Author: Akash Lokhande

  • Oil prices surge above $102 as Saudi Arabia and UAE weigh joining Iran war

    Oil prices surge above $102 as Saudi Arabia and UAE weigh joining Iran war

    Global oil prices passed $102 a barrel on Tuesday morning after reports that U.S. allies in the Persian Gulf are inching toward joining the war against Iran.

    Brent crude futures for May delivery were rising 2.8% to trade at $102.74 a barrel as of 8:40 a.m. Eastern time, while West Texas Intermediate contracts for May delivery were up 3.9%, to $91.56 a barrel.

    Both oil benchmarks on Monday fell sharply after President Donald Trump wrote in a post on Truth Social that the U.S. would be halting strikes on Iran’s power plants for five days “subject to the success of the ongoing meetings and discussions.” Both the Brent and WTI on Monday settled at their lowest levels since March 11, according to FactSet data.

    Market optimism has faded since Iran refuted Trump’s claims that the U.S. has had “very good and productive” talks with Tehran, with Parliament Speaker Mohammad Baqer Ghalibaf calling the announcement “fake news” used to “manipulate” markets.

    “Obviously much now depends on the progress of any talks, and whether the more optimistic rhetoric is followed up by concrete action,” Jim Reid, head of global macro research at Deutsche Bank, wrote in a note on Tuesday, adding that “some nervousness” had crept back into markets, sending Brent crude back past the $100 threshold. 

    Investors’ concerns regarding the future of the war in Iran were also exacerbated by a Wall Street Journal report on Monday evening that U.S. allies in the Persian Gulf are edging closer to joining the conflict. Saudi Arabia and the United Arab Emirates are mulling helping efforts as their economies continue to be disrupted by the strikes and the effective closure of the Strait of Hormuz.

    The report notes that neither has deployed its military openly yet, but pressure is increasing as Tehran continues to exert control across the region, with energy infrastructure targeted.

    “Investors are still unclear about what happens next. The fog of war is thick,” said David Morrison, senior market analyst at Trade Nation. “The Strait of Hormuz remains closed to just about everything, and that should continue to support energy prices. This in turn plays into fears of higher inflation, adding to concerns that were building even before hostilities began.”

    U.S. stock futures were edging lower after all three major benchmarks on Monday booked their biggest daily percentage gains since early February. The Dow Jones Industrial Average futures were off 0.5%, while the S&P 500 futures were falling 0.4% and the Nasdaq 100 futures  were dropping 0.6%, according to FactSet data.

  • March 27 could be make-or-break day for U.S. travelers amid Government shutdown

    March 27 could be make-or-break day for U.S. travelers amid Government shutdown

    The ongoing partial government shutdown has sparked long wait times at many airports around the country — and it could get much worse in a week, as Transportation Security Administration workers look set to miss another paycheck on March 27.

    At the same time, the threat of even more delays at airport security checkpoints just might push Democratic and Republican lawmakers into making a funding deal that ends the shutdown, which began Feb. 14 and is hitting only the Department of Homeland Security. The TSA is a part of that agency.

    U.S. lawmakers have March 27 circled on their calendars for another reason as well: It’s the last date that both chambers of Congress are slated to be in session in Washington before starting a two-week break.

    It’s possible top lawmakers won’t let Congress leave town without a funding deal. Senate Majority Leader John Thune, a South Dakota Republican, suggested exactly that on Thursday. “I can’t see us taking a break here in the next week if DHS isn’t funded,” Thune told reporters.

    The problems with airport security come as spring-break season has been hitting or is nearing for universities and school systems across the country, and as many families plan to travel for Easter or Passover.

    Key Democratic and Republican senators huddled with DHS border czar Tom Homan on Thursday, but the meeting didn’t produce a deal. Democratic Sen. Patty Murray of Washington state told reporters that she was glad that the White House took part in the meeting, but said her party and the GOP were still “a long ways apart.”

    Prediction markets aren’t forecasting that the DHS shutdown will end around March 27. Polymarket recently was giving a 72% chance that it would be over after March 31. (Polymarket has a business partnership with Dow Jones, the publisher of MarketWatch.)

    Transportation chief sees airports closing

    TSA agents who run security checkpoints at airports have been skipping work because they’re missing out on paychecks while still being required to report for duty. That has led to longer-than-expected security lines at a number of busy airports, such as those in Atlanta and Houston, albeit not at all airports.

    TSA workers got a partial paycheck on their Feb. 27 payday, then they missed their first full paycheck on March 13. They could miss another full paycheck on March 27.

    U.S. Transportation Secretary Sean Duffy warned in a CNBC interview on Thursday that the next missed paycheck could lead to many more TSA agents not coming to work.

    “They’re about to miss another payment. This is going to look like child’s play, what’s happening right now,” Duffy said. “You’re going to see small airports, I believe, shut down. You’re going to see extensive lines.”

    About 10% of TSA employees have called out of work, Duffy said Thursday, which is five times the normal callout rate. “It’s getting worse day by day,” he said, adding that TSA agents’ starting salaries are about $45,000 to $55,000 a year.

    As a result of staffing shortages, passengers have faced TSA wait times stretching for nearly three hours at certain airports. At points during the shutdown, New Orleans’ main airport encouraged travelers to get to the airport three hours before their flight, while passengers in Houston were advised to arrive as many as five hours early.

    On Friday morning, LaGuardia Airport in New York urged travelers to get to the airport early due to long security wait times. The airport has “deployed additional customer-care staff into terminals to help manage queues, assist passengers and keep people moving as efficiently as possible,” the Port Authority of New York and New Jersey, which operates New York City-area airports, told MarketWatch.

    National deployment officers from the TSA were deployed to Houston’s Hobby Airport on March 10, and they continue to assist with staffing shortages as of Friday afternoon, an airport spokesperson confirmed.

    The TSA did not immediately respond to a request for comment.

    The U.S. Travel Association and many industry partners, including airlines and hotel operators, sent a letter to the top four U.S. lawmakers on Thursday calling for pay for TSA agents. “Forcing these dedicated officers to work without pay — yet again— is not only unfair, it’s reckless. The security of travelers and the country is at stake,” the letter said.

    What caused this partial shutdown

    The latest partial government shutdown has hit because Democrats and Republicans in Washington remain at odds over potential reforms to the Trump administration’s immigration enforcement practices. Only the Department of Homeland Security is getting left high and dry, but that’s still significant given its arms include the TSA, the Federal Emergency Management Agency and the U.S. Coast Guard.

    closure that ran from Jan. 31 through Feb. 3 ended thanks to a bipartisan spending package that provided funding only through Feb. 13 for DHS — which manages Immigration and Customs Enforcement, or ICE — while negotiations continued over the reforms.

    ICE and Customs and Border Protection are expected to weather the partial shutdown without much trouble. That’s because they scored big increases in funding in last year’s One Big Beautiful Bill Act, the giant Republican tax and spending law.

    Heightened calls for reforms to ICE and CBP practices come after the fatal shootings of Renée Good and Alex Pretti in Minneapolis by federal agents in January.

    Investors usually don’t have to worry that much about partial government shutdowns, as U.S. stocks typically aren’t hurt by them. Equities have been dropping this month, but that’s largely been blamed on soaring oil prices  due to the conflict with Iran. The S&P 500 ended up gaining 2.4% and hitting new records during last fall’s record-breaking government shutdown, which lasted 43 days.

  • California GOP candidate seizes over 650,000 ballots, sparking election probe controversy

    California GOP candidate seizes over 650,000 ballots, sparking election probe controversy

    Riverside County Sheriff Chad Bianco, a leading Republican candidate for governor, has seized more than 650,000 ballots from last November’s election to determine, he says, whether they were fraudulently counted.

    “This investigation is simple: Physically count the ballots and compare that result with the total votes recorded,” Bianco said at a news conference Friday.

    The unusual probe drew a sharp rebuke from California Atty. Gen. Rob Bonta, who said in a statement that it is “unprecedented in both scope and scale” and appears “not to be based on facts or evidence.”

    Critics, meanwhile, said Bianco’s ballot seizure is a threat to democracy and another attempt by Republican election deniers to disenfranchise voters.

    “There is no indication, anywhere in the United States, of widespread voter fraud,” Bonta said. “Counts, recounts, hand counts, audits, and court cases all support this.”

    According to Bonta’s office, Bianco’s department on Feb. 26 seized about 1,000 boxes of ballot materials in Riverside County related to the November election for Proposition 50, which temporarily redrew the state’s congressional districts to favor Democrats in response to partisan redistricting in Republican states, including Texas.

    In a March 4 letter to Bianco, Bonta said the seizure of the ballots “sets a dangerous precedent and will only sow distrust in our elections.” He threatened to seek legal recourse if Bianco does not halt his investigation.

    Bonta also said he has “serious concerns” about whether Bianco had probable cause to obtain two warrants for the election materials and questioned whether Bianco had concealed important information from the magistrate judge who approved the warrants.

    Bianco said his investigators are looking into allegations by a local citizens group that “did their own audit” and found that the county’s tally was falsely inflated by more than 45,000 votes — a claim that local election officials have rejected. He said that it’s his constitutional duty to investigate a potential crime and that he is not trying to change the election results.

    Proposition 50 passed in Riverside County with 56% of the vote — a margin of more than 82,000 ballots. Statewide, it passed with about 64% of the vote and a margin of more than 3.3 million ballots.

    Bianco’s investigation comes as President Trump, who remains fixated on his 2020 election loss, continues to amplify election conspiracy theories and has repeatedly called for the federal government to “nationalize” state-run elections to counter what he says is widespread fraud.

    Bonta and California Secretary of State Shirley Weber, both Democrats, have vowed to fight federal interference that could affect voting in California, including efforts to seize election records, as the FBI recently did in Georgia.

