(AP) – The federal government can’t block benefits from the nation’s largest food aid program from being used to buy candy, soda and other sugary drinks, a judge ruled.

Monday’s ruling scuttles restrictions now in place or planned for the federally funded and state-run Supplemental Nutrition Assistance Program in 23 states. President Donald Trump’s administration has not said whether it will appeal to a higher court.

U.S. District Judge Amy Berman Jackson, who sits in Washington and was nominated to the bench by former President Barack Obama, said in her opinion that the ruling wasn’t a comment on whether the restrictions are a good idea.

“The federal defendants and the states may have a genuine desire to improve the health of SNAP households by encouraging healthy choices at the store, and they can take lawful steps to meet those goals,” she wrote. “But what they cannot do is violate the law and their own regulations along the way.”

The restrictions are part of the Make America Healthy Again campaign
Agriculture Secretary Brooke Rollins and Health and Human Services Secretary Robert F. Kennedy Jr. have encouraged states to limit what the food aid can be used to buy as part of the “Make America Healthy Again” campaign.

They reason that soda and candy fuel obesity, diabetes and chronic disease epidemics — and taking them off the menu would encourage healthier food choices.

The Agriculture Department has given 23 states so far permission to implement restrictions. Some have been implemented already, while others are queued to take effect in the coming months and years.

At least one state that was set to limit soda and candy purchases changed course earlier this year. Colorado’s human services board voted against implementing the ban after a March hearing in which SNAP beneficiaries and advocates said people would face stigmas if they mistakenly tried to use the benefits on prohibited items. They also said the rules were confusing because they would have allowed buying drinks with at least 50% fruit or vegetable juice, but not those with less.

While the goals are similar, the exact rules vary by state. Some wanted to ban both sugary drinks and candy, while others only sought to ban sugary beverages.

A legal challenge to the candy and soda ban — which includes items such as sports drinks in some states — was filed by SNAP beneficiaries in Colorado, Iowa, Nebraska, Tennessee and West Virginia.

Judge says government ignored a definition of food
Jackson said the main legal misstep in restricting what SNAP benefits could buy came because it ran contrary to Congress’s definition of “food.”

Under the law, SNAP benefits — formerly known as food stamps — can be used for “any food or food product for home consumption except alcoholic beverages, tobacco, hot foods or hot food products ready for immediate consumption.”

The government can waive requirements, but limiting use of the benefits to improve nutrition isn’t listed as a reason to do so. Yet when states asked the Agriculture Department to let them restrict purchases, their requests included using alternate definitions of “food.”

This may not be the final word
The Agriculture Department has not said whether it intends to appeal the ruling.

The case is among scores of challenges to Trump administration policies that hinge on whether the administration has the authority to change policies without congressional approval.

While it’s a big program helping nearly 39 million Americans — about 1 in 9 — buy groceries, SNAP is normally relatively low-profile. That’s been different since Trump returned to office last year.

Under his big tax and policy law signed last year, more recipients are subject to work requirements and states are being required to pay a larger share of administrative costs — and could be on the hook for benefit costs if their error rates are too high.

During a government shutdown last year, courts blocked the administration from cutting off benefits. Meanwhile, Rollins has said that there’s rampant fraud in the program.

In one of the sharpest reversals of American policy toward Tehran in years, the United States has cleared Iran to sell its oil for U.S. dollars. On Monday, June 22, the U.S. Treasury Department issued a 60-day license — formally Iran General License X — authorizing the production, delivery, sale and even import of Iranian crude, petrochemicals and petroleum products through August 21. Treasury Secretary Scott Bessent announced the move on the platform X, tying it to “productive” talks with Iran underway in Switzerland and to Tehran’s pledge to keep the Strait of Hormuz open and admit nuclear inspectors.

The most consequential detail is the currency. The license lets buyers pay for Iranian oil in U.S. dollar-denominated funds, giving Tehran access to the world’s dominant currency for crude transactions for the first time in decades. For years, sanctions forced Iran to sell at a discount to the handful of buyers willing to risk U.S. penalties. Selling at market rates, in dollars, makes it far easier for the regime to repatriate profits from its exports — a financial lifeline after years of a “maximum pressure” campaign that began when President Donald Trump withdrew from the 2015 nuclear deal during his first term.

The waiver is unusually broad. It covers the services that make the oil trade work — vessel management, insurance, crewing, bunkering, classification and emergency repairs — and permits cargoes to move on tankers the U.S. had previously sanctioned. It also opens the door, on paper, to the first U.S. imports of Iranian crude since Washington imposed measures after the 1979 revolution, though it remains unclear whether any Iranian barrels will actually enter the country.

The license is the economic centerpiece of a fragile peace framework. The memorandum of understanding Trump signed on June 17 commits the U.S. to lifting its naval blockade of Iranian ports and eventually releasing billions of dollars in frozen Iranian assets, in exchange for open transit through Hormuz and the return of International Atomic Energy Agency inspectors. Mediators Qatar and Pakistan said weekend talks at the Swiss resort of Bürgenstock produced a roadmap toward a final deal within 60 days, with more licenses from Washington expected in the coming days.

For oil markets, the practical effect is more supply. Crude prices, which spiked above $112 a barrel earlier in the war, have eased sharply on expectations that Iranian barrels will flow more freely; U.S. benchmark West Texas Intermediate settled near $74 on Monday. The biggest beneficiary is likely China, by far the largest buyer of Iranian oil through its independent “teapot” refiners, which had been purchasing discounted barrels despite sanctions risk. A wider, legal pool of buyers could firm up Iran’s revenue while keeping downward pressure on global prices — a combination the Trump administration has sought as it tries to tame fuel costs and inflation ahead of the November midterms.

The reversal has drawn fire. “This waiver doesn’t just weaken the pressure campaign — it puts it into reverse,” said Brett Erickson, a managing principal at Obsidian Risk Advisors, arguing that Washington spent months building leverage and weeks handing Iran a way around it. Some Republicans have voiced similar concerns, warning that easing sanctions on a country the U.S. was at war with months ago could end up funding regional militias. Tehran, for its part, has previously disputed U.S. figures on how much oil it has available to sell.

For businesses, the stakes run beyond the oil patch. Cheaper, steadier crude lowers costs for airlines, trucking and manufacturers and eases the energy-driven inflation that pushed U.S. consumer prices to a three-year high. Shippers and insurers that had steered clear of Iranian cargoes now have a legal, if temporary, window to handle them. The catch is the calendar: the license expires August 21, and everything depends on whether the 60-day roadmap hardens into a lasting deal. If the talks collapse, the barrels — and the dollars — could be pulled back as quickly as they were granted.

JBizNews Desk
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Traffic by tankers transiting the Strait of Hormuz has picked up amid the negotiations between the U.S. and Iran aimed at ending the war, which has caused oil prices to decline with more supply hitting the market.

The two sides have agreed to open the key shipping route for oil during the negotiations after the U.S. instituted a naval blockade and Iran laid sea mines that deterred shipping from moving through the narrow chokepoint.

The Strait of Hormuz’s central channel is yet to be cleared of Iranian mines, which has caused ships making the transit to either pass through a northern channel in Iran’s territorial waters or a southern channel in Oman’s waters. The U.S. Navy is overseeing transits along the southern route, while Iran issued a demand last week that vessels use the northern route through its waters.

Shipping traffic rose over the weekend to the highest level since the conflict began at the end of February, with 109 vessels transiting the Strait of Hormuz from Saturday through Monday, according to Kpler, a firm which tracks global shipping traffic.

OIL PRICES FLUCTUATE AS TRUMP’S IRAN DEAL COULD FULLY REOPEN STRAIT OF HORMUZ

President Donald Trump said Tuesday in a post on his Truth social media platform that, “19 Million Barrels of Oil flowed out of the Hormuz Strait yesterday, an all time RECORD. Oil prices are tumbling down, and the World is a much safer place!!!”

Despite the rise in shipping traffic, it remains lower than the more than 130 ships per day that transited the strait on a typical day before the conflict began, the New York Times reported. 

There also remains a backlog of hundreds of ships waiting to pass through the strait, according to the International Maritime Organization.

OIL PRICES PLUNGE TO LOWEST LEVELS SINCE EARLY MARCH AFTER TRUMP SIGNS IRAN DEAL

The Joint Maritime Information Center (JMIC), a U.S.-led international maritime security organization based in Bahrain, lowered the regional threat level to moderate on June 18 after the U.S. and Iran agreed to open the waterway during the 60-day negotiating window.

However, it noted there have been confirmed mines in the waterway and recommended vessels use the southern route near Oman as it has been cleared of mines.

“Mariners should be advised of the existence of mines and expect naval presence as clearance operations continue,” JMIC said in its announcement. “Mariners should also expect congestion through transit routes and potential VHF hailing from naval forces to support free flow.”

ZELDIN TOUTS US ENERGY FUTURE, SAYS INDO-PACIFIC NATIONS INCREASINGLY INTERESTED IN AMERICAN SUPPLY

The uptick in oil moving through the Strait of Hormuz has eased global oil prices, which surged to trade above $100 a barrel at times during the first two months of the conflict. 

Prices for Brent crude, the global oil benchmark, were around $75 a barrel on Tuesday after declining about 0.3% on the day and over 4.5% in the past five days.

They also declined for the U.S. crude benchmark, West Texas Intermediate, which was about $73 a barrel on Tuesday after declining roughly 0.8% on the day and around 7.7% over the last five trading days.

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Rising oil supplies from the Middle East with the return of tanker traffic through the Strait of Hormuz has also caused a shift in prices for North Sea crude, with prices for Forties crude from the North Sea trading at its lowest level in two years on Monday, Bloomberg reported.

A global selloff in semiconductor stocks that forced the Korea Exchange to halt trading for 20 minutes Tuesday rolled straight into Wall Street, dragging the tech-heavy Nasdaq sharply lower at midday while the rest of the market split in two directions. The trigger was a brutal slide in chipmakers across Asia and Europe, driven by fears that the artificial-intelligence boom has run too far, too fast — and by growing worry that the Federal Reserve, under Chair Kevin Warsh, will raise interest rates before year-end. Investors are also tracking peace talks between the United States and Iran, where Tehran said Monday there had been “encouraging progress” and agreed to a roadmap toward a final deal within 60 days, easing some pressure on oil.

The result was a sharply divided tape. The Dow Jones Industrial Average held in positive territory, up about 0.2%, or roughly 100 points, helped by non-tech names. The S&P 500 slipped around 0.4%, weighed down by its large technology holdings. The Nasdaq-100 bore the brunt, falling about 2.7% as nearly every chip and computer-hardware stock in the index dropped. The small-cap Russell 2000, which closed above 3,000 for the first time ever on Monday, also eased.

Market Movers

Memory-chip maker Micron Technology led the decliners, sliding more than 10% ahead of its quarterly earnings due late Wednesday. Qualcomm fell roughly 7% to about $207 after reports it is in advanced talks to buy AI chip startup Modular in a deal valued near $4 billion. Arm Holdings dropped about 8%, and Western Digital fell more than 8% to around $67. Among the megacaps, Nvidia lost close to 3% and Tesla fell about 4%. SpaceX, fresh off the largest stock debut ever, slid for a fourth straight day, dropping below its $150 opening price and back under a $2 trillion valuation.

Not everything sold off. Microsoft bucked the trend, rising about 2.5%, while Amazon added roughly 1.7%. IBM climbed about 4% to $263 after JPMorgan upgraded the stock to “overweight” and President Trump praised the company and signed an executive order on quantum computing. Defensive names held up too, with Public Storage up 4.4% to $334.43 and Accenture gaining 3.3% to $128.82.

On the analyst desk, Wells Fargo analyst Ike Boruchow downgraded Ross Stores to equal weight from overweight while maintaining a $245 price target, warning that the discount retail sector could slow sharply as lower-income consumers continue to struggle. Dan Ives of Wedbush Securities struck a calmer note, calling the selloff a “gut check moment” in an AI buildout that remains in its early stages rather than the start of a deeper downturn.

The rout also put a spotlight on jobs. Oracle shares fell about 2.6% to $170.85 after the company disclosed in an annual regulatory filing that it eliminated roughly 21,000 positions over the past year — nearly 13% of its workforce — as it leans harder into AI. Oracle said AI deployment across its operations has reduced headcount and may continue to do so, offering a stark example of how the technology fueling the market rally is also reshaping payrolls.

Commodities and Volatility

Oil continued to slide as traders assessed the U.S.-Iran roadmap. West Texas Intermediate crude traded near $73 a barrel, down about 1%, while Brent crude hovered just below $77.

Precious metals also weakened. Gold fell more than 1.5% to roughly $4,138 an ounce, while silver slipped back toward its yearly low near $61. The U.S. Dollar Index climbed above 101 for the first time since last May, while Treasury yields edged lower, with the 2-year note down about 4 basis points and the 10-year yield off roughly 2 basis points. Bitcoin traded near $63,000.

The Day Ahead

Earnings season picks up after the closing bell, with FedEx reporting late Tuesday and Micron Technology reporting Wednesday. Investors will be watching Micron closely for clues about demand for AI memory chips and whether the sector’s recent rally still has room to run.

The economic calendar also becomes more active later this week. Reports due include May new-home sales on Wednesday, the May PCE inflation gauge and a final estimate of first-quarter GDP on Thursday, and the University of Michigan’s consumer sentiment index on Friday.

JBizNews Desk | New York

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Shas chairman Aryeh Deri dramatically escalated pressure on the coalition on Monday, announcing that his party will block all coalition-backed legislation until key measures sought by the chareidi parties—including legislation protecting Torah study and ending arrests of yeshiva students—are advanced.

The announcement, made during Shas’s weekly faction meeting, reflected growing frustration within the chareidi parties over what they view as the coalition’s failure to deliver on longstanding commitments while arrests of Torah learners continue.

“We informed the coalition chairman that as long as the law to stop the arrests and the Basic Law on Torah study are not advanced, we will not support any coalition legislation,” Deri declared before members of his faction.

During the meeting, Deri also addressed the recent arrests of yeshiva students, expressing outrage over the way authorities have handled the issue.

“The violent arrests of Torah learners must stop,” the Shas leader said, sharply criticizing the treatment of yeshiva students by law enforcement.

At the same time, Degel HaTorah chairman MK Moshe Gafni delivered a similar warning to coalition leaders, making clear that his party would no longer move legislation forward without concrete action on issues important to the chareidi public.

“As long as the Daycare Law is not approved, no law will pass,” Gafni said. He added in unusually blunt language: “I have had enough of false promises—I will not humiliate myself any longer.”

Much of the anger among the chareidi factions stems from Prime Minister Binyomin Netanyahu’s announcement last week that the Daycare Law would not be passed during the current term, despite the legislation having been one of the highest priorities for the chareidi parties.

At the same time, coalition leaders have made little progress on either the proposed Basic Law on Torah Study or legislation aimed at ending the arrests of yeshiva students, despite repeated assurances that both measures would be addressed.

We reported earlier that the first casualty of the new strategy is expected to be Communications Minister Shlomo Karhi’s communications reform bill, which the coalition had hoped to advance in the coming weeks.

Senior Shas officials made clear that the blockade would remain in place until the coalition delivers results.

“As long as the Basic Law on Torah Study and the law to stop the arrests are not passed, no law will pass—including the communications bill,” party officials said.

Frustration within the chareidi parties has reached the point where some senior figures are openly questioning the value of their partnership with the coalition.

“It is inconceivable that the prime minister is nearing the end of a term and, after three and a half years, has not succeeded in passing a single major law important to the chareidi community,” one senior official said. “What kind of partnership is this?”

Behind closed doors, some party insiders expressed even deeper disappointment, suggesting that the chareidi factions have exhausted their political leverage.

“We no longer have anything left with which to threaten him,” one senior chareidi figure said. “The moment United Torah Judaism agreed to elections on October 20, as Netanyahu requested, we lost our last source of pressure. We were left with nothing.”

Another senior official offered an even harsher assessment of the situation.

“We failed in everything. We have nothing to show our voters,” he said. “Netanyahu played us again and again, and we followed him like a blind goat.”

{Matzav.com}

Fox News host Mark Levin on Tuesday blasted the Trump administration over its negotiations with Iran via Qatar and Pakistan regarding a “ceasefire” between Israel and Lebanon, calling it an “abomination” and “pure appeasement to Iran.”

“THE HEZBOLLAH-FIRSTERS, SHOCKING,” Levin wrote on X. “Has anybody ever heard of a negotiation where the two countries directly affected, Israel and Lebanon, are left out of the negotiation, as with the Hezbollah renewal negotiation being negotiated by Qatar, Pakistan, and us? And the result is intended to be imposed on both countries? Have we ever forced a democratic ally to endanger its own citizens by supporting a terrorist organization that has murdered Americans?

“Honestly, this is an abomination. What kind of ******* is this. Even worse, we are smearing Israel for refusing to abandon its security. We ensure Iran’s control over Lebanon via Hezbollah, and we have done absolutely nothing over the 45-year period during which Hezbollah has slaughtered Americans. Only Israel has. Why are we helping Hezbollah? Pure appeasement to Iran.”

“And why the hell are Qatar and Pakistan the lead negotiators? Two corrupt, brutal, terror-tied regimes with ties to Iran and hate for Israel. This is nuts.”

“This is certainly far worse than Obama’s nuclear deal. I can’t think of another time in American history where we’ve done anything as preposterous as this. Israel must completely reject it. For its country’s security AND ours! Qatar and Pakistan are doing a better job representing Iran than we are supporting our ally.”

“I wonder how many congressional Republicans support this? No way this escapes scrutiny. Something is going on here that stinks to high heaven.”

“If the public were actually polled on specific major parts of this, like the above lunacy, and it was explained, the polls would be in the toilet.”

(YWN Israel Desk—Jerusalem)

An American Frum young man was released from prison after weeks of harsh detention stemming from a paperwork dispute, Belaaz has learned, following coordinated efforts by the Office of Ambassador Rabbi Yehuda Kaploun, the U.S. Special Envoy to Monitor and Combat Antisemitism, the State Department, and an Israeli attorney.

According to information provided directly to Belaaz by Ambassador Kaploun, the man, a young American from Ohio who had traveled to the region to assist a fertility organization, flew to Turkey and then to Cyprus to help facilitate the pickup of embryos as part of what Kaploun described as a chesed mission for an organization. Kaploun said that while the young man’s own conduct was “above board,” the organization in Cyprus failed to properly complete required paperwork.

When the traveler arrived at the airport to fly home, he was accused of criminal activity and imprisoned, Kaploun said, under what he described as harsh, “human rights violations” type conditions.

“We worked to get him into better accommodations, and he now was just released. He’s on his way home,” Kaploun told Belaaz.
Kaploun credited the release to a joint effort involving his own office, State Department personnel who handle cases of imprisoned Americans abroad, the U.S. Embassy, and an Israeli attorney he identified as Tzivlin. “Our office, together with Attorney Tzivlin,” Kaploun said, helped secure the man’s release after what he called a “misunderstanding.”

Kaploun drew a distinction between this case and a hostage situation, noting that while his office and State Department colleagues regularly deal with Americans held hostage abroad, this case was handled by the State Department’s unit that works on behalf of imprisoned Americans more broadly. “Even today with the hostage stuff — not the hostage stuff — even with Lebanon, now all these things, there’s stuff going on here. People mamash have no idea, no hasagah of what goes on in this office,” Kaploun said. He pointed to his office’s recent involvement in efforts that led to the capture of a terrorist, saying Sebastian Gorka told him, “Rabbi, it’s due to your efforts.”
Kaploun also told Belaaz that he is now in contention for an additional State Department role: leading reparations negotiations with banks around the world tied to Holocaust-era claims.

He said the position currently exists within the State Department but has not previously been held at the ambassador level, and that the administration is now considering giving it to him in that capacity. “I would take over the negotiations with banks and other entities for Holocaust reparations around the world,” Kaploun said, adding that new developments on that front are forthcoming.

When asked about the Iran deal, Kaploun said the administration’s approach has been shaped by practical political and economic constraints, including the midterm elections and gas prices, and that the country could not afford to enter a recession. “There are cheshbonos here; it’s not the greatest deal but it’s also not the worst by any stretch,” he said.

This post was originally published on this site.

Our kehila was established as a warm and vibrant community of young Bnei Torah families, founded by Harav Avrohom Avigdor Helberg שליט״א , a community where learning, avodas Hashem, and chessed are paramount.

Currently, Beis Medrash D’Kelm Woods is located in the basement of Rabbi Helberg’s home. While our membership includes many distinguished yungeleit, roshei chabura, and rebbeim, our physical space is no longer sufficient. During Shabbos and Yom Tov, many mispallelim are forced to stand in the aisles and coatroom due to the limited capacity.

Our vision is to build a new Beis Medrash that can comfortably accommodate our mispallelim and their families. This building will serve as a dedicated center for Torah, tefillah, and connection to Hashem.

We ask for your generous support to help make this vision a reality. Your contribution is more than an investment in bricks and mortar; it is an investment in the future of Torah and Tefillah in Klal Yisroel.

Thank you for your partnership.

A personal letter from Leah Gitty’s parents

Dear Family and Friends,

Although more than half a year has gone by, we are all still reeling from the painful and unbelievable loss of our daughter Leah Gitty a”h. Leah Gitty was blessed with special purity and chein that endeared her to all who knew her, and her petirah has left a gaping and unfilled void.

A golden opportunity to establish an everlasting zechus and zikkaron for Leah Gitty has presented itself, and we have decided to seize the moment. Together, we can make this a reality.

Our beloved Bais Medrash d’Kelmwoods under the guidance and leadership of our esteemed Rav, HaRav Avrohom Helberg shlit”a, where we are long-time mispallelim, is embarking on the construction of a much-needed and long-awaited building.

We have decided to make a dedication for the Ezras Nashim in Leah Gitty’s memory. Leah Gitty loved davening and cherished every brachah and Amen. She would wake up early every Shabbos morning and go to Shul to daven. What better way can there be to continue Leah Gitty’s legacy than to have an Ezras Nashim dedication l’ilui nishmasah? It would surely bring immense nachas ruach and aliyah to her neshamah, while at the same time helping us and our fellow mispallelim of Bais Medrash d’Kelmwoods realize our dream of having a building in which to daven and learn. The kedushah generated in this Mikdash Me’at will serve as a zechus for Leah Gitty and will bring nechamah to us and to our family.

