New York’s business climate is back in the spotlight after Gov. Kathy Hochul’s pause on new hyperscale data centers added to a broader debate over whether the state’s energy and economic policies are pushing investment elsewhere.

Rep. Mike Lawler, R-N.Y., joined FOX Business’ Cheryl Casone on “Mornings with Maria” to discuss New York’s energy policies, business climate and continued taxpayer out-migration.

Hochul announced a statewide moratorium of up to one year on July 14 on new hyperscale data centers while New York develops a regulatory framework intended to protect utility ratepayers and address the facilities’ energy and infrastructure demands. The pause applies to state environmental permits for new hyperscale data centers.

Lawler argued the move sends the wrong message to companies considering investing in New York.

“What she is saying is, don’t come here. Go do your business elsewhere, which is why New York State leads the nation in out-migration,” Lawler said. “It’s why it is a terrible place to do business and why people are expanding in Florida and Texas and Tennessee and North Carolina and South Carolina and elsewhere. We have the highest tax burden and the worst business climate.”

TRUMP WARNS NEW HOCHUL, MAMDANI PIED-À-TERRE TAX COULD ACCELERATE NYC WEALTH EXODUS

New York has experienced net out-migration among part-year resident tax filers every year since 2015, according to state Comptroller Thomas DiNapoli’s office. In 2024, 134,913 part-year resident filers left the state while 121,251 moved in, resulting in a net loss of 13,662 filers. The pace, however, slowed considerably from the pandemic-era surge.

Lawler also tied the state’s business challenges to its energy policies, pointing to nuclear plant closures, restrictions on natural gas and pipeline projects and electrification requirements.

NEW YORK BECOMES FIRST STATE TO FREEZE NEW AI DATA CENTERS IN MOVE CRITICS WARN COULD DRIVE AWAY JOBS

“If you want to address these problems, you need to have a coherent economic and energy policy,” Lawler said. “And that is fundamental if New York is going to prosper moving forward.”

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A 15-month rehabilitation of one of two East River tunnels is complete. Amtrak on Monday announced the completion of phase one of the project, which began last year to repair two of the four tunnels damaged during Hurricane Sandy in 2012 that carry trains in and out of Penn Station and are also used by the LIRR and NJ Transit. The agency shut down one tunnel at a time despite MTA calls for a rush-hour service approach, which officials said curtailed LIRR service by forcing too many trains to share the remaining tunnels.

Before the rehab of the tunnel.
View behind the 116-year-old benchwalls.

Owned by Amtrak, the four tunnels first opened in 1910. Among the busiest passenger rail tunnels in the Western Hemisphere, they carry 450 daily Amtrak, LIRR, and NJ Transit trains. Two of the tunnels required significant repairs after floodwaters entered the passageways during Hurricane Sandy, according to Amtrak.

During the last year, work crews demolished, removed, and replaced much of the deteriorated infrastructure and installed new bench walls designed to enhance safety, maintenance access, and performance. More than 24,000 feet of rail, 8,000 tons of ballast, 8,000 wooden rail ties, and 20,000 cubic yards of bench wall concrete were removed and replaced.

The new Line 2 tunnel features brighter lighting to improve visibility for train operators, as well as a larger drainage system to more efficiently remove water.

Demolition of the old benchwall and construction of new one.

When the project was first announced, the MTA suggested Amtrak implement a “repair in place” approach, scheduling work for nights and weekends while maintaining service during rush hours to minimize commute disruptions.

However, the agency opted to completely shut down one tunnel at a time, forcing the three rail agencies to share the remaining three tunnels. MTA officials’ concerns were realized in May, when a track fire temporarily shut down two of the remaining tunnels, leaving the three rail agencies to share a single tunnel.

A month earlier, an LIRR train traveling through one of the tunnels was disabled after hitting debris, further worsening delays as workers inspected the tracks, according to Gothamist.

During Monday’s press conference at Penn Station, MTA Chair and CEO Janno Lieber called the project an “important milestone” while criticizing Amtrak for what he said was its impact on LIRR riders.

“This project forced the Long Island Rail Road to reduce its peak hour service into Penn by 20 percent,” Lieber said. “That’s a lot of trains, and it meant customers experienced a lot more crowding into Penn.”

“Given that impact and the risk to the customers of things going wrong in three remaining operational tunnels, we did insist that Amtrak take additional precautions,” he added.

Amtrak said the tunnel reconstruction could not have proceeded without fully suspending service. Earlier this year, Amtrak Vice President of Infrastructure Project Delivery Warren LeBeau told Gothamist that the MTA’s suggested approach would have “taken years to complete,” with “significantly more impact to riders.”

The agency also said it is “committed to minimizing passenger impacts,” adding that investments in infrastructure hardening, combined with mitigation measures, helped limit service delays during the outage.

“This milestone reflects the progress Amtrak is making to rebuild critical infrastructure while maintaining service for the millions of customers who rely on the Northeast Corridor every year,” Amtrak Interim President Byl Herrmann said.

“Reopening Line 2 of the East River Tunnel restores a vital transportation link and positions it to serve rail passengers for another 100 years,” he added.

Phase two of the $1.6 billion project, which will shut down the second tunnel, Line 1, will begin this fall and is expected to be completed by the end of 2027. Amtrak officials said the project will remain within budget.

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US President Donald Trump announced on Tuesday in a Truth Social post that he was declaring the Strait of Hormuz a new US territory.

Later on Tuesday, Trump said that there are “no talks or conversations going on, or scheduled, with the Islamic Republic of Iran.”

“The Naval Blockade remains in full force and effect. The Hormuz Strait is open and operating. All water mines have been removed or detonated,” Trump wrote in a Truth Social post.

The announcement came after reporters asked Trump in the Oval Office on Monday whether he intended to make such a declaration. “I think it’s an excellent idea. We control it through the blockade, and I like the idea of declaring it our territory,” he replied.

Trump also pointed to what he described as the effectiveness of the US military’s naval blockade. “We’re taking out millions of barrels of oil a week. If you look at the numbers we’re getting, the strait is open, oil prices are going down, and they’ll continue to go down, unless we decide to do something much more drastic than what we’re doing now.”

US forces operating in the Strait of Hormuz, July 17, 2026. (credit: Screenshot/X/@PeteHegseth)

Addressing the possibility of reaching an agreement with Iran, Trump said that “Tehran wants to make a deal, but they’re not going to make the kind of deal that I think is necessary.”

Trump: Iran cannot have nuclear weapon

He added, “They cannot be allowed to have a nuclear weapon. And right now, after what we did previously with the B-2 bombers, it will take them a long time to build one.”

When asked whether he was working to extend the Memorandum of Understanding (MoU), Trump declined to answer and shook his head no.

Qatari Foreign Ministry spokesperson Dr. Majed al Ansari said on Tuesday that mediators were waiting for Oman and Iran to reach a bilateral agreement on Hormuz before returning to broader talks between the US and Iran.

An agreement on the Strait of Hormuz would make resuming the talks “much easier,” he added.

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Researchers at Stanford University used artificial intelligence to create 16 functional viruses not found in nature earlier this month.

Some may feel as though they are at the start of a dystopian film, wondering why scientists would meddle with something as dangerous as new deadly viruses. However, these scientists have good reason, and while the viruses may be deadly to their intended targets, they have the potential to be life-saving for humans around the world.

The viruses created in the Stanford Lab are bacteriophages, and as the name suggests, these are viruses that exclusively target bacteria. As antibiotic resistance rises worldwide, chemical engineer Brian Hie and Samuel King began studying a potential solution involving the bacteriophage ΦX174 (pronounced “FYE-ex-1-7-4”), which targets E. Coli bacteria.

Antibiotic-resistant E. Coli found to pose threat to Israeli society

Researchers in Israel raised the alarm about antibiotic-resistant E. Coli bacteria in the past. A study published by the Health Ministry and Tel Aviv University in 2021 found that infections caused by the bacteria placed an “extremely high” burden on the public health system.

Researchers called for immediate action, including the development of prevention strategies and long-term control of antibiotic resistance.

Double exposure photograph of Roc h ar gonc beach and a view of escherechia coli bacteria in Kerlouan in Brittany in France on January 12 2025. (credit: Vincent Feuray / Hans Lucas / AFP via Getty Images)

Hie, using EVO 2, a generative AI model he created that generates new DNA sequences to solve biological challenges, may have the start of a solution.  

Using ΦX174 as a template, the AI designed thousands of new genomes. The research team chemically synthesized and tested nearly 300 in the lab and came up with 16 that were viable and effective. 

They were different from any natural phages, completely new viruses

New phages could lead to new effective antibiotic medications

Hie explained that multiple phages could be used to create a more effective antibiotic medication. 

“If the bacteria gain resistance to a single phage, it’s game over for the medication,” Hie said to the Stanford Report. “But if you have multiple genetically distinct phages in a mixture, it would be harder for the bacteria to develop resistance to the entire cocktail.”

The researchers found that a mixture of the designed phages was able to overcome the ΦX174-resistant E. coli strains when a mix of naturally sourced ΦX174-like phages could not.  

While the innovations have great potential, many have also expressed concern over the potential dangers of using artificial intelligence to create viruses. 

EVO 2 is open source, meaning anyone can download the AI and design new genomes themselves. 

The Stanford researchers addressed biosafety and biosecurity considerations directly in their paper, encouraging any future researchers to consult with safety and security professionals and writing that all experiments were performed at the biosafety level appropriate for research with bacteriophages. 

Additionally, safeguards were put in place by limiting the data used to train the AI. With the data given to it, EVO 2 was unable to generate any virus genomes capable of targeting animals (including humans), plants, or fungi.

Hie acknowledged that the tool could potentially be used for dangerous purposes but argued that the open availability is necessary to expedite research and the vast potential benefits to health and humanity.  

Hie also claimed these viruses were safer than many naturally occurring viruses, as designed viruses were subject to more oversight in production.  

Others have taken a more cautious approach. 

Scientists call for tighter oversight, new legal framework

In a paper written in response to King and Hie, scientists from John Hopkins University’s Center, Thomas Inglesby and Moritz Hanke for Health Security warned that while the Stanford researchers limited the AI’s training data it would not be difficult for a different user to discover a way around the limitations, opening the possibilities for viruses designed to infect humans, animals, or plants in ways we cannot yet counter. 

Inglesby and Hanke called for national and global oversight on future research, writing that the mechanisms in place are not enough. 

Countries such as the US and Israel have laws that govern the research of dangerous biological agents, including bacteria and viruses.  

In Israel, researchers must be granted approval by the official Council for Research into Biological Disease Agents before working with certain dangerous pathogens.

However, these laws are all designed with known pathogens in mind and do not cover new artificially designed viruses. 

International policies, such as the World Health Organization’s global guidelines, also do not cover risks from AI-generated pathogens. 

Additionally, while King, Hie, and the other researchers called for the providers of synthetic nucleic acids, which are used to create the newly designed viruses, to screen customers’ orders and be wary of potential bad actors, Inglesby and Hanke called for the practice to be mandated by law.  

“The question is no longer whether generative viral genome design will exist. It is whether society can build oversight that allows its benefits to unfold while preventing it from enabling serious harm,” they wrote.  

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Stocks slid for a third straight session Tuesday morning, and the reason sits in the bond market: the U.S. government now has to pay more to borrow money for 30 years than at any point since 2007. When safe government bonds pay that much, investors have less reason to hold expensive stocks — and the most expensive stocks, the technology names, get sold first.

The 30-year Treasury yield rose about two basis points to 5.32%, a 19-year high. The 10-year note, the benchmark that sets mortgage and auto loan rates, sat near 4.73%. The two-year, which tracks Federal Reserve policy most closely, held around 4.19%.

The Nasdaq Composite led the decline, falling roughly 1%. The S&P 500 was off about 0.5% and the Dow Jones Industrial Average traded near flat to down 150 points. On Monday the Dow closed at 53,459.78, the S&P 500 at 7,745.06 and the Nasdaq at 26,644.91. That leaves all three lower on the week after the S&P set a record above 7,800 five sessions ago.

Oil is the second pressure point. Brent crude climbed above $91 a barrel and U.S. West Texas Intermediate topped $85, both rising for a third consecutive day. The 60-day understanding between Washington and Tehran expired Monday without an extension, and President Trump said he is not interested in renewing it. Iranian officials responded that Tehran may shift to a fully offensive posture if talks fail. Trump also warned Oman against interfering with U.S. plans for the Strait of Hormuz, which remains effectively closed. Every dollar oil gains flows into shipping, food and airfare costs weeks later, which is why the bond market treats it as an inflation story.

Among the movers, Caterpillar fell 2.9% and Nvidia dropped 1.9%, with Meta, Tesla and Oracle down as much as 3%. Goldman Sachs and JPMorgan traded lower as higher rates squeezed lending economics. On the winning side, Johnson & Johnson rose 2.3%, IBM added 1.4% and Chevron gained 1.4% on the oil move. Klarna plunged more than 20% after trimming its guidance.

Home Depot was the morning’s bright spot, gaining about 1% after beating on both sales and profit. The retailer reported second-quarter sales of $47.86 billion, up 5.7% from a year ago, with net earnings of $4.8 billion, or $4.79 per diluted share, against $4.58 a year earlier. Adjusted earnings came to $4.92 per share, ahead of the $4.73 Wall Street expected. Comparable sales rose 1.7%, the company’s best figure since late 2022.

The detail worth reading twice: shoppers spent more per visit but came in less often. The average ticket rose 2.8% to $92.50 while transactions slipped 1%. Chief Financial Officer Richard McPhail described the backdrop as frozen housing conditions. Homeowners sitting on 6.5% mortgages are not selling — they are fixing what they already own. Home Depot also collected $730 million in tariff refunds during the quarter and put $685 million of it straight toward lowering product costs, which is how the company held its full-year outlook steady despite higher fuel and energy bills.

Gold eased and the dollar was little changed. Behind the yield move sits a fiscal problem more than an inflation one: strategists point to the widening federal deficit and the flood of new corporate debt from artificial intelligence companies, all competing for the same buyers. Last week’s Treasury auctions told the story — 10-year notes cleared at 4.683%, a 19-year high, and 30-year bonds stopped at 5.216%, the worst in a quarter century.

Walmart, Target and Lowe’s report later this week, and minutes from the Fed’s last meeting are due. After July retail sales fell 0.6% and consumer sentiment dropped to 51.0 from 55.2, those results will say more about the American household than any index level does.

JBizNews Desk | Wall Street

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Uber is betting that the next major shift in food delivery will happen above the road, not on it.

The company is partnering with Zipline to bring drone delivery to Uber Eats in the United States, with the first service expected to begin later this year and an ambitious target of reaching 1 million drone deliveries a day by the end of 2029.

Uber is also investing in Zipline, giving it a financial stake in the company building the delivery system.

The move is important because it changes the economics of the last mile.

Today, a restaurant delivery usually depends on a driver, bicycle or motorcycle moving through traffic, finding parking and carrying one order at a time. A drone can potentially bypass congestion, travel a direct route and handle repeated short-distance deliveries with far less labor.

That does not mean drivers disappear.

Dense urban areas, apartment buildings, weather conditions, restricted airspace and larger orders will still require traditional delivery. But for suburban neighborhoods, hospitals, campuses and communities with predictable drop zones, drones could eventually handle a large share of routine orders.

Zipline has already spent years building autonomous delivery systems for medical supplies, food and retail products.

Its aircraft are designed to carry relatively small packages over short and medium distances, with automated systems managing navigation and delivery rather than requiring a human pilot for each trip.

For Uber, that creates another way to increase delivery capacity without adding a corresponding number of drivers.

The company already operates one of the world’s largest delivery networks, but every additional order currently requires labor, transportation and time. Autonomous delivery changes that equation.

If a drone can make multiple trips per hour with relatively low operating costs, the economics of delivering a $15 meal could become far more attractive than paying a driver to sit in traffic.

There is also a bigger competitive question.

DoorDash, Amazon, Walmart and other major delivery companies are all testing different forms of automation, from drones to sidewalk robots.

The first company that can make autonomous delivery work reliably at scale could gain a major cost advantage.

Uber’s target of 1 million drone deliveries per day shows how seriously it is taking that possibility.

The number would equal hundreds of millions of deliveries annually and would move drone delivery from experimental technology into mainstream logistics.

The biggest obstacles remain regulation, weather, noise, public acceptance and the practical challenge of delivering safely in crowded neighborhoods.

But the direction is becoming clear.

Uber began by replacing phone calls to taxi dispatchers with an app. It then expanded into food, freight and other transportation services.

Now it is preparing for a future in which some of those deliveries may no longer need a road at all.

JBizNews Desk | San Francisco

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Prescription drug prices in the United States are doing something consumers almost never see in health care: moving sharply lower.

Prices fell 0.8% in July and 3.1% from a year earlier, according to the latest Consumer Price Index, marking the steepest annual decline in prescription-drug prices in more than six decades. Prices have not risen in any month so far this year, an unusually persistent stretch of flat or declining costs. (Axios)

The decline matters because prescription drugs have historically moved in the opposite direction. Consumers are accustomed to paying more each year for medication, while insurers, Medicare and employers absorb even larger increases behind the scenes.

This time, several forces are pushing the other way.

One is Medicare’s new negotiated pricing system. The first negotiated prices for 10 high-cost drugs took effect in January, with reductions reaching as much as 79% below previous list prices for some medications. Because Medicare Part D payments are included in the government’s prescription-drug inflation calculation, those reductions can show up directly in the CPI. (Axios)

Another is the steady arrival of cheaper generic drugs as patents expire on blockbuster medicines. When a branded drug loses exclusivity and multiple generic competitors enter the market, prices can fall quickly enough to pull the broader index lower.

The Trump administration has also pointed to TrumpRx, its program designed to connect consumers with discounted cash prices for certain medications, as contributing to the decline. Health economists, however, say the program likely explains only part of the movement because many of those discounts already existed and TrumpRx primarily makes them easier to find. (Axios)

The White House and supporters of the Biden-era Inflation Reduction Act are now competing over who deserves credit.

That political argument is separate from what consumers are actually paying, and the answer there is more complicated than the headline number.

The Bureau of Labor Statistics does not simply measure the sticker price printed on a drug. Its prescription-drug index tracks the total reimbursement received by the pharmacy from the patient and eligible payers, including private insurance and Medicare Part D. That means a lower CPI reading can reflect savings captured by Medicare or insurers even if every patient does not immediately see a 3.1% reduction at the pharmacy counter. (Bureau of Labor Statistics)

Insurance design still matters enormously.

A patient with a fixed $20 copay may see no change at all even if the underlying cost of the medication falls. Someone paying coinsurance based on the drug’s price could benefit more directly. A patient with a large deductible or paying cash could see something different again.

And not every medicine is getting cheaper.

The 3.1% figure is an average across the prescription-drug market. Individual branded medicines can still increase in price even while falling costs for generics and negotiated Medicare drugs pull the overall index lower.

That makes this a meaningful shift, but not yet a universal one.

Prescription drugs were also one of several categories helping hold overall inflation down in July. The broader Consumer Price Index rose just 0.1% for the month, while prescription medication costs moved lower alongside gasoline and hotel prices. (Reuters)

For consumers, the bigger question is whether this turns into a lasting change rather than an unusual six-month stretch.

More Medicare-negotiated prices are scheduled to enter the system over time, additional major drugs will lose patent protection, and competition from generics and biosimilars continues to expand. If those forces keep pushing in the same direction, prescription drugs could become one of the few major household expenses providing meaningful relief instead of adding to inflation.

But the pharmacy counter remains the ultimate test.

A historic decline in the national price index is significant. For millions of Americans taking medication every day, what matters is whether that decline eventually reaches the number they are actually asked to pay.

JBizNews Desk | Washington

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The threat of another Federal Reserve rate increase is fading quickly, giving consumers some breathing room after months of uncertainty over whether borrowing costs were about to move higher again.

In a Reuters poll conducted August 12 through 17, 94 of 104 economists said they expect the Federal Reserve to leave its benchmark rate unchanged at 3.50% to 3.75% at its September meeting. Roughly 80% expect the Fed to keep rates at that level through the end of 2026.

That is a significant shift from only a few weeks ago, when persistent inflation and higher energy prices had made another rate increase look increasingly likely.

The change has come from three places at once: consumers are spending less, inflation has cooled and the labor market has weakened.

Retail sales unexpectedly fell 0.6% in July, the first decline in nine months. Consumer inflation rose only 0.1% for the month, while the unemployment picture deteriorated enough to make another rate increase harder to justify.

Markets have reacted accordingly.

Traders now put the probability of a September rate increase at roughly 31%, down from about 55% only a week earlier. That does not mean a hike is impossible. It means investors increasingly believe the Fed can afford to wait.

For households, that distinction matters.

The federal funds rate does not directly set the interest rate on a mortgage, credit card or auto loan, but it sits near the center of the borrowing-cost system. When the Fed raises rates, variable-rate debt generally becomes more expensive and banks tend to demand higher returns on new lending.

Another pause would therefore remove one immediate source of pressure.

Credit-card borrowers are among the most exposed. Most card rates are variable and closely linked to the prime rate, meaning another Fed increase can work its way into monthly interest charges relatively quickly.

The same applies to many home-equity lines of credit and other variable-rate loans.

Auto loans and mortgages work differently. Their rates are influenced by broader bond markets, lender competition and expectations about future Fed policy, so a Fed pause does not automatically produce cheaper financing the following morning.

That is already visible in mortgages.

Long-term Treasury yields remain elevated even as expectations for a September Fed increase have fallen. Investors remain concerned about inflation, government borrowing and the amount of debt hitting the market, meaning consumers should not assume that a Fed pause will suddenly restore the low mortgage rates of several years ago.

In other words, “no hike” and “lower rates” are not the same thing.

The Fed itself remains divided.

At its July meeting, policymakers voted to keep rates unchanged at 3.50% to 3.75%, but three officials dissented and wanted a quarter-point increase. Several policymakers continue to argue that inflation remains too far above the central bank’s 2% target to declare victory.

Inflation is still running above target, and elevated energy costs have left policymakers with little room to become complacent.

That makes the next several economic reports unusually important.

The Fed will see another employment report and additional inflation data before its September meeting. A sudden rebound in hiring or renewed acceleration in prices could reopen the case for another increase.

But the burden of proof has changed.

Only weeks ago, the question was whether the Fed would need to raise rates again to control inflation. The emerging consensus among economists is now that the central bank may be able to sit still for the rest of the year and let its existing rate level do the work.

For consumers carrying debt, that does not make borrowing cheap.

It does mean the cost of borrowing may finally stop getting worse.

JBizNews Desk | Washington

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The Supreme Court has denied Verizon’s request for rehearing in its fight over a $46.9 million Federal Communications Commission penalty tied to the telecom giant’s former customer location data program.

The justices denied the petition Monday without explanation, leaving the court’s earlier judgment against Verizon in place, according to the court’s Aug. 17 order list.

The denial closes off Verizon’s effort to alter the disposition of a June Supreme Court ruling that upheld the FCC’s forfeiture process against a Seventh Amendment challenge. 

The court found that an FCC penalty order does not automatically force a company to pay. If a company refuses, the government must go to federal court to collect, where the company can fully challenge the case before a judge or jury.

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In that June 4 ruling, the Supreme Court left the lower court’s decision against Verizon in place but sent AT&T’s separate case back to the Fifth Circuit for further review. That difference in how the two cases were resolved became central to Verizon’s rehearing request.

The FCC imposed the nearly $47 million forfeiture in 2024 after finding that Verizon failed to adequately protect customer location information made available through a program involving third-party location service providers.

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Verizon paid the penalty under protest and challenged the FCC’s order in federal court. The Second Circuit rejected the company’s challenge last year, including its argument that the device-location information at issue fell outside the customer-information protections of Section 222 of the Communications Act.

In its rehearing petition, Verizon argued that the FCC’s forfeiture order appeared to impose an immediate obligation to pay within 30 days, while the government later maintained before the Supreme Court that carriers could decline to pay and instead await enforcement action.

The Supreme Court’s June opinion did not decide whether the carriers had been misled into paying or whether a refund could be appropriate. The justices said they expressed no view on the merits of that argument, what relief might be available or in what proceeding.

Verizon then asked the Supreme Court to send the case back to the Second Circuit so the appeals court could consider whether the company had been misled into paying the penalty and whether it should receive a refund.

The Supreme Court’s denial Monday leaves the Second Circuit judgment affirmed and Verizon’s requested remand off the table.

FOX Business reached out to Verizon and the FCC for comment.

The broader dispute over the FCC’s authority remains active. T-Mobile and Sprint have separately asked the Supreme Court to review their own location data penalties, challenging, among other issues, whether the location information at issue falls within the Communications Act’s definition of protected customer proprietary network information. 

Their petition was filed June 22 and remains pending.

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The continuing litigation could have implications for how the FCC applies federal customer data protections and structures large civil forfeitures against telecommunications companies.

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Mark Walter, who already sold his majority stake in the Los Angeles Lakers just one year after purchasing the NBA team, might be selling off yet another sports asset. 

Walter and business partner Todd Boehly are reportedly looking to sell their stakes in Chelsea Football Club of the English Premier League, according to the Financial Times.

Walter and Boehly are hoping to sell their stakes to Clearlake Capital, the majority owner of one of the most popular soccer teams in the entire world. 

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Clearlake Capital reportedly has had some friction with the two minority stakeholders after they purchased a piece of the club four years ago. The outlet reported there have been negotiation talks for years between both sides, but no deal was made. 

Walter and Boehly bought stakes in Chelsea in May 2022, as BlueCo, a consortium run by Boehly, and Clearlake Capital bought the club from Roman Abramovich. 

BUSS FAMILY AGREES TO SELL REMAINING LAKERS OWNERSHIP STAKE TO JOSH KUSNER, BOB IGER GROUP

The news is quite interesting, though, as Walter agreed to sell the Lakers to Josh Kushner and Bob Iger for a record $12.5 billion after just purchasing the ownership stake from the Buss family for $10 billion last year. 

In June 2025, the Buss family decided to sell the Lakers to Walter for $10 billion. There was, however, some in the Buss family who felt misled by Jeanie Buss in what they characterized as a rushed sale, per ESPN. They felt pressured to vote for the sale to go through. 

In the end, all six siblings said “yes” to the sale, which closed in October 2025. The sale gave each sibling $500 million post-tax. After the sale to Walter, Buss was allowed to remain the governor of the Lakers given the 17.8% ownership stake still intact. 

Word came out Monday that the Buss family is now looking to tack onto the deal with Kushner and Iger to sell their remaining shares in the NBA team, which would give the new ownership group a whopping 83% majority in one of the most iconic basketball franchises in the world. However, new reports indicate Jeanie was the only sibling that did not wish to relinquish ownership, and will be fighting the decision made, per multiple outlets

Walter’s surprise sale of the Lakers comes amid a federal investigation into the Guggenheim Partners CEO. It was reported that the FBI recently seized Walter’s phone and laptop, as well as a high-ranking Guggenheim Investments executive’s this past year. 

Some are viewing the Lakers’ sale as a quick way to liquify assets for Walter with potential legal problems ahead, and now Chelsea could be yet another way to do so. 

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Chelsea was sold to the group for a total 2.5 billion pounds back in 2022. An extra 1.75 billion pounds was committed for future investment in the signature Stamford Bridge stadium, the Chelsea academy, the women’s team and the Chelsea Foundation. 

The current valuation of Chelsea is estimated to be around 5 billion pounds.

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Billionaire entrepreneur Mark Cuban didn’t hold back in a public squabble with Rep. Ro Khanna about the proposed wealth taxes in California—cracking open a feud between one of the wealthiest Democratic Party supporters and the left wing of the party. The two sparred over a proposed wealth tax that would ask the state’s richest residents to hand over billions of dollars to fund healthcare and other public programs.

Cuban, long a self-identified “libertarian-at-heart,” has been more closely affiliated with Democrats in recent years, as a high-profile surrogate for Kamala Harris in the 2024 presidential race and endorsing Hillary Clinton in 2016. However, the born-and-raised Pittsburgh native turned adoptive Texan has always remained staunch on his stance on wealth taxes — against.

Cuban has remained one of the wealthy’s largest advocates against taxes on wealth, specifically on unrealized gains. For instance, in response to a 2021 ProPublica investigation on the ultrawealthy avoiding or lowering their tax liability, Cuban said “it makes for great headlines… but they’re not being honest about the whole thing.”

Over the weekend, Cuban got into it with Khanna as the representative promoted his signature policy, Proposition 40, a ballot measure that would impose a one-time tax of up to 5% on the covered assets of people and trusts with more than $1 billion. The measure is scheduled to go before California voters in November.

“The California Democratic Party and the California Labor Movement just stood with Bernie Sanders and me in supporting a five percent wealth tax on 250 California billionaires,” Khanna said in a video posted on X. “Passing this ballot initiative will ensure that millions of working-class and middle-class Californians don’t lose their health care.”

But Khanna’s post ignited a seven-part back-and-forth between Cuban and Khanna, turning into a debate over whether California’s billionaire tax will drive entrepreneurs out of the state.

Cuban argued that the proposal misunderstands how startup wealth works. Many entrepreneurs may look like billionaires on paper due to their company valuations, but have relatively little cash available to pay a tax based on their net worth. Cuban warned that imposing the tax would encourage founders and investors to leave California.

“A unique feature of these 10b startups is that even if they raise a billion, little, if any of that money goes to the founders, who are now worth billions of dollars overnight,” wrote Cuban on X. “They are the definition of cash poor, stock rich.”

The issue is particularly relevant in California, which is home to hundreds of billionaires and the headquarters of the venture capital company, where many built their fortunes through technology companies. The state’s Legislative Analyst’s Office notes that billionaire wealth can consist of stocks, businesses and other investments rather than cash, making a wealth tax fundamentally different from an income tax.

Cuban questioned how founders could really come up with potentially hundreds of millions of dollars to pay the tax without selling, taking money out of their growing companies, or even selling stakes.

“How are you going to tax them?” Cuban asked, seemingly hypothetically. “Make them borrow money against their shares, if they can?” 

The prominent investor warned that if the measure passes, he himself would avoid investing in California startups completely unless they move out of state. “If this passes, only idiot startup founders stay in Cali,” Cuban wrote. “I’ve done it before and will do it again. Dallas. Pittsburgh. Indiana. I will make NOT being in California a prerequisite for an investment.”

Khanna responded with a proposal under which founders could pledge their shares to the state and receive a government loan to pay the tax. The loan would be non-recourse, meaning the founder would not be liable if the company ultimately fails, and the loan could run for a limited period such as 10 years.

At the end of the loan period, Khanna said, the founder would either repay the loan in cash or the government would assume the pledged shares.

Cuban was unimpressed. “Ro, that’s insane,” he wrote.

This proposal would essentially mean California lending money to founders so the founders can immediately hand that money back to the state, he pointed out. If the founder can’t repay in this scenario, he reasoned, the state could ultimately become a shareholder in a private company, “and I’m sure the investors in those companies will be thrilled about their new partners,” he added sarcastically..

Khanna argued that most billionaires would not face that problem. He said the private founders Cuban was describing represent a narrower category of “true paper billionaires with illiquid assets.” In those cases, he said, the government could benefit if the company succeeds.

“The government would still collect from the vast majority of billionaires who are not illiquid,” Khanna wrote, “72 percent of their wealth is in public stock.”

California’s Proposition 40 is expected to generate tens of billions of dollars over several years, according to the Legislative Analyst’s Office. Ninety percent of the revenue would be dedicated to healthcare, with the remainder going toward food assistance and education-related programs. But this has already caused billionaires to threaten to leave and even fight the proposal. Six total billionaires have already uprooted their status as California residents ahead of the January 1st deadline.

And this is not the first time Khanna had entered a public feud with a notable wealthy figure over the proposal. Palmer Luckey, co-founder of Anduril Industries, entered a similar grudge-match with the congressman on X surrounding the same proposed wealth tax. 

Khanna challenged Cuban to consider the issue from the perspective of ordinary Californians, asking the billionaire personality to travel around California, Pennsylvania and other parts of the country with him and ask the Americans what they think about a billionaire tax.

“Most say, I promise you, why only 5 percent?” Khanna wrote.

But Cuban rejects the notion. In a profanity-induced post on X, he wrote “this is the biggest f*** you in the history of entrepreneurship. Ever.” (Fortune has edited his profanity for posterity.)

“There is a huge difference between someone with liquidity, running a huge public company, and someone who has dedicated every minute of who knows how many years, to building a company, to finally have a dream financing come true, only to be insulted by a politician,” he continued. “‘We will sell your shares for you.’ GTFO.”

This story was originally featured on Fortune.com

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ChatGPT-maker OpenAI on Tuesday announced that it’s creating a new portal for teenagers between the ages of 13 and 17 as it looks to address concerns about online safety for young people.

The company made the announcement exclusively on-air with Fox News’ “Fox & Friends” on Tuesday morning and outlined how the platform looks to address the potential for the misuse of the platform by children.

The ChatGPT for Teens portal will serve as the default experience on the artificial intelligence (AI) chatbot for users between the ages of 13 and 17 and will come with new safeguards aimed at fostering the safe use of the platform and supporting teens’ critical thinking skills.

OpenAI said that most teen users of ChatGPT use it for homework and help with their studies, so the new platform is intended to allow for study aides without giving the answers away and was designed with Stanford University.

OPENAI UNVEILS CHATGPT WORK TO AUTOMATE WORKPLACE TASKS AS AI RACE INTENSIFIES

It will feature quizzes and responsible-homework reminders that redirect teens toward collaborative problem-solving, as well as a Study Hours feature that allows teens or parents to set Study Mode as a default during certain time periods.

The new platform includes stronger default safeguards addressing self-harm, violence, eating disorders, dangerous activities and explicit sexual or graphic content through age-appropriate interventions.

There will be teen-specific onboarding to the platform with warnings that discourage users from uploading private or sensitive images.

5 MOST EXPLOSIVE CLAIMS FROM FLORIDA’S LAWSUIT AGAINST OPENAI, SAM ALTMAN

It also looks to address parental concerns about teens forming an emotional dependency or relationship with new safeguards barring the use of language that could suggest romantic feelings, as well as claims of sentience of personal feelings by ChatGPT.

The platform will also restrict the chatbot from framing ChatGPT as being more important than family, friends, educators, mentors or other trusted people in the life of the tool’s teenage user.

The platform is also set to include default settings that provide more guardrails against the overuse of the program and healthier usage patterns.

OPENAI ROLLS OUT CHATGPT PARENTAL CONTROLS WITH HELP OF MENTAL HEALTH EXPERTS

It will have default settings that encourage users to take breaks more frequently, along with reminders about the platform’s settings for Study Hours and Quiet Hours.

Additionally, the new platform will provide the user with cues to reinforce that ChatGPT is a tool and not a person or a replacement for human relationships.

The new safeguards for OpenAI’s ChatGPT for Teens platform following incidents in which teenage users turned to the platform during mental health crises.

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Israel expects to allow self-driving vehicles on public roads in the second half of 2027, after a United Nations standards body cleared the last obstacle that had kept the country’s own rules stuck in draft form for more than five years.

The holdup was never the technology. Israeli ministries had been writing autonomous-vehicle regulations since the start of the decade, but there was no agreed international standard to write them against and no settled answer on who is legally responsible when a car with no driver makes a mistake. At the end of June, the UN’s vehicle standardization body approved the first comprehensive international rulebook for fully autonomous systems, and officials at Israel’s Ministry of Transport describe it as the breakthrough that speeds everything up.

The new rulebook covers what the industry calls Level 4 autonomy — vehicles that drive themselves in a defined area with almost no human involvement. It sets a single benchmark for safety: the manufacturer must show the system drives at least as safely as a skilled human driver. It also requires a data recorder in every vehicle, continuous fault monitoring and mandatory reporting of safety incidents, and it creates a licensing path for vehicles built without a steering wheel or pedals at all.

For Israel, the practical effect is that the standard arrives ready-made. Because the country adopts European vehicle standards automatically, the Transport Ministry does not have to build its own approval regime from scratch. It gets a basis for issuing import permits for Level 4 vehicles without waiting on further legislation. What remains unresolved is insurance — it is still unclear how Israeli insurers will price or write policies for a car that drives itself.

The first vehicles on the road are unlikely to be private cars. Industry expectations point to commercial fleets running fixed, marked routes: robotaxis, autonomous cranes moving cargo at ports and dedicated bus lines. Cross Israel is already advancing a tender for a trial run of autonomous shuttles serving communities in the Golan Heights, starting with a safety driver on board and moving to no driver at all in a later phase.

For American readers, the sequence is the reverse of what has happened here. U.S. robotaxi services in cities including Phoenix, San Francisco and Austin were built city by city under state rules and company-by-company permits, with no national standard behind them. Israel is skipping that stage and importing a finished international framework, which means its rollout is likely to arrive later but on firmer legal footing — and it gives European and Israeli manufacturers a single approval to build toward rather than a patchwork.

The commercial stakes for Israeli companies are substantial. Mobileye, the Jerusalem-based self-driving unit spun out of Intel, has been supplying the technology for robotaxi programs abroad while its home market had no rules permitting the vehicles at all. A 2027 opening would let it operate on the roads where it does its engineering.

JBizNews Desk | Jerusalem

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Nestlé is turning one of the biggest threats facing packaged-food companies into a new business opportunity.

The company is developing foods and nutritional products specifically for people taking GLP-1 weight-loss drugs such as Ozempic, Wegovy, Mounjaro and Zepbound, using artificial intelligence and nutrition research to design products around the way those medicines are changing how millions of Americans eat.

Roughly 16 million Americans are currently taking GLP-1 drugs, according to data cited by Reuters, creating a consumer group large enough to reshape grocery shelves, restaurant menus and food-company research budgets. 

At first, the rise of GLP-1 drugs looked like a direct threat to companies like Nestlé.

The medicines suppress appetite, and that means users often eat less, snack less and buy fewer high-calorie foods. Investors have worried for years that widespread adoption could permanently reduce sales of packaged meals, sweets, snacks and beverages.

Nestlé now sees another side of the equation.

People losing weight rapidly may need more protein, hydration and certain nutrients to help preserve muscle mass and maintain adequate nutrition. Nestlé says it is using AI to analyze clinical research, identify useful nutrient combinations and help reformulate products for those consumers. 

That work is already influencing products across brands including Vital Proteins and Boost, with the company exploring higher-protein formulations, collagen and other targeted nutrition products.

The opportunity is potentially much larger than selling smaller frozen meals.

If GLP-1 use continues expanding, food companies could build an entirely new category around people taking weight-loss medication — much the way the industry created dedicated markets around sports nutrition, low-carbohydrate diets and plant-based foods.

But this one could be different because the behavioral change is being driven by prescription medicine rather than a temporary diet trend.

GLP-1 users have been shown to consume significantly fewer calories and spend less on groceries and fast food, forcing food companies to rethink not only ingredients but portion sizes, packaging and marketing.

Nestlé is betting that consumers who eat less may still spend more on foods they believe provide the nutrients they need.

That could shift competition away from simply selling more calories and toward selling higher-value nutrition in smaller quantities.

The company has already been adapting. Nestlé previously introduced products aimed specifically at GLP-1 users, while other food companies have added high-protein meals, smaller portions and products positioned around fiber and digestive health.

The bigger business story is that obesity drugs are no longer only disrupting pharmaceutical companies and healthcare.

They are beginning to reorganize the food industry itself.

For years, packaged-food companies made money by convincing consumers to eat more.

The next growth market may be figuring out how to profit when millions of customers are deliberately eating less.

JBizNews Desk | Vevey, Switzerland

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UAE, Saudi Arabia clash over Yemen war

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

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

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

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

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

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

Saudi Arabia pushing companies to move regional bases to Riyadh

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

That makes this more than a defense-contract story.

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

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

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

That is why the length of the contract matters.

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

The broader economic effect could stretch well beyond Raytheon.

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

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

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

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

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

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

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

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

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

JBizNews Desk | Washington

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

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

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

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

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

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

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

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

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

JBizNews Desk | Atlanta

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

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

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

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

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

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

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

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

An ongoing debate between privacy and security

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

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

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

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

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

Tuesday’s federal fight

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

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

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

This story was originally featured on Fortune.com

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

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

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

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

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

Israir to fly to New York from October, airline forecasts

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

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

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

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

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

The scale is extraordinary.

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

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

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

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

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

It is helping make those data centers financially possible.

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

There is also significant risk.

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

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

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

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

The bigger shift is what Nvidia is becoming.

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

Now it is increasingly helping finance the mine.

JBizNews Desk | Ohio

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

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

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

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

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

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

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

JBizNews Desk | Hong Kong

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

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

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

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

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

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

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

Two fighting propositions

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

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

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

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

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

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

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

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

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

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

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

This story was originally featured on Fortune.com

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

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

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

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

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

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

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

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

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

Miriam Sela-Eitam contributed to this report.

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

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

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

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

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

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

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

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

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

‘Build something from zero’

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

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

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

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

‘Land of innovation’

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

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

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

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

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

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

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

This story was originally featured on Fortune.com

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

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

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

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

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

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

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

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

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

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

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

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

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

This story was originally featured on Fortune.com

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

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

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

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

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

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

Iran restoring access to underground missile facilities quicker than expected

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

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

That uncertainty is central to Israeli calculations.

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

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

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

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

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

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

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

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

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

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

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

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

US, Gulf countries replenishing arms during Iran ceasefire

Iran is not the only actor rebuilding.

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

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

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

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

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

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

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

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

According to King, the situation creates a dangerous cycle.

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

Strait of Hormuz shipping obstacles showcase continued conflict

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

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

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

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

Israel’s role in that scenario is particularly complicated.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Alphabet was at the center of that shift.

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

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

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

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

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

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

That makes the investment more than another portfolio adjustment.

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

JBizNews Desk | Omaha

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reuters contributed to this report.

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

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

The gap was much larger than at rival railroads.

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

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

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

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

That is exactly what Union Pacific’s numbers show.

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

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

That comparison makes the numbers more striking.

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

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

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

Rail fuel surcharges have existed for decades and have survived regulatory scrutiny and legal challenges. But railroads provide an unusually transparent window into the practice because they are required to report both fuel spending and surcharge revenue.

That makes Union Pacific’s $91.1 million second-quarter surplus particularly revealing.

The figures also arrive as Union Pacific seeks regulatory approval for its proposed $85 billion acquisition of Norfolk Southern, a deal that would create the first railroad spanning the continental United States.

Critics of the merger argue that a larger railroad could gain additional pricing power. Union Pacific says the combination would improve service and create a more efficient national rail network.

Whatever happens with the merger, the latest filings show something businesses rarely get to see so clearly: a surcharge created to recover a volatile operating cost can sometimes recover considerably more than the cost itself.

JBizNews Desk | Omaha

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The US is preparing to tell dozens of countries they must pick sides in the artificial intelligence race with China, warning they will be excluded from a US-led coalition if they also sign up for Beijing’s competing framework, according to a US official and an internal draft reviewed by Reuters.

Washington last year launched the Pax Silica initiative aimed at securing supply chains for AI models, semiconductors and critical minerals, amid a fierce technology rivalry with Beijing.

About two dozen countries have joined, including Kazakhstan, a key potential source of critical minerals that has also joined China’s coalition, as well as close US allies such as Japan, Australia, and South Korea.

The draft letter, prepared by the State Department, is addressed to the 35 signatories of a US “AI Opportunity Statement” signed in June, which includes members of the non-binding Pax Silica framework and other countries that have expressed a desire to align cooperation on AI with Washington.

By pressing countries to choose sides, the US hopes to starve China of resources in a race to make the most sophisticated AI, which could be used for military or economic dominance.

Chinese President Xi Jinping applauds during a ceremony marking the 105th anniversary of the founding of the Communist Party of China at the Great Hall of the People in Beijing, China, July 1, 2026. (credit: REUTERS/Maxim Shemetov/File Photo)

Jinping launches World Artificial Intelligence Cooperation Organization

In July, Chinese President ​Xi Jinping launched a rival “World Artificial Intelligence Cooperation Organization,” promoting his country’s open-weight technology as a challenge to US influence over ‌the fast-moving sector.

Kazakhstan is the only country so far known to have joined both initiatives, setting off alarm bells in Washington.

“To be part of everything is to be part of nothing. Signature of the Pax Silica Declaration is not merely a membership subscription, but a commitment,” the letter says, urging countries to “choose deliberately” on AI.

“It cannot be held alongside membership in duplicative initiatives whose expectations conflict with our own,” the letter said, without specifically mentioning China.

Reuters could not determine when the US intends to send the letter or whether it might be amended before sending. The draft was undated.

The State Department told Reuters it would not comment on “purportedly leaked internal documents.”

China’s embassy in Washington said the country opposes politicizing trade and technology issues. “Such actions will only stifle global AI advances and serve no one’s interests,” an embassy spokesperson said.

The Kazakh embassy in Washington did not respond to a request for comment.

The Pax Silica agreement aims to push US allies and partners toward joint projects and export controls, and ultimately reduce reliance on adversaries for critical minerals, AI models, and the semiconductor chips that power them.

The race between the US and China for technological leadership has reached a pivotal moment, as Chinese open-weight AI models have made rapid gains against proprietary systems from US companies such as OpenAI and Anthropic.

The exponential growth of the technology’s capabilities, including the ability to hack autonomously, has forced a global reckoning over its power.

Beijing is weighing restrictions on overseas access to some ​of China’s leading AI models, highlighting the growing tension with its stringent national security agenda.

The US touted Kazakhstan in June as the first country in Central Asia to join Pax Silica, bringing significant reserves of critical minerals that fuel advanced technologies.

China wielding critical mineral supply against Trump tariffs

China has used its current near-monopolies over critical minerals as a retaliatory weapon in a tariff war launched last year by US President Donald Trump, who has ramped up US efforts to source the minerals domestically and from allies.

Members of Pax Silica have access to shared investment opportunities in AI-related projects while those who sign the AI Opportunity Statement have symbolically agreed on a “common purpose” and “shared vision” with the US, according to the statement posted on the State Department’s website.

US officials drafted the letter to make clear that “you can’t have it both ways,” the US official told Reuters, speaking on condition of anonymity given ongoing internal discussions on the issue.

“It’s difficult to see how a country can credibly position themselves as trusted partners in one technology ecosystem while simultaneously signing up for an initiative designed by China to advance a competing vision for AI,” the official said.

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A ceiling fan spinning overhead is supposed to disappear into the background. This one can send a blade into the room.

About 9,460 Hampton Bay Halwin 52-inch indoor/outdoor ceiling fans are being recalled because the fan blades can separate from the motor assembly while the unit is running, creating an impact hazard for anyone underneath.

The affected models are AK396H-MBK and AK396H-BN, sold through Home Depot. Federal safety regulators are telling consumers to stop using the fans immediately and contact the company for a refund or Home Depot store credit.

The danger is straightforward. A ceiling fan operates under constant rotational force, and even a relatively lightweight blade becomes a fast-moving object once it breaks loose. That turns a hardware defect above a dining room, bedroom, patio or family room into a direct injury risk.

The recall is especially important because there may be no obvious warning before failure. A fan can appear to be working normally until the connection holding a blade to the motor assembly gives way.

That makes this different from a defect consumers can reasonably monitor while continuing to use the product.

Owners should first check the model number on the fan and compare it with the recall information. If the unit matches one of the affected models, the safest response is to shut it off and leave it off until the recall remedy is completed.

Consumers should also avoid standing beneath the fan while inspecting it and should not attempt to reinforce or repair the blade connection themselves unless the manufacturer specifically provides an approved repair procedure.

The recall reaches beyond indoor rooms because the Halwin model was marketed for both indoor and outdoor use. That means affected fans may be installed on covered patios, porches and other spaces where families spend long periods directly beneath them.

For homeowners, landlords and contractors, there is another practical consideration: recalled fixtures can remain installed long after purchase records are lost. Anyone managing multiple properties should check the fan itself rather than assume an older installation is not covered.

Home Depot customers with an affected unit are eligible for a refund or store credit under the recall remedy.

The key point is simple: this is not a cosmetic defect and not a product consumers should continue using until it becomes inconvenient to replace.

A fan blade that can detach at full speed belongs off, not overhead.

JBizNews Desk | Washington

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US President Donald Trump’s approval rating fell to the lowest level of his presidency with an overwhelming majority of Americans concerned the US war with Iran will last a long time, according to a Reuters/Ipsos poll that concluded on Monday.

Just 33% of respondents in the four-day survey said they approved of Trump’s performance in the White House, while 64% disapproved. Trump’s approval rating, down from 35% in a poll that closed earlier this month and lower than at any point in his current term, has now tied the lowest level of his prior term reached in December 2017.

After returning to the White House last year with just under half the country approving of his presidency, Trump’s popularity this year took a hit after he ordered strikes on Iran alongside US ally Israel.

The ensuing conflict paralyzed a fifth of the global oil trade, triggering a surge in the price of gasoline which is weighing on US households – and on Trump’s Republican allies defending congressional majorities in November midterm elections.

Trump pledged no long-lasting wars in his presidential campaign

Trump, who campaigned on promises to keep inflation in check and avoid long-lasting wars, initially pledged the conflict with Iran would take a few weeks, and argued the war was the only way to prevent Iran from developing a nuclear weapon that could threaten the world.

A symbolic mockup of an Iranian missile is displayed, amid a ceasefire between US and Iran, in Tehran, Iran, April 27, 2026. (credit: MAJID ASGARIPOUR/REUTERS)

But Iran has proved resilient and has kept the oil trade through the Strait of Hormuz largely bottled up even as the conflict has cooled.

Some 80% of Americans – including 87% of Democrats and 71% of Republicans – think US involvement in Iran “will go on for an extended period of time,” the Reuters/Ipsos poll found. Just 16% said the conflict would likely end in a few weeks.

The Reuters/Ipsos poll, which was conducted online, gathered responses from 1,166 US adults nationwide and had a margin of error of 3 percentage points in either direction.

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Swig, the Utah-born beverage chain that helped popularize “dirty soda,” is finding some of its strongest growth well beyond its home state.

Andrew K. Smith, managing director and co-founder of restaurant-focused private equity firm Savory Fund, told FOX Business that Swig locations outside Utah are performing roughly 40% to 50% better than stores within the state.

The chain now operates in 23 states and expects to reach about 200 locations by the end of the year, Smith said, with additional expansion planned for next year.

Swig is best known for highly customizable drinks, particularly “dirty sodas” — fountain drinks mixed with flavored syrups, cream and other add-ins. The concept has surged in popularity in recent years, fueled in part by social media and pop culture.

MCDONALD’S EXPANDS INTO SPECIALTY DRINKS WITH ‘DIRTY SODAS,’ REFRESHERS PUSH

Hulu’s “The Secret Lives of Mormon Wives,” which puts Utah culture in the national spotlight, also helped introduce dirty soda to a broader audience.

“We actually were doing very, very well before ‘The Secret Lives of Mormon Wives,'” Smith said with a laugh. “But ’The Secret Lives of Mormon Wives’ definitely made, I think, the appeal and the interest and the mystique of dirty soda much more broad.”

Smith said Savory Fund’s investment in Swig was not simply a bet on soda. Instead, he sees the company benefiting from a broader shift in how Americans purchase their beverages.

Coffee followed a similar evolution, he said, going from something consumers routinely made at home to a premium and customizable product that they increasingly purchased from chains like Starbucks.

MAKER OF ICE CREAM SOLD AT GROCERY STORES NATIONWIDE FILES FOR BANKRUPTCY AS IT APPEALS $23.8M JUDGMENT

“Really what Swig is, and what it was, was the ‘Starbucksification’ of soda, teas and lemonades,” Smith said.

Savory Fund manages more than $750 million in assets and has invested in restaurant brands including Swig, R&R BBQ, Mo’ Bettahs Hawaiian Style Food, Via 313 Pizzeria and PINCHO.

More recently, the firm invested in Zao Asian Grill, a 23-location Mountain West fast-casual chain that Smith believes could also expand well beyond its current footprint.

For Savory Fund, the goal is not simply to find the next trendy concept, according to Smith.

“As investors, and other investors that I would speak for, we don’t chase concepts, and we’re not chasing the right brand,” Smith said. “We’re backing exceptional founders, and we help them build enduring brands for our consumers.”

CALIFORNIA PIZZA KITCHEN CO-FOUNDER OPENS UP ABOUT FAMOUS CHAIN’S WILD RISE, BANKRUPTCY AND COMEBACK

Smith also said consumers across Savory Fund’s portfolio have not stopped spending, but they are looking more closely at whether the food, service and overall experience justify the price they are paying.

“If you paid $20 for a meal, and you sit down, and you’re like, this looks more like $11, they feel like they got kind of scammed,” he said. “…You’ve got to make sure that your value on the plate is the same as the dollars that they’re giving.”

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Smith added, “Restaurants are one of the best real-time indicators of consumer confidence, because millions of decisions happen every day in this industry.”

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Heading off to college is exciting, but it also involves new adult responsibilities. That makes it a great time to start getting comfortable with credit, building healthy spending habits and learning how to manage money.

It’s important for all students to build a solid foundation in managing their finances, said Sara Wilson, director of product innovation at Student Connections, an organization that helps students overcome financial barriers.

“You have to consider the financial decisions you make in college because they impact what your financial security is going to be once you enter your first job,” Wilson said.

If you’re starting college this fall or you’re currently a student, here are some expert recommendations:

1. Start building your credit

College is the perfect time to start building your credit score, said Courtney Alev, consumer financial advocate at Credit Karma. A credit score is a mathematical formula that helps lenders determine how likely you are to pay back a loan. Credit scores are based on your credit history and range from 300 to 850. A low credit score makes it more complicated or more expensive to obtain car loans, mortgages, credit cards, auto insurance, and other financial services.

“College is an ideal time to start building a credit report, because the earlier you start, the more time you have for that credit to build and then work in your favor when you eventually need it, whether it’s for a loan or an apartment,” Alev said.

Alev recommends starting your credit card journey with secured credit cards. These credit cards are opened with a one-time deposit that serves as collateral. This first deposit is usually returned when the user closes the account with zero balance or when they move to an unsecured credit card with the same bank. Another starting option is student credit cards, which are easier to qualify for and tend to come with lower credit limits.

Regardless of the type of credit card you open, the No. 1 goal is to only spend what you can afford to pay off each month, Alev said.

2. Budget as much as you can

During college, you might have multiple sources of income, whether from a part-time job, a financial aid stipend or family support. Having multiple or irregular streams of income might make it difficult to manage your finances, but budgeting is still a crucial step toward achieving financial stability.

You can budget by using an app, creating a spreadsheet or simply writing your expenses down on paper. No matter the format, it’s important for your budget to include your earnings and spending each month. Having a specific financial goal in mind can help you stay motivated to budget.

“Budgeting is simply creating a plan to get what you want with your money,” Wilson said. “Figuring out what you want, then the plan that you need to follow to get there.”

To help juggle multiple sources of income, students should divide their monthly bills by four so they have a target for the amount they need to set aside each week, said Lindsay Bryan-Podvin, financial therapist and founder of Mind Money Balance, a financial wellness service.

For example, if rent is due on the first of the month and it’s $1,000, that means you need to save $250 each week. Dividing your bills can help you manage your money when your income is inconsistent throughout the semester.

3. Start saving

While it might be difficult to earn extra income while you’re in college, creating an emergency fund can save you a headache down the road. Many students can get excited about the idea of investing, but before diving fully into it, Alev recommends that you have a savings cushion.

“The power of that compounding interest and the growth of the economy can really pay off over time, and it’s so important, but an emergency fund is going to serve your immediate needs,” Alev said. She suggests that you aim to have enough savings to cover rent and other essentials for a few months before starting to invest.

4. Talk about money with your friends

One of the most exciting aspects of college is the new friends you meet. As you’re building new friendships, Bryan-Podvin recommends that you practice open communication about your financial journey.

“It can feel really hard to say ‘I can’t afford that or that’s not a priority for me,’” Bryan-Podvin said.

Being transparent about your finances can help you avoid feeling pressured to spend above your means.

Bryan-Podvin recommends that you clarify your spending priorities to make it easier to avoid overspending. For example, if you pay for a gym membership because it makes you feel better, keep this expense in mind when you have to say no to ordering takeout with your roommates.

5. Have a plan for your student loans

While paying back student loans begins after graduation, it’s crucial that you have a plan while you’re still in college. Having a plan includes knowing how much you’re borrowing each semester, what your expected total repayment amount is and how much your monthly payments will be once you graduate.

“As long as you understand what you’re getting into and you’re making a plan for how to navigate and manage it, you’re an informed consumer of that debt,” Wilson said.

How much you borrow in student loans will affect your financial life after graduation, so it’s crucial that you don’t put off understanding the cost of the loans.

6. Take advantage of the resources that your school provides

Universities typically have a number of resources, so it’s best to take advantage of them while you’re in school, said Phil Schuman, executive director at the Higher Education Financial Wellness Alliance.

“The nice thing about the system that you have on your campus is the people aren’t going to judge you,” Schuman said. “Their job is to help you figure out what the solution is to your question, and they’re going to point you in the right direction.”

Whether your question is about financial aid or budgeting, making sure you’re tapping into the free resources on campus can help smooth your financial journey. You can typically find resources at your school’s library, student life office or recreation center.

7. Don’t panic if you make a mistake on your financial journey

Mistakes happen to everyone, not only students. But what is important is that you know how to cope when you make a mistake, Schuman said.

Managing your finances is a learning process that will continue well beyond your college years. But starting your journey in college can help you kickstart that learning process.

“Mistakes will happen,” Schuman said. “Give yourself grace. Nobody is perfect when it comes to their finances, so don’t feel like you have to be as well. Talk to somebody, acknowledge it, and then figure out what you can do moving forward to right the wrong next time.”

This story was originally featured on Fortune.com

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Less than one week after Mark Walter shockingly sold the Los Angeles Lakers to Bob Iger and Josh Kushner, the Buss family is now relinquishing its own shares to the new majority owners. 

At least, most of the Buss family wish to do so. 

Earlier on Monday, ESPN reported the Buss family decided to sell the remaining 17.8% ownership stake in the iconic NBA franchise to Kushner and Iger. 

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The family’s trust, which includes siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse, “received majority votes to allow trustees to execute the sale.” The vote required four of six to agree to sell to “enact the tag-along provision of Mark Walter’s sale to Kushner and Iger, which valued the Lakers at $12.5 billion.”

The outlet added that, once the transaction has been completed, Jeanie Buss will no longer have a required ownership percentage to remain the governor of the Lakers. 

“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the Buss family told ESPN in a statement. “We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”

BOBG IGER, JOSH KUSHNER SHOCKINGLY PURCHASE LAKERS MONTHS AFTER MARK WALTER BECAME MAJORITY OWNER

“As a family” doesn’t seem to be the case now. Jeanie Buss’s lawyer wrote a letter to the lawyers of her siblings explaining why she believes they can’t sell their minority stake to the new Lakers majority owners, according to CNBC.

In the last paragraph of that letter, the attorney writes, “On behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers and that your clients shall take no action on this supposed ‘vote’ to sell the 17.8% stake.”

ESPN added later Monday night that Jeanie Buss “was the lone family member not in favor to sell as the five siblings voted 5-0 – including two of the three trustees – to sell the Buss stake.” 

Walter’s time as majority owner came to an end a year after purchasing the stake from the Buss family. 

In June 2025, the Buss family decided to sell the Lakers to Walter for a then-record $10 billion. There was, however, some in the Buss family who felt misled by Jeanie in what they characterized as a rushed sale, per ESPN. They felt pressured to vote for the sale to go through. 

In the end, all six siblings said “yes” to the sale, which closed in October 2025. The sale gave each sibling $500 million post-tax. 

Within the sale to Walter, Buss was allowed to remain the governor of the Lakers given the 17.8% ownership stake still intact. 

But Walter’s surprise sale of the Lakers comes amid a federal investigation into the Guggenheim Partners CEO. It was reported that the FBI recently seized Walter’s phone and laptop, as well as a high-ranking Guggenheim Investments executive’s this past year. 

Some are viewing the Lakers’ sale as a quick way to liquify assets for Walter with potential legal problems ahead. 

The Financial Times also reported Monday that Walter and his business partner, Todd Boehly, are looking to sell their stakes in the English Premier League’s Chelsea Football Club.  

As part of this new addition to the deal that includes the Buss family shares, Kushner and Iger will roughly control 83% of the Lakers. They were slated to have 65% of control with just Walter’s shares. 

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Kushner, 41, is the founder and managing partner of venture capital firm Thrive Capital, as well as co-founder and vice-chairman of Oscar Health. He is the younger brother of Jared Kushner, the son-in-law of President Donald Trump. 

Iger, 75, is the former CEO of Disney, where he led the company to the acquisitions of Marvel, Lucasfilm and 21st Century Fox, to name a few.   

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Turkish President Tayyip Erdogan urged US President Donald Trump in a call to continue talks with Iran to de-escalate tensions between the two countries, and offered Ankara’s support in peace efforts, the Turkish presidency said in a statement on Tuesday.

The two discussed the wars in Iran and Gaza, the defense pact signed between Turkey, Saudi Arabia, and Pakistan, and bilateral ties.

During the call Erdogan reportedly told Trump to continue talks with Iran, saying that “it is of great importance to make the utmost use of diplomacy in the tensions between Iran and the United States, that we hope the talks will continue,” and adding that Turkey will support peace efforts.

Additionally, Turkey’s foreign minister spoke with his Iranian counterpart in a call on Tuesday, with the pair discussing efforts to open the Strait of Hormuz and to continue the US-Iran ceasefire.

Erdogan condemned continued IDF operations in Gaza

Speaking about the war in Gaza, Erdogan said that Israel was continuing to attack Palestinians when the second phase of Trump’s peace plan was supposed to have taken effect.

US President Donald Trump walks with Turkish President Recep Tayyip Erdogan during a formal arrival at the Bestepe Presidential Compound at the NATO summit in Ankara, Turkey, Tuesday, July 7, 2026.  (credit: Emrah Gurel/Pool via REUTERS)

“At a time when we aim to move to the second stage in the Gaza peace process, there has been an increase in actions by the Israeli administration targeting Palestinians, and that Turkey will continue to support steps toward lasting peace in the region and the reconstruction of Gaza,” he said.

Erdogan also spoke with Trump about the recent Joint Defense Agreement that was signed by Turkey, Saudi Arabia, and Pakistan earlier this month. This “demonstrated a strong stance for ensuring regional stability and security,” he said.

On Sunday, Trump took to Truth Social to commend the three countries on the signing of the Mecca Joint Defense Agreement, adding that it “shows how the Middle East is coming together, and how Countries will finally be able to defend themselves in a more meaningful way.”

Reuters contributed to this report.

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As an exhausting primary season begins to wind down, voters in Florida, the last remaining big state yet to hold its primaries, head to the polls Tuesday with several races on the Jewish community’s radar.

The conservative state is home to large numbers of Jews, including a growing number of Jewish emigres from more liberal enclaves, and features several marquee matchups on both sides of the aisle.

The state has faced some political turmoil, including last-minute Republican-led redistricting that could hurt the chances of some pro-Israel Jewish Democrats at a moment when such figures are an endangered species in the US House.

On the GOP side, the right’s civil war between hardline pro-Israel figures and a growing crop of white nationalist-adjacent Israel skeptics will be laid bare in multiple races.

Here are some of the storylines for Jews to watch for on Florida’s ballot:

The ‘groyper’ governor’s race

No other low-polling candidate this cycle has grabbed as much attention as James Fishback, the former investment banker running for governor in Florida. 

James Fishback, Republican nominee for governor of Florida, addresses an audience at the University of Central Florida in University, Florida, April 23, 2026. (credit: SCREENSHOT VIA YOUTUBE)

Despite consistently trailing his rival, US Rep. Byron Donalds, in the GOP primary, Fishback has raised concern among both Jewish conservatives and party elites. He has embraced online far-right figures including Nick Fuentes, the white nationalist and antisemitic influencer, and uses memes and coded phrases such as “goyslop” to court Fuentes’s “groyper” movement of young men who spread irony-laced antisemitic talking points online.

Asked earlier in the campaign about “goyslop,” a term that refers to low-quality food supposedly promoted by Jewish elites, Fishback told the Jewish Telegraphic Agency he employed it in a speech “because it’s funny. Get a life.”

Much of Fishback’s campaign has focused on the youth vote, fueling concerns that antisemitism could be a building block of the next generation of the right. His college campus visits have boasted high turnout, and young Republican groups that have hosted him have themselves been criticized for antisemitic behavior. 

Few analysts expect Fishback to win the primary. His campaign has been mired by scandal and odd behavior, and Donalds, the Trump-endorsed frontrunner, leads most polls by comfortable margins. But Fishback is polling in the double digits in some recent analyses of likely voters from polling outlets including Cygnal, which also has him outpacing two other establishment candidates, and primary polling in Michigan and Wisconsin that turned out to be inaccurate further complicates the prognosis. 

Even a reasonably strong performance from Fishback, particularly among the youth vote, would be met with alarm in some Jewish conservative corners.

A Jew who insults Muslims takes on a rival who insults Jews

Elsewhere in Florida’s Republican field, tensions between rising antisemitic and anti-Islamic sentiment within the party are mounting.

US Rep. Randy Fine, the incumbent in the state’s deep-red 6th District, has prompted considerable ire on Capitol Hill for comments denigrating Muslims, including comparing them to dogs, and saying that Gazans should “starve away” until the Israeli hostages were released. As a hardline pro-Israel voter who also wears a kippah on the House floor, Fine has made his Judaism central to his political identity, making him a litmus test for both the right and organized Jewry. 

Some of that ire has made it back to his home district, where Fine is facing primary challenger Dan Bilzerian, a celebrity poker player and Instagram influencer who routinely promotes antisemitic conspiracy theories. He has said he wants to “kill Israelis,” has called Fine a “fat Jew” and called antisemitism “a made-up term.”

He has further claimed that Israel “wanted Oct. 7 to happen” and called reports of Hamas raping victims that day “bull—t.” Bilzerian has spent at least $1 million of his own money on the race.

The primary has been marked by inflammatory rhetoric and personal attacks. Fine responded to Bilzerian’s entry into the race by declaring that “we don’t want Armenians to be able to serve in Congress” (Bilzerian is Armenian), prompting anger from Armenian-American groups.

Last week a Fine campaign sign was defaced with a swastika, an act condemned by the Anti-Defamation League and other Jewish groups. In a release, Fine accused Bilzerian’s supporters of having painted the swastika, a charge Bilzerian has denied and labeled “the most jew move of all time.” 

On Friday, Fine’s campaign said the candidate had referred Bilzerian to federal investigators for allegedly receiving unreported campaign donations from China. Bilzerian’s pitch to voters heavily centers around antisemitism: “District 6 understands the jewish problem,” he wrote on social media over the weekend, accompanied by pictures of his campaign stops.

Some Jewish groups, including the American Jewish Committee, have condemned Fine’s rhetoric on Gaza and other matters. He still receives support from AIPAC, the pro-Israel lobby, as well as the Republican Jewish Coalition, whose PAC has given his campaign thousands of dollars this cycle, according to federal election filings. In recent days, Republican leaders including House Speaker Mike Johnson, who had declined to condemn Fine’s earlier remarks about Muslims and dogs, have condemned Bilzerian’s antics as antisemitic. 

The combined presence of Bilzerian and Fishback on the ballot is leading at least one GOP group to lump them together as similar threats. The Front Line, a Republican PAC aligned with Texas Sen. Ted Cruz and formed with the goal of curbing antisemitism within the party, released an ad during the World Cup that attacked them both. 

In the ad, which was generated with artificial intelligence, the two candidates are shown hosting a party with media personalities Tucker Carlson and Candace Owens, Democratic Reps. Rashida Tlaib and Ilhan Omar, the pro-Palestinian group Code Pink and Iranian clerics who cut a giant cake made to look like a crossed-out Israeli flag.

One pro-Israel Dem faces a left-wing challenger…

Rep. Jared Moskowitz, one of the most pro-Israel Democrats in Congress, is finding himself in a familiar predicament this election cycle: fending off an anti-Zionist democratic socialist.

Activist Oliver Larkin is running against Moskowitz for the seat in the state’s 25th District, which is about 25% Jewish and is considered a toss-up in November after being redrawn this year. Moskowitz currently represents the 23rd District, which covers much of the same ground.

Moskowitz has outraised his challenger 11-to-1, according to local media estimates, and has refused to debate him. He has the support of AIPAC, which has raised at least $667,000 for him, according to analyses of federal campaign reports. 

He also has a groundswell of Jewish support in the district, even from some unlikely corners: The rabbi of a large Orthodox synagogue in Boca Raton has encouraged his congregants to change their voter registrations from Republican to Democrat in order to cast votes for Moskowitz.

Polling from Moskowitz-aligned firms has shown him with a considerable lead, while a poll from a Larkin-aligned outlet this month put the two in a statistical dead heat.

Moskowitz has also outright accused Larkin of fomenting antisemitism, telling the South Florida Sun Sentinel editorial board in a letter that his opponent “has embraced the support of individuals and organizations that have repeatedly trafficked in antisemitic rhetoric and hostility toward the Jewish community.” 

Moskowitz has also claimed that Larkin is “running against me solely on my religion.” The Sun Sentinel board rated Moskowitz’s claim “demonstrably untrue” and, in an unusual move, said it would not endorse him for reelection after he declined a joint interview with Larkin. The paper decried what it described as Moskowitz’s “lack of respect for voters.” 

But Larkin’s own language has alarmed some Jews, including his labeling of modern-day Israel as a “religious supremacist” country and his call for Israel to become a “secular” state. Asked by Fox News if he supports selling defensive weapons to Israel, Larkin responded, “I do not make a distinction between offensive and defensive weaponry.”

A rally he and other progressive candidates were scheduled to participate in with Palestinian-American Rep. Rashida Tlaib of Michigan on Friday was moved at the last minute after the venue, citing Jewish leaders’ concerns over Tlaib’s anti-Israel rhetoric, cancelled. 

Larkin has denied charges of antisemitism and spoken positively about Judaism on the campaign trail. In a statement to JTA, his campaign said he would advocate for “the liberation of Jewish South Floridians and Jewish people the world over from antisemitism,” and said an arms embargo on Israel should be “the minimum standard for anyone claiming to support democracy.”  

He also has the support of Jewish figureheads on the anti-Zionist left. Author and trans activist Abby Stein was among a group of progressive figures who hosted a fundraiser for him in Brooklyn earlier this month.

Redistricting controversy surfaces amid primary race

Things once seemed simpler for Rep. Debbie Wasserman Schultz, an establishment Jewish Democrat and former chair of the Democratic National Committee who has comfortably served in Congress since 2004 from a safe blue seat.

But after a late GOP-led redistricting push in Florida earlier this year, prompted by President Donald Trump’s demands for Republicans to redraw their districts to help them hold the House, Wasserman Schultz’s future is suddenly a lot less certain.

A campaign aide for Rep. Debbie Wasserman Schultz (D-Florida) takes photos of her with voters at a Fourth of July celebration on July 4, 2026 in Sunrise, Fla.  (credit: Teo Armus/TWP via Getty Images)

Instead of the district she has represented for decades and which many Democratic observers believed she could still win despite the gerrymandering, the congresswoman decided to run in the neighboring 20th — a heavily Black district that for three decades has been represented by a Black lawmaker. 

And Wasserman Schultz’s primary opponents, including a former congresswoman facing a federal fraud trial and 2 Live Crew rap star “Uncle Luke” Campbell, aren’t happy she’s gunning for the seat. Critics accuse Wasserman Schultz of carpetbagging and say her decision to run in an easier seat will harm Black representation in government. Campbell has said her decision to run would harm Black-Jewish relations.

Even congressional leaders normally in Wasserman Schultz’s corner have balked at her decision. House Minority Leader Hakeem Jeffries withheld an endorsement in the race, citing what he called the “sensitivities of the moment.”

Florida’s third Jewish Democratic mainstay in the House, Rep. Lois Frankel, is facing her own primary challenge in a new district, though in her case, the boundaries are similar to her old district. Frankel, a staunch Israel supporter, will have to defeat progressive challenger Victoria Doyle, a retired attorney.

The close resemblance to her old district and lack of substantive groundswell support behind Doyle likely means Frankel will retain the party’s nomination.

Besides redistricting, Wasserman Schultz and Frankel, as with other institutional Democrat figures, are also facing a voter base unhappy with the party’s status quo. This year the state’s LGBTQ+ Democratic Caucus withheld endorsements in both races, despite Wasserman Schultz’s and Frankel’s historically good relationships with the caucus. Rep. Jared Moskovitz, meanwhile, did receive the caucus’s endorsement.

DSA vs. Soviet refugee in Dem Senate primary

Democrats haven’t held a U.S. Senate seat in Florida since 2019. But in a midterm environment expected to favor the party, the state could prove pivotal, and the primary to replace former Sen. Marco Rubio is putting one of the party’s biggest division points, “socialist” branding, in the spotlight.

The frontrunner for the nomination, retired Lt. Col. Alexander Vindman, is a Kyiv-born Jewish refugee from the former Soviet Union. Vindman, whose twin brother is a congressman in Virginia, attained broader name recognition during the first Trump administration, when he publicly testified about a controversial phone call between Trump and Ukrainian President Volodymyr Zelensky.

Vindman’s opponent is state Rep. Angie Nixon, who, in contrast to her opponent’s family history of fleeing from socialism, recently joined the Democratic Socialists of America. Nixon has made noise in her party for pushing pro-Palestinian legislation on the state level, including a push, less than a month after the Oct. 7, 2023, attacks in Israel, for “de-escalation and cease-fire in the state of Israel and occupied Palestine.” 

Nixon has campaigned alongside Oliver Larkin, as well as far-left elected figures in the party including Tlaib, and her pro-Palestinian positions are a big point of worry for some Jewish figures. But in a state with high numbers of voters, particularly Latinos, who have fled socialist or Communist regimes, it’s the candidates’ associations with the “S”-word that may prove the deciding factor.

Vindman has far outraised Nixon to date, and leads in the scant polling that has been conducted so far. A July poll from the University of North Florida, however, suggests that Nixon fares slightly better against the Republican nominee, appointed Sen. Ashley Moody.

