
Central Command Chief Maj.-Gen. Avi Bluth visits the site, expresses concern
Central Command Chief Maj.-Gen. Avi Bluth reportedly visited the area this morning and left while the event was still taking place. According to the IDF, Bluth toured the area and its nearby outposts, and spoke with the Palestinian family residing there.
Near their house, a tent was erected in an area where a closed military zone order was issued, and Israeli civilians were reportedly staying there. Border Police dismantled the tent and are attempting to remove the civilians who were occupying it.
During Bluth’s tour, commanders expressed concern over the actions of the Israeli civilians against the Palestinian family and ordered several measures to be taken moving forward, the IDF announced.
Army Radio was told by a security source that word of the Kusra outpost’s dismantling was leaked to the media before it was actually taken down, resulting in dozens of Jewish rioters arriving at the scene before security forces were able to dismantle it.
No arrests have been made as of Wednesday at noon, according to Army Radio.
This is a developing story.
U.S. and Canada Scramble for a Deal Ahead of Aug. 19 Tariffs
A 50% U.S. tariff lands on roughly $28 billion of Canadian goods on Aug. 19 — wine, hockey sticks, cement and dozens of other products — unless negotiators in Washington can get a package in front of President Trump first. Canada-U.S. Trade Minister Dominic LeBlanc and U.S. Trade Representative Jamieson Greer are aiming to do exactly that as early as Monday, Aug. 17, two days before the deadline. Nothing is agreed yet; what they are assembling is something concrete enough for the president to accept or reject.
The work continued in Washington on Tuesday. LeBlanc met Greer for the third time in as many weeks, with Canada’s chief trade negotiator Janice Charette also at the table. The meeting ran about an hour, and neither Canadian official took reporters’ questions leaving Greer’s office. LeBlanc said afterward that his side remains at the negotiating table and is working to defend Canadian interests.
The deadline comes from an executive order Trump signed last month. It applies the 50% rate to several categories of Canadian goods over what the administration calls discriminatory Canadian trade policies, covering roughly 5% of Canadian exports to the United States.
The bargain on the table is a straight exchange. Washington wants Canada to drop its counter-tariffs on autos and wants provincial bans on American alcohol lifted, and the two sides are trading proposals on how Canada manages its dairy quotas. Those are the same grievances the administration named when it announced the Aug. 19 tariffs: provinces pulling U.S. alcohol off store shelves, and alleged discrimination against American vehicles and dairy.
In return, Ottawa wants relief from the sectoral tariffs already in force, which cost far more than the goods on next week’s list. Canadian government briefing material puts current U.S. duties at 50% on Canadian steel, aluminum and copper, 25% on autos and trucks, and 10% on lumber. Steel, aluminum, lumber and autos are the four sectors LeBlanc and Charette are pressing on. Those are the Section 232 national-security tariffs, and getting them cut is the reason Canada is at the table at all.
Prime Minister Mark Carney has ruled out a narrow version of that trade. Speaking at an aluminum plant in Saguenay, Quebec, last week, he said he was not interested in a targeted deal disconnected from other sectors, and that any agreement must cover autos, steel, aluminum and forest products. He has framed the goal as getting “all 232s to be addressed.” He has also warned Canada will get tougher if nothing is reached before the new tariffs take effect. Opposition leader Pierre Poilievre set the bar higher still, calling for zero tariffs on softwood lumber, an end to the steel and aluminum duties, a tariff-free auto pact and a full exemption from Buy America rules on infrastructure projects.
Whether Trump takes a package that broad is the open question, and it is why the Aug. 17 meeting matters more than any working-level session. David MacNaughton, Canada’s former ambassador to Washington, told CTV News Channel on Tuesday that the president is the only person who will make the final deal, and that he is not sure Trump is ready right now for the comprehensive agreement the Canadian side wants. Canada arrives with what MacNaughton called a “fairly substantial package.”
For American buyers the exposure is concrete. The United States imported about $382 billion of goods from Canada in 2025, and the new tariffs would apply to close to $20 billion of that, by the U.S. Trade Representative’s count. Beverage distributors, ready-mix and construction suppliers and sporting goods retailers sit on the immediate list; steel and aluminum buyers, auto plants and homebuilders are already carrying the sectoral duties. The international heads of the United Steelworkers and the machinists’ union have written to Greer asking the administration to hold off on the 50% levies.
A larger piece is riding on the same talks. Canada is hoping the negotiations also produce an extension of the North American trade agreement, after the Trump administration declined to renew it in July. Reporting last week indicated Ottawa would prefer to book any tariff relief in side letters rather than reopen the pact itself, and that it expects to accept some level of U.S. metals tariffs — a structure that trades concessions on the irritants for a lower rate without touching the underlying agreement.
Nothing changes at the border before Aug. 19. The rates in effect today are the ones that have been in place for months. What the Aug. 17 meeting decides is whether a 50% wall goes up around a list of Canadian goods that American buyers cannot replace on short notice.
JBizNews Desk | Washington
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Career Ladders in Reverse: Experienced Workers Flock to Entry-Level Roles
Some experienced workers are willing to take tens of thousands of dollars in pay cuts to move down the career ladder, according to recruiting professionals.
Meanwhile, younger workers face competition on two fronts: from their peers and from more experienced candidates.
Nearly Half Seek Lower-Level Jobs
As of May, nearly 50 percent of job seekers with 10 or more years of experience sought entry-level roles, while only 12 percent of applications from this group were for senior-level jobs, according to a July 23 analysis by Indeed Hiring Lab….
Elbit Systems Backlog Hits Record $32 Billion, Beating Estimates
Elbit Systems has more orders on its books than at any point in its history, and the money is increasingly coming from outside Israel.
The Israeli defense contractor reported an order backlog of $32 billion at the end of the second quarter, up from $28 billion at the close of 2025. Second-quarter revenue rose 16% to $2.29 billion, and non-GAAP net profit climbed 32% to $199 million, producing adjusted earnings of $4.14 a share against a consensus estimate of $3.68. GAAP net income was $173.6 million, or $3.61 a share, on a 7.6% margin, with GAAP operating income of $218.8 million.
A backlog is contracted work not yet delivered, which makes it the closest thing a defense company has to a forward revenue statement. Elbit says 73% of the $32 billion originates outside Israel, with international orders — mainly European — driving the quarterly increase, and about 42% is scheduled for performance during the remainder of 2026 and 2027, with the rest set for 2028 and beyond.
The geographic split shows how far the customer base has shifted. Israel accounted for 37% of quarterly sales following inventory replenishment after the conflict with Iran ended at the start of April, Europe supplied 25%, North America 20% and Asia-Pacific 14%.
Segment results were uneven. C4I and cyber revenue rose 11% year over year, ISTAR and electronic warfare 22%, land systems 32%, and Elbit Systems of America 17%. Aerospace fell 8%, which the company attributed to an unfavorable project mix and weaker training and simulation sales in Europe.
Cash generation improved sharply. Operating cash flow reached $237 million for the quarter, up from $120 million a year earlier, with free cash flow of $150 million versus $71 million and cash conversion of 86%. First-half operating cash flow totaled $517.8 million against $304.0 million a year ago.
The company is spending to convert that pipeline. Management is raising capital expenditure to roughly $300 million from $220 million to add production capacity. Elbit said its increased investment in production infrastructure reflects a disciplined approach to scaling and to delivering at volume. Backlog only becomes revenue when factories can build the hardware, and $32 billion of commitments is a manufacturing problem before it is a financial one.
Recent orders keep arriving. The company cited a tank-upgrade contract worth about $350 million and more than $370 million from U.S. Customs and Border Protection, and declared a dividend of $1.00 a share payable Oct. 26. Elbit also unveiled an airborne high-power laser system under development for helicopters and fighter aircraft, part of a push into directed-energy weapons. Demand from Israel’s Ministry of Defense remains materially higher and could generate additional orders.
Two items cut the other way. The effective tax rate jumped to 16.4% from 5.6%, driven by OECD Pillar II rules, and the company reported operational disruptions tied to Middle East conflicts, supply chain issues and attacks on facilities.
Investors were not impressed. Shares traded lower in U.S. premarket despite the earnings and revenue beat. In Tel Aviv trading the stock fell 5.2%, leaving Elbit with a market value of NIS 121 billion — still up 41% year to date and 240% over three years, though down 16% from its March peak.
That reaction is the recurring pattern in defense stocks this cycle: expectations have already priced in the order flow, so beating estimates is no longer the event. CFO Yaacov Kagan told analysts the quarter delivered double-digit growth across revenue, backlog, operating profit and earnings per share, and said the company expects backlog to keep growing while it focuses on converting it into revenue, profit and cash flow. Execution, not order intake, is now the number the market is watching.
JBizNews Desk | Haifa
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STAT+: Neurocrine Biosciences rare disease drug possibly tied to safety issues, experts say
A group of physicians and experts in Prader-Willi syndrome, a rare disease that causes an insatiable desire to eat, on Tuesday notified clinicians of a series of patient deaths and cases of severe side effects potentially associated with Vykat XR, a newly approved drug sold by Neurocrine Biosciences.
Vykat was approved by the Food and Drug Administration in March 2025 to curb the intense hunger sensation in children and adults with Prader-Willi syndrome, or PWS. But since its clearance, seven people prescribed the drug have died, according to the FDA’s Adverse Event Monitoring System. Additionally, more than 100 reports of serious adverse events, mostly cases of patients being hospitalized for swelling, respiratory, and heart complications, have been reported to the FDA.
“The intention of this statement is to increase awareness of the risks for people with PWS when starting Vykat XR,” the physicians and experts wrote. Neither the deaths nor the severe side effects have been definitively linked to the drug, the group added.
Opinion: Climate change is making people with chronic illness even sicker
The sky was a smoky grayish-orange and trees a few hundred yards away had turned to ghostly outlines. This July marked the third summer since I’ve lived in Chicago that the city was covered in a suffocating blanket of smoke from Canadian wildfires, and the air quality was breaking records: as high as 753 on the air quality index one afternoon, earning an “extremely hazardous” warning. Even with all our windows closed and two air purifiers running in different rooms, I was still getting headaches, a sore throat, and burning eyes. And my arthritis pain was worsening.
I’ve lived with chronic illnesses for most of my adult life and have racked up six of them at this point (endometriosis, psoriatic arthritis, Celiac disease, Graves and Hashimoto’s diseases, and interstitial cystitis). I know that my joints hurt more in cool, wet weather, that I’m prone to overheating when the temperature spikes above the 90s. I’m not alone: I’ve talked to dozens of people with different chronic conditions about how the weather affects them. Those with lupus need to avoid the sun, while some with psoriasis get relief from it; storms can trigger migraines and joint pain; hot weather worsens postural orthostatic tachycardia syndrome (POTS). Everyone’s body has a unique pattern of interacting with the weather, such that it’s difficult for patients to predict what might cause a flare.
STAT+: Inside a $7 billion Silicon Valley startup’s mad dash to automate the business of health care
From its inception, Commure was built on the dream of automation.
The Silicon Valley technology company set out in 2020 to build a new operating system for health care. Its executives began to cast the company as a kind of Robin Hood: It would leverage artificial intelligence to take power and money from massive insurers and other industry giants — and give it back to doctors.
“I would love a world where the market cap of a UnitedHealth is a fifth, but every doctor is a millionaire,” Commure CEO Tanay Tandon said in a recent interview with Y Combinator, an investor in the company, currently valued at $7 billion.
But Commure isn’t just promising to fatten doctors’ wallets with money from insurers. For those willing to talk up its AI, it also offers to kick in compensation of its own.
A STAT investigation found the company offers thousands of dollars, in various forms, to medical clinics and other parties who refer its products to new business prospects. The compensation is part of a strategy to swiftly sell AI tools it says can unburden clinicians burned out by health care’s endless bureaucratic morass.
Based in Mountain View, Calif., Commure is among the most ambitious and all-encompassing efforts to automate the administrative tasks that underlie these businesses. Many of its customers speak of the company in heroic terms. In marketing videos and podcast interviews, they testify that its products for billing, scheduling, and clinical documentation have restored joy, and reliable revenue, to their practices. The company claims its tools are used by more than 500 health care organizations across the country, including “130 of the nation’s largest health systems,” such as for-profit giants HCA Healthcare and Tenet Healthcare.
Lebanon’s parliament votes to abolish death penalty, Hezbollah votes against bill
Lebanon’s parliament voted Tuesday to abolish the death penalty, a major move welcomed by international bodies and human rights organizations.
Although a majority of the 128 members of parliament voted in favor of the bill, Hezbollah’s parliamentary bloc notably voted against ending capital punishment.
The legislation will now go before Lebanon’s cabinet before being submitted to President Joseph Aoun for approval.
It has been more than 20 years since Lebanon last carried out an execution. In January 2004, Ahmad Ali Mansour, Badi Hamadeh, and Remi Antoan Zaatar were executed in connection with separate murder cases involving multiple victims.
Hamadeh, who was executed by firing squad, was convicted of killing three security officers during a 2002 raid on his fiancée’s home. Mansour, who was hanged, was convicted of murdering eight of his colleagues when he opened fire at a teachers’ pension fund in 2002. Zaatar was also hanged after being convicted of killing three people during an armed robbery.
European Commission VP Kallas welcomes decision
Kaja Kallas, vice president of the European Commission, welcomed parliament’s decision in a statement Tuesday.
“The abolition of the death penalty for all crimes, including through its retroactive application, is an important achievement,” Kallas said. She added that the move builds on Lebanon’s de facto moratorium on executions, maintained since 2004, and demonstrates the country’s commitment to respecting, protecting, and fulfilling the right to life.
“As the first country in the region to abolish the death penalty, Lebanon is setting a powerful example for other countries in the Middle East and beyond, reinforcing the strong global trend towards abolition and the growing international support for ending the death penalty worldwide,” Kallas said.
Reservists grow frustrated with chasing civilians over Syrian border, using up time, resources
IDF reservists are growing frustrated with constantly pursuing Israelis who try to cross the Syrian border, particularly from the “HaBashan Pioneers” movement, multiple soldiers told Army Radio in a report published on Wednesday.
“It’s absurd that we’re stopping our lives for this,” one reserve soldier serving in the Syria sector said.
“We’re exhausted! I’m putting my life on hold; there are students here, people with families, kids at home, and instead of dealing with the important things, this is what we’re doing. It raises questions and doubts: what are we even doing here?” he asked.
The reservists serving in the Syria sector spent Tuesday night in another pursuit that they told Army Radio endangered their own safety and was an unnecessary use of resources.
“We found ourselves for several hours during the night in the Hermon, searching for them; they hid among trees and bushes in steep and dangerous spots. We chased them, climbed boulders; we’re putting ourselves at risk of injuries, falls, on very, very steep slopes,” one said.
“We’re wasting a ton of resources, time, and energy on this stuff. This isn’t our mission; the mission is to protect the sector and the settlements,” the soldiers told Army Radio.
Police fail to deter repeat offenses
Additionally, reservists describe the lack of support from other agencies. After the Tuesday night pursuit, soldiers were forced to look after the three Israelis at the outpost until they were retrieved.
Eventually, when the police still hadn’t shown up, the soldiers called the 100 emergency service hotline.
“We told them: Come get them, and that’s what happened. If we hadn’t called 100, no one would have come. Just a total game of passing the buck between all the agencies,” one reservist said.
Once the police do come, the reservists warn that those who cross the border are often not dealt with effectively and may come back a second or third time.
“The police aren’t doing their job properly, because if a guy gets arrested and released the same day, then comes back the next, we haven’t accomplished anything here. We tried explaining to them, you’re getting in the way of us doing our job. We’re dealing with you way too much,” the reservist said.
“Three years of reserves, and what am I busy with? Pulling Israeli civilians out of Syria?” they added.
Texas HOA laws are changing board responsibilities. Here’s how communities can keep up.
Serving on a homeowners’ association (HOA) board has always meant balancing the needs of the community with the responsibility of managing its finances and addressing resident concerns. However, these responsibilities are only becoming more demanding as Texas communities expand. From mid-2024 to mid-2025, five Texas cities led the nation in population growth among cities with at least 20,000 residents, with four located in the Dallas-Fort Worth area.
With rapid development comes larger associations, more residents and greater operational demands. At the same time, recent legislative changes have added more formal requirements around board decisions and homeowner communication. For volunteer directors, matters once handled through an informal email exchange or a general reference to governing documents may now require advance notice, a written policy or a formal opportunity for the homeowner to respond.
Meeting these requirements is only part of effective governance. Boards also need dependable processes that help residents understand how decisions are made and give directors the information they need to respond consistently, all while making HOA management actually manageable.
Board business requires more structure
Texas Senate Bill 1588, which took effect in 2021, expanded meeting notice requirements and identified decisions that generally must be considered and voted on during an open board meeting with prior notice to owners. These include fines, assessment increases, special assessments, foreclosure actions, annual budgets, certain enforcement matters and major capital improvements.
The law also increased the advance notice required for regular board meetings from 72 to 144 hours when notice is posted and emailed rather than mailed directly to owners. Notices must include the following:
- Meeting date
- Time
- Location
- General subject
- A general description of matters expected to be discussed in executive session
For boards, these provisions add another layer of complexity to meeting and agenda preparation. Agendas must give homeowners enough detail about the business being considered, while directors need timely access to the financial information, governing documents and supporting materials required to make informed decisions.
A consistent agenda process can reduce last-minute issues and help volunteer directors determine which matters can be handled administratively and which require formal board action. The same need for clarity and consistency applies when boards enforce community rules and issue fines.
Enforcement policies must be clear and consistently applied
House Bill 614 requires associations authorized to levy fines to adopt an enforcement policy. The policy must outline the types of violations that may result in fines, establish a fine schedule and explain homeowners’ rights to a hearing. Depending on the association, it must be posted online or distributed annually.
A written policy makes enforcement more predictable, but consistency still matters. Homeowners are likely to question the process when similar violations lead to different outcomes, or when notices don’t clearly explain how to resolve an issue.
Violation notices should identify the rule, explain the concern and provide the homeowner with a clear deadline to respond or correct the violation. Boards should also retain supporting records to explain how and why a decision was made.
Access to information raises the importance of sound recordkeeping
Texas law gives homeowners more formal ways to review association information and question certain decisions. Senate Bill 1588 requires some associations to provide online access to current dedicatory instruments and to file management certificate information that may be made publicly available through the Texas Real Estate Commission.
The legislation also strengthened procedures surrounding architectural decisions. In applicable communities, a homeowner who receives a denial must be given the reason in reasonable detail, told what changes may be needed for approval and informed of the right to request a hearing. The board may then affirm, modify or reverse the architectural review authority’s decision.
For certain enforcement hearings, associations must provide the homeowner with the materials they intend to present so both sides can discuss the facts.
These requirements make organized recordkeeping part of responsive community service. Important documents should be stored in a shared system rather than scattered across personal email accounts or relying on one board member to remain available. Centralized records help directors explain decisions, preserve continuity as leadership changes and spend less time searching for information.
This addresses legal requirements while removing the long list of document types and combining repeated points about incomplete records, personal email accounts and board turnover.
Transparency requires more than posting information
Meeting notices, online documents and written policies may meet procedural requirements, but residents still need enough background to understand how a decision affects the community.
An assessment increase can look like poor planning when the budget is posted without explanation. A repair project may frustrate residents when they do not know what led to the timing, and a violation notice can feel arbitrary when it quotes a covenant without detailed explanation.
Boards can avoid some of that frustration by briefly explaining why a decision was made and what it means for residents. Sharing that information through the community’s usual communication channel can reduce confusion and help homeowners feel more confident in how the association is being managed.
Residents should also know where to find official updates and where to direct questions. Keeping that process consistent makes it easier to provide accurate answers and prevents volunteer board members from having to address the same concern in multiple places.
Certain legal, personnel and delinquency matters must remain confidential. In those cases, boards can still explain why details are limited and share whatever general information is appropriate. That helps protect the association while showing residents that their concerns are being taken seriously.
Legislative readiness belongs in routine board work
Ongoing legislative changes are inevitable, but easier to manage when boards don’t have to rebuild their processes each time a new requirement takes effect. Regular reviews of governance practices can help communities catch outdated policies, unclear responsibilities and missing information before those gaps create problems.
Board education matters just as much. New directors need a practical understanding of how the association operates, especially when a community is moving from developer control to homeowner leadership. They may be taking responsibility for a large budget, ongoing contracts and long-term maintenance decisions with little prior experience.
As communities move from developer control to homeowner leadership, governing documents may set transition milestones based on the number of lots conveyed. Board education and access to reliable community information become especially important before volunteer directors assume broader responsibility.
Volunteer directors need enough structure, support and reliable information to make sound decisions with confidence. With that foundation in place, boards can adapt to new requirements while staying focused on the day-to-day work of serving the community.
Nikkole Luna, Regional President, Texas at RealManage
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.
When it comes to closing workflow gaps, does one size really fit all?
For the past several years, title agents have been giving their technology partners some version of the same request: help us close the gaps. Those “gaps” are the smaller, tedious tasks wedged between the systems already handled by a production platform or search technology.
They include the orders that arrive by text instead of through the portal, or the county form that no national platform supports. Or maybe the ledger report someone still assembles by hand at the end of the month. The industry’s tech providers have heard the request, and quite a few have responded.
The evolution of title technology solutions
In fact, that response has reshaped the market. A handful of years ago, most title technology was built to do one thing or a limited number of things well. A company might sell a search product, a document management tool or an eRecording solution, and market itself accordingly.
Now, a growing number of those same providers, alongside newer entrants, are positioning themselves as capable of addressing workflow gaps broadly, sometimes without specifying which ones.
That’s not necessarily a problem. A provider who understands an agency’s operation well enough to close several gaps, rather than just one, can be an asset, and some of the strongest partners in this space have earned that broader role through years of specific, successful work.
But an “any gap” promise is a big one, and it’s important for owners and decision makers to understand the different ways providers actually go about delivering on it before an agency puts much weight on it.
How different providers approach workflow gaps
Some providers close gaps mostly through customization, meaning they adjust their own platform’s code or configuration to accommodate an agency’s particular requirement. That approach can work well when the gap lies close to what the platform already does. It can also leave an agency tied to that provider’s own development queue any time a small change is needed down the road, which can be time-consuming and expensive.
Others rely on integration, building purpose-made connections to an agency’s other systems, most often its production platform, so data moves between them automatically instead of by hand.
A growing number lean on open API access instead, which lets an agency’s broader tech stack communicate directly with a provider’s system rather than routing everything through one closed platform. Open API tends to give agents more flexibility over time, since it doesn’t tie future technology decisions to a single company’s roadmap.
There’s also a significant difference between specialized and general solutions. A specialized tool, whether RPA or something else, addresses a defined task, such as tax search automation or hyperlinking, and tends to do that one job well.
A more general solution promises to touch many parts of the operation. While that’s an appealing pitch, it can also sacrifice depth for breadth if the provider hasn’t actually built expertise in each of the areas it now claims to cover.
Evaluating a provider’s promise to close gaps
Before handing any provider that kind of open-ended mandate, an agent may want to ask a few pointed questions.
- How many of an agency’s specific gaps has this provider actually closed for other clients, and can they describe those results in concrete, specific terms rather than general claims?
- Is the solution built through custom code the provider alone maintains, or does it rely on integration and API access that keeps working even as an agency’s other technology changes?
- And when a gap involves a truly unique local requirement, will the provider build something narrow enough to fit it, or does the agency end up adapting its own requirement to fit the technology instead?
There isn’t one right answer to which approach works best for a given agency. One chasing full automation across many in-between tasks may get more value from a broader, integration-minded partner willing to grow alongside its operation. One with just a couple of stubborn gaps may be better served by a narrow, specialized fix that does that single job well.
Either way, the promise to “fill the gaps” is something decision-makers should ask about in detail. It shouldn’t be accepted on its own as proof that a provider can deliver on it.
The title industry has spent several years learning where its workflow gaps actually are. The next stage of that undertaking is learning how to evaluate the growing number of providers who say they can close them, and asking enough of the right questions to know the difference between a partner built for the job and one simply expanding into it.
Jimmy Lewis is the CEO and Co-Founder of True Focus Automation, and Sridhar Loganathan is the Chief Operating Officer and Co-Founder of True Focus Automation.
The hidden data problem costing national builders millions
Homebuilders have invested heavily in technology, purchasing customer relationship management platforms, enterprise resource planning systems and other technologies designed to improve operational performance. Yet many still lack a clear view of the product at the center of their business: the homes they build.
Despite years of effort to organize plan libraries, builders still don’t have a clear picture of how the actual houses they build are utilized and impact their business. That leaves them recreating products they already have, evaluating land opportunities without the full picture and missing purchasing leverage.
As margins tighten, the ability to understand what is working across the portfolio and use those insights to decide what to design, build and sell next is becoming a competitive advantage.
Why better product decisions require a different kind of system
Most builders cannot confidently answer surprisingly basic questions: How many functionally similar plans exist across the company once renamed, re-featured and redrawn versions are considered? Which designs generate the strongest margins? Why does the same design require different materials in two different locations? Even something as basic as how many different bathroom types exist in my portfolio is elusive.
Before joining Higharc, Jennifer Hoops led product development for national homebuilders and remembers how difficult it was to analyze a builder’s product portfolio, even when the plans themselves were well organized. “Product data doesn’t come together in a nice, structured way that the business can use to enhance its operations and understand more about what it’s doing,” Hoops said.
The business may have robust systems to understand customers, sales and financial performance. Few have an equivalent system for understanding their products. The knowledge that determines how a home is designed, priced and built remains scattered across drawings, spreadsheets, checklists and individual expertise, making it nearly impossible to search, compare or learn from the portfolio as a whole.
What builders can’t see is costing them
The financial impact of disconnected product data compounds across hundreds of decisions, from product development to land acquisition and purchasing.
Take a builder with hundreds or thousands of active plans and a conservative 10% redundancy rate, where the same homes exist under different names or have been recreated independently across divisions. Each redundant plan carries ongoing architectural revisions, permitting updates and maintenance costs. At many thousands of dollars per year to maintain an existing plan—or approximately $20,000 to develop a new one from scratch—that redundancy can quietly consume hundreds of thousands of dollars annually.
The bigger risk comes during land acquisition. A builder evaluating a competitive parcel can either miss a profitable deal because they can’t evaluate it fast enough, or proceed on rough assumptions that prove wrong after closing. In a 150-lot community, just a $15,000 per-home cost miss adds up to a $2.25 million margin error in a single land deal before the first permit is pulled.