Please join us by contributing generously and/or by raising funds for this cause which is so dear to us. May Hashem repay you with health, parnassah, and nachas, and may He provide each of you with your zivug hagun bekarov, and reward you with the ultimate schar in Olam HaBa.

With utmost appreciation,

Moshe Yosef & Brynie Ruvel

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R’ Eliezer Mordechai (“Mordy”) Klughaupt ז”ל 

R’ Mordy Klughaupt ז”ל, the beloved son of Rabbi Michel and Mrs. Ciporah Klughaupt, was a treasured member of the Lakewood community whose warmth, compassion, and uplifting presence left a lasting impression on all who knew him. He was known for his friendly demeanor, genuine concern for others, and his ability to bring people together through life’s most meaningful moments.

Mordy possessed a remarkable gift for making others feel comfortable and appreciated. Whether celebrating at a wedding, sharing in a family simchah, offering a kind word, or remembering someone with a thoughtful birthday card, he brought positivity and joy wherever he went. His kindness, humility, and willingness to help others were hallmarks of his character and endeared him to all who knew him.

Bais Medrash D’Kelmwoods held a special place in Mordy’s heart. From the founding of the shul, he was actively involved in its growth and development. He used his talents to document many of its earliest moments through his photography and was a familiar presence at its functions, events, and milestones. Always eager to help, he generously contributed his time and talents whenever needed. He took great pride in the kehillah and cherished the friendships and connections he built there over the years.

Mordy leaves behind a legacy of friendship, generosity, and devotion to family and community. His sudden passing has created a profound void in the lives of those who loved him, but the memories of his warmth, kindness, and enduring impact will continue to inspire all who were privileged to know him.

יהי זכרו ברוך

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New Jersey drivers would once again be required to have their vehicles undergo safety inspections under new legislation introduced in the state Legislature that would significantly expand the state’s current inspection program beyond emissions testing.

The bill, sponsored by Senator Patrick Diegnan Jr., would require passenger vehicles and noncommercial trucks registered in New Jersey to pass inspections of key safety equipment and verify certain driver and vehicle credentials before receiving a certificate of approval.

New Jersey eliminated routine safety inspections for most passenger vehicles in 2010, citing budget constraints and data showing relatively few accidents were caused by mechanical defects. Since then, vehicles have only been inspected for emissions and related equipment.

Diegnan’s proposal would reinstate safety checks for items including horns, brake lights, headlights, tail lights, turn signals, windshields and wipers, rear-view mirrors, tires and seat belts. Inspectors would also verify that motorists possess a valid driver’s license, current vehicle registration and active insurance coverage.

The legislation also authorizes the New Jersey Motor Vehicle Commission to add additional inspection requirements it deems necessary to ensure safe vehicle operation.

Under the bill, motorists whose vehicles fail either the emissions or safety portions of the inspection would not receive a certificate of approval until the deficiencies are corrected.

The measure also clarifies existing law by explicitly requiring that all headlamps, tail lamps, stop lamps and turn signals mandated under state law be operational.

Motorcycles, historic vehicles, designated collector vehicles and certain heavy commercial vehicles already subject to other inspection programs would remain exempt from the new safety inspection requirements.

Only 14 states currently require periodic safety inspections for passenger vehicles, meaning New Jersey would join a relatively small group of states if the legislation is enacted.

Supermarkets racing to replace paper price tags with digital screens are running into a growing political backlash. As of mid-2026, lawmakers in roughly a dozen states and in Congress have introduced bills to restrict how grocers use customer data to set prices — a practice critics call “surveillance pricing” — with some measures going as far as banning the electronic shelf labels that make rapid price changes possible. The fight pits major chains like Walmart and Kroger against labor unions, consumer advocates and a bipartisan group of politicians.

The most concrete action so far came in Maryland. On April 28, Governor Wes Moore signed the Protection from Predatory Pricing Act, making Maryland the first state to ban dynamic pricing based on a shopper’s personal data. The law, which takes effect October 1, requires grocers larger than 15,000 square feet to keep prices fixed for at least one business day and bars the use of surveillance data to set individualized prices, with fines of $10,000 for a first violation and $25,000 after that. Notably, it stops short of banning the digital labels themselves.

The campaign has a powerful backer in organized labor. In February, the United Food and Commercial Workers union, which represents about 1.2 million workers including more than 800,000 in grocery, launched its Affordable Groceries and Good Jobs campaign, arguing that electronic shelf labels both enable price manipulation and threaten the jobs of clerks who once updated tags by hand. States including New York, Tennessee, Washington, Arizona, Nebraska and Oklahoma have introduced versions of the union’s model legislation, while California, Colorado, Illinois and New Jersey are weighing their own.

In Washington, the effort has gone bipartisan. Senators Ben Ray Luján of New Mexico and Jeff Merkley of Oregon introduced the Stop Price Gouging in Grocery Stores Act of 2026, which would ban electronic shelf labels in large stores and prohibit surveillance pricing, enforced by the Federal Trade Commission. In May, Representatives Josh Gottheimer and Mike Lawler unveiled the No Rigged Grocery Prices Act, targeting AI-driven pricing at both stores and delivery apps.

Retailers push back hard. Walmart, which aims to roll out electronic labels across its U.S. stores by the end of 2026, says the technology simply lets workers update planned price changes from a central system and insists it does not tailor prices to individual shoppers. The industry notes that price-gouging laws already exist and that the labels mainly improve accuracy and efficiency.

The stakes are commercial and political. Electronic shelf labels are a fast-growing market for retail-technology suppliers, and chains see them as central to cutting labor costs and competing on price. But with grocery inflation still squeezing households, surveillance pricing has become an easy target, and polling has found broad bipartisan support for restrictions. How the patchwork of state laws shakes out will shape how the nation’s largest retailers price the items in nearly every American’s cart.

JBizNews Desk
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Naftali Bennett, chairman of the Beyachad party, unveiled a new plan Tuesday that he called a “New Agreement,” laying out a broad agenda for changes in education, security, government, the economy, and the state’s relationship with the Chareidi community.

Bennett said that over the past two years, he and his team worked with experts to build plans aimed at addressing what he described as Israel’s deepest problems. A major part of the plan focuses on education, with Bennett pledging to shut down what he called the “Education Ministry of 1948” and open an “Education Ministry of 2026.”

Turning to the Chareidi sector, Bennett said Israel is on “a path of slow-motion suicide” in its current approach. He claimed that “an independent and anti-Zionist Chareidi state” has developed “under our noses” with state funding, and vowed to end funding for Chareidi education that he says harms the country, while offering an alternative.

Bennett also pledged to draft 20,000 additional soldiers and adopt what he called a policy of “zero containment” toward security threats. “Not a drone. Not a rocket. And certainly not military buildup,” he said.

On the economy, Bennett promised a “war” against food cartels, specifically naming Tnuva’s Chinese owners, Shufersal, Unilever, and Diplomat, saying that “on my first day in office — the celebration is over.”

Bennett also said organized crime should be treated as a national security threat, pledged to close seven government ministries, transfer more authority to local governments, replace political appointments with professional ones, and establish a national public diplomacy body he called “8300” to counter Qatar, Iran, and Israel’s enemies worldwide.

(YWN World Headquarters – NYC)

Organizers of a nationwide protest against the arrests of yeshiva students and kollel members say as many as 2,500 vehicles are expected to take part Wednesday in what could become one of the largest chareidi vehicle demonstrations in recent years. The convoys will travel from 19 locations across the country and converge near a military prison as part of a growing campaign against the detention of Torah learners.

Ahead of the demonstration, the organizing committee unveiled the official logo that will accompany the protest caravans. The logo features the slogan “עד כאן! אין דרך בלי דרך התורה!” and is expected to appear on cars, signs, and stickers throughout the event.

Yerushalayim Deputy Mayor Tzachi Brim, who chaired the committee’s most recent planning session, confirmed that organizers are preparing for participation on a massive scale, with estimates reaching approximately 2,500 vehicles.

According to the plans, convoys will depart at 4:00 p.m. from 19 cities and communities across Israel, including Elad, Ashdod, Tiberias, Beitar Illit, Beit Shemesh, Bnei Brak, Givat Ze’ev, Haifa, Hatzor HaGlilit, Yerushalayim , Modiin Illit, Nof HaGalil, Netanya, Emmanuel, Afula, Arad, Safed, Kiryat Gat, and Rechovot. The separate processions will eventually merge into a unified convoy heading toward the military prison.

Organizers said participants will recite Tehillim, hear words of encouragement, and broadcast messages of protest throughout the journey. In a statement, the committee said, “The slogan and logo we selected reflect the feelings of the entire community—the red line has been crossed. This is the opening shot of what will be a historic display of solidarity that will send one message to the prisoners of the Torah world: You are not alone.”

The campaign is being coordinated by a joint committee representing several major chassidic communities. Participants in the planning meetings have included Jerusalem Deputy Mayor Tzachi Brim and his chief of staff Srulik Frenkel; Yitzchok Bartler of Vizhnitz and adviser to MK Yaakov Tessler; Shimi Blau of Shlomei Emunim and chief of staff to MK Meir Porush; Yisroel Dranger representing Gur; and Aharon Frishman representing Belz.

Those involved in the effort say one of the most striking aspects of the protest has been the unusually broad cooperation among the various chassidic groups. Organizers described the alliance as one of the most significant examples of inter-chassidic cooperation seen in recent years around a public cause.

Notably absent, however, are Degel HaTorah and Shas. While representatives of Gur, Belz, Vizhnitz, and Shlomei Emunim have taken leading roles in the campaign, neither Degel HaTorah nor Shas has publicly endorsed the protest. Yated Ne’eman, the newspaper identified with Degel HaTorah, has likewise not provided coverage of the initiative.

Despite the scope of the planned demonstration, organizers acknowledged that they have not yet received final police approval. Nevertheless, they insist preparations are moving forward as scheduled.

“There is no official confirmation that there is official confirmation,” Brim said. “This is a complex event that crosses multiple districts and regions, so the handling of it is naturally more complicated. But we demand that the chareidi public be allowed to protest and demonstrate just as every other sector in the State of Israel is permitted to do.”

Shimi Blau said the campaign was entering its final phase and warned that organizers were prepared to respond if police attempted to restrict the protest.

“We are in the final stretch. Hundreds of people have already registered, but I do not want to provide numbers,” Blau said. “If the police create obstacles and do not allow us freedom of expression in the same way they allow it to other groups, we have contingency plans. It is also worth remembering the attorney general’s own statement that there is no effective protest without some disruption of public order.”

Meanwhile, Kfar Yona Mayor Albert Taieb reiterated his opposition to allowing the convoys into his city. Speaking earlier this week, he said his concerns were not directed at the chareidi community but rather at the traffic disruptions caused by repeated demonstrations in the region. Taieb said he planned to stand at the entrance to the city together with local residents in an effort to prevent road closures and traffic disturbances.

The protest comes amid mounting outrage in the chareidi community over a recent wave of arrests involving yeshiva students and kollel members. Earlier this week, the former Rishon LeTzion, Rav Yitzchok Yosef, launched a sharp attack on Attorney General Gali Baharav-Miara, accusing her of responsibility for the arrests of lomdei Torah and intensifying calls for public action.

{Matzav.com}

NEW YORK — New York City Comptroller Brad Lander was notably absent from a list of candidates promoted by Rama Duwaji, the wife of New York City Mayor Zohran Mamdani, in a social media post published Tuesday as voters headed to the polls in Democratic primary elections.

Mayor Mamdani’s wife Rama Duwaji urges New Yorkers to vote for DSA members Claire Valdez and Darializa Avila Chevalier in NY7 and NY 13

Notably leaves out Brad Lander in NY 10 pic.twitter.com/MwGGF3lgHg

— Craig McCarthy (@createcraig) June 23, 2026

Duwaji encouraged voters to support several progressive candidates, including Claire Valdez and Darializa Avila Chevalier, both backed by allies of the Democratic Socialists of America.

The omission drew attention because Lander has frequently aligned himself with many of the same progressive causes and political constituencies that helped propel Mamdani to City Hall.

Political observers quickly noted that Lander’s name was absent from the graphic despite his efforts to build relationships with the city’s progressive wing.

Among those reacting was Jewish activist Benny Polatseck, who posted a message directed at Lander on X.

“They will never love you,” Polatseck wrote.

The comment reflected criticism from some Jewish voters who argue that Lander’s positions on Israel and outreach to progressive activists have alienated portions of the Jewish community without earning him broader support from the far left.

Poor Brad. No matter how hard he tries, he'll always be a Jew to the Jew Haters. https://t.co/kgr20310vY

— Kalman Yeger (@KalmanYeger) June 23, 2026

CC: @bradlander

They will never love you. https://t.co/IcjIViVPaS

— Benny Polatseck (@BPolatseck) June 23, 2026

Neither Duwaji nor City Hall immediately commented on the omission.

The episode unfolded as voters cast ballots in several closely watched Democratic primaries that have become a test of the growing influence of New York’s progressive movement and its relationship with the Democratic establishment.

Whether Lander’s exclusion was intentional remained unclear, but it quickly became a topic of discussion among political activists and observers on election day.

The Olam HaTorah and Kabbalah was plunged into mourning on Tuesday upon the news of the petirah of HaMekubal HaTzaddik Rav Rachamim Attiya zt”l, Zakein of the Rabbanim of Aleppo and one of the mekubalim of Yeshivat Nahar Shalom in Jerusalem.

HaRav Attiya was niftar at Shaare Tzedek Medical Center in Jerusalem at the age of 95.

The niftar was born in 1931 to his father, HaRav Yitzhak Attiya zt”l, in Aleppo, Syria.

He was known throughout Jerusalem as one of the city’s leading mekubalim and tzaddikim. He served as the Ba’al Korah and Shliach Tzibur in the Beis Medrash of HaMekubal HaRav Mordechai Sharabi zt”l, who specifically chose him because he was known for being exceptionally careful to avoid anger. He was especially beloved by HaRav Sharabi, who learned Kabbalah with him and would say that the Name of Hashem was engraved upon his face.

Rav Attiya separated himself from worldly distractions and devoted himself to Limmud Torah day and night.

His brother was the well-known dayan HaRav Yeshua Attiya zt”l, one of the outstanding chachamim of Yeshivat Porat Yosef in Jerusalem.

He left behind a family of 13 children and hundreds of descendants,

HaRav Ovadia would send people to HaRav Attiya for a “Pidyon Nefesh”and would show him special honor whenever he saw him.

With HaRav Ovadia, z’tl. (Yaakov Cohen)

With his son-in-law, HaRav Yitzchak Yosef. (Yaakov Cohen)

תהא נשמתו צרורה בצרור החיים.

(YWN Israel Desk—Jerusalem)

The wives of soldiers serving in Lebanon published a photo showing mixed sleeping arrangements in the quarters of an armored battalion commander in Lebanon, Arutz Sheva reported.

The footage shows a female soldier sleeping next to male soldiers in close proximity, with the foot of her bed literally touching the male soldiers’ beds.

The footage, which reached the wives of soldiers in the battalion, caused a public uproar.

The wife of one of the soldiers wrote: “The battalion commander is religious. I send my husband to fight and trust him 100 percent, but this is inanity and an abnormal situation that he is forced to sleep in the same room with a woman, head-to-toe. Where are the elected officials? Where is the Chief Military Rabbi?”

The Soldiers’ Wives for the Kedusha of the Camp organization issued a statement saying: “The senior leadership of the IDF has been overcome by radical feminist organizations and the High Court. The mixing in the field has reached horrifying extremes. The disturbing testimonies and footage keep pouring in, and the comments this week by the armored battalion rabbi about the level of pritzus in the field—which, as the Torah warns, can drive away the Shechina, chalilah—should have been brought to a Cabinet meeting for clear decisions to be made.

“We demand that elected officials and Defense Minister Yisrael Katz come to their senses and wake up. It’s unfathomable to talk about drafting the Chareidi community when religious soldiers can’t serve in accordance with halacha.”

(YWN Israel Desk—Jerusalem)

WASHINGTON (AP) — The Supreme Court on Tuesday barred a former Louisiana inmate from suing prison officials who cut off his dreadlocks in violation of his Rastafari religious beliefs.

The justices condemned what happened to the former inmate, Damon Landor. But they ruled that a federal law designed to protect the religious rights of inmates does not permit lawsuits for money damages even when rights are violated.

The high court agreed with lower courts that without exception had ruled that the law, the Religious Land Use and Institutionalized Persons Act, can’t be used to hold those who violate inmates’ rights financially responsible.

The justices refused to apply the rationale from their decision in 2020 that allowed Muslim men to sue over their inclusion on the FBI’s no-fly list under a sister statute, the Religious Freedom Restoration Act.

The Justice Department, which argued against the plaintiffs in the no-fly list case in President Donald Trump’s first Republican administration, had sided with Landor.

No one defended what happened to Landor during his five-month prison term in 2020. When he entered the prison system, he carried a copy of an appeals court ruling in another inmate’s case holding that cutting religious prisoners’ dreadlocks violated the federal law.

At his first two stops, officials respected his beliefs. But things changed when he got to the Raymond Laborde Correctional Center in Cottonport, about 80 miles (130 kilometers) northwest of Baton Rouge, for the final three weeks of his term.

A prison guard took the copy of the ruling Landor carried and tossed it in the trash, according to court records. Then the warden ordered guards to cut his dreadlocks. While two guards restrained him, a third shaved his head to the scalp, the records show.

Landor sued after his release, but lower courts dismissed the case. The 5th U.S. Circuit Court of Appeals lamented Landor’s treatment but said the law doesn’t allow him to hold prison officials liable for damages.

Louisiana wrote that “the state has amended its prison grooming policy to ensure that nothing like petitioner’s alleged experience can occur.”

The Rastafari faith is rooted in 1930s Jamaica, growing as a response by Black people to white colonial oppression. Its beliefs are a melding of Old Testament teachings and a desire to return to Africa. Its message was spread across the world in the 1970s by Jamaican music icons Bob Marley and Peter Tosh, two of the faith’s most famous exponents.

NEW YORK (VINnews) — Backlash against New York City Mayor Zohran Mamdani intensified Tuesday after a video surfaced online following his criticism of Israel over the death of Ahmed Wishah, an Al Jazeera reporter killed in Gaza.

During a Monday press briefing, Mamdani condemned Israel and cited Wishah’s death as an example of the human toll of the conflict.

The controversy escalated after pro-Israel activists and commentators circulated video footage they said showed Wishah carrying a weapon and participating in militant activities.

Among those highlighting the footage was Lizzy Savetsky, who criticized the mayor for mourning an individual she argued was involved with an armed group.

The video spread widely on social media, fueling debate over Mamdani’s remarks and prompting renewed scrutiny of claims surrounding Wishah’s role in Gaza.

The dispute quickly became a flashpoint in the broader debate over the Israel-Hamas war and the identities of individuals killed during the conflict.

How Zohran Mamdani portrays Al Jazeera "cameraman" Ahmed Wishah

VS.

Who Al Jazeera's Ahmed Wishah really was pic.twitter.com/cAHLXxAl3z

— Eitan Fischberger (@EFischberger) June 23, 2026

Zohran Mamdani justifying his hateful comments calling AIPAC monstes said: "Even an Al Jazeera journalist, Ahmed Wishah, was killed this past Saturday by an Israeli strike. And when I am speaking about @AIPAC, I’m speaking about an organization that has been supportive of the… pic.twitter.com/UalIhZjTS4

— Rabbi Poupko (@RabbiPoupko) June 23, 2026

Who knew that “journalism” required such a broad range of skills? https://t.co/qAxJYJ04Gn

— Dinesh D'Souza (@DineshDSouza) June 23, 2026

In the same breath that @ZohranKMamdani was referring to Jews as “monsters,” he was praising Ahmed Wishah—an Al Jazeera “journalist” whose death was later mourned in Palestinian obituaries.

Very on brand for our mayor.

Source: @Osint613 pic.twitter.com/O9wjVF0zzp

— Lizzy Savetsky (@LizzySavetsky) June 23, 2026

WASHINGTON (AP) — The Supreme Court on Tuesday ruled that ExxonMobil can sue Cuban state-owned companies in American courts over property on the island nation that was seized after Fidel Castro took power.

The 6-3 decision was the second in as many months in favor of U.S. owners of Cuban property that was confiscated by the Communist government more than 65 years ago.

The outcome in the two cases could be an additional lever for the Trump administration to exert pressure on Cuba, which is already being squeezed by a U.S. oil embargo.

At issue was whether the 1996 law known as Helms-Burton removes the shield from lawsuits in U.S. courts that typically cover foreign countries and state-owned businesses. The justices reversed a lower-court ruling that found that the Cuban state-owned companies are immune from lawsuits in U.S. courts.

ExxonMobil is seeking compensation for the confiscation of assets owned by subsidiaries of Standard Oil, Exxon Mobil’s predecessor, including more than 100 service stations and an oil refinery.

Last month, the court ruled in another case involving confiscated property in Cuba, reviving claims by the U.S. company that operated docks in Havana against four cruise lines that brought tourists to Cuba during the brief thaw in relations during the Obama administration. That case turned on the same section of Helms-Burton allowing lawsuits over seized property.

Congress passed the law in response to the 1996 downing of civilian planes flown by Miami-based exiles.

Title III of the law allows Americans to sue almost any company that engages in commercial activity or benefits from property confiscated by Cuba’s government.

Before the first Trump administration, every president had suspended the provision because of objections from U.S. allies doing business in Cuba and the effect on future negotiated settlements between the U.S. and Cuba.

But Trump lifted the suspension in 2019, and ExxonMobil filed its lawsuit the same day.

The U.S. Foreign Claims Settlement Commission, an arm of the Justice Department, said in 1969 that the value of ExxonMobil’s property in Cuba is $71.6 million, plus 6% annual interest beginning in 1960. That would be worth around $3 billion today, plus treble damages.

In addition, the commission found that nearly 6,000 individuals and businesses held claims worth $1.9 billion, before adding in interest or damages.

A month after the shocking murder of 75-year-old Avromi Itzkowitz in Queens, his family says they are convinced the killing was an antisemitic attack and is urging authorities to intensify efforts to solve the case.

