The U.S. stock market closed Friday, May 29, 2026, at fresh record highs across all three major indexes, capping a holiday-shortened week, after Dell Technologies reported quarterly results that stunned Wall Street and reignited enthusiasm for the artificial-intelligence trade. According to market data published at Friday’s close, the Dow Jones Industrial Average rose 363.49 points, or 0.72%, to finish at 51,032.46 — its first close ever above 51,000.

The S&P 500 added 0.22% to end at 7,580.06, while the tech-heavy Nasdaq Composite gained 0.20% to close at 26,972.62. All three benchmarks touched intraday all-time highs earlier in the session, and the S&P 500 logged its ninth consecutive week of gains, extending one of the strongest rallies of the decade.

The day belonged to Dell Technologies. Shares of the Round Rock, Texas-based company surged roughly 33%, marking the strongest single-day gain in its history, after founder and Chief Executive Officer Michael Dell delivered results that far exceeded Wall Street expectations.

For the fiscal first quarter ended May 1, Dell reported $43.84 billion in revenue, up nearly 88% from a year earlier and dramatically above analyst forecasts of approximately $35.43 billion. Adjusted earnings reached $4.86 per share, easily surpassing consensus estimates near $2.94 per share.

The driver behind the blowout performance was artificial intelligence infrastructure. Dell disclosed that revenue from its AI-optimized server business climbed to $16.13 billion, reflecting the extraordinary demand from corporations, cloud providers, and government agencies racing to build the computing capacity required for next-generation AI systems.

The results reinforced Dell’s position as one of the largest beneficiaries of the global AI investment boom. Over the past several months, the company has announced expanded partnerships with Nvidia, Google, and OpenAI, helping transform Dell from a traditional computer manufacturer into a critical supplier of AI infrastructure.

Wall Street analysts responded swiftly.

Citi analyst Asiya Merchant raised her price target on Dell to $475 from $290 while maintaining a Buy rating. JPMorgan lifted its target to $500 from $280 and reiterated its Overweight recommendation. Even UBS analyst David Vogt, who downgraded the stock earlier this month on concerns that AI optimism had already been reflected in the share price, more than doubled his target to $440 from $243.

The enthusiasm quickly spread across the broader technology sector.

Micron Technology climbed approximately 5% Friday and ended May nearly 88% higher than where it began the month. Qualcomm rose roughly 3% during the session and finished May with gains approaching 40%. Investors continued rotating into semiconductor and infrastructure companies viewed as direct beneficiaries of the AI spending cycle.

Beyond corporate earnings, markets also found support from a calmer geopolitical backdrop.

Reports circulated during the week indicating that U.S. and Iranian negotiators had reached a framework agreement to extend a ceasefire for an additional 60 days, easing fears of renewed disruptions to global energy supplies and shipping traffic through the Strait of Hormuz, one of the world’s most important oil transit routes.

That relief was reflected in energy markets.

West Texas Intermediate crude oil fell 1.73% Friday to settle at approximately $87.36 per barrel, while international benchmark Brent crude declined 1.77% to $92.05 per barrel. WTI recorded its largest monthly decline since April 2025, falling nearly 17% during May.

Lower oil prices create both winners and losers. Energy producers typically face pressure when crude declines, but consumers and businesses benefit from lower fuel and transportation costs. Heading into the summer travel season, the decline offers welcome relief after months of elevated energy prices.

The week was not entirely free of concerns.

Investors digested a hotter-than-expected reading from the government’s preferred inflation measure, the Personal Consumption Expenditures (PCE) Price Index, released Thursday. The report showed inflation running at its strongest pace in nearly three years, underscoring that price pressures remain more persistent than policymakers had hoped.

Yet traders largely looked past the data.

Strong corporate earnings, accelerating AI-related investment, and easing geopolitical tensions outweighed inflation concerns. The CBOE Volatility Index (VIX) — commonly referred to as Wall Street’s fear gauge — remained in the mid-teens, signaling relatively low levels of investor anxiety.

For investors, the broader message from this week’s rally is increasingly clear. The companies supplying the physical backbone of artificial intelligence — servers, semiconductors, networking equipment, and data-center infrastructure — are generating real revenue growth rather than merely benefiting from market hype.

At the same time, risks remain.

Dell’s gross margin declined to 17.8% from 21.1% a year earlier, illustrating that rapid revenue growth does not always translate into equally strong profitability. As competition intensifies and companies prioritize market share, investors will increasingly focus on margins and long-term earnings quality.

The holiday-shortened week also produced record closes earlier in the period. The Dow reached new highs Wednesday, while the S&P 500 and Nasdaq closed at records Thursday following strong guidance from cloud-software company Snowflake.

As June begins, Wall Street enters the new month with momentum firmly intact. Markets continue to be supported by strong earnings growth, aggressive AI infrastructure spending, and a calmer Middle East. Whether that combination can overcome persistent inflation pressures may determine whether the rally extends through the summer.

JBizNews Desk — New York

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

By JBizNews Desk
Friday, May 29, 2026

Ford Motor Co. is having its best month on Wall Street in nearly two decades, and the reason has little to do with pickup trucks, electric vehicles, or traditional auto sales.

Instead, investors are betting that the 122-year-old automaker may have found an unexpected way to profit from the artificial intelligence boom: supplying batteries to help power the data centers driving it.

According to market data cited by Bloomberg on May 29, Ford shares surged more than 40% during May, putting the stock on track for its strongest monthly performance since April 2009, when the company emerged from the financial crisis while rivals General Motors and Chrysler struggled through government-backed restructurings.

The catalyst behind the rally is Ford Energy, a new business unit launched on May 11 that aims to transform the company’s battery investments into a standalone energy-storage business serving utilities, data centers, and large industrial customers.

For years, Ford’s battery investments were viewed by investors as a financial burden.

The company spent billions building electric vehicle production capacity and battery manufacturing operations only to encounter slower-than-expected EV adoption, persistent losses in its electric vehicle division, and growing investor skepticism about the pace of the industry’s transition away from gasoline-powered vehicles.

Now Ford is attempting to turn that challenge into an opportunity.

The company’s strategy centers on repurposing battery production capacity originally built for electric vehicles and using it to manufacture large-scale energy storage systems. These systems store electricity when supply is abundant and release it when demand spikes, helping utilities and commercial customers stabilize power usage.

That market is expanding rapidly because of artificial intelligence.

The explosive growth of AI has created an unprecedented surge in electricity demand as technology companies race to build data centers capable of training and operating increasingly powerful AI models. Utilities across the United States are struggling to meet projected power requirements, creating strong demand for battery storage systems that can help balance energy loads and improve grid reliability.

Ford believes it is positioned to benefit from that trend.

Investors appear to agree.

The stock climbed as high as $16.50 during Thursday trading, reaching levels not seen since 2022 and extending a rally that carried shares from the low $11 range just weeks earlier.

The enthusiasm intensified after Ford Energy secured its first major commercial agreement.

On May 20, the company announced a five-year framework agreement with EDF Power Solutions North America to provide up to 20 gigawatt-hours of battery storage capacity over the life of the contract.

The deal gave investors something they had been waiting for: proof that customers are willing to buy Ford’s new energy products.

Wall Street analysts quickly took notice.

Andrew Percoco of Morgan Stanley estimated that Ford Energy could ultimately be worth as much as $10 billion as a standalone business. He expects Ford to pursue additional agreements with utilities, industrial operators, and large-scale cloud-computing companies, often referred to as hyperscalers, that are aggressively expanding data center infrastructure.

If those contracts materialize, Ford could find itself participating in one of the fastest-growing sectors of the global economy without abandoning its core automotive business.

The prospect is particularly attractive because it allows the company to monetize investments that investors had largely written off as underperforming EV infrastructure.

Still, significant questions remain.

Ford Energy does not expect meaningful commercial deployment until 2027, meaning much of the current excitement is based on future growth rather than present earnings.

The company’s traditional automotive business also continues to face the challenges that have long defined the industry: intense competition, cyclical demand, thin margins, and slowing growth.

Between 2015 and 2025, Ford’s automotive revenue grew at an average annual rate of approximately 2.2%, reflecting the realities of operating in a mature global market.

Critics argue that investors may be moving too quickly in assigning technology-style valuations to a company that remains primarily an automaker.

Yet Ford’s broader business is showing signs of resilience.

During the company’s first-quarter earnings call, Chief Financial Officer Sherry House reported that paid software subscriptions across Ford Pro, the company’s commercial vehicle platform, rose to approximately 879,000, an increase of 30% year-over-year.

Meanwhile, Ford’s highly profitable F-Series pickup franchise continues to generate substantial cash flow, providing financial flexibility as the company expands into new markets.

Under Chief Executive Officer Jim Farley, Ford has also adopted a diversified strategy that includes gasoline-powered vehicles, hybrids, and electric models, allowing the company to adjust more easily to changing consumer preferences.

Whether Ford Energy becomes a transformational second business or simply a promising side venture remains uncertain.

What is clear is that investors are beginning to view Ford differently.

For much of the past two years, the company’s battery investments were seen as evidence of an expensive and difficult transition to electric vehicles.

Today, those same assets are being viewed as a potential gateway into one of the most important infrastructure markets of the AI era.

The immediate question is whether Ford can convert investor enthusiasm into additional contracts and recurring revenue.

The longer-term question is even larger: whether one of America’s most iconic automakers can successfully reinvent part of itself as an energy company at a time when electricity has become one of the most valuable commodities in the artificial intelligence economy.

Detroit — JBizNews Desk

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

US President Donald Trump’s meeting at the White House Situation Room ended, with a Friday report by The New York Times stating that there was no final decision on Iran.

“I will be meeting now, in the Situation Room, to make a final determination,” Trump announced earlier on Friday, in a Truth Social post.

Trump added that he will lift the US naval blockade on the Strait of Hormuz, adding that the strait “must be immediately open, no tolls, for unrestricted shipping traffic, in both directions.”

“Ships caught in the Strait due to our amazing and unprecedented Naval Blockade, which will now be lifted, may start the process of ‘heading home!'” said Trump.

He stated that all naval mines remaining in the strait must be “terminated” by Iran, noting that US Navy minesweepers have already removed “numerous such mines.”

President Trump also addressed the issue of Iran’s “buried” enriched uranium, which he referred to as “nuclear dust,” saying it would be “unearthed by the United States” and “destroyed” in coordination with Iran and the International Atomic Energy Agency (IAEA).

Trump stressed that no money will be exchanged with the Islamic Republic until further notice, noting that items “of far less importance” have already been agreed upon.

Iran rejects Trump’s claims

Iran views Trump’s comments as “a mixture of truth and falsehood,” Iran’s semi-official Fars News Agency reported on Friday, citing informed sources.

The Islamic regime further described Trump’s comments as an “attempt to portray a fabricated victory,” according to Fars.

According to the report, Iran claims there is no clause in the memorandum of understanding (MoU) requiring it to open the Strait of Hormuz without charging tolls, despite Trump’s claim to the contrary.

The report added that Iranian responsibilities under the proposed agreement could include ship monitoring and inspection, service provision, and security measures.

The news agency further reported that, according to sources, no clause existed in the MoU regarding the destruction of Iran’s enriched uranium, calling the claim “baseless.”

An Iranian source told Reuters later on Friday that the MoU contains no clauses related to any nuclear issues, further disputing Trump’s claims.

In addition, Iran claimed that the MoU requires an immediate $12 billion payment from frozen Iranian assets, according to the Fars report.

Also on Friday, a senior Iranian source told Reuters that the US and Iran had reached a non-finalized political understanding. 

This is a developing story.

This post was originally published on here.

Gov. Kathy Hochul on Wednesday signed legislation to reform the State Environmental Quality Review Act (SEQRA), cutting red tape that critics say has long delayed housing development. The “common-sense” reforms, the most significant changes to SEQRA since its passage in 1975, are expected to accelerate the construction of new housing by up to two years. Hochul first unveiled the changes in February alongside Mayor Zohran Mamdani and included it in her fiscal year 2027 budget.

Under SEQRA, state and local agencies are required to consider the environmental impacts of proposed projects before approval. While intended to ensure responsible development, the law has drawn criticism from opponents who say it has become a major barrier to housing production.

According to Hochul, new housing and infrastructure projects in New York can take up to 56 percent longer to move from conception to groundbreaking than in peer states, a delay she attributes in part to SEQRA. These extended timelines drive up costs and present a major obstacle to addressing the state’s housing crisis, where speeding construction and reducing expenses are key to meeting demand.

Red tape can increase the cost of building a single housing unit by as much as $82,000, adding up to $8 million in additional costs for a 100-unit development. Investments in clean water infrastructure, child care centers, and parks can also be delayed, as 6sqft previously reported.

The reforms seek to address barriers to new development while maintaining environmental protections, offering exemptions for projects determined not to pose significant environmental impacts. The changes will help cut costs and accelerate construction for qualifying housing, including up to 250 units in NYC and up to 500 units in medium- and high-density areas.

In urbanized areas outside the five boroughs, up to 300 units will qualify. In non-urbanized areas, up to 100 units will be eligible, including up to 20 units in areas without zoning.

All qualifying housing projects must be built on previously disturbed land and have access to existing water and sewer systems upon occupancy. Projects exceeding those unit caps will still be subject to SEQRA review.

The legislation also includes additional SEQRA exemptions for key infrastructure projects, including clean water systems, green infrastructure, parks and trails, and public schools.

Some environmental groups have opposed the reforms, calling SEQRA an “essential planning tool” and urging lawmakers to “reject the false choice between housing and environmental protection,” according to New York Focus. However, the legislation has received backing from a broad group of elected officials, including Mayor Zohran Mamdani.

In a statement, Carlo A. Scissura, president and CEO of the New York Building Congress, praised the reforms.

“For years, the Building Congress has advocated for the kind of forward-thinking, common-sense reforms that SEQRA will deliver across the state,” Scissura said. “From cutting red tape, to speeding up delivery, to saving money—while still ensuring that environmental impacts remain a top priority—this package of legislation is transformative for our industry.”

RELATED:

• Hochul moves to reform environmental law to speed up housing construction
• Mamdani releases blueprint to build 200,000 new affordable homes, target bad landlords
• NYC looks to rezone neighborhoods south of Prospect Park for new housing

The post Hochul signs reforms to New York’s environmental law to accelerate new housing development first appeared on 6sqft.

WASHINGTON (AP) — A federal judge ruled Friday that President Donald Trump’s name was illegally added to the Kennedy Center and blocked the administration from closing the cultural and arts venue for major renovations.

U.S. District Judge Christopher Cooper in Washington, D.C., ruled that the Kennedy Center board’s March 16 vote to close the facility was “ill-informed and seemingly preordained” with no regard for its legal obligations.

“The trustees might have assessed the propriety of closure in a number of prudent ways. This was not one,” he wrote.

Cooper also concluded that the board “overstepped its statutory bounds” by unilaterally adding Trump’s name to the center. Congress gave the Kennedy Center its name, and only Congress can change it, he said.

Cooper held hearings in late April for parallel lawsuits challenging the project. One was filed by a group of cultural and historic preservation organizations. The other was brought Rep. Joyce Beatty, an Ohio Democrat who serves as an ex officio member of the Kennedy Center’s board. He ruled in favor of Beatty’s request but rejected the other challenge.

The United Arab Emirates quietly joined military operations against Iran during the recent conflict, carrying out dozens of airstrikes in coordination with the United States and Israel, according to a report published Friday by The Wall Street Journal.

The newspaper reported that Emirati aircraft struck a range of Iranian military and energy-related targets throughout the war, with operations continuing even after a ceasefire had been announced.

According to the report, the UAE adopted a far more confrontational posture toward Iran than neighboring Saudi Arabia, exposing significant disagreements between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Saudi Crown Prince Mohammed bin Salman. The two leaders reportedly differed sharply over how aggressively to confront Tehran and manage the broader regional crisis.

The Wall Street Journal had previously disclosed that the UAE was directly involved in attacks on Iranian infrastructure during the conflict, marking a major escalation in Abu Dhabi’s role in the war.

One of the most notable operations reportedly carried out by the UAE targeted an oil refinery on Iran’s Lavan Island in the Persian Gulf.

Sources cited by the newspaper said the strike was conducted in early April, around the same time President Donald Trump announced a temporary ceasefire following a month of sustained aerial attacks.

The operation reportedly caused extensive damage.

The aerial assault reportedly ignited a massive fire at the facility and successfully disabled a significant portion of the refinery’s production capacity.

The report comes against the backdrop of repeated Iranian attacks on the UAE during the war. Tehran targeted the Gulf nation on multiple occasions, including one incident in which two waves of cruise missiles were launched at Emirati territory.

That missile attack left three people injured and underscored the growing risks faced by Gulf states that became involved in the conflict.

The revelations provide new insight into the extent of the regional coalition aligned against Iran during the war and suggest that the UAE played a far more active military role than had previously been publicly known.

WASHINGTON (AP) — In a Truth Social post on Wednesday, the president proclaimed “TRUMP’S MAKING FOOD AFFORDABLE,” and cited falling prices for a range of groceries, including avocados, fresh berries, and a variety of pantry staples. Yet just two weeks earlier the Labor Department had released inflation figures showing grocery prices up nearly 3% in April from a year earlier.

So where’s the reality?

The graphic shared by President Donald Trump may be correct about the specific items he listed. It’s hard to know because he used data that isn’t publicly available and he didn’t specify what time frame he used.

But specific grocery items go up and down all the time, and his post ignores the broader reality consumers are facing at the supermarket: Overall, food prices have risen since his inauguration, and at a faster pace than they typically did before the pandemic. Most economists expect them to continue to do so in the coming months as a spike in diesel fuel prices lifts the cost of shipping groceries to stores around the country.

The April gain in grocery prices were the largest in 2 1/2 years. The 2.9% increase is only modestly above the 20-year average of 2.6%, though in the decade before the pandemic, grocery prices rose an average of just 1.1% a year.

And the increase comes after much larger, painful spikes that took place in 2021-22 under former president Joe Biden. Grocery costs soared nearly 28% from just before the pandemic in February 2020 until Trump took office in January 2025.

In his social media post, Trump focused on nine specific items without looking at overall grocery costs. He said that avocado prices have fallen 19%, cheese has dropped 5.6%, fresh berries and butter have dropped 13%, olive oil prices are down 16%, while chicken breasts are down 2.4% and eggs 90%.

Trump’s post cited data from Circana, a private company, as published by the U.S. Department of Agriculture. Neither Circana nor USDA responded by press time to requests from The Associated Press. The White House also did not respond to an email seeking comment on the post.

Still, many of Trump’s figures are in the ballpark of those in the government’s consumer price index, compiled by the Bureau of Labor Statistics, the highest-profile gauge of inflation. That data shows cheese prices falling 3.1% in April compared with a year ago. Egg prices have dropped 39% from a year earlier and 60% from the peak in March 2025, short of Trump’s 90% claim.

Many of the items Trump cited have gotten cheaper for reasons that have little to do with broader economic trends. Egg prices have fallen because chicken flocks have recovered after being devastated by the avian flu, and in part because the Trump administration allowed nearly 1 billion eggs to be imported last year.

The price of olive oil has declined recently because its production has recovered after a two-year drought.

Chicken breasts, according to the consumer price index, averaged $4.17 a pound in April, up from $3.97 when Trump was inaugurated. Still, chicken breast prices are down 0.3% from a year earlier. Butter has fallen 5.8% in price in the past year, according to the BLS.

Yet the president left out all the items that have jumped in price and kept grocery costs elevated. Many factors are pushing up food costs, including Trump’s own policies: His tariffs have made many imported items more expensive, while droughts are also pushing up prices. A jump in oil prices from the Iran war has made fertilizer more expensive, but the impact of that will take months to show up on grocery store shelves. Pricier diesel fuel is pushing up shipping costs, which effects nearly everything on store shelves.

Consumers paid 6.5% more for fresh fruit and vegetables last month than they did in April 2025, and 8.8% more for meat, according to the Labor Department.

Tomato prices have shot up 40% in the past year after the Trump administration imposed a 17% duty on fresh tomatoes imported from Mexico in July 2025.

And dry weather in the Western U.S. has pushed up beef prices, which in April were 15% higher year-over-year. Coffee prices were up 18.5%, partly due to drought and other weather conditions that have hurt global coffee production.

In consumer confidence surveys, Americans still cite high prices as a top concern. Those surveys have found that consumers generally have a dim outlook on the economy, even as the unemployment rate stays low and the economy continues to grow at a modest pace.

Polls also find that most Americans have soured on Trump’s economic policies, and Democrats have benefited in recent elections by raising “affordability” concerns, an issue that is also likely to play a role in this year’s midterm elections.

Israeli Prime Minister Bibi Netanyahu visited the northern front on Friday, where he met with senior military leaders and troops operating against Hezbollah, praising the IDF’s progress and declaring that Israeli forces are inflicting significant damage on the terror organization throughout Lebanon.

Joining Netanyahu during the visit were Defense Minister Israel Katz and Deputy IDF Chief of Staff Maj.-Gen. Tamir Yadai. The delegation toured positions of the IDF’s 36th Division near the northern border and received operational briefings from Northern Command chief Maj.-Gen. Rafi Milo and 36th Division commander Brig.-Gen. Yiftach Norkin.

The Israeli leaders were updated on ongoing military activity in Lebanon and held discussions with brigade commanders currently overseeing combat operations in the field.

Addressing troops and commanders, Netanyahu emphasized the determination he witnessed among those serving on the front lines.

“I came here today with the Minister of Defense, with the Deputy Chief of Staff, with the Commander of the Northern Command, with the Division Commander, with the commanders you see here, and with the soldiers in the field. I spoke with the brigade commanders who are currently in the field,” Netanyahu said. “I hear them, and I also hear the soldiers, some of whom are standing here behind me; there is an immense fighting spirit. From here, the battle against Hezbollah in the north is being managed.”

The prime minister pointed to what he described as substantial military achievements, saying Israeli forces have expanded their operational reach and established control over strategic areas.

“And I must tell you that there are very impressive results here. Our forces have crossed the Litani; they have advanced to controlling positions. We are operating in Beirut, in the Beqaa, across the entire width of the front, and we are dealing Hezbollah a crushing blow,” the Prime Minister said.

Netanyahu rejected any suggestion that the assessment was exaggerated, saying battlefield reports from both commanders and soldiers reflected the same reality.

“When I say this, it is no empty statement. The brigade commanders tell me, as do the soldiers, that in every contact with them, in every encounter, we are both eliminating Hezbollah and causing them to flee,” Netanyahu continued.

He attributed the military’s successes to the determination and morale of the troops engaged in combat operations and praised both the soldiers and their leadership.

“And it is this spirit that brings us these achievements. I salute you. You are lions. You have commanders who are lions, and you are proving the strength of the spirit of the Israel Defense Forces. Keep going, with great success, until the very end,” he concluded.

The visit comes as Israeli forces continue operations against Hezbollah positions throughout Lebanon, with military officials maintaining pressure on the terror group across multiple sectors of the northern front.

{Matzav.com}

[Videos below.] Blue Origin suffered a major setback Thursday when its New Glenn rocket exploded during a ground test at Cape Canaveral, Florida, sending a huge fireball and plume of smoke into the sky and dealing another blow to Jeff Bezos’ efforts to compete in the rapidly evolving commercial space industry.

Videos captured the dramatic blast as spectators watched in disbelief. The towering rocket was engulfed in flames moments after the test began, producing a massive explosion that prompted onlookers to exclaim, “Oh no!” and “Oh my God!”

Blue Origin later acknowledged the incident in a brief statement posted on X, describing the event as an “anomaly” and confirming that “all personnel have been accounted for.”

The accident adds to a growing list of challenges facing Bezos’ aerospace company as it attempts to establish itself as a major player in the race to dominate space transportation and exploration.

At the time of the explosion, the New Glenn vehicle was not conducting a launch. Instead, engineers were carrying out a standard static-fire test, a procedure in which the rocket’s engines are ignited while the vehicle remains anchored to the launch pad.