    Bianco is an outspoken Trump supporter who said in an endorsement video in 2024 that, after 30 years of putting criminals in jail, he figured it was “time to put a felon in the White House — Trump 2024, baby” — referencing Trump’s conviction by a New York jury for falsifying business records while paying hush money to a porn actor.

    His investigation, which includes all the ballots cast in Riverside County in November, raises questions about how he would handle the election denialism movement if elected governor.

    A poll released last week by UC Berkeley’s Institute of Governmental Studies and co-sponsored by The Times showed Bianco and conservative commentator Steve Hilton leading the crowded field of gubernatorial candidates by slim margins, with the Democratic vote split among multiple candidates in a left-leaning state.

    Kim Nalder, a political science professor and director of the Project for an Informed Electorate at Sacramento State, said that Bianco’s ballot seizure is “the sort of thing that should not happen in a healthy democracy.”

    The system has plenty of safeguards, she noted, including county registrars and the California Fair Political Practices Commission.

    “It’s terrifying, honestly, that the jurisdiction over ballots and election processes and recounts should even be in question and that a sheriff should feel himself entitled to seize ballots,” she said.

    On Saturday, former Los Angeles Mayor Antonio Villaraigosa, a Democratic candidate for governor, said that Bianco appeared to be chasing “MAGA stardom” and called his investigation “a dangerous abuse of power and no different from what we’re seeing from Donald Trump and the extreme Republican efforts to disenfranchise voters nationally.”

    A citizens group called the Riverside Election Integrity Team has said it performed an audit finding that 45,896 more ballots were counted than were cast.

    In a lengthy February presentation to the Riverside County Board of Supervisors, Registrar of Voters Art Tinoco disputed that figure, saying it was based on a misunderstanding of raw data that had not been fully processed.

    The actual discrepancy, Tinoco said, was 103 votes, a variance of 0.016%.

    Bianco on Friday said that there “is no acceptable error, small or large, in our elections.”

    The sheriff did not name the Riverside Election Integrity Team, but his description of the allegations brought to him by “a group of citizen volunteers” matched theirs.

    Bianco said the investigation was “not a recount” for Proposition 50 and was “just as much to prove the election is accurate as it is to show otherwise — we will not know until the count is complete.”

    Bonta said his office has “attempted to work cooperatively” with the Sheriff’s Department to understand the basis for the probe. The sheriff, Bonta said, “has delayed, stonewalled, and otherwise refused to work with us in good faith” and failed to provide most of the requested documents.

    David Becker, executive director of the Center for Election Innovation & Research and a former senior trial attorney overseeing voting enforcement for the Department of Justice’s Civil Rights Division, said Bianco is spreading “false claims” about a fair election that was decided by a huge margin.

    Becker questioned how warrants could have been issued for the ballots, “given that this likely implicates California laws requiring election officials to maintain chain of custody of all election materials for many months after an election.”

    “For transparency, the Sheriff should share all affidavits and evidence offered in support of the warrant, as well as details about how/where the ballots are being stored,” he said in an email.

    Bianco has said the warrants are now sealed.

    In his March 4 letter, the attorney general criticized Bianco’s plan to use Sheriff’s Department staffers, “who are not trained and have no experience,” to count the ballots.

    At his news conference Friday, Bianco fired back by calling Bonta “an embarrassment to law enforcement.”

    Nalder, the Sacramento State professor, said vote counting is a more sophisticated, rigorous and regulated process than most people realize.

    “That’s why any rando off the street can’t be asked to do something as delicate as counting ballots,” she said. “And law enforcement officers are trained in a very different way. It’s not their area of expertise.”

    A Riverside County Superior Court judge, Bianco said, has ordered the appointment of a special master to oversee the ballot count.

    In a statement Friday, Secretary of State Weber said “the Sheriff’s assertion that his deputies know how to count is admirable. The fact remains that he and his deputies are not elections officials and they do not have expertise in election administration.”

  • Man Convicted in Assassination Plot Targeting President Trump

    Man Convicted in Assassination Plot Targeting President Trump

    NEW YORK — The allegation sounded like the stuff of spy movies: A Pakistani businessman trying to hire hit men, even handing them $5,000 in cash, to kill a U.S. politician on behalf of Iran ‘s powerful paramilitary Revolutionary Guard.

    It was true, and potential targets of the 2024 scheme included now-President Donald Trump, then-President Joe Biden and former presidential candidate and ex-U.N. Ambassador Nikki Haley, the man told jurors at his attempted terrorism trial in New York on Wednesday. But he insisted his actions were driven by fear for loved ones in Iran, and he figured he’d be apprehended before anything came of the scheme.

    “My family was under threat, and I had to do this,” the defendant, Asif Merchant, testified through an Urdu interpreter. “I was not wanting to do this so willingly.”

    Merchant said he had anticipated getting arrested before anyone was killed, intended to cooperate with the U.S. government and had hoped that would help him get a green card.

    This image provided by the Justice Department, contained in the complaint supporting the arrest warrant, shows Asif Merchant. (Justice Department via AP, File)
    This image provided by the Justice Department, contained in the complaint supporting the arrest warrant, shows Asif Merchant. (Justice Department via AP, File)

    U.S. authorities were, indeed, on to him – the supposed hit men he paid were actually undercover FBI agents – and he was arrested on July 12, 2024, a day before an unrelated attempt on Trump’s life in Butler, Pennsylvania. Merchant did sit for voluntary FBI interviews, but he ultimately ended up with a trial, not a cooperation deal.

    “You traveled to the United States for the purpose of hiring Mafia members to kill a politician, correct?” Assistant U.S. Attorney Nina Gupta asked during her turn questioning Merchant Wednesday in a Brooklyn federal court.

    “That’s right,” Merchant replied, his demeanor as matter-of-fact as his testimony was unusual.

    The trial is unfolding amid the less than week-old Iran war, which killed Iranian Supreme Leader Ayatollah Ali Khamenei in a strike that Trump summed up as “I got him before he got me.” Jurors are instructed to ignore news pertaining to the case.

    The Iranian government has denied plotting to kill Trump or other U.S. officials.

    Merchant, 47, had a roughly 20-year banking career in Pakistan before getting involved in an array of businesses: clothing, car sales, banana exports, insulation imports. He openly has two families, one in Pakistan and the other in Iran – where, he said, he was introduced around the end of 2022 to a Revolutionary Guard intelligence operative. They initially spoke about getting involved in a hawala, an informal money transfer system, Merchant said.

    Merchant testified that his periodic visits to the U.S. for his garment business piqued the interest of his Revolutionary Guard contact, who trained him on countersurveillance techniques.

    The U.S. deems the Revolutionary Guard a “foreign terrorist organization.” Formally called the Islamic Revolutionary Guard Corps, the force has been prominent in Iran under Khamenei.

    Merchant said the handler told him to seek U.S. residents interested in working for Iran. Then came another assignment: Look for a criminal to arrange protests, steal things, do some money laundering, “and maybe have somebody murdered,” Merchant recalled.

    “He did not tell me exactly who it is, but he told me – he named three people: Donald Trump, Joe Biden and Nikki Haley,” he added.

    After U.S. immigration agents pulled Merchant aside at the Houston airport in April 2024, searched his possessions and asked about his travels to Iran, he concluded that he was under surveillance. But still he researched Trump rally locations, sketched out a plot for a shooting at a political rally, lined up the supposed hit men and scrambled together $5,000 from a cousin to pay them a “token of appreciation.”

    He even reported back to his Revolutionary Guard contact, sending observations – fake, Merchant said – tucked into a book that he shipped to Iran through a series of intermediaries.

    Merchant said he “had no other option” than to play along because the handler had indicated that he knew who Merchant’s Iranian relatives were and where they lived.

    In a court filing this week, prosecutors noted that Merchant didn’t seek out law enforcement to help with his purported predicament before he was arrested. He testified that he couldn’t turn to authorities because his handler had people watching him.

    Prosecutors also said that in his FBI interviews, Merchant “neglected to mention any facts that could have supported” an argument that he acted under duress.

    Merchant told jurors Wednesday that he didn’t think agents would believe his story, because their questions suggested “they think that I’m some type of super-spy.”

    “And are you a super-spy?” defense lawyer Avraham Moskowitz asked.

    “No,” Merchant said. “Absolutely not.”

  • Trump’s Russian Oil Sanctions Disrupt Imports to India and China

    Trump’s Russian Oil Sanctions Disrupt Imports to India and China

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    A view shows the Russian oil producer Gazprom Neft’s Moscow oil refinery on the south-eastern outskirts of Moscow, Russia on April 28, 2022. © Natalia Kolesnikova/AFP/Getty Images

    Trump has unleashed a barrage of sanctions on Russia’s oil behemoths, Rosneft and Lukoil, sending shockwaves through global energy markets and forcing America’s key Asian trading partners—China and India—to rethink their cozy deals with Vladimir Putin’s war machine. The move, announced Wednesday amid a fresh Russian missile barrage on Kyiv that claimed seven lives including children, marks Trump’s first direct punch at Moscow’s energy lifeline since reclaiming the White House. It’s a clear signal: Enough with the empty summits and fruitless phone calls. Time for America to squeeze Putin until he sues for peace in Ukraine.

    Brent crude, the global oil benchmark, rocketed 5% Thursday to $65 a barrel, while West Texas Intermediate surged over 5% to nearly $60—reflecting traders’ bets on tighter supplies as Russia’s two largest producers, which pump out 3.1 million barrels per day and account for nearly half of Moscow’s crude exports, face isolation from Western finance. That’s a potential $100 billion annual hit to Russia’s coffers, per Bloomberg estimates, at a moment when the Kremlin’s war chest is already strained by three years of battlefield stalemates and a stumbling economy.