Itzkowitz was fatally shot on May 18 near a lake in Kissena Park in the Flushing section of Queens, a location he regularly visited. He was discovered shortly before 5:00 p.m. suffering from gunshot wounds to his neck and back. Emergency responders pronounced him dead at the scene. Although police classified the incident as a homicide, no arrests have been made and investigators have not publicly identified a motive.

Speaking to JNS, Itzkowitz’s son, Tzvi Yonah Itzkowitz, said the family firmly believes his father was targeted because he was visibly Jewish.

“My family and I feel that this was an antisemitic attack,” he said. “It happened in broad daylight, and we want to know what happened and get some closure. My father deserves justice.”

According to his son, Itzkowitz was immediately recognizable as an Orthodox Jew, frequently wearing a yarmulke and sporting a long beard. Family members believe those visible signs of Jewish identity may have made him a target.

The tragedy came just weeks after another devastating loss for the family. Itzkowitz’s wife passed away from cancer on April 30, less than three weeks before he was murdered.

“We lost my mother two and a half weeks before we lost my father,” his son recalled.

Family members became alarmed when they were unable to reach Itzkowitz for several hours. Concern soon turned to fear as attempts to contact him went unanswered.

His daughter eventually tried reaching him through a video call, but instead of her father, a member of the NYPD answered the phone.

“For an hour and a half, we sat around the table not knowing anything,” his son said. “We thought maybe he had fainted or gotten lost. We had no idea.”

Itzkowitz was a well-known and beloved figure in the Jewish community of Kew Gardens Hills. For many years he worked at G&I Kosher Bakery, the family-owned kosher bakery established by his parents in the early 1960s.

“He was the sweetest, kindest person, always with a smile for everyone,” his son said. “A short walk home from the bakery would take three times longer than normal because he would stop and talk to people along the way.”

In addition to his work at the bakery, Itzkowitz devoted years of service as a volunteer with Hatzalah of Queens.

Family members say detectives have maintained regular contact and have shown compassion throughout the investigation. Nevertheless, the case remains unsolved.

Investigators have collected surveillance footage from nearby streets, but the absence of security cameras inside the park has complicated efforts to identify a suspect or reconstruct exactly what happened.

The family believes the case deserves far greater public attention and argues that authorities should examine it as a possible hate crime.

“We feel that a chareidi Jew shot to death in broad daylight should receive much more public attention,” his son said. “If the case is treated as a hate crime, perhaps additional resources will be devoted to the investigation. We believe that a Jewish man who was shot to death in broad daylight because of his Jewish appearance is the victim of an antisemitic attack.”

One month after the killing, the questions surrounding Avromi Itzkowitz’s death remain unanswered, leaving his family still searching for justice—and for the person responsible.

{Matzav.com}

Israeli and Lebanese officials opened a fifth round of direct talks in Washington on Tuesday, with discussions focused on the initial framework for a possible IDF withdrawal from parts of southern Lebanon as part of a pilot program involving the Lebanese Army.

The talks are being held with the participation of the two countries’ ambassadors to the United States as well as senior military officers from both sides. According to Kan News, the primary goal of the current round is to finalize the first details of a potential Israeli withdrawal tied to the deployment of Lebanese Army forces in areas of southern Lebanon.

The negotiations come just days after the United States agreed to establish a new mechanism for addressing ceasefire violations in Lebanon that would include Iran and Qatar, but not Israel. Israeli officials quoted in the report said Israeli participation was never considered likely because of Iran’s involvement, though Washington is expected to convey Israel’s position while Iran represents Hezbollah’s interests.

At the same time, Israeli defense officials are awaiting decisions from the political leadership that could shape the next phase of operations in southern Lebanon. Israeli sources told Kan News that one option under consideration is a gradual withdrawal from certain areas of the security zone, allowing Lebanese Army forces to return as a confidence-building measure.

Lebanese President Joseph Aoun also met Tuesday with Army Commander Gen. Rodolphe Haykal and advisers involved in the negotiations. Aoun said recent developments have reinforced his belief that negotiations are the only path to achieving Lebanon’s national goals, including restoring full sovereignty throughout the country.

Meanwhile, the IDF has begun repositioning some forces in southern Lebanon as it awaits the outcome of the talks. Israeli officials said military operations against threats remain unrestricted, though some planned activities have reportedly been paused pending political decisions. Israel has also provided the United States with intelligence regarding Hezbollah’s underground infrastructure in the Ali Taher Ridge area in an effort to secure approval for future operations there.

(YWN World Headquarters – NYC)

Hundreds of Shluchei D’Rabbanan, gabbaim, and fundraisers from across the greater Lakewood area gathered to celebrate the remarkable success of the historic Shutfei Olam HaTorah campaign, which raised more than $12 million through a grassroots effort supported by Klal Yisroel.

The campaign attracted contributions from over 20,000 donors and generated enough funding to cover an entire month of Keren Olam HaTorah’s budget, providing critical support for lomdei Torah around the world.

Gedolei Yisroel addressed the gathering and expressed their profound hakaras hatov to the many volunteers and fundraisers whose dedication and tireless efforts helped bring the campaign to fruition and strengthen support for Torah learning.

Among those who addressed the event were R’ Reuven Wolf, Chairman of Keren Olam HaTorah, and CEO R’ Zvi Belsky. Participants also heard divrei chizuk from HaGaon HaRav Chaim Peretz Berman shlit”a, Rosh Yeshivas Ponevezh, HaGaon HaRav Yaakov Hillel shlit”a, HaGaon HaRav Yehoshua Eichenstein shlit”a, and HaGaon HaRav Avraham Salim shlit”a.

Prior to the celebration, a massive “Momentum” call center operation was activated, bringing together hundreds of shluchei d’rabbanan along with hundreds of girls who collectively raised hundreds of thousands of dollars toward the campaign’s overall total.

The event concluded with spirited singing and dancing l’kavod HaTorah, marking the culmination of a historic fundraising effort and a powerful demonstration of unity in support of Torah institutions.

A growing share of Americans are putting one of life’s most basic expenses — the weekly grocery run — on installment plans. According to a recent LendingTree report based on a survey of more than 2,000 U.S. consumers, 29% of buy now, pay later users said they have used the short-term loans to buy groceries, up from 25% a year earlier and more than double the 14% recorded two years ago. Matt Schulz, LendingTree’s chief consumer finance analyst, said the trend is a clear signal of household strain.

Buy now, pay later lets shoppers split a purchase into smaller, usually interest-free installments paid over a few weeks. Once used mostly for clothing and electronics, it has spread into everyday spending, and groceries have climbed to the third-most-common category behind apparel and tech. The shift is sharpest among younger and, surprisingly, some higher-earning shoppers. Among Gen Z BNPL users, 38% have financed groceries; among users earning $100,000 or more a year, 33% have done the same.

The deeper worry is dependence. More than half of BNPL users — 54% — said they would not be able to make ends meet without the loans, a figure that rises to 62% among parents with children under 18. And the loans are increasingly going unpaid on time: 47% of users said they made a late payment in the past year, up from 41% in 2025 and 34% in 2024. Many users stack multiple loans at once, with 63% holding more than one simultaneously.

The grocery-financing surge sits inside a broader picture of household pressure. Separate LendingTree data found that 52% of Americans say they are spending more on food than a year ago, roughly six in ten have worried about affording groceries in the past month, and nearly 90% have changed how they shop — trading down to store brands or cutting splurge items.

For the businesses involved, the implications cut both ways. BNPL providers like Affirm, Klarna, Afterpay and PayPal are seeing transaction growth, but rising late payments raise questions about credit risk in a product that has faced lighter regulation than credit cards. The Consumer Financial Protection Bureau has flagged that BNPL users tend to carry riskier credit profiles, and FICO has begun folding BNPL data into credit scores. For grocers and the broader consumer economy, the data is a warning sign: when families need a loan to cover dinner, discretionary spending elsewhere tends to be the first thing to go.

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

BUDAPEST, Hungary (AP) — Police in Hungary have arrested a 30-year-old man who investigators say collected human body parts that he’d gathered from abandoned cemeteries and from his workplace at a hospital.

Man arrested for collecting HUMAN BODY PARTS from graves and from his workplace at a hospital in Hungary

The man said that he was particularly ATTRACTED to human body parts, and that he had PREPARED FOOD from such parts and eaten them pic.twitter.com/m0OzZSwUOe

— RT (@RT_com) June 23, 2026

Hungary’s National Bureau of Investigation arrested the man in Budapest on June 17 after receiving information that he’d been storing the body parts at work and at home. The man is employed as an orderly at a hospital, police said in a statement on Tuesday.

During a search of the man’s apartment, investigators seized skulls, a complete lower leg and a hand, as well as a reconstruction of a human face prepared from facial skin. Other bones were found stored in a suitcase.

A heart in a jar was also found, which police were trying to determine whether it was of human or animal origin.

The man, who admitted collecting the body parts during questioning, said that he was particularly attracted to human body parts, and that he had prepared food from such parts and eaten them.

He is being held on suspicion of illegal use of human bodies.

In their statement, police said the man is “passionate about anatomy and pathology, and likes to dissect animals.” They suspect he obtained the body parts through his work at a hospital and by digging up bodies “in abandoned cemeteries in Slovakia and Hungary.”

Police seized the man’s computer, laptops, tablets, mobile phones, SIM and data cards. All of the recovered body parts will be examined by forensic experts, police said, adding that the range of alleged crimes could expand after the origin of all the body parts is determined.

GENEVA (VINnews) — Former hostage Ilana Gritzewsky used an appearance before the United Nations Human Rights Council to accuse U.N. officials of failing to adequately address allegations of sexual violence committed during Hamas’ Oct. 7, 2023, attack on Israel and during the captivity of hostages in Gaza.

Gritzewsky, who was abducted during the attack and later released, told council members that recounting her experience remains painful but necessary.

She said she came to Geneva to represent victims who cannot speak for themselves and to ensure the events of Oct. 7 are not forgotten.

BREAKING: Ilana Gritzewsky, who was held hostage by Hamas, just took the floor at the United Nations to confront Reem Alsalem, the UN rapporteur on violence against women. Her dramatic testimony:

Special Rapporteur, your report speaks about violence against women. Why is there… pic.twitter.com/QEF1paoIlt

— UN Watch (@UNWatch) June 23, 2026

During her remarks, Gritzewsky described suffering physical injuries and lasting emotional trauma. She recounted being attacked by Hamas terrorists and said the effects of her captivity continue to impact her daily life.

Addressing U.N. Special Rapporteur Reem Alsalem, Gritzewsky questioned why reports focused on violence against women did not include greater attention to Israeli victims of the Oct. 7 attack.

Holding back emotion at times, she challenged the U.N. official to acknowledge the experiences of women who say they were assaulted, abused and kidnapped during the Hamas-led assault.

The appearance was organized by UN Watch, a Geneva-based advocacy group that frequently criticizes what it views as anti-Israel bias within U.N. institutions.

UN Watch Executive Director Hillel Neuer argued that international bodies have not devoted sufficient attention to allegations of sexual violence committed against Israelis during the attack and subsequent hostage crisis.

Israel’s ambassador to the U.N. in Geneva, Daniel Meron, also criticized what he described as efforts to minimize or dismiss the experiences of Israeli victims.

Following the testimony, Alsalem said she has publicly addressed violence against Israeli women and girls and remains willing to meet with survivors.

She also said she has sought access to Israel and Gaza in order to conduct meetings and gather information but has not received the necessary approval from Israeli authorities.

The exchange underscored ongoing disputes over how international organizations have addressed allegations of sexual violence related to the Oct. 7 attack and the broader Israel-Hamas war.

Israeli police have begun reviewing calls for an “urban intifada” against the chareidi community after United Torah Judaism chairman Yitzchok Goldknopf demanded a criminal investigation into former Arad Mayor Nissan Ben Hamo over remarks he said amounted to incitement.

According to information obtained by Matzav.com, the Israel Police Investigations Division has started examining Goldknopf’s complaint regarding statements made by Ben Hamo against the chareidi public.

In an official letter sent to Goldknopf’s office following his appeal to Police Commissioner Danny Levy, police confirmed that the request to investigate Ben Hamo on suspicion of incitement against the chareidi community had been forwarded to the appropriate professional authorities within the Investigations and Intelligence Division for review.

The letter further noted that police have not yet taken a position on the substance of the allegations and thanked Goldknopf for bringing the matter to their attention.

As previously reported, Goldknopf contacted the police commissioner after Ben Hamo publicly called for what he described as an “urban intifada” amid ongoing protests conducted by Gur chassidim in Arad.

In a video message published at the time, Ben Hamo declared: “When I said that we need to go out to an urban intifada, some people objected — this is exactly what I meant. If we do not stand our ground, we will receive this tenfold.”

In his complaint, Goldknopf argued that the use of the term “intifada” went far beyond legitimate public criticism and constituted “an explicit call for violent actions, public disorder, and the endangerment of human life.”

He urged law enforcement authorities to examine the remarks from a criminal standpoint and determine whether they violated laws against incitement.

Police have now confirmed that the matter is under review by investigators and intelligence officials. The outcome of that examination remains unclear, and no decision has yet been announced regarding whether a formal criminal investigation will be opened.

We will continue following developments in the case and provide updates as they emerge.

{Matzav.com}

Sony Group is heading back to a market it has not touched since the original PlayStation was new. According to a securities filing and people with direct knowledge of the plans, the Japanese electronics and entertainment giant has mandated Bank of America and Morgan Stanley to arrange a U.S. dollar bond sale, with calls to pitch the deal to debt investors beginning Monday, June 22. It would be Sony’s first dollar-denominated bond offering in nearly three decades, a notable return for one of the world’s best-known consumer brands. In a filing with the U.S. Securities and Exchange Commission, Sony said proceeds would go toward general corporate purposes.

The plan calls for a two-part offering — bonds split into five-year and 10-year maturities — aimed at high-grade, or investment-grade, investors. The last time Sony borrowed in the U.S. dollar bond market was 1998, when it raised $1.5 billion; a former American unit of the company tapped the market once more in 2001. For a household name that sells PlayStations, movies, music and the image sensors inside hundreds of millions of smartphones, that is an unusually long absence from one of the deepest pools of capital in finance.

The reason Sony stayed away for so long is the same reason it is coming back now: Japanese interest rates. For most of the past three decades, the Bank of Japan held its benchmark rate near zero or even below it, making it extraordinarily cheap for Japanese companies to borrow in yen at home. With money that cheap, there was little reason to take on the currency risk and higher costs of borrowing in dollars. That calculation has flipped. The Bank of Japan’s recent policy tightening has pushed its key rate to the highest level since 1995, ending the era of effectively free money and making dollar debt far more competitive.

The shift is rippling across corporate Japan. As the gap between Japanese and foreign interest rates narrows, the country’s biggest companies are diversifying where and how they raise money, including selling record amounts of euro-denominated notes. Sony’s move into dollars is part of that broader rethinking of funding strategy as the cost of Japanese capital climbs and the long-running “carry trade” — borrowing cheaply in yen to invest elsewhere — loses its edge.

The timing also lines up with strong demand. Companies have been rushing to issue high-grade bonds, and investors have shown a healthy appetite for blue-chip names offering dependable credit. A marquee global brand like Sony, returning after 28 years, gives dollar-bond buyers a rare chance to lend to a diversified Japanese issuer they have not been able to access in a generation.

For Sony, the logic runs deeper than just chasing favorable rates. The company earns enormous sums in U.S. dollars — from PlayStation game sales and its online network, from movies and television through its Hollywood studio, and from music recorded and published worldwide — alongside its semiconductor and electronics operations. Borrowing in dollars gives Sony a natural hedge, matching some of its debt to the currency in which much of its revenue already flows, while broadening its base of lenders beyond Japan. The company has been reshaping its portfolio as well, including moves to separate its financial-services arm.

The deal is small in dollar terms next to some of the jumbo offerings that have hit the market this year, but its significance is more about direction than size. It signals that as Japan exits its decades-long experiment with ultra-loose monetary policy, even the most cautious corporate borrowers are recalculating where to raise money — and increasingly looking to the United States.

Pricing on the bonds is expected in the coming days, once the investor calls wrap up and Sony and its banks gauge demand, which will determine the final size and the interest rate the company pays. For global bond investors, the offering is a reminder that the end of cheap money in Tokyo is quietly redrawing the map of corporate finance. And for Sony, it closes a nearly 30-year chapter — reconnecting a company that has spent decades funding itself at home with the dollar market it left behind when its first game console was still on store shelves.

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

Tensions flared Monday night in Ramat Beit Shemesh as dozens of demonstrators took to the streets to protest the filing of an indictment against a local resident accused of participating in the break-in at the city’s police station several weeks ago.

The protest, held on Nahar HaYarden Street, quickly escalated into a chaotic confrontation. Demonstrators reportedly hurled barricades, set fires in the roadway, and damaged a police vehicle as clashes intensified.

According to police, protesters threw rocks and various objects at officers, caused significant damage to public infrastructure, and ignited multiple fires. Law enforcement officials described the participants as “unrestrained” and said a police vehicle sustained substantial damage during the unrest. Large numbers of officers were deployed to the scene in an effort to restore order.

The demonstration came just hours after state prosecutors filed an indictment against a 46-year-old Beit Shemesh resident in connection with violent disturbances that erupted near the city’s police station during protests over the arrest of a yeshiva student accused of draft evasion.

As previously reported by Matzav.com, prosecutors are seeking to keep the suspect, identified as Friedman, behind bars until the conclusion of legal proceedings.

According to the indictment, filed in the Yerushalayim District Court by attorney Shirel Eldar of the Yerushalayim District Attorney’s Office, calls were circulated urging people to gather near the Beit Shemesh police station following the arrest of the yeshiva student.

The charging document alleges that hundreds of protesters assembled at the site and that the demonstration eventually devolved into a violent riot. During the disturbance, the station’s gate was breached, police officers were assaulted, rocks and other objects were thrown, property was damaged, and fires were set around the station complex.

Prosecutors allege that Friedman personally ignited vegetation near the police station fence on three separate occasions during the unrest. According to the indictment, the fires were set at different locations and at different times throughout the evening. Each blaze burned for several seconds before extinguishing.

The investigation was conducted by the Beit Shemesh police station under the Jerusalem District Police. Friedman has been charged with three counts of arson and one count of participating in a riot.

The latest indictment follows a broader police operation carried out approximately two weeks ago, when Yerushalayim District officers raided the homes of three suspects allegedly involved in the violent disturbances and the breach of the Beit Shemesh police station compound. Detectives from the Beit Shemesh station, together with officers from the Metpa special unit, arrested the suspects—residents of Beit Shemesh ages 26, 46, and 56—for questioning.

Monday night’s renewed unrest underscored the continuing tensions surrounding the arrests of yeshiva students and the increasingly volatile protests that have accompanied them in recent weeks.

{Matzav.com}

Lebanon’s Finance and Budget Committee approved a draft law offering a visa to wealthy investors looking to establish residency in the country and benefit from the country’s tax regime in exchange for a deposit or investment of $500,000, Lebanese media reported on Monday.

“We all know that Lebanon needs to attract investors and investment as part of [its] economic, financial, and banking recovery. It is necessary to prepare for the next phase, even if we are not there yet,” the committee’s president, MP Ibrahim Kanaan, said after the meeting, according to L’Orient-Le Jour.

Kanaan told the Lebanese media site that the law would give special residency rights to non-residents, allowing them to establish a tax residence in exchange for the investment. Applicants can invest the money simply as a bank deposit, in real estate, or in a Lebanese company, the report noted.

“This mechanism would create jobs, bring money into state coffers, and encourage investment once the conditions are met. It offers the possibility of choosing a tax residence and paying taxes there, without violating bilateral tax treaties or international standards on transparency, combating tax evasion and other forms of financial crime,” Kanaan said.

Applications could cost in the hundreds of thousands of dollars for families

In addition to injecting half a million dollars into the Lebanese economy, the process would also require prospective visa recipients to pay a $50,000 fee to the government, with an additional $50,000 payment for each family member included in the application.

The potential economic benefit must also be weighed against whether the prospective plan could violate the requirements of the Financial Action Task Force.

As noted in a widely-cited LinkedIn post by Lebanese tax lawyer Karim Daher (a lecturer on Fiscal Law and Public Finance at Saint Joseph University in Beirut), Lebanon was placed on the FATF’s grey list, with many of the issues that led to the listing yet to be addressed.

FATF is notably critical of golden visa programs, having asserted in a joint 2023 report with the Organization for Economic Co-operation and Development (OECD) that such visa opportunities are susceptible to acts of bribery and corruption. Golden visas are often also treated as opportunities for money laundering, tax evasion, and sanctions avoidance.

This post was originally published on here.

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The executive who built WhatsApp into one of the world’s most-used apps is handing over the reins. On Monday, June 22, Meta chief executive Mark Zuckerberg said in a Facebook post that Will Cathcart will step down as head of WhatsApp after about seven years, moving into a new role at the company building products “from the ground up.” Cathcart will be succeeded by Kunal Shah, the founder of Indian fintech company CRED.

Cathcart, who took over WhatsApp in 2018, wrote on the platform X that the app “is in the strongest position it’s ever been,” and that the moment felt right to step back. During his tenure, WhatsApp grew from a few hundred million users to more than 3 billion worldwide, including over 100 million in the United States. He expanded end-to-end encryption to group chats and companion devices, launched Communities, Channels and AI features, and became one of the tech industry’s most visible defenders of private messaging before regulators and lawmakers.

The leadership change came bundled with a deal. As part of Shah’s appointment, Meta is investing about $900 million in CRED through a mix of new and existing shares, taking a minority stake that Bloomberg reported at around 20%. The investment values CRED at $4.5 billion. Shah will step down as the startup’s chief executive — handing day-to-day control to Miten Sampat as interim CEO — while keeping his personal shareholding, and said Meta would have “no access to member data.”

Shah is a well-known name in Indian technology. He founded CRED in 2018 as a platform that rewards users for paying credit-card bills on time, building it to 17 million monthly active users, and earlier created FreeCharge, an online payments pioneer that Snapdeal bought in 2015 for about $400 million. He is also one of India’s most active startup investors. Zuckerberg said Shah’s “builder mentality and global perspective” suited him to run the world’s biggest messaging service.

The choice of a payments entrepreneur is a signal. Meta has spent years trying to turn WhatsApp from a free messaging app into a business, and Shah’s background points squarely at payments and commerce. India is WhatsApp’s largest market, with more than 500 million users, and a key battleground for the company’s ambitions in business messaging and digital payments — areas Meta sees as central to the app’s next phase of growth.