Joseph Strauss contributed to this report.

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China is suspected of funding pro-Palestine marches in the UK, The Telegraph revealed exclusively last week.

According to the report, US politicians investigating alleged secret Chinese backing of Code Pink, a far-Left feminist protest group, are also examining its activities in Britain as part of an inquiry into foreign interference.

Code Pink has organized many protests in the UK against Britain’s involvement in “the genocide in Gaza”, and issued statements claiming that Britain’s leaders have been “bought by Zionism.”

The Telegraph revealed that the US investigation is examining £250,000 in alleged payments to a UK company linked to Code Pink from firms connected to Neville Roy Singham, a tech tycoon accused of financing Chinese propaganda worldwide.

“The committee is well aware that Singham’s funding is supporting pro-Hamas and pro-communist causes not only in the United States, but also overseas, including in the United Kingdom,” Jason Smith, the chairman of the US Congress Ways and Means Committee, told The Telegraph.

Code Pink protestor Medea Benjamin calls for peace with Iran as US Secretary of Defense Pete Hegseth testifies during a House Committee on Appropriations, Subcommittee on Defense hearing to examine the 2027 budget for the Department of Defense on Capitol Hill in Washington, DC, on May 12, 2026. (credit: SAUL LOEB / AFP via Getty Images)

Congressional source: China funding pro-Hamas groups in US, UK under investigation

“We are aware that China is funding pro-Hamas and leftists in the UK and the US. That is why we are investigating it and will continue to do so,”  a congressional source told The Telegraph.

Code Pink in the US has received millions of dollars from Singham, who is facing multiple inquiries into his network and whether it disseminated pro-China propaganda on behalf of the communist regime in Beijing.

Committee links Code Pink funding and influence to Singham, Chinese government

A congressional committee has claimed that Code Pink – which was founded by Jodie Evans, Singham’s wife – appeared to have been “funded and influenced by Mr Singham and the communist Chinese government”.

Code Pink also runs a campaign called “China is not our enemy”. 

The Telegraph said Code Pink did not respond to a request for comment but has previously called the allegations against it “a big fat lie”.

Medea Benjamin, a co-founder, told the Washington Times: “We get zero money from the chinese communist party.”

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European Central Bank researchers are warning that the extraordinary rise in artificial-intelligence stocks is likely to produce a market correction — even if AI ultimately delivers the productivity and profits investors expect.

In a research post published Monday, ECB economists said U.S. technology valuations have climbed to levels last seen around the dot-com era and argued that history suggests the current boom will not move higher indefinitely.

The warning is unusual because it does not depend on AI turning out to be a failure.

The researchers argue that transformative technologies often produce an early surge in valuations because investors place enormous value on the possibility that a small number of companies could dominate the new industry.

That happened with railroads, electricity, radio and the internet.

As the technology matures and spreads throughout the economy, however, the nature of the risk changes.

Investors are no longer betting on a handful of companies succeeding or failing. They become exposed to the technology across the economy, making the risk harder to diversify and increasing the return investors demand for owning stocks.

That can push valuations lower even while corporate profits continue growing.

Investor psychology could make the adjustment more severe.

The ECB researchers said excessive optimism can push prices beyond what fundamentals justify. When that confidence breaks, markets can fall much more sharply than they would under a purely rational repricing.

The concern is particularly important because U.S. technology companies have become a huge part of global investment portfolios.

Euro-area households have approximately €440 billion invested in U.S. technology stocks, much of it through investment funds. European insurers and pension funds also carry substantial exposure to the largest American technology companies.

That means a major decline in Nvidia, Microsoft, Alphabet, Amazon, Meta and other AI-linked stocks would not remain confined to Wall Street.

European markets have historically moved closely with U.S. equities, giving a sharp American technology correction the potential to reduce household wealth, pressure investment funds and tighten financial conditions across Europe.

There is another difference from the dot-com crash.

Governments and central banks today have less room to respond aggressively.

Interest rates are already constrained by persistent inflation, while government debt and deficits limit the ability of many countries to launch massive fiscal rescue programs without increasing borrowing costs.

That could make a future technology selloff more economically damaging than investors expect.

The researchers stopped short of saying AI is a bubble or predicting when a correction will occur.

They also acknowledged that AI stocks could eventually reach valuations substantially above today’s levels if the technology proves transformative enough.

The message is more nuanced — and potentially more important.

AI can change the world.

AI companies can generate enormous profits.

And investors can still lose substantial amounts of money along the way.

JBizNews Desk | Frankfurt

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The median rent on a new Manhattan lease hit $5,000 in July, the highest figure ever recorded, and the reason is not that New Yorkers suddenly got richer. It is that there is almost nothing to rent.

The median on new market-rate leases signed last month rose 6.4% from a year earlier, according to appraiser Miller Samuel and The Real Deal — roughly double the 3.2% annual increase in shelter costs nationwide reported by the Bureau of Labor Statistics. The average Manhattan rent reached $6,306 and the average price per square foot passed $101, both records as well.

Listings fell 39% in July. Manhattan’s record-setting streak began in February 2025, and inventory has been nearly cut in half over the past year and a half.

The mechanism is a chain that starts in the sales market. High mortgage rates make buying expensive, so households who would normally purchase a first apartment stay in their rentals instead. Those units never come back onto the market. Fewer vacancies means fewer listings, and the listings that do appear draw more applicants than there are apartments. Landlords price accordingly.

“The growth rate of the median is double the rate of inflation,” said appraiser Jonathan Miller, who called the odds of the trend continuing high, and attributed much of the pressure to would-be buyers staying put in rental units.

The squeeze shows up in transaction counts as clearly as in prices. Only about 6,000 new leases were signed in Manhattan in July, down 20% from a year earlier. Brooklyn’s roughly 3,000 new leases were down by nearly a third, and Brooklyn set records across all three measures too, with a median of $4,500 — up 17% year over year. Falling volume alongside rising prices is the signature of a supply problem rather than a demand boom: fewer deals are getting done because there is less to rent, not because more people are competing.

Apartments are also moving faster. Days on market for vacant units fell roughly 30% from a year earlier, to about 36 days in Manhattan and 37 in Brooklyn, with well-priced listings disappearing almost as soon as they post, according to Corcoran’s Gary Malin.

Set the number against income and the arithmetic explains the political temperature. A $5,000 median works out to $60,000 a year, against a median household income in the city of roughly $87,640 — meaning the typical household would spend something close to seven of every ten dollars it earns before taxes on rent at the median. The standard affordability benchmark is three in ten. The gap is why the market rate is effectively out of reach for the median New York household, and why the tenants paying it skew heavily toward finance, tech and dual-income professionals.

Mayor Zohran Mamdani has capped rents for tenants in stabilized apartments, but the roughly two-thirds of the housing stock outside that system continues to climb. Some in the industry argue landlords who own buildings containing both regulated and market-rate units raise the unregulated rents to offset the freeze on the regulated ones — a claim advanced by real estate interests and disputed by tenant advocates, and one the July data can neither confirm nor refute on its own.

The FARE Act, which bars landlords from passing broker fees to tenants who did not hire the broker, passed its one-year mark in June, and its effect on rents remains contested among brokers, lawmakers and housing advocates. The argument is that fees once charged upfront have simply been folded into monthly rent.

Rents in the city normally rise through the summer moving season and flatten in the fall. Miller said he is not confident that happens this year, pointing to expectations that mortgage rates rise further — driven by tariffs, higher energy and transportation costs tied to the Iran war, and a new Federal Reserve chair signaling rates may need to go up. Higher mortgage rates keep more would-be buyers renting, which keeps supply tight, which keeps rents climbing. The loop reinforces itself.

For employers, that is the number worth watching. Manhattan rent is now a fixed cost in every hiring conversation the city’s businesses have, and it is rising at twice the national pace for housing.

JBizNews Desk | New York

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So one of the political lessons of the primary election season is how badly polls have been wrong. Comrade Abdul El-Sayed in Michigan was supposed to win by more than 20 percentage points, but instead barely escaped by a thin cat’s whisker.

And the extremist Francesca Hong in Wisconsin was also supposed to win by 20 points or so. But she lost by an even thinner cat’s whisker.

And there are plenty of other examples. Where am I going with all this? Well, all these polls show President Trump’s supposed unpopularity on Iran or the economy or the much-abused term affordability may turn out to be very wrong in the midterm elections. 

Now, true enough, Mr. Trump’s not on the ballot, but I think when he really gets revved up on the campaign trail, and the GOP House and Senate people nationalize the election, we’re gonna find out that actual voters will reject big-government socialism and un-American values, as Newt Gingrich calls them.

Most of the recent polls don’t get likely voters. Instead they ask adults or registered voters and they’re frequently asking loaded questions. Now, one exception is my pal John McLaughlin, whose likely voter polls show that actually, people want Mr. Trump to finish Iran off. And additionally, a large majority prefers free market capitalism to socialism.

What’s more, the economy is doing far better than the mainstream press is telling us. Mr. Trump has always scored well with working class voters of all shapes and sizes. We are in a manufacturing boom. It is the strongest in years, probably decades.

Treasury Secretary Scott Bessent keeps telling people about the 105,000 hard goods producing jobs added this year alone. And since Mr. Trump came into office, the economy has produced 93,400 factory construction jobs. Think hard hats, think working folks.

Meanwhile, financial journalist John Carney reports that manufacturing wages have increased by nearly 5 percent so far this year. And that’s twice the inflation rate. 

On top of that, we’ve seen almost 400,000 federal jobs drop, and almost 900,000 private sector jobs created, which shows the Trumpian reconstruction of Biden’s big-government socialism.

Now, speaking of affordability and inflation, the democratic socialists love to talk about it. But it was under President Biden’s big-government socialism that the consumer price index cumulatively rose 21.4 percent during his four years.

Now, recently, even with the temporary bump up in energy prices from the Iran War, Mr. Trump’s new Federal Reserve chief, Kevin Warsh, has brought the inflation rate down to near zero in the last couple of months. And frankly, just over the past six months only 2.4 percent at an annual rate, which is nearly akin to the Fed’s 2 percent target.

Also, talking about affordability, Here’s one: Prescription drug prices have been plunging. Over the past year, they have declined 3.4 percent. And during Mr. Trump’s second term, they have not increased in any single month.

Now, these are just snippets of potential national messaging. Clearly, though, Mr. Trump’s free enterprise capitalism is powering a prosperous economy. And, hopefully, it will be buttressed with some middle class tax reform as part of the midterm election package.

Now, just as clearly, Democrats favor Medicare for All and huge tax increases and a state-run economy and open borders and defunding the police and defunding ICE and packing the Supreme Court and ending the Senate and other crazy notions that I think are gonna be very unpopular with real likely voters.

So don’t pay much attention to these early polls.

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The long-term impact of AI is one of the most hotly debated topics in Silicon Valley. Nvidia CEO Jensen Huang predicts every job will be transformed—and likely lead to a four-day workweek. Other tech titans go even further: Bill Gates says humans may soon not be needed “for most things,” and Elon Musk believes most humans won’t have to work at all in “less than 20 years.”

While those predictions might sound extreme, they’re not just plausible, they’re likely, said Geoffrey Hinton, the British computer scientist widely known as the “Godfather of AI.” The transition, he warned, could trigger a sweeping economic reshuffling that leaves millions of workers behind.

“It seems very likely to a large number of people that we will get massive unemployment caused by AI,” Hinton said in a November 2025 discussion with Sen. Bernie Sanders (I-Vt.) at Georgetown University.

“And if you ask where are these guys going to get the roughly trillion dollars they’re investing in data centers and chips…one of the main sources of money is going to be by selling people AI that will do the work of workers much cheaper,” he continued. “And so these guys are really betting on AI replacing a lot of workers.”

Hinton has grown increasingly vocal about what he sees as Big Tech’s misplaced priorities. The industry, he previously told Fortune, is driven less by scientific progress than by short-term profits—fueling a push to replace human workers with cheaper AI systems.

His warnings come as the economics of AI face new scrutiny. OpenAI, the maker of ChatGPT, isn’t expected to turn a profit until at least 2030 and may need more than $207 billion to support its growth, according to HSBC estimations published in November 2025.

The future of AI is behind a fog of war

Hinton’s journey from AI insider to outspoken critic underscores the high stakes of the technology he helped create. After quitting his Google job in 2023 to speak more freely about AI’s risks, he has become one of the most prominent skeptics. Last year, his pioneering work in machine learning earned him the Nobel Prize.

He also acknowledged AI will create new jobs, as many tech leaders predict. But he added he does not expect the number of new roles to come close to the number eliminated. Even so, he cautioned that all predictions—including his own—should be treated with heavy skepticism. 

“Trying to predict the future of it is going to be very difficult,” Hinton told Sanders. “It’s a bit like when you drive in fog. You can see clearly for 100 yards and at 200 yards you can see nothing. Well, we can see clearly for a year or two, but 10 years out, we have no idea what’s going to happen.”

What is clear, however, is that AI isn’t going away, and experts say workers who adapt—and use the technology to amplify their skills—will stand the best chance of navigating the coming upheaval.

100 million jobs are at risk, Bernie Sanders warns

Sanders has attempted to quantify the stakes. In a report released in October 2025—based partly on estimates generated by ChatGPT—he warned nearly 100 million U.S. jobs could be displaced by automation. Workers in fast food, customer service, and manual labor face some of the highest risks, but white-collar roles in accounting, software development, and nursing could also see significant cuts.

“It’s not just economics,” Sanders wrote in an op-ed for Fox News. “Work, whether being a janitor or a brain surgeon, is an integral part of being human. The vast majority of people want to be productive members of society and contribute to their communities. What happens when that vital aspect of human existence is removed from our lives?”

Sen. Mark Warner (D-Va.) has raised similar alarms, warning the disruption could hit young people first and hardest—potentially driving unemployment among recent college graduates to as high as 25% in the next two to three years.

“Let’s look at the fact we never did anything on social media,” Warner told CNBC. “If we make that same response on AI and don’t put guardrails, I think we will come to rue that day.”

A version of this story originally published on Fortune.com on December 4, 2025.

More on the future of work

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World Liberty Financial, the cryptocurrency venture backed by President Donald Trump and his family, has moved a major step closer to becoming a federally chartered financial institution after U.S. regulators granted preliminary approval for its proposed national trust bank.

The Office of the Comptroller of the Currency approved the application Friday for World Liberty Trust Company, a new national trust bank that would operate from Florida and bring several of the company’s most important cryptocurrency functions directly under federal banking supervision.

The approval is preliminary, not final.

World Liberty cannot begin operating the bank until it satisfies a series of pre-opening requirements and passes an OCC examination. The regulator retains the authority to modify, suspend or rescind the approval before the bank opens.

If those conditions are met, however, World Liberty would gain something considerably more valuable than another crypto license.

It would receive a national bank charter.

The proposed bank plans to issue and redeem World Liberty’s dollar-backed USD1 stablecoin, maintain the reserves supporting it and provide digital-asset custody services to institutional clients across the United States.

USD1 is designed to maintain a value of $1 and has grown to more than $4 billion in circulation, making it one of the larger stablecoins in the market.

Currently, BitGo handles the issuance and custody of USD1. Under World Liberty’s plan, those operations and the reserve assets supporting the stablecoin would eventually move into the new federally chartered trust bank.

That would give World Liberty considerably more control over the economics surrounding its own token.

Instead of relying on an outside institution to issue and safeguard USD1, the company could bring issuance, redemption, reserves and institutional custody together inside its own regulated banking subsidiary.

The charter would not turn World Liberty into a traditional retail bank.

The trust company would not operate like JPMorgan Chase or Bank of America by taking ordinary consumer deposits and making conventional loans. Its activities would be limited largely to trust, custody, stablecoin and related digital-asset services.

But a national charter carries another important advantage: scale.

Federal supervision can provide a clearer framework for serving institutional customers nationwide rather than navigating a patchwork of individual state regimes.

The OCC placed substantial conditions around that privilege.

World Liberty Trust must maintain at least $20 million in Tier 1 capital, with at least $10 million or half of its Tier 1 capital — whichever is greater — held in qualifying liquid assets.

The bank must also maintain enough additional liquid assets to cover at least 180 days of operating expenses during its first three years.

Major changes to its business plan will require OCC review, and senior executives and directors will face additional regulatory scrutiny during the bank’s early years.

The decision also arrives amid political scrutiny surrounding the Trump family’s financial interest in World Liberty.

Critics, including Democratic lawmakers, have questioned whether a federal agency under the Trump administration should approve a banking charter connected to a business in which the president’s family has an economic interest.

World Liberty and the administration have rejected suggestions that the company receives improper treatment, while the OCC said it evaluated the application under its existing chartering and supervisory standards.

From a business standpoint, the larger development is what the approval says about cryptocurrency’s continuing move into the regulated financial system.

Stablecoin companies once operated largely outside traditional banking.

Increasingly, they are seeking national charters, federal supervision and direct control over the reserves and custody infrastructure behind their tokens.

World Liberty is now one step closer to joining that group.

The OCC has given it a preliminary green light.

The next test is whether it can satisfy the regulator’s conditions and turn a Trump-backed crypto venture into an operating federally chartered trust bank.

JBizNews Desk | Washington

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Stocks fell for a second straight session Monday after the truce document between the United States and Iran ran out of time, sending oil sharply higher and pushing long-term borrowing costs to levels not seen in nearly two decades. When crude rises, so does the cost of shipping, manufacturing and filling a gas tank — and investors sold shares rather than hold them through another leg of the war.

The S&P 500 finished 0.52% lower at 7,745.06, while the Nasdaq Composite declined 0.32% to settle at 26,644.91. The Dow Jones Industrial Average lost 272.63 points, or 0.51%, and closed at 53,459.78. The Russell 2000 fell 0.51%.

The trigger was the calendar. Stocks tipped lower in afternoon trading as oil prices rose on concerns about an escalation in the US-Iran war after a memorandum of understanding between the two nations expired on Monday. Brent crude futures, the international benchmark, hit $90 per barrel after President Trump said he doesn’t see the war ending anytime soon. Trump also threatened Oman, telling Fox News that if the country interferes with the Strait of Hormuz there would be consequences. A senior Iranian official told Reuters on Monday that the country may shift to an offensive policy rather than defensive one, if diplomacy efforts with the U.S. fail.

Energy markets responded immediately. U.S. West Texas Intermediate futures rose 2.6% to $84.50 per barrel, while international benchmark Brent crude futures were higher by 2.7% at $90.87 a barrel. For American drivers, that is the number that eventually shows up at the pump, and it is moving in the wrong direction heading into the back half of summer.

The bond market took the harder hit. The 30-year Treasury yield hit its highest level since June 2007 as oil prices advanced. Long-term yields set what Americans pay on mortgages and what companies pay to borrow, so a 30-year at levels last seen before the financial crisis makes every long-dated loan more expensive. Traders had gone into the session expecting the opposite: the yield on the 2-year Treasury note, which typically reacts in line with short-term Federal Reserve interest rate decisions, dropped more than 1 basis point to 4.1542%. The 30-year Treasury yield, which is typically sensitive to geopolitical events, was more than 2 basis points lower at 5.2445% in early trading before the reversal.

Not everything fell. Micron Technology was a bright spot in the session, however, as shares gained 4%. Chipmakers rallied as Anthropic PBC’s revenue surge bolstered bets on the artificial-intelligence trade after Bloomberg News also reported that Anthropic’s second-quarter revenue was more than $11.5 billion — a massive jump from a year earlier. On the other side, Nike shares are trading at lows not seen since September 2014, as the sports apparel stock continues to falter under pressure.

Step back from the day and the month still looks positive. The major averages are higher across the board so far in August. The Dow is on track for its fifth straight positive month, while the S&P 500 and Nasdaq Composite are on pace for their first positive month in three. Six of the 11 S&P 500 sectors are higher month to date. Tech is leading with a gain of more than 7%, while communication services is lagging. That works out to a bit better than one sector in two moving higher this month.

Last week set the table. For the week ended Aug. 14, the S&P 500 gained 0.4%, while the Nasdaq Composite advanced 0.1%, marking their third consecutive weekly gains. The Dow Jones Industrial Average, however, fell 0.6%, snapping a two-week winning streak. The soft spot was the American shopper: retail sales for July decreased 0.6% against expectations of a small gain, and preliminary consumer sentiment for August fell to 51 after increasing to 55.2 in July.

That makes this week’s calendar unusually consequential. Walmart, Home Depot and Target are among the retailers scheduled to report quarterly results this week — the clearest read available on whether households are actually pulling back. The Federal Reserve posts its latest meeting minutes Wednesday. Three members dissented in favor of a hike at the last meeting, and with oil climbing again, those minutes will tell investors how seriously the central bank is weighing another increase rather than a cut.

JBizNews Desk | Wall Street

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Less than one week after Mark Walter shockingly sold the Los Angeles Lakers to Bob Iger and Josh Kushner, the Buss family is now relinquishing its own shares to the new majority owners. 

The Buss family decided to sell the remaining 17.8% ownership stake in the iconic NBA franchise to Kushner and Iger, ESPN reported Monday. 

The family’s trust, which includes siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse, “received majority votes to allow trustees to execute the sale.” The vote required four of six to agree to sell to “enact the tag-along provision of Mark Walter’s sale to Kushner and Iger, which valued the Lakers at $12.5 billion.”

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The outlet adds that, once the transaction has been completed, Jeanie Buss will no longer have a required ownership percentage to remain the governor of the Lakers. 

“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the Buss family told ESPN in a statement. “We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”

BOBG IGER, JOSH KUSHNER SHOCKINGLY PURCHASE LAKERS MONTHS AFTER MARK WALTER BECAME MAJORITY OWNER

This decision comes after Walter’s time as majority owner came to an end a year after purchasing the stake from the Buss family. 

In June 2025, the Buss family decided to sell the Lakers to Walter for a then-record $10 billion. There was, however, some in the Buss family who felt misled by Jeanie in what they characterized as a rushed sale, per ESPN. They felt pressured to vote for the sale to go through. 

In the end, all six siblings said “yes” to the sale, which closed in October 2025. The sale gave each sibling $500 million post-tax. 

Within the sale to Walter, Buss was allowed to remain the governor of the Lakers given the 17.8% ownership stake still intact. 

But Walter’s surprise sale of the Lakers comes amid a federal investigation into the Guggenheim Partners CEO. It was reported that the FBI recently seized Walter’s phone and laptop, as well as a high-ranking Guggenheim Investments executive’s this past year. 

Some are viewing the Lakers’ sale as a quick way to liquify assets for Walter with potential legal problems ahead. 

The Financial Times also reported Monday that Walter and his business partner, Todd Boehly, are looking to sell their stakes in the English Premier League’s Chelsea Football Club.  

As part of this new addition to the deal that includes the Buss family shares, Kushner and Iger will roughly control 83% of the Lakers. They were slated to have 65% of control with just Walter’s shares. 

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Kushner, 41, is the founder and managing partner of venture capital firm Thrive Capital, as well as co-founder and vice-chairman of Oscar Health. He is the younger brother of Jared Kushner, the son-in-law of President Donald Trump. 

Iger, 75, is the former CEO of Disney, where he led the company to the acquisitions of Marvel, Lucasfilm and 21st Century Fox, to name a few.   

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L3Harris Technologies said on Monday that CEO Christopher Kubasik stepped down from the role after an investigation by the board of directors found he engaged in misconduct, which led to the company reaching a separation agreement with him and naming his successor.

L3Harris’ announcement didn’t disclose the specific findings of the investigation, but said it “became aware of certain conduct that was not consistent with the values” outlined in the company’s code of conduct.

It noted that the conduct was unrelated to L3Harris’ financial reporting, controls, customer relationships or operational performance. The investigation was conducted with the assistance of outside counsel and prompted the board to determine that it was in the firm’s best interest to enter into a separation agreement with Kubasik.

L3Harris appointed Sam Mehta as its new CEO following the move. Mehta joined the company in 2023 and has 25 years of experience in the aerospace and defense industry, most recently serving as L3Harris’ president of space and mission systems (SMS) and communications and spectrum dominance (CSD).

TRUMP TURNS NATO SPENDING FIGHT INTO WIN FOR US DEFENSE COMPANIES

The SMS and CSD segments account for more than 80% of L3Harris’ total revenue, the company noted in its announcement.

L3Harris lead independent director Lewis Hay III was named chairman of the board and said that Mehta is a “proven executive who brings deep knowledge of our business, priorities and culture, making him ideally suited to become president and CEO at this important time in our company’s and our nation’s history.”

“Sam’s readiness to lead L3Harris reflects the Board’s robust succession planning and our focus on cultivating talent,” Hay added.

Mehta said in a statement that he is honored by the opportunity to lead L3Harris as its president and CEO, adding that he looks forward to working more closely with leaders and colleagues across the company to support the defense contractors’ mission.

“Today, L3Harris has a portfolio purpose-built for the future of warfare, and we are well-positioned to continue executing our focused growth strategy as The Trusted Disruptor,” Mehta said.

TRUMP’S RARE EARTH AGENDA HITS MILESTONE AS US ARMY MOVES TO BREAK CHINA’S GRIP ON DEFENSE METALS

Regarding Kubasik’s departure, Hay said that the departing executive had “overseen significant transformation during his tenure” and that the company appreciated his service, as they mutually agreed to implement the corporate succession plan.

Reuters reported that under the separation agreement the company reached with Kubasik, the former CEO won’t receive severance payments, benefits or equity incentive awards. He will be permitted to retain and exercise previously vested stock options granted under L3Harris’ equity incentive plans, per the report.

DEPARTMENT OF WAR TAPS ORACLE FOR SOFTWARE DEAL WORTH NEARLY $7B

During his tenure at the company, Kubasik helped drive the 2019 merger of L3 and Harris Corp., serving as president and COO before he became CEO in 2021. The company acquired Aerojet Rocketdyne for $4.7 billion in 2023 as it expanded its presence in the defense sector.

In January, L3Harris announced the spin-off of its missile solutions unit, as the Pentagon said it would take a $1 billion stake in the new company. That spin-off was postponed last month until at least mid-2027.

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Reuters contributed to this report.

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Aaron Kaufman used to meet his lofty daily protein goals — a gram for each pound he weighs — with ground beef.

Then in the spring the 32-year-old moved from Brooklyn to Manhattan. To offset the higher cost of rent, he has been spending more on groceries instead of eating out. But on his first visit to the local grocery store, he saw that ground beef was $8 a pound, compared with $6 in Brooklyn. He decided to switch proteins, leaning largely on cheaper options such as chicken.

He still prefers the taste of ground beef. “Every once in a while, I’ll treat myself if it’s on sale,” Kaufman said.

He’s not alone. After absorbing nearly two years of surging beef prices, Americans are finally showing signs that they have reached their limit. That marks a notable turn for a market where a shrinking US cattle herd repeatedly pushed prices to records, yet consumers kept buying enough beef to support still-higher prices.

Read More: Record Beef Prices Spark Blame Game in Complex Cattle Economy

Now, that resilience is beginning to crack — and at a time of year when demand should be strongest. Beef sales volumes in the 13 weeks ending in mid-July, a crucial stretch encompassing both Memorial Day and July Fourth, fell 0.3% from a year earlier, according to research firm Circana. In the same period in each of the previous two years, volumes grew about 5%. Chicken, meanwhile, continues to see consumption rise, with ample supplies keeping prices under pressure.

The shift suggests there may finally be a ceiling on what Americans are willing to pay for beef, one of the biggest drivers of food inflation. Consumers who had responded to rising prices by cooking at home or buying cheaper cuts are increasingly pulling back altogether or shifting to less expensive proteins.

“Consumers are stretched,” said Chris DuBois, an executive vice president at data analytics firm Circana. “It’s not always just about the price of food, there’s the price of life that hits, so that puts some of the pressure on total volume in the store.”

The steep runup in beef prices has become a major concern of the Trump administration ahead of the midterm elections, as the costs of staples like eggs, ground beef and gasoline play an outsize role in consumer perceptions of inflation. 

The US has sought to ease the pressure by importing more meat from countries including Argentina and moving to resume live cattle shipments from Mexico. Beef processors, squeezed by the rising cost of cattle, have closed plants to reduce competition for scarce animals, including a move announced Thursday by Tyson Foods Inc. But those measures can only do so much: The domestic herd remains near the lowest level in more than five decades, keeping beef supplies tight.

Average consumer ground beef prices were flat in July, which includes Independence Day, in a sign that retailers and consumers resisted further price increases. A pound averaged $7.116, the US Bureau of Labor Statistics said Wednesday. While that is still near a record high, the 9.4% increase from July 2025 marks the most modest year-over-year jump in 17 months.

To be sure, demand hasn’t disappeared. Even as roughly 40% of beef buyers said they are purchasing the protein less frequently, a dedicated subset of younger, protein-obsessed shoppers have continued to pay up, said Duncan Angove, chief executive officer of supply chain management firm Blue Yonder

But the weaker beef volumes are especially notable during the summer grilling season when beef demand should be strongest.

“Seasonal demand is typically one of the strongest supports for beef prices,” said Shawn Sparks, a managing director at protein sourcing and brokerage firm The Sparks Group Inc. “When demand begins to soften during peak grilling season, it suggests affordability is becoming a more important factor.”

While sales should still be boosted by Labor Day, the improvement will be “somewhat more measured than in previous years,” Sparks added.

Weaker demand signals helped a steep slide in wholesale beef prices and live cattle futures starting in late June. Futures in Chicago touched the lowest price since December in late July, as the US Department of Agriculture decided to resume cattle imports from Mexico later this month, after a more than yearlong ban to prevent the spread of the deadly screwworm parasite. The market set a fresh nine-month low Friday after Tyson announced its latest plant closures.

“It’s been a chain of events that we’ve seen on the demand side that has led to this point,” Abby Greiman, a livestock market adviser at Ever.Ag Insights, said of the selloff. “It feels a lot softer than it has for a long time.”

The US’s 250th anniversary and the World Cup already helped extend consumption, but “the market I think has been looking for an opportunity to catch its breath, because it’s been dealing with high prices for so long now,” said Michael Di Sabato, the founder of HighLine Consulting Group. “This was the first opportunity for consumption to push back a little bit.”

Fast-food companies have already noted the trend. Michelle Hook, chief financial officer of Shake Shack Inc., said on a call with investors this month that beef inflation in the second half of the year will be “a little bit less pronounced.” Burger King owner Restaurant Brands International Inc. said it is expecting some relief, though “a lot more of that” will come in the beginning of 2027.

Still, consumers shouldn’t expect much immediate reprieve. The first port reopening for live cattle shipments from Mexico isn’t the US’s biggest, and those animals also need to be raised for several months before being slaughtered. Meanwhile, the US cattle herd as of July 1 still remains near its lowest levels in about five decades.

Lower prices wouldn’t flow through until the end of the third quarter at the earliest, due to leftover inventories and hedging programs, George Paleologou, chief executive officer of Premium Brands Holdings Corp., said on a recent earnings call.

In terms of the timing for giving it back to customers, it depends on how far prices fall, said Paleologou, whose company sells packaged meats in the US and Canada. “As they come down, we’ll pass those on. But similar to the delays on the way up, there’ll be delays on the way down.”

This story was originally featured on Fortune.com

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The price of getting on an airplane has become one of the sharpest pressure points in the American consumer economy.

U.S. airline fares were 25.5% higher in July than they were a year earlier, according to the latest Consumer Price Index data, even as overall inflation slowed. Fares also rose another 2.2% in July alone, extending a run-up that has left travelers paying substantially more for the same seat than they did last summer.

The increase is striking because it is not being driven by one isolated holiday rush or a handful of expensive routes. It reflects a broader reset in airline economics after a year of higher fuel costs, constrained seat capacity and reduced competition on some routes.

Jet fuel has been one of the biggest pressure points.

Fuel prices surged earlier this year as the conflict with Iran disrupted energy markets and pushed crude and refined-product costs sharply higher. Airlines responded the only way they realistically could: by raising fares, adding or increasing fees, trimming marginal routes and trying to recover more of the fuel bill from passengers.

Even after fuel prices eased from their spring highs, fares did not fall with them.

That is because airline pricing does not move in lockstep with the daily oil market. Carriers buy fuel over time, often hedge portions of their exposure and set fares according to demand and available seats, not simply what a barrel of oil costs that morning. After absorbing months of higher expenses, airlines have little incentive to immediately unwind fare increases if passengers are still filling planes.

Capacity is the other half of the equation.

Aircraft delivery delays have limited how quickly airlines can add seats, while staffing and air-traffic-control constraints have made it harder to expand schedules in some markets. The collapse of Spirit Airlines has also removed a major ultra-low-cost competitor that historically forced larger carriers to match cheaper fares on overlapping routes.

The result is fewer opportunities for the kind of aggressive fare wars that once pushed ticket prices down.

Consumers are responding by changing how they travel rather than abandoning travel altogether. Higher-income households continue to support premium cabins and expensive leisure trips, while more price-sensitive passengers are shifting toward basic economy, shortening vacations, using credit-card points or choosing destinations based on airfare rather than deciding where to go first.

That divide matters because strong spending by affluent travelers can make the airline industry look healthier than the typical household feels.

A family buying four $400 tickets last summer would be looking at roughly $502 per ticket if its fares rose by the national 25.5% average — an additional $408 before baggage fees, seat assignments, airport parking or the hotel bill enters the calculation.

The increase is particularly important heading into the fall travel calendar.

Families are already beginning to price flights for the Jewish holidays, Thanksgiving and year-end travel, and airlines generally have little reason to discount heavily when available seats remain tight and operating costs remain elevated.

There are still exceptions. Individual routes can become cheaper when airlines add capacity or compete aggressively, and international markets do not necessarily move in the same direction as domestic fares. Travelers who can move their dates by a day or two may still find substantial differences between flights.

But the national trend has shifted decisively.

In April, airline fares were already 20.7% above the prior year. By June, the increase had reached 26.5%. July’s 25.5% reading shows that the surge has not disappeared even as the broader inflation picture has begun to improve.

For travelers, that means waiting for airfare to simply return to last year’s levels is becoming less of a strategy and more of a gamble.

The more useful approach is to compare nearby dates and airports, monitor individual routes rather than national averages and calculate the entire trip cost — including baggage and seat fees — before deciding that one fare is cheaper than another.

The inflation report may say price pressures are easing across parts of the economy. At 35,000 feet, consumers are still experiencing something very different.

JBizNews Desk | Washington

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The New York City Council passed a package of bills Thursday that take aim at the proliferation of dog poop on city sidewalks and parks. Among them is a measure that would create a composting program that turns dog droppings into compost rather than ending up in landfills. The Safe and Clean Outdoor Ownership Practices (SCOOP) Act was created to address growing complaints about the notably unscooped piles that remained after the blizzard this past winter.

Photo credit: John McCarten/NYC Council Media Unit on Flickr

According to the Council, there has been a jump in 311 complaints about dog waste, which was particularly apparent after two major snow storms this winter. In 2026, there have been nearly 3,000 complaints so far, up about 10 percent from last year.

City Council Speaker Julie Menin initiated a plan that would outfit 1,200 public garbage cans with bags for dog waste. One bill outlines a strategy for placing signage in city parks reminding visitors of a $250 fine for not picking up after your pet.

One of the bills, introduced by Council Member Shahana Hanif, whose district includes Park Slope and Carroll Gardens, would create an education campaign to inform the public about pathogens like E. coli and roundworm that can be transmitted by dog waste. Results will be measured by the number of 311 calls complaining about dog poop.

“New Yorkers shouldn’t have to dodge dog waste on our sidewalks or worry about the health and environmental risks it poses,” Hanif said. “I’m proud that Intro 872-A has passed the council and that we’re taking a citywide, multilingual approach to educating dog owners about their responsibility to pick up after their pets. This is about keeping our sidewalks clean, our waterways safe, and our public spaces accessible to everyone.”

As the New York Times reported, the bills were passed in a unanimous vote, with the exception of a bill that would ask the Department of Parks and Recreation to partner with volunteers on a composting program (dog droppings can be rendered into a soil-friendly form effective in nonedible flower beds).

On that bill, four members abstained, including Councilwoman Gale Brewer, who expressed concerns that the program would give park workers the unwelcome task of “interfacing with the dog feces.”

RELATED:

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JPMorgan Chase is closing in on a milestone no bank has ever reached.

The financial giant was worth roughly $970 billion on Monday morning—a modest stock-market rally away from becoming the first bank in the world with a $1 trillion market cap and a far cry from its $138 billion valuation on December 30, 2025, just before he took over. Last month, JPMorgan posted the highest-ever quarterly profit by a U.S. bank.

Getting to $1 trillion would be the latest payoff from a playbook CEO Jamie Dimon has spent two decades refining: maintain enough financial firepower to withstand crises, keep investing when rivals pull back, and use periods of industry turmoil to expand.

That combination has repeatedly allowed JPMorgan to go on offense when competitors were under pressure. Dimon has long emphasized what he calls the bank’s “fortress balance sheet,” which helped JPMorgan acquire Bear Stearns and Washington Mutual during the 2008 financial crisis and swoop in to buy First Republic during the regional banking crisis 15 years later.

“Best-in-class ability to invest”

But JPMorgan’s advantage extends beyond acquisitions. 

Wells Fargo analyst Mike Mayo wrote in an Aug. 13 note that JPMorgan’s edge is that it can afford to spend heavily on branches, bankers and technology—and then use the growth from those investments to spend even more. That “flywheel” has helped JPMorgan build leading franchises across consumer banking, investment banking, trading and wealth management. Mayo wrote that this “best-in-class ability to invest for superior growth” could help the bank reach a $2 trillion valuation in the next seven to eight years. 

But the path to $2 trillion isn’t guaranteed. Mayo points out that the past decade did not include what he considers a “real” recession, while unusually buoyant markets have lifted revenues across the industry. JPMorgan is also trading near its peak forward earnings multiple since the financial crisis.

That puts more pressure on the bank to keep growing earnings. Mayo estimates that roughly two-thirds of JPMorgan’s increase in market value over the past six years came from earnings per share doubling, while only one-third came from the stock commanding a higher multiple.

After Dimon

The biggest test of whether JPMorgan’s advantage is truly institutional, however, may come when Dimon leaves.

Dimon, 70, has led JPMorgan since 2006, and investors have long attached a “Jamie premium” of 10% to 15% to the bank’s shares. Mayo wrote that maintaining JPMorgan’s culture and management strength will be critical to sustaining its performance and acknowledged the looming succession question. 

“CEO succession will likely remain a front-and-center topic,” he wrote. 

The question of who will succeed Dimon is one of corporate America’s longest-running ones, with recently appointed co-presidents Doug Petno and Troy Rohrbaugh seen as the front-runners after Marianne Lake dropped out.  

This story was originally featured on Fortune.com

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Social media giant Meta is heading to court in a case brought by a group of state attorneys general who claim the company designed its social media platforms to be addictive and misled the public about potential risks.

The trial is expected to begin with opening statements on Tuesday in the U.S. District Court for the Northern District of California in Oakland after the two sides went through the jury selection process last week and Judge Yvonne Gonzalez Rogers turned down Meta’s request for the case to be dismissed. The trial is expected to last four to six weeks, with Meta CEO Mark Zuckerberg expected to testify.

Attorneys general from California, Colorado, Kentucky and New Jersey first filed the lawsuit in 2023 after a multistate investigation into the impact of Facebook and Instagram on young users. They argue that the platforms were designed to be addictive and that the company downplayed the potential impact on young people, while also alleging Meta violated federal law when it collected personal information from children.

Meta, which is the parent company of Facebook and Instagram, has denied wrongdoing and disputes claims that its social media platforms caused the harm alleged by states. It also argues that “social media addiction” isn’t an officially recognized psychiatric diagnosis, which will be a significant point of contention at trial.

FOUR STATES SEEKING $1.4 TRILLION IN PENALTIES IN CHILD SOCIAL MEDIA ADDICTION TRIAL, META SAYS

California Attorney General Rob Bonta issued a statement last week after the court allowed the case to proceed saying that “Meta designed a dangerous product for young users, knew it to be dangerous, and then lied to children, families, and the community about how dangerous it was.”

A Meta spokesperson pushed back on the states’ case against the company and said in a statement to FOX Business that the “limited claims are unsubstantiated and their financial demands are vastly disproportionate.”

“The AGs offer no proof anyone in their states was misled, claim benign features like having an additional Instagram account somehow harmed their residents, and attempt to penalize Meta for industry-wide challenges like age verification. Rather than sticking to the facts or the law, the states have instead decided to chase an outlandish payout,” the company spokesperson said, adding that the company stands by its “record of creating strong protections for teens, and look forward to making our case in court.”

Meta has argued that the damages sought by the state attorneys general could reach as high as $1.4 trillion, which is nearly the size of the company’s market capitalization – though the AGs haven’t disclosed the amount they plan to seek at trial and will likely do so once the trial begins.

NEW MEXICO COURT ORDERS META TO PAY $567M, OVERHAUL TEEN PROTECTIONS

Monte Mann, a partner at Armstrong Teasdale, told FOX Business in an interview that this will be a “bellwether case” for the theory that social media platforms were designed to be addictive and have harmful effects on young users.

Mann said that as someone who has tried cases like this one, he will be paying close attention to what internal Meta documents indicate about the company’s knowledge of the allegedly compulsive nature of its products and their mental health impact, saying those documents “may be the star witness in the case.”

“I will be very interested to see what the internal Meta, Facebook, Instagram documents say about what they knew of the compulsive nature of these products and services; when they knew it; whether they tried to enhance their design elements to take advantage of those things, what they disclosed to the public,” he said.

Mann also noted that Judge Gonzalez Rogers appointed an advisory jury in the case, which can provide feedback and recommendations on community standards for children’s use of social media that she may consider.

META, OTHER COMPANIES MUST FACE THOUSANDS OF LAWSUITS OVER CHILD SOCIAL MEDIA ADDICTION, APPEALS COURT RULES

The Oakland trial is the latest high-profile case involving social media companies like Meta, which have faced numerous lawsuits brought by individuals, school districts and state governments over the alleged impacts of social media use on children.

A ruling in another prominent case was delivered earlier this month when a state court in New Mexico ordered Meta to pay $567 million and to overhaul its protections for teen users on Facebook and Instagram.

That followed a prior ruling from March which ordered Meta to pay $375 million for violating state law, with the company’s total liability in the case at nearly $942 million.

Meta told FOX Business after the most recent ruling that it disagreed with the decision and vowed to appeal, explaining that the company is “confident in our record of protecting teens online and will continue to defend ourselves against claims that misrepresent the facts.”

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FOX Business’ Michael Sinkewicz, Sumner Park and Reuters contributed to this report.

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America is in the middle of a tech-fueled wealth boom: companies have shattered market-cap records, while soaring stock briefly minted the world’s first trillionaire. Now, some CEOs leading the world’s biggest companies are making money so fast that they can earn their workers’ annual pay in a matter of seconds. Elon Musk earned the typical Tesla worker’s annual pay every 4.23 seconds.

The richest person in the world and CEO of tech and EV giant Tesla received $158.3 billion in compensation last year. His pay was 2,522,203 times higher than the median Tesla’s employee pay of $57,243 annually, according to an executive paywatch analysis from America’s largest federation of labor unions, AFL-CIO. 

During a typical 30-minute commute, he’s already banked $24.36 million in compensation. 

Brandon Rees, lead researcher for executive paywatch at AFL-CIO, tells Fortune the organization has been tracking CEO pay levels since 1997, and “Elon Musk’s gargantuan 2025 pay package at Tesla is unlike anything we have seen before.

“Our economy is increasingly out of balance because billionaires like Elon Musk are taking a greater share of the economic pie while working people are struggling to make ends meet,” he added.

To put the inequality into context, while Musk is earning 2.5 million times more than his workforce, the average S&P CEO earns 312 times their workers.

Fortune reached out to Tesla for comment. 

Musk’s 2025 pay was 14 times higher than all other S&P 500 company CEOs combined

Musk’s pay represents the largest disparity among all company CEOs analyzed. 

His 2025 total compensation was calculated from the grant-date fair value of restricted Tesla stock awarded to him that same year, which could ultimately be worth up to $1 trillion if the company hits performance requirements that Musk needs to earn them. 

It’s an eye-watering compensation package that “broke the CEO pay curve,” the AFL-CIO researcher says.

Most CEOs of S&P 500 companies earned more in one day than the average U.S. worker takes home in one year—but Musk dwarfs the entire collective. 

His 2025 Tesla pay package was 14 times higher than the total compensation of all other S&P 500 company CEOs combined, the report found. 

Including Musk, S&P 500 leaders made around $340 million last year, a roughly 1,700% increase from 2024; but take him out of the equation, and the average CEO pay at S&P 500 companies increased 21% to $22.8 million last year.

CEOs are outearning workers in less than one day while Americans are falling behind

While Americans are monitoring their grocery budgets and delaying major life purchases, their employers are being awarded record-breaking salaries. It’s fueling a growing wealth divide that is not lost on workers living paycheck-to-paycheck.

Now, calculations are putting the growing disparity between soaring CEO wealth and the modest paychecks of full-time workers into stark perspective.

Former Walmart CEO Doug McMillon enjoyed around $27.5 million in total compensation his final fiscal year before departing the retail giant at the end of January. 

That means it took him less than 20 hours to outearn the average U.S. worker, who earned about $62,088 yearly, according to 2025 first quarter wage data from the BLS. It could take decades for Americans to pool up savings for a house, but at that rate, McMillon could snatch one up in just one workweek; after 5.85 days, the ex-chief executive reeled in enough to buy a median U.S. home of in $439,000, according to a CEO salary tool from Resume.ai. And over the span of U.S. workers’ dreaded 30-minute commute to the office, McMillon was already $1,563 richer.

Tim Cook, the CEO of $4.5 trillion tech giant Apple, also takes home a compensation package that can eclipse what the average worker earns in an entire year in just hours. He reaped $74.6 million in 2024, up 18% from $63.2 million the year before. 

In only about seven hours, Cook had already out-earned the typical American worker, also according to Resume.ai’s CEO salary tool. In 2.15 days, he could afford to buy a typical U.S. home.

And America’s poorest aren’t enjoying the spoils of their employers’ success. 

The after-tax wages of U.S. workers in the lowest-income group grew just 1.3% year-over-year last July, down from 1.6% in the month before, according to the Bank of America Institute. In that same period, higher-income wages swelled to 3.2%—the third consecutive monthly increase. It marked the widest wealth divide between lower and upper-income households in four years.

This story was originally featured on Fortune.com

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Two documents, one company, one month apart. In June, Fathom Holdings announced a deal that it called transformational. In July, it told federal regulators that its financial controls had failed and that past numbers might be wrong. Both statements are true. The space between them is exactly where a smart agent learns to read a brokerage.

Fathom earned its following honestly, so let us start there. It made its name by breaking the old commission-split model, letting agents keep nearly all of what they earned in exchange for a flat fee, and running lean in the cloud instead of paying for offices nobody used. Thousands of agents made the switch. The company went public and kept adding agents. That was a real accomplishment, and it gave a lot of working agents a raise. Keep that in mind through everything that follows, because the goal here is not to knock a company while it is down.

The goal is to teach you how to see trouble early.

According to HousingWire, Fathom’s first-quarter 10-Q filing with the SEC disclosed material weaknesses in its internal control over financial reporting and warned that those weaknesses could have resulted in material misstatements in its financial statements. Translation: the checks meant to catch errors before investors see them were not doing their job.

The filing pointed to one origin

During a 2021 acquisition, the company’s founder and then-CEO, Joshua Harley, and its then-CFO, Marco Fregenal, signed what the document calls a side agreement that tried to bind Fathom without the board’s knowledge. The board says it found the agreement only this past April. It decided the company was not bound and that the deal did not have a material effect on financial information.

Then, the filing said the thing companies almost never say about their own leaders. It stated that the tone at the top set by its former Chief Financial Officer and former Chief Executive Officer was insufficient to support effective internal control over financial reporting or the Company’s commitment to integrity and ethical values.

A company does not write that sentence lightly. It is an admission, in a federal document, that the problem started at the top.

Powerfact: Culture is not what a company frames on the wall. It is what its leaders authorize when the board is not looking.

To its credit, current management is not hiding

Fathom terminated Fregenal as CEO in June, citing conduct inconsistent with the Company’s policies, including its Code of Ethics. Harley, the founder, had already stepped down as CEO in late 2023, citing family reasons, with Fregenal taking over. New leadership is now in place, and the company has laid out a remediation plan that includes rewriting its code of ethics, adding training, and tightening how agreements are approved. Disclosing a weakness is uncomfortable. Doing it in writing is the honest move.

But read the rest of the same filing. It also acknowledged Fathom’s history of negative cash flow and leaned on its pending acquisition by Bed Bath & Beyond to stay solvent. The buyer has agreed to fund the company for a year and a day, which Fathom says helps address substantial doubt about the Company’s ability to continue. That is going-concern language, one of the most serious phrases in corporate accounting, and it sat in the same quarter as the word transformational.

Powerfact: A brokerage can be growing and fragile at the same time. Agent count is the headline. Cash flow is the truth.

It is worth sitting with how ordinary this can look from the inside. Agents at a growing brokerage see new offices, new recruits and confident all-hands meetings. Very few of them ever open a 10-Q, and that is not a criticism, it is human nature. But the people who do read the filings are rarely shocked when the headline finally breaks, because the warning signs were sitting in public documents months earlier.

What real estate agents should do

This is not a reason to run. It is a reason to look and to build a business that would survive your brokerage having a bad year.

Start with the public record. If your company trades on a stock exchange, its filings are free at SEC.gov. Pull the latest 10-Q or 10-K and read two sections: risk factors and controls and procedures. Skip the jargon and look for plain admissions, the way Fathom admitted its controls were not effective. Ten minutes will tell you more than a year of company pep talks.

Next, treat leadership turnover as data. Executives leave all the time. But a departing CEO, a new CFO, and a material weakness in the same three months is not noise. It is a signal.

Ask your questions out loud. At your next office meeting, ask how the brokerage makes money, whether it is profitable, and what changes for you if it gets acquired. Watch how leadership answers. Confidence explains. Discomfort deflects.

Finally, own your business. Your past clients, sphere, online reputation and skills go with you no matter whose name is on the building. Agents who treat themselves as the enterprise never have to fear a headline about their brokerage. They already know where their value lives.

The Fathom story will fade from the news cycle. The lesson should not. Every brokerage runs on a tone set at the top, and sooner or later that tone shows up where it cannot be edited, in a filing, in a courtroom, or in how agents get treated when money is tight. Choose the companies whose private conduct could be read aloud without flinching. And whatever logo you hang your license under, make sure the strongest brand in your business is your own.

Darryl Davis, CSP, is a national speaker, coach, and the bestselling McGraw-Hill author of How to Become a Power Agent® in Real Estate. Over four decades he has trained hundreds of thousands of real estate professionals, and he is the founder of the POWER AGENT® Coaching Program. For more information, go to DarrylSpeaks.com.

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

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

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Roughly one in four Republicans now say their own household finances are worse than they were before President Trump returned to the White House — and more than half of all registered voters say the same. The poll, conducted by London-based research firm Focaldata, found that more than 53 percent of registered voters said their finances had deteriorated since Trump returned to the White House in January 2025. Nearly 57 percent of independents and almost a quarter of self-identified Republicans said the same. The online poll was conducted by London-based, nonpartisan Focaldata from August 7 to 10 among 1,913 registered voters, with a margin of error of plus or minus 2.9 percentage points.

The reason sits in the two numbers most families actually feel: what they pay at the pump and what their paycheck buys. As of July 2026, the annual inflation rate was 3.4%, higher than what Trump inherited from the Biden administration. This rise is largely attributed to the ongoing U.S. conflict with Iran, which sharply increased gasoline prices from around $2.98 to over $4.17 per gallon within weeks, with peaks reaching $4.52 in May. That is a jump of well over a dollar a gallon — on a 15-gallon fill, close to $18 more every time a driver stops for gas.

Wages have not kept pace. Real wages dropped by 0.1% from June to July and declined 0.2% compared to the same month the previous year, meaning workers’ incomes are failing to keep up with rising costs. When prices climb faster than pay, the household budget shrinks even if nobody’s hours changed — which is exactly what voters are describing when they say they are worse off.

The mood extends past personal budgets to the broader picture. Nearly two-thirds said the US economy was moving in the wrong direction, while just 25% said it was heading in the right direction. That works out to about two voters worried for every one who is not. Voters also gave Democrats an advantage over Republicans on inflation and the cost of living, as well as jobs and the economy — traditionally the strongest ground for the GOP.

Support inside the president’s own party is showing cracks. The poll found 55 percent of Americans disapprove of the job he’s doing, and his support among Republicans is slowly beginning to crack. One in five now disapprove of his performance so far through his second term. His approval rating among Republicans dropped eight points between this latest poll, released Sunday, and the Financial Times’ previous survey in July.

The White House pushed back on the findings. White House spokesperson Kush Desai defended Trump’s record, saying, “The Trump administration continues to deliver on the President’s affordability agenda by lowering drug prices, reshoring American jobs, and cutting taxes” while pointing to falling crime and border enforcement.

For business owners, the practical read is straightforward. Consumers who believe they are losing ground spend cautiously, trade down to cheaper brands, and delay big purchases — and those habits show up in retail receipts long before they show up in economic data. Fuel costs also travel straight into freight, delivery and any business that runs a truck.

The pressure point ahead is energy. If the Iran conflict winds down and fuel prices retreat toward where they started, the inflation number eases and paychecks stretch further on their own. If it does not, the affordability squeeze that produced these numbers stays put through November’s midterms, now less than three months away.

JBizNews Desk | New York

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President Trump was clear in his pitch to voters: In 2024, he pledged to bring back the American Dream. Removing immigrants “taking jobs from American workers and driving down their wages” was a key part of the plan.

A few years later, the effects of this policy are now visible in the labor market. January data from the Census Bureau showed an historic decline in net international migration, down from a peak of 2.7 million people in 2024 to an estimated 321,000 by mid-2026. Brookings puts that figure even lower, saying the U.S. could see negative net migration this year.

Economists previously told Fortune that this changing pattern has helped stabilize the U.S. unemployment rate as demand has dropped over the past few years, with the rate holding steady at 4.1% in the latest data. But Mark Zandi, chief economist at Moody’s, recently noted foreign-born unemployment fell below native-born unemployment in October 2025, based on analysis of a 12-month moving average of seasonally unadjusted data.

The drop in foreign-born unemployment is relatively easy to explain, Zandi tells Fortune: The immigrant labor force is shrinking because of White House policy, and unemployment for the demographic is relatively lower as a result.

The rise in native-born unemployment is more complex. A major driver is that demand for labor has generally fallen, Zandi tells Fortune—so it stands to reason that if U.S.-born workers now make up a larger share of the labor force, this cohort would be affected more heavily by changes in demand.

But there’s also the issue that the careers and wages immigrant workers have been willing to commit to aren’t viewed in the same way by native workers.

The Bureau of Labor Statistics writes that in 2025, foreign-born workers were more likely than native-born workers to be employed in sectors like construction, trucking, and natural resources, as well as health and personal care. The median weekly earnings of foreign-born, full-time wage and salary workers are also lower—immigrants earn 85.7% of the pay earned by their native-born counterparts, the BLS notes.

President Trump’s theory is being tested: It seems even if native-born Americans face reduced competition for roles, they don’t want the jobs anyway.

“It just goes to show how difficult many of these jobs are,” Zandi said. “Native-born workers would take them, but it would require much, much higher wages … [and that] would make it uneconomic for the businesses to actually produce whatever it is they’re doing.”

“These jobs are typically ones that are very difficult, very arduous jobs that require a lot of physical hardship, and the native-born workers just haven’t done these jobs for quite some time and are in no mood to take them now—certainly not at these wages.”

Societal framing

There’s also a lag on the skills and awareness of the jobs which have been typically occupied by immigrants, Zandi explains: “These jobs have been held by immigrants for years, decades, generations, and native born workers don’t have the predilection or the skills to be able to do these jobs—at least not anytime soon.”

“Over time, that may change, but that’s not the case today. There’s all kinds of impediments to native born people taking these jobs because … it’s not even in their thought process.”

Zandi added: “In many cases it goes beyond the job itself, some of the jobs are … in very remote areas of the country where housing is very different, and other amenities and services just aren’t available. So it goes beyond the job to the infrastructure and support for the people living there. So immigrant workers have been willing to do it, but native born historically have not, and it’s going to take an awful lot to get them to do it.”

The White House insists the plan is working. Spokesman Kush Desai told Fortune: “Unchecked illegal immigration had long depressed wages for American workers. Thanks to President Trump’s commonsense border security and immigration enforcement agenda, real wages for American workers in key sectors, including construction, manufacturing, transportation, and warehousing, are growing by leaps and bounds compared to overall wage growth.”

“The simple reality is that President Trump is delivering.”

Data from the New York Fed somewhat supports that claim. The regional Federal Reserve bank reported in May that public administration and the construction and mining industries have seen wage growth, either because of demand related to the construction of AI data centers or because of D.C. policy, “especially since the construction industry tends to rely on immigrant workers.”

Nevertheless, the report found that most industries have experienced a synchronized decline in wage growth since 2022.

Zandi suspects that in the coming years, immigration policy will be forced to reverse, but the immediate impact of the labor market trade-off will be stagflationary. Prices will rise, he believes, without a corresponding jump in output.

“The supply-side stagflationary shock of tariffs does the same thing,” he added. “The Iran war is also a stagflationary or a supply shock. So you’ve got these three massive, policy-induced supply-side shocks that are reducing growth and lifting inflation, and the only reason why the economy isn’t in complete shambles is because of AI.”

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Lake Powell is now holding less water than at any point since it was built, which means less water for farms and cities across the Southwest and less electricity coming out of the dam that holds it back. The lake’s levels fell to 3519.91 feet on Saturday — low enough to break the record of 3,519.92 feet set in April 2023, according to a reading published Sunday by the Bureau of Reclamation.

The margin is thin enough that the number may move. Federal water officials caution that the daily water level figure is “provisional and subject to revision” and the new record could be walked back considering its razor-thin margin. But even if Saturday’s reading doesn’t hold, the lake’s downward trend means the actual record low is just days away.

Powell is one half of a system the West runs on. Plummeting water levels pose a major threat to the Colorado River Basin, which is a key resource for wildlife, hydropower and more than 40 million people in seven U.S. states. Those states — California, Arizona, Nevada, New Mexico, Utah, Wyoming and Colorado — have been trying for years to agree on how to divide a river that no longer delivers what the original math assumed.

The other half hit bottom first. Only a little over a week ago, Lake Mead also hit a milestone, dropping to its lowest elevation on record. It was sitting at 1,040.50 feet above sea level on Aug. 6 — which is the least amount of water in the reservoir since it was filled in the 1930s. The last time their combined storage was this small was in May 1957 when Glen Canyon Dam that holds back Powell was being built.

Put simply, Powell is running at roughly one-fifth full. The reservoir sits about 180 feet below its full mark and has dropped close to 32 feet in the past year alone. The number that matters for the electric grid is 3,490 feet — the point at which the dam’s turbines can no longer generate power reliably. The lake is now roughly 30 feet above it. Another year like the last one closes that gap entirely.

Timing works against a quick recovery. While Lake Mead usually starts to refill at this point in the season, Lake Powell won’t do so until spring. That leaves months of evaporation and drawdown before mountain snowmelt has any chance to help.

The commercial damage is already visible on the shoreline. The depletion has also impacted Lake Powell’s substantial tourism industry, forcing marinas in the reservoir to adapt. Boat ramps have closed or moved, new ones are being added and marinas have been temporarily relocated to deeper waters. For the towns around Page, Arizona, that boating season is the economy.

Fixes are underway but slow. The seven basin states and the federal government are still negotiating new sharing rules to replace guidelines that expire, and Reclamation has been holding back releases from upstream reservoirs to protect Powell’s power pool. Farmers in Arizona and California, who use the largest share of the river, are being paid to fallow fields and switch to lower-water crops.

For businesses outside the region, the exposure runs through produce prices and power costs. The Colorado River irrigates a large share of the nation’s winter vegetables, and hydropower lost at Glen Canyon has to be replaced with more expensive generation across the Western grid.

JBizNews Desk | New York

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The Trump administration has returned more than $100 billion to U.S. businesses and importers that paid his global tariffs, and the money is quickly heating up the economy.

The refunds are already boosting bottom lines, and 40 companies in the S&P 500 have recorded $9.6 billion, with Apple alone reporting nearly $2.2 billion, according to a Wall Street Journal tally. Other top recipients include Nike, FedEx, Amazon, and General Motors.

“Not only are tariff refunds boosting corporate earnings, they are also boosting GDP growth,” Apollo Chief Economist Torsten Slok said in a note on Saturday.

He estimated that the refund money will contribute about 0.2 percentage point to third-quarter GDP growth, which the Atlanta Fed says is tracking toward 4.3%.

That represents a steep acceleration from the second quarter’s gain of just 1.5%, which was skewed by high AI-related imports, as well as 2.1% in the first quarter.

In the current quarter, the tariff refunds are combining with other positive factors, such as the ongoing AI spending boom, tax cuts from the the One Big Beautiful Bill Act, and the reshoring of U.S. manufacturing.

“The bottom line is that the U.S. economy continues to be supported by a growing set of tailwinds,” Slok added.

The surprisingly weak jobs report for July doesn’t signal the economy is losing momentum, he wrote, attributing sharp drops in government payrolls and hospitality employment to quirks in seasonal adjustments.

After backing out those sectors, the economy would’ve added 70,000 jobs, in line with Wall Street’s consensus, instead of losing 23,000 jobs.

In addition, jobless claims have hovered around 200,000 a week, and the number of job openings has been rising over the past six months, Slok pointed out.

“In short, the market is underestimating how strong growth is right now,” he said. “As a result, rates will stay higher for longer.”

The refunds so far represent about 60% of the $166 billion in revenues collected from import taxes under the International Emergency Economic Powers Act, which were struck down by the Supreme Court in February.

But some U.S. consumers want to see some of that money reach their own wallets and are filing lawsuits against companies to demand it. Firms such as Amazon, FedEx and UPS, however, have vowed to return the funds to customers.

Earlier this month, analysts at Bank of America said in a note that retailers are using the money that’s been returned to them to fund promotions as well as offset freight and other supply-chain costs. 

BofA also expects some retailers will work with brands to recoup some tariff money, either via direct payments or future purchase order negotiations.

“Outside of this, companies have the optionality to use refunds to invest in the business (i.e. AI/tech) or return capital to shareholders,” analysts added.

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Two large investors are suing UnitedHealth Group’s directors, arguing the board saw the warning signs of fraud, weak cybersecurity and bad claims practices for years and did nothing about them.

The case is what lawyers call a derivative suit, meaning the shareholders are suing the directors on the company’s behalf rather than for themselves — any money recovered goes back into UnitedHealth. The plaintiffs include Rhode Island’s public employee retirement system and Swedish asset manager Länsförsäkringar Fondförvaltning, which holds more than $123 million of UnitedHealth stock. They accuse directors and officers of missing red flags of misconduct and serious regulatory problems and taking no steps to fix them.The complaint covers conduct from September 2021 through July 2025 and says the fallout erased more than $277 billion in shareholder value between December 2024 and August 2025.

The cybersecurity piece is the part most readers will recognize. Plaintiffs say the company misled a federal court about data firewalls during its $13 billion purchase of Change Healthcare, and that weak security helped cause the 2024 ransomware attack that exposed data on roughly 190 million people — better than one in two Americans. Change Healthcare processes a large share of the nation’s medical claims, and the attack froze payments to doctors and hospitals for weeks.

Some of the new allegations come from former Change Healthcare employees identified in the filing as confidential witnesses, two of whom described lax security practices. The filing is an amended version of a suit first brought in 2024, and shareholders reviewed company books and records before filing it, though much of that material is blacked out in the public copy.

On the billing side, the suit alleges UnitedHealth inflated Medicare Advantage revenue by making members appear sicker than they were through diagnoses the plaintiffs call unnecessary, pulling in $8.7 billion in federal money in 2021 alone, and that it used automated algorithms to deny rehabilitation care after hospital stays. It also claims executives including Stephen Hemsley, Andrew Witty and the late UnitedHealthcare chief Brian Thompson sold more than $237 million of stock while the alleged problems were still hidden from investors.

None of this has been proven. The next step belongs to the judge, who decides whether the claims are strong enough to proceed to discovery — the stage where internal emails and board minutes get pulled into the open. That is the real pressure point in a case like this, and it is usually where settlements start.

UnitedHealth is fighting on more than one front. A separate securities fraud case led by the California Public Employees’ Retirement System is awaiting a ruling on the company’s motion to dismiss, and the company, based in Eden Prairie, Minnesota, is facing several shareholder suits tied to the stock’s slide from its 2024 record.

For investors, the practical question is cost. Shares were quoted near $399 in recent trading, up more than 20 percent this year but still well under the 2024 high. Legal exposure of this size tends to land as settlement charges, higher insurance costs and tighter oversight requirements — expenses that eventually show up in premiums.

JBizNews Desk | New York

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The next time you face adversity in your career—whether it’s a missed promotion, a difficult boss, or a deal that falls through—United Airlines CEO Scott Kirby has a simple but effective mantra: “No excuses.”

“Once you learn that, it’s just so transformative to everything in life because then you pivot from feeling bad for yourself, feeling sorry for yourself, to how do I go overcome it?” he said in an Instagram post after a group of summer United interns which lessons have shaped his career and personal life.

It’s a lesson many Gen Z may have already learned the hard way, having entered the workplace amid shifting workplace norms, waves of layoffs, and a particularly tough job market. But Kirby’s advice is less about avoiding adversity than how to respond when it inevitably arrives.

It’s a philosophy the 58-year-old first learned while training as a pilot in the U.S. Air Force Academy—and one that was put to the test most publicly when he became United’s CEO in May 2020, just as the pandemic was bringing the airline industry to a standstill. With U.S. passenger traffic plunging by 60%, United operating revenue fell by 64.5% in 2020 and the company posted a $7.1 billion net loss. Kirby was forced to slash flights, burn millions each quarter in cash, and even take out a $6.8 billion loan using United’s loyalty program as collateral. He also took a 100% salary cut.

“You’re going to encounter challenges in business and in life,” he added as an Instagram caption. “You can spend your time explaining why it happened, or you can spend your time figuring out how to overcome it. I’ve always believed the second approach is better.”

From mowing lawns and selling fireworks to leading a $60 billion airline giant

Kirby grew up in a middle-class family in a farming community outside of Dallas, Texas, and has said he never had a grand career plan but developed an entrepreneurial streak early.

“I was always trying to earn money as a kid by mowing lawns, delivering newspapers, and, once I tried to start a company with a buddy,” Kirby told the East Valley Tribune in 2007. “We sold firecrackers—and we nearly blew ourselves up!”

After graduating from the U.S. Air Force Academy in 1989 with a bachelor’s degree in computer science and operations research, Kirby worked as a budget analyst at the Pentagon and later moved into the airline industry. He joined American West Airlines in 1995 and rose through the ranks, eventually becoming president of U.S. Airways in 2006. Following U.S. Airways’ merger with American Airlines in 2013, Kirby became president of the combined airline. He joined United as president in 2016 and was named CEO in 2020.

Above all, Kirby is a believer that self-confidence will lead you down a pathway toward success.

“I also believe in self-fulfilling prophecies,” he said. “By saying you’re going to do incredible stuff, you make it a whole lot more likely that it’s going to happen.”

An additional core part of Kirby’s leadership strategy has been surrounding himself with people who share his approach to work—and who genuinely care about one another. When he was looking to strengthen United’s pilot-hiring process, Kirby asked his head of flight operations to select a dozen well-liked pilots to help interview candidates.

“I told this group of pilots, ‘Your job is just to assess: Is this interviewee someone I would like to take a four-day trip with? And if you say no, then they’re out. You get a veto vote,’” Kirby said in a recent interview with McKinsey.

“The idea is to pick people who care about others, who you want to hang out with, who you want to be with.”

United has since emerged from the pandemic in a much stronger position. Its market capitalization is now roughly $41 billion, just behind rival Delta, at $60 billion. Fortune reached out to United Airlines for further comment.

The CEOs of Delta and Nvidia agree: don’t shy away from adversity

Kirby isn’t the only business leader who believes adversity can be a catalyst for growth.

Delta Air Lines CEO Ed Bastian has similarly emphasized the role of humility in navigating crises.

“Our motto is to keep climbing, and to always keep growing and keep learning and keep aspiring, and keep focused on where we’re going,” he told The Wall Street Journal, adding that crisis—whether the pandemic or the rise of jet fuel, “can make you stronger or they can make you fall back to the pack.” 

“We’ve always tried through learning, through humility to try to take from whatever we’ve encountered [and] become more resilient, become more differentiated, become more distinctive in how we deliver our service.”

Nvidia CEO Jensen Huang has taken a similarly counterintuitive view of adversity, arguing that having low expectations can actually make someone more resilient.

“People with very high expectations have very low resilience—and unfortunately, resilience matters in success,” Huang said at Stanford’s Graduate School of Business in 2024. “One of my great advantages is that I have very low expectations.”

Huang added, “I don’t know how to teach it to you except for I hope suffering happens to you.”

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Berkshire Hathaway is increasing the size of its stake in Google’s parent company and beefing up its holdings in homebuilders, according to the conglomerate’s latest snapshot of its investment portfolio.

The Omaha, Nebraska-based company also continued to pare its stake in financial companies and a number of other stocks in the April-June quarter, according to a regulatory filing filed late Friday.

CEO Greg Abel, who took over from Warren Buffett at the start of the year, agreed in June to make a $10 billion stock investment in Alphabet, expanding on the stake that Berkshire started to build last fall.

In the second quarter, Berkshire picked up roughly 48.1 million shares in Alphabet, bringing its total shares in the tech giant to roughly 106 million. That stake was valued at about $37.76 billion as of June 30, according to the filing. As recently as the end of December, Berkshire held only 17.8 million Alphabet shares worth $5.6 billion.

Alphabet has said it plans to raise $80 billion to pay for the computing infrastructure needed to power its AI offerings.

Beyond tech, Berkshire continued to boost its investments in the U.S. homebuilding sector. Its stake in homebuilder Lennar increased nearly 30% in the second quarter. Berkshire also established a small new stake in D.R. Horton that was worth $580,504 at the end of June.

In July, Berkshire completed a $6.8 billion acquisition of homebuilder Taylor Morrison.

Berkshire also sharply increased its shares in Delta Air Lines and Macy’s in the second quarter. The stakes were worth about $5.37 billion and $173 million, respectively, as of June 30.

Berkshire also pruned its investment portfolio in the second quarter, reducing its stake in several companies relative to where they stood in the first quarter, including supermarket operator Kroger, steel manufacturer Nucor and dialysis giant DaVita.

The company also dumped all its holdings — 632,890 shares — in beverage company Constellation Brands.

Berkshire also pared its shares in several financial companies. Its stakes in Bank of America and Ally Financial declined by around 6% and 6.9%, respectively, and it slashed its shares in Capital One Financial by 58%.

Many investors have followed Berkshire’s portfolio closely over the years because they liked to copy Buffett’s moves. He remains the company’s chairman and largest shareholder.

But Berkshire, which owns dozens of businesses including major insurers like Geico and BNSF railroad, never comments on the moves it makes to its stock portfolio from quarter to quarter because it doesn’t want to discuss what it is buying and selling.

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Buc-ee’s planted its flag in Arkansas on Monday, opening its first location in the Natural State as the Texas-based travel center chain continues an aggressive expansion across the U.S.

The new Buc-ee’s in Benton opened its doors at 6 a.m. CT and spans 74,000 square feet, with 120 fueling positions. The company said the sprawling travel center will create more than 200 jobs.

The Arkansas debut brings Buc-ee’s to 58 locations nationwide, further extending a brand that began as a Texas roadside institution into new markets across the country.

Located at 1400 Highway 229, the store offers the chain’s signature assortment of Texas barbecue, homemade fudge, kolaches, Beaver Nuggets, jerky and fresh pastries, along with the famously clean restrooms that have helped turn Buc-ee’s into a roadside destination.

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“We obviously picked Benton, the ‘Heart of Arkansas,’ to be the first Buc-ee’s in the Natural State,” Stan Beard of Buc-ee’s said ahead of the opening.

“Folks on their way to or from Hot Springs or any number of beautiful destinations around Benton and Little Rock will stop in for our great Texas BBQ, the cleanest restrooms in the universe, and a pit stop beyond their wildest expectations,” Beard added.

Founded in 1982 and headquartered in Texas, Buc-ee’s operates 37 stores in its home state, according to the company. Its footprint now also includes locations in Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Kentucky, Mississippi, Missouri, Ohio, South Carolina, Tennessee and Virginia.

The Benton opening came just five days after Buc-ee’s opened a new location in San Marcos, Texas, on Aug. 12, underscoring the pace of the company’s expansion beyond its longtime Texas base.

Earlier this year, Buc-ee’s entered two other new markets, opening its first Ohio location in Huber Heights in April before making its Arizona debut with a new travel center in Goodyear in June.

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More growth is already in the pipeline. Buc-ee’s is expected to open another travel center in Murfreesboro, Tennessee, on Nov. 16, followed by several additional locations across the country in the coming years.

Six locations are slated for 2027, including Ruston, Louisiana; Kansas City, Kansas; Gallaway, Tennessee; St. Lucie, Florida; Boerne, Texas; and Monroe County, Georgia. Another two are planned for 2028 in Mebane, North Carolina, and Lafayette, Louisiana.

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Additional locations are scheduled for 2029 and beyond, including West Memphis, Arkansas; Ocala, Florida; and Oak Grove, Kentucky, in 2029, followed by Hardeeville, South Carolina, in 2031.

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Rep. Debbie Wasserman Schultz is on Tuesday’s Florida primary ballot in a district that is not hers. Republicans redrew the state’s congressional map earlier this year, clustering southeast Florida Democrats together and cutting five Democratic seats down to three. Her own South Florida seat was broken apart in the process, so she left her Fort Lauderdale-area base and crossed into Florida’s 20th congressional district in Broward County, where she is running against four other Democrats.