    Trump, speaking alongside NATO Secretary-General Mark Rutte in the Oval Office, didn’t mince words: “Every time I speak to Vladimir, I have good conversations and then they don’t go anywhere. They just don’t go anywhere.” The president scrapped a planned Budapest summit with Putin just days ago, opting instead for the sanction hammer after Moscow rebuffed his ceasefire overtures. “Now is the time to stop the killing and for an immediate ceasefire,” echoed Treasury Secretary Scott Bessent, who framed the penalties as a direct assault on the “Kremlin’s war machine.” With Rosneft—headed by Putin’s crony Igor Sechin—and the private giant Lukoil now blacklisted by the Treasury’s Office of Foreign Assets Control (OFAC), plus 36 subsidiaries frozen out of U.S. markets, Trump is betting big that choking off oil revenues will drag Putin to the table.

    This isn’t just tough talk; it’s targeted leverage. Russia’s oil and gas sector props up a quarter of its federal budget, fueling tanks, drones, and troops in Donbas. By design, the sanctions include a grace period until November 21 for global buyers to wind down deals, but the real teeth lie in secondary penalties: Any foreign bank, trader, or refinery touching Rosneft or Lukoil risks U.S. wrath, from asset freezes to SWIFT exclusions. “Engaging in certain transactions… may risk the imposition of secondary sanctions,” the Treasury warned pointedly. For Trump, it’s classic Art of the Deal—turning economic pain into diplomatic gain, much like his Gaza ceasefire triumph earlier this year.

    India Feels the Squeeze: A Trade Deal Lifeline?

    Nowhere is the ripple more immediate than in India, where refiners are scrambling to slash Russian imports that ballooned to 1.7 million barrels per day in the first nine months of 2025—up from a negligible 0.42 million tons pre-war. “There will be a massive cut,” one industry source told Reuters Thursday, as state-run giants like Indian Oil Corp. and Bharat Petroleum pore over shipping manifests to purge any Rosneft- or Lukoil-sourced crude. Reliance Industries, India’s top private buyer and locked into long-term contracts for nearly 500,000 barrels daily from Rosneft, is “recalibrating” imports to align with New Delhi’s guidelines, a company spokesman confirmed.

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    Over the past month, India, along with China and Brazil, has been at the centre of criticism from the West, mainly the US, for its purchase of Russian oil. © PTI

    This pullback couldn’t come at a better time for U.S.-India relations, strained by Trump’s 50% tariffs on Indian exports—half explicitly tied to Moscow’s oil fire sale. In a Tuesday call, Prime Minister Narendra Modi assured Trump that Delhi “was not going to buy much oil from Russia” and shares his goal of ending the Ukraine bloodbath, per White House readouts. Sources close to the talks say the sanctions could shatter a diplomatic logjam, paving the way for a bilateral trade pact that levels the playing field for American farmers and manufacturers. “We’re talking about bringing India’s tariffs in line with Asian peers,” one U.S. trade official told The Heritage Foundation’s Daily Signal on background. “Wind down the Russian crude, and we wind down the duties. It’s a win-win: India saves on overpriced alternatives, and we get fair trade.”

    Senior Indian refinery execs, speaking anonymously to Bloomberg, called the sanctions a “game-changer,” rendering direct Russian buys “impossible” amid fears of U.S. blacklisting. Exports to India hit $140 billion since 2022, but at what cost? Discounted Urals crude shielded New Delhi from energy inflation, yet it undercut Trump’s peace push and emboldened Putin. Now, with global prices spiking, Indian consumers may pay more at the pump—but the strategic upside is huge: Stronger ties with Washington, access to U.S. LNG, and a seat at the table in Trump’s post-war reconstruction bonanza for Ukraine.

    Critics in the Beltway whisper that this pressures Modi too hard, but let’s be real: India’s neutrality has been a fig leaf for profiteering off Putin’s aggression. Trump’s move forces accountability, reminding allies that America’s security umbrella isn’t free. As former U.S. Ambassador to Ukraine John Herbst put it to the BBC, these sanctions “will certainly hurt the Russian economy… It’s a good start” toward genuine negotiations.

    China’s Reluctant Retreat: Xi’s Putin Problem

    Across the border, Beijing’s state behemoths—PetroChina, Sinopec, CNOOC, and Zhenhua Oil—are hitting pause on seaborne Russian crude, Reuters reported Thursday, citing trade insiders. China, which snapped up a record 109 million tons last year (20% of its energy imports), has been Putin’s economic lifeline, laundering sanctions via “shadow fleets” of ghost tankers. No longer. The quartet’s suspension, if it sticks, signals a seismic shift: Even Xi Jinping, Putin’s “no-limits” partner, can’t ignore the U.S. financial guillotine.

    Trump, fresh off Gaza, sees this as his opening. “Xi holds influence over Putin,” he said Wednesday, vowing to press the issue at next week’s APEC summit in South Korea. No secondary tariffs on China yet—unlike India’s 25% slap in August—but the threat looms. “Will the U.S. actively threaten secondary sanctions on Chinese banks?” mused ex-State Department sanctions guru Edward Fishman on X. Short answer: Expect pullback, at minimum. Beijing’s Foreign Ministry blasted the measures as “unilateral bullying,” but actions speak louder: With Rosneft and Lukoil cut off, Chinese traders face pricier middlemen or a pivot to Saudi or U.S. barrels.

    For Russia, it’s a gut punch. China and India gobble 70% of its energy exports; losing even 20-30% could slash GDP growth from its anemic 1.5% forecast (per IMF) and force trade-offs between bombs and breadlines. “As profit margins shrink, Russia will face difficult… financing a protracted war,” notes Michael Raska of Singapore’s Nanyang Technological University. Dr. Stuart Rollo at Sydney’s Centre for International Security adds that while the sanctions won’t cripple Russia’s industrial base overnight, they “may coerce [it] into accepting peace terms” if paired with Trump’s deal-making flair.

    Putin’s Bluster Meets Economic Reality

    Vladimir Putin, ever the tsar, struck defiant Thursday: “No self-respecting country ever does anything under pressure,” he told Russian reporters, dismissing the sanctions as an “unfriendly act” that won’t dent Moscow’s resolve. Yet cracks show. He conceded “some losses are expected,” and warned of “overwhelming” retaliation if Ukraine gets U.S. Tomahawks—though that’s more theater than threat. Dmitry Medvedev, Putin’s hawkish ex-president, raged on Telegram: “The U.S. is our enemy… Trump has fully sided with mad Europe.” But even Kremlin-linked analysts like Igor Yushkov admit Asian buyers will shy away, hiking costs via shadowy intermediaries.

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    Russia’s shadow fleet—aging hulls under UAE flags—has dodged G7 caps before, sustaining flows despite EU embargoes. “New sales schemes will simply appear,” boasts military blogger Mikhail Zvinchuk. Fine, but at what price? Logistics snarls could add $5-10 per barrel, eroding the discounts that hooked India and China. With the EU mulling its 19th sanctions package—including an LNG import ban—and the UK already aboard on Rosneft/Lukoil, isolation is setting in. The Guardian reports Putin floated delaying the Budapest talks for “proper preparation,” but that’s code for stalling.

    Will this end the war? Analysts like Bill Taylor, another ex-U.S. envoy to Kyiv, call it an “indication to Putin that he has to come to the table.” It’s no silver bullet—Russia’s pivoted before, and military momentum in Donbas favors Moscow. But Trump’s calculus is sound: Freeze lines, cede nothing more, and let sanctions do the talking. “If we want Putin to negotiate in good faith, we have to maintain major pressure,” Herbst urges. Under Biden, dithering let Putin dig in; Trump’s resolve is restoring deterrence.

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    Stock Widget


    Wall Street cheered the news, with energy stocks like ExxonMobil XOM +3.00% ▲ and Chevron CVX +2.50% ▲ on prospects of higher prices and U.S. export booms. Yet Felipe Pohlmann Gonzaga, a Geneva-based trader, cautions the 5% Brent spike “will correct” amid global slowdown fears—China’s property bust, Europe’s recession. Still, for American producers, it’s manna: Permian Basin output hits 6 million barrels/day, and Trump’s LNG push could flood Asia, undercutting Russia’s Urals at $55-60.



    The EU’s frozen Russian assets—$300 billion—now fund a fresh Ukraine loan, per Brussels talks. And as Trump eyes a “cut the way it is” armistice, preserving Zelenskyy’s gains without endless aid, taxpayers win too. No more blank checks; just smart pressure.

    In this high-stakes energy chess game, Trump’s sanctions aren’t just hurting Russia—they’re realigning alliances, punishing enablers, and clearing the board for peace. Putin may bluster, but with India and China peeling away, his war of attrition is cracking. As Trump heads to APEC, the message to Xi and Modi is clear: Join the winning side, or pay the premium. America’s back in the driver’s seat, and the pump prices? A small price for freedom.

  • Israel Set to Vote While Negotiators Push to Seal Hostage Agreement

    Israel Set to Vote While Negotiators Push to Seal Hostage Agreement

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    President Donald Trump speaks during a cabinet meeting at the White House, October 9, 2025, in Washington, DC, as Secretary of State Marco Rubio, left, and Defense Secretary Pete Hegseth, right, look on. © AP/Evan Vucci

    SHARM EL-SHEIKH, Egypt – As the sun rose over the Red Sea resort on Thursday, October 9, 2025, negotiators from Israel and Hamas inked the final draft of the first phase of President Donald Trump’s audacious Gaza peace plan, a hard-fought accord that promises the release of all 48 remaining hostages – 20 believed alive, the rest tragically not – in exchange for a partial Israeli troop withdrawal, a ceasefire, and the freedom of nearly 2,000 Palestinian prisoners. The breakthrough, sealed after days of grueling indirect talks mediated by Qatar, Egypt, and Turkey, now awaits Israel’s security cabinet vote later today – a procedural hurdle expected to clear with bipartisan support, despite grumbles from far-right hardliners who fear it’s a concession to terror.