The failed test is particularly significant because New Glenn is expected to handle a wide range of future missions, including deployments of Amazon’s Project Kuiper broadband satellites, NASA cargo, and commercial payloads. No flight had been scheduled when the explosion occurred.

Bezos addressed the incident on social media, emphasizing that investigators are still working to determine what went wrong.

“It’s too early to know the root cause but we’re already working to find it,” Bezos wrote on X.

“Very rough day, but we’ll rebuild whatever needs rebuilding and get back to flying. It’s worth it.”

Standing 98 meters (321 feet) tall, New Glenn is Blue Origin’s flagship launch vehicle and a central component of the company’s long-term strategy to challenge Elon Musk’s SpaceX, whose Starship rocket program continues to advance.

Musk responded to news of the explosion with a brief message expressing sympathy for the setback, describing the mishap as “most unfortunate.”

The latest failure follows another recent problem for New Glenn. Only weeks ago, the rocket fell short during a mission intended to place a communications satellite into its designated orbit, triggering a formal review.

Although the mission successfully recovered and reused a booster stage, the uncrewed flight was unable to deploy a satellite for AST SpaceMobile into the planned orbit.

Following that mission, the Federal Aviation Administration directed Blue Origin to undertake a “mishap investigation,” a review process that concluded earlier this month.

In comments released last week, the company said regulators had accepted its findings.

“The FAA has approved our NG-3 report, and corrective measures have been implemented,” Blue Origin said last week, explaining that thermal conditions caused one of the rocket’s engines to not achieve its full thrust, causing it to miss its target orbit.

Florida Congressman Mike Haridopolos, whose district includes Cape Canaveral, said he had been in communication with NASA Administrator Jared Isaacman after the explosion.

“I am grateful there were no reported injuries and thankful for the first responders, engineers, and launch crews who acted quickly,” Haridopolos said.

The explosion comes as Blue Origin continues working with NASA on technology intended to support future Artemis lunar missions, including the development of a lunar landing system.

Isaacman confirmed that NASA was monitoring the situation and stressed the difficulty of building powerful new launch vehicles.

“Spaceflight is unforgiving, and developing new heavy-lift launch capability is extraordinarily difficult,” he wrote on X.

“We will work with our partners to support a thorough investigation of this anomaly, assess near-term mission impacts, and get back to launching rockets.”

NASA’s current plans call for testing orbital rendezvous operations involving lunar landers in 2027, with a crewed mission to the Moon targeted before the end of 2028.

Whether those goals can be achieved on schedule remains uncertain. Both Blue Origin and SpaceX still face major technical hurdles, and many analysts in the aerospace industry have repeatedly questioned whether either company can meet the ambitious timelines required for upcoming lunar missions.

{Matzav.com}

A bizarre late-night scene on McDonald Avenue left residents stunned after multiple individuals were seen emerging from a manhole near Kosher Korner Supermarket, triggering a major NYPD response and widespread speculation throughout the community.

The incident unfolded around 2:00 a.m. on McDonald Avenue between Kings Highway and Avenue S. Video obtained by Flatbush Scoop shows approximately six individuals climbing out of a manhole after reportedly spending nearly two hours underground. Witnesses said the manhole cover remained closed during much of that time while another individual stood watch nearby.

Your browser does not support the video tag.

The unusual sight prompted a significant police response, with authorities temporarily closing off the area as investigators worked to determine what had occurred.

However, the mystery was quickly solved.

The NYPD confirmed to Flatbush Scoop that the individuals were allegedly searching for lost gold and jewelry in the city’s underground drainage and sewer system.

Your browser does not support the video tag.

According to police, such incidents are not unheard of in New York City and are fueled by the belief that valuable jewelry, coins, and other items frequently fall into storm drains or are lost on city streets before eventually ending up underground.

Police also moved swiftly to shut down rumors spreading through voice notes and social media claiming that a body had been discovered beneath the street.

The NYPD stressed that those reports are “100% fake news” and that no body was found.

https://www.theyeshivaworld.com/wp-content/uploads/2026/05/WhatsApp-Audio-2026-05-29-at-1.34.01-PM.ogg

Authorities noted that similar incidents have occurred in the past and have sometimes resulted in arrests, as entering the sewer system without authorization is illegal. Investigators are now attempting to identify the individuals involved in Friday morning’s incident.

(YWN World Headquarters – NYC)

The war with Iran that began on February 28 will be remembered as the moment the US-Israel alliance reached its highest point – and its most politically dangerous one. 

On the battlefield, what we witnessed was unprecedented. For the first time in history, the American and Israeli militaries fought as a single, unified force. American and Israeli F-15s and F-35s flew side by side in simultaneous strike packages. They shared intelligence, relied on the same refueling tankers, and divided up targets inside joint command centers, where Israeli officers adopted English as the primary language of the war.

This was not the old model of the alliance, where one side supplied weapons and political backing while the other did the fighting. This was something entirely different.

From the first days of the war, the division of labor between CENTCOM and the IDF was clear. The US focused on protecting its regional bases from ballistic missiles and drones, while also targeting the Iranian navy and working to reopen the Strait of Hormuz. 

Israel, meanwhile, concentrated on the regime itself – its institutions, its command structure, its senior leadership, and the missile stockpiles that threatened the Israeli home front.

The moment that perhaps best symbolized this partnership was the strike that killed supreme leader Ali Khamenei. According to the account that has since emerged, the CIA obtained precise intelligence from a human source about Khamenei’s location. That intelligence was passed to Israel. 

Israel then launched a massive air operation into Tehran, sending roughly 100 aircraft to strike the compound and eliminate not only Khamenei but also other senior officials around him.

Whatever one thinks of the war, it represented a historic moment in the relationship between Washington and Jerusalem. It involved not only intelligence sharing or diplomatic backing. It was a level of trust and battlefield cooperation unlike anything the two countries had ever demonstrated. In some respects, Israel functioned in the role that Britain filled during World War II.

But while American and Israeli pilots were flying together over Iran, the public foundation of that alliance inside the US was eroding. 

America’s public support is slipping

A pew survey published on April 7 found that 60% of American adults now hold an unfavorable view of Israel, up from 53% just a year earlier. Only 37% said they viewed Israel favorably. That is a stunning figure, considering that for decades Israel has been one of America’s closest allies and one of the largest recipients of US military assistance. Even more troubling is the trajectory. Since 2022, favorable views of Israel have fallen by roughly 20 points.

The generational breakdown paints an even bleaker picture. Pew found that roughly 70% of respondents under the age of 50 expressed unfavorable views of Israel. Among Democrats, the numbers were even more alarming, with about 80% holding unfavorable opinions. 

Republicans remain more supportive, but even there, the numbers are not what they once were. Fifty-eight percent reported favorable views, while 41% said they viewed Israel unfavorably.

A Gallup poll showed a similar trend right before the war broke out in late February, when for the first time in 25 years of polling, more Americans said they sympathized with the Palestinians than with the Israelis. The margin was not significant, but the trend was impossible to ignore. Support for Israel had dropped sharply in just a year, and the country’s favorability was hovering near a historic low.

Think about the contrast for a moment. On the one hand, the US and Israel carried out what may have been the most sophisticated and ambitious joint military operation in the history of their alliance. On the other hand, the very public on which that alliance rests is drifting away.

That is not something Israel can ignore. Alliances are not sustained just by generals, intelligence sharing, and political friendships. In democracies, they endure because the public supports them and because voters believe they have value. Once that support cracks – especially among young people – the strategic consequences may take time to appear, but they ultimately do.

For decades, Israel’s strength in the US rested not just on shared values and common enemies, but on bipartisanship. Republicans and Democrats disagreed about many things, but Israel largely remained above the fray.

This allowed Israel to assume that whoever was in office and whatever political reality reigned in Washington, the underlying foundation of support remained bipartisan and broad enough to withstand it. Now, with the consensus frayed on both sides of the aisle, that assumption no longer holds.

What makes the current moment even more concerning is that Israel’s critics are no longer confined to one political camp. The hostility is on both extremes.

On the Left, progressive lawmakers like Ilhan Omar and Rashida Tlaib have for years framed Israel as a colonial aggressor and human rights violator. Their rhetoric, once seen as marginal, has steadily moved into the mainstream of progressive discourse. What used to be the language of the activist fringe is now heard in congressional offices, on university campuses, in major NGOs, and in large parts of the Democratic coalition.

But what is newer – and in some ways more dangerous – is the shift in sectors of the Right. Listen to some of the arguments coming from far-right media personalities like Tucker Carlson, Candace Owens, and, at times, even Megyn Kelly, and the overlap is impossible to miss. The language may differ in tone, but the substance is the same: Israel is manipulative, drags America into war, and has interests that are not aligned with America. 

This is why anyone who cares about the future of the US-Israel relationship has to ask three questions. First, how did we get to the point where the relationship has become so polarizing? Second, can that erosion be reversed? And third, if it cannot, what does that mean for Israeli security, which remains deeply dependent on American support, assistance, and diplomatic backing?

One of the difficulties in discussing this issue is that people tend to blame whichever political side they already oppose. For many Israeli centrists, liberal American Jews, and Democratic voters in the US, the culprit is obvious: Benjamin Netanyahu. He is the Israeli prime minister who, in their view, turned Israel to the far-Right, aligned with Kahanists and the ultra-Orthodox, and moved Israel away from the shared values. 

In addition, these people accuse Netanyahu of politicizing the relationship with Washington, identifying Israel too closely with Trump and the Republican Party, and turning one of the country’s most vital strategic assets into a domestic political tool.

While this is an exaggeration, there is always a foundation of truth. One recent example came in late January, when Netanyahu declared that Israeli soldiers had “lost their lives” in Gaza because of an “arms embargo” imposed by the Biden administration.

That framing was political and designed to serve Netanyahu at home, and shift the blame from his decisions and policies to president Joe Biden. It turned a strategic disagreement between allies into a domestic talking point. By doing so, it treated Israel’s most important alliance not as a national asset to be protected, but as a political football to be kicked around for short-term gain.

It was not the first time Netanyahu had done this.
One of the clearest examples was in 2015, when he traveled to Washington to speak before Congress against the nuclear deal – the JCPOA – that president Barack Obama was promoting. Netanyahu believed the deal was dangerous, and while he was right on the substance, the manner in which he chose to fight it – by publicly aligning with Republican leadership against a sitting Democratic president – was seen by many Americans as blatant interference in US domestic politics.

Three years earlier, during the 2012 presidential campaign, Netanyahu hosted Republican candidate Mitt Romney in Jerusalem for a high-profile visit that was widely interpreted as an implicit endorsement. And during Netanyahu’s first term as premier, in the late 1990s, his relationship with Bill Clinton was also tense and politically charged.

From the perspective of many Democrats – and especially American Jews, whom mostly vote Democratic – Netanyahu long ago became a partisan figure on the opposite side of America’s own political divide.

There is a counter-narrative, one that resonates deeply with many Israelis, especially on the Right, and cannot be dismissed. According to that view, Netanyahu did not politicize the relationship out of recklessness, but because he believed that defending Israel required standing up even to friendly American presidents when their policies endangered the Jewish state. 

It is an argument that draws on Golda Meir’s famous line: If the choice is between being dead and pitied or alive with a bad image, we would rather be alive and have the bad image.

There is truth in this argument since, after all, Israel’s leaders are not elected to win editorial-page approval in The New York Times. They are elected to keep the country alive. If an American administration is pursuing a policy that Israeli leaders believe will endanger the country, they have an obligation to speak out.

The problem is that this entire conversation is too simplistic. Hinging the relationship on one person such as Netanyahu ignores the demographic and ideological changes reshaping both countries, as well as the complicated history of the US-Israel relationship itself.

While US president Harry Truman’s immediate recognition of Israel in 1948 was historic, the following two decades were characterized by strategic distance. Washington did not want to alienate the Arab world and refused to sell weapons to Israel during the War of Independence and also during the 1956 Sinai campaign. The US viewed the new state with sympathy, but not as a strategic partner.

The change started in 1962, when president John F. Kennedy approved the sale of Hawk anti-aircraft missiles to Israel. Even then, the sale was justified on the grounds that these were defensive weapons. The deeper shift only came after the 1967 Six Day War, when Lyndon Johnson began to see Israel as a valuable regional asset and the US gradually emerged as its chief arms supplier.

Then came the 1973 Yom Kippur War, when president Richard Nixon authorized Operation Nickel Grass, the airlift that resupplied Israel with weapons and equipment at a moment of existential danger. It was a pivotal shift in policy that demonstrated Israel’s reliance on the US.

From Cold War distance to strategic alliance

 But even that high point was followed by strain. In 1975, president Gerald Ford imposed what became known as a “reassessment,” a diplomatic move designed to pressure Israel into territorial concessions. The 1980s were similarly mixed. President Ronald Reagan elevated strategic cooperation and deepened the military relationship, but tensions flared after Israel’s 1981 strike on Iraq’s Osirak reactor, and again following the invasion of Lebanon in 1982. 

The early 1990s brought renewed optimism with the Oslo process, but that too gave way to friction when Netanyahu took office in 1996 and clashed repeatedly with president Clinton.

Then came the Obama years, marked by some of the lowest personal chemistry ever seen between an American president and an Israeli prime minister. Yet, from Obama the relationship moved to Trump, and from one of its most strained phases to one of its warmest. Trump recognized Jerusalem as Israel’s capital, moved the US embassy there, recognized Israeli sovereignty on the Golan Heights, and brokered the Abraham Accords.

Most Israelis concluded from this that while the relationship was affected by personalities, it was still stronger than any one person. It was rooted in shared interests and values, as well as genuine friendship. The relationship, people believed, was dynamic, but it did not break.

That was true – until recently.

What is happening in America is not just about extremists on campus, social-media influencers, or antisemitism. 
It is about how regular Americans view Israel, the values Israel appears to project, and the story it is telling the world today. It is about whether large parts of the American public still see the Jewish state as one that they share not only interests with, but also democratic norms.

The war that erupted after the Hamas-led terrorist massacre on October 7, 2023, landed on top of an existing American debate about Israel’s direction – one shaped by the judicial overhaul crisis throughout 2023 and by a broader perception, especially among Democrats and many American Jews, that Israel’s democratic character was changing.

Israel itself has shifted to the Right – not only in domestic politics, but also regarding how it approaches security, territory, religion, identity, and the use of force. The rise in Jewish terrorism in the West Bank, and the government’s failure to allocate the resources needed to stop it, are part of this picture. 

This “values” dimension is often dismissed in Israel as naive. It should not be. In American politics, values are not just fluff. They are how large parts of the Democratic Party decide which foreign actors are “like us” and which are not.

A rights-based framework now dominates parts of the Left, and Israel is increasingly viewed through that lens regardless of the enemy or how it fights. That is how accusations of genocide and war crimes gain traction, no matter how the IDF conducts itself. 

On parts of the Right, the problem is different but no less serious. There, an “America First” worldview questions why US resources should fund overseas commitments at all, including to allies such as Israel.

Age makes a huge difference. Older Americans grew up viewing Israel as a vulnerable, threatened country surrounded by enemies, often through the prism of Holocaust. 

Millennials and younger Americans view Israel differently. To them, Israel is a regional superpower with a purported nuclear arsenal and one of the world’s strongest militaries and economies. They don’t believe they have a moral debt to Israel, and want the relationship to be looked at as a modern foreign policy choice.

For Israel, the repercussions are dramatic. Yes, the relationship is mutually beneficial. Israeli intelligence, technology, and regional capabilities provide enormous value to the US. Israeli operations help counter Iranian aggression, but this is still not a symmetrical relationship. It is obvious which side depends more heavily on the other. 

Which means Israeli politicians who speak carelessly about America, who use the alliance for domestic political gain, or who assume that support will always be there are playing with fire.

The over-identification with Trump comes at a price, since the pendulum will swing back and a Democrat will one day return to office. When that happens, Israel will face a new reality. In addition, the belief that Israel dragged the US into the Iran war will carry a price, even if a Republican remains in office but adopts a more isolationist posture. The assumption that military success can compensate for political alienation is dangerous and false.

This does not mean Israel should stop fighting the wars that it needs to fight. It does not mean Israel should adopt policies purely to please American editorial boards or activist groups. But it does mean that Israel cannot behave as though there are no consequences to what it says, what it does, and how it is seen.

When Israeli government ministers pop open bottles of Champagne to celebrate the passing of a death penalty in the Knesset, Americans notice. When there is no political horizon to resolve conflicts after two and a half years of war, Americans notice. When Jewish terrorism in the West Bank is tolerated, and domestic democratic norms are under attack, Americans notice.

And they draw conclusions.

That is why the lesson of this war is not only military. It is political. Because what once looked like a relationship protected by bipartisan consensus is today exposed to demographic change, ideological realignment, culture-war politics, and growing skepticism on both sides of the American spectrum.

From a security perspective, one of the most immediate challenges Israel faces is whether it will receive approval from the Trump administration to renew the 10-year aid package under which the IDF annually receives $3.8 billion in military aid. 

The current MOU – signed by the Obama administration in 2016 – will expire in September 2027. That may sound like a while away, but in strategic terms it is around the corner, and if Israel wants to secure a new agreement, discussions need to have begun already.

The next MOU matters for two reasons. First, because the aid is needed especially in a post-October 7 reality, when the threats against Israel are not abstract. Second, it has value as a symbol of an alliance which illustrates that no matter who is the president – Obama or Trump – the institutional relationship remains resilient.

Interestingly, in 2016, before Obama approved the MOU, there was a debate in the government whether to close the deal with Obama or wait for the next president. Netanyahu ultimately chose to sign with Obama for one simple reason: he knew what he was getting. Hillary Clinton was expected to be supportive, but Trump was an unknown quantity at the time, and his “America First” rhetoric worried Israeli defense officials.

Fast forward to 2021. Under president Biden, some inside the Israeli government quietly explored the possibility of beginning talks on a future MOU even though years remained on the current one. The logic was that Biden was also a known supporter of Israel, and it would be better to lock in a deal while the opportunity existed. Then came October 7, and the MOU talks were pushed aside. 

There is already a growing understanding in Israel’s defense establishment that the next package will be the hardest one to secure, and that Trump is the last American president who would even consider offering a major long-term aid package. According to this thinking, whoever succeeds him – Republican or Democrat – would balk at a deal. 

This is why some Israeli officials have proposed a new model – one based less on dependence and more on partnership. The idea would be to use the next MOU not merely to procure weapons, but to deepen joint development, production, and operational integration. 

The recent war with Iran only strengthens that logic. If the two militaries can fight side by side as partners, then perhaps the alliance can be framed less as America subsidizing Israel and more as the two countries investing together in technologies, capabilities, and systems that serve both.

That is an important conversation. But it should not create illusions. Although Israel can build greater defense independence, there are limits.

The IDF’s reliance on the US is not just about artillery shells or one-ton bombs. Every aircraft flown by the Israel Air Force except one is American-made – F-15s, F-16s, F-35s, Apache helicopters, Black Hawks, CH-53 helicopters, C-130s, Gulfstreams, and Boeing refueling tankers. 

This means that if a US administration wants to stop an Israeli war, it does not need to withhold one-ton bombs, as Biden did. All it needs to do is slow down the flow of spare parts for combat aircraft. Without spare parts, planes will not be able to fly, and if planes cannot fly, Israel will not be able to fight. 

Which is why the future of the US-Israel relationship cannot be reduced to slogans. Israel needs to invest in independence where it can, but it also needs to invest more in strengthening support in the US.

The same war that revealed the astonishing operational partnership has also exposed how vulnerable that alliance is in the years ahead. This is the real danger, and while Israel’s leaders do not control the polarization in American politics, they do control how they treat the alliance and whether it receives the seriousness it deserves. They can decide whether to preserve it as a national asset or exploit it as a partisan tool. Only they can decide whether to govern in a way that widens the gap with America or narrows it.

Israel has spent decades building a relationship with the US that no other country in the Middle East has ever had. It would be a historic act of negligence to assume that because it exists, it will simply endure on its own.■

The writer is an author; co-founder of MEAD, the premier Middle East-America policy forum; and a senior fellow at the Jewish People Policy Institute. He is a former editor-in-chief of The Jerusalem Post_. His latest book,_ While Israel Slept_, is a national bestseller in the US._

A federal judge on Friday temporarily stopped President Donald Trump’s $1.776 billion “weaponization” fund, which was created to compensate people who claim they were targeted unfairly by the government.

US District Judge Leonie Brinkema in Alexandria, Virginia, ordered the administration to stop “taking any further action” to establish or distribute money from the fund until additional court proceedings take place.

Brinkema, who was appointed by former President Bill Clinton, issued the ruling in response to a lawsuit filed by Capitol riot prosecutor Andrew Floyd, who argued the program violates the law.

The Justice Department announced the fund last week after Trump agreed to withdraw a lawsuit against the IRS tied to the leak of his tax returns.

Charles Littlejohn, a contractor who admitted in 2023 to leaking 15 years of Trump’s tax returns to The New York Times for a 2020 investigative series, is currently serving a five-year prison sentence in Illinois.

Although Trump himself cannot receive money from the program, many of his political supporters may qualify. Among the early applicants are individuals involved in the Jan. 6 Capitol breach aimed at disrupting certification of the 2020 election.

If the fund ultimately moves forward, payments would be reviewed by a five-member board. Four members would be selected by the attorney general, while a fifth would be chosen with congressional involvement.

Administration officials have said the program would technically be open to anyone claiming political mistreatment, including Democrats.

According to reports, the oversight panel may be named the “President Donald J. Trump Truth and Justice Commission.”

XRP (CRYPTO: XRP) sits down 60% below its July 2025 cycle high of $3.65, while Bitwise Chief Investment Officer Matt Hougan calls HYPE (CRYPTO: HYPE) the most mispriced asset in crypto right now.

XRP Had Every Catalyst And Still Went Nowhere

The SEC settlement came through, Ripple stacked partnerships, ETF inflows arrived, and the CLARITY Act cleared the Senate Banking Committee in a 15-9 bipartisan vote. 

Goldman Sachs built a $154 million XRP ETF position and quietly dumped the entire stake by Q1 2026. Six straight months of red followed from October 2025 to March 2026, with XRP still trading around $1.37 to $1.45.

Meanwhile, institutional money chased AI stocks and semiconductor names while crypto sat in a holding pattern. 

Bitwise Head of Research …

Full story available on Benzinga.com

A forthcoming memoir by Jill Biden offers a behind-the-scenes account of the dramatic hours following President Joe Biden’s decision to abandon his 2024 re-election campaign, portraying Vice President Kamala Harris as aggressively pressing for an immediate presidential endorsement.

In her new book, View from the East Wing, scheduled for release on June 2, the former first lady describes a July 21, 2024, phone conversation in which Biden informed Harris that he would not seek another term, becoming the first sitting president since Lyndon Johnson in 1968 to step aside rather than pursue re-election.

According to excerpts published by USA Today, Jill Biden recalls Harris reacting with surprise when she heard the news.

“Oh my God, Joe. Are you sure?” Jill Biden recalls Harris saying before pushing for her boss’s backing, according to an excerpt reported by USA Today.

The memoir describes Harris as quickly turning the discussion toward securing Biden’s endorsement for her own candidacy.

When Joe Biden suggested postponing any endorsement announcement until the following morning, Harris reportedly objected and insisted: “I want it sooner.”

As Biden attempted to buy time and told Harris he would reconnect with her after reaching a decision, she continued to press the issue.

After the president said he would call her back “when I figure this out,” the veep pressed: “Could you do it soon? Say, in 20 minutes?”

Jill Biden writes that she ultimately removed herself from the conversation, suggesting she had heard enough of the exchange.

At that point, Jill Biden writes, she walked out of the room, apparently unable to bear any more.

Within roughly 30 minutes of announcing his withdrawal from the race, Biden publicly endorsed Harris in a separate statement, effectively ending any possibility of a contested fight for the Democratic nomination ahead of the party’s convention in Chicago the following month.

The book also revisits the long-standing tensions between Harris and Jill Biden, whose strained relationship dates back years before they served together in the White House.