That crossing is what made the race a fight. The 20th covers an area that has sent Black Democrats to Congress since 1992, and Wasserman Schultz is the only white candidate in the field. Her rivals, including Rep. Sheila Cherfilus-McCormick and activist Elijah Manley, argue the seat should stay with a candidate from the community that has held it, pointing to a Supreme Court ruling that narrowed the Voting Rights Act. Wasserman Schultz says she has represented wide portions of Broward for three decades as a state and federal legislator and is not parachuting in.

Underneath the representation argument sits a commercial one. Wasserman Schultz sits on the House Appropriations Committee, including its Energy and Water subcommittee, and in March she secured roughly $1.29 billion in federal funding through the House spending bills for 2026 — including $461 million for Everglades restoration and about $11 million in local project money, from a wastewater treatment plant in Sunrise to a neuroscience research center at Florida Atlantic University.

The largest piece is the port. Port Everglades won federal authorization for more than $335 million under the 2016 water infrastructure law to deepen and widen its navigation channels, work meant to let it take the larger cargo ships that came with the expanded Panama Canal. Construction money started flowing in 2020 with a $29 million allocation, after years of pressure from Wasserman Schultz on the Appropriations Committee and a bipartisan South Florida letter to the Army Corps of Engineers. The project has been projected to generate roughly 2,200 construction jobs and close to 1,500 permanent positions tied to the added cargo capacity. She has also pushed money toward shore power at the port and a ramp expansion feeding Interstate 595, citing the port and Fort Lauderdale-Hollywood International Airport as the county’s two largest economic engines.

She is the best funded candidate in the new district, and Florida does not require a majority to win a primary — with five names on the ballot, roughly a quarter of the vote could carry it.

For shippers, cruise operators, contractors and the freight businesses working the docks, the practical stake is separate from the representation debate. Appropriations influence is built on seniority and committee position, and it does not transfer with a district line. Two southeast Florida seats are disappearing from the delegation. Whoever ends up representing Port Everglades will be arguing for its dredging money, its shore power and its road access against every other port in the country — and that leverage gets decided Tuesday, Aug. 18.

JBizNews Desk | Fort Lauderdale

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For many years, Oman was a country that rarely appeared in news about the Middle East. It didn’t have a conflict. There were no terrorist threats or extremism.

It was a friend of the West and a neutral country in the region. But in the last seven months, the US and Israeli war on Iran has plunged Oman into the spotlight.

Now US President Donald Trump has threatened to bomb the sultanate if it “gets in the way” of US policy regarding the Strait of Hormuz.

This is the second time that Trump has threatened Oman. It has not appeared fazed by these threats. It knows that it has to navigate a changed regional and international landscape.

The US war on Iran has accelerated changes to regional security and the world order. Many countries are now wary of unpredictable US behavior and threats.

A picture taken on September 15, 2020, shows the Omani national flag waving in the wind in the capital Muscat; illustrative (credit: HAITHAM SALEEM/AFP via Getty Images)

Oman, which has been a US ally, is now also in the crosshairs of US threats. This is similar to how the US has threatened NATO allies and downgraded military drills with South Korea.

Oman knows that it can’t escape the Middle East. It is on the southern side of the Strait of Hormuz. It has to deal with the Iranians. Oman has had amicable relations with Iran in the past.

Oman’s quiet diplomacy has long shaped its foreign policy

The sultanate has pursued one of the Middle East’s most unique and pragmatic foreign policies.

Since Sultan Qaboos bin Said Al Said came to power in 1970 with British support, Muscat has maintained close security ties with the United Kingdom and the US. Rather than aligning itself fully with any one bloc, Oman developed a reputation as the region’s quiet mediator, facilitating negotiations that others could not.

It played a key role in US-Iran talks that paved the way for the 2015 nuclear agreement and has repeatedly hosted discussions on Yemen and other regional crises.

Oman has also maintained that it could improve its relationship with Israel. It has hosted Israeli officials in the past. For instance, it hosted Prime Minister Benjamin Netanyahu in Muscat in 2018, for talks with Sultan Qaboos.

Although Oman has not joined the Abraham Accords, it has consistently argued that dialogue with Israel can contribute to regional stability, while continuing to support a two-state solution. As such, it was once believed that Oman might be a key to the Accords.

However, over the last few years, Oman has become more concerned about conflicts in the region, such as the war set off by the Hamas October 7 attack.

Under Sultan Haitham bin Tariq, Oman has largely continued a balanced approach. However, its role as a mediator has increasingly placed it under pressure as tensions between Washington and Tehran have grown. Most recently, Trump’s threats have turned a spotlight on Oman.

The Strait of Hormuz remains at the heart of the dispute

What may happen next: It is unlikely that the United States will actually attack Iran. After the attack on Iran, the US can ill afford new conflicts and wars.

The goal of the threats is to try to put Oman on notice that it shouldn’t do any backroom deals with Iran. Iran wants Oman to basically charge fees for ships using the Strait of Hormuz. The goal of Iran is to rope Oman into this process so that Iran can claim it has an excuse to control the Strait.

Countries in the region and the world don’t want this approach to be finalized because it would mean many strategic waterways would become dominated by the countries that border them.

The US has backed freedom of navigation for over a century. As such, ships need to be free to navigate the Strait of Hormuz. Iran wants to use pressure over the strait to bring America to the table to make a deal, or at least get it to stop threatening Iran.

This has now dragged the US into a war in the Middle East in which there is no easy out. The White House has lashed out at Oman, rather than trying to work with Muscat toward a solution.

The theory is that Oman can be threatened to stop talking to Iran.

US pressure could have wider consequences in the Gulf

This is unlikely to work. Oman can’t change its geography. It is near Iran and the Strait of Hormuz. It will always play a role in the area. Oman has been a responsible country in the past, working with the West and the region. It has important cultural and historic ties around the Indian Ocean.

These ties existed long before the US began to get involved in the Middle East.

The threats against Oman may put other US partners in the Gulf on notice. It is not clear whether the threats will succeed in getting those countries to shift their policies or serve to make them view the US as a less reliable partner. On the other hand, the threats may prevent Iran from advancing its push to control the Strait of Hormuz.

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More than 60 mixed-income apartments are available at a new 18-story residential development on the border of Park Slope and Gowanus. Located at 74 St. Marks Place, aka 85 4th Avenue, Solace offers open-layout residences designed with wellness in mind, complemented by a full floor of health-focused amenities. New Yorkers earning 40, 60, and 130 percent of the area median income can apply for the units, priced from $992/month studios to $4,518/month two-bedrooms.

Designed by Stretke Architects, Solace offers a “quieter” residential experience, with a warm brick facade designed to maximize natural light. Previous reports identified Harry Einhorn as the project’s developer.

The building offers 247 thoughtfully crafted residences, each offering open layouts that blend living, dining, and entertaining spaces to ensure comfort.

A full-floor amenities suite dedicated to wellness provides space for movement, focus, and rest, including a fitness center, a yoga and dance studio, and a co-working space.

Apartments come equipped with high-end kitchen appliances, premium countertops and finishes, hardwood floors, air-conditioning, smart controls for heating and cooling, and intercom devices. Dogs and cats up to 65 pounds in weight are permitted.

Other features include a pet spa, bike storage lockers, shared laundry facilities, a media room, a business center, a children’s playroom, green space, a rooftop terrace and a covered parking garage with 37 spaces and electric vehicle charging stations.

SOLACE is conveniently located near the Atlantic Avenue-Barclays Center transit hub, served by the 2, 3, 4, 5, D, N, and R subway lines, the Long Island Rail Road, and several bus routes.

Einhorn first filed plans for the project in October 2019, according to The Real Deal. The plans called for a 12-story, 193-unit residential development with roughly 5,400 square feet of commercial space, nearly 2,000 square feet of community space, and parking for 79 cars and 100 bikes.

The developer began acquiring the nine tax lots that make up the site in 2011, first purchasing a collection of low-rise buildings along Fourth Avenue between Warren Street and St. Marks Place for just under $19 million.

Einhorn acquired the final property in May 2019 for roughly $5.5 million, after which Axos Bank provided a $25 million loan to refinance the lots. The most recent permit calls for an 185-foot-tall tower with 247 apartments.

Qualifying New Yorkers can apply for the apartments until September 3, 2026. Complete details on how to apply are available here. Preference for 20 percent of the units will be given to residents of Brooklyn Community District 6.

Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

RELATED:

The post 18-story Park Slope rental opens lottery for affordable apartments, from $992/month first appeared on 6sqft.

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Flock Safety, the surveillance technology company increasingly under scrutiny from lawmakers from both parties, civil liberties advocates and citizens across the U.S., announced Thursday that it is making changes to its platform intended to quell privacy concerns and address documented abuses of its system by some members of law enforcement.

The company operates a vast nationwide network of automated cameras that record the license plate numbers and other characteristics of all passing vehicles every day. Thousands of law enforcement agencies in 49 states can search and share Flock’s data across jurisdictions to aid their investigations.

Police have credited the technology as an important crime-fighting innovation that has helped locate missing people and track suspects in violent crimes. But some critics say its pervasiveness amounts to unconstitutional warrantless mass surveillance. Dozens of cities and agencies have nixed their relationships with Flock amid concerns that the data can be accessed for immigration enforcement or used in unauthorized tracking, after a flurry of examples surfaced of law enforcement officers misusing the technology for personal searches.

CEO says changes will drive accountability

In an interview, Flock CEO Garrett Langley said many of the product changes will make what were once optional guardrails mandatory for its users to implement by Jan. 1.

Among them: All law enforcement customers will have to implement an audit tool that’s intended to flag abnormal search behavior. When the system detects abnormal behavior, the user would be locked out pending an internal review, the company said in a description of the changes provided ahead of Thursday’s announcement.

Flock, which says its customers own the data that the cameras record, is also shortening the standard data retention window from 30 days to seven. It said it will allow data to be preserved for longer when it is evidence tied to a case number.

Law enforcement users will now also be required to enter a code from their records management system tying each search to a specific case before it is run, something Langley said civil liberties advocates have long been calling for. Overrides for emergencies would be automatically flagged for review, the company said.

Customers will also be allowed to decide which offense types — such as homicide or arson — outside agencies can search their data for, which would allow a customer to block outside searches related to immigration enforcement, the company said.

Langley said that change will give individual cities and departments control to use the system in a manner “consistent with community values.”

Critics say updates still leave room for abuses, supporters urge balance

Critics of the company reacted skeptically to the changes, which they said appeared designed to address the growing bipartisan anger about the cameras but could still leave room for police to abuse the system.

The American Civil Liberties Union said in a blog post that the shortened evidence retention window could be “a step in the right direction,” but it characterized the other changes as “retreads” of inadequate safety measures.

Robert Frommer, a senior attorney at the Institute for Justice, a public interest law firm that’s led closely watched litigation over the technology, called the changes “window dressing” from a company in “panic mode.”

“This is window dressing that doesn’t address the fundamental problem, which is that police officers are the ones deciding who and when to search, and that should be done by judges with real warrants,” he said.

Andrew Guthrie Ferguson, a professor at the George Washington University Law School whose scholarship has focused on policing, big data surveillance and the Fourth Amendment, said Thursday’s shifts were “better than the opposite” but called for further scrutiny of the technology in the form of “sustained democratic engagement with the rules and judicial checks on access at a minimum.”

Ferguson said he’s been surprised to see the “growing community backlash” against Flock specifically, given that the technology isn’t new and other companies sell it as well. But Flock and the movement against it have “captured people’s sense that maybe they don’t want to be surveilled all the time,” he said.

More than 50 agencies or jurisdictions have canceled, suspended or rejected a contract or deactivated their cameras since the beginning of the year, according to a tracker maintained by DeFlock, a grassroots group formed to track the use of license plate reader technology and push back against it. Cameras around the country have also been vandalized.

In Congress, Republican representatives filed at least two bills aiming to restrict the use of the technology in July.

Ian Adams, an associate professor of criminology at the University of South Carolina currently working on a Flock-related research study, said many of the concerns raised about how the company’s data can be used are not new concerns in law enforcement.

“Anyone with policing experience could have reasonably foreseen that what have been termed as ‘curiosity searches’ by officers, searches for private reasons not related to police work, were going to be a problem this technology faced,” he added, noting that other technologies and platforms like the FBI’s Criminal Justice Information had faced those issues.

Law enforcement experts said it’s a common tension of “policing in a democracy” — balancing useful technology that officers say helps solve and prevent crime with the community’s interest and right to privacy.

“It’s a balancing act. A community has a legitimate interest in how information is used, but it also has a legitimate interest in the effectiveness of a police department in preventing crime,” said Chuck Wexler, executive director of the Police Executive Research Forum, a Washington-based nonpartisan think tank. “I think a balance can be struck, but it’s more likely to come from department policy than company changes.”

Successes and failures have captured attention

Flock, based in Atlanta, Georgia, often posts to its website what the company deems to be everyday examples of success stories for its cameras, including finding missing seniors and catching car thieves.

But the tech has also been used in high-profile cases that have garnered national attention, such as the search for a suspect in a fatal shooting at Brown University and in tracking and arresting a former North Carolina police officer who authorities say had made threats that he planned to carry out a mass shooting at a festival in Louisiana. A grand jury declined to bring charges in that case in June, and state authorities said the former officer’s family had taken him to a treatment facility out of state where he does not face further charges.

Abuses have also drawn widespread attention. The Washington Post reported earlier this month finding nearly 50 instances of police officers charged or accused of using the cameras for unauthorized purposes, many for tracking current or former romantic partners or family members.

Just this week, six employees — including four officers — of the Savannah Police Department in Georgia were fired after they were accused of searching for friends and family using the tool and allowing an officer from an outside agency to use the city’s cameras.

The Savannah department said it was made aware of the misuse through Flock’s voluntary audit function.

___

Lauer reported from Philadelphia.

This story was originally featured on Fortune.com

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The Ebola outbreak in the Democratic Republic of the Congo has killed 2,325 people, government data showed on Sunday, surpassing the toll from the 2018-2020 outbreak to become the deadliest in the country’s history.

Congo’s public health institute said in its latest report that confirmed cases had risen to 4,945, including 101 new cases detected in the previous 24 hours.

The outbreak, Congo’s 17th, was already the biggest in the country’s history in terms of number of cases – a milestone reached in late July. The latest government data shows that the total number of deaths has surpassed the 2,299 deaths recorded in Congo’s 2018-2020 outbreak, which was previously the country’s worst on record.

There are now 4,945 confirmed cases, the data showed.

Three months after it was formally announced, the outbreak is now dwarfed only by West Africa’s 2014-2016 Ebola outbreak, in which 28,616 cases and 11,310 deaths ​were recorded across Guinea, Liberia and Sierra Leone, according to the World Health Organization.

Members of the Civil Protection team, which works to help mitigate the spread of the Ebola virus, wearing personal protective equipment (PPE), disinfect after handling the body of an unidentified man, who according to his family, died of Ebola, in Bunia, Ituri province, Democratic Republic of Congo. (credit: REUTERS/Gradel Muyisa Mumbere)

It took nearly five months from the declaration of ‌that outbreak ⁠to hit 1,000 deaths, whereas Congo’s current outbreak hit 2,000 deaths in less than three months.

No treatments available for rare Ebola species

The current outbreak is caused by the Bundibugyo species of Ebola, which has no approved vaccines or treatments. The outbreak has gained momentum since it was declared on May 15, as weak health infrastructure, community resistance, and instability hinder the effort to identify and respond to cases.

The proportion of people dying from the outbreak after a confirmed infection, known as the case fatality ratio, has risen from about 20% in early June to 46%, according to government data, meaning nearly one in every two confirmed cases is now fatal.

Experts say the trend does not indicate the virus has become more lethal. Instead, it points to persistent shortcomings in surveillance, case detection and access to care.

“Normally, as an outbreak progresses, the case fatality ratio should fall as contact tracing improves and patients are identified and treated earlier,” said Thomas Parisch, a public health specialist recently deployed to the Democratic Republic of the Congo with Médecins Sans Frontières.

Small number of experimental vaccines, therapies evaluated

“Instead, we’re still seeing many cases detected very late, when treatment is less likely to succeed, with many identified only after they die in the community.”

A small number of experimental vaccines and therapies are being evaluated, while global health authorities assess whether existing Ebola treatments could offer protection. Evidence so far is limited to animal studies.

The outbreak earlier spread to neighboring Uganda, but authorities there managed to limit deaths to two and confirmed cases to 20 before declaring an end to the outbreak in that country last month. Ebola spreads through direct contact with the bodily fluids of infected people, living or dead.

It can cause fever, vomiting, diarrhea, and, in severe cases, internal and external bleeding.

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Ferrari’s first fully electric vehicle sold for a staggering $40 million at auction in Monterey, California.

The 2026 Ferrari Luce “Tailor Made,” identified as “Chassis 0,” is the first production chassis from the Italian luxury automaker’s new electric vehicle program, according to RM Sotheby’s.

The one-of-a-kind Ferrari was sold during RM Sotheby’s Monterey auction, with all proceeds benefiting educational initiatives through the Ferrari Foundation, a 501(c)(3) public charity. The buyer’s premium was waived for the sale.

The Luce marks a major milestone for Ferrari as the company enters the fully electric vehicle market. Ferrari has described the model as the first fully electric car in the Prancing Horse’s history.

FORD BOOSTS US LINCOLN PRODUCTION AS IT PHASES OUT IMPORTS FROM CHINA

The $40 million example was configured through Ferrari’s Tailor Made personalization program and features several details developed specifically for the vehicle.

Its exterior is finished in Madreperla Semi-Gloss paint, which Ferrari says produces iridescent reflections that shift from green to violet depending on the angle and intensity of the light.

Inside, the Luce features Perla-colored Le Mans metallic leather made from specially selected Swiss hides, along with Grigio Corvara secondary elements instead of traditional black trim.

Ferrari also equipped the car with dedicated wheels, bespoke brake calipers and special Ferrari badging set against an optical white background. A plaque identifies the vehicle as “Chassis 0,” distinguishing it as the first production chassis in the Luce program.

The winning bidder will not take immediate possession. Following the auction, the car is expected to return to Ferrari’s headquarters in Maranello, Italy, with final delivery currently scheduled for the first quarter of 2027.

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The vehicle was built to U.S. specifications. If it was purchased by a buyer outside the U.S., that buyer will be responsible for export, import and federalization requirements, according to the auction listing.

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Bank Leumi earned more money in three months than any Israeli bank ever has. The lender reported net profit of NIS 2.83 billion, roughly $940 million, for the second quarter, up 8.5% from a year earlier, when it released results on Aug. 12.

The reason is simple: Leumi is lending much more money while spending very little to run itself. Its loan book grew 9% since the start of the year to about NIS 566 billion, with corporate lending up 14% — enough that the bank has already hit its full-year growth target of 8% to 10% with half the year left. At the same time, its efficiency ratio, which measures how much of every shekel of income is eaten up by salaries, branches and technology, fell to 24.7% from 29.1% in the prior quarter. In plain terms, about 25 cents of every dollar the bank takes in goes to running the business, and the other 75 cents flows toward profit. That is among the lowest figures of any major bank in the world, and the bank credits its use of artificial intelligence for much of the improvement.

The record came despite a government surtax on Israel’s five largest banks totaling NIS 3 billion this year, of which Leumi absorbed NIS 293 million in the quarter. Without it, profit would have been about NIS 3.1 billion and return on equity 17.9% rather than the reported 16.3%.

Shareholders are getting a large share of the money back. Leumi is returning NIS 1.4 billion, about $470 million, split between a cash dividend of roughly NIS 1.1 billion and share buybacks — half of quarterly net income, and an annual dividend yield of about 5.5% at current prices.

Loan quality held up as the portfolio grew. Non-performing loans stood at 0.45% of credit, meaning fewer than one shekel in 200 is in trouble, against 0.43% a year ago. The bank set aside NIS 291 million for possible credit losses in the quarter, but said the entire provision was a general reserve tied to the pace of lending growth rather than any specific borrower going bad — the tenth consecutive quarter that has been the case. On individual problem loans, the bank actually recovered more than it wrote off.

For the first half, profit reached NIS 5.18 billion and return on equity 14.9%, at the top of the 13.75% to 15.25% band the bank set in its strategic plan. Capital remains well above regulatory minimums, with a core capital ratio of 11.65%.

The backdrop is an Israeli economy the Bank of Israel expects to grow 4% this year and 5.5% next, with interest rates easing and business borrowing picking up after two difficult years. Rival Bank Hapoalim posted a NIS 2.5 billion quarter, with credit growth of 6.6%, slower than Leumi’s.

Investors have noticed. Leumi shares are up 24% over the past year, giving the bank a market value of about NIS 110 billion and making it the largest bank in Israel by that measure.

JBizNews Desk | Tel Aviv

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U.S. stocks opened mixed Monday, August 17, as a surprisingly strong New York manufacturing report pushed Treasury yields higher while another burst of enthusiasm around artificial intelligence lifted chip and memory stocks. The Dow Jones Industrial Average opened down 69.3 points, or 0.13%, at 53,663.11. The S&P 500 gained 4.9 points, or 0.06%, to 7,790.68, while the Nasdaq Composite rose 55.5 points, or 0.21%, to 26,784.65. 

The morning’s main economic report was considerably stronger than expected. The New York Fed’s Empire State Manufacturing Index jumped to 20.6 in August from 15.6, its highest level in more than four years and well above the roughly 11-to-12 reading economists expected. New orders came in at 17.3 and shipments at 11.7, while employment continued to expand. The less comfortable part of the report was inflation: the prices-paid index climbed to 58.6, showing manufacturers are still facing substantial increases in input costs. 

That stronger factory reading helped push the 10-year Treasury yield back toward 4.70% to 4.71% in early trading. It matters because markets had spent the past several sessions reducing expectations for another Federal Reserve rate increase after weaker retail sales and softer inflation reports. Traders entered Monday pricing roughly a 30% chance of a September rate hike, down from around 50% a week earlier. 

Technology is providing the counterweight. Astera Labs jumped roughly 9% and Marvell about 5% in early trading, while Micron gained more than 3% and Sandisk more than 4%. Nvidia and Amazon were each up around 1%. Investors continue to favor companies supplying the memory, networking and computing infrastructure behind the AI buildout. 

Part of that enthusiasm followed new attention on Anthropic’s enormous growth projections. The AI company is forecasting roughly $190 billion to $200 billion in 2028 revenue, compared with a recently publicized annualized revenue pace of about $47 billion. Those projections are helping reinforce expectations that AI companies will continue spending heavily on chips, servers, storage and data-center infrastructure. 

Memory stocks received an additional boost after a report that the Trump administration does not want Apple relying on Chinese memory suppliers. Micron, Sandisk, Seagate and Western Digital all moved higher as investors considered the possibility that U.S. technology companies could be pushed toward non-Chinese suppliers. 

There were important moves outside technology as well. L3Harris Technologies fell nearly 3% after the defense contractor removed Chairman and CEO Christopher Kubasik following an investigation into conduct that the company said violated its code. Sam Mehta was named CEO, and L3Harris reaffirmed its 2026 financial outlook. 

Alphabet was also in focus after Berkshire Hathaway disclosed that it had increased its stake in Google’s parent by roughly 83% to nearly 106 million shares worth about $37.8 billion, making Alphabet Berkshire’s third-largest U.S. stock investment. The unusually large technology position is being watched as another sign of institutional confidence in the AI spending cycle. 

Oil remains the biggest outside risk to stocks. West Texas Intermediate traded around $82.75 a barrel and Brent near $89, with the market watching the expiration of the 60-day U.S.-Iran ceasefire period and any developments surrounding the Strait of Hormuz. Higher energy prices could quickly complicate the improving inflation picture and revive expectations for another Fed rate increase. 

One housing report was scheduled exactly at the cutoff for this recap. The NAHB/Wells Fargo Housing Market Index for August was due at 10:00 a.m. ET, with economists looking for a reading around 33 versus 34 in July. At the 10:00 a.m. cutoff, the new figure had not yet been posted by NAHB or verified by major data services, so JBizNews is not publishing an unconfirmed number. 

For the rest of Monday, investors will watch Treasury yields, oil and any new U.S.-Iran headlines, along with short-term Treasury bill auctions later in the morning. With few major corporate earnings scheduled during regular trading, the broader question is whether strong AI buying can keep the S&P 500 near record territory even as stronger economic data and higher oil prices threaten to push borrowing costs back up.

JBizNews Desk | Wall Street

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The quarterly New York Fed foreclosure data came out for Q2, and once again — to the surprise of many doomers — the index fell slightly, still below 2019 levels. Not only that, but this week’s existing home sales report also showed housing inventory down year over year and sales slightly higher, with prices up 2.0% year over year, something that would be impossible if we had a surge of foreclosures coming to the market. 

I know we get headlines every month or quarter with huge percentage increases in foreclosure data, but today I wanted I share a simple way for people to understand when foreclosures will become an issue. I also discussed this topic on today’s episode of the HousingWire Daily podcast.

Foreclosure data

One of the things I’ve stressed when I talk at events this year is that we have had many recessions post-WWII but only one foreclosure crisis. That foreclosure crisis started with a massive credit boom from 2002-2005, and then a credit bust. That credit bust pushed foreclosures up, according to New York Fed data, in 2005, 2006, 2007 and 2008. Then, the Great Recession happened. As you can see, none of that is happening now — we aren’t even back to 2019 levels yet, and it’s August 2026.

Here is how the Fed tracks the data: New foreclosures. Number of individuals with foreclosures first appearing on their credit report during the past 3 months. Based on foreclosure information provided by lenders (account level foreclosure information) as well as through public records.

This is key to what I will present next, because I can explain why housing inventory was down year over year, even though for 3.5 years now headlines were showing big percentage increases in foreclosure data.

Inventory

When you don’t have a lot of distressed sellers in the mix, we just deal with the normal supply and demand equilibrium for housing; a surge of actual foreclosures in 2026 would have easily put the inventory data much higher in 2026.

Keep it simple: housing demand is up 2.4% year to date and new listings didn’t explode, so inventory growth slowed and declined only slightly year over year in the last existing home sales report this week. 

chart visualization

We track inventory differently than the NAR; we have no contract data in our inventory, so these are the homes available for sale. Inventory is up 0.78% fron the previous week.

  • Weekly inventory change (July 31-Aug. 7): Inventory fell from 872,932 to 865,709
  • Same week last year (Aug. 1-Aug. 8): Inventory fell from 865,600 to 859,050

chart visualization

New listings data is key

When you have a massive buildup in foreclosure data, as we saw from 2005-2008, you will get a surge of new listings data. These aren’t sellers that will be buyers; these are distressed sellers in the mix. Not to mention, after a significant high-LTV credit boom and bust, a ton of people were underwater: In 2010, over 23% of homes were underwater. The run-up in foreclosure data from 2005-2008 was going to be a problem, because the higher the percentage of underwater homes, the more likely a foreclosure will happen. In contrast, people with a lot of equity can sell and prevent that foreclosure.

In addition, our new listing data isn’t surging. From 2013-2019, the normal for our new listings has been 80,000-100,000 per week during the seasonal peak months — and we haven’t had any normal years since 2020. New listings have picked up over the last two years, but it’s mostly been the traditional seller-as-buyer. This explains why inventory growth has been low this year.

Here is last week’s new listings data for the past two years:

  • 2026: 67,301
  • 2025:  66,341

chart visualization

Some context for those who believe the new listings data resembles the housing bubble years: during that time, new listings ranged from 250,000 to 400,000 per week for several years. Let me repeat that: 250,000-400,000 per week for years. New listings data today isn’t even back to normal levels, with foreclosure data not back to 2019 levels.

Conclusion

Once the foreclosure data starts to pick up beyond a normal trend — and it will with a job-loss recession — then you need to wait for it to be reflected in the new listings data. The entire process, from start to finish, might take 9-18 months; in some cases, many years. Understanding the data means you can properly track and talk about foreclosures and the relationship of foreclosures to inventory.

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Oman is quietly working out a deal with Iran on how ships will move through the Strait of Hormuz. Washington, which has been blockading Iranian ports for months, does not want anyone but the United States deciding who sails through. On Monday, Aug. 17, President Trump said that if Oman gets in the way, American forces will bomb it.

Trump made the threat in a phone interview with Fox News, saying the blockade is squeezing Iran and that he has set no timeline for ending the conflict because he is in no hurry. He used an expletive. Speaking of informal contacts with Iran’s Revolutionary Guard, he said they are good poker players who are dying anyway.

Oman matters here for one reason: geography. Iran owns the northern shore of the strait, Oman owns the southern shore, and every tanker leaving the Gulf sails between the two. Oman is a Gulf Cooperation Council member that has kept close ties to Washington while preserving relations with Tehran, and has served for years as the back channel between them. This is the first time Trump has aimed that kind of language at a longtime American partner in the region.

What set it off is a shipping arrangement. Iranian foreign ministry spokesman Esmail Baghaei said Monday that Tehran and Muscat had reached an understanding on the map of a transit route, with the two sides finalizing a joint statement. Ships would enter along the Iranian coast and exit along a lane off Oman, and during the interim period vessels would pass without paying tolls. The threat landed as that understanding was being announced. The 60-day interim agreement between Washington and Tehran expires Monday, with talks to reopen the waterway deadlocked.

The money side is where American households feel it. Brent settled around $88 a barrel Monday, roughly flat on the day and about 33 percent higher than a year ago. West Texas Intermediate also traded near flat. Hormuz normally carries about a quarter of the world’s seaborne oil — roughly one barrel in four — and Iran has restricted navigation there since Feb. 28.

At the pump, the national average for regular gasoline was $4.07 on Aug. 13, the highest August average AAA has ever recorded, against $3.16 a year earlier. That is about 90 cents more per gallon, or close to one dollar in four added to every fill-up. California drivers averaged $5.58 and Hawaii $5.43, while Louisiana was cheapest at $3.57. AAA attributes the gap to crude prices rather than demand, which is actually down.

For shippers, the practical fix on the table is the Iran-Oman route itself, which would give tanker owners a marked lane and a known cost instead of guesswork. American officials say the Navy is expanding its ability to escort vessels through the strait, though owners still consider the passage risky and some tankers have been switching off their transponders. Meanwhile, Middle Eastern producers have been moving millions of barrels through the waterway quietly, which has kept prices from climbing further, and additional Gulf crude is expected to reach American refiners.

The pressure track runs alongside the military one. Treasury Secretary Scott Bessent said Washington would impose unprecedented economic measures on Iran while keeping the naval blockade in place, with more announcements expected. Israel struck Lebanon over the weekend, killing 11 people including a senior Hezbollah commander, and the International Energy Agency has warned of the widest global supply shortfall in five years.

For American businesses running trucks, planes or freight contracts, the question is not whether Oman gets bombed. It is whether a working transit lane opens before the fall shipping season locks in fuel costs at these levels.

JBizNews Desk | New York

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Brazilian President Luiz Inácio Lula da Silva said Friday his government has triggered an economic reciprocity law mechanism against U.S.-imposed tariffs, saying the move was intended to show his nation must be respected.

In July, U.S. President Donald Trump imposed tariffs on hundreds of Brazilian exports, with duties reaching up to 37.5% in some products. The Trump administration has accused Brazil of unfair trade practices, but Lula has denied the accusations, insisting they are politically motivated ahead of the October election.

Lula is seeking reelection against Sen. Flávio Bolsonaro, a Trump ally who met with U.S. officials, including Trump, in Washington weeks before the administration proposed higher tariffs on Brazilian goods.

“Yesterday, we invoked the reciprocity law to show that we are not to be taken lightly,” Lula said in an interview with Brazilian podcasters. “We respect ourselves. I am very calm knowing what could happen, and I am prepared to debate the defense of Brazil anywhere in the world.”

Brazil’s Foreign Ministry said in a statement late Thursday it is requesting diplomatic consultations with its U.S. counterparts on the issue, as a sign of Lula’s aim “to privilege dialogue and negotiation in its international relations.”

The beginning of the proceedings does not necessarily mean Brazil will retaliate against U.S. tariffs.

“I don’t want any fight with the United States,” Lula said Friday. “Unfortunately, they are spreading falsehoods.”

Earlier this month, the U.S. State Department revoked the visa of Brazil’s ambassador to Washington in retaliation for Brazil’s denial of visas last month for two American diplomats who sought to visit ahead of the October election.

The U.S. government also has accused Brazil of stalling approval of Trump’s nominee for ambassador in Brasilia, while Brazilian officials say the U.S. should have first sought the government’s approval before submitting the nomination to Congress, as diplomatic protocol requires.

Since U.S. Secretary of State Marco Rubio revoked the Brazilian ambassador’s visa in response to Lula’s actions but did not order her expelled, U.S. officials have said the Trump administration does not want the dispute to escalate.

These officials, who have spoken on condition of anonymity to discuss internal administration deliberations, have said on multiple occasions that Rubio’s limited response was intentionally designed to give Lula time and space to back down.

At the same time, they have said that the U.S. will respond quickly should Lula’s government choose to escalate the matter and that declaring the Brazilian ambassador “persona non grata” and expelling her from the U.S. would be a logical next step.

Lula said once again Trump has treated him well, but warned any foreign governments “who come here to meddle in the election, will lose.”

___

Associated Press writer Matthew Lee contributed from Washington.

This story was originally featured on Fortune.com

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Iran’s parliament approved a bill on Sunday that would criminalize interviews and other communications with media deemed hostile to the Islamic Republic, including US or Israeli media and outlets financed by either country, Iran’s Shargh newspaper reported.

Under the bill, which must still be reviewed by the Guardian Council before it can become law, interviews or participation in discussions with such media would be banned and violations punishable by six months to two years in prison.

Interviews with other foreign media would require notification to the intelligence ministry, while contact with foreign embassies, offices of foreign organizations or other non-Iranian institutions without notification and written permission from the foreign ministry would be punishable by a fine and deprivation of certain social rights.

The bill would also harden penalties for alleged economic crimes committed under the direction or supervision of foreigners, ban providing information to foreigners without intelligence ministry approval, and restrict scientific cooperation with foreign institutions outside an approved list.

Iran’s heavy punishments for cooperation with foreign entities

It would punish policy or legislative proposals made under the direction of foreign intelligence services if they harm Iran’s security or independence, with prison terms of up to 30 years. Cases would be heard by Revolutionary Courts.

A security personnel stands guard as Iranians take part in a protest marking the annual al-Quds Day, on the last Friday of the holy month of Ramadan, in Tehran, Iran, March 13, 2026 (credit: MAJID ASGARIPOUR/WANA (WEST ASIA NEWS AGENCY) VIA REUTERS)

The move does not mark the first time Iran has criminalized cooperation with foreign entities. A law passed in 2025 after a 12-day war with Israel imposed tougher penalties for alleged cooperation with hostile states.

Iranian photojournalist Yalda Moaiery was sentenced this month to 15 years under that law over allegations that included giving interviews to media deemed hostile and providing photographs to US and Israel-linked organizations.

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Prediction markets may be attracting billions of dollars in trading, investors and valuations, but Polymarket has learned that regulatory approval does not guarantee something every financial company still needs: a bank willing to hold its money.

JPMorgan Chase ended its banking relationship with Polymarket in October 2025, citing regulatory concerns surrounding the fast-growing prediction-market business.

The decision did not completely sever ties between the two companies. Polymarket continues to interact with parts of JPMorgan, and the bank has maintained relationships with other companies in the sector.

But losing an ordinary banking relationship exposes a vulnerability that applies across fintech and crypto:

A company can raise enormous amounts of capital, attract millions of users and operate sophisticated technology — and still face serious problems if major banks decide the regulatory risk is too high.

Polymarket allows users to trade contracts tied to whether future events will occur, covering areas ranging from elections and economic policy to sports and other real-world outcomes.

The industry has exploded in popularity, but regulators are still debating where prediction markets belong.

Supporters argue the contracts are federally regulated financial products that can provide valuable information about expectations for future events.

Critics argue that many of the contracts function much like gambling and should be subject to state gaming laws and consumer protections.

That unresolved legal landscape creates a separate problem for banks.

Financial institutions do not merely ask whether a customer’s business is technically legal. They also consider whether serving that customer could expose the bank to future enforcement actions, compliance costs, money-laundering concerns or reputational damage.

That can make banking access its own form of business risk.

Polymarket previously ran into federal regulators in 2022, when the Commodity Futures Trading Commission accused it of operating an unregistered derivatives platform. The company paid a penalty and restricted access for U.S. users.

It has since returned to the American market through a regulated structure, but scrutiny has not disappeared.

Prediction-market companies are facing legal challenges from states that argue certain contracts amount to unauthorized gambling. New York City officials have separately begun examining marketing practices in the industry, including whether platforms are targeting young users with misleading or aggressive promotions.

That uncertainty helps explain JPMorgan’s caution.

Yet the relationship is unusually complicated.

JPMorgan has reportedly continued working with Polymarket in other capacities even after withdrawing traditional banking services. Earlier this year, the bank offered some wealth-management clients access to a Polymarket fundraising round that valued the company at roughly $14.5 billion.

Polymarket is now reportedly seeking additional capital at an even higher valuation.

That creates a remarkable contradiction.

A major bank can apparently consider Polymarket attractive enough to introduce to wealthy investors while simultaneously deciding that maintaining its basic banking relationship creates too much regulatory risk.

For business owners, that distinction is important.

Banks increasingly act as an additional layer of regulation for emerging industries. Crypto companies, cannabis businesses, gambling operators, payment companies and other businesses operating in legally complicated sectors can discover that being permitted to operate and being permitted to bank are two different things.

Without reliable banking relationships, companies can struggle with payroll, vendor payments, customer funds, financing and everyday cash management.

For prediction markets, that could become increasingly important as the industry grows.

Platforms such as Polymarket and Kalshi are attempting to move from relatively niche trading products into mainstream financial and consumer businesses. Doing that requires not only customers and regulatory licenses, but dependable access to banking, payment and settlement infrastructure.

Polymarket found another banking provider after JPMorgan ended the relationship.

But the episode illustrates the industry’s larger challenge.

Prediction markets are trying to convince investors that they belong beside exchanges, brokerages and other mainstream financial institutions.

Some of the world’s largest banks are apparently not yet convinced that serving them is worth the risk.

JBizNews Desk | New York

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Of the thousands of lawsuits Meta faces over child safety on its platforms, none may be more consequential than one going to trial this week in California.

States are seeking extensive financial damages that could, in theory, total as much as $1.4 trillion, plus changes to how the company operates Facebook and Instagram.

The lawsuit accuses the social media giant of contributing to the youth mental health crisis by knowingly and deliberately designing features that get children addicted to its platforms. It also claims that Meta routinely collects data on children under 13 without their parents’ consent, in violation of federal law.

“Meta has harnessed powerful and unprecedented technologies to entice, engage, and ultimately ensnare youth and teens. Its motive is profit, and in seeking to maximize its financial gains,” the lawsuit says.

Dozens of states filed the lawsuit three years ago. The trial set to begin Tuesday in federal court in Oakland, California, features four of the states as plaintiffs — California, Colorado, Kentucky and New Jersey. The other 25 states are expected to have trials later.

Meta said it disputes the allegations, and the trial evidence will show its commitment to supporting young people. “We’ve listened to parents, worked with experts and law enforcement, and conducted in-depth research to understand the issues that matter most,” the company said in a statement.

States seek to land a major blow against Meta

For Meta, which already lost two pivotal cases over harms to children and teens this year, the stakes are high. The company reported a rare profit decline last month, in part due to $2.4 billion in legal expenses.

The $1.4 trillion figure, which Meta disclosed in a legal filing, is almost as high as the Menlo Park, California, company’s entire market capitalization — that is, the value of all its outstanding shares on the stock market. Paying it would inevitably put Meta Platforms in bankruptcy and perhaps put the company under state ownership.

“The state attorneys general are going for the gusto,” said Eric Goldman, a professor and co-director of the High Tech Law Institute at Santa Clara University School of Law. “They are trying to set the definitive precedent in this case and they have asked for extraordinary damages and they are going to seek extraordinary structural remedies if they succeed.”

Meta calls the possible penalty “untethered to any claimed violation” by the states.

“A sanction of that size has no analog in the history of consumer protection enforcement,” Meta said in a July 6 filing with the U.S. District Court for the Northern District of California.

If Meta loses the trial, the court would have wide discretion over the size of any financial penalty, and legal experts say anything close to $1.4 trillion would be unlikely.

“It’s not plausible in the sense that Meta doesn’t have that much money and could not get it,” said James Grimmelmann, a law professor at Cornell Law School and Cornell Tech. “An award that large would put Meta into bankruptcy, wipe out its owners, and effectively result in the states owning Meta.”

As a practical matter, Grimmelmann added, “that seems extremely unlikely to happen.”

In other cases that have involved high potential damages for multiple individual offenses, he said courts have stopped short of imposing the maximum penalties. One example is the Anthropic artificial intelligence training case, where plaintiffs were claiming damages of $150,000 per book that Anthropic copied, but the penalty ended up being $3,000 per book, totaling about $1.5 billion.

Trial seeks to hold Meta accountable on state and federal statutes

The federal trial this week is more complex than one earlier this year, in Los Angeles, where a state court awarded $6 million in damages from Meta and Google’s YouTube to a single plaintiff, a young woman who testified she became addicted to social media as a child.

That case was a bellwether, or test case, picked from thousands of similar civil tort lawsuits to give both plaintiffs and the defendants an idea of how their arguments fare in court. The jury determined that Meta and YouTube were negligent in the design or operation of their respective platforms, and that the negligence was a substantial factor in causing harm to the plaintiff. They also determined each company knew their platforms could be dangerous when used by a minor and that they failed to adequately warn of that danger.

The Oakland case, meanwhile, has state attorneys general as the plaintiffs and centers on state and federal statutes they allege Meta violated, which lay out potential penalty amounts for each violation.

“And there’s a lot of them because it’s four different states and at least three different kinds of statutes. There’s a child privacy statute, there’s a false advertising statute and there’s unfair competition statutes,” said Rebecca Allensworth, a professor at Vanderbilt University Law School.

Meta has added safety tools — but states want more

An outcome that leads to changes in how Facebook and Instagram operate could be as consequential as any financial penalty.

Meta has introduced a slew of new features in recent years designed to protect minors. In 2024 it launched teen accounts on Instagram, which are private by default and come with messaging and content restrictions, and parental controls. The company also uses artificial intelligence to determine if kids under 13 are using Instagram or if teenagers are lying about their age to access adult accounts.

Safety advocates have called on the company to do more. A New Mexico judge earlier this month ordered new safety measures on the platforms including time limits for minors, AI chatbot restrictions, and mandatory warnings on the platforms, but his order applied only to users in the state.

“These AGs have a real chance at fixing the product,” Laura Marquez-Garrett of the Social Media Victims Law Center said Friday in a virtual discussion with advocates hosted by the Tech Oversight Project. “For these companies, this is a real point of reckoning. As these cases go forward, this is a leap forward, folks, not a step.”

During jury selection last week, prospective jurors were asked whether and how much they believe Meta has contributed to the youth mental health crisis. While many agreed that it did, they also put responsibility on parents, and said things like climate change and the state of the world are also causing children’s and teenagers’ mental health issues.

___

AP Technology Writer Kaitlyn Huamani contributed to this report.

This story was originally featured on Fortune.com

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Israel’s largest shipping company is being sold to a German carrier whose shareholders include the sovereign wealth funds of Qatar and Saudi Arabia, and a new poll finds that about two out of every three Israeli Jews want the government to stop it.

The survey, conducted this month by Midgam Consulting and Research and commissioned by the Zim workers’ committee, found that 67.1% of Israel’s Jewish public opposes approving the sale to a buyer with Qatari shareholders. Roughly 57% object specifically because of the Qatari stake, while another 10% oppose the deal under any circumstances. About 30% would approve it only after security reviews, and just 2.4% — fewer than one in 40 — would sign off on it regardless.

What stands out is how little the answer changed from group to group. Opposition ran at 77.2% among religious respondents, 70.2% among secular respondents, 66% among haredi respondents and 60.2% among traditional respondents. Men and women, higher earners and lower earners all landed within a few points of one another. On a subject that usually splits Israeli opinion down predictable lines, this one does not.

The deal behind the numbers was signed in February. Germany’s Hapag-Lloyd agreed to acquire Zim Integrated Shipping Services for about $4.2 billion in cash. Qatar’s sovereign wealth fund holds 12.3% of the German carrier and Saudi Arabia’s Public Investment Fund holds 10.2%. Zim was founded in 1945, is headquartered in Haifa, and was fully government-owned until it was privatized in the early 2000s.

The structure splits the company in two. Hapag-Lloyd takes Zim’s international business — the Asia-to-America routes and the bulk of its chartered fleet. What stays in Israel is a smaller carrier, backed by Israeli private equity firm FIMI, holding 16 vessels, the Haifa headquarters and the shipping lines running to and from Israel.

That smaller company is meant to satisfy a condition the state has held for years. The government’s golden share lets it call up the fleet in an emergency to bring in essential goods such as wheat and fuel, requires a minimum of 11 ships, and blocks any foreign entity from taking sole control.

That is the heart of the objection. Israel imports nearly everything it eats, burns and builds with by sea. In a war, a blockade or a closed shipping lane, the question is not who owns the vessels on paper but who picks up the phone when Jerusalem calls. Zim kept sailing to Israel during periods when foreign carriers rerouted around the region, and that record is why the company is treated as infrastructure rather than as a stock.

Senior officials have already said the current terms do not clear that bar. Defense Minister Israel Katz sided with Defense Ministry officials who reviewed the acquisition and concluded it does not protect Israel’s national security interests, particularly in emergencies. Deputy Minister Almog Cohen separately warned Prime Minister Benjamin Netanyahu against handing over the country’s maritime gateway to a buyer with Qatari and Saudi shareholders.

There is a second worry that gets less attention: whether the Israeli remnant is strong enough to matter. The Israeli Administration of Shipping and Ports has cautioned that without state support, the slimmed-down carrier could be too weak to survive an industry downturn — which would leave Israel with no independent fleet at all.

Zim workers’ committee chairman Oren Caspi said the poll shows the public grasps what is at stake, calling it a struggle over a national interest rather than a labor dispute, and urging the government to block the sale.

The decision now sits with the state. The transaction is expected to close by late 2026 and remains subject to approval by Zim shareholders and regulators, including the State of Israel itself. Jerusalem can approve it, kill it, or approve it only with hard security conditions attached — a bigger guaranteed fleet, firmer emergency call-up rights, and state backing to keep the Israeli carrier solvent. The poll says the public wants the third option at minimum. The government has until the end of the year to answer.

JBizNews Desk | Tel Aviv

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India is ordering its oil industry to dramatically increase the amount of cooking gas it can produce at home, a major energy-security shift after disruptions around the Strait of Hormuz exposed how vulnerable the country remains to imported fuel.

Under an Aug. 13 government order, state-run and private refiners have been assigned the capacity to produce as much as 63,810 metric tons of liquefied petroleum gas a day when supplies are constrained.

That is significant because India currently consumes roughly 91,000 tons of LPG each day. The new production ceiling could therefore cover about 70% of daily demand domestically during an emergency.

India produced only about 35,900 tons a day domestically during the fiscal year ended March 2026, meaning the new targets would require refiners to be capable of pushing output far above normal levels when needed.

The government is also requiring companies to strengthen storage and transportation infrastructure so the additional LPG can actually reach consumers during a disruption.

The largest assignment goes to Reliance Industries, whose Jamnagar refining operation could be required to produce as much as 18,000 tons a day.

For India, LPG is not a niche petroleum product.

It is the cooking fuel used by hundreds of millions of households, restaurants and businesses. India consumed about 33.2 million metric tons during the 2025-26 fiscal year, while domestic production totaled only about 13.1 million tons.

Imports filled most of the gap.

And before the latest Middle East disruptions, roughly 90% of India’s imported LPG came from the Middle East, leaving the country heavily exposed to shipping through and around the Strait of Hormuz.

That vulnerability became impossible to ignore earlier this year when conflict involving Iran disrupted Gulf shipping and produced India’s worst LPG shortage in years.

The government was forced to take emergency measures, including redirecting fuel supplies and asking refiners to maximize domestic LPG production.

India has since moved aggressively to diversify.

State refiners are planning to obtain as much as 25% of the country’s LPG imports from the United States in 2027, while crude buyers have also sought supplies from Africa, Latin America and other routes that avoid Hormuz.

The latest order goes one step further.

Instead of relying only on finding alternative foreign suppliers after a crisis begins, India is trying to build enough domestic production capacity to absorb a much larger portion of demand itself.

That could have consequences across global energy markets.

If Indian refiners divert more refinery output toward LPG, it can affect the amount of other petroleum products they produce. Higher domestic LPG output could also reduce India’s need for some Middle Eastern cargoes while increasing competition for alternative supplies from the United States and elsewhere.

India is separately considering an even larger strategic-fuel programme that would create dedicated national reserves for LPG and liquefied natural gas for the first time.

The proposed plan could eventually cost about $42 billion and include enough LPG storage to cover roughly six weeks of demand.

Taken together, the policies show how the Strait of Hormuz crisis is beginning to permanently reshape energy planning far beyond the Middle East.

Countries that once optimized their supply chains around the cheapest available fuel are increasingly asking a different question:

What does it cost if that fuel suddenly cannot arrive at all?

For India, the answer is now leading to more domestic production, larger reserves and a more geographically diverse supply chain.

The new LPG targets are therefore not simply an emergency response.

They are an acknowledgment that energy security now requires paying for spare capacity before the next crisis arrives.

JBizNews Desk | New Delhi

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The artificial-intelligence investment boom is beginning to reshape more than technology stocks. It is increasingly competing with governments and businesses for the same pool of long-term capital — and helping drive inflation-adjusted borrowing costs to levels not seen in nearly two decades.

The real yield on 30-year U.S. Treasury debt is hovering around 3%, near its highest level in roughly 18 years.

Real yields measure what investors earn after accounting for expected inflation. For companies, they are one of the clearest measures of how expensive long-term money actually is.

The pressure is coming partly from an extraordinary wave of borrowing.

Alphabet, Amazon, Meta and other large technology companies are spending hundreds of billions of dollars building AI data centers, purchasing chips, securing electricity and expanding cloud infrastructure. Increasingly, some of that expansion is being financed through the bond market.

Major AI-focused technology companies have already raised roughly $220 billion through bonds in 2026, substantially more than during the same period last year.

At the same time, governments are borrowing heavily.

The U.S. Treasury must finance large federal deficits while corporations are simultaneously asking investors to fund one of the largest infrastructure buildouts in technology history.

That creates competition for capital.

When more borrowers want money, bond investors can demand higher yields before agreeing to lend it.

The result is beginning to spread well beyond Silicon Valley.

Higher long-term Treasury yields influence the cost of corporate bonds, commercial real estate financing, mortgages, infrastructure projects and other loans extending decades into the future.

That helps explain one of the strange signals coming from markets this week.

Short-term Treasury yields have fallen as cooler inflation reduces expectations that the Federal Reserve will raise rates in September.

But long-term borrowing costs remain stubbornly high.

Thursday’s $25 billion auction of 30-year Treasury bonds required a yield of about 5.22% — the highest at a 30-year auction in roughly 25 years.

In other words, investors are becoming somewhat more comfortable with what the Fed may do over the next several months while demanding considerably more compensation to lend money for decades.

AI is not solely responsible.

Large government deficits, reduced central-bank bond buying and continued uncertainty over inflation are also pushing long-term yields higher.

But the AI infrastructure boom is adding another enormous borrower to an already crowded market.

For businesses outside technology, that creates an unexpected consequence.

The trillions being invested to build artificial intelligence may eventually increase productivity and lower costs across the economy.

In the meantime, the race to finance that infrastructure may be helping make long-term money more expensive for almost everyone else.

JBizNews Desk | Wall Street

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The European Union intends to significantly expand sanctions against Russia in the coming months, EU foreign policy chief Kaja Kallas told a German newspaper.

“EU sanctions have already cost Russia dearly, depriving Russia’s war machine of over €1 trillion, and for autumn I am putting forward the most far-reaching sanctions listings since the start of the war,” she told the German daily newspaper, Die Welt.

“Once adopted, they would immediately raise the total number of sanctioned Russian entities by a third. The pressure must keep growing until Moscow ends its war.”

 EU High Representative for Foreign Affairs and Security Policy Kaja Kallas attends the IISS Shangri-La Dialogue security summit in Singapore, May 31, 2025.  (credit: REUTERS/EDGAR SU)

Kallas did not elaborate further on timing or details of the new sanctions package.

EU imposes sanctions on Russian banking, cryptocurrency

The EU in July approved its most recent sanctions package against Russia over its war in Ukraine, imposing curbs on the country’s banking sector and cryptocurrency networks.

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Businesses across Europe are discovering an expensive gap in their insurance coverage: extreme heat can devastate revenue without damaging a single piece of property.

Last summer’s European heatwaves caused an estimated €43 billion, or roughly $50 billion, in lost economic output, according to Moody’s. Yet insured payouts totaled only about €500 million — meaning barely more than 1% of the estimated economic losses were covered.

The reason lies in how traditional business-interruption insurance works.

Most policies are built around physical damage. A fire destroys a restaurant kitchen, a storm damages a roof or flooding forces a factory to close. The property damage triggers the business-interruption coverage that can reimburse lost income while the company recovers.

Extreme heat can hurt a business very differently.

Customers stay home. Outdoor tables sit empty. Construction crews work fewer hours. Factory workers become less productive. Cooling expenses rise. Trains slow down. Agricultural output falls.

The business may lose substantial money while its building remains completely intact.

And that can leave the owner with no traditional insurance claim at all.

The problem is becoming particularly visible in Italy.

In Padua, a northern Italian city known for its early-evening aperitivo culture, extreme temperatures have pushed customers indoors or caused them to arrive much later.

A survey of roughly 600 restaurants, bars and other hospitality businesses in Padua and the surrounding province found that more than 80% experienced sales declines of about 20% during the recent heatwave.

For a restaurant operating on thin margins, losing one-fifth of revenue can turn a profitable month into a losing one even though nothing inside the restaurant was physically damaged.

That distinction is becoming a much larger issue for insurers and businesses.

Only 28% of small and midsize European companies surveyed for the region’s insurance regulator had business-interruption protection attached to their property coverage. Just 17% carried non-damage business-interruption coverage, which can respond to disruptions even when property remains intact.

And even specialized policies may not automatically cover extreme temperatures.

Insurers traditionally find heat difficult to underwrite because there is no single obvious event comparable with a hurricane making landfall or a building catching fire. Heat can instead trigger several problems simultaneously — drought, wildfire, water shortages, lower worker productivity and reduced consumer activity.

Companies are already reporting the consequences.

Manufacturers can face higher cooling costs and slower production. Restaurants lose outdoor customers. Construction companies may need to shorten working hours. Farmers can lose crop yields. Transportation companies can encounter infrastructure restrictions.

The potential solution receiving more attention is parametric insurance.

Unlike a conventional policy that reimburses a company after investigators establish physical damage, parametric insurance can be structured around a predetermined trigger.

For example, a business could purchase coverage that automatically pays if temperatures remain above an agreed level for a specified number of days.

The thermometer effectively becomes the claims adjuster.

That could be particularly useful for hotels, restaurants, construction companies, farms and other businesses where revenue or productivity is closely tied to weather but physical property may remain undamaged.

The lesson for business owners extends well beyond Europe.

A company that carries business-interruption insurance should not automatically assume it is protected whenever weather interrupts business.

Owners need to understand what actually triggers the policy.

If coverage requires physical property damage, a week of extreme temperatures that empties a restaurant, slows a warehouse or forces employees to stop working could produce a major financial loss without producing an insurance payment.

That makes a previously obscure insurance question increasingly important:

What happens when the weather damages the business — but not the building?

For a growing number of companies, the answer today may be that the owner absorbs the loss.

JBizNews Desk | London

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Anthropic investors have been kicking the tires on what could be the most valuable initial public offering in history. A handful of the frontier lab’s backers confirmed to the Financial Times this week that they expect privately held Anthropic to go public in October with a targeted valuation of $2 trillion or higher, which easily eclipses SpaceX’s record-breaking $1.77 trillion IPO in June.

That valuation would more than double the $965 billion the company was worth when it reported a Series H funding round in May. Bloomberg, meanwhile, has reported that Anthropic is also in talks to buy the startup Decart AI for $6 billion. Anthropic filed for an IPO confidentially with the Securities and Exchange Commission in June, but has not publicly set a timeline. Rival frontier lab OpenAI followed suit shortly after Anthropic, but is not expected to IPO until 2027.

The awkward part of all this, though, is that Anthropic isn’t making money yet. Across the Nasdaq 100 universe, the index of large-cap tech companies Anthropic would join post-IPO, the average company trades at roughly 34 times trailing earnings and 25 times forward earnings. At those multiples, a $2 trillion Anthropic would need to post annual profits in the neighborhood of $59 billion to $79 billion to keep pace. 

It could be getting closer, but the Claude chatbot purveyor led by Dario Amodei still has a long way to go. The Wall Street Journal reported that Anthropic’s second-quarter 2026 revenue would more than double to $10.9 billion, while the company would for the first time post an operating profit. But operating profit is not the same as net income. Operating profit tells investors whether the business is covering costs like salaries, compute, and research, but it doesn’t account for interest on debt or taxes. Net income is what’s leftover after all of that is subtracted out. And for a company like Anthropic, with all the needs that go along with sustaining a bleeding-edge frontier lab, the distance between operating profit and actual bottom-line profit could be substantial. 

Avery Marquez, director of investment strategies at Renaissance Capital, said approaching that threshold of a profitable bottom line will be key to make Anthropic’s valuation palatable to public investors.

“Just seeing the [$2 trillion] number, it’s definitely jolting,” she said. “Reaching near operating profitability will at least be something that in my mind makes this very large valuation maybe not seem so crazy.”

At $2 trillion, Anthropic would be keeping company with six other businesses in the world with valuations that size or more plus Broadcom, which has been floating near the $2 trillion mark since first crossing it earlier this year. But just look at the profits of those six firms.

Nvidia’s valuation is more than $5 trillion, and it earned $120.1 billion in net income last fiscal year on $215.9 billion in revenue. Alphabet, at $4.55 trillion, made $132 billion on $403 billion in revenue. Apple, at $4.49 trillion, earned $112 billion on $416 billion in revenue. Microsoft, at $3.7 trillion, posted $133.7 billion of net income in the year ended June 30. Chipmaker TSMC, one of the most valuable companies outside the U.S., rounds out the group at $2 trillion.

Anthropic would be closest to Amazon, which booked $77.7 billion in net income in its most recent fiscal year, although a portion of its own profits are a function of Anthropic’s valuation. (Amazon’s most recent second-quarter earnings show $62.6 billion of net income, and $53.4 billion of that was nonoperating pretax income “primarily from our investments in Anthropic,” its earnings release states.) 

What’s going right

Anthropic’s run-rate revenue went from about $9 billion at the end of 2025 to $47 billion by mid-May. Outside data shared by Salesforce CEO Marc Benioff estimated Anthropic’s run rate had reached $74.1 billion, surpassing OpenAI’s $41.3 billion. (Salesforce is an early investor and customer of Anthropic; neither company has confirmed the figures, and Benioff shared data from TickerTrends.) 

“What most impresses me about Anthropic (besides unprecedented revenue growth) is their enterprise hat trick,” posted Benioff. “The best model (Claude), the best coding agents (Claude Code), & the best productivity tool (Cowork).”

The two rival frontier model developers, OpenAI and Anthropic, are comparable to each other, noted Marquez, which means whichever company files first sets the benchmarks that every company that follows has to measure up against.

Anthropic can tout its enterprise customer base, which is stickier and compounds more predictably than individual consumer subscriptions, which is where OpenAI’s ChatGPT has the name-brand recognition advantage. 

Then there’s compute. Evan Schlossman of Neostellar Capital Corp., whose fund holds a position in OpenAI, said the supply side of the business is the second thing he’ll turn to once he has an S-1 prospectus filing for Anthropic, right after he looks at its definitions for revenue and how it defines key financial metrics. 

“The question is, what is Anthropic’s source over the next 18 months, 24 months, of how much compute they will be able to access at any given time?” said Schlossman. “Do they own that? Are they leasing it? Is it short-term leases? Is it long-term leases?”

The answers will be revealing. A company that owns its servers or has locked-in, long-term leases has predictable costs and can squeeze performance out of its fleet of chips, making each dollar of revenue less expensive to deliver. Short-term leases can lead to spiking costs and scarce supply, and could leave Anthropic at the mercy of another company’s pricing. 

“If you’re able to get slightly better margins out of the hardware you own, what is that showing in terms of overall margin?” asked Schlossman. 

For its part, Anthropic has been locking in capacity. It has deals with Amazon, Google, and Broadcom, and GPU access through SpaceX. If the Decart deal closes, it would also bring in software that helps chips run more efficiently, and an inference optimization team that could plug and play in Anthropic’s organization. Marquez said lining up an acquisition before a road show is pretty common in the tech-IPO world. Companies do it so the pro forma financials already reflect the acquisition, even if the numbers describe a combined business that hasn’t actually operated together yet. 

What this does to OpenAI

Schlossman said the $2 trillion valuation for Anthropic is “exciting” news as an OpenAI investor. 

“If you see strong, credible demand for investments in Anthropic and escalating premiums on that revenue, it would speak to a reasonable analogy that you’re seeing similar market trends for OpenAI,” he said. “It’s the same sort of bull or bear case.”

He’s also not worried about one lab slide-tackling the other. 

“If everyone in the world wanted to switch over to OpenAI tomorrow, or Anthropic tomorrow, or Gemini tomorrow, I don’t believe those companies even have the compute to satiate that,” he said. “It seems less likely that you’re going to have one model intelligence company dominate the global demand for intelligence.”

Marquez sees Anthropic’s valuation turning up the heat for OpenAI. Whether it goes public first or second barely matters for Anthropic, but it matters a lot for OpenAI, which will be priced against a live competitor if Anthropic goes first as planned. Anthropic’s enterprise revenues are flattering, but hundreds of millions of people use ChatGPT. OpenAI will likely have to answer the strategic question as to whether it will continue pushing more deeply into enterprise where Anthropic is strong, or if it will lean into scaling more individual customers and monetizing advertising or paid conversions, she said. 

But OpenAI doesn’t necessarily need to beat Anthropic at its own game, noted Marquez, it just has to arrive looking comparable with similar growth and a credible path to profitability on an Ebitda basis. The hurdle Anthropic will need to overcome is establishing what financial metrics make sense for the company.

“The big hang-up for the valuation is, what metrics make sense for this company?” said Marquez. OpenAI will not have that problem, but it will have a very clear peer for investors to use for comparison.

“I don’t think that’s going to deter OpenAI at all,” said Marquez. “But I don’t think it helps OpenAI for Anthropic to go first.”

This story was originally featured on Fortune.com

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While recent economic data suggests South Florida has lost its cost advantage over New York, top real estate developers argue the numbers fail to tell the full story.

Key executives behind major residential skyscrapers in Manhattan and Miami argue South Florida is playing long-overdue catch-up after decades of underpriced real estate, while still offering buyers significantly more long-term value.

“Miami has earned a seat as one of the greatest cities in the world,” Naftali Group EVP of marketing, sales and design Danielle Naftali told Fox News Digital. “As people have migrated down here, [and] made it a location that people are living permanently, obviously, things have become a bit more expensive… world-class restaurants opening here, the most amazing cultural institutions, entertainment, hospitality groups — everything that people really experience in major cities around the world. And, you know, those truly go hand in hand.”

“Globally, Miami was playing catch-up to New York for long periods of time, and you can do this by price per square foot, you can do it by total dollars, what they sell for, but Miami used to trade at — as a local myself — I almost thought it was weird how inexpensive the real estate was here comparatively to cities like New York or London or LA,” PMG managing director Ryan Shear also told Fox Digital.

FLORIDA NAMES N.Y.C. MAYOR ZOHRAN MAMDANI ‘ECONOMIC DEVELOPER OF THE YEAR’ IN TIMES SQUARE CAMPAIGN

“A lot of people have moved down here, not just people, but companies and a lot of high-profile people, and you’re seeing big headlines about big trades and big sales and that’s true and that is great for the city. I don’t think it tells the whole story. I think Miami is still a value city,” he added. “I still think it’s a bargain play down here.”

recent Bloomberg analysis of U.S. Bureau of Economic Analysis data found that the overall cost of living in the Miami-Fort Lauderdale-West Palm Beach metropolitan area has surpassed that of greater New York. The analysis separately found that housing costs in South Florida are roughly 5% higher than in New York and its suburbs. Additionally, consumer prices in South Florida have risen 36% since 2019, according to the U.S. Bureau of Labor Statistics, representing the second-highest inflation surge among major American markets, trailing only Tampa.

South Florida home prices have jumped 79% since the pandemic, according to S&P CoreLogic Case-Shiller data, while Florida’s average annual homeowners insurance premium stands at $8,292, roughly four times the average in New York state, according to Insurify.

“There’s definitely a price gap that has changed. But what we see ultimately is that buyers are less sensitive to the price per square foot as the buyers have become more sophisticated,” Naftali countered. “We see our buyers thinking about everything from lifestyle, services and amenities, finished pallets, and really the best quality. So this is something that people are really willing to pay that premium.”

“Anyone that’s buying in our development today will be able to see their appreciation over the next five to ten years,” she said.

Beyond homebuyer costs, developers also face nationwide borrowing and insurance pressures. However, Shear emphasized that constructing a high-rise in Florida remains vastly more accessible than doing so in New York.

“It is still less expensive to build in Florida than New York. And not by a little, by like a decent, significant amount,” Shear said. “Debt in Florida is the same as debt in Texas… Banks lend nationally and globally. So it’s still affordable to build in Florida.”

“Everything’s relative. You know, we’re relative to the world we live in. So, relative is South Florida trading at faster paces, absorption greater than what we see in a lot of markets… It’s not a Miami thing. I think Florida in general is having a very good moment. And it’s been going on for a while, and I don’t think it’s stopping,” Shear said.

Florida remains one of nine U.S. states with no individual income tax, whereas top earners in New York City face combined state and local income tax rates of nearly 14.8%. ATTOM data show Miami-area property taxes have jumped 62% since 2019. Florida voters, meanwhile, will consider a constitutional amendment in November that would exempt the first $250,000 of a homestead’s value from property taxes other than school district levies.

“There is definitely still tax incentive to Florida. That’s very obvious. What we see, though, especially in the luxury sector, is that global luxury buyers, it’s not that they’re either going to New York or either going to Florida. Most of those buyers have a home in both locations. So there’s definitely a tax benefit to being in Florida, without a doubt,” Naftali said.

“It’s just math. The effective tax rate, I believe, in New York, if you’re in the top tax bracket, is somewhere between 50 and 55%, depending on what borough and so forth. There’s no state income tax and there’s no city tax here. So the top tax bracket is set by the federal government, that’s it. That’s the math. If anybody would tell you different, it’s not an opinion, that just factually is the truth,” Shear argued.

“I’ve read countless articles saying how real estate taxes are going through the roof. Well, it’s not the real estate tax going through the roof. There’s just more expensive real estate. It’s not that the tax rate is changing,” he continued. “But if you want to go to city that’s checking all these boxes that somebody’s looking for — massive growth, massive job[s], large population, high rises and so forth — I think it’s impossible to find one. So again, to the point of relativity, it’s all relative to the next option. I think as an option, it does not get better than South Florida.”

U.S. Census Bureau figures show the Miami-Fort Lauderdale-West Palm Beach metro area’s median household income was $80,625 in 2024, about $1,000 below the national median of $81,604. The developers also pointed to infrastructure, permitting and school expansion as efforts to accommodate future population growth across South Florida.

While local median incomes may lag national benchmarks, Shear noted the region’s economic engine is fundamentally changing as major employers relocate their corporate headquarters, rather than just opening small satellite branches.

“It’s not just the people that are moving down here. People are moving their companies down here,” Shear explained, noting that PMG shifted its primary headquarters from New York to Miami. “We’ve reached a tipping point where you’re seeing companies… that are planting their flag in Miami and building companies or taking their existing company and moving them to Miami.”

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“I think specifically in Miami, people will continue to move down here. As we said, this is no longer a seasonal location, right? You have everything here,” Naftali said. “It’s a continuous progression. So when you talk about the next five years, it’s only going to continue to get better. So if you’re able to get in now and invest in a new development down here, I think it’s a great investment opportunity.”

“Ask people, where do you want to spend the rest of your life?” Shear said. “Not everything’s about price per square foot, and I still think it’s a value play down here, but I think it is about a lot more down in Florida… Work hours, quality of life, weather, state income tax, restaurants, who’s down here. I mean, Miami’s culture now is incredible… how lucky are we to experience the world’s cultures in one city? Fundamentally, people are moving down here and still are continuing to, not just because you save on taxes or there’s good sun. I think people have finally figured out that living in Florida may just be a better life that they want, and that’s invaluable.”

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President Donald Trump’s effort to bring U.S. prescription-drug prices closer to those paid overseas is already changing pharmaceutical companies’ behavior far beyond America.

Drugmakers are increasingly holding back applications for insurance reimbursement in Switzerland because lower Swiss prices could eventually be used as benchmarks under the administration’s most-favored-nation drug-pricing policy.

A survey released Thursday by Swiss pharmaceutical industry group Interpharma found that seven of 22 newly introduced innovative medicines between January 2025 and June 2026 were never submitted for inclusion on Switzerland’s mandatory health-insurance reimbursement list. Three additional medicines were not submitted for Swiss market approval at all. 

The reimbursement list matters because it determines whether Swiss compulsory health insurance will cover a drug and also helps establish the price paid in the country.

That is now becoming a strategic concern for manufacturers.

Trump’s most-favored-nation approach seeks to prevent Americans from paying substantially more for medicines than patients in other wealthy nations. Switzerland is among the markets that can be used as an international pricing reference. 

For drugmakers, that creates a new calculation.

Launching a medicine at a relatively low reimbursed price in Switzerland could potentially put pressure on the much larger and more profitable U.S. market. Companies therefore have an incentive to delay reimbursement, hold back a launch or seek a higher overseas price rather than risk creating a cheaper benchmark that could follow them back to America.

Interpharma said just 15 new medicines were submitted for Swiss reimbursement during the 18-month period, compared with an average of 24 during comparable periods between 2019 and 2025. 

The business consequence is one of the most important unintended effects emerging from international reference pricing.

A policy designed to lower American drug costs does not necessarily change only what Americans pay. It can also influence where pharmaceutical companies launch medicines, how quickly they seek reimbursement and what prices they demand from foreign governments.

That could leave countries accustomed to negotiating lower drug prices with less leverage.

The trend is not limited to Switzerland. Drugmakers have also delayed some European launches amid concern that lower prices there could undermine U.S. pricing under the administration’s international benchmarking push. 

For American consumers, the administration’s objective remains straightforward: use the enormous size of the U.S. pharmaceutical market to push domestic prices closer to the lowest prices paid by other developed countries.

But the early response from manufacturers suggests the policy may change the global pricing system itself.

Instead of simply lowering American prices to European levels, pharmaceutical companies may increasingly try to prevent European prices from falling far below American ones.

That means the next phase of the drug-price battle may not be fought only inside U.S. pharmacies and insurance companies.

It may be fought over which countries get new medicines first — and how much they will have to pay to get them.

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Stripe Inc. has finalized an agreement to acquire OpenRouter Inc., a startup that helps companies switch between artificial intelligence models, for more than $7 billion, according to people familiar with the matter. 

The deal, just months after OpenRouter raised money at a reported $1.3 billion valuation, underscores the demand from businesses to find the most cost-friendly AI solutions. It could also give Stripe, a payments processing firm, a stronger footing in the fast-growing artificial intelligence sector.

The final price for the acquisition could change. The discussions were described by people who spoke on condition of anonymity as the information is not public. 

A spokesperson for Stripe said the firm doesn’t comment on rumors or speculation. OpenRouter declined to comment. 

Founded in 2023, OpenRouter provides access to hundreds of AI models, with the goal of matching developers with the most efficient and affordable options for the job at hand. The New York-based company has attracted some of the biggest investors in Silicon Valley, including CapitalG — one of Alphabet Inc.’s venture arms — as well as Andreessen Horowitz and Menlo Ventures. OpenRouter has raised more than $150 million in capital to date.

The startup’s rise coincides with greater scrutiny on AI costs. While firms like Anthropic PBC and OpenAI are still widely viewed as offering the most capable AI models, a long list of Chinese firms provide cheaper alternatives that are often viewed as good enough for many tasks. 

In May, OpenRouter said it serves 8 million developers who rely on it to access more than 400 different AI models. The startup’s main growth is coming from developers who experiment with different models when building agentic capabilities into their software, a process that requires a mix of infrastructure that can work across different providers and data sources.

OpenRouter also offers services that help companies access backups in case the model they use fails and understand which options are most popular across the broader tech ecosystem.

The Wall Street Journal previously reported Stripe was in talks to buy OpenRouter for about $10 billion.

OpenRouter Chief Executive Officer Alex Atallah previously co-founded OpenSea, a nonfungible token marketplace, which raised more than $400 million in capital but saw usage crater. Atallah stepped down from OpenSea in July 2022, and less than a year later started OpenRouter.

Earlier this year, Atallah described OpenRouter as the AI equivalent of Stripe. 

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Jane Street, one of the most powerful trading firms on Wall Street, suffered an extraordinary $15 billion hit in July after an AI-stock selloff battered positions connected to one of the market’s most aggressive artificial-intelligence investment funds.

Yet the loss reveals something equally remarkable: Jane Street has still generated more than $40 billion in trading revenue this year, already surpassing the $39.6 billion it produced during all of 2025.

The July setback was tied partly to Jane Street’s investment in Situational Awareness, an AI-focused hedge fund run by former OpenAI researcher Leopold Aschenbrenner.

The fund had grown rapidly as AI-related stocks surged during the first half of the year. But when semiconductor, memory and other AI-linked shares suddenly reversed in July, leveraged positions came under severe pressure.

Situational Awareness ultimately unloaded much of its stock portfolio in a distressed sale to Citadel after losses triggered margin calls.

Jane Street was caught in that reversal both through its investment in the fund and through other technology positions of its own.