The timing fits a broader push to make WhatsApp pay its way. Meta bought the app in 2014 for $19 billion and has long faced questions about how it would earn money from a service famous for being free and light on ads. Last month, the company began rolling out paid subscriptions across WhatsApp, Facebook and Instagram and said it would test subscriptions for its artificial-intelligence services, moves meant to diversify revenue beyond advertising and help offset its enormous spending on AI.

Shah also inherits unfinished business. WhatsApp’s own payments effort, WhatsApp Pay, gained a foothold in India but never matched the scale of local rivals like PhonePe and Google Pay, leaving a large opening in one of the world’s biggest payments markets. Whether Shah can finally crack that — without alienating users who value WhatsApp’s simplicity and privacy — will help define his tenure.

Meta shares fell about 2.7% on Monday, caught in a broad sell-off of big technology stocks. For Cathcart, the exit is a step sideways rather than out; for Shah, it is a leap from running a single fintech to steering an app used by roughly a third of the planet. Neither has yet signaled changes to WhatsApp’s core messaging experience, but the appointment leaves little doubt about where Meta wants the app to head next: deeper into payments and business tools.

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

Nearly 19 hours after Monday’s deadly shooting in Montreal’s Côte-des-Neiges neighborhood, the body of Jewish victim Moshe Michael Mizrachi z”l was transferred from the scene to the city’s medical examiner’s office as efforts continue to bring him to kevuras Yisroel.

Mizrachi was killed during the shooting in the heart of Montreal’s Jewish community. A police officer was also killed, while the gunman was fatally shot by responding officers. Canadian authorities have not yet officially determined whose gunfire struck Mizrachi, and the incident remains under investigation by an independent oversight agency.

According to media reports, the suspect left behind a 104-page manifesto filled with explicit antisemitic rhetoric, anti-Zionist ideology, communist themes, and writings associated with the online “incel” movement. Although police have yet to officially identify the suspected shooter, both the Journal de Montréal and Radio-Canada, citing the manifesto in their reporting, identified him as Seth Hatfield.

Among the statements cited in the document was the claim that “Zionist Jews engineered a system that benefits them at the expense of everyone else,” while Western institutions were described as being “captured by a Jewish elite.”

Although authorities have not officially established a motive, the manifesto repeatedly targets Jews and Zionists, accusing them of controlling key centers of power in the West. It also attacks capitalism, liberalism, and Western society while promoting extremist views on violence and social collapse.

The 104-page document blames feminism, liberalism, and capitalism for what the author describes as male suffering and outlines a vision for creating a “new order.”

It also lists dozens of what the author calls “valid potential Class A targets,” including international real estate firms, private equity companies, elite bankers, politicians, influential Zionists, healthcare and oil executives, plastic surgeons, cryptocurrency leaders, and others.

The manifesto further provides guidance on how followers should respond during encounters with police while carrying out acts of violence.

It concludes with the chilling words: “Be unflinching, go forth, and KILL THEM ALL!”

Misaskim’s newly formed Montreal division, led by veteran askan Reb Menachem Meir Feig, has been working with the family and authorities to ensure proper kavod hameis.

(YWN World Headquarters – NYC)

In a major shift to capture changing consumer foot traffic, Bath & Body Works is expanding its retail footprint well beyond its own storefronts.

The legacy specialty retailer announced Tuesday a strategic partnership with Ulta Beauty to bring its products to the beauty retailer’s nationwide network. The rollout, which will reach more than 600 stores on July 12, represents the company’s “Consumer First Formula” strategy to transition from a specialty retailer into a broader global brand by leveraging third-party marketplace partners.

“What this strategic partnership reflects is an evolution in how we think about reach, meeting consumers wherever they choose to shop,” Bath & Body Works Chief Commercial Officer Maly Bernstein told Fox News Digital.

“Ulta Beauty allows us to show up in a new, highly relevant environment where consumers are already exploring beauty and fragrance,” she added. “It’s a complementary approach, giving us another touchpoint to introduce the brand to new audiences while continuing to invest in our stores and digital channels.”

ALDI LAUNCHES FREE BLIND BOX GROCERY BUNDLES AS SHOPPERS GRAPPLE WITH HIGHER FOOD COSTS

The expansion into Ulta stores means consumers no longer need to make a dedicated trip to traditional shopping malls to purchase self-care staples, including fragrances, lotions, hand soap, candles and more.

The deal also includes the exclusive return of “Juniper Breeze,” a popular legacy scent from the 1990s and 2000s, which Bath & Body Works says is intended to appeal to nostalgic consumers.

According to a company press release, Bath & Body Works said it saw “encouraging early results” from selective marketplace expansion, “reinforcing demand for the brand in new shopping environments.”

“What we’ve seen through early marketplace expansion, including our launch on Amazon earlier this year, is that consumers shop differently depending on the channel, and that behavior is incremental rather than overlapping,” Bernstein explained. “We are seeing Amazon bring in consistent growth and a younger, more affluent consumer, making it a strong customer acquisition channel that is expanding our reach.”

“The 600-plus doors were jointly selected with Ulta, prioritizing their highest-performing fleet. This is a highly curated, data-led entry designed to maximize productivity at launch and position us for future scale,” she continued.

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Columbus, Ohio-based Bath & Body Works currently operates more than 1,900 stores in the United States and Canada and more than 500 international locations, according to the company. Ulta Beauty, founded in 1990, operates more than 1,500 domestic stores and is actively expanding its international presence via subsidiaries and joint ventures in the U.K., Ireland, Mexico and the Middle East.

“Our goal is to position ourselves directly in the path of the consumer and make it easier for them to find and fall in love with us, wherever they shop,” Bernstein said. “This collaboration makes Bath & Body Works easier to discover and access in the places consumers are already shopping for beauty and self-care.”

READ MORE FROM FOX BUSINESS

Michael Kedar, the dual American-Israeli citizen known as the “Ashkelon Hacker,” has been extradited to the United States and made his first appearance in federal court in Orlando, Florida. Kedar, 27, previously served seven years in prison in Israel for issuing terror threats against Jewish institutions and is now facing a new federal indictment in the United States over similar allegations.

Federal prosecutors accused Kedar of carrying out hate crimes and interfering with the religious freedoms of members of the Jewish community by targeting institutions across Florida, including Jewish community centers, schools, and preschools. According to the U.S. Department of Justice, the alleged offenses were conducted using sophisticated technology from his home in Ashkelon.

If convicted, Kedar could face a lengthy prison sentence of up to 35 years. The Justice Department said each hate-crime charge carries a maximum sentence of 20 years, each bomb-threat count carries a maximum of 10 years, and interstate-threat charges carry penalties of up to five years.

In addition to possible prison time, the court could order Kedar to pay restitution to institutions and individuals affected by the threats. While Kedar has already completed a seven-year sentence in Israel for terror threats directed at Jewish institutions, U.S. authorities contend that he also committed similar crimes targeting Jewish organizations in Florida.

Justice Department officials condemned the alleged actions in strong terms. An assistant attorney general said, “The crimes stand out for their cruelty and the damage they caused to the Jewish community. When someone uses technology to terrorize houses of worship and community centers, it is an attack on religious freedom and public safety.”

The prosecutor continued, “We will not forget the families, the staff members, and the emergency responders who were forced to live under these threats.”

Federal prosecutors in Florida likewise emphasized the seriousness of the case, stating that “Intentional targeting of individuals, groups, or institutions because of their religious beliefs is contrary to the freedoms enshrined in the American Constitution. The acts caused unnecessary fear and will not be tolerated.”

Kedar’s extradition marks the latest chapter in a long-running legal saga that has already resulted in years behind bars in Israel. He now faces a new battle in the American court system and the possibility of a substantial additional prison sentence if convicted of the charges related to threats against Jewish institutions in Florida.

{Matzav.com}

JERUSALEM (VINnews) — The chairman of the B’Yachad Party, Naftali Bennett, commented Monday evening on farms and settlement activity in Judea and Samaria, making it clear that he supports legal construction in Area C (the area under both security and civil Israeli jurisdiction in Judea and Samaria) but opposes illegal construction. Bennett added that all of areas A and B (which are not under Israel’s civil jurisdiction) are areas of illegal construction.

“As far as I’m concerned, legal construction in Area C on state land that is not privately owned Palestinian land is welcome,” Bennett said on the “HaManganon” podcast of Kan News, which is scheduled to air on Wednesday. “Construction that is illegal, or not in Area C, or on private land, is not legitimate.”

When asked whether he would work to dismantle projects established illegally, he replied:”What is illegal will not remain.”

He later added that he supports legal settlement activity in Area C because, in his view: “Ultimately, Area C will be part of the State of Israel, while Areas A and B will be part of the Palestinian autonomy.”

The remarks sparked a sharp response from Bezalel Smotrich, chairman of the Religious Zionism Party. “Now Bennett, who would be a minister in an Eisenkot government, is saying it in his own voice: he will evacuate the farms.”

Smotrich added:”Bennett says there will be a ‘Palestinian autonomy’, in other words a terrorist state in the heart of the country.”

According to Smotrich: “An Eisenkot government will establish a Palestinian terrorist state and destroy the new communities and agricultural farms. We must not allow them to form the next government.”

The head of the Binyamin Regional Council and chairman of the Yesha Council, Israel Ganz, also criticized Bennett: “Naftali Bennett declared tonight that he supports the establishment of a terrorist state ten minutes from his home in Ra’anana. Already today, we are facing an army of about 50,000 armed personnel of the Palestinian Authority, a corrupt entity that encourages terrorism and is influenced by Iran.”

He continued: “After the massacre in the Gaza border communities, only someone ignoring reality could propose giving this army strategic territory in the heart of the country. This is political suicide and a danger to the lives of millions of Israelis. We will not allow the cities of central Israel to become the next frontline.”

Uziel Vetik, chairman of the local council of Kedumim, also responded: “Bennett’s defeatist statement proves that he is not merely left-wing, but far-left. Anyone who wants to prevent the next massacre in places like Rosh HaAyin and Ra’anana must continue advancing the farm project, which is also supported by the security establishment. They must certainly understand that the only path forward is through canceling the Oslo Accords and ending the absurd and dangerous division into Areas A, B, and C.”

The fate of missing Israeli Air Force navigator Ron Arad has reportedly emerged as part of the current negotiations between Israel and Lebanon, with Lebanese media claiming the two sides are discussing the possible return of his remains in exchange for Lebanese prisoners.

According to Lebanon’s Al Jadeed television network, the issue is expected to be raised during the fifth round of direct Israel-Lebanon talks, set to begin in Washington.

The report comes as the negotiations focus on broader security arrangements in southern Lebanon, including proposals for phased Israeli withdrawals from selected areas in exchange for increased deployment of the Lebanese Army and efforts to dismantle Hezbollah’s military presence.

Israeli officials told The Jerusalem Post they were unaware of any new developments regarding Arad’s fate but said they would welcome any credible new information from the Lebanese side.

Arad was captured in October 1986 after ejecting from his aircraft over southern Lebanon during an Israeli Air Force mission. He was initially held by the Shiite Amal militia, and Israel lost track of his whereabouts in 1988. Despite decades of intelligence efforts, diplomatic initiatives, and covert operations, his fate has never been conclusively determined.

Earlier this year, Israeli special forces carried out a covert raid in the Lebanese village of Nabi Sheet following intelligence related to Arad’s disappearance. The operation did not uncover the information Israel had hoped to find, though officials said it helped rule out one line of investigation.

Following that operation, Prime Minister Binyamin Netanyahu reaffirmed Israel’s commitment to resolving the fate of all missing and captive Israelis.

“The commitment of the State of Israel and mine to completing every mission involving our captives and missing is absolute and eternal,” Netanyahu said.

(YWN World Headquarters – NYC)

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Good morning. As you go about your day today, may you have the confidence of Bryan Johnson and the self-awareness of Elizabeth Holmes (or whoever is behind Holmes’ X account).

Lilly granted one person extraordinary access to its next-gen drug

Eli Lilly and the FDA have allowed one person to receive the pharma company’s highly promising obesity candidate through the agency’s “compassionate use” program, my colleague Lizzy Lawrence exclusively reports.

Continue to STAT+ to read the full story…

IDF troops opened fire Monday on four Hezbollah terrorists who crossed into Israel’s security zone in southern Lebanon while operating under the guise of civilians, the military said.

According to the IDF, the incident occurred in the Ali al-Taher Ridge area, where troops identified four Hezbollah terrorists riding a bulldozer and a motorcycle after they entered the security zone and advanced toward Israeli forces in a manner that posed an immediate threat.

Soldiers initially fired warning shots to drive the suspects back. When the operatives continued advancing and ignored repeated calls to stop, troops opened fire again to eliminate the threat. The IDF said hits were identified.

The military accused Hezbollah of routinely operating under civilian cover in an effort to conceal its terrorist activities.

“This incident is another example of Hezbollah’s cynical use of Lebanese civilians and civilian infrastructure as a shield for its terrorist operations,” the IDF said.

The IDF stressed that it “will not allow the Hezbollah terrorist organization to harm the citizens of the State of Israel or IDF troops” and will continue acting to eliminate immediate threats.

(YWN World Headquarters – NYC)

How Glatt Is Glatt?

Why is there so much more Beis Yosef meat available today? What does “glatt” really mean? And are all glatt and Beis Yosef standards the same? Rabbi Zvi Fishbane – Rosh HaShochtim of the cRc – takes us inside the world of shechita, tracing the evolution of kosher meat standards and explaining what consumers should know.

View it in its entirety at: https://www.kashrusawareness.com/post/how-glatt-is-glatt

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We invite your questions, comments, or feedback. If there’s a specific kashrus topic you’d like to bring to public attention, feel free to contact us by email: [email protected]

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Transcription

R’ Yitzchok Hisiger: Hello everyone and welcome back to Let’s Talk Kashrus, presented by the Kashrus Awareness Project in conjunction with the CRC of Chicago. Today I am privileged to be joined by Rabbi Zvi Fishbane, long-time Rosh Hashochtim at the CRC of Chicago. Rabbi Fishbane, welcome.

R’ Zvi Fishbane: Thank you, Shalom.

R’ Yitzchok Hisiger: I’ve been privileged in the past to talk to your son, Reb Sholem.

R’ Zvi Fishbane: Yes, Baruch Hashem, we’re very proud.

R’ Yitzchok Hisiger: And today we are zocheh to have you after all this time.

So you’ve been the Rosh Hashochtim at the CRC of Chicago. You’ve basically seen everything in the field of shchita.

R’ Zvi Fishbane: I joined the world of shchita more than fifty years ago. And Baruch Hashem, I’ve seen a transition of the shchita standards from fifty years ago from the old time until today, and I’ve seen the transition to be on a higher and going on a higher, higher madreiga, then always looking for more hiddurim and more availability on a higher standard of kashrus, Baruch Hashem.

R’ Yitzchok Hisiger: Very often when we hear people reminisce about the old times, they like to say how great things were back then. In the field of kashrus and specifically shchita, what do you see as the primary difference, or at least maybe even take us down memory lane, walk through what it was like five decades ago and then gradually to where we are today?

R’ Zvi Fishbane: Well, it’s just very simple is that today, Baruch Hashem, the Olam HaTorah and even the Olam HaChassidus is much more learned and much more broaderthan it was for the people who were living in America before the war. And because they are such on a higher and they’re more learned with such a higher learning background, they understand more and they are demanding more. Once you’re demanding more, so therefore the industry has to keep up with the demands.

I’ll give you a very simple example is that when there was a controversy of nikur or a controversy of chalav Yisrael, what happened? People would rather abstain from eating than get into shailos and look for heterim. So mimaila that itself was a reason that they upgraded the standards to supply the demands of the tzibur, Baruch Hashem. And that’s when I started the shchita world over fifty years ago, the idea of _Glatt Kosher_was just very didn’t wasn’t the norm. But like I say, the demand became bigger, so they had to find a higher standard of Glatt Kosher.

But this is where the problem comes in. Was there enough to supply the tzibur for everything that they were asking for? So then already you have to look on the other side to find more Glatt Kosher. And that’s where the standard already became a little lenient to find more Glatt Kosher. For example, there is there was a when we started out, real Glatt Kosher was 100% Glatt Kosher, there was nothing more or less, you had to have Glatt Kosher if there was a request for it.

Today, everything has to be Glatt Kosher and so they use the term today as being commercial glatt. It’s not the real glatt, it’s just called commercial glatt. Now you can stretch that to whatever it means. There is a sefer called Mateh Asher that people use to say up to three—I’ll explain what that is—three ririn, which is basically three sirchos, whatever it may be.

We can still call that Glatt Kosher. So it became lenient. All of a sudden, the olam woke up to that and said, hey, this is not what we want. We want the real thing or else we’re just not interested in eating your product.

We don’t need it. We’d rather have what we want. So we start asking for Bais Yosef. Bais Yosef is supposed to mean that the Bais Yosef said that we don’t take anything, so therefore the Bais Yosef is supposed to be without anything, nothing on it, no rir, no sircha, nothing, you didn’t play around with the lungs, you didn’t look at it.

Okay, all of a sudden the demand for this Bais Yosef standard became higher. So we got to supply the Klal Yisrael with BaisYosef. Right. Once again, we had to find heterim.

R’ Yitzchok Hisiger: So let’s start at first base for listeners who are watching—listeners are listening, watchers who are watching—who are not shochtim, they don’t know anything about shchita, they’re relying on wonderful hashgacha. like the CRC and others for their, for their meat. What, what does glatt kosher mean in layman’s terms?

R’ Zvi Fishbane: Let’s, let’s go back and discuss the origin of what glatt kosher means. There’s basically, without going into all the background of all the lomdus in the Gemara, basically we’re talking about a machlokes of Rashi and Tosafos.

It goes like this. If you find a something in the on the lung, it’s called a sircha. Sircha is somewhat of a thin membrane that develops and it’ll develop on the lung. So the question is, why as Chazal say, we don’t take this.

If it’s in a certain position on the lung, we cannot accept this as kosher. So it’s a machlokes Rashi and Tosafos as to why we don’t accept it. Rashi says because anything you find on the lung, it’s indicative, it shows that there must be a hole inside the lung, and we know that a nekev mashehu is going to passul the, is one of the treifos, it’s in the nekev mashehu in the reiya, in the lung, it’s going to passul. Tosafos is cholek on Rashi and says if you find something on the lung, it’s not necessarily there’s a hole in the lung, it means that there is a, it’s going to eventually, since the lung is breathing and it’s expanding and it’s detracting, so because of the movement of the lung, it’s going to eventually make a hole, sof lei l’nakev.

That’s why certain sirchos you would find on the lung, which would be 100 percent muttar because it’s not part of the expansion of the lung. So that’s already extended halacha in Yoreh Deah. But this machlokes of Rashi and Tosafos, how does, how does it affect, is that affect everything you find on the lung or not? So there was a time there was called the BeisYosef and the Rema were talking about a certain procedure that they saw a adhesion, a sircha, an adhesion on the lung, and they would determine if this is what Chazal meant. Meaning like this: they would take this sircha in their hands and they would rub it and expand it, and if it dissolved, oh, it dissolved, so it’s going to eventually dissolve anyway, and we’re going to call it a sircha bas yoma and it’s anyways going to dissolve anyway, so mi-mah nafshach according to _Rashi_means it never made a, it was never a nekev there in the first place because something that’s going to dissolve on its own, it’s not, it’s indicative there’s nothing really there, and according to Tosafos it’s going to dissolve anyway, it’s, once you make this miyuch u-mishmush on this reiya, so then we’re going to, it’s not going to be sof lei l’iparek.

So this idea of miyuch u-mishmush, it became a _machlokes_between the Beis Yosef and the Rema. The Beis Yosef says, no, we can’t accept such a bedika. And the, and that’s where the idea of Beis Yosef means it has to be completely clean without follow up with any type of bedika. The Rema says, no, our minhag in Klal Yisrael to do miyuch u-mishmush.

That was fine and dandy, that was beautiful until about approximately 150 years ago, whatever it may be, that they discovered a different way of being bodek the lung. It’s called klipa. Klipa means that they took the sircha and with an expert way they can peel the sircha, the adhesion off the lung and check it: is there a hole underneath it or is there not? So that became the norm of how to check. The idea is, if you want to put it in layman’s term, the _miyuch u-mishmush_process was a bedika on the sircha, is this what _Chazal_wanted, were referring to.

And the bedika of klipa is not a bedika on the sircha but it’s a bedika on in the lung, what the lung is once you peel it off. Once you peel it off, we’re checking the lung. So that’s the major difference of klipa and miyuch u-mishmush and it makes a whole difference in what kind of sircha, what’s a sircha, how it, but that’s, that would be the difference. The problem really is that hayos that it’s a machlokes Rashi and Tosafos what the origin of the sircha is, so this idea of klipa is only according to Rashi because what are you doing you’re checking for the hole in the lung but according to Tosafos that says it’s soifa liporek you’re not accomplishing anything with this kleipa.

You don’t know what’s going eventually what’s going to happen. And the Simla Chadasha who is the of course the posek acharon in Hilchos Shechita and Bedika says since it’s a machlokes Rishonim we have to be machmir like both. So here we got a problem over here that everybody’s doing _kleipa_and that became the minhag in Klal Yisrael but it’s not according to all the shitos so it doesn’t fit in according to Tosafos mostly according to Tosafos because of this reason because of soifa liporek. So everyone’s that’s where _glatt_kosher comes in.

Glatt kosher comes in and says listen we’re going to we’re going to not have anything on the lung so you don’t have a problem with Rashi and Tosafos and everybody will be happy. That’s good if the glatt kosher is nothing on the lung. But if there’s something a little bit on the lung and you’re finding a heter is this a sircha this is what the Beis Yosef meant and go through that whole procedure of thought how does it fit in according to Rabbeinu Tam? That’s how it that’s where the major problem comes in. So what became a glatt kosher standard lowered itself to commercial glatt which you find something there and maybe we can take it maybe we can’t.

People woke up to that. That’s not what we’re looking for. We want nothing on the lung. Okay we’ll give you Beis Yosef.

The demand for Beis Yosef was overwhelming.

