Congo’s health minister revealed plans Sunday evening to establish three Ebola treatment facilities in the eastern Ituri region during a visit to the area affected by the current disease outbreak.
Samuel Roger Kamba, the health minister, spoke while in Bunia, Ituri’s capital and most populous city, stating: “We know that the hospitals are already under stress because of the patients. But we are preparing to have treatment centers at all three sites in order to be able to expand our capabilities.”
On Sunday, the World Health Organization issued a declaration naming the Ebola disease outbreak a public health emergency of international concern, following reports of more than 300 suspected cases and 88 fatalities in Congo, along with two deaths in Uganda. While the outbreak’s center is in Ituri, cases have emerged in the capital city Kinshasa and in Goma, eastern Congo’s largest urban area.
The WHO Regional Office for Africa posted on X Sunday that a 35-member expert team from the WHO and the Congolese Ministry of Health had reached Bunia, the Ituri province capital, bringing 7 tons of emergency medical supplies and equipment.
The Ebola virus spreads easily through contact with bodily fluids including vomit, blood, or semen. While uncommon, the disease it produces is serious and frequently deadly.
The WHO’s emergency designation aims to mobilize donor organizations and nations to respond. According to WHO criteria, this classification indicates the situation is grave, poses international transmission risks, and demands coordinated global action.
Jean Kaseya, Director-General of the Africa Centre for Disease Control and Prevention, spoke to Sky News on Sunday, saying: “Currently I’m on panic mode because people are dying, I don’t have medicines, I don’t have vaccine to support countries. Yesterday I called for a meeting of all partners, we have some candidate vaccine, some candidate medicine, we are pursuing this route. We hope that we can have something in the next coming weeks.”
Medical officials report the present outbreak, initially confirmed Friday, stems from the Bundibugyo virus, an uncommon Ebola strain lacking approved treatments or vaccines. Despite more than 20 Ebola outbreaks occurring in Congo and Uganda, the Bundibugyo virus has been identified only twice before.
The Bundibugyo virus initially appeared in Uganda’s Bundibugyo district during a 2007-2008 outbreak affecting 149 individuals and causing 37 deaths. Its second occurrence was in 2012 during an outbreak in Isiro, Congo, resulting in 57 cases and 29 fatalities.
Syria will participate in private discussions with G7 finance ministers and central bank governors during a meeting in Paris on Monday, according to a source with knowledge of the arrangements, representing another milestone in the nation’s rising international profile following Bashar al-Assad’s departure from power less than two years ago.
Syrian Finance Minister Yisr Barnieh is anticipated to join the gathering, with conversations expected to center on Syria’s long-term economic recovery and efforts to reconnect with international financial networks, the source indicated.
The G7 finance leaders are holding a two-day conference addressing worldwide economic challenges, including trade disputes and consequences from ongoing conflicts in the Middle East and Ukraine.
Years of warfare and international isolation have left Syria’s economy severely weakened. Although many sanctions have been reduced or eliminated following former president Assad’s departure, economic rebuilding has progressed slowly as investors and financial institutions remain cautious about compliance concerns and the logistical challenges of reestablishing Syria’s connections to worldwide financial networks.
Both Syria and Ukraine are anticipated to participate in portions of the meetings, highlighting the G7’s focus on supporting stability in nations considered crucial for regional and international security.
The informed source noted that Syria’s involvement represents preparation for the G7 leaders’ summit scheduled for June and demonstrates efforts to draw President Ahmed al-Sharaa’s administration closer to major world economies.
For Damascus, taking part in G7 financial discussions represents another milestone in its campaign to rejoin the international community, secure reconstruction assistance, and demonstrate its emerging role as an important player in regional transformation.
Inter IKEA, the company that manages franchising for the Swedish furniture retailer across 63 nations, announced it will eliminate 850 positions worldwide as part of a cost-reduction strategy responding to decreased consumer spending and demand.
The organization oversees product sourcing from manufacturing facilities globally and provides inventory to 13 franchise operators running IKEA locations. The company faces pressure from increased operational expenses and U.S. trade tariffs while implementing a strategic transformation from large suburban warehouse facilities to smaller urban retail spaces in an effort to attract customers.
“We need to become faster, shorten the decision-making processes, and simply concentrate our efforts on these priorities,” Inter IKEA Chief Financial Officer Henrik Elm told Reuters in an interview.
Leadership changes occurred at both Inter IKEA and Ingka Group, its largest franchisee operating most IKEA locations globally, following two consecutive years of sales declines. Ingka Group separately revealed plans in March to eliminate 800 office positions.
Elm explained that consumer confidence erosion, already occurring over an extended period, had been “accelerated” by the Iran war. The military conflict has caused significant fuel price increases, straining household finances and reducing consumer willingness to purchase discretionary items such as home improvements or furniture.
“In times when consumer confidence is very much affected, the disposable incomes are really going down for many, especially the consumers we want to reach,” said Elm.
“Our ability to lower the prices so they can afford IKEA is more essential than ever before, and of course you can’t achieve that if you have too high a cost base,” he added.
The workforce reduction includes 300 positions in Sweden, where Inter IKEA operates a primary hub in Almhult, the location where IKEA was established in 1943. The job cuts represent approximately 3% of Inter IKEA’s total workforce of 27,500 employees.
Aid flotilla organizers announced Monday that Israeli military personnel had taken control of one of their humanitarian vessels bound for Gaza, while communication was severed with a second ship in the eastern Mediterranean waters.
Israel’s foreign ministry had declared earlier that day on X that the country “will not allow any breach of the lawful naval blockade on Gaza.”
The Global Sumud Flotilla vessels had launched their journey Thursday from southern Turkey’s coast, marking their third attempt to transport humanitarian supplies to Gaza following previous interceptions by Israeli forces in international waters.
Video footage captured military ships moving toward the aid vessels on Monday.
“Military vessels are currently intercepting our fleet and (Israeli) forces are boarding the first of our boats in broad daylight,” the Global Sumud Flotilla posted on X.
“We demand safe passage for our legal, non-violent humanitarian mission.”
Israeli officials also urged “all participants in this provocation to change course and turn back immediately” in their public statement.
A previous aid convoy had launched from Spain on April 12, but Israeli military forces intercepted those vessels as well, transporting over 100 pro-Palestinian activists to Crete while detaining two additional individuals in Israel.
Tesla CEO Elon Musk announced Monday that he anticipates autonomous vehicles operating without human drivers will become more common throughout the United States before the end of this year.
During a video presentation at the Smart Mobility Summit in Tel Aviv, Musk revealed that driverless cars are currently functioning in three Texas cities without safety operators present, and stated this program would grow to cover the entire country within 2024.
Looking ahead to the future of transportation, Musk made bold predictions about artificial intelligence taking over driving duties. “Five years from now and certainly 10 years from now … probably 90% of all distance driven will be driven by the AI in a self-driving car,” he said. “So overwhelmingly, it’ll be quite a niche thing in 10 years to actually be driving your own car.”
In a Fortune magazine interview released Monday, President Donald Trump expressed regret over not securing a larger government ownership position in Intel for the United States.
“Should have asked for more” was Trump’s response when discussing the government’s stake in the technology company during the conversation with Fortune.
The leader of Ultimate Fighting Championship participated in NPR’s interview series focused on newsmakers, discussing the mixed martial arts organization with host Steve Inskeep.
The conversation centered on how the combat sport has expanded over recent years and touched on a planned White House event.
A Sunday gathering on the National Mall organized with White House assistance centered on the goal of rededicating the United States to God. The event brought together current administration officials and Christian religious leaders, though other faith traditions had minimal representation in the proceedings.
A national radio program recently featured a discussion about how the Trump administration approaches the relationship between religious institutions and government. The conversation took place on a prominent public radio network.
The interview included Robert Jones, who serves as president and founder of the Public Religion Research Institute. Jones provided analysis on the current administration’s stance regarding the separation of church and state.
The discussion aimed to put the Trump administration’s policies in historical context by examining how previous presidential administrations have handled similar church-state issues.
Ten municipal leaders across the United States have become members of an international alliance originally formed in Eastern Europe, aimed at sharing tactics to safeguard democratic institutions and combat authoritarian threats.
The coalition, known as the Pact of Free Cities, allows participating city leaders to collaborate and share effective strategies for defending democracy within their communities.
Listen to the Morning Delmarva Farm Report Update — May 18, 2026
DELMARVA — China has agreed to purchase at least $17 billion worth of American farm products annually over the next 3 years, in addition to existing soybean agreements, the White House announced Sunday. The commitment came out of negotiations during President Trump’s trip to Beijing.
The White House also reported separate agreements that would restart exports of poultry and beef to China.
Markets
July corn futures are at $4.71 per bushel. November soybeans are at $11.92. July wheat is at $6.43.
At Laurel Grain Company in Laurel, Delaware, corn for July delivery is bringing $5.15 a bushel. November soybeans are at $11.42.
Livestock Management
Dairy specialists are urging farmers to take a proactive approach to calf hydration year-round, not just during heat waves or illness. Experts say preventative fluid management should receive the same attention as other standard healthcare practices for young cattle.
Forecast
Today across Delmarva, sunny skies with a high of 81 degrees and south winds 5 to 15 miles per hour. Tonight will see mostly clear conditions with a low of 67. Tuesday looks sunny again with a high of 85.
This article is based on the Delmarva Farm Report Update Morning Edition, May 18, 2026. Hosted by Tom Bradley.
Russian President Vladimir Putin confronts increasingly limited options in Ukraine as his military forces struggle to make meaningful progress while Western economic sanctions continue draining his country’s resources, according to Estonia’s intelligence leadership.
Kaupo Rosin, Estonia’s foreign intelligence chief and a senior intelligence official on NATO’s eastern border, informed Reuters that Russia is experiencing higher casualty rates than recruitment numbers in the fifth year of its comprehensive military campaign. He noted that implementing widespread military conscription would likely face strong public opposition and could threaten domestic stability.
“All these factors together are creating a situation where some people in Russia including in the higher levels understand that they have a big problem. Hard to say what Putin thinks about it, but I think all these factors are starting to float into his decision-making,” Rosin stated during an interview conducted in Tallinn.
Recent months have seen Russian military units achieving some of their most limited territorial gains in Ukraine since 2023, occurring one year following their comprehensive invasion of Ukraine. Russia’s $3 trillion economy experienced a 0.3% decline during the initial quarter.
Putin maintains that government initiatives aimed at strengthening the economy are starting to produce favorable outcomes, and he has consistently stated that Russian military forces will continue operations until achieving all their objectives.
Rosin indicated that the primary factor behind Russia’s deteriorating financial circumstances was sanctions targeting the financial sector that were “really, really hurting,” while punitive actions against Russia’s oil export industry were also restricting revenue streams.
“I think it’s very difficult choices for them now. It’s hard to predict what they will decide in this current situation,” he said.
Estonia, which maintains a direct land boundary with Russia, serves as a prominent Ukraine supporter within the NATO military alliance and European Union, consistently urging fellow members to intensify pressure against Moscow.
“So my message is let’s push forward with (sanctions). This is not the time to hesitate, just let’s keep going,” he emphasized.
A separate European intelligence leader, speaking under anonymity conditions, told Reuters in independent comments that while growing pressure indicators on Russia were evident, no signs suggested this was altering Moscow’s strategic approach to the conflict.
“It’s very difficult for me to see that they (Russia) would get rid of their objective to get the whole Donbas area… and Russia is in no hurry, basically,” the official explained.
Russia has maintained during U.S.-facilitated peace negotiations that Ukraine must retreat from the eastern Donbas territory as part of any agreement, a demand that Kyiv has dismissed.
The Donbas territory includes the Russian-controlled province of Luhansk and the Donetsk area, portions of which Ukraine has successfully defended against prolonged Russian military operations.
The intelligence official added that Russia appeared unlikely to moderate its war objectives or that any significant “big breakthrough” was approaching. The official characterized Russian society as demonstrating resilience.
“It is wishful thinking that now Russia’s leadership is in some way eroding, or Putin is somehow challenged (domestically)…” the official stated.
The Estonian intelligence leader forecasted that Russia would maintain its goal of controlling Ukraine while Putin continues in leadership, and would also position substantial military forces along Ukraine’s borders following the conflict’s conclusion.
Additionally, he predicted that after hostilities end, Moscow will attempt to build up its military presence along NATO borders and pursue “military dominance … from the Arctic until the Black Sea.”
“The military ambition is very, very big on the Russian side,” he stated, predicting Moscow would persist in conducting sabotage operations in Western nations despite risks to civilian populations.
Russia has repeatedly denied participation in sabotage planning or attacks, dismissing such claims as Western fear tactics.
“Russia sees this (such attacks) as something which doesn’t ignite a big war,” Rosin concluded.
Australia’s biggest bank announced Monday it has hired Mary-Anne Williams to fill a newly created position as chief AI scientist, marking the first time an Australian financial institution has established such a role.
Williams will transition from her current position at the University of New South Wales, where she holds the role of deputy director at the university’s AI Institute along with other responsibilities.
The bank did not specify Williams’ start date in their announcement.
According to the financial institution’s statement, Williams brings knowledge spanning cutting-edge research, international industry partnerships, robotics, startup consulting, and real-world AI implementation across business, government, and community sectors.
Leading a team of AI researchers, Williams stated her priorities will include enhancing understanding of AI’s impact on society and promoting responsible artificial intelligence development throughout the organization.
This hiring represents part of the bank’s expanded AI investments, which feature partnerships with Anthropic, Amazon Web Services, Microsoft and OpenAI.
American technology companies and financial services organizations have been recruiting top AI executives from universities as they prioritize advanced research capabilities for responsible AI expansion.
JAKARTA, May 18 – Indonesian President Prabowo Subianto declared his nation will keep expanding its military strength in response to global uncertainties, speaking Monday during a ceremony where he formally delivered six Rafale fighter aircraft and additional defense equipment to the country’s Air Force.
The Southeast Asian nation had already taken delivery of three Rafale fighters in January, with three additional aircraft presented during Monday’s official handover event.
These six jets represent a portion of a larger procurement of 42 Rafale aircraft from Dassault Aviation, finalized through an $8.1 billion agreement in 2022.
“I believe this is a milestone in strengthening our capabilities. We must continue to enhance our defence capabilities as a deterrent. We have no interest other than safeguarding our own territory,” Prabowo stated at the ceremony.
Following Indonesian tradition, Prabowo blessed one of the Rafale aircraft by spraying its nose with flowered water, a customary practice symbolizing good fortune when receiving new items.
The former special forces commander also transferred four Dassault Falcon 8X aircraft, one Airbus A400M MRTT, a Thales’ GM403 GCI Radar system, Meteor BVR missiles and AASM Hammer smart weapons to the military.
These defense acquisitions were originally negotiated while Prabowo held the position of defense minister in the prior administration.
The Dassault Falcon aircraft will serve as official transport for the president, vice president, and visiting heads of state.
Monday’s delivery marked the second Airbus A400M received by Indonesia, following the first unit delivered in November of the previous year.
Prabowo has indicated plans to purchase four additional units of the large transport aircraft, which has the capacity to carry heavy cargo including excavators, food supplies, clothing and medical equipment.
American military officials announced Monday that U.S. forces launched fresh airstrikes targeting Islamic State militants in northeastern Nigeria over the weekend, working in partnership with Nigerian authorities.
The U.S. Africa Command reported that no American or Nigerian personnel were injured in Sunday’s military operations.