Several major memory and semiconductor stocks fell roughly 50% during the July rout, according to a Jane Street communication to employees.

The result was Jane Street’s first negative month of trading revenue since 2016.

For perspective, a $15 billion loss would be catastrophic for almost any investment firm in the world.

For Jane Street, it interrupted an otherwise extraordinary year.

The privately held trading company has approximately 3,500 employees and operates across more than 200 trading venues worldwide, buying and selling stocks, bonds, ETFs, options, currencies and commodities.

Its scale allows the firm to hold enormous positions while providing liquidity to global markets.

That model can be extraordinarily profitable when markets move as expected.

July demonstrated what happens when they do not.

Jane Street said it has since reduced risk in some strategies and closed significant portions of positions associated with the losses.

The episode also offers investors a rare glimpse into how concentrated the AI trade has become.

Artificial intelligence is no longer simply a collection of popular technology stocks held by retail investors. Hedge funds, proprietary trading firms, banks and institutional investors have committed enormous amounts of capital to many of the same semiconductor, data-center, cloud-computing and memory companies.

That concentration can amplify gains when AI stocks rise.

It can also accelerate losses when investors attempt to exit similar positions simultaneously.

The most unusual part of Jane Street’s July loss may therefore be what happened afterward.

Despite absorbing approximately $15 billion in a single month, the firm remains on pace for what could still be the most profitable year in its history.

That says as much about the extraordinary amount of money being made around today’s markets as the loss itself.

But July delivered a warning that applies far beyond Jane Street:

A trade can become enormously profitable without becoming less dangerous.

And when billions of dollars are crowded into the same AI bets, a relatively short market reversal can produce losses measured not in millions — but in tens of billions.

JBizNews Desk | New York

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The Middle East shipping crisis cost Hapag-Lloyd approximately $600 million in the second quarter alone, putting a concrete price tag on how geopolitical disruptions at the Strait of Hormuz are flowing directly into global supply-chain costs.

The German container-shipping giant said Thursday that higher fuel, insurance, storage, rerouting and inland-transportation expenses tied to the disruption sharply weighed on earnings.

Net profit fell to just $83 million, down from $306 million a year earlier, even as revenue increased to about $5.84 billion.

The result shows how a shipping company can move more cargo and collect more revenue while still making dramatically less money when major trade routes become unstable.

Hapag-Lloyd has been forced to reroute vessels and reorganize its network as Middle East tensions disrupt normal shipping patterns. Those diversions add sailing time, consume additional fuel and create congestion throughout the company’s global system.

Insurance costs also increase when vessels operate near conflict zones, while containers delayed or stranded in the wrong ports create additional storage and repositioning expenses.

The impact does not stop with the shipping company.

When carriers spend hundreds of millions of dollars more to move cargo, those costs can eventually reach manufacturers, wholesalers, retailers and consumers through higher freight charges and surcharges.

That makes Hapag-Lloyd’s $600 million figure important far beyond one corporate earnings report.

The company said stronger exports from Asia and improved U.S. demand helped offset part of the damage. Second-quarter EBITDA reached $829 million, slightly above the comparable period last year, as higher spot freight rates provided some relief.

But profitability remained under heavy pressure.

Hapag-Lloyd’s experience also highlights how quickly geopolitical disruptions can reshape transportation economics. A container that once traveled through the most efficient route may suddenly require a longer voyage, additional handling or a combination of ocean, rail and truck transportation to reach the same customer.

Those changes create costs at nearly every step.

For businesses importing goods, the lesson is that shipping disruptions do not have to stop cargo completely to become expensive. Even when products continue moving, slower routes and higher operating expenses can significantly increase the final cost of getting merchandise onto shelves.

Hapag-Lloyd is one of the world’s largest container carriers, meaning the company’s experience provides a window into pressures affecting international trade more broadly.

Its rival Maersk also reported higher costs from Middle East disruptions Thursday, although strong freight rates and global container demand helped the Danish carrier raise its earnings outlook.

The contrast shows another unusual feature of the shipping industry: disruption can hurt operating costs while simultaneously pushing freight rates higher.

For individual carriers, the outcome depends on whether those higher rates are enough to compensate for the extra expense.

For Hapag-Lloyd during the second quarter, they were not.

The company’s $600 million hit demonstrates how quickly a regional security crisis can turn into a global business expense — and eventually into another cost embedded in the products moving through the world economy.

JBizNews Desk | Hamburg

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Anthropic is preparing for what could become one of the largest initial public offerings in history, but the potential $2 trillion valuation comes with an extraordinary assumption: investors are being asked to price the AI company largely on revenue it expects to generate two years from now.

The Claude maker is projecting roughly $190 billion to $200 billion in revenue for 2028, according to people familiar with its financials.

That would represent a massive expansion from the roughly $47 billion annual revenue run rate Anthropic reported as recently as May.

The numbers explain how Wall Street could arrive at a valuation approaching or even exceeding $2 trillion — territory occupied by only a handful of the world’s most valuable companies.

Rather than relying primarily on today’s earnings, bankers and investors are examining what Anthropic could be worth if its rapid growth continues and applying revenue multiples to those future sales.

That is an unusually aggressive way to value a company of this size, but Anthropic’s growth has been unusually aggressive as well.

Its revenue run rate stood at about $9 billion at the end of 2025 before climbing above $47 billion by May. Anthropic has said its revenue run rate increased more than tenfold annually in each of the three years through early 2026.

The company has also projected at least $10.9 billion of revenue for the second quarter of 2026 and its first quarterly operating profit, at approximately $559 million.

The enormous valuation therefore rests on more than whether businesses continue buying Claude.

Anthropic currently spends heavily on GPUs, data centers, model training, inference and employees. Investors betting on a multitrillion-dollar valuation are effectively betting that those expenses will consume a smaller percentage of revenue as Anthropic becomes larger and AI technology becomes more efficient.

Bankers are looking at companies including Palantir, Cloudflare and SpaceX for clues about how aggressively investors may value a rapidly growing technology company whose future scale is considerably larger than its current financial results.

That creates both the opportunity and the risk.

If Anthropic comes close to generating $200 billion annually by 2028 while improving its margins, today’s seemingly extraordinary valuation could eventually be supported by an enormous operating business.

If growth slows, however, investors buying into an IPO at a valuation approaching $2 trillion would have paid today for hundreds of billions of dollars in sales that have yet to materialize.

That may ultimately be the defining question surrounding Anthropic’s IPO.

Investors would not simply be buying one of the world’s fastest-growing AI companies. They would be making one of the largest bets yet that the AI boom can deliver the extraordinary revenue now being projected for it.

JBizNews Desk | San Francisco

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Wall Street will get financial updates from some of the nation’s biggest retailers this week, along with more details from the Federal Reserve’s most recent meeting.

Home Depot reports its latest results on Tuesday, followed by Target and Lowes on Wednesday, and then Walmart on Thursday. The results will help give investors a more detailed picture of how businesses and consumers are handling stubbornly high inflation.

The rate of inflation remains solidly above 3%. The ongoing U.S. war with Iran prompted a surge in oil prices, which jolted gasoline prices. Higher prices on everything from gasoline to groceries and any goods that are shipped could prompt people to shift or cut spending.

Results from Home Depot and Lowes could provide more insight into the housing market and whether people are spending more or less on home improvements. Results and forecasts from retail giants Target and Walmart could provide more insight into how households are budgeting and spending.

Wall Street and economists will get more details about the Fed’s interest rate policy when the central bank releases minutes from the July meeting on Wednesday.

The Fed once again held its interest rate steady in July amid worries about stubborn inflation, the jobs market and the direction of the economy. But three officials dissented in favor of higher rates during the meeting. Fed Chair Kevin Warsh described the policy discussion to reporters as a “good family fight.” Wall Street expects at least one rate hike before the end of 2026.

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The hardest investment decisions in business are rarely between a good idea and a bad one. More often than not, they’re between many good ideas, all backed by smart people, credible data, and a convincing argument for why they need to happen now.

This is further complicated by the fact that AI is moving fast. Trillions of dollars are being spent globally on new initiatives, and the competitive landscape is being turned on its head. Every quarter, the list of worthy investments grows longer, and every leader I speak with can make a compelling case for why their initiative matters most.

Here’s what hasn’t changed: capital is finite. Yes, you could raise more money, but there is no inexhaustible pot of gold waiting to be given out. If money is going to one area, you’re making a trade-off and spending less somewhere else.

At ServiceNow, that is not a theoretical exercise. We recently completed our $7.75 billion acquisition of Armis — one of the biggest capital allocation decisions in our history, and a bet that closing the gap between asset visibility and cyber risk mattered more right now than half a dozen other initiatives competing for the same dollars. These are decisions about where we believe enterprise AI is going, what capabilities we need to own, and how much conviction we have before the ROI is obvious to everyone.

As President and CFO, I sit at the intersection of growth and financial discipline. It is my job to make deliberate calls about where to invest, when to wait, and when to say no — and, like many other enterprise leaders right now, I’m aiming at a moving target.

Here are the questions I believe every major investment decision must answer.

1. Does it deepen our competitive moat?

I stress-test every investment decision against a simple question: does it strengthen what is hardest to copy about our business?

Right now, that question carries more weight than ever. When intelligence is cheap and AI can produce functional code in minutes, a meaningful feature advantage can be matched by your competitor in weeks. That raises the bar for what is actually worth funding.

Investment must now balance strategic parity — ensuring you aren’t left behind — with the differentiation required to be a market leader. Increasingly, one path to achieving this is pairing AI with proprietary data, hard-won expertise, and systems built over years.

Take JPMorgan Chase, which built its LLM Suite platform in-house and connected it to the firm’s own data and systems, creating a unified and unique AI resource that others can’t easily duplicate. At ServiceNow, we’re building on a different set of advantages: 20+ years of helping customers execute more than 100 billion workflows, which has given us deep domain expertise, proprietary data, and a massive install base of customers embedded broadly and deeply across our platform.

For every company, the moat will look different. The point is to be honest about the aspects of your business that are genuinely hard to replicate, and to invest in whatever compounds that advantage.

It also means being practical about the path you take to get there. We pride ourselves on being an organic growth and innovation machine. In a market moving this quickly, though, even organizations with a strong build-it-ourselves culture must be open to inorganic plays that bring in critical capabilities and talent faster than they can be developed internally. For many companies, it’s one of the harder shifts this moment requires.

2. Are we funding a real customer need?

The voice that should drive investment decisions is often the one that is not in the room: your customer.

One of my top priorities is making sure we have incredible feet on the street, working with customers to understand their pain points and challenges so we can help them innovate and create value.

One example: we heard from many enterprise customers who were struggling with fragmented AI efforts across their organization. Multiple initiatives were running in parallel with no central visibility or governance. That feedback led directly to an investment in developing what we call the AI Control Tower, a central hub for managing AI across the enterprise.

Some of the most expensive investment mistakes happen when there is a disconnect between what customers need and the products or innovations a company chooses to invest in. If you cannot trace a direct line from a customer insight to a major investment decision, that is a red flag.

3. Are customers adopting what we built and getting measurable business value from it?

An investment decision does not end once an initiative is greenlit — or even when sales are made and customers are onboarded. You have to care about whether customers are actually using what you built, and if it is embedded deeply in their operations and delivering real value.

I believe the teams closest to customers post-sale are often the best early-warning systems in the business. They see friction first and hear where adoption is stalling, or workflows are breaking down.

This is even more critical in this moment of AI adoption, where we know the real challenge lies in execution. According to ServiceNow’s own Enterprise AI Maturity Index, 59% of organizations are using agentic AI, but only 9% have made significant progress in creating autonomous, multistep AI workflows. That means companies are paying for capabilities they haven’t yet unlocked, so they’re not seeing the value they’re hoping for.

Of course, when your customers don’t see value, you’re inviting churn. At enterprise scale, even a single point of revenue retention can be worth hundreds of millions of dollars. This is money that should be driving investments in the right innovations and funding projects that create a competitive edge. Instead, it simply vanishes from the balance sheet.

Balancing bold bets with discipline

In my career, I have led through periods of real pressure. But the pressure companies feel right now to move quickly on AI is at a whole new level. That means companies must stay agile without becoming reactive. As I often tell my team, AI is creating incredible opportunities, but opportunities without prioritization are just noise.

These decisions are also never made in a vacuum. The key to success lies in making sure they are aligned across the business, grounded in what customers actually need, and tied to real value creation, not just experimentation. This is where discipline matters most: when something is not working, you have to be willing to close off the spigot and reallocate capital toward what is.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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Yashar presented its absorption plan for new olim (immigrants) on Sunday, aiming to reach a goal of two million olim by 2048 if elected.

The plan seeks to make absorption into Israeli society “simpler, more accessible, and more effective,” a statement from the party said.

Presented to representatives from aliyah and absorption programs, the plan has three key points: establishing a “unified framework” to support olim from while they are abroad until their complete absorption into Israel, to make it easier for olim to enter employment suited to their skills, and to remove barriers that prevent integration.

The unified framework aims to bring together resources to support immigrants across different areas, from language to education to access to rights.

Ease to enter employment would focus on making it easier to get international degrees recognized in Israel, lessons in professional and practical Hebrew, and providing olim with direct connection to employers. 

Representatives for the Yashar party speak at a meeting about the new aliyah plan.  (credit: Yashar! Party)

The final step of Yashar’s new aliyah absorption plan aims to “remove barriers that prevent integration” by making essential services such as banking and social support accessible in different languages.

Yashar members speak at unveiling of aliyah plan

Yashar leader Gadi Eisenkot spoke at the meeting where the plan was unveiled, saying “The strength of the State of Israel rests on the ingathering of the exiles, on constant development, and on the aspiration to be leaders in every field.”

“We will propose a national plan that will call on young people to return home and on Jews around the world to make aliyah to Israel, because this is our national home, and this is the country that should be the most advanced and leading in the world,” Eisenkot added.

Yashar’s aliyah absorption program leader Alex Rif said “aliyah is not a favor that is done for immigrants, it is the miracle thanks to which the state was established, and thanks to which it can flourish again.”

“I want to build an Israel here where every immigrant will know from the first day, not only did I choose it. It chose me.”

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The Justice Department and the Commodity Futures Trading Commission are investigating transactions tied to Radiant World, the privately held firm that grew into one of the world’s largest iron ore traders, Bloomberg reported Friday, citing people familiar with the matter. Justice Department officials are examining the company’s business, while the futures regulator is looking at trades that moved through it.

Here is what the case turns on. Radiant World buys iron ore from miners and resells it to steelmakers, and like most trading middlemen it borrows money to bridge the gap between paying the seller and getting paid by the buyer. The collateral it hands the bank is paperwork — an invoice showing that a large, creditworthy customer owes it money for a shipment. Lenders accept that paper because the name on the invoice is good for it. The allegation is that some of those shipments never took place.

One case has been documented in detail. Radiant World used invoices bearing Vitol’s name to obtain financing from Italy’s Intesa Sanpaolo. When the bank checked, Vitol told it some of the trades had never happened. Intesa has said its exposure runs to roughly €200 million and is largely provisioned for. Jefferies Financial Group’s Point Bonita fund has less than $300 million at stake. Between those two lenders alone, close to half a billion dollars is riding on the answer.

The commercial fallout arrived first. Vitol and Cargill have ended their business with Radiant World, and Glencore has stopped writing new deals with the firm after questions surfaced about the validity of its trade documents. That is three of the largest commodity houses on earth walking away from the same counterparty within weeks.

The paperwork concerns are not new. Bloomberg has reported that an internal investigation at Rabobank concluded in 2020 that Radiant World had been involved in multiple trades using falsified bills of lading — the shipping receipts that prove cargo actually exists — and that the Dutch bank cut off its credit that year. The findings never traveled beyond Rabobank. There is no shared registry in commodity trade finance, so a document rejected at one bank can be presented at the next one without triggering any alarm.

Radiant World has denied the reporting and said previously that it had never been investigated or prosecuted by regulators. The company could not immediately be reached regarding Friday’s report, and neither agency has confirmed an investigation.

The scale explains why lenders are paying attention. Radiant World handled about 7 million tons of iron ore in 2014 and roughly 43 million tons by 2024 — six times the volume in a decade — on about $12 billion in annual revenue, financed by bank and credit-fund lines running into the hundreds of millions of dollars, much of it secured by trade paperwork.

For Jefferies, the timing is unwelcome. Point Bonita was already being wound down after investors demanded their money back when the fund’s largest exposure turned out to be First Brands, the auto parts supplier that collapsed. The structure was the same one now under scrutiny: investors were told the fund’s biggest positions were with household corporate names, when what it actually held were invoices those companies owed to a middleman, bought from the middleman.

The market has already moved. Iron ore prices slid to a 13-month low as China’s construction sector contracted to its weakest reading since the start of the pandemic, with the financing scare on top of it. Iron ore is the raw material for steel, and steel prices feed into cars, appliances, machinery and construction — the reason a paperwork dispute among traders eventually reaches American buyers.

JBizNews Desk | New York

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Israel and Honduras entered into a Memorandum of Understanding with Honduras in a Sunday signing ceremony, the Defense Ministry announced in a statement.

Defense Minister Israel Katz and his Honduran counterpart, Enrique Rodríguez Burchard signed the deal, which is meant to “deepen defense cooperation” between the countries, the ministry said.

The ceremony was also attended by Israel Ministry of Defense (IMOD) Director General Maj. Gen. (Res.) Amir Baram, the Senior Deputy Head of the Policy and Political-Military Bureau, Israel’s Defense Attaché to Honduras, and other senior officials from both countries.

During the visit, said the statement, the Honduran Minister of Defense, the Minister of Internal Security, and the Chief of the Joint Staff of the Honduran Armed Forces participated in “wide-ranging security discussions” with Baram.

A part of the discussions held included shared strategic and security issues, as well as ways to expand cooperation, the ministry said. Further, the Honduran officials were briefed on “key lessons” learnt from Israel’s wars in the past few years. Additionally, the delegation was informed about the IMOD’s current activities, “as well as key aspects of Israel’s defense and defense-industrial establishment.

Defense Minister Israel Katz signs a memorandum of understanding with a Honduran delegation, August 16, 2026 (credit: DEFENSE MINISTRY)

Honduras considered key ally in Jerusalem recognition, embassy move

This Memorandum of Understanding is a part of a series of agreements designed by the IMOD over the past year, the statement said, casting these moves as “part of the Ministry’s strategy to expand Israel’s circle of defense partnerships, strengthen strategic ties with friendly nations, and deepen cooperation between Israel’s defense industries and international markets.”

The statement described Honduras as an “important partner” in Central America, and one that has supported Israel internationally over the years. In 2017, Honduras was among the nine countries who voted against a UN General Assembly resolution condemning the US’ recognition of Jerusalem as Israel’s capital.

In 2021, Honduras became one of the first countries to move its embassy to Jerusalem, joining the US, Guatemala, and Kosovo.

After withdrawing its ambassador from Israel in the wake of Hamas’s October 7 massacre, Honduras appointed a new envoy in early August, who was received by President Isaac Herzog.

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Wall Street enters the new week near record territory, but investors are about to get a much clearer answer to the question hanging over the economy: Are American consumers finally pulling back?

The week of Aug. 17 through Aug. 21 brings earnings from Home Depot, Target, Lowe’s and Walmart, fresh manufacturing and housing data, and minutes from the Federal Reserve’s latest meeting. Together, they will provide one of the broadest real-time checks yet on consumers, housing, business activity and interest rates.

That matters after July retail sales fell 0.6%, raising concerns that higher fuel costs, expensive borrowing and persistent inflation are beginning to change household behavior.

Monday: Manufacturing and Housing Open the Week

Monday starts with the Empire State Manufacturing Survey, an early monthly reading on factory conditions in New York State.

Investors will be watching new orders, employment and prices paid for signs that manufacturers are seeing demand weaken or costs rise.

At 10 a.m. ET, the NAHB/Wells Fargo Housing Market Index provides another look at the strained housing industry.

Housing matters far beyond homebuilders. Weak home sales can ripple through mortgage lending, furniture, appliances, building materials, contractors and home-improvement spending.

That connection becomes even more important Tuesday.

Tuesday: Home Depot Tests the Housing Consumer

Home Depot reports Tuesday, giving investors a direct look at whether homeowners are still willing to spend on renovations and repairs.

Wall Street expects roughly $47.2 billion in quarterly revenue and $4.73 per share in earnings.

The headline numbers will matter, but investors may focus even more closely on customer traffic, transactions and purchases of expensive items.

Homeowners can postpone a kitchen remodel or new deck much more easily than they can postpone buying groceries. Home Depot therefore provides a particularly useful gauge of discretionary household confidence.

Wednesday: Target, Lowe’s — and the Fed

Wednesday could be the week’s most important session.

Target and Lowe’s both report earnings, giving Wall Street two very different views of the consumer.

Target provides a window into discretionary spending on clothing, household goods, electronics and other products consumers can easily delay.

Lowe’s provides another measurement of housing-related spending and will allow investors to compare its results directly with Home Depot.

Then at 2 p.m. ET, the Federal Reserve releases minutes from its July 28-29 meeting.

The Fed held its benchmark interest rate at 3.50% to 3.75%, but the vote exposed an unusually significant disagreement among policymakers.

Markets will search the minutes for clues about how many officials believe inflation remains dangerous enough to require another rate increase — and what economic evidence could change their minds before September.

That could quickly move Treasury yields, mortgage rates, the dollar and rate-sensitive stocks.

Wednesday is also the scheduled start of a potentially important trade development: 50% U.S. tariffs on a broad group of Canadian goods are due to take effect Aug. 19 unless Washington and Ottawa reach an agreement.

For manufacturers and distributors operating across the highly integrated U.S.-Canadian supply chain, that deadline could matter as much as any earnings report.

Thursday: Walmart Gives the Broadest Consumer Read

Then comes Walmart on Thursday.

Few companies provide a better snapshot of the American household.

Walmart serves consumers across income levels and sells everything from groceries and medicine to televisions, clothing and furniture. The mix of what shoppers are buying can therefore tell investors almost as much as the company’s total sales.

Wall Street expects approximately $186.9 billion in quarterly revenue and earnings of 74 cents a share.

The most revealing question may be whether shoppers are continuing to prioritize necessities while reducing discretionary purchases.

If Walmart reports strong grocery sales but weakness in electronics, furniture and apparel, it could signal that consumers are still spending because they have to — not because they feel financially comfortable.

Investors will also listen closely for commentary about tariffs, supplier costs and whether Walmart is absorbing higher costs or passing them along through higher prices.

Weekly unemployment claims and the Philadelphia Fed manufacturing survey are also due Thursday, providing additional evidence on employment and business activity.

Friday: Businesses Give Their Own Economic Forecast

Friday brings preliminary August purchasing-managers indexes, giving investors one of the earliest readings on business conditions during the current month.

PMIs track areas including new orders, hiring, production and prices across manufacturing and services.

That makes Friday’s numbers particularly useful because most government statistics describe conditions several weeks earlier.

If businesses report slowing orders while prices remain elevated, markets could face the uncomfortable combination of weaker growth and persistent inflation.

Retail Earnings May Matter More Than the Economic Reports

The week’s four major retailers cover remarkably different pieces of American spending.

Home Depot and Lowe’s measure homeowners and construction-related demand.

Target measures discretionary middle-income spending.

Walmart provides one of the broadest windows into household budgets and necessities.

Put them together and investors should have a considerably better picture of whether July’s 0.6% drop in retail sales was simply a weak month or the beginning of a more meaningful consumer slowdown.

That distinction is important because consumer spending represents roughly two-thirds of U.S. economic activity.

If shoppers remain resilient, corporate earnings and the broader economy may have more room to run.

If retailers begin reporting weaker traffic, smaller transactions and customers aggressively trading down, Wall Street may have to reconsider how much economic strength is already priced into stocks near record highs.

The Other Wild Card: Oil

Oil remains capable of overwhelming almost everything else on the calendar.

Brent crude ended last week near $88.50 a barrel after another sharp weekly increase as disruptions around the Strait of Hormuz kept global energy markets tense.

Another move higher would affect gasoline, freight, airlines, manufacturing and consumer spending — while potentially making the Federal Reserve even more reluctant to lower interest rates.

A meaningful decline in crude could have the opposite effect.

What Investors Should Watch Most

The week’s central question is not whether Walmart or Home Depot beats Wall Street’s earnings estimate by a few cents.

It is what their customers are doing.

Watch traffic.

Watch how much shoppers spend per visit.

Watch whether consumers are buying necessities instead of discretionary products.

Watch whether companies are discounting more aggressively.

And watch what executives say about the next three months.

Economic reports tell investors what consumers did.

This week, some of America’s largest retailers will tell Wall Street what consumers are doing right now.

JBizNews Desk | New York

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The first U.S.-Japan joint intervention in three decades aimed at boosting the yen has come and gone without doing much to ease anxiety in currency markets.

Treasury Secretary Scott Bessent’s notepad suggested the U.S. bought $5 billion-$10 billion worth of yen, while Japan’s move topped $50 billion. The exchange rate initially strengthened to about 157 yen per dollar from nearly 164, but has since given back some gains and hovered around 159 on Friday.

To be sure, efforts to prop up the yen were seen as short-term measures to address the symptoms rather than the root causes of the currency’s weakness. Those include Japan’s massive debt that exceeds 200% of GDP, fiscal stimulus that’s expected to worsen the deficit, and a central bank that’s been slow to raise rates in the face of high inflation.

But given that the yen’s recent instability was enough to trigger the U.S.-Japan intervention, a key underpinning of global financial markets appears riskier.

“Now traders are watching the ‘yen carry trade,’ where cheap yen borrowing funds bets on higher-yielding assets worldwide, and wondering if it’s about to blow up,” Wall Street veteran Ed Yardeni wrote in a note on Tuesday. “The financial system right now looks like a giant Jenga tower with the yen as a load-bearing piece.”

The way the U.S. and Japan intervened had already raised other concerns, especially the fact that the U.S. sold euros, not dollars, to buy yen and that Japan borrowed against its Treasury holdings rather than selling them.

The tactics called into question the dollar’s dominance and revealed the Trump administration’s underlying fears of how a spiraling yen could worsen the U.S. debt outlook.

With a stockpile of more than $1 trillion in Treasuries, Japan is the largest foreign holder of U.S. debt. So any drawdown of that reserve would send Treasury yields higher and add further to U.S. debt costs.

Other countries in Asia could sell Treasuries too. But Yardeni pointed out they are in better shape than they were during the 1998 Asian financial crisis, when currencies across the region crashed. Still, risks remain.

“Team Bessent isn’t exactly hat in hand,” he added. “But decades of assuming that Asia’s central banks dutifully would keep buying U.S. debt are catching up with Washington. Each Jenga piece gets harder to pull without something toppling.”

Shandre Bay, 13, of Everett, looses a game of super-sized Jenga as her uncle Kelvin Walker tries in vain to save the game during a holiday party hosted by Boston Celtics guard Isaiah Thomas for Cambridge fire victims at the Royal Sonesta Hotel in Cambridge on Thursday, December 15, 2016.
MediaNews Group/Boston Herald via Getty Images

The yen’s post-intervention pullback was also notable since it happened despite cooler-than-expected U.S. inflation data that lowered the odds of an imminent rate hike from the Federal Reserve.

Previously, the Bank of Japan’s reluctance to raise its own rates coupled with fears the Fed would hike as soon as next month had been driving the yen’s recent slump.

But relatively tame readings on U.S. consumer and producer prices this past week offered no reprieve for the yen.

“This should be a setting where the Yen rallies versus the Dollar, because US rates are falling relative to Japanese ones, but that didn’t happen. The Yen continued to fall, which is a really worrying sign,” wrote Robin Brooks, senior fellow at the Brookings Institution, in a Substack post titled “The Yen is in Deep Trouble.”

He has been sounding the alarm on the yen for a while, warning its extended slide is actually a sign of a simmering debt crisis. Eventually, markets will ignore intervention, which is doomed to fail and merely creates the illusion of stability, Brooks has said.

On Friday, he called for a “profound shift” in the Bank of Japan’s policy, going well beyond incremental increases to its benchmark rate.

Instead, long-term yields on Japanese government bonds must rise to narrow the gap versus U.S. yields that’s been sending the yen lower.

“BoJ buying of government bonds needs to be scaled back so that this can happen,” Brooks added. “That’s the only thing that will strengthen the Yen.”

This story was originally featured on Fortune.com

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New York City tenant advocates aren’t sitting out the legal battle over a rent freeze. They came off the sidelines and entered the courtroom fray to ensure the freeze stays in place.

In a Thursday court filing, Tenants and Neighbors and the Metropolitan Council on Housing pushed back against landlords who sued in a Staten Island court over a rent freeze for stabilized apartments.

The city’s Rent Guidelines Board decided in June to set a 0% increase on one- and two-year lease renewals starting October 1. The decision gave Mayor Zohran Mamdani a victory, as he won office on a promise to improve housing affordability.

Landlords argue the board’s decision was unlawful and ignored data showing a rent increase was warranted. They also say Mamdani stacked the board with people who “agreed with his vision of a freeze.”

The tenant groups agreed that the board must consider hardships facing both landlords and tenants. But they argue that landlords “wrongly assume that as long as any landlords face hardship, the RGB must increase rents, even if the increase worsens tenant hardships.”

Tenant groups interpret numbers their way

Line by line, the tenant group’s response parses the landlords’ 356-paragraph petition. It concedes narrow factual points while rejecting the broader legal spin the landlords put on the evidence.

The tenant advocates lean heavily on the numbers to make their case. More than 45% of rent-stabilized households are “rent-burdened,” spending more than 30% of income on rent, and more than 27% are severely burdened, paying over half, the filing notes.

Landlords aren’t hurting nearly as much as their lawsuit claims, the filing says, noting that fewer than 10% of stabilized buildings report negative operating income. The filing cites Fiscal Policy Institute testimony before the RGB showing operating income across the sector has climbed 56.6% after inflation over the past 25 years.

The board’s decision wasn’t made in a vacuum, the filing adds. It followed seven public meetings, four hearings and testimony from experts at the Fiscal Policy Institute, NYU’s Furman Center and Columbia’s Center on Poverty and Social Policy, among others.

RGB Chair Chantella Mitchell’s own statements on the rent freeze are quoted at length. She described two concurrent realities. Most tenants are struggling to keep up. A smaller group of landlords faces real financial strain, often in the same neighborhoods, such as the Bronx.

Raising rents that tenants can’t afford wouldn’t help those landlords, she argues. Instead, it would just speed up evictions. What’s needed, she says, is direct financial intervention from the city and state.

Mamdani appointees disputed

Mitchell is one of the six Mamdani appointees the landlord lawsuit mentions.

“I’m confident that, under the leadership of Chantella Mitchell as chair, the board will take a clear-eyed look at the complex housing landscape and the realities facing our city’s two million rent-stabilized tenants, and help us move closer to a fairer, more affordable New York,” Mamdani said in a statement at the time.

All his appointees voted for the rent freeze.

Landlords seized on former board member Christina Smyth’s resignation before the vote, citing her letter as evidence that Mamdani’s appointees had rigged the process.

In their filing, the tenant group confirms the lawsuit accurately quoted Smyth’s letter. But they dispute that it proves what the landlords claim. Smyth’s letter “merely alleged certain things,” the filing states, and did not confirm that Mamdani’s appointees had predetermined the outcome.

They want the case dismissed outright, arguing the board acted within its authority and wasn’t arbitrary or capricious, as the landlords claim.

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President Donald Trump ordered the Pentagon on Sunday to scale back planned joint military exercises with South Korea after the Republican president said South Korea declined to help denuclearize Iran.

Trump said in a social media post that the exercises slated to begin this week are costly and “send a signal that is totally inappropriate and hostile” to North Korea, which he said “has been unthreatening and respectful” while Trump has been in the White House.

“Therefore, and based on the fact that it is too late to cancel, I have instructed Secretary of War, Pete Hegseth, to substantially reduce the Joint Military Exercises!” Trump wrote.

The 11 days of exercises involving 18,000 South Korean soldiers were designed to beef up readiness against North Korean threats.

U.S. and South Korean forces were expected to practice joint operations in complex scenarios, including a live-fire exercise to test joint precision targeting and maneuver, a wet gap crossing, and distribution of prepositioned military equipment, according to the U.S. military.

A day earlier, Trump posted a photo of himself standing next to North Korea’s Kim Jong Un, writing that the two leaders get along great “despite the unfriendly look on this particular picture.”

North Korea’s Foreign Ministry has called the U.S.-South Korean training “a rehearsal for an aggressive war” that is triggering a different level of instability in the region.

Trump met with the reclusive North Korean leader three times during his first term to discuss the country’s nuclear program, most recently in 2019. Since returning to office, Trump has expressed interest in continuing those discussions.

This is not the first time that Trump has sought to end the exercises. During his first term he also issued a surprise announcement that called the wargames “provocative.”

“We will be stopping the war games, which will save us a tremendous amount of money, unless and until we see the future negotiation is not going along like it should,” Trump told reporters after his 2018 meeting with Kim Jong Un in Singapore.

This story was originally featured on Fortune.com

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A 24-pack of Coca-Cola that cost $14.97 at Walmart now costs $9.97. A pound of fresh tomatoes costs about a fifth more than it did a year ago. Both are true at the same store on the same trip, and the reason is that one price is set by a retailer competing for your business and the other is set by a tax in Washington.

Start with the good news, because it is the part shoppers can act on. Walmart cut prices across thousands of items at its stores, Sam’s Club locations and its apps. The 24-packs of Coca-Cola, Diet Coke and Coke Zero Sugar dropped to $9.97 from $14.97 — a third off. Pepsi, Diet Pepsi, Dr Pepper and Diet Mountain Dew 24-packs went to the same $9.97 from $13.97. A pound of 73% ground beef fell to $5.94 from $6.74. A 2.25-pound bag of red cherries dropped to $5.63 from $11.18. Sweet corn went to 25 cents an ear from 68 cents. Great Value ice cream and an 8-ounce bag of Lay’s Classic both went to $2.50 from $2.97.

“Customers count on Walmart to deliver the value they need every day,” said Julie Barber, the chain’s U.S. chief merchant, describing the move as investments in price across beef, produce and beverages. The company frames these as seasonal reductions under its longstanding everyday-low-price approach rather than short-term promotions, and President Trump praised the retailer and sought credit for the cuts. Target lowered prices on some foods in March.

Now the other direction. In July of last year the administration put a duty of about 17% on fresh tomatoes from Mexico. Commerce Secretary Howard Lutnick said the import taxes were needed to protect American farmers from “unfair trade practices that undercut pricing on produce like tomatoes.” The move ended the 2019 suspension agreement that had governed the trade, replacing it with an antidumping duty of 17.09% on most fresh Mexican tomato imports.

The problem is arithmetic. The United States imports roughly 70% of its tomatoes, and about 90% of those imports come from Mexico. When you tax nearly two-thirds of the national supply, there is no domestic crop large enough to absorb the shift, so the tax lands on the shelf price.

Tomato prices rose roughly one-fifth from June 2025 to June 2026, according to Bureau of Labor Statistics data. An agribusiness economist at Arizona State University had estimated a 17% duty would push retail tomato prices up about 8.5%. The actual increase came in more than double that, because the duty was not the only pressure. Fertilizer prices paid to manufacturers jumped more than 20% year over year in June, with nitrogen fertilizer up 46%, driven by disruptions to shipments through the Strait of Hormuz. Freezes in Florida early this year damaged tomatoes, strawberries, citrus and sweet corn. Mexican tomato imports fell 13% year over year. Lettuce is up 32%. Diesel, which moves produce from farm to store, has topped $7.50 a gallon in some states.

Anyone hoping the tariff lifts should plan otherwise. The International Trade Commission reviewed the order on June 30 and upheld the 17% duty, finding no sufficiently changed circumstances to revoke it, after Mexican producers requested revocation. Mexican tomato production is forecast to fall 9% this year to 2.6 million metric tons, with planted acreage down 11% — meaning less supply heading north, not more.

Two practical notes for the grocery list. First, the tomato duty largely hits the fresh produce section. Canned tomatoes, sauce and paste are substantially less affected, according to economists — so a recipe that can use canned instead of fresh saves real money right now. Second, the retailer price cuts are on shelf-stable and freezer items: soda, chips, paper plates, ice cream. Those are worth buying deep while the rollback holds. Cherries and corn are seasonal and the discount goes with the season.

The wider pattern is worth understanding, because it explains why the inflation reports keep saying prices are cooling while the register says otherwise. Bain and NielsenIQ found American shoppers bought fewer grocery items in the second half of last year, with the decline sharper by February. Retailers are fighting for those shrinking baskets by cutting prices where competition is fierce. Where the cost comes from a policy decision rather than a competitor, nobody is cutting anything.

JBizNews Desk | New York

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Thrive Capital founder Joshua Kushner and former Disney CEO Bob Iger stunned the sports world this week with a deal to buy the Los Angeles Lakers for a record $12.5 billion.

If approved, the acquisition would provide the new owners with an iconic NBA franchise that boasts 17 championships as well as ties to legends like Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O’Neal, and LeBron James.

But ownership of the Lakers would also provide tax benefits. In fact, sports teams have long been considered great tax shelters for wealthy individuals.

That was not lost on Ram Ahluwalia, founder of Lumida Wealth Management, who said Kushner’s Lakers deal has nothing to do with sports teams as an asset class.

“It’s a powerful tax shield,” he posted on X on Saturday. “My guess is he is preparing to offset a boatload of carried interest income. If you own a sports team, done correctly, you can get a deduction against income. The goal in acquiring a sports team is to setup a ‘non-passive’ deduction.”

Ahluwalia pointed out that Kushner is likely facing big gains from his holdings in SpaceX, OpenAI and Stripe. Meanwhile, tax deduction benefits from owning a team are more favorable than owning real estate.

He added that Warren Buffett mastered the art of depreciating goodwill expenses from high-quality brands like See’s Candies and Dairy Queen that are owned by Berkshire Hathaway.

Similarly, when Mark Cuban was the majority owner of the Dallas Mavericks NBA franchise, he handled it very well, according to Ahluwalia.

“He also grew the equity value at the same time. Net net he transformed high income tax into lower taxed capital gains. That’s a trifecta,” he explained.

Thrive Capital didn’t immediately respond to a request for comment.

The blockbuster Lakers acquisition comes as pro teams have become hot commodities. Just last month, Silicon Valley venture capitalist Vinod Khosla agreed to buy the NFL’s Seattle Seahawks for $9.6 billion.

And in 2025, the Boston Celtics were sold for $6.1 billion, a record at the time—until Mark Walter bought the Lakers for $10 billion later that year.

By amortizing key assets like media rights and treating other assets as depreciable like contracts and the stadium, team owners can lower their tax bills.

For example, a team’s roster of players can be counted as an intangible asset that depreciates over time, generating hefty paper losses that offset an owner’s taxable income elsewhere. Similarly, depreciation on stadium infrastructure can further shield an owner’s income.

That’s possible even as a team appreciates in value while its actual business operations are also profitable.

Broadcast rights have also emerged as a major factor in team valuations, especially as sporting events have retained their ability to draw viewers and advertisers. Regional broadcast deals can be structured to allow team owners to shift income to units with better tax rates.

Thanks to long-term media deals, team revenue has become far steadier. Because of this, a team can stay profitable “regardless of the number of people that shows up” on a given night, David Silverman, a partner in Cooley’s M&A group who worked on the Celtics sale, told Fortune’s  Catherina Gioino last month.

In addition, consumers are spending more on in-person experiences generally, and sports captures that spending better than most entertainment options, he noted. As a result, franchise values have compounded at a pace few other asset classes can match over the long run.

“It is being part of a very elite and exclusive club of owners that control those franchises,” Silverman said. “There are unique business opportunities that come from both being part of that club and being notable in that way.”

This story was originally featured on Fortune.com

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Amazon has quietly changed the legal rules governing millions of U.S. customers, bringing back mandatory arbitration and barring most consumers from joining class-action lawsuits against the company.

The new terms took effect immediately for customers who continue using Amazon’s services. Instead of taking most disputes to court, customers will generally be required to pursue claims individually through binding arbitration. Small-claims court remains available for eligible disputes.

The change matters because class actions allow large numbers of customers with similar complaints to combine their claims into one case. Without that option, a consumer alleging a relatively small financial loss may have to decide whether pursuing an individual claim is worth the time and effort.

Amazon says arbitration provides a faster and less expensive way to resolve disputes.

But the company has seen firsthand how expensive arbitration can become when customers organize at scale.

Amazon previously abandoned mandatory arbitration in 2021 after roughly 75,000 individual arbitration claims were filed over allegations involving Alexa recordings. Because companies can be responsible for substantial filing and administrative fees in arbitration, the wave of cases created a costly problem for Amazon.

The new rules appear designed to address that vulnerability as well.

Amazon now defines 25 or more similar claims filed within a six-month period as “mass arbitration.” Those cases can be processed in batches rather than all moving forward simultaneously.

That gives Amazon greater control over one of the strategies plaintiffs’ lawyers have increasingly used against companies with arbitration clauses: filing thousands of individual cases at once.

The implications extend beyond Amazon.

Many consumer businesses have spent years adding arbitration clauses and class-action waivers to contracts covering everything from credit cards and cellphone plans to ride-sharing apps and subscription services.

Amazon’s reversal could encourage other large companies to reconsider whether arbitration provides stronger protection from large consumer lawsuits.

For customers, however, the practical change is straightforward.

A dispute involving a damaged purchase, subscription, privacy allegation or another Amazon service may now be significantly harder to turn into a large collective lawsuit.

Customers can still bring legitimate claims.

They will simply be far more likely to have to do it one person at a time.

JBizNews Desk | Seattle

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Jane Street Absorbs $15 Billion AI-Related Hit — and Is Still Having a Record Year

Jane Street, one of the most powerful trading firms on Wall Street, suffered an extraordinary $15 billion hit in July after an AI-stock selloff battered positions connected to one of the market’s most aggressive artificial-intelligence investment funds.

Yet the loss reveals something equally remarkable: Jane Street has still generated more than $40 billion in trading revenue this year, already surpassing the $39.6 billion it produced during all of 2025.

The July setback was tied partly to Jane Street’s investment in Situational Awareness, an AI-focused hedge fund run by former OpenAI researcher Leopold Aschenbrenner.

The fund had grown rapidly as AI-related stocks surged during the first half of the year. But when semiconductor, memory and other AI-linked shares suddenly reversed in July, leveraged positions came under severe pressure.

Situational Awareness ultimately unloaded much of its stock portfolio in a distressed sale to Citadel after losses triggered margin calls.

Jane Street was caught in that reversal both through its investment in the fund and through other technology positions of its own.

Several major memory and semiconductor stocks fell roughly 50% during the July rout, according to a Jane Street communication to employees.

The result was Jane Street’s first negative month of trading revenue since 2016.

For perspective, a $15 billion loss would be catastrophic for almost any investment firm in the world.

For Jane Street, it interrupted an otherwise extraordinary year.

The privately held trading company has approximately 3,500 employees and operates across more than 200 trading venues worldwide, buying and selling stocks, bonds, ETFs, options, currencies and commodities.

Its scale allows the firm to hold enormous positions while providing liquidity to global markets.

That model can be extraordinarily profitable when markets move as expected.

July demonstrated what happens when they do not.

Jane Street said it has since reduced risk in some strategies and closed significant portions of positions associated with the losses.

The episode also offers investors a rare glimpse into how concentrated the AI trade has become.

Artificial intelligence is no longer simply a collection of popular technology stocks held by retail investors. Hedge funds, proprietary trading firms, banks and institutional investors have committed enormous amounts of capital to many of the same semiconductor, data-center, cloud-computing and memory companies.

That concentration can amplify gains when AI stocks rise.

It can also accelerate losses when investors attempt to exit similar positions simultaneously.

The most unusual part of Jane Street’s July loss may therefore be what happened afterward.

Despite absorbing approximately $15 billion in a single month, the firm remains on pace for what could still be the most profitable year in its history.

That says as much about the extraordinary amount of money being made around today’s markets as the loss itself.

But July delivered a warning that applies far beyond Jane Street:

A trade can become enormously profitable without becoming less dangerous.

And when billions of dollars are crowded into the same AI bets, a relatively short market reversal can produce losses measured not in millions — but in tens of billions.

JBizNews Desk | New York

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Though Hamas’s popularity has declined among Palestinians in the West Bank and Gaza, Hamas leader Khalil al-Hayya still commands more support than Palestinian Authority President Mahmoud Abbas, according to a new poll published by the Ramallah-based Palestinian Center for Policy and Survey Research on Wednesday.

The survey was conducted among 1,270 Palestinians between August 5 and 8, with 830 respondents in the West Bank and 440 in the Gaza Strip. Researchers conducted face-to-face interviews using tablets or mobile phones, with the data automatically transmitted to the research center’s server to prevent interception or manipulation. The poll had a margin of error of 3.5%.

The most popular candidate for Palestinian leadership was Fatah figure Marwan Barghouti, who is currently imprisoned in Israel and played a key role in the Second Intifada, with 54% of likely voters saying they would vote for him in a hypothetical presidential election. Al-Hayya would receive just over a quarter of the votes, 26%, and the current Palestinian Authority president would receive only 14%, according to the poll. Notably, only 10 months ago, 36% of respondents said they would support Hamas figure Khaled Meshaal, showing a drop in support by 10%.

Satisfaction with Abbas’s performance as president stands at just 20%, down slightly from 23% ten months ago, while 76% of Palestinians expressed dissatisfaction, according to the poll. Satisfaction was higher in the Gaza Strip, at 26%, than in the West Bank, where just 16% approved of his performance. The large majority, 82% in the West Bank and 74% in the Gaza Strip, want to see Abbas’s resignation.

Likely connected to Abbas’s lack of popularity, 83% of respondents said that they believed that there is corruption in PA institutions and 65% said they view the PA as a burden for Palestinians.

Buildings lie in ruins amid the rubble in Rafah in the southern Gaza Strip, December 8, 2025.  (credit: NIR ELIAS/REUTERS)

Despite more than half expressing support for Barghouti, 40% said they would not participate in the presidential elections.

Election turnout could be high if factions from the 2006 vote participate in today’s elections

However, if legislative elections were held in which all electoral lists or factions that participated in the 2006 elections competed, turnout would be 66%.

Fatah would receive 32% of the votes in the legislative elections, according to the poll, followed by Hamas at a close 29%.

However, among Gazan respondents alone, Hamas would receive 34%, Fatah 30%, and the combined third parties 27%.

Though more than a quarter of respondents maintained their position in favor of Hamas, the poll showed a significant decline in support for the terrorist group. Just 10 months ago, 44% of respondents overall said they would vote for Hamas, and support in Gaza specifically stood at 49%.

When asked which political party or political orientation they supported, 24% said they preferred Fatah, and 24% answered that they preferred Hamas; 14% chose third parties, and 38% said they supported none of them or did not know.

Continuing to demonstrate a trend in declining support for Hamas, ten months ago, 35% said they supported Hamas, including 41% in Gaza, but the figure now stands at only 18% in the West Bank and 33% in Gaza.

Though the survey did not seek to determine if, when, or why respondents’ views of Hamas had changed, it found that only 20% believed Hamas emerged victorious from the war against Israel. A majority, 60%, said neither side won, while 15% said Israel emerged victorious. In the Gaza Strip, 20% said Hamas won, while an identical 20% said Israel emerged victorious.

The proportion of respondents who believed Hamas had won the war nearly halved from 39% in October 2025. The decline was particularly pronounced in the West Bank, where just 21% now believe Hamas emerged victorious, down from 48% ten months ago.

Not as popular as it once was, 72% of respondents were still against Hamas disarming before a complete Israeli withdrawal from the Gaza Strip. Only 20% of respondents felt Hamas should disarm first. Palestinians living in the Gaza Strip were slightly more in favor of Hamas disarming first, with 62% opposed, compared to the West Bank where 79% insisted Israeli presence must first be removed.

Respondents believe war would resume if Hamas disarmed, Israel would not withdraw from Gaza

An overwhelming majority, 72%, said they believed that if Hamas were to disarm, the war in Gaza would resume and Israel would not fully withdraw from the Gaza Strip. Only 22% believed that Hamas’s disarmement would not be the cause of a continued war.  

One in five respondents said they believed a full-scale war would resume, while only 30% believed Gaza would move toward a period of peace and stability. Another 41% said they expected the current situation, marked by occasional Israeli strikes, to continue.

Support for a two-state solution has remained largely unchanged over the past 10 months, with 44% of respondents in favor, down 1 percentage point from October, while 50% opposed the proposal, according to the poll. Some 58% said that the two-state solution is no longer practical because of settlement expansion, while 36% answered that they believe that it remains practical. Similarly, 64% say that the chances of establishing an independent Palestinian state alongside Israel within the next five years are low or nonexistent, while 32% say that the chances are medium or high.  With the two-state solution being a divisive issue among Palestinians, 36% said they supported the alternative of returning to confrontations and armed intifada, and 33% said they supported a single Palestinian state.

More than half (53%) also said they believed that even if Hamas gave up its weapons, it would remain an “armed resistance movement” and a political movement, while only 36% believed it would focus solely on politics.

Trust in the US-backed alternative to Hamas, the Board of Peace, was low but was considered a viable political option, the survey found. If the Palestinian elections scheduled for November are held as planned and a new government is formed, 32% (43% in Gaza and 24% in the West Bank) would prefer that NCAG maintain responsibility for the Gaza Strip over the elected government. Only 28% (34% in Gaza and 24% in the West Bank) would prefer a newly elected government to assume responsibility for the administration of Gaza, while 34% do not prefer either option.

Asked their opinion of external actors, the Iran-aligned Houthi terror group was highly popular among respondents in both the Gaza Strip and the West Bank. The majority, 61% (63% in the West Bank and 58% in Gaza), said they were satisfied with the Houthis.

Qatar (51%), Hezbollah (50%) and Iran (50%) were also popular among Palestinian respondents, though satisfaction with Iran has grown over the past 10 months and Doha’s popularity has slightly declined since the last survey.

When asked whether they were with or against Iran during the recent war between the United States and Iran, which resulted in the closure of the Strait of Hormuz and retaliatory attacks against US bases in the region, 45% of respondents said that they were with Iran, 12% answered that they were against Iran, and 40% said that they were neither with Iran nor with the United States.

This post was originally published on here

A psychiatric drug unlike anything currently approved in the United States just cleared a major hurdle.

Definium Therapeutics said Wednesday that a single dose of its LSD-based tablet significantly reduced symptoms of generalized anxiety disorder within days, delivering a major Phase 3 victory that could put the company on a path toward the first FDA-approved LSD-based treatment for anxiety.

The drug, DT120, is a pharmaceutical-grade form of lysergide — better known as LSD — delivered as a tablet that dissolves in the mouth. Unlike conventional anxiety medicines that patients may take every day for months or years, participants in Definium’s trial received one 100-microgram dose under medical supervision.

The effect appeared rapidly.

Patients receiving DT120 showed statistically significant improvement shortly after treatment, with the benefit becoming evident within days following the single administration. The study continued tracking patients for 12 weeks and found that the treatment advantage remained at the study’s final measurement.

That distinction matters: patients did not take the pill for 12 weeks. They took it once.

One Dose Produces Major Phase 3 Result

The Voyage trial enrolled 214 adults ages 18 to 74 with generalized anxiety disorder at roughly 35 U.S. clinical sites.

Patients began the study with moderate-to-severe anxiety and were randomly assigned to receive either DT120 or placebo.

At the study’s primary endpoint, patients receiving DT120 experienced an average 11.6-point reduction on the Hamilton Anxiety Rating Scale, compared with a 6.2-point reduction for placebo.

That produced a 5.4-point advantage over placebo, comfortably clearing the trial’s statistical threshold and giving Definium the positive Phase 3 result investors and regulators were waiting for.

The individual patient results were equally striking.

About 43% of patients receiving DT120 cut their anxiety symptoms by at least half, compared with 16% in the placebo group.

And 14% of patients receiving DT120 reached remission, versus 4% receiving placebo.

Definium said the drug was generally well tolerated and the trial met its primary endpoint and all key secondary efficacy endpoints.

A Different Way to Treat Anxiety

What makes DT120 potentially groundbreaking is not simply that LSD reduced anxiety.

It is the possibility that a chronic psychiatric condition normally managed with daily medication could instead be treated with a single supervised dose producing rapid and lasting improvement.

Many conventional antidepressant and anti-anxiety medicines must be taken every day and can take weeks before patients know whether they are working. Patients may cycle through several medications before finding one that helps.

Definium is proposing a fundamentally different model.

The patient comes to a qualified medical facility, receives a single tablet, remains under supervision while the psychedelic effects wear off and then goes home. No daily prescription follows from that treatment session.

And unlike some psychedelic programs being developed elsewhere, Definium is not requiring psychotherapy to accompany the drug, potentially making the treatment easier for clinics to administer and insurers to reimburse if it eventually reaches the market.

There is currently no FDA-approved LSD medicine for generalized anxiety disorder.

That means DT120, if it successfully completes development and wins regulatory approval, could create an entirely new category of psychiatric treatment.

The FDA has already granted the drug Breakthrough Therapy designation for generalized anxiety disorder, a designation intended to accelerate development and regulatory review of medicines showing substantial potential improvement over existing treatments.

Investors Send Shares Higher

Wall Street immediately recognized the significance.

Definium shares surged in premarket trading Wednesday after the results were released, reversing much of Tuesday’s decline as investors reassessed the likelihood that DT120 could eventually reach the market.

The company also has considerable financial resources behind the program, reporting approximately $1.1 billion in cash, cash equivalents and investments at the end of June.

And anxiety is only one part of the opportunity.

In June, DT120 also produced positive Phase 3 results in major depressive disorder, meaning the same one-dose LSD tablet has now generated successful late-stage results in two of the largest psychiatric treatment markets.

One More Anxiety Trial Matters

Definium still has another major hurdle before it can declare the anxiety program complete.

Its second Phase 3 anxiety study, Panorama, is expected to report results in September.

If that trial also succeeds, Definium could have the pivotal evidence needed to move substantially closer to an FDA submission for generalized anxiety disorder.

That is why Wednesday’s announcement goes well beyond another biotechnology trial result.

For decades, LSD has been known primarily as an illegal psychedelic associated with recreational drug use and the counterculture of the 1960s.

Definium is now attempting to turn a precisely manufactured pharmaceutical version of that compound into something entirely different: a regulated medicine that a patient could potentially take once and experience meaningful relief from severe anxiety within days.

If the remaining trials confirm what Voyage has shown, psychiatry may be looking at the beginning of an entirely new treatment model.

JBizNews Desk | New York

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Arab Israeli activist Yoseph Haddad registered a new political party ahead of the upcoming elections and has been holding talks with various figures about joining his slate, Haddad’s office confirmed to The Jerusalem Post on Sunday.

Haddad is a vocal supporter of Israel, advocating consistently for the country on news outlets and social media. He has also gone on numerous international speaking tours.

Haddad’s spokesperson said that he has been in contact with several political figures about joining the party, including Brig.-Gen. (res.) Ofer Winter, a controversial figure on the Right who has reportedly been weighing which political framework to join ahead of the elections.

“Yoseph Haddad hasn’t hidden that he’s considering entering politics and has recently been weighing his options,” his spokesperson told the Post.

“Among other moves, he’s registered a new party with partners who believe in his path.”

Yoseph Haddad speaks at a press conference calling for the release of 10 month old Kfir, 4 year old Ariel, and their parents Shiri and Yarden Bibas. at ''Hostage Square'' in Tel Aviv, November 28, 2023. (credit: MIRIAM ALSTER/FLASH90)

“At the same time, he’s been holding discussions and meetings with various figures to examine his possible next steps,” he added.

Haddad has recently returned from an advocacy trip to the US, and “will soon decide how he can best affect positive change for the State of Israel,” his office noted.

Especially after the start of Israel’s war, Haddad’s online platform grew rapidly, and he became a prominent and well-known voice on social networks, often appearing as a guest on TV programs throughout the country.

Haddad was seriously wounded in the Second Lebanon War in 2006, while serving in the IDF.

Together Vouch for Each Other aims to connect Arab and Israeli society

He has also established a nonprofit foundation, Together Vouch for Each Other. It calls to connect Arab society with Israeli society at large and to find solutions to the issues of Arab society.

In February, a Midgam Institute survey was released that showed a party led by Haddad could win four Knesset seats.

The survey found that a party led by Haddad would cross the electoral threshold, outperforming some parties currently represented in the Knesset, including MK Benny Gantz’s Blue and White.

The survey also showed that he would receive support from voters both from Prime Minister Benjamin Netanyahu’s bloc and the rivaling opposition bloc, creating the possibility for his potential party to shift the dynamic in the political sphere.

In May, sources close to Haddad told the Post that he was considering partnering with former deputy mayor of Jerusalem Fleur Hassan-Nahoum in a political alliance.

Haddad aims to translate his social media following into real influence

Haddad is aiming to translate his social media support to the general public and into real influence from within the political apparatus in Jerusalem, a source close to Haddad said at the time.

Hassan-Nahoum currently serves as special envoy for trade innovation at the Foreign Affairs Ministry. In 2024, she became secretary-general of Kol Israel, a faction of the World Zionist Congress.

She led the Yerushalmim party in 2013. From 2018 until 2023, she served as deputy mayor of Jerusalem and was previously a member of the Jerusalem city council.

In 2022, Hassan-Nahoum ran in the Likud primaries ahead of the elections, where she scored 73 on the party’s list and therefore did not make it into the Knesset.

General elections are set to take place on October 27.

This post was originally published on here

Fifty people standing on one San Francisco dead-end street, each tapping the ride button at the same moment, were enough to take a slice of Waymo’s fleet out of service for the night. The total cost to them was about $250.

That is the incident now driving a much larger conversation about who really controls a driverless fleet. The stunt itself was pulled in July of last year by a San Francisco tech prankster named Riley Walz, who publicized it that October and jokingly called it the world’s first Waymo denial-of-service attack. What is new is the scrutiny it is drawing this week from cybersecurity specialists and the questions it raises about California’s rules for autonomous vehicle operators.

Here is what happened, in plain terms. Fifty participants gathered on the city’s longest dead-end street and ordered rides simultaneously. Fifty driverless cars did exactly what they were built to do and came. None of the riders got in. The vehicles clustered at the dead end, blocked traffic, idled for roughly ten minutes and then left. Each no-show triggered a $5 fee, which is where the $250 figure comes from. Waymo responded by shutting off pickups and drop-offs in that area until the following morning.

No one hacked anything. That is the point. The system was not broken into — it was simply used as designed, all at once, and it buckled. Fifty ordinary phone taps, at five dollars apiece, redirected a working commercial fleet and forced the operator to take a neighborhood offline. For an American reader trying to size up the risk, the ratio is the story: roughly one dollar of cost for every ten dollars a single Waymo ride might generate, and a service area dark until morning.

That is what has security professionals uneasy. Louay Abdelkader, director of product management at QNX, told Fortune that lawmakers should treat vehicle cybersecurity as a primary design requirement in the way airbags are, rather than as something bolted on afterward. His concern is not pranksters. It is that generative AI has collapsed the time and expertise a real attacker needs. Finding vulnerabilities, automating attacks and writing exploits used to take significant resources; tools now available compress that work dramatically, and a bad actor would not stop at a $5 no-show fee.

The reason robotaxis are more exposed than an ordinary car comes down to how many parts are talking to each other. A driverless vehicle runs on dozens of interconnected electronic control units plus high-speed networking, cloud connectivity, GPS, cameras, lidar, radar and AI models continuously reading the road. Every one of those is a door. Security people call the total number of doors the attack surface, and a robotaxi has far more of them than a car with a steering wheel.

Hollywood imagines someone seizing the wheel remotely. Specialists say the realistic threat is the ecosystem around the car — the booking system, the mapping and positioning feeds, the communications links. An attacker who never touches the driving software can still degrade what the vehicle knows about the world around it, or, as fifty people with phones demonstrated, decide where the fleet goes.

California already has rules on the books. The state requires autonomous vehicle manufacturers to show they can safely monitor, update and maintain their fleets while complying with federal vehicle cybersecurity guidance. Waymo runs commercial service in both San Francisco and Los Angeles under that framework. The prank happened anyway. Waymo and the California Department of Motor Vehicles did not respond to requests for comment.

Other states have moved in the same direction. Arizona has folded cybersecurity planning into its broader autonomous vehicle deployment policy, and Michigan has stood up cybersecurity initiatives through partnerships with industry and research institutions. International regulators have gone further still, with United Nations vehicle cybersecurity rules that require manufacturers to manage cyber risk across a vehicle’s life.

The scale involved is why this is now a commercial question rather than a curiosity. Alphabet-owned Waymo has grown from its Arizona start to 11 major American cities, partnering with Uber in several of them, and the company says it delivers hundreds of thousands of fully autonomous trips a week across a fleet of more than 2,000 vehicles.

The fix is not complicated, and parts of it are standard practice in every other online business. Booking systems need the same abuse controls that airlines, ticketing sites and payment processors already run: rate limits on simultaneous requests to a single location, verification that flags a coordinated surge, and dispatch logic that refuses to send an entire neighborhood’s worth of cars to one address. Beyond the app, the harder work is what Abdelkader is arguing for — writing cybersecurity into the vehicle and fleet design at the start, and having regulators check it the way they check crash protection, rather than discovering the gap after somebody films it.

JBizNews Desk | San Francisco

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

Granola marketed to breastfeeding mothers and sold nationwide is being recalled over concerns that it may be contaminated with salmonella.

The Hampton Grocer, Inc., a New York-based company, is recalling certain 8-ounce packages of its Lacnola Lactation Granola after an ingredient used in the product was linked to a positive salmonella test, according to a company announcement posted Aug. 14 by the U.S. Food and Drug Administration (FDA).

The granola was sold nationwide through The Hampton Grocer’s website, Amazon and other online retailers between Oct. 21, 2025, and Aug. 12, 2026.

WALMART TOMATO BISQUE SOUP RECALLED OVER POSSIBLE LISTERIA CONTAMINATION

“The Hampton Grocers, Inc. of Montauk, NY is recalling Lacnola Lactation Granola, 8oz, because it has the potential to be contaminated with Salmonella, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems,” the announcement noted.

The recalled product comes in a pink stand-up pouch with UPC 850035324554. 

Consumers should check their packages for either of the following lot codes and expiration dates:

POPULAR REESE’S, ALMOND JOY ICE CREAM BARS RECALLED OVER LABELING ERROR

The lot code and expiration date are printed in black ink on the upper-left side of the back of the package.

No illnesses have been reported in connection with the recall, according to the notice.

The potential contamination was discovered after a supplier said one of its products tested positive for salmonella. The granola contains the same organic moringa powder used in that product.

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

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Production has been halted while the company and FDA investigate.

Consumers who purchased the recalled 8-ounce packages are being urged to throw them away and contact the place of purchase for a full refund.

The Hampton Grocer could not immediately be reached by FOX Business for comment.

This post was originally published here

The U.S. can’t fully reopen the Strait of Hormuz, and Iran can’t stop every ship from transporting oil through narrow waterway.

At the same time, the U.S. is preventing Iran from exporting its crude supplies or importing critical goods, while American forces grapple with munitions and readiness issues.

The result has been a stalemate where oil prices stay choppy but relatively in check and missiles are still launched without all-out war returning. This uneasy equilibrium, however, isn’t likely to last.

For now, significant volumes of oil are still sneaking through the Strait of Hormuz, contradicting Tehran’s claims that it’s completely closed off, as rivals Iraq, Qatar, Kuwait, and the UAE use a “dark” fleet to shuttle supplies in and out clandestinely via ship-to-ship transfers.

The Trump administration has claimed 8 million-9 million barrels a day are getting out this way, though analysts have put it closer to 7 million. While that’s far less than the prewar level of 20 million, the oil flows through the strait plus exports via pipelines add up to about half that amount, buying global energy markets more time before going off a cliff.

And the amount of oil coming out of the Persian Gulf is poised to jump soon despite occasional Iranian attacks on tankers. Export powerhouse Saudi Arabia looks like it’s about to join its neighbors in a big way, as satellite images show the kingdom’s ships on both sides of the strait positioning themselves for shuttle service.

Meanwhile, the U.S. naval blockade that President Donald Trump reimposed is cutting off Iran’s oil exports as well as the revenue the regime generates from it. Officials and business leaders in Tehran are increasingly warning that the blockade will crush the Iranian economy, which was already in shambles before the war.

Experts have cautioned that Iran’s repressive regime is unlikely to be swayed by the suffering of ordinary citizens and is prepared to wait out economic hardship longer than the U.S. public can endure high gas prices.

But Iran is also unlikely to do nothing while its economy keeps crumbling, forcing Trump to pivot back to a kinetic war from an economic war.

Majidreza Hariri, the head of the Iran-China Joint Chamber of Commerce, recently admitted the U.S. blockade will eventually inflict more economic damage than actual war.

To avoid this, he urged the regime to do whatever it takes to end the blockade, “whether through negotiation, supplication, threats, or even war.”

“We must also eliminate the perception in the U.S. that it can resort to such an action whenever it wants, and make it understand that the consequences of such a move could be severe,” Hariri added.

In fact, Iran has reorganized its military to be more aggressive and has seen its tactical situation improve despite conventional forces being decimated by U.S.-Israeli bombardment earlier in the war.

Iran has developed new missiles that are better at evading air defenses, making U.S. military assets and allied oil infrastructure around the region more vulnerable.

The U.S. military has also expended much of its interceptor stockpile, which is now so low that it reportedly factored into Trump’s decision to call off a major re-escalation of war.

In addition, even maintaining the naval blockade has strained U.S. forces as the U.S.S. Abraham Lincoln aircraft carrier struggles with mental health and supply issues amid a record-long time at sea. Another carrier is on the way to take its place, but other ships performing blockade operations are likely facing similar logistical concerns.

“Could the U.S. naval blockade worsen Iran’s already dire economic situation? Absolutely, which is why nobody should expect Iran to just sit idly by as that happens. It will hit back,” Eric Brewer, a former U.S. intelligence official, told the Wall Street Journal. “Iran has proven to have a higher pain tolerance than the United States. I’ve seen nothing to suggest that’s changed.”

This story was originally featured on Fortune.com

This post was originally published here

Dear Mayor Mamdani

Local politics is complicated, believe me I know more than most. 

People run for local office without knowing the job. Without ever stepping foot in a public meeting. Without knowing how to read an agenda packet, let alone how to make a motion. Most run without understanding that campaigning and governing are two entirely different things. It baffles me. 

The first act of a mayor matters.

It tells everyone who you are going to be once the lawn signs come down. It tells your colleagues how you intend to lead and your constituents what matters to you. One oft he most powerful things I have ever watched a mayor do on day one was apologize. 

NYC Mayor Zohran Mamdani speaks at a press conference at New York's LaGuardia Airport in Queens, New York, US, March 23, 2026 (credit: REUTERS/EDUARDO MUNOZ)

Imagine that. The first act as mayor for Michael Pagan was to publicly acknowledge that a vote he had cast on a Planning Board appointment had hurt a colleague and the community he served. That is leadership. 

Yours? You inherited a city in the middle of an antisemitism crisis you had already helped fuel. You also inherited the largest Jewish population outside Israel. That should have imposed a special seriousness on the way you approached this issue from your first hour in office. So your first act was to walk into City Hall and rip the protections in place for your Jewish constituents out from under their feet! You played politics with your constituents lives and safety by revoking the IHRA definition of antisemitism. You revoked mayor Eric Adams’s order directing the NYPD and Law Department to figure out how to better protect people going to pray. 

Why? 

Seriously.

Why? 

Antisemitic protestors were already screaming “we are Hamas.”

Jews were already being harassed walking into shul, school, showing their Magen David or wearing a kippah. 

Your predecessor looked at that and said “this is dangerous, we need to do more.” 

No, Eric Adams did not eradicate antisemitism. Antisemitism surged after October 7 while he was mayor too, but he looked at what was happening and said this is dangerous, we need to do more, and he did! He understood his job and he protected his constituents, every one of them! 

So let’s stop pretending the IHRA decision was some meaningless administrative cleanup. You knew exactly why it mattered.

Antisemites figured out a long time ago that they can say “Zionist” instead of “Jew” and suddenly everyone gets very confused about whether they are allowed to call it antisemitism. Your first act as mayor made that easier. Your first act as mayor gave progressive Nazis exactly what they wanted, permission to target Jews while escaping the one label society only knows how to condemn when the Nazi happens to be on the right. You told every Jew in New York and worldwide watching what was happening outside our shuls that your ideological purity mattered more than the warning signs sitting right in front of you and now look where we are! 

I do not care what you intended when you signed your first executive orders. Intent is for campaign speeches. 

Consequences are what you govern. 

We’ve see what happens when people put ideological purity over safety of the people they serve, whether they voted for them or not. We have seen where that train ends, Mr. Mamdani! 

We watched you defend “globalize the intifada.” 

Do you understand what Jews hear when someone says “globalize the intifada”? We remember the intifada. 

We remember buses exploding. 

Restaurants. 

Cafes. 

Families. 

Blood.

Bodies.

Fear. 

It is very easy to find a different definition for a word when your children are not the intended target. 

Friday night, Larry Montes walked into Central Synagogue, one of New York City’s most prominent shuls during Shabbat services, disrupted services, struck a 63-year-old Jewish woman in the face, spat on a 65-year-old security guard and head-butted him, and damaged shul property. 

Jews worldwide already need police officers standing guard while we pray, and a woman was still attacked inside the shul while praying on your watch! 

You say you are horrified.

What are you going to do with that horror?

Your job is not commentator-in-chief.

Mayor Mamdani, I am tired of horror after the fact.

I am tired of your thoughts and prayers!

You were not blindsided by what is happening to Jewish New Yorkers, you were warned! The outgoing mayor literally left you an executive order telling you that Jews and houses of worship needed more protection. 

This very week, Jewish leaders sat across from you at City Hall and told you directly that the way you continued to talk about Israel endangered the Jewish community at large. They were not asking you to become a Zionist. They were asking the mayor of New York City to be a leader. 

You are the mayor, act it! 

You made Israel, Zionism and the Jewish state a recurring target of your politics in a city where Jews were already being attacked at grotesquely disproportionate rates, and every time Jews told you there was a connection we got another lecture about the difference between anti-Zionism and antisemitism. 

 !די 

We know the definition. There is no difference! When you say Zionist, you mean Jew! 

The person screaming “Zionist” at a Jew does not stop and ask whether the Jew has ever voted in an Israeli election. 

The person showing up at a synagogue is not checking everyone’s position on Netanyahu. The man wearing a kippah on the Upper West Side is not suddenly protected because someone insists their hatred is technically about Israel. 

A shul full of Jews does not become a legitimate political target because you call the people inside “Zionists.” 

This distinction you keep defending so carefully on paper is collapsing on Jewish bodies. We am tired of watching Jews have to become victims before everyone suddenly discovers it’s too late.

New York City Mayor Zohran Mamdani holds a press conference at the New York City Office of Emergency Management, as a major winter storm spreads across a large swath of the United States, in Brooklyn, New York City, US, January 25, 2026. (credit: REUTERS/BING GUAN)

Words matter, Mayor Mamdani! 

Why does a Jew have to bleed before the vocabulary gets easy? 

You do not get to spend years pouring gasoline into an already combustible argument about Jews, Zionism and Israel and then stand over the flames expressing shock that the room is hot. Jews have been standing in front of you telling you exactly what the atmosphere feels like, but you keep arguing with the weather report while we are standing in the rain. 

You said your administration would do everything in its power to keep Jewish New Yorkers safe. It’s too late. The intifada is globalized!

Listen to the Jews, and not only the Jews who make your politics comfortable. Listen to the Jews who are angry with you. 

Listen to the Jews who hear “intifada” and remember what intifada actually looked like. Listen to the Jews who hear crowds screaming about Zionists and know exactly who is being addressed. 

Listen to Jewish parents wondering how much security their children need to go to school. Listen to the Jew who sees a police officer outside synagogue and feels both grateful and sick that he has to be there. 

Listen before someone else is hurt. 

We were afraid

We told you. 

So no, Mayor Mamdani, “horrified” is not enough. 

Your words carry the authority of City Hall. 

What you normalize matters. 

What you condemn matters. 

What you refuse to condemn matters. 

What you repeal matters. 

What you excuse as political debate matters. 

At some point, you have to govern the city that actually exists instead of the semantic distinction you wish existed. 

There is a reason hatred aimed at a country thousands of miles away keeps landing on Jews in New York. 

I say this to you not as someone unfamiliar with public office. 

I know what it means when residents come before government and tell us they are afraid. Our responsibility is not to tell them their fear and experiences are wrong! Our responsibility is to hear the warning while there is still something we can do about it. 

Restore the protections your predecessor left for Jewish New Yorkers today, or resign! 

Stop treating “globalize the intifada” like a linguistic misunderstanding. 

Stop using the mayoralty of New York as a platform for an obsessive prosecution of the Jewish people and their homeland. 

Tell your political allies that a protest does not become progressive because Jews are the ones being intimidated. 

Tell them that t replacing the word “Jew” with “Zionist” does not give them moral immunity. Most importantly, Listen! 

Friday night should have been Shabbat. A woman should have been able to enter Central Synagogue without becoming another hate-crime statistic. A security guard should not have been spat on and head-butted while protecting Jews at prayer. A police officer should not have to stand between a Jewish congregation and violence for Jews to worship in Manhattan. That is where New York is and you are its mayor. 

I will put this on the table. 

I publicly offer a public open meeting with Mayor Mamdani and his team to offer any help that will keep Jewish New Yorkers safe, and by extension mine. Name the time and place and let’s get to work. The ball is in your court Mr. Mayor. Motion to adjourn.

The writer is a councilwoman in Teaneck, New Jersey.

This post was originally published on here

Fourteen months ago Elon Musk accused the president of being named in the Epstein files, threatened to primary every Republican who voted for the White House’s signature tax bill, and announced he was starting his own political party. That party is now dormant, and Musk has authorized his super PAC to spend up to $120 million getting Republicans to the polls on Nov. 3.