One of the most notable flashpoints came during a Democratic primary debate in 2019, when Harris sharply criticized Biden over his earlier opposition to federally mandated busing programs intended to promote school integration.

Jill Biden later defended her husband in a call with supporters, expressing outrage over Harris’ attack.

“With what he cares about, what he fights for, what he’s committed to, you get up there and call him a racist without basis?”

According to reports cited in the memoir, Jill Biden’s reservations about Harris did not end there. After Joe Biden secured the Democratic nomination, she reportedly opposed selecting Harris as his running mate.

As recounted in the book, Jill questioned the decision at the time, saying: “There are millions of people in the United States. Why do we have to choose the one who attacked Joe?”

{Matzav.com}

Serious delinquencies (90 days or more past due) for credit cards and auto loans are at peak levels not seen since the Great Financial Crisis, with the savings rate dropping to a low point for 2026.

Will this result in a return to 2008 conditions for the housing industry? Many lifelong doomers have showcased the rise in foreclosure data to show we’re on the verge of a similar crash — or something even worse. But the chart below easily shuts down this premise.

I thought I would take a different approach today, since many people are pointing out that credit card and auto loan stress look awful, which is why homeowners are struggling and we could be on the verge of an epic crash. For those who get to see my live events, I always talk about how credit stress for renters is typically worse than for homeowners. Let’s clearly illustrated what I’ve been talking about.

Federal Reserve report on credit stress

One of the questions I often get — which is a valid one — is why the Federal Reserve ignores the financial stress in the auto loan and credit card data. Last year, the Fed wrote this article to give people a view on credit delinquency data.

Again, I believe some people still believe the credit market or the credit data is pointing toward another 2008, a topic that I recently debunked.

At live events, I say that we see stress in renters’ finances more than in homeowners’ financial. In essence, that has always been the case. Below are two examples using credit card and auto loan data. You can see a clear difference between the two groups.

Because of the 2005 bankruptcy reform law and the 2010 Qualified Mortgage regulation, homeowners on paper have never looked better. The FICO score data, cash-flow snapshots tied to making credit and auto loan payments, and scoring on their utilization rates with debt, has never been better in the past 15 years.

A lot of people also point to student loan stress. Well, we have had student loan stress since 2010, and it has never created a surge in housing inventory. This is because most student loan delinquencies are from college dropouts whose loan balances average less than $14,000.

Conclusion

We’ve had many takes on credit card and auto loan delinquencies this week. With the savings rate falling to a yearly low of 2.6% — and with the 12-month average savings rate at 4% — it might make it seem like it’s housing 2008 all over again.

But it’s not: Homeowners are in fine spot and the new listing data since 2013 has never shown seller stress. While the Fed is considering raising rates again, I do believe they need to do a better job of explaining to the public why the credit stress data isn’t a big issue.

This post was originally published on here.

U.S. Sen. Elizabeth Warren (D-Mass.) is demanding answers from Bilt Rewards over reports that customers experienced payment disruptions and account issues during the company’s transition between banking partners.

In a letter sent Wednesday to Bilt CEO Ankur Jain, Warren — the ranking member of the Senate banking committee — cited complaints from customers who said their rent and mortgage payments were delayed or rejected.

“Bilt users have reportedly made rent or mortgage payments that never reached their landlord or lender, were rejected or returned, or only were delivered after a significant delay,” Warren wrote.

Warren also noted that some consumers were unable to make payments on balances still held at Wells Fargo or had balances transferred to new cards without authorization.

The letter outlines mounting scrutiny over Bilt’s transition away from Wells Fargo, which began issuing Bilt’s credit card in 2022 under a partnership that had originally been expected to last through 2029.

Warren cited reports that the partnership soured after Wells Fargo allegedly lost as much as $10 million per month on the cards because many customers primarily used them to pay rent and collect rewards points rather than carry balances or make other purchases.

Wells Fargo ended the relationship early and deactivated its version of Bilt cards in February. It forced customers either to transition to Bilt Card 2.0, operated under new partners Cardless and Column, or move to Wells Fargo’s Autograph card. Warren said the transition coincided with a 1,300% spike in complaints submitted to the Consumer Financial Protection Bureau (CFPB) that month.

The senator cited several examples of customers who were allegedly harmed during the transition, including one renter whose payment was withdrawn and processed but never delivered to a landlord. Another customer’s mortgage payment reportedly failed to reach a servicer, while others experienced bounced or delayed rent payments.

Bilt: Concerns are ‘addressed and resolved’

A spokesperson for Bilt issued a statement in response to HousingWire‘s request for comment.

“Our members have been our priority since day one. While the transition to the Bilt Card 2.0 in February represents an even more exciting future that offers our membership richer rewards and greater flexibility, the transition also attracted unexpectedly high demand, and some of our members experienced gaps in service that are simply unacceptable to us,” the statement read.

“In response, we increased our customer service capabilities to address this and proactively communicated with any impacted members. All outstanding issues relating to the card transition in February have been addressed and resolved. Should any member ever have an issue we encourage them to contact Bilt, as we will do everything we can to make it right.”

Warren criticisms run deeper

Warren also questioned Bilt’s renewed relationship with Evolve Bank & Trust, which she said was linked to the collapse of fintech intermediary Synapse in 2024, when as much as $96 million in customer funds could not be accounted for.

The letter noted that Evolve was subject to a Federal Reserve enforcement action in 2024 over anti-money laundering and risk management deficiencies. The bank also confirmed a cyberattack that exposed customer data, including information tied to Bilt users.

Additionally, Warren raised concerns that Bilt 2.0’s payment structure could conflict with provisions of the Credit CARD Act of 2009. Under the updated system, rent and mortgage payments are reportedly withdrawn immediately from linked external accounts instead of being charged against a customer’s credit limit and repaid after a billing statement is issued.

Warren criticized Bilt’s customer service operations as well, saying the company’s use of an artificial intelligence chatbot made it difficult for consumers to access human representatives. The letter cited customer complaints describing long wait times and ineffective responses during the transition.

In the letter, Warren said the CFPB would typically oversee and investigate such complaints, but she argued that the Trump administration had weakened the agency by attempting to scale back its operations and staffing.

“Bilt has yet to provide a reasonable explanation for why its transition between bank partners caused such turmoil for its customers,” Warren wrote. “Further, Bilt has yet to clarify the extent to which customers’ rent payments were delayed, denied, or lost and how Bilt intends to rectify the situation for consumers.”

Warren requested that Bilt provide written responses by June 9, including detailed information about delayed or missing payments, chatbot usage, customer satisfaction data and the company’s compliance with federal credit card laws.

This post was originally published on here.

American households saving money for their children’s educations can leverage tax-advantaged 529 accounts to make their dollars go further.

529 education savings accounts are typically opened by parents, guardians or grandparents for minor children and allow those savings to grow on a tax-deferred basis, and funds can be withdrawn tax-free when they’re used for qualified expenses. Individuals may also open 529 accounts to help save for their own education. 

“529s are the optimal vehicle for education savings,” Thomas Psaltis, director of education savings programs at Bank of America Merrill Lynch, told FOX Business in an interview.

“That growth in earnings, if used tax-free, can have a really significant impact on providing more money for education in the future for children and grandchildren, but also help combat the rising tuition costs,” he said.

BANK OF AMERICA’S LEGACY OF BUILDING THE AMERICAN DREAM

Psaltis said that aside from that core feature, 529 accounts offer other features that may not be available to those who use other tax-advantaged savings accounts.

“One of the game changers is the versatility of 529 accounts,” which he noted were traditionally designed for handling expenses at four-year colleges but have “grown significantly to go beyond just that.”

“Some of the recent legislation under the SECURE 2.0 Act and even as President Trump’s One Big Beautiful Bill has now allowed for the use of K-12 tuition, which has since been expanded under the One Big Beautiful Bill from $10,000 annually to $20,000 to be used for K-12 in private education, even if you’re not using them directly for college,” Psaltis said.

“We’re now including registered apprenticeships and credentialing programs as part of qualified expenses that can be used tax-free as well,” he added.

Psaltis said that advisors at Merrill Lynch encourage clients to focus on planning ahead, and that 529 plans can meet the education savings needs of clients at all income levels.

SOUTHERN CITIES DOMINATE RANKINGS OF BEST JOB MARKETS FOR NEW COLLEGE GRADUATES

Since their inception 30 years ago, the number of 529 plans has grown to 17 million accounts across the industry and has a total of more than half a trillion dollars in assets, he noted. Despite 529 plans being available to Americans for three decades, Psaltis added there are still some common misperceptions about how the accounts work.

“There’s this misconception that you have to fully fund college for a 529 plan to be worthwhile, and sometimes that perception can create unnecessary pressure and cause families to delay in getting started,” he said. 

“The biggest miss in that is the opportunity for that tax-free growth. Families who end up using taxable savings instead of a 529 may be giving up meaningful long-term returns that could be used tax-free,” Psaltis said.

Contributions are considered taxable gifts, so individuals can contribute up to $19,000 per year, per beneficiary without facing a gift tax liability. 529 accounts may also be frontloaded with up to five years of giving all at once.

“Let’s say there’s grandparents that would typically gift $38,000 annually for their kids’ 529. The 529 code allows them to gift up to five times that – or $190,000 per beneficiary – in a single year,” he said. “The contributions that were moved and the future growth of those contributions are generally no longer part of that grandparent’s estate, so long as they live for the next five years it won’t be subject to a clawback or a prorated pullback.”

RECENT COLLEGE GRADS ARE LOSING THEIR EDGE IN JOB MARKET, STUDY SHOWS

In cases where a 529 account beneficiary may not be planning on attending college or an accredited vocational tech program, there’s no required distribution, so the funds could be held in the account in case they change their mind and decide to do so at a later date. 

“Holding onto it indefinitely, that child that doesn’t initially go off to college, well, maybe in a few years they decide they want to further their education either through college or an accredited trade,” Psaltis said. “You can switch beneficiaries at any time and for whatever reason, so if there’s unused funds, those monies could be shared with siblings.” 

“If all else fails, and you have an account open for 18-plus years, there’s still other options,” he added. “One of the key features that has recently occurred over the past few years is the ability to roll over a portion of your 529 proceeds up to $35,000 into a Roth IRA on behalf of that beneficiary to sort of help jump-start their retirement, and that’s a really cool feature too.”

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“At the end of the day, they’re not locked into those monies. If for whatever reason they have to take that money back, they can always take that money back themselves, but just note that this would be treated as a non-qualified withdrawal and that account owner would be subject to income tax and a potential 10% federal tax penalty, but only on the earnings portion of the account,” Psaltis said.

Costco’s gas stations saw a surge in demand in the most recent quarter as consumers sought out its low-priced gasoline, which helped the company top the market expectations for its third-quarter sales.

Costco CEO Ron Vachris noted the “backdrop of ongoing macro uncertainty” has consumers searching out affordable options given the pressure on household budgets, which helped attract members to its gas stations.

“Nowhere has this been more apparent in the third quarter than our gas business. As events in the Middle East have had a significant impact on product supply and gas prices, our focus, as always, is to be there for our members by staying in stock and offering the best value,” Vachris said.

“The result was record-breaking volumes, all three four-week fiscal periods of the quarter set successive all-time company volume sales records, with the final five weeks for the quarter becoming our top five volume weeks ever,” he said.

HIGH ENERGY PRICES RISK KEEPING INFLATION ABOVE 2% TARGET, CONCERNING FED POLICYMAKERS

Vachris commended the Costco team’s work managing the deliveries necessary to meet demand, “which requires multiple daily gas deliveries to many locations.”

Energy markets were upended by the Iran war, which sent gas prices surging above $4 a gallon around the country as global oil supplies were constrained by the closure of the Strait of Hormuz, which sent crude prices above $100 a barrel.

AMERICANS LEAN ON CREDIT CARDS AND BUY NOW, PAY LATER AS GAS PRICES EAT BIGGER SHARE OF INCOME

The latest AAA data shows the national average price for a gallon of regular gasoline was $4.39 on Friday, up about 38% from the average of $3.17 a gallon a year ago.

Vachris noted that the low-cost gasoline offered at Costco stations helped attract new members and customers into stores, driving more sales momentum for the wholesale club in the future.

GAS PRICE SURGE HITTING LOW-INCOME HOUSEHOLDS HARDEST, FED STUDY FINDS

“The high consumer price sensitivity, which fueled these record volumes, also drove many members to use our gas stations for the very first time in the third quarter. We believe this will drive even greater loyalty with these members in the future as members who use our gas stations typically spend more with us in the warehouse,” he said.

Costco CFO Gary Millerchip added that Costco’s volumes of gas sales allowed the company to widen its price gap with higher-cost stations, adding that the company knows “that’s something that’s very high on our members’ minds.”

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Reuters contributed to this report.

More than six months after Zillow first pulled Matterport’s 3D tours from its website in October 2025, due to Matterport’s updated terms of service, the two companies are still debating whether Zillow can display the tours on its website. 

In a statement on Wednesday, Matterport president Rob Hines wrote that his firm has “repeatedly told Zillow, both publicly and in direct letters to Zillow, that Matterport customers may post their Matterport tours on Zillow. Those rights and our relevant terms of service never changed, no matter how many times Zillow says otherwise.” 

Hines added that Zillow has now asked for an “executed promise” from CoStar Group, which acquired Matterport in April 2024, reassuring Zillow that CoStar will not sue Zillow for posting Matterport tours. The firm maintains that despite changes to its terms of services, Matterport customers still own their own Matterport tours and “can post them wherever they want.”

Hines concluded his statement with a signed declaration that “Matterport customers own the Matterport tours they create and they can post them wherever they want, and CoStar Group will not sue Zillow for displaying them****. WE PROMISE.” 

Since pulling Matterport tours from its site, Zillow has continued to accept tours from other third-party vendors, while also offering Zillow’s own tour product Zillow 3D Home. 

Zillow has maintained that CoStar’s “ambiguous application of their terms to their products create legal risk for many parties, including Zillow brands.”

“We have repeatedly requested CoStar provide clear, consistent and legally-binding terms directly to us so we can ensure Matterport tours are being shown in a compliant way across platforms,” a post on Zillow’s Front Porch blog, updated in January 2026, states. “CoStar and Matterport can operate their business however they choose, however, the current terms present risk for Zillow and we will not host Matterport media without clearly defined, public-facing terms that authorize us to do so. We’ve asked for specific changes and they have not been made. Until then, we will work with partners on alternative solutions.” 

Last week, Zillow Rentals shared a post on LinkedIn stating that the firm was aware that CoStar “has been contacting our mutual partners saying they’re free to post their tours anywhere and pointing fingers at Zillow.” The post notes that CoStar “has a history of litigating matters about listing media, including their ongoing [copyright infringement] lawsuit against,” Zillow. 

“When we asked CoStar for an executed promise not to sue if Matterport tours appear on Zillow, CoStar refused. CoStar has not been willing to back up its press releases with the pledge not to sue that we requested. If CoStar really wanted Matterport tours on Zillow, it would sign the pledge instead of pointing fingers on social media,” the post concluded. 

When asked for an updated statement regarding Wednesday’s statement from Hines, a Zillow spokesperson directed HousingWire to the same LinkedIn post. 

In a separate post on LinkedIn last week, CoStar Group founder and CEO Andy Florance noted that both Homes.com, which is owned by CoStar Group, and Realtor.com are currently displaying Matterport tours. 

This post was originally published on here.

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NEW YORK (AP) — President Donald Trump’s administration on Friday moved to give political appointees more power over the billions of dollars in grants awarded by federal agencies, a move scientists say puts critical research funding into the hands of partisans without relevant expertise.

In what would be the most sweeping change to the federal grantmaking process in years, the proposed regulations would require senior appointees to review funding to see if it complies with the law and the president’s priorities.

The rules would also give administration officials more freedom to terminate grants that have already been awarded, a process that could jeopardize millions of dollars in ongoing research.

The Office of Management and Budget, which issued the more than 400-page proposal, said President Joe Biden’s administration allowed a lack of transparency, accountability and oversight in the federal grant process that led to “woke” programs receiving federal funding.

“Collectively, these policies wasted a great amount of taxpayer resources and caused great harm to public trust in government,” the document reads. “The proposed reforms are necessary to ensure greater accountability for use of public funds.”

After a public comment period, OMB and federal agencies will decide whether to revise the proposal before finalizing it as soon as this summer.

Scientists have said the move will cripple the scientific engine that has made America the world’s leader in research and development by giving control over federal research funds to people who are influenced by politics. They’ve raised concerns the changes will delay grant review and approval, slowing scientific progress and medical breakthroughs.

Friday’s proposal fulfills an executive order issued by President Donald Trump last summer. Throughout the president’s second term, his administration has been terminating research grants on topics that the president deems inappropriate for study, including transgender health and diversity, equity and inclusion.

The LGBTQ+ advocacy group the Human Rights Campaign slammed the Trump administration’s draft regulations, saying they would strip money from any program that acknowledges diversity, abortion or the existence of transgender and nonbinary people.

“Withholding public grants from programs that depend on them because you refuse to acknowledge the humanity of certain communities is not good government – it’s fascism,” said spokesperson Laurel Powell. “We will fight back.”

Rhode Island moved closer to joining a small group of states whose lawmakers are working to unlock religious institution land for affordable housing development.

At the same time, a major shift in the Ocean State’s House leadership may possibly derail the bill and a companion measure in a broader housing reform package.

Last week, the Senate Housing and Municipal Government Committee passed the Faith-Based Affordable Housing Development Act. The bill now heads to the full Senate.

The legislation draws from a national movement advocates call “Yes in God’s Backyard,” or YIGBY — a play on the “Not in My Backyard” opposition that has chronically stymied affordable housing. Supporters argue that faith-based institutions hold vast tracts of underutilized land in established, infrastructure-rich neighborhoods – prime sites for housing that would otherwise face years of local opposition.

Sen. Meghan E. Kallman’s bill would allow faith-based organizations to develop affordable and mixed-use housing on land they own as a by-right use. It also sets statewide development standards, limits local approval barriers and streamlines permitting.

Kris Brown, executive director of housing advocacy group Neighbors Welcome! Rhode Island told The Builder’s Daily that the bill’s Senate prospects are strong.

“When a committee chair brings it to a committee vote, they have solid support to pass it out of committee,” Brown said. “And then generally, bills that get to the Senate floor do pass.”

Shifting leadership creates uncertainty

The House bill has not moved out of committee, along with legislation legalizing single-room occupancy and incentivizing commercial-to-residential conversions. The Senate could act on the faith-based housing bill first, potentially sending its version to the House while representatives still weigh their own measure.

Rhode Island’s legislative session was thrown off course two weeks ago when House Speaker Joe Shekarchi resigned to pursue an open seat on the state Supreme Court. Shekarchi passed five housing reform packages and was pursuing a sixth this session.

His replacement, state Rep. Christopher Blazejewski, is considered more liberal than Shekarchi. It remains unclear how aggressively he will advance major legislation this session. Shekarchi groomed Blazejewski for the role and backed his elevation to Speaker.

“He’s been very loyal to Joe Shekarchi over the years,” Joe Fleming, a local TV news political analyst, said. “He’s obviously worked his way up.”

State Rep. June Speakman, who chairs the House Commission on Housing Affordability and sponsored the legislation, could be pivotal.

“Representative Speakman is certainly a housing champion in Rhode Island,” Brown said. “She’s been studying the housing crisis from multiple angles for several years now and really working to bring national best practices and evidence-based policy to Rhode Island to also respond to issues in the market and the regulatory environment locally.”

Following others

If the legislation passes, Rhode Island would join a handful of states that have enacted similar laws. California led the way in 2023, allowing faith-based and nonprofit college-owned land to be used for affordable multifamily housing by right.

Colorado followed in 2025, requiring local jurisdictions to permit residential development on qualifying faith-based and educational properties beginning later this year.

Virginia enacted its own version in April, when Gov. Abigail Spanberger signed legislation eliminating the rezoning requirement for faith-based affordable housing. It takes effect Jan. 1, with a sunset provision in 2031, and Florida updated its Live Local Act to include faith-based housing provisions.

Gov. Dan McKee has signed several housing reform packages in recent years. His office has not publicly commented on this legislation.

This post was originally published on here.

New Jersey lawmakers have introduced legislation that would expand the state’s child tax credit to families with children up to age 11, broadening a program currently limited to children under 6.

The bill would amend a 2022 law that created the refundable child tax credit for lower- and middle-income households. Under current law, resident taxpayers earning $80,000 or less may claim a credit for each qualifying child under age 6.

The proposed legislation would extend eligibility to taxpayers with children who have not attained the age of 12, beginning with tax year 2026.

Credit amounts would remain unchanged under the bill. Families earning $30,000 or less would continue to qualify for a $1,000 credit per child. The credit gradually decreases for higher income brackets, phasing down to $200 per child for taxpayers earning between $60,000 and $80,000 annually.

The measure would apply regardless of filing status and would continue allowing taxpayers to claim the credit using either a Social Security number or an Individual Taxpayer Identification Number.

Supporters of the proposal say the expansion would provide additional relief to working families facing rising costs for food, housing, child care and other household expenses.

The legislation would also preserve provisions making the credit refundable, meaning families can receive the benefit even if they owe little or no state income tax.

In addition, the Division of Taxation would continue reporting annual data on the program, including the number of taxpayers claiming the credit, the number of children benefiting, and average credit amounts.

If enacted, the bill would take effect immediately and apply retroactively to taxable years beginning on or after January 1, 2026.

Former Rishon LeZion Rav Yitzchak Yosef issued a strongly worded letter Friday morning condemning the small group of young attendees who booed and jeered when the name of Shas chairman Aryeh Deri was mentioned during a major gathering held Thursday night at Binyanei HaUma in Yerushalayim.

The letter, written personally in the Rav’s own handwriting, came after reports that several youths disrupted the event, known as Ve’atah Kisvu Lachem, by whistling and expressing disapproval when Deri’s name was referenced. According to those close to the Rav, he chose to handwrite the letter specifically to avoid any claims that it had been drafted by aides or political associates.

In the opening of the letter, Rav Yosef emphasized that the incident involved only a small minority and praised Deri’s longstanding service to the Sephardic community.

“Last night, at the distinguished event held at Binyanei HaUma in conjunction with the Rishon LeZion Prize and attended by the members of the Moetzet Chachmei HaTorah, including Rav Avraham Salim, Rav Yehudah Cohen and Rav Shlomo Machpud, there was a small group of youths who failed to show proper respect and harmed the honor of shlucha d’Rabbanan, who devotes himself on behalf of the Sephardic public, our very dear Rav, the emissary of the sages, HaRav HaGaon Rabbi Aryeh Deri, shlita, chairman of our movement.”

The former Sephardic Chief Rabbi sharply criticized the conduct of those involved and described the behavior as a serious breach of proper respect.

“And I am pained and protest this lack of derech eretz toward our friend, HaRav Rabbi Aryeh, shlita. This behavior is a serious matter!”

Rav Yosef concluded the letter with a call for unity within the Sephardic Torah community and the Shas movement.

“We need unity in our movement. We are all united!”

The letter was released just hours after Deri met with Rav Yosef at his home for what was described as an urgent consultation regarding the growing wave of arrests targeting yeshiva students and Torah learners.

During the gathering at Binyanei HaUma, Rav Yosef addressed the assembled bnei Torah and spoke about the arrests, saying: “Unfortunately, they are arresting only our Sephardic boys, but do not be afraid—you are the strength of the Jewish people.”

{Matzav.com}

An alleged Danish Hamas member was arrested on Wednesday in connection with arms procurement for a Hamas plot to attack Jewish and Israeli sites in Europe, the German Federal Prosecutor’s Office announced on Thursday, making him the eighth person arrested in connection with the Hamas network.  

Yousif C was arrested near Copenhagen by Danish police after German prosecutors issued a warrant, after the alleged Hamas member supposedly provided five pistols and ammunition to Abdel Al G. in July.