The cost also extends to purchasing. In many markets, builders pay trade partners a lump sum for completed work, such as $5,000 for a bathroom, without visibility into whether that price covers one sink or two, a tub or a shower. Without understanding those product details across the portfolio, builders can’t accurately quantify material volumes or fully leverage their purchasing power in supplier negotiations.
Local plan variation is inevitable. The best builders make it actionable.
Attempts to standardize floor plans across divisions often run into a fundamental reality: Homebuilding is local. A shared plan may need to accommodate different foundation dimensions, construction methods, materials or jurisdictional requirements across the development.
Hoops recalled working with a division president who asked her to measure a form board at a job site. Her drawings had the basement at 9′. The locally available form boards were 9’4”, a physical constraint the division could not ignore simply to comply with a standardized corporate plan.
The end goal is not to eliminate all variations, but build a system that preserves local flexibility while providing corporate teams with visibility into how and why plans change. Higharc addresses that tension by converting plans from static documents into live data models. A division can account for a local foundation requirement while maintaining the integrity of the broader plan and making the variation actionable across the organization.
Turning plans into product intelligence
Before the Dewey Decimal System, libraries were simply collections of books. They could be browsed, but not systematically understood. Many builder plan libraries work the same way today. Naming conventions reveal basic facts like square footage or bedroom count, but they cannot surface the product relationships and performance patterns that matter for business strategy.
Homebuilders need to understand why variations exist, which ones create value and where they are carrying unnecessary complexity. Higharc converts traditional 2D plans into a structured 3D spatial database, allowing builders to search, compare and analyze the underlying geometry and layout of every home in their portfolio.
Higharc transforms homes into structured data, giving builders greater visibility into the designs and features across their product portfolio. (Source: Higharc)
Higharc’s connected product data foundation also unlocks the next generation of analytics and AI.
Traditional floor plans require interpretation. A dashed line could represent a cased opening, cabinet, shelf, ceiling or wall. An experienced construction professional understands the symbol from context, but an AI system sees only a line unless the underlying element has been defined.
“AI and analytics are only as good as the data that they’re analyzing,” Hoops said.
Higharc’s data model identifies specific components such as walls, ceilings and openings, enabling AI to analyze the actual features of a home. Builders can then explore performance below the plan-number level, including which layouts, room dimensions and included features correlate to stronger sales, better margins or lower construction costs.
Static plan sets become living data models, helping builders uncover the product intelligence hidden inside every design. (Source: Higharc)
This plan intelligence gives builders something they’ve never really had before: a way to understand the products they already own and use that knowledge to make better decisions about the products they’ll build next.
Making better decisions before construction begins
Over the past three decades, builders invested in systems to improve customer relationships and operational performance. Product remained the exception. As margins tighten and AI reshapes the industry, the builders with the strongest competitive advantage won’t simply have better drawings. They’ll make better decisions about what to design, where to build and how to compete because they can finally understand the products they already own.
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US may model Iran uranium extraction on recent Syrian nuclear operation, Israeli officials assess
The International Atomic Energy Agency (IAEA) operation to remove nuclear material from a site in Syria may be used as a model for a similar operation to extract Iran’s highly enriched uranium, Israeli security officials assessed this week.
One security official said in a closed forum this week, amid a backdrop of negotiations between the US and Iran, that “the situation with Iran remains tense. We are alert and prepared. It could deteriorate within a matter of days. Within weeks or within months. It is in the air.”
Amid reports in recent days that the United States is working to remove components of a nuclear project from Syria, Israeli defense officials believe that, despite the slim chances, the White House is seeking to signal to Israel that a similar model could be applied in Iran, subject to an agreement with the extremist regime in Tehran.
Israel maintains readiness for all scenarios
Israel, meanwhile, maintains that under any scenario, the Iranian regime must be significantly weakened. Israeli officials view a joint military operation with the United States as the optimal framework for achieving that objective, with US forces reinforced in the Middle East and Washington remaining in the region after resolving what it sees as the “minefield” of the Strait of Hormuz.
For this reason, IDF Chief of Staff Lt. Gen. Eyal Zamir has instructed the military to maintain a high level of readiness for any scenario, in coordination with the US military.
Vance confirms progress made in negotiations
The United States and Iran are approaching a decisive point in talks over the Strait of Hormuz. Tehran claims that the framework for an agreement with Oman has already been formulated and that the final wording and details will be published soon. US Vice President JD Vance, meanwhile, has confirmed that progress has been made in the negotiations in recent days.
At the same time, the possibility of renewed US strikes remains on the table, as does the possibility of an independent Israeli strike. Discussions are also continuing in the United States over how the underground nuclear site at Pickaxe Mountain could be struck if US President Donald Trump decides the talks have failed.
According to the vice president, the current talks are focused, among other things, on creating conditions that would maximize the flow of oil and gas through the Strait of Hormuz, with the goal of lowering fuel and energy prices in the United States. He rejected the claim that Iran was preparing to tighten its control over the strait and said active talks were taking place, with additional Gulf states also involved, to ensure the safe passage of vessels.
Oman also expressed cautious optimism, saying negotiations with Iran were taking place in a “positive and constructive atmosphere.” At the same time, Muscat called for avoiding actions that could harm the talks or undermine the progress already made.
The comments came after the United Arab Emirates accused Iran of attacking a vessel linked to Abu Dhabi’s national oil company in the Strait of Hormuz.
‘We are not going anywhere’: Danon defends West Bank settlements at UN meeting
Israel’s Ambassador to the UN, Danny Danon, reaffirmed that West Bank settlements would remain and continue to grow, rejecting claims that they are obstacles to peace during a United Nations Security Council meeting on the situation in the West Bank on Tuesday.
“The Security Council must understand a simple truth: We are not going anywhere. Jewish communities will stay in Judea and Samaria,” Danon said in a video posted to X/Twitter.
“Jewish communities are not temporary outposts, nor obstacles to peace,” he continued. “They are permanent homes, thriving neighborhoods where families live. Judea and Samaria is where our people’s eternal connection to the Land of Israel began.”
Today, my message at the UN Security Council was clear: We are not going anywhere!
Jewish communities will remain in Judea and Samaria and will continue to grow. The Jewish people’s historic connection to Judea and Samaria is undeniable. pic.twitter.com/9ZMzNV7yOH
— Danny Danon 🇮🇱 דני דנון (@dannydanon) August 11, 2026
Danon also accused the Security Council of applying a double standard by focusing on Israeli “settler violence” while, he argued, failing to give similar attention to hundreds of Palestinian terrorist attacks.
“When Israelis are involved, this body uses a collective label, ‘settler violence.’ But when Palestinian radicals carry out attacks, you refer only to the ones responsible,” Danon told the council.
“That is not justice. That is prejudice.”
Danon cites Jewish historical, biblical connection
Danon also invoked the Jewish people’s historical and biblical connection to the West Bank in defending their right to live in the territory.
“Our right to live in our land is based on our historical connection to it. It is described in the Torah,” Danon said. “Judea and Samaria is where our story in the Land of Israel began. It is where it will continue.”
“We are not going anywhere,” he concluded.
US military operations killed 153 civilians in 2025, official says, citing Pentagon assessment
US military operations in 2025 killed 153 civilians and wounded 243, a US official said on Tuesday, citing Pentagon assessments.
This compares with a Pentagon assessment that two civilians were killed and two were injured by US military operations in 2024.
A Pentagon report submitted to the US Congress and published by US media said that all the death and injury tolls against civilians recorded in 2025 were due to three US strikes in Yemen.
The Pentagon report said the US Central Command (CENTCOM) had assessed that the three strikes in April 2025 in Yemen “more likely than not” resulted in civilian harm.
The Pentagon report also said that as of February 2026, there were 15 other incidents in Yemen that CENTCOM was currently assessing in response to reports received through non-governmental organizations.
The US military says it aims to degrade the capabilities of Iran-backed Houthi militants in Yemen.
Casualties from US strikes in Caribbean, East Pacific aren’t included
The Pentagon report did not include any casualties from US strikes in the Caribbean and Eastern Pacific.
The report said as of February 1, 2026, the US Southern Command (SOUTHCOM) assessed that “there were no incidents in which civilian casualties more likely than not resulted from US military operations in the US SOUTHCOM area of responsibility in 2025.”
President Donald Trump’s administration has struck vessels that it accuses of transporting narcotics in the Eastern Pacific, casting its targets as “narco-terrorists.”
The US military’s strikes on such vessels have killed more than 200 people since September 2025, according to a tally of death tolls published after each strike.
Human Rights Watch and Amnesty International consider such strikes unlawful extrajudicial killings. The American Civil Liberties Union casts the assertions by the Trump administration against those it targets as “unsubstantiated, fear-mongering claims.”
StanChart COO Sees AI Boosting Productivity
Meta, other companies must face thousands of lawsuits over child social media addiction, appeals court rules
A federal appeals court refused to dismiss thousands of lawsuits against Meta, Google, TikTok and Snapchat, allowing complaints alleging the platforms were designed to be addictive to young users to move forward.
The Ninth U.S. Circuit Court of Appeals rejected an appeal by Meta and TikTok attempting to overturn a lower court ruling requiring the firms to face more than 3,000 lawsuits filed in federal court, ruling the companies appealed too early.
The social media companies claimed that Section 230 of the Communications Decency Act of 1996 — which generally shields online platforms from being liable for content posted by their users — also prohibits lawsuits on allegations they failed to warn the public about the addictive design of their platforms.
Section 230 has largely protected several companies from lawsuits regarding content posted on their platforms.
NEW MEXICO COURT ORDERS META TO PAY $567M, OVERHAUL TEEN PROTECTIONS ON FACEBOOK AND INSTAGRAM
Most appeals come after a case has reached a ruling or a verdict, but the companies claimed that they should not have to wait until the litigation wraps up to challenge the lower court’s rejection of their immunity defense.
However, the court ruled the companies cannot use Section 230 to dismiss lawsuits, saying it can only be used as a liability defense against claims, meaning the appeal was premature.
The statute “merely provides a defense to liability — not immunity from suit,” Judge Jacqueline Nguyen wrote.
The court’s decision clears the way for lawsuits alleging social media companies designed platforms to encourage addictive behavior, failed to verify users’ ages and did not adequately block harmful content.
The panel also denied Meta’s attempt to postpone a trial set to begin on Wednesday in a lawsuit brought by 29 state attorneys general accusing the company of illegally collecting and using children’s data, designing its social media platforms to addict young users and misleading consumers about child safety on the platforms.
The company had claimed that the trial could not move forward while the appeal was pending.
Fox Business reached out to Meta and TikTok for comment.
Attorneys representing thousands of school districts and people suing Meta and other tech firms in federal court, said in a statement the ruling would allow the states’ trial to move forward, as well as a trial over claims brought by school districts set for February.
FOUR STATES SEEKING $1.4 TRILLION IN PENALTIES IN CHILD SOCIAL MEDIA ADDICTION TRIAL, META SAYS
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“A trial is how the public finds out what Meta knew about its products’ impact on children, when it knew it, and what it chose to do with that knowledge,” the attorneys said. “Meta has fought to keep that evidence from the public.”
This comes after a New Mexico judge last week found Meta had created a public nuisance in the state, ordering it to pay $567 million into a teenage mental health fund and adopt youth-safety measures.
In March, a jury in California ruled against Meta and Google’s YouTube, while a jury in New Mexico ruled against Meta on child safety risks.
Reuters contributed to this report.
Air India Pilot Tests Positive for Drugs
Senate Clears Bill to Remake the Nickel and Round Cash Change
The Senate passed the Common Cents Act on Friday night, and once the House signs off on a small change the senators made, the arithmetic at the register becomes federal law for anyone paying cash. A total ending in 1, 2, 6 or 7 cents gets rounded down to the nearest nickel; a total ending in 3, 4, 8 or 9 cents gets rounded up, and the rounding applies only to cash, and only after taxes and fees are added. Pay by card, check or phone and nothing changes — you are charged the exact amount, down to the cent.
Rounding is an option, not an order. Businesses may round when they cannot make exact change, but they are not required to, and merchants that adopt the practice get legal safe-harbor protection for doing it. That protection is the reason retailers pushed for the bill in the first place.
The problem it solves is one that has been building at cash registers since the Mint stopped striking pennies. Retailers large and small have been warning customers that exact change is unlikely on cash purchases, and they have handled the shortfall inconsistently — some handing out gift cards or free items, others simply rounding the total. Several states and localities bar businesses from rounding cash transactions in either direction, which left a chain operating across state lines with no safe way to do the same thing everywhere.
Evan Armstrong, senior vice president of government affairs at the Retail Industry Leaders Association, said more than a dozen states have moved ahead with their own versions of rounding legislation, and the federal bill “gives a singular, uniform approach around rounding” that replaces the patchwork. The National Retail Federation called the measure an overdue step toward letting retailers keep serving cash customers as penny supply and usage dwindle. Sean Kennedy, chief advocacy officer at the National Restaurant Association, said Senate passage delivers “the certainty, consistency, and protection restaurant operators need” at the point of sale.
The vote itself moved fast. Senators cleared the bill Friday evening through a hotline process, polling each member for sign-off so the legislation could advance without floor time. The Banking Committee was discharged by unanimous consent, and the measure passed with an amendment, also by unanimous consent. The change came from Sen. Elizabeth Warren of Massachusetts and requires the Treasury Department to notify Congress before discontinuing any currency in the future and to submit a transition plan. Because the Senate altered the text, the House has to vote on it a second time, and retail trade groups are aiming to get the bill to President Trump in September.
The legislation also settles the penny’s status permanently. Treasury would have to end all penny production within a year of enactment, while pennies already in circulation stay legal tender indefinitely. The Federal Reserve would be tasked with limiting disruptions in penny supply during the wind-down. Roughly 114 billion pennies remain in existence, by Treasury’s estimate.
The second half of the bill is about the coin shoppers will be handed instead. The nickel loses money on every strike. It cost 13.31 cents to produce a nickel in fiscal 2025, down slightly from 13.78 cents the year before, and fiscal 2025 marked the twentieth straight year that production costs ran above the coin’s face value. The culprit is copper: a nickel contains very little of the metal it is named for and is roughly 75% copper.
The fix on offer is a cheaper recipe. The bill permits a five-cent coin built with an inner layer of zinc and an outer layer of nickel, with the Treasury secretary allowed to set the exact proportions only after testing shows the new composition cuts cost and, as the text puts it, has “minimal adverse impact on machines designed to accept coins.” That last clause was written in for vending machine operators, convenience store chains and laundromats, whose coin acceptors read a coin’s weight and electromagnetic signature. A copper-nickel five-cent piece must weigh five grams, but the zinc version could weigh anywhere from four to six, giving Treasury room to tune the coin so existing equipment still recognizes it. Zinc ran nearly $7,000 per metric ton cheaper than copper last year, according to the Mint.
Nothing changes in anyone’s pocket yet. The bill permits the new nickel rather than ordering it, and Treasury would still need to test and validate the composition before a zinc-core nickel reaches circulation, putting 2027 at the earliest realistic window. The nickel itself is not going away; a separate bill to eliminate it remains stuck in House committee. The immediate business consequence is narrower and more useful: a single national rule for making change, ending the state-by-state legal exposure that has been hanging over every cash sale since the last penny was struck.
JBizNews Desk | Washington
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Toyota recalls 655K Camrys globally over display defect that can knock out safety indicators
Toyota issued a recall for about 655,000 of its Camry vehicles globally over a display error that may deactivate safety indicators such as turn signals and hazard lights, the automaker announced on Tuesday.
The global recall involves vehicles produced between December 2023 and July 2026 across manufacturing facilities in the U.S., Japan and Thailand.
Among those vehicles, a total of 508,354 model year 2025-2026 Camry Hybrids in the U.S. are affected by the recall, according to the National Highway Traffic Safety Administration (NHTSA).
NEARLY 50,000 CHRYSLER VEHICLES RECALLED OVER SEAT BELT SAFETY DEFECT
The affected vehicles are equipped with a 7-inch display combination meter that may be blank at startup. Only the LE, SE and Nightshade trims have the smaller 7-inch display. The XLE and XSE trims use a larger 12.3-inch driver display, so these models are not affected.
Turn signals, hazard lights and other warning buzzers, such as reminders to fasten the seat belt and remove the key from the ignition, may also be deactivated due to the defect in affected vehicles.
“The 7-inch combination meter may become blank at startup,” the automaker said in a statement. “This can also deactivate the turn signal and hazard lamps and certain warning buzzer sounds (such as the smart key reminder and the driver/passenger seat belt reminder). This can cause the vehicle not to meet certain federal safety standards.”
SOME OLDER FORD VEHICLES POSE ‘UNREASONABLE’ SAFETY RISKS, REGULATORS WARN
“If certain required information is not displayed in the combination meter, if the turn signal/hazard lamps do not function, or if certain warning buzzers do not activate, there can be an increased risk of injury or a crash depending on the specific situation,” the statement added.
The NHTSA warns that these display issues increase the risk of a crash for both drivers who may be unable to see telltale indicators and other road users would not know the driver’s intent to turn or indicate a vehicle hazard.
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Toyota Motor North America said it will notify owners of the affected Camrys, so they can bring their vehicles to a dealer for a software update free of charge.
U.S. owner notification letters are scheduled to be mailed starting on Sept. 21, with all expected to be sent out by early October.
Trump confirms secret service snuck him off Air Force One due to Iran threat, ‘I do what they say’
US President Donald Trump praised Sen. Darline Graham Nordone on Tuesday night after she secured a place in the runoff for the Republican nomination for her late brother Lindsey Graham’s Senate seat, while also addressing the Iranian threat against him and the extraordinary security measures taken during his recent trip to Turkey.
Reporters at Joint Base Andrews pressed Trump about the security operation surrounding his departure from Turkey last month, when he was moved to a different military aircraft amid a threat against him.
The president said the decision had been made by the Secret Service and the military and that he simply followed their instructions.
“It’s only up to Secret Service. I just follow what they’d like to do,” Trump said. “They wanted me to go in a different flight, a different plane, equal safety, but they wanted me to do it, so I do it. I do what they say.”
Asked about the threat that prompted the unusual measures, Trump appeared to play down how much he knew about the details.
“I guess there was a threat out there. I didn’t really ask that much about it,” he said. “I get a lot of threats.”
Trump said the aircraft switch was made in England and maintained that the plane on which he ultimately traveled may actually have faced greater danger.
“I think actually the plane that I flew on was at greater risk,” he said. “I think it was at greater risk because that would be the plane… that they would be more likely to go for.”
US president unsurprised by the Iranian threat on his life
Asked whether he was surprised by the threat, Trump replied that he was not.
“I have a lot of threats. I have a lot of threats that you don’t know about,” he said.
“Any consequential president has a lot of threats. Non-consequential presidents don’t get threatened, and I think that I’m maybe the most consequential president.”
Trump added that the threats did not worry him.
“I don’t worry about anything, to be honest,” he said. “Whatever it is, you know my attitude. Whatever.”
‘I’m the last person to trust Iran’
Trump then pushed back against a suggestion that he trusted Tehran, insisting that Iran had repeatedly deceived him.
“I don’t trust Iran. Why are you saying I trust Iran?” Trump said. “I’m the last person to trust Iran. They’ve lied to me constantly.”
US has ‘total control’ over the Strait of Hormuz
He also repeated his assertion that the United States now has complete control of the Strait of Hormuz.
“We have total control over the Strait [of Hormuz] right now. They don’t have control. We have total control. We own it,” Trump said.
Earlier in the exchange, Trump said the situation with Iran was going “absolutely fine,” crediting the US Navy with establishing control over the strategic waterway.
“We totally control the Strait of Hormuz,” he said. “Nobody else, only us. Our Navy is unbelievable.”
Trump warned that any renewed Iranian action could be met with overwhelming force.
“At some point, maybe they’ll do something, and then they get blown away,” he said. “But we, right now, we’re in a very good position.”
The president concluded by arguing that decades of Iranian dominance in the region had come to an end.
“We have a country that has been the bully of the Middle East for 50 years,” Trump said. “They’re no longer the bully of the Middle East.”
Trump praised Darline Graham, ‘she’s got good genetics’
Trump said Graham had called him shortly before to thank him for his endorsement.
“She just called me to thank me for the endorsement, and it’s great that she’s doing so well,” Trump said. “She’s a very good woman, and she’s got good genetics because she’s related to Lindsey, who is a real professional.”
Trump noted that he also likes Graham’s Republican rivals, describing them as supporters of his movement, but made clear that his endorsement remains with her.
“I like the other people in the race also. They’re all Trump. I mean, they’re all Trumpers, but, you know, I endorsed her. I think she’s great,” he said.
Trump also invoked his close relationship with the late South Carolina senator, saying Lindsey Graham frequently spoke to him about his sister.
“Lindsey loved his sister more than anything else,” Trump said. “He would tell me about his sister that she’s just outstanding. He actually said she’s better than him. That was hard for Lindsey to say.”
Darline Graham advances to runoff, vows to carry on brother Lindsey’s fight in US Senate
Sen. Darline Graham Nordone thanked US President Donald Trump and invoked the memory of her late brother, Sen. Lindsey Graham, as she addressed supporters on Tuesday night after advancing to the runoff in South Carolina’s Republican Senate primary.
Speaking exactly one month after her brother’s death, Graham described the past several weeks as “absolutely brutal,” as she simultaneously mourned Lindsey Graham, assumed his seat in the US Senate, and launched her first campaign for elected office.
“I want to thank President Trump,” Graham told supporters. “His steadfast support and his complete and total endorsement means so much to me. He knows that I will stand with him and fight for his agenda, just like Lindsey did.”
Graham said she hoped Trump would travel to South Carolina to campaign for her during the two weeks leading up to the runoff, though she said no such appearance had yet been confirmed.
“I’m hopeful that President Trump will come down, but we’ll see,” she told reporters.
Her remarks came shortly after Trump himself praised Graham and said she had called him to thank him for his endorsement.
Graham spoke about her childhood
Graham, who was appointed to fill her brother’s Senate seat following his death, sought Tuesday night to portray herself simultaneously as the guardian of Lindsey Graham’s legacy and as a political outsider with an identity of her own.
“I’m a conservative Republican. I’m not a career politician,” she said. “I know how families are struggling to make ends meet because I’ve been there too.”
‘I never expected it would happen under these circumstances’
Graham repeatedly returned to the story of her childhood with her brother, recalling that the two grew up in a room behind the bar and liquor store operated by their parents.
“That’s where we learned a strong work ethic and the value of $1,” she said. “From a young age, our parents taught us that you’re not given anything in life, and no one owes you anything. If you want something, you work for it.”
Before entering the Senate, Graham said she spent seven years leading a South Carolina agency that assists blind and visually impaired residents in finding employment and becoming more independent.
“I never expected that career of service would lead me to the United States Senate,” she said. “I certainly never expected it would happen under these circumstances.”
Graham touted what she described as an unusually productive first three weeks in Washington, saying she had already helped pass a bipartisan Russia sanctions bill that was particularly important to her brother.
She also highlighted her role as the deciding vote to confirm Trump’s attorney general nominee, Todd Blanche.
“Some politicians never get a major piece of their legislation passed, so I’ve already accomplished more in a few weeks than many do in decades,” Graham said.
Graham described herself as ‘a fighter’
Graham laid out a strongly conservative platform, pledging support for Trump’s immigration agenda, voter identification requirements, abortion restrictions, and Second Amendment rights.
“Joe Biden let 12 million illegal immigrants into this country,” she said. “President Trump and I are going to walk them right back out.”
She also declared that “boys have no place in girls’ sports, especially not in the locker room,” and joked about criticism of her lack of political experience.
“I’ve been accused of not being a politician,” she said. “Guilty as charged.”
Graham said she would spend virtually every day of the coming runoff campaign traveling throughout South Carolina and meeting voters.
“This seat belongs to the people of South Carolina, and I will work hard to earn your vote,” she said.
Asked about facing Rep. Ralph Norman in a debate, Graham said she had not previously heard about the proposed Monday event but was prepared to participate.
“I’ll be willing to debate him. Yes,” she said.
‘I have buried my precious brother – and I’m still standing’
One month after Lindsey Graham’s death, his sister is ‘still standing’
The most personal moment of the night came when Graham was asked how she had handled the whirlwind month since her brother’s death.
“Today is the 11th. My brother passed one month ago today, so none of this has been comfortable for me,” she said. “But like I said, I’m a fighter.”
“I have buried my precious brother. I have taken on the role of a United States senator, and I have had this brutal campaign schedule. And I’m still standing. If that doesn’t tell you I’m a strong person and a fighter, nothing will.”
Graham acknowledged that the demands of the Senate and the campaign had left her with little opportunity to fully grieve.
“I have not had a whole lot of time to process it,” she said. “I’ve had my moments. They typically come early in the morning, before my day gets started, and late at night when I go to bed.”
Asked what she believed Lindsey Graham would say to her if the two could speak privately at that moment, she paused on the memory of her brother.
“I think a lot about what I would say to him and what he would say,” Graham said. “Right now, I think he would be very proud.”
Dobronsky carries experience from abroad Israel can use, but only if he comes home – editorial
Prime Minister Benjamin Netanyahu’s first handpicked addition to Likud’s Knesset slate is Oren Dobronsky, an Israeli-born technology entrepreneur who has spent much of the past two decades in the United States. Dobronsky co-founded Hotbar, became a Silicon Valley investor, and built the California restaurant chain Oren’s Hummus. His public professional profile lists Palo Alto as his location.
Likud announced this week that Dobronsky would be Netanyahu’s first reserved candidate and said he would lead the party’s work on artificial intelligence across the economy, education, medicine, and other fields. Walla subsequently reported that Netanyahu had promised him a ministerial portfolio dealing with AI if the prime minister forms the next government.
Within hours of the announcement, a recent social media post in which Dobronsky sharply attacked US President Donald Trump was circulated widely. Dobronsky apologized, saying he had lost his temper and regretted the post.
The appointment also comes in the middle of a heated national argument over Israelis who live abroad and plan to return to vote in the October 27 election. The Fly&Vote initiative says tens of thousands of Israelis overseas have registered and hopes eventually to help bring as many as 70,000 to Israel for Election Day.
Dobronsky may have a great deal to contribute. Israel needs serious people in public life who understand technology, entrepreneurship, investment, and the global competition over artificial intelligence. His record in the technology sector gives him experience that could prove valuable in government.
Netanyahu’s choice nevertheless raises a basic question that deserves a clear answer before Election Day: Is Dobronsky coming home?
This should not be read as criticism of Israelis who spend periods of their lives abroad. Israelis leave for work, study, family, professional opportunities, and many other legitimate reasons. Many remain deeply connected to the country, contribute to Israeli society from overseas, and eventually return. Israel benefits from those ties.