These latest strikes came just one day after a joint U.S.-Nigerian mission successfully eliminated Abu-Bilal al-Minuki, who served as the global second-in-command for the Islamic State organization, according to statements from U.S. President Donald Trump and Nigerian President Bola Ahmed Tinubu.
In describing the weekend operation, Tinubu praised the close collaboration between Nigerian and American military units, calling it “a daring joint operation that dealt a heavy blow to the ranks of the Islamic State.”
President Trump expressed gratitude to Nigeria’s leadership for their cooperation in the mission, despite having previously criticized the country for inadequate protection of Christian communities against militant Islamic groups.
The northeastern Nigerian region of Borno has been plagued by ongoing violence from Boko Haram militants and their offshoot organization, Islamic State West Africa Province, for the past 17 years. This prolonged conflict has resulted in thousands of deaths and forced approximately 2 million residents from their homes.
MANILA, Philippines — Philippine senators opened an impeachment trial Monday targeting Vice President Sara Duterte on criminal allegations, as the nation faces severe political turmoil that resulted in armed confrontation within the legislative building last week.
Last Monday, the House of Representatives voted by a large margin to impeach Duterte on accusations of unexplained wealth, improper use of government money, and making a public statement threatening the president’s assassination if political conflicts led to her own death.
The vice president, who has declared her intention to run for president in 2028, has rejected the accusations but declined to provide detailed responses to the specific allegations.
Her father, former President Rodrigo Duterte, remains in custody by the International Criminal Court facing crimes against humanity accusations. These charges relate to anti-drug operations he directed during his presidency that resulted in the deaths of thousands of primarily small-time suspects.
Before the impeachment proceedings began, 13 out of 24 senators, primarily supporters of the Duterte family, suddenly seized control of the Senate leadership last Monday, casting doubt on how the trial will conclude.
The vice president has accused President Ferdinand Marcos Jr., who was once her political partner and co-candidate in the 2022 election, of “kidnapping” her sick father, referencing his detention and transfer to the international court in The Hague last March.
The growing conflict between the nation’s top two officials demonstrates the profound political splits that have historically troubled this dynamic Asian democracy.
Senator Ronald dela Rosa, who worked as Rodrigo Duterte’s chief of national police and implemented his violent drug enforcement campaigns, is among the senators. The ICC has identified dela Rosa as a co-conspirator and issued an arrest warrant for him last Monday.
On that same day, Dela Rosa, who had been absent from the Senate for months while avoiding arrest, unexpectedly appeared in the chamber to help Sen. Alan Peter Cayetano, a major Duterte supporter, secure a narrow majority and claim the Senate leadership position.
Dela Rosa informed reporters he emerged from hiding and traveled to the Senate in Cayetano’s vehicle but nearly faced arrest by National Bureau of Investigation officers. He rushed into a stairwell and ran to the Senate floor, where Cayetano and other supporters placed him under the chamber’s “protective custody.”
A tense confrontation between Senate security staff and government agents stationed in a nearby government facility turned violent Wednesday night, with Senate personnel discharging what their supervisor, Mao Aplasca, described as warning shots. Marcos urged citizens to stay calm during a late-night television address.
Cayetano subsequently reported that dela Rosa had vanished from the Senate. Officials stated they were examining whether the gunfire incident may have been orchestrated to facilitate dela Rosa’s escape.
Major international financial institutions have upgraded their projections for China’s currency, citing the nation’s robust export performance and stabilized trade relationships with the United States.
China’s yuan has steadily climbed throughout this year, gaining almost 3% against the dollar to reach 6.8040 per dollar on Monday, while also rising approximately 2.6% compared to its primary trading partner currencies.
Several prominent banks have adjusted their forecasts:
HSBC has increased its year-end projection to 6.65 per dollar, up from its previous estimate of 6.75, based on expectations of continued modest currency strengthening.
Beyond China’s highly competitive export sector, “RMB internationalisation, long-term diversification from USD and economic rebalancing are key domestic structural themes supporting the RMB. Externally, U.S.-China economic relations have become stable and more constructive since May 2025,” HSBC analysts noted in their research.
Deutsche Bank anticipates that this year’s robust Chinese import activity will drive additional yuan appreciation.
“A surge in China’s imports of upstream products will likely be followed by a further pickup in export orders, or a recovery of domestic demand, or both,” Deutsche Bank economists Yi Xiong and Deyun Ou wrote in their analysis.
Deutsche Bank has revised its primary forecast, now expecting the currency to reach 6.55 per dollar by the end of 2026, compared to their earlier prediction of 6.7.
Goldman Sachs similarly anticipates continued and “longer-lasting” yuan appreciation, driven by China’s exceptional external surplus and competitive export capabilities.
Even with challenges from the Iran conflict and elevated energy prices, Goldman stated the medium-term perspective remains favorable, supported by anticipated worldwide investment in energy security and renewable technologies that would boost China’s export sector.
The American bank now projects the yuan will reach 6.80, 6.70 and 6.50 per dollar over three, six and twelve-month periods, revised from their previous estimates of 6.85, 6.80 and 6.70.
BEIJING, May 18 – Beijing’s foreign ministry expressed strong opposition Monday to nations offering venues for what it termed “Taiwan independence separatist” actions, following the arrival of Taiwan’s foreign minister in Switzerland for activities connected to a World Health Organization gathering.
Ministry spokesperson Guo Jiakun delivered harsh criticism during a routine press conference, stating: “The Taiwan authorities’ practice of sending people around the world to wedge into conferences to grab attention is nothing more than the behaviour of petty clowns; it will only bring humiliation on themselves and is doomed to fail.”
Beijing announced last week it would again block Taiwan from participating in the WHO’s annual World Health Assembly occurring this week, maintaining its position that Taiwan belongs to Chinese territory.
Belarus announced on Monday that it is conducting military training exercises involving nuclear weapons, according to the country’s defense ministry.
The defense ministry released a statement explaining the purpose of the exercises: “The aim of the exercise is to improve the personnel’s level of training, to test the Airborne Forces’ readiness to carry out their tasks, and to organise combat operations from unplanned areas.”
Officials emphasized that the military training exercises are not targeting any particular nation and do not create security risks for the surrounding region.
The nuclear weapons being used in these drills belong to Russia, which has deployed them in Belarus. Russian President Vladimir Putin has previously stated that Moscow maintains control over the nuclear weapons positioned in Belarus.
Court-appointed liquidators handling the collapse of Chinese property developer Evergrande Group are pursuing 57 billion yuan ($8.4 billion) in damages from accounting firm PwC, claiming the auditor failed to properly perform its duties, according to testimony Monday in a Hong Kong courtroom.
The massive damage claim adds to substantial penalties already levied against the international accounting firm by Chinese and Hong Kong regulators following Evergrande’s spectacular collapse with more than $300 billion in debt, marking it as among the largest failures in China’s troubled real estate market.
The liquidators are demanding 38 billion yuan from PwC International, PwC Hong Kong and PwC’s Chinese division combined. An additional sum is being pursued from the Hong Kong and China offices specifically.
Monday’s court session centered on determining what level of liability PwC International should face in the matter.
Richard Handyside, representing PwC International in court, contended his client should be removed from the lawsuit entirely. He maintained that the Big Four accounting network operates as separate entities, with the Hong Kong and China offices functioning independently rather than as subsidiaries.
Handyside further argued that PwC International never directly communicated with Evergrande and bore no “duty of care” regarding the property developer’s financial auditing processes.
However, Adrian Beltrami, speaking for the liquidators, countered that PwC International operates as the umbrella organization and bears responsibility for ensuring quality standards across all member firms.
Evergrande failed to meet its international debt obligations in late 2021, and Hong Kong’s High Court mandated the company’s liquidation in 2024.
Chinese authorities imposed severe sanctions on PwC’s domestic operation in 2024, including a six-month business suspension and a record-breaking 441 million yuan ($65 million) penalty related to its Evergrande audit work.
China Securities Regulatory Commission investigators determined that PwC Zhong Tian LLP “turned a blind eye” to and “even condoned” Evergrande’s revenue inflation and bond issuances based on falsified financial data.
Hong Kong regulators similarly concluded that PwC Hong Kong severely violated its professional obligations during its Evergrande auditing work.
The Hong Kong office faced a HK$300 million penalty and six-month suspension, while also agreeing with the city’s securities regulator to establish a HK$1 billion ($128 million) fund for compensating Evergrande’s independent minority shareholders.
Outstanding creditor claims against Evergrande total approximately $45 billion, though liquidators report that only around $255 million in assets had been sold through last August.
Stock prices for Advanced Medical Solutions plummeted by up to 27% during Monday trading after private equity company TA Associates announced it was abandoning its potential acquisition of the British medical supply company.
The private equity firm made its decision public on Friday, stating it would not be moving forward with a purchase offer for the medical supplier.
Spain’s conservative People’s Party claimed victory in Sunday’s regional election in Andalusia but will need to form a coalition with the far-right Vox party to maintain control after losing their outright majority.
The election in Spain’s most populated region served as a political preview for next year’s anticipated national contest, where the same conservative alliance aims to remove Socialist Prime Minister Pedro Sanchez after nearly a decade of left-wing leadership.
Campaign issues centered heavily around healthcare system failures, drug trafficking problems, and joblessness throughout the region.
The People’s Party secured 53 legislative seats, dropping from their previous 58 in 2022 and falling short of the 55-seat threshold needed for complete control in the 109-member regional assembly.
The Socialist Party lost two positions, ending with 28 seats in what represents their poorest performance ever in what was once considered their electoral fortress. Meanwhile, Vox gained one seat for a total of 15, improving from their previous 14.
The left-wing regional party Adelante Andalucia experienced significant growth, jumping from two seats four years ago to eight, while the leftist Por Andalucia coalition maintained their existing five seats.
“We said it would be complicated. We have fallen short,” regional leader Juanma Moreno of the PP stated, having campaigned on promises of moderate governance without Vox involvement.
The People’s Party has previously established coalition agreements with Vox in the Extremadura and Aragon regions and appears positioned to create a similar arrangement in Castile and Leon in the coming weeks.
Socialist candidate Maria Jesus Montero, who previously held positions as the nation’s Budget Minister and Sanchez’s first deputy, accepted responsibility for the disappointing outcome and promised her party would address its shortcomings.
Andalusia remained solidly Socialist territory until 2018, when anti-establishment sentiment fueled Vox’s rise. This marked the first occasion in Spain’s democratic era that the People’s Party struck a deal with far-right forces for support, though that arrangement dissolved in 2022 when the PP achieved absolute majority control.
PARIS, May 18 (Reuters) – Treasury Secretary Scott Bessent announced Monday his intention to urge fellow G7 finance ministers to implement a comprehensive sanctions framework designed to prevent financial resources from reaching what he characterized as Iran’s “war machine.”
The Treasury Secretary also characterized the recent diplomatic mission to China, which included a U.S. delegation headed by President Donald Trump, as “very successful.”
The White House announced Sunday that China has agreed to address American concerns regarding critical mineral shortages, following agreements reached during last week’s leadership summit. However, the announcement stops short of demanding the elimination of export restrictions that have caused significant disruptions to US aerospace and semiconductor production.
Beijing implemented these controls in April 2025 as a response to US President Donald Trump’s Liberation Day tariffs. The restrictions continue to severely limit exports of specific rare earth materials, despite an agreement reached at October’s Busan summit where the White House stated China had pledged to “effectively eliminate” all existing and planned critical mineral export controls.
Six months later, the White House’s most recent statement appears to quietly accept that China’s export control system will remain operational. The announcement also failed to address whether a temporary one-year suspension of broader Chinese rare earth restrictions, set to end in November, would be renewed.
According to Sunday’s fact sheet outlining major outcomes from the Beijing summit, China committed to addressing American concerns about shortages of essential minerals and rare earths, specifically yttrium, scandium and indium.
The document also indicated China would tackle US worries regarding export limitations on rare earth processing technology, which Beijing strictly protects to safeguard domestic manufacturers who handle nearly all global production.
In contrast to the White House announcement, China’s Ministry of Commerce did not reference rare earths in its own summary released Saturday.
“The gap in this case is not ideal, but fine,” stated Cory Combs, associate director at macro research firm Trivium China.
“What’s most important is that both sides have clearly, credibly indicated interest in stability and they are able to effectively market that message to their own domestic audiences.”
While export permits for rare earths are being processed for industries such as automotive and consumer electronics, companies operating in sensitive sectors where these materials have potential military uses continue facing significant delays.
Previous reporting revealed that persistent shortages of yttrium — a component in heat-resistant coatings for aircraft engines — and scandium utilized in semiconductor production have seriously affected American industry. Businesses have pressured Washington to negotiate with Beijing on their behalf.
Among the critical minerals the White House mentioned for the first time is indium, which serves an essential function in both upstream and downstream semiconductor supply chains and has appeared on China’s export control list since February 2025.
The compound indium phosphide is vital for producing advanced photonic chips that utilize light rather than electricity for data processing, along with high-speed optical lasers employed in fiber optic networks and 6G systems. Another compound, indium tin oxide, is necessary for manufacturing LED displays in consumer electronics.
Companies like Coherent are increasing production of photonic chips that are being rapidly incorporated into AI data center development worldwide.
Chinese indium exports have dropped substantially in the 14 months following February 2025 compared to the equivalent period previously, according to customs data. Global shipments have decreased by approximately two-thirds, with US shipments falling by 77%.
Coherent’s CEO joined the executive delegation that accompanied Trump during his visit, with all participating companies confronting regulatory or political challenges in China. Coherent controls a 40% global market share in indium phosphide optical components.
“If Chinese licensing remains slow or politically contingent, Coherent could face higher input costs, allocation problems, delayed capacity expansion, and difficulty meeting hyperscaler demand,” explained Paul Triolo, partner and China technology policy lead at DGA-Albright Stonebridge Group.
NEW DELHI, May 18 – A judicial ruling in India has directed Apple to work with regulators examining antitrust allegations concerning the company’s iPhone application marketplace, rejecting the technology giant’s attempt to suspend proceedings while it contests penalty regulations.
The Delhi High Court issued a directive posted to its website Saturday stating Apple “shall fully cooperate,” while instructing the Competition Commission of India (CCI) to delay issuing any final ruling until July 15 at the earliest.
The tech company had sought a suspension of the proceedings and claimed the CCI overstepped its authority by requiring the firm to provide financial documents – information normally required for determining penalties – while Apple maintains an active challenge to penalty legislation, according to Reuters reporting.
Regulators have pursued Apple’s financial records following a 2024 investigation that determined the company misused its market dominance.
Apple has rejected any wrongdoing and opposed CCI requirements, contending it has contested India’s complete antitrust penalty framework and the regulatory body should delay action.
This Indian matter represents one of numerous antitrust challenges Apple confronts worldwide for suspected competitive violations. India serves as an important marketplace for Apple, with iPhones holding 9% market share compared to 4% from two years prior, according to Counterpoint Research data.
Cleveland demonstrated their playoff experience Sunday night, delivering a commanding Game 7 performance on the road in the Eastern Conference semifinals.
Their veteran presence showed, and that familiarity with high-pressure situations made all the difference.
Donovan Mitchell topped all players with 26 points, while Jarrett Allen delivered another standout performance in a series-deciding game, helping Cleveland secure their Eastern Conference finals berth with a dominant 125-94 victory over Detroit in the final game of their semifinal matchup.