Abdel Al G, who was arrested on October 1, had allegedly given the firearms to Mohammed A, a British citizen who had been arrested in London in November. Mohammed A. had reportedly met with Abdel Al G. during the summer and was given weapons to transport and store in Austria.

The German newspaper Die Welt has claimed the British man to be the son of Hamas official Bassem Naim.

Hamas’s network in Europe unveiled

The Austrian Directorate of State Protection and Intelligence Service (DSN) announced in November that it had uncovered a weapons cache of five handguns and 10 magazines in a rented Vienna storage unit, stored in a suitcase as part of an alleged Hamas plot to target Israeli or Jewish institutions.

In March, Lebanese national Kamel M. was arrested by border officials at the Larnaca airport after German law enforcement conducted a search of his apartment. The suspected Hamas member had allegedly sent 300 ammunition cartridges to Abdel Al G through Mohammad S., who had been arrested at the Berlin Brandenburg Airport upon arriving from Beirut in January. The munitions were then ostensibly given to Mohammad A. by Abdel Al G.

In November, Lebanese-born Borhan El-K. was arrested when entering Germany from Czechia, during his return trip to Denmark, where he resided.

Borhan El-K. allegedly provided alleged Hamas operative Wael FM with a Kalashnikov automatic rifle, eight Glock pistols, and 600 rounds of ammunition in August.

The Lebanese-born Wael FM was arrested on October 1 alongside two other suspected Hamas operatives, German nationals Abed Al G and Ahmad I.

This post was originally published on here.

JBizNews Desk

A federal auction of oil and gas drilling rights across public lands in New Mexico and Texas generated more than $4 billion in winning bids and rental payments, according to the U.S. Department of the Interior, shattering the previous record for an onshore federal lease sale as the Iran war drives energy companies into a scramble for American oil acreage.

The scale of the sale was historic.

The Bureau of Land Management leased 74 parcels covering roughly 33,530 acres during its quarterly auction, producing approximately $4.008 billion in bonus bids and rental commitments. The figure demolished the prior record of roughly $972 million set during a 2018 lease sale and instantly became the largest onshore federal oil and gas lease auction in U.S. history.

Most of the acreage sits inside the Permian Basin, the country’s most productive oil field and one of the most valuable drilling regions globally.

The single highest winning bid reached approximately $357,129 per acre for a 640-acre parcel — an extraordinary number for undeveloped federal land and one that reflects how aggressively producers now expect future oil prices and production economics to remain elevated.

A federal lease sale is the first step before drilling begins.

Companies bid for the rights to explore and produce oil and gas on public land, paying upfront “bonus bids” per acre, ongoing rent, and eventually royalties on whatever energy they extract. The leases generally run for 10 years and remain active as long as production continues.

When producers are willing to spend hundreds of thousands of dollars per acre before a single well is drilled, it signals deep confidence that long-term oil prices, production demand, and drilling profitability will stay strong.

Two major forces fueled the bidding frenzy.

The first is geopolitics.

The ongoing conflict involving the United States and Iran has disrupted portions of global oil supply chains and intensified fears surrounding the Strait of Hormuz, one of the world’s most critical energy shipping chokepoints. Those disruptions have pushed crude prices sharply higher and increased the strategic value of domestic U.S. production.

The second driver is policy.

The auction was conducted under the newly enacted Working Families Tax Cuts Act, which reduced the federal royalty rate on new onshore oil production to 12.5%, rolling back the higher 16.67% royalty rate imposed under the Inflation Reduction Act. Lower royalties significantly improve drilling economics for producers and reduce long-term production costs across federal acreage.

One company emerged as a dominant force during the sale.

Devon Energy reportedly committed roughly $2.6 billion during the auction, underscoring how aggressively large operators continue competing for premium Permian Basin inventory even after years of industry consolidation. Federal officials did not publicly disclose the full list of winning bidders.

The financial impact extends far beyond Washington.

Under federal law, states receive approximately 50% of bonus payments generated from federal lease sales inside their borders. That means New Mexico alone is expected to receive roughly $2 billion immediately from the sale — a staggering windfall equivalent to nearly one-fifth of the state’s annual general fund budget.

Those funds are expected to flow heavily into education, healthcare, and other state-level public programs, while New Mexico will also continue receiving half of future royalty revenues generated from production on the leased acreage.

For the Trump administration, the result immediately became a political showcase for its energy agenda.

Interior Secretary Doug Burgum called the sale proof that President Trump’s “American Energy Dominance Agenda” is delivering results, while Texas regulators described the auction as the largest federal onshore oil and gas lease sale ever recorded.

The deeper market message may matter even more than the politics.

Oil producers do not spend record-breaking sums on undeveloped acreage unless they believe strong prices, reliable demand, and profitable drilling conditions will persist for years. The bids effectively represent a multi-billion-dollar private-sector bet that global energy markets are entering a prolonged period of tighter supply and structurally higher prices.

For the U.S. oil industry, the sale was more than a government auction.

It was a signal that energy companies increasingly believe America’s domestic fields may become one of the world’s most important strategic oil supplies in an era shaped by war, geopolitical instability, and tightening global energy markets.

Houston — JBizNews Desk

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In an unprecedented move, the Satmar Rebbe, Rav Aharon Teitelbaum, delivered an emergency address on Thursday that was broadcast live without advance notice to Satmar communities and institutions around the world. The dramatic speech focused entirely on what the Rebbe described as the growing spiritual threat posed by artificial intelligence, which he warned is causing widespread damage among yeshiva students, young women, and even married kollel members.

Speaking emotionally and at times through tears, the Rebbe compared the current challenge to earlier battles against computers, video technology, and smartphones. However, he stressed that AI presents a far greater danger, describing it as a spiritual breach unlike anything previously encountered.

Opening his remarks with verses from Tehillim, the Rebbe focused on the words, “Hashem, You have raised my soul from the grave,” explaining that without Divine assistance, a person cannot overcome the yetzer hara.

Quoting the Gemara in Sukkah, the Rebbe noted that the evil inclination grows stronger each day and that a person would be unable to defeat it without Heavenly help. He then connected that concept to modern technology.

“In our generation, the power of technology renews itself every day,” the Rebbe said. “Every day there are new tools, more advanced than the day before. In earlier generations, the yetzer hara grew stronger gradually. We fought those battles with all our strength in order to save Klal Yisroel, especially its young people, from falling into spiritual destruction.”

The Rebbe then reviewed the struggles against earlier technologies.

He recalled the fierce opposition to home computers and said that communities eventually found workable solutions, such as keeping computers out of the home and installing filters where computers were needed for business purposes.

According to the Rebbe, those safeguards protected countless Jewish families and prevented many people from being drawn into harmful influences.

He similarly pointed to the battles against video technology and smartphones.

“When video and smartphones arrived, there was still a solution,” he said. “A person could choose not to bring those devices into the home. Through those efforts, thousands of G-d-fearing Jews were protected, and holy Jewish homes remained pure and safeguarded.”

The central focus of the speech came when the Rebbe turned to artificial intelligence, which he repeatedly described as a new and uniquely dangerous spiritual threat.

“Now, however, a new yetzer hara has arrived, far worse than what came before. This yetzer hara is called AI.”

The Rebbe warned that AI can be accessed through virtually any device, including what are commonly considered kosher phones.

“Even through a kosher phone, one can become connected to this yetzer hara,” he said. “And it possesses an enormous power of attraction.”

The Rebbe distinguished between business-related uses of AI and other forms of engagement with the technology, saying that while business applications also require extreme caution, his primary concern was a second category that he believed presents grave spiritual risks.

“Oy li im omar, oy li im lo omar — woe is me if I speak and woe is me if I remain silent,” he said. “The children already know about this. The young boys and girls already know about it. Everything is open before them.”

The Rebbe went on to warn that AI provides easy access to material and influences that violate the most fundamental prohibitions of Judaism.

“Every forbidden thing — idolatry, immorality, bloodshed — this tool opens a path to it,” he declared. “It draws young people into those terrible places and pulls them down into the depths.”

At one point, the Rebbe became visibly emotional as he described what he said is already taking place within Jewish homes.

“Many, many young people are already immersed in this,” he said. “With every phone in the house, a person can connect to this kelipah in an instant. Parents are unaware. They have no way to supervise it.”

He repeatedly described the situation as “geferlich” — frightening and dangerous — and cried out, “Gevald! Gevald on the world!”

According to the Rebbe, the consequences are already being felt among young men, young women, and even married Torah scholars.

“There are victims,” he said. “Young bochurim, older bochurim, girls in Bais Yaakov, even young avreichim. They become connected to this kelipah and fall into spiritual ruin.”

He warned that such involvement destroys yiras Shamayim, weakens a person’s desire to learn Torah, and introduces influences that can fundamentally alter a person’s spiritual life.

“This removes all desire for the holy Torah,” he said. “It strips away the taste of Torah and brings the impurity of America directly into holy Jewish hearts.”

The Rebbe then issued one of the most striking directives of the address, calling on community members to intervene if they become aware of individuals who are involved with what he described as the dangerous side of AI.

Citing the Torah’s command regarding testimony and responsibility, he said that anyone aware of another person’s involvement has an obligation to notify the administration of the institution where that individual studies.

“If someone knows of another person who is connected to this kelipah, he must immediately inform the administration of the institution so they can save that soul from destruction,” the Rebbe said.

He stressed that the primary defense against the danger is personal vigilance and self-supervision, arguing that no external system of monitoring can effectively address the challenge.

Despite the grim tone of much of the speech, the Rebbe concluded with a message of hope for those who have already become involved with AI and wish to change course.

Returning to the verse “Hashem, You have raised my soul from the grave,” he cited the teachings of the Shelah HaKadosh and emphasized that no one is beyond recovery.

“Even someone who has already fallen into these traps can still be rescued,” he said. “A person can sever his connection to this kelipah and leave it behind.”

He urged listeners to turn to Hashem in sincere prayer and ask for the strength to break free from harmful influences and reclaim their spiritual lives.

“May Hakadosh Boruch Hu help us subdue the sitra achra,” the Rebbe concluded, “and merit to serve the Creator with a pure heart throughout our lives, ‘and I shall dwell in the House of Hashem for length of days.’ Amein.”

A dump truck tipped over onto its side on 18th Avenue and 64th Street, just outside the Target store in Boro Park.

Emergency crews responded to the scene as the overturned truck blocked part of the roadway, causing traffic disruptions in the busy commercial area.

The cause of the incident was not immediately known. There was no immediate word on injuries. Motorists are advised to avoid the area and expect delays as crews work to clear the scene.

This comes exactly one week after a sinkhole opened beneath a dumpster truck at 19th Avenue and 51st Street.

New York City is launching a series of initiatives to help New Yorkers and visitors support small businesses and explore neighborhoods in every borough during the FIFA World Cup. Mayor Zohran Mamdani announced on Friday a new $26 dining special at participating restaurants and bars throughout the six-week tournament. According to the city, nearly 600 businesses have signed up to partake in the program, which will run from June 11 through July 19.

Photo Credit: Kara McCurdy / Mayoral Photography Office on Flickr

The “Five Boroughs Winners Special” will offer fixed $26 food and drink options at participating businesses. Establishments in the program may offer any food or drink specials at that price, including prix-fixe menus, beverage-and-bite pairings, drink specials, or other promotions.

“In New York City, you do not need an expensive ticket to be part of the World Cup. Our small businesses have some of the best seats in the house,” Mamdani said. “The Five Borough Winners Special will help working New Yorkers and visitors find a reliably priced place to eat and drink while driving more business into neighborhoods across our city.”

“Whether you are watching the match from a restaurant in Jackson Heights, a bar in the Bronx or a cafe in Central Brooklyn, the World Cup should be something every New Yorker can take part in,” he added.

The deadline for businesses to sign up for the program is July 1.

Businesses may also sell limited-edition commemorative cups with the purchase of food or a beverage. The 24-ounce reusable cups will feature a different design for each borough. Restaurants that register before June 11 will receive two free cases of cups, 96 total, by July 4, while supplies last. The $26 special and cup giveaway may be offered together or separately.

Mamdani also highlighted the FIFA World Cup NYNJ Host Committee’s “Welcome World Rewards” program, which encourages fans to explore neighborhoods and support local businesses before and during the tournament.

Fans can check in at participating businesses, earn points, and unlock games, experiences, and rewards. Those who accumulate enough points will be eligible for exclusive merchandise and the chance to attend the final on July 19.

Both of the programs are part of the city’s broader effort to build hype around the World Cup. The tournament, hosted at New Jersey’s MetLife Stadium, includes five group-stage matches on June 13, 16, 22, 26, and 27, a round of 32 match on June 30, a round of 16 match on July 5, and the final on July 19, as 6sqft previously reported. 

Earlier this month, the city launched a “neighborhood passport” to help New Yorkers and visitors discover affordable ways to experience the World Cup. Participants will be able to collect stamps from hundreds of community organizations and public events, while exploring immigrant neighborhoods, cultural institutions, and small businesses across the five boroughs.

NYC Tourism + Conventions will also launch a new calendar and interactive digital map to help users find low-cost events, promotions, and activities during the tournament.

Last week, the mayor announced the city had secured 1,000 World Cup tickets, to be available via lottery to New Yorkers for $50 each. The lottery, which opened on Monday and will open daily at 10 a.m. until May 30, will accept 50,000 entries daily.

RELATED:

• NYC to widen protected bike lane on Sixth Avenue before World Cup
• NYC residents can enter lottery for $50 World Cup tickets
• NYC Ferry boosts service this summer ahead of the FIFA World Cup

The post NYC restaurants to offer $26 dining deals during World Cup first appeared on 6sqft.

CALIFORNIA (JNS) – The Santa Monica Police Department defended its decision not to call an attack on a Jewish couple, in which a man was captured on video displaying a bat and chasing after them with a dog, a hate crime.

“The fact that the filed charges do not include a hate crime enhancement does not mean the reported language or conduct was acceptable, nor does it diminish the impact on the victims or the broader community,” the Greater Los Angeles area department said on Thursday.

“Criminal threats remain a serious charge and reflect the threatening conduct reported during the incident,” it said.

“Hate has no place in Santa Monica,” stated Darrick Jacob, the police chief. “We understand the fear and harm these incidents can create, not only for the victims, but for the broader community.”

“Our responsibility is to respond quickly, document the facts thoroughly, and pursue accountability through the legal process,” he added.

The police department said that it “understands the concern this incident caused, particularly among members of the Jewish community and others who viewed the video or heard reports about the incident.”

Police said that officers arrested Nay Min Tar, 49, of Illinois, for allegedly threatening and attacking the couple on May 24 at about 5:20 p.m.

“The preliminary investigation indicates Tar was driving on Broadway when he stopped in traffic and began yelling threats at two people crossing the street,” the department stated. “Tar then exited the vehicle and chased one of the victims while continuing to make threats. During the incident, Tar’s dog, described as a Cane Corso, chased the victim and bit him on the thigh.”

According to the American Kennel Club, that breed is “a peerless protector,” whose “lineage goes back to ancient Roman times, and the breed’s name roughly translates from the Latin as ‘bodyguard dog.’”

The local fire department treated the victim for “a minor injury related to the dog bite,” and animal control sent the dog to a local shelter, where it is being quarantined, the police department said.

“Witnesses reported offensive and threatening language during the incident,” the police department said, and it “documented those statements as part of the investigation. Detectives reviewed the available evidence, including witness statements and video evidence.”

The Los Angeles County District Attorney’s Office filed a count of criminal threats and one of battery, it said. Police had previously said that the man was being charged with assault with a dangerous weapon.

Mark Goldfeder, director of the National Jewish Advocacy Center, previously told JNS that it is “unbelievable” that the Santa Monica Police Department did not immediately classify an incident, in which the man allegedly displayed a bat, chased the Jewish couple and called them “genocidal,” as a hate crime.

“When someone attacks innocent Jewish pedestrians while screaming Israel-related collective-guilt accusations, that is not just ‘political speech,’” he said. “It is evidence of motive.”

“The bat, the chase, the threats and the dog are the crime,” he told JNS. “The words explain why he picked them as his target.”

Senior Hamas officials have no intention of giving up their weapons and believe the terrorist organization has emerged stronger since the ceasefire agreement, according to a regional diplomat who recently met with members of the group’s leadership.

The diplomat told Israel’s Channel 13 News on Thursday that Hamas leaders are convinced the United States will prevent Israel from launching any major new military campaign in Gaza and believe their position in the territory continues to improve.

According to the diplomat, Hamas officials told him, “Our strength has increased since the ceasefire agreement. There is no reason whatsoever for us to disarm. Trump will not allow Netanyahu to advance large-scale and far-reaching military operations in Gaza. Israel must fulfill its side of the agreement.”

The diplomat said Hamas has gained confidence since the withdrawal of significant Israeli military forces from parts of Gaza and believes its grip on the territory will continue to grow.

He added that during one of the meetings, Hamas officials referenced the phrase “total victory” in Arabic and openly questioned whether Israel would ever be able to achieve such an outcome.

The report comes as Israel continues its campaign against Hamas leadership. On Wednesday, the IDF and Shin Bet confirmed the elimination of Mohammed Odeh, who had recently assumed command of Hamas’s military wing following the death of Izz al-Din Haddad.

According to the joint statement, Odeh was killed in an Israeli airstrike in Gaza City after months of intelligence-gathering aimed at tracking his movements and those of his associates. Several buildings used as hideouts in the Rimal neighborhood were targeted during the operation. A nearby apartment used by a Hamas terrorist who participated in the October 7 massacre and was part of Odeh’s support network was also struck.

“Odeh served as the head of Hamas’ military wing over the past two weeks, following the elimination of Izz al-Din Haddad,” the IDF Spokesperson said. “In recent years, Odeh served as the head of Hamas’ intelligence headquarters. In his role, he was responsible for planning and coordinating attack and raid targets carried out by Hamas terrorists during the October 7 massacre.

“In addition, throughout the war, Odeh was involved in directing numerous terrorist attacks and led intelligence collection and analysis efforts for the purpose of carrying out terrorist operations against IDF forces and Israeli civilians. The Hamas intelligence apparatus under his command supported the organization’s terrorist activities and provided the operational framework for actions that posed a threat to IDF troops and citizens of the State of Israel.”

{Matzav.com}

WASHINGTON (VINnews) — Republicans on the House Judiciary Committee say a new investigation has uncovered financial links between federal grants awarded during the Biden administration and nonprofit groups that supported anti-government protests in Israel or had ties to organizations accused of supporting terrorism, according to a report by JNS.

In a memorandum distributed to committee members Friday, Republicans alleged that funding from agencies including the U.S. Agency for International Development and the State Department reached organizations that later supported protests against Israeli Prime Minister Benjamin Netanyahu or provided funding to groups with alleged terrorist connections.

House Judiciary Committee Chairman Jim Jordan said the findings raise questions about oversight of taxpayer-funded grants. The committee said some grants were awarded for unrelated international development programs but argued the funding may have enabled recipient organizations to support political activism elsewhere.

The memorandum cites several nonprofit organizations and alleges that some funds ultimately reached groups linked to anti-Israel activism or organizations designated by Israel or the United States as having ties to terrorist groups. The committee did not allege that Biden administration officials knowingly directed money to terrorist organizations.

Republicans said they plan to continue oversight efforts aimed at preventing federal funds from being used in ways they say could undermine U.S. allies or benefit organizations linked to extremism.

Ride4Regesh is more than just a bikeathon — it’s an unforgettable experience for the entire family!

Join the largest and most exciting boys’ biking event in the country, bringing together over a thousand boys for an evening filled with fun, energy, friendship, and purpose.

 AWESOME PRIZES
 RIDE WITH YOUR FRIENDS
 AN INCREDIBLE EXPERIENCE
ALL WHILE DOING A HUGE MITZVAH!

On Sunday, June 21st, the Blue Claws Stadium Parking Lot will transform into a high-energy celebration as over a thousand boys come together for the ultimate bikeathon experience.

Boys who raise a minimum of $100 are invited to participate — and the more you raise, the bigger the prizes you can earn!

The bikeathon begins with an exciting ride through the streets of Lakewood, complete with Police and Chaveirim escorts guiding riders safely along the route. Participants will then return for an exciting show and celebration you do not want to miss!

 Awesome R4R swag
 Refreshments
 Exciting raffles
 Nonstop fun throughout the event

Registration is quick and easy — it takes just 2 minutes!

HOW IT WORKS

  STEP 1: REGISTER
3 EASY WAYS TO REGISTER:

 Online at Ride4Regesh.com
 Call the hotline: 833-R4R-BIKE (747-2453) during business hours.
 A parent can text “REGISTER” to 352-R4R-TEXT (747-8398)

  STEP 2: Raise at least $100 to participate
(The more you raise, the bigger the prizes!)

  STEP 3: Join us on Sunday, June 21st from 7:30–9:15 PM for an unforgettable family event
(Girls up to age 10 are welcome.)

Once registered, participants can begin raising money for The Regesh Network — an incredible organization dedicated to supporting children and families facing emotional challenges and distress.

Participants have until Sunday, June 21st — the day of the event — to raise money.

 EVENT DETAILS
 Sunday, June 21st
 7:30–9:15 PM
 Blue Claws Stadium Parking Lot

Families are invited to attend and cheer on the riders! (Girls up to age 10 are welcome.)

Can’t make it to the event? No problem. You can still join the Ride4Regesh campaign as an R4R Raiser and remain eligible for the same exciting prizes — even if you’re not riding.

  Mark your calendar for Sunday, June 21st, and get ready for an evening filled with excitement, purpose, and unforgettable memories!

 We can’t wait to see you at the finish line!

The Ride4Regesh Team
Rabbi Naftoli Stern
Rabbi Yudi Altusky
Rabbi Meyer Tesler

Sen. Cory Booker sharply criticized President Donald Trump’s immigration policies during a CNN appearance Thursday, describing the administration’s enforcement efforts as “chaotic, cruel and corrupt” after visiting a detention facility in Newark, New Jersey.

During an interview on The Lead, host Jake Tapper asked the New Jersey Democrat about his visit to the center and what he learned from speaking with detainees housed there.

“Senator, you went inside the facility yesterday. You said it is a moral stain in our nation. What did you see? What did the detainees tell you?” Tapper asked.

Booker responded by focusing on the facility’s private ownership and the conditions he said detainees are facing inside.

“Well, remember this is being run by a private corporation that showered Republicans with cash. Have $1 billion operation. So it is a private, for profit prison now profiting off of people’s pain. Inside, the conditions were insufficient and unacceptable. From lots of complaints about medical conditions, not getting the proper treatment from women, not getting the proper gynecological care when they were in severe crisis. And obviously, we’re hearing complaints about the food and more. Remember, these people are New Jersey’s neighbors. There are people in there that I talked to that have been in our country not years but decades, who have American children and grandchildren who have committed no crimes. A majority of the people there have committed no crimes. And so this is a problem and a moral abomination on multiple levels.”

Booker said his visit reinforced concerns he already had about the administration’s approach to immigration enforcement, arguing that Newark has become a focal point in the broader national debate over the issue.

“I now see again, this is a president with a chaotic, cruel and corrupt, immigration enforcement. And we’re seeing the epicenter now moving to Newark, New Jersey.”

By JBizNews Desk

Kevin Warsh got the job he wanted.

Now he has to make the kind of decision new Federal Reserve chairmen almost never face immediately: whether to raise interest rates, cut them, or do nothing — at a moment when every option risks making the economy worse.

Warsh was sworn in May 22 as the 17th chairman of the Federal Reserve, replacing Jerome Powell after a closely watched Senate confirmation vote.

President Donald Trump picked him for a simple reason: Trump wants lower interest rates, and Warsh spent much of the past year arguing they could eventually come down.

As recently as December, Warsh publicly argued that advances in artificial intelligence would improve productivity, cool inflation pressures and open the door for future rate cuts.

Then the Iran war happened.

And suddenly the economy stopped cooperating.

To understand the problem Warsh faces, you only need three numbers.

The first is the federal funds rate itself — currently sitting between 3.50% and 3.75%.