Israelis abroad should be encouraged to remain engaged with Jewish state
In many cases, time abroad allows Israelis to gain experience, expertise, and connections that ultimately strengthen the country. We should encourage those Israelis to remain engaged with Israel and, when they choose, to bring that experience home.
The issue here is much narrower. What level of commitment and physical presence should Israelis expect from someone seeking to represent them in the Knesset and potentially serve as a cabinet minister?
Publicly available profiles have placed Dobronsky and his family in Palo Alto for years. Israelis living abroad retain a legitimate stake in the country and have made enormous contributions to it, especially since October 7. Serving in the Knesset carries a different level of responsibility. Members make decisions about war, taxation, education, health, military service, and countless other matters whose consequences are felt every day by the people living here.
Israeli law makes the distinction relevant. An Israeli citizen who meets the legal requirements can run for the Knesset without a general residency requirement. Ministers, however, must be Israeli citizens and residents of Israel. If Dobronsky is being prepared for an AI ministry, voters deserve to know where he intends to base his life and when.
The question matters even more because Netanyahu is exercising considerable control over the Likud list. Likud members are preparing to vote in primaries while a number of reserved positions will bypass the party electorate.
Every reserved slot therefore carries a higher burden of explanation. Why this person? What public mission does the candidate bring? Has the candidate been properly vetted? What commitment is being made to voters?
The questions surrounding Dobronsky’s selection
The Trump episode adds to those questions. Dobronsky has every right to criticize an American president. Israeli public officials must be able to disagree with Washington when Israel’s interests require it. His rapid apology immediately after entering politics does, however, raise questions about how carefully the party examined its first personal selection beforehand.
Israel should welcome talented Israelis who return from abroad to serve. Dobronsky could bring valuable experience from Silicon Valley into Israeli public life.
If that is what he intends to do, he should say so plainly.
A Knesset seat is a public trust. Likud voters, and the country as a whole, deserve to know that those asking to exercise that trust intend to live among the people they represent.
Lindsey Graham’s sister advances to runoff in South Carolina Republican Senate primary
Lindsey Graham’s sister Darline Graham on Tuesday advanced to a run-off to be the Republican Party’s nominee for the South Carolina US Senate seat in November’s election following her brother’s death, according to media projections.
She will face US Representative Ralph Norman in the August 25 run-off. The eventual Republican nominee is favored to win in November.
Governor Henry McMaster had appointed Darline Graham to serve the rest of the senator’s term through early January, after his unexpected death from a heart ailment.
President Donald Trump endorsed Darline Graham, who has never held public office, for a full six-year term, calling it a “fabulous tribute” to her brother.
But critics said her bid, based on family name recognition and presidential backing without a political record of her own, had the air of an attempted coronation.
Graham has said that she is “not being handed” the seat and that she realizes that she need to earn votes.
Ten candidates stood for the Republican nomination in Tuesday’s election. With none of them gaining more than 50% of the vote, the top two finishers will head to the run-off later this month.
The winner will face Democrat Annie Andrews, a pediatrician who had more than $3 million in her campaign war chest at the start of July.
Other candidates in Tuesday’s race included US Representative Russell Fry, former Governor Mark Sanford and self-funded Greenville businessman Mark Lynch.
With 80% of the vote counted, the Associated Press placed Graham in first position so far with 32.6% of the vote and Norman second with just over 24%.
Alabama vote in redrawn seat
In Alabama, Republicans in the state’s 2nd Congressional District for the US House were projected by media to have chosen state representative Rhett Marques to be their candidate in a seat that they hope to flip from the Democrats with help from a redrawn map.
The race is potentially crucial to their bid to hold the House, which they narrowly control.
The Republican majorities in Congress are essential to Trump’s ability to power ahead with his agenda, but he faces a tough challenge ahead in the November midterm election, given a low approval rating that has eroded further as the Iran war drags on and gasoline prices remain high.
Republican-led states in the US South rushed through a round of congressional redistricting earlier this year, to take advantage of an April Supreme Court decision that severely weakened the Voting Rights Act, a 1965 law intended to prevent discrimination in voting.
Earlier this year, the court cleared the way for Alabama to use a congressional map that favors Republicans by eliminating one of two districts where Black voters make up a majority or near-majority.
Marques will face incumbent Democrat Shomari Figures, who is Black and is hoping for a second term.
Time for change in South Carolina?
Lindsey Graham won his June 9 primary in South Carolina by almost 28 percentage points, as he sought his fifth Senate term. Lynch, who placed second with nearly 29% of the vote, is the only candidate in the special primary from the original primary field.
Lynch received more than 130,000 votes in that primary, suggesting some Republican primary voters had an appetite for change before Lindsey Graham’s death.
“People are furious” about “the coronation of Darline Graham,” Lynch said in an interview. “It’s OK that they picked her to be the interim senator until January but not to run for office.”
Skeptics have questioned Graham’s credentials and the president’s decision to endorse her over other candidates who have run in previous campaigns. Her rivals expect voters who do not choose her on Tuesday to back her opponent in a runoff.
Trump won South Carolina in 2024 by nearly 18 percentage points.
In interviews, Republicans questioned the potency of Trump’s endorsement in South Carolina, where he backed a pair of runoff candidates for governor after polls showed his first pick, Lieutenant Governor Pamela Evette, was poised to lose against Attorney General Alan Wilson.
US Representative Nancy Mace, who ran unsuccessfully for governor, predicted Graham would lose her Senate bid just as Trump’s original choice for governor lost.
The president’s endorsement “gets you into a runoff,” she told Reuters. “But … it’s not enough to win a race anymore.”
Justice Department Sues New York, Connecticut, Vermont on Tuition
The Justice Department went to court Monday against New York, Connecticut and Vermont, seeking to bar all three states from charging in-state tuition rates to students who are in the country illegally — a filing that puts two of the tri-state area’s public university systems directly in federal litigation.
The complaints challenge state laws, regulations and policies requiring colleges and universities to provide in-state tuition rates to all non-citizens who maintain state residency, regardless of whether they are lawfully present. The department is also asking courts to block the states from enforcing laws that provide financial assistance and scholarships to those students.
“States cannot put illegal aliens over our Nation’s own citizens,” Associate Attorney General Stanley Woodward said, adding that the department has now sued every state in the Second Circuit on the issue. Assistant Attorney General Brett A. Shumate of the Civil Division said the matter turns on a straightforward reading of federal law — that “colleges cannot provide benefits to illegal aliens” that are unavailable to U.S. citizens.
Monday’s filings bring the total to 17 lawsuits in the campaign, which is run under Attorney General Todd Blanche.
The legal theory, and the counterargument
The government’s position is that these state laws unconstitutionally discriminate against U.S. citizens who do not receive the same reduced rates or scholarships, create incentives for illegal immigration, and conflict directly with federal law. The citizens in question are out-of-state Americans: a student from New Jersey attending a New York public university pays the higher non-resident rate, while a student living in New York without legal status pays the resident rate.
The states’ side of that turns on how the residency test is written. New York, Connecticut and Vermont all extend in-state tuition reductions to every student who meets certain state residency requirements — the benefit keys on where a student lives and went to high school, not on immigration status. Whether that framing survives federal preemption is the question now in front of the courts.
The department has won on this argument before. Five similar suits — in Texas, Kentucky, Oklahoma, Nebraska and Illinois — have produced favorable orders. Earlier rulings in Texas, Kentucky, Oklahoma and Nebraska permanently enjoined and declared unconstitutional analogous laws granting reduced tuition. Cases have also been pending in Minnesota, Virginia, California, New Jersey and Kansas — which means New Jersey’s turn in this fight is already underway.
The university systems for New York, Connecticut and Vermont did not immediately respond to requests for comment.
The enrollment math
The population at issue is small as a share of national enrollment. Roughly 2.4% of all students enrolled in U.S. colleges and universities lack legal status, according to an October report from the Higher Ed Immigration Portal. Nearly 28% of them are estimated to hold or be eligible for Deferred Action for Childhood Arrivals, the program providing temporary work permits and deportation protection to people brought to the country as children.
For public universities, the financial effect of an injunction is not obvious in either direction, and administrators in Albany and Hartford will be modeling both. Non-resident tuition at a state university typically runs two to three times the resident rate. A school that must charge the higher rate to these students either collects substantially more per enrollee or loses them entirely — and for a student paying out of pocket without access to federal aid, the second outcome is the likely one.
Why tri-state employers should track this
The practical exposure runs through the workforce pipeline. Community colleges and regional public universities in New York and Connecticut feed nursing programs, allied health, skilled trades, accounting and teaching — fields where employers across the region are already short-staffed. A ruling that prices a segment of local students out of those programs removes graduates from a labor market that is not currently producing enough of them.
Employers with DACA holders on payroll have a narrower question to consider. Those employees are lawfully authorized to work, and this litigation does not change that. But roughly a quarter of the affected student population overlaps with that group, and any employee currently finishing a degree part-time at a state institution could see their cost of completion change if an injunction issues.
Nothing changes immediately. These are complaints, not orders, and the states will answer before any court rules. But given the department’s record in the earlier cases, institutions in the region would be prudent to model what a reversal costs them — before a judge decides the question for them.
JBizNews Desk | New York
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AIG Chief: AI Data Centers Are ‘Maxing Out’ Insurers
The companies building America’s AI data centers are running into a problem money alone can’t solve: the insurance industry is close to the limit of what it can cover.
That’s the warning from Eric Andersen, president and chief executive of American International Group, who says the data center boom is maxing out property and casualty insurers. The math behind it is simple. A single hyperscale campus can be worth more than a mid-sized city’s entire commercial real estate stock, and it all sits on one plot of land. Markel’s Guenter Kryszon has warned that an individual campus can require $10 billion to $20 billion of property limit — far more than any one insurer will put on a single site.
Andersen has described a project that generates demand across an insurer’s entire product line, saying a data center needs roughly 30 different insurance products from permitting and financing through construction, including marine, liability, cyber and business interruption. He has called the buildout the biggest short-term opportunity the property/casualty industry has. The catch is that opportunity and capacity are now colliding.
The scale explains why. Zurich says the average data center project in its portfolio was worth $150 million five years ago; today it is $3 billion. The insurer has covered more than $350 billion of values across 250 data center projects over the past three years. AM Best counts 4,287 data centers in the United States as of May 2026, with the top 10 states holding 59% of them — Virginia leads with 603, or 14.1% of the national total, followed by Texas with 461.
Insurers normally manage risk by spreading it around. Data centers do the opposite. They pile enormous value into one location, often in states exposed to severe weather, and pack it with equipment that is expensive, scarce and hard to replace quickly. AM Best has flagged business interruption as potentially the most consequential exposure of all, and says the coverage the buildout requires already goes beyond what the traditional property/casualty industry has previously handled.
Power is part of the exposure too. A single modern AI data center can draw as much electricity as roughly 100,000 homes, and Lawrence Berkeley National Laboratory research cited by AM Best estimates data centers could consume as much as 12% of all U.S. electricity by 2028.
Andersen’s proposed fix is to widen the pool of money willing to take the risk. He has urged insurers and brokers to bring alternative capital providers — including the insurance-linked securities market — into risks the industry cannot absorb on its own, with data centers as the leading example. Brokers are already building structures to do it. Marsh launched a $75 million excess casualty facility for U.S. digital infrastructure construction in February.
That matters well beyond the insurance business. Lenders financing these projects require coverage before money moves. If insurers cap out on limits or price the risk higher, financing terms tighten and construction timelines stretch — which slows the buildout that hyperscalers and chipmakers are counting on.
AIG’s own quarter shows a carrier being choosier about where it puts capital. On his first earnings call as CEO, Andersen told analysts the market is moving out of a long stretch of broad price increases into a more selective phase where results depend on line-by-line dynamics, with new capacity from excess and surplus lines carriers and delegated underwriting structures pressuring property pricing in particular. In North America, AIG deliberately shrank the property book at its surplus lines unit Lexington in targeted areas, cutting premium retention there by nine points in the second quarter, while growing property where the returns hold up — including through its renewal rights deal with Everest. Andersen said the company is walking away from business that doesn’t meet its underwriting standards.
Andersen took over as CEO on June 1, succeeding Peter Zaffino, who became executive chairman, after joining AIG in February from Aon. His growth plan runs to five points: deploying capital toward the highest returns, using reinsurance efficiently, expanding artificial intelligence, holding expenses and investing in people. AIG is using its own AI tools to speed underwriting and claims, and Andersen said the goal is not fewer employees but employees handling more clients.
AIG grew net premiums written 24% year over year to $5.60 billion in the first quarter, helped by transactions, reinsurance changes and targeted organic growth.
JBizNews Desk | New York
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Ship Bids $4 Million to Skip 10-Day Panama Canal Wait
The owner of a container ship handed the Panama Canal $4 million on Monday for one thing: permission to go ahead of everyone else. The vessel, the Seaspan Benefactor, won a near-record auction price to jump the queue at a waterway where large ships are now waiting 10 days to get through, and Seaspan did not respond to a request for comment on Tuesday.
That $4 million is not a toll increase and it is not a fee the canal set. Most ships cross at a flat published rate by booking a reservation in advance. Vessels without one can either sit at anchor or bid in the canal authority’s auction, which sells a small number of daily slots to whoever offers the most. The price is simply what one company decided a week and a half of waiting was worth. It was more than double the average auction price of the previous seven days, according to a document seen by Bloomberg.
Time is expensive at sea for reasons that have nothing to do with the canal. A large gas or container ship costs tens of thousands of dollars a day to run whether it moves or not, cargo is usually sold against a delivery window written into a contract, and missing that window can cost more than the bid. When a buyer in Asia needs a cargo of American propane or liquefied natural gas by a fixed date, paying millions to move up the line can still be the cheaper answer.
The congestion traces back to the Iran war. With traffic sharply curtailed at two Persian Gulf chokepoints — the Strait of Hormuz and, more recently, the Bab el-Mandeb — buyers and sellers of oil, natural gas, fertilizer and chemicals, particularly in Asia, have been rerouting cargoes, and much of that redirected trade is funneling through Panama. The practical effect is that U.S. Gulf Coast export terminals have become the substitute supplier for a lot of Asian demand, and Panama is the shortcut those cargoes take.
Neopanamax vessels — the larger class that carries liquefied petroleum gas, liquefied natural gas, crude and refined products — face a 10-day wait for the Pacific-to-Atlantic direction, the longest since May, according to Argus Media data.
Two problems inside Panama are making it worse. Lock maintenance running until September is affecting the Neopanamax locks, and the canal recently cut the maximum draft allowed in those locks for the weeks ahead after rainfall came in below expectations. Draft limits are not a small technicality: a ship that cannot load to its full depth carries less cargo per trip, so the same tonnage requires more transits through a canal that already cannot handle the traffic it has. Water levels in Gatun Lake have continued to fall, and the authority moved earlier this month to tighten draft limits again. In July it had already begun curtailing some vessel-booking slots because of water supply.
The Panama Canal Authority said auction costs have risen because of shifts in global trade supply and demand and confirmed that some bids have topped $1 million, while declining to comment on the $4 million transaction or the ship that paid it. Its longstanding position is that auction results reflect what customers bid, not what the canal charges.
The scale of the move is easier to see against where prices sat before the fighting started. Auction slots went for roughly $135,000 to $140,000 before the war, then climbed to about $385,000 in March and April. A standard crossing runs somewhere between $300,000 and $400,000 depending on the vessel, and the extra paid for an earlier slot, once $250,000 to $300,000, has averaged around $425,000 during the surge. A $4 million Neopanamax slot had not been seen since the drought of November 2023.
As of Tuesday, the Seaspan Benefactor was sitting on the Pacific side of the canal, apparently waiting to transit northbound.
The fix, such as it is, is already underway and slow. The canal authority says it has increased transit capacity by about 15 percent and credits wetter weather for faster velocities. The lock maintenance is scheduled to finish in September, which should return capacity that the industry badly needs. Beyond that, shippers are doing what shippers do in a squeeze: booking reservations further out, splitting cargoes across more sailings, and pricing the delay into freight rates rather than gambling on the auction.
Whoever ends up buying that cargo pays for it. A $4 million line jump does not stay on one balance sheet — it moves into freight rates, then into the delivered cost of fuel, fertilizer and chemicals, and eventually into the price of things made from them. The number is remarkable because it is public. The pattern it belongs to is not.
JBizNews Desk | New York
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Cult-favorite pizza chain uses surprising method to recreate NYC flavor nationwide
Prince Street Pizza has built a cult following that includes some of Hollywood’s biggest names, but the company says the key to taking its famous New York slices nationwide is staying true to the original.
The New York City-born brand has expanded from its original SoHo shop to roughly 20 locations across the U.S. and Canada, with parent company Best Buddy Hospitality CEO Lawrence Longo pointing to strong demand and a relentless focus on product quality as drivers of that growth.
“I think it’s important to stay close to the principles that made it special in the first place,” Longo told FOX Business. “And that comes down to the quality of the product.”
That commitment extends to the dough. Longo said Prince Street uses a New York WaterMaker system to replicate the characteristics of New York City water at its locations outside the Big Apple.
DOMINO’S UNVEILS NEW PIZZA IN LATEST MENU ADDITION
“Every time we sign a new lease, we get the water from that city, and we send it to the lab, and they create a filtration system that turns our water into New York City water,” he said.
The goal is to make the pizza feel as close as possible to the original Prince Street shop, according to Longo.
“The idea is that when you walk into a Prince Street Pizza, you should feel like you walked into a pizzeria in New York City,” Longo said.
Known for its Sicilian-style square pies and pepperoni-loaded slices, Prince Street sees room for further expansion.
“Sicilian-style pizza hasn’t been really done right at scale across America,” he said.
The brand has also attracted a long list of celebrity fans, including Adam Sandler, who Longo said has visited locations in New York, Malibu and West Hollywood.
PIZZA CHAIN TO CLOSE UP TO 50 LOCATIONS AS SALES SLUMP
Still, Longo said that famous customers do not receive special treatment.
“Whether you’re a celebrity or just a regular customer, we love everybody,” he said.
Prince Street is now focused on building a larger national footprint. Longo said he is “handpicking some of the best operators around America” with the goal of becoming the country’s leading Sicilian pizza brand.
The company is also expanding beyond restaurants.
Longo created “Delivering Happiness,” a video series starring actor Nick Turturro as a pizza delivery driver visiting guests including Dana White, Alex Rodriguez, Bert Kreischer and Ice-T. The project has since expanded through TikTok Radio and iHeartMedia, he said.
“We’re becoming a media company in a way,” Longo said.
Prince Street has also leaned into entertainment partnerships, including a Disney collaboration that recreated Little Nero’s Pizza from “Home Alone” at select locations. The campaign earned a Clio Award.
PAPA JOHN’S TO CLOSE HUNDREDS OF RESTAURANTS
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Despite those new ventures, Longo said Prince Street’s growth strategy comes back to staying “true” to what made the original SoHo shop successful.
“How do you scale a cult brand?” he said. “You really stay true to what made it successful in the first place.”
Retiring Business Owners Are Discovering Their Biggest Problem Isn’t Finding a Buyer
Private equity firms are sitting on record amounts of capital, strategic buyers continue searching for acquisitions, and thousands of Baby Boomer-owned businesses are preparing to change hands. Yet an increasing number of deals are stalling before closing—not because buyers have disappeared, but because many otherwise profitable companies cannot survive modern due diligence.
The market for selling a business has quietly changed. During years of inexpensive financing, buyers often accepted operational imperfections in exchange for growth. Today’s environment is different. Higher borrowing costs, more selective investors and greater scrutiny of financial performance have shifted leverage toward buyers, making clean financial reporting and operational discipline as valuable as revenue growth itself.
Transaction advisers say more deals are being delayed, repriced or abandoned after buyers begin reviewing financial statements, customer contracts, inventory records and internal controls. Businesses that appear healthy on the surface are discovering that undocumented processes, inconsistent accounting, weak reporting systems or unreliable earnings can materially reduce valuation—or end negotiations altogether. (tax.thomsonreuters.com)
The timing reflects broader changes across the mergers-and-acquisitions market. Private equity firms continue managing enormous amounts of committed capital, but higher interest rates have increased financing costs while investors demand greater confidence in earnings quality. Buyers are still willing to pay premium valuations, but only for companies that can demonstrate those earnings are sustainable and well documented.
That shift is changing what creates value inside a business.
For years, owners focused primarily on growing sales, expanding customers and increasing profitability. Increasingly, buyers are assigning equal value to audited financial statements, recurring revenue visibility, documented internal controls, cybersecurity practices, tax compliance and organized corporate records. In many transactions, preparation has become a competitive advantage rather than an administrative exercise.
The implications extend beyond companies currently considering a sale.
Thousands of family-owned manufacturers, distributors, healthcare providers, transportation companies and professional service firms are expected to transition ownership over the coming decade as Baby Boomer entrepreneurs retire. Companies that begin preparing years before entering the market are more likely to preserve valuation than those waiting until a letter of intent has already been signed.
The opportunity is creating growing demand for accountants, CFOs, valuation specialists, cybersecurity consultants and transaction advisory firms that help businesses become “deal ready” long before negotiations begin. What was once viewed as back-office compliance is increasingly becoming part of enterprise value.
The larger business story is not that buyers have become scarce. Capital remains abundant. What has become scarce is confidence.
In today’s acquisition market, buyers are no longer paying simply for a successful business—they are paying for one that can prove its success. As ownership transitions accelerate across Corporate America, the companies commanding the highest valuations may not be those growing the fastest, but those able to demonstrate—with clear records, reliable controls and credible financial reporting—that their performance will withstand the most demanding scrutiny.
JBizNews Desk | New York
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ZAKA welcomes renewed Israel-Venezuela ties after earthquake aid mission
ZAKA welcomed the joint announcement of renewed diplomatic ties between Israel and Venezuela, which came weeks after ZAKA and Home Front Command teams provided humanitarian assistance following two powerful earthquakes that struck the country in late June, the organization said on Tuesday.
On June 24, twin 7.2- and 7.5-magnitude earthquakes struck the South American country, leaving more than 6,000 people dead and at least 16,000 injured, according to Reuters.
ZAKA said Israel’s humanitarian operations became a significant channel of contact between the two countries during the absence of diplomatic relations and helped pave the way for the renewal of ties.
“Today, when the countries announce the opening of a new page in relations between them, we are proud to know that the large ZAKA family was there at the moment when a bridge of humanity, compassion, and solidarity was built,” ZAKA CEO Zvi Hassid said.
Baruch Nidam, director of ZAKA’s International Division, which oversaw the organization’s humanitarian mission in Venezuela, highlighted the cooperation between ZAKA personnel and local teams during the operation.
“Our activity in Venezuela proved once again that the language of saving lives is an international language,” Nidam said.
Nidam also welcomed the renewal of ties between Israel and Venezuela, praising the volunteers who participated in the mission
“Today, when the ties between the countries are reopening, we look back with pride at those volunteers who operated there in the most difficult moments,” he said. “Alongside the professional capabilities, they brought the Israeli spirit of mutual responsibility and human dignity.”
‘Bridges are built first of all by human beings’
Nidam said the mission demonstrated the International Division’s broader purpose of providing humanitarian assistance regardless of the state of Israel’s diplomatic relations with a country.
“For us, this is the true meaning of the International Division at ZAKA: to be there when we are needed, anywhere in the world, and to extend a hand even when there are not yet diplomatic bridges,” Nidam said. “These bridges are built first of all by human beings.”
North Korea fired a ballistic missile ahead of major US-South Korean military exercise, army says
North Korea fired a ballistic missile on Wednesday toward the Sea of Japan off the Korean Peninsula’s east coast, South Korea’s military said.
The missile appeared to have landed outside Japan’s exclusive economic zone (EEZ) in the sea, NHK reported.
Following the launch, South Korea’s presidential office held a meeting to call for a stop to provocations, local media reported.
Japan’s Prime Minister Sanae Takaichi instructed authorities to “take all possible measures for precaution,” in a statement in response to the missile launch.
Instruction by the Prime Minister in Response to the Suspected Ballistic Missile Launch by North Korea (06:03) pic.twitter.com/Fh5yHpZeRu
— PM’s Office of Japan (@JPN_PMO) August 11, 2026
The launch was the second in under a week, according to the South Korean military.
North Korea fired the missile from the Wonsan area, South Korea’s Joint Chiefs of Staff said.
South Korea, US preparing for major joint military drill
South Korea’s military had stepped up surveillance and was maintaining readiness for possible additional launches, while closely sharing information with the US and Japan, it said.
The launch comes as South Korea and the US plan to conduct major joint military drills from August 17 to 27 to counter North Korea’s evolving nuclear and weapons capabilities. Pyongyang has denounced the annual drills as a provocation in previous years.
On Tuesday, North Korean state media condemned Japan’s latest defense white paper as a document aimed at reviving militarism, saying Tokyo was using what it called an unfounded portrayal of Pyongyang as a security threat to justify an arms buildup.
North Korea has conducted a series of tests this year, including short-range ballistic missiles, artillery rockets and other tactical weapons.
North Korean missiles used by Russia against Ukraine
Ukrainian President Volodymyr Zelensky said Moscow used a North Korean ballistic missile during a Russian attack on Tuesday that killed seven workers at a Ukrainian steel plant in the southeastern city of Zaporizhzhia.
“For the first time in its history, Russia cannot wage war without reinforcements from North Korea. It is now preparing to deploy an additional North Korean contingent on its territory. It has also received additional ballistic missiles from North Korea,” Zelensky said.
For the first time in its history, Russia cannot wage war without reinforcements from North Korea. It is now preparing to deploy an additional North Korean contingent on its territory. It has also received additional ballistic missiles from North Korea. Everyone around the world…
— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) August 10, 2026
North Korea’s ballistic missiles and other weapons are being improved through its collaboration with Russia.”
“The more North Korean strikes there are here in Ukraine, in Europe, the more their missiles and soldiers are used, the more they correct their shortcomings and blind spots, the greater the danger will later be for Japan, the Republic of Korea, the Philippines, and other countries in the region,” he explained.
Lebanese Army is not doing enough to disarm Hezbollah in pilot area, sources tell ‘Post’
Israeli officials say that even though roughly three weeks have passed since the pilot program to disarm Hezbollah began, the Lebanese Army is “not doing enough” on the ground, according to two Israeli officials who spoke to The Jerusalem Post.
On July 20, 2026, Israel, the United States, and the Lebanese Army launched a security pilot program in southern Lebanon. As part of the initiative, the IDF began withdrawing from and transferring security responsibility and deployment to the Lebanese Army in three villages: Bir al-Sana, Sarifa, and Zawtar al-Gharbiyah.