    “This is the art of the deal in action – tough, unyielding, and finally delivering results where the Biden crew could only dither,” Trump declared during a White House Cabinet meeting, touting the pact as a “great day for Israel, the Arab world, and America.” With U.S. envoys Steve Witkoff and Jared Kushner on the ground in Egypt, the president – ever the showman – plans a weekend dash to the region for the formal signing, potentially capping it with a Knesset address that could cement his legacy as the ultimate peacemaker. Hostages could start crossing back into Israel as early as Monday, Trump projected, with the living handed off to Red Cross officials and the deceased honored in somber IDF ceremonies – a timeline echoed by Netanyahu’s office and White House insiders.

    The deal’s mechanics are as precise as they are pragmatic: Within 24 hours of cabinet approval, the IDF pulls back to lines securing 53% of Gaza – including buffer zones along the Philadelphi Corridor, northern enclaves like Beit Hanoun, and southern strongholds in Rafah and Khan Younis – halting operations in urban cores while maintaining a vise on terror infrastructure. Hamas, in turn, has 72 hours to deliver the captives sans fanfare ceremonies, a concession wrung from the terror group after months of Israeli pressure that decimated its ranks. No victory laps for the kidnappers – just quiet handovers, followed by a joint Israel-U.S.-Qatar-Turkey-Egypt task force hunting the remains of those whose graves Hamas claims ignorance of.

    On the prisoner front, Israel commits to freeing 250 lifers – but draws red lines at arch-terrorists like Marwan Barghouti, the Second Intifada mastermind eyeing a Palestinian Authority power grab, and the corpses of Hamas bosses Yahya and Mohammed Sinwar, whose bodies stay buried as war trophies. Another 1,700 Gazans nabbed during IDF ops go free, plus 15 Palestinian bodies per Israeli remains returned – a grim arithmetic underscoring the butcher’s bill of October 7, 2023, when Hamas’s savagery claimed 1,200 lives and sparked a conflict that’s felled over 66,000 in Gaza, per the strip’s Hamas-tallying health ministry.

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    People react at Hostages Square in Tel Aviv on October 9, 2025, following news of the first phase of a new Gaza ceasefire deal that will see the release of all the living captives. © MAYA LEVIN / AFP

    Hamas’s chief negotiator, Khalil al-Hayya – surfacing publicly since an Israeli strike in Doha last month claimed his son and aides – struck a defiant tone in Sharm el-Sheikh, insisting on “real guarantees” for a lasting ceasefire before full compliance. “We need assurances this isn’t a trap,” al-Hayya told reporters, echoing Qatar’s Majed al-Ansari’s call for “practical solutions” to implementation snags, like seamless international aid flows and monitoring to avert backsliding. Egyptian Foreign Minister Badr Abdelatty painted a rosier picture: Talks are “progressing” toward phase one, blending hostage releases with prisoner swaps and IDF redeployments to “prepare the climate” for peace. Yet, as Reuters notes, the accord’s brevity leaves “unresolved questions” – from Hamas disarmament to Gaza’s post-war governance – that could unravel the fragile truce, much like past efforts torpedoed by Palestinian bad faith.

    Netanyahu’s camp, delayed an hour-and-a-half for “sensitive” prisoner list haggling, frames the vote as a slam-dunk, with spokeswoman Shosh Bedrosian declaring “victory” in the war’s core aims: Hostages home, Hamas gutted, Gaza neutralized as a threat. Foreign Minister Gideon Sa’ar, on Fox News, tempered the triumph: No “end of the war” yet – just a conditional path where Hamas must disarm for full Israeli pullout, and the PA’s reforms are no sure bet for relevance. “We don’t intend to renew the war,” Sa’ar stressed, but a Palestinian state? “No” – skepticism runs deep on Ramallah’s capacity for change.

    Trump’s 20-point blueprint – unveiled last week with Netanyahu at his side – envisions a technocratic interim council under a U.S.-chaired “Board of Peace” (Tony Blair eyed for a slot), deradicalizing Gaza into a terror-free zone primed for reconstruction, with aid surging post-ceasefire. Phase two kicks off a day after releases, tackling the big-ticket items: Hamas’s guns for amnesty, no foreign overlords, and a reformed PA eyeing self-determination – but only if it sheds its terror sympathies. Arab pressure, per a Saudi report, has been “unprecedented” on Hamas, with guarantors like Qatar’s prime minister jetting in to seal gaps.

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    Prime Minister Benjamin Netanyahu convenes his cabinet on June 18, 2025. © Haim Zach/GPO

    Backlash brews on the Israeli right, where firebrands like Itamar Ben-Gvir threaten coalition collapse if Hamas endures, branding any half-measure a “national defeat” and “ticking time bomb.” Finance Minister Bezalel Smotrich decried it as “fleeing the truth,” a relapse to Oslo-era follies dooming future generations to refight the same battles. Yet, hostage families and opposition heavyweights – from Yair Lapid to Avigdor Lieberman – hail it as a “historic turning point,” their pleas drowning out the ultras: “After two years of anguish, this heals.”

    Globally, the vibes are electric. Turkey’s Erdogan pledges monitoring and rebuild muscle, while bipartisan U.S. praise rolls in – Sen. Roger Wicker thanks Trump and Rubio for igniting “hope for lasting peace.” On X, euphoria erupts: “Trump made the impossible happen,” exclaims Eylon Levy amid Tel Aviv’s Hostage Square cheers, as Al Arabiya captures the cautious Palestinian optimism. Even as the Nobel snub stings – decided pre-deal, per The Times of Israel – this is vintage Trump: Bold strokes where faint hearts failed, turning a quagmire into a launchpad for Abraham Accords 2.0.

    Skeptics whisper of fragility – Hamas’s history of double-dealing, implementation landmines – but Trump’s playbook has rewritten the rules before. As the cabinet convenes and Trump eyes Air Force One, one verity holds: Peace through strength isn’t a slogan; it’s the deal of the century, unfolding in real time. If phase one sticks, the Middle East – and history – won’t look the same.

  • Israel and Hamas Reach Agreement on Hostage Release, Marking Step Toward Peace

    Israel and Hamas Reach Agreement on Hostage Release, Marking Step Toward Peace

    WASHINGTON – In a triumph of American diplomacy and unyielding resolve, President Donald Trump has brokered a historic breakthrough between Israel and Hamas, securing agreement on the first phase of a comprehensive peace plan that promises the release of all remaining hostages held in Gaza and a long-overdue ceasefire in the war-torn enclave. Announced late Wednesday on Truth Social, the deal – hammered out in the sun-baked halls of Sharm El-Sheikh, Egypt – stands as a testament to Trump’s deal-making prowess, where previous administrations’ hand-wringing gave way to his bold 20-point blueprint for Middle East stability.

    “I am very proud to announce that Israel and Hamas have both signed off on the first Phase of our Peace Plan,” Trump declared in a midnight post, his words crackling with the optimism of a man who promised – and is delivering – peace through strength. “This means that ALL of the Hostages will be released very soon, and Israel will withdraw their Troops to an agreed upon line as the first steps toward a Strong, Durable, and Everlasting Peace. All Parties will be treated fairly! This is a GREAT Day for the Arab and Muslim World, Israel, all surrounding Nations, and the United States of America, and we thank the mediators from Qatar, Egypt, and Turkey, who worked with us to make this Historic and Unprecedented Event happen. BLESSED ARE THE PEACEMAKERS!”

    The agreement, set for formal signing in Egypt on Thursday, October 9, 2025, envisions Hamas freeing the estimated 20 living hostages and the remains of over two dozen others – victims of the barbaric October 7, 2023, terror rampage that slaughtered 1,200 Israelis and ignited a conflict that has claimed more than 66,000 Palestinian lives, according to Gaza’s Hamas-run health ministry. In exchange, Israel will release nearly 2,000 Palestinian prisoners, including 250 serving life sentences, and pull back troops to a pre-agreed line, allowing a surge of humanitarian aid into the devastated strip – a move that pauses the Israeli Defense Forces’ (IDF) operations in Gaza City while preserving Israel’s ironclad right to self-defense.

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    Some people are just waking up to this, and waiting to find out when a truce might come into effect. © Ronen Zvulun/Reuters

    Israeli Prime Minister Benjamin Netanyahu, whose government faces a Thursday cabinet vote to ratify the accord, hailed it as “a great day for Israel” in a Telegram post, pledging to “convene the government tomorrow to approve the agreement and bring all our dear hostages home.” “With the help of the Almighty, together we will continue to achieve all our goals and expand peace with our neighbors,” he added, crediting the IDF’s relentless pressure – not weak-kneed negotiations – for forcing Hamas to the table. Even as hardliners like Finance Minister Bezalel Smotrich decry the plan as a “tragedy” echoing the failed Oslo Accords, broad swaths of Israel’s political spectrum, from centrist Yair Lapid to nationalist Avigdor Lieberman, have rallied behind it, with hostage families tearfully calling it a “historic turning point” after two years of agony.

    Hamas, the Iran-backed terror outfit designated by the U.S. and EU, issued a rare nod to Trump in its Telegram statement, appreciating “the efforts of US President Donald Trump” alongside mediators Qatar, Egypt, and Turkey for “ending the war on Gaza, ensuring the withdrawal of the occupation forces, allowing the entry of aid, and facilitating a prisoner exchange.” Yet, in a reminder of the group’s duplicitous nature, it vowed to “never relinquish our people’s national rights until freedom, independence, and self-determination are achieved,” while urging guarantors to “compel the occupation government to fully implement its obligations.” Qatar’s foreign ministry confirmed the pact covers “all the provisions and implementation mechanisms of the first phase,” with details forthcoming.