That rate influences mortgages, auto loans, business borrowing and credit-card costs across the economy. The Fed cut rates three times in late 2025 before pausing earlier this year.

The second number is inflation.

Consumer prices in April rose 3.8% from a year earlier — the highest inflation reading in nearly three years and far above the Fed’s official 2% target.

Energy prices drove much of the increase after the Iran conflict sent oil prices sharply higher. Gasoline prices alone rose more than 28% year over year.

The third number is what makes the situation genuinely difficult:

The labor market is weakening.

Job growth has slowed for months. Hiring is softer. Economic momentum is cooling.

So at the exact moment inflation is rising again, the economy itself is no longer clearly overheating.

That creates the trap.

Normally, the Fed’s dual responsibilities point in the same direction. A strong economy with rising inflation usually calls for higher interest rates. A weak economy with slowing inflation usually calls for cuts.

Right now, those signals are pointing opposite ways.

Inflation argues for a rate hike.

The labor market argues for a cut.

And doing nothing risks satisfying nobody.

Cut rates too early, and the Fed could fuel inflation that is already approaching 4%.

Raise rates to fight inflation, and the Fed risks crushing an already fragile labor market while directly frustrating the president who appointed Warsh in the first place.

That leaves the third option: pause and wait.

At the moment, that appears to be Warsh’s instinct.

Traditional central-bank thinking often treats oil shocks differently from broader inflation. Energy spikes can temporarily push inflation numbers higher without necessarily meaning prices across the wider economy are spiraling out of control.

Warsh has long favored looking at “trimmed average” inflation measures that remove the most extreme price swings to identify underlying trends.

Under those measures, inflation appears calmer than the alarming 3.8% headline number suggests.

But even that argument is becoming harder to make.

Core inflation — which strips out food and energy entirely — still climbed to 2.8% in April. Shelter costs continued rising as well.

The oil shock may be the loudest part of the inflation story.

It is no longer the only part.

Warsh also inherits a Federal Reserve that is already deeply divided internally.

At Powell’s final meeting in April, Fed officials split 8-4 — the largest level of dissent inside the central bank since 1992.

And the divide was not simple.

Some officials objected to language hinting future cuts might come later this year, arguing the Fed should keep the possibility of rate hikes on the table instead.

At the same meeting, Governor Stephen Miran, whose seat Warsh now fills, dissented in the opposite direction and argued aggressively for immediate cuts.

That means Warsh is not stepping into a committee unified around caution.

He is stepping into one split between policymakers who think the next move could be a hike and others who think it should already be a cut.

Building consensus out of that may be harder than setting rates themselves.

There is another issue that could matter even more to Wall Street.

Warsh wants to change how the Federal Reserve communicates.

For years, the Fed has publicly telegraphed its thinking through press conferences, forecasts and the famous “dot plot” — a quarterly chart showing where officials expect interest rates to go.

Markets have built entire trading systems around interpreting those signals.

Warsh believes the Fed became too dependent on its own forecasts and trapped itself into policies it should have abandoned earlier during the inflation surge of 2021 and 2022.

He has floated scaling back press conferences and potentially eliminating the dot plot entirely.

“If one has a press conference,” Warsh previously said, “one wants to deliver some important news.”

Critics argue that approach could inject even more uncertainty into already fragile markets.

Former Fed economist Claudia Sahm said she was stunned by how far Warsh appears willing to reduce communication.

The concern is straightforward: markets can tolerate bad news more easily than uncertainty.

And uncertainty is exactly what a less communicative Fed could create.

Investors themselves are already shifting expectations sharply.

Markets now see little chance of rate cuts this year.

According to CME Group’s FedWatch tool, traders increasingly expect the Fed to hold rates steady through the summer, while expectations for a possible rate hike later this year have risen sharply.

Bank of America has projected no rate cuts until the second half of 2027.

That leaves Warsh in an uncomfortable position.

He was selected largely because the White House wanted lower rates.

But the economic data may force him to do the opposite.

As Jim Bianco, president of Bianco Research, summarized it: “He’s got a tough job there now.”

Warsh’s first major test comes June 17, when he chairs his first Federal Open Market Committee meeting.

The most likely outcome, according to nearly every major forecast, is that he does nothing at all.

He pauses.

For a chairman brought in to lower rates, the safest first move may simply be proving he can wait.

New York — JBizNews Desk

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

America’s economic dashboard is flashing green.

The S&P 500 trades near 7,400, a record. The Nasdaq has pushed past 26,000, also a record. The Dow sits near all-time highs. On paper, the message could not be clearer: the economy is booming.

Now ask the average American how the economy feels. You will hear a completely different story.

Families are rationing groceries. Total household debt has climbed to a record $18.8 trillion, with credit-card balances alone near $1.25 trillion and a rising share of borrowers falling behind. Homeownership is slipping out of reach for millions. More Americans are working second jobs just to hold their ground.

Both of these realities cannot be equally true. And yet we are told they are.

The uncomfortable fact is that America’s most-watched economic indicators have stopped telling the full story.

For generations, the stock market served as a rough proxy for the nation’s economic health. Manufacturing, transportation, retail, energy, banking, healthcare, and consumer spending all fed into it. When the market rose, it usually meant the broad economy was rising too.

That link is now breaking.

A handful of companies tied to artificial intelligence are increasingly responsible for driving the major indexes. The “Magnificent Seven”, Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla, now make up roughly 35% to 40% of the entire S&P 500 by market value. Forty cents of every dollar flowing into a passive S&P 500 index fund now pours into just seven companies.

Think about what that means. The benchmark most Americans treat as a measure of the whole economy has quietly become a concentrated bet on a single industry. When those seven names rise, the index rises, and the country is told it is prospering, even if the other 493 companies and the families who depend on them are struggling.

There is nothing wrong with innovation. AI may prove to be one of the most important breakthroughs in modern history. But when one industry grows powerful enough to pull the entire market higher while much of the country feels left behind, the market stops working as an honest barometer.

The market is supposed to reflect the economy. Instead, the economy is being overshadowed by the market.

It gets harder still. Some of Wall Street’s strongest performers are thriving precisely because of conditions that hurt ordinary Americans.

Oil companies post record profits when energy prices spike. Banks post record profits when interest rates stay high. Shareholders cheer those earnings. But many of those profits are built on the very pressures crushing families trying to cover a mortgage, a car payment, the grocery bill, and the credit-card minimum.

In plain terms: some of the most celebrated corporate earnings in America today are being fueled by the financial pain of the middle class.

That should stop policymakers cold.

Consider one striking, and openly debated, statistic. Moody’s Analytics chief economist Mark Zandi estimates that the top 10% of American households, those earning roughly $250,000 or more, now account for nearly half of all consumer spending, around 49%, the highest share since the data began in 1989. Three decades ago it was about 36%. Zandi estimates this single sliver of households drives close to a third of the entire economy.

Some economists dispute Zandi’s exact figures, and that debate is healthy. But even the more conservative estimates from the Federal Reserve Bank of Minneapolis and the New York Fed confirm the underlying truth: spending by the wealthy has pulled far ahead of everyone else since 2020, while the bottom 80% have merely kept pace with inflation. As Zandi himself put it, it is no mystery why most Americans feel the economy isn’t working for them.

When economic growth leans this heavily on the spending of the richest Americans, it manufactures the appearance of broad prosperity while millions quietly fall behind. And it builds that prosperity on a dangerously narrow foundation. Consumer spending drives about 70% of the economy. If the fortunes of the wealthy turn, say, a sharp market drop that dents their confidence, the spending that props up the whole system could pull back overnight.

Meanwhile, a growing number of Americans are taking on second jobs, side gigs, and extra shifts, not for ambition, but for survival. Housing, groceries, insurance, healthcare, transportation, and interest payments have all outrun household incomes. For millions, one paycheck is no longer enough.

That is a warning sign, not a footnote.

An economy where record market gains sit alongside record consumer debt, rising financial anxiety, and a growing need for multiple jobs is not a balanced economy. It is an economy sending two contradictory signals at once.

Now look at the moment we are living through. The Middle East remains unstable. The Strait of Hormuz, one of the world’s most vital energy corridors, faces ongoing risk. Oil prices are volatile. Consumer debt is at historic highs. Affordability is strained across much of the country.

And still, the stock market sets records.

If that does not raise hard questions about how we measure economic health, what will?

Here is the heart of it: America does not have a market problem. It has a measurement problem.

We need a new economic scorecard, one that tracks not just stock prices and corporate profits, but the things families actually live:

• Wage growth versus inflation
• Consumer debt burdens
• Housing affordability
• Small-business health
• Household savings
• Middle-class purchasing power
• Workforce participation
• Economic mobility
• Sector balance across the broader economy

And we must ask, seriously, whether any single industry should be allowed to dominate the indexes Americans treat as a proxy for national health. Perhaps AI deserves its own dedicated benchmark. Perhaps the broad indexes should be reweighted to reflect real economic diversity. Perhaps we need entirely new measures built for a new economy.

The specific solution is open for debate. What is no longer debatable is that the current system is losing credibility.

I write this because someone needs to say plainly what millions of Americans already know in their gut: the economy being celebrated on Wall Street is not the economy being lived on Main Street.

The market is strong. AI is creating staggering value. Corporate profits are climbing. But beneath those headlines, millions of Americans are working longer hours, carrying record debt, and watching the American Dream drift further away.

If one industry can drive the indexes higher while much of the country struggles, if oil profits rise while families pay more at the pump, if banks book record earnings while Americans pay record interest, and if growth increasingly depends on a thin slice of high earners, then our dashboard is no longer measuring the health of the nation.

It is measuring the success of a select few while ignoring the reality facing everyone else.

Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, members of Congress, state legislators, economists, regulators, and business leaders should come together to modernize how America measures its economy, building a scorecard that captures affordability, debt, wages, household stability, and middle-class prosperity alongside stock prices and earnings.

This is not about politics. It is about credibility.

Because if Americans keep being told the economy is thriving while their own lives say otherwise, trust in our institutions, our markets, and our data will keep eroding. And once people stop believing the scoreboard, they stop believing in the system itself.

America deserves an economic dashboard that reflects reality, not just market performance.

America needs a new economic scorecard for a new economy.

The time for lawmakers, regulators, and business leaders to act is now.

JBizNews Desk – Duvi Honig is The Founder & CEO, of The Wall Street Based Orthodox Jewish Chamber of Commerce

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

34 KRIAS HATORA when weeke not alligned with ey

Pushing back against the Park Slope Food Coop’s decision to boycott Israeli products, the UJA-Federation of New York, which said the boycott is “divisive and hate-driven,” bought 20,000 bags of Bamba and said it would distribute them at Sunday’s Israel Day Parade in New York City.

The food co-op is popular for selling food and fresh produce at low prices to its members in exchange for a once-in-six-weeks work shift.

In a vote that was moved online due to security concerns, 8,400 out of 17,000 members voted in a landslide, 67 percent to 31 percent, to boycott Israeli products, while 2 percent abstained.

The co-op sells a few Israeli products, such as Bamba, Dorot frozen herb and garlic cubes, a few brands of tahini and Equal Exchange olive oil. Equal Exchange is particularly notable because it uses olives grown by Arab farm owners in Judea and Samaria. The boycott thus hurts not only Jews but the very people the boycotters purport to care about.

The UJA-Federation posted about the Bamba purchase on X.

The UJA-Federation manufactured a new slogan in response to the boycott. (From the UJA-Federation X account)

“Bamba, anyone?” the group wrote. “In response to the divisive and hate-driven boycott of Israeli products at the Park Slope Food Coop, UJA is buying those very products, starting with a purchase of 20,000 bags of Bamba.”

“Stay tuned as we distribute these beloved Israeli snacks at community events over the next few weeks — because we’re all better with Bamba,” the statement added.

Mark Goldfeder, director of National Jewish Advocacy Center, threatened the co-op with a lawsuit.

“Dear Park Slope Food Coop,” he wrote on X. “Today, NJAC Law sent a demand letter on behalf of members and importers harmed by PSFC’s illegal Israel boycott. Your mission statement says diversity and equality.”

A note left outside the co-op expresses the frustration and anger of many. (From a post on X)

“Prove it. Sell kale,” he demanded. “Stop discriminating. Do it, or we’ll see you in court.”

The Anti-Defamation League also weighed in with a withering condemnation.

“Isn’t the Park Slope Food Co-op supposed to be about community?” the group said in a statement. “Instead of bringing neighbors together, this community institution chose to alienate many of its longtime Jewish members and their allies by banning a handful of Israeli products. This move does nothing to advance peace in the Middle East; instead, the heinous rhetoric about Israel and Jews invoked in the process to ban these products contributes to the intense climate of antisemitism in NYC.”

An unknown person left a note on a bag outside the store that summed up the feelings of outrage sparked by the boycott.

“To the co-op members who voted to boycott Israeli products (aka hypocrites),” the person wrote. “Have you looked into products from Italy or are you giving the Vatican a pass for protecting pedophiles?”

“Enjoy your mediocre hummus!! xo,” they concluded.

This post was originally published on this site.

Syria’s transitional government announced that it has uncovered additional remnants of Bashar Assad’s long-concealed chemical weapons program and detained 18 individuals allegedly connected to its development and operation, marking one of the most significant investigations into the former regime’s weapons activities since Assad’s downfall.

Assad was driven from power in December 2024 and later fled to Russia, one of the key allies that supported his government throughout Syria’s devastating civil war. Following his removal, control of the country passed to a transitional administration led by a coalition of insurgent and jihadist factions under Ahmed al-Sharaa, a former member of al-Qaeda.

Since taking power, Syria’s new leadership has distanced itself from both Russia and Iran, Assad’s longtime backers, while seeking closer ties with Western governments. Among its initiatives was joining the Global Coalition to Defeat the Islamic State in November 2025.

The government has also expanded cooperation with the Organization for the Prohibition of Chemical Weapons (OPCW), headquartered in The Hague. On Tuesday, the OPCW reported that inspectors had gained access to multiple chemical weapons facilities that had never previously been disclosed by the Assad government. During those inspections, teams discovered “dozens of undeclared chemical munitions such as aerial bombs and rockets, as well as separately found chemicals and related equipment.”

Authorities working alongside OPCW personnel have so far identified more than 70 rockets and aerial bombs apparently built to deliver chemical agents, similar to munitions linked to attacks carried out by Assad’s forces against opposition-held areas in 2013 and 2017.

Investigators also located materials associated with the production of sarin nerve gas. Among the substances recovered was hexamine, a compound with legitimate industrial uses that was previously identified as a component used by Assad’s chemical weapons specialists in the manufacturing process for weaponized sarin.

Previous investigations by OPCW and United Nations teams uncovered stores of chlorine and mustard gas used by Syrian military units. Officials say nearly 100 additional sites across Syria remain on the list for future inspection.

Mahamad Katoub, the transitional government’s representative to the OPCW, described the discoveries and arrests as a major victory for both Syria and the international community.

“Today we delivered for the Syrian people and for the world, despite the secrecy, the danger, and the enormous security challenges,” he said.

“It is the first time such munitions could be recovered before they were used in crimes against the Syrian people,” he added.

Katoub declined to publicly identify the 18 people taken into custody but said those arrested include “high-level military, political, and technical officials.” He noted that at least four of the suspects are already under sanctions imposed by the United States, the United Kingdom, or the European Union.

Earlier this month, on May 8, Syria’s Interior Ministry announced the arrest of former Brig. Gen. Khardal Ahmed Dayoub, a senior Assad-era military commander accused of involvement in a 2013 chemical attack near Damascus. Authorities also linked him to chemical assaults in Eastern Ghouta.

Officials charged Dayoub with “direct involvement in systematic violations against civilians,” including responsibility for attacks that killed approximately 1,400 people.

OPCW Director-General Amb. Fernando Arias said Wednesday that the latest findings reinforce longstanding conclusions that Assad’s government concealed critical information about the scope of its chemical weapons activities.

“confirms the Secretariat’s repeated assessment since 2014 that the former Syrian regime withheld information and unsuccessfully attempted to mislead the Secretariat and the international community on the extent of its chemical weapons program.”

Arias praised the cooperation shown by Syria’s current authorities during the investigation.

“I welcome Syria’s cooperation and support for this deployment,” Arias said.

He stressed that substantial work remains ahead and called on Syrian officials to fully account for and eliminate the materials that have been uncovered.

“The Syrian authorities now need to declare and destroy what has been found, under the Secretariat’s verification and to continue supporting the Secretariat in unveiling the full scope of the chemical weapons program they have inherited,” he added.

{Matzav.com}

By Y.M. Lowy

Friday will be warm with a high of 79 and a low of 54. Expect sunshine mixing with clouds through the day, along with a delicious breeze arriving later in the afternoon.

Shabbos will be cooler and a bit windy with a high of 64 and a low of 54. Clouds will dominate at times, though some sunshine will still manage to break through.

Sunday turns very warm again with a high of 73 and a low of 61. Partly sunny skies and comfortable temperatures should make it a great day for outdoor activities.

JBizNews Desk — May 29, 2026

Lawyers for Jonathan Andic, the son and heir of late Mango founder Isak Andic, filed an appeal Thursday seeking to overturn the provisional detention order against him, arguing that the evidence surrounding his father’s death points to an accidental fall rather than homicide, according to court filings accessed by Spanish news agency Europa Press.

The case has rapidly evolved from a family tragedy into a corporate-governance crisis surrounding one of Europe’s largest privately held fashion retailers.

Mango, founded by Isak Andic in Barcelona in 1984, grew into one of the world’s largest fast-fashion brands and a direct rival to Inditex-owned Zara, operating in more than 100 countries and generating approximately €3.8 billion ($4.4 billion) in annual sales last year. The company remains overwhelmingly controlled by the Andic family through their holding company Punta Na Holding, making the legal fight deeply tied to the future leadership and stability of the business itself.

The appeal, led by prominent defense attorney Cristóbal Martell, directly challenges the forensic foundation underlying prosecutors’ allegations.

Investigators from the Mossos d’Esquadra Mountain Intervention Unit had previously conducted a series of simulations at the scene of Isak Andic’s fatal fall, concluding that marks discovered near the location appeared inconsistent with a simple accidental slip. According to the investigative report cited by the judge, recreating the marks required repeated deliberate pressure against the ground rather than a single uncontrolled fall.

The defense argues the opposite.

Martell’s filing contends the police analysis itself admitted investigators could not determine whether a slip occurred before the fall and further argues the scene had not been properly secured, potentially contaminating evidence and undermining the reliability of later forensic testing.

The legal fight has also turned heavily toward medical evidence.

The judge’s original detention order reportedly cited the absence of palm injuries and the positioning of the body to argue against a forward accidental fall. The defense counters that forensic experts found no evidence pointing toward homicide or third-party involvement.

Defense lawyers additionally submitted an independent multidisciplinary expert report concluding the injuries remained fully consistent with an accidental fall.

A central argument now emerging from the defense is physical health.

According to the filing, Jonathan Andic’s legal team argues that his father suffered from knee weakness and mobility issues that could have contributed to an accidental stumble and fatal tumble.

The case carries unusually high stakes because of Jonathan Andic’s position inside the company.

Together with sisters Sarah and Judith Andic, he controls roughly 95% of Mango through the family conglomerate. Earlier this week, Jonathan announced he would temporarily step aside as Mango’s vice chairman while focusing on his legal defense.

The appeal also attempts to dismantle prosecutors’ claims that father and son maintained a deeply deteriorated relationship.

Defense filings reportedly include statements from Jonathan’s sisters, Isak’s brother, close family associates, household staff, Mango executives, and company leadership, all describing the relationship between father and son as positive rather than hostile.

The filing also references private therapy emails beginning in early 2024 that, according to the defense, contain no expressions of hatred or resentment toward his father.

That sharply contrasts with the narrative presented by investigators.

The judge’s earlier arrest warrant stated there was sufficient evidence suggesting Jonathan Andic may have played an “active and premeditated role” in his father’s death, citing alleged tensions surrounding money, inheritance issues, and WhatsApp messages prosecutors described as reflecting anger and resentment.

Jonathan Andic became an official suspect late last year after investigators identified what they described as inconsistencies in his testimony and seized his mobile phone during the investigation.

The defense closed its appeal by condemning what it called a premature public judgment campaign, arguing that Jonathan’s highly publicized arrest and media exposure amounted to “social condemnation as anticipated punishment” before a trial has even begun.

For Mango, the implications stretch well beyond the courtroom.

The company itself remains financially healthy and globally competitive, but the future control of one of Europe’s most important privately held fashion businesses is now tied directly to the outcome of a criminal case unfolding in Spain’s courts rather than its boardrooms.

Barcelona — JBizNews Desk

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

ALBANY, N.Y. (VINnews) — More than 8 million New Yorkers are expected to receive one-time energy rebate checks of up to $200 under a $1 billion relief program included in the state budget, officials announced.

Gov. Kathy Hochul said the rebates are intended to help residents cope with rising utility costs and broader affordability challenges facing households across the state.

Under the program, known as the Protecting Our Wallets Energy Rebate, or POWER initiative, eligible residents will automatically receive payments without having to apply. Checks are scheduled to be mailed between September and December.

State officials said eligibility is based on 2024 tax returns. Joint filers with incomes below $150,000 will receive $200, while those earning between $150,000 and $300,000 will receive $150. Single filers with incomes below $150,000 will receive $100.

Hochul said the rebates are part of a broader effort to address the rising cost of living in New York, including increasing utility expenses that have strained household budgets.

“We know New Yorkers need relief,” Hochul said while discussing the program earlier this month. “The bills are getting higher and higher, and families are feeling the impact.”

The rebate program comes as many residents have voiced concerns over increasing electricity and gas costs. Consumer advocates and lawmakers have pointed to utility rate hikes as a growing burden for households already facing high housing, food and transportation expenses.

Republicans criticized the program as a temporary fix that does not address the underlying causes of rising energy costs.

Joseph Griffo, a Republican state senator from upstate New York, said residents need long-term relief rather than a one-time payment.

Despite the criticism, state officials said the rebates will provide direct financial assistance to millions of households and are expected to begin reaching mailboxes this fall.

Americans who are retired or are approaching retirement and are evaluating their investment portfolios can turn to exchange-traded funds (ETFs) that may offer built-in diversification for core holdings or exposure to specific sectors.

ETFs are securities that typically track indexes and allow investors to get exposure to a number of companies included in the index. For example, an ETF that tracks the S&P 500 allows an investor to purchase a single share of the ETF that holds shares in all 500 companies in the index, making it easy to get exposure to a broad swath of companies. 

Other types of ETFs may focus on providing investors with yield from dividends or bonds, classifications of companies like growth or value-oriented firms, specific sectors of the economy. Some may be actively managed to maximize returns, which typically entails higher expense ratios, while many ETFs are passively managed, which can involve lower expenses.

Retirees considering investing in ETFs will want to consider their risk tolerance, along with the diversification of a given ETF, its expense ratios, trading volumes and liquidity, as well as other factors like tax efficiency as they weigh an investment.

WHAT ARE ACTIVE ETFS AND HOW ARE THEY RESHAPING HOW AMERICANS INVEST?

“In retirement, simplicity and discipline often matter more than complexity and ETFs can help deliver both when used thoughtfully,” Carole Okigbo, global head of ETF capital markets and broker and index relations at Vanguard, told FOX Business. 

“Retirees should start with their goals, including how much income they need, their time horizon, and their comfort level with market swings. ETFs can be very effective building blocks, but it’s important to focus on total return, not just yield, and ensure each investment plays a clear role in supporting long-term retirement income needs,” Okigbo added.

US ETF ASSETS UNDER MANAGEMENT TO MORE THAN DOUBLE TO $25T BY 2030, CITIGROUP SAYS

Inga Rachwald, senior investment strategist at Schwab Asset Management, told FOX Business that “the selection of highly liquid ETFs would be of high importance to a retiree so that they have the ease of accessing their money when needed.” 

“Many ETFs track broad asset classes or indices so you get the benefit of diversification. Potential tax efficiency is another likely important component for retirees,” Rachwald added.