One of the officials told the Post that the Lebanese Army has entered the area and even uncovered weapons and ammunition caches, but said that “it is still not enough.”
“The test will be whether the Lebanese Army enters Hezbollah infrastructure and actually confronts the terrorist organization,” the official said.
Another round of talks between the Israeli and Lebanese delegations is expected to take place in September. Israeli officials have made clear that the pilot program will not be expanded to additional areas unless the Lebanese Army fully demilitarizes the area.
Aoun claims talks with Israel have shown progress
Despite Israel’s claims and frustration, Lebanese President Joseph Aoun said on Sunday that progress had been made in negotiations with Israel and that a diplomatic path was preferable to war.
“Since the framework agreement was signed, the scale of Israeli strikes has decreased, allowing Lebanese people to return and enjoy their country,” Aoun said.
Aoun stressed that Lebanon would not relinquish a single inch of its territory, but added that the slogan “what is taken by force can only be returned by force” had proven incorrect in practice.
He also said it was time for residents of southern Lebanon to live in peace and that his goal was to rebuild the country.
Out of Oil, Cuba Turns to Chinese Solar
Cuba has run short of the oil that powers its electric plants, and it is replacing that supply with Chinese solar panels — fast enough that China now sends the island roughly 40 times the volume of panels it sent three years ago.
Chinese exports of solar panels to Cuba ran about $3 million in 2023. That figure reached $117 million in 2025, according to the energy research group Ember. Cuba has built dozens of solar parks with Chinese investment, under an agreement to open 92 across the country by 2028. Imports of Chinese photovoltaic panels have risen more than 1,800% in five years.
The turn toward renewable energy has helped the island absorb increased pressure from the United States, though it has not stopped the grid from failing.
How the oil disappeared
The crisis stems from a U.S.-imposed oil blockade enacted after January 2026, when Washington ousted Venezuelan President Nicolás Maduro. Venezuela had long been Cuba’s primary oil supplier, and imports from Mexico were halted as well under U.S. pressure. Washington authorized a single Russian tanker carrying 100,000 tons of crude in March; those reserves are long exhausted. Domestic production covers a fraction of demand, and emergency diesel generators have become largely unusable for lack of fuel.
The grid was fragile before any of that. Cuba’s electricity system runs on fuel-oil, diesel and gas thermoelectric plants, and most of the seven main plants forming the backbone of the national grid have operated for more than 40 years. Peak-hour deficits routinely exceed 2,000 megawatts against demand near 3,100 megawatts.
The result has been repeated total failures. The island suffered its sixth nationwide blackout of the year on the night of August 2, the eleventh since late 2024. There were two islandwide collapses in March and three in July, along with several partial outages, and rolling blackouts now run more than 20 hours a day in places. The Cuban government attributes the crisis to the U.S. embargo and oil restrictions; independent analysts point to a lack of domestic investment and poor economic management as the main drivers, compounded by chronic maintenance shortfalls.
What solar can and cannot do
Solar accounts for only about 9% of Cuba’s electricity generation, because the aging grid cannot efficiently absorb new capacity and lacks battery storage. Panels without storage produce during daylight hours and nothing after sunset — which is precisely when household demand peaks.
That is the limit on the strategy, and it is a physical one. Cuba can keep installing capacity, but until it can store the output and stabilize the network that carries it, the panels reduce daytime fuel burn rather than end the blackouts.
China’s side of the trade
China controls close to 80% of the global solar supply chain and has positioned itself as Cuba’s leading renewable energy partner while working through its own industrial overcapacity. That last clause is the commercial logic. Chinese manufacturers built far more panel capacity than global demand absorbs, and placing that output — through financing, donations and state-backed projects — serves both an industrial and a diplomatic purpose.
Beijing has extended other support as well, including $80 million and 60,000 tons of rice approved by Xi Jinping.
A crack in the state’s grip
The most interesting development for business readers is what the fuel shortage has forced Havana to permit. The government recently authorized its first foreign-backed fuel import venture and allowed nearly 200 Cuban businesses to take part in wholesale fuel distribution — a cautious opening of an energy sector the state has controlled tightly for decades.
Scarcity did what ideology would not. A government that could supply fuel through state channels had no reason to license private distributors; one that cannot has every reason.
For American companies, direct opportunity remains foreclosed by sanctions. The relevant lesson runs the other way. An economy whose grid fails eleven times in twenty months is a live demonstration of what happens when generating capacity ages past its service life and no capital goes in behind it — a scenario that utilities in the United States are now arguing about in the context of data center demand. The difference is capital availability, not physics.
Cuba’s solar buildout is real, and it is among the fastest anywhere. It is also a country installing the future while the present keeps going dark.
JBizNews Desk | Havana
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Cava Traffic Gains Boost Quarterly Profit
Dimon Ties the Dollar’s Reserve Status to U.S. Military Strength
Jamie Dimon has put a condition on something most Americans treat as permanent: the dollar sits at the center of the global financial system because the United States has the strongest economy and the strongest military, and it stays there only as long as both remain true.
“If we’re not the strongest military in 25 years and the strongest economy, we won’t be the reserve currency either,” the JPMorgan Chase chief executive said on PBS’ “Firing Line with Margaret Hoover,” which aired over the weekend. “The world will be fragmented, and it’ll be very dangerous for us.”
Dimon framed the two as inseparable: to be safe, have the best military in the world, and to have the best military, have the best economy. He noted that reserve-currency status has historically followed the leading power that upholds rule of law and open capital flows, and said that if the U.S. loses its lead through debt, deficits or mismanagement, the status follows.
The trend line is already moving. The dollar accounts for about 57% of global foreign-exchange reserves, down from roughly 70% at the turn of the century. IMF data puts the decline at 72% in 2001 to 57% today.
That is erosion, not collapse, and the distinction matters for anyone doing business in dollars. Reserve-currency transitions run slowly — the British pound’s decline from dominance unfolded across roughly four decades, from the end of World War I to the post-Bretton Woods era, even though American economic supremacy was evident well before any formal shift.
Economists put less weight on the military piece than Dimon does. Eswar Prasad of the Brookings Institution told Fortune that institutions and economic dynamism — how quickly an economy innovates and reallocates resources — are far more important to reserve-currency status than an economy’s size or military power. He added that weakening U.S. economic and military strength, along with erosion of domestic institutions and geopolitical influence, will hurt dollar dominance, but the absence of any serious rival will prevent the dollar from being displaced as the dominant payment and reserve currency.
Dimon is not making the argument abstractly. His comments come alongside JPMorgan’s $1.5 trillion Security and Resiliency Initiative, aimed at strengthening U.S. domestic manufacturing, energy and defense capacity. He argued corporate America must partner with government on strategic vulnerabilities now, pointing to American reliance on potential adversaries for missile components and rare earths, and said the national interest matters more than his own bank — because if the country does poorly, JPMorgan suffers. He closed with the line that fighting a war is very expensive, and losing one is the most expensive.
For companies and consumers, reserve status is not a matter of prestige. It is why the U.S. can borrow at scale in its own currency, why oil and most commodity contracts settle in dollars, and why American importers face no exchange-rate friction on the majority of world trade. Losing that position would strip Washington of significant geopolitical leverage and push domestic borrowing costs higher, which reaches ordinary borrowers through mortgages and consumer credit.
Some think Dimon’s timeline is generous. Analyst Philip Pilkington argued that fallout from the Iran war could halve it, accelerating a shift toward a multi-polar monetary order within a decade, with energy shocks doing more lasting damage to the postwar financial architecture than the military strikes themselves.
The Federal Reserve continues to affirm the dollar’s strong international standing, and the Atlantic Council puts its share of global reserves near 58%. The U.S. Dollar Index is up 1.42% year to date, down 1.28% over the past month and roughly flat over the year. Market positioning shows continued appetite for gold as a hedge against long-run currency risk.
The debt arithmetic gives Dimon’s warning its edge. Reserve status is what makes large deficits financeable at low cost; large deficits are among the things that could erode reserve status. That circularity is the substance beneath the soundbite, and it is why the CBO’s revised $2.1 trillion deficit and Dimon’s 25-year warning are the same story told at different speeds.
JBizNews Desk | New York
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Medicaid will stop paying for some gender-affirming care for transgender minors
President Donald Trump’s administration said that Medicaid will stop paying for gender-affirming surgeries and hormone treatments for transgender minors and the state Children’s Health Insurance Program won’t pay for the treatments for those under 19.
The announcement is the latest in a series of policies from the administration aimed at transgender people that began the day Trump returned to office last year.
Stopping statins in people over 75 at low risk for heart disease didn’t increase deaths
Not long after guidelines shifted to considering statin therapy as early as age 30, new research from France suggests there may be no harm in stopping the cholesterol-lowering drugs at age 75 in people with no history of cardiovascular disease. The lessons, however, may not translate elsewhere.
The “non-inferiority” study, published Tuesday in the Lancet Healthy Longevity, does not advise doctors to tear up statin prescriptions for older people. Nor does it conclude that going off statin therapy is better than staying on. It does say patients should talk to their doctors to see if they’d be no worse off for dropping the daily pills.
Ellison Threatens to Move Paramount Out of California Oct. 1
David Ellison has given California’s attorney general a deadline: agree to settlement talks over the Warner Bros. Discovery merger, or Paramount starts leaving the state.
Ellison told Paramount’s senior executives last week he is prepared to relocate the company — and Warner Bros. too, if the merger closes — unless Attorney General Rob Bonta agrees to negotiate a settlement in the antitrust case brought by 12 states. He said the exit process would begin Oct. 1 if talks have not started, and that the Paramount Skydance board has approved the move. Paramount declined to comment.
Leaving California could save Paramount Skydance roughly $500 million a year in taxes and potentially raise another $4 billion from selling its studio lots. That is the leverage, and it is aimed at a state that counts film production among its signature industries.
The date is not arbitrary. Oct. 1 is when Paramount begins accruing a “ticking fee” payable to Warner Bros. Discovery shareholders of $7 million a day. With the antitrust trial scheduled to start March 2, 2027, Paramount would owe roughly $1.2 billion to WBD shareholders by the time that trial is expected to conclude. The fee was written into the deal as a $0.25 per share quarterly accrual beginning after Sept. 30, 2026, alongside a $7 billion regulatory termination fee if the transaction fails on regulatory grounds.
If the state attorneys general succeed in blocking the merger, Paramount pays that $7 billion. The March trial date was itself a blow — it means the case may not resolve until next summer or later, with the ticking fee running the whole time. Paramount had asked the judge to start trial Nov. 4, 2026; the states and the Writers Guild asked for April 5, 2027.
Bonta’s answer was blunt. He called the planned exit an attempt to blackmail the state into letting an illegal deal through, writing on X that Paramount has lost the plot as it keeps losing in court and that the tactic did not work on the eve of the July lawsuit and will not work now. Bonta has not said what concessions would take the suit off the table, but has said any remedy would have to be structural — divestitures — rather than behavioral commitments like production quotas.
The underlying complaint is about market structure. The 12-state coalition alleges a combined Paramount-Warner Bros. would unlawfully reduce competition in basic cable and theatrical distribution, while the Writers Guild’s separate suit argues it would harm the market for writers. Speculation that the states might drop the case if Paramount spun off CNN has been denied by Bonta.
Ellison has been countering the theatrical argument directly, securing backing from two of the largest theater chains to support his commitment to release 30 films a year under the combined company. He has also pointed to 90 series planned from Paramount’s television studios in 2026 and a $1.5 billion increase in content investment made before the deal was signed.
Ellison remains confident the $110 billion transaction will close. He had hoped to have completed the takeover by now and instead faces a legal fight that could push the closing into 2027 or unravel it.
For California, the threat lands on a film and television sector already losing production to Georgia, New Mexico and overseas. For shareholders on both sides, the calculation is narrower: every month of delay costs $210 million in ticking fees, and the alternative to closing is a $7 billion check. Moving the headquarters does not address the antitrust claim — it changes who bears the cost of the fight.
JBizNews Desk | Los Angeles
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LARRY KUDLOW: A working-class party without workers
If you haven’t seen it already, please go into the New York Times archives — that’s right, I’m recommending the Times — for an article by Thomas Edsall entitled “A Working-Class Party Without Many Workers.” Mr. Edsall is a former Washington Post columnist. And he wrote a very important piece. In a nutshell, he uses polling data that non-college educated people do not agree with the Democratic Socialists of America on key issues such as open borders, defunding the police, abolishing ICE, and support for an array of transgender rights.
What’s more, using the DSA’s own surveys, they are 85 percent non-Hispanic whites. Only 9 percent are Hispanics, and only 5 percent are Asian Americans. And 4 percent are blacks. And only 4 percent of the members held blue-collar jobs.
So you have to ask yourself, while comrade Abdul El-Sayed, comrade Francesca Hong, comrade Zohran Mamdani, and comrade Hasan Piker may claim to speak for the working class, the reality is that they don’t speak for the working class.
Let me say right here there is an important political leader who speaks for the working class and their values, his name is President Trump. If you find this ironic, since the DSA has Trump Derangement Syndrome to the tenth power or more, it’s nonetheless a political fact of life.
Now, Mr. Edsall notes that the Democratic Party writ large has positive views of socialism, and that helps explain why many of the leading Democrats welcome the comrade socialists into their big tent, with the exception of Secretary Hillary Clinton and Senators John Fetterman and Joe Manchin. Yet not many.
In the main, the Democratic party regulars are welcoming the socialists, and the socialists are going to be a big open target of Republicans in the coming midterm elections. At a minimum, the socialists are going to give the GOP the Senate. I can’t yet vouch for the House. Yet Michigan and Maine and perhaps some others are going to go Republican.
It would be great if the GOP had a tax-cutting message to help working folks going into these elections, because yelling at socialism and communism may not be enough, especially to carry the House. The key point, though, is that while the socialists say they speak for the working folks, they don’t really have many working folks behind them at all. And Mr. Trump’s free enterprise policies are doing very well, thank you very much.
Skylark Bio Doses First Child in Deafness Gene Therapy Trial
A Cambridge, Massachusetts biotech has put an experimental gene therapy into a deaf child’s inner ear for the first time, aiming at the single most common genetic cause of deafness in the world.
Skylark Bio came out of stealth Tuesday to announce it has dosed the first patient in its trial of SKY-GJB2, a one-time treatment for children born deaf because of mutations in the GJB2 gene.
Here is what the mutation does. The GJB2 gene tells the body how to build a protein called connexin 26, which sits between cells in the inner ear and lets them pass signals to one another. When the gene is broken, the protein does not work, and sound never gets converted into a signal the brain can use. Mutations in GJB2 are the most common cause of inherited, non-syndromic hearing loss worldwide, and the resulting deafness is usually present at birth.
The therapy is an attempt to fix that at the source. SKY-GJB2 uses an engineered adeno-associated virus to carry a working copy of the GJB2 gene directly into the affected cells of the inner ear, treating the genetic cause rather than compensating for it the way a cochlear implant does. In the trial, called SONIX, each child receives a single infusion into one ear through a purpose-built one-time-use device, the SKY-CAT.
The trial
SONIX is enrolling ten children: six between nine months and two years old, and four between two and seven. Participants must carry two pathogenic variants in GJB2 and have hearing loss of at least 85 decibels in the treated ear. The primary focus is safety of both the therapy and the delivery device, with hearing improvement measured alongside it.
The company is small and recently capitalized. Skylark has raised about $40.9 million across a single round, and is led by chief executive Jodi A. Cook, with Shawn Harriman as chief scientific officer. In June it signed a manufacturing and development partnership with Forge Biologics to produce the AAV vector under cGMP conditions for the clinical program. A second program, SKY-PEN, targets SLC26A4-related hearing loss, or Pendred syndrome, and the company says it also has an undisclosed central nervous system program.
Why the market opened up
None of this would be happening on this timeline without what Regeneron proved in April. The FDA granted accelerated approval to Otarmeni, the first gene therapy ever approved for genetic hearing loss, based on a trial in which 80% of participants hit the primary hearing endpoint and 42% reached normal hearing with longer follow-up. Otarmeni treats a different mutation — in the OTOF gene — an ultra-rare condition affecting roughly 50 newborns a year in the United States. The therapy came to Regeneron through its 2023 acquisition of Decibel Therapeutics.
Regeneron’s commercial decision is the part the industry is still digesting. The company is providing Otarmeni at no cost to clinically eligible U.S. patients, though out-of-pocket costs for the administration procedure can vary. That came bundled with an agreement with the U.S. government to tie current and future drug prices to those in other developed countries. For a rare-disease population of 50 births a year, giving the product away was a defensible trade. GJB2 is a different arithmetic. Skylark describes it as affecting tens of thousands of patients — a population large enough that pricing will be a real commercial question rather than a goodwill gesture.
A three-country race
Skylark is not running alone. France’s Sensorion raised €60 million in January, including a €20 million strategic investment from Sanofi, specifically to push its GJB2 candidate SENS-601 toward regulatory clearance and first-cohort enrollment, with cash runway extended into the first half of 2027. Chinese groups are pursuing the same target. Being first into humans, which Skylark now is, matters for the obvious reason in biotech: the first credible efficacy data sets the terms for everyone else’s financing.
Skylark’s chief executive indicated at a scientific conference in May that early data would arrive by the end of this year. That is the date to watch. A safe dose in one child proves very little on its own; the question is whether a child who has never heard anything begins to respond to sound, and whether that holds.
For investors in the hearing space, the sequence is now established: an approval that showed regulators will clear these therapies, a manufacturing base being built out, and a much larger patient population entering the clinic behind it.
JBizNews Desk | Boston
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Domino’s unveils new pizza in latest menu addition
Domino’s is putting its own name on a new pizza as the restaurant chain looks to give customers a personal-size option built for individual tastes.
The Michigan-based pizza giant said Tuesday that it will launch the Domino, a Detroit-style pizza made for one, at restaurants nationwide on Aug. 31.
Shaped like the company’s red-and-blue domino logo, the new pizza is cut into two slices and allows customers to choose their sauce and add up to three toppings.
The company is positioning the product as an alternative for customers who want different toppings when ordering pizza with family or friends, as well as for individual meals and on-the-go occasions.
HOW DOMINO’S ‘REGAINED ITS CROWN’ IN THE PIZZA INDUSTRY
“The Domino fills a gap in our portfolio,” said Joe Jordan, chief operating officer and president of Domino’s U.S., and incoming CEO. “When everyone wants something different, traditional pizza falls short. The Domino lets every person build the exact pizza they want.”
Domino’s said the pizza uses its buttery-flavored pan dough with Parmesan cheese baked into the crust. It comes with two layers of cheese and is finished with the chain’s garlic seasoning.
The company said consumers in independent testing rated the Domino as one of the most delicious products it has introduced. Domino’s did not provide additional details in its announcement about the testing methodology or sample size.
FOX Business reached out to Domino’s for additional details about the product’s development, consumer testing, pricing and potential impact on franchisees.
DOMINO’S REBRANDS FOR FIRST TIME IN OVER A DECADE
The Domino will also be included in the chain’s Mix and Match promotion, allowing customers to select a two-topping version as one of two or more eligible menu items for $6.99 each. Prices may be higher at some locations, according to the company.
The launch comes as Domino’s operates a global network of more than 22,500 stores across more than 90 markets.
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Domino’s reported more than $20.6 billion in global retail sales during the four quarters ended June 14. Independent franchise owners operated 99% of its stores at the end of the second quarter.
The company has also leaned heavily into digital ordering in its home market. More than 85% of Domino’s U.S. retail sales in 2025 came through digital channels, according to the company.
‘Unacceptable activity’: IDF condemns Israelis taking over Palestinian homes, land in West Bank
The IDF issued a statement on Tuesday addressing and condemning reports that Israeli civilians have entered and taken control of Palestinian homes and land in the Qusra and Jalud areas of the West Bank.
In response to these reports, the IDF announced a closed military zone order for anyone who is not a Palestinian resident in the affected areas.
The IDF went on to strongly condemn the incidents and emphasized that any future handling of individuals involved will be carried out in coordination with security forces.
“This is illegal, reprehensible, and unacceptable activity that harms the local residents and disrupts their daily lives,” the IDF release stated.
Additionally, the IDF stated that any IDF reservists or active-duty soldiers found to be involved in these incidents would face disciplinary action.
Settlers attempt to pass West Bank checkpoint in an ambulance
The IDF also addressed a specific incident on Monday, in which Israeli civilians attempted to use an ambulance to pass through a military checkpoint in order to enter a Palestinian home located within the closed military zone.
Upon the ambulance’s arrival at the checkpoint, IDF soldiers inspected the vehicle and discovered Israeli civilians hidden inside. Israeli police were subsequently called to the checkpoint for further investigation.
The IDF routinely facilitates the movement of medical teams, allowing ambulances that have coordinated their movement in advance to pass through checkpoints without inspection.
Elbit Systems order backlog hits $32 billion amid global defense boom
The war in Ukraine is already in its fifth year; Israel has been through two rounds of fighting with Iran within a year, and China continues to put pressure on the countries around it.
The result: another record quarter for Elbit Systems.
The manufacturer of Hermes drones, munitions, and intelligence systems reported a 16% increase in sales in the second quarter of the year to $2.3 billion, putting it on track for annual sales of $9 billion. Net profit rose even more sharply, jumping 40% to $173.6 million.
The company’s order backlog reached an all-time high of $32 billion, compared with $23.8 billion a year earlier, a 33% increase.
Sales to the Defense Ministry continued to grow in the latest quarter, reaching 37% of the company’s activity, driven by munitions, drones, and intelligence systems.
Increased sales of radio and command-and-control systems in Europe drive profits
Sales of C4I and cyber systems rose by about 11%, mainly due to increased sales of radio and command-and-control systems in Europe. Intelligence and electronic warfare sales increased by about 22%, primarily due to higher sales of land- and airborne high-power laser systems, electronic warfare systems, and naval systems in the Asia-Pacific region.
Land systems sales rose by about 32%, thanks to sales of munitions and ammunition in Israel. Drone sales, by contrast, fell by about 8%, mainly due to an unfavorable one-time project mix and a decline in sales of training systems and simulators in Europe, which was partly offset by increased sales of unmanned aerial vehicles in Israel.
Earnings per share stood at $3.61, compared with $2.69 in the corresponding quarter last year.
“Most of the new orders are from abroad, which indicates the demand and interest in our products. We presented the airborne laser for fighter jets and combat helicopters, which will help, among other things, deal with swarm attacks by UAVs and drones, and there is great interest in them,” Bezhalel “Butzi” Machlis, president and CEO of Elbit Systems, told Walla.
“At the same time, we are continuing to increase deliveries of the high-power laser to the Defense Ministry and Rafael. Hundreds of our engineers are employed on this.”
Elbit container reportedly held up at a port due to boycotting
When questioned about a recent report indicating an Elbit container had been held up at a port as part of a boycott of Israel, Machlis said the incident was being investigated.
“Containers are sometimes delayed for all kinds of reasons. We have no problems in the supply chain. Since the days of the coronavirus pandemic, we have invested in building up inventories of raw materials and diversifying suppliers.”
Machlis also noted that the Defense Ministry has yet to settle its debt with the company.
“Fortunately, Elbit is a strong company and benefits from payments from abroad that allow us to continue supplying the IDF and move up delivery schedules. I am confident that the debt will be paid, and we are in dialogue with the Defense and Finance ministries about it,” he said.
Revamped ‘Peter Pan’ musical returns to Tel Aviv stage
The Hebrew musical Peter Pan, originally written by Uri Paster and Hanoch Rosen, returned to the stage this week with a pre-premiere performance at the Tel Aviv Performing Arts Center.
The new production of the 1988 musical is directed by Rosen, who played the title role in the original version. The current cast features Lee Biran as Peter Pan, Meshi Kleinstein as Wendy, and Sasson Gabbay, who reprises his 1988 role as Captain Hook.
The ensemble also includes Linoy Cohen, Tal Levin, Ofir Weil, Assaf Levi, Gilad Brown, Hanan Schwartzberg, Liam Pinto, and TimoTi Sannikov.
The original Hebrew staging from over 35 years ago was a major commercial success, generating a home video release, a book, and a popular soundtrack.
Revamped musical includes signature fights, modernized theatrical flight system
This updated version retains the signature sword fights alongside a modernized theatrical flight system.
The production runs at the Tel Aviv venue through August, drawing audiences of both original fans and families. The performance features the show’s original Hebrew music.
Epique Realty CEO Josh Miller offers 3-point fix for agent tech adoption
Josh Miller, CEO and co-founder of Epique Realty, told attendees at Tuesday’s HousingWire AI Summit that the real estate industry’s most expensive technology investments are often the least used. He offered a three-part prescription to solve the problem.
Brokerages spend thousands of dollars on tools their agents refuse to adopt, and the solution lies not in building more technology but in aligning offerings with what agents already want, already pay for or have a real incentive to use, Miller said.
“As a nerd with a real estate license, I’ve noticed some really interesting things in our industry,” he told the crowd. “And one of those things that I first noticed when we opened our real estate brokerage was that almost every single broker in this room has spent thousands of dollars on technology that your agents just refuse to use.”
Miller co-founded Epique Realty in December 2021 after becoming disillusioned with the traditional brokerage model, he said.
“We were really frustrated with the industry and the way that it kind of worked for agents — feeling like we were doing 100% of the work and getting 50% of the money, right?” he said. “So it just didn’t feel right to us, as agents, that we didn’t have any benefits. We didn’t have any help, not many things to help us build our business.”
The brokerage has expanded rapidly in recent years — climbing to No. 16 among brands on the RealTrends Verified rankings for transaction sides in 2025. The company recorded $7 billion in sales volume across 23,000 sides last year.
Epique has grown to house roughly 5,000 agents across all 50 states and three countries, Miller added.
He announced from the stage that the company debuted at No. 7 on the 2026 Inc. 5000 list, ranking as the fastest-growing real estate brokerage in America.
“We have not bought a single brokerage. We have not done anything at all. We spent zero dollars on it,” Miller said. “It’s just organic growth, agents telling agents. In fact, we’re the only national brokerage with no [vice president] of growth, no growth director, no growth committee. Now we have a retention director and a retention committee, but we have nothing focused on growth.”
The adoption problem
Miller cited National Association of Realtors data showing that when agents aren’t forced to use a particular tool, they gravitate toward e-signatures (79%), social media (75%), photography and video (52%), and AI-generated content (46%) — not the expensive CRMs that brokerages typically push.