Allen dominated his matchup against Jalen Duren 23-7, Sam Merrill contributed 23 points coming off the bench, and Evan Mobley recorded his series-first double-double with 21 points and a game-leading 12 rebounds. The fourth-seeded Cavaliers will now battle the third-seeded New York Knicks in a best-of-seven series beginning Tuesday night at Madison Square Garden.
Cleveland wasted little time looking toward their next challenge.
“This is fantastic. I’m excited, believe me. But we’ve got to be more disciplined (Tuesday),” Mitchell told a television audience, making a reference to two series-opening losses at Detroit, then a defeat at home in Game 6 with a chance to advance. “We shouldn’t have to wait to get hit, to get punched in the mouth and face a go-home situation.”
Dominating the top-seeded Pistons across all aspects of the game, Cleveland established a 20-point advantage during the opening half, stretched their lead to 26 points in the third quarter, and cruised to their first Eastern finals appearance since defeating the Boston Celtics in seven games during 2018.
Detroit’s quest to reach the Eastern finals continues for an 18th straight season, as All-Star guard Cade Cunningham struggled to a 13-point performance while missing all seven attempts from beyond the arc, and Tobias Harris went scoreless from the field on six attempts, finishing with just five points.
Extending their Game 7 winning streak to six straight dating to 2008, Cleveland shot 50.6% (43 of 85) compared to Detroit’s 35.3% (30 of 85) while controlling the boards 50-41.
Allen, who recorded 22 points and 19 rebounds when Cleveland required a Game 7 to eliminate the Toronto Raptors in the opening round, scored 15 of his 23 points before halftime. He praised Mitchell’s approach for setting the early tone.
“He started out the game not trying to take it over, not trying to score every single basket,” the big man praised in a televised on-court interview moments after the final horn. “He started the game trying to distribute the ball. That’s huge for a leader like him — trying to get everybody else going, then getting himself going second.”
The decisive victory should benefit Cleveland’s preparation for their upcoming series, with just one day of rest before traveling to New York.
“We know it’s going to be a loud environment. But we know that we can do it,” Allen boasted. “We came into an incredible arena like this and took over the game. We just have to do it again.”
Daniss Jenkins paced Detroit with 17 points and five assists, while Duncan Robinson added 13 points and Caris LeVert contributed 11. Duren led the team with nine rebounds.
During his postgame media session, Pistons coach JB Bickerstaff praised Cleveland while looking ahead to future opportunities.
“We knew it was going to be a tough series and a tough test for us. (The Cavaliers) outplayed us; give them credit for it,” he said. “Just like last year (when the Pistons lost in the first round to the Knicks), we’ll put it in our pocket. We’ll learn from it, and next year we’ll grow and be a better team.”
Ukraine’s Foreign Minister Andrii Sybiha announced Monday that he engaged in productive weekend discussions with Hungary’s Foreign Minister Anita Orban regarding minority rights concerns.
The officials have scheduled expert-level discussions between their nations for this week focused on addressing issues affecting the Hungarian minority population living in Ukraine’s Zakarpattia region, according to Sybiha’s announcement.
“We are prepared to work with the new Hungarian government on all issues of our bilateral agenda, including the national minority topic, with the aim of restoring trust and good-neighbourly relations between our countries,” Sybiha wrote on X.
The Ukrainian foreign minister characterized his weekend conversation with Orban as “constructive and substantive” and said the upcoming consultations would seek “practical and robust solutions for the Hungarian minority in the Zakarpattia region.”
Motorists traveling on Interstate 495 southbound toward US-13 southbound should prepare for intermittent lane restrictions that will continue until 5 a.m.
The lane closures are currently affecting traffic flow in the area, and drivers are advised to plan for potential delays during their commute.
Travelers should consider alternate routes or allow extra time when using this corridor until the restrictions are lifted in the early morning hours.
ROTTERDAM, Netherlands (AP) — A cruise vessel affected by a fatal hantavirus outbreak is set to dock at Rotterdam’s port in the Netherlands Monday morning.
The MV Hondius completed a six-day voyage from the Canary Islands, where the final passengers were removed from the ship by staff wearing complete protective equipment and put on aircraft bound for over 20 nations for quarantine purposes.
The virus outbreak aboard the vessel has infected 11 individuals, with nine cases receiving confirmation. Three travelers have lost their lives, including a Dutch couple whom health authorities believe were initially infected with the virus during a visit to South America.
The Public Health Agency of Canada reported that one of four Canadian citizens in isolation following their departure from the ship tested positive on Sunday, and they would provide details about the case to the World Health Organization.
The ship completed its voyage from Tenerife along the African and European coastlines carrying 25 crew members and two medical staff. Ship operator Oceanwide Expeditions stated that no one aboard the vessel is showing any symptoms.
Crew members unable to travel home will undergo quarantine in the Netherlands, according to the Dutch health ministry’s announcement last week. Approximately two dozen passengers and crew are currently quarantined in the Netherlands after reaching the country through multiple flights during the past two weeks.
Eighteen Americans are presently under medical supervision at specialized treatment centers in the United States equipped to handle patients with hazardous infectious illnesses.
Following the disembarkation of all individuals on board, the vessel will undergo decontamination according to Dutch public health protocols. “Personal protective measures are being taken to ensure that the cleaners do not need to quarantine after the cleaning,” the health ministry stated in correspondence to the Dutch parliament last week.
Public health authorities will examine the ship before permitting it to resume operations. The hantavirus outbreak on the MV Hondius represents the first documented incident on a cruise vessel.
The Dutch company operating the cruise ship indicated it does not anticipate any modifications to its business operations. The company has an Arctic voyage departing from Keflavik, Iceland, scheduled for May 29.
France’s Pasteur Institute announced Saturday that it completed full genetic sequencing of the Andes virus identified in a French passenger from the MV Hondius cruise vessel and determined it corresponds with viruses previously identified in South America, showing no indication of new features that would increase transmission or severity.
COLUMBIA, S.C. — South Carolina state lawmakers will begin comprehensive discussions Monday regarding a proposal to reconfigure the state’s congressional boundaries, launching what could be an extended and contentious debate over whether to fulfill President Donald Trump’s vision for a House map delivering complete Republican control.
Similar heated discussions have already unfolded in Tennessee, Alabama and Louisiana as the GOP moves decisively to capitalize on a recent U.S. Supreme Court decision that diminished Voting Rights Act safeguards for minority-majority districts. This court decision has created opportunities for Republicans to redesign districts containing substantial Black voter populations that traditionally elect Democratic candidates.
Within South Carolina, this strategy focuses on the district currently represented by U.S. Rep. Jim Clyburn, who stands as the sole Democratic member among the state’s seven House representatives.
Clyburn has declared he will not step down from office, regardless of any district modifications. Speaking to reporters in Washington last week, he noted his residences in Columbia, Charleston and Santee, stating: “I live in three districts. I’ll decide which one to run in.”
“It ain’t about Jim Clyburn’s district,” he said. “This isn’t about voting. This is about turning the clock back to Jim Crow 2.0.”
Early voting begins May 26 for South Carolina’s statewide primary elections scheduled for June 9. Beyond congressional redistricting, proposed House legislation would postpone U.S. House primaries until August. The measure requires Senate approval if it passes the House.
Republican Gov. Henry McMaster, who convened the special legislative session on redistricting, emphasized the importance of maximizing South Carolina’s Republican representation in Washington to help prevent Democratic House control and potential Trump impeachment efforts.
However, certain Republicans worry that attempting to create a 7-0 Republican House delegation might dilute GOP voter strength too broadly, potentially making currently safe Republican districts vulnerable to Democratic challenges.
Republicans currently lead in nationwide redistricting efforts. Following Trump’s call for Texas Republicans to redistrict last year, the GOP believes it could secure up to 15 additional seats through new maps in Texas, Missouri, North Carolina, Ohio, Florida, Tennessee and Alabama. Democrats anticipate gaining six seats from revised maps in California and Utah. Legal challenges continue in several states, with voters ultimately determining electoral outcomes.
NEWPORT NEWS, Va. — Nearly three years after a shocking school shooting, a former elementary school assistant principal will face a jury on criminal charges for allegedly disregarding warnings about a young student who brought a firearm to campus.
Ebony Parker’s trial begins Monday in Newport News, Virginia, where prosecutors have filed eight felony child neglect charges against her — one count for each bullet in the weapon that a 6-year-old brought into teacher Abby Zwerner’s first-grade classroom at Richneck Elementary in January 2023.
Each felony charge could result in up to five years behind bars if Parker is convicted. Court documents state the charges claim Parker “did commit a willful act or omission in the care of such students, in a manner so gross, wanton and culpable as to show a reckless disregard for human life.”
Legal experts note that bringing criminal charges against school administrators following campus shootings is extremely uncommon. The incident stunned both the local military shipbuilding community and the nation, raising troubling questions about how such a young child could obtain a weapon and use it against an educator.
In November, a jury sided with Zwerner in her civil lawsuit, awarding her $10 million after determining that Parker, the former assistant principal, failed to respond to multiple warnings about the student possessing a gun.
The shooting occurred while Zwerner sat at a reading table in her classroom. She required hospitalization for almost two weeks, underwent six surgical procedures, and lost full function in her left hand. The bullet came dangerously close to her heart and still remains lodged in her chest.
Parker stood as the sole defendant in the civil case after a judge removed both the district’s superintendent and the school’s principal from the lawsuit.
According to the lawsuit, Parker had a responsibility to safeguard Zwerner and other individuals after receiving information about the weapon. Zwerner’s legal team argued that Parker took no action during the hours leading up to the shooting, despite multiple staff members informing her that the student carried a gun in his backpack.
During testimony, Zwerner stated she first learned about the weapon before recess from a reading specialist who had been alerted by other students. The shooting happened several hours afterward. Even with her injuries, Zwerner managed to evacuate her students from the classroom before eventually losing consciousness in the school office.
Court records show Zwerner is expected to provide testimony in the criminal proceedings.
The student’s mother received a sentence of nearly four years in prison on felony child neglect and federal weapons violations. Her son informed investigators he scaled a dresser to take the gun from his mother’s purse.
The Food and Drug Administration has given the green light to a new blood pressure medication that could help millions of Americans struggling with uncontrolled hypertension, the Anglo-Swedish pharmaceutical company AstraZeneca announced Monday.
The newly approved medication, called Baxfendy, represents a fresh approach for patients whose high blood pressure remains problematic even while taking current medications. Federal regulators have authorized its use alongside other blood pressure treatments.
Company officials project the medication could bring in over $5 billion in yearly revenue at its peak sales period.
Unlike traditional blood pressure medications such as water pills and ACE inhibitors, Baxfendy works by blocking the creation of aldosterone, a hormone that can elevate blood pressure and heighten the chances of heart and kidney complications. This hormonal targeting represents a departure from older treatment methods that don’t tackle these underlying hormone issues.
Researchers are also investigating whether Baxfendy could treat chronic kidney disease and heart failure conditions.
The approval gives AstraZeneca a competitive edge over U.S. biotech company Mineralys Therapeutics, which is working on a competing medication called lorundrostat. Federal regulators are currently reviewing Mineralys’ drug, with a decision anticipated in December.
According to World Health Organization statistics, approximately 1.4 billion people globally suffer from high blood pressure, making it a leading contributor to early death. Government figures show nearly half of American adults – roughly 120 million people – deal with elevated blood pressure.
Federal drug officials based their approval on results from an advanced clinical trial where the medication substantially lowered blood pressure in patients whose condition remained uncontrolled or resistant to existing treatments.
During the study, participants taking a 2 mg dose of Baxfendy along with standard care saw their systolic blood pressure drop by 9.8 millimetres of mercury from starting levels after 12 weeks, when compared to those receiving a placebo. The 1 mg dose reduced the pressure created by the heart’s pumping action by 8.7 mmHg.
AstraZeneca obtained the medication through its $1.8 billion purchase of CinCor Pharma in February 2023.
A major German industrial company announced Monday it will shut down an automotive manufacturing facility in Indiana by late March 2025 as part of a broader restructuring effort.
Thyssenkrupp revealed in a Monday statement that its Terre Haute production facility will cease operations as the company overhauls its automotive division.
The company plans to consolidate its chassis manufacturing operations at its Ohio location in Hamilton, according to the announcement.
Approximately 320 workers are currently employed at the Terre Haute facility, which will undergo a gradual shutdown process, the company stated.
The Washington Nationals have launched an investigation following a disturbing incident at Sunday’s baseball game where several individuals displayed a banner promoting a white nationalist website and demanding the deportation of “100+ million” people.
The incident occurred during the team’s daily “Salute to Service” ceremony honoring military personnel and veterans, which takes place before the fourth inning. Three people unfurled the controversial banner in the upper deck along the first-base line at Nationals Park.
When a stadium usher tried to take down the banner, the three individuals holding it pulled it away and quickly left the ballpark, according to a team spokesperson.
Team officials have successfully identified and permanently banned at least one person involved in the incident from Nationals Park. The organization is collaborating with the Metropolitan Police Department for additional investigation but has not revealed the identity of the banned individual.
“The Washington Nationals vehemently condemn discriminatory and hateful rhetoric, and we strive to make our home field a safe space for our fans,” the team said in a statement to multiple media outlets.
Jake Lang, a Jan. 6 rioter and conservative influencer, took credit for the banner on social media.
The Athletic reported that it is not clear at this time how the banner got through security, with the stadium’s magnetometers able to detect weapons but would not flag something like a nylon sign.
The team’s official policy states that “signs, banners and fan activities do not distract from the enjoyment of sports games or other forms of entertainment” and includes specific restrictions on size and materials used.
According to stadium guidelines, the baseball park “is not a forum or place for use by the public at large for assembly and speech, for use by certain speakers or for the discussion of certain subjects.”
Permitted messages must focus on Major League Baseball, Nationals players, management, staff, broadcast entities, or family-friendly occasions like birthdays, anniversaries, and engagements.
The policy specifically prohibits banners and signs containing messages that are “slanderous,” “obscene, vulgar or indecent and inappropriate for viewing by children,” contain “fighting words” likely to provoke conflict, serve commercial purposes, or include “derogatory matter relating to race, ethnicity, color, sex, sexual orientation, gender identity or expression, religion, national origin, ancestry, disability, marital status, age, personal appearance, familial status, familial responsibilities, matriculation, political affiliation, source of income, status as a victim of an intrafamily offense, place of residence or business or any other category protected by D.C. law.”
Stadium management maintains the authority to remove non-compliant banners or require guests to stop displaying them immediately.
The Nationals lost Sunday’s game to the Baltimore Orioles by a score of 7-3.
A Hong Kong courtroom concluded closing arguments Monday in a national security case targeting two former leaders who organized large-scale memorial events for the 1989 Tiananmen Square protests.
For many years, Hong Kong remained the sole location within China where citizens could publicly gather to remember the 1989 crackdown. These memorial gatherings were prohibited starting in 2020, and the two former coordinators faced charges in 2021 for allegedly encouraging subversion under national security legislation imposed by Beijing that has effectively silenced the city’s democracy advocacy movement.
The defendants, Chow Hang-tung and Lee Cheuk-yan, previously led the Hong Kong Alliance in Support of Patriotic Democratic Movements of China and have entered not guilty pleas. A conviction could result in prison sentences of up to 10 years.