IS BUYING A SINGLE INDEX ETF SMARTER THAN PICKING INDIVIDUAL STOCKS?

Schwab’s Rachwald cited several examples of ETFs offered by her firm, such as SCHD provides dividend income and focuses on companies that grow their dividends.

“SCHZ could serve as the core of a fixed income portfolio, providing high quality income with intermediate duration exposure. SCCR is an alternative to SCHZ if investors would like to source an active strategy in the high-quality, intermediate duration core bond space,” Rachwald said. 

“SCHI would similarly provide some incremental yield coming from investment grade corporates who have bolstered balance sheets through the economic cycle,” she added.

Vanguard’s Okigbo noted similarly that her firm’s ETF offerings include broad market ETFs as well as bond ETFs that can serve as core components of a retirement portfolio.

“Many retirees benefit from starting with low-cost, broadly-diversified ETFs like Vanguard Total Stock Market (VTI) and Vanguard Core Bond (VCRB) and building from there,” Okigbo said.

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A Toms River man who authorities say was driving more than 100 miles per hour, under the influence of drugs, and with a suspended license has been indicted in connection with a fatal crash that killed a 76-year-old resident earlier this year.

Jamie Doyle, 40, was indicted by an Ocean County Grand Jury on charges including Aggravated Manslaughter, Vehicular Homicide, Strict Liability Vehicular Homicide, and Operating a Motor Vehicle with a Suspended Driver’s License While Involved in a Crash Causing Death.

The charges stem from a January 23 crash at the intersection of Route 37 westbound and Romana Lane in Toms River that resulted in the death of Ronald Bucher, 76, of Toms River.

According to investigators, Doyle was driving a white Nissan Maxima westbound on Route 37 when he slammed into Bucher’s Chevrolet Trax as it crossed the highway from Romana Lane.

Authorities said witnesses reported Doyle had been driving erratically and ignoring multiple traffic signals before the crash.

Investigators later determined Doyle was traveling approximately 106 miles per hour just five seconds before impact and struck Bucher’s vehicle at approximately 65 miles per hour in a 50 MPH zone.

Officials said Doyle was also operating the vehicle with a suspended driver’s license at the time of the crash.

Responding officers reportedly observed Doyle displaying erratic behavior, irregular speech, and constricted pupils at the scene. A court-authorized blood draw later allegedly revealed the presence of Phencyclidine (PCP) and Methylenedioxymethamphetamine (MDMA) in his bloodstream.

Bucher suffered catastrophic injuries in the collision and was pronounced deceased despite life-saving efforts.

Doyle was initially charged the night of the crash with multiple offenses, including Driving While Intoxicated, Reckless Driving, Careless Driving, and Driving While Suspended. Following further investigation, prosecutors upgraded the case to include Aggravated Manslaughter and Vehicular Homicide charges.

After being released from the hospital, Doyle was transported to the Ocean County Jail on January 30, where he has remained detained pending trial.

Questions swirl around the disappearance of a Jewish 14-year-old girl named Esther, or Esti, who was found safe Thursday in a 1960s-era bungalow in the Rexdale neighborhood of Etobicoke, a district in the western end of Toronto.

The tip that led to her discovery came from a call Wednesday night that she had been spotted in a Walmart at the corner of Rexdale Boulevard and Islington Avenue near the location where she was found. Police examined security cameras but did not know where she had gone from there. It was believed that she had entered a residential neighborhood nearby.

“They went up and down the street to check to see if neighbors had security video,” Joe Warmington, a reporter for the Toronto Sun, quoted a resident as saying.

The owner of the home where Esti was found answers a reporter’s questions. (From Joe Warmington’s X account)

A neighbor who observed police talking to someone nearby with a security camera said that suddenly they started sprinting toward a particular house.

“They were all running there toward the house,” Warmington said a neighbor offered, adding that there were at least “six officers and five police cars.”

“They brought out a white man of about 30 and put him in a police car,” the neighbor said. Esther followed soon after.

“She was wearing a black hoodie and a jacket and seemed to be walking fine,” the neighbor added. “They put her in a police car as well and then left.”

The Rexdale home where Esti was found. (From Joe Warmington’s X account)

The owner of the house, identified as Devon, told Warmington that his tenant, Duffy, works in construction. He said he has never had a problem with the construction worker, who always paid his rent on time. He also said he had no idea a girl was being kept in his house and was completely in the dark about what had transpired during the day, having been away at work.

Devon was brought in for questioning and remained at the police station late into Thursday night. It is unclear if he has been charged with anything, but his tenant is still in custody.

Devon, the owner of the home where Esti was found. (From Joe Warmington’s X account)

Esti disappeared on Friday, May 15, prompting a massive search organized by the Toronto Police Service and Shomrim. Shomrim set up a tip hotline manned by volunteers, and thousands of volunteers spread through the streets of Toronto hanging missing-child posters throughout the city. The TPS escalated the search to Priority 1, allowing the police to use canine and mounted units, and a $25,000 reward was offered for information leading to her safe return.

“Like everyone, I was relieved to hear that Esther had been found,” Toronto Police Association President Clayton Campbell said.

“I’m so proud of our members who have worked tirelessly around the clock,“ he said. “From our frontline to our investigative experts to our specialized search professionals, no one ever gave up.”

“They couldn’t have done this without the community input and support, and we are grateful,” he added.

An investigation is ongoing, which will hopefully uncover what transpired during the nearly two weeks Esti was missing and what criminality was involved on the part of the person with whom she was found in his basement apartment.

By JBizNews Desk

NEW YORK — May 29, 2026 — Investors have pulled approximately $2.8 billion from U.S. spot Bitcoin exchange-traded funds over nine consecutive trading days, marking the longest withdrawal streak since the products launched and signaling a major shift in institutional sentiment as capital increasingly flows toward artificial intelligence investments.

According to data compiled by Bloomberg and analytics firm SoSoValue, the selling streak began on May 15 and continued through May 28, surpassing every previous run of ETF outflows since spot Bitcoin ETFs debuted in January 2024.

During the same period, Bitcoin fell from roughly $80,000 to around $73,000, reflecting growing pressure from sustained institutional selling.

The pace of redemptions accelerated significantly this week.

The largest single-day withdrawal occurred Wednesday when investors removed approximately $733 million from the funds. More than $528 million came from BlackRock’s iShares Bitcoin Trust (IBIT) alone, representing the largest single-day outflow in the fund’s history.

Market analysts linked part of the move to a large institutional transaction executed through private trading venues known as dark pools, where sizable trades can occur outside public exchanges.

The withdrawal streak matters because spot Bitcoin ETFs have become the primary gateway through which pension funds, wealth managers, institutions, and traditional investors gain exposure to cryptocurrency.

Unlike direct cryptocurrency ownership, the ETFs allow investors to buy and sell Bitcoin through conventional brokerage accounts. When investors add money, ETF managers purchase Bitcoin. When investors redeem shares, the funds must sell Bitcoin holdings.

As a result, ETF flows provide one of the clearest indicators of institutional demand.

Right now, that demand appears to be weakening.

Many analysts believe the outflows are less about Bitcoin itself and more about competition for investment capital.

Artificial intelligence and semiconductor stocks have dramatically outperformed cryptocurrency investments throughout much of 2026, drawing significant amounts of institutional money.

Companies tied to AI infrastructure, cloud computing, advanced chips, and data-center expansion continue to attract investors seeking exposure to one of the fastest-growing segments of the global economy.

Recent gains in major technology names have reinforced that trend.

As AI-related stocks have surged, Bitcoin has struggled to generate comparable momentum, leading many portfolio managers to shift capital toward sectors producing stronger returns.

The concentration of withdrawals suggests the selling is being driven primarily by institutions rather than retail investors.

BlackRock’s IBIT and Fidelity’s FBTC accounted for the overwhelming majority of recent outflows, a pattern that analysts say is consistent with large asset allocators reducing exposure rather than individual investors making small portfolio adjustments.

Researchers at Galaxy Research described Wednesday’s redemptions as among the largest seen this year and noted that cumulative ETF flows for 2026 have now turned negative.

Some analysts characterize the move as a broader reassessment of portfolio allocations rather than simple profit-taking.

Geopolitical uncertainty may also be contributing to the trend.

The conflict involving Iran, Israel, and the United States has increased volatility across global markets, pushing investors toward sectors perceived as offering stronger earnings visibility.

While Bitcoin is sometimes promoted as a hedge against uncertainty, periods of heightened market stress have often seen the cryptocurrency trade more like a high-risk technology asset than a traditional safe haven.

That dynamic can make digital assets vulnerable when investors become more defensive.

Not everyone sees the outflows as bearish.

Some market strategists point out that previous periods of heavy ETF selling have occasionally coincided with important market bottoms.

Historical flow data analyzed by crypto research firms has shown that extreme pessimism often emerges near turning points rather than at the beginning of prolonged declines.

Whether that pattern repeats remains uncertain.

The next major test for the market comes with the May 30 monthly options expiration, an event that could increase volatility as billions of dollars in cryptocurrency derivatives contracts settle.

If ETF outflows continue beyond that date, Bitcoin could face additional downside pressure. If redemptions slow or reverse, investors may interpret the recent withdrawals as a temporary rotation rather than the beginning of a longer-term exodus.

For now, however, the message from institutional investors appears clear.

The biggest pools of capital on Wall Street are increasingly directing money toward the companies building the AI revolution, while reducing exposure to cryptocurrency assets that have struggled to match the sector’s recent performance.

Until Bitcoin regains momentum or presents a stronger growth narrative, AI appears to be winning the battle for institutional investment dollars.

Markets — JBizNews Desk

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

By JBizNews Desk

The United States fired more than a thousand Tomahawk cruise missiles at Iran.

Replacing them could take until late 2030.

That one number, from a new analysis released Wednesday, tells you most of what you need to know about the state of America’s weapons stockpile — and why Pentagon planners are increasingly focused on a country the U.S. has not fought yet: China.

The report came from the Center for Strategic and International Studies, a prominent Washington think tank. It was written by retired Marine Colonel Mark Cancian and researcher Chris H. Park.

Their conclusion was straightforward: U.S. defense contractors will need at least three years to fully rebuild the stockpiles of several key weapons systems used heavily during the Iran war.

The weapons matter.

Tomahawk cruise missiles are long-range precision weapons used to strike targets deep inside enemy territory. Patriot and THAAD interceptors are defensive systems designed to shoot down incoming missiles and drones.

The U.S. used all three extensively during the conflict with Iran.

Now comes the part that matters most — and the part many headlines miss.

The report does not say the United States is running out of weapons.

In fact, it explicitly says the opposite: the U.S. still has “enough munitions for any plausible scenario in the Iran war.”

What America lost was the cushion.

And the cushion matters because the Pentagon does not plan for one war at a time.

The military’s central long-term concern remains a possible conflict with China over Taiwan. The Iran war did not leave the U.S. defenseless against Iran. What it did was expose how quickly a modern high-intensity conflict can drain missile inventories that were originally built for shorter and more limited wars.

The concern inside Washington is not that Iran depleted the U.S. arsenal.

It is that fighting a medium-sized regional war was enough to reveal how thin the reserves could become before a larger confrontation with China.

The reason rebuilding takes years is surprisingly simple.

America never built these weapons in large enough numbers.

For decades after the collapse of the Soviet Union, the Pentagon assumed future wars would likely be smaller, shorter and regional. Expensive high-end missiles were produced steadily, but not at the massive industrial scale associated with Cold War stockpiles.

The Iran war tested that assumption.

In a normal year, the United States produces fewer than 200 Tomahawk missiles. During the Iran conflict, the military fired more than five years’ worth in a matter of weeks.

Raytheon, now part of RTX, is expanding facilities in Alabama and Arizona and aiming to eventually produce more than 1,000 Tomahawks annually. But those expanded production lines are still being built.

The defensive interceptors face the same issue.

The report estimates the U.S. fired as many as 290 THAAD interceptors during the war. Replacing them may take until the end of 2029. Rebuilding inventories of more than 1,000 Patriot interceptors could stretch into mid-2029.

Lockheed Martin, which manufactures both systems, says it plans to invest roughly $9 billion through 2030 to accelerate output.

The report also noted that the U.S. has started retaining THAAD interceptors for domestic use that might previously have been sold to allies overseas — a sign of how seriously officials are treating the stockpile issue.

Cancian argued the problem developed over decades, not under a single administration.

“A lot of people in the Trump administration are inclined to say that everything was terrible until they arrived, and that’s not true,” he said. “Now, it is true that the Trump administration really increased funding.”

In other words, the stockpile gap was created gradually through years of procurement decisions made under both Republican and Democratic administrations.

The politics surrounding the issue are already intensifying.

Democrats in Congress have pointed to the strain on missile inventories as evidence that President Donald Trump entered the Iran conflict without fully considering the long-term military consequences. Some Republicans, meanwhile, argue that years of military aid sent to Ukraine after Russia’s 2022 invasion also contributed to the pressure on inventories.

The Pentagon insists the situation remains under control.

Chief Pentagon spokesman Sean Parnell said the military “has everything it needs to execute at the time and place of the President’s choosing.”

Defense Secretary Pete Hegseth told lawmakers last month that rising defense spending will allow manufacturers to double or even triple output over time.

But not everyone inside the defense community is reassured.

Virginia Burger, a former Marine officer now with the watchdog organization Project On Government Oversight, said Pentagon officials almost certainly understood before the war that missile inventories would be pushed “to a critical level.”

That may ultimately be the most important takeaway from the report.

America did not run out of weapons fighting Iran.

What it discovered was how quickly a modern war can burn through advanced missiles — and how long rebuilding them actually takes.

For a country whose defense strategy is increasingly centered on deterring China, “three years to rearm” is not an especially comforting timeline.

The factories will eventually refill the shelves.

The uncomfortable question hanging over Washington now is what happens if the next major conflict arrives before they do.

Washington — JBizNews Desk

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

New York City Mayor Zohran Mamdani renewed his criticism of federal immigration enforcement on Thursday, accusing Immigration and Customs Enforcement agents of carrying out actions he described as “cruel and inhumane” and defending the city’s status as a sanctuary jurisdiction.

Speaking on MSNBC’s The Briefing, Mamdani argued that New York’s sanctuary-city policies are both a public-safety measure and a reflection of the city’s identity as a destination for immigrants from around the world.

“We are proud of the fact that we are a sanctuary city. We’re proud of that for a number of reasons. One, it is a policy designed to keep New Yorkers safe. Two, we know that here in our city, we are proud of the more than 3 million New Yorkers who are immigrants. I’m one of them. And we know that in a city like this, it is incumbent upon us to live up to the ideals of the Statue of Liberty, not just tell people to come and look at it when they visit from across the world.”

Host Jen Psaki then asked the mayor about his communications with President Donald Trump, noting that Mamdani has previously discussed immigration issues with the president and had been involved in efforts that helped secure the release of a detainee in New York.

“You speak to the president from from time to time. You’ve spoken to him about his immigration policies in the past. You’ve even helped get a detainee in New York released. I’m curious, have you spoken to him since Mark when Mullen made that announcement?” Psaki asked.

Mamdani declined to discuss the details or frequency of his conversations with Trump but said he has consistently voiced his objections to ICE’s operations whenever the subject arises.

“No. I keep the cadence of our conversations private. But what I will say, Jen, is that when I’ve had those conversations with the president, I have made clear, as you’ve said, that I view ICE actions to be cruel and inhumane.”

The mayor went on to argue that federal immigration enforcement efforts do not improve public safety and alleged that the agency has operated without sufficient accountability.

“These are not actions that serve any interest of public safety. And I say that time and again, because what I’ve seen as the mayor of New York City is an agency that is operating with impunity, whether across the five boroughs of New York or whether elsewhere across the country. And so often, New Yorkers have no idea as to what could put them at risk beyond just the simple fact of their existence in this city.”

Mamdani’s remarks are the latest in an ongoing dispute between New York City officials and the Trump administration over immigration enforcement, sanctuary-city policies, and the role of federal authorities in local communities.

{Matzav.com}

STAFFORD, Va. (AP) — A bus struck six vehicles on Interstate 95 in Virginia as traffic slowed for a work zone, killing five people and sending 34 to hospitals, state police said Friday.

The crash happened at about 2:35 a.m. on southbound I-95 in Stafford County. All five of the people who died were in vehicles hit by the bus, and three of the injured are in critical condition, police said.

“The preliminary investigation indicates that traffic was slowing southbound for an upcoming work zone,” state police said in a news release. “A bus failed to slow for traffic and struck six vehicles.”

It was not immediately known what the bus was being used for or how many people were aboard.

The crash is under investigation and charges are pending, police said.

Southbound lanes remained closed seven hours after the crash, with traffic being detoured.

A Belzer yungerman was arrested in Kiryat Gat on Friday afternoon, just hours before Shabbos, on allegations of draft evasion, setting off protests, sharp criticism from Belz erleaders, and an immediate investigation ordered by Israel Police Commissioner Daniel Levy.

The yungerman was detained by police and is currently being held at the police station on Sderot Lachish in Kiryat Gat.

According to eyewitnesses, the arrest occurred after the yungerman approached police officers in an effort to assist them during a gathering that had developed in the area. Witnesses claim that despite his attempt to help, officers subsequently sought to transfer him to the Military Police due to his alleged status as a draft evader.

Following the arrest, the “Tzeva Shachor” protest alert network, which mobilizes demonstrations in response to the detention of bnei yeshiva and yungeleit, called on members of the public to gather at the scene and protest in an effort to prevent his transfer to military authorities.

The arrest drew an angry response from within the Belzer community. A source in the chassidus harshly criticized the move, saying, “Police Commissioner Daniel Levy has lost his bearings. There are hundreds in Belz who enlist. If this young man is not released, they will all be returning home on Sunday.”

The unusually strong statement comes amid heightened sensitivity surrounding relations between the chareidi community and both the police and military, particularly regarding the detention of bnei yeshiva and yungerleit classified as draft evaders.

The current incident has generated particular outrage because, according to eyewitness accounts, the yungerman was not participating in any confrontation with law enforcement. Rather, they say, he approached officers in an effort to assist them during an event taking place in the city.

The controversy also comes one day after a report on Channel 12 News revealed that police are formulating a new policy for handling chareidi draft evaders in an effort to reduce tensions with the chareidi public.

Under the proposed framework, a chareidi draft evader who voluntarily enters a police station to file a complaint, report a missing person, or receive police services would not be detained or transferred to the Military Police.

However, if a police officer encounters a draft evader during a routine traffic stop, at a checkpoint, or in another incidental encounter, the individual would still be detained and transferred to military authorities under existing procedures.

Supporters of the detained yungerman argue that his case falls outside the category of routine enforcement, maintaining that he approached officers of his own accord to assist them and should not have been treated as someone attempting to evade authorities.

Representatives of the chassidus warned that failure to release the yungerman could lead to a significant deterioration in relations between the chareidi community and law enforcement as early as next week.

As the controversy intensified, Commissioner Daniel Levy instructed police officials to immediately investigate the circumstances surrounding the young chareidi man’s detention. The review was ordered following claims that the yungerman was arrested despite having approached officers to assist them during an incident in the city, rather than as part of any confrontation with police or attempt to avoid law enforcement authorities.

According to reports, the commissioner also directed that the full chain of events leading to the arrest be examined in light of the conflicting accounts surrounding the incident.

Hezbollah’s first-person view (FPV) drones have caused casualties and injuries among IDF troops in southern Lebanon, prompting the defense establishment to advance new interception and detection solutions.

FPV drones, unlike drones that rely on wireless transmission, use a thin fiber optic cable to transmit data and commands directly from the operator to the drone. This provides the drones’ immunity to typical electronic anti-drone systems, the ability to transmit HD-quality video without delays, and the ability to strike specific targets or operate inside buildings without losing reception.

Shift toward optical, acoustic detection

According to security and military sources, following discussions in the Defense Ministry and the IDF, several solutions are being advanced to counter the drones. Officials stressed that appropriate operational conduct in the field remains the first line of defense.

The defense establishment is now moving from frequency-based detection to optical and acoustic detection systems using means that were first deployed in the field only recently.

The IDF has also advanced visual signature management and masking measures, including the use of dynamic smoke screens during the movement of infantry forces, tanks, and armored personnel carriers.

At the same time, intelligence efforts have intensified to locate and strike drone operators. Additional air and ground firepower will reportedly be allocated to shorten the attack cycle.

The IDF has also begun to install floating nets designed to disrupt drone warheads and create distance from armored vehicles. Head of the IDF Anti-Tank Defense Command, Brig.-Gen. Rami Abudraham promoted efforts to procure various types of nets and train field teams to install them on armored personnel carriers, tanks, buildings, outposts, and designated sites.

Alongside these efforts, the Defense Ministry is promoting technological developments in several areas.

Microwave weapons, lasers, and AI sights

The Defense Ministry is also promoting the development and procurement of high-power microwave (HPM) weapons, which are designed to burn a drone’s internal circuits regardless of frequency.

In parallel, laser interception systems are being developed to destroy drones or blind their lenses at what officials described as “zero cost.”

The Defense Ministry and the IDF have also launched a large-scale procurement effort funded through a special budget approved by Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz. The initiative includes AI-based smart trigger systems designed to help soldiers shoot down drones using small arms.

The Defense Ministry has additionally begun purchasing pump-action shotguns. According to a defense source, the spread of shotgun ammunition significantly increases the likelihood of hitting fast-moving drones.

“While an assault rifle requires a direct and precise hit on a small, fast object, a shotgun shoots dozens of lead or steel pellets that create a cloud of impact,” the source said. Officials added that even one or two pellets could damage a drone propeller or sever a fiber-optic wire, bringing the drone down.

Dedicated anti-drone fighters assigned to units

The IDF also decided to develop designated anti-drone roles within combat units. Similar to practices used in the war in Ukraine, each infantry platoon or tank crew will reportedly include a fighter tasked with short-range aerial defense using a shotgun.

According to defense officials, the approach is significantly cheaper than advanced technological interception systems.

Additional defense measures include autonomous detection and interception systems, such as optical radar systems combined with artificial intelligence sensors that can identify movement patterns and shapes.

Interceptor drones that autonomously track targets and deploy physical nets are also expected to be integrated.

According to the Defense Ministry, the policy formulated by the Defense Ministry Director-General Maj.-Gen. (res.) Amir Baram and Katz redefine the threat posed by fiber-optic drones.

“The optimal response is found in a combination of optical detection, microwave/smoke disruption, and destruction using lasers or inexpensive interceptors,” the ministry said.

A defense source added that operational discipline remains critical.

“The drone operator will always look for open gatherings,” the source said, adding that there is “no substitute for proper operational behavior.”

This post was originally published on here.

This post was originally published on this site.

A long-running chapter in Satmar reached its conclusion Thursday as representatives of the four sons of the late Satmar Rebbe, the Berach Moshe, gathered for a landmark meeting to complete the distribution of the Rebbe’s treasured estate, including rare sifrei kodesh, manuscripts, and sacred heirlooms worth millions of dollars.

The historic gathering, which followed nearly two decades of negotiations, delays, and quiet efforts to resolve the issue, took place under a veil of secrecy at the home of philanthropist Reb Lipa Friedman on the outskirts of Monsey.

Representing the heirs were Rav Yoel Teitelbaum, Av Beis Din of Beis Baruch in Kiryas Yoel and son of the Satmar Rebbe, Rav Aharon Teitelbaum; Rav Chaim Hersh Teitelbaum, son of Rav Lipa Teitelbaum of Zenta; Rav Yaakov Dov Teitelbaum, Av Beis Din of Sighet and son of the Satmar Rebbe, Rav Zalman Leib Teitelbaum; and Rav Moshe Horowitz, son-in-law of Rav Shalom Eliezer Teitelbaum, Av Beis Din of Satmar 15.

Serving as witnesses to the lottery were Rav Sholom Glick, a senior member of Yeshivas Mesivta D’Satmar and Satmar rov in Lakewood, and Rav Shimon Katz, a dayan of the Satmar community in Monsey.