“Seventy percent of brokerages offer a CRM,” he said. “Thirty percent of agents don’t use one at all. They probably don’t even know what CRM stands for. Thirty percent pay for their own instead, and only 15% of them log in weekly. This is really abysmal for probably your most expensive thing that you offer.”
By contrast, Miller said Epique’s CRM adoption rate stands at 89% — more than triple the industry average. The reason is simple, he said, as it gives agents something they wanted.
“In 2025, we gave 1.25 million leads to our agents,” Miller said. “And they were free. And you know where we put them? Lofty. If you don’t log into Lofty, you don’t get them. And so naturally, they wanted the free leads.”
These leads generated $4.3 million in gross commission income for Epique agents last year, Miller said.
Miller narrowed down his strategy into three conditions for getting agents to use technology: They already want it, they’re already paying for it on their own and they have real incentive to use it.
He urged brokers to evaluate their tech stacks against the tools agents actually use and detailed the thought that went into creating Epique’s internal AI tools.
“It actually started with an Instagram post that I wanted to make but could not think of a good caption,” Miller said following his session. “Even though my background is marketing, you get home and there’s just no tools to do [exactly what you want], so I was already delving into AI.
“I created this AI that did [what I wanted]. That was the first one. It was an AI that lived on my computer.”
AI as a tool, not a buzzword
Miller acknowledged that the technology has become the industry’s dominant buzzword — but warned that agents still risk repeating past tech adoption failures.
“According to HousingWire, 98% of brokerages now say AI is being adopted by their firm in the next year,” Miller said. “So it’s not that there is a brokerage AI adoption problem. Brokerage AI adoption isn’t the problem — it’s agent adoption.”
He encouraged brokers to use modern development tools like Lovable and Claude to build internal and external applications quickly — but only if the tools meet the three conditions for adoption.
“If you’re going to go in and you’re going to build something amazing, you should build it internally for things like onboarding, externally for your agents,” Miller said. “Just make sure that your agents want it; they maybe already pay for it, or would pay for it or have a clear incentive to use it.”
FirstTeam expands in Midwest with new Kansas City office
FirstTeam has expanded its national brokerage footprint into Kansas and Missouri, partnering with broker-owner Scott Eckhoff and Rival Real Estate to open the company’s first Midwest office in Kansas City, the company announced Tuesday.
The move marks the next phase of FirstTeam’s national expansion strategy, which began in April 2025 and has since grown to include offices in California, Arizona, Washington, Colorado, Idaho, Kansas and Missouri. The brokerage now has more than 62 offices and 2,200 agents, according to the announcement.
Eckhoff and Rival Real Estate will operate the Kansas City community office under the FirstTeam brand, bringing the firm’s “agent-first” model into two new states. The partnership structure allows Rival to maintain its identity and local operations while plugging into FirstTeam’s marketing, technology and business support platform.
“From our initial meetings with FirstTeam, it was clear that they saw the value of what we’ve built and shared our vision for the future,” Eckhoff said in a statement. “They aren’t interested in changing who we are or how we do business; they’re investing in what we have already created and looking forward to working with us to reach the next level.”
Michele Harrington, CEO of FirstTeam, framed the Kansas and Missouri entry as part of a broader push to align with established local operators rather than build out company-owned locations from scratch.
“Our expansion into Kansas and Missouri is an exciting step in our national growth strategy,” Harrington said. “We are dedicated to partnering with exceptional broker-owners that share our focus on helping agents build strong businesses and supporting clients with best-in-class service.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Trump Floats Three Iran Options, Says He’s Tehran’s Banker
President Donald Trump said the United States has three ways to force an end to the Iran war, and that the one he likes best requires no new military action at all: let Iran run out of money.
Trump laid out the options in a pre-taped interview with Real America’s Voice that aired early Tuesday. The first is to do nothing and wait, on the argument that Iran’s economy fails on its own. The second is to strike Iran hard. The third, in his framing, is to beat Tehran economically — and he described that as something Washington is already doing.
The line that carried the interview was his description of the American position over Iran’s blocked assets. Trump said the United States controls the regime’s money, that there is a lot of it, and that he is Iran’s banker. He also said Iran cannot borrow.
In plain terms, that refers to Iranian government funds and reserves frozen in overseas accounts under U.S. sanctions, plus the banking restrictions that keep Iran from moving oil revenue through the international financial system. Tehran can still sell oil to buyers willing to take the risk, but converting those sales into usable hard currency is the choke point. Releasing blocked assets is one of the conditions Iran has attached to reopening the Strait of Hormuz.
Trump’s claims about how bad things are inside Iran should be read with care. He said the country is running 300 percent inflation, that its currency has almost no value, and that soldiers are not being paid and are leaving. Iranian inflation is severe, but his figures run higher than what his own administration officials have been giving reporters. That gap matters for anyone trying to judge how close the pressure campaign is to producing a result.
The timing of the interview also matters. It follows Trump’s Truth Social post on Monday saying he would demand Iran pay compensation for people the regime killed, as part of any future talks. That demand came after Tehran refused to reopen Hormuz unless Washington agreed to a list of conditions: lifting the naval blockade of Iranian ports, lifting sanctions, releasing blocked assets, withdrawing U.S. troops, and paying war damages. Trump’s compensation demand answers that with a mirror-image claim of his own.
Wire coverage read the week as a shift rather than a new plan. The pivot back to financial pressure comes as U.S. stockpiles of key weapons have thinned and as stop-start talks appear to have stalled again — and sanctions are a slow instrument, built to grind over years rather than end a shooting war on a schedule.
The enforcement side of the economic strategy is running in the meantime. Central Command said on Aug. 9 that U.S. forces had redirected 55 commercial vessels, disabled two ships and boarded two others under the naval blockade of Iranian ports, which was reinstated on July 14 after the ceasefire collapsed in early July. Those numbers are the practical expression of what Trump described in the interview: not strikes, but a cordon around Iran’s ability to move cargo and get paid for it.
The military option he named second is not hypothetical either. Central Command struck Iranian military targets for 13 straight days beginning July 11 and ending July 23, and Trump said on July 24 the military was ready for a far larger attack.
For businesses, the significance is what all this says about how long the disruption lasts. A negotiated reopening of Hormuz would restore the shipping route that normally carries about a fifth of the world’s traded oil. An economic-attrition strategy, by design, does not have an end date — it works by outlasting the other side. Companies with exposure to Gulf shipping, energy costs or Asia-Europe freight are pricing the difference between those two paths every day.
Trump gave no timetable for choosing among the three, and his description of Iranian negotiators as dishonest — he said they agree to terms and then deny it publicly — suggests he does not expect a fast diplomatic close. The two sides signed a memorandum of understanding on June 17, nearly four months after U.S. strikes began on Feb. 28, and it broke down in July.
What Trump is betting is that Iran’s finances give out before the world’s patience with closed shipping lanes does. Nothing in Tuesday’s interview indicated which way that race is running.
JBizNews Desk | Washington
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Opinion | Europe’s Geoengineering Future?
Israel warned US about Iran’s plans to kill Trump on Air Force One, aided his escape – report
Israel provided the US administration with intelligence about the Iranian threat against US President Donald Trump, which included the possibility of using shoulder-fired missiles against Air Force One, The Wall Street Journal reported on Tuesday evening, citing a US official.
According to the report, following the threat, Trump initially boarded, in full view of the media, an aircraft that had previously served as Air Force One. Shortly afterward, however, a deception operation began: The president was placed inside an airport catering truck and driven out of sight of reporters to another aircraft, a smaller military C-32A parked nearby.
Trump then departed aboard the C-32A for a US base in the UK, under the pretext that troops stationed there wanted to take photographs with the Air Force One aircraft. From there, he flew back to Washington.
Some members of Trump’s staff were unaware of the covert operation
The report detailed that the operation was kept so secret that even some members of Trump’s staff did not know he was traveling aboard the third aircraft. For weeks, the impression was that Trump had returned from Turkey aboard the old Air Force One after the new presidential aircraft, which had been given to the US by Qatar, was flown separately to the UK.
In fact, journalists and some White House officials, including US Secretary of State Marco Rubio, boarded the aircraft believing that Trump was traveling with them as usual. In reality, he had already been secretly transferred to another military aircraft and was flying separately.
The Iranian threat and the switch of aircraft were revealed last month, following initial denials, but the new report discloses for the first time the details of the deception operation carried out at the airport.
The White House declined to directly address most of the details in the report. White House Communications Director Steven Cheung said the new aircraft was equipped with “high-level security protocols” intended to ensure the safety of the president and his staff.
Earnings Are Up Over 50% So Far
Through last Friday, 88% of the S&P 500 companies have announced second-quarter results. According to FactSet Earnings Insight, an astounding 86% of them have reported positive earnings-per-share surprises, and 76% reported positive revenue surprises. For the full quarter so far, the earnings growth rate (blended, year-over-year) is up by an astounding +50.4%. This is also the 12th quarter in a row in which earnings are exceeding sales growth, indicating an expansion in profit margins, and this is why stocks are rallying.
Contrary to August’s dismal historical record, this August could deliver a big rebound, due to: (1) the rapid growth rate of quarterly earnings, (2) the exhaustion of mean reversion algorithms, (3) the implosion of “Situational Awareness,” and (4) recognition that unscrupulous short sellers are spreading false narratives….
Fed’s Hammack says multiple rate hikes may be needed to tame inflation
Cleveland Federal Reserve President Beth Hammack on Monday said that she thinks there will be a need for more than one interest rate hike to prevent inflation from becoming more entrenched across the economy.
Hammack made the comments in an interview with Yahoo Finance that followed her dissent from the Fed’s decision to leave interest rates unchanged. She and two other members of the central bank’s monetary policy panel voted in favor of raising interest rates by 25 basis points.
“I would say in general, one 25-basis-point move probably doesn’t do a whole lot for the economy,” she said. “So it’s probably some number of [movements]. But I don’t want to prejudge what that number is going to be.”
Hammack added that “I don’t know exactly where we will end,” adding that she thinks the current target range for the benchmark federal funds rate of 3.5% to 3.75% is not “meaningfully restricting” the economy amid stubborn inflation.
FED DISSENTERS WARN INFLATION COULD BECOME ENTRENCHED WITHOUT MONETARY POLICY TIGHTENING NOW
“When I’m talking to businesses, I’m not hearing that they’re sensing any restraint from investments in growth based on where interest rates are,” she said in the interview. “So to me that says that now is the time to act.”
Hammack said that the longer the central bank waits to address inflation through higher interest rates, the more difficult it will be to return inflation to the Fed’s 2% target.
Inflation has been running well above that target, with the consumer price index (CPI) up 3.5% through June, while the Fed’s preferred inflation gauge – the personal consumption expenditures (PCE) index – was 3.7% in June.
Hammack said in the interview that raising rates is similar to gradually applying the brakes when approaching a stop sign so as to glide to a stop, rather than slamming the brakes with a more dramatic policy move to stop price growth.
“I think that now is the time for us to start acting, to start bringing more restraint into policy,” she said.
“Nothing would make me feel better than to be wrong, that we need to change the stance of policy to help bring inflation back to target. But from where I sit, I just don’t see it coming back on its own,” Hammack added.
US ECONOMY UNEXPECTEDLY SHED JOBS IN JULY
The Cleveland Fed president also discussed the July jobs report, which showed a loss of 23,000 jobs when economists expected a gain of around 80,000 jobs, but said in the interview that she is “still not seeing a problem” with the labor market given that the 4.1% unemployment rate is near her estimate of full employment.
Fed policymakers will hold their next meeting in mid-September, and they’ll have fresh inflation data to parse in the meantime with the July CPI data set to be released on Wednesday and the PCE reading for the month due in late August.
Trump warns new Hochul, Mamdani pied-à-terre tax could accelerate NYC wealth exodus
President Donald Trump blasted New York City’s new pied-à-terre tax and said his administration is examining whether the federal government has legal authority to intervene, escalating a fight over a surcharge targeting luxury second homes.
Trump argued in a Truth Social post Tuesday that the tax could ultimately cost New York more than it raises by encouraging wealthy property owners and taxpayers to leave for lower-tax states such as Florida and Texas.
“The NYC Pied-a-Terre Tax is costing New York City and State a fortune in that the money, eventually to be gotten, is very little compared to to the TAXES PAID by the tens of thousands of people who are fleeing the City, never to return,” Trump wrote.
He added that Florida, Texas and other states are benefiting financially from people leaving New York and called the policy a dangerous political “experiment.”
NEW YORK’S WEALTHY RUSH TO AVOID MAMDANI’S SECOND-HOME TAX
The president also raised the prospect of federal action.
“I am looking to see if the Federal Government has any legal right to avert this disaster, before it is too late, for the millions of people who cherish New York and want to see it thrive, as opposed to becoming a filthy, crime ridden, decrepit place of mockery and scorn,” Trump wrote.
Trump did not identify what federal law or executive authority his administration could potentially use to challenge the city tax.
The White House did not immediately respond to FOX Business’ request for additional details about what federal authority or action the Trump administration is considering.
Trump’s comments come one day after a New York judge temporarily restrained Mayor Zohran Mamdani’s administration from moving forward with parts of the tax rollout after three homeowners sued over how the city implemented the surcharge.
Staten Island Supreme Court Justice Wayne Ozzi ordered the city to take down a disputed property roll covering more than 900,000 homeowners and temporarily barred officials from imposing or collecting the surcharge based on the roll without first making the individualized determination and providing the notice required under state tax law.
The lawsuit challenges the administration of the tax rather than the legality of the surcharge itself.
“We disagree with today’s ruling, but we are confident in both the pied-à-terre surcharge and the City’s ability to implement it fairly and effectively,” Mamdani spokesman Matt Rauschenbach said following the ruling.
MAMDANI EXTENDS DEADLINE FOR NYC HOMEOWNERS TO SEEK EXEMPTION FROM NEW PIED-À-TERRE TAX
“This surcharge asks those who own second homes valued at $5 million or more to contribute their fair share to the city they benefit from,” he added.
Mamdani has said about 17,000 homeowners in a city of 8.5 million are potentially affected by the surcharge.
The Mamdani administration did not immediately respond to FOX Business’ request for comment on Trump’s criticism and his argument that the surcharge could drive wealthy taxpayers and property owners out of New York.
Trump also linked the surcharge to New York City’s congestion pricing program.
“Financial, and then Social, RUIN, is a 100% certainty – And then the Radical Left Jihadists charge Congestion Pricing on top of everything else,” Trump wrote.
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Whether the surcharge ultimately causes significant numbers of property owners or taxpayers to leave New York remains unclear.
Gov. Kathy Hochul’s office did not immediately respond to FOX Business’ request for comment on Trump’s criticism of the surcharge or the possibility of federal intervention.
The legal fight over the rollout is continuing as the Mamdani defends the surcharge and Trump considers whether the federal government has an avenue to intervene.
Major US airport getting new tech to prevent runway incidents
The Federal Aviation Administration (FAA) on Tuesday announced the deployment of a new radar at Newark Liberty International Airport that’s designed to prevent incidents from occurring on busy runways.
The new radar, known as the Surface Movement Radar Model 4, allows air traffic controllers to track aircraft and vehicles on runways and taxiways in all weather and visibility conditions and prevent runway incursions that could result in accidental collisions. The SMR-4 will represent a capability improvement over the 30-year-old radar that’s being replaced.
FAA Administrator Bryan Bedford spoke at the event and said that it was the deployment of the fifth surface movement radar in the U.S.
“We will deploy 53 of these surface movement radars across the country at our top 44 busiest airports in the U.S.,” Bedford said, adding that the radar system was built in Syracuse, New York, as onshoring production of critical infrastructure was a key component of the agency’s modernization effort.
FATAL LAGUARDIA COLLISION RENEWS FOCUS ON RUNWAY INCURSION RISKS ACROSS US
“We think of modernization not just as replacing all of this old equipment. And again, this is a 30-year-old box: we can’t maintain it, they don’t build it, they don’t supply replacement parts for it. So when these things break, they’re no longer available to us, so getting this investment is critical,” he explained.
“It’s not just that we’re purchasing and deploying new equipment, we have brought these jobs back to the U.S. which is a key focus of the secretary and the president,” Bedford said.
FAA ROLLING OUT NEW TECHNOLOGY TO REDUCE RISK OF RUNWAY ACCIDENTS
Transportation Secretary Sean Duffy, who also spoke at the unveiling, noted that the surface awareness radar will “give us better technology to see airplanes, to see vehicles on the ground at Newark Airport. It’ll see aircraft on final approach. It is a more resilient system,” he added.
“It allows controllers on a dark night, or controllers in bad weather, if they can’t see out of the tower and see what’s happening on the tarmac, they can actually use this radar to see on their screens where everything is at – airplanes, vehicles – and again, it keeps the American public safer as we use American skies,” Duffy said.
AMERICAN AIRLINES JET CANCELS TAKEOFF AFTER LAX RUNWAY INCURSION
The Department of Transportation and FAA noted in a release that they’ve installed 96 new systems around the country over the last year that are related to the agency’s surface awareness initiative.
FAA data shows that there have been 1,102 runway incursions in the agency’s fiscal year 2026 so far – down from 1,197 in the same period a year ago. The data includes operational incidents, pilot deviations, vehicle or pedestrian deviations, and other forms of incursions.
Israel’s ultra-Orthodox community feels misunderstood. Here’s why – opinion
Over the last few years, the haredi (ultra-Orthodox) community has become the subject of every front page, television debate, and political confrontation in Israel.
Questions about Torah study, military service, education, employment, and the relationship between haredim and the state moved from the margins of public debate to the center of a national storm.
Much of that debate has presented Israelis with a false choice. Either the haredi community must be forced to change from the outside, or nothing can change at all. Either Israel protects the world of Torah, or it demands greater participation in the responsibilities of national life.
After spending a year listening to haredim across Israel, I am convinced that this choice is not only false but also dangerous. Change is possible. It is already desired by many within the haredi community.
Nonetheless, it will succeed only if it grows from within, with the support and partnership of the wider Israeli public.
I traveled across the country and met haredim from different communities, backgrounds, and stages of life. I spoke with those dedicated to full-time Torah study, working fathers, mothers struggling to support large families, educators, business owners, and young people trying to find their place.
I listened to people from hassidic, Lithuanian, and Sephardi communities, including those deeply connected to existing institutions and those who increasingly feel pushed to the margins.
The details differed, but the message was remarkably consistent: many haredim are deeply dissatisfied. They do not feel represented, and they do not believe their voices are being heard.
They feel trapped between two political camps, neither of which fully understands them. On one side are those who speak about the haredi community primarily as a demographic, economic, or security problem.
Their frustration is understandable, especially post-October 7, but solutions imposed without trust, cultural sensitivity, or an understanding of haredi life are unlikely to produce lasting change.
On the other side are the established haredi parties. For four decades, they have claimed a monopoly on haredi representation, but they have become more effective at preserving their own political power than confronting the mounting difficulties within haredi homes and communities.
The ultra-Orthodox are acutely aware of the dangers Israel faces
The people I met were not seeking to abandon Torah life. They wanted to protect it, but they also understood that refusing to confront reality is placing that future in danger.
They asked difficult and necessary questions.
How can a father support his family with dignity without feeling that earning a living will cost him his place in the community?
What future is being offered to a young man who is not suited to full-time Torah study? Why are educational and professional options so limited for those who need another path?
How can appropriate frameworks for military or national service be created for those who can serve without requiring them to sacrifice their religious identity?
How can genuine Torah scholars receive the respect and support they deserve while others receive the tools to build independent and productive lives?
These are not attacks on the world of Torah. Ignoring these questions is what threatens the world of Torah.
This year of listening led to the establishment of the Haredi Public Party. It is intended to provide a political home for haredim and others who believe that protecting Torah requires responsible leadership, honesty, and practical solutions.
We seek to strengthen genuine Torah study while expanding educational and professional opportunities. We want to enable dignified employment, develop appropriate frameworks for military or meaningful national service, address the needs of young people who do not fit the existing system, and help haredi families achieve greater economic independence.
Israelis outside the haredi community should care about this initiative because the future of the haredi community will have a great effect on the future of Israel.
The economic sustainability of the country, the strength of the IDF, the resilience of Israeli society, and our ability to remain one people all depend on finding workable answers to these questions.
Continued poverty, alienation, and political paralysis within a rapidly growing section of the population will not remain an internal haredi matter. Its consequences will affect every Israeli family.
Those who want greater haredi participation in employment, education, and national responsibility should therefore recognize an essential truth: the most sustainable transformation will come from haredim who possess the trust and cultural understanding to lead it.
Coercion may produce headlines, but it rarely produces lasting social change. At the same time, preserving the current political arrangement will only deepen the crisis.
If the established haredi parties were capable of providing meaningful answers to these challenges, they would have done so by now. Israel, therefore, needs a new approach: reform led from within the haredi community and supported through cooperation and coordination with the rest of Israeli society.
Secular Israelis, national-religious Israelis, or traditional Israelis do not have to agree with every aspect of haredi life, and legitimate questions about equality, military service, or public resources should not disappear. They all need meaningful and practical solutions.
Tolerance is key to sustaining healthy dynamic between religious and secular Jews
However, we must recognize that partnership is more likely to succeed than humiliation, and that responsible haredi leadership that can build bridges with other segments of Israeli society is in the national interest.
Even Israelis who would never vote for a haredi party should welcome the emergence of a haredi movement prepared to confront these issues honestly. They should want haredi representatives who speak of solutions rather than slogans, of responsibility rather than permanent victimhood, and of cooperation rather than endless confrontation.
A strong haredi community and a strong Israel are not competing goals. They depend upon one another. Israel needs a haredi community that is confident, economically secure, and able to contribute its values, energy, and talents to the country.
The haredi community needs an Israel that respects Torah, protects religious life, and treats haredim as partners rather than as a burden or an enemy.
We have spent too many years shouting past one another. The result has been greater poverty, deeper resentment, diminishing trust, and an increasingly dangerous struggle over Israel’s identity.
There is still a window in which to choose another path, but it will not remain open indefinitely.
The Haredi Public Party was created because the haredi public deserves more than excuses, and the State of Israel deserves more than permanent confrontation.
Those who care about Israel’s economic future, social cohesion, and national security should want this effort to succeed.
The solutions must emerge from within the haredi community, but they cannot succeed without the understanding and support of the wider Israeli public.
This affects far more than just the haredi community and is a necessity for the betterment of Israeli society as a whole.
The writer is the chairman of the Haredi Public Party, a new political home for haredim who believe that protecting the world of Torah requires responsible leadership and practical solutions to the challenges facing our community and all of Am Yisrael.
Yashar to safeguard Law of Return, cut bureaucracy, address needs of olim in next gov’t – exclusive
Yashar Party leader Gadi Eisenkot would preserve the Law of Return if elected prime minister, while seeking to cut bureaucracy and address the needs of olim, head of the party’s olim integration initiative, Alex Rif told The Jerusalem Post in a recent interview, outlining key points of its plan for new immigrants ahead of its full release.
Eisenkot’s Yashar Party has become the largest party in the opposition bloc seeking to replace Prime Minister Benjamin Netanyahu in recent polls ahead of elections set to take place no later than October 27.
Rif told the Post that one of the aspects that differentiates Yashar from other parties in the opposition bloc on olim issues was its decision to develop a detailed plan specifically addressing the needs of new immigrants.
“No other party has this large, specific professional plan as we have,” she said.
One of the central issues for the party would be preserving the Law of Return and its Grandchild Clause, which enables anyone with a Jewish grandparent to become a citizen of Israel – even if they are not considered Jewish under the status of Jewish Law.
Right-wing parties in the current government have sought to cancel the Grandchild Clause in the Law of Return.
“It’s very clear to us that we have to preserve the status quo. To unite the Jewish people in Israel,” Rif said regarding the preservation of the Law of Return.
Rif: Israel must stay open to all Jews
“We believe that Israel has to stay open to them [all Jews]. This is Zionism. This is a declaration of independence of Israel as the center of the Jewish people.”
“I want to continue to open the door for the grandchildren of these Jews, who were almost erased, to come to Israel.”
Rif also addressed the issue of burial, saying the party would seek to ensure that olim who are not Jewish according to Jewish law could be buried in Jewish cemeteries if they choose.
She said that after the October 7 Hamas attacks in 2023, the issue was especially prevalent.
“If a soldier died in the IDF and he was not Jewish by halakha [Jewish law], he was buried in some kind of a different graveyard,” Rif explained, noting that the process has led to humiliation among grieving family members.
Yashar would also push to allow for civil marriage in the country, Rif added.
Another major component of Yashar’s plan would be reducing the bureaucracy that olim face in the country and also creating a center abroad to help them before they arrive in the country.
“We have to find those spots of excellence that Israel needs and find how to make it much easier for people that want to make aliyah,” Rif said.
The party would also seek to better integrate olim who arrive in Israel with established careers, including doctors, engineers and high-tech workers, by helping them find employment in their respective fields.
“We have to have specific programs for these highly educated people to come to Israel to make it easier for them, to help them come with their family, to help them stay so they’ll know their place of work before they even come.”
The plan would also address the integration of olim children into the country’s education system with better programs to aid their acclimation process.
“We have to think about how to assimilate better. We have to think about how to study Hebrew better, how to hug the family and the community better,” she said.
Rif also explained that there were major issues of racism and violence toward the olim community that needed to be addressed.
“We have a lot of issues of racism and violence and boycott in the Israeli education system by itself, but it’s just very severe in the olim community.”
“We have a lot of cases. I have a WhatsApp group with 200 parents whose children were boycotted or part of violence because they are olim.”
“We wrote a specific program for how to first educate the children and the teachers on multiculturalism, on the different people that are here, on respecting everyone,” she said.
Yashar’s plan includes improved translation of Hebrew websites
Another focus of the plan would be on improving services for elderly olim and ensuring better translation of Hebrew websites into different languages.
Rif said the party would also address the rising number of olim who leave the country after making aliyah.
“They left because they feel hopeless, and they feel that they want their children to be safe and to have a chance for a better future. Netanyahu’s government is not giving it to them.”
“I hope, and I know that Gadi is the only chance for them to come back,” she said.
Iran appoints AMIA bombing suspect to National Security Council
For the second time this year, Iran has named a wanted suspect in the 1994 bombing of the AMIA Jewish community center in Buenos Aires to a top security role.
A spokesman for the Islamic Republic’s president, Masoud Pezeshkian, said Monday that Mohsen Rezaei had resigned as an adviser to the supreme leader, Ayatollah Mojtaba Khamenei, and would assume the role of secretary of Iran’s powerful Supreme National Security Council. Rezaei is a former commander of the Islamic Revolutionary Guards Corps (IRGC).