Legal experts view this prosecution as evidence of diminishing Western-style freedoms in the city, which Beijing had committed to preserving for five decades following Hong Kong’s 1997 transfer from British control. Both Beijing and Hong Kong officials maintain the security legislation is essential for maintaining civic order.
Throughout the proceedings, prosecutors emphasized the alliance’s central goal of “ending one-party rule,” claiming the defendants encouraged others to pursue illegal methods to topple China’s Communist Party leadership. The prosecution maintained the accused were not seeking constitutional reforms.
During Monday’s session, prosecutor Ned Lai stated that speech, assembly and association rights have limitations, claiming Lee and Chow were trying to obscure the case’s focus through human rights defenses.
“The freedoms of speech, association and assembly mentioned by D2 and D4 are not ‘trump cards’ that can override the law,” Lai stated, using the defendants’ court identification numbers.
In earlier court sessions, Lee rejected the notion that “ending one-party rule” meant dismantling Communist Party authority. He contended it represented progress toward democratic governance, allowing citizens to choose their leaders, and that the Communist Party should abandon “dictatorship.”
Chow, a legal professional representing herself, maintained her previous writings were not meant to provoke action or animosity but rather to help Hong Kong residents better understand mainland China, where many citizens also aspire to democratic reforms.
A third co-defendant, Albert Ho, admitted guilt when proceedings started in January. Guilty pleas often lead to reduced sentencing.
The proceedings, originally planned for 75 days, are anticipated to conclude ahead of schedule. However, the presiding judges have not announced when they will issue their decision.
Massive crowds participated in Hong Kong’s yearly Tiananmen memorial events until officials prohibited them in 2020 citing COVID-19 health concerns.
Following the lifting of pandemic restrictions, pro-Beijing organizations held a festival at the former vigil location. Individuals who attempted to honor the event near the site on June 4, the anniversary date, were arrested.
Asian financial markets experienced widespread declines Monday while crude oil prices surged following President Trump’s stark warning to Tehran that time is running out as diplomatic efforts to end the ongoing conflict remain stalled.
American market futures dropped more than 0.6% in early trading.
Japanese and South Korean exchanges retreated from recent record highs. The Nikkei 225 in Tokyo declined 0.9% to 60,843.09, with technology stocks leading the downturn after the index hit all-time peaks above 63,000 last week.
Japanese government bond yields on 10-year notes climbed to 2.8%, reaching the highest point since the late 1990s as part of a broader trend toward increased yields. The Bank of Japan’s gradual interest rate increases and rising energy costs have sparked inflation concerns, pushing yields up from approximately 2.55% just a week earlier.
Seoul’s Kospi recovered to gain 0.9% at 7,558.50 after earlier losses during the trading session. The index had crossed 8,000 on Friday, boosted by artificial intelligence-driven technology stock purchases, before declining on investor profit-taking.
Hong Kong’s Hang Seng dropped 1.6% to 25,543.32. Shanghai’s Composite index slipped 0.1% to 4,132.24 following disappointing Chinese retail sales data for April.
Australia’s S&P/ASX 200 fell 1.4% to 8,508.40.
Taiwan’s Taiex decreased 1.1%, while India’s Sensex declined 0.6%.
Crude oil markets rallied after Trump’s social media warning to Iran stating “the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them” following discussions with Israeli Prime Minister Benjamin Netanyahu.
Market participants remain wary given Trump’s history of setting Iran deadlines before stepping back, creating uncertainty about the Strait of Hormuz situation and its effects on worldwide energy transportation, including oil and natural gas. The waterway remains largely blocked, while American naval forces have maintained a maritime blockade of Iranian ports since last month.
Weekend drone attacks on a United Arab Emirates nuclear facility heightened concerns about potential conflict escalation.
International Brent crude prices rose 1.9% to $111.31 per barrel, compared to roughly $70 per barrel in late February before the Iran conflict began. U.S. benchmark crude traded 2.3% higher at $107.83 per barrel.
“Re-escalation risks are increasing,” wrote ING commodities strategists Warren Patterson and Ewa Manthey in their research analysis. Despite increased shipping activity near the strait recently, they noted “this can change quickly.”
The analysts also highlighted oil market reactions to the absence of concrete progress on the Iran situation following last week’s closely watched summit between Trump and Chinese President Xi Jinping in Beijing. The White House reported both nations agreed the Strait of Hormuz must stay open.
American officials hoped Beijing might leverage its economic relationships with Iran to facilitate peace negotiations and reopen the strait. Trump mentioned in a recent interview that Xi indicated China “would like to be of help” in ending the conflict, though Beijing’s specific role remains unclear.
U.S. 10-year Treasury yields reached approximately 4.63%, up from 4.47% last Thursday and significantly higher than the nearly 4% level maintained before the Iran conflict.
Friday saw the S&P 500 benchmark drop 1.2% from its previous day’s record. The Dow Jones Industrial Average fell 1.1% while the technology-focused Nasdaq composite lost 1.5%.
Currency markets showed the dollar strengthening to 159.02 Japanese yen from 158.62 yen. The euro traded at $1.1626, up from $1.1622.
A major international bank announced Monday the creation of a $4 billion lending program designed to help Chinese sustainable technology firms expand their operations worldwide.
HSBC unveiled its new Sustainability and Transition Credit Facility to provide financial backing for mainland Chinese businesses working in clean energy, electric vehicles, data centers, and artificial intelligence technologies.
The timing coincides with growing global demand for renewable energy sources like wind and solar power, which have become cost-competitive alternatives to traditional fossil fuels amid ongoing conflicts including the Iran war.
China has established itself as the world’s top producer of solar panels and battery technology, while also leading global deployment of various environmentally-friendly technologies as part of its emissions reduction strategy and international expansion goals.
Market projections indicate significant growth potential in these sectors. Worldwide electric vehicle sales are expected to reach 26 million units by 2026, according to HSBC’s research. Meanwhile, the International Energy Agency forecasts that data center electricity consumption could nearly double to 945 terawatt hours by 2030.
Under the new lending arrangement, HSBC will offer extended credit terms, faster approval processes, and customized financial solutions for qualifying businesses.
“China is home to some of the world’s most dynamic low-carbon companies” that are “setting new benchmarks in high-end manufacturing,” said Natalie Blyth, HSBC’s global head of sustainable finance and transition.
“As they scale internationally, they need financial partners with the global reach and expertise to support them. This facility is designed to provide exactly that,” Blyth said.
Research from Australian group Climate Energy Finance indicates that Chinese companies have pledged over $180 billion toward international clean technology investments since 2023.
The ongoing U.S.-Israeli conflict with Iran has generated financial losses of at least $25 billion for businesses worldwide, with costs continuing to mount, according to a new analysis.
An examination of corporate announcements since the conflict began reveals the widespread economic impact affecting companies across the United States, Europe and Asia. Businesses are dealing with escalating energy costs, disrupted supply chains and blocked trade routes resulting from Iran’s control over the Strait of Hormuz.
The analysis found that no fewer than 279 corporations have pointed to the war as a reason for implementing protective measures to reduce financial damage, such as raising prices and cutting production. Additional companies have paused dividend payments or stock buybacks, temporarily laid off workers, implemented fuel surcharges, or requested emergency government aid.
This disruption represents another major challenge for global business following the COVID-19 pandemic and Russia’s invasion of Ukraine, leading to reduced expectations for the remainder of the year with little indication that a peace agreement is near.
“This level of industry decline is similar to what we have observed during the global financial crisis and even higher than during other recessionary periods,” Whirlpool CEO Marc Bitzer told analysts after it slashed its full-year forecast in half and suspended its dividend.
As economic growth decelerates, companies’ ability to raise prices will diminish and fixed expenses will become more difficult to manage, analysts warn, putting profit margins at risk in the second quarter and beyond. Continued price increases are expected to drive inflation higher, further damaging consumer confidence that is already weakened.
“Consumers are holding back on replacing products and rather repairing them,” Bitzer said.
The home appliance manufacturer is among many affected companies. Businesses including Procter & Gamble, Malaysian condom maker Karex and Toyota have issued warnings about the growing financial impact as the conflict reaches its third month.
Iran’s closure of the Strait of Hormuz — the world’s most important energy transit point — has driven oil prices beyond $100 per barrel, representing an increase of more than 50% since before the war began.
The blockade has increased shipping expenses, limited access to raw materials and eliminated trade routes essential for moving goods. Availability of fertilizers, helium, aluminum, polyethylene and other crucial materials has been affected.
Twenty percent of companies examined in the review — which produce items ranging from cosmetics to tires and detergent, plus cruise operators and airlines — have reported financial damage from the war.
Most affected companies were located in the UK and Europe, where energy expenses were already high, while nearly one-third came from Asia, demonstrating those areas’ heavy dependence on Middle Eastern oil and fuel products.
For comparison, hundreds of companies had reported more than $35 billion in expenses by October last year related to U.S. President Donald Trump’s 2025 tariffs.
Airlines represent the largest portion of measured war-related expenses, accounting for almost $15 billion, as jet fuel costs have nearly doubled. As the supply chain problems continue, additional companies from various sectors are raising concerns. Japan’s Toyota projected a $4.3 billion impact while P&G estimated a $1 billion after-tax profit loss.
Fast-food chain McDonald’s announced earlier this month that it anticipated higher long-term cost inflation from continuing supply-chain problems, the type of warning that had previously been limited to industrial company earnings calls.
The increase in fuel costs is reducing demand from lower-income consumers, CEO Chris Kempczinski explained, noting that “elevated gas prices are the core issue we’re seeing right now.”
Nearly 40 companies in the industrial, chemical, and materials sectors have announced price increases due to their dependence on Middle Eastern petrochemical supplies.
Newell Brands Chief Financial Officer Mark Erceg stated earlier this month that each $5 increase in oil prices per barrel adds approximately $5 million in expenses.
German tire manufacturer Continental anticipates losses of at least 100 million euros ($117 million) starting in the second quarter because rising oil prices are making raw materials more costly.
Continental executive Roland Welzbacher explained earlier this month that it would require three to four months before impacting the company’s financial statements. “It probably hits us late in Q2, and then it will come in full-blown in the second half,” he said.
Corporate earnings remained strong during the first quarter, helping explain why major stock indices like the S&P 500 have reached record highs despite rising energy costs and increasing bond yields due to inflation concerns.
Since March 31, forecasts for second-quarter net profit margins have been reduced by 0.38 percentage points for S&P 500 industrial companies, 0.14 percentage points for consumer discretionary firms and 0.08 percentage points for consumer staples, according to FactSet data.
European companies listed on the STOXX 600 will experience margin pressure starting in the second quarter, as passing along additional costs will become more challenging and hedging protection ends, Goldman Sachs analysts noted.
Consumer-oriented industries including automobiles, telecommunications, and household goods are experiencing negative forecast adjustments of more than 5% for the next 12 months, according to Gerry Fowler, UBS head of European equity strategy.
In Japan, analysts have reduced second-quarter earnings growth estimates to 11.8% since late March, cutting previous projections in half.
“The true earnings hit has not yet materialized in most companies’ results,” said Rami Sarafa, CEO of Cordoba Advisory Partners.
Global financial markets are grappling with escalating energy costs and inflation fears as diplomatic efforts between the United States and Iran continue to stall. Market participants had previously anticipated that both nations would reach an agreement quickly, but Tehran continues to deploy attack drones while President Trump communicates through social media in capital letters.
The critical Strait of Hormuz shipping route remains largely blocked, with only a handful of vessels managing to pass through compared to the typical 136 ships per day before the conflict began. This dramatic reduction in oil transport has caused global petroleum reserves to decline rapidly, with industry experts projecting that one billion barrels of crude oil will be lost by May’s end.
Energy analysts warn that actual supply shortages will likely emerge in June, requiring significant demand reduction to stabilize markets through substantially higher prices. Brent crude has climbed back above $111 per barrel, while September contracts have exceeded $100.
The energy price surge threatens to worsen global inflation just as the summer driving season approaches, and economic data from China already shows signs of strain. Chinese retail sales increased by only 0.2% in April, well below the anticipated 2.0% growth, while manufacturing output also disappointed expectations.
Bond markets have continued their decline as 10-year Treasury yields reached 4.631%, their peak since February 2025, and 30-year yields hit 5.159%. These elevated borrowing costs will expand Washington’s already substantial budget deficit, combining debt service concerns with inflation pressures.
The current administration has shown little interest in fiscal restraint, instead proposing a $1.5 trillion defense budget while spending billions on construction projects including a ballroom and a triumphal arch.
These interconnected challenges involving conflict, energy prices, inflation, interest rates, and government debt will dominate discussions when G7 finance ministers and central bankers convene in Paris today. The meeting will also serve as an early test for new Fed Chair Kevin Warsh as he navigates between inflation management and President Trump’s preference for lower interest rates.
Rising yields are also increasing the discount rate applied to future corporate profits, putting pressure on already elevated stock valuations in certain sectors. Although earnings reports have generally been positive, Citi analysts note that much of the improvement stems from temporary gains, including tariff refunds that benefit companies rather than the customers who originally paid them.
According to Citi’s analysis, just 20 companies accounted for nearly all positive earnings surprises. When excluding artificial intelligence and energy sectors, S&P 500 earnings projections remained unchanged for 2027.
This backdrop sets high stakes for AI leader Nvidia’s earnings announcement on Wednesday, where market expectations are extremely elevated. Wall Street anticipates revenue of approximately $78.5 billion, representing an 80% year-over-year increase, with adjusted earnings per share between $1.75 and $1.78. Despite beating forecasts in its previous report, Nvidia’s stock declined in after-hours trading.
Monday’s key market-moving event includes the G7 finance ministers and central bankers meeting hosted by France in Paris.
An artificial intelligence company called Anthropic plans to meet with the Financial Stability Board to address cybersecurity weaknesses in the worldwide financial system that were discovered by its newest AI model called Mythos, according to a Financial Times report published Monday.
Sources familiar with the planned discussion provided the information to the Financial Times, though Reuters was unable to immediately confirm the report.
SYDNEY, May 18 – Australia’s center-left administration is confronting significant public opposition following the implementation of sweeping investment tax reforms in their recent budget, marking a departure from campaign commitments, two major polling surveys reveal.
The administration announced last week plans to restrict capital gains tax benefits and negative gearing policies on investment properties as part of efforts to tackle generational inequality in wealth distribution.
Critics have argued these policies have historically favored older, more affluent property investors in the housing market.
A Newspoll survey taken following the budget announcement showed 47% of respondents viewed the measures as harmful to economic growth.
Additionally, 60% of those polled described the housing policy changes as either a “step in the wrong direction” or said they would “make no difference.”
The budget received a negative 25-point net approval score, marking it as the least popular in recent decades according to the poll of 1,252 respondents.
Despite the budget’s poor reception, the Labor government’s primary support level held steady at 31%. Prime Minister Anthony Albanese maintained his position as voters’ preferred leader, though his approval rating remained at negative 17%.
Opposition leader Angus Taylor saw his approval rating climb one point to negative 12%, while support for the conservative-coalition opposition fell one point to 20%. The far-right One Nation party gained 3 points, reaching 27% support.
A second Resolve poll surveying 1,800 voters showed the budget had a negative impact on Labor’s primary support, which dropped 3 points to 29%.
One Nation benefited from this shift, gaining 2 points to reach 24%, while the coalition remained at 23%.
In the Resolve survey, Taylor emerged as voters’ preferred prime minister choice, leading Anthony Albanese 33% to 30%.