As first reported before Pesach, members of the family had signed a joint letter calling upon anyone in possession of items belonging to their father’s estate to return them so that the inheritance could finally be organized and distributed among the heirs.

Behind the scenes, mediators from various Satmar circles spent years attempting to resolve the complicated matter of the Rebbe’s financial estate and sacred possessions. During his lifetime, the Berach Moshe appointed his longtime attendant, Reb Moshe Friedman—widely known as Reb Moshe Gabbai—to oversee matters relating to the inheritance together with his close associate, philanthropist Reb Eliezer Kestenbaum.

Following the Berach Moshe’s passing, however, the deep division within Satmar prevented an orderly distribution of the estate.

Approximately a decade ago, Reb Moshe Gabbai arranged for the transfer of many of the items to the business premises of philanthropist Reb Meir Hirsch, a prominent supporter of the Mahar”א community and a close friend of Reb Moshe. Over the past year, the collection was carefully cataloged, examined, and appraised.

Among the items are rare books, handwritten manuscripts, and treasured artifacts passed down through the Sighet-Satmar dynasty, tracing their lineage from the Yismach Moshe through the Vayoel Moshe. The Berach Moshe inherited many of these possessions after the Vayoel Moshe passed away without leaving children. The collection is believed to be worth several million dollars.

Following publication of the family’s letter, additional valuable items that had remained in the possession of chassidim and associates were returned to the estate, reportedly with the encouragement of the Satmar Rebbe, Rav Aharon Teitelbaum. Once the collection was assembled and documented, preparations for the final division could proceed.

According to the Berach Moshe’s will, the sacred items and books were to be divided equally among his four sons. To fulfill that directive, organizers assembled four separate packages, carefully balancing both the monetary value and the historical and spiritual significance of each group of items.

Each package included a mixture of sacred objects, manuscripts, books, and family heirlooms so that no bundle would be viewed as more prestigious or valuable than another.

For example, one package contained the Rabbeinu Tam tefillin of the Kedushas Yom Tov, while another included a menorah that had belonged to the same revered ancestor. Other packages contained rare manuscripts, books, and additional treasured artifacts. Once the values were equalized, a lottery was conducted to determine which heir would receive each package.

Also present at the gathering were Reb Moshe Friedman, the longtime attendant of the Berach Moshe and official custodian of the estate; attendant Reb Shmuel Teitelbaum; philanthropist Reb Eliezer Kestenbaum; Reb Meir Hirsch, who safeguarded much of the collection for years; and Reb Moshe Yitzchok Wertheimer, the famed hoiz bochur of the Berach Moshe during the Satmar split, who managed many of the estate’s logistical details over the past year.

Sources familiar with the process said several individuals played critical roles in recent months as the negotiations approached their final stages. Among those credited with helping bring the matter to completion was the host, Reb Lipa Friedman, son of Reb Moshe Gabbai, who quietly worked to bridge gaps and finalize arrangements between the various parties.

Friedman, a well-known supporter of Satmar institutions with close ties to many leading philanthropists and community figures, is said to have helped create the channels of communication that ultimately enabled the agreement to be completed after nearly two decades.

The event also carried a personal dimension. It was held in Friedman’s home just days before the wedding of his eldest daughter, scheduled for this coming Sunday. As preparations for a family simchah continued, the residence simultaneously became the setting for one of the most significant and sensitive moments in recent Satmar history, bringing closure to a process that had remained unresolved for almost twenty years.

{Matzav.com}

NEW YORK (AP) — Tomatoes, ubiquitous in everything from fast-food burgers to haute cuisine, are taking on a new role beyond the plate: A nagging reminder of rising costs.

Prices for those red orbs have soared more than any other food product over the past year to cement a spot as one of the consumer headaches du jour.

“The tomato has become a symbol of something much deeper,” says Isaac Bernal Carbajo, a New York City chef who lamented life’s “simplest pleasures” falling victim to price increases. “Something as basic as buying fresh vegetables is starting to become a serious financial decision for many families.”

Tomato prices are up about 40% over a year ago, according to the latest Consumer Price Index, dwarfing increases for other groceries, including coffee (up 18.5%), beef roasts (up 17.8%) and frozen fish and seafood (up 12%), among other products that have become symbols of America’s affordability squeeze.

A separate inflation gauge released Thursday showed that overall prices increased 3.8% in April from a year earlier, the highest reading in nearly three years.

Alongside crop yields, experts blame price increases for tomatoes, in part, on two pillars of President Donald Trump’s second-term policies: the Iran war and tariffs. The war spiked gas prices and increased shipping costs. Meantime, the U.S. withdrew from a deal allowing duty-free imports of tomatoes from Mexico, which grows most of America’s supply.

Usha Haley, a Wichita State University economist, says it’s “a perfect storm of trade policy, extreme weather and Mideast policy.”

American tomato farmers cheered the withdrawal from the tomato deal last July, saying it would help rebuild their shrinking industry. But for consumers, it’s been painful. Though the U.S. withdrew from the Mexico tomato deal in July, it took time to see the impact in the produce aisle, with more imports in late winter and early spring.

When the tomatoes arrived, they were slapped with a 17% tariff.

“Tariffs are undeniably a big driver of the price inflation,” says Brett Massimino, a Virginia Commonwealth University business professor. “Because the U.S. relies on Mexico for the majority of its tomato supply, any changes in trade policy can have a large impact.”

U.S. tariffs collected on tomatoes ballooned from just $16,424 in 2024 to nearly $4.6 million, according to federal data, a staggering 27,879% increase.

As the cost trickles down, outraged shoppers have pulled out their phones in the produce aisle, shooting videos lamenting costs they said quadrupled, with some vowing to plant a garden to avoid prices of up to $8 a pound. But the impact has been most pronounced for businesses that rely on tomatoes as a key ingredient in their kitchens.

MarginEdge, which tracks prices for restaurants, says grape tomatoes have increased most — 65% in just a month — but prices have gone up across all types of tomatoes.

Phillip Coles, a professor of supply chain management at Lehigh University, says prices should drop later in the year when domestically grown tomatoes are harvested. Higher prices, he says, will also “induce farmers to increase planting to meet the demand, but this takes longer because of the lead time.”

Meantime, it’s translating to a big hit for businesses like Snarf’s Sandwiches, which puts a tomato in nearly every sandwich it makes.

Wayne Humphrey, chief operating officer of Snarf’s, which operates dozens of stores in Colorado, Missouri and Texas, said cases of tomatoes went from costing him $27 to $93 in the space of a year, piled on top of rising expenses for other ingredients including bread and beef, as well as increased labor costs.

“That single ingredient now costs us more than $1.7 million in additional spend annually,” says Humphrey. “The math is getting harder to ignore.”

JERUSALEM (VINnews) — Israeli opposition leader Benny Gantz has disclosed that his wife, Revital, was diagnosed with Alzheimer’s disease several years ago, ending a long period in which the family chose to keep her condition out of the public eye.

Speaking in a television interview, Gantz said the family decided not to discuss the diagnosis publicly in order to protect their privacy and allow family members to cope with the situation away from public scrutiny.

According to Gantz, concerns first arose while his wife was pursuing doctoral studies. After a series of medical evaluations and neurological tests, doctors diagnosed her with Alzheimer’s disease at what he described as a relatively advanced stage.

Gantz said receiving the diagnosis marked a turning point for both him and his wife.

Despite the challenges at home, Gantz continued serving in senior military, government and political roles. He said he spent years balancing public responsibilities with the demands of caring for a loved one suffering from a progressive illness.

As the disease advanced, the family eventually made the difficult decision to move Revital Gantz to a specialized care facility. Gantz described the move as one of the most painful decisions he has faced, while emphasizing that she remains an important part of the family’s life.

He also said he is working on a book that will include reflections on the family’s experience coping with Alzheimer’s disease and the impact it has had on their lives.

A Lakewood resident traveling in Eretz Yisroel narrowly escaped serious injury this week after an Arab terrorist allegedly hurled a sharpened metal rod onto Route 77 near Teverya, smashing through the windshield of his moving vehicle.

The incident occurred approximately 10 miles past the junction with Route 6, on a stretch of highway familiar to many travelers heading north.

According to a passenger traveling with the driver who spoke to TLS, the metal object came flying from a hillside above the roadway and “went straight through the windshield.”

“With tremendous Siyata diShmaya, his hand was on the steering wheel in exactly the position that blocked it from hitting him directly,” the passenger told TLS. “Instead, it struck his arm, and he only suffered a minor injury.”

The driver was able to maintain control of the vehicle despite the attack. Photos from the scene show the windshield shattered from the impact.

“It was truly incredible,” the passenger added. “A clear reminder of how much Hashem watches over us.”

B’chasdei Hashem, the injuries sustained were minor.

[HERE’S A PHOTO OF THE INJURY]

The federal government is preparing to write the biggest checks American drone manufacturers have ever seen — and, in a sharp break from how Washington has historically done business with defense contractors, it intends to take ownership in return.

The Pentagon and the Commerce Department are in active discussions with U.S. drone companies about a mix of grants, loans and direct equity investments tied to building out a domestic supply chain for military unmanned systems, according to filings, public statements and reporting from multiple outlets. The talks follow President Donald Trump’s December 2025 ban on imported Chinese drones and components on national-security grounds — a decision that effectively erased the lowest-cost option from the U.S. market overnight and turned the Pentagon into the buyer of last resort for an industry that did not yet have the capacity to fill the gap.

The scale of what is coming has snapped into focus over the past several weeks. The Pentagon has already earmarked $1.1 billion to stand up a domestic manufacturing base for armed drones. Needham analyst Austin Bohlig estimates that $63 billion of the administration’s fiscal 2027 defense request is directed at unmanned or drone-related technology — more than six times current spending — with roughly $55 billion of that flowing into a new program the Pentagon is calling the Defense Autonomous Weapons Group, aimed at producing low-cost expendable drones at speed.

Defense Secretary Pete Hegseth has issued directives requiring every U.S. Army squad to be equipped with small one-way attack drones — first-person-view, or FPV, drones costing under $2,000 each — by the end of fiscal 2026. The initial Army purchase is small at roughly 10,000 units, but procurement officials have signaled it is the front end of a far larger order book.

The companies in line to build them are no longer guessing about demand. AeroVironment, maker of the Switchblade loitering munition, posted record fiscal 2025 revenue of $820.6 million, up 14.45% on the year, and has announced plans to invest $1.5 billion to expand production. Kratos Defense, whose XQ-58A Valkyrie jet-powered drone has entered Marine Corps production status, reported 2025 revenue of $1.347 billion and guided to between $1.595 billion and $1.675 billion for 2026. Chief Executive Eric DeMarco has set a revenue target of $2.5 billion to $3 billion by 2028.

Palantir, whose software is increasingly used to coordinate drone fleets, reported first-quarter 2026 revenue of $1.63 billion. Smaller names — Red Cat Holdings, Ondas Holdings, Draganfly and Unusual Machines — have all reported new federal contracts in the past year.

What is genuinely new is how the government is paying.

In December, the Defense Department announced a $1.4 billion financing package for Vulcan Elements, a roughly 30-person rare-earth magnet startup whose magnets feed drone motors, radar systems and other military electronics. The deal includes a $620 million Pentagon loan, $50 million in equity for the Commerce Department, warrants giving the Defense Department the option to acquire a future stake, and $550 million from private investors. ReElement Technologies received a parallel award. The Vulcan structure mirrors the equity model the administration has now used repeatedly: a 10% stake in Intel, becoming the largest shareholder in rare-earth miner MP Materials, a 10% stake plus warrants in Trilogy Metals, a 5% stake in Lithium Americas, and a “golden share” governance role in the Nippon Steel–U.S. Steel combination.

Commerce Secretary Howard Lutnick has publicly said the administration is studying similar arrangements with traditional prime contractors.

“Lockheed Martin makes 97% of their revenue from the U.S. government. They are basically an arm of the U.S. government,” Lutnick told CNBC, when asked whether stakes in Lockheed, Boeing or Palantir were under consideration. “There’s a monstrous discussion about defense.”

For drone makers, the implications are concrete. A Pentagon willing to take equity is a Pentagon willing to write much larger checks — and to underwrite manufacturing capacity that no commercial customer would finance on its own. It also locks the federal balance sheet directly into the upside, or downside, of the companies it picks.

That last point has drawn scrutiny. President Trump’s sons Eric Trump and Donald Trump Jr. have taken equity stakes in multiple drone and defense-adjacent ventures, including Powerus, Unusual Machines, Anduril Industries and the Israeli drone maker Xtend — companies operating in sectors where their father’s administration is now also a potential equity partner. Eric Trump told the Associated Press he is “incredibly proud to invest in companies I believe in,” adding that “drones are clearly the wave of the future.”

For an industry that has spent two decades watching China dominate the consumer and component sides of the drone business, the new posture from Washington — buy American, fund American, and own a piece of American — is the most direct industrial-policy intervention the U.S. defense base has seen in a generation. Whether it produces the drones the Pentagon actually needs, at the prices it has set, is the next question.

Washington — JBizNews Desk

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

KYIV, Ukraine (AP) — A Russian drone that was part of an overnight attack on Ukraine slammed into an apartment building in eastern Romania, injuring two people in the NATO member country, Romanian authorities said, adding to concerns that the four-year war could spread across the alliance’s borders.

In response to the crash in the city of Galati, Romania asked the alliance for a faster transfer of anti-drone capabilities to its military, the Foreign Ministry said, calling the drone’s flight a serious violation of international law.

The incursion was the latest in a litany of drone incidents — from both Russia and Ukraine — to afflict NATO member states and leave the alliance on edge, drawing strong condemnation from Romania’s allies.

Gen. Gheorghe Maxim, a stand-in commander for the Romanian armed forces’ joint staff, said at a press conference Friday that the incident “is not an attack from Russia against Romania,” but “Romanians should understand that Russia is a threat to the security of the countries in the area.”

Police and other agencies responded at the scene, where photos. Galati is on the Danube River, near the borders of Ukraine and Moldova.

Ukrainian forces shot down 217 drones overnight on Friday according to the country’s air force. In total, Russia attacked with 232 drones and one ballistic missile. Hits were recorded in 14 areas, the air force said.

The drone was tracked by radar in Romanian airspace and crashed onto the roof of a building in Galati, Romania’s Defense Ministry said in a statement. The impact was followed by a fire. Two people suffered minor injuries, and several others were evacuated.

Romania calls it the worst of many incidents
While Romania has confirmed drone fragments on its territory on multiple occasions since the war started in 2022, including in Galati in April this year, no one has previously been hurt in any of the drone incidents in which many landed in remote areas.

In response to the latest incursion, Romanian President Nicusor Dan convened the NATO member’s top defense body for a meeting on Friday to discuss the implications of what he called “the worst incident to hit the national territory” since Russia invaded Ukraine, and blamed Russia directly for the incident.

“We will have proportional measures in relation to the Russian Federation. … There is no ambiguity about the author and the cause of this assault,” he wrote in a post on Facebook.

Dan added that his thoughts are with the injured people, families and residents “who experienced terrible moments in their own homes.”

The Romanian military scrambled two F-16 fighter jets and a helicopter that were authorized to engage targets, and alert messages were sent to residents of the affected areas.

In recent years, airspace violations have become so common in Romania that lawmakers adopted legislation last year allowing the army to shoot down drones entering its airspace as a last resort. But Romania has remained cautious in downing errant drones, which can pose risks to populated areas.

Russia has been using long-range ballistic missiles and drones to damage Ukraine’s power grid and hammer cities, and Ukraine has braced for further heavy bombardments.

The latest incident adds to recent drone-related problems posed to Europe. Over the past months, Ukrainian drones have crashed into the chimney of a power plant in Estonia, hit empty fuel tanks in Latvia and been shot down by Romanian fighter jets stationed in Lithuania. Ukrainian officials apologized and said the drones were aimed at military targets inside Russia but were sent off course by Russian electronic interference.

Since the war started in 2022, Poland, Croatia, Romania and non-NATO member Moldova have reported airspace violations and have found drone fragments on their territory.

The string of airspace violations has prompted questions about the state of air defenses on NATO’s eastern flank.

Allies rally to condemn incursion
NATO Secretary-General Mark Rutte said that he had spoken to Romania’s president and expressed the organization’s “absolute solidarity” with its ally.

In a post on X, Rutte said he “affirmed that NATO stands ready to defend every inch of Allied territory. We will continue to enhance our readiness to deter and defend against any threat, including from drones.”

NATO allies are talking informally about the incursion but no official meeting about it was due to take place on Friday. Romania can request formal NATO consultations if it feels that it’s territory or security is under threat.

European Commission President Ursula von der Leyen also said the incident showed that Russia “has crossed yet another line.” She said the EU will keep strengthening security along its eastern border and was actively drafting another set of sanctions against Russia, the 21st so far.

“A Russian drone incursion struck a densely populated area in Romania, injuring civilians,” she wrote in a social media post. “On EU territory.”

Estonian Foreign Minister Margus Tsahkna said the risk of such “serious incidents” was raised by “ Putin’s increasing nervousness, driven by military setbacks.”

Zelenskyy appeals for more Patriot missiles
Ukrainian President Volodymyr Zelenskyy said Thursday he was pressing the United States to provide more Patriot air defense missiles that can counter the Russian attacks.

He warned that deliveries to Ukraine are falling dangerously short as the Iran war diverts and depletes U.S. stocks. “I believe (the U.S.) must act quicker. We are being very persistent,” Zelenskyy told reporters during a visit to Sweden.

U.N. Secretary-General António Guterres warned the U.N. Security Council that the escalation and intensification of attacks risks getting out of control, with “unknown and unintended consequences.” He said that more civilians have been killed in the first four months of this year than in the same period in the past three years.

Guterres called for more diplomacy, immediate de-escalation and “a full and unconditional ceasefire.”

WASHINGTON (AP) — U.S. and Iranian negotiators reached a tentative agreement Thursday to extend the ceasefire in the 3-month-old war by 60 days and start a new round of talks on Iran’s nuclear program, according to a U.S. official familiar with the matter.

Iran did not immediately confirm any deal. Vice President JD Vance on Thursday evening confirmed there was a tentative agreement, but said it was unclear if President Donald Trump would approve it.

“It’s hard to say exactly when or if the president’s going to sign,” Vance told reporters.

He added: “We’re going back and forth on a couple of language points.”

The emerging memorandum of understanding came as the fragile ceasefire in the war between the U.S. and Iran appeared to be wavering. The latest flare-up in fighting happened less than a day earlier, when Kuwait intercepted missiles fired from Iran, according to U.S. Central Command.

Proposal addresses Strait of Hormuz
The memorandum makes clear that Iran will not be able to impose tolls on the Strait of Hormuz and that Iran will have to remove all mines from the vital waterway within 30 days, according to the official, who was not authorized to comment publicly and spoke on condition of anonymity.

During the war, Iran has effectively closed the strait, which had been the conduit for about a fifth of the world’s traded oil and natural gas. Its closure has sent oil prices skyrocketing around the world. U.S. Treasury Secretary Scott Bessent predicted Thursday at a news briefing that the cost of oil could “come down very quickly” once a deal is finalized.

Iran has said it’s letting some commercial vessels pass — about two dozen daily in recent days, compared with more than 100 a day before the war — but the Islamic Republic also has charged tolls for at least some ships. It set up a formal gatekeeper agency earlier this month, spurring a new round of U.S. sanctions this week.

Under the tentative agreement, the U.S. would gradually lift its naval blockade on Iranian ports and would also agree to relax sanctions, allowing Iran to sell more of its oil.

Yet even as word of the potential deal emerged, the U.S. Treasury Department imposed additional sanctions on the Iranian military’s oil sales arm. The new penalties, first reported by The Associated Press, extend the Trump administration’s economic pressure campaign on the Islamic Republic.

Details of the tentative pact were first reported by the news outlet Axios.

Nuclear issue remains unresolved
Among the first issues to be negotiated during the 60-day ceasefire is what will happen to Iran’s highly enriched uranium, the first official said. The Islamic Republic has 440.9 kilograms (972 pounds) of uranium that is enriched up to 60% purity, a short, technical step from weapons-grade levels of 90%, according to the International Atomic Energy Agency.

Vance suggested on Thursday evening that negotiators were trying to strike general terms on the highly enriched uranium settled in the tentative agreement, with the specifics to be hammered out in the ensuing talks.

Vance said the continued back and forth involved “a couple of issues on the nuclear stuff, the highly enriched stockpile, and also the question of enrichment.”

Iran has not publicly committed to giving up the stockpile. It is believed to be buried under a trio of nuclear sites that were badly damaged by U.S. airstrikes last year.

Nuclear analysts have said that Iran might consider China or Russia, which have close relations with Tehran, to be a potential acceptable third party to take possession of the enriched uranium. But Trump said Wednesday that he “wouldn’t be comfortable” with such a plan.

Though Trump and his team said from the start of the conflict that one of their prime objectives was to ensure that Iran can never have a nuclear weapon, Vance framed the war’s accomplishments as something far less definitive.

“We’re in a position where we could substantially set back their nuclear program, not just during the term of this president but over the long term,” Vance said. “That’s a very very good thing for the American people.”

Iran, which has long maintained its program is peaceful, has insisted that any deal must include an end to Israel’s military operations in Lebanon against the Iranian-backed militant group Hezbollah. Tensions deepened Thursday in Lebanon as Israel conducted an airstrike on a southern suburb of the capital, Beirut, and other strikes in the southern coastal city of Tyre. At least 14 people were killed across the country’s south.

Kuwait reports an attack
Kuwait announced that its air-defense systems intercepted incoming missiles and drones on Thursday, without detailing what had been targeted. Iran said it had retaliated for strikes earlier in the week by firing on a U.S. base in a Gulf state it did not name.

The Kuwaiti Foreign Ministry condemned Iran for what it called “blatant aggression,” and U.S. Central Command called the attack on one of America’s top allies in the Persian Gulf an “egregious ceasefire violation.” Kuwait repeatedly came under fire from Iran and Iranian-backed Shiite militias in Iraq before the April ceasefire began.

The exchange took place after U.S. officials said late Wednesday that American forces launched more strikes on Iran, shooting down four one-way attack drones that posed a threat around the strait and hitting an Iranian ground-control station in Bandar Abbas that was about to launch a fifth drone.

Iran’s paramilitary Revolutionary Guard acknowledged the attack around Bandar Abbas International Airport and said via the state-run IRNA news agency that it launched a retaliatory attack on the air base that launched the assaults. The Revolutionary Guard did not specify whether the response targeted Kuwait, which houses U.S. Army Central’s forward headquarters, air bases and a naval base.

On Monday, the U.S. said it conducted what the Pentagon called “self-defense” strikes on missile launch sites and minelaying boats in southern Iran.

Although they have traded strikes and accusations of ceasefire violations, Washington and Tehran have not returned to full-scale hostilities and keep negotiating.

Vance said that, “Ceasefires are always a little messy” but it’s “very much holding.”

Later Thursday, Iran’s defenses destroyed “a hostile aircraft” around the southern city of Jam, the area’s governor, Masood Tangestani, told state broadcaster IRIB. No other information was immediately available.

YWN regrets to inform its readers of the petirah of Harav Yitzchak Alster zt”l, a distinguished talmid chochom, revered marbitz Torah, gifted baal menagen, and one of the most devoted talmidim of Hagaon Harav Yitzchak Hutner zt”l.

Harav Alster was niftar on Erev Shabbos, leaving behind generations of talmidim and admirers who were profoundly influenced by his Torah, wisdom, warmth, and unique personality.

Born in Cologne, Germany, to Reb Tzvi Alster z”l, Rav Alster emigrated with his family to the United States before the outbreak of World War II. His father, who was deeply committed to preserving Torah life in America during an era when many Jewish children were attending public schools, was among those who sacrificed greatly to strengthen authentic Yiddishkeit in Chicago.

As a young man, Rav Alster became one of the closest and most devoted talmidim of Hagaon Harav Yitzchak Hutner zt”l, Rosh Yeshivas Rabbeinu Chaim Berlin and author of Pachad Yitzchak. For more than seven decades, he carried the teachings, spirit, and vision of his rebbi, transmitting them to thousands through his shiurim, institutions, writings, and personal example.