Rezaei is wanted by Argentina and is subject to an Interpol Red Notice issued at Argentina’s request over his alleged role in the 1994 attack, which killed 85 people and remains the deadliest terrorist attack in Argentina’s history.
Earlier this year, Ahmad Vahidi, another suspect in the AMIA case and also the subject of an Interpol Red Notice, was appointed IRGC commander.
Argentine court rules Iran, Hezbollah responsible for AMIA bombing
In a landmark ruling in 2024, an Argentine court held Iran and its proxy in Lebanon, Hezbollah, responsible for the bombing, setting the stage for international legal action.
In June 2025, Argentina’s federal judiciary ordered that 10 Iranian and Lebanese suspects accused in connection with the deadly 1994 AMIA bombing be tried in absentia. Rezaei and Vahidi are among them.
The eight other suspects accused by the late AMIA special prosecutor, Alberto Nisman, are: former Iranian Intelligence Minister Ali Fallahijan, former Iranian foreign minister Ali Akbar Velayati, former Iranian ambassador Hadi Soleimanpour, former Iranian cultural attaché in Buenos Aires Mohsen Rabbani, and former Iranian diplomat Ahmad Reza Asghari, as well as suspected Hezbollah operatives Salman Raouf Salman, Abdallah Salman, and Hussein Mounir Mouzannar.
Moving, complex ‘Valley of Shadows’ explores culture clash in the Himalayas – review
There have been many movies in recent years chronicling the journey of Westerners into Third World countries where they travel to engage with nature or seek spirituality and enlightenment. Most of these, however, have been one-note, with the foreign travelers meeting locals who are glowing with wisdom and virtue, or who turn out to be criminals engaged in drug trafficking or other illegal enterprises.
Given all that, I was happy to see Salvador Calvo’s Valley of Shadows – opening throughout Israel on Thursday – which does not feature stereotypes or offer easy answers. It tells the story of Quique (Miguel Herran), a Spanish tourist who undergoes a horrific ordeal in northern India and ends up spending months in a tiny isolated village.
His time there gives him an unusual insight into the lives of the inhabitants of this area, whose existence is ruled by the harshness of nature and their lack of resources. They accept the limitations imposed on them in a way that is initially very difficult for Quique to understand and accept.
Something of a classic hero’s journey
But through his experiences with them, he changes his perspective in a fundamental way. The story, which would otherwise be bleak, becomes something of a classic hero’s journey as he eventually transcends his own limitations to find courage he didn’t know he possessed.
The movie, which features gorgeous photography of the Himalayas, starts out as Quique is traveling with Clara (Susana Abaitua), his girlfriend, and her son, Lucas (Iván Renedo), to whom he is very attached. They are part of the young backpacker culture who want an authentic experience.
They cope with the thin air and stay without complaint in guesthouses with no showers, joining the locals for hot baths at public facilities. But it is not an easy time for them. Clara has had cancer, and Quique sees this trip as an opportunity for her to heal.
When they hear of a village that some tourists tell them they must see to fully experience all the Himalayas have to offer, he is eager to visit it, even though it is isolated and the path to it is challenging. Clara would like them to go to Goa so she can go surfing, but Quique persuades her to head for the village with him and Lucas, which he hopes will help her come back to herself after a mastectomy. She agrees reluctantly.
Quique is beaten by bandits and left for dead
INEVITABLY, THEY get lost and camp out for the night in a remote spot. It’s difficult to discuss this next section without revealing spoilers, but they are separated, and Quique is beaten by bandits and left for dead. A local trader picks him up and takes him back to his mountain village.
In a monastery there, he is treated with local remedies for his injuries, and when he regains consciousness, he is confused and barely able to walk. Frantically, he insists he must report what has happened to the police immediately.
The monk and his assistant, Prana (Alexandra Masangkay, who gives the movie’s standout performance), a young woman with an eye-patch that covers a serious injury of her own, insist that he make a contribution to their monastery, and he struggles to explain what happened to him and why he has no money.
Prana speaks English and Spanish and translates for the head monk. Quique learns to his dismay that there is no way to travel to any village with police for months, until the river freezes and it is possible to walk there. But he must report the crime and get in touch with their families, he insists, to which the locals shrug. There is nothing to be done right now.
Much of the rest of the movie is about Quique getting to know the villagers and absorbing their point of view. In many ways, this film is reminiscent of the movies by the director and Buddhist lama Khyentse Norbu, who made The Cup and Travelers & Magicians, and Pawo Choyning Dorji, the director of the Oscar-nominated Lunana: A Yak in the Classroom and The Monk and the Gun.
All of these movies are set in Bhutan and northern India and deal with the clash between Buddhist tradition, third-world realities, and Western culture. It’s high praise that Valley of Shadows brought to mind these films, which are among the most interesting movies of the past 25 years.
Valley of Shadows neither glorifies nor demonizes the local culture, and it makes it clear that tourists are putting themselves in danger by going off on their own in a place where their phones, cameras, and the contents of their wallets represent more money than most residents can hope to earn in years.
This is a reality that so many Westerners seem to ignore when they head off on their treks, and it’s true that most of the time, they return home safely. But the risk is real, and Valley of Shadows explores it.
By the end, we have learned so much about the villagers that our perspective on them has changed, as has Quique’s. Alejandro Hernandez’s script, which tells us exactly as much as we need to know at any point, is low-key but effective. Combined with the spectacular photography and compelling performances by the entire cast, many of whom are non-professionals, the movie takes us on a moving journey.
Ondas wins Defense Ministry tender for next generation attack drones
A week after announcing the appointment of former Mossad chief David Barnea as president and chairman of its defense division, US company Ondas announced that it had won an Israeli Defense Ministry tender to develop the next generation of attack drones for the IDF.
In doing so, Ondas beat companies such as Elbit Systems and Rafael, which have already unveiled and supplied attack drones to the IDF.
According to the company, the multimillion-dollar strategic “Digital Bat” program is intended to provide a low-cost, next-generation tactical drone platform powered by advanced software and designed to meet the IDF’s evolving operational requirements for systems that can be supplied quickly and inexpensively.
Ondas is a Nasdaq-listed holding company valued at $5.3 billion, up 10% since the announcement of Barnea’s recruitment. Its Israeli branch is headed by Brig.-Gen. (res.) Oshri Lugassy, a former IDF chief engineering officer and Rafael executive.
Over the past year, the company has acquired a series of small Israeli defense companies: drone manufacturer Airobotics, which also produces interceptor drones; Omnisys, which develops artificial intelligence systems for mission planning, optimization, and combat resource management; BIRD Aerosystems, which develops and manufactures airborne defense systems and maritime and aerial mission solutions; Roboteam, which develops ground robotic systems for military and security applications; Sentrycs, which develops technology for detecting, monitoring, and intercepting drones; and INDO, which deals in heavy engineering equipment for civilian and defense applications.
Ondas’s attempt to take control of mPrest, which manufactures the command-and-control system used by Iron Dome, was blocked by the Defense Ministry. The ministry has been examining the US company for months after it raised $1 billion from an investor whose identity it has declined to disclose.
“This strategic award represents an important validation of the defense technology platform we are building at Ondas and our growing ability to serve as a prime contractor for complex, next-generation defense programs,” said Eric Brock, chairman and CEO of Ondas.
“The Israeli Ministry of Defense operates at the forefront of modern defense technology and has some of the most demanding operational requirements in the world. Their selection of Ondas reflects confidence in our internal engineering capabilities, operational experience, and ability to rapidly translate changing battlefield requirements into scalable, mission-ready systems.”
Brock added, “We are witnessing a fundamental shift in defense priorities toward affordable autonomous systems that can be produced and deployed at meaningful scale. The Drone Dominance program launched by the US Department of War, a $1.1 billion initiative focused on rapidly fielding low-cost unmanned systems, including one-way attack drones, is a clear example of this broader trend. This program reflects similar operational priorities: providing frontline forces with cost-effective, scalable, and rapidly deployable tactical strike capabilities. We believe Ondas is well positioned to address this growing demand across Israel, the United States, and other allied defense markets.”
Advanced tactical aerial capabilities for IDF infantry battalions
The Defense Ministry’s new tender is intended to provide IDF infantry battalions with advanced tactical aerial capabilities that can be rapidly deployed and adapted to complex and changing operational environments. Tactical attack drones are becoming an increasingly important component of modern military operations, providing troops with responsive, precise, and flexible aerial capabilities at the unit level.
The development effort will focus on the aerial platform, autonomous functionality, mission integration, systems engineering, production readiness, and compatibility with broader command-and-control environments.
“The award represents an important opportunity to apply Ondas’ autonomous systems capabilities to one of the most important evolving requirements on the modern battlefield,” Lugassy said.
“Tactical forces increasingly require aerial systems that can be rapidly deployed, integrated directly into operational workflows, and adapted as missions and threats evolve. Our approach is to develop the full operational capability, not just a single drone. This includes the platform, autonomy, mission software, system integration, manufacturing infrastructure, and operational support required to move from development to meaningful field deployment.”
Pro-Palestinian democratic socialist Francesca Hong polling far ahead in Wisconsin governor’s race
One week after notching a significant primary victory in a Midwestern purple state, pro-Palestinian progressives are looking to repeat their success in Wisconsin.
The Badger State’s chaotic Democratic primary for governor ends Tuesday with state Rep. Francesca Hong, a democratic socialist, polling comfortably in the lead. Despite the best efforts of the state’s Democratic establishment, and the concerns of Wisconsin Jewish groups, Hong appears well positioned to win the primary – leaving many in the state concerned about her electability in the general.
Hong’s record on Israel and antisemitism is of concern to Wisconsin Jews, as well as Democratic figureheads more broadly. She has appeared on livestream fundraisers with Hasan Piker, the left-wing strident Israel critic who has also rallied with Hong, as well as twice with Michael Beyer (“Mike from PA”), who has called Jewish identity “a constructed ethnicity, this demonic ethnicity, wholly invented.”
On one of her appearances with Beyer, Hong urged constituents to fundraise for people on the “front lines in Gaza.”
A poll of likely voters one week before the race, conducted by nonpartisan outlet State Navigate, showed Hong with a commanding lead. Forty-four percent of those surveyed said they favored Hong, twice the total who backed Milwaukee County Executive David Crowley, the next-closest candidate.
Only 17% of the same voter sample said they identified as democratic socialists, possibly indicating that Hong – whose platform has emphasized working families, healthcare, and data centers – has found wider appeal beyond her movement.
The party’s left flank is buoyed by Abdul El-Sayed’s victory last week in the US Senate primary in Michigan, and hopes that a repeat success is possible in a neighboring Great Lakes state with a similarly purple voting bloc. But El-Sayed performed far short of the comfortable victory many polling outlets had predicted, squeaking a winning margin of just under 1%.
Polls show Hong in wide lead despite early lack of name recognition
That may not be the case this time. Polling from Marquette Law School, considered the gold standard in the state, has also consistently shown Hong with a wide lead. Despite entering the race with little name recognition, Hong has benefitted from both a national progressive populist push and a crowded, musical-chairs Democratic field that burst with seven candidates at its peak.
The race has been whittled down to four candidates today, with Crowley having re-entered the field after previously suspending his campaign. The flip came after Lt. Gov. Sara Rodriguez, the preferred candidate of Crowley and many other institutionalist Democrats, dropped out of the race following an accounting scandal. Former Lt. Gov. Mandela Barnes, the party’s 2022 US Senate nominee and a once-promising figure in the state, also dropped out after failing to gain traction.
During her campaign, Hong apologized for having called the police on a vandalized Israeli flag in her district in December 2023, which at the time she had called “highly antisemitic” and urged to be investigated as a hate crime.
Explaining why she now regrets making the call, Hong recently told the Milwaukee Journal Sentinel, “The image was cropped and incomplete to misrepresent anti-Zionism as antisemitism – a distinction I take seriously.”
Hong’s impact on Israel policy as governor of Wisconsin would be limited. But she has called Prime Minister Benjamin Netanyahu’s government “genocidal” and pushed the state to overturn a ban on government contracts with businesses that boycott Israel. She has also criticized Wisconsin’s current moderate Democratic governor for backing the International Holocaust Remembrance Alliance (IHRA)’s controversial definition of antisemitism.
DSA co-chair defends Oct. 8 Times Square rally in ‘New Yorker’ interview
Hong’s general-election success may hinge on the broader electorate’s views of the Democratic Socialists of America (DSA). This week a co-chair of the DSA drew further concern from Jewish Democrats after appearing in a viral interview on The New Yorker’s podcast. Megan Romer called the Oct. 7, 2023, Hamas attacks in Israel “largely inevitable” and said she “probably would have” joined a pro-Palestinian rally in New York the day after the attacks if she’d been able to attend.
Prior to Oct. 7, Hong’s state house campaigns had expressed some positive feelings toward Jews and Jewish causes. In January 2023, her campaign sold a Hebrew-language shirt, with proceeds going to Jewish Social Services of Madison.
“Team Hong has upped our commitment to uplifting multiculturalism,” Hong’s campaign wrote on Twitter at the time. She included praise of the symbolic significance of the number 18 in Hebrew and of the Hebrew phrase “L’chaim.”
Lenders urged to solve business problems before adopting AI
Mortgage lenders that adopt artificial intelligence should focus first on the business problems they’re trying to solve rather than chasing the latest technology, according to panelists who spoke Tuesday at HousingWire’s AI Summit.
Amanda Tucker, chief risk and compliance officer at Atlantic Bay Mortgage Group, and Michael Crockett, chief operating officer at Xactus, said the growing number of AI tools entering the mortgage market can make it difficult for lenders to determine where the technology can deliver meaningful value.
“The first thing that we are focused on is what is the business problem that we’re trying to solve versus what is the AI solution,” Tucker said.
The distinction is particularly important when AI is consumer-facing or involved in decision-making. Lenders need to understand a technology’s controls and ensure employees are properly trained, Tucker said.
Crockett said implementing AI does not eliminate the need for human oversight or regulatory compliance. Automated decisions remain subject to fair lending rules and other requirements, and lenders must continue monitoring systems as data and models change.
“Most will say once we implement and adopt AI, then they expect that the compliance component goes away,” Crockett said. “That’s not the case.”
The most immediate opportunities may be in repetitive, manual tasks that consume employees’ time. Tucker said Atlantic Bay is evaluating how AI can support growth without adding headcount by freeing employees to focus on customer-facing work, decision-making and strategic tasks.
Potential applications include reviewing legal documents and vendor contracts, analyzing mortgage guidelines, and supporting quality control and compliance monitoring. Tucker emphasized that AI is not intended to replace employees in these functions but to help them process information more quickly and devote more time to analysis.
Lenders can test AI on a small scale over several days, particularly for noncritical functions, Tucker said. Enterprisewide deployment, however, should be a multimonth process that includes due diligence, governance standards, success metrics and ongoing monitoring.
Lenders also should work with technology vendors to establish how those controls will operate. Vendors that cannot clearly explain their governance, monitoring or evaluation processes may not be ready for deployment, Tucker said.
Regulatory changes add another challenge as lenders deploy AI while state and federal requirements continue to evolve. Companies could be forced to modify systems already operating in production as new rules emerge.
Employee adoption also can pose challenges. Workers may question AI-generated results or worry that the technology will replace their jobs, Crockett said. Lenders should communicate clearly about how AI will be used and position it as a tool to enhance employees’ work rather than replace them.
For lenders deciding where to deploy AI, Tucker recommended asking employees which parts of their jobs create the greatest workload and where teams are increasingly requesting additional staff.
These pain points can help identify repetitive tasks that AI could automate, creating opportunities to increase scalability without adding headcount.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Mortgage insurers face larger safety net rule for VantageScore 4.0
Mortgage insurers will be required to keep a larger safety net for mortgages originated using VantageScore 4.0 than for comparable loans using Classic FICO, according to new guidance from the government-sponsored enterprises (GSEs).
In late July, Fannie Mae and Freddie Mac published a new grid for their Private Mortgage Insurer Eligibility Requirements (PMIERs) that, for the first time, includes VantageScore 4.0 credit scores. The change comes as the mortgage industry transitions away from Classic FICO and toward newer credit-scoring models.
In a statement to HousingWire, a VantageScore spokesperson said that it is not the company’s policy to comment on FHFA/GSE pricing.
“We applaud Director Pulte and Fannie Mae and Freddie Mac Leadership Teams for swiftly and effectively modernizing credit scoring in the conventional-conforming mortgage market to allow competition, delivering significant savings for mortgage lenders while simultaneously improving access to mortgage finance and enhancing safety and soundness of the mortgage finance system,” the spokesperson added.
The guidance, issued under the oversight of the Federal Housing Finance Agency (FHFA), sets percentage factors used to calculate the risk-based required asset amount based on a loan’s original loan-to-value (LTV) ratio and original credit score.
As with Classic FICO, higher LTVs and lower credit scores result in higher required asset factors. But the factors are generally higher for loans using VantageScore 4.0 than for comparable loans using Classic FICO.
Pivot Financial estimated the difference for a $300,000 loan with an 85% LTV. For a borrower with a 680 credit score, an insurer would need to hold $4,980 more in required assets for a VantageScore loan — $22,530 versus $17,550 for a Classic FICO loan. For a borrower with a 753 credit score, the difference would be $2,640, with $10,830 required for VantageScore versus $8,190 for Classic FICO.
For the same $300,000 loan with a 95.5% LTV, the difference would be $7,440 for a borrower with a 680 credit score, with $50,190 required for a VantageScore loan versus $42,750 for Classic FICO. For a borrower with a 753 credit score, the difference would be $6,720, with $29,520 required for VantageScore versus $22,800 for Classic FICO.
Jennifer McGuiness, CEO of Pivot Financial, said the grid is “clearly indicating” that insurers need to reserve more dollars for loans with VantageScore “based on the fact that their scores are generally higher and the credit reporting required to produce its score is materially shorter — one month for Vantage versus six months for FICO.”
“This makes sense, as the market has proven that ‘gaming’ is happening using the VantageScore versus the FICO Classic score,” McGuiness said.
According to McGuiness, under former FHFA Director Sandra Thompson, the agency planned to require a bi-merge report using both FICO 10T and VantageScore 4.0 alongside Classic FICO. The goal was to allow for a “proper analysis” to be conducted in “real time” and for the models to be calibrated to produce appropriate loan-level price adjustment (LLPA) grids, she said.
“When Director Pulte allowed lender choice, there was no longer a mechanism for the GSEs to analyze this material data,” McGuiness said.
Under the new guidance, if a mortgage insurer receives both FICO and VantageScore 4.0 scores for a loan, the insurer can select either grid to calculate its risk-based required assets.
“The new VS4 grid has a more detailed breakout, and for most buckets the VS4 required capital level is higher and corresponds to the required capital for a FICO loan with a credit score that is 20 points lower,” analysts at Keefe, Bruyette & Woods (KBW) wrote in a report published Tuesday.
According to the analysts, under these new rules, a VantageScore is treated roughly the same as a FICO score that is 20 points lower, consistent with observations from some mortgage originators.
While some major mortgage lenders have started using VantageScore, widespread adoption across the industry has been slow. Analysts don’t expect these new reserve rules to significantly impact overall mortgage activity right now. The new grid takes effect Sept. 30.
U.S. Mortgage Insurers (USMI) said that its members “support credit score modernization to promote prudent risk management while efficiently serving low down payment borrowers.”
“USMI members are insuring loans scored with the Classic FICO and VantageScore 4.0 models, working closely with their lender partners and the GSEs throughout the process,” the trade association said in a statement.
Markets Slip as Oil, Housing and AI Costs Shape Tuesday’s Business Day
U.S. stocks finished modestly lower Tuesday as investors weighed stubborn energy prices, softer housing activity, mixed consumer signals and another round of massive AI infrastructure spending ahead of Wednesday’s inflation report.
The S&P 500 closed at 7,728.20, down 24.91 points, or 0.3%. The Dow Jones Industrial Average fell 184.13 points, or 0.3%, to 53,791.85, while the Nasdaq Composite declined 159.91 points, or 0.6%, to 26,445.45.
Small-cap stocks moved the other way. The Russell 2000 gained 0.3% to 3,027.12, showing better relative strength among smaller companies even as large technology stocks lagged.
Brent crude settled 1.4% higher at $88.91 a barrel, keeping energy costs at the center of the inflation debate. The 10-year Treasury yield eased to about 4.68%, down from roughly 4.72% Monday.
Among the day’s biggest movers, On Holding plunged more than 21%, Aramark jumped nearly 9%, and Cardinal Health finished higher.
The larger story beneath the indexes was an economy sending conflicting signals: housing remains constrained by high borrowing costs, small-business owners are becoming more optimistic, oil remains expensive, and AI infrastructure companies continue projecting extraordinary growth.
Housing Slows Again
Existing-home sales fell 1.7% in July to a 4.06 million annualized pace, marking the second consecutive monthly decline.
The median existing-home price still increased about 2% from a year earlier to $434,100, while inventory slipped to roughly 1.54 million homes.
Mortgage rates remained close to 6.7%, leaving both sides of the housing market under pressure.
Potential buyers are struggling with monthly payments that remain far above pre-pandemic levels, while existing homeowners with mortgages locked in at much lower rates remain reluctant to sell.
That creates a market where home prices can stay elevated even as transaction volume remains weak.
For brokers, mortgage lenders, title companies, contractors, furniture retailers and businesses tied to home turnover, the slowdown in transactions remains the bigger problem than falling property values.
Small Businesses Turn More Optimistic
The NFIB Small Business Optimism Index climbed to 99.8, its highest level in 11 months.
The share of owners planning to create jobs over the next three months rose to 20%, the highest level since October 2022.
That is an important counterpoint to last week’s weak national employment report.
Small businesses are still signaling demand for workers even as broader payroll growth slows, suggesting the labor market may be cooling unevenly rather than collapsing across the economy.
The challenge remains finding qualified employees. Many business owners continue reporting difficulty filling open positions.
For Main Street, the numbers suggest confidence is improving even while financing costs, labor shortages and input prices remain substantial obstacles.
Energy Costs May Stay High Much Longer
The U.S. Energy Information Administration raised its oil-price outlook as Middle East production disruptions continue.
The agency estimates roughly 5.5 million barrels per day of Middle East production — more than 5% of global oil consumption — was offline during July.
More importantly, the EIA now expects some disrupted production to remain unavailable through the end of 2027.
The agency raised its 2026 Brent crude forecast to approximately $86.81 a barrel, while estimating global production at roughly 100.8 million barrels per day against demand near 104 million.
That changes the business calculation.
Elevated oil prices do not stop at the gas pump. They increase trucking expenses, aviation costs, plastics production, manufacturing expenses, utility bills and the price of moving goods through supply chains.
For business owners, the larger takeaway is that expensive energy may no longer be a temporary Hormuz-related shock.
If production remains constrained well into 2027, companies may have to begin treating higher transportation and energy costs as a longer-term operating expense.
U.S. and Canada Move Toward Possible Trade Deal
American and Canadian officials are working toward a potential trade agreement ahead of another threatened round of U.S. tariffs.
The discussions could affect autos, steel, aluminum, agriculture, construction materials and other industries where U.S. and Canadian supply chains are deeply connected.
For businesses operating across the border, even progress toward an agreement reduces uncertainty around pricing, sourcing, inventory and long-term contracts.
North American manufacturers often move components across the border multiple times before a finished product reaches a customer, meaning tariffs can compound throughout the supply chain.
No final agreement has been reached, and the possibility of new tariffs remains.
On Holding Plunges as U.S. Growth Slows
Shares of premium footwear company On Holding fell more than 21% after investors focused on slower sales growth in the Americas.
Americas sales increased about 13%, compared with roughly 17% growth in the previous quarter.
Asia-Pacific sales remained much stronger, increasing more than 50%.
The company is still growing, but Wall Street punished the slowdown because investors had priced in unusually strong expansion.
Management also signaled that it would not chase sales volume through aggressive discounting, preferring to protect the premium positioning of the brand.
For retailers and consumer companies, the reaction offered another warning about the American consumer.
Higher-income shoppers are still spending, but investors are increasingly sensitive to any evidence that discretionary purchases are slowing.
Shein’s Valuation Reset Gets Real
Shein is preparing to move ahead with a Hong Kong initial public offering that could value the fast-fashion company at roughly $30 billion to $40 billion.
That would represent a dramatic reset from its private valuation of more than $98 billion in 2022.
The company has faced rising trade costs, regulatory scrutiny and the elimination of a U.S. duty exemption that had helped make its direct-to-consumer shipping model extraordinarily inexpensive.
Shein recently swung to a quarterly loss as those pressures increased.
The IPO will therefore become an important test of how investors value ultra-fast global e-commerce once cheap cross-border shipping and tariff advantages become less dependable.
It also matters for other private companies considering public listings. A successful Shein offering at a substantially lower valuation could encourage more companies to accept realistic pricing rather than wait indefinitely for previous private-market valuations to return.
AI Infrastructure Spending Keeps Accelerating
After the closing bell, Super Micro Computer projected fiscal 2027 revenue of $65 billion to $72 billion, far above Wall Street expectations.
The company remains one of the largest suppliers of servers optimized for artificial-intelligence workloads, and its forecast suggests hyperscalers and other AI developers are still placing enormous orders for computing infrastructure.
CoreWeave separately reported second-quarter revenue of $2.58 billion, slightly ahead of expectations.
But CoreWeave also showed the other side of the AI boom.
Technology and infrastructure expenses jumped 125% to $1.51 billion, highlighting how much capital is required to build and operate the computing capacity customers are demanding.
That is becoming one of the most important questions surrounding AI.
Demand remains extraordinary. The harder question is whether the companies financing data centers, chips, networking equipment and power infrastructure can ultimately generate returns large enough to justify the spending.
The AI boom is increasingly becoming a financing and infrastructure story rather than simply a software or semiconductor story.
Cyberattack Reaches Freight and Logistics
Uber Freight disclosed unauthorized access to part of its systems and repositories.
The company said operations continued normally and that the incident had been contained, but hackers claimed to possess nearly 1 million files.
The same broader hacking campaign has reportedly targeted major financial and investment organizations.
For businesses, attacks on freight platforms create risks far beyond stolen passwords.
Modern logistics systems contain customer information, pricing, routing instructions, contracts, shipment records and billing data.
A disruption can quickly spread across manufacturers, distributors, retailers and trucking companies that depend on those platforms to move inventory.
Cybersecurity is therefore becoming a supply-chain issue as much as an IT issue.
What to Watch Wednesday
The biggest event arrives at 8:30 a.m. ET, when the government releases July consumer inflation.