The budget proved particularly unpopular among older demographics, property investors, and homeowners, with roughly 40% in each group stating that Labor’s broken campaign pledges negatively affected their opinion of the party.
Younger Australian citizens and renters showed less opposition to the proposed changes, according to polling data.
Property investment tax reform represents a politically challenging issue in Australia. Labor had promised during their 2025 election campaign not to alter housing-related taxes before winning a decisive second term.
The actor who portrayed Jack Ryan makes his comeback as the CIA analyst in ‘Jack Ryan: Ghost War’ on Prime Video, while the creators behind ‘Stranger Things’ are executive producing a Netflix series featuring retirement home residents fighting creatures. These are among the fresh television shows, movies, music releases and video games arriving on streaming platforms this week.
Additional streaming highlights selected by entertainment journalists include a gender-focused comedy featuring Sacha Baron Cohen and Rosamund Pike called ‘Ladies First,’ the conclusion of ‘The Chi’ with its eighth season, and a comprehensive Lego Batman video game that serves as a tribute to the Dark Knight’s history.
— Following a four-year gap since the Tom Clancy spy series concluded, John Krasinski reprises his role as Jack Ryan in ‘Jack Ryan: Ghost War’ (Prime Video, Wednesday). This marks the sixth movie and third reimagining of the Jack Ryan property. Returning cast members include Wendell Pierce, Michael Kelly and Betty Gabriel.
— ‘Ladies First’ (Netflix, Friday, May 22) features Sacha Baron Cohen and Rosamund Pike in a comedy about gender roles. Cohen portrays a sexist individual who awakens in an alternate reality where women hold power. The cast also includes Charles Dance, Emily Mortimer and Richard E. Grant.
— Nominated for an Academy Award in the animated feature category, ‘Arco’ (Hulu, Friday, May 22) presents a vibrant French adventure involving time travel. The story follows a boy called Arco from the year 2932 who accidentally journeys to 2075, where a young girl discovers and befriends him in a future world featuring robotic caregivers and ongoing environmental catastrophes. The reviewer described it as an animated and imaginative story that ‘directly confronts ecological apocalypse and yet still finds a thrillingly optimistic note to end on.’
— Last December, Quentin Tarantino’s ‘Kill Bill Vol. 1’ and ‘Kill Bill Vol. 2’ were combined into a single film. Following its cinema release, the merged version ‘Kill Bill: The Whole Bloody Affair’ arrives Friday, May 22, on Peacock. The connecting element is a 7½ minute animated segment originally removed from the initial release.
— Less than twelve months before the Grammy Awards transition to ABC for the coming decade, CBS and the Recording Academy have collaborated again for a two-hour special presentation. ‘Forever Young: A Grammy Salute to Rod Stewart Live’ broadcasts Tuesday on CBS. The program combines concert footage with interviews, featuring archive material and backstage moments — perfect entertainment for Rod Stewart enthusiasts. Paramount+ Premium subscribers can watch it live or on-demand through CBS stations; Paramount+ Essential members can stream it the following day.
— British singer-songwriter Maisie Peters enhances her narrative abilities on her latest album, ‘Florescence,’ releasing Friday. The record serves as perfect background music for those experiencing romance — or anyone susceptible to her folk-pop appeal.
— Previously, Lowertown — the New York-based duo of Olivia Osby and Avsha Weinberg originally from Atlanta — were a promising bedroom pop group perhaps overly influenced by indie rock figure Alex G, contracted with Dirty Hit Records connected to the 1975. Friday marks the release of their new album, ‘Ugly Duckling Union,’ on Summer Shade Records, representing their finest work yet. Rough melodies have evolved into catchier hooks (the compelling love track ‘I Like You A Lot’), folk-jazz experiments are crafted in stream-of-consciousness style featuring harmonica and 12-string guitar (‘Big Thumb’), story-driven verses are exchanged between performers for heightened emotion (‘Worst Friend.’) Fans of lo-fi, indie rock should take notice — this could become one of the year’s standout releases.
— In ‘You’re Killing Me,’ Brooke Shields portrays a successful author who collaborates with a true crime podcast presenter to investigate a murder case. The six-part series premieres Monday on Acorn TV.
— Emmy-winning actress Tatiana Maslany features in ‘Maximum Pleasure Guaranteed’ as a struggling divorced woman who observes a criminal act happening live through a webcam. Jake Johnson (‘New Girl’) appears as her former spouse. The initial two episodes launch Wednesday on Apple TV.
— The creators behind ‘Stranger Things’ have shifted from developing a teen-centered narrative to executive producing a show about a different age group. Netflix’s ‘The Boroughs,’ premiering Thursday, chronicles inhabitants of a peaceful retirement community who unite to fight monsters. The cast includes Geena Davis, Bill Pullman, Alfred Molina, Alfre Woodard and Denis O’Hare.
— ‘The Chi’ concludes with its eighth and final season Friday, May 22 on Paramount+. Developed by Lena Waithe, the series tells a coming-of-age tale about South Side Chicago residents attempting to overcome violence and institutional racism.
— The Dark Knight has consistently delivered powerful action, but Lego Batman excels at breaking things apart. ‘Lego Batman: Legacy of the Dark Knight’ seeks to offer a comprehensive career overview, incorporating aspects from multiple decades of films and television programs. Classic villains including the Joker, the Penguin, Two-Face and Bane create their typical chaos, and players struggling with these antagonists can collaborate with a partner controlling Robin, Batgirl or Catwoman. Developer TT Games specializes in highlighting the humorous aspects of Bruce Wayne and his allies, and this interpretation of Gotham City represents the studio’s most elaborate project. Respond to the call Friday, May 22, on PlayStation 5, Xbox X/S or PC.
— The adorable dinosaur Yoshi might have stolen scenes in April’s ‘The Super Mario Galaxy Movie,’ but he’s been a featured character on Nintendo systems for years. In ‘Yoshi and the Mysterious Book,’ he discovers a speaking encyclopedia called Mr. E, with each double-page section transforming into a realm for the character to explore. Yoshi maintains his ability to use his tongue against foes — but can also allow friendly creatures to join him and utilize their abilities. The game offers a pleasant journey designed for younger players, though adults will enjoy the beautiful graphics. Begin the adventure Thursday on Switch 2.
— Following visits to the United States, Europe, Australia and Mexico, Microsoft’s ‘Forza Horizon 6’ racing game is finally speeding into a major automotive culture destination: Japan. The location offers everything from coastal paths to mountain highways to Tokyo’s illuminated streets. Beyond numerous racing competitions, both on-road and off-road, players can practice tricks, make deliveries or gather fast-food characters. You might even encounter a massive robot. With 550 authentic vehicles available for collection, filling your collection will require months. The race begins Tuesday on Xbox X/S and PC.
Beneath bright stage lighting, hundreds of transgender women prepared their traditional sarees, placed fresh flowers in their hair, and awaited their turn to appear before enthusiastic audiences at one of India’s most significant transgender community events.
Taking place annually in the village of Koovagam in Tamil Nadu, southern India, this festival combines religious devotion with celebration of beauty. During daytime hours, transgender women visit a temple to pay tribute to a Hindu god through ceremonies based in ancient stories and mourning. When evening arrives, they honor glamour, personal identity, and happiness while participating in a colorful beauty competition.
The event revolves around the Hindu story of Aravan, a fighter from the religious text Mahabharata who volunteered to die before combat but wanted to wed beforehand. The tale tells how the Hindu god Krishna changed into female form to marry Aravan. Numerous transgender women throughout India view this story as an uncommon holy acknowledgment of changing gender identity, and annually recreate this wedding during the festival.
This gathering, which attracted hundreds of transgender women last month, has evolved into both a religious journey and a strong statement of identity in a nation where many transgender individuals continue experiencing prejudice, attacks and rejection.
The event also occurred during a period of worry for the transgender community. Many participants came while growing increasingly concerned about a disputed national proposal that advocates fear might weaken previously secured rights for India’s transgender population by demanding medical committee permission for official gender recognition.
For numerous participants, the festival held deep spiritual meaning.
Shanshi, who uses only one name, has attended the festival for five years and called Aravan “God for all transgender people.”
“When we gather here, it is for one reason — to worship Lord Aravan by getting married to him,” she said, after a Hindu priest tied a sacred thread around her neck, symbolically marrying her to the deity.
Other attendees discussed violence and difficulties outside the festival location.
Nazariya Kutty, 28, said she was forced out of her family home as a teenager and later survived domestic abuse and sexual assault in a marriage she hoped would bring stability. She rebuilt her life through delivery jobs before reopening her travel business.
Now back at Koovagam with friends, she said the rituals give her strength.
“I am waiting to be the bride of Lord Aravan,” Kutty said. “I have faith he will restore whatever I have lost.”
Despite the festival’s spiritual intensity, the mood stayed festive. The village of Koovagam also became a lively beauty competition, where style and community became the main focus.
Behind the scenes at this year’s beauty contest, participants wearing sparkling sarees shared mirrors and cosmetics before walking onto the platform as music rang throughout the village.
For 24-year-old Surya Kutty, earning the Miss Koovagam title represented a life-changing moment after years of attending the festival with close companions.
“This win has given me the confidence to participate in national and international events,” she said.
Beyond the competition and ceremonies, many visitors called the event an unusual place of acceptance for a community that still encounters obstacles to employment, shelter and medical care throughout India.
Surya said the festival creates a rare sense of belonging.
“Here we meet other transgender people and feel loved and cared by everyone,” she said. “These are special days meant exclusively for us.”
Following Spirit Airlines’ abrupt overnight closure, an attorney representing the bankrupt budget airline appeared before a federal judge to express regret to cost-conscious travelers who may now find it difficult to locate reasonably priced flights.
“We apologize most specifically for those Americans who may now be priced entirely out,” Spirit lawyer Marshall Huebner said in court, thanking all the passengers who relied on the airline during its 34-year run, many of whom, he said, “could not otherwise have afforded air travel.”
The May 3 collapse of Spirit isn’t the only challenge facing vacation planners just one week before Memorial Day traditionally kicks off the busy summer travel period. Escalating jet fuel expenses linked to the Iran conflict have driven up ticket prices and related charges throughout the commercial aviation sector. Two remaining budget carriers in the United States have just completed a merger.
The uncertain future for affordable air travel demonstrates how challenging it has become for budget, bare-bones airlines to survive while facing volatile fuel expenses, inflation and intensifying competition. While low-cost airlines attract customers focused solely on ticket prices, established carriers can more readily generate income to counter fuel expenses through first-class cabins, loyalty programs, business travel contracts, extra fees and sophisticated pricing systems.
“Dynamic pricing has taken away one of the last structural advantages that low-cost carriers had,” said Shye Gilad, a former airline captain who now teaches at Georgetown University.
For many years, budget carriers succeeded by providing fares that established airlines frequently couldn’t offer without losing profits. However, that advantage has diminished as the “big three” — American, Delta and United — became more skilled at customizing prices for different passengers, and as JetBlue, Southwest and other airlines that historically marketed themselves as cheaper options started pursuing wealthier customers.
Currently, major airlines can offer a small number of no-frills seats at Spirit-equivalent prices while continuing to charge higher amounts for regular and premium tickets throughout their aircraft. This development has made it more difficult for budget airlines to compete based purely on cost.
“They can’t just be the cheapest airline anymore,” Gilad said. “They have to be the smartest low-cost airline.”
Similar to gasoline and diesel costs, jet fuel prices have increased since the Iran war disrupted Middle East oil deliveries 11 weeks ago. This pressure led the Association of Value Airlines, a trade organization representing Allegiant Air, Avelo Air, Frontier Airlines, Spirit Airlines and Sun Country Airlines, to request $2.5 billion in emergency financial assistance from the administration in late April.
Airlines for America, the industry group for Alaska Airlines, American, Delta, JetBlue and Southwest, rejected the proposal, arguing that federal assistance would create an unfair competitive advantage for budget carriers.
“Government intervention on behalf of those airlines would punish other airlines that have engaged in self-help in order to deal with increased costs and reward airlines who haven’t made those tough decisions,” Airlines for America said in a statement. “And, in the long-term, sustaining businesses that cannot earn their cost of capital harms competition and consumers by making it more difficult for other airlines to compete.”
Transportation Secretary Sean Duffy denied the request on the same day Spirit ceased operations.
Prior to the recent fuel cost increases, industry consolidation was already occurring among budget airlines. Alaska Airlines finalized its $1 billion acquisition of Hawaiian Airlines in September 2024 after both companies agreed to preserve service levels on important routes within Hawaii and between Hawaii and the mainland United States where they faced limited competition.
Spirit had been an unsuccessful takeover target for both Frontier and JetBlue as its financial losses grew following the coronavirus pandemic.
Allegiant announced last week it had completed its approximately $1.5 billion purchase of Sun Country, a transaction initially revealed in January. The merged airline combines passenger service with Sun Country’s freight operations and charter business serving sports teams, casinos and the U.S. Department of Defense.
“Consolidation is a signal” of weakness in the industry, Gilad said. “If you can remove a competitor and improve your product offering, you might be able to eke out more profit.”
Other analysts point to the variety within the budget airline industry, a characteristic that could help some carriers better withstand rising fuel costs and market disruptions.
“Budget airlines are a pretty peculiar creature,” Vikrant Vaze, an aviation systems expert at Dartmouth College’s engineering school, said, describing a category that has encompassed struggling carriers like Spirit to giants like Southwest Airlines, which grew from a low-cost pioneer into one of the largest U.S. airlines.
“Even though they can be clubbed together as budget airlines, if you want a big umbrella term, they’re very different from each other,” Vaze said. “They have very different levels of budget-ness.”
Allegiant’s emphasis on vacation travel focuses on smaller airports with reduced direct competition. JetBlue, a hybrid low-cost carrier, relies more heavily on premium seating and loyalty perks than Spirit ever did.
Frontier most closely resembles Spirit’s approach as an ultra low-cost carrier, though industry analysts say it began this volatile period with stronger cash reserves and could gain from Spirit’s departure. The airline has already started expanding into former Spirit-dominated markets including Las Vegas, Detroit and the Florida cities of Orlando and Fort Lauderdale.
Gilad recognizes similarities to his own background working as a pilot and flight-training instructor at Independence Air, a brief low-cost airline that previously operated as a regional carrier for United and Delta. The airline, which started in mid-2004 as conflict between U.S.-led forces and insurgents in Iraq caused fuel prices to spike, closed during bankruptcy proceedings in January 2006.
“They burned through almost $200 million in 18 months,” Gilad said. “It was just that quick that they were gone.”
He noted that the same underlying pressures continue today, but fewer budget airlines remain to absorb them.
MANILA, May 18 – The Philippine Senate was scheduled to assemble on Monday as an impeachment tribunal that may determine Vice President Sara Duterte’s political future, with an intense confrontation between competing political factions expected to dominate the proceedings.
The impeachment proceedings represent a crucial moment that could either destroy Duterte’s aspirations for the 2028 presidency or bolster her standing as the primary candidate to replace her political adversary, President Ferdinand Marcos Jr, who cannot seek reelection under constitutional restrictions.
The trial unfolds during a period of significant political upheaval, occurring just days following disorder and gunfire in the upper chamber and a potentially game-changing shift in Senate leadership, both connected to the return from concealment of a pro-Duterte senator sought by the International Criminal Court.