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    President Trump announced the agreement, the Israeli military reminded residents of the Gaza Strip in a statement in Arabic that Israeli troops continued to occupy the territory and that they were still fighting a war. © UGC/Reuters

    From the White House, the drama unfolded like a scene from Trump’s reality-TV playbook. During a roundtable on Antifa threats – a nod to the domestic chaos sown by leftist radicals – Secretary of State Marco Rubio slipped the president a note: Deal imminent. “We’re very close to a deal in the Middle East, and they’re going to need me pretty quickly,” Trump quipped to reporters, wrapping up early to greenlight his triumphant Truth Social blast. In a Fox News sit-down with Sean Hannity, Trump eyed Monday for the hostages’ return – “probably” including the deceased’s remains – and floated a trip to Egypt, Israel, and perhaps a Knesset address: “They want me to give a speech at the Knesset and I will definitely do that if they want me to.” “Gaza is going to be a peaceful, much safer place,” he assured, envisioning a “Council of Peace” – chaired by himself, with figures like Tony Blair aboard – to oversee reconstruction and a technocratic interim government, deradicalizing the strip and barring Hamas forever.

    Trump’s son-in-law Jared Kushner and envoy Steve Witkoff, fresh from Cairo huddles, were the on-the-ground architects, building on Trump’s October 3 ultimatum: Release hostages by Sunday or face annihilation. This isn’t the limp diplomacy of Joe Biden’s era, where endless talks yielded endless rockets; it’s Trump channeling Reagan’s “peace through strength,” pausing IDF strikes at his behest to create breathing room while keeping the hammer poised. The plan’s genius: Hamas disarms for amnesty, Gaza demilitarizes under a U.S.-led board, and the Palestinian Authority – reformed – paves a path to statehood, sans terror tunnels or Iranian puppets. “No one will be forced to leave Gaza, and those who wish to leave will be free to do so and free to return,” the accord stipulates, a humane flourish amid the rubble.

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    In Tel Aviv, people chanted ‘Nobel prize to Trump’ after the ceasefire deal was confirmed by the US president. © AP

    Skeptics like Arab Center’s Yousef Munayyer warn of fragility – thorny issues like full Hamas disarmament and governance loom large – but Trump’s track record, from Abraham Accords to North Korea summits, silences the naysayers. Netanyahu’s far-right allies, like National Security Minister Itamar Ben-Gvir, threaten to bolt if Hamas survives, but the premier’s bipartisan buy-in and hostage families’ pleas – “After almost two years of unimaginable anguish, we stand at a historic turning point” – drown out the din. Even Tony Blair, tipped for the peace board, called it “bold and intelligent,” offering “the best chance of ending two years of war, misery and suffering.”

    Globally, reactions pour in like applause at a MAGA rally. Bipartisan U.S. leaders, from Rubio to hawks in Congress, hail the “fantastic day”; Saudi Arabia, Jordan, and Turkey – key mediators – see a ripple toward broader Arab-Israeli normalization. On X, the buzz is electric: “Trump Secures Israel-Hamas Deal for Hostage Release and Gaza Ceasefire,” posts one aggregator, echoing the sentiment that this is “a great day for the world.”

    The war’s toll – Houthi disruptions in the Red Sea, Israeli strikes on Lebanon, U.S. hits on Iran’s nukes – has scarred the region, but Trump’s vision resets the board: A terror-free Gaza as a launchpad for prosperity, not peril. As he eyes Walter Reed Thursday morning before jetting east, one truth endures: In the art of the deal, no one’s better than Donald J. Trump. If this holds, the Nobel whispers won’t be whispers for long.

  • South Korea Investigates Rights Violation Claims After Hyundai Raid

    South Korea Investigates Rights Violation Claims After Hyundai Raid

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    Hyundai plant workers arrive at Incheon International Airport in Seoul on Friday after leaving the U.S. ©  Anthony Wallace / AFP – Getty Images
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    SEOUL – In a bold move that exposes the overreach of federal immigration enforcers, the South Korean government has launched an investigation into potential human rights violations stemming from a massive ICE raid on a Hyundai HYMLF -2.85% ▼LG LPL -3.20% ▼ battery plant in Georgia earlier this month. The probe, announced Monday, targets the treatment of over 300 skilled Korean workers—essential to America’s push for domestic EV manufacturing—who were swept up in what critics are calling a heavy-handed operation that could chill billions in foreign investment under President Trump’s America First agenda.

    The September 4 raid, dubbed “Operation Low Voltage” by Homeland Security Investigations (HSI), saw nearly 500 federal, state, and local agents storm the 3,000-acre Hyundai Motor Group Metaplant site in Ellabell, near Savannah. The facility, a crown jewel of Georgia’s economic boom, includes Hyundai’s $7.6 billion EV assembly plant—already employing 1,200 Americans—and an adjacent $4.3 billion battery factory joint venture with LG Energy Solution, set to create thousands more jobs. But instead of targeting clear-cut illegal activity, ICE detained 475 people, the majority South Korean nationals (over 300), along with 10 Chinese, three Japanese, and one Indonesian, on suspicions of visa overstays and unlawful employment.

    Under a swift diplomatic agreement between the Trump administration and Seoul, DHS released 330 detainees—316 South Koreans among them—who boarded a chartered Korean Air Boeing 747 from Atlanta’s Hartsfield-Jackson International Airport on Thursday, arriving home Friday amid emotional reunions at Incheon International Airport. The remaining 145 face ongoing deportation proceedings, with some held at the Folkston ICE facility in southeast Georgia. South Korean President Lee Jae Myung, a staunch ally in Trump’s trade wars against China, slammed the raid as an “unjust infringement” on his citizens’ rights and businesses, warning it could make Korean firms “very hesitant” about pouring billions into U.S. soil.

    Kang Yu-jung, spokesperson for President Lee, confirmed the review during a press briefing, stating: “I understand that the government is conducting a more thorough review with the companies to determine whether any human rights violations occurred.” One anonymous Korean worker recounted to Yonhap News Agency the chaos: ICE agents allegedly skipped Miranda rights, herded detainees into five overcrowded 72-person rooms without adequate food or water, and shackled them in chains around hands, ankles, and waists—footage of which went viral, drawing outrage from conservatives who see it as bureaucratic bullying rather than border security.

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    South Korean President Lee Jae Myung in Goyang on April 27. © Woohae Cho / Bloomberg via Getty Images

    Immigration attorney Charles Kuck, representing four detainees, told the Associated Press that many were engineers and equipment installers on valid B-1 visas, meant for short-term business activities like training or contract negotiations. A leaked ICE document obtained by The Guardian backs this up, revealing at least one worker entered on a valid B-1/B-2 visa and hadn’t violated terms, yet was pressured into “voluntary departure.” USCIS guidelines confirm B-1 visas allow such professional work, underscoring what Kuck called an “outrageous” and “unlawful” overzealous sweep by HSI, which involved the FBI, DEA, IRS, U.S. Marshals, and Georgia State Patrol.

    The raid stemmed from a months-long DHS probe into illegal hiring practices among subcontractors—not Hyundai or LG directly. Hyundai Motor North America insisted none of the detained were its employees, emphasizing full compliance with U.S. laws, while LG suspended U.S. business trips and dispatched its HR chief to demand releases. The operation halted battery plant construction, delaying startup by at least two to three months, per Hyundai CEO José Muñoz. With Hyundai pledging $26 billion in U.S. facilities by 2028 and South Korea committing $350 billion overall to dodge Trump’s 15% tariffs on imports, this fiasco risks unraveling the very investments Trump champions to bring manufacturing home.

    Enter President Trump, who on Sunday took to Truth Social to walk back the optics without undermining his immigration crackdown. “I don’t want to frighten off or disincentivize Investment into America by outside Countries or Companies,” he posted. “When Foreign Companies who are building extremely complex products, machines, and various other ‘things,’ come into the United States with massive Investments, I want them to bring their people of expertise for a period of time to teach and train our people how to make these very unique and complex products, as they phase out of our Country, and back into their land.” Trump added: “We welcome them, we welcome their employees… If we didn’t do this, all of that massive Investment will never come in the first place!”

    White House Press Secretary Karoline Leavitt echoed the sentiment Tuesday, stressing Trump’s commitment to making America “the best place in the world to do business” while enforcing immigration laws. Commerce Secretary Howard Lutnick blamed Hyundai for not securing proper visas and offered to help, but the damage is done—South Korean media warns of a “chilling effect,” and Foreign Minister Cho Hyun, fresh from meetings with Secretary of State Marco Rubio, reiterated concerns in Washington. Georgia Gov. Brian Kemp, a Trump ally who touted the Hyundai project as the state’s biggest economic win, has stayed mum, but local Korean-American communities are reeling.

    This isn’t the deep-state sabotage of open borders under Biden; it’s Trump’s zero-tolerance policy in action, rooting out exploitation by subcontractors who skirt rules to cut costs. But as Labor Notes highlighted, the raid spotlights Hyundai’s spotty labor record—three worker deaths during construction, safety lapses at other sites like Ultium Cells. Conservatives argue ICE did its job, ensuring a “level playing field” for American workers, but the human rights probe from Seoul could strain alliances at a time when Trump needs Korean investment to counter China’s EV dominance. As one analyst put it, Trump’s agendas are colliding: Secure borders yes, but not at the expense of the factories rebuilding Rust Belt jobs.

    The investigation’s outcome could reshape visa policies for foreign experts, but for now, it’s a wake-up call: Enforce the law smartly, or watch allies like South Korea take their billions elsewhere. Trump’s vision of American greatness demands both—immigration control and investment influx—or the raid’s fallout could cost us big.