Markets are looking for headline inflation around 3.4% year over year, with core inflation expected near 2.5%.
The report could determine the market’s next major move.
A hotter-than-expected number could lift Treasury yields, strengthen the dollar and pressure technology and other rate-sensitive stocks.
A softer reading could push yields lower and revive expectations that the Federal Reserve can remain on hold rather than tighten further.
The inflation report also matters directly to businesses because it will show whether higher energy and other input costs are beginning to spread more broadly through consumer prices.
Cisco reports earnings after the closing bell Wednesday, giving investors another read on whether AI spending is spreading beyond chips and servers into networking equipment.
Oil remains the largest external risk.
With Brent near $89 a barrel and the EIA warning that some Middle East production disruptions could persist through 2027, another negative development around shipping or production could quickly overwhelm even a favorable inflation report.
Tuesday’s market decline was small.
The business signals underneath it were not.
Housing remains locked by rates, small-business confidence is improving, oil is threatening to stay expensive for much longer, U.S.-Canada trade remains unsettled, premium consumer brands are seeing more pressure, and the AI infrastructure buildout continues at a scale that is reshaping capital spending across the economy.
JBizNews Desk | Wall Street
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Americans Cut Debt for First Time in Six Years
American households owed slightly less at the end of June than they did three months earlier — the first time total household debt has gone down in six years, and only the third such quarter since the last recession.
The New York Fed reported Tuesday that total household debt fell by $13 billion, or 0.1%, to $18.8 trillion in the second quarter. The figure comes from the bank’s Quarterly Report on Household Debt and Credit, built from a nationally representative sample of Equifax credit records.
The decline is real but slim, and most of it traces to one line: mortgages. Mortgage balances dropped by $74 billion to $13.1 trillion. Every other major category went the other way. Credit card balances rose $21 billion to $1.26 trillion, auto loan balances climbed $28 billion to $1.71 trillion, and student loan balances edged down to $1.65 trillion.
Before reading that mortgage number as households paying down their homes, note the mechanical explanation. The $74 billion decline was attributed to a servicer transfer gap — the reporting lag that occurs when a mortgage is handed from one servicer to another and the balance temporarily drops off the credit file. Those balances are expected to reappear. The headline decline, in other words, rests partly on a bookkeeping delay rather than on borrowers retiring debt.
What is not mechanical is the direction of everything else. Ted Rossman, principal consumer finance analyst at Money Management International, said the last quarter-over-quarter decline was six years ago, and the one before that was more than a decade ago. He tied the slip — alongside GDP growth under 2% and a softer jobs market — to an economy that is slowing, and noted that mortgage balances have now declined quarter-over-quarter only three times since 2016. Households borrow less when they are less confident about income, and when higher rates make new borrowing expensive.
The delinquency picture in the same report cuts two ways, and the split is worth understanding because the two numbers appear to contradict each other.
The broad measure improved. The share of loan balances at least 30 days overdue fell to 4.7%, and some measures of newly delinquent debt declined as well. That is the total stock of late debt across all households — and by that yardstick, most borrowers are keeping current.
The flow into new trouble tells a different story. A greater share of borrowers went at least 30 days late on mortgage payments in the second quarter than in any quarter since 2015, and more went 90 days or more past due on car payments than in any quarter since 2010.
Those two facts fit together. The overall pool of delinquent debt can shrink while the rate of new borrowers falling behind rises, because older delinquencies are being cured, written off or resolved faster than new ones arrive. The aggregate looks stable; the entry rate does not. “Overall, consumer debt and delinquencies are plateauing, not plummeting,” Rossman said, adding that considerable strain remains at the household level. Demand for financial counseling at his organization has grown for five straight years.
For businesses, the practical read is a consumer that has stopped expanding its balance sheet. Auto lenders are the most exposed: balances grew $28 billion in the quarter even as serious delinquencies on car loans hit a 16-year high — more lending into a borrower pool where the weakest tier is failing at rates not seen since the aftermath of the financial crisis. Credit card issuers added balances too, which supports interest income in the near term and raises loss exposure if the labor market softens further.
Retailers and anyone selling big-ticket items should read the mortgage line carefully rather than optimistically. Home equity withdrawal and mortgage refinancing have historically funded renovation, appliance and furniture spending. A quarter in which mortgage balances fell — even partly for technical reasons — is not a quarter in which that channel opened up.
For the Fed, the report lands as one more data point on a slowing but not breaking consumer. Falling aggregate delinquency argues against alarm. Rising entry into delinquency on the two loan types most tied to household cash flow, mortgages and cars, argues that the strain is concentrated and building at the bottom.
The one clean conclusion from Tuesday’s data is that after six years of continuous growth, American household borrowing has stopped rising. Whether that is discipline or exhaustion is what the next two quarters will settle.
JBizNews Desk | New York
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Eclipse and Perseids Collide in Rare Double Sky Show
Tomorrow brings a celestial doubleheader that will not happen again anytime soon: a total solar eclipse will race across the Arctic and Europe during the day, and just hours later the Perseid meteor shower will reach its peak under an almost perfectly dark, moonless sky.
For a small slice of the planet, Aug. 12 could deliver one of the most spectacular sky-watching days in years.
And Americans are not completely left out.
The total eclipse misses the United States, but a partial eclipse will be visible across parts of the country. New York will see roughly 9% of the sun covered, Boston about 16%, and portions of Alaska more than 30%.
Then, after darkness falls, the real American show begins.
The Perseids — one of the most popular meteor showers of the year — peak overnight Wednesday into Thursday, with virtually no moonlight to wash out the sky.
That combination is what makes Aug. 12 special.
The eclipse begins over northern Russia before the moon’s shadow sweeps across Greenland, Iceland and the North Atlantic and finally reaches Spain and a small corner of Portugal shortly before sunset.
Inside the narrow path of totality, daylight will briefly disappear.
At maximum, the sun will be completely covered for 2 minutes and 18 seconds. Reykjavik gets roughly a minute of totality, while parts of Spain will watch the sun vanish just before it drops toward the horizon.
For Spain, it is an especially historic event. The country is entering an extraordinary three-year eclipse run: Wednesday’s total eclipse will be followed by another total eclipse on Aug. 2, 2027, and a “ring of fire” annular eclipse on Jan. 26, 2028.
Hotels, tour operators and eclipse watchers have been preparing for months.
But there is one thing nobody can reserve: clear skies.
Much of the early eclipse path crosses regions where clouds can spoil the show. Spain offers some of the better weather prospects along the route, making the final European stretch one of the most closely watched viewing areas.
Anyone watching even a partial eclipse needs proper solar protection. Eclipse glasses or approved solar filters are required whenever any portion of the sun remains visible. Only people standing inside the path of totality may safely remove protection during the brief period when the sun is completely covered.
Then comes Act Two.
As Europe finishes watching the eclipse, Earth will be moving through the debris trail of Comet Swift-Tuttle, producing the annual Perseid meteor shower.
And 2026 offers almost perfect viewing conditions.
The moon is new on Aug. 12, meaning there will be essentially no moonlight competing with the meteors. The American Meteor Society says normal peak rates from dark rural locations are around 30 to 50 Perseids an hour, while the theoretical maximum rate can reach about 100 under ideal conditions.
No telescope is needed.
The best strategy is simple: get away from city lights, find a wide view of the sky, put away the phone and give your eyes about 20 minutes to adjust to the darkness.
Viewing improves later in the night as the Perseid radiant climbs higher, with some of the best conditions arriving in the hours before dawn Thursday.
And for the lucky few watching from the eclipse path, there is an extraordinary possibility.
A bright Perseid could streak across the sky during totality itself — a meteor flashing through a daytime sky suddenly turned dark by the moon.
Most people will never see that combination.
For Americans, the show is more spread out: catch whatever portion of Wednesday’s partial eclipse is visible from your location, then come back outside after dark.
One day.
An eclipse.
A moonless Perseid peak.
And potentially dozens of shooting stars before breakfast.
Wednesday is a good day to look up.
JBizNews Desk | New York
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CBO Blames Struck-Down Tariffs for $200 Billion Deficit Jump
The federal budget hole for 2026 grew by $200 billion, and the government’s own scorekeeper points at one cause: the tariff revenue that stopped arriving after the Supreme Court invalidated the program collecting it.
The Congressional Budget Office now projects the fiscal 2026 deficit at $2.1 trillion, according to its Monthly Budget Review released Monday — up from the $1.9 trillion forecast in February, before the court struck down President Trump’s signature tariff program. Federal spending is tracking close to the February baseline, meaning the revision is almost entirely on the revenue side.
CBO estimates tariff and customs-duty collections in 2026 will land $250 billion below earlier projections, a roughly 60% drop that traces directly to the Feb. 20 ruling that the administration lacked authority to impose tariffs under the International Emergency Economic Powers Act. Trump has since imposed new import taxes under Section 122 and later Section 301 of the Trade Act of 1974, but the shortfall stands.
The refund mechanics are the part worth understanding. Duties already collected under the invalidated authority have to be returned to importers, so Customs and Border Protection is paying money out on the same line item that was supposed to bring it in. By July the government was refunding more tariff revenue than it collected — $36 billion in refunds against $26 billion in gross collections, a net outflow of $9 billion for the month. Roughly $100 billion has now been refunded on duties collected under the struck-down authority. About $70 billion of that went out in May and June alone.
The rest of the ledger held up better. Income and payroll tax collections are running about $75 billion above the February baseline, cushioning part of the blow. Through the first 10 months of the fiscal year, federal spending rose $308 billion from a year earlier while tax receipts rose $139 billion, producing a deficit of nearly $1.8 trillion — $169 billion wider than the same stretch of fiscal 2025. Interest costs on the national debt are up 14% year over year.
July’s monthly figure carries a caveat. CBO put the July deficit at $431 billion — $765 billion in spending against $334 billion in revenue, roughly $140 billion worse than July 2025. But timing shifts pulled payments normally due Aug. 1 into July; adjusted for that, the July deficit was $333 billion, only $41 billion larger than a year earlier.
For importers and the banks financing them, the refund flow is a live working-capital event: duties paid over the past year are coming back, improving cash positions for firms that absorbed them, while replacement tariffs under different statutory authorities carry their own rates and their own litigation risk. For bond markets, the read-through is simpler — $200 billion more borrowing than planned, in a year when debt service is already the fastest-growing line in the budget.
CBO has estimated that the February reduction in tariff rates increases primary deficits by about $1.6 trillion over the 2026-2036 period, plus another $0.4 trillion in debt-service costs. That is the longer arc: the tariff program had been scored as a deficit reducer, and removing it reverses the arithmetic across the entire ten-year window.
Maya MacGuineas of the Committee for a Responsible Federal Budget said the borrowing level barely scratches the surface of the fiscal deterioration, noting the country is approaching $40 trillion in gross national debt. The national debt has already surpassed the size of the economy for the first time since World War II.
Fiscal year 2026 ends Sept. 30.
JBizNews Desk | Washington
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US Household Debt Posts 1st Quarterly Decline in 6 Years: New York Fed
Red ink has flooded households across the country since 2013, but consumers could be more cautious about their borrowing in the face of stubborn inflation.
Collectively, in the second quarter, household debt fell by $13 billion from the previous quarter to $18.77 trillion, the New York Fed reported.
“The last time that happened was exactly six years ago, early in the COVID-19 pandemic. Aside from that, the last quarter-over-quarter decline was way back in 2014,” Ted Rossman, principal consumer finance analyst at Money Management International, told The Epoch Times in a statement….
Zuckerberg Names Concentrated AI Power the Biggest Risk
Mark Zuckerberg published a 6,500-word argument Monday that the most dangerous outcome in artificial intelligence is not a machine that escapes human control, but a handful of institutions controlling the machines.
The essay, titled “The Future is for Everyone: The Path to a Positive AI Future,” argues superintelligent AI should be distributed broadly to individuals rather than concentrated among a small number of companies, governments or institutions, and is built around three stated principles: individual empowerment as the source of prosperity, invention as the primary purpose of superintelligence, and balance of power as the foundation of safety. Zuckerberg wrote that treating AI as so dangerous that extreme concentration of power is the only safe path “seems inherently problematic,” a direct challenge to the approach taken by OpenAI and Anthropic.
He predicted the shift would expand employment rather than shrink it, writing that it would lead to greater economic growth and more jobs over time. The document, which critics called fantastical, describes an era in which everyone has tools to start businesses, receive PhD-level tutoring and get personalized lifestyle guidance. Zuckerberg wrote that he finds it surprising how much doom fills the discourse from people building AI.
Read as a business document rather than a philosophical one, the essay is a defense of Meta’s strategy and its spending. Meta’s 2026 capital expenditure budget is expected to reach roughly $145 billion, much of it aimed at AI infrastructure and data centers, and reports citing the Wall Street Journal say the company could spend as much as $600 billion through 2028 as it expands computing capacity. Open weights and mass distribution are the commercial argument for building at that scale: a company giving models away needs a reason for the outlay that closed-model rivals do not.
Meta released Muse Glimmer the same day, a 30-billion-parameter agentic model under an Apache 2.0 license. The manifesto names no competitor, though the labs described as building AI for enterprises and governments are readily identifiable.
It also leaves itself room. Zuckerberg wrote that superintelligence will raise new safety issues requiring rigorous mitigation and caution about what the company chooses to open source — read by some as preserving the option not to release the most capable future models, a departure from the fully open Llama weights of the past.
The timing was awkward. Hours after the essay went up, 29 House Democrats sent letters to OpenAI and Anthropic demanding explanations of how their AI agents had escaped containment and accessed real companies’ production systems without human direction. The manifesto arrives as policymakers debate how much control they should have over increasingly powerful models, and while systems have been observed breaking out of sandboxes and generating novel viruses. Zuckerberg frames AI instead as an analog to earlier disruptive technologies, writing that each transformative advance brought fear of people being left behind and each time ended with more people sharing prosperity, health and freedom.
In an interview with Axios ahead of publication, Zuckerberg said putting the technology in everyone’s hands achieves both individual empowerment and checks and balances, and acknowledged it is a different view from much of the tech industry.
For the communities where this capital lands, the essay contained the most concrete item. Zuckerberg acknowledged the resistance large data center projects now face — objections over electricity demand, water consumption, land use and strain on local infrastructure — and Meta proposed a $1 billion “Future Is For Everyone Fund” for communities hosting its facilities. That is roughly two-thirds of one percent of this year’s capex, offered against a permitting environment that has become the binding constraint on AI expansion in several states.
One thought experiment carries the essay’s core claim: if only one person in the world had a superintelligent lawyer, that person would win every case, even when wrong. The counterargument from the labs Zuckerberg is challenging is that the same logic applies to capabilities nobody should hold at all.
Whether the stated philosophy translates into actual changes in how Meta releases future models — and how rival labs answer his characterization of their safety approach — will determine how the essay is remembered. For investors, the nearer question is whether $145 billion a year buys a defensible position in a market where Meta is giving its main product away.
JBizNews Desk | Menlo Park
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After the Beazer agreement, can Dream Finders reach top 5?
Now that Dream Finders and Beazer have reached an agreement, Dream Finders can now look further ahead.
Soon after the closing, Dream Finders will find itself nearing a position as one of the five largest builders. Also, it will have restructured Beazer’s land holdings, utilizing Dream Finders’ asset-light model with the support of Millrose Properties.
Beyond that, the challenges include:
- wresting the overhead savings from the combined company,
- lifting sales absorption and gross margins on both the Beazer and Dream Finders side, and
- improving the Dream Finders balance sheet to get its leverage at least back to where it stood prior to the acquisition.
All the while, Patrick Zalupski and the Dream Finders leadership team will consider ways to further increase its scale. That is, while Zalupski has said that the goal is to be a top five builder, he is acutely aware of the difference between getting to the top five – approximately 20,000 annual closings – and the top two – over 80,000 annual closings.
However, pursuing additional growth opportunities will be dependent on generating improved results, leading to a higher share price and an ability to issue equity (DFH currently trades at 0.9x 2Q26 book value), or a longer process of gradually reducing leverage. In many ways, the leverage from land banking and debt leave Dream Finders especially tied to an overall improvement in the market.
Greater overall scale and depth in key markets
Ranking 8th on pro forma closings in 2026: We expect Dream Finders (including Beazer) together would close approximately 13,000 homes in 2026, which would place Dream Finders 8th behind D.R. Horton, Lennar, Pulte, NVR, Taylor Morrison/Clayton, Sumitomo, and Meritage. The gap compared with Meritage and Sumitomo would be from 1,000-to-2,000 closings, while Taylor Morrison/Clayton would be more than 50% larger (7,000 more closings).
Dream Finders would be about the size of Taylor Morrison before its sale.
Strength in the key Mid-Atlantic, Southeast, and Texas markets. The combination will create a formidable competitor from D.C. to Florida and in the four key Texas markets. This increased scale will be particularly important in these high-volume markets, where a top 10 position might require a minimum of 500-1,000 annual closings, but a top three position would require 3,000-5,000 annual closings.
While Dream Finders identified areas for potential change in Beazer’s operations, the two companies align completely with the focus on community count growth, driving further volume growth. Beazer’s aim for high-teens community count growth over the next year (to get to 200 communities by its fiscal year-end 2027) is slightly more modest than Dream Finders’ stand-alone community count growth but will work well as part of the combined company.
An emerging presence in the West. Should Zalupski look to continue to grow the platform, a key opportunity for future growth would come from an expansion of the existing positions in western markets such as Phoenix, where both Dream Finders and Beazer already have operations. In addition, Dream Finders could choose to expand its own operations in Denver, along with Beazer’s meaningful position in Las Vegas, as well as smaller presences in Sacramento and the Inland Empire. Initially, it is likely that Dream Finders will focus on Denver, Las Vegas, and Phoenix given both the larger size of those markets and the more significant established positions. Interestingly, over $50 million of Beazer’s $87.5 million of land held for sale is in its West region.
Land position supports future growth. Together Dream Finders and Beazer owned and controlled 78,580 lots as of the end of June, with 54,091 lots from Dream Finders and 24,489 lots from Beazer. These 78,580 lots represent approximately 6x estimated pro forma closings in 2026. While Dream Finders focused on a 100% land-light strategy, Beazer owned 40% of its lots. We expect that Dream Finders will arrange for these lots (less any other home closings during the second half of 2026) to be land banked via Dream Finders’ $1.25 billion arrangement with Millrose Properties.
Cost savings as Dream Finders shifts away from Beazer’s focus on energy efficiency. Dream Finders said that it expects to realize over $100 million in annual run-rate cost savings. $100 million equates to approximately 5% of Beazer’s revenue over the past year, which would be well beyond the overhead savings from the combination of the two companies, and Dream Finders noted that the savings would include production efficiencies, purchasing improvements, along with lower overhead, higher financial services capture rates and insurance savings.
We believe that much of the production efficiencies and purchasing improvements relate to a shift away from Beazer’s focus on energy efficient homes. Overall, a savings of $100 million would be approximately 160 basis points of margin for Dream Finders on a pro forma basis. However, margins would be negatively affected using land banking for what had been Beazer’s owned land, muting some of the overall savings.
Discount to book value only brings limited benefit to gross margins
One might initially expect that Dream Finders’ purchase of Beazer for $33.50 per share, a nearly 25% discount to book equity of $43.27 per share, would bring meaningful benefit by lowering the basis of the inventory.
However, given that it will be difficult to utilize a significant portion of Beazer’s remaining deferred tax assets, and Dream Finders will write-off the existing goodwill on Beazer’s balance sheet, the discount to book equity is less significant. Further, as Beazer had considerable leverage with net debt to capital of 53% as of June 30th, the discount compared to Beazer’s overall inventory balance is modest, around 3-5% of inventory.
Gross margins around 16% and 4% operating margins. As part of the transaction, we expect that Dream Finders may begin to report its gross margins on the same basis as most other builders, with the main difference being the shift of commissions (currently in cost of sales and reflected in gross margins) to selling expenses (as it is reflected for most builders).
On this basis, we think Dream Finders (inclusive of Beazer) would generate approximately 16% gross margins in 2027. This reflects margins for the combined company inclusive of the impact of initial cost savings, slightly higher land costs due to the use of land banking, and standard reporting of gross margins (shifting commissions).
On an operating basis, this will translate into an operating margin of 3.5%-4.5%, although this will depend heavily on the need for continued mortgage buydowns via forward commitments as well as absorption and overall volume levels. Given the current relatively depressed absorption levels, Dream Finders would see significant benefit from improving market conditions, driving greater overhead leverage and reduced incentive levels.
A levered balance sheet relative to other builders. Dream Finders ended its second quarter with net debt to capital of 42%, well above other large builders. The higher leverage was especially notable given Dream Finders off balance sheet financing of land. Higher leverage increases the need for cash flow and using land banking means that there is less cash flow generation during a slowdown than there would be for a builder with a significant position of owned land.
Following the acquisition of Beazer (and using land banking), we estimate that Dream Finders will have net debt to capital of 67%, again which is high given the use of land banking. It would not be surprising to see Dream Finders access equity capital should valuations improve along with greater optimism toward housing. However, with the stock currently trading at 0.9 2Q26 book value, a significant increase would have to occur to justify issuing equity. Dream Finders said that it intends to reduce leverage to its pre-acquisition level over the next 18-24 months, with the reduction coming via equity issuance or from cash flow from home sales and controlling other land only via land banking.
Focus for second half of 2026 and at once after closing
Improving absorption. Both Dream Finders and Beazer struggled from an absorption standpoint in the second quarter of 2026, with Dream Finders averaging 2.2 sales per community per month in the second quarter and Beazer averaging 1.8 sales per community per month in the quarter. Despite the affordability-challenged conditions, it will be important to increase absorption given the land banking structure and take-down schedule along with the higher leverage, which further increases the need to drive sales, closings, and cash flow. Reducing the number of specs will also help from a cash flow perspective.
Increasing margins. While some of the margin improvement efforts, such as changing construction specifications and better purchasing, will need to wait until after the closing of the transaction, we would expect both Dream Finders and Beazer to continue their work to improve their margins. This may be difficult for Dream Finders with its significant spec inventory, especially as other builders have continued to use aggressive incentives as mortgage rates have continued to drift higher.
Reducing leverage. A near-term, meaningful improvement in Dream Finders’ leverage from its pro forma level of 67% is far more likely to result from equity issuance, rather than simply using cash generated from operations. However, with DFH shares trading at 0.9x 2Q26 book value, we would not expect to see equity issuance absent a sharp upturn in the multiple. A higher multiple could come from a broad-based recovery in housing, likely driven by improved affordability from lower mortgage rates, or it could come from better results from Dream Finders’ operations (better absorption and margins as described above), but achieving margin improvement with the need to generate absorption will likely be difficult.
Looking ahead, but needing recovery to pursue growth in the near term
Adding Beazer will increase Dream Finders’ closings by 40% from current levels and enable Dream Finders to get closer to a top five position. While the aspirations include further growth – and an increased presence in Denver, Las Vegas, and Phoenix, we think Dream Finders will be constrained in the near term based on its need to first improve its balance sheet.
The combination of land banking and traditional financial leverage leave Dream Finders dependent on a rebound in demand and pricing, both of which hinge on better affordability.
Apple’s Curved-Glass 2027 iPhone Alive After Analyst Downgrade Scare
Apple’s plan for a glass-wrapped iPhone marking the device’s 20th anniversary is still on the roadmap for 2027, according to reporting Tuesday that contradicts an analyst note claiming the design had been killed off — a note that had already knocked roughly 3% off Apple shares.
The company expects to launch iPhone Pro models next year using a new glassy look, with glass on the front and back curving into the sides of the devices and a metal band running through the middle, according to people familiar with the work. The phones are known internally as V73 and V74.
What actually got cancelled
The confusion is worth untangling, because both accounts contain a piece of the truth. Apple did scrap a design — just not the one shipping. The original concept was to be almost entirely glass, but the company hit problems joining the glass panels together once it had to work out how to produce them in large volumes. That more ambitious version was dropped early in the development cycle. What survived is the metal-band design, still curved on all four sides.
Jefferies analyst Edison Lee had claimed the device was cancelled because of low manufacturing yields, and that Apple would eventually move the all-glass design into its Pro and Pro Max models instead. Lee downgraded Apple stock over the claim. The distinction between “the most aggressive prototype was abandoned in early development” and “the anniversary phone is cancelled” is the difference between a routine engineering decision and an investment thesis.
Why the timing is credible
Apple’s product calendar makes the claim checkable. New iPhone designs are typically settled about a year before the fall launch, which puts the 2027 plans in advanced testing and largely locked down, barring unforeseen problems. A design that had genuinely been cancelled at this stage would show up in the supply chain as cancelled tooling orders, not as a disputed analyst note.
Apple is expected to introduce the iPhone 18 Pro series and the iPhone Fold at its September event this year, with the iPhone 19 Pro line, a second-generation Fold and the anniversary model due in September 2027.
What it means for the supply chain
Curved glass on all four sides is a manufacturing problem before it is a design statement. Bending cover glass around edges without introducing stress fractures, then bonding two curved panels to a thin metal frame at scale, is precisely the kind of process where yields determine whether a product ships on time or slips a year. Yields also determine cost, and cost determines whether the design stays confined to Pro models or migrates down the lineup.
That work is distributed across a supplier base that will be building capacity through next year — specialty glass makers, precision metal fabricators, and the assemblers who have to hold tolerances on a curved surface rather than a flat one. Suppliers commit tooling capital roughly on the same one-year horizon Apple uses to lock designs, which is why an analyst report suggesting cancellation moves more than just Apple’s own share price.
The stakes for Apple
The iPhone still generates roughly half of Apple’s revenue, and sales rose 22% last quarter. A redesign is the single most reliable driver of an upgrade cycle in that business: consumers who skip incremental annual updates tend to replace their phones when the device looks visibly different.
The launch also lands early in the tenure of incoming chief executive John Ternus, who takes over on September 1. A hardware chief stepping into the top job with a landmark redesign scheduled for his second year has an obvious interest in the project shipping as promised.
What to watch
Apple has confirmed nothing. Everything known about the 2027 phone comes from people describing confidential work, and product plans at this stage can still change. The signal to watch is not further leaks about the design but component orders in the first half of next year — glass and frame tooling commitments are harder to disguise than a roadmap.
JBizNews Desk | New York
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Drone targets fuel tank at Zawiya oil complex in latest attack, Libya’s NOC says
Libya‘s National Oil Corporation (NOC) said a drone attacked the Zawiya oil refinery complex, the country’s largest operating refinery, on Tuesday, the fifth attack since Saturday.