All of a sudden the market is flooded with Beis Yosef. What’s going on here? I had the opportunity to speak to one of the rabbonim machshirim and he explained to me not every BeisYosef is the way I explained it. Vos heist? What’s the makorBeis Yosef? It’s from the acheinu haSephardim they have their masorah. And according to their masorah you can do certain things and you can accept certain things and certain _sirchos_you could accept it according to their masorah.

I’m not familiar with it but this is the way it was explained to me. So according to their masorah this is called Beis Yosef. Oh we could go with their masorah and call things Beis Yosef. I looked at him I said that’s what you’re doing? We’re talking about yungeleit we’re talking about people who are choreidlidvar Hashem they don’t want anything and you’re giving you’re saying I’m only giving it to a masorah.

R’ Yitzchok Hisiger: It’s like a _chumra habah lidei kula_because not only that if you would try and sell kitniyos on Pesach and not put on it Sephardim only try that it doesn’t work.

R’ Zvi Fishbane: So mimmiela that’s what’s happening basically right now. I’m not saying all the machshirim have this lenient standard but if you find a influx of Beis Yosef meat in the market and on the shelf you have to be choshesh for it.

R’ Yitzchok Hisiger: Choshesh for what? What practically?

R’ Zvi Fishbane: That they’re not using the standard that you want but rather a standard let’s say that this acheinuhaSephardim have a masorah for and they would take certain things off the lung.

R’ Yitzchok Hisiger: So are you better off not buying BeisYosef or is that what you’re insinuating?

R’ Zvi Fishbane: I’m not saying what better off what to do. I’m telling you everyone has to go and determine what where the meat is coming from what they want have be educated and follow accordingly. I’m not here to.

R’ Yitzchok Hisiger: But if people who are not _shochtim_they’re not experts at shechita they don’t know the minutiae of or they don’t know the details so what should someone do? If they want to be machmir betachlis hahiddur they want to get the?

R’ Zvi Fishbane: There is a standard in the slaughterhouse today it’s called Shaish Beis Yosef Shaish. So the sellers are developing what Beis Yosef is this is for the hamon am but the Shaish means Shaish is the highest standard Beis Yosef highest standard and there is a they do mark that but the question how much can you get? Shaish you can’t play around with. Once you’re calling something Shaish it means it’s complete. It’s perfect.

R’ Yitzchok Hisiger: It’s perfect. So the question is if you’re able to get that upon your request or not depending on the. And obviously you might have to pay the price for it because if well I’m not going yeah it’s gonna cost perhaps more depending on what the market could supply. Or else this community they keep it for themselves.

Let’s say you have a certain community that has their own shechita they’re rest assured they’re going to take care of their own community before although like you say they can get a better price. So you mentioned acheinu hasfaradim. When you’re referring to our Sephardic brethren with regard to BeisYosef and standards of shechita, are you talking about all Sephardim, are you talking about certain segments of Sephardim, if you could clarify that?

R’ Zvi Fishbane: I’m, well let’s put it this way, I know that Hacham Rabi Ovadia was very makpid in what you call BeisYosef. This is what we were saying was shaish Beis Yosef.

He wouldn’t settle for anything less and that’s the way he instructed his talmidim and his tzibur. But there are other mesoras. I’m not familiar, I didn’t go personally, I didn’t interview other people, but this is what we’re told in the industry, that there are machshirim from _acheinu hasfaradim_that said in that’s the they have a different mesora and this is what they’re transmitting and telling our machshirim who are copying that standard and giving using that as a standard for Beis Yosef. So it’s not necessarily by everyone.

R’ Yitzchok Hisiger: It’s only by certain ones. Now, to clarify also, tell me if I’m right about categorizing like this. Our whole conversation here is about a mehadrin level. We’re talking about those who desire the highest level of purity in shechita.

So we shouldn’t mislead people. We’re talking about people who want Beis Yosef because it’s a higher level. And within Beis Yosef what you’re saying is because there became such a high demand for Beis Yosef, so whatever the providers of meat have found ways for the meat to be considered Beis Yosef. So we’re talking about within that realm of mehadrin, what is mehadrin, what may be mehadrin min hamehadrin and things of that sort, if you could elaborate on that? Exactly.

R’ Zvi Fishbane: I just want to explain before the _shechita_standards have definitely been improved. The quality, the standard of the shochet himself that should be on a ben Torah-dik level at least. I know by the Chassidish communities they have to meet their standards as being a representative of their community and a representative of Torah and what they stand for. 100%.

It’s on a but to say that it’s not acceptable, chas veshalom, everything is beautiful according to but I’m just bringing out this nekuda because the demand is so great as compared to years before, so this demand has brought them to want to supply the tzibur and in that nekuda the hiddur demand has lessened the standard that people may want to accept. But it’s 100% there’s no problem, it’s 100% beautiful _kosher shechita_on all the basically in all the machshirim today and it’s a kavod for the tzibur that the machshirim are well aware of the to keep everything on a higher standard with higher _chumras_and aderaba yochlu anavim veyisbau. Right. So, you know, we like to provide a takeaway for those who listen and watch Kashrus Awareness, let’s talk Kashrus.

R’ Yitzchok Hisiger: And so I’d like to distill everything that you said into perhaps a practical takeaway. If someone wants the highest level of shechita today, so a two-part question: should they look specifically for Beis Yosef and if they should, how do they determine that it’s the highest level of Beis Yosef? What would you say?

R’ Zvi Fishbane: I would say basically learn through the sugya. No, basically I would…

R’ Yitzchok Hisiger: No, on a serious note, people are not necessarily able to learn through the sugya.

Those who learn Chullin in Daf Yomi may have a little more knowledge of what we’re talking about, but on a serious note, if someone really wants the highest level, what should they look for?

R’ Zvi Fishbane: So basically what I’m saying is since the standards differ from one community from one _shlachtois_from one hechsher to the other, it would be a responsibility of the rav of a community to be able to advise his _tzibur_accordingly.

R’ Yitzchok Hisiger: Aha. So you go to your rav and you say to your rav I want the highest level of shechita, he’ll tell you which specific shechita, which store, which shlachtois and so on. Yes, I would think that should be the derech, yes.

Rabbi Fishbane, thank you for being here.

R’ Zvi Fishbane: It’s been my honor.

R’ Yitzchok Hisiger: It’s a zechus to be able to sit with you and on behalf of all those who have benefited from your dedication and devotion to the world of shechita for half a century, we say thank you, thank you for enhancing the world of kashrus as you have and for all your wonderful avodas hakodesh, thank you so much.

An avreich, Reb Moshe Mordechai Duvdevani, was arrested by traffic police at a gas station on Highway 6 on Tuesday.

Duvdevani, 25, is a resident of Elad, the father of two children, and a Rebbe in a Talmud Torah.

A spontaneous protest involving several avreichim and bochurim developed on Highway 6 after news of the arrest spread. After Duvdevani was transferred to military police custody, the demonstration ended, and traffic in the area returned to normal.

Duvdevani and his family are receiving legal guidance and support from the Notnim Gav organization.

(YWN Israel Desk—Jerusalem)

NEW YORK (VINnews) — Former Iowa Gov. Terry Branstad, the longest-serving governor in U.S. history, put on tefillin for the first time last week, a milestone that came decades after a local rabbi first extended the invitation.

According to Chabad.org, the moment took place during a visit by Rabbi Yossi Jacobson, who has led Iowa’s Chabad community with his wife, Chana, since the early 1990s and maintained a longstanding friendship with Branstad.

Jacobson said the former governor had participated in numerous Jewish community events over the years and had welcomed him into the governor’s office on many occasions. Although the rabbi had previously suggested the mitzvah of tefillin, Branstad had never taken part.

The opportunity arose after Jacobson learned that Branstad, now retired and living in a senior community in Des Moines, was nearby and arranged a visit. During their meeting, the rabbi brought a kosher meal and shared the story of his late brother, Shloimy Jacobson.

Shloimy, who died in 2020 at age 33 after facing significant health challenges, was known for his dedication to putting on tefillin. The rabbi explained that his brother’s tefillin have continued to be used by Jews across Iowa and have helped inspire many people to perform the mitzvah for the first time.

Moved by the story, Branstad agreed to put on the tefillin, recited the traditional blessings and said the Shema prayer, according to Chabad.org.

Jacobson described the moment as a reminder that opportunities for spiritual growth can come at any stage of life.

Branstad served a record 22 years as Iowa’s governor over multiple terms and later served as U.S. ambassador to China before retiring from public service.

The full picture of who got rich from SpaceX’s stock market debut came into focus on Friday, and it confirmed what many suspected: founder and CEO Elon Musk is far from the only person whose fortune exploded when his rocket company went public. According to SpaceX’s registration filings with the Securities and Exchange Commission — the original S-1 submitted May 20 and an amended version filed June 3 — Musk controls roughly 42% of the company’s equity and 82.4% of its voting power, a stake now worth more than $1 trillion. That makes him the world’s first trillionaire, at least on paper.

But the same filings, paired with share data tracked since the Nasdaq debut, reveal a tight circle of early backers and longtime executives sitting on enormous fortunes of their own.

SpaceX priced its shares at $135 and began trading June 12 under the ticker SPCX. The stock jumped nearly 20% on its first day, closing at $160.95, then climbed to an all-time high of $225.64 on June 16 before cooling. By Wednesday’s close it had pulled back to around $174.90, down from a prior close of $191.82, after a midweek slide of as much as 7%. The offering raised roughly $75 billion — the largest in history — valuing the combined rocket, Starlink and xAI business near $1.75 trillion.

The biggest winner after Musk is his longtime friend Antonio Gracias, founder and CEO of Valor Equity Partners and a member of SpaceX’s board. Valor is sitting on a stake worth roughly $96.6 billion, though Gracias has said publicly that most of those gains belong to his firm’s outside clients rather than to him personally. The two men met more than 20 years ago. Gracias later served on the board of Tesla and spent time last year working alongside Musk on the Trump administration’s federal cost-cutting effort.

Another early believer, Luke Nosek, helped Musk build PayPal before either was a household name. Nosek’s venture firm made its first SpaceX investment in 2008, the same year he joined the board, where he still sits. Estimates of his holdings range from about $3.4 billion to $5 billion, depending on how related entities are counted.

Then there is Gwynne Shotwell, the company’s president and chief operating officer and one of its earliest hires. She runs SpaceX day to day while Musk sets the broader direction, and her stake is worth roughly $2.4 billion. In an interview on the day of the IPO, Shotwell described herself as a partner focused on keeping rockets in production and the business running, while Musk handles strategy and the hardest technical problems.

The list stretches well beyond company insiders. Billionaire fund manager Ron Baron, a close Musk ally who has bought SpaceX shares for his clients since 2017, holds a stake topping $1 billion and has called his firm one of the company’s largest investors.

Among institutions, Alphabet — Google’s parent — stands out. The search giant put roughly $900 million into SpaceX back in 2015, and the IPO pushed the value of that holding past $100 billion. Other backers who came aboard through SpaceX’s February merger with xAI include chipmaker Nvidia and several Middle Eastern sovereign wealth funds.

There is a catch for ordinary buyers. SpaceX uses a dual-class share structure that hands Musk’s shares ten votes each against a single vote for the stock the public can buy. In plain terms, everyday investors now own a slice of the company and share in its ups and downs, but they have almost no say in how it is run.

The wealth did not stop at boardrooms and Wall Street. SpaceX reportedly minted roughly 4,400 millionaires among current and former employees — from senior engineers down to skilled-trade workers who collected stock and options over the years. That detail reinforces a point Musk himself has made repeatedly: nearly all of his fortune, and much of the wealth created around him, is locked up in company stock, not cash.

The stock sale itself was steered by Goldman Sachs and Morgan Stanley, with Bank of America, Citigroup and JPMorgan Chase among the long roster of firms that took part.

For now, the gains are exactly that — paper. SPCX has whipsawed since its debut, swinging from a record high to a sharp midweek drop, and several of the investors who cashed in biggest have said they intend to hold rather than sell. The company’s first earnings report as a public company is expected August 6 — the first real test of whether the trillion-dollar price tag, and the fortunes built on top of it, can actually hold.

JBizNews Desk
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President Donald Trump on Friday unveiled the converted Boeing 747-8 that will serve as the next presidential aircraft, pulling back the curtain on a luxury jumbo jet handed to the United States by the government of Qatar. The U.S. Air Force, in a release the same day, said the aircraft — known internally as the VC-25B Bridge — is now a secure, modified executive platform. Standing before the aircraft at Joint Base Andrews in Maryland, Trump called it one of the most advanced and luxurious aircraft ever built.

The jet is a 13-year-old Boeing 747-8 that was previously flown by the Qatari royal family and has been valued at roughly $400 million. Qatar transferred the aircraft to the United States in 2025, a move Trump has defended as a cost-saving measure while critics in both parties have questioned the security, ethics, and optics of accepting such a gift from a foreign government. After formally accepting the aircraft, the Air Force spent the past year overseeing modifications to prepare it for presidential use.

The reason the administration sought a bridge aircraft comes down largely to one company: Boeing.

In 2018, Boeing received a $3.9 billion contract to build two brand-new VC-25B presidential aircraft that would replace the aging Air Force One fleet. The planes were originally scheduled to enter service in 2024. They are now expected no earlier than 2028, making the program one of the most visible examples of delays in a major government procurement effort.

The delays have not only embarrassed Boeing but have also been costly. Because the company agreed to a fixed-price contract, Boeing has absorbed the overruns itself, recording more than $2.4 billion in charges against earnings tied to the Air Force One program. The company has repeatedly restructured management of the project and brought in new leadership in an effort to accelerate delivery and regain confidence.

Faced with the prospect of waiting years longer for the new presidential aircraft, the administration turned to the Qatari 747 as an interim solution.

The government selected L3Harris Technologies to perform extensive modifications on the aircraft. According to officials, the work included secure encrypted communications systems, defensive countermeasures, weather hardening, and additional classified upgrades required for presidential travel. The aircraft now operates as a bridge platform while the long-delayed Boeing aircraft remain under development.

The retrofit itself became a subject of controversy on Capitol Hill.

Air Force Secretary Troy Meink told lawmakers that the cost of modifying the aircraft would likely remain below $400 million, pushing back against estimates that exceeded $1 billion. Critics, however, argued that once all classified communications and defensive systems are included, the final cost could be substantially higher. Congressional scrutiny intensified after reports that nearly $934 million was shifted from a classified missile-defense program to help accelerate the aircraft’s conversion timeline.

Inside, much of the aircraft’s original luxury configuration remains intact.

Rather than completely gutting and rebuilding the interior, officials preserved large portions of the existing layout, including executive suites, meeting areas, wood-paneled finishes, and luxury accommodations. Supporters of the approach argue that retaining much of the interior dramatically reduced costs and shortened the timeline compared with building a new presidential aircraft from scratch.

The exterior, however, received a dramatic makeover. Trump abandoned the traditional Kennedy-era light-blue design and replaced it with a darker navy underbelly, a bold red stripe, a large American flag on the tail, and the presidential seal near the main boarding door. Trump has previously said he personally favored the updated color scheme and viewed it as a more modern representation of American strength.

The aircraft is expected to make several high-profile appearances in the months ahead. Trump said it will participate in upcoming national celebrations and that future presidential travel will increasingly shift to the new bridge aircraft. The existing VC-25A fleet, which has served presidents for decades, will remain in operation alongside the modified Qatari jet until Boeing’s replacement aircraft are finally delivered.

Yet beyond the ceremony and politics, the unveiling underscored a larger story about American manufacturing and aerospace leadership.

For decades, Boeing was regarded as the gold standard of American engineering. Its commercial aircraft and defense programs symbolized the country’s industrial strength and technological leadership. Today, however, Boeing faces mounting questions over delays, cost overruns, quality-control concerns, and execution challenges across multiple programs.

The Air Force One replacement effort may be the most visible example. This was not merely another government contract. It was one of the most prestigious aviation projects in the world, intended to produce the flying White House for future presidents. Instead, the delays became so significant that the administration sought a foreign-owned aircraft to fill the gap.

Whether one supports or opposes the acceptance of the Qatari jet, the reality remains difficult for Boeing to ignore. The President of the United States is preparing to fly aboard a converted aircraft that once belonged to a foreign monarchy because the aircraft Boeing was contracted to build is still years away from completion.

For Boeing, the unveiling is more than a ceremonial moment. It is a public reminder of how far behind one of its most important government programs has fallen. The real story is not simply that Qatar provided an aircraft. The real story is that Boeing left a void that someone else had to fill.

Until the company delivers the long-promised VC-25B fleet, every appearance of the converted Qatari aircraft will serve as a visible reminder of the challenges facing one of America’s most iconic manufacturers.

JBizNews Desk | Washington

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Britain’s Observer newspaper said Prime Minister Keir Starmer was expected to resign on Monday and set out a timetable for his departure, though a government source said Starmer remained focused on getting on with the job of governing.

The threat to Starmer’s position, which has been building for months, increased sharply on Friday when his rival Andy Burnham won a seat in parliament that would allow him to launch a formal leadership challenge.

The Observer report said Starmer was discussing the matter with his wife at his Chequers country residence before making a final decision, but that senior Labour figures expected a clear statement on his future as early as Monday.

However, a government source said Starmer remained focused on his job and pointed to previous statements he has made to that effect.

The British leader said on Friday he would fight any challenge to his leadership and urged Labour not to tear itself apart with infighting.

Starmer’s popularity plummeting, Labour losing ground

Starmer led the center-left Labour party to a landslide election win in 2024 but has become deeply unpopular after a series of scandals and policy U-turns that have given many voters an overall impression that he cannot deliver the improvement to their standards of living that he promised.

If he were to quit or be ousted, it would mean the country installing its seventh prime minister in just over a decade – the highest turnover in nearly two centuries, reflective of anger at successive governments’ failures to improve public services and tackle issues like illegal immigration.

More than 100 elected lawmakers in Starmer’s party – roughly a quarter of all Labour representatives in the House of Commons – have publicly said they want him to quit or set out a timetable for his exit, according to a Reuters tally.

The Observer report, which did not name its sources, said Starmer had reached the conclusion that his position was no longer tenable after speaking to cabinet ministers, advisers, donors, and trade union leaders.

Burnham waiting in the wings

Burnham, a 56-year-old career politician, is seen by many in Labour as the most likely successor to Starmer – whether through a negotiated transfer of power or a formal leadership contest.

Having built a power base within Labour as mayor of Greater Manchester in northern England, he comfortably saw off the threat from Nigel Farage’s right-wing populist party to win an election for a vacant parliamentary seat on Friday.

Burnham did not immediately make a formal challenge to Starmer but used his victory address to promise a new path for the country. His allies have urged Starmer to agree to step down and hand over power voluntarily.

Former health minister Wes Streeting has also said he is willing to challenge Starmer.

The Times newspaper reported on Saturday that Burnham would sack finance minister Rachel Reeves if he were to become prime minister after his advisers concluded she did not represent a sufficient change of direction.

Reuters could not immediately verify that report.

This post was originally published on here.

As the FIFA World Cup continues, soccer fans from around the world, including Israel, will be benefiting from the protection that Israeli companies have provided to aid authorities in ensuring that the largest sporting event in the world runs smoothly.

Israeli companies have been, and still are, involved in protecting the tournament against hackers, scammers, and other cyber threats, as well as the risk of drone attacks, coordinating with authorities on a local, national, and international level.

One such company, KELA Group, referred to the World Cup, which is ongoing in the US, Mexico, and Canada, as the “largest digital battlefield in history.”

According to KELA, the event features an “enormous digital attack surface,” as approximately 6.5 million ticketed attendees are expected throughout the weeks-long event, as well as a worldwide viewing audience, possibly reaching six billion.

The tournament, KELA says, relies on a “massively interconnected digital supply chain involving third-party vendors, transportation, hospitality, and cloud services.” This means that the failure of even a minor link in the chain could disrupt core parts of the operations, the company said.

KELA noted that geopolitics has an effect on state actors attempting to disrupt events. This has been seen with Russian and Iranian threat actors using intelligence and psychological warfare.

KELA Group noted that in past events, Russian hacktivists, including APT28, have focused on covert intelligence collection, while Storm-1679 used AI-generated voices of celebrities to incite fear.

Meanwhile, Iranian Advanced Persistent Threat (APT) actors have targeted critical infrastructure, with the Israeli company highlighting that Handala wiped over 200,000 systems at a US medical tech company, Stryker, and doxxed (revealed personal information of) FBI Director Kash Patel.

Another Iranian group claimed that it succeeded in gaining access to operational technology at a water company in Missouri, attempting to prove its capability to target critical infrastructure.

The KELA Group, in efforts to mitigate these threats, has been monitoring the Dark Web and communicating with authorities, mostly in the US, in order to share information that could highlight risks to the FIFA World Cup’s operations, largely ticket scams and fraudulent website links.

KELA Group senior explains monitoring system

Or Lev, KELA Group’s vice president of solution engineering, spoke to The Jerusalem Post recently to discuss the work that the company has been doing around the World Cup’s cybersecurity.

She explained how the organization monitors for hacktivists, nation-states, and APTs that will support their agenda and political motivation by trying to gather intelligence.

Government-run APTs, Lev said, “usually try to attack critical infrastructure, conduct espionage, and gather intelligence.”

These APTs target events to cause as much damage as possible, she explained.

Another motivation, however, is financial. Lev reiterated the scale of the World Cup’s ticket chain, noting that this motivates threat actors to carry out attacks for financial gain, including targeting ticketing platforms and creating fake websites that appear to be official in order to fool well-meaning customers into giving away their money.

Beyond phishing scams and spoofed FIFA domains, however, threat actors are also targeting transportation networks that support events, as attendees need to travel to stadiums. Another target vector attacks telecommunications and media networks, given the widely broadcast aspects of the tournament.

“We need to try to think all the time where these types of groups of threat actors might try to cause damage and to serve their agenda,” Lev said.

Additionally, Chinese activists continue to pose a threat, KELA Group highlighted, noting that a majority of Beijing’s agents focus on gaining access to, and disrupting, utility and telecoms infrastructure.

One such APT gained access to nine different telecom companies, including AT&T and Verizon, maintaining access for approximately five years and selling data.

“Imagine that they have this type of access and then, at the time of the event, they can just shut down the entire telecom network,” Lev stated.

“When looking into these events, we are more alert,” she said.