As legislators prepared to vote on Duterte’s impeachment in the lower chamber on May 11, politician Ronald “Bato” dela Rosa emerged from hiding to deliver a pivotal Senate vote installing Duterte supporter Alan Peter Cayetano as Senate president, making Cayetano the officer who will oversee the impeachment proceedings.
Duterte faces her most significant political challenge and could be prohibited from holding public office if found guilty in the trial, while her father, former President Rodrigo Duterte, awaits his own ICC trial regarding his lethal “war on drugs” campaign.
Sara Duterte, 47, stands accused of improperly using government funds, accumulating unexplained assets and making death threats against Marcos, the first lady and a former House speaker. She maintains her innocence.
The trial’s start date remains uncertain. Marcos has kept his distance from her impeachment proceedings, describing it as a matter for the legislature to handle.
Both Marcos and Duterte come from influential political dynasties and campaigned as allies in the 2022 election. However, their partnership quickly deteriorated, resulting in a bitter split and Marcos turning her father over to the ICC.
Political experts suggest the Senate leadership transformation sparked by dela Rosa’s comeback may have altered the power dynamics in a chamber that includes Duterte supporters and allied politicians among its 24 members, who will act as jurors.
A guilty verdict requires support from two-thirds of the Senate.
“Given that we now have a new majority, thanks to the efforts of Senator Bato, it would make prosecuting Vice President Sara in the impeachment court a little more difficult,” said Ederson Tapia, public administration professor at the University of Makati.
Dela Rosa’s emergence after six months underground generated dramatic events that captivated the Philippines, with the former police commander sheltering for days in the heavily protected Senate before warnings of his pending arrest caused chaos, shooting and his departure hours afterward.
As the primary enforcer of the former president’s anti-drug campaign, dela Rosa, 64, faces accusations of crimes against humanity. The Marcos government confirmed Friday it will pursue his arrest.
Dela Rosa, whose location remains unknown, rejects the charges and has requested a Supreme Court order to prevent his detention, claiming no legal foundation exists to execute a warrant from an international tribunal. The solicitor-general disputes this argument.
Ukrainian officials reported Monday that Russian forces conducted overnight drone and missile strikes on May 18, targeting the southern city of Odesa and the southeastern city of Dnipro, leaving 11 people wounded, including two children.
Drone strikes hit residential areas, a school and a kindergarten in Odesa, the major Black Sea export port, according to Serhiy Lysak, who heads the local military administration and posted the information on the Telegram messaging platform.
“An 11-year-old boy and a 59-year-old man were injured in the attack,” he added.
In a separate assault, Russian missiles struck the southeastern Ukrainian city of Dnipro, wounding nine individuals including a 10-year-old boy, regional governor Oleksandr Hanzha reported via Telegram.
Meanwhile, Russian officials said drones were intercepted overnight in the southern Rostov region, including strikes near the port city of Taganrog along the Sea of Azov, according to regional governor Yuri Slyusar’s Telegram post.
Previous reports from Sunday indicated that at least four people died, three in the Moscow region, following what officials described as Ukraine’s largest overnight drone assault on the Russian capital in over a year.
Reuters noted it could not independently confirm battlefield accounts. Both nations deny intentionally striking civilian targets.
Carson Benge delivered the decisive hit in the 10th inning for the second time in seven days as the New York Mets completed a remarkable comeback from a five-run deficit to defeat the visiting New York Yankees 7-6 in the final game of this season’s opening Subway Series on Sunday.
Luis Torrens contributed a crucial two-run pinch-hit double in the sixth inning when the Mets trailed 6-1, and Tyrone Taylor sent the game to extra innings with a three-run blast in the ninth off David Bednar. Devin Williams (3-1) induced an inning-ending double play to set up the Mets’ opportunity to win in the 10th.
Freddy Peralta navigated six walks to surrender three runs on two hits across five innings for the Mets, while Yankees starter Elmer Rodriguez gave up one run on five hits in 4 1/3 innings.
Tim Hill (0-1) allowed Benge’s decisive hit. Anthony Volpe recorded three RBIs for the Yankees, and Ben Rice connected for his 15th home run of the campaign. The Yankees concluded their nine-game road trip with a 2-7 record.
White Sox 9, Cubs 8 (10 innings)
Edgar Quero connected on a walkoff two-run blast to propel the host Chicago White Sox to an extra-innings triumph in the deciding game against the Chicago Cubs.
Both Quero and Tristan Peters, who launched a go-ahead three-run homer in the eighth, hit their first home runs of the season. Quero and Andrew Benintendi each collected three hits for the White Sox, who closed their homestand with a 7-2 mark. Tyler Davis (2-1) surrendered one unearned run on three walks in the top of the 10th.
Alex Bregman recorded two hits and two RBIs for the Cubs. Michael Conforto also contributed two hits, including a game-tying three-run blast in the ninth. Ryan Rolison (3-1) gave up the walkoff homer.
Braves 8, Red Sox 1
Austin Riley and Mike Yastrzemski both homered to power Atlanta to a victory over visiting Boston in the deciding game of their series.
Grant Holmes (3-1) allowed five hits and one walk while fanning four across six innings. Drake Baldwin joined Riley and Yastrzemski in supporting Holmes by contributing two RBIs each. The Braves dominated the Red Sox despite being outhit nine to eight.
Brayan Bello (2-5) surrendered seven runs on eight hits across five innings. He struggled immediately, requiring 30 pitches in the opening frame while allowing a three-run homer to Riley. Nick Sogard delivered Boston’s only run with a ninth-inning double that prevented Atlanta’s shutout.
Rays 6, Marlins 3
Taylor Walls’ fourth-inning triple drove in three runs for Tampa Bay, which defeated visiting Miami and captured two of three games in the rivalry weekend series in St. Petersburg, Fla.
Drew Rasmussen (4-1) allowed seven hits and two walks across 5 1/3 innings, but the Rays right-hander permitted just two runs while earning his second straight victory. Junior Caminero and Yandy Diaz homered against Marlins pitcher Eury Perez (2-6), whose personal losing streak reached five starts. Caminero’s solo shot, his team-leading 12th homer of the season, came in the first to give the Rays an early advantage.
Miami took the lead with a two-run third inning thanks to RBI singles from Xavier Edwards (2-for-5) and Otto Lopez (2-for-4).
Phillies 6, Pirates 0
Zack Wheeler threw seven scoreless innings to outpitch Paul Skenes as visiting Philadelphia completed a three-game sweep of Pittsburgh with a shutout victory.
Wheeler (3-0) allowed only three singles and a double with one walk and eight strikeouts while reducing his ERA to 1.99 in five starts. Bryce Harper and Bryson Stott homered for the Phillies to extend their winning streak to four games. Philadelphia is now 15-4 since Don Mattingly replaced Rob Thomson as manager late last month.
Skenes (6-3) surrendered five earned runs — his highest total since Opening Day — across five-plus innings while giving up six hits and a walk. He received no offensive support from the Pirates, who managed just five hits and were shut out for the second consecutive day.
Blue Jays 4, Tigers 1
Kevin Gausman delivered six shutout innings in a rebound effort and Vladimir Guerrero Jr. homered and scored twice as visiting Toronto defeated struggling Detroit.
Gausman allowed only four hits without issuing a walk, one start after surrendering seven runs (six earned) and 10 hits in 4 2/3 innings against Tampa Bay on Monday. Daulton Varsho had a double and triple while scoring twice and driving in one run after delivering a game-winning single Saturday.
Detroit starter Jack Flaherty (0-5) couldn’t prevent the Tigers from losing their 10th game in 12 attempts, allowing four runs and five hits across six innings. Jahmai Jones produced the Tigers’ lone run with a pinch-hit groundout.
Orioles 7, Nationals 3
Gunnar Henderson collected four hits, including a home run, and Baltimore defeated host Washington to prevent the three-game sweep.
Henderson had a solo blast, double and two singles, while Coby Mayo and Colton Cowser also homered for Baltimore, which had dropped three of four and scored three runs or fewer in eight of its previous nine games. Anthony Nunez (2-0) pitched 1 1/3 scoreless innings in relief.
Jacob Young homered for the Nationals, who were seeking their first home series sweep of the season. James Wood contributed two hits and a walk.
Guardians 10, Reds 3
Cleveland launched six home runs, including two from Kyle Manzardo, to dominate the deciding game against in-state rival Cincinnati.
The Guardians scored all their runs via the long ball. Brayan Rocchio, Chase DeLauter, Jose Ramirez and Angel Martinez also went deep for Cleveland, which received six solid innings from Gavin Williams (6-3), ending his two-start losing streak.
Elly De La Cruz hit his team-leading 11th homer for the Reds, who watched starter Brady Singer (2-4) get tagged for five runs on seven hits (including three homers) across four innings.
Rangers 8, Astros 0
Jake Burger contributed two extra-base hits, including a two-run double that sparked a five-run seventh inning, and Nathan Eovaldi pitched seven shutout innings as visiting Texas prevented a series sweep with a shutout of Houston.
Burger started the scoring with a two-run homer in the fifth. Kyle Higashioka followed Burger’s seventh-inning RBI double with his own two-run single and capped the scoring with a solo homer in the ninth. Eovaldi (5-4) surrendered five hits and two walks with a season-high-tying eight strikeouts.
Astros right-hander Peter Lambert (2-4) traded zeros with Eovaldi through four innings. He gave up five runs on three hits over six-plus innings. Zach Dezenzo had two of Houston’s five hits.
Giants 10, Athletics 1
Harrison Bader launched a grand slam and Luis Arraez homered for the second time in three games to help San Francisco capture its series against the A’s in West Sacramento, Calif.
Bader’s second career grand slam came during an eight-run eighth inning as the Giants broke open a tight contest. Arraez collected three hits and went 8-for-12 with five runs in the series, which San Francisco won after losing the opener.
San Francisco’s Adrian Houser (2-4) worked six solid innings and three relievers completed the game. Houser surrendered one run and four hits. Athletics starter Jeffrey Springs (3-4) suffered a tough-luck defeat, allowing two runs (one earned) on five hits across six innings.
Twins 5, Brewers 4
Kody Clemens went 2-for-4 with two doubles and two RBIs and Minnesota held on for a victory over Milwaukee to salvage the finale of a three-game series in Minneapolis.
Garrett Mitchell and Christian Yelich each connected for solo home runs for Milwaukee, which suffered only its second loss in 10 games. Sal Frelick and Jake Bauers each drove in one run for the Brewers.
Twins right-hander Bailey Ober (5-2) surrendered three runs on six hits across five innings. He walked two and struck out one. Brewers right-hander Grant Anderson (1-2) gave up one run on two hits in 1 2/3 innings of relief. He followed starter Robert Gasser, who allowed three runs (two earned) on three hits across four innings in his season debut.
Royals 2, Cardinals 0
Stephen Kolek surrendered four hits while working into the seventh inning, and Salvador Perez drove in both runs, highlighted by a solo homer, as visiting Kansas City ended its six-game losing streak with a shutout of St. Louis.
Kolek (2-0) walked only one batter and struck out three across 6 1/3 innings. Royals relievers Daniel Lynch IV and Lucas Erceg (11 saves) combined to surrender one hit and a walk over the final 2 2/3 innings.
Cardinals starter Andre Pallante (4-4) was equally effective while allowing eight hits across 6 2/3 innings. St. Louis, which entered on a three-game winning streak, was held to five singles and didn’t bat with a runner in scoring position until the ninth.
Diamondbacks 8, Rockies 6
Corbin Carroll hit two home runs and drove in three runs to help Arizona defeat Colorado in Denver.
Following a 105-minute weather delay to begin the series finale, Michael Soroka (6-2) worked 5 2/3 innings, surrendering two runs on six hits while striking out eight and walking two. Lourdes Gurriel Jr. homered and Gabriel Moreno collected three hits for Arizona, which captured its first road series since taking two of three from the Baltimore Orioles from April 13-15.
Michael Lorenzen (2-6) suffered his fourth consecutive loss for the Rockies, giving up seven runs (six earned) on nine hits across 4 2/3 innings. Willi Castro drove in two runs for Colorado, which dropped its sixth game in eight contests.
Padres 8, Mariners 3
Gavin Sheets connected for two home runs and Lucas Giolito teamed with two relievers on a one-hitter in his San Diego debut during a victory over host Seattle to complete a sweep of this season’s six-game Vedder Cup series.
Giolito, signed as a free agent by the Padres on April 22, surrendered one hit and no runs through five innings. He walked the first three batters in the sixth and was removed. Sheets finished with four RBIs, adding an RBI double in the seventh for the Padres, who secured the game with a five-run sixth.
The Mariners’ only hit was Luke Raley’s one-out single to right in the second inning. George Kirby (5-3) surrendered six runs on six hits across 5 2/3 innings. Seattle’s top prospect Colt Emerson made his major league debut, going 0-for-2 with a walk and a run.
Dodgers 10, Angels 1
Roki Sasaki surrendered one run on four hits across seven innings and Kyle Tucker went 3-for-5 with a double and three RBIs as the Los Angeles Dodgers completed a three-game Freeway Series sweep of the Los Angeles Angels in Anaheim, Calif.
Sasaki (2-3) didn’t issue a walk for the first time in 16 career regular-season starts and struck out a career-high eight batters. Shohei Ohtani went 3-for-5 with two RBIs and a run scored, Hyeseong Kim also had two hits, an RBI and two runs scored, and Andy Pages drove in two runs for the Dodgers, who extended their winning streak to five games.
Nolan Schanuel had two hits and a run scored, Mike Trout doubled and Yoan Moncada had an RBI single for the Angels, who suffered their sixth straight loss and eighth defeat in nine games. Grayson Rodriguez (0-1) made his Angels debut in his first start since July 31, 2024, after undergoing Tommy John surgery. The right-hander allowed seven runs on seven hits across 3 2/3 innings.
The mining company controlled by Australia’s wealthiest individual, Gina Rinehart, has diversified its American investment holdings by purchasing defense contractor stocks, precious metals, and rare earth mineral companies, recent regulatory documents revealed Monday.
Hancock Prospecting shifted $133 million of its $3.3 billion American portfolio during March, acquiring stakes in defense contractors CrowdStrike, L3Harris, Lockheed, Northrop Grumman and RTX, according to documentation filed May 15.
The investment strategy also included purchasing shares in major gold mining company Newmont. Additionally, Hancock Prospecting acquired a 6.3% ownership stake in Rare Earths Americas during the current quarter, separate documentation from May 14 indicated.
The company expanded its ownership in copper mining firm Hudbay Minerals by approximately 10% while completely divesting from Chilean lithium company SQM, despite jointly developing the Andover lithium project in Australia with that firm.
Hancock’s largest investments continue to be concentrated in Invesco’s QQQ Trust technology exchange-traded fund and American rare earths company MP Materials, which collectively represented 47% of the portfolio’s total value at the conclusion of March, according to financial analysis.
Spanish racing driver Alex Palou has secured the top starting position for this year’s Indianapolis 500, positioning himself perfectly for a potential repeat championship when the race unfolds on May 24.
The 29-year-old driver achieved his second career pole position during Sunday’s qualifying session at Indianapolis Motor Speedway, recording a four-lap average speed of 232.248 mph.
As the current four-time and reigning IndyCar Series champion, Palou previously earned pole position for the 2023 race, where he ultimately placed fourth. The last defending champion to start from pole position in the following year’s race was four-time Indy 500 winner Helio Castroneves in 2010.