  • Israel Launches Expanded Ground Operation in Push to Conclude Gaza Conflict

    Israel Launches Expanded Ground Operation in Push to Conclude Gaza Conflict

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    Palestinians from Gaza City move southwards with their belongings, on the coastal road near the Nuseirat refugee camp in the central Gaza Strip, on September 19, 2025. © Eyad BABA / AFP

    The Israeli military intensified its ground assault on Gaza City on Friday, September 19, 2025, warning residents it would deploy “unprecedented force” against Hamas fighters as tanks and airstrikes hammered the territory’s largest urban center. The escalation, which began with a major incursion on Tuesday, comes amid a fresh United Nations report accusing Israel of committing genocide against Palestinians in Gaza—a finding that has drawn sharp rebukes from Israeli officials and renewed calls for international intervention nearly two years into the devastating war.

    The Israeli Defense Forces (IDF) issued stark evacuation orders via social media and leaflets, directing the estimated remaining population—down from about one million at the end of August—to flee southward along the coastal Al-Rashid road, the only remaining open route after the closure of the main Salah al-Din artery. “From this moment, Salah al-Din Road is closed for south-bound travel,” IDF Arabic-language spokesman Avichay Adraee posted on X, urging civilians to “take this opportunity and join the hundreds of thousands of city residents who have moved south to the humanitarian area.” The military estimates that 480,000 people have evacuated Gaza City since late August, though Gaza’s civil defense agency put the figure at 450,000 as of Friday. Many families, burdened by elderly relatives, young children, and scant belongings, described harrowing journeys on foot or in overloaded vehicles, with some resorting to carts or sleeping on streets while awaiting transport they could ill afford.

    The offensive aims to dismantle Hamas’s command structure and seize control of the city, which Israel views as the group’s symbolic stronghold. IDF troops, including armored and infantry divisions, have advanced deep into neighborhoods like al-Rimal and al-Sabra, dismantling over 20 suspected militant sites in the past day alone, according to military statements. Overnight strikes and tank fire have leveled buildings and infrastructure, with witnesses reporting “hellish” barrages that shook the enclave. Gaza health officials, citing hospital tallies, reported at least 22 deaths across the Strip on Friday, including 11 in Gaza City, bringing the war’s toll to nearly 65,000 Palestinians killed since October 7, 2023.

    For those heeding the warnings, escape is no salvation. Nivin Ahmed, a 50-year-old mother of seven, recounted walking more than 15 kilometers to Deir el-Balah on Thursday, her family “crawling from exhaustion” as her youngest son wept from fatigue. “We took turns dragging a small cart with some of our belongings,” she told reporters. Mona Abdel Karim, 36, has spent two nights on Al-Rashid street with her elderly in-laws and children, too weak or ill to trek further without a vehicle. “I feel like I am about to explode,” she said, highlighting the prohibitive costs of transport amid widespread poverty and famine. Footage from the road showed endless lines of pedestrians and cars piled high with mattresses and essentials, snaking toward the southern “humanitarian area” of Al-Mawasi—a zone Israel designated early in the war but has repeatedly struck, citing Hamas presence.

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    Palestinians flee south from Gaza City on Thursday. © Hassan Al-Jadi/UPI/Shutterstock

    The push into Gaza City unfolds against a grim international backdrop. Just days earlier, on September 16, a United Nations Independent International Commission of Inquiry released a 72-page report concluding that Israel has committed genocide in Gaza, fulfilling four of the five acts outlined in the 1948 Genocide Convention: killing members of the group, causing serious bodily or mental harm, deliberately inflicting conditions of life calculated to bring about physical destruction, and imposing measures intended to prevent births. Chaired by former UN human rights chief Navi Pillay, the panel analyzed statements from Israeli leaders—including Prime Minister Benjamin Netanyahu, President Isaac Herzog, and former Defense Minister Yoav Gallant—as direct evidence of genocidal intent, alongside patterns of conduct like starvation tactics and attacks on healthcare and fertility clinics. The report also documented “systematic” sexual and gender-based violence, direct targeting of children, and the destruction of educational and religious sites.

    “The Commission concludes that the Israeli authorities and Israeli security forces have had and continue to have the genocidal intent to destroy, in whole or in part, the Palestinians in the Gaza Strip,” the inquiry stated, holding the state responsible for failing to prevent or punish the acts. It urged Israel to immediately halt operations and comply with International Court of Justice provisional measures from March 2024, while calling on all states to enforce accountability. Amnesty International echoed the findings, warning that “the very existence of Palestinians in Gaza is under threat” as the offensive intensifies.

    Israel vehemently rejected the report as “distorted and false,” with Netanyahu’s office insisting the war is a legitimate defense against Hamas, which killed 1,139 Israelis and took over 200 hostages on October 7, 2023—48 of whom remain captive. The IDF maintains it takes “all feasible measures” to minimize civilian harm and accuses Hamas of using human shields. Yet critics, including the European Commission, are preparing measures to pressure Israel, with EU foreign policy chief Kaja Kallas set to present a plan on Wednesday for member states to reassess ties. Canada labeled the offensive “horrific,” while Hamas decried it as “unprecedented” and “barbaric.”

    U.S. President Donald Trump, a staunch ally, suggested the operation could hasten hostage releases, telling reporters the risks to captives might rise but “also may be freed” in the chaos. His administration continues providing military aid, even as the UN warns of famine gripping Gaza City, with 441 deaths attributed to starvation alone. Aid groups report overwhelmed hospitals and acute malnutrition among children, half of Gaza’s displaced population.

    As smoke billows over Gaza City’s skyline and families press southward under fire, the offensive raises profound questions about the war’s endgame. Israel seeks to “force an end” by crippling Hamas, but with the enclave in ruins and global outrage mounting, the path to resolution remains as elusive as safety for those caught in the crossfire.

  • Nationwide Protests Erupt in Israel Demanding End to Gaza War

    Nationwide Protests Erupt in Israel Demanding End to Gaza War

    TEL AVIV, Israel — Hundreds of thousands of Israelis took to the streets across the country on Sunday, August 17, 2025, demanding an immediate end to the war in Gaza and a deal to secure the release of hostages still held by Hamas. The protests, which swept through Tel Aviv, Jerusalem, Haifa, and other cities, marked a significant escalation in public pressure on Prime Minister Benjamin Netanyahu’s government amid growing frustration over the ongoing conflict.

    Organizers, including the Hostages and Missing Families Forum, claimed that over one million people participated in hundreds of demonstrations nationwide, though The NYBudgets could not independently verify these figures. Images and videos showed packed streets and squares, with protesters blocking highways, lighting bonfires, and gathering outside politicians’ homes and military headquarters. The Israeli police reported multiple arrests, stating on X, “Officers have arrested multiple individuals engaging in unlawful behavior and will continue to act wherever public safety or freedom of movement is at risk.” They emphasized that while “the right to lawful protest” is a cornerstone of democracy, actions like burning tires or endangering public safety are unlawful.

    The protests reflect deep divisions over Netanyahu’s handling of the war, which began on October 7, 2023, when Hamas-led terrorists launched a deadly attack from Gaza, killing approximately 1,200 Israelis and taking 250 hostages. Israel’s response—an aerial bombing campaign followed by a ground offensive—has resulted in 61,900 Palestinian deaths, according to the Hamas-controlled health ministry in Gaza. A ceasefire in January 2025 led to a partial Israeli troop withdrawal, but the conflict persists, with 50 hostages still in Gaza, 30 of whom are believed to be dead.

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    Families of hostages and supporters hold photos of hostages during a demonstration calling for an hostages deal in Tel Aviv, Israel on Aug. 17, 2025. © Amir Levy/Getty Images

    Netanyahu, addressing a government meeting on Sunday, defended his strategy, arguing that ending the war without defeating Hamas would embolden the group and jeopardize Israel’s security. “Those who are calling for an end to the war today without defeating Hamas are not only hardening Hamas’s stance and pushing off the release of our hostages, they are also ensuring that the horrors of the October 7 will recur again and again,” he said. “Together, we have had great achievements against our enemies on all fronts. Together we will fight and with God’s help, together we will complete the victory and end the war.”

    On August 8, Netanyahu announced a Security Cabinet-approved plan to retake Gaza City, disarm Hamas, and secure the release of all hostages. The five-point plan also seeks to demilitarize the Gaza Strip, restore Israeli security control, and establish a new civil administration independent of Hamas or the Palestinian Authority. The move has drawn sharp criticism from opposition figures and hostage families. Israeli opposition leader Yair Lapid posted on X, “This is exactly what Hamas wanted: for Israel to be trapped in the field without a goal, without defining the picture of the day after, in a useless occupation that no one understands where it is leading.”

    Yehuda Cohen, whose son Nimrod remains a hostage, expressed anguish over the government’s priorities, telling The Epoch Times, “We live between a terrorist organization that holds our children and a government that refuses to release them for political reasons.” Finance Minister Bezalel Smotrich labeled the protests “a bad and harmful campaign that plays into Hamas’s hands, buries the hostages in the tunnels and attempts to get Israel to surrender to its enemies and jeopardize its security and future.”

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    People take part in a protest demanding the end of the war, the immediate release of hostages held by Hamas in the Gaza Strip, and against Prime Minister Benjamin Netanyahu’s government in Tel Aviv, Israel, on Aug. 16, 2025. © Mahmoud Illean/AP

    The Hostages and Missing Families Forum, representing relatives of those still held, thanked the public for their support, posting on X, “Throughout the day, over one million people participated in hundreds of actions held across the country. The hostage families wish to tell the people of Israel: ‘Thank you! From here, we will only intensify our efforts. Stay with us until the last hostage is returned!’”

    The planned Gaza City offensive, which will likely require mobilizing thousands of reservists, has yet to be scheduled, adding to public uncertainty. Critics argue that Netanyahu’s focus on military victory risks prolonging the war and delaying hostage releases, while supporters insist that neutralizing Hamas is essential for Israel’s long-term security. As tensions mount, the demonstrations underscore a nation grappling with the human and strategic costs of a conflict that shows no immediate end.