The reconciliation happened in stages, and money moved even when the words were hostile. Musk cut $15 million in checks to three Republican committees roughly two weeks after apologizing for the Epstein post, saying he had gone too far — and then, days later, resumed threatening Republicans who backed the bill. Federal Election Commission filings showed the money split among Trump’s MAGA Inc. super PAC, the Congressional Leadership Fund and the Senate Leadership Fund.

The thaw ran through Vice President JD Vance, who is close to Musk and organized a dinner at the Naval Observatory attended by White House chief of staff Susie Wiles, former deputy chief of staff Taylor Budowich, and Jared Birchall, the low-profile lieutenant who manages Musk’s political giving. In early January, Musk posted a photograph from Mar-a-Lago describing a dinner with the president and first lady and predicting a strong year ahead.

The result, reported in late July, is a commitment of $100 million to $120 million for a field program in at least eight states. The initial targets are Senate races in Alaska, Iowa, Maine, Michigan and Ohio, with possible involvement in North Carolina, Georgia and Texas, alongside several House contests. The group has described the plan as a large-scale get-out-the-vote operation working both offensively and defensively. Axios reported the focus is on mobilizing Republican voters who typically skip non-presidential elections.

The commercial logic is not hidden. Musk’s companies depend heavily on the federal government: SpaceX holds substantial NASA and Defense Department contracts, its Starlink business runs on federal spectrum and licensing decisions, and Tesla operates under vehicle-safety and autonomous-driving regulators. SpaceX is also moving toward the public markets, a process in which regulatory posture and political stability carry real value. A third party competing for conservative votes would have split the coalition Musk’s businesses do business with, which is the practical case against the America Party that observers cited when it went quiet.

The scale is smaller than last cycle. Musk gave roughly $291.5 million in 2024, most of it to elect Trump, making him the largest donor of that campaign. America PAC has spent about $52.3 million since January 2025 against roughly $50.3 million raised, nearly all of it from Musk, who has personally contributed more than $85 million to political organizations this cycle. The new authorization would roughly triple that.

It lands on top of an already lopsided money picture: Republican super PACs and committees hold an advantage of more than $300 million over Democratic counterparts, before counting the $400 million in Trump’s MAGA Inc. Axios reported the cash edge is meant to offset a political environment favoring Democrats, with the president’s approval ratings weak on the economy and the Iran war putting House control, and possibly the Senate, in play. A senior White House political adviser, James Blair, called the PAC’s return a significant boost for Republicans nationally.

There is reason for caution on the number. Announced super PAC spending is an authorization, not a wire transfer, and Musk’s political commitments have moved quickly in both directions before. Commentators noting his record have cautioned that the pledge should not be treated as fixed, nor assumed to grow toward 2024 levels. The 2024 operation itself drew scrutiny when Reuters reported that canvassers had fallen short of door-knocking targets and that some were alleged to have overstated their work.

For business readers, the takeaway is less about the personalities than about what the episode demonstrates. The wealthiest individual in the country severed ties with an administration his companies depend on, discovered the cost of that position, and rebuilt the relationship inside a year — with a nine-figure check as the closing argument. Whether the money delivers turnout in November is a separate question, and one the filings will answer only after the votes are counted.

JBizNews Desk | Washington, D.C.

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Relief from high beef prices may depend on something that can’t be fixed overnight: rebuilding America’s shrinking cattle herd.

America’s ranchers are facing their smallest cattle herd in 75 years, a shortage now rippling from pastures to some of the nation’s largest meatpackers.

Tyson Foods announced last week that it will close beef facilities in Illinois and Utah and pursue the sale of another in Washington as it reshapes its beef business amid what the company called one of the most historic cattle shortages the country has ever experienced. Tyson said recent USDA data suggest supply constraints are likely to persist.

THE UNEXPECTED FORCE KEEPING BEEF PRICES HIGH AND WHY THE PRESSURE COULD LAST FOR YEARS

USDA data shows the U.S. entered 2026 with about 86.2 million cattle and calves, the smallest herd since the early 1950s. That’s down from roughly 94.7 million cattle and calves in 2019, a decline of more than 8 million animals.

Rebuilding that lost supply will take time, particularly after years of conditions that pushed ranchers to shrink their herds.

Chief among them is persistent drought.

“The biggest thing has been drought,” Eric Belasco, head of the agricultural economics department at Montana State University, previously told Fox News Digital.

He said years of dry weather have depleted grasslands across the West and Plains, leaving ranchers without enough feed or water to sustain their herds. Many have been forced to sell cattle early, including cows needed to produce the next generation of calves, making the road to recovery even longer.

The effects are reaching beyond ranches and into grocery stores, where consumers are paying more for beef.

IN TEXAS CATTLE COUNTRY, ONE RANCHER WELCOMES TRUMP’S FOCUS ON DECADES OF THIN MARGINS

According to USDA data, the retail value of Choice beef rose from about $8.51 per pound in August 2024 to $10.49 per pound in July 2026, an increase of roughly 23%.

Behind that price pressure is a cattle supply crunch that experts say has been years in the making.

“The biggest thing has been drought,” Eric Belasco, head of the agricultural economics department at Montana State University, previously told Fox News Digital.

BEEF PRICES ARE CLOSE TO RECORD HIGHS — BUT AMERICANS AREN’T CUTTING BACK

He said years of dry weather have depleted grasslands across the West and Plains, leaving ranchers without enough feed or water to sustain their herds.

Many have been forced to sell cattle early, including cows needed to produce the next generation of calves, making the road to recovery even longer.

For consumers waiting for cheaper beef, the path to relief starts with rebuilding America’s cattle herds, a process that could take years.

This post was originally published here

Mark Walter bought the Los Angeles Lakers about 14 months ago. This week he agreed to sell them for $2.5 billion more than he paid, to a pair of buyers who were not looking to buy the Lakers at all, in a negotiation that took three days.

Walter acquired the Buss family’s controlling stake at roughly a $10 billion valuation in 2025. Bob Iger, the former Disney chief executive, and the venture capitalist Joshua Kushner approached him on Sunday, Aug. 9, and had terms agreed by Wednesday, Aug. 12, at $12.5 billion — the highest price ever paid for a North American sports franchise. There is no indication Walter solicited competing bids.

What turns a sports transaction into a business story is the balance sheet sitting behind it. Federal prosecutors and securities regulators have been examining roughly $16 billion in private-credit transactions tied to Walter’s businesses, and specifically whether the connections between those holdings and Walter-affiliated companies were properly disclosed. Bloomberg reported in July that prosecutors in Manhattan were looking at whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., insurers Walter controls, failed to disclose that their private credit holdings backed other ventures he also controlled, and that the inquiry extends to Guggenheim Partners, the financial firm he leads. Bloomberg Law reported that F.B.I. agents seized a phone and a computer belonging to Walter last fall, in a search executed aboard his private plane in Chicago.

Walter has not been charged with a crime. The Lakers are not accused of any wrongdoing and the franchise is not a subject of the investigation.

The structure of the problem is worth stating plainly, because it explains the speed. An insurance company takes in premiums and invests the money, and it is supposed to invest that money at arm’s length. When an insurer lends heavily into businesses its own owner controls, the arm’s length disappears — the insurer’s ability to pay claims becomes tied to the fortunes of the man who runs it. That is the disclosure question regulators are asking, and unwinding it requires cash to replace those loans.

Walter’s holding company, TWG Global, has approached multiple investment firms, including Steve Cohen’s Point72 Asset Management, about deals to raise money that would go toward paying down the loans involving his insurance companies and other ventures. A controlling stake in a $12.5 billion asset, sold for cash, does a substantial amount of that work in one transaction.

For the buyers, the pivot was opportunistic. Iger and Kushner had been exploring an NBA expansion franchise in Las Vegas before turning to an outright offer for the Lakers. Expansion teams take years of league process and produce a franchise with no history and no built-in audience. The Lakers are the sport’s most valuable property and were, briefly, available.

The deal is not done. The NBA Board of Governors has to approve any transfer of control, and the league’s next scheduled board meeting is in September. Until that vote, Walter remains majority owner. Under the agreed terms, the Buss family keeps a 15% stake and Jeanie Buss stays on as team governor for at least five years, carrying over provisions from her 2025 agreement with Walter.

Walter also owns the Los Angeles Dodgers, which are not part of this transaction.

The pricing here matters beyond Los Angeles. Franchise valuations across American sports have climbed steeply through a run of sales that included the Celtics, Trail Blazers and Timberwolves, and each record resets the benchmark other owners borrow against and sell into. Walter’s purchase of the Lakers was itself the largest of that wave. Fourteen months later the same asset changed hands for a quarter more. That kind of appreciation, on an asset class with no earnings multiple that would justify it in a conventional business, is the reason sports teams have become a favored place for very large amounts of private capital.

It also demonstrates the other thing a trophy asset can do: convert into cash quickly when its owner needs cash quickly. The sale gives Walter a fast return at a moment when his broader operation is working to reduce the loans under scrutiny. The public record does not establish a single reason he sold, and it would go beyond current reporting to say the investigation caused it. What it does establish is that an offer he was not seeking arrived at a useful time, and he took it in 72 hours.

JBizNews Desk | Los Angeles

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Travelers using Ronald Reagan Washington National Airport later this month face a planned three-hour shutdown of flight operations as Washington prepares for the Freedom 250 Grand Prix.

The Federal Aviation Administration says it expects to temporarily pause flights at DCA from 10:15 a.m. to 1:15 p.m. on Sunday, Aug. 23 to support the IndyCar race taking place on the streets of Washington.

The FAA cautioned that the times could still change.

The closure is tied to the Freedom 250 Grand Prix, a two-day racing event Aug. 22 and 23 that will run through parts of downtown Washington and around the National Mall as part of celebrations marking the United States’ 250th anniversary.

For travelers, this is more than a routine delay warning. For roughly three hours, arrivals and departures are expected to stop.

That means airlines may cancel flights, shift departure times earlier or later, hold aircraft at other airports or rebook passengers through Washington Dulles, Baltimore/Washington International or other hubs.

Reagan National is particularly vulnerable to disruption because of its constrained airspace and tightly packed schedule. When operations stop, aircraft scheduled during the closure do not simply disappear from the system; airlines have to reposition planes, crews and passengers across the rest of the day.

The FAA has used similar temporary pauses at Reagan National during major Washington events involving restricted airspace and large-scale aerial activity.

The practical advice for consumers is straightforward: anyone booked through DCA on Aug. 23 should check their reservation well before traveling to the airport.

Passengers with connections may face an added risk because even flights scheduled outside the official 10:15 a.m. to 1:15 p.m. window can be affected by aircraft and crews displaced by the shutdown.

Airlines have not yet finalized every schedule adjustment, and the FAA says the operating window remains subject to change.

For travelers with flexibility, avoiding Reagan National around midday Aug. 23 may be the simplest option. For everyone else, the important thing is to watch for airline notifications as carriers begin rebuilding their schedules around a three-hour period when one of the nation’s busiest urban airports is effectively taken out of service.

JBizNews Desk | Washington

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Can the Palestinian Authority (PA) be held civilly responsible for the October 7 massacre even if the plaintiffs cannot produce records showing that it directly paid the Hamas terrorists who planned and carried it out?

That question sits at the center of litigation brought by more than 8,000 plaintiffs now moving through the Jerusalem District Court, where they are seeking to hold the PA responsible for deaths, injuries, and other harm caused by the massacre and the war that followed.

Lt.-Col. (res.) Maurice Hirsch, a former director of the IDF Military Prosecution in the West Bank whose recent study examines the PA and Palestine Liberation Organization (PLO) prisoner-payment system and its possible connection to October 7, does not expect the litigation to uncover a neat paper trail linking individual Hamas leaders to PA payments.

“I don’t think we’re going to see individual links to the PA,” Hirsch told The Jerusalem Post in a Monday interview. “I think it’s going to be very, very difficult to find that type of evidence.”

That evidentiary gap is central to the cases. Hirsch argued that the question is broader than whether a particular October 7 terrorist received a particular payment. The question is whether the PA’s long-standing system of paying, supporting, and employing prisoners and released prisoners can itself provide a sufficient connection to people who later returned to terrorism.

LITIGATION BROUGHT by over 8,000 plaintiffs is moving through the Jerusalem District Court, where they are seeking to hold the Palestinian Authority responsible for deaths, injuries, and other harm caused by October 7. Here, Nukhba Force terrorists who were captured, are seen in a jail in Israel. (credit: CHAIM GOLDBERG/FLASH90)

“What will most likely happen is that most of the discussion will be about the prima facie [initial] responsibility of the PA, if that can even be shown,” Hirsch said. “It will very much depend on whether the judge accepts this argument that the PA is responsible because of the payment of the salaries.”

The court has not decided that question.

In a July 1 decision, Jerusalem District Court Judge Eran Shilo set a common procedure for the thousands of lawsuits, separating the shared question of the PA’s potential responsibility from the individual circumstances and damages claimed by each plaintiff. The plaintiffs’ law firms were initially ordered to submit short written arguments, while the PA is due to file a single response by October 18.

Case remains in early stages of written arguments and information gathering

The case is still in that written-argument and information-gathering stage. Under Shilo’s timetable, plaintiffs’ attorneys were required to send written questions to the PA by August 11, with the PA due to provide answers and relevant documents by October 29. Expert reports are also expected to address whether the PA’s conduct can be connected to the massacre.

In a later August 3 decision, Shilo said a deadline for supplemental written arguments would be extended to August 16 if no objection was filed by August 6.

Shilo has left open the possibility of eventually deciding the common question of the PA’s responsibility before dealing with damages in thousands of individual cases, but said it was too early to know whether the evidence would allow that.

In 2024, the Knesset passed a law allowing victims of terrorism to seek exemplary damages from perpetrators and entities that reward terrorism.

The law provides for NIS 10 million for each person killed in a terrorist attack and NIS 5 million for a victim left permanently disabled, and was designed to make it easier for victims to establish a legal link to entities with an institutional policy of rewarding terrorism.

October 7, however, presents a more difficult question. Hamas led the massacre, meaning the plaintiffs suing the PA must first establish why the PA’s own conduct or policies make it legally responsible for the harm caused by the attack.

Hirsch’s study argues that the relevant PA/PLO system went considerably beyond monthly payments made while prisoners were in Israeli custody.

Drawing on Palestinian legislation, regulations, and financial records, Hirsch’s study describes a broader framework that included payments to prisoners, grants upon release, employment rights in PA institutions, and continued financial support in some cases where employment was unavailable.

A 2013 amendment and implementing regulations provided that released prisoners who had served more than 10 years would be employed and paid by PA institutions, with their rank and salary determined in part by time served. The regulations also required those employed under the arrangement to report for work only if called upon to do so.

For Hirsch, that employment component is crucial. He argued that the framework could provide released prisoners with an income while leaving them free to return to activity in terrorist organizations.

Much of his study focuses on Palestinians freed in the 2011 exchange for kidnapped IDF soldier Gilad Schalit, in which Israel released 1,027 prisoners. They included Yahya Sinwar and several others who later rose to senior positions in Hamas’s political, military, security, and financial structures.

Hirsch’s study points to Sinwar, Rawhi Mushtaha, Tawfik Abu Naim, and Zaher Jabarin, among others, and argues that their prison terms entitled them to benefits under the PA framework.

It also cites Ali Qadi, a Hamas Nukhba commander who led one of the groups that invaded Israel on October 7, and argues that based on his known prison term, he would at least have qualified for the fixed payment available to released prisoners who had served between five and 10 years.

There is an important distinction between eligibility and proof of payment

But there is an important distinction between eligibility and proof of payment; Hirsch’s study does not point to individual records showing precisely what those Hamas figures received, whether each was formally placed on a PA payroll, or whether any payments continued until October 7.

Hirsch acknowledged that gap, but said his theory of responsibility does not depend entirely on proving a particular salary was transferred to a particular individual.

“I don’t have to show that they’re specifically receiving a salary, because there is this policy,” he said.

Whether the court accepts that argument remains to be seen.

Hirsch also pointed to the history of prisoners who returned to terrorism following their release. His study documents numerous Schalit-deal prisoners who resumed terrorist activity, some of whom later reached senior positions within Hamas.

For Hirsch, those cases matter because they raise a separate question of what the PA knew about the people benefiting from its policies.

“They were on notice, as it were,” he said. “These released terrorists that you’re employing, they’re going back to terrorism.”

His study does not argue that the payment system alone caused October 7. Rather, Hirsch contends that the financial and employment framework reduced the economic consequences of involvement in terrorism and materially assisted some experienced terrorists who later returned to Hamas activity.

The PA and PLO shifted responsibility for the prisoner-payment system between different bodies over the years, according to Hirsch’s study. He argued that those administrative changes did not, however, alter the underlying policy and attributes the framework jointly to the two organizations.

The latest major change came in February 2025, when PA President Mahmoud Abbas issued a decree revoking provisions underpinning the previous prisoner-payment system, and transferring assistance to the Palestinian National Economic Empowerment Institution (PNEEI).

The restructured system was presented as one in which assistance would be distributed according to financial need rather than according to imprisonment or sentence length.

Freed Palestinian prisoners released by Israel as part of a hostages-prisoners swap and a ceasefire deal between Hamas and Israel, gesture, in Khan Younis in the southern Gaza Strip, October 13, 2025 (credit: Ramadan Abed/Reuters)

PA says reforms ended sentence-based payments, with aid now determined solely by social need

The PA has said the reform ended sentence-based payments and that assistance under the new system is determined solely by social need.

Hirsch, however, argued that the overhaul changed the mechanism rather than ending the underlying policy. His study points to subsequent 2025 financial data as evidence that payments to prisoners and released prisoners continued after the reform.

The study notes that an independent audit concluded that the restructured mechanism complied with its stated mandate, while Hirsch argued that financial figures cited in the audit and other available data nevertheless show the continuation of substantial prisoner-related payments.

For the October 7 lawsuits, however, the central question remains what happened before the massacre and whether the plaintiffs can establish a sufficiently close legal connection between the PA’s conduct and the harm they suffered.

Hirsch does not argue that the PA was solely responsible for October 7 but, “the PA certainly does have at least joint responsibility with Hamas for the massacre,” in his opinion.

For now, the litigation is still several steps away from answering it. The plaintiffs must first put forward the evidence and legal theory connecting the PA to October 7, and the PA has yet to file its substantive response to the common liability claims.

Whether that broader system can establish a sufficient legal link to October 7 without individual payment records is now one of the questions the litigation will have to test.

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Americans are putting away less money than at almost any point on record, and the cushion that has kept household spending going is nearly flat.

The plain version is this. For every dollar of take-home pay in June, the average American household set aside about three cents and spent the other ninety-seven. That works out to roughly one dollar saved out of every thirty-seven earned. The Bureau of Economic Analysis put the personal saving rate at 2.7 percent in June, its most recent reading, with total personal saving at $646.1 billion.

To see how thin that is, compare it to the long run. Since 1959, Americans have saved an average of 8.4 percent of their disposable income — closer to eight cents on the dollar. The all-time low in the series is 1.4 percent, hit in July 2005. The current rate sits barely more than a percentage point above it. At the other extreme, during the shutdown month of April 2020, the rate spiked to 31.8 percent, when checks were arriving and there was nowhere to spend them.

The direction over this year tells the story. The rate was 2.6 percent in April, ticked up to 3.0 percent in May, then slid back to 2.7 percent in June. It has been stuck in that narrow, historically low band all spring and summer.

What is driving it is simple arithmetic. In June, personal income rose 0.2 percent and disposable income rose the same 0.2 percent, while consumer spending rose 0.3 percent. When the spending line grows faster than the income line, month after month, the difference has to come out of savings. That is exactly what has been happening.

The squeeze is not coming from Americans buying more. It is coming from the same basket costing more. The war that began in late February and the resulting disruption at the Strait of Hormuz pushed energy prices sharply higher, and gasoline was among the single largest drivers of increased household spending this spring. Groceries, utilities and insurance have all followed. Households are writing bigger checks for the same amount of goods.

That leaves the credit card as the shock absorber. Total card balances reached $1.252 trillion in the first quarter of this year, according to the Federal Reserve Bank of New York — up 63 percent from the pandemic-era low of $770 billion in early 2021. Average interest rates on new card offers stand near 23.79 percent, meaning a household carrying a balance is paying roughly a fifth of what it owes every year just in interest. Savings down and card balances up is the same squeeze measured two different ways.

Why this matters beyond the household budget: consumer spending is about two-thirds of the American economy. Retailers, restaurants, airlines, homebuilders and auto dealers are all downstream of it. A saving rate this low means there is very little reserve left to draw on. If a household loses hours, faces a car repair or gets hit with an insurance renewal, the money to absorb it is not sitting in an account — it goes on credit or the spending gets cut. That is why economists watch this number as a warning light for the quarter ahead rather than a report card on the one just finished.

There is a counterargument worth stating. A low saving rate is not automatically a sign of distress. During the 2008 crisis the rate climbed above 8 percent as frightened households hoarded cash, and that was a bad sign, not a good one. A low rate can reflect confidence that income will keep coming. The problem this time is that it is pairing with falling real incomes and rising card debt, which is the unhealthy version of the same reading.

So what actually fixes it. Three things, in order of how quickly they could work. Energy prices coming down would do the most and the fastest, because fuel costs feed directly into groceries, freight and utilities — which is why any easing of the Hormuz disruption shows up in household budgets within weeks. Second, wage growth needs to run ahead of prices again rather than behind them, which restores the gap between income and spending that savings come from. Third, at the household level, the highest-return move available right now is retiring card balances carrying rates near 24 percent, because no savings account pays anything close to what that debt costs.

The next reading arrives Aug. 26, when the Bureau of Economic Analysis releases July personal income and outlays. That figure will show whether the summer squeeze eased or whether the saving rate is still grinding toward a level Americans have not seen since 2005.

JBizNews Desk | New York

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According to local reports, a man who allegedly reportedly smashed into a South Carolina Costco apparel display before being helped detained by customers and employees reportedly had to use a machete and pickaxe.

According to WSPA 7News, Greenville officers responded to the Costco on Woodruff Road on Thursday after receiving information that an armed robbery was taking place, citing the Greenville Police Department.

Jose Alejandro Giraldo, 24, allegedly entered the store and entered the jewellery counter-top through the display cases.

Giraldo reportedly indicated that he had a weapon when confronted, and reportedly had a knife and spade.

Common RESTAURANT AT DISNEY SHOPPING Region BROUGHT IN SCUBA GEAR

Callers first described the weapon used to split the display cases as appearing to be a nail, according to FOX Carolina, according to a citation from the police. Eventually, according to the store, police confirmed that Giraldo had a pickaxe and a knife.

Until officers arrived, users detained Giraldo inside the warehouse, according to FOX Carolina.

Employees of the retailer apparently assisted in restraining the suspect.

WSPA reported that one client suffered an injury while helping to defeat Giraldo, which necessitated the intervention of disaster medical personnel. The company’s injuries were not promptly disclosed by the store.

According to both media reports, Giraldo was accused of third-degree assault and battery and armed assault.

The Greenville County Detention Center later made available a mugshot of Giraldo.

FOX BUSINESS ON THE GO: Press HERE.

The Greenville Police Department has requested post and more information from FOX Business.

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German Investment in U.S. Plunges Nearly Two-Thirds as Companies Hold Back New Capital

German companies sharply reduced new investment in the United States during the first half of 2026, offering one of the clearest indications yet that trade-policy uncertainty is beginning to influence where multinational companies put their money.

German direct investment into the U.S. fell nearly two-thirds from a year earlier to €4.3 billion, or about $5 billion, according to calculations by the German Economic Institute using Bundesbank data. That was the lowest first-half level since 2023 and almost 80% below the comparable 2024 figure. Before the pandemic, German companies averaged €15.8 billion of first-half U.S. investment. 

There is an important distinction: German companies already operating in America are still reinvesting profits. What has weakened is the willingness to commit fresh equity capital to new projects. That makes the data less a verdict on the U.S. market itself and more a warning about what policy uncertainty can do to future factories, expansions and jobs.

India Orders Major Cooking-Gas Production Push as Hormuz Disruption Hits Supplies

India has ordered its refiners and energy companies to build the country’s domestic production of liquefied petroleum gas to as much as 63,810 metric tons per day, an extraordinary intervention aimed at protecting household fuel supplies after Middle East disruptions exposed India’s dependence on imports.

Before the war, India sourced roughly 90% of its imported cooking gas from the Middle East. The government’s August 13 order requires companies to maintain enough storage and transportation infrastructure to handle the new targets, with production requirements updated every January and July. Reliance Industries alone was assigned a target of 18,000 tons per day from its domestic-market refinery. 

The significance goes beyond India. One of the world’s largest energy consumers is effectively redesigning part of its fuel supply chain because of the Strait of Hormuz crisis — another example of geopolitical risk turning into permanent infrastructure spending.

Nvidia Discusses Another $3 Billion Bet on OpenAI Infrastructure

Nvidia is in talks to invest as much as $3 billion in SB Energy, the SoftBank-backed company developing a massive Ohio data-center project for OpenAI, according to a report by The Information cited by Reuters.

The proposed investment would sit alongside discussions involving roughly $100 billion of credit support for the Ohio campus. Nvidia has reportedly considered investing half when the project is signed and the remainder around a possible SB Energy IPO. Reuters said it could not independently verify the report, and Nvidia and SB Energy had not commented. 

The bigger story is how deeply chipmakers are becoming intertwined with the financing of their own customers. Nvidia is no longer benefiting only from companies buying GPUs; increasingly, the AI ecosystem is exploring structures in which capital, chips, power infrastructure and data-center financing all support one another.

Europe Discovers a $50 Billion Heat Problem That Insurance Barely Covers

Europe’s extreme heat is emerging as a major business-interruption risk — but one that traditional insurance policies often do not cover.

Moody’s estimated that last summer’s European heatwaves caused about €43 billion, or $50 billion, in lost economic output, while insured payouts totaled only about €500 million. In and around Padua, Italy, more than 80% of roughly 600 hospitality businesses surveyed reported sales declines of around 20% during the latest heatwave. 

Unlike a hurricane that destroys a building, heat can empty restaurants, reduce worker productivity, disrupt rail networks and raise factory cooling costs without producing obvious physical damage. Insurers are increasingly exploring temperature-triggered “parametric” policies that automatically pay when heat crosses specified thresholds.

For businesses, the lesson is changing quickly: extreme heat is becoming a balance-sheet risk even when nothing visibly breaks.

Kalshi and Nevada Escalate Fight Over $120,000-a-Day Penalties

The legal fight over prediction markets intensified over the weekend as Kalshi accused Nevada regulators of violating federal law while the state seeks penalties of $120,000 per day over alleged failures to block Nevada users.

Nevada’s Gaming Control Board previously required Kalshi to implement a multi-source geofencing system by August 12 after investigators were able to enter sports, election and entertainment contracts from inside the state. The state’s agreement specified the $120,000 daily penalty if Kalshi missed that deadline. 

Nevada investigators later said they were still able to place nine trades using cellular networks. Kalshi says it hired GeoComply at Nevada’s request and argues investigators misrepresented their residences and, in at least one instance, circumvented blocking measures. 

The case is becoming an important test of whether federally regulated prediction markets can operate nationwide over the objections of individual state gambling regulators.

Peter Thiel Makes $76 Million Bet on Argentina’s Oil Boom

Peter Thiel’s Thiel Macro fund has purchased approximately 1.2 million American Depositary Shares of Vista Energy worth about $76 million, giving the investor roughly 1% of one of the leading producers in Argentina’s Vaca Muerta shale region.

The position was disclosed in a U.S. Securities and Exchange Commission filing. Vista currently produces around 160,000 barrels of oil equivalent per day and has invested more than $6.5 billion in Argentina. 

Thiel Macro’s disclosed portfolio totals about $418.7 million and also contains significant exposure to U.S. electricity and power companies, making the Vista purchase consistent with a broader bet on energy demand and infrastructure.

Vaca Muerta contains the world’s second-largest shale-gas resources and fourth-largest shale-oil resources, turning Argentina into an increasingly important destination for global energy capital.

India Opens One-Time Offshore Asset Amnesty

India opened a new tax-amnesty program Sunday allowing smaller taxpayers to voluntarily disclose previously unreported foreign income and assets.

Taxpayers with up to 10 million rupees, roughly $105,000, of undisclosed foreign income can participate by paying a 30% tax plus an equal penalty. Separately, taxpayers who already paid tax on overseas assets but failed to report assets worth as much as 50 million rupees, about $524,000, can regularize them through a 100,000-rupee payment. 

The program runs through December 31, 2026 and particularly targets smaller cases involving students, non-resident Indians and taxpayers who accumulated overseas assets without properly reporting them.

No U.S. Markets Today — Consumer Weakness Is What Wall Street Carries Into Monday

U.S. markets are closed Sunday, leaving Friday’s close as the starting point for the coming week.

The S&P 500 finished Friday at 7,785.76, down 0.17%, while the Nasdaq fell 0.28% and the Dow slipped 0.20%. The S&P still gained 0.4% for the week, its third consecutive weekly advance. 

The bigger economic signal came from consumers. July retail sales unexpectedly fell 0.6%, the first monthly decline in nine months, while the University of Michigan’s preliminary consumer-sentiment index dropped to 51.0 from 55.2 in July. 

Those numbers have weakened the case for an immediate Federal Reserve rate increase. The Fed’s current target remains 3.50% to 3.75%, with three policymakers having voted for a quarter-point hike at the July meeting. 

The question heading into Monday is therefore no longer simply whether inflation is cooling. It is whether the consumer is cooling faster.

JBizNews Desk | New York / Washington

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Alphabet’s early investment in SpaceX has become one of the most valuable corporate bets of the past decade, turning roughly $900 million invested in 2015 into a stake worth more than $90 billion at its recent peak.

That is roughly a 100-fold increase in value on an investment that was originally small relative to Alphabet’s overall balance sheet.

The Google parent backed SpaceX when the company was still a private rocket manufacturer focused primarily on launch services. Since then, SpaceX has expanded into satellite internet through Starlink, defense and government contracting, commercial launches, communications infrastructure and other space-based businesses.

As SpaceX’s overall value climbed, Alphabet’s stake became an increasingly significant asset of its own.

At more than $90 billion, the position was worth more than the entire market value of many large publicly traded companies and represented one of the largest outside investments held by a major technology company.

The return also highlights a different side of Alphabet’s business model.

Investors usually value Alphabet based on Google Search, YouTube, advertising, cloud computing and artificial intelligence. But the company has also spent years making strategic investments in outside technology businesses that could benefit from long-term shifts in computing, communications and infrastructure.

SpaceX became the standout.

Alphabet did not need to build a rocket company itself. It invested early, maintained its position and benefited as SpaceX grew from a private aerospace startup into one of the most valuable technology companies in the world.

That matters because the gain is not simply theoretical venture-capital upside.

A stake worth more than $90 billion is large enough to materially affect how investors think about Alphabet’s broader asset base and the value sitting outside its core operating businesses.

The investment also shows how powerful early ownership can become when a private company grows across multiple industries at once.

SpaceX’s value is no longer tied only to rocket launches. Starlink created a global communications business. Government contracts added another revenue stream. Defense, satellite infrastructure and future space services expanded the company’s potential market even further.

Each step increased the value of Alphabet’s original investment.

The numbers are what make the story remarkable.

Alphabet put in about $900 million.

At its recent peak, that stake was worth more than $90 billion.

That is the kind of return that can turn what once looked like a strategic side investment into a major corporate asset.

For Alphabet shareholders, SpaceX has effectively become a second layer of value sitting alongside Google’s dominant operating businesses.

And it is a reminder that sometimes the most profitable move a giant company makes is not building the next breakthrough itself.

It is recognizing one early enough to own a piece of it.

JBizNews Desk | Silicon Valley

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A house in Maine used to be the cheap alternative. Now a stretch of its coastline is trading at prices that would not look out of place on Long Island’s East End, and the reason is simple: the buyers are the same people. They are coming from Boston and Manhattan, they are paying cash, and there is very little on the market for them to fight over.

The arithmetic that started it is the plainest part of the story. The median price of an existing single-family home in Greater Boston was $1,032,500 in April, against $590,000 in Cumberland County, Maine, where Portland sits. A Redfin analysis found Portland is the top destination for homebuyers leaving Greater Boston. Among out-of-state buyers driving Cumberland County prices, the two largest sources are Manhattan and Boston. Roughly speaking, one Boston-area house buys nearly two in the Portland area — and remote work made that trade practical for people who once needed to be at a desk five days a week.

At the top end, the shift shows up in a count of transactions rather than a percentage. Five Maine homes sold above $5 million in 2019. By 2024 that number had reached 21. Last year four properties in the state changed hands for more than $10 million. Before that, only seven homes in Maine had ever been publicly listed and sold above $10 million, and every one of them was in the Mount Desert Island area. That is the entire history of eight-figure Maine real estate, and a single recent year accounted for a meaningful share of it.

The deals themselves have the speed that marks a market with more money than supply. A five-bedroom oceanfront property on Ocean Avenue in Kennebunkport, less than half a mile from the Bush family compound, sold for its full $12 million asking price after 90 minutes on the market. The buyer came from Chicago. It was the highest sale ever recorded by Legacy Properties Sotheby’s International Realty, the Portland firm that handled it, and the second-highest statewide in five years. A Cape Elizabeth home once owned by the actress Bette Davis went for $13.4 million. The state record remains a $19 million sale of the late David Rockefeller’s summer estate on Mount Desert Island.

The current asking-price leader is on Cunner Lane in Cape Elizabeth, about seven miles from Portland, which came to market on May 1 at $16.5 million. It is owned by a Sinclair Broadcast executive. If it sells anywhere near that figure, it lands directly behind the Rockefeller sale.

Put alongside the markets Maine is being compared to, the gap is still wide, and worth stating so the trend is not oversold. Nantucket set an all-time record median around $2.34 million, up 34% from a year earlier, with 82 sales above $5 million. In the Hamptons, the median luxury sale price jumped 30% to $13 million in the first quarter, and deals of $10 million or more accounted for $560 million of volume in three months. Maine does that kind of eight-figure volume in a year, not a quarter. What has changed is that it now does it at all.

The ceiling is not unlimited, and Maine sellers who assume otherwise are learning it the hard way. A cliffside estate on Cooksey Drive in Mount Desert, ten bedrooms and 10,200 square feet on six wooded acres, has sat unsold for four years through price cuts that removed nearly half the original ask, and is now listed at $14.5 million. The listing agent attributes it partly to a market that has shifted: inventory is rising, homes are sitting longer, and price cuts are more common than they were during the frenzy.

That is the broader condition underneath the luxury headlines. Maine had 6,664 homes for sale as of December, up 27.3% from a year earlier, with new listings up 21.2% — though the state still carries only about three months of supply. And the volume market remains far below the record sales: of 532 Maine homes sold above $1 million in the first half of last year, nearly 80% were between $1 million and $2 million, and roughly 93% went for under $3 million.

Maine’s coast is not the Hamptons. But for the first time, the same buyers are shopping in both.

JBizNews Desk | Portland, Maine

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It didn’t take long for Mexican avocado picker Francisco Isidro to get back to work after authorities announced the lifting of a U.S. security alert that temporarily halted avocado exports.

Back on the job the morning after the alert was lifted, Isidro threw a rope over an avocado tree about 20 feet (6 meters) high and climbed up. Fifteen minutes later, he had filled a box with avocados bound for the United States.

“Thank God … and now we’re getting paid!” he shouted happily after several days without work.

Eight days after the alert affecting Michoacán state and the deployment of more Mexican troops in the region, U.S. authorities fully lifted the restrictions that spurred producers to shut down operations, and exports resumed. Michoacán is Mexico’s main avocado-producing state and a region where four cartels designated by the Trump administration as terrorist organizations operate.

By the weekend, orchards were operating again, packing plants were running at full speed and U.S. Department of Agriculture inspectors had returned to certify the fruit and ensure it was free of pests before entering the United States.

The workers were happy to get their daily wages back. Some producers hoped the increased security would reduce violence and extortion. Others feared the calm would not last long.

“We’ll be safe for a while, we’ll see what happens next,” said Valentín Rodríguez, a longtime avocado industry businessperson.

Many threats are possible in a violent state

The U.S. alert caught Isidro high in a tree in an orchard in Santa Ana Zirosto, an area of green, low hills in western Michoacán where criminal groups are very active. There were no explanations, just the foreman’s shout to stop cutting.

Isidro, 39 years old and with two decades of experience as a harvester, knew that this meant either starting to look for another job until the situation returned to normal — since they’re paid by the day — or supporting his family solely on what his wife earned from a small store.

More than 90 miles (145 kilometers) away, in the town of Tacámbaro, an engineer at an avocado packing plant received the alert in the early hours of the morning: The facility should be kept sealed and under quarantine.

Some 200,000 people employed by Michoacán’s avocado industry were left in limbo.

Authorities did not say what threat triggered the alert. But in a state where numerous local cartels make money not only from drugs but also from extortion, there are plenty of possibilities.

Some growers have come to consider extortion an unavoidable production cost. A producer from Michoacán told The Associated Press recently that he pays 1 peso per kilo exported in extortion fees and exports about 90 metric tons a day, which amounts to more than $5,000 in daily payments.

In March alone, Mexico shipped nearly 4,800 tons of avocados a day to the United States.

Trucks loaded with avocados are also sometimes robbed on roads in western Michoacán. And some farmworkers have been stopped and beaten by armed men near the border with Jalisco without being told why, according to one worker who spoke on condition of anonymity for fear of retaliation.

Mexican avocado production is US-controlled

U.S. inspectors have been assaulted and temporarily detained in the past, triggering similar export suspensions. On some occasions, threats arose after inspectors detected pests and were pressured not to report them, said an official familiar with their work who spoke on condition of anonymity for security reasons. The U.S. Embassy does not usually provide details about the incidents.

Inspectors now have less of a presence in the orchards, which are located in isolated hills where armed groups operate with little interference, and concentrate on packing plants.

“If the United States says that it is suspending technical services for security reasons, it’s impossible to export. If it’s for a plant health, it’s the same,” said Rodríguez, who grows, packs and sells avocados. “We are at the mercy of whatever the U.S. market and government decide to do with the industry.”

There is also a political dimension, he said, adding that Mexico didn’t export avocados to the United States for eight decades after a worm was found in an avocado pit in 1914. The U.S. ban was lifted in 1997 as domestic production could no longer meet growing demand.

Exports rely on inspection and certification

More than 80% of Mexican avocados are sold to the U.S. Thousands of tons of avocados travel daily to the United States, especially at the beginning of the year, when demand for guacamole surges ahead of the Super Bowl. To keep that volume moving, certification is key.

Isidro is a “certified” picker. He knows how to disinfect cutting tools before using them, handle the fruit quickly and carefully, and report any spots or damage. The orchards where he works are also certified, providing dining and bathroom facilities for workers.

Jesús Méndez, his supervisor, inspected the boxes before they were loaded onto a truck with the tracking details. The trucks wait until all those in the area are ready before traveling in convoys to packing plants, accompanied by police patrols to prevent robberies.

At the packing plants, inspections continue, checking quality, the fruit’s flesh and possible pests. The avocados then move along mechanical lines that sort them by size before workers place them into boxes.

Once labeled and sealed, the trailers head for the U.S. border. At the slightest security alert, every point along the route can be brought to a standstill.

Fears remain despite the return to work

The deployment of more than 1,500 soldiers to protect Michoacán’s avocado-growing region and recent arrests of people allegedly involved in extortion have eased concerns, but only partially.

Luis Manuel Soto, a 36-year-old grower and packer from western Michoacán, hopes the increased security will bring improvements. So far, he says, he has not felt them.

In 2024, he said, armed men pulled him from his vehicle and threatened to kill him unless he paid them and withdrew a complaint over extortion and an attempt to seize his orchards. The threats returned last July, even though one person involved in the earlier case has been convicted.

“They left me a funeral cross and … a written message saying I had only days left,” Soto said from a town near Morelia, Michoacán’s capital.

The threats have continued by phone. Now he divides his time between occasional visits to his orchards, managing his businesses and social projects remotely, and going to prosecutors’ offices to request protection.

In Santa Ana Zirosto and surrounding communities, residents welcome the military presence.

“It gives us some peace, but it also scares us a little because it could lead to confrontations with some of the groups,” said Méndez.

This story was originally featured on Fortune.com

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US envoy Jared Kushner, former British prime minister Tony Blair, and Gazan Board of Peace (BoP) Director-General Nikolay Mladenov met with a Hamas delegation in Cairo on Sunday to discuss the implementation of the BoP’s 15-point roadmap for the Gaza Strip, a source familiar with the matter told The Jerusalem Post.

The source stated that the objective of the meeting was to translate the steps outlined in Mladenov’s roadmap into concrete, verifiable actions aimed at maintaining the ceasefire between Hamas and Israel and removing Hamas from power in Gaza.

The meeting also covered the transfer of all governing responsibilities in the strip to the technocratic National Committee for the Administration of Gaza (NCAG) and deployment of the International Stabilization Force (ISF).

According to the source, the US and Hamas delegations also discussed the decommissioning of Hamas weapons and terror infrastructure, IDF withdrawal, and reconstruction and humanitarian relief efforts in Gaza.

The source told the Post that ‘there can be no ambiguity: Hamas must relinquish governing authority and all weapons and military infrastructure. And Gaza can never again be a source of terror for Israel.”

US Vice President JD Vance, Jared Kushner, and US Secretary of State Marco Rubio look on as US President Donald Trump holds up a resolution document that he signed during the inaugural meeting of the Board of Peace at the US Institute of Peace in Washington, DC, on February 19.  (credit: Saul Loeb/AFP via Getty Images)

Kushner, Mladenov, Blair to meet with Netanyahu over Gaza future

Additionally, Kushner, Mladenov, and Blair will meet with Prime Minister Benjamin Netanyahu and other senior Israeli officials on Monday, with the aim of advancing Trump’s 20-point plan for the Gaza Strip.

“The United States and Israel agree on the end state, which is a demilitarized Hamas. We will hear the concerns raised and discuss the next steps. What matters is that both sides agree on the desired outcome and are working to find ways to accelerate progress,” a BoP source told the Post.

The council maintains that there are “no significant gaps” between the BoP and Israel, and that it is possible to reach a point where the process moves to the next stage of the plan, namely the disarmament of Hamas.

“Israel rejects the Board of Peace’s 15-point document on Gaza. The IDF will not carry out any withdrawal until Hamas is genuinely disarmed,” Netanyahu said last week.

In recent days, Israel resumed targeted killings in the Gaza Strip after halting them for several days.

Israeli officials said that Hamas not only failed to use the period during which the targeted killings were suspended to prepare for the disarmament process, but instead used it to further strengthen its military capabilities.

Trump announced Board of Peace agreement in July

Trump announced that the Board of Peace had reached a “historic” agreement for the complete disarmament of Hamas and all other armed groups in Gaza at the end of July.

He added that the agreement marks a “critical step towards Gaza finally being governed by a new Palestinian government that will work closely with the Board of Peace to help the Palestinian people.”
 
“At the same time, Israel will have the security it deserves, with Gaza no longer used as a base for terror attacks.”

According to Trump, the agreement will be carried out in “carefully structured phases.”

A Board of Peace official at the time had told The Jerusalem Post that while Hamas had many concerns regarding the deal, it and other Palestinian factions had agreed to the entire proposed outline for the first time. 

About a week later, Prime Minister Benjamin Netanyahu had formally rejected the plan during a cabinet meeting, affirming that “the IDF will not carry out any withdrawal until Hamas is genuinely disarmed.”

Esther Davis, Idan Kweller, and Reuters contributed to this report.

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of Kroger.

Following the collapse of its proposed$ 24 billion acquisition with Kroger, Safeway will shut down more locations as its parent company Albertsons Businesses reviews its financial footprint.

While the Kroger exchange was pending, Albertsons claimed to have slowed its “portfolio marketing” efforts before starting to evaluate its store network after the deal collapsed. In order to make what Albertsons described as the hard decision to close some locations, the company has begun the process of opening stores where it anticipates long-term desire.

According to Albertsons&rsquo’s most recent monthly filing, the company closed 35 shops in fiscal 2025, more than triple the number it did the previous year. It had 2, 244 sites spread across 35 states and Washington, D.C. at the end of the fiscal year that it had opened nine retailers during governmental 2025.

The results of those closures were tangible. Sales from governmental 2025 decreased by$ 63.4 million, after closing the doors, and costs associated with surplus qualities increased by$ 45.9 million from$ 15.9 million in the first year.

After a two-year presence, COSTCO BRINGS BACK THE FAN-FAVORITE KIRKLAND TREAT.

Woolworths continued to make investments in other divisions of its chain. In fiscal 2025, the business completed 94 renovations and opened nine new locations as part of an estimated$ 1.83 billion in cash expenses, which also included investments in digital and technological systems.

As of February 28, 2026, Albertsons had nearly 280, 000 employees under its 280, 000 flags, including Safeway, Vons, Jewel-Osco, ACME, Shaw&rsquo, s and Tom Thumb.

Forbidding CONTROVERSIAL PHRASES AND GROUPS ARE ACCORDINATED TO INCONSISTENT ENFORCEMENT IN COCA-COLA’S Personal CANS.

A complete list of prepared Safeway closures was not provided by the company to USA Today. The outlet reported that Safeway areas in Hayward, California, 2220 N. Coast Highway in Newport, Oregon, and 1601 Maryland Ave. in Washington, D.C., have all since shut down in 2026.

According to USA Today, Albertsons said it is attempting to employ as many of the damaged people as possible.

The business review comes after Albertsons ‘ planned merger with Kroger, which was announced in 2022 and would have resulted in one of the nation’s largest food companies.

The$ 24 billion transaction was brought in by the Federal Trade Commission, contending that it would result in higher food prices and less competition for the workers who work there.

The FTC&rsquo’s ask for a tentative injunction blocking the merger was granted on December 10, 2024 by the U.S. District Court for the District of Oregon. Nine state attorneys general were present when the FTC brought the issue.

Kroger and Albertsons filed a lawsuit after the proposed bargain was rejected.

Kroger after filed assertions in Delaware alleging that Albertsons owed the payment and that it had violated the regulations. Kroger’s bill has been challenged by Woolworths.

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Woolworths refused to respond to FOX Business’s request for comment on the cutbacks right away.

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American electric-vehicle sales are moving sharply in the opposite direction from much of the world, offering one of the clearest real-world tests yet of what happens when a major government subsidy disappears.

North American sales of battery-electric vehicles and plug-in hybrids fell 27% in July from a year earlier to about 140,000 vehicles, according to Benchmark Mineral Intelligence. Through the first seven months of 2026, sales totaled roughly 900,000, down 18%.

The decline comes after the federal tax credit of as much as $7,500 on qualifying new electric vehicles expired Sept. 30, 2025.

For consumers, that effectively increased the purchase price of many EVs by thousands of dollars overnight.

And the market reacted.

The contrast with the rest of the world is striking.

Global EV sales still increased 9% in July to approximately 1.85 million vehicles. Europe jumped 33% to about 450,000 vehicles, including gains of 81% in France, 46% in Germany and 43% in Britain.

In other words, Americans are not necessarily witnessing a global collapse in electric vehicles. They are witnessing a distinctly North American slowdown.

That distinction matters enormously for automakers.

Companies including General Motors, Ford, Hyundai, Volkswagen and others invested billions of dollars in U.S. battery plants, electric-vehicle factories, charging infrastructure and new models based partly on expectations that American EV adoption would continue climbing.

Without the tax credit, they are learning how much of that demand was dependent on the government helping consumers pay the bill.

Consider what the old subsidy meant to an ordinary buyer.

A qualifying $50,000 EV could effectively become a $42,500 purchase after the maximum $7,500 federal credit. Without it, the buyer once again has to finance or pay the entire $50,000.

At a hypothetical 6% auto-loan rate over five years, financing that additional $7,500 adds roughly $145 a month to the payment.

For a consumer deciding between an electric vehicle and a similarly equipped gasoline or hybrid model, that difference can completely change the decision.

The numbers also help explain why traditional hybrids are becoming increasingly important in the U.S.

Hybrids generally cost less than full EVs, do not require buyers to install home chargers and eliminate concerns about finding charging stations on longer trips. They also deliver substantially better fuel economy than traditional gasoline vehicles.

Automakers therefore face an uncomfortable question: Did consumers actually want electric vehicles at their previous prices, or did they want electric vehicles after Washington paid $7,500 of the bill?

The answer matters far beyond dealerships.

Battery manufacturers, lithium suppliers, charging-station operators, utilities, construction companies and thousands of component suppliers have invested around projections for rapid U.S. EV growth.

If American demand settles permanently below those projections, some factories could operate below capacity and planned investments may need to be delayed, reduced or canceled.

Automakers have already begun adjusting.

The U.S. EV market share fell sharply after the credit disappeared, and manufacturers have responded with cheaper trims, incentives and changes to their EV product plans. Some have increasingly emphasized hybrids as a bridge between gasoline vehicles and fully electric models.

There is also a global competitive issue.

While U.S. demand has weakened, Chinese manufacturers continue expanding aggressively overseas, particularly across Europe, Latin America, Southeast Asia and other markets. Europe’s strong July growth demonstrates that electric vehicles themselves have not suddenly become unwanted.

The bigger question may be price.

Chinese manufacturers have spent years driving battery and manufacturing costs lower, while many U.S.-market EVs remain relatively expensive. Heavy tariffs also largely keep inexpensive Chinese electric vehicles out of the American market.

That leaves U.S. automakers trying to reduce costs while simultaneously recovering billions already invested in domestic EV production.

For consumers, however, July provided a remarkably simple lesson.

Government incentives can change purchasing behavior dramatically.

Remove a $7,500 discount, and a meaningful number of buyers decide they would rather purchase something else.

For Detroit and the broader auto industry, the 27% decline now forces the more important question: Can electric vehicles become inexpensive enough that Americans will buy them without Washington paying part of the price?

The next several years may determine whether the billions invested in America’s EV transition were building ahead of inevitable demand — or building ahead of demand that depended heavily on a subsidy.

JBizNews Desk | Detroit

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More than 2.5 million properties across the 10 most exposed western states face a moderate or greater risk of wildfire damage, representing nearly $1.4 trillion in reconstruction cost value (RCV), according to Cotality’s 2026 Wildfire Risk Report.

The analysis, released Wednesday, highlights a growing concern for insurers, reinsurers, investors and homeowners. It explains that losses are increasingly driven not only by wildfires but by conflagration, when fires spread structure to structure within neighborhoods.

Risk concentrated in California, Colorado, Texas

California remains the most exposed state, with 1.28 million at-risk properties and $850 billion in reconstruction cost value, the report found. But nearly half of all at-risk properties across the top 10 states (49.9%) are located outside California.

Colorado and Texas together account for nearly 560,000 at-risk properties and $252 billion in RCV, almost matching the $277 billion of exposure across the remaining seven states combined. Oregon, Arizona, Idaho, New Mexico, Montana, Washington and Utah round out the 10 most exposed states.

At the metro level, Los Angeles has the highest exposure with nearly 250,000 at-risk properties and $209 billion in RCV. Four of the 10 most exposed metros are outside California, led by Austin with more than 100,000 at-risk properties and $49.2 billion in RCV, followed by San Antonio, Denver and Spokane, Washington.

Conflagration risk reshapes exposure maps

Cotality’s modeling focuses on conflagration risk, in which the “fuel” for fire transitions from wildland into developed areas and then moves home to home. The company said traditional wildfire models, which emphasize terrain and vegetation, can understate this neighborhood-level hazard.

Layering conflagration potential onto a traditional wildfire risk score can add as many as 40 points to an individual property’s score, pushing meaningful hazard risk into areas legacy maps have classified as low risk, according to the report. That shift could materially change mortgage underwriting, pricing and capital decisions in markets previously viewed as relatively safe.

“Hearing that a property has a higher risk score than previously thought should not be thought of as a bad thing. It shows that new data and analytic capabilities create an opportunity to protect properties more effectively in the evolving wildfire environment we’re facing,” said Jamie Knippen, Cotality’s director of hazard insights.

“This represents a significant opportunity for the entire market: it empowers carriers to move away from broad-brush risk assessments and safely expand their underwriting footprint, and actively rewards homeowners who invest in resilience.”

Mitigation drives sharp differences in expected losses

The report also introduces a property-level mitigation score that evaluates three dimensions: community protections, conditions on and around the parcel, and how fire-resistant the structure itself is.

Homes in the top 10% of mitigation scores carry expected losses roughly 78% below the statewide average, Cotality found. Properties in the bottom 10% have more than 10 times the average expected loss — about $47 in expected loss for every $1 on the best-prepared homes.

Cotality said that spread illustrates how targeted risk-reduction measures — such as defensible space, hardening of roofs and vents, and neighborhood-scale fire breaks or fuel management — can materially change loss outcomes even in high-hazard regions.

For housing professionals, the findings underscore a growing divide between highly mitigated and underprepared homes in wildfire-exposed markets. That gap is increasingly relevant for insurance carrier appetite, premium levels and, ultimately, property valuations and mortgage performance.

Implications for insurers and housing markets

Insurers in wildfire-prone states have already been pulling back capacity, raising rates or exiting specific ZIP codes as catastrophic losses and reinsurance costs have climbed. Regulators in California and other states are simultaneously pressing carriers to stay in or reenter high-risk areas, often with new requirements around catastrophe modeling and mitigation credits.

Within that backdrop, more granular property-level data could help carriers distinguish between homes with similar geographic wildfire exposures but drastically different conflagration and mitigation profiles. In turn, this can support more surgical underwriting and pricing rather than broad moratoriums or nonrenewals.

“Property-level data empowers insurers to identify what steps homeowners can take to mitigate the risk on their properties and leverage that additional resilience in their decision making. Expanding the assessment means going beyond terrain and vegetation to look at factors like structure density, building materials, wind patterns and ember exposure,” Knippen said. “Carriers that account for these factors upfront can make sure homes are properly insured for the catastrophe they actually face — not just the forest fire, but the fire next door.”

For lenders, servicers and investors, the report’s findings point to the importance of understanding both insurance availability and mitigation status at the property level, particularly in fast-growing metros such as Austin, San Antonio and Denver where exposure is rising.

As more states consider building code updates, defensible space requirements and community-focused wildfire resilience programs, tools that quantify conflagration and mitigation could influence zoning decisions, disclosure rules, and eligibility for public or private resilience funding.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

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Rebel Creamery has filed for Chapter 11 bankruptcy protection in Utah, reporting approximately $13.78 million in assets and $23.85 million in liabilities as it appeals a $23.785 million judgment awarded to rival Van Leeuwen Ice Cream in a trade-dress dispute.

Rebel ice cream is sold at Walmart, Kroger, Safeway and other grocery stores nationwide.

Rebel Creamery LLC filed for Chapter 11 protection on Aug. 14 in the U.S. Bankruptcy Court for the District of Utah, according to court records.

Van Leeuwen is listed among Rebel’s unsecured creditors with a $23.785 million claim stemming from the federal judgment. Rebel listed the claim as disputed and noted that the judgment is under appeal.

MAJOR CARL’S JR OPERATOR REPORTEDLY SET TO SHUTTER, SELL DOZENS OF CALIFORNIA LOCATIONS

The Van Leeuwen judgment accounts for nearly all the unsecured liabilities that Rebel listed at fixed amounts in its bankruptcy schedules. The company also reported approximately $5.22 million in cash and cash equivalents, $2.59 million in accounts receivable and $5.65 million in inventory.

Rebel’s voluntary petition estimated both its assets and liabilities at between $10 million and $50 million and said funds would be available for distribution to unsecured creditors. The filing lists Austin Archibald as the company’s manager and member and Michael Johnson of Ray Quinney & Nebeker as bankruptcy counsel.

The bankruptcy filing came less than a month after U.S. District Judge Eric Komitee ruled that Rebel had intentionally infringed and diluted Van Leeuwen’s trade dress through its ice cream packaging.

“The evidence at that trial left no doubt that Rebel infringed and diluted Van Leeuwen’s trade dress and did so intentionally,” Komitee wrote in a July 16 memorandum and order.

Van Leeuwen sued Rebel in 2021, alleging that the company’s packaging copied the distinctive appearance of its ice cream pints.

DETROIT BANKRUPTCY CASE OFFICIALLY CLOSES MORE THAN 13 YEARS AFTER HISTORIC FILING

The court described Van Leeuwen’s trade dress as including monochromatic cardboard pints with matching lids, a primarily pastel color palette, black script lettering and an overall minimalist design.

Komitee found that Rebel’s packaging was similar and that the evidence supported findings of consumer confusion and bad faith. The judge ordered Rebel to stop selling products bearing trade dress likely to be confused with Van Leeuwen’s and required the company to redesign its packaging.

Van Leeuwen sought $36.4 million in Rebel’s profits, but the court reduced the award by 33%, finding that some sales were driven by demand for keto and better-for-you ice cream rather than the packaging at issue.

The reduction left Van Leeuwen entitled to $23.785 million in Rebel’s profits from sales of ice cream pints bearing the infringing trade dress.

Court filings do not establish that the Van Leeuwen judgment was the sole cause of Rebel’s bankruptcy filing.

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Rebel’s bankruptcy paperwork lists the Van Leeuwen litigation as being on appeal.

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The only Americans showing a clear positive balance of happiness after the pandemic are married ones, according to Sam Peltzman, an economist at the University of Chicago’s Booth School of Business who has tracked the General Social Survey’s happiness question for years. Unmarried adults — about 45% of the adult population — are now net unhappy. Peltzman calls it a happiness-segregated society by marriage.

The overall picture is not a rebound so much as a hole that has barely filled in. The balance between “very happy” and “not too happy” held steady from 1972 through 2018, then dropped 25 points when the pandemic hit. It has recovered five. For comparison, Peltzman put the Great Recession’s hit at 10 points at most, and said it came back right away.

Split by marital status, the two lines diverge sharply. Married respondents moved from roughly +30 to +50. Unmarried respondents went from near breakeven to about -15. Both groups took a hit in the crash, and Peltzman said if anything the unmarried were hit slightly harder. The married cohort held its ground and then improved; the unmarried cohort did not.

The obvious explanation — fewer people are married, so the average fell — does not hold. Peltzman said the marriage rate has not moved in 15 years, sitting at roughly 55/45. Rates did decline from the 1970s through the early 2000s, and his earlier work found that decline explained most of the pre-pandemic happiness slide, but that slide had leveled off well before 2020. What changed was not how many people are married, but how much worse it now feels to be unmarried.

The affordability explanation does not hold either, at least not in the direction most people would assume. Peltzman’s data show the steepest declines among the groups that started with the most — white, high-income, college-educated, right-leaning Americans — and he noted that affordability pressure is a lower-income concern while upper-income people were hit hardest in the crash. Explanations resting on inequality, he said, are not consistent with the facts.

He is emphatic about the limits of the finding. Happy people get married and married people become happy, he said, and warned against making personal decisions on the basis of the data. A separate 2025 paper of his found the marital premium holds across nearly every group tested — age, race, income, education, sexual orientation — with cohabiting couples getting a smaller version, about 10 points. Correlation, not a prescription.

Other researchers point at the social side rather than the balance sheet. Brad Wilcox of the Institute for Family Studies said economic pessimism contributes, as young people worry about inflation and housing costs, but that the negativity bias of social media and declines in socializing, dating and marriage loom larger, because young adults’ social ties have deteriorated far more than their economic position has. The age data support the emphasis: from 2000 to 2019, roughly 10% to 15% of every age group reported being not too happy, but from 2021 to 2024 the 18-to-35 group jumped to 26%, against 20% for the middle-aged and 21% for those 56 and up. Peltzman also found that Americans’ belief that other people treat them fairly crashed in the same year and by the same scale, which he described as social glue coming apart.

For businesses, the practical content is that the American consumer is not one consumer. Gallup’s wellbeing data from 2009 to 2023 found 61% of married adults aged 25 to 50 classified as thriving against 45% of those who never married, a 16-point gap. That gap is not new; what is new is a large unmarried bloc that has moved into net-negative territory on the broadest happiness measure available.

The economic sorting behind it is well established. Researchers describe a marriage divide in which people with more education and stable earnings are both more likely to marry and less likely to divorce — 69% of college-graduate women were married by 2010 against 56% of women with only a high school diploma, and the gap has widened since — concentrating the advantages of marriage in higher-income households. The marriage rate has fallen 26% since 2000 while the divorce rate has fallen by nearly half, which produces fewer married households that are, on average, more financially stable than the ones they replaced.

Where that shows up in transactions is at the wedding itself and after. Bank of America’s card and payment data show wedding spending per customer up 8.5% year over year through May, against an average national wedding cost of $36,000 in 2025, up $3,000 from the prior year. Marriage volume recovered to pre-pandemic levels in 2022, with 34 of every 1,000 unmarried adults marrying that year. Fewer weddings, more expensive ones, sold to a narrower and better-off customer.

The takeaway for anyone selling to households is that aggregate consumer sentiment is now averaging two populations moving in opposite directions, and the smaller, wealthier one is the one feeling better about the future. Marketing built on a single American mood is measuring something that no longer exists.

JBizNews Desk | New York

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France banned telemarketing calls made without prior consent as of Tuesday, Aug. 11, with penalties of up to €75,000 — about $87,000 — for each illegal call placed by an individual, and up to €375,000, roughly $435,000, for each one placed by a company. The fines are assessed per call rather than per campaign, which is the provision that actually matters. A single afternoon of dialing a purchased list is now an existential number rather than a cost of doing business.

The rule is simple: businesses may not contact consumers without prior consent, according to Alice Vilcot, chief of staff at the Directorate-General for Competition, Consumer Affairs and Fraud Control. Consent can be withdrawn at any moment. If a consumer objects during a call, the call must stop and the caller may not make contact for that purpose again.

The change is structural, not incremental. France has moved from an opt-out system to mandatory opt-in — from a world where the burden sat on the person being called to one where it sits on the company doing the calling. Under the old arrangement, anyone who wanted to avoid sales calls had to register with a government service, and consumer groups said some call centers simply ignored the list. Bloctel, that registry, launched in 2016; a survey by the consumer group UFC-Que Choisir later found nearly half of registered users still receiving calls. An Ireland-based company was fined €6 million last year for calling numbers on it.

Two exceptions keep normal commerce intact. A company may call if it already has the customer’s agreement — obtained at a purchase, in a shop or through a form — and it may call about a contract the customer has already signed. That preserves service calls, renewals and follow-ups on existing accounts. What it eliminates is the cold list.

The scale of the problem explains the severity of the response. Government estimates put about three-quarters of people in France receiving at least one unsolicited sales call every week, many receiving several. In 2024, eleven consumer organizations jointly demanded a ban, describing relentless harassment across landlines and mobiles. Fifteen years of narrower measures had preceded it — bans on calling from certain mobile prefixes, restrictions on times of day and weekends, and sector-specific rules covering training accounts, home adaptations for disability or old age, and energy-efficiency renovation. Those covered a handful of industries. The new rule covers nearly all of them.

The law was framed officially as an anti-fraud measure tied to public assistance programs, aimed at the high-pressure sales scripts common in energy renovation and financial services rather than at annoyance alone.

Businesses had time to prepare. The legislation was promulgated on June 30, 2025 and published the following day, taking effect more than thirteen months later. The practical work is unglamorous: auditing call lists, deleting every number without documented consent, and building consent capture and withdrawal into whatever system the sales team runs on. That applies to any contact center, CRM platform or sales operation dialing French numbers, wherever it sits.

The employment consequence lands outside France. Morocco has warned that between 40,000 and 50,000 call center jobs are at risk — an offshore industry built substantially on serving French consumers by telephone, now facing the removal of its largest use case. Those centers will either convert to inbound service work or shrink.

France is not the first mover, but it is the strictest. Germany has required consent for telemarketing since 2009, while the United Kingdom and United States still run opt-out systems. British companies that call people who have opted out face fines up to £500,000, about $670,000, per call. The British number is larger, but it applies only to calls placed to numbers on the preference list. France’s smaller per-call figure applies to every call without documented consent, which is a far wider base. The exposure is the fine multiplied by the number of calls that qualify, and France has enlarged the multiplier enormously.

For American companies, the reach is the thing to check. The obligation attaches to calling a French consumer, not to being a French company. Any firm with a French customer base, an outsourced dialing operation or a lead list that includes French numbers is inside the rule as of this week. Consumers can report violations through a government website, which means enforcement does not depend on regulators discovering the calls themselves.

The broader signal for anyone building a sales operation is that the telephone is losing its status as an open channel in Europe. Consent is becoming the asset, and a list of numbers without it is becoming a liability priced at €375,000 apiece.

JBizNews Desk | Paris

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Google is making artificial intelligence substantially cheaper for businesses to use, launching a new Gemini model Thursday at half the price of the model it is replacing as the competition to automate everyday business work intensifies.

The new Gemini 3.7 Flash is aimed at software coding, AI agents and automated business workflows. Google is offering introductory pricing through the end of 2026 of 75 cents per 1 million input tokens and $3.75 per 1 million output tokens, compared with $1.50 and $7.50 for Gemini 3.6 Flash.

But what does that actually mean in dollars?

A token is a small piece of text processed by an AI model. Roughly speaking, 1 million tokens can represent around 750,000 English words, depending on the material.

That means a business could feed Gemini roughly 750,000 words of documents for about 75 cents.

A 10,000-word batch of invoices, contracts, reports or other documents would cost roughly one penny for the AI to read and process on the input side.

The output costs more. If Gemini generated the equivalent of 100,000 words in responses, summaries, reports or other work, the output portion would cost roughly 50 cents at the introductory price.

That is the real business story.

Companies pay AI providers based largely on how much information their applications send into a model and how much the model generates back. Cutting those prices in half can transform the economics of using AI hundreds, thousands or even millions of times.

A company might use the model to review invoices, summarize contracts, categorize customer emails, prepare reports, analyze documents, write software or operate customer-service systems.

One AI-assisted email may save only a few minutes. But a system processing 100,000 documents or customer requests can potentially eliminate hundreds or thousands of hours of repetitive work.

That is why the AI competition is increasingly becoming about something business owners understand very well: cost per job.

The industry spent the past several years competing over which company could build the smartest AI model. Increasingly, Google and its rivals are competing over how inexpensively those models can perform useful work.

For businesses, that distinction matters enormously.

An AI system that saves an employee five minutes but costs several dollars every time it runs may not make economic sense. If that same job costs pennies, the calculation changes.

Google is specifically positioning Gemini 3.7 Flash for agentic workflows, where AI does more than answer a single question. An AI agent can potentially receive an assignment, examine documents, interact with software, make decisions and complete multiple steps before returning the finished result.

Imagine an accounts-payable department receiving hundreds of invoices.

Instead of an employee opening each invoice, identifying the vendor, reading the amount, entering the information into another system and flagging discrepancies, an AI agent could potentially perform much of that workflow automatically — with employees reviewing exceptions rather than every transaction.

The same economics can apply to insurance documents, purchase orders, customer-service tickets, legal paperwork, inventory records and software development.

For small and midsize businesses, falling AI prices may be especially important.

Large corporations can afford multimillion-dollar experiments even when the return is uncertain. Smaller companies generally need a much clearer payoff before changing their operations.

At 75 cents per million input tokens, however, the cost of having AI read enormous quantities of text is becoming almost negligible compared with the cost of the employee time traditionally required to process it.

Google also has a strategic reason to push prices lower. It is battling OpenAI and Anthropic for enterprise customers, and price is becoming an increasingly important part of that competition.

Gemini 3.7 Flash therefore represents something larger than another AI product release.

The price of intelligence itself is falling.

And as that happens, the question facing business owners changes from “Can we afford AI?” to “Which jobs are we still paying people to do manually that technology can now perform for pennies?”

That may ultimately prove far more disruptive than whichever company wins the next AI benchmark.

JBizNews Desk | Mountain View, Calif.

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China is now building and selling so many cars abroad that the world has run out of boats to move them. The ships that carry vehicles across oceans are a specialized type — floating parking garages with ramps, known in the trade as car carriers — and there are only so many of them afloat. Chinese factories are turning out export vehicles faster than that fleet can haul them, so the ships are booked years ahead, the cost of hiring one has jumped 65% this year, and carmakers are resorting to stuffing cars into ordinary steel shipping containers to get them overseas.

The numbers explain the squeeze. In 2019, China shipped just under 600,000 cars and vans to foreign buyers. This year, research group Mobility Global expects the figure to reach as high as 10 million — roughly 16 times as many vehicles in seven years. The global car-carrier fleet, meanwhile, has grown by about 40%. Cars up sixteenfold, ships up four-tenths: that gap is the entire bottleneck.

Prices moved the way prices always move when demand overwhelms supply. Hiring a large car carrier on an annual contract averaged $42,500 a day at the end of last year, according to shipbroker Clarksons. By June it averaged $70,000 a day — about two-thirds more in half a year. Lasse Kristoffersen, chief executive of Norwegian carrier operator Wallenius Wilhelmsen, said the enlarged fleet still cannot keep up with what Chinese exporters want to move. Andreas Enger, chief executive of Höegh Autoliners, said ocean freight rates for automobiles now run at double their pre-pandemic level, and pointed out that China went from a minor exporter to the world’s biggest in about five years.

The workaround is already at sea. Rather than wait for a berth on a dedicated car carrier, exporters are loading vehicles into the same 40-foot containers used for furniture and televisions, and sending them on regular container ships. Kristoffersen estimates up to four million vehicles a year now leave China this way or by similar improvised means — close to four out of every ten cars China exports. The practice has grown large enough that container giants including A.P. Moller-Maersk and Mediterranean Shipping Co. are selling shipping services straight to automakers, a customer they once left to the specialists.

Chinese manufacturers are also solving the problem by buying their way into the shipping business. BYD launched its first dedicated car carrier in 2024 and now runs a fleet of eight. Shipyards, most of them Chinese, are working through order books that stretch out for years, which is why relief on charter rates is unlikely to arrive quickly. A ship ordered today does not carry a car until the end of the decade.

Behind the export push sits a problem at home. Chinese car sales inside China fell more than 20% in the first half of 2026 against the same stretch last year, according to International Energy Agency figures. More than 100 domestic brands are fighting over a shrinking home market, and the factories keep running. Tu Le, managing director of Sino Auto Insights, described exports as a pressure release valve for a market with far more brands than it can support. Cars that cannot be sold in Shanghai get sold in São Paulo instead.

Europe is where the displacement shows up most clearly. In the first half of this year, SAIC Motor’s registrations across the European Union rose 19% and BYD’s more than doubled, according to the European Automobile Manufacturers’ Association. Over the same period, Stellantis gained 6%, Volkswagen 2.6%, and Renault slipped 4.2%. Chinese brands are also taking share in the United Kingdom, Germany and Brazil.

American driveways are largely untouched, for now. Tariffs and federal restrictions on Chinese vehicle software, imposed on national security grounds, keep those cars off U.S. lots almost entirely. But American buyers still feel the shipping squeeze indirectly, because the same fleet that moves Chinese cars to Europe also moves German, Japanese and Korean cars to Baltimore, Brunswick and Long Beach. When the cost of an ocean crossing doubles, that expense reaches the sticker on an imported sedan in Newark the same way it reaches one in Rotterdam.

The fix, such as it is, comes in three parts and all three are already underway: more ships being built, more cars traveling in containers, and carmakers buying their own vessels rather than renting. None of it is fast. Until the new hulls arrive, the constraint on how many cars China sells to the world is not how many it can build. It is how many it can float.

JBizNews Desk | New York

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The core recommendation in a report released Thursday is simple enough to state in one line: New Jersey should not shut down a working power plant until the thing meant to replace it is built, connected, and proven to deliver on the hottest and coldest days of the year.

The Garden State Initiative, a nonpartisan research group based in Morristown, is calling on Trenton to replace the state’s current Energy Master Plan with what it describes as a more practical roadmap — one built on realistic timelines, proven technologies and measurable benchmarks rather than fixed mandates. The report, titled “Reliability Before Retirement,” was written by policy analyst Anurag Bhat.

The argument rests on a supply problem that has already shown up on bills. New Jersey imports close to a fifth of the electricity it uses, which leaves it leaning on neighboring states whenever demand spikes. More than two-thirds of the state’s summer generating capacity in 2024 came from natural gas. Battery storage, which the previous administration counted on to fill gaps when solar and wind are not producing, stands at roughly 5% of its target. Retiring firm generation before that gap closes, the report argues, means buying more power from the regional market at whatever it costs that day.

“New Jersey can pursue cleaner electricity while protecting affordability and reliability,” said Audrey Lane, the group’s president, who framed the fix as building new supply before dependable resources are retired.

The framework the report proposes has three parts. Preserve means keeping existing nuclear plants, gas plants and access to the regional PJM market. Build means adding resources that are cost-effective and actually deliverable, including the transmission lines needed to move the power. Prepare means evaluating the next generation of clean, firm technologies on a technology-neutral basis — judged on cost and performance rather than on which category they fall into. The report also reviews energy planning in California, New York, New England, Pennsylvania and Texas, concluding that none is a model to copy but each offers usable lessons.

The policy landscape it lands in has already shifted. Governor Phil Murphy released the 2024 Energy Master Plan last November, a roadmap developed over roughly 22 months. It calls for 100% clean electricity by 2035 and steep emissions cuts by midcentury. It arrived as PJM Interconnection, the grid operator serving New Jersey and a dozen other states, struggled with surging demand from artificial-intelligence data centers, and after capacity auctions added billions in costs across the region — showing up as a roughly 20% jump in summer electricity bills that became a central issue in the governor’s race.

Governor Mikie Sherrill signed two executive orders on her first day in office in January, directing the Board of Public Utilities to expand ratepayer bill credits and pause proceedings that could approve new rate increases. A second set of orders aimed at supply expanded solar generation and battery storage, sought new natural gas capacity, and directed a study of new nuclear power. She has since signed legislation lifting a 40-year nuclear moratorium and launched a state nuclear task force. Nuclear currently produces about 42% of the state’s electricity and natural gas about 49%.

That overlap matters: on preserving nuclear and adding gas, the report and the governor are largely pointed the same direction. Where they differ is on pace and on whether the 2035 target should remain a mandate.