The NOC said a diesel storage tank belonging to the Zawiya Oil Refining Company was hit, causing a small fire that has since been contained.
With a capacity of 120,000 barrels per day, Zawiya is the largest operational refinery in the country.
Examples of recent drone attacks against Zawiya refinery
On Monday, a fire, accompanied by heavy smoke, broke out in a diesel tank oil depot at the refinery after the tank was struck, according to the Brega Petroleum Marketing Company.
Early Tuesday morning, Libya’s National Oil Corporation confirmed the facility had been struck by a drone, noting that the attack caused no casualties or damage.
Soon after, the refinery was again targeted by a drone, Saudi state-owned Al Arabiya reported.
Jerusalem Post Staff contributed to this report.
Tal Yinon Dardik released as court finds detention grounds insufficient
The Jerusalem Magistrate’s Court ordered the immediate release of settler Tal Yinon Dardik on Tuesday, finding insufficient grounds to keep him detained over charges that he violated an earlier military restriction order.
Judge Amir Shaked released Dardik without imposing additional conditions through the criminal proceeding. He stressed, however, that Dardik remains subject to a separate military order issued on Monday that bars him from nearly all of the West Bank and requires him to report regularly to police.
The ruling therefore ends Dardik’s detention but does not allow him to return freely to the West Bank or invalidate the security establishment’s assessment that restrictions against him are warranted.
Dardik is suspected of involvement in attacks against Palestinians and other nationalist-motivated offenses, including a March raid in which a Palestinian man was allegedly subjected to severe physical and sexual abuse. Dardik denies involvement, and he has not been charged over those allegations.
Security authorities said intelligence connected him to illegal and violent activity that endangered lives and property. A military appeals committee and the Jerusalem District Court subsequently found that the intelligence justified substantial restrictions and that the original decision to issue an administrative order against him was reasonable and proportionate.
Charged with six counts of violating a lawful order
The criminal case that led to his detention is narrower: Dardik was charged with six counts of violating a lawful order and one count of obstructing a police officer after authorities said he failed to remain at his mother-in-law’s home in the Adei Ad settlement, as required by an order signed by Central Command chief Maj.-Gen. Avi Bluth on June 9.
His mother-in-law, however, had not agreed to house him.
A military appeals committee ruled that Bluth could not compel a third party to accommodate Dardik against her wishes and canceled that part of the order. The Jerusalem District Court upheld the committee’s decision on Sunday, while leaving intact its finding that Dardik posed a real danger to security in the area.
Bluth subsequently revised the order, replacing the house-arrest requirement with a ban from the West Bank, except for Modi’in Illit. Dardik must report to a police station there twice a day. The military said the revised order will expire on the same date as the original and is an amendment rather than a new order.
Police prosecutors agreed that Dardik should be released but asked the Magistrate’s Court to make his release conditional on compliance with the revised military restrictions.
Shaked rejected that request, ruling that the new order could not supply grounds for detention in a criminal case concerning alleged violations of the previous one.
The cancellation of the requirement that Dardik stay at his mother-in-law’s home had significantly weakened the evidence supporting the charges against him, Shaked said. He found no sufficient evidentiary basis to keep Dardik detained until the conclusion of the proceedings.
The judge also criticized prosecutors for attempting to combine the criminal case with the separate administrative process. A court could not keep Dardik behind bars to prevent a possible future violation of an order issued only while he was already detained, he ruled.
Shaked denied the prosecution’s request to delay Dardik’s release to allow time for an appeal, saying such a delay would effectively prolong his detention despite the state itself having requested his release.
Dardik told the court that the revised order had been read to him and that he was aware of its terms.
Honenu, the legal aid organization representing him, said Dardik had conducted a 38-day hunger strike during his detention. That figure and the details of the strike were supplied by the organization.
Honenu described the ruling as a victory and called for the cancellation of administrative detention orders against other Jewish settlers.
“We are pleased that the defense’s arguments from the outset were accepted,” attorney Nati Rom said. “There was no violation and no justification for his detention.”
Attorney Moshe Polsky accused the state of dragging Dardik through unnecessary proceedings, while Honenu called the use of administrative detention against settlers a “black flag” and urged Bluth to cancel them.
Can new Dardik model be used to reduce administrative detention for some Palestinians? – analysis
On Monday, the IDF made an unusual decision regarding the settler and allegedly dangerous activist, Tal Yinon Dardik, which might be a model for reducing administrative detention for some Palestinians.
Since October 7, the number of Palestinians in administrative detention has tripled and quadrupled.
Previously, it had been on a spectrum between hundreds and around 1,000, and for the last three years, between 3,000 and over 3,300.
Along with other issues, this has severely harmed Israeli legitimacy worldwide.
Immediately after October 7, and arguably until the defeat of the last of Hamas’s 24 battalions in summer 2024 – or even until the ceasefire with Hamas in October 2025 – one could justify Israel taking a hit in the legitimacy department in order to ensure its fundamental future security needs versus Hamas.
However, since somewhere between summer 2024 and October 2025, Israel has been reevaluating various more extreme wartime practices.
For example, currently (though tactics can change at any moment), the IDF is in a ceasefire on all fronts and is not actively attacking any of its adversaries.
If the IDF and Israel can afford such a risk to try to advance some of its legitimacy and diplomatic long-term interests, might there be room to reduce the off-the-charts volume of administrative detentions of Palestinians?
Dardik model may help achieve this goal
The next challenge would be: Under what model could this be done?
This is where Dardik could come into the picture.
Israel’s defense establishment suspects Dardik was involved in multiple violent and dangerous attacks on Palestinian villages, including in March.
Despite viewing Dardik as an ongoing and potential future danger – beyond even his past alleged dangerous conduct – a series of court decisions and debates within the Israeli defense establishment have led to more lenient terms for Dardik than his prison stints and even than previous administrative travel restraining orders.
For example, at one earlier point, Dardik was prohibited by an IDF administrative restraining order from traveling anywhere in the West Bank.
While he still cannot travel to most of the West Bank, it is now permitted for him to travel to and live in Modi’in Illit, which is in Judea and Samaria.
Essentially, with Dardik, a mix of the courts and the Israeli defense establishment decided that he was and remains dangerous, but that if he does not go anywhere in the West Bank other than Modi’in Illit and if he checks in with the police of that town twice a day, the danger he presents can be counterbalanced or tolerated.
Electronic ankle cuffs could allow for travel throughout West Bank
In addition, the IDF went further, suggesting that if Dardik was willing to wear electronic ankle cuffs that allow him to be tracked, it could even consider allowing him to travel in other parts of the West Bank.
In the past, a small number of extremist, violent Jews were sometimes put in administrative detention. But that has not happened since Defense Minister Israel Katz vetoed it in January 2025.
All that has been left – short of full criminal indictments – are administrative restraining orders related to traveling to the West Bank.
It would appear that the Israeli defense establishment thinks it can strike creative and lenient balancing acts short of house arrest, not just merely with Jews who are affiliated with an ideologically violent group, but even with Jews like Dardik, who are suspected of repeated actual violence.
If so, could this model be used for Palestinians who are merely affiliated with terror groups, such as passing out recruiting fliers, but have not been part of a plot to perpetrate violence?
Until now, the answers about why Palestinians get treated more harshly, often regarding administrative detention and similar tools, than Jews have been twofold.
First, ideologically speaking, more of the Palestinian detainees are looking to commit murders, and more of the Jewish detainees are looking to commit vandalism or lower-grade violence.
Second, it was considered too dangerous to leave Palestinians under house arrest or under an administrative restraining order against certain travel in the West Bank because they do not live surrounded by Israeli police.
Further, if a Palestinian decided to disappear and break the conditions of his or her release from detention, it would be much harder to locate and rearrest them, requiring a large IDF incursion into Palestinian areas.
There was also an assumption that Jewish detainees were not all that dangerous, and so they could be released as long as they did not perpetrate witness tampering.
But now, possibly all of these differences have fallen away, paving a path toward more leniency for Palestinians instead of administrative detention, and toward winning back some of Israel’s legitimacy globally – especially in the United States.
Dardik has been declared dangerous in both the past and the future, but officials deemed an administrative restraining order regarding travel or ankle cuffs sufficient to balance the danger.
Even more significant, the idea that invading Palestinian areas to rearrest a Palestinian detainee who broke the conditions of his release was a big deal comes from a pre-2022-2023 time period when such raids were rare.
Since 2022, and even more since October 7, nightly IDF raids into all parts of the West Bank have become standard. Leaving large IDF outposts in the center of Jenin, Tulkarm, Nur Shams, and other places has also become standard since January 2025.
So what exactly is so hard and unusual about another raid or two to rearrest such a Palestinian? Knowing how complete the IDF’s control over Judea and Samaria is today, as opposed to a few years ago, could also deter an only mildly committed associate of a terror group from trying to flee and hide.
The Dardik model could be rolled out as a pilot program for a small number of Palestinian detainees and tracked for outcomes before it is expanded much.
Besides starting to try to improve the already bad legitimacy situation, rolling out such a pilot program would save Israel from otherwise undermining its entire basis for administrative detention of Palestinians.
One of the critical bases and defenses has always been that detainees are usually held for periods of six months to two years.
But with a rising number of thousands of detainees (How can each one be an arch terrorist leader?) being held for longer than that, there is a point where Israel would be eroding its own defense of the administrative detention tool under international law.
None of this suggests Israel should be releasing hardened violent terrorists.
But it has been clear for some time that when Israel has over 3,000 Palestinians in administrative detention on top of twice as many other Palestinians in other detention situations, not all of the 3,000-plus detainees can be as bad as Israel has claimed the kind of person who gets administratively detained needs to be.
Palestinian terror is nowhere near disappearing and must be fought in a variety of ways, likely still involving administrative detention at times.
Yet getting the volume of Palestinian administrative detainees under control is a time bomb for American and global support that Jerusalem likely needs to defuse so that Israel can save its global standing while there is still time.
‘A new era begins’: Israel, Venezuela open up consular relations for first time in 17 years
Israel and Venezuela agreed to renew consular relations and establish an official coordination channel after 17 years without diplomatic ties, the countries said in a joint announcement on Tuesday.
The move creates an official coordination channel between Israel and Venezuela, which have not maintained diplomatic relations since 2009.
The agreement followed talks held in recent weeks between Foreign Minister Gideon Sa’ar and Venezuelan Foreign Minister Félix Plasencia.
During the talks, the two sides agreed to establish a coordination mechanism that will enable consular services to be provided to citizens of both countries.
The statement also emphasized the importance of ties between the State of Israel and Venezuela’s Jewish community, which the community celebrated.
“After 17 years without consular relations, Venezuela and Israel are advancing in a confidence-building process that began with the various Israeli and Jewish organizations that came to Venezuela on the occasion of the double earthquake that struck the country on June 24, and which on that occasion provided great technical and humanitarian aid in the face of the tragedy and devastation,” National Coordinator of the Confederation of Jewish Associations of Venezuela, Dr. Miguel Truzman wrote in a statement.
“Today, a new era begins, taking a first step in the Consular area, as technical support in the areas required, and in the near future, diplomatic relations between both nations will be fully restored.”
Jewish residents of Venezuela said that they were excited for a return to normal relations between the two countries.
“This is news that fills us with hope and joy and marks a significant step toward rapprochement and a return to normalcy for many people who have waited years for practical solutions,” A., a Jewish resident of Caracas, told Walla.
He added that “the renewal of the consular coordination mechanism between Venezuela and Israel is not merely a diplomatic matter.
“First and foremost, it provides much-needed relief for families and citizens by facilitating procedures and administrative matters, and by building a bridge of understanding and human assistance where there had previously been distance,” he added.
“I warmly welcome this rapprochement, which offers an opportunity to renew ties, resolve everyday issues, and look to the future with a renewed commitment to cooperation and mutual respect,” he said. “Bravo to Minister Félix Ramón Plasencia González, and bravo to AIV Chief Rabbi Isaac Cohen.”
Israel and Venezuela agree to continue coordination after massive earthquake
Additionally, following the earthquake and the humanitarian crisis in Venezuela, the pair also agreed to continue cooperating on emergency response and recovery efforts. An Israeli delegation was deployed there in June and has since helped tens of thousands of Venezuelans return to their homes.
The Venezuelan government’s receipt of Israeli assistance contrasts with the complete cut-off in relations between the countries dating back to 2009.
In the aftermath, officials estimated that at least 5,000 people died.
Yonah Jeremy Bob contributed to this report.
NYC rabbis ‘hopeful’ after telling Mamdani his Israel rhetoric makes Jews feel unsafe – interview
Two rabbis who attended New York City Mayor Zohran Mamdani’s hour-long, closed-door roundtable at City Hall on Monday said they left feeling “hopeful” and that the mayor attended in “good faith.”
The meeting – convened by the Mayor’s Office to Combat Antisemitism – featured 10 rabbis from various Jewish denominations. The Jerusalem Post reached out to several rabbis who participated, including Rabbi Jonathan Leener, leader of the Prospect Heights Shul, a liberal Modern Orthodox synagogue in Brooklyn, and Rabbi “S,” who did not wish to be named.
“I chose to participate in the roundtable given the opportunity to represent my community’s views directly to the mayor,” Rabbi S told the Post. “One of the organizers assured us that we would all have a chance to speak, so the opportunity to really be there on behalf of my community was a meaningful one, and I felt that the outreach was made in good faith with an openness to listen, so it felt worth going to express our points of view and raise our concerns.”
Rabbi Leener had a similar incentive: “As a rabbi, I see my role as an advocate for the safety and well-being of the Jewish people, especially my fellow New Yorkers.”
Leener said he has profound disagreements with Mamdani, particularly around Israel, and that some of the mayor’s rhetoric has contributed to “turning up the temperature at a moment when many Jewish New Yorkers already feel increasingly vulnerable.”
“That is precisely why I felt it was important to show up and say those things directly to him,” he said. “The meeting was also an opportunity to move beyond public statements and talk concretely about what the city government can do to address antisemitism and help Jewish New Yorkers feel safer.”
Roundtable focused on Mamdani’s contributions to rising NYC antisemitism
The predominant focus of the roundtable, from what both rabbis conveyed to the Post, was the rising antisemitism in NYC and the way in which the mayor’s hostility toward Israel has contributed to it.
“The message that was sent by everybody, each in their own way, to the mayor was that while we may agree or disagree with the current actions of the Israeli government or the current war, that the mayor’s harsh rhetoric around Israel and its government and the mayor’s continual singling out and excessive focus on Israel – when there are so many other things going on in our city and beyond – was alienating to our constituents, makes Jewish New Yorkers feel that the mayor is not for them, and makes them feel unsafe,” Rabbi S recalled.
“We reiterated that it is hard to feel a sense of partnership when it feels like Israel is being singled out for harsh rhetoric attacks and the mayor is doing nothing to distinguish between Israel and New York City’s Jews,” he added.
He said each rabbi tried to express this same point to the mayor “in the hopes of him taking that to heart” and upholding his pledge to be a mayor for all New Yorkers and help them feel safe.
Leener told the Post that while there were “certainly moments of tension and passion,” these were “expressed respectfully.”
“No one was there trying to convince the mayor to change his views on Israel,” he said. “Rather, people were trying to convey how isolated and vulnerable many Jewish New Yorkers feel and the extent to which some believe [Mamdani’s] rhetoric and the singling out of Israel have contributed to that feeling.”
Like Rabbi S, Leener said concerns were raised several times about Mamdani’s perceived “double standard” when it comes to Israel, and that “Israel and the Jewish community’s relationship to Israel are sometimes treated in ways that other communities and their connections to countries or homelands are not.”
Outside of Mamdani’s own contribution to rising antisemitism, both rabbis told the Post that there was broad consensus that Jew-hatred is making the city unsafe.
“There seemed to be broad agreement about the seriousness of the security concerns facing Jewish institutions and the need for the city government to respond to them,” Leener said.
“There was also a shared desire for the administration to better understand what Jewish New Yorkers are experiencing right now. The vulnerability and anxiety within the community were very real themes throughout the conversation.”
NYC rabbis: Roundtable properly represented New York Jewish community
Despite past criticisms of Mamdani for choosing to associate with select sects of Judaism – especially left-wing, progressive, and anti-Zionist ones – both rabbis told the Post that “there was tremendous diversity around the table.”
“I really do think it was a good representation of New York’s Jewish community,” Rabbi S said. “It’s impossible to get all segments, but the major denominations were there, and there was representation from a fair amount, geographically, of New York City.”
Leener concurred: “I thought there was a thoughtful range of voices in the room.”
“Obviously, no small group of rabbis can fully represent the extraordinary diversity of New York’s Jewish community,” he continued. “But people came from different communities, institutions, and points of view, and I thought that contributed to a substantive conversation.”
Leener said that part of the power of the meeting was its intimacy, as a smaller group created space for a more candid and meaningful exchange. He also said that, from his understanding, there are to be additional conversations in the future.
Both rabbis said they came away with the impression that the mayor was there to listen and was open to suggestions.
“He was respectful in his responses and frequently asked clarifying questions to better understand what people were saying,” Leener said. “I felt that he was genuinely engaging with us, acting in good faith, and listening carefully to our concerns, particularly our plea to help turn down the temperature.
“I know some will view that as simply part of his political skill or personal charm, and I understand that skepticism. But my honest read of both him and the room was that the engagement felt genuine.”
Rabbi S spoke similarly of Mamdani’s approach: “The mayor listened, asked some clarifying questions, and expressed that he appreciated the good faith conversation and that he took our words to heart.
While Rabbi S said he truly does not know what to expect going forward, he nevertheless felt grateful to be in the room.
“I think there was really strong consensus about that, despite people’s different views about Israel, and there was also a consensus that there’s a desire to work with the mayor on other issues of concern like affordability, childcare, and healthcare. A number of people raised immigration, and the mayor acknowledged these as issues of common cause and concern,” he said.
Leener told the Post he left feeling “cautiously hopeful.”
“I appreciated that the administration invited us in, listened, and created space for a candid and substantive conversation. But ultimately, I will judge the mayor and his administration by their actions and by the results they deliver,” he said.
For Leener, one concrete test will be whether the Jewish community sees meaningful progress around security, including making NYPD presence more accessible to synagogues, Jewish schools, and other Jewish institutions.
“I hope the conversation leads to greater understanding, a lowering of the temperature, and ultimately concrete action,” he said.
“What stayed with me most was the value of being in actual conversation. Our political climate has made it increasingly difficult to speak openly with people with whom we profoundly disagree, as though simply sitting down, listening, or engaging somehow means abandoning our convictions. I believe the opposite is true,” Leener continued.
“I remain a staunch supporter of Israel and have profound disagreements with the mayor that were not resolved by this meeting. But we can hold deeply to our beliefs while remaining in real conversation with one another. In fact, that is often how greater understanding becomes possible.”
WATCH: Police arrest 27 in massive anti-racketeering operation in southern Israel
Israeli security forces arrested 27 suspects in simultaneous raids on dozens of homes in Ashdod and Kiryat Gat on Tuesday morning, in the culmination of a months-long undercover operation infiltrating criminal networks in the two cities.
According to police, the suspects took control of delivery and distribution routes in Ashdod and Kiryat Gat and coerced business owners into using their services, aiming the establish control over their areas of operation, generate profits, and launder funds.
The operation, dubbed Operation Courier Run, was jointly carried out by the Southern District Israel Police, Border Police, and the Lachish District Central Investigations Unit (YAMAR).
Border Police arrest Beersheba resident who hid eleven Palestinians behind a pile of tires in his vehicle
Early on Tuesday morning, Jerusalem area Border Police arrested a Beersheba resident in his 60s who is suspected of transporting 11 Palestinian residents of the West Bank into sovereign Israel, who themselves were also arrested.
Israeli security officers at the Ofer border crossing searched a vehicle which seemed “suspicious,” per the police report, and discovered a large pile of used tires in the back. Upon moving the tires, they found a double wall, behind which the 11 Palestinians were hiding.
Tel Aviv police arrest 26-year-old suspected of massive credit card fraud scheme
Police in north Tel Aviv arrested a 26-year-old suspect on Monday who is suspected of making hundreds of thousands of shekels in purchases using fraudulently obtained credit cards. News of the arrest was disclosed to the public on Tuesday, along with the extension of the suspect’s detention.
This arrest followed a months-long undercover operation in which investigators amassed information about the suspect’s purchases, which included computers, luxury clothing, sunglasses, and shoes sold in stores throughout the Tel Aviv area.
Courts issue restriction order against crime boss Yossi Musli
Tel Aviv police on Tuesday successfully petitioned the courts to issue a judicial restriction order against Yossi Musli, the head of the Musli crime family. Per the order, Musli is on house arrest, prohibited from contacting a number of other known criminals, and banned from using the internet.
Musli was arrested in July in connection with a series of grenade attacks, arson, and shootings in central and northern Israel, which have been ongoing throughout the summer. The investigation into the attacks remains ongoing, with several additional arrests made nationwide in connection with the incidents.
Stun grenade attack foiled in Bat Yam, suspect arrested
Also on Tuesday, police responded to a call in Bat Yam reporting that a person was seen in public holding a grenade and allegedly intending to throw it.
Police were able to arrest the suspect, a 22-year-old resident of central Israel, before he could use the grenade, which turned out to be a stun grenade. Security forces then neutralized the grenade.
UK Foreign Secretary Miliband presses Sa’ar on Gaza aid, West Bank violence
British Foreign Secretary Ed Miliband pressed Foreign Minister Gideon Sa’ar over humanitarian aid to Gaza and violence in the West Bank during their first phone call on Tuesday, while the two also discussed Hamas’s disarmament, Iran and antisemitism, according to a statement issued by Miliband.
Miliband described the conversation with Sa’ar as a “frank and constructive first call,” saying the British government remained committed to open dialogue and a two-state solution that would include “a safe and secure State of Israel and Palestinian State.”
The foreign secretary said he raised what he described as a “sharp escalation of settler violence and settlement expansion,” as well as the humanitarian situation in the Gaza Strip.
Today I had a frank and constructive first call with Israeli Foreign Minister Gideon Sa’ar ⬇️ pic.twitter.com/48pIdbvwXt
— Ed Miliband (@Ed_Miliband) August 11, 2026
“I said Israel must crack down on violence in the West Bank, and must immediately end blockages on aid into Gaza,” Miliband said.
The discussion comes as the West Bank and the future of a two-state solution remain points of disagreement between Israel and Britain. Earlier this year, Sa’ar clashed with then-British foreign secretary Yvette Cooper at the UN Security Council after she criticized Israeli policies in the West Bank.
Hamas disarmament, Iran and antisemitism
Miliband also called for Hamas to give up its weapons and for the IDF to withdraw, saying progress was needed on US President Donald Trump’s 20-point plan.
Additionally, the two discussed shared security challenges and agreed on the need to combat antisemitism worldwide and the “vital shared interest in ensuring that we never see a nuclear Iran.”
Four Crew Killed in Bab el-Mandeb Attack as U.S. Hits Ship Off Pakistan
Two attacks on commercial shipping in a single day tightened the squeeze on the world’s two most important maritime chokepoints, with the first crew deaths of the war at one end of the Arabian Peninsula and an American strike on a container ship at the other.
Four crew members were killed when Iran-backed Houthis struck a small cargo ship in the Bab el-Mandeb strait on Tuesday, according to Yemen’s transport ministry. Three Pakistanis and one Indonesian died aboard the Egyptian-owned Tihamah, and the crew lost control of the vessel after the attack. If confirmed, these are the first deaths in a Houthi strike on shipping since the Iran war began Feb. 28. The Houthis have not claimed it.
Three Yemeni coastguard personnel were injured when a drone targeted them during the rescue attempt. UK Maritime Trade Operations, the British navy-affiliated agency, reported the ship was hit by an unknown projectile, and maritime security group Ambrey said it was at anchor northeast of Perim Island at the time, noting the vessel was not Saudi-owned or operated and had left the government-held port of al-Mokha on Saturday. LSEG data lists Egyptian companies as owner and manager; neither responded to requests for comment.
The Houthis declared a maritime embargo against Saudi Arabia in the Red Sea on July 20, citing what they called a Saudi siege. Riyadh denies Yemen is under siege.
Separately, a U.S. blockade enforcement action played out roughly 2,000 miles to the east. The Panama-flagged container ship Vela Nova was struck by a missile off Pakistan as it sailed into the Gulf of Oman, maritime security sources told Reuters, and the Wall Street Journal reported a U.S. helicopter fired a Hellfire missile at the ship’s rudder after it attempted to evade the American blockade on Iran-linked shipping. Vanguard, a UK maritime risk group, put the strike about 71 nautical miles off Pakistan’s coast. U.S. Central Command did not immediately comment.
If confirmed, it would be the 12th vessel attacked by U.S. forces since the blockade was announced in April, and the third since it was reimposed July 14. Charlie Brown of United Against Nuclear Iran, which tracks Iran-related tanker traffic, noted the ship had recently called at Mumbai and Port Klang, Malaysia — ports where Iran-linked vessels have also been spotted — and said the interdiction underscores the scrutiny now applied to Iran-related shipping.
Aiming a missile at a rudder rather than a hull is a disabling shot, meant to strand a vessel for boarding rather than sink it. That distinction matters commercially: it signals the blockade is being enforced as an interdiction regime, which is precisely the risk underwriters now have to price on any voyage with an ambiguous port history.
The traffic numbers show what all of this has done to trade volume. Shipping through Bab el-Mandeb and the Red Sea is down more than 50% from before the 2023-25 wave of Houthi attacks, and has fallen further since last month’s blockade announcement — an average of 32 ships a day passed through the strait last week, according to Kpler, down from 50 before.
The Strait of Hormuz is worse. Just six vessels transited on Monday, against a 10-day average of about 11 and prewar levels of roughly 130 to 140 a day. That is a collapse of better than 95% in the passage that normally carries a fifth of the world’s oil.
The two chokepoints together form the route between Asia and Europe. Ships avoiding Bab el-Mandeb go around the Cape of Good Hope, adding roughly ten days and a corresponding bill in fuel, charter time and crew wages to a Europe-Asia voyage. Cargo that cannot leave the Gulf at all has no detour available.
Oil reflected the pressure Tuesday, with West Texas Intermediate up 1.4% at $83.27 a barrel and Brent up 1.3% at $88.85 after an Iranian official said Hormuz stays closed until Tehran’s conditions are met.
For shipowners and charterers, the immediate consequences are war-risk premiums, crew hazard pay and the growing difficulty of finding operators willing to send ships and seafarers into either strait. Tuesday supplied a reminder of why: on both routes, the danger is now to the people aboard.
JBizNews Desk | Dubai
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