“I have no words,” Palou expressed regarding his pole position for the 110th running of the Indianapolis 500. “That was incredible. It just feels incredible. Great start to the month of May.”
“Did not expect it. You could see the celebration was really high (after winning the pole) because this morning when we woke up, we did not expect this speed.”
Joining Palou’s No. 10 Honda from Chip Ganassi Racing on the front row are Chevrolet drivers Alexander Rossi from Ed Carpenter Racing and David Malukas from Team Penske. The 2016 champion Rossi posted a personal-best average of 231.990 mph, while Malukas claimed third place with 231.877 mph.
An interesting twist occurred when Palou’s wife, Esther, randomly selected the 31st position out of 33 drivers during Friday evening’s blind draw for qualifying order. Saturday’s qualifying session was canceled due to rain, compressing the entire qualifying process into Sunday with elimination rounds reducing the field from 33 to 12 to six drivers for grid determination.
During the first qualifying round, Palou ranked 11th with a four-lap average of 231.155, then improved to second-fastest in the subsequent round (231.665) behind Felix Rosenqvist from Meyer Shank Racing. His team successfully adjusted the car setup for the warmer, sunny conditions during the day’s hottest period.
“I have to say being on the 31st — thanks to my wife, by the way, for drawing that number — I think being there allowed us to work on those conditions,” Palou commented. “It’s not easy to do everything the way this team is executing.”
The second row features Rosenqvist’s Honda in fourth place (231.375) alongside Chevrolets driven by Santino Ferrucci (230.846) from A.J. Foyt Racing and Pato O’Ward (230.442) from Arrow McLaren.
Katherine Legge earned the 27th starting position in the No. 11 Chevrolet, placing her on Row 9. Legge intends to compete in both the Indianapolis 500 and Coca-Cola 600, which would make her the first female driver to successfully complete the “Double” if accomplished on May 24.
The Double requires drivers to participate in both premier races, covering 1,100 miles with minimal time between the Indy and NASCAR Cup Series events. Five drivers have previously attempted this challenge since John Andretti originated and completed the concept in 1994 while driving for A.J. Foyt Racing.
The 45-year-old Legge will race in the Indy 500 for A.J. Foyt Racing before flying directly to drive the No. 78 car for Live Fast Motorsports in the Coca-Cola 600 in Charlotte, N.C., which begins several hours afterward. She has previously entered and qualified for four Indy 500 races and represents the only woman in the 2026 field.
Following President Donald Trump’s recent summit with Chinese President Xi Jinping in Beijing, China has committed to purchasing American agricultural goods at a rate of $17 billion annually beginning in 2026 and continuing through 2028, the White House announced Sunday.
The agreement will reopen Chinese markets to US beef and allow poultry imports from states that the U.S. Department of Agriculture has certified as bird flu-free, according to the White House. These new commitments come in addition to previous soybean purchase agreements from last year.
American farmers who suffered during the trade conflict are finding some relief in these deals, as they had watched a crucial export market for soybeans and other agricultural products disappear. Farmers are also facing additional challenges from Trump administration policies, including the US and Israel’s conflict with Iran that has disrupted shipping through the Strait of Hormuz, limiting global fertilizer supplies and driving up costs.
Beijing has not yet independently verified the agreement details.
On Saturday, China’s Ministry of Commerce stated that both nations would “resolve or make substantial progress toward resolving certain non-tariff barriers and market access issues” concerning agricultural products.
According to a ministry spokesperson, the US will “actively work” to address China’s concerns about detained dairy products, seafood, potted bonsai exports, and recognizing Shandong province as bird-flu-free. Meanwhile, China will “likewise actively work” to resolve US concerns about beef processing facility registration and poultry meat exports from specific states to China.
Both countries also committed to expanding trade, including agricultural goods, through measures like mutual tariff reductions on “a specific range of products,” though the spokesperson did not identify which products would be affected.
Recognizing the connection between food security and national security, China has broadened its agricultural import sources, increasingly relying on Brazil, Argentina and other nations instead of the US.
U.S. Department of Agriculture statistics reveal that China’s purchases of American agricultural products reached $38 billion in 2022 but dropped to $8 billion in 2025. Soybean purchases specifically fell from nearly $18 billion in 2022 to $3 billion in 2025.
The extent of additional Chinese purchases from American soybean producers remains unclear. These farmers faced severe impacts during the trade war, as China, historically the top foreign purchaser of American soybeans, completely halted purchases last year following Trump’s tariff increases on Chinese goods.
This new agreement expands upon an October trade agreement between Trump and Chinese President Xi Jinping, where China agreed to resume US soybean purchases. The White House reported that China committed to buying 12 million metric tons in the current marketing year and 25 million metric tons annually for the following three years.
The White House stated that hundreds of US beef facilities, including operations managed by Tyson and Cargill, will regain export access to China, though the volume of beef sales remains uncertain.
China allowed licenses for hundreds of US beef plants to lapse last year, causing import values to fall below $500 million in 2025, according to USDA data. Chinese purchases of US beef had reached a peak of $2.14 billion in 2022, government statistics show.
US poultry meat and product exports to China totaled $286 million in 2025, declining from over $1 billion in 2022.
During last week’s summit, Trump and Xi explored methods to strengthen economic cooperation, including expanding market access for American companies in China and increasing Chinese investment in US industries, the White House reported. The leaders agreed to establish separate trade and investment boards, though they provided limited details about these proposals or how they would differ from current trade discussions.
The Board of Trade will enable both governments to manage trade in “non-sensitive goods,” while the Board of Investments will create a forum for discussing investment-related matters, according to the White House.
China’s Ministry of Commerce explained that both entities would address each side’s concerns regarding trade and investment. The Board of Trade, the ministry spokesperson noted, would allow discussions about issues like tariff reductions on specific products. “In principle, the two sides agreed to reduce tariff on products of respective concern at equivalent scale,” the spokesperson stated.
When Xi met with US business leaders accompanying Trump on the trip last week, he indicated that China’s opportunities would expand further. Brian Sikes, CEO of agricultural giant Cargill, was among those who traveled to Beijing.
Soybeans, which China uses for livestock feed and biofuels, rank among America’s top agricultural exports. Previously, soybean exports to China represented approximately half of all US agricultural exports to the Asian country.
USDA statistics show the US exported 10.9 million metric tons of soybeans to China as of May 7, positioning China to meet its earlier commitment by the marketing year’s end on August 31. This amount falls significantly below the 25 million to 30 million metric tons China purchased in previous years.
Prior to Trump’s originally scheduled Beijing visit in late March, which was delayed due to the Iran conflict, the American Soybean Association encouraged him to prioritize soybeans in trade discussions with Xi.
Scott Metzger, president of the association, said Thursday the organization hopes to see “additional soybean purchases this marketing year, as well as continued progress toward fulfilling future purchase commitments.”
“Greater certainty and consistency in the marketplace help provide farmers with the confidence they need as they make decisions for the year ahead,” he said.
Financial markets worldwide suffered widespread losses Monday as escalating energy costs stemming from the Middle East conflict heightened concerns about inflation and prompted investor speculation about potential interest rate increases by central banks globally.
The benchmark 10-year U.S. Treasury yield, which operates in reverse to bond prices, surged to its peak level since February 2025 during early Asian trading, reaching 4.6310% after climbing over 20 basis points during the previous week.
The two-year yield hit a 14-month peak at 4.1020%, while the 30-year U.S. Treasury yield climbed to a one-year maximum of 5.1590%.
These developments followed rising oil prices Monday, as diplomatic efforts to resolve the Iran war seemed to have reached an impasse after a drone attack targeted a nuclear facility in the United Arab Emirates.
“Fresh drone attacks on the UAE’s Barakah nuclear plant and Saudi territory, coupled with Trump’s ‘clock is ticking’ ultimatum and a planned Situation Room meeting on Tuesday, have sharply elevated the risk of renewed full-scale hostilities,” said analysts at OCBC.
After more than two months of Middle East conflict, investors are growing increasingly concerned about the economic consequences of the warfare as price pressures intensify and what implications this might have for worldwide interest rate policies.
“The ‘higher for longer’ story is coming back, even if actual rate hikes are still not the base case,” said Charu Chanana, Saxo’s chief investment strategist.
Financial markets are currently indicating greater than 50% odds that the Federal Reserve will implement rate increases by December, based on the CME FedWatch tool, while the European Central Bank is expected to raise rates as soon as next month and the Bank of England approximately twice during this year.
The shift in U.S. Treasury yields affected broader markets, with Germany’s bund futures and French OAT futures each declining roughly 0.4% during early trading sessions.
In Japan, yields on the 30-year Japanese government bond jumped 17 basis points to reach record highs at 4.170% while the 10-year yield hit its peak level since October 1996 at 2.800%.
The Japanese government bond selloff intensified after Reuters reported that Tokyo will probably issue additional debt to help finance a proposed supplementary budget designed to mitigate economic damage from the Middle East war.
Chinese fast-fashion retailer Shein has purchased American clothing brand Everlane from its primary investor L Catterton for approximately $100 million, according to a Sunday report from Puck News that cited sources with knowledge of the transaction.
The report indicated that holders of common stock in Everlane would not receive any payment from the acquisition. Details regarding whether preferred shareholders would obtain cash payments or Shein equity as part of the transaction were not disclosed.
Reuters was unable to independently confirm the acquisition. Representatives from Everlane, Shein, and L Catterton did not provide immediate responses to Reuters’ requests for comment.
Companies such as Shein and Temu have transformed the retail market through competitive pricing strategies, targeted marketing campaigns, and exploiting tax advantages that previously provided them with benefits over domestic retailers.
According to a March report from Puck News, private equity company L Catterton and Everlane Chief Executive Alfred Chang had been looking for an investor to help manage approximately $90 million in outstanding debt.
The private equity company was prepared to provide additional capital if a partner investor could be found, but was also considering a complete sale of the company, the report stated.
China’s largest memory chip manufacturer is projecting substantial financial gains as artificial intelligence continues to drive unprecedented demand in the semiconductor industry.
Changxin Memory Technologies announced Sunday that it anticipates first-half revenue will range from 110 billion to 120 billion yuan (approximately $17.62 billion), according to an updated prospectus filing. The dramatic increase reflects the company’s optimistic outlook as memory chip prices climb worldwide.
The surge in memory chip costs stems from an artificial intelligence boom that has created what industry experts call a memory supercycle. This trend has been so significant that it helped propel Samsung Electronics’ market value beyond $1 trillion during May.
According to the company, worldwide demand for dynamic random-access memory chips has outpaced available supply as computing needs continue expanding and major manufacturers have modified their production schedules. These market conditions have caused DRAM prices to climb dramatically since the latter half of 2025. The firm noted that its revenue grew rapidly as it increased production and sales while enhancing its product portfolio.
Industry watchers and international investors are paying close attention to the company’s upcoming initial public offering, viewing it as an indicator of China’s advancement in DRAM chip technology. These components have gained critical importance during the AI revolution because they facilitate quicker data transfer between processors and memory systems.
The Hefei-located firm projects that net profit for shareholders could reach as high as 57 billion yuan during the first six months of the year.
During the opening quarter, the company’s revenue soared over 700% compared to the previous year, reaching 50.8 billion yuan. The firm recorded a net profit of 25 billion yuan, a stark contrast to the 1.6 billion yuan net loss reported during the corresponding period twelve months earlier.
Economic momentum in China weakened significantly during April, with manufacturing production and consumer spending figures falling well below analyst expectations, according to new government data released Monday.
The National Bureau of Statistics reported that manufacturing output increased by 4.1% compared to the same period last year, a notable decline from March’s 5.7% growth rate. This figure also missed the anticipated 5.9% growth that economists had predicted and represents the weakest performance since July 2023.
Consumer spending patterns showed even more concerning trends, with retail sales climbing only 0.2% in April, a sharp drop from the 1.7% increase recorded in March. This marked the smallest gain since December 2022 and fell significantly short of the 2% growth economists had forecasted.
The weakness in consumer behavior was particularly evident in the automotive sector, where domestic vehicle sales plummeted 21.6% year-over-year in April. This decline represents the seventh consecutive month of falling car sales, despite automakers increasing their focus on international markets to compensate for domestic weakness.
Investment activity also showed troubling signs, with fixed-asset investment declining 1.6% during the first four months of 2026, a reversal from the 1.7% growth seen in the January through March period.
Economic analysts attributed some of the investment slowdown to decreased activity in the construction sector, as measured by purchasing managers’ surveys, along with severe rainfall affecting southern regions of the country.
These April statistics suggest that the strong performance China demonstrated in the first quarter may already be losing momentum. The economy had grown 5.0% in the opening three months of the year, reaching the higher end of the government’s annual target range of 4.5% to 5.0%.
However, experts have cautioned that the recovery appears unbalanced, with industrial production continuing to outpace domestic consumer demand.
The ongoing decline in the real estate sector continues to weigh on overall economic growth, while conflicts in the Middle East have created additional external pressures at a time when domestic consumption remains weak.
Property investment showed further deterioration in April compared to the previous year, adding to economic headwinds.
While stronger-than-expected export performance and government controls on domestic fuel pricing have helped cushion the impact of energy market volatility, sustained higher input costs could pressure manufacturer profit margins and further dampen household spending if international conflicts continue.
Senior government officials have committed to bolstering the nation’s energy security, speeding up technological independence, and gaining greater supply chain control in response to external economic shocks.
The Politburo reaffirmed its “proactive” fiscal approach and “appropriately loose” monetary policy stance, using terminology consistent with previous official statements and indicating no immediate plans for additional economic stimulus measures.
Rick Fox, the retired NBA champion, has been selected to serve in the Bahamian Senate, securing one of four positions designated for opposition party members.
Fox’s selection to the 16-member Senate by the Free National Movement (FNM) occurred just days following his unsuccessful campaign for a seat in the Bahamian House of Assembly.
“Picked Rick – Soon to be sworn in to the upper house: Rick Fox!” the FNM posted on their Facebook page Sunday evening.
Fox has not yet responded to requests for comment regarding his appointment.
Born in Canada to a Bahamian father and Canadian mother, Fox spent 14 seasons as a forward in the National Basketball Association, playing for both the Los Angeles Lakers and Boston Celtics.
During his career with the Lakers, he captured three NBA championships between 2000 and 2002 before hanging up his jersey in 2004.
The retired athlete first entered Bahamian political life in 2022 when the ruling Progressive Liberal Party named him as an ambassador-at-large.
Fox subsequently switched to the opposition party and mounted an unsuccessful campaign for parliament representing the Garden Hills constituency.
Traffic is being impacted on northbound Interstate 495 after a vehicle fire forced the closure of two right lanes at North DuPont Highway, also known as US Route 13.
The lane closures are affecting traffic flow in the area where the interstate intersects with the major highway corridor.
Motorists traveling through the area should expect delays and consider alternate routes while crews work to clear the incident.
A powerful 5.2 magnitude tremor struck China’s southwestern Guangxi region during the early morning hours on Monday, claiming two lives and prompting the evacuation of more than 7,000 residents from Liuzhou city as rescue teams continue their search operations.
According to reports from CCTV and state news agency Xinhua, authorities have confirmed two fatalities with one person still unaccounted for. Four individuals were transported to medical facilities, though officials report none sustained life-threatening injuries.
The seismic event caused significant structural damage, with state broadcaster CCTV confirming that thirteen buildings crumbled during the early morning quake.