Not everyone accepts the premise. Alex Ambrose, a policy analyst at New Jersey Policy Perspective, welcomed the push to build renewables faster and cut permitting delays, arguing it lowers bills long-term, but rejected the case for new gas plants outright, saying there is no economic or other justification for building them in New Jersey. The disagreement is fundamentally about risk: whether the bigger danger is paying for gas capacity that later sits idle, or retiring capacity the state still needs.

For New Jersey employers, the number that matters is the one on the invoice. Electricity prices in the state remain well above the national average, with demand rising and supply tightening. Residents spend an average of $178 a month on energy and gas. The bill credits ordered in January are one-time relief — the previous round cost roughly $430 million and Sherrill’s is expected to run higher — which is precisely the distinction the report draws. Rebates lower this month’s bill. Supply lowers next decade’s.

JBizNews Desk | Trenton, N.J.

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The question of whether AI is a bubble is the wrong one, Dhaval Joshi argues. The right question is: which AI bubble is popping today?

Joshi, until recently the chief strategist for Counterpoint at London’s BCA Research, has been building a reputation for contrarian, structurally minded calls on the AI trade. A week ago, he reframed the entire “is AI a bubble debate” itself, writing on LinkedIn.

Rather than your classic idea of one giant bubble building until it implodes, this is rather a rapid-fire sequence of bubbles popping and inflating in a rolling pattern. Investors are misjudging, and then correcting, who or what will actually capture AI’s value. One commenter, Artificial Genius President Paul Burchard, asked Joshi whether AI is like the infamous tulip bubble of the Netherlands in the 17th century. After all, that bubble rolled through rare bulbs into tulip futures.

Joshi responded that the AI bubble is rolling through sectors beyond the proverbial tulip. It would explain the “SaaSpocalypse” in the software-as-a-service sector, as well as volatility in silver and semiconductor stocks. But is this just the market doing what it’s supposed to do, namely price discovery?

The rolling hills of bubbles

Joshi produced a chart showing that software stocks rallied on the idea that AI would be a productivity tool, then crashed as investors realized AI agents were threatening the SaaS subscription model itself. “So, the software boom turned to bust.”

Silver also had a boom and bust. Prices spiked as the metal is seen as the best electrical conductor for power-hungry data centers: “On reassessment however, this could not justify a near trebling of the silver price when there are other good conductors.”

Semiconductors then rose on the idea of seemingly limitless pricing power for chipmakers, but Joshi argued that investors are realizing that chipmakers don’t have “moats” around their profits. He offered a prediction: “Astronomical margins will crash back to earth when demand and supply equilibrate, as they ultimately must. So, the semis boom is unwinding – though has further to go.”

In an interview with Fortune, Joshi said he slightly disagreed with his former colleague, BCA’s Peter Berezin, that the market is in an earnings bubble, calling it more of a “profit margin bubble” instead. It’s not that earnings are unjustified by price or the P/E, price-to-earnings ratio, but now “the market is finally saying, ‘How is the E high?’ Because you’ve got very high margins, but can you maintain those margins?”

The obvious counter is that this is simply price discovery: markets testing a thesis, finding it wrong, and correcting. The amplitude is the difference here — a near tripling of silver overshoots any plausible fundamental by an order of magnitude. “If you can make a fortune in a matter of weeks or months, and, crucially, then lose it all just as quickly or even quicker,” Joshi said, “then that constitutes a ‘bubble.’” In his view, the market’s normal reassessment of winners and losers should not be so extreme in “magnitude and rapidity.”

Rather than fundamental reassessment, some kind of narrative contagion is setting in briefly, like a mania, before rolling off to somewhere else. And the silver example also shows that this misallocation isn’t just in equity markets.

“In real time, we are making educated guesses about which rapid inflations are at risk of rapid deflation,” Joshi told Fortune.

The good news, for now, is the cyclical nature of the reinflation, which has prevented a correlated selloff so far. But what investment, he asked — if any — will come next in the rolling sequence?

Everyone agrees overspending is happening

Joshi is far from a lonely voice on bubble risk, as the mayor of Wall Street himself — Jamie Dimon — has repeatedly voiced concerns over elevated valuations, while Bank of America Research’s Global Fund Manager survey has named “AI equity bubble” as the top tail risk. Even OpenAI CEO Sam Altman as well as Goldman Sachs CEO David Solomon and Amazon founder Jeff Bezos have conceded that something bubbly is going on. But the bubble was supposed to pop in 2025 and yet has kept going.

The latest earnings season changed the conversation with regard to hyperscaler free cash flow, which is being eaten by capital expenditure, with Google even going free cash flow negative for the first time in its history. Reuters calculated in late July that Microsoft, Alphabet, Amazon, Meta and Oracle were on pace for capex to overtake free cash flow by 2027. The debate is not so much about whether overspending is occurring, but whether the overspending is rational.

Joshi’s former firm, BCA Research, has sent mixed signals, upgrading equities in May on the logic that AI capital expenditure is the dominant force driving markets forward, though BCA strategist Juan Correa warned “We suspect that we could be in the early innings of a violent blow-off rally in AI-related stocks.”

Joshi is disaggregating the AI asset class into a sequence, explaining why no single AI-linked selloff has triggered a market crash. He also offers a testable, repeatably pattern that can be checked against new candidates as they emerge. When Fortune asked Joshi what the peak of AI capex would be, he responded it would most likely be late 2026 or the first half of 2027. Regarding outsized returns in earnings, he said those profits are premised on “stratospheric and unsustainable profit margins,” but he was open to changing his mind if those profit margins normalized without hurting profits.

Highly accommodative monetary policy is a major condition for any bubble, the strategist told Fortune, so a major risk would be a tightening in that area — “rather than capital just sequencing into the next bubble, it would exit risky assets entirely.” When asked what could unravel the entire sequence at once, he said three things could break the pattern: if real interest rates and/or real bond yields rose sharply, if the capex cycle unwinds very sharply, or if “a non-mild recession” hits.

He also tracks a fourth risk: a lack of what he calls market “complexity,” a metric he built by adapting the famous mathematician Benoit Mandelbrot‘s research into complex adaptive systems. Where Mandelbrot applied these principles to cauliflowers and river basins, Joshi applied them to financial time series, explaining that high complexity creates of equilibrium.

The deeper question underneath the rolling sequence is who, ultimately, captures the value of a general purpose technology like AI. Joshi laid out three scenarios.

The first is the web 2.0 model: corporations with genuine moats, like Amazon in ecommerce or Google in search, which capture everything because winner-takes-all network effects let them sustain margins.

The second is the superstar individual: a top lawyer or consultant who uses AI to collapse their own staff costs while maintaining premium-quality output, pocketing the revenue.

The third is “massive competition” so intense that nobody can hold margins, and “the winner is just the general consumer, because prices collapse.” That is one way the rolling sequence of bubbles could conclude, he said, explaining that what looks like rolling hills are really a giant wall of capital looking for somewhere to go after exhausting moats, one by one.

In a separate post, Joshi found one possible candidate: a 20-year-old, near-obsolete memory chp called DDR3 RAM. It has surged 600% in less than a year. “To put that into perspective, it would be like paying $50,000 for a beaten-up 2007 Toyota Corolla!”

Joshi told Fortune he wasn’t sure what the next rolling bubble sequence would be: “That’s the million-dollar question!” He noted it was very unusual how crypto has not participated so far, “but if AI and blockchains can produce some synergies, then crypto could be a candidate.” In the meantime, this rolling sequence has created what he calls “playable segments” for investors nimble enough to catch each move. “Anything that’s moved up very, very sharply in a short space of time is a candidate,” he said. The discipline is keeping your ears to the ground for what narrative is inflating next — and which moat turns out to be all dried up.

This story was originally featured on Fortune.com

This post was originally published here

The clock has been ticking for two months since the June “ceasefire” between the US and Iran, and still the Islamic Republic is rearming.

That should dominate Israel’s thinking about every day that passes without an agreement capable of restraining the Iranian regime.

The Jerusalem Post’s Yonah Jeremy Bob reported last week that Israeli defense officials have been shocked by the speed with which Iran is recovering from the damage inflicted during the war.

The concern stretches across several parts of its military infrastructure, including the ballistic missile program, that remains an immediate strategic threat to Israel.

The figures are sobering to look at, given the ease with which the US and Israel bombarded the Iranians’ military sites for two months from February through April.

Israeli Prime Minister Benjamin Netanyahu, Defense Minister Israel Katz, and IDF Chief of Staff Lt. Gen. Eyal Zamir attend the graduation ceremony of an IDF officers’ course in southern Israel, June 25, 2026. (credit: FLASH90)

Israel and the United States struck more than 2,600 missile and military-industrial targets during the roughly 40-day war, carrying out some 30,000 attacks, and it left Israeli officials believing the scale of the destruction had crippled Iran’s ability to restore its military industries at anything like their previous pace.

Iran rebuilds its missile capabilities faster than Israel expected

Iran has already confounded such assessments before. After Israeli strikes in October 2024, officials believed missile production had been set back by a year or more.

By early 2025, production had recovered. Following far greater attacks in June 2025, Israel again believed the production network had been crippled for years. And yet, as it always seems to, Iran rebuilt again.

Now the Post has confirmed that Iran is producing new weapons at a much faster pace than Israeli planners anticipated. If it can return to manufacturing 100 to 300 ballistic missiles a month, it could restore its arsenal to June 2025 levels by early or mid-2027.

That is the clock Israel must watch.

Diplomatic clock runs down as Iran maintains pressure in Hormuz

Friday brought another reminder of how badly the diplomatic clock is running. Transit through the Strait of Hormuz appeared to slow almost to a standstill after two more ships were attacked.

The United Arab Emirates blames Iran for attacks on two vessels belonging to the state-owned Abu Dhabi National Oil Company, while shipping through the strait remains a fraction of its prewar level.

Tehran continues to use Hormuz as leverage, demanding sanctions relief and the release of frozen assets before the waterway fully reopens.

The United States says it can maintain its naval blockade indefinitely and promises still more economic pressure.
Yet almost two months after the June ceasefire agreement created an opening for diplomacy, a wider deal is nowhere in sight. There has yet to be any breakthrough over Hormuz, nor is there a durable settlement on Iran’s nuclear program.

The ballistic missile threat remains unresolved, and the pressure campaign has yet to return Tehran to the negotiating table on terms that can give Israel confidence the danger is actually receding. The longer this goes on, the more it looks like the

Americans are operating without a real, strategic plan.

Meanwhile, the work inside Iran continues.

Every month without an agreement gives Iran more time to rebuild

Every month gives Iranian engineers, commanders, and procurement networks more time to reopen facilities, replace machinery, uncover underground missile sites, disperse production, and replenish stocks.

The longer negotiations drag on without enforceable restrictions, the more the military achievement bought at enormous cost begins to erode.

Israel cannot afford to wake up next year and discover that a threat believed to have been pushed back by years was delayed by only a matter of months.

Diplomacy remains the preferable route if it produces an agreement that genuinely constrains Iran’s nuclear and ballistic missile capabilities. Israel has every reason to support such an outcome.

Endless negotiations, however, carry their own strategic price when the country on the other side of the table is rebuilding while it talks.

But as the Post has stated before, Israel is directly in the firing line. The United States is not. If we need to take matters into our own hands, then that should be our prerogative, whatever our working relationship with the US.

Two months have already been spent trying to turn a ceasefire into something more permanent. Iran has spent those same two months recovering.

Washington and its allies must now put a limit on how long this process can continue without results. Israel cannot afford to give Iran any more time to rearm. 

This post was originally published on here

President Donald Trump has ordered one of the biggest restructurings of U.S. naval shipbuilding in decades, directing the Pentagon to create a fifth public Navy shipyard while opening the door to building some American warships overseas.

The national security memorandum signed Thursday is aimed at expanding shipbuilding and repair capacity after years of delays, cost overruns and shortages across the Navy’s industrial base.

The new shipyard would be the first additional public Navy yard in more than 80 years and would focus heavily on submarine and aircraft-carrier maintenance.

That matters because the Navy currently relies on just four public shipyards for much of its nuclear-powered fleet maintenance, creating major bottlenecks whenever projects run behind schedule.

The memorandum also allows foreign shipbuilders that invest in U.S. facilities to build as many as two ships overseas while domestic production capacity is being established.

That marks a significant policy shift.

For decades, major U.S. Navy vessels have overwhelmingly been built domestically. The administration is now signaling that allied shipyards could be used temporarily to speed production while American yards are expanded.

The move could create major opportunities across the U.S. industrial base.

Shipbuilding requires far more than shipyards themselves. Steel producers, engine manufacturers, electronics suppliers, welding companies, machine-tool makers, defense contractors, ports and skilled trades all stand to benefit if the Navy materially increases construction and repair spending.

The administration is also targeting one of the Navy’s most expensive technology debates.

Trump directed the Navy to replace the electromagnetic aircraft-launch system planned for the future USS Doris Miller with traditional steam catapults, arguing that the older system is simpler and more reliable.

Changing the design of an aircraft carrier already in development could itself cost billions of dollars and create additional engineering work, making the decision likely to become one of the most closely watched parts of the overhaul.

The broader issue is capacity.

The United States has spent years struggling to build submarines and surface ships quickly enough to meet Navy targets while also maintaining the fleet already in service.

Now Washington is attempting to solve the problem by expanding domestic yards, bringing in allied shipbuilders and increasing the number of facilities capable of handling the Navy’s most complex vessels.

For American manufacturers, the policy could translate into a long-term wave of defense and infrastructure spending.

The Navy is not simply ordering more ships.

It is trying to rebuild the industrial system needed to build and maintain them.

JBizNews Desk | Washington

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Can plants go moo? Well, not exactly, but a new Hebrew University of Jerusalem (HUJI) study has brought a step closer to the possibility that plant seeds could manufacture and store one of milk’s most important proteins – the same ones that give milk its nutrition, creamy texture, and cheese-making properties.

The discovery would thus help overcome a major hurdle in producing real dairy proteins without cows, paving the way for more sustainable dairy ingredients, less climate change, and alternative food production.

Just published in Frontiers in Plant Science under the title “Microscope reveals surprising milk protein clusters in engineered seeds,” the research was led by Prof. Oded Shoseyov of the Robert H. Smith Faculty of Agriculture, Food, and Environment at HUJI, together with lead author Almog Ozeri and Mai Shamir, Miron Abramson, Barak Cohen, and Amir Rudich.

The team showed that plants can successfully manufacture ß-casein, one of the major proteins found in cow’s milk. Even more surprising, the protein accumulated in an entirely unexpected location inside plant cells, revealing a previously unknown pathway that could help improve the production of animal proteins in crops.

According to their press release, “As global demand for dairy continues to grow while concerns mount over greenhouse gas emissions, land use, and water consumption associated with livestock farming, scientists have been searching for sustainable ways to produce authentic dairy proteins without relying on animals.

PROF. ODED SHOSEYOV (credit: Yosef Adest for the Hebrew University of Jerusalem)

“Plant molecular farming, using crops as miniature protein factories, has emerged as one of the most promising approaches, but producing complex milk proteins in plants has remained a major technical challenge.”

To tackle this problem, the researchers engineered seeds from Arabidopsis (thale cress), a weed in the mustard family (Brassicaceae) native to Eurasia and Africa. It is commonly found along the shoulders of roads where plant cover is lost, or soil is churned up by construction, grading, fire, or heavy traffic.

Plants used to produce bovine ß-casein

They used it to produce bovine ß-casein fused to an oil-body protein called oleosin, which is bound to plant oil bodies. Testing several different “cellular addresses,” they directed the protein to various compartments within the plant cell to determine where it would accumulate most efficiently.

Shoseyov told The Jerusalem Post in an interview that the team’s findings were totally unexpected. “The protein absolutely behaves like real dairy ß-casein – even better.”

Asked why the plants ignored their instructions, he suggested that it was “probably due to the gap between what we think we know and what we actually know.”

“Biological systems are far more sophisticated,” Shoseyov continued. “While we can’t claim it’s an entirely new biological pathway – we need further investigation to come up with such a statement – it opens some very interesting opportunities. It’s likely that we’ve simply overlooked something that plants have always done.”

They created a “novel food ingredient that combines protein and oil that may be either integrated into existing dairy products or will be used to produce entirely new tasty and nutritious food products more cost-effectively and sustainably compared to the existing dairy industry,” he said.

“We estimate that in 18 to 24 months, we’ll reach the commercial stage. The biggest remaining obstacle ahead is adoption of the technique by industry. We have already begun discussions with the US Food and Drug Administration.”

Shoseyov already holds over 100 patents relating to his work in protein engineering, nanobiotechnology, and bio-inspired materials.

Although precision fermentation already produces dairy proteins, plants have an advantage because protein production and extraction in plants is up to 100 times cheaper compared with fermentation, he said.

Shoseyov suggested that safflower (Carthamus tinctorius) is the intended commercial and agricultural crop platform for this technology. Arabidopsis was the research model that was used in the lab because of its fast life cycle, small genome, and ease of genetic transformation, but safflower is the targeted crop.

Once the artificially designed segment of DNA is assembled in a lab and everything is validated in Arabidopsis, it is transferred to safflower for scaled agricultural production.

Milk is only four percent protein, 3% fat, with some sugars, but it’s mainly water, said the HUJI expert. “Safflower seeds contain about 10 times more concentrated protein and fat.”

“Thus, for every 10 trucks that carry cold milk, we would need to use only one at room temperature, and upon arrival at the factory, the seeds could be stored in a silo at room temperature for up to one year.”

Safflower seeds are white; the oil is colorless and has no flavor, therefore avoiding coconutty, beany, or oaty cereal-like odors of “milks” made from coconut, soy, or oats. In addition, safflower plants prefer hot weather and require very little water for irrigation, if any, thus making them an ideal crop for global warming.”

As demand grows for environmentally sustainable sources of protein, discoveries like this bring scientists closer to producing authentic dairy ingredients in plants that require only sunlight, water, and soil to grow, he continued.

More opportunities for dairy farmers

Asked what dairy farmers will do, Shoseyov said they’ll have more opportunities. “Regular dairy is not going to vanish. In the next 20 years, most of the plant-based dairy proteins will be used in hybrid products to reduce price and meet sustainability goals. The farmers may expand their growing seasons to grow our crops and supply them to their dairy factory customers.”

The largest growth in demand will come from the Asia-Pacific region, and countries that are likely to become the major growers are Australia, the US, Argentina, Brazil, Ukraine, China, and eventually India and Africa.

“We already started discussions with the FDA. There is a very clear path. It should not be too difficult. In five years, I hope to see our plants grown all over the world and the shelves in the supermarkets loaded with our plant dairy products,” Shoseyov said.

“But mostly, I hope that our dairy safflower seeds will contribute to the food security of Israel. I look forward to tasting mozzarella cheese made of our novel ingredient.”

Asked if his discovery could end up being more important for medicines than for dairy since plant molecular farming also produces pharmaceuticals – so farms would become protein factories rather than food factories, Shoseyov responded, “I am positive that the pharmaceutical industry will enjoy this discovery to manufacture biological drugs, such as humanized antibodies.”

“Nevertheless, the food industry is four times larger than the pharmaceutical industry. Consumers will know they’re eating proteins that came from a flower instead of a cow because transparency is mandatory in the food industry.”

“One of the most exciting aspects of science is when nature surprises you,” Shoseyov went on to say. “We set out to send the protein to one location inside the cell, but instead, we found that the plant had effectively created its own storage solution.”

“Understanding this unexpected behavior gives us valuable insight into how plants handle complex proteins and may help us engineer more efficient systems for producing sustainable dairy proteins in the future.”

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The IDF killed senior Hezbollah commander Abu Hassan Alaa during weekend strikes in the Deir ez-Zahrani area in southern Lebanon, the military announced on Sunday morning.

Alaa served as a commander in Hezbollah’s Bader Unit and had carried out attacks on IDF soldiers operating in the region. 

The military noted that its strikes came alongside those from over the weekend at Hezbollah’s headquarters in the Ansar area, in which Ali Samir Al-Haj Hassan, a battalion commander in Hezbollah’s Radwan Force unit, was killed.

Both attacks came in response to the incident in which three IDF soldiers were seriously wounded over the weekend.

However, the IDF noted on Saturday that, at the time of the strike, Hassan’s family was with him inside the headquarters.

IDF soldiers operate in southern Lebanon against Hezbollah terrorists, published March 20, 2026. (credit: IDF SPOKESPERSON'S UNIT)

IDF, PMO says military was unaware of civilians in Hezbollah HQ during strike

“It should be emphasized that the family members were not the target of the strike,” the IDF wrote in a statement. “The strike was specifically directed at Hassan, who was a lawful target under international law.”

“The terrorist used his family as human shields, hiding alongside them inside the military headquarters.”

The Prime Minister’s Office said that it had been unaware that Hezbollah put civilians in the Hezbollah military compound.

“Only later did the IDF learn that Hezbollah deliberately put civilians in that military compound. Hezbollah is willing to do anything, including using its own civilians as human shields, to falsely accuse Israel of deliberately targeting civilians, which the IDF clearly did not.”

Shoshana Baker and Corinne Baum contributed to this report.

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Anyone planning to paint a room this fall should buy the paint in August. Sherwin-Williams is raising prices 8% across its Paint Stores Group effective Sept. 1, 2026, a decision the company announced on July 28 alongside its second-quarter results.

The Paint Stores Group is the company’s own retail network — the stores where both professional contractors and homeowners buy. On a $60 gallon, 8% is about $4.80. A job that takes 15 gallons costs roughly $70 more after Labor Day than before it. For a contractor buying hundreds of gallons a month, the increase runs into real money.

The company attributed the increase to inflation in raw materials, energy, logistics and packaging, with supply-chain pressures intensifying during the continuing U.S. and Israeli conflict with Iran. Paint is a petroleum product at its core — resins, solvents and many pigments trace back to oil and gas feedstocks — so a disruption in energy markets shows up in a paint can with a lag of several months. Sherwin-Williams told analysts it expects raw material inflation to accelerate to a high-single-digit rate in the second half of the year, working out to a mid-single-digit impact across the full year.

The timing is not accidental. The company said the September date was chosen specifically to avoid disrupting the peak paint selling season — the spring and summer months when exterior work gets done. Waiting until after Labor Day means the increase lands when volumes are lower and customers are less likely to shop elsewhere over it.

What makes the move notable is that it comes without any recovery in demand to support it. Chief Executive Heidi Petz said the company outperformed the market despite ongoing global uncertainty and “no meaningful improvement in demand.” She added that demand indicators point to continued softness in the second half. Raising prices into a flat market is a calculated risk: if competitors hold their prices, customers can walk. PPG, the largest rival, reported results just below Wall Street expectations and reaffirmed its full-year guidance — which tells you the pressure on input costs is industry-wide, but not whether PPG will match the increase.

The underlying business is performing. Second-quarter net sales rose 7.5% to $6.79 billion, net income climbed 11.8% to $843.6 million, and adjusted earnings per share reached $3.70. Paint Stores Group sales rose 5.1%, with same-store sales up 4.2%. Consumer Brands sales jumped 21.5% to $983.5 million, helped by the Suvinil acquisition. The company raised its full-year adjusted earnings guidance to $11.80 to $12.20 a share from $11.50 to $11.90, and returned $1.46 billion to shareholders through dividends and buybacks in the quarter. The stock rose as much as 7.8% on the news.

The company also closed 57 stores this year , and told investors it expects to return to the high end of its target of 80 to 100 net new store openings starting in 2027 after this year’s portfolio pruning.

Three practical takeaways for anyone with a project.

Buy before the deadline if the work is already planned. Paint stores well for a year or more in a sealed can kept from freezing, so buying August paint for an October job is a straightforward 8% saving.

Contractors should look hard at any bid already written but not yet purchased. A quote issued in July on a job that buys material in September carries the increase entirely on the contractor’s margin unless the contract has an escalation clause.

And expect this to be one increase in a series rather than a one-time event. The company’s own guidance assumes no broad demand recovery for the rest of 2026 and accelerating input costs — a combination that historically produces another pricing action rather than a rollback.

JBizNews Desk | Cleveland

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North Korean leader Kim Jong Un reaffirmed the deepening of ties with Russia in a message to President Vladimir Putin as Pyongyang marked the anniversary of independence from Japan’s colonial rule, KCNA state news agency said on Sunday.

Kim was replying to a message of congratulations from Putin marking Saturday’s 81st anniversary of Tokyo’s surrender in World War Two. The Russian leader said the bond was forged as Soviet soldiers fought against Japan and that cooperation would continue “in all the sectors.”

The North Korean leader expressed hope for the future of ties that had “carried forward the history of common struggle for justice and precious traditions of friendship.”

Pyongyang and Moscow have grown closer since the reclusive state began deploying troops and weapons to support Russia’s war against Ukraine in what has been Pyongyang’s most significant involvement in a war since the 1950s.

The Russian ship Pallada arrived at Wonsan port for a goodwill visit on Saturday tied to the liberation anniversary, and was greeted by North Korean provincial officials and Russian embassy staff, KCNA said.

North Korean leader Kim Jong Un speaks with Russian President Vladimir Putin during their visit to Beijing to attend China's commemoration of the 80th anniversary of the end of World War Two, in Beijing, China, September 3, 2025. (credit: KCNA VIA REUTERS)

South Korean President calls for talks

Also on Saturday, South Korean President Lee Jae Myung called for talks with the rival North aimed at peaceful coexistence, telling Seoul’s Liberation Day ceremony that the two Koreas need safeguards to prevent conflict and should work to replace their armistice with a “peace regime.”

Lee urged dialogue to formally end the 1950-1953 Korean War, which ended in a ceasefire but no peace treaty, and said the talks could explore ways to curb Pyongyang’s nuclear program.

Pyongyang has rejected Lee’s overtures and criticized US-South Korean military exercises as provocations.

On Thursday, Putin drew Tokyo’s condemnation with a visit to an island off Hokkaido, claimed by Japan, that Moscow seized in the days after Japan’s 1945 surrender. 

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Israel’s summer weather is expected to bring another surprise on Sunday.

Alongside the intense heat, local rain and isolated thunderstorms are expected starting in the afternoon, mainly in eastern Israel, as the Israel Meteorological Service has warned of possible flooding in the Judean Desert and Dead Sea area, the northern Arava, and the northeastern Negev.

Temperatures are expected to fall slightly on Monday, bringing some relief from the heat. Conditions will be partly cloudy, with temperatures slightly below average in the mountains and inland areas. Local rain will still be possible from the afternoon, mainly in the east.

Tuesday will be partly cloudy to clear, with no significant change in temperatures. On Wednesday, after morning cloud cover clears, conditions will become mostly clear, with temperatures rising slightly in the mountains and inland areas.

Alongside the rain, the Israel Meteorological Service issued an early red warning for extreme heat, which will remain in effect on Sunday from 11 a.m. to 10 p.m.

The warning applies to the Beit She’an Valley, the Kinneret Valley, the Jordan Valley, the northern and southern Judean Desert and Dead Sea areas, and the northern Arava. Elsewhere in the country, conditions will be partly cloudy to clear, with no significant temperature changes.

How rare is this unusual forecast?

The unusual forecast follows heavy rainfall in eastern Israel on Saturday, when large amounts of rain fell within a short period, causing flooding and flash floods.

About 26 mm of rain was recorded in Ma’ale Adumim, including 21 mm in just one hour. Flooding in eastern and southern Jerusalem neighborhoods required residents to be rescued from homes and vehicles, while about 15 mm fell in Gush Etzion over a short period.

A localized flash flood was recorded in the Judean Desert, while water flowed through the upper section of the Kidron Stream following rainfall in east Jerusalem.

Forecaster Danny Roup explained in a special column in Walla that light rain or drizzle during the summer months is not particularly unusual, but that the current event differs from a typical summer rain event.

According to Roup, atmospheric instability led to the development of clouds over southern and eastern Israel, producing large amounts of rain in a short period. Such conditions are more typical of September, October, and November.

The most unusual aspect of the event was the rainfall amount. Israel has documented only a handful of events in which more than 25 mm of rain fell in August since measurements began, including in the Golan Heights in 2012, Kfar Galim in 1971, and Zichron Ya’acov in 1920.

According to the data, the amount recorded in the Judean Desert is particularly unusual for August and may even represent a historic record in the area’s rainfall measurements.

However, the event was highly localized. While heavy rain fell in parts of eastern and southern Jerusalem, only about 5 mm was recorded in the center of the capital, and most of the country did not experience unusual weather.

“Rain in summer, not rare. Rain like this in summer, definitely rare,” Roup concluded.

According to Roup, a single weather event cannot be directly linked to climate change, but global warming is expected to result in more localized and extreme weather events.

Police prepare for road closures

Following the unusual rain, flooding, and flash floods, Judea and Samaria District police officers will be deployed along roads and major routes in at-risk areas.

According to police, the main risk of flooding in the Judean Desert streams and in the northern and southern Dead Sea areas is expected between noon and 6 p.m.

Police urged the public to plan trips in advance and adjust routes to the expected weather conditions. Hikers were also asked to avoid streams and hiking trails in areas at risk of flooding because of the danger of being swept away and the serious risk to life.

Police will issue updates on road closures and traffic disruptions throughout the day. Information on changes to traffic arrangements will also be available through the police information hotline at 110.

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Yemen’s Mocha port has suspended commercial and maritime operations after being hit by more than 25 missiles in Houthi attacks over recent days, the port’s director said on Saturday.

The attacks killed seven people and caused an estimated $16 million in losses, the director told a news conference.

Mocha is a Red Sea port near the Bab al-Mandab strait, a strategic chokepoint connecting the Red Sea with the Gulf of Aden and a key route for international shipping.

Forces aligned with Yemen’s internationally recognized government control the port. It has a smaller cargo capacity than Yemen’s main ports of Aden and Hodeidah.

Yemen’s government said on Friday the Houthis fired six ballistic missiles at Mocha that day, killing at least four civilians and targeting civilian, economic, and maritime facilities.

What is said to be a missile is launched in what Yemen's Iran-aligned Houthis say is an attack on the Red Sea port city of Mocha, Yemen, at an unknown location in this still image taken from video released August 9, 2026. (credit: HOUTHI MEDIA CENTRE/Handout via REUTERS)

Houthis claim to target weapons, warships

The Houthis said they targeted a military build-up of weapons and warships belonging to Saudi-backed forces in Mocha.

The escalation comes amid heightened regional tensions from the US war on Iran and has raised concerns about a return to large-scale conflict in Yemen.

Major fighting in Yemen had largely subsided following a UN-brokered truce in 2022, but efforts to reach a lasting political settlement have stalled.

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Shareholders of The Real Brokerage Inc. and REMAX Holdings Inc. on Friday approved Real’s proposed acquisition of REMAX, moving the companies closer to forming Real REMAX Group after their respective votes.

The votes were held at special meetings of both companies’ security holders, according to the announcement. The proposed acquisition was first announced in April 2026. 

Upon closing, the combined company will operate as Real REMAX Group, bringing together Real’s technology-focused brokerage platform and agent community with the REMAX global franchise network and brand.

The special resolution approving the arrangement was backed by approximately 99% of the votes cast by Real shareholders, and 98.9% of the votes cast by Real shareholders, optionholders and restricted share unit holders voting together as a single class. At REMAX Holdings, holders of about 78.8% of the voting power of common stock voted to approve the acquisition.

The transaction is still subject to remaining closing conditions, including a final order from the Supreme Court of British Columbia approving the arrangement aspects of the deal. The companies said they expect closing to occur shortly after all closing conditions are met, which they anticipate will be in the next couple of weeks.

Once completed, Real REMAX Group is expected to support more than 180,000 real estate professionals across more than 120 countries and territories. The companies project roughly $2.3 billion in pro forma 2025 revenue and $157 million in adjusted EBITDA before synergies for the combined entity.

Leadership framed the vote as a step toward building a larger-scale platform focused on technology, education and support for agents and brokers.

“We’re grateful for the strong support from securityholders of both companies, and appreciate the confidence this signals in our vision for a more connected, innovative real estate ecosystem,” Tamir Poleg, chairman and CEO of Real, said in a statement. “Together, through Real REMAX Group, we’ll have the scale, talent and resources to invest more, build faster and create even greater value for the more than 180,000 real estate professionals who choose our brands, and for the clients they serve.”

Erik Carlson, the CEO of REMAX Holdings, called the vote an “important milestone.” 

“This combination provides the opportunity to strengthen the value for Broker/Owners and their agents while preserving the entrepreneurial culture, local leadership and trusted REMAX brand that have fueled success for more than 50 years,” Carlson said in a statement.

The approval of shareholders at both companies comes after the Department of Justice (DOJ) in mid-July granted the companies an early termination of their Hart-Scott-Rodino (HSR) Antitrust Improvements Act waiting period for the proposed merger.

The HSR Act is a federal law that was originally designed to strengthen antitrust enforcement, in part by giving the government advance notice of large mergers and acquisitions so they can be reviewed for competitive harm before they are completed. The act requires parties to notify both the DOJ and the Federal Trade Commission (FTC) about proposed mergers.

The Real Brokerage reported Q2 2026 revenue of $700.6 million, up 30% year over year, with a net loss of $8 million, driven by $11.6 million in acquisition-related expenses for the pending REMAX deal. For its part, REMAX reported Q2 2026 revenue of $68.5 million, down 5.8% year over year, and a net loss of $4.3 million.

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

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Mark Cuban told Rep. Ro Khanna, D-Calif., that he “doesn’t understand business” during a heated clash over California’s proposed 5% billionaire wealth tax, warning it could drive startup founders and investors out of the state.

The exchange centered on California’s Proposition 40, a controversial ballot measure that would impose a one-time 5% wealth tax on residents with more than $1 billion in assets.

The measure has been endorsed by the California Democratic Party, while some notable leaders, including Gov. Gavin Newsom, have expressed opposition.

In a video posted on X on Saturday, Khanna made the case for the tax, arguing that it would help preserve health care for working-class Californians. He said the “Sacramento establishment” and lobbyists opposing the measure were “blatantly out of touch.”

STEVE HILTON WARNS CALIFORNIA ECONOMY WILL ‘ABSOLUTELY COLLAPSE’ UNDER ‘INSANE’ BILLIONAIRE TAX

Cuban responded by arguing that founders of rapidly appreciating startups can become billionaires on paper without having hundreds of millions of dollars in liquid assets available to pay the proposed tax.

“They are the definition of cash poor, stock rich,” Cuban wrote on X.

He warned that the measure could cause startup founders and investors to leave California.

“If this passes, only idiot startup founders stay in Cali,” Cuban wrote.

TRUMP WARNS NEW HOCHUL, MAMDANI PIED-À-TERRE TAX COULD ACCELERATE NYC WEALTH EXODUS

Cuban went further, warning that the measure could also influence where he invests.

“I will make NOT being in California a pre requisite for an investment,” he continued.

“Ideology is not a strategy Ro,” he added.

Khanna then proposed a workaround for founders whose wealth is largely tied up in private-company stock.

“Why not a non recourse loan for pledged stock as collateral for this situation?” Khanna wrote.

KEN GRIFFIN’S NYC SKYSCRAPER MOVES FORWARD DESPITE FEUD WITH MAYOR ZOHRAN MAMDANI

Khanna proposed addressing the concerns surrounding illiquid founders by allowing them to pledge shares in their companies as collateral for a government loan that could then be used to pay the wealth tax.

The loan could remain outstanding for roughly 10 years, after which the founder would either repay the government in cash or the government would take possession of the pledged shares. Because the loan would be nonrecourse, the founder would not be personally liable if the company failed.

Cuban blasted the proposal.

“Ro, that’s insane,” he wrote.

Cuban argued that California would effectively lend founders money that would immediately be returned to the state as payment of the tax, meaning the arrangement would initially generate no additional cash revenue from those taxpayers.

“What’s the point of that?” he wrote.

BOB IGER, JOSH KUSHNER SHOCKINGLY PURCHASE LAKERS MONTHS AFTER MARK WALTER BECAME MAJORITY OWNER

Cuban also argued that California could eventually wind up owning shares in private companies if founders were unable to repay the loans.

“Cali, You make it. We take it!” Cuban wrote.

Khanna pushed back on Cuban’s criticism, arguing that the government would still collect the tax from billionaires with liquid assets.

“The government would still collect from the vast majority of billionaires who are not illiquid,” Khanna wrote.

Khanna claimed that 72% of billionaire wealth is held in public stock and said the proposed financing mechanism would be aimed at true “paper billionaires” whose fortunes are tied to illiquid assets. He argued that if a private company succeeds, California would ultimately collect on the loan, while founders would not be personally liable if the company failed.

CALIFORNIA VOTERS TO CONSIDER BALLOT MEASURE TO INCREASE TAXES ON BILLIONAIRES

Khanna then broadened his argument, telling Cuban that ordinary Americans support higher taxes on billionaires.

“Mark, come on a road trip with me around California, Pennsylvania and the country and ask ordinary Americans how they feel about a billionaire tax,” Khanna wrote. “Most say, I promise you, why only 5 percent?”

Cuban shot back: “You don’t understand business Ro.”

He argued that even a successful founder could spend 10 years growing a company, create thousands of jobs and pay hundreds of millions of dollars in federal and state taxes without ever having $250 million in liquid assets available to repay the proposed state loan.

CLICK HERE TO GET FOX BUSINESS ON THE GO

“Is that what you want your state to be?” Cuban wrote.

“Next tweet we can discuss who the money is going to with Prop 40,” he added.

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Hawaii spent Saturday bracing for the Big Island’s first direct hurricane strike in 155 years. It may not come. National Hurricane Center forecasters said in their afternoon discussion that Lala was showing a possible new track, leaving it unclear whether the storm will make landfall on the island at all. The damage arrived regardless.

Everything Hawaii sells and nearly everything it buys moves by air or by ship, and this weekend both stopped. Hilo International Airport and Ellison Onizuka Kona International Airport shut down, and commercial ports on the Big Island and in Maui County closed. More than 200 flights across the state were canceled Saturday, according to FlightAware, and Norwegian Cruise Line said some itineraries would be changed.

Lala strengthened into a Category 1 hurricane Saturday with sustained winds of 75 mph. By late evening its eyewall was brushing the southern shore, with maximum winds of 80 mph and the center about 30 miles south-southeast of South Point. The center is forecast to pass south of the smaller islands through Sunday, spreading tropical storm conditions west to Oahu and Kauai. “It doesn’t take landfall to create destruction,” said Vanessa Almanza, a National Weather Service meteorologist in Honolulu.

The power grid proved her point. About 76,000 customers statewide — roughly 15 percent of Hawaii’s electricity users — were dark by Saturday evening, according to PowerOutage.us. Hawaiian Electric said wind-toppled trees brought down poles and structures along a 42-mile stretch of transmission line on the Hamakua coast, and four independent power producers were knocked off the Big Island grid, raising the prospect of load shedding — deliberately cutting power to some customers to keep the rest of the system stable. The utility told one Big Island customer that service might not return until Monday.

Rain is the larger threat to property. Forecasters projected 10 to 20 inches across the Big Island with maximums near 25 inches, 8 to 12 inches on windward Maui and 4 to 8 inches elsewhere in the chain. Nahuku had already recorded 16.18 inches in 24 hours, with Glenwood at 11.94 and Piihonua at 10.09. The Wailuku River in Hilo rose from 3.4 feet Friday night to 16.2 feet by Saturday morning, the U.S. Geological Survey reported. That is water moving down steep volcanic slopes into towns built at the bottom of them.

Gov. Josh Green, citing rainfall of two inches an hour, told residents to shelter in place. He had declared a state of emergency Thursday. Shelters opened, events were canceled, and ranchers were advised to leave cattle in open pasture rather than in structures that might collapse. With outages spreading, the county Department of Water Supply asked island-wide that water be used only for drinking, cooking and bathing.

The repair work is already scoped. Hawaiian Electric has hundreds of crew members deployed and is restoring service where conditions allow, having already brought back more than 20,000 Big Island customers and several hundred in Maui County, though damage assessments must be completed before repair crews go out. Airports and harbors reopen once winds drop below operating thresholds, which for a state that imports the overwhelming majority of its food is the number that determines how fast grocery shelves refill.

JBizNews Desk | Honolulu

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President Donald Trump on Friday downplayed the toll on American sailors enduring nearly nine months at sea on the USS Abraham Lincoln as concerns escalated about mental health and supply issues aboard the aircraft carrier supporting U.S. operations against Iran.

In a brief exchange with reporters before flying to New York for an event to highlight falling violent crime rates across the U.S., Trump refuted that family members have raised concerns about the deployment’s length and even said that the deployment — which includes a record-setting uninterrupted time at sea of more than 240 days — is “not nearly long enough.”

“That ship is moving right now, or very shortly, and it’s being replaced with another very similar ship,” Trump said when asked about the lengthy deployment. The acting navy secretary, Hung Cao, said the Lincoln “will return home soon” in a social media post on Friday.

Trump strode into office for a second term vowing to avoid lengthy and expensive military entanglements. And after launching the Iran war, alongside Israel, Trump and his advisers said the conflict would last a matter of weeks. The war is now more than five months old.

But on Friday, during his crime address in Garden City, New York, he acknowledged that he’s used the U.S. military “a little bit more than I wanted to,” while asserting anew that the U.S. operation against Iran is going well. He even said, seemingly in jest, that “pretty soon I’ll be declaring the Hormuz Strait a territory of the United States.”

“I’ll never apologize,” Trump added about the war and its impact on oil prices. “I did the right thing.”

Democrats demand Pentagon briefing on USS Lincoln

Extended deployments of carriers during the Iran conflict have raised concerns about the impact on service members who are away from home for long periods as well as the increasing strain on the ships and their equipment.

Several Democratic lawmakers, including Sens. Richard Blumenthal of Connecticut and Ruben Gallego of Arizona, are pressing for accountability from the Pentagon over conditions aboard the Lincoln, which Defense Secretary Pete Hegseth on Thursday said were “completely misrepresented.”

Rep. Jason Crow, D-Colo., who served three tours in Iraq and Afghanistan with the 82nd Airborne Division and 75th Ranger Regiment before being elected, took to social media to criticize Trump’s comments, saying on X that “President Trump does not care about our servicemembers or their families.”

Top Democrats on the House Oversight Committee have requested a classified briefing on the ship’s food inventory, sanitation issues and healthcare availability, as well as an assessment of how much longer it would be deployed before relief arrives.

Republicans have been less outspoken about the situation on the Lincoln. The GOP chairmen of the House and Senate armed services committees did not immediately respond to a request for comment.

While hostilities between the U.S. and Iran have calmed in recent weeks, the Navy has reimposed a blockade on Iranian ports in the crucial Strait of Hormuz, and the Trump administration has offered no clarity on how it intends to wind down the war. Hegseth said the U.S. military can maintain the blockage of Iranian ports “indefinitely.”

Another aircraft carrier, the USS George Washington, left port in Da Nang, Vietnam, last week, and is expected to replace the USS Lincoln, one of two aircraft carriers currently deployed in the Middle East.

After reports emerged that sailors on the Lincoln are struggling with mental health concerns, the Navy said it has “not observed an increase in suicidal ideations or attempts aboard the ship,” though officials have declined to provide data, citing operational security and patient privacy concerns.

A Navy official said a sailor aboard the Lincoln went overboard in early August but the person was quickly recovered, treated by the ship’s medical department and transferred off ship for follow-on care. The official would not say whether it was being considered a suicide attempt.

U.S. Central Command, which oversees military operations in the Middle East, has also pushed back on reports about poor conditions.

This story was originally featured on Fortune.com

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Sandisk’s latest forecast offers one of the clearest signs yet that the artificial-intelligence infrastructure boom is moving far beyond processors and into the storage systems required to keep AI running.

The company expects revenue to grow at a mid-to-high-teens annual rate from fiscal 2028 through 2030, while adjusted gross margins remain around 80%.

The more important number may be how much future production is already spoken for.

Sandisk has signed multi-year agreements with eight large customers, covering roughly 50% of expected memory production in fiscal 2027 and about two-thirds in fiscal 2028. Those agreements average roughly four years, giving the company something memory manufacturers historically lacked: long-term visibility.

That matters because memory has traditionally been one of the semiconductor industry’s most cyclical businesses.

Manufacturers build capacity. Supply eventually outruns demand. Prices fall, margins contract and expansion plans are cut back.

AI is changing that equation.

Large data centers require enormous amounts of NAND flash storage alongside the GPUs doing the actual computing. As Google, Meta, Microsoft, Amazon and other hyperscalers continue expanding AI infrastructure, storage capacity is becoming another potential bottleneck.

The AI trade is therefore broadening.

Nvidia may supply many of the processors, but those chips need servers, networking equipment, power, cooling systems and enormous amounts of storage around them.

Sandisk’s customer agreements suggest large buyers are no longer comfortable waiting until they need additional capacity.

They are reserving it years in advance.

That reduces some of the boom-and-bust risk historically associated with memory producers and gives Sandisk much greater visibility into future demand.

The company also said it intends to return excess cash to shareholders after funding necessary investment, adding another attraction if its unusually high margins prove sustainable.

The same investment cycle is showing up elsewhere in the semiconductor supply chain.

Applied Materials forecast fiscal fourth-quarter revenue of approximately $10.25 billion, above Wall Street expectations, as chipmakers continue spending heavily on equipment needed to manufacture more advanced processors.

The company is also preparing to expand manufacturing capacity enough to potentially double quarterly semiconductor-system output by 2028, with further expansion possible by 2030.

Taken together, the forecasts point to a larger shift.

AI demand is no longer benefiting only the companies designing the most advanced chips.

The spending is moving through the physical infrastructure surrounding them — semiconductor factories, servers, storage, networking, cooling, power generation and data-center construction.

For investors, that creates a much broader AI ecosystem.

For businesses building data centers, it creates a different problem.

The question is increasingly not whether they can afford the equipment.

It is whether enough of it will be available when they need it.

JBizNews Desk | New York

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Hengli is accused by the U.S. of being a major importer of illicit Iranian crude; the Chinese petrochemical company denies trading with Iran.

On Changxing Island outside Dalian sits one of China’s largest independent refineries, a sprawling complex capable of processing about 400,000 barrels of oil a day.

Washington says some of the crude flowing into that plant came from Iran — and that the money ultimately helped finance Tehran’s military.

The U.S. Treasury Department sanctioned Hengli Petrochemical’s Dalian refinery in April, accusing it of purchasing billions of dollars’ worth of Iranian petroleum and describing it as one of Iran’s largest customers.

Hengli denies the allegation.

Treasury says three sanctioned tankers alone delivered more than five million barrels of Iranian crude to the refinery since 2023. The shipments were allegedly overseen by Sepehr Energy, the oil-sales arm of Iran’s Armed Forces General Staff, generating hundreds of millions of dollars for the Iranian military.

That is what makes Hengli different from a routine sanctions case.

Washington is not simply accusing a Chinese refinery of buying discounted oil. It is accusing one of China’s largest private industrial companies of helping convert Iranian crude into revenue for Tehran’s armed forces.

The oil trade is difficult to police because sanctioned cargoes can become harder to trace once they reach international waters. Tankers can switch off tracking signals, move crude through ship-to-ship transfers and rely on traders and paperwork that obscure where the petroleum originated.

Iranian crude is often sold at a discount precisely because buyers take on that risk.

China is central to the trade. Its independent refiners buy the majority of Iran’s exported crude, giving Tehran access to a huge market despite U.S. sanctions.

Hengli says Washington’s case is wrong. The company said it has never conducted oil trade with Iran and that its suppliers guaranteed the crude it purchased complied with sanctions requirements. It also said it would seek removal from the U.S. blacklist.

The sanctions nevertheless had an immediate impact.

Hengli’s Shanghai-listed shares fell 10 percent. Its Singapore trading operation was disrupted as international counterparties pulled back, and Chinese chemical giant Wanhua suspended a benzene supply agreement with the company.

Hengli also said it had enough crude inventories to operate for more than three months and could continue paying for oil in yuan.

Beijing then stepped in, using its anti-sanctions framework to shield Chinese companies from complying with the U.S. restrictions.

That put Hengli directly in the middle of a larger confrontation between Washington and Beijing.

For the U.S., the strategy is to make Iranian crude financially toxic even if the oil itself keeps moving.

Banks, shipping companies, insurers, traders and refineries all have to decide whether discounted Iranian oil is still worth the risk of losing access to Western markets and the U.S. financial system.

Treasury Secretary Scott Bessent had already warned Chinese buyers that Washington was prepared to target them. The department also sent warning letters to Chinese banks before the Hengli sanctions were announced.

The same day Hengli was blacklisted, Treasury sanctioned roughly 40 shipping firms and vessels tied to Iran’s shadow fleet.

For Tehran, the stakes are straightforward. Oil exports provide hard currency, and Washington says some of the revenue flowing through Hengli directly benefited Iran’s military.

For American consumers, there is a second concern.

Washington wants to choke off Iran’s oil income without removing so much crude from the market that global energy prices jump. With shipping through the Strait of Hormuz already under pressure, any major disruption to supply can eventually reach gasoline prices, freight costs and consumer goods.

That makes Hengli a major test of the sanctions strategy.

If a refinery this large decides Iranian crude is no longer worth the risk, other buyers may follow.

If the oil simply changes ships, paperwork and intermediaries again, Washington will have made the trade harder without stopping it.

The real measure of success is therefore not how many companies land on a blacklist.

It is whether the oil stops moving — or simply becomes harder to see.

JBizNews Desk | Washington, D.C.

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Waymo announced Friday that it is expanding its autonomous ride-hailing business across Northern and Southern California, including into two new major markets.

The Alphabet-owned company said it plans to scale up its existing services across the San Francisco Bay Area and Los Angeles while bringing its robotaxi service to Sacramento and San Diego.

The announcement comes after the California Department of Motor Vehicles authorized Waymo to operate in the additional areas last year. On Friday, the California Public Utilities Commission (CPUC) approved the company’s application to expand its autonomous ride-hailing service.

“Big news for the Golden State — we have received the CPUC’s approval to expand our autonomous ride-hailing service across the SF Bay Area and LA, and bring our service to Sacramento and San Diego,” Waymo said in a post on X.

WAYMO RECALLS MASSIVE AUTONOMOUS FLEET AFTER INCIDENT FLAGS MAJOR SAFETY ISSUE

The company did not provide a timeline for launching service in the new areas but said the expansion would be “gradual and guided by our safety framework.”

Waymo called the regulatory approval an important step in its California expansion.

“This is an important milestone that will allow Waymo to bring the safety and mobility benefits millions of Californians already enjoy to more communities across the state,” the company said in a press release.

The company currently operates thousands of autonomous vehicles across the U.S., including in San Francisco, Los Angeles, Phoenix and Austin.

ZOOX CEO SAYS AUTONOMOUS VEHICLES NEED REGULATION MONTHS AFTER ROBOTAXI DROVE INTO LAS VEGAS FIRE SCENE

In February, Waymo announced plans to expand into Chicago as it seeks to establish a foothold in the Midwest.

The company said it had begun “laying the early groundwork” for operations in Chicago, starting with mapping and manual vehicle testing.

Waymo has also faced several recalls this year. Most recently, the company recalled nearly 4,000 robotaxis in June after more than a dozen incidents in which autonomous vehicles entered closed freeway construction zones, according to the National Highway Traffic Safety Administration (NHTSA).

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NHTSA said a software issue could allow affected vehicles to enter closed freeway construction zones and continue traveling at posted speeds. Regulators said the vehicles could fail to recognize or properly respond to certain construction-zone closures.

FOX Business has reached out to Waymo for additional information, including when the expanded California services are expected to launch.

FOX Business’ Bradford Betz and Brittany Miller contributed to this report.

This post was originally published here

Inflation improved this week, but the pressure facing consumers and businesses did not disappear. It shifted.

Consumer inflation moderated, wholesale prices were flat in July, Treasury yields eased and the immediate risk of another Federal Reserve rate increase declined.

That is positive, but lower inflation does not mean lower prices.

Households are still paying from a much higher base for food, housing, insurance, utilities and borrowing. Consumers are responding by comparison-shopping, switching brands and becoming more selective about discretionary purchases.

For retailers and restaurants, that means pricing power is weakening. The advantage is shifting toward companies that can protect margins through efficiency, sourcing and customer loyalty rather than repeated price increases.

Housing remains one of the clearest pressure points.

Existing-home sales fell again in July to roughly 4.06 million annualized, while the median price remained near $434,000. Buyers are constrained by expensive monthly payments, while homeowners with older low-rate mortgages have little incentive to sell.

That slowdown reaches far beyond real estate. Fewer transactions mean less business for brokers, lenders, title companies, contractors, movers, furniture stores and appliance retailers.

Credit tells a similar story.

Banks are still lending, but financing remains expensive. Businesses buying equipment, inventory, vehicles or commercial property are paying materially more for capital, while consumers continue borrowing for homes and autos at rates that leave less room for other spending.

Softer inflation could eventually help bring those costs down, but relief will take time.

Small businesses are sending a different signal than the national jobs data.

The NFIB Small Business Optimism Index climbed to 99.8, while the share of owners planning to hire reached its highest level since 2022.

Many businesses still want workers. Their problem remains finding qualified ones.

Artificial intelligence is creating another major shift.

AI is no longer just a software story. The boom now reaches storage, networking, power, cooling, construction, industrial real estate and financing.

Sandisk, Super Micro, CoreWeave and Applied Materials are all showing that demand for AI infrastructure remains strong.

But the bottlenecks are changing.

Data-center developers increasingly face limits involving electricity, financing and local opposition. Chips and capital are no longer enough. In some markets, permission to build is becoming one of the most valuable assets in the AI supply chain.

Trade is adding another cost layer.

Detroit automakers have warned that proposed changes to North American content rules could add billions of dollars annually to manufacturing costs.

Those expenses do not disappear. They eventually show up in supplier margins, factory investment, employment, shareholder returns or vehicle prices.

Energy remains the wildcard.

A sustained decline in fuel costs would help inflation, transportation and manufacturing. Another geopolitical shock could reverse that quickly.

That is the business picture heading into the new week:

Inflation is cooling, but consumers remain stretched.

Housing is locked by rates.

Credit is available, but expensive.

Small businesses still want workers.

AI spending remains enormous, but infrastructure and zoning are becoming constraints.

Trade policy is raising manufacturing costs.

And energy can still change the picture overnight.

The inflation crisis may be easing.

The cost problem has not disappeared.

It has moved.

JBizNews Desk | New York

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President Donald Trump is doubling down on wielding economic pressure to squeeze Iran as his military options dwindle, and Tehran’s business community warned the naval blockade will cause far-reaching harm.

In an interview with Iran’s Khabar Online outlet, the head of the Iran-China Joint Chamber of Commerce said “the consequences of the blockade far outweigh those of a direct war.”

Majidreza Hariri added that the economic crisis and shortages currently ravaging Iran under the blockade are more severe than they were during the 40-day war earlier this year.

As a result, Iran must find a way to end the blockade one way or another, whether by way of negotiations, pleading, threats or even renewing war against the U.S., he said. That’s because trying to cope with the blockade would lead to dangerous spillover effects.

“The worst thing that could happen today is believing that the naval blockade can be circumvented and attempting to govern the country despite its continuation,” Hariri said.

He pointed to Iran’s decades-long experience under Western sanctions, saying the methods that were used skirt them eventually resulted in a weak economy and rampant corruption.

The U.S. naval blockade also threatens to inflict enormous costs in the short term. For example, transporting a single container between Iran and China via ships costs about $3,000, according to Hariri. But bypassing the blockade by transporting it over land would boost the cost to $12,000.

Given that 2 million containers pass through Iran’s southern ports annually, he estimated that heavier trade burdens will translate to about $18 billion in additional transportation costs alone every year.

Relying on land routes to get around the blockade could provide enough necessities to allow for short-term survival, but the economy will eventually “grind to a halt,” Hariri predicted.

But he also suggested Iran would retaliate against continued U.S. pressure rather than simply standing by and watching the economy crumble.

“We must also eliminate the perception in the U.S. that it can resort to such an action whenever it wants, and make it understand that the consequences of such a move could be severe,” Hariri said.

His warning comes as regime moderates have grown more worried that the U.S. naval blockade that was recently reimposed is bringing Iran’s economy close to collapse, sources told the Wall Street Journal.

Iran’s deputy foreign minister has also said the economy desperately needs sanctions relief that a deal with the U.S. could provide.

That tracks with earlier reports about Iran’s president and central bank chief telling Supreme Leader Ayatollah Mojtaba Khamenei the initial blockade was crippling the economy.

High inflation and a currency crash triggered widespread protests that led to a brutal crackdown in January, and some officials in Tehran are concerned today’s economic woes could stir more unrest.

But experts have cautioned that Iran’s repressive regime is unlikely to be swayed by the suffering of ordinary citizens and is prepared to wait out economic hardship longer than the U.S. public can endure high gas prices.

Still, Trump is betting that the blockade can accomplish what intense bombing from the U.S. military failed to do, namely, forcing Iran to reopen the Strait of Hormuz.

At the same time, a significant volume of oil is sneaking out of the Persian Gulf, contradicting Iran’s claims that it has closed off the strait, while the blockade is also denying Tehran vital oil revenue.

Crude prices have come down from last month’s highs, and the oil market reprieve gives Trump more time to let his blockade play out. Meanwhile, even more pressure could be on the way.

“It will be a combination of economic isolation like ‌the world has ​never seen before, ​and ​the continued blockade in ‌the Strait of ​Hormuz that will ​keep anything from going in or out of ​the ‌Iranian ports,” Treasury Secretary Scott Bessent told Newsmax without elaborating.

This story was originally featured on Fortune.com

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The fear was straightforward. When SpaceX went public in June, only a sliver of its stock was allowed to trade — everything else was frozen. On Aug. 6, the first freeze came off nearly a billion shares, and Wall Street expected the flood of new supply to crush the price. Instead the stock went up 35%.

Over the five sessions since the expiration, shares have added roughly $500 billion in market value and climbed back above the $135 price at which the company sold stock in its record $86 billion offering on June 11. The stock closed Wednesday at $146.15 before easing on Thursday to trade around $142, within a day range of $139.80 to $145.02. Its 52-week range now runs from $104.83 to $225.64.

The mechanism behind all of it is supply. SpaceX listed with under 5% of its shares available to trade — roughly 639 million out of billions outstanding. That scarcity did what scarcity does, and the stock ran to nearly $225 in the weeks after the debut, about 67% above the offering price. When only about one share in twenty can change hands, any buyer has to bid up to get filled.

The Aug. 6 unlock released 911.5 million shares — more than the entire amount sold in the IPO itself — which more than doubled the tradable pool to roughly 12% of the company, or about one share in eight. More sellers, in theory, means a lower clearing price.

SpaceX and its bankers had anticipated the problem and structured the release in nine stages rather than the single 180-day cliff most companies use, specifically because the company is large enough to move the whole market. Spreading the supply out is the difference between opening a valve and breaking a dam.

The stock did fall hard just before the date — down 14% the session before the expiration — but the cause appears to have been the company’s first earnings report rather than the unlock, and specifically how much it is spending. Second-quarter revenue came in at $7.81 billion against roughly $6.83 billion expected, with a net loss of $541 million. The company spent $18.37 billion in the quarter building data centers and developing Starship. Elon Musk told investors he expects annual revenue to reach $100 billion by the end of this year and $1 trillion by 2030. Adjusted earnings before interest, taxes, depreciation and amortization rose 191% to $3.5 billion. The stock closed as low as $108.27 in the stretch that followed.

“We’ve gotten through the big hurdle, which was the unknown,” said Andrew Plum of Loxahatchee Capital, which owns the shares, describing a market that had priced in a negative event more severely than the event warranted.

The supply tests are not finished. The next expiration falls on Aug. 20, releasing as many as 319 million shares, about 7% of the stock still under restriction, with similar 7% blocks following over the coming months. The tradable float is expected to reach roughly 40% by December. Musk’s own 6.4 billion shares stay locked until June 2027 — meaning the largest holder cannot sell for nearly another year, which removes the single biggest source of potential supply from the near-term math.

Analysts remain split on where this lands. Citi kept a buy rating and a $200 target after raising its 2026 and 2027 forecasts, noting that longer-term valuation depends heavily on Starship milestones. Morgan Stanley has held a $300 target while flagging near-term risks including the remaining lockup expirations and margin pressure from artificial-intelligence investment. Across 28 analysts recommending the stock as a buy and two as a sell, the average 12-month target sits at $232.44 — with estimates ranging from $62 to $800, a spread that says more about uncertainty than about consensus.

Before earnings and the unlocks, short interest in SpaceX in dollar terms exceeded that of Tesla, long one of the most heavily shorted names on Wall Street. Part of this month’s move is likely those positions closing out.

The lesson for anyone watching the remaining expirations is that a lockup date is a supply event, not a verdict on the business. The shares that came free on Aug. 6 are only worth selling if holders want out at the offered price, and enough of them did not. Whether that holds on Aug. 20, and through the far larger releases due by December, depends on the same thing it always does: whether buyers still believe the revenue numbers Musk has promised are coming.

JBizNews Desk | Wall Street

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Federal accident investigators said Thursday that they recovered bird remains from the engine of a Ryanair Boeing 737 that lost cabin pressure over Greece last month, after a chunk of that engine tore off in flight and smashed a passenger window with a man sitting next to it.

The finding came in a preliminary report from the National Transportation Safety Board, the independent U.S. agency leading the investigation. Preliminary means exactly that: the agency has laid out what it found, not what caused it. But the discovery points the inquiry toward a scenario the industry has spent eight years and hundreds of millions of dollars trying to design out of the world’s most widely flown jet.

Here is what happened in plain terms. On the morning of July 10, Ryanair Flight 1879 lifted off from Thessaloniki, Greece, bound for Memmingen, Germany. Minutes into the climb, one of the fan blades in the right engine broke off. The blade and the debris behind it were supposed to stay inside the engine casing. They didn’t. Fragments cut into the side of the aircraft in several places and blew out a window in row 11. The passenger in that seat, a 61-year-old Serbian man, was partially pulled through the opening and seriously injured. The cabin lost pressure and the crew turned back for an emergency landing. Of the 155 people aboard, he was the only one hurt.

The bird evidence is what makes the report notable. Investigators found remains, including feathers, on the oil cooler at the front of the engine, on one of the thrust reverser linkages, and at the bottom of the fan case. The material was sent to the Smithsonian Institution’s Feather Identification Lab in Washington, D.C., for analysis. Investigators cautioned that some of what they pulled out was lodged deep inside the engine, and they cannot yet say whether it came from July 10 or from an earlier strike.

That caution matters, because this particular engine had a history. Flight crews reported four suspected bird strikes to the same engine in the 12 months before the accident, and remains were found in two of those cases, though maintenance turned up no damage afterward. The engine, a CFM56-7B built by the joint venture between General Electric of the United States and France’s Safran, had been inspected in May with nothing flagged.

For American readers, the business stakes run through three U.S.-linked names: Boeing, which built the aircraft; GE Aerospace, which is half of the engine venture; and the Federal Aviation Administration, which wrote the rules meant to prevent this outcome. The template is the April 2018 Southwest Airlines accident, in which a fan blade separated on a 737-700, the engine inlet came apart, and a passenger was killed after being partially pulled out a broken window. A similar but non-fatal failure hit another Southwest jet in 2016.

The regulatory response to those two accidents split into two tracks. The first was inspections: repeated ultrasonic and eddy-current checks of fan blade roots, because the fatigue cracks that cause these failures are invisible to the naked eye and can take years to grow. The second was hardware. In March 2025 the agency issued a final rule requiring operators to modify the engine housing on every Boeing 737 NG variant, the 737-800 included, so that a broken blade’s debris stays contained. Airlines were given until July 31, 2028, to finish the work.

Three years of runway on a safety fix is not unusual — the parts have to be manufactured, and jets have to come out of service to receive them. But it means a large share of the global 737 NG fleet is still flying today with the older housing, and the Greek accident is the scenario that retrofit was written to stop.

The fix now moving is on the inspection side. A draft directive published July 31 would expand the fan blade inspection program, adding improved ultrasonic procedures and widening the area of the blade that gets checked, based on updated instructions CFM issued in mid-July. The agency was careful to note that while the Ryanair failure involved this engine model, it has received no information tying that failure to the problem the new inspection rule addresses.Boeing and Ryanair declined to comment Thursday.

A CFM spokesperson said the company is assisting the investigation, and Boeing pointed to the safety board, citing the rules governing crash inquiries. Investigators are still weighing how closely this accident resembles the 2018 Southwest failure, and said that determination remains open.

JBizNews Desk | New York

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The Weitzman National Museum of American Jewish History in Philadelphia was vandalized on Thursday with an antisemitic inscription, about a year after the museum was attacked twice within a single week.

The incident occurred at around 8:15 p.m. Philadelphia police said a man wrote the antisemitic message on the yellow OY/YO sculpture outside the museum, which is located near the Delaware River in Old City, Philadelphia’s historic district.

Old City includes Independence National Historical Park, home to Independence Hall and the Liberty Bell, two landmarks closely associated with the founding of the United States.

The inscription has since been removed, but police have not apprehended the suspect. Police obtained surveillance footage showing him carrying out the vandalism before boarding a train at a nearby station.

Officers asked anyone with information that could help identify the suspect to contact them. The wording of the antisemitic inscription has not been released yet.

 Sign at the Weizman National Museum of American Jewish History photographed June 11th, 2023 in Philadelphia, Pennsylvania (credit: SHUTTERSTOCK)

Pennsylvania state Rep. Tarik Khan, a Democrat, spotted the vandalism and reported it to police. He told television station WPVI that “it just turned my stomach.”

“Whether you are Jewish or not, people understand that we have to stand up against hate in our community. We cannot tolerate hate, and when we see something wrong, we have to stand up and take action,” Khan said. 

A Muslim Democrat’s long-standing ties to the Jewish community

Although Khan is not Jewish, he has longstanding ties to the Jewish community. He describes himself as a “Muslim kid who grew up in a Jewish neighborhood, with a Catholic mother,” and has said that experience shaped his views on interfaith partnership.

Khan is also a member of the Pennsylvania Jewish Legislative Caucus, despite not being Jewish.

Andrew Goretsky, senior regional director of the Anti-Defamation League in Philadelphia, said the incident was “deeply frustrating, but unfortunately not surprising.”

According to Goretsky, the number of recorded incidents of antisemitic vandalism in Pennsylvania rose from 29 in 2022 to 80 in 2025.

“As a Jewish community, we will not hide our identity. We will continue to survive and thrive despite these targeted attacks,” he added.

Goretsky called on public leaders to condemn such acts, urged the public to report every incident, and encouraged residents to educate themselves amid the spread of false information online.

Vandalized sculpture intertwines Jewish, Philadelphian culture

The OY/YO sculpture, created by Jewish artist Deborah Kass, is made of aluminum and stands about eight feet tall and roughly 16 feet wide.

From one side, it reads “YO,” the greeting strongly associated with Philadelphia. From the other, it reads “OY,” the Yiddish exclamation that has also become embedded in American culture.

According to Kass, the work was intended to express the American promise of equality and the shared responsibility to fight hatred and division. The museum is located on Independence Mall, near Independence Hall and the Liberty Bell.

In August of last year, the museum’s facade and plaza, as well as a large Israeli flag above the words “Weitzman Stands With Israel,” were twice sprayed with red paint.

Leroy Hayes, 33, later turned himself in to police and was charged with an ethnic intimidation offense, criminal mischief, and possession of an instrument of crime.

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President Donald Trump’s administration on Friday asked the U.S. Supreme Court to allow the White House to continue construction on its $400 million ballroom project while it appeals a lower court’s order to halt the work.

Trump’s solicitor general petitioned the high court to suspend last week’s decision by a three-judge panel from the U.S. Court of Appeals for the District of Columbia Circuit. Chief Justice John Roberts set a deadline of Tuesday for a response by plaintiffs challenging the ballroom project.

The divided appeals court panel ruled last week Trump must stop the White House ballroom’s construction because Congress has not approved the project. The panel’s majority said Trump doesn’t have the unilateral authority to build a 90,000-square-foot (8,400-square-meter) ballroom where the White House’s East Wing stood before he ordered its demolition last fall.

The lower court suspended its own ruling for two weeks to give Trump’s Republican administration time to appeal to the Supreme Court. Solicitor General D. John Sauer asked the Supreme Court to rule on its stay petition before the appeals court panel’s decision takes effect on Aug. 21.

“This case involves an extraordinary and unlawful injunction that will halt the ongoing construction of the integrated military complex, including a totally secure ballroom space, at the East Wing of the White House, which is vitally required by national security,” Sauer wrote.

Friday’s court filing includes the administration’s first confirmation that a threatened missile attack on Air Force One prompted the Secret Service to secretly fly Trump out of Turkey last month on an alternate military aircraft. In arguing for the need for a secure ballroom space, the filing cites “the threat of a missile attack against Air Force One on July 8” in a list of recent assassination attempts against Trump.

The filing also asserts that the project is “on time and under budget” with approximately $400 million in private donations obviating the need for any taxpayer dollars to be spent. However, Democrats in Congress have said it appears that funds from Trump’s “ big, beautiful ” tax cuts bill appear to be paying for ballroom work. The administration also has requested additional funding from Congress for the project, but lawmakers haven’t approved it.

In April, a district court judge ordered a stop to aboveground construction of the planned ballroom. But the judge stressed that the White House was free to proceed with underground work, including the construction of any bunkers, military installations and medical facilities.

The D.C. Circuit panel’s 2-1 decision upheld an order to pauseaboveground construction on the project, siding with historic preservationists who sued to stop construction of the ballroom.

“Whether or not a massive ballroom should be constructed is for Congress to decide and is not a matter for Executive self-help,” wrote the majority’s two judges, both appointed by Democratic presidents.

A third judge disagreed, finding that the preservationist group that challenged the project had no legal right to sue.

“The district court elevated the aesthetic displeasure of a single passerby over the government’s security interests in the ballroom,” wrote Judge Neomi Rao, who was appointed by Trump.

The Trump administration argues that the president, not Congress or the courts, has unimpeded authority to renovate the White House. The current state of the project, essentially an open construction site, makes it harder to protect the White House, the Justice Department contends.

The administration also says the National Trust for Historic Preservation does not have the legal right, or standing, to sue over the ballroom, which is part of Trump’s plans to quickly remake Washington. The solicitor general said the ballroom project “should be a matter for the President and the political process, not construction-by-injunction.”

In response to the petition, the trust accused the White House of trying to “outrun the courts” by accelerating construction work, pointing to the administration’s plans to install 1 million pounds of rebar and pour another 3,000 cubic yards of concrete in the next week alone.

“The Administration’s transparent efforts to evade the rule of law, frustrate judicial review, and limit the availability of meaningful relief in the courts must stop here,” the plaintiffs said in a statement.

During an appeals court hearing in early June, an administration lawyer defended a broad view of presidential control over iconic public facilities. The government could bulldoze the Statue of Liberty and the White House, Justice Department lawyer Yaakov Roth said in response to a hypothetical question, and the descendants of immigrants who came through Ellis Island and the enslaved people who built the White House would not have standing to sue.

The D.C. Circuit panel upheld a ruling by U.S. District Judge Richard Leon, who was nominated by Republican President George W. Bush. Leon concluded that a pause wouldn’t jeopardize national security. He also exempted any construction work that is necessary for the safety and security of the White House.

The ballroom has been under construction for 10 months. The administration says the work is roughly 65% finished.

“Given those developments, the injunction promises chaos in service of nothing,” Sauer wrote.

This story was originally featured on Fortune.com

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WASHINGTON — The United States is escalating pressure on the European Union over something businesses cannot see at the border: regulations Washington says can be just as costly as tariffs.

U.S. officials are pressing Brussels to scale back European environmental, supply-chain and corporate-reporting requirements that can reach American companies doing business in the EU. The dispute marks the next phase of the transatlantic trade fight, shifting attention from the tariff rate charged when a product enters Europe to the regulatory costs companies face once they operate there.

At the center of Washington’s objections are the EU’s Corporate Sustainability Reporting Directive, known as CSRD, and its Corporate Sustainability Due Diligence Directive, or CSDDD. The rules can require companies to disclose extensive environmental and social information and, in some cases, scrutinize risks throughout their global supply chains.

U.S. Ambassador to the European Union Andrew Puzder says those requirements place excessive burdens on American companies and extend European rules beyond Europe’s borders. Washington is arguing that such regulations function as non-tariff barriers — costs or restrictions that can make foreign goods and companies less competitive even when conventional import tariffs have been reduced.

The dispute follows the U.S.-EU trade framework reached in 2025. With much of the attention at the time focused on tariff commitments, Washington is now pushing Brussels to deliver on what it sees as the other half of the bargain: reducing regulatory barriers affecting U.S. businesses.

That distinction matters for companies because a lower tariff does not necessarily mean lower costs.

A manufacturer could receive favorable tariff treatment and still face substantial expenses tracing suppliers, documenting environmental effects, collecting emissions data, auditing contractors and preparing sustainability reports required to remain in the European market. Those obligations can then flow down from major corporations to smaller suppliers that may never have expected to fall under European regulation.

Washington has also challenged the EU’s Carbon Border Adjustment Mechanism, which places a carbon-related cost on certain imported goods based on their emissions profile. The U.S. argues that requirements of this kind can disadvantage American exporters even though they are presented as environmental policy rather than traditional trade restrictions.

Europe has already moved to soften portions of its regulatory system, including narrowing some sustainability requirements and delaying certain deadlines. It has also adjusted controversial rules involving methane emissions and deforestation.

But Washington says the changes do not go far enough.

Brussels, meanwhile, is drawing a line around what it considers its right to establish its own environmental, corporate-governance and consumer-protection standards. European officials have indicated they are willing to continue trade discussions but do not view EU regulatory autonomy as something Washington can dictate.

That sets up a much more complicated trade conflict than a fight over a tariff percentage.

Tariffs are relatively easy to identify. A company knows what rate applies to an imported product and can calculate the expense. Regulatory barriers are harder to measure because the cost can be spread across legal departments, consultants, auditing systems, supplier contracts, software, reporting requirements and operational changes.

For American companies selling into Europe, that means the most important trade number may no longer be the tariff printed on a customs schedule.

It may be the cost of complying with the rules waiting on the other side of the border.