“When you know the way that they normally operate, how they normally gain access, you can prepare for that and block the entry points,” she explained.

Compromised acccounts, identity leaks, prominent hacking vectors

Important attack vectors to look at include compromised accounts and identity leaks, Lev told the Post.

“We can see over 1.5 million such accounts available right now out there. Out of these, each one can serve as a potential initial access point,” she warned.

“We’ve already seen over 7,000 of them connected directly to FIFA domains and around 3,000 of them that are connected to potentially sensitive sites, all discovered over the past month,” she said.

“If we look deeper, we see their accounts, including single sign-on and secure token service-related content connected directly to FIFA employees,” she continued.

Every such account that we see out there in the hands of the aforementioned groups acts as a “key to the door” for them to cause damage, she noted.

“Identifying all of the relevant organizations, their assets, their attack surface,” is a step that KELA Group takes, before giving authorities the “tools to be ready and block this type of potential access before someone can use it,” Lev said.

Monitoring of events can begin over a year before, but at least a few months before the event itself, Lev said. This allows the organization to start monitoring actors, locating critical identities, potential entry points, and other risks that can highlight how threat actors could cause damage.

“Our main advantage is that we have access to everything – all of the discussions happening underground – we see it all in real time,” she added.

“We then alert the relevant authority on anything critical that might come in their direction and allow them to block it. This usually comes from cooperation with authorities themselves,” she clarified.

“We are working with law enforcement agencies that are trying to prevent attacks, catch threat actors, and take action,” she stated.

KELA Group also focuses on understanding ATPs’ capabilities, where they focus attacks, their tactics, techniques, and procedures (TTPs), and then helping authorities by giving them visibility into what is occurring in underground channels, she said.

Threat actors may have maintained access that they gained months ago, Lev warned. She also pointed out that KELA Group assumes that hacktivists and cybercriminals are always employing additional TTPs.

“This is a place where AI comes into the picture, because the world of cybersecurity is changing heavily right now with all of the implementation of AI tools,” she continued.

These AI tools bring new, less experienced threat actors into the market because “they can now use AI tools to do more sophisticated things,” she went on to say. 

Meanwhile, AI tools provide “expert players with a whole other level of scalability. We have just seen a Chinese APT running almost 90% of their attack with just AI tools, saving a lot of time, and allowing them to do more,” she added.

Additionally, AI tools boost the possible tactics of threat actors. If a threat actor gained access to a specific account, it’s possible that they will run an AI tool through millions of accounts and try to verify them, finding more potential entry points because they “have nothing to lose,” Lev said.

“We are also seeing different actors, including smaller ones, use tools to gather more fraud-related opportunities, from hospitality, including fake hotels, and Airbnb bookings to phishing and lookalike domains,” she said.

Israeli companies, however, are not only focusing on cybersecurity and the Dark Web, as KELA Group is. Ondas Network’s subsidiary, Sentrycs, was chosen to deploy counter-drone protections at FIFA World Cup infrastructure, the company announced in April.

The contracts from FIFA are valued in the millions of dollars, the company announced, and were granted at several levels with federal, state, and local public safety and security organizations.

Sentrycs’s counter-UAS (CUAS) solutions have been “deployed across most venues where matches will be held,” Ondas said.

These solutions are “supporting efforts to protect stadiums, fan zones, and related event locations from unauthorized drone activity throughout the tournament,” Ondas added.

“Securing the lower airspace in such a complex, high-visibility environment requires coordinated, regulation-compliant counter-drone capabilities that integrate into broader security frameworks,” it stated.

“Sentrycs’s field-proven cyber-over-RF technology enables passive detection, tracking, and identification of unauthorized drones, along with controlled mitigation capabilities,” Ondas stated.

It allows “authorized operators to safely take control of, and land, drones in designated areas when required.”

“Operating without jamming or kinetic measures, the solution is designed to support secure operations in dense urban environments and crowded venues while maintaining communications continuity without interfering with authorized systems,” the company noted.

Selecting Sentrycs for the counter-drone operations “reflects the increasing importance of nondisruptive, cyber-based counter-drone technologies in safeguarding major international events, where maintaining public safety must be balanced with operational continuity and regulatory compliance,” Ondas said.

“Events of this scale and complexity highlight the growing need to protect low-altitude airspace against the threat of unauthorized drone activity,” said Eric Brock, chairman and CEO of Ondas.

“Securing the lower airspace across multiple venues simultaneously presents a unique operational challenge, requiring coordinated, regulation-compliant counter-drone capabilities. Sentrycs’s cyber-over-RF technology is designed to address this challenge, enabling precise, controlled mitigation of unauthorized drones in complex environments,” Brock added.

“We are seeing increasing demand for integrated, multilayered security solutions that address both aerial and ground-based threats,” said Oshri Lugassy, co-CEO of Ondas Autonomous Systems.

“Sentrycs plays a critical role in our broader autonomous defense architecture, enabling precise and nondisruptive control of low-altitude airspace,” Lugassy continued.

“Together with our autonomous platforms and sensing technologies, we are building a unified operational capability designed to secure complex environments at scale,” Lugassy added.

Meanwhile, Tel Aviv-based cybersecurity firm Gambit Security found that Iranian hackers were responsible for a disruptive computer breach in March that forced Los Angeles’ transit system to shut down parts of its network.

The hackers stole over 700 gigabytes of emails, backups, and other files from the Los Angeles County Metropolitan Transportation Authority, after it was inadvertently exposed online.

The company said a digital trail of evidence tied the server where LACMTA’s data was discovered to a previously known hack that Israelis had attributed to Iranian threat actors.

The attack disrupted digital services for passengers, including displaying arrival times and the ability to add money to digital ticket cards.

Gambit reported that the attackers’ activity included deleting virtual machines, databases, and storage volumes, as well as damaging backup infrastructures, thereby making it more difficult for LACMTA to resume normal operations.

ISRAELI COMPANIES are also playing roles in other aspects of the FIFA World Cup supply chain.

Another Israeli company involved in the tournament is Tel Aviv-based SeatPick, a global ticket resale price comparison site offering a platform to find and purchase tickets for the world’s biggest sporting events.

“From data, content, and supply to user experience and operations, every part of the business is aligned to maximize impact, making this a defining moment for SeatPick in terms of growth, visibility, and execution,” said SeatPick’s chief technical officer and co-founder, Guy Kogel.

“Our operations, both in Israel and globally, will shift to a 24/7 model to support user demand and ensure we handle any issues smoothly,” Kogel said.

Ashkelon-based tech company LSports is also playing a role, delivering fast, data-driven analysis to global sports betting and media companies.

In order to do this, LSports uses advanced AI and machine learning algorithms to track millions of real-time data points from games before converting them into live statistics, automated visualizations, and engaging fan experiences.

“The World Cup demands the absolute highest standards of accuracy and speed, and that is exactly where Israeli innovation thrives,” said LSports CEO Dotan Lazar.

“We are proud to contribute our cutting-edge sports data ecosystem to the world’s biggest tournament. While the players create history on the pitch, our technology ensures that millions of fans, media channels, and platforms across the globe receive the most precise, thrilling, and immersive data experience possible,” Lazar added.

This post was originally published on here.

With the war in Iran moving toward a close, President Donald Trump is turning his attention back to the issue that defined much of his economic agenda: tariffs.

Mediators announced on Saturday, June 14, that the United States and Iran had reached a memorandum of understanding intended to formally end the conflict within 60 days, with a signing expected Friday in Geneva. A day later, the two sides reached an initial agreement to extend their fragile ceasefire and reopen the Strait of Hormuz, the vital oil chokepoint whose closure disrupted global energy markets and pushed fuel prices higher for months.

The waterway is not expected to fully reopen until later in the week, and energy markets may take time to stabilize. But the immediate crisis that consumed Washington since late February is beginning to ease.

That shift has allowed the administration to refocus on trade, and it has moved quickly.

On June 11, Trump announced a trade agreement with China that keeps existing tariffs of roughly 30% in place while pausing threatened increases for 60 days. A day earlier, he signaled a tougher stance toward North America’s trading partners, telling reporters he was “not looking to renew” the United States-Mexico-Canada Agreement (USMCA) and arguing that the United States does not need its neighbors’ cars, lumber, or energy products. Talks concerning the agreement are scheduled to take place in Washington this week.

The broader tariff push has been building for weeks.

Earlier this month, the Office of the U.S. Trade Representative proposed new duties ranging from 10% to 12.5% on imports from 60 trading partners that it says have failed to adequately prevent goods produced with forced labor from entering supply chains. The agency also proposed a 25% tariff on Brazilian imports tied to a separate trade investigation and launched a new case involving Vietnam.

On June 1, the administration modified its existing 50% tariffs on steel, aluminum, and copper, creating lower rates for certain agricultural and industrial equipment categories while keeping broader protections in place.

A major legal question continues to hover over the administration’s trade strategy.

Earlier this year, the Supreme Court ruled that the president could not rely on emergency economic authorities to impose broad, across-the-board tariffs, removing one of the administration’s most powerful trade tools. Since then, the White House has increasingly relied on narrower, industry-specific authorities that are generally viewed as more legally durable but often require longer investigations and administrative procedures.

For American households and businesses, the stakes are straightforward.

Tariffs function as taxes on imported goods, and importers frequently pass at least part of those costs on to consumers. That can mean higher prices for automobiles, appliances, construction materials, electronics, and groceries — the same categories many families were already watching closely as energy costs rose during the Iran conflict.

Small businesses often feel the impact most directly because they typically have less flexibility than large corporations to absorb higher costs.

The debate surrounding USMCA carries particularly significant economic implications.

The agreement governs more than $1 trillion in annual North American trade and serves as the foundation for integrated supply chains across the automotive, agricultural, manufacturing, and energy sectors. Any major disruption, renegotiation, or withdrawal could ripple through factories, farms, ports, and distribution networks throughout the United States, Canada, and Mexico.

Trump’s suggestion that the United States no longer needs key imports from its neighbors signals that the administration intends to take an aggressive position in upcoming negotiations.

The White House argues its strategy is producing results.

Administration officials point to U.S. manufacturing activity, which they say expanded in May at its fastest pace in four years, marking a fifth consecutive month of growth. Supporters of tariffs contend that higher trade barriers encourage domestic investment and help bring production back to the United States.

Critics counter that tariffs also raise costs for manufacturers that rely on imported raw materials and components. Previous rounds of tariffs, they note, produced mixed results, with some trade-sensitive industries experiencing job losses even as others benefited from increased protection.

Both arguments contain elements of truth, which helps explain why tariff policy remains one of the most divisive economic issues heading into the fall.

The calendar is already filling up.

The U.S. Trade Representative has scheduled hearings in early July on both the Brazil and forced-labor cases, with written comments due by June 22. USMCA negotiations begin this week in Washington, while additional trade investigations remain active across multiple industries.

For a White House that spent much of the spring focused on war, the message is increasingly clear: the trade agenda never disappeared. It was simply waiting for room to return to center stage.

Washington – JBizNews Desk

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For decades, the biggest and most profitable companies in America followed a predictable formula. They generated enormous amounts of cash, invested what they needed to grow, and then returned the rest to shareholders through stock buybacks and dividends. That formula is now being rewritten as the race to dominate artificial intelligence consumes hundreds of billions of dollars.

According to new analysis from PIMCO, the world’s largest cloud and technology companies are now directing roughly 94% of their operating cash flow into capital expenditures, primarily data centers, advanced chips, networking equipment, and the power infrastructure needed to run AI systems. Just two years ago, that figure was closer to 40%.

The shift represents one of the most dramatic changes in corporate capital allocation seen in decades. Cash that once flowed back to investors is increasingly being poured into physical infrastructure designed to support the next generation of artificial intelligence.

The companies themselves are making no secret of the change. Meta Chief Financial Officer Susan Li recently told investors that the company’s “highest order priority” is investing in AI leadership. In practical terms, that means data centers, computing power, and AI models now take precedence over stock repurchases.

Microsoft, which spent years generating massive free cash flow while rewarding shareholders through buybacks and dividends, is making a similar transition. The company continues returning capital to investors, but the scale of AI spending is increasingly dominating financial decisions.

The numbers behind the buildout are staggering. Research from Allianz Trade projects that capital expenditures among major U.S. technology companies will rise roughly 50% in 2026, exceeding $600 billion. Capital spending as a percentage of revenue is expected to reach approximately 23%, more than double levels seen before the arrival of ChatGPT and the generative AI boom.

Across the dominant cloud providers and AI developers, annual infrastructure spending is now approaching $700 billion. Much of that money is being spent on massive data centers filled with advanced processors from companies such as Nvidia, along with the transmission lines, cooling systems, and electrical infrastructure required to operate them.

The spending surge is beginning to affect the financial profiles of companies once considered nearly untouchable cash machines. Barclays estimates that Microsoft’s free cash flow could decline approximately 28% this year before recovering in 2027. Analysts at Evercore ISI have warned that aggregate free cash flow across the sector has fallen below levels seen during the technology slowdown of 2022 and is approaching territory where portions of the industry could temporarily spend more cash than they generate.

Rather than slow construction, many firms are turning to the debt markets. The five largest AI infrastructure investors collectively raised more than $121 billion in new debt during 2025, with much of that borrowing occurring late in the year. Wall Street analysts expect approximately $300 billion more in AI-related bond issuance during 2026.

Some forecasts go even further. Analysts at JPMorgan and Morgan Stanley estimate that the technology sector could require as much as $1.5 trillion in debt financing over the coming years to support planned AI investments. Many of the bonds being issued carry maturities of 15 to 30 years, reflecting management’s belief that data centers are long-term assets capable of generating returns for decades.

The trend is beginning to reshape the broader market. Stock buybacks across the S&P 500 remain near record levels and are still expected to exceed $1 trillion this year. However, those repurchases are becoming increasingly concentrated among a handful of companies that remain wealthy enough to fund both massive AI investments and shareholder returns simultaneously.

For much of corporate America, the equation is changing. Utilities, telecommunications providers, and technology firms are increasingly directing cash toward infrastructure rather than repurchases. Rising electricity demand from AI facilities alone is forcing many utility companies to prioritize investment over shareholder distributions.

Investors are watching carefully because the payoff remains uncertain. The costs are immediate and measurable. The profits from the AI buildout remain largely speculative.

Technology executives argue that the spending creates a competitive moat that smaller rivals cannot easily cross. Companies that secure the most computing power, the most advanced chips, and the largest data center networks may establish advantages that last for years.

Yet the ultimate success of the strategy may depend on something surprisingly old-fashioned: electricity. Data centers require enormous amounts of power, and industry leaders increasingly acknowledge that access to energy infrastructure could become the biggest bottleneck in the AI race.

The months ahead will reveal whether the industry’s massive wager begins generating returns or whether companies must continue borrowing and spending long before profits catch up. What is already clear is that one of Wall Street’s oldest assumptions—that mature technology giants will simply return excess cash to shareholders—is being replaced by a far more capital-intensive model.

The era of stock buybacks as the primary destination for Big Tech’s cash is giving way to an era of data centers, power plants, and AI infrastructure. Whether investors ultimately benefit will depend on whether the billions being poured into concrete, servers, and electricity produce the next great wave of technological growth.

JBizNews Desk
Wall Street

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Senator Lindsey Graham, one of the loudest backers of the war against Iran, said this week that he is not ready to endorse the deal President Donald Trump struck to end it.

Speaking to reporters after Trump announced Monday that the agreement had been signed, Graham said he wanted to read the text himself, warning that “the way Iran describes it is awful” even if Washington’s version sounds reasonable.

That hesitation captures a real shift.

Many of the conservatives who rallied to Trump when the fighting started in late February now worry he gave up too much at the negotiating table, handing Tehran economic relief that could let the regime rebuild while doing too little to box in its nuclear program.

The friction is mostly about money and enforcement.

Reports that the deal would eventually unlock billions of dollars in frozen Iranian funds, and that Gulf states could pour hundreds of billions more into rebuilding Iran, have turned some of Trump’s steadiest allies into skeptics.

To hawks, cash flowing back to Tehran is cash that can be redirected to missiles and proxy fighters once the shooting stops.

A string of Republican senators voiced the same unease this week, and their common complaint was simple: they have not seen the actual document.

Trump said the memorandum was signed electronically over the weekend, but the full text has not been released, with the president saying it would likely be read out Friday.

Senators including John Cornyn, Josh Hawley, John Kennedy, and Chuck Grassley all said they could not judge a deal they had not been allowed to read.

Some of the sharpest critics have been on record for weeks.

Senate Armed Services Committee Chairman Roger Wicker slammed the framework as details leaked last month.

Ted Cruz and conservative commentators such as Hugh Hewitt and Mark Levin have pressed for far stricter terms — no Iranian uranium enrichment, ever, and the removal of Iran’s highly enriched stockpile from the country.

The administration’s answer is that the deal is built to be tested, not trusted.

Officials describe it as performance-based: Iran keeps the benefits only if it holds to its commitments, including no nuclear weapon, surrendering enriched material, and keeping the Strait of Hormuz open.

Vice President JD Vance has framed the promised Gulf investment money as a carrot — leverage to pull Iran toward bigger nuclear concessions in talks still to come.

For all the noise, the hawks have limited power to stop Trump.

As Republican strategist John Ullyot has noted, the Senate has few tools to block a president from winding down an active military operation.

The business backdrop helps explain why Trump is moving to close the war even over his own party’s objections.

The conflict pushed gasoline prices up sharply since late February, squeezing households and businesses alike, and shut a waterway that normally carries a fifth of the world’s oil.

Ending the fighting reopens the Strait of Hormuz, puts Iranian oil back on the market, and points pump prices lower — a tangible economic win heading into a midterm election year.

The frozen-funds issue carries its own economic weight.

The draft reportedly releases roughly $24 billion to Iran over a 60-day negotiating window, with far larger sums tied to a longer-term investment fund.

For markets, the prospect of Iranian crude returning has already pulled oil prices down sharply.

For the deal’s critics, that same money is the problem — relief that arrives before Iran has proven it will keep its word.

The split also signals a deeper realignment inside the Republican coalition between traditional hawks who want maximum pressure on Iran and a growing America First wing wary of open-ended Middle East commitments.

Trump has tried to stand in both camps at once — claiming a tough peace while ending an expensive war — and the deal is testing how long that balance can hold.

What happens next depends on the fine print.

If the text released Friday matches the administration’s confident description, some of the criticism may fade.

If it looks closer to the version Iran is selling, the revolt among Trump’s former cheerleaders is likely to grow louder.

Washington — JBizNews Desk

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A group of 51 hotel owners who together run close to 1,000 Marriott-branded properties has told the company it wants a larger share of the money flowing through its Bonvoy rewards program, according to a letter the owners sent in March that became public Tuesday.

The letter went straight to the top, addressed to Chief Executive Anthony Capuano and Chairman David Marriott.

The fight comes down to a simple question: who pays when a guest cashes in points for a free night, and who pockets the profits the program throws off.

Most Marriott hotels are not owned by Marriott. They are owned by independent operators and franchisees who run the buildings, employ the staff, and pay Marriott for the right to fly its flags and tap into Bonvoy, one of the largest loyalty programs in travel.

When a member redeems points for a free stay, the hotel that hosts that guest gets reimbursed from a shared fund. Owners say that reimbursement often falls short of what the room is really worth.

Here is what changed.

For years, owners believed Bonvoy roughly broke even — a marketing engine that filled rooms without making anyone rich.

Now they have learned the program is a serious money-maker, and they feel cut out.

Marriott has said it expects fee revenue from its co-branded credit cards to climb about 35% this year, approaching $1 billion.

Much of that comes from card partners paying Marriott for the right to issue Bonvoy cards.

Owners argue they help create that value every time a guest stays, yet little of the windfall reaches them.

Their core complaints are about money and transparency.

They want higher payments when members redeem free nights — at least matching what they would earn from an online travel site like Expedia — and they want to see the program’s books, which Marriott has historically kept close.

Under the old setup, owners got a low base payment for an award night when the hotel had empty rooms to spare, on the logic that a free guest in an otherwise unsold room costs the hotel nothing.

When a property filled up, the payment rose toward the hotel’s normal nightly rate.

Owners say that formula no longer reflects how much Marriott earns from the credit-card side of the business.

Marriott has made some moves to ease the tension.

The company says it recently raised what owners are paid for loyalty stays on busy, high-demand nights, trimmed certain charge-out rates, and for the first time shared some Bonvoy financial details with owners.

It is also renegotiating agreements tied to the program.

The stakes are large because loyalty has quietly become one of the most profitable corners of the hotel business.

Bonvoy added roughly 43 million members last year and counted about 283 million members by the end of the first quarter.

Every one of those members is a reason for a traveler to book a Marriott instead of a competitor — but the value created sits at corporate, in the form of high-margin card fees, while the cost of honoring free nights lands on the individual hotel.

For travelers, the dispute could eventually show up in the value of their points.

If owners win bigger reimbursements for award stays, Marriott has to find that money somewhere.

The most common way hotel programs cover rising costs is by raising the number of points needed for a free night, which quietly erodes what each point is worth.

Nothing has changed for members yet, but a richer payout to owners tends to flow downhill to guests.

There is also a business-model question for investors.

Marriott International (MAR) has long sold Wall Street on an “asset-light” story — it manages and licenses brands rather than owning buildings, and loyalty and credit-card fees are a big part of that pitch.

A revolt by the people who actually own the hotels puts a spotlight on how durable those fees are, and how much Marriott may have to give back to keep its franchise network from walking.

For now, the two sides are negotiating.

The owners have leverage in numbers and in the simple fact that Marriott needs them to run its hotels.

Marriott has the brand, the members, and the card deals.

Somewhere between those positions is the new split of a billion-dollar pot — and the answer will ripple from hotel balance sheets all the way down to the points sitting in travelers’ accounts.

Bethesda, Md. — JBizNews Desk

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The share of private loans going bad in the United States stayed at a record high in May, according to an update from Fitch Ratings released Monday, a warning sign from one of the fastest-growing and least understood corners of finance.

Fitch’s private credit default rate held near 6.0% over the trailing twelve months, matching the record it set in April.

It is the highest reading since the firm began tracking the measure in August 2024, and it caps a steady climb that has run through much of the past year.

To understand why that matters, it helps to know what private credit is.

These are loans made not by banks but by investment firms, lent directly to companies, often mid-sized businesses that might struggle to borrow elsewhere.