  • Israel Approves Plan to Seize Gaza City Amid International Condemnation

    Israel Approves Plan to Seize Gaza City Amid International Condemnation

    Israel has approved plans to take control of Gaza City, while distributing humanitarian aid to civilians outside combat zones, the office of Israeli Prime Minister Benjamin Netanyahu announced on Friday, amid international pushback.

    The decision follows a security cabinet meeting in which a majority of ministers endorsed five principles for ending the war.

    These include disarming the Hamas terrorist organization, securing the release of all remaining Israeli hostages held in Gaza, maintaining Israel’s security control over the territory, and establishing an alternative civil administration unaffiliated with either Hamas or the Palestinian Authority.

    In an interview with Fox News on Aug. 7, Netanyahu said the plans align with Israel’s long-standing objectives in Gaza, ensuring the enclave poses no threat to the country’s security or existence.

    Those goals have been central since Hamas’s Oct. 7, 2023, attack on Israel, in which more than 1,200 people were killed, and about 250 people kidnapped.

    The assault triggered a prolonged war.

    According to the Gaza Ministry of Health, which operates under the control of Hamas, more than 60,000 people have been killed in Gaza since Oct. 7, 2023. The number does not distinguish between combatants and civilians and includes some deaths from natural causes. The Epoch Times cannot verify the casualty numbers.

    International Reactions

    Countries remain divided over how to end the conflict. Western allies such as France, the UK, Canada, and Australia are pressing for a two-state solution—a Palestinian state alongside Israel. Israel and the United States reject recognizing Palestinian statehood under current conditions, arguing it would endanger Israel’s security.

    The UK, Australia, and Turkey on Friday condemned Israel’s plan to expand military operations in Gaza.

    British Prime Minister Keir Starmer said it would “only bring more bloodshed” and wouldn’t help secure the release of hostages, while Australian Foreign Minister Penny Wong said the move would worsen the humanitarian crisis in Gaza.

    In a statement, the Turkish Foreign Ministry said Israel’s plan aims to make Gaza uninhabitable and forcibly displace Palestinians from their land.

    The leaders back a two-state solution for the region, which will be a key focus of the 80th U.N. General Assembly in September, where France, the UK, and Canada said they plan to formalize their recognition of a Palestinian territory.

    U.N. officials urged Israel to stop its planned full military takeover of the Gaza Strip. U.N. High Commissioner for Human Rights Volker Türk cited a ruling by the International Court of Justice and said, “Israel must end its occupation and achieve a two-State solution giving Palestinians the right to self-determination,” according to a U.N. press statement on Aug. 8.

    Netanyahu dismissed the court’s findings as “fundamentally wrong” and one-sided, while the United States said the court should avoid any ruling that might hinder negotiations toward a two-state solution based on the “land-for-peace” principle.

    U.S. State Department spokesperson Thomas Pigott, when asked on Thursday to respond to Netanyahu’s remarks, reiterated U.S. policy priorities: delivering aid to Gaza without it being looted by Hamas, securing the release of hostages, and ensuring Hamas does not continue to exist.

    German Chancellor Friedrich Merz said on Aug. 8 that its exports of military equipment that could be used in Gaza will be suspended.

    Merz affirmed Israel’s right to defend itself and the need to disarm Hamas, but he said that measures approved by the Israeli Security Cabinet “are making it increasingly unclear how these goals will be achieved.”

    He also called on Israel to avoid steps toward annexing the West Bank.

    Internal Tensions

    Internal divisions deepened in Israel after the security cabinet approved sending forces into Gaza City, rejecting an alternative proposal that ministers said would not ensure Hamas’s defeat or the return of hostages.

    Opposition leader Yair Lapid called the decision “a disaster” on Aug. 8, warning it would drag on for months, lead to the deaths of hostages and soldiers, cost Israeli taxpayers tens of billions, and end in political collapse.

    “This is exactly what Hamas wanted: for Israel to be trapped in the field without a goal, without defining the picture of the day after, in a useless occupation that no one understands where it is leading,” Lapid said on X.

    The Hostages and Missing Families Forum, representing relatives of those held in Gaza, also condemned the decision as “abandoning the hostages.”

    The group said that expanding the fighting “only further endangers those still held in Gaza’s tunnels” and leaves them “at the mercy of Hamas.”

    “Hamas continues to exploit military escalation as justification for its brutal treatment of our loved ones,” the group said. “The only way to bring the hostages home is through a comprehensive deal.”

    In an interview with Fox News, Netanyahu said Israel is “doing everything“ in its power ”to salvage the hostages.”

    He said that Israel can achieve the release of the remaining 50 hostages “with a combination of the right military tactics and international pressure.”

    “Without military pressure, nothing works,” he said.

    Some protesters blocked a highway in Tel Aviv on Thursday, according to a report by the Times of Israel, demanding a deal for the release of the hostages and demonstrating against an expansion of the war in Gaza.

  • Hamas Releases Disturbing Video of Hostage Digging His Own Grave in Tunnel

    Hamas Releases Disturbing Video of Hostage Digging His Own Grave in Tunnel

    Hamas-held hostage Evyatar David is filmed charting his meager food consumption and digging what he says he fears will be his own grave in a tunnel in Gaza, in a Hamas propaganda video that his family cleared for publication on August 2, 2025.

    In a harrowing video released Friday by Hamas and approved for publication by his family the following day, Israeli hostage Evyatar David is seen pale, emaciated, and trembling, forced to dig what he fears may be his own grave inside a Gaza tunnel. The shocking footage, combined with desperate pleas from his family and mounting international pressure, has cast renewed urgency on stalled hostage negotiations and raised grave questions about the treatment of captives held by terror groups since the brutal October 7, 2023 massacre.

    David, a young Israeli man abducted from the Nova music festival near Re’im during Hamas’s unprecedented assault on southern Israel, appears barely alive in the footage. His ribs protrude through his skin, his eyes are sunken, and his voice is frail. “This is the grave I think I’m going to be buried in,” he says at one point. “Time is running out. You are the only ones who can end this.”

    His family, visibly distraught, released a statement on Saturday: “We are forced to witness our dear son and brother Evyatar being deliberately and cynically starved in Hamas’s tunnels in Gaza — a living skeleton buried alive. Our son has only a few days left to live in his current condition.”

    David’s footage paints a bleak portrait of conditions in Hamas captivity. In scenes inside a cramped tunnel — barely tall enough for him to stand — David is seen crossing off dates on a makeshift calendar etched into the wall, marking the sparse days when he received food. He describes eating only beans and lentils, sometimes going multiple days without a single meal. At one point, he is handed a small can. “This can is for two days. This whole can is for two days so that I don’t die,” he says with eerie composure.

    His voice grows fainter as he states: “I haven’t eaten for a few days in a row. I am in very, very difficult conditions… You can see how thin I am.”

    The family has called on President Donald Trump, the Israeli government, and the global community to intervene immediately:

    “We are begging the government of Israel, the people of Israel, every nation of the world, and especially President Trump: You must do everything in your power, by any means necessary, to save Evyatar and the rest of the hostages.”

    U.S. special envoy Steve Witkoff, sent by President Trump to handle hostage negotiations, addressed hundreds at Hostages Square in Tel Aviv on Saturday after the release of the video. “We now need to bring all of them home. We are very close to ending the war,” he said. “No more piecemeal deals. That doesn’t work. And we’ve tried everything.”

    Witkoff pledged that hostage recovery is the top priority of the Trump administration:

    “This is the most important thing President Trump asked me to work on, and I will work on it until my last breath,” he said. “We will get your children home and hold Hamas responsible for any bad acts on their part.”

    He also claimed that the U.S. believes all remaining hostages in Gaza are alive — a powerful message meant to assure families holding out hope.

    Deliberate Starvation Campaign?

    According to a Channel 12 report, a senior Israeli source confirmed that Hamas is not lacking food, but is intentionally starving the hostages. “We know from testimony of returned hostages and our own intelligence that the captors themselves are well-fed. This is deliberate. It’s psychological warfare.”

    Evyatar’s family echoed this sentiment:

    “Hamas is using our son as a living experiment in a disgusting hunger campaign. Our Evyatar is being starved for propaganda purposes. There is no limit to the pain the Hamas terror group causes the hostages and the residents of Gaza.”

    A Nation in Mourning: “Second Holocaust” and Mass Protest

    The chilling footage of David, alongside a similarly disturbing video of hostage Rom Braslavski, ignited anguish across Israel. Hundreds gathered in Hostages Square on Saturday, where families erected a barbed wire protest camp to symbolize their loved ones’ captivity.

    “Our children are undergoing a Holocaust,” said Einav Zangauker, mother of hostage Matan Zangauker. “Jews are becoming skin and bones because of political survival. If we don’t free them now, they won’t survive much longer.”

    Anat Angrest, mother of a captive soldier, called the crisis a “complete failure” for Prime Minister Benjamin Netanyahu:

    “My father survived the Holocaust, and now his grandson is living through one — in color, on video. The 2025 Holocaust is being carried out by inaction.”

    Hamas’s Narrative vs. Israel’s Defense

    Hamas released the videos in conjunction with inflammatory statements blaming Israel for starvation in Gaza. The UN and several humanitarian agencies have expressed concern about hunger in the territory, while Israel has forcefully denied orchestrating any starvation campaign.

    The Israel Defense Forces (IDF) say they have increased humanitarian corridors and implemented 10-hour ceasefires in various regions to allow aid distribution. Still, the Gaza Health Ministry — run by Hamas — claims over 60,000 deaths in the Strip, although this figure cannot be independently verified and includes both fighters and civilians.

    Witkoff said Hamas has “expressed willingness to demilitarize,” although the group later issued a statement rejecting the idea:

    “We will not disarm as long as the occupation exists,” Hamas declared, while also condemning U.S. efforts to increase humanitarian aid to Gaza.