The U.S. and EU are expected to continue negotiations over non-tariff issues stemming from their broader trade framework, making corporate regulation one of the next major tests of whether Washington and Brussels can prevent their tariff truce from turning into a wider regulatory trade war.

JBizNews Desk | Washington

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You almost have to pinch yourself watching what is unfolding between the United States and Iran.

US President Donald Trump entered this confrontation promising American dominance: that Iran would never obtain a nuclear weapon, its missile-production capability would be destroyed, and its support for terrorist proxies would be severed. 

America would no longer be threatened, extorted, or played.

After the first American attack, Trump had something concrete to show for those words: the US directly struck Iran’s nuclear facilities.

After America’s second bombing campaign, the question is far more uncomfortable: What exactly did America win?

US and Iranian flags are seen in this illustration taken March 23, 2026.  (credit:  REUTERS/Dado Ruvic/Illustration)

Israel reportedly wanted to participate in the latest American strikes, but Washington did not want Israel involved. This became America’s operation, America’s targets, and America’s strategy.

That distinction matters.

Trump wanted America to take the lead. America took ownership.

Now America owns the outcome.

Iran’s regime survived. Its nuclear ambitions remain unresolved. Its missile and drone capabilities are being rebuilt. Russia and China remain sources of weapons, components, and assistance.

And now Iran has turned the Strait of Hormuz into leverage against the US. 

Washington is reportedly considering gradually releasing frozen Iranian funds and providing partial sanctions relief in return for Iran allowing unrestricted, toll-free commercial passage through Hormuz.

How did America get from Trump’s demands for Iranian surrender to negotiating what Tehran receives for reopening an international waterway?

Trump says America has “total control” of Hormuz. If America has total control, why is Iran setting the price?

That is what makes this so embarrassing for America – and particularly for a president whose global brand is strength.

The danger goes much further than appearances.

Trump’s own administration has argued that denying Iran revenue is essential because Tehran uses its resources for missiles, drones, the Revolutionary Guards, and terrorist proxies.

Loosening sanctions therefore doesn’t exist in a vacuum.

Money is fungible. Economic breathing room can free Iranian resources for rebuilding missiles, strengthening Hezbollah, supporting the Houthis and Hamas, restoring military infrastructure, and potentially advancing the nuclear capabilities America just went to war to stop.

America cannot spend billions destroying Iran’s military machine and then help create the financial conditions for Iran to rebuild it.

All because Iran disrupted Hormuz? That would send a catastrophic message far beyond Tehran.

And Hamas will be watching.

Trump created the Board of Peace and the International Stabilization Force for Gaza as part of his plan to end the Gaza conflict. 

The ISF is supposed to support Hamas’s disarmament, prevent terrorist infrastructure from being rebuilt, and help establish a new Palestinian police force.

What happens to the credibility of that structure if Hamas watches its patron Iran challenge America, disrupt international commerce, survive American bombing, and then potentially obtain financial concessions?

The lesson becomes dangerous:

Hold out long enough, create enough pressure, violate agreements, make the political cost painful enough, and eventually Washington may renegotiate.

That puts Israel’s immediate borders at risk – not merely from Iranian missiles hundreds of miles away, but from Hamas and other armed groups directly next door.

There is another regional development that deserves attention.

The Middle East around Israel is reorganizing

Egypt, Saudi Arabia, Qatar, and Turkey all sit within Trump’s Board of Peace framework. Separately, Saudi Arabia has moved into a new defense arrangement with Turkey and Pakistan and is building broader regional security coalitions.

None of that automatically makes those countries enemies of Israel. Saudi Arabia has never been formally at war with Israel in the modern era, and Egypt has maintained its peace treaty with Israel for decades.

But something important has changed.

Countries Washington hoped would become pillars of a new regional order alongside Israel are increasingly coordinating among themselves, building independent security structures and pursuing interests that do not necessarily align with Jerusalem’s.

That was always the risk.

When these new structures were celebrated, the question should never have been simply whether Arab and Muslim countries were finally uniting.

The question was: Uniting around what – and ultimately, against whom?

What was presented as a framework that could surround Israel with stability can become something very different if Israel eventually feels surrounded by the framework itself.

Those concerns no longer look theoretical.

Israel increasingly finds itself questioning arrangements involving countries that were supposed to help guarantee its security, while Iran – the country America set out to weaken decisively – is demonstrating that it can still impose enormous costs on the region.

And Tehran understands the political clock.

A senior IRGC adviser has openly discussed prolonging the confrontation until Trump is gone.

Iran may have concluded that it does not need to defeat America militarily. It only needs to outlast Trump politically.

Which brings us to the midterms. Is Washington simply trying to get through November?

Reopen Hormuz. Stabilize oil prices. Remove Iran from the daily economic conversation. Replenish American weapons inventories. Get past the elections.

Then perhaps Trump returns to Iran with overwhelming pressure.

If that is the strategy, today’s moves may eventually make sense.

But Iran gets those same months. 

It can rebuild missiles, restore air defenses, receive Russian and Chinese equipment, strengthen proxies, repair military and nuclear infrastructure, and potentially do all of it with greater economic breathing room if Washington loosens sanctions.

That is the gamble.

Trump wanted to demonstrate American dominance without Israel participating in the second campaign.

Instead, America today appears to be negotiating with the country it bombed over what that country must receive to stop disrupting global commerce.

Maybe Trump has another card. Maybe this is a tactical pause before the real endgame.

For America’s sake, one hopes so.

Because Trump’s objectives were never merely to bomb Iran; they were to prevent a nuclear Iran, cripple its missile threat, cut its terrorist proxies off from Tehran, and restore American deterrence.

Those are the standards by which victory must be measured.

Not how many bombs America dropped. Not how many buildings were destroyed. And certainly not whether Iran temporarily agrees to reopen Hormuz after being economically rewarded for closing it.

America took ownership of this second campaign. Now it must show the world what it accomplished.

Because if Iran rebuilds, Hamas learns that agreements can be tested, America’s regional partners increasingly organize around their own interests, and Washington pays Tehran to unwind a crisis Tehran helped create. 

The message then being sent across the Middle East will be exactly opposite the one Trump intended.

And that leaves a question that would have seemed unimaginable when America’s second attack began: Is Trump defeated – and is Iran victorious?

The writer is founder and CEO of the Orthodox Jewish Chamber of Commerce.

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Bill Ackman’s new fund owns about $50 worth of stock for every share it has issued. Those shares change hands in the high $30s. Buy one today and you are paying roughly 80 cents for a dollar of Amazon, Microsoft, Meta and the rest of the portfolio — and on Thursday, on his firm’s first earnings call as a public company, Ackman said that gap makes no sense and that he intends to close it.

“We think the trading of PSUS is frankly absurd, and we are going to take some steps to fix that,” the chief executive told analysts, referring to Pershing Square US, the closed-end fund he listed on the New York Stock Exchange in April.

Here is the mechanism in plain terms, because the whole story turns on it. A closed-end fund sells a fixed number of shares once, invests the money, and then never issues or buys back stock in the ordinary course. Unlike an exchange-traded fund, there is no machinery forcing the share price to track the value of what the fund owns. So the price is whatever buyers and sellers agree on that day, and it can drift well below the underlying holdings. That gap is the discount, and Ackman’s is running at about one-fifth.

The fund raised $5 billion at $50 a share and stumbled out of the gate on April 29, trading as low as $40.33 within minutes and closing the day at $40.90, down 18%. It has not recovered since, even as the broader market has climbed to record levels this week.

Ackman’s own diagnosis is that he mishandled who got the stock. The firm gave retail buyers a full allocation and cut institutions back sharply, in what he described as an attempt at democratizing access. His read is that individual investors asked for more shares than they expected to be handed, then sold what they did not want. The result was a supply of sellers and almost no steady buyers, on thin volume, with each trade nudging the price a little lower.

The plan to fix it has three parts, and none of them involve the portfolio itself. The first is marketing, which Ackman said is now unrestricted in a way his older London-listed fund never was — he can promote this one on television, on podcasts, and directly to financial advisers. His pitch to those advisers is that a client who buys in the open market gets the same portfolio at 80 cents on the dollar without the adviser having to pull money out of an account earning a management fee. The second is leverage: beginning in early September, the firm will meet with rating agencies to get the fund rated, then issue investment-grade bonds, targeting debt equal to 15% to 20% of total assets. That is roughly 0.15 to 0.2 times equity, against the eight to twelve times some hedge funds run. The third is a new vehicle, Pershing Square Ventures, targeted for late 2026 and aimed at private companies ranging from a few hundred million in valuation up to the $10 billion range — a portfolio, Ackman argued, that public investors could not assemble on their own and would therefore be less likely to price at a discount.

The underlying business had a solid quarter. Pershing Square Inc., the listed management company, reported earnings of 14 cents a share on revenue of $54.18 million. Fee-paying assets under management climbed $4.6 billion in the quarter to roughly $23 billion, and the firm said its portfolio was up 20% for the year to date. The fund was 95% invested by quarter-end, having deployed its cash during a volatile spring that Ackman said handed him the buying conditions he had hoped for.

Shares of the management company closed at $38.80 and added 2.8% to $39.89 in after-hours trading, leaving them well below the 52-week high of $54.94 and well above the $22.01 low.

There is a wild card in the portfolio that Ackman raised himself. The funds hold roughly 230 million shares of Fannie Mae and Freddie Mac at about $5 each. If the administration follows through on releasing the two mortgage companies from government control and relisting them, he argued, those become $40 or $50 stocks — an overnight increase of $8 billion to $9 billion in assets, or close to a third of the firm’s fee-paying base.

That is the bet an investor is making at a 20% discount: that the holdings are worth what Ackman says, and that enough buyers eventually agree to close the gap.

JBizNews Desk | Wall Street

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The Northeast continues to command a disproportionate share of the nation’s hottest housing markets, with four of the top five metros located in New England or New York, according to the latest weekly HousingWire Data.

Rochester, N.Y.; Hartford, Conn.; Grand Rapids, Mich.; Boston, Mass.; and Buffalo, N.Y., ranked as the nation’s five hottest single-family housing markets for the week ending Aug. 7.

Agents told HousingWire that buyers continue to compete for well-priced homes despite affordability pressures.

“We’re still seeing homes priced or homes selling for at or slightly over asking price, and prices increasing up slightly,” said Andrew Veneziano, broker associate at Boston-based REMAX Andrew Realty Services. “I think condos and single-families are a couple percentage points up from last year, but the inventory is down, which is interesting.”

Colleen Collier, an agent with Buffalo-based REMAX Plus, described a similar dynamic.

“There’s been multiple offers coming, selling over asking price, people relocating to the area and kind of rediscovering the Buffalo-western New York market,” she said, “They’re searching for that big city feel without the traffic and congestion of being in a big city.”

The regional strength stands out against a national market that is gradually becoming more balanced.

Nationally, active single-family inventory stands at 865,709 homes, with a median list price of $448,665 and a median of 63 days on market. Price reductions have climbed to 41.4%, while months of supply sit at 2.4.

Leading Northeast markets are operating with considerably tighter supply. Rochester has 1.0 months of supply, Hartford has 1.1 months — while Boston and Buffalo each have 1.4 months.

Robert Levine, broker-owner of Hartford-based ERA Hart Sargis Breen, said inventory seems even more scarce on the ground.

“The demand has never really gone down since the market took off over 6 years ago, it’s remained strong consistently,” he said. “We see many homes go under contract in a matter of days or a week. Many communities have a two-week supply of inventory.”

Rochester leading the pack

Rochester sits atop metro market rankings at a relatively affordable $299,900 median list price, with homes spending a median of just 21 days on the market and only 1.0 months of supply — the tightest inventory of any major market in the country.

Its price reduction rate is 20.2%, well below the national average.

Hartford follows with a median list price of $510,500, 28 days on market, and 1.1 months of supply. Its price reduction rate is 27.0%.

“Many listings last three to four days,” said Levine. “Many homes receive six and up, even in excess of ten offers, with the winning bid significantly over the asking price by tens of thousands of dollars. On an occasion we are seeing a home sell for list price or below, but I would say that is still the exception and not the rule.”

Grand Rapids, Mich., the lone Midwest market in the top five, recorded a median list price of $419,900, a median of 28 days on market and 1.2 months of supply.

Its 35.5% price reduction rate is closer to the national norm, suggesting somewhat more balance while demand remains strong.

Buffalo recorded a median list price of $264,900 — the lowest among the five hottest markets. Homes spent a median of 35 days on the market and inventory stood at 1.4 months.

Collier said the area’s affordability is helping attract buyers even as prices remain competitive.

“Yes, we’re definitely affordable,” she said. “We have a lot of older housing, so that, I think, keeps our prices a little bit lower, and yeah, we’re just affordable overall. Homeownership is still obtainable here for the average consumer.”

Buffalo’s price reduction rate was 32%, below the national rate of 41.4%.

While some sellers are adjusting prices, Collier said a reduction does not necessarily mean demand has weakened.

“I think if sellers overprice, they do end up dropping a little, but then they’ll often still sell for over asking,” she said. “Officially, we’re selling at 106.8% of asking price, so multiple offers are still coming, but yeah, if you price it too high, you don’t get the activity.

“You have to price it a little bit on the lower side to generate the activity and generate the showings because the consumer is still expecting to pay over asking in our market.”

Northeast and Midwest regions also sit atop hot statewide housing markets — with Connecticut at No. 1.

table visualization

Boston defies affordability concerns

Boston represents the high-price end of the Northeast’s hot-market spectrum.

The Boston-Cambridge-Quincy metro posted a median list price of $899,900 — nearly $390,000 above the next-highest market in the top five and more than three times Rochester’s median.

Yet buyers continue to move quickly, with homes selling in a median of 42 days and supply at 1.4 months.

Boston’s price reduction rate of 37.8% is the highest among the top five but remains below the national rate.

Veneziano said Boston’s appeal extends beyond housing prices.

“Boston’s just, it’s a great place to live, in my opinion,” he said. “Personally, I call it home, and I see reports about reasons people are here; education, healthcare, walkability — I think there are all kinds of factors. Boston has a lot of specialties in medicine and biotech and technology education. There are a lot of people who relocate here for work or for school.

“I have a neighbor who relocated from elsewhere in the United States, and thought [Boston] was going to be a pit stop. They couldn’t believe how much they and their family have loved Boston, and now it’s really become a home for them.”

The metro is also doing a good job of building a future buyer pool as renters become more established and mortgage rates potentially improve, Veneziano added.

“I’ve been working with first-time homebuyers and empty nesters a lot as of late, and a lot of my empty nester clients are very discerning,” he said. “They know exactly what they want, and we’re seeing the demand. The demand is still here.”

Buffalo competition could persist through year’s end

Buffalo’s relisted rate of 10.7% is the highest among the five hottest markets.

Collier, however, said she has not personally seen a significant increase in homes returning to the market.

She expects demand to remain strongest for well-maintained homes.

“I still see we have pent-up demand for good, solid new listings that are well cared for, well maintained,” said Collier. “I think our housing is going to stay very stable here. We might not see as many multiple offers. Maybe we won’t be seeing six or 10 offers or down to maybe getting three or four offers on a listing, but it only takes one. I think we’re still going to continue to increase in price for the remaining parts of the year.”

As the national market gradually softens, the Northeast’s leading metros are demonstrating that tight supply can sustain competition across a wide range of price points.

From Rochester to Boston and Buffalo, the common denominator remains limited inventory — and for now, buyers are still chasing the homes that do come to market.

“We are still operating in a very low inventory market, so it’s a great time to sell,” said Levine. “I tell all our buyers to not be discouraged, though. As long as a buyer has proper representation so that they make a very clean and strong offer to a seller, we will see them be successful in locating a home that suits the buyer very well.”

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New York City can keep collecting its new surcharge on second homes while a lawsuit over how it was rolled out works its way through the courts. An appellate court in Brooklyn ruled Thursday that implementation may continue, overriding a temporary restraining order a Staten Island judge issued earlier in the week.

The dispute is not over whether the city may tax second homes. It is over how the Department of Finance told people they might owe it.

State lawmakers created the pied-à-terre tax in this year’s state budget as a revenue source for the city. It applies to second homes worth more than $5 million, and to condominium and co-op second homes with market values above $1 million. The surcharge was rolled out as part of Mayor Zohran Mamdani’s fiscal 2027 budget to help close the city’s gap.

To administer it, the Finance Department published a supplemental tax roll online listing more than 900,000 residential properties along with owners’ names, addresses and property values — including properties that owe nothing — and mailed letters to roughly 17,000 owners flagged as potentially subject to the charge. Fewer than one in fifty of the listed properties actually received a notice, which is a large part of why the list caused alarm.

Three homeowners — Simon Hedley, Rachel O’Brien and Carmine Morano — sued in state Supreme Court in Richmond County, arguing the city wrongly identified their primary residences as potentially owing the tax. Their attorney is Randy Mastro, the former first deputy mayor under Eric Adams. His argument has three parts: that the department was required to make an individualized determination for each property before mailing a notice and skipped that step; that it shifted the burden onto roughly 17,000 homeowners to prove they did not owe the tax; and that nothing in the law authorized publishing the database at all.

Judge Wayne M. Ozzi agreed on Monday, ordering the city to take the list down, halt collection based on it, and stop enforcing the deadline to contest a notice. A hearing is set for Aug. 31. From the bench, the judge said the notices caused irreparable harm because they did not explain why recipients had been flagged and warned that those who failed to file for an exemption would owe the surcharge.

The city filed a notice of appeal within hours, which triggered an automatic stay and allowed the department to continue. On Thursday the city asked the appellate court to confirm that automatic pause, arguing the lower-court ruling threatened to derail a time-sensitive implementation. The court agreed.

A spokesperson for the mayor said the city disagreed with Monday’s ruling but remains confident in the surcharge and in its ability to implement it fairly. Mamdani has said the property database was part of the city’s routine publication of its tax roll, which state law requires.

There is a second enforcement angle that has drawn less attention. A spokesperson for Governor Kathy Hochul said the program will also help the state identify people who claim a primary address in New York City to avoid the surcharge while paying income taxes in another state. The same records that flag a second home for the city can flag a residency claim for the state.

For property owners, the practical situation as of Thursday is unchanged from before the restraining order. The exemption deadline is Sept. 18, extended from an original date of Aug. 21. Anyone who received a notice and believes the flagged property is a primary residence needs to file for the exemption by that date rather than wait for the litigation to resolve. The appellate ruling means the city’s clock is still running.

The next courtroom date is Aug. 31, when the restraining order itself is argued. The judge’s order technically remains on paper while the appeal is pending, but has no practical effect during the stay.

For the residential market, the outcome matters beyond the roughly 17,000 flagged owners. A recurring surcharge on high-value second homes changes the carrying cost of Manhattan pieds-à-terre, which is a category disproportionately owned by out-of-state and foreign buyers with the flexibility to sell. Reporting has already noted how underassessed many of the flagged properties turned out to be — meaning the assessment values underpinning the surcharge are themselves likely to be contested as the program matures.

JBizNews Desk | New York

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Starting next month, 39,000 bus riders in the Bronx will have a faster daily commute. The city’s Department of Transportation (DOT) this week officially started construction on the Tremont Avenue Busway, a mile-long, car-free lane designated for the Bx36 bus from Third Avenue to Southern Boulevard. The busway, the eighth to be installed in the city, aims to speed up commutes by 60 percent for the bus route, which currently travels at less than five miles per hour.

Courtesy of DOT

The busway project was ready to go in 2025, but former Mayor Eric Adams shelved the plan, as Streetsblog reported at the time. Mayor Zohran Mamdani announced plans to build the busway last month as part of a broader plan to improve bus speeds at 50 priority corridors.

Tremont Avenue is seen as a priority because most residents in the area rely on public transit and the corridor is dangerous. According to the DOT, 72 percent of residents do not own a car. The agency said between 2020 and 2024, nearly 630 people were injured in crashes on Tremont Avenue, with four people killed.

Starting September 19, the busway will operate every day from 6 a.m. to 8 p.m. The busways will be enforced via stationary cameras, bus-mounted cameras, and NYPD enforcement.

“Every day, 39,000 bus riders will spend less time stuck in traffic and more time where they need to be: with their families, loved ones and friends, or at work and appointments,” DOT Commissioner Mike Flynn said. “We look forward to building off the success of this busway and working with the community to develop Tremont Avenue into a world-class rapid transit corridor.”

As part of the street redesign, an eastbound busway will be installed from Third Avenue to Southern Boulevard. A shorter westbound busway will be built from Southern Boulevard to Belmont Avenue, and an offset shared bus-bike lane will eastbound from Webster Avenue to Third Avenue.

Every block of the busway will be painted red with “Bus Truck Only” white markings. Buses, trucks with six or more wheels, emergency vehicles, and Access-a-Ride vans can travel through the entire corridor. All other vehicles may enter from side streets for local access but must take the next available right turn.

The city will also boost safety for pedestrians at eight intersections along the corridor and nearby streets with new painted sidewalk extensions that shorten crossing distances and slow drivers while turning.

Map of the 5 rapid bus corridors. Credit: NYC Mayor’s Office

Other bus corridors set to receive upgrades include Flatbush, Utica, and Church Avenues in Central Brooklyn. These corridors carry 150,000 bus riders every day across 13 routes, with buses crawling as slow as 5 mph, as 6sqft previously learned.

Of the city’s 50 priority corridors, five would be designated as “rapid bus corridors,” featuring bus-only infrastructure such as busways, fully separated lanes, or center-running lanes with transit signal priority at intersections and limited cross traffic.

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Harvard University’s investment arm disclosed a $2.2 billion stake in SpaceX, revealing a massive payoff from an early investment in Elon Musk’s rocket company following its blockbuster public debut.

Harvard Management Company reported the position in a regulatory filing Friday, making SpaceX the largest individual stock holding disclosed in its $4.3 billion portfolio of U.S. equities.

The investment highlights how SpaceX’s record-setting June initial public offering delivered significant gains for university endowments that gained exposure to the company through venture capital investments, in some cases more than a decade ago.

SPACEX AND TESLA CHOOSE TEXAS FOR AI CHIP MANUFACTURING PLANT THAT WILL BE WORLD’S LARGEST BUILDING

Harvard Management oversaw about $57 billion as of June 2025, according to the latest publicly available figure.

Harvard is not the only university investor benefiting from SpaceX’s move into the public markets.

The University of California’s investment arm disclosed a position worth roughly $1 billion in a filing this week, while the University of North Carolina and Washington University in St. Louis also held investments in the company.

Harvard’s position could include both shares owned directly and stock distributed to the university through private investment funds. 

Harvard Management Company and SpaceX did not immediately respond to FOX Business’ requests for comment.

CATHIE WOOD SAYS BATTERED SPACEX COULD BECOME ‘MOST IMPORTANT COMPANY IN GLOBAL HISTORY’

SpaceX currently carries a valuation of more than $1.8 trillion. The gains arrive as university finances face pressure from uncertainty over federal research funding, demographic changes that are reducing the pool of college-age students and weaker returns from private equity.

Large university endowments have nevertheless delivered strong recent performance. 

Endowment funds managing more than $500 million returned a median 18.9% before fees in the year ended in June, according to the Wilshire Trust Universe Comparison Service.

SpaceX shares have fluctuated since the company debuted at $135 per share. The stock fell 0.9% Friday to close at $140.

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Investment managers overseeing more than $100 million in U.S. equities generally must submit Form 13F within 45 days after the end of each quarter, providing a snapshot of their holdings in securities traded on U.S. exchanges.

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Welcome to Eye on AI. Emily Forlini here, filling in for Jeremy one last time as his vacation comes to a close. In today’s issue:

  • Juicy details OpenAI doesn’t want you to see in its new report
  • Anthropic reportedly plans a $2 trillion IPO in October—the largest ever
  • OpenAI replaces its chief revenue officer after less than a year
  • Google pronounces Sam Altman dead—for 41 minutes

It really sunk in for me this week just how much money is flowing in the AI industry.

I spoke with two former OpenAI employees who made about $10 million in a day by selling shares in an internal tender offer, which Bloomberg reports totaled $7 billion across the staff. Then, this morning, on Fortune‘s weekly AI podcast, my coworker Beatrice Nolan and I interviewed the CEO of Lovable. This week, the old Stockholm-based firm, which is only three years old, doubled its valuation to $13.3 billion.

A couple million, a hundred billion, a trillion (or two, in the case of Anthropic’s upcoming IPO)—what’s the difference at this point? There’s just one big problem looming in the background: The ROI of AI adoption is still not clear for companies.

OpenAI grapples with this existential question in a 69-page report published on August 11 on the enterprise adoption of ChatGPT. On its face, the report tells the a story of exponential AI usage growth across all seniority levels and job functions, highlighting what it calls a “frontier gap,” in which companies who are using AI are pulling ahead of those who aren’t. In other words, if you’re not using AI—especially agents you can delegate tasks to—you’re losing.

But the fine print tells a different story.

We still don’t know if AI helps you make more money

In one small table on page 35, the researchers report no statistically significant correlation between the revenue per employee, and how much those employees use AI, measured in messages sent and tokens used.

“Revenue per employee is not meaningfully associated with output tokens per employee or messages per active user once other controls are included,” the report explains.

Importantly, the revenue numbers here are from before the employees began using ChatGPT. It’s unclear if OpenAI is tracking revenue and AI usage, why they would not extend the study to include how ChatGPT has started to affect their cash flow since adoption. This massive question for the business community is left hanging.

Overall, the most lucrative companies have been most likely to be AI early adopters. However, the study doesn’t clearly establish that the more AI they use, the more money they make. Perhaps they just have the most to spend on it.

Executives are using AI the least

Executives may not be best equipped to gauge ROI because they are using it the least—another nugget buried in the report. It’s not just that companies have fewer executives than they do general employees. But what’s interesting about the graph on page 29 is that most senior employees are using it less intensely, with the least weekly messages per user.

Early career employees have by far the most usage, a point OpenAI CFO Sarah Friar highlighted in her LinkedIn post about the report: “For leaders, that’s a reminder that competitive advantage comes from the people closest to the work. Listen to them, learn from them, and help the rest of the organization catch up.”

OpenAI’s enterprise sales had a rough Q4’2025

Surprisingly, OpenAI’s overall usage within enterprises completely flatlined from about October 2025 to December 2025. In a graph (page 26) depicting output token growth, the black line representing “total” growth is almost perfectly flat for that time period. During this time, Anthropic’s Claude Code was taking the corporate world by a storm, becoming the go-to platform at many places.

To the company’s credit, in January 2026, the line thrusts upward into an exponential curve. As one VC told me yesterday, “OpenAI’s run rate in 2026 has been pretty incredible.” OpenAI attributes the growth not only to adding new clients, but also also to its current clients deepening their use. We also know CEO Sam Altman has been reorganizing the company around enterprise sales, and killing what the company called “side quests,” such as the video app Sora.

In a sprint to accelerate this line—Or, maybe to get it going again? Who knows, the graph ends at March 2026—OpenAI today announced it hired a new Chief Revenue Officer, Dali Rajic, who will replace Denise Dresser. It’s an aggressive move; Dresser held the role for less than one year. Rajic’s focus will be accelerating customer adoption and helping businesses measure impact as the company sprints towards its IPO.

OpenAI paid the academics who contributed to the report

Lastly, two of the five authors are academics that OpenAI paid to help with the report. The other three are OpenAI employees. Including academics in a paper like this typically implies greater credibility and the impartiality of an outside research institution, but the waters are a little muddier here.

On the first page, David Holtz and Prasanna Tambe are affiliated with Columbia Business School and Wharton at the University of Pennsylvania, respectively. But a footnote specifies that both “contributed to this work in their capacity as paid contractors for OpenAI.”

Did the researchers find more that they didn’t publish, as they typically would for an academic paper? We’ll never know, but it’s another reminder of what has always been true: You’ll have to measure AI’s impact based on your own first-hand experience—not the hype.

With that, here’s more AI news.

Emily Forlini
emily.forlini@fortune.com
@emilyforlini

This newsletter has been updated to clarify that the revenue per employee figure referenced in the study was taken before the employees began using ChatGPT, not after.

This story was originally featured on Fortune.com

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Kettle Cuisine LLC is recalling more than 3,000 Marketside Tomato Bisque Soup Kits sold exclusively at select Walmart stores because of possible Listeria contamination, according to a company announcement posted by the U.S. Food and Drug Administration.

The recall covers 3,240 14-ounce Marketside Tomato Bisque Soup Kits with UPC 194346474004 and a use-by date of Aug. 22, 2026. The products were distributed from June 30 through July 7, to select Walmart stores across 29 states.

Kettle Cuisine initiated the recall after routine company testing produced a presumptive positive result for Listeria monocytogenes, according to the announcement. The company said it is continuing to investigate in coordination with the FDA.

No illnesses associated with the recalled soup have been confirmed, the company said.

250,000 MINIFRIDGES SOLD ON AMAZON RECALLED FOLLOWING REPORTS OF FIRES

FOX Business reached out to Kettle Cuisine for additional information about the testing, whether the presumptive positive result has been confirmed and whether additional products or lots are being tested.

FOX Business also reached out to Walmart for comment, including whether all affected products have been removed from store shelves and how the retailer is notifying customers who may have purchased the recalled soup.

The affected products were distributed to select Walmart stores in Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Missouri, Mississippi, North Carolina, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Texas, Virginia, Vermont, Wisconsin and West Virginia.

Consumers should not eat, serve, sell or distribute the recalled soup, according to the announcement. They should dispose of the product or return it to the place of purchase for a refund.

POPULAR HAIR PRODUCT RECALLED NATIONWIDE OVER POTENTIAL EXPLOSION HAZARD

Listeria monocytogenes can cause serious and sometimes fatal infections in young children, older adults and people with weakened immune systems. Healthy people may experience short-term symptoms including fever, severe headache, stiffness, nausea, abdominal pain and diarrhea. Infection can also cause miscarriage and stillbirth in pregnant women, according to the recall notice.

Consumers should not rely on the product’s smell or appearance to determine whether it is safe, the announcement said. People who handle the recalled soup should wash their hands and clean and sanitize refrigerators, freezers, containers, utensils, countertops and other surfaces that may have come into contact with it.

Anyone who ate the recalled product and develops symptoms of listeriosis should contact a healthcare provider, according to the announcement.

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Consumers with questions can contact the Kettle Cuisine hotline at 617-409-1104.

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On a quintessential Beverly Hills street in 1985, a restaurant that would help transform the pizza industry opened its doors.

After years of practicing law as federal prosecutors and criminal defense attorneys, co-founders Rick Rosenfield and Larry Flax chose to leave the courtroom behind to pursue their dream of becoming restaurateurs.

“We didn’t want to open just a restaurant. We decided to be bold. We said we want to open a national and international chain of restaurants,” Rosenfield told Fox News Digital.

With its Original BBQ Chicken Pizza and polished approach to casual dining, California Pizza Kitchen helped popularize California-style pizza among diners across the U.S. and eventually around the world. The chain became a household name while helping bring a distinctive, California-inspired approach to pizzas, pastas, salads and desserts.

FUDDRUCKERS BECAME THE ‘BLOCKBUSTER’ OF BURGERS, AND NOW IT’S NEARLY GONE

California Pizza Kitchen has more than 120 restaurants in 10 countries. But at one point, CPK existed only in a single storefront on South Beverly Drive.

Rosenfield recalled the restaurant’s early days in Beverly Hills as “hectic,” with actress Shirley MacLaine becoming its first customer on opening day.

“Even before we opened, we knew we had a blockbuster on our hand. We created barbecue chicken pizza. And in the early days of CPK, it was complete craziness. Everybody was coming for barbecue chicken pizza,” said Rosenfield. His book, “The California Pizza Kitchen Story: How Two Federal Prosecutors Changed the Way America Eats Pizza,” was released July 21.

Rosenfield and Flax employed a real estate strategy that helped expand CPK’s reach, opening restaurants in and around shopping malls.

“CPK also had a hand in changing the way America eats because we were pioneers in going into upscale shopping centers around America at a time when… there was all fast food,” Rosenfield said. “We brought this polished, casual dining to the best malls in America.”

After Rosenfield and Flax grew CPK to more than 200 locations worldwide, the pizza giant was acquired for $470 million by private equity firm Golden Gate Capital in 2011.

‘MCDONALD’S CHANGED THE COURSE OF MY LIFE’: CONGRESSMAN SELLS BUSINESS HE BUILT SINCE HIS TEEN YEARS

At the time of the acquisition, the  San Francisco-based firm described itself as “one of the most active acquirers of leading brands in the restaurant and retail sector.”

Nine years after Golden Gate Capital acquired the chain, CPK filed for Chapter 11 bankruptcy protection on July 30, 2020, after the COVID-19 pandemic compounded its existing financial troubles.

Rosenfield, however, told Fox News Digital he believes CPK’s troubles began before the bankruptcy filing, arguing that Golden Gate Capital damaged the culture he and Flax had spent decades building.

“As founder, it’s hard to sit back because I had no role in it whatsoever. So, we’re armchair quarterbacks looking from the outside,” he said.

“I believe that they damaged the culture from day one. They wanted to remake it in an image different than we had remade it in. And in the meantime, it wasn’t successful,” the co-founder continued. “And it continued to decline on that basis, unfortunately. As I said, while we sat and watched it, and then it was ultimately driven into bankruptcy.”

Golden Gate Capital declined Fox News Digital’s request for comment.

California Pizza Kitchen emerged from bankruptcy in November 2020, and Rosenfield, who said he still dines at CPK every several weeks, is optimistic about the chain’s future under new ownership that he believes is “committed” to restoring the brand’s success.

The acquisition of California Pizza Kitchen (CPK) by New York-based Consortium Brand Partners was announced in December 2025 for a deal valued just under $300 million. Rosenfield said he is “thrilled” with the direction the restaurant is headed in under the new ownership.

“I believe they want to bring the brand, not only to its former glory, but to new glory,” said Rosenfield. “I have confidence in this team. And for the first time in all these years, my partner, Larry Flax, and I are very excited about where it could go.”

Rosenfield reflected on the legacy he and Flax built from a small, leased space in Beverly Hills, telling Fox News Digital that the 41-year-old restaurant chain “accomplished” exactly what they envisioned from the beginning.

“I love that everybody has a CPK story. That’s what drove me to do the book,” the co-founder said. “It’s accomplished what we wanted. Grandparents, parents, kids all have a place that they can all go to and agree to go to.”

“While I said that I believe that they did damage to the culture in the years past, I think the food has been incredibly consistent. And I’ve always been extremely, I’m extremely proud of the brand,” Rosenfield said.

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Nearly one in four American workers with employer-sponsored health insurance say they are stuck in jobs they want to leave because they fear losing coverage.

About 24% of U.S. workers with job-based insurance – roughly 23 million adults – are experiencing “job lock,” up sharply from 16% in 2021, according to a report from the West Health-Gallup Center on Healthcare in America.

The survey defines job lock as remaining in a job despite wanting to leave due to concerns about losing health insurance.

“Job lock is on the rise in America,” the report noted. “Nearly a quarter of U.S. employees report staying in a job they want to leave to keep their health insurance, a powerful constraint on worker mobility, productivity, entrepreneurship and wage growth.”

The surge comes as soaring healthcare costs squeeze household budgets. 

About half of Americans said they struggle to consistently pay for needed medical care or prescriptions, while 51% are worried about affording healthcare over the next year — the highest level in five years, as noted in the report.

OBAMACARE EXCHANGE FLAW EXPOSED AMERICANS TO UNEXPECTED HEALTH PLAN SWITCHES, WATCHDOG FINDS

Workers under greater financial strain were far more likely to report feeling trapped.

Among those with medical debt, 44% reported job lock, more than double the 21% rate among those without medical debt.

ALLERGY MEDICATION RECALLED OVER POSSIBLE DRUG MIX-UP THAT COULD TRIGGER ‘LIFE-THREATENING’ REACTIONS

Nearly half of respondents who cited healthcare costs as a “major financial burden” reported job lock. The rate rose to 53% among those experiencing “a lot of stress” over medical expenses, the report noted.

Chronic health problems also made workers more likely to stay at their jobs. 

About 29% of those with at least one chronic condition reported job lock, compared with 17% of those without one.

That rate grew to 41% among people with three or more diagnoses.

TRUMP’S FIRST-TERM POLICIES HELPED LOWER SOME INSULIN COSTS: HHS REPORT

Women were also more likely than men to remain in unwanted jobs for health benefits, at 30% compared with 20%, according to the report.

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The findings were based on a national survey of 5,660 adults conducted from Oct. 27 to Dec. 22, 2025. The analysis focused on 2,322 employed adults with employer-sponsored insurance.

“The effects extend beyond morale – reducing labor market efficiency, upward mobility and quality of life,” as noted in the report. “With coverage tied to employment, a growing share of American workers report making career decisions based on insurance rather than opportunity.”

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Weeks after a recall was issued for more than 1.5 million cartons of one dozen eggs due to the risk of salmonella, the U.S. Food and Drug Administration has upgraded the recall to the highest risk level.

On Wednesday, the recall was moved up to a Class I, which signifies “a situation in which there is a reasonable probability that the use of or exposure to a violative product will cause serious adverse health consequences or death.”

The upgrade comes as nearly 98 people have been sickened across 17 states, with 26 hospitalizations, according to a July 24 update from the FDA.

No deaths have been reported.

POPULAR REESE’S, ALMOND JOY ICE CREAM BARS RECALLED OVER LABELING ERROR

Officials said the recalled products were sold under several brands, including Kroger, Brookshire’s, Country Morning, Simple Truth, and Sunups, as well as various bulk Grade A and Grade AA eggs.

The eggs were distributed to retail and food service customers in Texas, Oklahoma, Arkansas, Louisiana, New Mexico and Mississippi, as well as other smaller retail outlets, according to the FDA.

The vast majority of those sickened — 73 — were in Texas. 

Customers in California, Nevada, Arizona, New Mexico, Colorado, Oklahoma, Louisiana, Mississippi, Missouri, Illinois, Minnesota, Georgia, South Carolina, North Carolina, New York and West Virginia, each reported a handful of cases.

WHOLE FOODS RECALLS SALSA, GUACAMOLE AND PREPARED FOODS IN 12 STATES OVER SALMONELLA CONCERNS

The FDA said that distribution of recalled eggs “has been confirmed for states listed, but product could have been distributed further, reaching additional states.”

Midwest Poultry Services initiated the voluntary recall, affecting 1,589,577 dozen cartons of white shell eggs and brown cage-free shell eggs, in the last week of July.

The affected products were produced at two farms in Texas, according to the FDA.

Officials said the issue was discovered during routine environmental testing.

The salmonella scare comes amid a deadly outbreak of cyclosporiasis linked to lettuce that causes explosive diarrhea.

Fox Business’ Bonny Chu contributed to this report.

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The Office of the Comptroller of the Currency (OCC) on Friday granted preliminary conditional approval for a national trust bank tied to World Liberty Financial, a crypto venture partially owned by President Donald Trump‘s family.

The decision, announced in a letter posted on the OCC’s website, advances World Liberty Financial’s plans to establish a national trust bank focused in part on issuing and managing the USD1 stablecoin.

World Liberty Trust Company, National Association, would be based in Bay Harbor Islands, Florida, and plans to issue and redeem USD1, maintain reserves backing the stablecoin and provide digital asset custody and related services to institutional customers.

In its letter, the OCC said it granted preliminary conditional approval to World Liberty Trust Company’s application for a national trust bank charter, which was submitted in January.

TRUMP WARNS NEW HOCHUL, MAMDANI PIED-À-TERRE TAX COULD ACCELERATE NYC WEALTH EXODUS

The firm welcomed the decision, calling it a “milestone” in its efforts to open the bank.

“A national trust bank brings USD1 issuance, custody and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations,” World Liberty Trust President and Chairman Zach Witkoff said in a statement. 

“We welcome continuous scrutiny from federal regulators for many years to come.”

Witkoff is the son of Trump’s special envoy, Steve Witkoff.

Zach Witkoff said in an X post that the proposed national trust bank would have a clear objective.

BANK OF AMERICA UNVEILS $250B INITIATIVE TO MODERNIZE US INFRASTRUCTURE

“Our ambition is clear: to build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.”

The bank cannot begin operating yet and must satisfy a series of requirements before opening and receiving final approval from the OCC.

A significant portion of the OCC’s letter addressed objections raised by commenters over potential Trump family conflicts, foreign investment, stablecoin regulation, FDIC insurance and regulatory favoritism.

MINNESOTA’S BAN ON CRYPTO ATMS GOES INTO EFFECT AFTER CITIZENS REPORT LOSING NEARLY $1 MILLION IN SCAMS

On its website, World Liberty Financial states that it is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members.”

The OCC rejected those objections as grounds for denying the charter and said staff reviewed the application under established procedures.

“Career OCC staff reviewed the application for consistency with the statutory, regulatory, and policy requirements and factors for approval of a de novo application,” the OCC wrote.

An OCC official emphasized the importance of de novo banks in a statement to FOX Business, saying a robust pipeline of new banks is crucial to a healthy financial system.

The official said new entrants bring new ideas, products and services that increase competition, drive innovation and expand consumer choice, contributing to a strong and diverse banking system that supports a modern economy.

Reuters contributed to this report.

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The prices businesses pay for their goods stopped rising last month. That is the number that eventually decides what you pay, and for the first time in a while it moved in the right direction.

The Labor Department’s producer price index — which measures inflation before it reaches consumers — rose 4.7% in July from a year earlier, down from a much larger 5.5% increase in June. Month to month, wholesale prices were unchanged, after ticking down 0.1% in June. Stripping out food and energy, the core measure rose 4.2% over the year, easing from 4.7%, with a monthly increase of 0.2%, down from 0.4%.

Put it in dollars. A year ago, the goods a store bought for $100 were costing about $105.50 twelve months later. Now that same $100 of goods costs about $104.70. Still going up — but a bit less steeply, and the gap between those two numbers is what eventually shows up as a smaller price sticker.

The main reason for the improvement was gasoline, which gave back some of the spike it took during the Iran war, along with cooling in other costs.

The wholesale number matters because it runs ahead of the one people actually feel. A grocer, a restaurant or a hardware store pays a wholesale price first, then sets the shelf price weeks or months later. When wholesale costs cool, shelf prices usually follow — not immediately, and not evenly, but they follow.

Some of that has already started. Consumer prices rose 3.4% in July from a year earlier, down from 3.5% in June, and just 0.1% from June to July. That is the second straight decline after higher gas prices pushed inflation to 4.2% in May, a three-year high. It is still well above the 2.4% rate that prevailed before the war.

Now the part that explains why none of this feels like good news at the register. Consumer prices have been rising faster than wages for four straight months. That is the whole problem in one line. Inflation slowing down does not mean prices are falling — it means they are climbing more slowly than before. If your paycheck is climbing slower still, you lose ground every month even as the headlines improve. When that gap persists, households cut back on everything that isn’t rent, utilities and groceries, which is how a squeeze on families turns into a slowdown for the whole economy.

Two things are worth watching from here.

The first is gasoline, which is the wild card. Fuel prices fell earlier in July, then turned higher late in the month and into early August. That could complicate the August inflation report when it lands next month — a reminder that energy can reverse a good trend in a matter of weeks.

The second is that relief is arriving unevenly, depending on who sets the price. Where retailers compete head to head, prices are coming down fast: Walmart cut a 24-pack of Coca-Cola to $9.97 from $14.97 and a pound of ground beef to $5.94 from $6.74. Target lowered prices on some foods in March. But where the cost comes from a policy or a supply problem, prices keep climbing regardless of what the wholesale index says. Tomatoes are up about a fifth from a year ago behind a 17% import duty, and lettuce is up 32%. Sherwin-Williams is raising paint prices 8% on Sept. 1.

For the Federal Reserve, the softer wholesale figures buy some breathing room — the central bank has been weighing whether it needs to raise interest rates to force inflation down further, and a cooler reading makes that less urgent. For anyone with a mortgage application in progress, that matters. The average 30-year mortgage rate slipped to 6.67% this week from 6.69%, its first drop in six weeks.

The honest summary: costs are easing at the front of the pipeline, they will take months to reach the checkout line, and until paychecks start outrunning prices again, most families won’t feel it.

JBizNews Desk | Washington, D.C.

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Latin Americans have had it with socialism.

Over the past decade, more than half of Latin America’s nations have voted socialists out. From large countries like Argentina to tiny ones like El Salvador, socialists have been replaced with conservative leaders who’ve made significant progress turning their economies around.

That list could grow as Cuba and Nicaragua are on the cusp of collapse after their oil lifelines from Venezuela were cut after the arrest of Nicolás Maduro.

NOW AMERICA REACHED A POLITICAL TIPPING POINT FOR SOCIALISM

The real incentive for dumping socialism is voter recognition that it just hasn’t worked. What is working are policies based on market solutions.

In Argentina, monthly inflation has tumbled from 25% to just 2%. Massive cuts in government have led to fiscal surpluses, and Moody’s upgraded its investment outlook to positive.

DAVID ASMAN ON COVID-19 TIPPING OFF RISE IN SOCIALISM: ‘PERFECT STORM’

“We’re here to tell you that collectivist experiments are never the solution to the problems that afflict the citizens of the world. Rather, they are the root cause,” Argentine President Javier Milei said in a 2024 speech at the World Economic Forum in Davos, Switzerland.

After the ouster of a socialist government in Ecuador, economic conditions there improved, with the GDP rebounding 3.7% in 2025 and the nation returning to international bond markets this year.

LATIN AMERICA’S SOCIALIST EXPERIMENTS LEAVE DEVASTATING TRAIL OF ECONOMIC COLLAPSE AND POVERTY

In Costa Rica, voters’ rejection of the ruling leftist party coincided with an estimated 20% relative decline in poverty from 2021 to 2024.

And those are just a few examples of the progress being made. Latin America has had many course changes over the years, and all this could turn around again. But probably not while memories of many socialist failures are so fresh and painful.

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Latin America’s growing rejection of socialism also coincided with Secretary of State Marco Rubio’s cancellation of 83% of USAID programs, which he claims were doing more harm than good.

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Wherever LeBron James goes this season, it will be the hottest ticket in town.

The NBA’s all-time leading scorer announced last month that he will play his unprecedented 24th NBA season with the Philadelphia 76ers, automatically reigniting some key Eastern Conference rivalries.

NBA Commissioner Adam Silver admitted he was holding off on announcing each team’s schedule because he had no idea where James was going. But when James’ decision was announced, Silver went to work, and it’s now paying dividends.

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The Sixers will open the 2026-27 season at Madison Square Garden, where the New York Knicks will hang their first championship banner in 53 years. And while those ticket prices likely won’t reach the five-figure average of the NBA Finals, it will still be a must-see.

StubHub said Friday that the Oct. 20 game is the site’s most in-demand NBA game of the entire season, with the current get-in price at more than $1,500.

In fact, each of the top five and seven of the top 10 highest-demand games is a Sixers contest, and the Sixers are StubHub’s most in-demand NBA team, increasing 12.5 times from last year’s schedule release and up from No. 6 overall.

Christmas Day demand is nearly 50% ahead of last year, with LeBron’s return to Los Angeles for the Sixers-Lakers among the biggest draws.

James announced his decision in a post on X, saying he thought he was done at the end of last season and that he had likely played his final game. 

However, “I still truly love this game, and I have more to give.”

LEBRON JAMES’ 76ERS DEBUT SET FOR BLOCKBUSTER KNICKS SHOWDOWN AT MSG

The 76ers will be the fourth team James has played for in his illustrious career. For Philadelphia, James is the second major star to join the team this offseason after they acquired Jaylen Brown in a stunning trade with the Boston Celtics.

Last season, the 76ers were swept by the Knicks in the Eastern Conference semifinals, and they hope the additions of James and Brown can propel them to a championship. James is looking to become the first player in NBA history to win an NBA title with four teams. 

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While James may not be the force he once was, he still remains a productive player entering his 24th season. In 60 games with the Los Angeles Lakers last season, James averaged 20.9 points, 7.2 assists and 6.1 rebounds per game and was named an All-Star for the 22nd time, extending his NBA record.

Fox News’ Ryan Canfield contributed to this report.

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Cooluli is recalling about 250,000 minifridges after receiving at least 19 reports of the appliances smoking, sparking, burning, melting, overheating or catching fire, according to the U.S. Consumer Product Safety Commission (CPSC).

The recall covers certain 10-liter and 15-liter Cooluli minifridges because an electrical switch can short circuit, posing fire and burn hazards, the CPSC said.

Cooluli has received reports of property damage totaling more than $80,000. One consumer also reported a smoke inhalation injury, according to the agency.

The affected minifridges were sold online at Amazon.com and Cooluli.com from January 2019 through October 2024 for between $80 and $120.

POPULAR HAIR PRODUCT RECALLED NATIONWIDE OVER POTENTIAL EXPLOSION HAZARD

The recall includes certain minifridges from Cooluli’s Infinity, Classic, Glow Beauty and Vibe series. The affected products have an internal power supply and two power input ports, AC and DC, on the back instead of a single DC port.

The recalled minifridges were sold in several colors, including black, blue, green, white and red, as well as designs featuring multicolored patterns, photos and logos. “Cooluli” is printed on the front.

The recall covers batch numbers 1535 through 1545 and 1200000 through 1202080. Consumers can find the model and batch numbers on a label inside the minifridge door.

The CPSC urged consumers to stop using the recalled minifridges immediately and contact Cooluli for a free replacement power cord.

200K MAGNETIC ‘GOODY KING’ BUILDING BLOCK TOYS RECALLED OVER INGESTION HAZARD THAT LED TO SURGERY FOR 2 KIDS

Consumers will be asked to enter their model and batch numbers on Cooluli’s recall website to determine whether their minifridge is affected. Those with recalled units will be instructed to unplug the minifridge, cut the power cord and submit photos showing the refrigerator’s model and batch numbers.

Cooluli will provide affected consumers with a replacement DC power cord and a permanent sticker to cover the AC port, according to the CPSC.

FOX Business reached out to Cooluli for comment on the recall, the reported incidents and the steps the company is taking to address the issue.

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The minifridges were manufactured in China by Ningbo Iceberg Electronic Appliance Co., Ltd., and imported by Brooklyn, New York-based Lisse USA LLC.

Consumers can contact Cooluli at 718-834-5312 from 8 a.m. to 5 p.m. ET Monday through Friday or email recall@cooluli.com for more information.

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The Federal Trade Commission is investigating Epic Systems, the Wisconsin software company whose programs hold the medical records of most Americans, over whether it uses its size to block competitors from reaching patient data. The probe was reported Friday, Aug. 14, citing people contacted by investigators.

Here is what the fight is actually about. When a patient sees a doctor, that visit gets typed into a records system — and for roughly nine out of ten Americans, that system is Epic’s. Epic also runs MyChart, the portal where patients check test results and message their doctor. Because Epic holds the file, Epic decides which outside companies get to read it: a startup that wants to help an insurer process claims, a rival software firm, a new app a hospital wants to try. Competitors say Epic turns that tap on and off to protect its own business. Epic says it is protecting patient privacy and points to the hundreds of millions of record exchanges its customers complete each month, more than half of them with non-Epic systems.

Federal investigators have sent formal demands for information to other companies in the health technology industry, asking specifically how Epic grants or withholds access to data. The inquiry is early, and it may end without any case being brought. The FTC declined to comment.

State authorities got there first. Texas Attorney General Ken Paxton sued Epic in December 2025 under state antitrust law, arguing the company built a gatekeeping position around patient records and shut out challengers. That complaint put the number at more than 325 million patient charts — more than 90 percent of the country. Epic answered on Jan. 20, 2026, calling the claims baseless and saying it would fight for full dismissal, arguing the state’s six-month investigation turned up nothing improper and that the petition leaned on press clippings and borrowed allegations from a private lawsuit.

Two competitors are already in federal court. Particle Health, a data platform, sued in New York claiming Epic made it commercially impossible to operate in the market for insurer-facing tools. CureIS Healthcare filed its own case. As of May 2026, the court in the Particle case had ordered Epic to hand over documents going back to 2021, widening the discovery that any government investigator can now watch closely.

For patients, the practical stake is portability. If a person switches hospitals, moves to another state, or lands in an emergency room across town, whether the new doctor sees the full chart depends on systems talking to each other. Every blocked connection is a blank space in a record someone is treating from.

For hospital executives and the health companies that sell into them, the stake is leverage. Epic is privately held, took in over $4 billion in revenue in 2024, and rarely loses an account once installed — switching costs run into the hundreds of millions for a large system. A federal case, or even the threat of one, is the first real pressure on that arrangement.

What happens next is the harder question. Antitrust investigations of this kind typically run a year or more before the agency decides whether to sue, and the practical fix regulators tend to reach for is not breaking a company up but forcing it to open its interfaces on published, uniform terms — the same access for a startup as for a partner. Federal interoperability rules already push in that direction, and the Texas and Particle cases could produce court-ordered access requirements sooner than Washington, D.C., does. Epic, for its part, says its interfaces are already open, with a public library of more than 500 programming tools and over 1,500 outside apps using them free of charge.

JBizNews Desk | Washington, D.C.

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America’s stock market has swollen to a size that dwarfs every valuation extreme of the past four decades, according to JPMorgan Asset Management’s chief global strategist — a warning that dropped just days after a separate McKinsey study found the world’s wealth is increasingly decoupled from real economic growth.

On Aug. 10, David Kelly calculated that “the market value of all U.S. corporate equity is now over 400% of GDP.” That compares with 244% just before the pandemic, 204% at the peak of 2000’s dotcom bubble, and 74% before the 1987 stock market crash known as Black Monday.

If it sounds familiar, that’s because Kelly’s metric is almost like the famous Buffett Indicator — the ratio of the total value of publicly listed U.S. companies to GDP — but it’s a bit broader, covering all U.S. corporate equity, not just publicly traded stocks. The Buffett Indicator itself is above 200%, “strongly overvalued” or far beyond historic norms. When the Oracle of Omaha debuted this metric in Fortune in 2001, in co-authorship with Carol Loomis, they called it “probably the best single measure of where valuations stand at any given moment.” At the time, they noted that the ratio had reached an unprecedented level in the late 1990s: “That should have been a very strong warning signal.”

Fast forward to 2026, and the S&P 500 is up more than 13% year to date, following three blockbuster years after the game-changing release of OpenAI’s ChatGPT. Underlining how much AI exuberance has boosted the market, Kelly found that second-quarter earnings included $150 billion of unrealized capital gains booked by just two large technology companies. That boosted pro forma earnings per share by 50% year over year. But after stripping that out, earnings growth was closer to 20%.

He offered a warning about how Wall Street still isn’t Main Street. “In the end,” he wrote, “the value of American corporations depends, to a large extent, on the work and spending of the American people.” He argued that stock prices are unlikely to keep soaring “unless the fortunes of American consumers and American workers see broader improvement.” That’s where the infamously K-shaped economy comes in.

K-shape or C-shape?

The huge profit gains on Wall Street contrast with a real economy marked by meager job growth, wage growth trailing inflation for four straight months, and stagnant homebuilding. Kelly predicted that payrolls should grow 50,000 to 100,000 per month going forward — but July’s poor report and downward revision for earlier months call that into question.

Bank of America Institute flagged at nearly the same time that wage and spending gains have started to “converge” across income brackets. Internal spending data showed a 5.4% increase in spending among lower-income households in July, compared to 4.9% for middle-income households.

Several days later, Apollo Global Management Chef Economist Torsten Slok noted the big box-office receipts for Spider-Man and The Odyssey show that “the consumer isn’t tapped out.”

Treasury Secretary Scott Bessent, in a CNBC interview several days earlier in August, pointed to 5.5% wage gains for the bottom quartile and declared that the “K-shaped economy is over.”

The much-hyped K-shaped economy, representing diverging outcomes for the wealthiest and poorest, is just outdated based on the data, he argued. “I got sick of hearing about this K-shaped economy,” he said, explaining that “we’re seeing more of a C economy where the lower end of wage earners are finally calling it back.”

BofA’s spending data, however, showed that there remains one “exception”: the top 5% of earners, “where strong balance sheets and rising asset prices continue to support outsized spending growth.” If the AI-led wealth boom leads to a more widely shared expansion, the economy could move off its current dependence on affluent customers and a concentrated group of big tech firms.

The pattern holds true around the world, based on McKinsey Global Institute’s Global Balance Sheet 2026 report, published in July. It found that the world’s total stock of assets reached nearly $1.8 quadrillion in 2025, up from $1.7 quadrillion the year before, and that global household wealth grew to a record $570 trillion.

Most of this, the institute found, was “paper wealth,” with the U.S. equity market sitting dead center at the dynamic. American stocks were valued at 3.7x GDP and 2.4X the net assets on corporate balance sheets.

Kelly, for his part, is betting on a softer landing for the economy, saying he expects the Federal Reserve to hold interest rates steady, inflation to keep drifting down toward the Fed’s 2% target, and GDP growth to average about 2% next year. He advised investors to diversify away from a concentrated bet on AI stocks. The great convergence could very well continue, but until then, the gap between paper wealth and the real economy is stretched further than ever before.

This story was originally featured on Fortune.com

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New data from the Federal Reserve Bank of New York found that while overall delinquency rates improved for overall debt burdens, new delinquencies rose slightly for auto loans and mortgages and remained elevated for credit cards.

The New York Fed found that aggregate delinquency rates improved in the second quarter of 2026, with 4.7% of outstanding debt in some stage of delinquency.

“Delinquency rates across most products have held steady over the past two years,” said Joelle Scally, economic policy advisor at the New York Fed. “Still, new delinquencies for auto loans and credit cards remain at elevated levels, a trend we’ll continue to monitor.”

Credit card debt that is over 30 days delinquent has remained relatively steady at about 9% of outstanding balances since it reached that level in 2024, while auto loans are at about 8% and mortgages around 4%.

INFLATION COOLED IN JULY BUT REMAINED ELEVATED AS FED WEIGHS RATE HIKES

For debt flowing into serious delinquency, which is defined as 90 days or more past due, those transitions have held relatively steady over the past year but have edged slightly higher.

Credit card delinquencies were slightly higher than a year ago, rising from 6.93% to 6.97% when comparing the second quarter of 2025 to 2026, respectively.

The share of auto loans that entered serious delinquency also rose over that period, rising from 2.93% to 3% when comparing the second quarter of 2025 to 2026, while mortgages entering serious delinquency also ticked higher from 1.29% to 1.52% in that period.

AUTO LOAN REFINANCING: HOW IT WORKS AND WHEN IT COULD SAVE YOU MONEY

Student loans were a notable exception, with the resumption of reporting defaulted student debt causing some distortions after the pandemic era pause on defaults concluded.

When excluding charged-off debt, new credit card delinquencies have been at around 3% of balances since 2024, with the most recent reading at 2.95%. Credit card debt that reached 90 days past due accounted for 6.97% of the balance in the latest quarter, while those that are beyond 90 days past due were at 2.3%.

The New York Fed noted in its analysis that from the third quarter of 2022 to the first quarter of 2026, the percentage of credit card balances that were more than 90 days delinquent increased from 7.6% to 12.8%.

FED DISSENTERS WARN INFLATION COULD BECOME ENTRENCHED WITHOUT MONETARY POLICY TIGHTENING NOW

That stock figure includes charged-off debt, the inclusion of which was noted by economists as differing from the flows into delinquency that reflect a relatively steady level of consumer health.

New York Fed economists said that they found the “stock delinquency rate is rising because of a pool of stale, charged-off debts that lenders have been reporting for longer durations, rather than a fundamental worsening in the incidence of delinquency.”

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NEW YORK — Wall Street ended Friday modestly lower, pulling back from Thursday’s record as investors confronted a combination the market has been trying to avoid: a weakening U.S. consumer at the same time energy costs are moving higher.

The S&P 500 fell 0.17% to 7,785.58, retreating from Thursday’s record close. The Dow Jones Industrial Average lost 107.46 points, or 0.20%, to 53,732.53, while the Nasdaq Composite fell 0.28% to 26,729.16.

The declines were relatively small, and the S&P 500 and Nasdaq still finished the week higher. But Friday changed the conversation after several sessions dominated by encouraging inflation data.

The biggest economic surprise came from the American shopper.

U.S. retail sales unexpectedly fell 0.6% in July, the first monthly decline in nine months and the largest drop in more than a year. The closely watched control group used in calculating gross domestic product also declined, suggesting the weakness extended beyond volatile categories.

That matters because consumers account for the majority of U.S. economic activity. For months, households have complained about high prices while continuing to spend. Friday’s report provided more concrete evidence that some consumers may finally be reducing what they buy.

Consumer confidence reinforced the concern. The University of Michigan’s preliminary sentiment index fell to 51.0 in August from 55.2 in July, substantially below economists’ expectations.

Ordinarily, weaker economic data can help stocks because it reduces the likelihood that the Federal Reserve will raise interest rates.

Friday showed the other side of that equation.

Investors now have to determine whether the economy is slowing just enough to bring inflation under control — or enough to begin damaging corporate sales and profits.

Oil complicated the picture further.

Brent crude climbed 1.7% to $88.52 a barrel as continued uncertainty surrounding Iran and tanker traffic through the Strait of Hormuz kept fears of supply disruptions alive.

Higher oil creates a particularly difficult combination for businesses. It can increase transportation, manufacturing and distribution costs while simultaneously taking money away from consumers through higher gasoline and energy bills.

Technology stocks were another drag on the major indexes.

Applied Materials dropped roughly 5% even after the semiconductor-equipment company reported strong results and issued an upbeat forecast. The reaction highlighted how demanding expectations have become for companies connected to the artificial-intelligence investment boom.

Broadcom also fell sharply as investors pulled money from some highly valued semiconductor names.

One of Friday’s biggest winners, meanwhile, had little to do with earnings.

Reddit surged more than 12% after being selected to join the S&P 500. The addition takes effect before trading begins Tuesday, August 18, forcing many index funds and investment products that track the S&P 500 to purchase Reddit shares.

Drone companies also rallied after President Donald Trump said the United States would impose tariffs on imported drones and components. Unusual Machines jumped more than 20%, while Red Cat also posted a strong gain.

The bond market added another wrinkle. The 10-year Treasury yield rose to about 4.69%, meaning investors were simultaneously confronting softer consumer data, higher oil and borrowing costs that remain elevated.

Friday therefore leaves Wall Street with a more complicated economic picture heading into next week.

Inflation has cooled enough to ease some pressure on the Federal Reserve, but the consumer may also be cooling faster than investors anticipated.

That puts an even brighter spotlight on the next wave of corporate earnings. Walmart, Home Depot, Target and Lowe’s are among the major consumer-facing companies preparing to report, giving investors a direct look at what Americans are buying, what they are cutting back on and how much pricing power businesses still have.

For companies outside Wall Street, Friday’s message may be even more important than the modest decline in stock indexes.

Lower inflation is good. Lower interest rates would be good.

But neither matters nearly as much if the customer starts spending less.

JBizNews Desk | New York

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7UP is changing what is inside the can. Keurig Dr Pepper announced Monday that it is permanently reformulating the soda, pulling back slightly on lemon and pushing lime to the front of the taste, and renaming the flavor “Lime Lemon” on the label. The reformulated product starts appearing on U.S. shelves in mid-August as existing inventory sells through. Nothing about the drink is being discontinued and no new line is being added — the standard 7UP a shopper picks up next month will simply taste different from the one bought last month.

It is the first change to the recipe in 15 years, and the company is treating it as the brand’s largest move in more than a decade and a half. The new formula took two years to develop. It carries across the full core lineup — 7UP Regular, 7UP Zero Sugar, Cherry 7UP and Cherry 7UP Zero Sugar, which means there is no version of the flagship product left on the old recipe.

The reasoning is a shelf problem. 7UP essentially invented the lemon-lime category nearly a century ago and then spent decades watching that category fill up with competitors that taste broadly the same. Coca-Cola’s Sprite and PepsiCo’s Starry are the two biggest, and the segment is worth roughly $5 billion. When three products on the same shelf are all described to the shopper in identical terms, the brand with the largest marketing budget and the best distribution tends to win, and that has not been 7UP. Keurig Dr Pepper’s answer is to lead with lime — the first lime-led formula in a category historically led by lemon — so that 7UP has something to say about itself that the other two cannot.

The demographics behind the decision are specific. Keurig Dr Pepper’s research shows 72% of Gen Z and Gen Alpha drinkers prefer citrus-forward flavors such as lime, and lime has been the dominant flavor note across the drinks those consumers already buy — sparkling waters, hard seltzers, energy drinks and Mexican soda. The company is betting that a soda tasting closer to what younger buyers already reach for will pull in new drinkers without losing the ones it has. Drew Panayiotou, chief marketing and innovation officer at Keurig Dr Pepper, told CNN the change is an improvement rather than a repair, and that the goal was for existing users to love it while making it exciting for the next generation.

Most shoppers will register the packaging before the taste. The redesign brings a vertical logo, bolder colors, a more distinctive look and the new Lime Lemon designation — the two words deliberately flipped from the familiar order so the change is visible from several feet away in a grocery aisle. That matters commercially: a reformulation nobody notices generates no trial, and the packaging is doing the work of telling the customer that something happened.

The obvious risk is the one every beverage executive has memorized. New Coke, launched in 1985, remains the industry’s standing warning about changing a flavor consumers feel they own, and Coca-Cola reversed it within months. Panayiotou’s argument is that the opposite risk is worse: “The biggest risk you have with brands is stagnation and not wanting to evolve,” he said, adding that staying still is where momentum and sales start to slip.

The move also fits a pattern at the brand. Keurig Dr Pepper made 7UP Tropical, a mango-and-peach version, a permanent nationwide product in 2025, and this year announced a seasonal Endless Summer Mandarin Orange along with the return of 7UP Shirley Temple for the holidays. Those were additions that sat alongside the original. This one replaces it, which is a considerably larger bet and a harder one to walk back quickly.

For retailers and distributors, the practical questions over the next several weeks are inventory and turnover — old stock and new stock will sit side by side in some stores as the transition runs, and the first real read on whether the gamble worked will come from repeat purchase data in the fall rather than from launch-week volume. For Keurig Dr Pepper, the measure is straightforward: whether a soda that has been fighting for third place in its own category can use lime to become the one shoppers choose on purpose.

JBizNews Desk | New York

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White House Names 40 Countries in China’s Tariff Scam, Builds ‘Detective Border’

The White House said Thursday that more than 40 American trading partners are helping Chinese goods slip into the United States at the wrong tariff rate, and that Customs and Border Protection is being armed with artificial intelligence to catch it. The findings came in a 25-page report titled “The Great Transshipment Scam,” produced by the White House Office of Trade and Manufacturing Policy, which is led by trade adviser Peter Navarro.

The practice at issue is simple. A factory in China makes the goods. Instead of shipping them straight to an American port, where they would face a steep China tariff, the shipment stops in a third country. There it is relabeled, lightly repackaged, or given a minor finishing step, then sent on to the United States as a product of that third country — at that country’s lower rate. The customer gets the same Chinese product; the Treasury gets a fraction of the duty.

Navarro told reporters the scam has let Communist China launder its exports through more than 40 countries. Those named include the European Union and Taiwan, along with America’s land neighbors Mexico and Canada, plus Malaysia, India, Japan, South Korea and Vietnam. Officials singled out China, Mexico and India as the top transshippers and Vietnam as a top enabler.

The report sorted the countries into groups: some where the risk is buried inside otherwise legitimate trade flows, some deeply wired into China-linked supply chains, and a third set whose preferential access to the American market makes them attractive opportunistic targets for rerouting.

Nobody agrees on the size of the hole. The report cites government and private-sector estimates putting the annual value of transshipped goods at roughly $34.2 billion to $303 billion. A separate figure carried in the report puts it at as much as $75 billion a year, which Navarro compared to the entire annual budget of Customs and Border Protection, the Agriculture Department, or Space Force — or about half the Army’s. The spread comes down to methodology: the low number counts only clear-cut origin fraud, the high one counts every barrel of trade that looks statistically suspicious. Either way, the enforcement response is being sized against the big number.

The tool is what Navarro calls the detective border. Trump had already signed an executive order directing Customs and Border Protection to build an artificial-intelligence-enabled protective border to pin down where incoming goods actually come from, and Navarro said the agency has begun using artificial intelligence in a prototype program to detect transshipment. The system is designed to read shipment records, routing histories, product classifications, ownership connections and declared production capacity, using anomaly detection and computer vision to pick out high-risk cargo, with the stated goal of separating legitimate nearshoring and foreign investment from illegal rerouting.

Put plainly, the software is looking for arithmetic that does not work. A country that exports more of a product than its factories could physically build. A trade lane that tripled in a quarter with no new plant behind it. A declared price that does not match the product.

Here is the number importers should write down. Navarro said importers found to have falsified a product’s origin can face tariffs applied retroactively for roughly a year. That is the exposure: not a fine on the next container, but a bill on twelve months of containers already unloaded, sold and booked as profit. Under American customs law the importer of record — not the overseas supplier, not the broker — carries legal responsibility for the accuracy of the origin declaration.

The practical work is documentary and it needs to happen before a shipment is flagged, not after. That means supplier affidavits that actually name the manufacturing site, bills of materials showing where each component originated, factory records and production-capacity evidence for the third country, and contract language that says plainly who absorbs the cost if duties are reassessed. Companies that moved sourcing out of China during earlier tariff rounds are the ones most likely to discover their paperwork was never built to survive this kind of scrutiny.

The competitive argument cuts in the administration’s favor with domestic producers, who have long complained that firms paying full duty are undercut by rivals paying a third-country rate on the same Chinese goods. The counterweight is that legitimate manufacturing has genuinely relocated to Vietnam, Mexico and India over the past eight years, and a screening system tuned to catch cheaters will inevitably slow down honest cargo while it verifies.

Timing is not incidental. The report landed ahead of a planned September visit to Washington by Chinese President Xi Jinping, following Trump’s trip to Beijing in May.

JBizNews Desk | Washington

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A popular hairstyling mousse sold to salons and consumers in multiple states is being recalled over a potential explosion hazard.

Henkel Corporation is voluntarily recalling certain 6.76-ounce cans of Schwarzkopf Professional Osis Grip Extra Strong Mousse, according to an Aug. 11 notice posted by the U.S. Food and Drug Administration (FDA).

The Germany-based company said a “potential packaging issue” could allow the product to leak from the aluminum cans while under pressure, creating an explosion hazard.

POPULAR REESE’S, ALMOND JOY ICE CREAM BARS RECALLED OVER LABELING ERROR

Henkel became aware of the problem after receiving one customer complaint and two reports from salons.

“Bruising on the hand was reported by the customer and no other injuries were identified,” the FDA noted.

Affected batch codes include:

RECALL ISSUED FOR DOG AND HORSE MEDICATION AFTER GLASS FIBER FOUND IN VIALS

The recalled mousse was distributed through 21 distributors in Alaska, Arizona, California, Florida, Michigan, Missouri, New Jersey, Ohio, Pennsylvania, South Carolina, Texas and Washington, according to the FDA.

It was also sold directly to hair professionals and consumers.

NEARLY 12 MILLION BOTTLES OF ROHTO EYE DROPS RECALLED OVER STERILITY CONCERNS, FDA ANNOUNCES

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Consumers who purchased one of the recalled cans are encouraged to return it to the place of purchase for a full refund.

FOX Business reached out to Henkel for comment.

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Private-equity giant Silver Lake is in talks to acquire Workday, a transaction that could rank among the largest software buyouts ever and would put one of corporate America’s most widely used human-resources platforms in private hands.

Workday had a market value of about $43 billion before news of the talks broke Thursday. Its shares then surged 17.8% to $206.45, lifting the company’s value to roughly $51 billion.

The discussions have been taking place in recent months and no final agreement has been reached. Silver Lake may bring in additional investors to help finance a transaction of that size.

Workday provides cloud software used by large companies for payroll, human resources, finance and workforce management. It serves more than 11,500 customers globally, making it one of the most deeply embedded enterprise-software providers in corporate back offices.

That is what makes the potential deal especially important.

Software stocks have been under pressure this year as investors question how much artificial intelligence could disrupt traditional subscription-based software. If AI tools can automate more HR, finance, coding and administrative work, some of the software businesses that once commanded premium valuations may no longer deserve them.

Silver Lake appears to see the decline differently.

A takeover of Workday at a valuation north of $50 billion would amount to a major bet that enterprise software still has substantial long-term value — even as AI changes how those products are built and used.

It could also have a broader market impact.

If one of the world’s largest technology-focused private-equity firms is willing to pursue Workday after a prolonged software selloff, investors may begin reassessing other beaten-down enterprise-software companies as potential takeover candidates.

Workday’s stock briefly jumped as much as 30% intraday Thursday after the buyout report surfaced before finishing the session up nearly 18%.

There is still no guarantee a deal gets done.

But the market reaction shows how quickly the narrative around software can change: one large private-equity bid can turn an industry investors viewed as vulnerable to AI disruption into a sector suddenly filled with takeover potential.

JBizNews Desk | Silicon Valley

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The U.S. and Iran remain deadlocked over reopening the Strait of Hormuz as each side tries to see how long the other can hold out, and signs of significant oil flows out of the Persian Gulf indicate President Donald Trump is betting he has additional leeway.

In the past week, the administration has pushed back against the narrative that Iran has virtually shut down the critical chokepoint with the threat of missiles and drones.

That’s as traffic data since the U.S.-Iran ceasefire collapsed has shown just a trickle of ships are openly transiting the strait, suggesting another supply shock ahead for global energy markets. But more tankers are sailing “dark,” meaning their transponders have been turned off and are no longer broadcasting their location.

Energy Secretary Chris Wright said on Tuesday that the seven-day average for oil leaving the strait was almost 9 million barrels per day and credited the U.S. military as well as Gulf allies.

When combined with another 5 million-7 million barrels per day shipped via newly upgraded pipelines and export facilities, total oil flows average about 15 million barrels per day, he added in a post on X. That compares with 20 million barrels that were exported daily before the war.

Similarly, a U.S. official told Axios on Sunday that about 8 million barrels are quietly exiting the Gulf each night through a southern lane in the Strait of Hormuz with help from the U.S. military.