The market has exploded in size, growing to roughly $3 trillion from about $2 trillion in 2020, as investors chased the higher returns these loans offer.

That money increasingly includes ordinary people’s savings, with retirement funds and even retail investors now putting cash into the sector.

The reason defaults keep rising comes down largely to interest rates.

Most private-credit loans carry floating rates, meaning the interest a borrower owes rises and falls with broader rates.

With borrowing costs high, pushed up further this year by the war with Iran and stubborn inflation, companies that took on these loans are paying more to service them, and refinancing has become painful.

Many of the recent defaults involved borrowers switching to so-called payment-in-kind terms, paying their interest with more debt instead of cash, a maneuver that often signals a company is running short of money.

The pain is not evenly spread.

Healthcare-services companies have produced the most defaults over the past year, followed by consumer-products firms.

High-profile collapses, including the bankruptcies of First Brands and Tricolor, drew fresh scrutiny to the sector and raised questions about how much hidden stress is building beneath the surface.

“Higher Treasury rates make it harder for companies to refinance,” said Dan Alpert, managing partner at Westwood Capital, who said he had grown increasingly worried about weakness in private credit on top of the broader pressure from rates.

Here is why it reaches beyond Wall Street.

Private credit was once a niche played by specialized firms and wealthy investors.

Today it is woven into the wider financial system.

Banks have lent close to $300 billion to private-credit providers, according to Moody’s, linking the health of the two.

Analysts at Bank of America have called private credit the lowest-quality slice of the corporate-loan market, even as some industry leaders, including Blackstone chief executive Stephen Schwarzman, have played down the concerns.

The worry is that if stress deepens, it could ripple outward to the banks and retirement funds now tied to it.

There had been hope for relief.

Late last year, Bank of America strategists predicted defaults would ease to about 4.5% in 2026 if the Federal Reserve cut interest rates.

But the Fed has held rates steady, and with its new chair weighing whether to cut at all amid hot inflation, that easing looks far less certain.

As long as borrowing stays expensive, the companies behind these loans will keep feeling the squeeze.

For now, the record default rate is a flashing yellow light.

It does not mean a crisis is at hand, but it does show that a sector built and sold during an era of cheap money is straining under the weight of expensive money, and that more investors than ever are along for the ride.

Wall Street — JBizNews Desk

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Minneapolis — Target will launch its biggest summer savings event on Tuesday, June 23, weeks earlier than its usual July timing, the retailer announced in a June 2 release, as families look for ways to stretch budgets ahead of the school year. The four-day Target Circle Deal Days run through Friday, June 26.

The pitch is straightforward: members of Target’s free Circle loyalty program get up to 45% off thousands of items across apparel, beauty, home, toys, and essentials. Back-to-school and college supplies — JanSport backpacks, Casaluna and Threshold bedding, and writing tools from BIC, Expo, Paper Mate, and Sharpie — are 40% off. Paid Circle 360 members get early access starting June 22.

“Busy families are looking for ways to save money as they balance summer plans with back-to-school and college prep,” said Sarah Travis, executive vice president and chief digital and revenue officer at Target. She said the company wanted to meet that need without giving up the style shoppers expect.

The timing is the real story. Retailers have been pulling back-to-school promotions earlier each year, and Target moving its event into June — before summer has officially hit its stride — is a sign of how hard stores are competing for cautious shoppers. Many parents now spread purchases across several months and time them to sales rather than buying everything in one August trip.

The savings stretch beyond pencils and notebooks. During the event, shoppers can expect up to 45% off select kitchen items from Cuisinart, Keurig, and Ninja, up to 45% off floorcare from Bissell and Hoover, and 40% off select women’s clothing from A New Day and Universal Thread. New one-day deals drop each morning, including 40% or more off items from Crocs, Igloo, and Sun Bum.

There are perks designed to pull people into stores. On June 23, Circle members can get a free hot or iced brewed coffee or a Bullseye cookie at the Starbucks counters inside more than 1,800 Target locations, redeemed by scanning a barcode in the Target app. Verified military members, veterans, and their families who are Circle members get 20% off one qualifying purchase from June 21 through July 4. New members who join between June 14 and 22 get 15% off their first purchase.

For shoppers weighing the paid tier, Target is discounting a Circle 360 annual membership to $49 for the first year, down from $99, during the event. College students and teachers can get the membership for the same price year-round, and the plan includes free fast shipping and same-day delivery.

The early sale comes as households keep a close eye on prices. Many shoppers remain wary of inflation and the possibility that tariffs could push some costs higher, and they are leaning on discount events, store brands, and reused supplies to keep spending in check. For retailers, stretching the back-to-school season from June into the traditional late-summer peak helps spread out store traffic and manage inventory.

The move also lands as Target works to steady its business. The company reported first-quarter net sales of $25.4 billion, up nearly 7% from a year earlier, and raised its guidance, though its stock has been choppy. Aggressive loyalty promotions like Circle Deal Days are part of how the chain is trying to keep families coming back.

For parents, the practical takeaway is simple: the deals on backpacks, laptops, dorm bedding, and uniforms are arriving early this year, and the best prices tend to move fast. Comparing prices across stores and focusing on the promotional windows remains the surest way to keep the back-to-school bill down.

What used to be an August scramble now starts in June. For budget-conscious families, that means more time to spread out the cost — and more reason to watch the calendar.

JBizNews Desk | New York

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Americans’ preference for the sport utility vehicle has reached a new high, with SUVs and their crossover cousins now accounting for close to two-thirds of all new vehicles registered in the United States, according to a recent report on vehicle registration data.

When pickup trucks are counted alongside them, these taller, roomier vehicles make up more than two-thirds of all new registrations, a record share, according to data from S&P Global Mobility.

The plain car, the sedan that once ruled American driveways, has been pushed firmly into second place.

The report also showed how the SUV market itself is splitting.

Gas and diesel models outsold electric and hybrid SUVs by nearly three to one, accounting for about 72.3% of new SUV registrations.

Despite years of pressure to go electric, the typical SUV buyer is still choosing a gas engine, drawn by lower sticker prices, longer range and the convenience of filling up rather than hunting for a charger.

Why do Americans keep choosing SUVs?

The appeal is practical.

They offer more cargo room, a higher seating position that many drivers find reassuring, room for car seats and gear, and a sense of safety that comes from sheer size.

That loyalty runs deep: surveys show roughly two-thirds of current SUV owners plan to buy another one, a level of devotion no other vehicle type comes close to matching.

The trend has reshaped the auto industry.

Carmakers have spent years reorganizing their lineups around utility vehicles, and some have abandoned sedans almost entirely; several mainstream brands no longer sell a single traditional car.

Models like the Ford F-Series, the Toyota RAV4, and the Tesla Model Y sit atop the sales charts, and automakers have poured their engineering and marketing dollars into the formats buyers clearly want.

That shift carries real consequences.

More and bigger SUVs on the road means more fuel burned and more emissions, complicating efforts to clean up the nation’s vehicle fleet.

It also means higher prices, since utility vehicles generally cost more than the sedans they replaced, adding to the strain on buyers already facing near-record new-car prices.

And it changes the streetscape, as vehicles keep getting larger and harder to park.

There are early hints of a backlash.

A growing share of Americans say SUVs and trucks have simply gotten too big, and even some truck owners agree.

Surveys of teenagers, the buyers of tomorrow, suggest many imagine themselves in sedans rather than the crossovers they grew up riding in, a familiar generational pattern of wanting the opposite of what filled the family driveway.

Whether that translates into actual purchases years from now remains to be seen.

For now, though, the numbers tell a clear story about what Americans are actually driving.

The SUV is no longer one option among many; it has become the default.

From the family hauler to the daily commuter, the high-riding, gas-powered utility vehicle has won the American road, and the industry has rebuilt itself around that reality.

Detroit — JBizNews Desk

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Atlanta — Coca-Cola is heading into one of the largest corporate tax disputes in American history as it prepares to argue its case before the U.S. Court of Appeals for the Eleventh Circuit in a battle with the Internal Revenue Service that could ultimately cost the beverage giant as much as $20 billion.

Oral arguments are scheduled for June 25 in Miami, marking the latest chapter in a legal fight that has stretched for more than a decade and could have far-reaching consequences for multinational corporations across the United States.

At the center of the dispute is a complicated but enormously important question: how much profit Coca-Cola should have reported in the United States versus overseas.

The IRS argues that Coca-Cola improperly shifted billions of dollars in profits to foreign affiliates in lower-tax jurisdictions, reducing the amount of income subject to U.S. taxes. The company maintains it followed a long-standing transfer-pricing method that the government had previously accepted.

Transfer pricing refers to the way multinational companies allocate profits among their various subsidiaries around the world. Because tax rates differ from country to country, the issue has become one of the most closely watched areas of corporate taxation.

The sums involved in Coca-Cola’s case are extraordinary.

The company has already deposited approximately $6 billion with the IRS while the litigation proceeds. According to company disclosures, an unfavorable outcome could require it to pay as much as $14 billion more, bringing the total potential cost close to $20 billion.

Few corporate tax disputes have ever reached that magnitude.

The conflict dates back to audits covering 2007 through 2009, when the IRS concluded that Coca-Cola’s foreign licensing arrangements understated U.S. taxable income. The agency subsequently issued adjustments exceeding $9 billion, generating a tax deficiency of roughly $3.3 billion for those years alone.

The legal battle intensified in 2020, when the U.S. Tax Court largely sided with the IRS. In 2024, the court entered a final decision requiring Coca-Cola to pay approximately $2.7 billion related to the years under dispute.

The company immediately appealed.

Coca-Cola argues that the government changed the rules after the fact.

For years, the company and the IRS relied on a transfer-pricing formula commonly referred to as the “10-50-50” method to determine how profits from foreign operations should be allocated. Coca-Cola contends that federal tax authorities effectively approved that methodology and allowed the company to rely upon it.

The IRS later abandoned that approach and adopted a different calculation method that dramatically increased the amount of profit allocated to the United States.

In court filings, Coca-Cola has characterized the government’s actions as a “bait and switch,” arguing that businesses cannot reasonably plan their operations if tax authorities are allowed to retroactively replace accepted methodologies years later.

The government sees the issue differently.

IRS attorneys argue that the company significantly understated U.S. income and that federal law gives the agency authority to adjust transfer-pricing arrangements when they do not reflect economic reality.

The outcome could extend well beyond Coca-Cola.

Tax attorneys, accountants, and multinational corporations are closely watching the case because it may influence how aggressively the IRS pursues similar disputes in the future. A victory for the government could encourage additional challenges involving major corporations with extensive international operations.

A victory for Coca-Cola could limit the agency’s flexibility and strengthen taxpayer arguments in future transfer-pricing cases.

The broader business community has already taken notice.

Several major accounting firms, corporate trade associations, and business groups have filed briefs supporting Coca-Cola’s position. Many argue that predictability and consistency are essential when companies structure global operations and make long-term investment decisions.

The case also arrives at a moment of significant change in administrative law.

Legal experts note that recent Supreme Court decisions have reduced the level of deference courts traditionally give federal agencies when interpreting regulations. Some observers believe those rulings could affect how appellate judges evaluate the IRS’s position.

Investors are paying close attention as well.

While Coca-Cola remains one of the world’s largest and most financially stable consumer products companies, a multibillion-dollar tax liability would still represent a significant financial event. Analysts continue to monitor the company’s disclosures regarding reserves, potential exposure, and litigation strategy.

The dispute also highlights the increasingly global nature of modern business.

Large corporations often operate through dozens or even hundreds of subsidiaries spread across multiple countries. Determining where profits should be taxed has become one of the most contentious issues in international finance and government revenue collection.

For policymakers, the case represents a test of how aggressively tax authorities can challenge multinational corporate structures.

For businesses, it raises questions about certainty, compliance, and the risks of relying on long-standing tax arrangements.

And for Coca-Cola, it could determine whether one of the most recognizable brands in the world owes billions more to the federal government.

A decision is not expected immediately after oral arguments. However, whatever the Eleventh Circuit ultimately decides is likely to influence corporate tax planning, IRS enforcement efforts, and international tax disputes for years to come.

The result may also determine whether one of the largest tax cases in U.S. corporate history eventually reaches the Supreme Court.

JBizNews Desk | New York

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The trust fund that pays America’s retirement benefits is now closer to running dry than at any point since the early 1980s, according to the 2026 Social Security Trustees Report released on June 9.

The trustees project that the Old-Age and Survivors Insurance (OASI) Trust Fund — which pays retirement and survivor benefits — will be depleted during the fourth quarter of 2032, three months earlier than projected a year ago. The shift marks the second acceleration in less than two years and places the program in its most vulnerable position since Congress enacted major reforms in 1983.

The word “depleted” does not mean Social Security would disappear or stop sending checks. Even after trust fund reserves are exhausted, payroll taxes would continue flowing into the system. Those revenues would still be sufficient to cover approximately 78% of scheduled benefits, but absent congressional action, beneficiaries would face an automatic reduction of roughly 22%.

A major factor behind the worsening outlook is the One Big Beautiful Bill Act, enacted in 2025. The trustees said provisions reducing taxes paid by seniors on their Social Security benefits lowered revenue flowing back into the trust fund. While retirees received tax relief, the measure also weakened a funding source that helps support future benefits. The report also cited slower population growth and reduced immigration as contributing factors.

The potential impact on retirees is significant. The nonpartisan Committee for a Responsible Federal Budget (CRFB) estimates that a 22% reduction would cut the average retiree’s monthly benefit by approximately $500. According to the organization, a typical couple retiring in 2033 could lose roughly $18,400 annually if lawmakers fail to act.

The financial pressure has been building for years. Social Security is funded primarily through a 12.4% payroll tax applied to wages up to $184,500 in 2026. However, the share of national wages subject to the tax has declined as income growth among top earners has outpaced increases in the taxable wage cap. Trustees noted that payroll tax income has fallen short of benefit payments every year since 2009, steadily reducing reserves.

The average retired worker currently receives about $2,071 per month, reflecting the 2.8% cost-of-living adjustment that took effect this year. Over the next 75 years, trustees estimate the program faces a financing shortfall measured in the tens of trillions of dollars.

Not all parts of Social Security face the same challenge. The separate Disability Insurance Trust Fund remains financially stable and is projected to pay full benefits through at least the end of the century. Combined, the retirement and disability trust funds would remain solvent until 2034, at which point incoming revenue would cover about 83% of scheduled benefits.

The comparison to 1983 is especially noteworthy. That year, lawmakers reached a bipartisan agreement that raised the retirement age and made tax changes only after the program neared crisis. While many analysts expect Congress to eventually intervene again, trustees urged lawmakers not to wait until the final hour.

The report’s message is clear: the longer Congress delays, the more difficult and disruptive any solution becomes. Whether lawmakers choose to raise taxes, increase the wage cap, adjust benefits, or pursue a combination of reforms, the trustees warned that the opportunity for gradual changes is narrowing rapidly.

JBizNews Desk
Washington, D.C.

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A widely discussed forecast warning that artificial intelligence could trigger mass unemployment and a market crash is drawing fresh criticism from economists who argue the scenario dramatically overstates the risks facing the labor market.

Julius Probst, senior economist and director of research at Recruitonomics, the research arm of hiring-data firm Appcast, said Monday that predictions of AI-driven unemployment reaching double digits are “extremely unrealistic,” pointing to current labor-market data that continues to show job growth rather than collapse.

The forecast Probst is challenging originated with Citrini Research, an independent research firm founded by James van Geelen. In February, the firm published a widely circulated report framed as a fictional memo from June 2028 describing a future in which AI-powered software agents had replaced large numbers of skilled office workers.

In that scenario, corporate profits surge as automation spreads across industries, but unemployment climbs to 10.2%, the S&P 500 plunges 38%, and rising mortgage defaults among displaced white-collar workers create broader economic instability.

Although Citrini explicitly described the report as a scenario rather than a formal prediction, the analysis quickly gained attention across Wall Street and technology circles. Investors began reassessing which industries could be most vulnerable to AI-driven disruption, contributing to increased volatility in several technology-related stocks.

The report also sparked immediate pushback.

Market participants, including analysts at Citadel Securities, argued that the scenario relied on assumptions that failed to account for how businesses, consumers and policymakers typically respond during periods of economic stress.

Probst shares that skepticism.

His central argument is that unemployment does not simply rise to 10% and remain there without triggering broader responses throughout the economy. A labor-market shock of that magnitude would likely cause consumer spending to weaken, financial markets to decline and economic growth to slow sharply.

Under such circumstances, policymakers would almost certainly intervene.

Historically, major economic downturns have prompted aggressive responses from both the Federal Reserve and the federal government, including interest-rate cuts, emergency lending programs and fiscal stimulus measures designed to stabilize employment and economic activity.

“The scenario assumes policymakers essentially stand by while the economy deteriorates,” Probst argued. “That is not how modern economic crises have been managed.”

Current labor-market conditions also present a challenge to the most pessimistic forecasts.

The latest employment data showed U.S. employers adding 172,000 jobs in May, while the unemployment rate remained at 4.3%. The figures exceeded many economists’ expectations and suggest that hiring remains resilient despite economic uncertainty and elevated interest rates.

Rather than seeing broad-based labor-market destruction, Probst argues that the economy is undergoing a shift in which different skills are becoming more valuable.

He points to the massive wave of investment flowing into AI infrastructure. Technology companies are expected to spend hundreds of billions of dollars building data centers, power facilities and supporting infrastructure across the United States.

Much of that construction is taking place in states such as Texas and Arizona, where demand for skilled trades workers continues to rise.

Electricians, welders, construction crews and other infrastructure-related workers are benefiting from labor shortages that are driving wages higher. At the same time, some traditional white-collar occupations are seeing slower wage growth and weaker hiring demand.

Probst describes the trend as a partial reversal of long-standing labor-market dynamics.

For decades, office-based knowledge work generally commanded higher compensation than many skilled trades. The rapid expansion of AI infrastructure is beginning to narrow that gap in some parts of the economy.

That distinction is important because it highlights a difference between labor-market disruption and labor-market destruction.

Artificial intelligence is clearly changing how companies hire and organize work. Some routine office functions are being automated, and employers in certain sectors have become more cautious about adding headcount. Yet those same technological investments are creating demand elsewhere in the economy.

The result, according to Probst, is not a disappearing labor market but a changing one.

Even many AI skeptics acknowledge that legitimate concerns remain. The speed at which AI systems improve could reshape hiring patterns, alter career paths and force workers to adapt to new demands more quickly than in previous technological transitions.

Those uncertainties help explain why reports such as Citrini’s attract attention.

The fear is not simply that jobs disappear, but that automation advances faster than businesses and workers can adjust. Whether the economy creates enough new opportunities to offset displaced positions remains one of the central questions surrounding artificial intelligence.

For now, however, Probst argues that current evidence does not support predictions of imminent labor-market collapse.

The U.S. economy continues to create jobs, businesses continue to invest, and unemployment remains well below recessionary levels. Artificial intelligence may be changing the labor market, but according to Probst, that is a very different outcome from the economic catastrophe envisioned in the viral 2028 scenario.

JBizNews Desk
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“Even if you don’t agree with all of Israel’s government policies, that has nothing to do with the [Israel] Medical Association,” Malke Borow, director of the Division of Law and Policy at the Israel Medical Association, told The Jerusalem Post on Monday.

On Saturday, renowned medical journal The Lancet published a petition calling for the suspension of the IMA from the World Medical Association (WMA).

The petition was coordinated by health organizations such as the People’s Health Movement (PHM), Artsen voor Gaza (Doctors for Gaza), and the Health Advisory Council of the Jewish Voice for Peace (JVP) which called for the IMA to be suspended from the WMA over “its failure to speak out against the genocide of Palestinians, the destruction of healthcare infrastructure, and the torture and killing of healthcare workers in Gaza.”

Borow told the Post that this was not the first time that there has been a petition to expel the IMA from the WMA.

“I’ve been working in the IMA for almost 30 years already, and about 20 years ago, give or take, there was a similar petition, a similar attempt.”

In fact, the British Medical Association suspended ties with the IMA in July 2025.

IMA has ‘many friends’ within the WMA

“It’s more their loss than ours,” Borow said. “It’s just really childish. They won’t even, like, speak to us when we’re at the same meetings. And they won’t work with us. We asked to speak to them, to meet with them, but they were just not interested.”

Borow noted that one of the proponents of the new petition, a British psychiatrist named Derek Summerfield, “has really been hounding us for 20 years.”

“I can’t say I’m terribly concerned,” Borow continued. “We have a very strong position within the World Medical Association. We have many friends and supporters there. We’re very active and I’m not really concerned that they’re going to throw us out.”

In fact, the WMA already told The Lancet that it stands against the exclusion of any of its members for the actions of their governments, as “doing so diminishes our ability to call out injustices and threatens shrinking the dialogue among physicians at this critical time when consensus in support of our medical ethics is so needed.”

Borow said she was more concerned about the negative publicity and the “lies and everything that are being spread about Israel and the IMA.”

The IMA has already prepared a counter petition – put out on Sunday – which argues that medicine is not the place to play politics.

“The IMA continues to feel that everybody should be treated with all the principles of medical ethics. Even if you don’t agree with all the government’s policies, that has nothing to do with the Medical Association.”

The anti-IMA petitioners are aiming to have a motion to suspend the IMA from the WMA put on the agenda for the WMA General Assembly in Rotterdam in October.

The agenda is not finalized yet, but Borow said she thinks an actual suspension is unlikely.

Protests expected at WMA assembly

Nevertheless, the IMA has been warned that there will be demonstrations in Rotterdam where the WMA assembly is slated to take place.

If the IMA were to be suspended, it would have a tangible impact on partnerships, both with the WMA as an organization and with all the IMA’s parallel national medical associations.

Right now, the IMA is leading a workgroup in the WMA to revise the Declaration of Taipei, which is a statement of ethical principles on health databases and biobanks.

“We really have a very prominent position within the WMA, and we’ve had them here to learn about AI, and we go there. And so definitely there would be a lot of knowledge and cooperation lost on both sides,” Borow said.

She added that, in terms of technology and academic collaboration, boycotts have already had a tangible impact.

“On an individual level, many physicians and researchers have been told that they’re not allowed to work with Israeli universities,” she told the Post.

IMA was founding member of WMA

The IMA is the representative organization of Israel’s doctors, with approximately 30,000 members.