Throughout his life, he remained deeply connected to Rav Hutner’s hashkafah and authored several English-language works based on his rebbi’s philosophy, in addition to publishing his own seforim series, Olas Yitzchak.

In 1967, Rav Alster founded the Yeshiva Gedolah of Pittsburgh, where he served as rosh yeshiva and shaped countless talmidim. Nearly two decades later, in 1985, he established Kollel HaTorah in Flatbush for businessmen and professionals, operating within Kehillas Veretzky. Widely regarded as the first kollel of its kind for working baalei batim, it became a model for similar programs that followed.

After relocating to Eretz Yisrael in 2004, Rav Alster settled in Har Nof and founded Kollel Nachalas Tzvi, serving the English-speaking Torah community of Yerushalayim.

Alongside his accomplishments in Torah, Rav Alster possessed another extraordinary gift: music.

His compositions became woven into the soundtrack of yeshivos, batei medrash, and Jewish homes throughout the world. His stirring “Vehaviosim El Har Kodshi” first appeared on the iconic Torah Lives and Sings album produced by Yeshivas Chaim Berlin. That album also featured several of his other beloved compositions, including Heviani, Pischu Li, Dovkah Nafshi, and his celebrated Yedid Nefesh

His melodies combined depth, yearning, and simplicity, allowing them to transcend communities and generations. To this day, Yedid Nefesh and Vehaviosim remain among the most beloved and widely sung niggunim in the Torah world.

Those who knew Rav Alster describe a man of exceptional refinement, humility, warmth, and sincerity. His home was open to all, and his life reflected a rare blend of profound Torah scholarship, inner spirituality, joy, and ahavas Yisrael.

Harav Alster is survived by his wife, Mrs. Rachel Alster; his daughter, Mrs. Gitty Kaplan; his son, Harav Amram Moshe Alster; and his son-in-law, Harav Chaim Yitzchak Kaplan, Mashgiach of Yeshivas Chevron Knesses Yisrael and a ram in Yeshivas Pachad Yitzchak.

The levayah was held Friday afternoon from Kehillas Bnei Torah in Har Nof and proceeded to Beis Hachaim Eretz Hachaim near Beit Shemesh.

Yehi Zichro Baruch.

(YWN World Headquarters – NYC)

NEW YORK (AP) — A fire in a rail yard train car near New York’s Penn Station injured five people and disrupted service for many commuters early Friday, authorities said.

The fire resulted in train delays in New Jersey Transit and Amtrak rail service into New York and briefly suspended Long Island Rail Road service, more than a week after a strike had shut down that system.

New Jersey Transit posted on X that it was an Amtrak train car that was on fire “in one of the Hudson River tunnels.” It said the fire resulted in “overhead wire damage.”

“Impacts are expected to last through the morning rush hour,” it said.

Amtrak posted on X that it suspended its service until at least noon Friday due to maintenance resulting “from a now extinguished fire in the New York area.” It said lengthy delays were expected for trains traveling north of New York.

It did not post any information about the fire itself. An email seeking comment was sent to Amtrak.

Fire officials said 100 firefighters responded to the fire early Friday and that five people were hurt. Two of them were taken to a hospital. Their conditions were not immediately known.

Penn Station, underneath Madison Square Garden, can serve roughly 600,000 passengers daily via Amtrak, the New York subway system, New Jersey Transit and the LIRR.

By JBizNews Desk

OTTAWA — May 29, 2026 — Canada has officially fallen into recession for the first time since the COVID-19 pandemic after Statistics Canada reported Friday that the economy contracted for a second consecutive quarter, weighed down by U.S. tariffs, elevated oil prices, and a sharp slowdown in population growth.

According to Statistics Canada, real gross domestic product declined 0.1% in the first quarter of 2026, following a 0.6% contraction in the fourth quarter of 2025. The back-to-back declines meet the commonly accepted definition of a technical recession and mark Canada’s first recession since 2020.

The figures came as a surprise to economists and policymakers. The Bank of Canada had projected growth of approximately 1.8%, while Statistics Canada’s preliminary estimate issued last month pointed to growth closer to 1.7%.

The weaker-than-expected result underscores how quickly economic conditions have deteriorated amid growing trade tensions and global uncertainty.

Trade Pressures Mount

A major factor behind the downturn has been the impact of U.S. trade measures imposed by President Donald Trump, which have affected several key Canadian industries including steel, aluminum, copper, lumber, and automobiles.

Export demand has softened as tariffs increase costs and create uncertainty for manufacturers and investors. Businesses have responded by delaying expansion plans and reducing capital expenditures while awaiting greater clarity on the future of North American trade relations.

Although Canada’s manufacturing sector showed signs of life earlier in the quarter, helped by a rebound in auto production, output remains below year-earlier levels.

Oil Shock Creates Mixed Impact

The conflict involving Iran, the United States, and Israel has added another layer of economic pressure.

Crude oil prices have climbed sharply since the outbreak of hostilities, boosting revenues for energy-producing provinces such as Alberta while simultaneously increasing fuel, transportation, and operating costs across the broader economy.

Higher energy prices are helping some sectors but squeezing consumers already dealing with elevated living costs and persistent inflation pressures.

Seasonal maintenance activity in Canada’s oil and gas industry further weighed on economic activity during March, contributing to the quarter’s negative result.

Population Growth Reverses

Another major shift has emerged in Canada’s demographic outlook.

After years of rapid population expansion fueled largely by immigration and temporary resident programs, growth has stalled as the federal government moves to reduce immigration levels and temporary resident numbers.

A slower-growing population means fewer workers entering the labor force and fewer consumers driving demand, reducing one of the key engines that supported Canada’s economy during recent years.

Labor Market Weakening

For many Canadians, the recession may feel like a continuation of trends already visible in the labor market.

Employment growth has slowed significantly, and job losses earlier this year ranked among the steepest outside previous recessionary periods. The national unemployment rate has remained near 6.7%, considerably above recent lows.

Consumer confidence has also softened as households contend with higher borrowing costs, housing affordability challenges, and concerns about economic stability.

Bank of Canada Faces Difficult Choice

The recession now places additional pressure on Bank of Canada Governor Tiff Macklem and policymakers.

The central bank’s benchmark interest rate currently stands at 2.25%, and officials face competing concerns.

On one hand, a contracting economy traditionally argues for lower interest rates to stimulate growth. On the other hand, rising oil prices threaten to push inflation higher, making aggressive rate cuts potentially risky.

The latest GDP figures strengthen the case for monetary easing, but policymakers remain cautious about reigniting inflationary pressures.

Business Investment at Risk

The recession designation could further dampen business sentiment.

Companies often respond to economic contractions by slowing hiring, reducing expansion plans, and preserving cash. Economists warn that weaker confidence could become self-reinforcing if businesses and consumers pull back simultaneously.

Residential construction also remains under pressure as housing demand softens and affordability challenges persist.

Can Canada Recover Quickly?

Despite the disappointing headline, economists note that the downturn remains relatively shallow compared with previous recessions.

Canada still posted 1.7% growth for full-year 2025, one of the stronger performances among G7 economies, and many forecasters believe growth could resume if trade tensions ease and energy markets stabilize.

Whether that happens depends largely on factors beyond Ottawa’s control.

For now, Canada has crossed an economic threshold it had avoided for nearly six years, and attention is turning toward how long the contraction lasts and whether policymakers can prevent a deeper downturn.

The immediate challenge facing Canada is clear: navigating a trade dispute with its largest customer while absorbing the economic fallout from a volatile global energy market.

Canada — JBizNews Desk

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

A Polish national living in Germany and identified only by the name “Marius” was arrested for erecting a replica of the gate to Auschwitz in front of a German tax office in the Bavarian town of Eggenfelden.

The replica bore the famous slogan “Arbeit macht frei” and was so exact that the “artist” even placed the “B” upside down, as it appears in the original. He also added wooden swastikas and a chimney smokestack with the words “Zyklon B,” a reference to the gas used in the killing chambers of Auschwitz to murder the vast majority of the one million Jews who did not survive the death camp.

The original gate, left, and its replica in front of a German tax office. (Credit: left, Getty Images; right, a post on X)

The mother of the detainee, who works as an advertising manager, said that her son is not an antisemite, just depressed. He had incurred an overwhelming tax debt, a situation that enraged him and threw him into despair.

Critics note that depression does not manifest as Jew hatred, unless the mentally ill person is already a Jew hater.

The act violates Germany’s strict laws on incitement to hatred and using Nazi symbols, prompting an investigation into the 33-year-old man who erected them back in April. Upon his arrest, authorities found more Nazi symbols in his home.

Eggenfelden’s mayor, Martin Biber, blasted the actions as “disgusting insolence” and “an insult to society.”

Jill Biden is facing growing criticism from individuals who worked in the Biden administration after remarks she recently made about President Joe Biden’s widely criticized debate performance against President Donald Trump, comments that many former aides reportedly view with deep skepticism.

The controversy erupted after Jill Biden described her reaction to the June 2024 CNN debate, suggesting she feared her husband may have been suffering from a serious medical episode during the event.

Alex Thompson, the Axios journalist who co-authored the book Original Sin, which examined concerns surrounding Biden’s mental and physical condition, said he has heard significant pushback from former Biden administration officials since Jill Biden’s comments became public.

According to reporting cited from The Atlantic ahead of the release of her upcoming memoir, Jill Biden said she believed her husband might have been experiencing a medical emergency.

“Well, a lot of Democrats, including several Biden aides that I’ve talked to since yesterday when this interview came out, just simply don’t believe her,” Thompson told CNN’s Brianna Keilar.

Thompson noted that Jill Biden appeared with her husband at a rally immediately following the debate and continued participating in campaign activities in the days that followed, behavior that some former aides believe is difficult to reconcile with her current account.

“And a lot of former Biden aides, you know, have told me if you really believed he might be having a stroke, that it’s not necessarily the same behavior that you would do. There’s no evidence that there was any significant medical exam afterward,” Thompson said before acknowledging she suggested her husband take a cognitive exam but was overruled by his advisors, per The Atlantic.

He said many Democrats view the renewed discussion as an attempt to revisit and reshape a chapter of political history that has already been heavily scrutinized.

“And, you know, a lot of Democrats think that this is simply unhelpful to come out at this moment and try to rewrite this portion of history… I have to say that there is a significant skepticism that she is trying to rewrite this narrative right now.”

Thompson also referenced reporting he conducted during the 2024 campaign, arguing that Biden’s debate performance was not an isolated incident. According to his reporting, aides and advisers had observed similar struggles months before the debate took place.

He further pointed to Biden’s interview with former Special Counsel Robert Hur, during which questions were raised about the president’s memory and recall. Despite those concerns, Thompson said Biden’s closest advisers continued to publicly maintain that he was capable of serving effectively.

“They just feel that the inner circle gaslit them,” Thompson said.

Thompson added that the reaction from some former Biden administration officials has been unusually intense.

“I’ve been surprised by the level of anger and frustration that I’ve heard from former Biden aides towards the former first lady in the last 24 hours,” he added.

In a separate post on X, Thompson revealed that one former Biden official offered an even harsher assessment of Jill Biden’s recent explanation, telling him simply: “she’s lying.”

{Matzav.com}

A prominent Saudi analyst said this week that Saudi Arabia has lost confidence in the United States as a security guarantor and is quietly leading the formation of a new “Arab-Islamic bloc” alongside Pakistan, Turkey and Qatar, in remarks that aligned with growing Gulf skepticism toward President Donald Trump’s regional agenda.

Speaking on Russia Today, the Kremlin-funded English-language broadcaster, the analyst Mubarak al-Ati argued that Trump’s refusal to return to direct conflict with Iran following the April 7 ceasefire that ended the 2026 war had exposed the limits of American power and would carry strategic consequences for Washington.

“It seems that Trump refuses to return to war and overthrow the Ayatollah’s regime. This will cost him dearly,” Ati said, describing the US president as a “paper tiger.”

Ati traced what he called the unraveling of US credibility back to President Joe Biden’s withdrawal from Afghanistan in August 2021, which he characterized as a “humiliating exit” and the first clear signal of American retreat from the international system. The United States remains a superpower, he said, but “not as it was a decade ago.”

“The balance of power has changed significantly, and for rising powers such as India, Saudi Arabia and Brazil, all of which are G20 members, there are now new possibilities, and they can establish relations with all forces, not just with the US,” Ati said.

The interview comes as Trump has publicly pressed Gulf and Muslim-majority states to fold into the Abraham Accords as part of any final agreement with Iran. In a Truth Social post earlier this week, the president named Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Turkey, Egypt, Jordan and Bahrain as countries he wanted to see simultaneously sign the accords, framing such a move as a condition for what he called a more historic settlement with Tehran. Pakistani Defense Minister Khawaja Muhammad Asif quickly told local broadcaster Samaa TV that an Abraham Accords-style agreement “clashes with our fundamental ideologies” and that Islamabad would not join.

According to Ati, that reception is part of a broader Gulf and Muslim-world response to what he portrayed as a weakened American hand.

“Saudi Arabia refrained from being drawn into war and did not stand alongside Israel and the United States, just as it did not stand alongside Iran,” he said. “Saudi Arabia has not declared hostility toward any of the parties, and this means they analyzed the situation and saw themselves as an independent actor who cannot be a satellite of Israel and the US.”

Ati said the kingdom is now organizing a new Arab-Islamic bloc with Pakistan, Turkey and Qatar that he expects to be announced in the near future. The grouping, he said, has “put the brakes on the Abraham Accords” and is working to “clear the region of Israeli presence in Sudan, South Yemen and Somaliland.” Saudi Arabia, he said flatly, will not join the accords.

The analyst said Riyadh’s diplomatic track was instead aimed at brokering what he described as a “non-violent agreement” encompassing Iran, the Gulf states and any other country that chose to participate, secured by “Islamic and international guarantees.”

Ati’s remarks do not reflect an official Saudi government position. They were delivered on a Russian state-aligned outlet that has consistently amplified narratives critical of US influence in the region. Saudi officials have not publicly confirmed the existence of the bloc he described, and Riyadh has continued to engage Washington on a parallel track that includes defense cooperation and ongoing discussions of a normalization framework with Israel.

Still, Ati’s framing tracks with a wider Arab and Muslim-world hesitation toward Trump’s accords push, which has intensified since the 2026 Iran war and the diplomatic fallout from Israeli operations in Lebanon and Gaza.

(YWN World Headquarters – NYC)

JBizNews Desk — May 27, 2026

The U.S. Supreme Court on Tuesday declined to hear an appeal from Meta Platforms, allowing the state of Vermont to continue pursuing a lawsuit accusing the company of designing Instagram to addict young users — a decision that significantly increases the likelihood Meta could face similar legal exposure across all 50 states.

The justices rejected Meta’s attempt to overturn a lower-court ruling that allowed Vermont’s case to proceed, leaving intact a decision by the Vermont Supreme Court that found the state has jurisdiction to sue the social-media giant over harms allegedly caused to teenagers using Instagram. As is customary in denied appeals, the Supreme Court did not provide an explanation for its decision.

The ruling does not determine whether Meta violated any law. Instead, it clears the way for Vermont’s claims to move forward through discovery and trial proceedings — and sends a broader signal that states may continue pursuing consumer-protection and youth-harm lawsuits against major technology companies in their own courts.

The implications for Meta stretch far beyond Vermont.

The company had argued that allowing states to individually sue over platform design and user harms would expose Meta to litigation nationwide, creating what it described as an unconstitutional burden under the 14th Amendment’s due-process protections. By declining to intervene, the Supreme Court effectively left that exposure in place.

The Vermont lawsuit is part of a wider coordinated legal effort involving attorneys general from 42 states pursuing actions tied to youth mental health, platform addiction, and alleged deceptive practices involving minors.

At the center of the dispute is how Instagram was allegedly engineered.

Vermont Attorney General Charity Clark argues in court filings that Instagram was intentionally designed to exploit the psychology and neurological development of teenagers in order to maximize engagement, increase screen time, and ultimately generate greater advertising revenue.

The Vermont Supreme Court ruled in 2025 that companies operating nationwide and actively profiting from users inside a state can reasonably expect to be sued there. That interpretation now stands after the Supreme Court’s refusal to hear the case.

For Meta, the decision adds to mounting legal pressure surrounding allegations that its platforms harm children and teenagers.

Earlier this year, a Los Angeles jury found both Meta and Google negligent in a case tied to the mental-health impact of social media on a young user, awarding approximately $6 million in damages. Separately, a New Mexico jury concluded that Meta violated that state’s consumer-protection laws by misrepresenting the safety of Facebook, Instagram, and WhatsApp for younger users, resulting in a damages award of roughly $375 million.

Additional lawsuits remain active in states including Massachusetts and New Mexico.

The financial risk compounds quickly.

Each individual state case carries separate discovery costs, potential damages, legal fees, and the possibility of court-ordered operational changes to platform design and safety features. A single adverse verdict can reach into the hundreds of millions of dollars. Multiple losses across jurisdictions could transform what might otherwise be manageable litigation into a long-term structural risk for the company.

Meta has repeatedly denied claims that its platforms are intentionally harmful to children and says it continues investing in parental controls, teen-safety features, and content protections designed to improve the online experience for younger users.

For the broader technology industry, Tuesday’s Supreme Court order sends a clear message: courts remain increasingly willing to scrutinize not only what users post online, but how platforms themselves are intentionally designed to maximize engagement and profit.

The decision also weakens one of Silicon Valley’s longstanding legal defenses — the idea that nationwide technology companies can avoid being dragged into dozens of separate state-level courts simultaneously.

For Meta, the legal battle now continues one state at a time.

Washington — JBizNews Desk

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

The Trump administration on Thursday launched a new website that uses the language and imagery of extraterrestrial conspiracies to spotlight immigration enforcement efforts, presenting data on illegal immigration through a platform called Aliens.gov.

The new site, which adopts a science-fiction theme, argues that the “aliens” Americans should be concerned about are not visitors from another planet but illegal immigrants already living in communities across the country. The website was introduced as a tool for tracking immigration arrests, border encounters, and enforcement actions nationwide, according to information obtained by Fox News Digital.

“They walk among us,” the website reads. “For 60 years, the U.S. government has kept a closely guarded secret. Aliens have been walking among us, living in our neighborhoods, and interacting with us in our daily lives. They’ve shopped in the same stores, attended the same classes as our children, and lived seemingly normal human existences.”

The site then delivers its central message:

“With one exception — they do not belong here.”

Fox News Digital reported that it reviewed the website in advance of its launch. The platform combines immigration statistics with references to UFO disclosure campaigns, using humor and satire while advancing the administration’s position on border security and illegal immigration.

According to a White House official, the goal is to draw public attention to what the administration views as the consequences of the previous administration’s border policies.

“This is a first of its kind effort to draw eyeballs to the fact that the previous administration’s porous border didn’t just put families in border states at risk, many across the country were in harm’s way,” a White House official told Fox News Digital.

Among the website’s features is an interactive map of the United States displaying locations where immigration arrests have occurred. Visitors can also view a running total of migrant encounters, which the site says has exceeded three million.

Drawing from Immigration and Customs Enforcement data, the platform allows users to search enforcement actions by city, state, or alleged offense. Search results include information such as arrest dates, criminal allegations, countries of origin, and any reported gang connections.

The website presents a sharply critical assessment of past immigration policies, claiming that federal officials knowingly permitted large numbers of migrants to enter and remain in the country.

“Millions arrived under the cover of darkness and embedded themselves directly into our society. Countless presidents, congressmen, and senior officials knew exactly what was happening. Instead of protecting American citizens, they chose to cover it up and even accelerate the invasion,” the new website states.

The site credits President Trump with bringing attention to the issue and portrays him as the first national leader willing to confront it directly.

“Until one man finally had the courage to tell the truth. Bold. Unapologetic. Unafraid. President Trump was the first to call out the real danger Aliens pose to every American family, every community, and the future of our nation,” the website said. “The truth is no longer out there. It is right here. Right now.”

White House officials told Fox News Digital that the information displayed on the website will be refreshed continuously and will also be integrated into the administration’s existing White House mobile application.

The platform additionally includes an ICE reporting feature that encourages members of the public to “report suspicious aliens.”

The launch comes shortly after the Department of War released two batches of previously classified UAP records as part of a government-wide transparency initiative. That effort directed agencies to review internal archives for decades-old reports involving unidentified aerial phenomena, responding to longstanding public interest in UFO investigations and government secrecy surrounding unexplained sightings.

{Matzav.com}

What began as a grim mystery in central Israel is now being investigated as a suspected terror attack.

Israeli police and the Shin Bet have arrested a 17-year-old Arab Israeli from Lod on suspicion of murdering Ruslan and Olga Prikhodko, a married couple from Rishon Lezion who were found shot dead inside their car in an open area between Mishmar Ayalon and Karmei Yosef. The suspect, a minor whose name has not been released, was arrested by Yamam counterterrorism forces after investigators came to believe the killing may have been carried out for nationalist motives.

The case initially moved in a very different direction. Police first examined the possibility of a murder-suicide, in part because Ruslan legally owned a firearm. But that theory began to collapse when investigators found his gun locked in a safe at the couple’s home, not at the scene, and reported that no gunshot residue was found on his hands. The working assumption then shifted, someone else had shot the couple and fled.

The teen confessed to the allegations against him, while investigators are still trying to determine where the murder weapon came from and whether any additional motive was involved beyond the suspected nationalist motive. Hebrew reports said police believe the couple may have been chosen at random and that there was no prior connection between them and the suspect. His detention has been extended by eight days in the Rishon Lezion Magistrate’s Court.

The arrest is also drawing attention because Hebrew outlets reported that the suspect’s brother was linked to a previous deadly ramming attack in central Israel. That detail is now part of the broader security context surrounding a case that investigators initially treated as a local crime scene and now see as something far more serious.

Ruslan, 46, and Olga, 44, immigrated to Israel from Ukraine more than two decades ago. Olga worked at Hamashbir, while Ruslan worked as an elevator technician for Electra. They leave behind a teenage son. Relatives said the family had been planning a trip to Austria to celebrate Olga’s upcoming birthday, and they pushed back from the beginning against the early murder-suicide theory.

“This was not murder-suicide,” a family member told Ynet after the arrest.

For their family, the arrest confirms what they had insisted from the first hours after the couple vanished: Ruslan and Olga were not a domestic headline or a private tragedy. They were a couple on a morning trip who never came home, and investigators now believe they may have been murdered in a terror attack in the heart of Israel.

IDF Chief of Staff Lt. Gen. Eyal Zamir said Thursday that Israeli ground forces are continuing operations inside southern Lebanon, declaring that Hezbollah has sustained unprecedented damage and warning that the military will strike threats wherever necessary.

Speaking during a visit to an army position on the Lebanese side of Mount Dov, Zamir said Israeli forces remain actively engaged across the sector.

“Even at these moments, our forces are advancing and operating,” he said.

According to Zamir, Hezbollah has suffered extensive losses since the start of the fighting, including the elimination of thousands of terrorists as well as numerous senior and mid-level commanders.

“There is unprecedented cumulative damage here to Hezbollah, from thousands of terrorists to senior and mid-level commanders,” he stated.

Zamir emphasized that Israel’s security zone and forward defense positions in southern Lebanon do not restrict the military’s freedom of action.

“Our forward defense line does not limit us,” he said. “Wherever we identify a threat and wherever we are required to remove a threat, we will act. Wherever there is an operational need to maneuver, we will maneuver.”

The IDF chief also linked the campaign against Hezbollah to the broader confrontation with Tehran, saying every blow against the terror group weakens Iran’s regional influence.

“Every strike against Hezbollah is also a strike against the Iranian axis and the Iranian investment in the region,” Zamir said.

He added that the military remains prepared for any escalation involving Iran.

“We are prepared for any development and remain at a high level of readiness against Iran as well.”

(YWN World Headquarters – NYC)