Before the ceasefire agreement fell apart, the U.S. military guided tankers through an alternate route that hugs the Omani coast and provided some protection. Enough ships made it out of the Gulf, easing pressure on global oil markets. But that prompted Iran to attack vessels trying to bypass its own corridor, reigniting hostilities and leading to the current standoff.

Some experts doubt the recent Gulf shipment numbers are as high as the Trump administration claims—but not by that much. Oil market researcher Rory Johnston estimated that average volumes out of Hormuz peaked at 7 million barrels per day over the past week and acknowledged that could be higher because of the uncertainty around dark transits. Meanwhile, pipelines are exporting about 4 million barrels per day.

In addition to dark transits, another tactic for sneaking oil supplies through the strait is ship-to-ship transfers, a practice Iran and Russia have previously used to get their oil tankers past Western sanctions.

Bessent’s warns of ‘economic isolation’

To slip under Iran’s nose, tankers exit the Gulf, transfer their oil to another ship off the coast of Oman, then shuttle back through the strait to do it all over again. Not all ships go undetected, which explains why Iran is still attacking ships even as it claims the strait is completely shut down.

But the U.S. naval blockade is preventing Iran from exporting its oil via the Strait of Hormuz, depriving the regime of a vital revenue lifeline. At the same time, other Gulf oil producers like Iraq, which depends heavily on the strait, are getting their barrels out by way of dark transits and ship-to-ship transfers

“Hefty chunk of non-Iranian crude still getting out, unlike the Iranian crude that isn’t,” Johnston posted on X.

Global oil markets still face a supply deficit, forcing consuming countries to tap reserves that are already low and heading toward critical levels soon.

But the oil that’s coming out of the Gulf provides additional wiggle room. In fact, crude prices have declined since spiking last month when the ceasefire ended and fighting flared up again.

An oil market reprieve also gives Trump more time to squeeze Iran’s economy with his naval blockade, which some officials in Tehran have admitted is causing an economic collapse. And even more pressure could be on the way.

“It will be a combination of economic isolation like ‌the world has ​never seen before, ​and ​the continued blockade in ‌the Strait of ​Hormuz that will ​keep anything from going in or out of ​the ‌Iranian ports,” Treasury Secretary Scott Bessent told Newsmax without elaborating.

This story was originally featured on Fortune.com

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CEO compensation across America’s largest companies surged to a record in 2025, with new data showing that massive performance-based awards once associated mainly with Elon Musk are beginning to reshape executive pay across corporate America.

Average compensation for S&P 500 chief executives, excluding Musk, jumped 21% to $22.8 million last year, according to the AFL-CIO’s latest Executive Paywatch study released Thursday. That is the highest level since the labor federation began tracking the figure in the 1990s. 

The average CEO-to-worker pay ratio also widened to 312-to-1, up from 285-to-1 a year earlier.

The numbers become dramatically larger when Musk’s Tesla compensation is included.

Tesla shareholders approved a restricted-stock package valued by the company at roughly $158 billion, pushing average S&P 500 CEO compensation to about $340.1 million when Musk is counted. The average CEO-to-worker pay ratio then rises to 5,387-to-1.

Musk’s package is an extreme outlier, but compensation experts and labor officials say its influence is spreading.

Corporate boards increasingly are using enormous stock awards tied to long-term performance targets as a way to retain executives and align their fortunes with shareholders. That structure can keep annual cash salaries relatively modest while creating the possibility of extraordinary payouts if companies hit ambitious valuation, earnings or share-price goals.

The shift is producing some eye-catching packages far beyond Tesla.

Goldman Sachs paid CEO David Solomon about $118.9 million last year, including a large retention award. Real-estate investment trust Welltower awarded CEO Shankh Mitra compensation valued at roughly $821 million, structured to cover much of his pay over the coming decade. 

Investors are not automatically rejecting those packages.

Average shareholder support for advisory “say on pay” votes at S&P 500 companies stood at 90.6% through late June, according to compensation consultant Semler Brossy, suggesting most investors still support large executive packages when they believe the incentives are tied to performance.

Special one-time awards, however, have generated more resistance.

Only about 19% of shares voted supported Welltower’s package, while Goldman’s compensation plan received 71% support — still a majority, but well below the typical level.

The pay growth also comes as worker wages are rising much more slowly.

Mean annual wages for U.S. workers reached about $69,770 in 2025, up roughly 3% from a year earlier, according to Labor Department data cited in the report.

That widening difference is likely to intensify debate over how companies divide the value they create among executives, workers and shareholders.

For businesses, however, another issue is emerging.

Once a handful of companies begin offering executives potentially life-changing stock packages, competitors may feel pressure to do the same to retain their own leaders.

That means Musk’s compensation model could ultimately matter far beyond Tesla.

What began as an extraordinary attempt to keep one of the world’s most prominent executives tied to a company is increasingly becoming a reference point inside corporate boardrooms — and helping redefine just how large a CEO payday can become.

JBizNews Desk | New York

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A senior Senate Democrat wants Washington to start taxing the money data centers take in — not the profit they make, but the gross revenue that flows through them — and because data centers are the physical buildings where email, cloud storage, business software and social media actually live, critics say the cost lands on every customer who uses those services.

The proposal came in a white paper released Aug. 6 by Sen. Ron Wyden of Oregon, the ranking Democrat on the Senate Finance Committee. Nothing has been introduced as legislation yet. Wyden is collecting public comments on the framework through Aug. 31 and expects to release draft legislative language this fall, which means the fight over it runs through the rest of the year.

The plan has two halves. The first strips existing investment incentives out of the tax code as they apply to data centers, on the argument that a construction boom of this size no longer needs tax-advantaged help. The second creates what Wyden calls a Data Center Public Investment excise tax to generate a steady revenue stream. The white paper would also bar Opportunity Zone funds from investing in new data centers, stretch out the cost-recovery periods for the capital assets used to build and supply them, and effectively shut investors out of new data center investment through real estate investment trusts.

The excise tax is the piece drawing the heaviest fire, because of how it is measured. It would be a gross receipts tax at a rate in the low single digits — assessed on revenue rather than earnings. A company running a low-margin facility pays the same percentage of its top line as one running a highly profitable one, and the standard business response to a gross receipts levy is to pass it down the chain to the customer.

That is the basis of the objection from Americans for Tax Reform, which labeled the plan a national internet tax. “This tax will be paid by anyone who uses the internet,” said James Erwin, the group’s director of innovation technology, who argued the levy would show up in the cost of email, family photo storage, small business operations, cloud storage and posts on Instagram, X, TikTok and Facebook. Erwin also accused the senator of walking away from a long record as a defender of an open and accessible internet.

For small and mid-sized businesses, that is the practical exposure. A corner accounting practice, a distributor running inventory software, a medical office storing records — none of them own a data center, but all of them rent capacity inside one. The white paper suggests carving out what it calls internet infrastructure without defining the term, and it indicates cloud computing would not be exempt, which is precisely the layer most companies buy.

Wyden’s stated reasons are local. He points to land use, water consumption and the effect of enormous power draws on residential electricity rates, and his office says revenue from both halves of the plan should go toward supporting workers displaced by artificial intelligence. The Finance Committee release describes the proposals as a first step toward safeguarding taxpayer dollars. The paper also reaches into orbit, applying the tax to data centers built in space — the kind of facility Elon Musk and Jeff Bezos have discussed.

There are limits built in. Exemptions are contemplated for internet infrastructure, corporate IT departments and small local data center operators, and assets already in place before the start of 2024 would largely be shielded, since the white paper treats the buildout as having begun in earnest at the end of 2023.

The White House is going in the opposite direction. Assistant press secretary Liz Huston said President Trump is locking in American leadership in artificial intelligence over China while requiring data centers to cover their own power, water and utility costs, and argued the administration’s approach delivers lower costs for working families and small businesses. On the ratepayer question, where the two sides actually agree on the problem, the administration’s answer is supply rather than taxation: a White House official said more than 200 utilities, developers, cooperatives and state leaders have joined a Ratepayer Protection Pledge aimed at building out enough generation to hold prices down.

Wyden’s plan is not the most aggressive proposal on the table. Sen. Bernie Sanders of Vermont and Rep. Alexandria Ocasio-Cortez of New York have called for a full moratorium on data center construction. Rep. Ro Khanna introduced a separate measure the same day that would let local governments block data center projects and protect those decisions from being overridden by their states.

What businesses can do in the meantime is straightforward: the comment docket is open until Aug. 31, and the terms set now — especially the definition of internet infrastructure and whether cloud services are inside or outside the tax — will determine how much of this ends up on their monthly bill.

JBizNews Desk | Washington

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Mali and Liel Yahalomi, the Israeli mother and daughter who disappeared in Vienna days ago, have reportedly fled to South America, N12 reported Friday evening, citing Austrian media reports. 

Israeli officials have landed in Vienna to investigate the incident, the report added. 

Additionally, Vienna Police conducted hospital checks and internal investigations. However, they’ve refrained from an official public search due to a lack of legal grounds, N12 said. Initial allegations say that the two went underground and fled by train to Germany, leaving Europe from there. 

This is a developing story.

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A second straight day of softer inflation data is reshaping the Federal Reserve’s September decision, with financial markets increasingly betting policymakers may leave interest rates unchanged rather than raise them again.

Consumer and wholesale inflation both came in milder than feared this week, easing concern that persistent price pressures would force the Fed to tighten monetary policy immediately.

The shift is significant because only days ago markets were treating another September rate increase as roughly a coin toss.

Those odds have fallen sharply.

The Federal Reserve’s benchmark rate currently stands at 3.50% to 3.75%, and policymakers remain divided over whether inflation is cooling quickly enough to justify waiting. 

The debate is increasingly visible inside the Fed itself.

Some officials argue that inflation remains too far above the central bank’s 2% target and that another increase may still be necessary. Others see this week’s inflation reports, combined with signs of softer employment and consumer demand, as reasons to avoid tightening unnecessarily.

That disagreement puts Fed Chair Kevin Warsh in a difficult position.

Raise rates too aggressively and the central bank risks slowing an economy already showing pockets of weakness. Wait too long and inflation could regain momentum, particularly if higher oil prices from the Middle East conflict begin filtering through transportation, manufacturing and consumer prices.

Bond markets are already reflecting that split.

Short-term yields have eased as investors reduce expectations for an immediate Fed increase, while long-term borrowing costs remain unusually high.

That means businesses could eventually get some relief on shorter-term financing while mortgages, commercial real estate loans and long-duration corporate borrowing remain expensive.

The next major test comes at the Fed’s September meeting.

Until then, every significant inflation, employment and consumer-spending report will carry unusual weight because the central bank is no longer deciding whether inflation is a problem.

It is deciding whether the problem is serious enough to justify another rate increase despite mounting evidence that parts of the economy are beginning to cool.

For businesses, the difference could be substantial.

A September pause would not make borrowing cheap again.

But it would remove the immediate threat of another increase — and give companies something they have had very little of lately: time for financial conditions to stabilize.

JBizNews Desk | Washington

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A severe heatwave is forcing France to cut nuclear power output, with six reactors expected to be fully offline Friday and heat-related curtailments reaching about 9.4 gigawatts, roughly 15% of the country’s nuclear generating capacity.

The reductions are being driven by unusually high river temperatures, which limit how much cooling water nuclear plants can safely use and return without violating environmental restrictions.

That is creating an unusual energy-market problem.

The same extreme heat that pushes electricity demand higher for air conditioning is also reducing the amount of power available from France’s nuclear fleet, which normally provides the backbone of the country’s electricity system.

French day-ahead electricity prices have already climbed to their highest summer level since June as traders price in tighter supply.

The impact matters well beyond France.

France is typically one of Europe’s largest electricity exporters, supplying neighboring markets when its nuclear fleet is operating normally. When French output drops sharply, those countries may have to rely more heavily on gas-fired generation, imports from elsewhere or higher-priced wholesale power.

The result can be higher electricity costs across a much wider part of Europe.

Nuclear plants are particularly exposed to prolonged heat because many rely on rivers for cooling. When river temperatures rise too far, operators may have to reduce generation even if the reactors themselves remain fully functional.

That means the constraint is not a shortage of uranium or a mechanical breakdown.

It is the temperature of the water outside the plant.

For businesses, the episode highlights another vulnerability in Europe’s power system: extreme weather can reduce energy supply at the same time it increases demand.

Manufacturers, data centers, retailers and other large electricity users can all feel the impact through higher wholesale prices and increased grid stress.

The issue is especially significant for France because nuclear power supplies the majority of its electricity and has historically given the country an advantage in producing large amounts of relatively low-carbon power.

But hotter summers are making cooling-water restrictions more important.

Utilities can sometimes shift generation between plants or adjust output around the hottest parts of the day, but sustained high temperatures leave fewer options when multiple rivers and nuclear sites are affected simultaneously.

The immediate concern is Friday’s expected reduction.

The longer-term business question is whether European utilities will need to spend more on cooling systems, grid flexibility and backup generation if extreme heat increasingly disrupts plants that were designed around cooler historical conditions.

For now, one of Europe’s most dependable sources of electricity is being constrained by the weather precisely when consumers need power the most.

JBizNews Desk | Paris

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Wildfires in England and Wales have hit a record level, fire chiefs said on Friday, warning that rescue services were battling to keep up with rising risks a day after fires raced from tinder-dry fields to engulf houses on the hottest day of the year.

Britain has not faced anything like the devastation wrought across Spain, France and elsewhere in Europe this year, but as it endures its fifth heatwave of what is expected to be its hottest ever summer, it is dealing with more outbreaks of fire than ever before.

Phil Garrigan, chair of the National Fire Chiefs Council, told Reuters the number of wildfires had now exceeded last year’s total of 1,017.

“We’ve well surpassed the figures from the previous high of 2025,” Garrigan said, without detailing this year’s latest figure.

“We’re only in the middle of August, and the wildfire season seems to extend way into November at this moment in time. So, we’re anticipating this being not just a record-breaking year, but a considerable increase on the number of wildfires previously experienced.”

Britain's Prime Minister Andy Burnham (C) walks with West Midlands Mayor Richard Parker (R) as he talks to Chief Fire Officer Simon Tuhill during a visit to Stourbridge, central England on August 14, 2026, where overnight the fire service have tackled wildfires. (credit: Peter Byrne/POOL/AFP via Getty Images)

Britain a ‘tinderbox,’ PM says as trees ‘explode’

Prime Minister Andy Burnham urged the public to take extra care during a visit to the town of Stourbridge in central England, one of several locations where on Thursday homes were destroyed and hundreds of people were evacuated.

“Britain is a tinderbox right now,” he warned. “This is not over by any means. We’ve got 37 fires smoldering around the country.”

 

One Stourbridge resident described the moment he and his family decided to abandon their home.

“I heard a scream, and all the trees along the railway track were exploding. They weren’t just setting fire, they were exploding. So we just grabbed everything and left,” Paul Nash, whose garden was damaged, told Reuters.

Britain is on track for its hottest summer on record, having recorded five heatwaves that have left around 45 million people ⁠living in a drought-hit area and 27 million people ​facing restrictions on water use, according ​to government ⁠figures.

Temperatures reached 38.1 degrees Celsius (100 degrees Fahrenheit) in London on Thursday, making it the fifth hottest day on record for the United Kingdom, according to the Met Office. The market town of Pershore in central England hit 38 C and was another area where flames tore through homes and fields.

A major motorway was forced to close temporarily and train timetables were also disrupted on Thursday. Officials have yet to say if a train derailment in southern England was connected to the heat.

“We’ve declared 11 major incidents over the course of the last 24 hours,” Garrigan said.

“The demands and the requests for support have probably outstripped the capability of the UK fire and rescue service … so we’ve struggled to give fire and rescue services exactly what they want.”

Burnham said fire services were working alongside the military in some areas and that he would hold a summit with emergency services to make sure they had the resources they needed.

This post was originally published on here

A patch of the Pacific Ocean is warming up, and by next year it will show up in what Americans pay for chocolate, coffee, rice and cooking oil. Federal forecasters said Thursday that El Niño now has better than a 90% chance of becoming a very strong event through the fall and winter of 2026-27, with a 69% chance by autumn of the strongest one recorded since 1950.

The mechanism is simple. Trade winds along the equator normally push warm surface water west toward Asia. When those winds slacken, the warm water slides back east toward South America, and because rain forms over warm water, the world’s storm tracks move with it. For the United States, that means the winter jet stream drops south.

Here is where it lands at home. California, Arizona, New Mexico, Texas, the Gulf Coast states and Florida typically run wetter and stormier from December through March in a strong El Niño — more rain, more flooding risk, more mudslides in Southern California, and a heavier commercial insurance loss year along the Gulf. The northern tier is the opposite: Montana, the Dakotas, Minnesota, Wisconsin, Michigan, upstate New York and New England usually run warmer and drier, which cuts natural gas and heating oil demand and lowers winter utility bills. Washington State and Oregon tend toward a dry winter and a thin mountain snowpack, which matters the following summer for irrigation and hydroelectric output.

One piece of it works in America’s favor. Strong El Niño winters shear apart Atlantic hurricanes, which lowers storm risk for the Gulf and East Coast and takes pressure off property insurers, while pushing storm activity toward Hawaii and Mexico’s Pacific side.

Domestic agriculture comes out mixed. A wet southern winter refills California reservoirs and helps almond, citrus and vegetable growers in the Central Valley, and gives the Southern Plains winter wheat crop in Kansas, Oklahoma and Texas moisture it usually lacks. The Corn Belt sees comparatively weak effects. The American grocery problem is not what the country grows. It is what the country imports.

That is where the trouble sits, and it sits in four aisles. Cocoa, meaning nearly all American chocolate, comes overwhelmingly from Ivory Coast, Ghana, Nigeria and Cameroon, which turn hot and dry in an El Niño. Palm oil, which appears in a large share of packaged baked goods, snacks and shelf products, comes from Malaysia and Indonesia, which dry out on a three-to-nine-month delay. Rice, sugar and robusta coffee — the base of most instant coffee — come out of the same drought-exposed belt. Arabica coffee, grown in Brazil and Colombia, is the exception and can actually improve, since South American growing conditions often get better. The drip coffee may hold. The candy bar will not.

Markets have already started pricing it. New York cocoa futures pushed past $5,000 a tonne in late June, the highest since January, up roughly 19% that month. Societe Generale data showed agricultural commodity prices up 7% in a month in mid-2026, with cocoa, coffee and wheat rising 8% in a single week.

American shoppers feel it on a delay, which is the part worth planning around. Traders move on the forecast; supermarkets move on the harvest. Retail food prices have historically absorbed the full effect six to twelve months after the event peaks — so a fall peak puts it on the shelf across 2027, long after the weather story has gone quiet.

The trillion-dollar figures come from research that changed how economists think about this. The 1982-83 El Niño is estimated at $4.1 trillion in lost global income and the 1997-98 event at about $5.7 trillion, and Dartmouth’s Justin Mankin has said current forecasts imply this could be the costliest on record. The same research found the drag can persist as long as 14 years — economies do not simply take the hit and recover. Mankin, who directs Dartmouth’s Climate Modeling and Impacts Group, laid that out on Bloomberg’s Odd Lots podcast on Friday.

The American concern is therefore twofold and neither half is abstract. Food inflation returns through imported ingredients roughly a year from now, at a moment when household budgets are already carrying record gasoline and diesel prices. And the southern half of the country faces a wet, storm-heavy winter with flood exposure in states that have spent the year in drought.

The lead time is the advantage. Unlike a hurricane, this is visible months ahead, which is why food manufacturers and restaurant chains are hedging cocoa, sugar and palm oil now rather than at the peak, why utilities in the northern states are adjusting winter demand forecasts, and why emergency managers from Los Angeles County to the Florida panhandle have the runway to prepare drainage and floodplain response before the storm track arrives. Fitch’s analysis found the worst damage falls on poorer agricultural economies, but warned that sustained shortages could lift food prices enough to affect inflation even in wealthy countries.

Impacts vary considerably by location and season and none are guaranteed, and NOAA’s own forecast lead said she sees nothing unusual about how this one is developing or how long it should last. The odds are heavily tilted. They are still odds.

JBizNews Desk | New York

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The fight over the new White House ballroom reached the Supreme Court on Friday. President Trump’s lawyers filed an emergency application asking the justices to lift a lower-court order that would halt construction of the $400 million project at the site of the former East Wing, the wing the president had torn down last fall to clear the ground.

Here is what is actually at stake in plain terms. A federal judge said the president cannot keep building without Congress signing off on it. A federal appeals court in Washington, D.C., agreed on Aug. 7, upholding an injunction issued by U.S. District Judge Richard Leon. That appeals court then paused its own decision for 14 days so the administration could take the case to the justices. The practical effect is that the block has not taken hold yet and crews are still working while the Supreme Court decides what to do. The justices have until Aug. 21 to act, and Solicitor General D. John Sauer has asked them to move immediately.

Judge Leon’s order was not a blanket shutdown. He allowed below-ground work on security and medical facilities to continue, while barring the ballroom itself. The administration wants that distinction erased.

The government’s argument leans almost entirely on security rather than on architecture or entertaining. Trump has increasingly cast the ballroom as a matter of national security and military readiness, pointing to what he calls a drone port on the roof. In the filing, Sauer described the site as an integrated military complex vitally required by national security. The application also cites attempts on Trump’s life, and newly characterizes the threat that reportedly caused him to board an alternate aircraft last month as an assassination attempt. Sauer’s broader complaint is that letting the injunction stand would make one district judge the sole authority on what construction is strictly necessary to protect the president, his family, staff and visiting foreign dignitaries.

On the other side is the National Trust for Historic Preservation, which brought the underlying lawsuit. One of the central questions the justices face is whether the Trust has legal standing to sue at all based on its membership — a threshold issue that could end the case without the court ever ruling on whether the president needs congressional approval to rebuild a wing of the White House.

The numbers explain why this is being fought so hard. The ballroom is planned at 90,000 square feet, roughly the footprint of a mid-size suburban shopping center dropped onto the White House grounds, and it carries a $400 million price tag. The cost climbed from an earlier $300 million estimate, and the project is being funded through private donations rather than appropriated money. That funding structure is part of the administration’s case: no taxpayer dollars, therefore, in its telling, no need for Congress to weigh in. The courts have so far not accepted that logic, because the dispute is about authority over the building itself, not about who wrote the check.

The ballroom is not the only project drawing legal fire. Trump’s plans for a golf course, an arch, the Kennedy Center and the Reflecting Pool have also been challenged in court, part of a wider building push reshaping the capital during his second term. For contractors, suppliers and the trades working these sites, the pattern is the real business story: work that starts, gets enjoined, restarts on appeal, and carries the standing risk of a stop-work order landing mid-pour.

There are only two clean ways out of this. The Supreme Court can grant the stay, which would let above-ground work continue while the case is litigated in full, and would effectively hand the president the win for the duration of construction. Or Congress can authorize the project, which is what both lower courts said was required in the first place and which would take the question away from the judiciary entirely. Anything short of one of those leaves a half-built structure on the East Wing site with a court order hanging over it.

Concrete framing and four walls are already standing. Whether they come down, stay put or go up further is now a decision for nine people who never asked to be construction managers, and they have about a week to make it.

JBizNews Desk | Washington, D.C.

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Ukrainian drones struck one of Russia’s biggest fuel-processing plants overnight into Friday, and the damage lands on a global market that already has no spare fuel to give. Ukraine’s General Staff said its forces hit the NOVATEK-Ust-Luga complex at Slobodka in Russia’s Leningrad Oblast, reporting a fire at the site and, on preliminary information, two processing units struck.

What that plant does is simple enough. Gas condensate — a light liquid that comes out of the ground alongside natural gas — arrives by pipeline from Siberia. The complex splits it into naphtha, jet fuel, gasoil and heavy fuel oil, then loads the finished product onto ships bound for foreign buyers. Its capacity runs to nearly 8 million metric tons of raw material a year, split across three processing units of roughly 3 million tons each. Knock out two of the three and roughly two-thirds of the plant’s output stops moving.

Russian officials described a night of heavy drone activity without confirming which building burned. Leningrad Oblast Governor Alexander Drozdenko said air defenses downed 51 drones over the region and that damage was recorded at the port, with firefighters responding; by morning he put the regional tally at 54. Moscow Mayor Sergei Sobyanin said 10 more were downed approaching the capital, with no casualties reported in either place.

This was not a one-off. It marks the sixth strike on Ust-Luga since March, following the first major hit on the NOVATEK complex overnight on 24–25 March and repeat waves on 27, 29 and 31 March, plus a July raid that reached the wider St. Petersburg port area. It also came two days after Ukrainian drones hit the Sheskharis terminal at Novorossiysk on the Black Sea.

The reason a fire in northwest Russia shows up on an American receipt is arithmetic. Ust-Luga is Russia’s largest Baltic port and handled 47.4% of the Baltic basin’s cargo turnover as of January 2026, and together with Primorsk it normally moves about 40% of Russia’s seaborne oil exports. Call it two barrels in every five that Russia ships by sea.

Russia has spent this year losing the ability to turn its own crude into usable fuel. Ukrainian strikes have driven Russian crude processing to its lowest level since 2005, forcing Moscow to halt exports of gasoline, jet fuel and diesel and to start importing fuel to cover its own drivers. The barrels Russia used to sell as finished diesel now have to come from somewhere else, and that somewhere else is already stretched thin by the Iran conflict and the Hormuz bottleneck.

The strain is visible in the data. Global refinery crude runs stood at 80.9 million barrels a day in July, nearly 5 million below a year earlier, and the International Energy Agency reported that tighter light and middle distillate markets pushed Atlantic Basin refining margins to record highs. The agency now projects a 1.8 million barrel-a-day oil deficit for the current quarter. Crude itself has been the calmer part of the story: Brent traded near $87 a barrel on Friday and West Texas Intermediate near $81. The squeeze is in the refined fuel, not the raw material.

American households are already paying for it. Gasoline averaged $4 a gallon and diesel $5.40 in the second week of August, both record seasonal highs, against $3.20 and $3.70 respectively a year ago. Gasoline is up roughly one dollar in four from last summer. Diesel is up close to half again — the fuel that moves groceries to the shelf, packages to the door and produce out of the field. Trucking companies do not absorb that; it arrives later as a slightly higher price on almost everything hauled.

There are offsets in motion. Refiners in the United States, India and the Middle East are picking up export business that Russia can no longer serve. American forces have expanded tanker escort capacity through the Strait of Hormuz, with Washington estimating as much as 9 million barrels a day still transiting the waterway, and US crude inventories jumped 17.4 million barrels last week. Both the IEA and OPEC have trimmed their demand forecasts, with OPEC cutting 2026 growth to 580,000 barrels a day in its fourth straight downward revision — high prices doing their usual work of cooling consumption. The Energy Department expects gasoline and diesel to ease later this year, though it still forecasts levels well above seasonal norms.

Repair timelines are the variable that matters next. After earlier strikes on this same complex, a single damaged unit took weeks to restart and the worst-hit equipment took months. Until those units are running, the barrels Ust-Luga was supposed to send to market simply are not there, and the American diesel pump keeps carrying the difference.

JBizNews Desk | New York

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American investigators are examining whether money tied to a Shanghai-based businessman with longstanding links to pro-Beijing organizations helped finance groups involved in pro-Palestinian demonstrations in Britain, widening a U.S. foreign-influence inquiry that had already reached activist organizations operating inside the United States.

The investigation centers on Neville Roy Singham, an American technology millionaire who lives in Shanghai and has financed a network of nonprofit and activist organizations across several countries. U.S. lawmakers have spent years examining whether that network has acted independently or whether some of its political activity has advanced the interests of the Chinese Communist Party.

The latest scrutiny reaches into Britain.

According to reporting by The Telegraph, a British company connected to the U.S.-based activist organization Code Pink received more than $250,000 in 2020 and 2021 from entities suspected of being part of Singham’s funding network. The same company received another $94,950 in 2024 from a fund also believed by investigators to be connected to that network, with the payment described as compensation for consulting services.

Those financial transfers do not establish that Beijing financed pro-Palestinian demonstrations, and investigators have not publicly produced evidence showing that the Chinese government directly paid organizers of the marches.

That distinction is important.

What authorities are examining is whether money originating within a private funding network closely associated with Singham eventually reached organizations engaged in political activity that aligned with Chinese foreign-policy interests — and whether any of those relationships required disclosure under U.S. foreign-agent laws.

Code Pink has become part of that inquiry because of both its funding relationships and its political activity. The organization has encouraged participation in large pro-Palestinian marches in Britain and has organized demonstrations outside the British Ministry of Defence and the London offices of a weapons manufacturer.

Singham is married to Jodie Evans, one of Code Pink’s founders.

The financial relationship has drawn increasing attention in Washington. Senate Judiciary Committee Chairman Chuck Grassley said last year that evidence suggested Code Pink and The People’s Forum had been “funded and influenced” by Singham and the Chinese government and asked the Justice Department to examine whether the organizations should register under the Foreign Agents Registration Act.

Sen. Tom Cotton separately asked the Justice Department in November 2025 to investigate Code Pink, saying the organization had received more than $1.4 million since 2017 from sources linked to Singham. Cotton said that represented roughly one-quarter of the group’s funding during the period he examined.

Those claims remain allegations, not findings of criminal wrongdoing.

The inquiry surrounding Singham has nevertheless moved beyond congressional letters.

A federal grand jury in New York is investigating Singham and financial activity involving nonprofit organizations associated with his network. CBS News reported in July that investigators were examining possible violations of the Foreign Agents Registration Act as well as tax and nonprofit-financing issues.

The House Ways and Means Committee has also intensified its investigation. Chairman Jason Smith said in June that a federal grand jury had begun issuing subpoenas as part of the Justice Department inquiry, while congressional investigators have separately sought records involving tens of millions of dollars flowing through organizations tied to Singham.

At the center of the legal question is not whether an American citizen may finance controversial political causes. That is generally protected activity. The issue is whether organizations were acting at the direction or under the influence of a foreign government while engaging in political activity in the United States without making disclosures required by federal law.

Foreign Agents Registration Act cases are built around control, direction and transparency, not simply whether a donor lives overseas or holds views favorable to another country.

Singham has denied acting on behalf of China. He has said he is not a member of any political party, does not represent any government and supports the organizations in his network because of his own political beliefs.

Code Pink has likewise denied receiving funding from the Chinese Communist Party. Co-founder Medea Benjamin has said the organization does not take money from the CCP, and the group has rejected congressional allegations that its activism is controlled by Beijing.

That leaves investigators with a difficult financial trail to establish.

Private foundations, donor-advised funds, nonprofit entities and companies can move money through multiple layers before it reaches the organization that ultimately spends it. A payment originating from a Singham-associated organization is not automatically a payment from the Chinese government, which is why investigators are examining the relationships behind the transactions rather than simply following the final bank transfer.

The British connection raises the stakes because it suggests the inquiry may no longer be limited to political activity inside the United States.

If investigators establish that a common funding network supported activist organizations operating in multiple Western democracies, the question becomes broader than Code Pink or any individual protest. Governments would have to determine whether foreign political influence is being exercised through organizations that outwardly operate as domestic grassroots movements.

For pro-Palestinian demonstrators themselves, there is no evidence that ordinary marchers knew of, received or were directed by any foreign funding network. Hundreds of thousands of people have participated in demonstrations for a wide range of personal, political and humanitarian reasons.

The unresolved question sits farther upstream: who financed the organizations helping mobilize parts of that movement, where that money ultimately originated, and whether anyone else was directing how it was used.

That is now what investigators in Washington are trying to find out.

JBizNews Desk | Washington

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Here is what is happening, in plain terms. Your state has a housing agency. It borrows money from investors, then lends that money out to homebuyers at a lower interest rate than a bank would charge. Sometimes it helps with the down payment. Sometimes it lends to builders putting up apartments that rent below market.

That borrowing has doubled in a year. States raised about $19 billion this way over the past twelve months, roughly twice the year before.

The reason is simple. A regular 30-year mortgage now costs 6.69%, up from 6.63% a year ago. On a $300,000 loan, that is about $1,935 a month before taxes and insurance. Knock the rate down a single point and the payment drops roughly $200 a month — $2,400 a year, and about $72,000 over the life of the loan. For a lot of families, that one point is the difference between qualifying and being told no.

So more people are walking into these state programs, and states are borrowing more to fund them.

There is a second reason. Washington is spending less on housing. When federal money dries up, states either drop the program or borrow to keep it going. Most are borrowing.

Recent examples give a sense of the size. Illinois raised $200 million. New Mexico raised $120 million. South Dakota moved this month to authorize as much as $600 million for lower-rate mortgages in that state alone.

The people lending the money are, in large part, ordinary savers. Individuals hold close to half of all municipal bonds — the tax-free bonds that state and local governments issue. So the money helping a family in Illinois buy a first house is coming out of a retirement account in New Jersey. The lender gets tax-free interest; the buyer gets a cheaper mortgage.

The loans have been paid back reliably. Fewer than 1 borrower in 100 falls behind in these state pools. Most of the home loans carry a federal guarantee behind them, which is why the bonds get the highest credit ratings.

Investors have done well on them. This slice of the bond market returned 5.53% last year, against 4.41% for municipal bonds overall — better than a full point more.

Not everything in the category is equally safe. When a bond is backed by one apartment building instead of thousands of home loans, the risk sits on that single property, and investors demand about two extra percentage points of interest to take it. Rental buildings aimed at teachers, nurses and other middle-income workers are the softer spot right now, with costs rising and occupancy slipping.

Two things could push the numbers higher. A bipartisan bill sitting in the House Ways and Means Committee would loosen the tax rules so states can reach more buyers with these loans. And on November 3, California voters decide whether to let the state issue up to $25 billion in bonds for a program that would cover as much as 17% of the purchase price on a newly built home.

If you are a builder working on affordable units, the practical point is where the money now sits. It is at your state housing agency, not in Washington. Find out who issues in your state, when they issue, and what they require.

If you are a buyer, find out whether your state has a first-time buyer program and what rate it offers. Most people never check. It is a phone call.

And if you are an investor, the extra yield is real but it is payment for complexity, not a gift. The bond backed by thousands of federally guaranteed home loans and the bond backed by one apartment building are not the same thing, even when they sit on the same page.

JBizNews Desk | New York

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U.S. stocks opened little changed Friday, August 14, as Wall Street weighed a surprisingly weak consumer-spending report against lower expectations for another Federal Reserve rate increase, while renewed U.S.-Iran tensions kept oil and inflation risks in focus.

The Dow Jones Industrial Average opened up 2.8 points, or 0.01%, at 53,842.80. The S&P 500 gained 7.6 points, or 0.10%, to 7,806.60, while the Nasdaq Composite rose 48.1 points, or 0.18%, to 26,851.15. The muted opening comes one day after the S&P 500 closed at another record high. 

The biggest economic surprise arrived before the bell. U.S. retail sales fell 0.6% in July, dramatically weaker than the 0.1% increase economists expected and reversing June’s 0.2% gain. More importantly, the closely watched control-group measure — which strips out autos, gasoline, building materials and restaurants and feeds more directly into GDP calculations — fell 0.4% instead of rising the expected 0.3%. 

The weakness does not necessarily mean the consumer suddenly collapsed. June benefited from Amazon moving Prime Day forward from July and competing retailers launching promotions at the same time, while lower gasoline prices reduced July service-station receipts. Still, the report is an important warning that households may be becoming more cautious after months of high gasoline prices and elevated borrowing costs. Consumer spending accounts for more than two-thirds of the U.S. economy. 

The softer spending report also gives the Federal Reserve another reason to remain patient. Markets had already reduced the probability of a September rate increase to roughly one-in-three after this week’s cooler CPI and producer-price reports. The 10-year Treasury yield was around 4.65% Friday morning, keeping borrowing costs historically high even as shorter-term rate expectations have eased. 

Individual stocks are moving far more dramatically than the indexes. Reddit surged roughly 14% in early trading after S&P Dow Jones Indices said the social-media company will join the S&P 500. JPMorgan estimates index funds tracking the benchmark could ultimately need to purchase about 16.7 million Reddit shares, nearly three times the stock’s average daily trading volume. 

Applied Materials fell about 4% to 5% despite reporting strong results and forecasting fourth-quarter revenue of approximately $10.25 billion, well above the $9.54 billion Wall Street consensus. The problem is expectations: Applied Materials shares have more than doubled this year, and investors are demanding evidence that the semiconductor-equipment giant can grow faster than competitors including ASML, Lam Research and KLA. 

Other AI-linked names are moving sharply as well. Sandisk gained roughly 3%, Nebius rose about 5%, while Broadcom and Strategy fell between 2% and 3%. The dispersion shows how selective the AI trade has become: investors are still rewarding companies tied to the infrastructure boom, but valuations now leave little room for disappointing guidance or slowing growth. 

Oil remains the biggest outside risk. Crude rose earlier Friday after the United States threatened to maintain its naval blockade of Iran indefinitely, adding another layer of uncertainty around the Strait of Hormuz. Brent traded near $88.50 a barrel earlier in the morning and WTI near $82.80, with both benchmarks heading toward weekly gains as shipping through one of the world’s most important energy corridors remains disrupted. 

The economic calendar is not finished. The University of Michigan’s preliminary August consumer-sentiment report is scheduled for 10:00 a.m. ET, along with updated inflation expectations, while business-inventory data is also due. At the exact 10:00 a.m. cutoff for this recap, the university had not yet posted the August figures publicly, so JBizNews is not publishing an unverified number. July sentiment stood at 55.2, while one-year inflation expectations were 4.2%. 

For the rest of Friday, investors will be watching consumer sentiment, Treasury yields, oil prices and any new U.S.-Iran or Strait of Hormuz developments. After three days of relatively friendly inflation data but Friday’s surprisingly weak retail report, Wall Street is now confronting a different question: whether slower inflation is arriving alongside a meaningful slowdown in consumer demand.

JBizNews Desk | Wall Street

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Sicily’s busiest airport has now been shut for five straight days because volcanic ash and jet engines cannot occupy the same sky. Ash from Mount Etna has closed Catania’s airport for a fifth consecutive day, stranding holiday travelers during the biggest travel week of the year, and the airport will stay closed until early Saturday — Ferragosto, the August 15 holiday at the peak of the Italian summer season. Etna sits 30 kilometers, about 20 miles, from the runway, and while its activity interrupts flights there regularly, this is the longest such emergency since 2002.

The hazard is mechanical, not theoretical. Volcanic ash is pulverized rock. Pulled into a jet engine, it melts in the combustion chamber and re-hardens on the turbine blades, which can shut the engine down in flight. So when ash drifts into a flight corridor, aviation authorities close that block of airspace outright rather than let planes pick their way through it. Italian authorities have been shutting the affected sectors around eastern Sicily one at a time as the plume moves, most recently extending the closure to a sector labeled B3, while the National Institute of Geophysics and Volcanology has kept its aviation notice at red, the top level, with vents at roughly 2,750 and 2,360 meters feeding extensive lava fields.

The scale of the disruption is unusual even by Etna’s standards. Between August 6 and 12, roughly 630 flights were diverted to other airports and more than a third of the 1,974 flights scheduled at Catania were canceled. That is better than one flight in three simply erased from the board. Bloomberg put the count at more than 1,350 flights affected over the course of the week. Airport operator SAC’s own figures showed about 400 departures canceled between August 8 and 11 and another 52 on August 12, with roughly 700 flights lost once canceled arrivals are counted. Ryanair, easyJet, ITA Airways and Wizz Air, the four largest carriers at Catania, have absorbed most of the damage.

Passengers have been sleeping in the terminal. Travelers stranded by the prolonged closure have spent days inside the building, bedding down wherever they can and killing time playing cards.

The rest of Sicily is carrying the overflow, and it is showing. On August 12 alone, SAC listed 50 Catania departures leaving instead from Palermo, Trapani and Comiso, with 40 arrivals rerouted to Palermo, 12 to Trapani and five to Comiso; Comiso itself briefly halted flights on the evening of August 11 when ash fell there. Palermo’s mayor said his city’s airport had taken on 190 flights originally booked through Catania, and passengers dumped there complained they got little help getting onward — demand for buses and taxis spiked, and the extra traffic pushed delays at Palermo itself. A traveler landing 130 miles from where the ticket said they were going still has to cross the island, and on Ferragosto weekend that ride is neither cheap nor guaranteed.

The cloud has reached past Italy. A volcanic ash advisory issued Tuesday evening placed the heaviest concentration over Sicily, with thinner ash between eastern Malta and as far south as northern Libya.

For anyone booked through Catania, the practical steps are narrow but they matter. Confirm the flight directly with the airline before leaving for the airport, because the closure has been extended in increments and the terminal has repeatedly filled with people whose flights were already gone. Americans connecting through a European hub should check every leg, not just the transatlantic one — the long-haul segment can operate perfectly while the final hop into Sicily disappears. Under European Union passenger rules, a volcanic eruption counts as an extraordinary circumstance, which means airlines generally do not owe cash compensation for the cancellation. What they do still owe is care and a way out: meals, accommodation where an overnight is forced, and either rerouting or a refund. Passengers should ask for that in writing rather than assume it will be offered.

The repeated shutdowns have also reopened an old argument in Italy about the airport itself. Civil Protection Minister Nello Musumeci has said he flagged the vulnerability of Catania’s Fontanarossa airport back in 1999, when he was president of the Province of Catania and put forward a plan for the site that never won backing. The proposals under discussion run toward hardening Sicily’s secondary fields — Comiso and Trapani in particular — so that eastern Sicily has real capacity to fall back on rather than an overflow arrangement that buckles the moment Etna clears its throat.

Even once the airspace reopens, the airport will not snap back. Aircraft and crews are scattered across four airports and out of position, and clearing a week’s backlog into a holiday weekend takes days, not hours.

JBizNews Desk | Catania, Italy

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Ben Gurion Airport is pushing through one of its busiest days of the summer with roughly 90,000 passengers and about 600 aircraft movements expected Friday, but the problem is not simply volume. It is timing.

Within a span of just three hours, roughly 90 flights accumulated in a backlog, compressing arrivals and departures into a window the airport’s ground systems were not built to absorb all at once. Passengers were left sitting aboard aircraft after boarding, families waited for hours at baggage claim, and crews struggled to move luggage quickly enough to keep departures on schedule.

The Israel Airports Authority says there is no strike and no shortage of workers. Instead, it describes a traffic-jam problem in the sky that eventually becomes a traffic-jam problem on the ground.

Flights scheduled across an entire day do not necessarily arrive evenly. Restrictions in European airspace, particularly around Greece, can hold aircraft back and then release them in clusters. Add heavy August vacation traffic and continued U.S. aerial-refueling activity consuming airport capacity, and dozens of flights can suddenly arrive or attempt to depart within the same narrow window.

That is what happened Friday.

Once the wave reaches Ben Gurion, the bottleneck spreads quickly. Aircraft need parking stands. Baggage needs to be unloaded. New luggage has to be sorted and loaded. Ground crews must turn planes around, buses have to move passengers where jet bridges are unavailable, and incoming aircraft still need somewhere to go.

When 90 flights stack up in three hours, one delay begins feeding the next.

Passengers reported sitting aboard aircraft for hours after boarding because their luggage had not yet been loaded. Others who had already landed in Israel waited for extended periods beside baggage carousels, including families traveling with children just hours before the start of the Sabbath.

On a Friday in Israel, that timing matters in a way it would not on an ordinary weekday. As the Sabbath approaches, public transportation begins shutting down and observant travelers face a hard deadline to reach their homes, hotels or hosts before sundown. A delay of two or three hours can therefore become more than an inconvenience, leaving passengers without the train or bus they expected to take and forcing last-minute transportation arrangements at the same moment thousands of others are trying to do the same.

For travelers, that distinction matters. A flight can technically be operating and still leave passengers stranded for hours because the aircraft cannot be serviced, parked or cleared quickly enough to depart.

The airport’s congestion also reflects a broader capacity problem that has been building for months.

Israel Airports Authority Director General Sharon Kedmi warned in May that extensive U.S. military aerial-refueling operations at Ben Gurion were consuming a substantial portion of the airport’s available space and operational resources. At the time, he said civilian operations were effectively functioning at about one-third of normal capacity because of the military presence.

Friday’s congestion shows what happens when that reduced flexibility collides with peak summer demand.

European airspace restrictions add another layer. Greece sits directly along major flight paths between Israel and much of Europe, so disruptions there do not have to close Ben Gurion to cause trouble in Tel Aviv. Aircraft held elsewhere can arrive late together, creating precisely the type of concentrated surge that overwhelms baggage handling and parking capacity.

The Airports Authority says reinforced teams have been deployed and that available personnel are working at full capacity despite the summer heat. Transportation Minister Miri Regev described the situation as an unusually complicated combination of normal seasonal congestion, security constraints and wider aviation restrictions.

That does not make the wait shorter for passengers.

The practical lesson for anyone flying through Ben Gurion Friday is that the departure board alone does not tell the whole story. A flight showing as scheduled may still face a lengthy ground delay, while an incoming aircraft arriving late can push the next departure further behind.

For passengers arriving before the Sabbath, there is another clock running. Travelers should not assume that the train, bus or other ground transportation they planned to use will still be operating if their flight or baggage is delayed by several hours. Building extra time into the trip and having a backup transportation plan can make the difference between a difficult arrival and being stranded at the airport as the Sabbath begins.

Travelers connecting through Europe face an additional risk: delays around Greece or elsewhere can distort the entire sequence of aircraft arriving in Israel. Checking the first flight in an itinerary is therefore not enough. Each segment needs to be monitored separately.

The baggage problem can outlast the flight delay itself. When large numbers of aircraft arrive together, bags from one flight can compete for the same handlers, vehicles and carousel capacity as luggage from several others. Passengers who land on time can therefore still spend hours waiting inside the terminal.

And even after the immediate backlog clears, the airport does not simply reset. Aircraft, crews and departure slots are left out of position, meaning delays can continue rippling through the schedule long after the original surge has passed.

Ben Gurion is not closed. It may be something more frustrating for travelers: open, operating and overloaded at the same time — with the Sabbath approaching and far less room for delays than on an ordinary travel day.

JBizNews Desk | Tel Aviv, Israel

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President Donald Trump has imposed tariffs of as much as 100% on imported drones and key components, a sweeping move aimed at reducing U.S. dependence on foreign — particularly Chinese — drone technology and forcing more production onto American soil.

The new tariffs were announced Thursday night and are already moving U.S. drone stocks Friday morning.

The highest rate, 100%, applies to drones considered especially sensitive for national security, including aircraft with a maximum takeoff weight above 25 kilograms, or about 55 pounds, and drones equipped with thermal-imaging capabilities.

Docking stations and certain critical components for those systems will also face the 100% levy.

Smaller and less-sensitive drones will generally face a 25% tariff.

Imports from several U.S. allies will receive lower rates if substantially all of their hardware, software and technology originate within those countries or the United States. Qualifying drones and components from the European Union, Japan, South Korea, Switzerland, Taiwan and Liechtenstein will face a 15% tariff, while qualifying British products will face 10%.

Most of the tariffs take effect 21 days after the proclamation was signed, while tariffs covering some less-sensitive drone components will begin after 180 days.

The administration says the move follows a Commerce Department investigation that concluded the United States is too dependent on foreign suppliers to meet its drone needs, creating vulnerabilities in defense, cybersecurity and critical supply chains.

The White House is also authorizing an onshoring program designed to give companies investing in U.S. drone and component manufacturing preferential treatment.

That could have major consequences beyond the defense industry.

Drones are increasingly used in construction, agriculture, utility inspections, surveying, filmmaking, emergency response, policing, infrastructure maintenance and package delivery.

Companies relying on imported equipment could therefore face significantly higher costs unless suppliers shift production to the United States or qualify for one of the lower tariff rates.

Domestic drone manufacturers immediately benefited.

Shares of Unusual Machines jumped roughly 14% in premarket trading Friday, while Red Cat Holdings rose more than 7% and AeroVironment gained about 3%.

The policy also represents another front in Washington’s effort to reduce Chinese dominance of critical technology supply chains.

China has become the dominant producer of commercial drones and many of the motors, batteries, cameras, communications systems and electronics inside them. Even drones assembled elsewhere can rely heavily on Chinese components.

The new tariffs are designed to attack that dependence at both levels — the finished aircraft and the parts inside them.

For U.S. companies, the calculation now becomes straightforward: continue importing and absorb the tariff, raise prices, change suppliers or manufacture more of the product domestically.

That makes the measure more than another trade dispute.

It is an attempt to rebuild an entire American supply chain around a technology that has rapidly become essential to both modern warfare and everyday business.

JBizNews Desk | Washington

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Commercial shipping through the Strait of Hormuz remained severely restricted Friday morning after two more vessels were attacked, keeping one of the world’s most important energy corridors far below normal traffic levels and renewing pressure on oil prices.

Only nine commercial vessels crossed the strait Thursday, compared with roughly 130 to 140 ships a day before the Iran war.

That means traffic through Hormuz is still running at only a small fraction of normal levels despite limited movement beginning to resume.

The latest disruption followed attacks on two vessels operated by Abu Dhabi National Oil Company while they were transiting the strait. No casualties were reported.

The attacks reinforce the biggest problem facing shipowners: even if a vessel is technically allowed to pass, insurers, crews and operators must decide whether the voyage is worth the physical and financial risk.

That risk is already showing up in energy markets.

Brent crude moved back toward $88 a barrel Friday morning, while West Texas Intermediate also climbed as traders priced in the possibility that Gulf exports could remain constrained longer than expected.

The Strait of Hormuz is one of the most important chokepoints in the global economy.

Before the war, roughly one-fifth of the world’s oil and liquefied natural gas supply moved through the waterway, connecting major producers including Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Qatar with customers in Asia, Europe and elsewhere.

The disruption is already beginning to redraw global oil flows.

Asian refiners have increased purchases from alternative suppliers, including the United States, as companies try to reduce their dependence on cargoes that must pass through Hormuz.

U.S. crude exports to Asia have risen sharply, giving American producers an unexpected advantage from the disruption.

For businesses that consume fuel, however, the economics move in the opposite direction.

Restricted shipping pushes up tanker rates, marine-insurance premiums, freight expenses and inventory costs even before the higher price of crude itself reaches businesses and consumers.

That means a company does not need to buy oil directly to feel the effect.

Trucking companies pay more for diesel. Airlines pay more for jet fuel. Manufacturers pay more to move raw materials. Retailers eventually absorb higher transportation costs on imported goods.

The important number Friday is therefore not simply the price of Brent crude.

It is nine ships.

Against the roughly 130 to 140 vessels that normally crossed Hormuz every day before the war, the waterway remains effectively operating at emergency levels.

Until commercial traffic begins returning in meaningful volume, Hormuz remains one of the largest unresolved risks hanging over global energy prices, shipping costs and inflation.

JBizNews Desk | Strait of Hormuz

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American consumers unexpectedly cut spending in July, delivering one of Friday morning’s most important economic signals and adding new pressure to the Federal Reserve’s September rate decision.

The U.S. Census Bureau reported at 8:30 a.m. EDT Friday that retail and food-services sales fell 0.6% in July from June, to a seasonally adjusted $763.6 billion.

Economists had expected sales to edge higher.

Despite the monthly decline, Americans are still spending considerably more than they were a year ago. Retail and food-services sales were 5.0% above July 2025, while total sales during the May-through-July period were 6.3% higher than during the same three months last year.

The report therefore does not show that consumers suddenly stopped spending. What changed is the direction of momentum.

June sales rose 0.2%. July reversed that gain and more.

Several large categories drove the decline.

Motor-vehicle and parts dealers saw sales fall 1.8% from June, while nonstore retailers — which include much of online shopping — dropped 2.2%.

Gasoline-station sales declined 0.9%.

Electronics and appliance stores fell 0.5%.

Excluding both automobiles and gasoline stations, retail sales were still down 0.2%, showing that the weakness was broader than just cars and fuel.

There were pockets of strength.

Clothing and accessories stores posted a 1.9% increase, health and personal-care stores gained 0.7%, miscellaneous retailers rose 0.5%, and food services and drinking places increased 0.5%.

Furniture and home-furnishing stores rose 0.3%, while building-material and garden-supply dealers also gained 0.3%.

The online-sales decline deserves particular attention.

Several major retailers moved promotional events earlier into the summer this year, including Amazon’s Prime Day, creating an unusually strong comparison with the previous month. That means some of July’s drop may reflect when consumers spent their money rather than a fundamental collapse in demand.

The Census figures are also reported in dollars and are not adjusted for inflation, meaning higher prices can make sales appear stronger even when consumers are purchasing fewer actual goods.

Still, the report matters because consumer spending represents the largest component of the U.S. economy.

For much of 2026, American households have continued spending despite elevated borrowing costs, higher energy prices and persistent inflation. That resilience has allowed businesses to keep raising revenue even as interest rates remained restrictive.

Friday’s report introduces a different possibility: consumers may finally be becoming more selective.

That is especially important for the Federal Reserve.

Until this week, investors were largely debating whether persistent inflation would force policymakers to raise interest rates again in September.

Then came softer consumer inflation Wednesday, cooler wholesale inflation Thursday and now weaker retail spending Friday morning.

Taken together, those reports reduce the urgency for another immediate rate increase.

The Fed still has a problem, however.

Inflation remains above its 2% target, and several policymakers continue to argue that keeping monetary policy too loose for too long could allow price pressures to become entrenched.

But raising borrowing costs when consumers are beginning to slow creates a different risk: weakening an economy that may already be losing momentum.

Markets reacted quickly Friday morning, with Treasury yields moving lower after the report as investors reduced expectations for another near-term rate increase.

For businesses, the takeaway is more practical.

Retailers heading toward the fall shopping season now have another reason to watch inventories closely. Restaurants are still showing strength. Apparel held up well. Autos and online retail weakened sharply.

And companies selling discretionary goods may discover that consumers who spent aggressively earlier this year are becoming considerably more careful about where the next dollar goes.

One month does not establish a trend.

But Friday’s report is important because it marks the first clear warning this week that cooling inflation may not simply be good news.

It may also be telling businesses that demand itself is starting to cool.

JBizNews Desk | Washington

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Paramount Skydance has discussed creating an editorial board whose job would be to keep the company’s executives out of CNN’s newsroom once it takes ownership of the network. The Wall Street Journal reported the discussions Wednesday, citing people familiar with the matter. “We always remain open to internal improvements to journalistic integrity,” the company said in a statement.

The idea is not new in American media. The template is the Dow Jones Special Committee, which Rupert Murdoch agreed to create in 2007 as a condition of buying The Wall Street Journal — a standing body that describes itself as safeguarding the editorial independence of the Journal and Dow Jones and monitoring their adherence to professional standards.

Timing matters for how the move gets read. Paramount’s internal discussions began before California and 11 other states sued to block its merger with Warner Bros. Discovery. CNN has separately reported that similar conversations occurred at the network’s own highest levels when Warner Bros. Discovery was planning to split itself into two companies, meaning they predate Paramount’s involvement entirely. Warner executives weighed the same maneuver during that split, before Paramount bid for the company.

Whatever its origins, the proposal now sits inside a live legal fight. Twelve state attorneys general, led by California’s Rob Bonta, filed suit on July 13 in federal court in Northern California to stop the deal. The complaint alleges the merger violates the Clayton Act of 1914, and the Writers Guild of America filed a separate action the following day. The Justice Department’s Antitrust Division had already cleared the transaction in mid-June, so the states are the remaining obstacle. A similar state coalition succeeded earlier this year in freezing Nexstar’s acquisition of Tegna ahead of trial, which is the precedent both sides are watching.

Paramount chief executive David Ellison argued last week that the lawsuit is not really a competition case at all, but an attempt to keep him from owning CNN. He made the same case in a guest essay for The New York Times on Aug. 4. An oversight board answers that argument directly: if the objection is editorial control, hand the editorial control to someone else.

Hollywood executive Ari Emanuel, an Ellison ally, floated exactly that on CNBC, calling an editorial board over the news organizations an easy solve for the concerns about the Ellison family controlling both CNN and CBS News.

Here is the part that makes it expensive. An oversight board would complicate the cost savings Paramount will want from a combined company, because merging CBS News and CNN is precisely where the production and newsgathering savings sit. A body with standing authority over editorial matters is a body that can object to consolidating two newsrooms into one. Paramount would be trading operating leverage for regulatory goodwill, and the leverage is worth real money in a business where news divisions rarely carry themselves.

Skepticism about the arrangement traces to what has already happened at Paramount’s existing news operation. The company installed Bari Weiss atop CBS News, and her removal of senior producers and correspondents from “60 Minutes” generated controversy the conglomerate appeared unprepared for. CBS journalists have described political interference in the newsroom, which the news division disputes. That record is what an oversight board at CNN would be asked to reassure people about.

Congressional pressure continued Wednesday on a separate track. Representative Jamie Raskin, ranking Democrat on the House Judiciary Committee, requested a transcribed interview with Ellison, citing the Times essay in which the executive pledged to stop staying silent, and noting that four prior letters went unanswered. Raskin gave him until Aug. 26. As the minority party, Democrats cannot compel his appearance, and Ellison has declined earlier invitations to testify.

For a board to mean anything, the details will have to be spelled out and enforceable: who appoints the members, what they can veto, and whether the arrangement survives the closing or expires with it. The state attorneys general have already argued in their complaint that one of Paramount’s public commitments was not legally enforceable — the same objection any voluntary board would invite. Structure, not intention, is what will decide whether this counts as a concession or a press release.

JBizNews Desk | New York

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Investors in Anthropic expect the artificial intelligence company to go public in October at a valuation of $2 trillion or more, which would make it the largest initial public offering in history — surpassing SpaceX, which listed in June at $1.77 trillion. The company filed paperwork with the Securities and Exchange Commission in June and is in a quiet period. Morgan Stanley, Goldman Sachs and JPMorgan are leading the offering, targeted at Nasdaq.

One caveat belongs in the first breath: this number is not the company’s. Six Anthropic backers told the Financial Times that revenue growth could support a valuation more than twice the company’s most recent level, and the projections come from investors rather than from Anthropic. Senior executives have not set an IPO valuation target even in private conversations. Investors modeled it themselves.

The arithmetic behind those models rests on one number. Anthropic reported $47 billion in annualized revenue in May. Backers expect $100 billion to $120 billion by year-end — more than tenfold growth inside a single year. The company last raised at a $965 billion post-money valuation, after institutional investors put nearly $100 billion into it during 2026, lifting it above OpenAI for the first time in May.

Set beside SpaceX, the comparison is less lopsided than the headline number suggests. SpaceX priced at $1.77 trillion on 2025 revenue of $18.67 billion and a 2025 net loss of $4.94 billion — a bet largely on Elon Musk, given that the company was burning cash and was far smaller by revenue than any other trillion-dollar company. That works out near 95 times sales. Anthropic at $2 trillion on $120 billion of revenue would be about 17 times sales. On that measure the AI company would be the cheaper of the two record-setters.

Whether the revenue figure means what it appears to mean is the live question. The research firm IDC estimates Anthropic’s annualized revenue at $40 billion to $50 billion, with consumer subscriptions contributing under $2 billion. Part of the gap is accounting: Anthropic books some revenue on a gross basis, counting the full enterprise spend routed through reseller arrangements on Amazon Web Services, Google Cloud and Microsoft Azure rather than the portion it keeps. A public S-1 will force a standardized presentation for the first time. At 17 times revenue the multiple looks reasonable; at IDC’s number it is closer to 45 times.

Margins are the other unresolved variable. Anthropic’s gross margin — revenue less compute costs — sits at roughly 40%, and the company has told investors it intends to reach 77% by 2028. Compute is the cost of goods sold in this business, and closing 37 points of margin over two years is the assumption doing the heaviest lifting in any bull case.

The bulls are not shy about it. One investor argued that a company growing at 800% a year would command at least 30 times revenue at the low end, implying $3 trillion, and noted that AI-adjacent names such as Palantir and Nebius have traded near 55 times sales this year. Another told the Financial Times that $2 trillion was a lowball figure. Jim Cramer defended the number on CNBC, arguing that a high multiple is sustainable when it is backed by real revenue growth rather than sentiment.

The risks are specific rather than atmospheric. Anthropic’s top model is priced more than 2.5 times higher than OpenAI’s flagship, while Chinese open-weight alternatives can be run for a fraction of that, and some companies are already capping AI spending or shifting to cheaper, less capable models. Revenue growth slowed measurably in June during an 18-day period when the Commerce Department’s Bureau of Industry and Security barred foreign nationals from accessing the company’s two most capable models, though investors said business rebounded afterward. The company is also in a dispute with the administration and the Defense Department, which labeled it a supply-chain risk.

Structure will matter as much as valuation. SpaceX set the template in June by selling about 4.2% of the company at a fixed price of $135, using a small float to establish a price for the other 95.8%, alongside staged insider lock-ups and limited public voting power. The offering was heavily oversubscribed, with retail investors allotted an unusually large share. A thin float can hold a headline valuation aloft on modest trading volume, which cuts both ways once lock-ups expire.

For readers weighing what this means beyond the AI trade, the useful frame is that October now carries the largest listing ever attempted, priced off projections that will not be independently verifiable until an S-1 becomes public. A $2 trillion debut asks public investors to place an extraordinary value on continued growth — and to accept, for now, a revenue figure that the company’s own filing has not yet had to defend.

JBizNews Desk | New York

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The yen was hovering around 159.36 per dollar on Thursday, back within sight of the 160 level that has historically signaled Tokyo may step into the market again. That leaves it having given up about half the gains from the rally that followed the record joint yen-buying operation Japan and the United States ran at the end of July. A senior analyst at Gaitame.com Research Institute noted the pair has now completed a 50% retracement of the intervention-driven decline, with the next technical target in the mid-160s.

The reason is not complicated, and it is the same reason the intervention was always going to be a holding action.

American interest rates sit at 3.5% to 3.75%. Japan’s policy rate is 1.0%. Money parked in dollars earns roughly three and a half times what money parked in yen earns. That gap pays a return every single day, to everyone, automatically. An intervention is a one-time purchase — governments spend reserves to buy yen, the price moves, and then the daily arithmetic resumes. Buying a currency once cannot outlast the reason people are selling it.

The scale of what was spent makes the point. Japan’s finance ministry reportedly sold as much as $59 billion to buy yen on July 30, when the currency sat at 40-year lows, and Tokyo and Washington later confirmed they had acted together — the first joint operation since 1998, with Treasury Secretary Scott Bessent and Finance Minister Satsuki Katayama both pledging to repeat it if needed. Other estimates put the Japanese side nearer $75 billion and the much smaller American operation somewhere between $5 billion and $10 billion. The yen began the year at 156 to the dollar, weakened to 163 by late July, strengthened to 157 after the intervention, and was back at 159 by Aug. 11. Tens of billions of dollars bought roughly a week.

Tokyo now appears to be reaching for the tool that actually addresses the gap. Prime Minister Sanae Takaichi’s government supports a near-term rate increase by the Bank of Japan, with September or October the likely timing, according to people familiar with the matter. The central bank is concerned that yen weakness is raising import prices and feeding inflation, and the government sees a rate move as reinforcing the intervention. The prime minister’s office said the choice of tools belongs to the BOJ’s judgment, and that the bank should work with the government toward stable 2% inflation. The BOJ’s summary of opinions from its July meeting flagged growing risks of faster inflation, with one board member suggesting the pace of hikes could quicken.

The yen firmed briefly on that report, to 159.18 from about 159.46, and then went nowhere. There has been little sign of the dollar-selling that a genuinely narrowing rate differential would produce, reflecting persistent underlying dollar demand and a widespread view that a single BOJ hike would not be enough to lift the currency. A quarter-point move against a gap of more than two and a half points does not change the trade.

What Washington got out of helping is worth spelling out, because it is unusual. Japan is the largest foreign holder of U.S. Treasuries, and one economist at Julius Baer wrote that the American motive was likely keeping Treasury yields stable by limiting pressure from Japanese selling. Analysts described the operation as an effort to stop a yen and Japanese government bond selloff from spilling over into already-rising U.S. yields. That makes the yen a borrowing-cost story for American companies, not just an exchange-rate story.

There is also a case that the framing itself is off. One analysis this month argued the yen market is not actually disorderly — volatility is not extreme, spreads are not gapping and business is getting done — and that what markets are really pricing is doubt about Japanese policy: an accommodative central bank fueling the carry trade, a bank that owns half of all Japanese government bonds, and an administration planning to expand spending on technology, defense and consumption. Japan’s dependence on imported energy makes the Iran war a further drag on the currency. Dollar-priced oil bought with a falling yen compounds both problems at once.

For businesses on this side of the Pacific, the practical read is that Japanese-made goods, components and machinery stay cheap in dollar terms, and that anyone selling into Japan keeps facing a customer whose purchasing power is shrinking. The weak yen is squeezing Japanese real incomes and has become a political problem at home.

One currency strategist at MUFG put the bind plainly: recent price action makes it hard for the BOJ to skip a September hike without disappointing the market and inviting more yen selling. The central bank has been maneuvered into raising rates to defend a currency rather than to manage its economy. Whether that is enough depends less on Tokyo than on the Federal Reserve, where market pricing has pointed to the possibility of another hike this year — which would widen the gap again and undo the whole exercise.

JBizNews Desk | Tokyo

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Cleveland Clinic is now sending prescriptions to patients by air. A pharmacy technician at its Beachwood campus loads a filled order into a secure drop box, an autonomous drone picks it up, flies to the patient’s address, hovers roughly 300 feet overhead and lowers the package to the ground on a tether. The drone never lands. The pod sets the medication down, winches back up, and the aircraft returns to its charging station.

The service went live Monday, Aug. 3, and has been running daily since. Cleveland Clinic says it is the first long-term deployment of a prescription drug drone delivery program by a U.S. health system, which is the distinction that matters commercially — hospitals have flown medical drone pilots for years, but this one is built to operate as a standing part of patient care rather than a demonstration.

The operator is Zipline, the drone logistics company that has been flying medical payloads since 2016. The company has delivered tens of millions of medical products worldwide and now serves more than 5,000 hospitals and healthcare facilities, and says each aircraft runs more than 500 safety checks every second in flight.

The launch is deliberately small. Deliveries are limited to patients within a five-mile radius of Cleveland Clinic’s Beachwood Administrative Campus, which serves as the drones’ home base. Eligible patients are those already enrolled in the health system’s pharmacy home delivery program; the pharmacy team notifies them through their patient portal when a medication qualifies. The option is voluntary and carries no extra charge.

What flies is limited too. Controlled substances are not being transported by drone at this stage, and refrigerated items are excluded, leaving shelf-stable prescriptions as the initial payload. Patients follow the aircraft through a tracking link sent in the MyChart portal.

The operating case is speed. Matt Soder, executive director for Cleveland Clinic specialty and community pharmacies, said a courier run traditionally takes several hours from notification to the patient’s door, where the drone route is measured in minutes. For a patient starting an antibiotic or waiting on a refill, that compresses a same-day errand into a wait shorter than the drive to the pharmacy would have been.

Volume showed up immediately. Bri Robinson, who manages the health system’s home delivery pharmacy, said on launch day that the pharmacy opened at 7 a.m. and had already sent five to ten orders to patient homes.

Lindsey Amerine, chief pharmacy officer at Cleveland Clinic, framed the program as an extension of the system’s existing delivery operation rather than a standalone experiment, saying it strengthens home delivery and extends the reach of its services beyond the walls of its facilities. Zipline’s president of U.S. healthcare, Hillary Brendzel, made the customer argument in plainer terms: one less errand to run, and more time back in people’s days.

For the healthcare business, the economics sit in the last mile. Pharmacy home delivery has been growing for years, but it is carried by courier fleets and parcel networks whose costs scale with drivers, vehicles, fuel and traffic. An autonomous aircraft that completes a short hop in minutes and returns to a charging station changes that cost curve, and it changes what a health system can promise a patient about timing. That is why the first long-term deployment matters more than any of the pilots that preceded it — a program designed to run indefinitely has to survive on its unit economics, not on grant funding or novelty.

The expansion path is already mapped. Cleveland Clinic plans to add locations and to use the drones for additional medications, lab samples, medically tailored meals and medical supplies. Lab samples are the item to watch: moving specimens between collection sites and central labs is one of the most routine, most vehicle-dependent logistics problems in medicine, and it is the kind of repetitive short-distance run that autonomous aircraft handle best.

Regulation remains the gate on how fast any of this scales. Routine flights beyond a pilot’s visual line of sight require federal approval, and Cleveland Clinic and Zipline say they cleared the regulatory and technical requirements before launching. Every new service area will need the same clearances, which is why a program of this kind starts inside a five-mile circle rather than across a metropolitan region.

For now, the practical picture is narrow and real: a few thousand households on Cleveland’s east side can have a prescription arrive in the yard in minutes, and the rest of American healthcare is watching whether the numbers hold up well enough to copy.

JBizNews Desk | Cleveland

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When the federal government began depositing a $1,000 seed contribution into newly launched Trump Accounts for eligible children in July, personal finance expert and Ramsey Solutions personality George Kamel didn’t hesitate to claim the funds for his own young son.

Though Kamel gladly took “a little money back” from Uncle Sam, he issued a cautious warning to parents across America about the program’s tax fine print — and the costly mistake well-meaning families could make.

“As someone who has a 1-year-old and 3-year-old, I took advantage of this. And on the Fourth of July, that $1,000 came into the account for my son, and I went, ‘Woo! A little money back from the government that I’ve given so much to,’” Kamel told Fox News Digital.

“If you can understand the power of compound growth, then this Trump Account was worth it just to get your mind thinking about it,” he continued. “But the truth is, the tax benefits are not great on this.”

WHY RAMSEY FINANCIAL EXPERT SAYS THERE’S ‘NO MAGIC AGE’ TO CLAIM SOCIAL SECURITY

The initiative, which debuted as part of the Trump Accounts rollout in 2026, is a provision of the new tax legislation that will provide $1,000 to every eligible newborn U.S. citizen whose parents enroll the child in the program. No contributions are necessary, but parents can deposit up to $5,000 per year, which will be invested in a qualifying U.S. stock index fund.

During a July 31 public Cabinet meeting, President Donald Trump said that more than 7 million Trump Accounts had been opened since the program’s launch date.

“Here’s the math on this: If you get the free $1,000, well, that could grow to almost half a million or more by the time my kid is 65, without ever adding anything to it,” Kamel said before mentioning other ways to invest in children’s futures.

“Save the 529 plan for education. That has way better tax advantages. You’re using after-tax income, you withdraw it tax-free, it grows tax-free. That is the best move for education expenses,” he explained. “When it comes to other things, like a custodial Roth IRA is great, but you need earned income. So the real power of the Trump Account is that there is no earned income needed.”

At age 18, without any additional contributions, the account is estimated to be worth about $5,800. By age 55, it could reach roughly $200,000. Kamel also said it could grow to about $5 million by age 65.

However, Kamel’s primary warning was directed at parents who rush to invest for their children while neglecting their own debt, emergency funds or retirement savings.

“I love that we’re bringing this conversation to the forefront with these Trump Accounts… But the sad truth is most Americans aren’t investing for themselves, let alone have the ability to invest for their kids,” he said. “We tell people, hey, become debt-free, don’t owe other people money, have an emergency fund so that you have the margin to build wealth for yourself. And once you’re investing 15% of your own income into your own retirement, then and only then should you be thinking about investing for your kids.”

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“The truth of the matter is, a lot of kids are having to support their aging parents who didn’t plan for their own retirement. So now they’re having to fund their retirement while trying to support their own life and their own kids. So this has put a real bind and burden on the younger generations,” Kamel continued. “And I don’t wanna do that to my kids.”

“So if you can get this early, this mindset, that compound growth is the key… I hope that you have the ability to leave that legacy where your kids went, ‘Wow, I can’t believe the advantage that my parents gave me by setting me up in this way.’”

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FOX Business’ Alexandra Koch contributed to this report.

This post was originally published here

Robinhood is pushing further into private markets, launching a new publicly traded venture fund that gives ordinary investors access to early- and growth-stage startups that historically have been available mainly to venture-capital firms, institutions and wealthy accredited investors.

Robinhood Ventures Fund II began trading on the New York Stock Exchange Thursday after raising about $225.5 million, creating a new vehicle that allows retail investors to buy exposure to a portfolio of private companies through a publicly traded fund.

The strategy is aimed in part at companies connected to Y Combinator and other startup ecosystems where some of the most valuable technology businesses begin years before they ever consider an initial public offering.

That matters because the structure of the American stock market has changed dramatically.

Many high-growth companies now remain private for much longer than they did a generation ago. Instead of going public relatively early and allowing everyday investors to participate in much of their growth, startups can raise billions of dollars privately from venture firms, sovereign wealth funds and institutional investors while delaying an IPO for years.

By the time those companies finally reach the stock market, some of the largest gains may already have gone to private investors.

Robinhood is trying to give its customers a way into that earlier stage.

Rather than requiring investors to qualify as accredited investors or commit large sums directly to venture funds, the new vehicle can be bought and sold through the public market like other listed investments.

That does not make startup investing risk-free.

Early-stage companies fail at much higher rates than established public corporations, private-company valuations can be difficult to determine, and investments may remain illiquid for years. Even when a startup succeeds, there is no guarantee it will eventually go public or be acquired at a higher valuation.

But the launch represents an important shift in who gets access to venture investing.

Robinhood built its original business around making stock and options trading easier for individual investors. It later expanded into retirement accounts, crypto, credit cards and other financial products.

Private-market access is becoming another front in that expansion.

It also puts Robinhood into a much larger competition taking shape across Wall Street.

Asset managers, brokerages and private-equity firms are increasingly looking for ways to package private investments for individual customers as wealthy and institutional investors pour more money into companies outside traditional public exchanges.

The opportunity is large because the number of major private companies has grown alongside their valuations.

Some startups now reach valuations of tens of billions or even more than $100 billion while remaining privately held, creating businesses that are effectively public-company size without public-company access.

For retail investors, that has created an unusual problem: they can easily buy shares of mature companies such as Apple, Microsoft or Amazon, but may have almost no direct access to the next generation of companies competing to become them.

Robinhood’s new venture fund is attempting to bridge that gap.

If the model gains traction, investors may increasingly be able to gain exposure to startups long before a traditional IPO.

And that could gradually change one of the most fundamental divisions in American finance — the line separating Wall Street’s private market from the ordinary investor.

JBizNews Desk | New York

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