Borow said the IMA has three main roles. One is that it serves as a trade union, meaning that it is able to negotiate physicians’ salaries and working conditions for public employees, which is the vast majority of doctors in Israel. The second is that it is very involved in health policy – both national and international. And the third is that within the IMA sits the Scientific Council, a statutory arm that oversees physician residency and recommends specialty certification awards to the Health Ministry.

The IMA actually preceded the WMA. The IMA was established in 1912 (before the State of Israel), whereas the WMA was established right after World War II as a response to the Nuremberg Trials and the revelations of all the ethical violations that happened during the Holocaust.

Iranian-Jewish cardiologist Dr. Afshine Emrani noted the irony in this. In an open letter to The Lancet, he wrote: “The moment we expel medical bodies based on political litmus tests is the moment we destroy the neutrality that makes global medicine possible.”

Borow concurred, “We’re constantly responding to articles and letters in medical journals, which have no business going into [the subject of] politics to begin with.

“But all I can say is that we are an apolitical organization. We have Jews, we have Arabs, we have Druze, we have right-wing people, left-wing people, and they’re all united, really, just in the desire to treat everybody and to abide by the highest standards of ethics.

“And that’s what we’re proud of,” Burow said

This post was originally published on here.

After years of raising prices, some of America’s biggest food companies are now cutting them — and the early results suggest it is working. When PepsiCo reported its quarterly results on Thursday, April 16, the maker of Lay’s, Doritos, Cheetos and Tostitos said its struggling North American food business returned to growth, with the amount of product sold up 2% after it lowered prices on popular snacks. “We feel good about where we are at this point in the journey,” chief executive Ramon Laguarta told analysts, adding that the early signs were “quite exciting.”

The price cuts are a direct response to shoppers who have spent the last few years trading down, buying less, or walking away from name brands altogether. PepsiCo first announced the reductions on Lay’s, Doritos, Cheetos and Tostitos at an investor meeting in early February. Laguarta has been blunt about why. “There’s a big reset of affordability because we see the consumer struggling in the U.S. and in many Western countries,” he said, calling affordability the single biggest obstacle for lower- and middle-income shoppers in the snack aisle.

General Mills, the company behind Cheerios, Nature Valley, Pillsbury and Häagen-Dazs, has made the same move. It cut prices on nearly two-thirds of its grocery products in North America, and said the change brought more items into shoppers’ carts. “Cost of living and housing pressures are reshaping spending patterns, and value is a core expectation that is here to stay,” chief executive Jeffrey Harmening said at an industry conference.

The shift has come at a cost to the companies’ bottom lines. In February, General Mills cut its sales and profit forecast for the year, warning that demand was soft and shoppers were resisting high prices. Its shares fell about 7% on the news and were down nearly 19% over the prior 12 months. Lower-income households in particular have been moving to cheaper store brands and private-label goods — the no-name products that sit next to the famous ones on the shelf, often for a dollar or two less.

How did it get to this point? Food prices climbed sharply after the pandemic and never really came back down. Grocery bills are far higher than they were a few years ago, and the steady drip of increases has worn shoppers out. Mondelez chief executive Dirk Van de Put, whose company makes Oreo and Ritz, put it plainly on a recent call: shoppers are “fed up with the price increases,” and confidence is near a historic low.

The strain shows up in unusual places. Some households are now using buy-now-pay-later installment plans just to cover the grocery bill, splitting the cost of food into smaller payments the way they might for a TV or a couch.

Not every company is cutting, and not every product is getting cheaper. Hershey raised prices by double digits to cover the soaring cost of cocoa, and food makers are still nudging up prices on items where their own costs have jumped. The broader picture is a balancing act: lower prices can win back shoppers and lift the number of items sold, but they also shrink the profit on each sale. Companies like PepsiCo and General Mills are betting that selling more at a lower price beats selling less at a higher one.

There is also a competitive threat pushing them. As shoppers hunt for value, discount chains and private-label brands have been taking customers, forcing the big names to fight back on price rather than just on advertising. PepsiCo said it is resetting shelves and rolling out new products, work its leadership expects to largely finish by the middle of the year.

For shoppers, the upshot is real if modest: after a long stretch of sticker shock, a growing list of well-known snacks and groceries is finally getting a little cheaper, as the companies that make them decide that winning customers back may matter more than protecting every cent of profit.

JBizNews Desk
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NEW YORK — One of the country’s largest money managers is making a forecast that stands well outside the Wall Street consensus. In its mid-year outlook released this month, PGIM, the global investment management business of Prudential Financial, said it now expects the Federal Reserve to raise interest rates three times before the end of 2026. Just two months ago, the firm was forecasting rate cuts. The reversal represents one of the most aggressive shifts among major institutional investors and places PGIM firmly on the hawkish side of the debate.

To understand the significance of the call, consider where rates stand today. The Fed’s benchmark federal funds rate currently sits in a range of 3.50% to 3.75%. Three quarter-point increases would push that range to approximately 4.25% to 4.50% by year-end, increasing borrowing costs across the economy for mortgages, auto loans, business credit and consumer debt.

PGIM’s economics team argues that the U.S. economy has remained stronger than expected despite elevated interest rates.

The firm points to what it describes as a “remarkably resilient” economy, with employment remaining healthy, consumer spending holding up and overall economic growth refusing to slow as much as many economists anticipated.

At the same time, inflation has reaccelerated.

The latest Consumer Price Index showed prices rising 4.2% in May from a year earlier, the highest annual reading since 2023. Much of the increase was tied to energy costs associated with the conflict involving Iran and the disruption of global shipping routes.

Under traditional central banking theory, strong economic growth combined with rising inflation often requires tighter monetary policy. In practical terms, that means higher interest rates.

PGIM believes the Federal Reserve may need to tighten policy further before inflation becomes entrenched. The firm’s outlook suggests a period of additional rate hikes during 2026 followed by potential easing in 2027 once inflation pressures moderate.

The forecast stands in sharp contrast to most of Wall Street.

Goldman Sachs economist David Mericle has argued that rate increases are unlikely and does not expect the Federal Reserve to begin cutting rates until 2027.

J.P. Morgan Chief U.S. Economist Michael Feroli similarly expects the central bank to remain on hold through the remainder of 2026, with any future tightening likely occurring later.

Market pricing also reflects a much more cautious outlook. Bond futures and economist surveys generally point toward no change in interest rates for the balance of the year, although investors have increasingly shifted away from expecting rate cuts and toward the possibility of modest tightening.

Against that backdrop, PGIM’s forecast for three separate rate hikes represents one of the most hawkish outlooks among major institutional investors.

The forecast comes from an economics team led by Daleep Singh, PGIM’s Vice Chair and Chief Global Economist, and Tom Porcelli, the firm’s Chief U.S. Economist.

The timing is notable because the forecast arrives just as newly appointed Federal Reserve Chair Kevin Warsh prepares to lead his first policy meeting.

Warsh, who took office in May, is widely viewed by investors as more focused on maintaining the Federal Reserve’s credibility in fighting inflation. While the market overwhelmingly expects policymakers to leave rates unchanged at this week’s meeting, investors will closely scrutinize any comments regarding future inflation risks.

Recent Federal Reserve communications have shown growing concern about inflation pressures. Minutes from the central bank’s late-April meeting indicated that many officials believed higher energy prices and continued economic strength could warrant a tighter policy stance if inflation remains elevated.

Still, PGIM’s projection remains a minority view.

If the firm is correct, borrowers could face another increase in financing costs. Mortgage rates, already above 6%, would likely remain elevated or move higher. Credit card rates, auto financing costs and business borrowing expenses would also increase.

On the other hand, savers could benefit from higher yields on savings accounts, money market funds and certificates of deposit.

Financial markets would also face new challenges. Both stocks and bonds have benefited from the belief that the Federal Reserve is nearing the end of its tightening cycle. A return to rate hikes would force investors to reassess those assumptions.

If PGIM’s forecast proves wrong, however, the consensus view of steady rates may prevail and the anticipated tightening never materializes.

Regardless of the outcome, the shift itself reflects a dramatic change in sentiment.

Only a few months ago, the debate centered on how quickly and how often the Federal Reserve would cut rates. Today, one of the world’s largest asset managers is openly arguing that rates may need to move higher instead.

That reversal underscores how significantly the inflation outlook has changed — and how uncertain the path of monetary policy remains heading into the second half of 2026.

JBizNews Desk
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Advanced Micro Devices said Monday it has bought MEXT, a startup whose software helps computers squeeze far more usable memory out of cheaper storage chips, as the chipmaker races to relieve one of the biggest bottlenecks in the artificial intelligence boom. In its announcement, AMD said memory has become “a critical constraint across cloud and enterprise environments,” and that MEXT’s technology will be built into its data center products. The company did not say how much it paid.

The timing was good for AMD shareholders. The stock jumped more than 6% on Monday to about $547.81, and the company’s market value pushed past $900 billion for the first time, helped along by a separate new product aimed squarely at rival Nvidia. But the MEXT deal speaks to a quieter problem that is starting to define the AI era: there is not enough fast memory to go around.

Here is the issue in plain terms. AI systems need two kinds of chips to think. One does the calculating. The other — memory — holds the data those calculations run on. The fastest memory, called DRAM, is expensive and, right now, in painfully short supply, with prices climbing as every company building AI data centers fights for the same chips. A cheaper, more plentiful kind of storage, called flash, is much slower.

What MEXT has built is a workaround. Its software uses AI to predict what data a system will need next and shuffle it around so that ordinary flash storage can stand in for some of that pricey DRAM, behaving more like the fast stuff. The result is more usable memory at lower cost, without a major hit to speed. For a company running giant AI models, that can mean doing the same work with less of the most expensive and hardest-to-find hardware.

That is why AMD wanted it. Modern data centers are increasingly constrained not by computing power, but by the memory needed to feed it. By folding MEXT’s tools across its lineup, AMD is betting it can offer customers better performance for each dollar they spend — a compelling pitch when a single AI data center can cost billions of dollars to build and equip.

The deal also brings people, not just software. AMD said MEXT’s team has deep experience in memory systems and AI infrastructure, expertise that will help address the engineering challenges of the massive data center buildouts now underway.

The acquisition fits a broader trend reshaping the technology sector. Memory has gone from an afterthought to one of the hottest corners of the AI economy. Companies such as Micron and SanDisk have benefited from surging demand as AI deployment strained global memory supplies and pushed prices higher. AMD’s move takes a different approach: rather than producing more memory, it is investing in technology that helps existing memory go further.

The deal also sharpens AMD’s competition with Nvidia, which continues to dominate the AI-chip market. AMD has spent the past several years positioning itself as a full-service alternative, offering processors, networking, software, and now memory-optimization technology designed to improve data-center efficiency. The same day it announced the MEXT acquisition, AMD also launched a product intended to compete with Nvidia’s DGX Spark platform.

For users, the significance extends beyond a single acquisition. The AI services increasingly used every day — chatbots, image generators, search assistants, and enterprise tools — depend on data centers whose costs continue to climb. Memory is among the most expensive components. Any technology that reduces those costs could influence how quickly AI expands and how much businesses ultimately charge for access.

Whether MEXT’s technology delivers on its promise remains to be seen, and AMD still trails Nvidia by a significant margin in AI hardware. But the acquisition underscores a growing reality in artificial intelligence: success is no longer determined solely by processing power. Increasingly, it depends on solving the memory challenge that sits behind it.

JBizNews Desk
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PARIS, France — June 14, 2026 — The Food and Drug Administration (FDA) on Friday granted accelerated approval to Sanofi’s Tzield for children ages 8 to 17 who have recently been diagnosed with stage 3 type 1 diabetes, opening the therapy to its largest patient population yet and significantly expanding the commercial opportunity for one of the company’s most closely watched products.

The decision marks the first time a drug has been approved in the United States to help preserve the body’s remaining insulin production in children who already have stage 3 disease. While Tzield does not cure diabetes or eliminate the need for insulin injections, it is designed to slow the autoimmune attack that destroys insulin-producing cells in the pancreas, potentially giving newly diagnosed children more stable blood sugar levels during the critical early months following diagnosis.

For Sanofi, the approval represents another step in turning its $2.9 billion acquisition of Provention Bio in 2023 into a major growth driver. Every expansion of Tzield’s approved uses increases the number of patients eligible for treatment and broadens the potential market for a therapy that carries a list price of approximately $194,000 per course.

Type 1 diabetes is an autoimmune disease in which the immune system mistakenly attacks and destroys beta cells in the pancreas, preventing the body from producing sufficient insulin. By the time patients reach stage 3 disease, enough of those cells have been lost to cause dangerous blood sugar elevations and symptoms including extreme thirst, frequent urination, sudden weight loss, fatigue, and blurred vision.

From that point forward, patients typically require lifelong insulin therapy.

Tzield works differently from traditional diabetes treatments. Rather than replacing insulin, the drug targets the immune system itself. Administered through a series of intravenous infusions, it slows the immune attack responsible for destroying the remaining insulin-producing cells.

The FDA’s decision was based primarily on data from the Phase 3 PROTECT study, which enrolled 328 children and adolescents diagnosed with type 1 diabetes within the previous six weeks. Participants receiving Tzield maintained significantly greater natural insulin production compared with those receiving a placebo, suggesting the therapy can preserve pancreatic function longer after diagnosis.

Doctors have long viewed preservation of insulin production as a meaningful goal because even small amounts of natural insulin can help improve blood-sugar management and reduce the risk of severe highs and lows.

The treatment is not without risks.

According to Sanofi, the most common side effects observed in clinical trials included decreased white blood cell counts, vomiting, rash, headache, and temporary immune-system reactions. The therapy also carries warnings regarding cytokine release syndrome, a potentially serious inflammatory response, as well as the possible reactivation of dormant viral infections.

Despite those risks, diabetes specialists have increasingly viewed Tzield as one of the most significant advances in type 1 diabetes treatment in decades because it addresses the disease process itself rather than simply managing symptoms.

The business debate surrounding Tzield has largely centered on price.

The drug’s list price of roughly $194,000 for a complete treatment course drew attention from insurers and healthcare analysts when it first launched. At the time, some Wall Street analysts had projected pricing closer to $70,000 to $115,000, leading to concerns that insurance companies could push back on coverage.

As a result, access to the treatment often depends on prior authorization and case-by-case review by insurers.

Sanofi has sought to address affordability concerns through its COMPASS patient-support program, which offers copay assistance and support services designed to help eligible patients obtain coverage. Even so, healthcare experts expect reimbursement decisions by commercial insurers and government payers to remain a major factor in determining how widely the treatment is adopted.

The latest approval follows a series of regulatory wins for the therapy.

Tzield first received FDA approval in November 2022 for delaying the onset of stage 3 type 1 diabetes in individuals with stage 2 disease. In April 2026, regulators expanded that indication to include children as young as 1 year old.

Friday’s approval opens an entirely new category by allowing treatment after stage 3 diagnosis, a substantially larger population than the preventive-use market.

According to Sanofi, approximately 64,000 people are diagnosed with type 1 diabetes each year in the United States, creating a significant opportunity if physicians and insurers broadly embrace the treatment.

The approval was granted through the FDA’s accelerated approval pathway, which allows therapies for serious diseases to reach patients sooner based on surrogate measures that are reasonably likely to predict clinical benefit. In this case, preserved insulin production served as the key marker supporting approval.

Sanofi is currently conducting a confirmatory trial known as BETA-PRESERVE to verify the long-term benefits of the therapy. Failure to demonstrate those benefits could result in the FDA revisiting the approval in the future.

Sanofi (NASDAQ: SNY) shares closed at $44.25 on Thursday, June 11, little changed ahead of the announcement as investors weighed the potential impact of the latest regulatory expansion.

JBizNews Desk — Health Care

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The largest pension fund in the United States is about to change how it invests roughly $600 billion. Starting July 1, 2026, the California Public Employees’ Retirement System (CalPERS) will run its money under a new model called the Total Portfolio Approach, a shift its board approved on November 17, 2025, and one that Chief Investment Officer Stephen Gilmore has spent more than a year championing. CalPERS says it is the first public pension fund in the country to make the move.

The change matters far beyond Sacramento. CalPERS pays retirement benefits for millions of California public workers, including teachers, firefighters, police officers and government employees. Its investment performance helps determine how much taxpayers and local governments must contribute to fund those pensions. Stronger returns can ease pressure on public budgets, while weaker performance can increase future funding obligations.

For years, CalPERS relied on a traditional investment framework known as strategic asset allocation. Under that system, the board established target allocations for stocks, bonds, private equity, real estate and other asset classes, and investment teams generally stayed within those predetermined buckets.

The Total Portfolio Approach breaks down those barriers.

Instead of focusing on whether individual asset classes meet target allocations, investment teams will evaluate opportunities based on how much they improve the entire portfolio. Managers will compete for capital across all investment categories, with funds directed toward opportunities believed to offer the best overall risk-adjusted returns.

To measure success, CalPERS will use a reference portfolio consisting of 75% equities and 25% fixed income investments. That benchmark is slightly more aggressive than the fund’s previous allocation structure and is designed to create room for investments that may generate higher long-term returns.

Investment staff will have flexibility to deviate from the benchmark but must remain within an overall risk budget of 400 basis points, or 4 percentage points. The board plans to review that risk limit every four years as part of its regular planning process.

Gilmore estimates the strategy could add approximately 50 to 60 basis points annually to investment performance. While that may sound modest, even half a percentage point of additional return can translate into billions of dollars over time for a fund of CalPERS’ size.

He has described the initiative as both a performance strategy and a cultural shift, emphasizing portfolio-wide decision-making rather than rigid allocation targets.

Gilmore brings extensive international experience to the role. He joined CalPERS in July 2024 after leading the New Zealand Superannuation Fund, where the sovereign wealth fund generated average annual returns exceeding 12% over a decade. He previously held senior positions at Australia’s Future Fund and the International Monetary Fund.

While the Total Portfolio Approach has become increasingly common among sovereign wealth funds and large institutional investors overseas, it remains relatively uncommon among U.S. public pension systems, which often operate under tighter governance structures and greater political scrutiny.

David Miller, chair of the CalPERS Investment Committee, said the board approved the shift as part of its effort to strengthen the fund’s long-term financial position and help reduce future costs borne by employers and taxpayers.

The change emerged from CalPERS’ latest Asset Liability Management Review, a process conducted every four years to assess whether expected investment returns are sufficient to meet future pension obligations. The fund currently assumes a long-term annual return of approximately 6.8%.

Not everyone is convinced the strategy will deliver the promised benefits.

Critics note that the effectiveness of total portfolio investing is difficult to measure because institutions implement the approach differently. Comparisons between funds can be challenging, making it difficult to determine whether better results come from the strategy itself or from favorable market conditions.

Some observers also point out that research supporting the model relies on a relatively limited sample size. Gilmore has acknowledged that investors should be cautious about drawing broad conclusions from any single study.

The model’s flexibility is its primary attraction, but it also concentrates more responsibility in the hands of investment staff and senior leadership. That increased discretion could lead to stronger performance—or amplify mistakes if major investment decisions prove unsuccessful.

For California’s public workers, taxpayers and government employers, the goal is straightforward: generate better long-term returns while maintaining disciplined risk management.

Whether the experiment succeeds may take years to determine.

The clock starts July 1.

JBizNews Desk — California

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The European Parliament gave its final approval Tuesday to a long-delayed trade agreement with the United States, voting 440 to 151 with 50 abstentions and clearing the last major hurdle just weeks before a deadline set by President Donald Trump that would have sharply raised tariffs on European cars.

The vote locks in the framework that Trump and European Commission President Ursula von der Leyen struck nearly a year ago in Turnberry, Scotland. Under the deal, the United States applies a tariff of up to 15% on most goods coming from Europe, while the European Union removes many of the duties it charges on American industrial products. It is meant to settle a dispute that had been hanging over the world’s largest trading relationship.

What pushed lawmakers to act now was the calendar. Trump had given the bloc until July 4 to ratify the agreement, warning that he would otherwise raise tariffs to much higher levels. He had specifically threatened to lift duties on cars and trucks built in Europe to 25%, a move that would have hit the continent’s automakers hard and raised prices for American shoppers who buy their vehicles. Tuesday’s vote takes that threat off the table, at least for now.

Getting here was not smooth. EU lawmakers had twice frozen the deal over the past several months. They paused it in January after Trump floated the idea of taking control of Greenland, a Danish territory, and again in February after a U.S. court struck down a large part of his tariff program, leaving Europe unsure what it was even agreeing to. Many members of parliament have called the agreement lopsided, arguing it gives Washington more than it gives Brussels, and they attached safeguards that would let the EU suspend the tariff cuts if the United States does not hold up its end.

The tension has not gone away. Tuesday’s approval came just days after Trump issued yet another tariff threat, this time aimed at France over its rules governing digital companies. That timing was a reminder that even a ratified deal remains fragile as long as tariffs are being used as a tool of pressure.

Why does an agreement negotiated in Brussels matter to people in the United States? Because the amounts involved are enormous. Roughly $1.8 trillion in goods and services move across the Atlantic in both directions every year, touching everything from German sedans and French wine to American machinery, software and farm products. When tariffs rise, those costs tend to land on businesses and, eventually, on the prices consumers pay. A 25% tax on imported European cars would have rippled through dealerships, repair shops and the broader auto market on both sides of the ocean.

For carmakers, the vote is a clear relief. European manufacturers such as BMW, Mercedes-Benz and Volkswagen sell large numbers of vehicles in the United States and build many of them at American plants as well. A jump to 25% would have scrambled their pricing and factory plans. The 15% rate is still well above the roughly 2.5% they paid before the dispute began, but it gives them something businesses value above almost everything else: a number they can count on.

Not everything is settled. The safeguards the parliament attached still need sign-off from the EU’s member states before the tariff reductions on American goods fully take effect. Steel and aluminum remain subject to a separate 50% tariff that the two sides have yet to resolve. And the broader relationship will stay on edge as long as new threats keep surfacing.

Still, Tuesday marked a genuine turning point. After a year of brinkmanship, missed deadlines and frozen votes, the deal that has loomed over transatlantic trade finally has the approval it needed to move forward. For companies that have spent months unable to plan, that certainty may matter as much as the tariff rate itself.

The focus now shifts to whether Washington keeps the peace or reaches for the next threat.

Brussels — JBizNews Desk

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