    Meanwhile, Netanyahu faces a fractured government, with far-right members calling for the complete razing of Gaza City and opposing any ceasefire-hostage deal. Critics allege the Prime Minister is delaying resolution for political gain.

    In the midst of war, propaganda, and political calculations, Evyatar David’s haunted face, his trembling voice, and his forced shovel scraping the earth beneath him, have cut through the noise. His cry — and that of his family — now echoes across borders:

    “This isn’t fiction. This is real.”

  • Israel says it’s pausing fighting in parts of Gaza to allow aid in

    Israel says it’s pausing fighting in parts of Gaza to allow aid in

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    © DAWOUD ABU ALKAS/REUTERS

    Tel aviv, Israel – Under mounting international pressure, Israel has implemented daily tactical pauses in military operations across select areas of Gaza, establishing designated “safe routes” to facilitate humanitarian aid delivery. The move comes amid escalating reports of a horrific hunger crisis, described by the UN as reaching famine-like levels in parts of the enclave.

    The Israel Defense Forces (IDF) confirmed daily pauses from 10 a.m. to 8 p.m. local time in parts of Gaza City, Deir al‑Balah, and Al‑Mawasi. Secure corridors for aid convoys, operating from 6 a.m. to 11 p.m., were also introduced, ensuring land-based deliveries can proceed with reduced risk. These measures were coordinated with the UN, WFP, UNICEF, and international aid organizations seeking immediate relief access.

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    Palestinians at a lentil soup distribution point in Gaza City. © Omar Al-Qattaa/Getty Images

    Israel emphasized that while these pauses allow aid to flow, combat operations continue in other areas and it categorically denied accusations that it is using starvation as a weapon—labeling them propaganda.

    According to the World Food Programme, over a third of Gaza’s population—some 700,000 people—are going days without food. Approximately 1.25 million face life-threatening hunger (IPC Phase 5). Nearly 100,000 women and children suffer from severe acute malnutrition and require urgent treatment. The Gaza Health Ministry records at least 133 deaths from malnutrition in July alone, including 87 children, as official aid remains insufficient. The WHO reports 21 children under age 5 have already died from starvation and malnutrition-related illnesses in 2025—and malnutrition centers lack supplies. UN staff in Gaza report that many humanitarian workers have fainted from hunger and exhaustion in the last 48 hours. Since May, aid convoys and distribution points—including those run by the Gaza Humanitarian Foundation—have seen over 1,000 Palestinian deaths in chaotic, often violent crowding and shooting incidents.

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    © DAWOUD ABU ALKAS/REUTERS
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    ©DAWOUD ABU ALKAS/REUTERS

    Despite the new pauses, aid flow remains far below what’s needed:

    UN agencies estimate Gaza requires at least 120 aid trucks daily—but only a fraction of that number is entering, leaving relief piles stuck at crossing points in Jordan and Egypt. Aid delivered so far includes limited air-drops, such as airdrops of flour, sugar, and canned foods, plus joint efforts by Jordan and the UAE. Still, those methods are widely criticized as inefficient and.

    UN officials and humanitarian leaders described the situation as apocalyptic, warning that the humanitarian pauses are a start—but not a solution: full corridors and sustained access are urgently needed. Some international leaders, including India, have called for a permanent ceasefire and immediate access for relief convoys, branding current conditions a breach of international law. Israeli officials blame UN inefficiency and attribute starvation claims to Hamas propaganda, while maintaining the responsibility for food distribution rests with international agencies—not the IDF.

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    Hamas fighters are deployed in Rafah ahead of the planned release of two among six Israeli hostages set to be handed over to the Red Cross, Gaza Strip, on February 22, 2025. © AP/Jehad Alshrafi

    From the UN’s perspective, this pause is a critical but insufficient step:

    “Until we have that stability of assistance, this is going to be really difficult to control the situation on the ground,” WFP’s Ross Smith emphasized, warning that food assistance is currently the only lifeline for Gaza populations facing famine-like conditions.

    Israel’s tactical pause in parts of Gaza marks a significant shift—but it’s being overshadowed by the scale of the crisis on the ground. With hunger spreading rapidly and thousands already dead, the measures fall far short of addressing Gaza’s catastrophic needs. Humanitarian leaders caution that only sustained, full access can save lives before famine crosses irreversible thresholds.

  • Bitcoin’s price is going up because a ceasefire between Israel and Iran has started, and the Senate has revealed a major new cryptocurrency bill

    Bitcoin’s price is going up because a ceasefire between Israel and Iran has started, and the Senate has revealed a major new cryptocurrency bill

    Crypto prices, including bitcoin, rose on Tuesday after President Trump announced a ceasefire between Iran and Israel.

    By midday Tuesday, bitcoin had passed the $105,000 level, ether jumped back above the $2,400 mark, and XRP climbed to $2.19. 

    The risk-on action in the markets, which also saw stocks rally on the Mideast de-escalation, wasn’t the only source of momentum, as Republican senators unveiled a major bill to set the rules of the road for crypto. Specifically, the legislation would define when crypto is a commodity or a security, allow crypto exchanges to register with the Commodity Futures Trading Commission, and reduce the Securities and Exchange Commission’s regulation of digital assets — a big reversal from the plans of President Biden’s SEC Chair Gary Gensler to closely regulate the crypto industry.

    The new framework was introduced by Senate Banking Committee Chairman Tim Scott of South Carolina and Senator Cynthia Lummis of Wyoming, who heads the panel’s Digital Assets Committee. Robinhood CEO Vlad Tenev said on CNBC’s “Squawk Box” that the regulatory development was important for the U.S. to regain the lead in the crypto industry, where he said it has fallen behind other markets, including Europe.

    Last week, the senate passed a stablecoin bill, marking the first major legislative win for the crypto industry, which now heads to the House for consideration of its version of the bill. Both bills prohibit yield-bearing consumer stablecoins — but differ on agency regulatory oversight. Visa CEO Ryan McInerney weighed in on the advancement of the Senate version, the Genius Act, telling CNBC’s “Squawk on the Street” that the credit card giant has been embracing stablecoins. 

    Meanwhile, investors increased their bets on crypto company Digital Asset, which raised $135 million in funding from several big names in banking and finance, including Goldman Sachs, BNP Paribas and hedge fund billionaire Ken Griffin’s Citadel Securities. The firm, which touts itself as a regulated crypto player, said it will use the funding to advance adoption of its Canton network, which is a blockchain for financial institutions, another sign of how major financial institutions are embedding themselves into the once obscure crypto world. 

  • Hong Kong’s Gale Well Hit by Market Slump, Takes $6.5 Million Loss on Two Asset Sales

    Hong Kong’s Gale Well Hit by Market Slump, Takes $6.5 Million Loss on Two Asset Sales

    Hong Kong property investment firm Gale Well Group, which has been divesting assets, sold three shops this month, incurring a loss of more than HK$51 million (US$6.5 million) on two of them, as the city’s retail real estate market remains mired in a downturn.

    Gale Well sold a 2,780 sq ft street-level shop at King Kwong Street in Happy Valley for HK$28.8 million, nearly 40 per cent lower than the HK$46 million it paid in 2008, according to Land Registry data. The transaction was completed on May 23 through a holding company, Fine Keen Investment. Gale Well chairman Rita Tong Liu is a director at Fine Keen, according to the Companies Registry.

    The company also sold a 1,537 sq ft shop on the ground floor of Haleson Building in Central for HK$38.8 million, according to property agents. The price represented a 47 per cent loss on the HK$72.8 million paid in 2011 by Parkmax Investment, according to the Land Registry. Liu is a Parkmax director.

    Gale Well’s third divestment was a 21,702 sq ft three-storey shop on Morrison Hill Road in Causeway Bay for HK$110 million, according to Savills, which handled the sale. The transaction resulted in a profit of 49 per cent for Keenplan International, which bought the property for HK$73.8 million in 2005, according to the Land Registry. Liu is a director of Keenplan.

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    Rita Tong Liu, chairman of Gale Well Group, pictured in June 2018. (Edmond So)

    Last week, Gale Well appointed Savills as the agent for three shops in North Point, Causeway Bay and Wan Chai, which have a combined indicative price of HK$190 million.

    Gale Well did not immediately respond to a request for comment.

    In an interview with the Post in March, Gale Well’s founder, vice-chairman and CEO Jacinto Tong Man-Leung said that the company was looking to offload assets worth nearly HK$3 billion amid fears that banks could call their loans amid a downturn in the city’s real estate market.

    Tong said the company planned to sell around 10 per cent of its property portfolio to balance its loan ratio and “put the bank’s mind at ease”.

    In April, it sold the 39th floor of the Far East Finance Centre for HK$194 million, or HK$18,000 per square foot, the lowest price per square foot in 17 years in the grade A tower, according to Land Registry data. It had sought HK$250 million, or HK$23,148 per square foot.

    In March, Gale Well sold a 10,800 sq ft plot of land at 68-70 Chung Hom Kok Road in Southern District for HK$220 million, down from an indicative price of HK$380 million. In February, the firm parted with its long-time headquarters in The Sun’s Group Centre in Wan Chai for HK$79.79 million.

    Meanwhile, Gale Well has yet to find a buyer for Austin Plaza, a 21-storey grade B commercial building in Tsim Sha Tsui, which has been on the market for HK$880 million since January. The 26-storey Butterfly on Morrison Boutique Hotel in Causeway Bay, which has an indicative price of HK$630 million, has found no takers since November.

    As rental incomes sink and valuations shrink, many property owners are struggling to meet their debt obligations amid high rates, leading to a surge of distressed assets.

    In 2024, roughly three out of four property transactions were distressed sales, according to Reeves Yan, executive director and head of capital markets at CBRE.