Railway officials have issued warnings about potential transportation delays as crews conduct safety inspections of track infrastructure throughout the affected region.
Despite the destruction, state media indicates that essential services including communications, electrical power, water distribution, gas supply, and traffic flow continue to function normally in the earthquake zone.
Austin law enforcement officials announced Sunday that they have detained two teenage suspects following a weekend crime spree that involved a dozen separate shooting incidents across the Texas capital.
During a news briefing, Austin Police Chief Lisa Davis revealed that officers had arrested a 15-year-old and a 17-year-old male in connection with the shooting incidents that occurred throughout Saturday and into early Sunday morning across south and east sections of the city.
The violent episodes resulted in four individuals being struck by gunfire, according to Davis. One victim sustained serious wounds while three others received minor injuries during the incidents.
Davis disclosed that the younger suspect had stolen a firearm from a retail establishment on Saturday. The older teen was already wanted on an outstanding arrest warrant for allegedly stealing a weapon from that same store, the chief explained.
Throughout their crime spree, the pair stole more than four different vehicles while traveling around Austin, Davis reported. She noted that information from the Travis County Sheriff’s Office indicated a third young Hispanic male escaped on foot when officers captured the two juveniles.
The police chief stated that investigators have not yet determined what motivated the shooting incidents, which remain under active investigation.
Davis described how two of the shooting episodes targeted separate fire stations, with one incident resulting in damage to a truck. Additional shootings were directed at residential structures throughout the area, she explained.
An activist investment firm has acquired a substantial ownership position in diagnostics company Bio-Rad Laboratories and intends to pressure the company to improve its declining stock performance, according to a Wall Street Journal report published Sunday.
The company’s stock value has declined more than 18% during the current year.
The investment firm has also purchased shares in a German biopharma equipment company called Sartorius, in which Bio-Rad holds an investment position, the WSJ report stated, referencing sources with knowledge of the situation.
Reuters was unable to immediately confirm the report. The investment firm, Bio-Rad, and Sartorius did not provide immediate responses to comment requests.
The WSJ report did not reveal the specific amount of shares the investment firm holds in either Bio-Rad or Sartorius.
The activist investor, which has maintained significant involvement in the healthcare industry, considers Sartorius to be a high-caliber company with substantial growth opportunities, according to the report.
Bio-Rad recently reduced its revenue growth projections for 2026 following a first-quarter net loss of $527 million. The company blamed the loss on changes in the fair market value of its Sartorius AG investment.
Bio-Rad’s stock price ended Friday’s trading at $246.53, resulting in a market value of $6.69 billion, based on LSEG data.
NEWTOWN SQUARE, Pennsylvania – English golfer Aaron Rai captured his first major championship title with a spectacular final-round performance at the PGA Championship on Sunday, shooting a brilliant 65 at Aronimink Golf Club to claim the Wanamaker Trophy.
The 31-year-old golfer entered the tournament as a massive 300-1 longshot and began Sunday’s final round among 43 players within five strokes of the lead, including several well-known competitors.
Rai maintained his focus under pressure, recording four birdies during the final nine holes, highlighted by a remarkable 68-foot putt for birdie at the 17th hole. His victory makes him the first golfer from England to capture the PGA Championship in 107 years.
“There’s so many different things that you face, whether that is in the game, whether that is acquiring the skills, putting the time in that is required, facing all the setbacks that come along with it,” Rai reflected after his victory.
“It is certainly a roller coaster to get to these points, and a week like this, an achievement like this, certainly makes it all feel very much worthwhile. It’s an absolute dream come true.”
Two-time major winner Jon Rahm, who finished in a tie for second place, praised Rai as one of the most courteous and respectful competitors on the PGA Tour.
Rai credits his modest approach to life to his childhood in the English Midlands, where he was raised by parents who immigrated from India and Kenya.
“My mom and my siblings were very fast to reinforce the importance of just being a good person and trying to do the right things away from golf,” he explained.
The champion also acknowledged his wife, professional golfer Gaurika Bishnoi from India, and his father, who influenced his distinctive practice of wearing two gloves and placing protective covers on his iron clubs – habits that remind him of how valuable his equipment was during his youth.
“My dad was with me every day that I went to practice from the age of four or five years old, he actually quit his job and started to focus on my golf from a really young age,” Rai shared.
“He was very much an advocate to really just stay in your lane, focus on the things that you can do and I didn’t really mix with a lot of other junior golfers, which didn’t give me a perspective of what was normal.”
Fellow competitors consistently described the world number 44 golfer using terms like dedication and perseverance when asked about his character on Sunday.
“There are a lot of guys that work extremely hard … so I think that’s a prerequisite of what is just required to try and compete out here,” Rai noted.
“It’s reaffirming to know that the things that we’re doing are working and they’re leading to continued development within the game. Hopefully I can just continue to move along a pretty similar path moving forwards.”
The last Englishman to win the PGA Championship was Jim Barnes, who claimed the Wanamaker Trophy in 1916 and again in 1919.
“There’s a lot of incredible and historic English players over those 100 years who have had phenomenal careers,” Rai said.
“To be the person that’s the first one in such a long time from England is an amazing thing, and something to be extremely proud of. I’m very proud to be from England (and) I’m very proud of India and Kenya as well … I’m very proud of representing all three, really.”
The U.S. dollar strengthened against most major global currencies on Monday as escalating Middle East conflicts drove oil prices higher and worldwide bond market declines reduced investor appetite for risk, according to financial analysts.
The euro dropped to $1.1609 while the British pound fell to $1.3305, with both currencies declining more than 0.1% against the dollar.
The Australian dollar, which tends to be sensitive to market risk, weakened by 0.4% to reach $0.7121, while New Zealand’s currency remained relatively stable at $0.5827.
The dollar index, a measurement of the American currency’s performance against a collection of major world currencies, rose slightly to 99.393.
Energy markets saw significant movement on Monday, with Brent crude oil futures jumping more than 1% to exceed $110 per barrel. This increase followed an attack on a nuclear facility in the United Arab Emirates and apparent stagnation in efforts to resolve the U.S.-Israeli conflict with Iran.
“It appears conditions for risk and bonds are deteriorating, and conditions for the dollar rally to extend this week are ripe,” analysts at Barclays wrote in a note.
The financial experts noted that continued blockages in the Strait of Hormuz are creating additional upward pressure, with the dollar typically gaining 0.5% to 1% for every 10% increase in oil prices.
Global bond markets continued their decline with little indication of recovery, as Treasury yields remained high due to concerns that Middle East energy disruptions could accelerate inflation.
Interest rates on benchmark U.S. 10-year Treasury notes and two-year notes, which generally follow Federal Reserve interest rate expectations, reached 4.607% and 4.085% respectively, approaching their highest levels in a year.
“Near term, USD may stay better bid on dips if yields remain elevated and markets continue to price a more hawkish Fed reaction function,” Christopher Wong, FX strategist at OCBC, said in a note.
Wong explained that this week’s attention will focus on the Federal Open Market Committee’s meeting minutes and U.S. flash Purchasing Managers’ Indexes, which may provide clarity on Federal Reserve concerns about persistent inflation and whether U.S. economic activity remains strong under tighter financial conditions.
The dollar traded at 158.84 against the Japanese yen, rising 0.04% from previous U.S. levels, with continued yen weakness putting investors on watch for potential intervention.
China’s offshore yuan was trading at 6.8163 yuan per dollar ahead of Chinese economic activity data scheduled for release later Monday.
ANAHEIM, Calif. — Roki Sasaki’s challenging major league journey appears to be heading in the direction most anticipated when he signed with the Los Angeles Dodgers before last season began.
The young pitcher delivered seven innings of outstanding baseball, allowing just four hits during Los Angeles’ commanding 10-1 win against the Los Angeles Angels on Sunday. This performance marked the most impressive and extended outing of his unpredictable time wearing Dodgers blue.
The 24-year-old pitcher from Japan achieved personal milestones with eight strikeouts and zero walks, displaying newfound self-assurance that was absent throughout much of his previous campaign. Sasaki (2-3) consistently puzzled Angels hitters while aggressively targeting the strike zone using a 98 mph fastball complemented by an expanding array of off-speed offerings.
“I think he has confidence in who he is as a big league pitcher, and we’re seeing some of the fruits right now,” Dodgers manager Dave Roberts said.
Despite facing the club with baseball’s poorest record, Sasaki’s arsenal is clearly functioning at an elite level he has seldom achieved as a major league starter.
He arrived as a highly-touted prospect in January 2025 when he selected the Dodgers for what could be a six-year commitment. However, following a debut season where virtually everything went wrong, Sasaki is just now demonstrating why every major league organization coveted his services for their starting rotation.
“I actually felt better in my last outing, but today I felt able to throw strikes a little bit more,” Sasaki said through his interpreter. “Also the offense did a great job of scoring a lot of runs.”
While Sasaki hasn’t commanded most of his previous starts, Roberts noted he’s clearly moving in the right direction. The pitcher is also developing good chemistry with catcher Dalton Rushing, who earned praise from Roberts for his exceptional game-calling at Angel Stadium.
“He looked really good today,” Rushing said. “Obviously it’s really good momentum for him to carry forward, but at the same time, there’s opportunities for him to be even better. We know that’s not his ceiling. What he just did is obviously the best we’ve seen him to this point, but I trust that guy has got a lot more in the tank, and we’re going to continue to push. But it was fun to watch.”
Sasaki is once more attempting to secure a regular position in the Dodgers’ starting lineup this year after notably struggling to establish himself during his first season. He later sat out four and a half months due to shoulder issues, but remarkably returned as Los Angeles’ relief pitcher during their championship pursuit, helping secure a consecutive World Series victory.
Sasaki’s relief work proved crucial for the depleted Dodgers roster, though it didn’t alter their future vision for his role. He entered spring preparation as a rotation candidate once more — but then consistently performed poorly in Arizona, undermining his self-belief.
Precisely fifty percent of the hitters he encountered during exhibition games managed to reach base safely, as Sasaki battled command issues.
Roberts explained the Dodgers’ guidance to Sasaki has remained unchanged: cease focusing on minor mechanical adjustments or perfecting new offerings, and instead challenge hitters in the strike zone using his already impressive abilities.
While it required time for Sasaki to embrace this approach, the message is now resonating clearly — and his aggressive mindset is simultaneously enhancing his pitching mechanics. Sasaki induced 18 swings and misses from Angels batters, contributing significantly to his personal-best strikeout performance.
“I think one of the reasons is mechanical,” Sasaki said of his recent success. “Things are kind of clicking, and I was able to execute really well throughout the game today.”
The Dodgers require Sasaki’s excellence as they navigate another season plagued by significant pitching injuries. Expensive acquisitions Blake Snell and Tyler Glasnow are sidelined once more, while closer Edwin Diaz remains unavailable alongside Jack Dreyer, their most frequently utilized reliever.
Los Angeles continues pitching exceptionally well, entering the weekend ranked third in major league ERA. Both Rushing and Roberts anticipate Sasaki playing a significant role in maintaining that standard.
“Pretty much it’s a confidence thing,” Rushing said. “He needs to trust his stuff, understand how good his stuff is, and execute. … With the stuff he has, it’s easy to miss barrels, and we hadn’t quite got to see that just yet. Today was obviously a big step forward.”
MELBOURNE, Australia — Following her release from a three-year imprisonment in Beijing, Cheng Lei has dedicated herself to reconstructing her existence. The journalist has authored a book and theatrical work, experimented with comedic performance, and resumed her media profession.
Her experience has provided unusual insight into the brutal realities of China’s secretive detention facilities. Additionally, she has offered a deeply personal account of perseverance, demonstrating how purpose can emerge from adversity.
“I think when your life gets shattered and you lose so many things that used to define you, you do have a kind of freedom to reorganize your atoms and create a new you,” Cheng told The Associated Press during rehearsals for a play about her incarceration, “1154 Days.”
“For me, it’s a fuller appreciation of life and much more adventurousness and also a serene sort of quiet fearlessness,” she added.
Theatrical work represents one of several new pursuits that have characterized the China-born Australian’s existence since her deportation from Beijing in October 2023.
After immigrating from China at age 10 with her family, she obtained Australian citizenship. She characterized herself as an unfulfilled accountant when she departed Australia at 25 seeking opportunities in media.
Cheng had risen to become a presenter for the “Global Business” program on China state broadcaster CCTV English, following two decades of developing her bilingual journalism career across Asia. This chapter concluded suddenly in August 2020, when a Beijing State Security Bureau official informed her at CCTV headquarters that she faced investigation for providing state secrets to foreign organizations. She was blindfolded and taken to an undisclosed facility.
In October 2023, a Beijing court found her guilty of illegally providing state secrets abroad and imposed a sentence of two years and 11 months in prison. By the time of sentencing, she had nearly completed that duration in custody.
Her violation consisted of breaking by seven minutes an embargo in May 2020 on the then-Chinese Premier Li Keqiang’s annual report that revealed, unusually, no economic growth target would be set for China that year due to pandemic uncertainty, Cheng wrote in her memoir published last year. She said she hadn’t been aware of an embargo.
Cheng believes she was a victim of hostage diplomacy, punished as an Australian citizen because her government had demanded an investigation into the origins of COVID-19. On April 19, 2020, Australia’s then-Foreign Minister Marise Payne called for an inquiry into the pandemic. China’s Ministry of State Security began investigating Cheng four days later on “suspicion of endangering state security.”
“Why me? Why that time? All these questions I’m still asking,” Cheng said.
One month prior to Cheng’s detention, Australia cautioned its citizens they faced potential “arbitrary detention” in China. All Australian journalists employed by Australian media organizations subsequently departed. The final two, the Australian Financial Review’s Michael Smith and Australian Broadcasting Corp.’s Bill Birtles, left in September 2020, following diplomatic confrontations. They were individually questioned by police regarding Cheng before receiving permission to exit China.
COVID drove an already strained relationship between Australia and China to unprecedented lows. An enraged Beijing ceased accepting calls from Australian government ministers. Formal and informal restrictions were imposed on Australian exports including wine, coal, barley and lobsters.
The conservative Australian government that provoked China’s anger was succeeded by the current center-left Labor Party government in May 2022 elections, prior to the gradual removal of trade barriers.
Australian officials had addressed Cheng’s detention during high-level bilateral discussions, just as they continue to pressure Beijing to release another Australian, Yang Hengjun.
The Chinese-born democracy blogger received a suspended death sentence in 2024, after a Beijing court convicted him of espionage.
The 60-year-old has remained in custody since arriving in China on a flight from the United States in 2019. He is expected to learn within weeks whether his penalty will be changed to life in prison.
His supporters fear he wouldn’t survive a long prison sentence due to his deteriorating health.
Cheng expressed feeling obligated to those like Yang, who have become victims of the Chinese justice system, to speak out against it.
The most difficult phase of her imprisonment occurred initially: six months under Residential Surveillance at a Designated Location, or RSDL.
Cheng explained that authorities concentrate immediately on breaking prisoners to secure guilty pleas through isolation, continuous monitoring, enforced silence and severe limitations on physical movement. Despite enduring what she termed the “stultifying monotony,” Cheng received credit for only three of her six months in RSDL toward her sentence.
“I know people who are still going through RSDL, or unfair, unjust, arbitrary detention in China. Or being sentenced to ludicrous, harsh sentences for standing up for other people, for standing up for human rights,” Cheng said.
“They would want this story to be told because they don’t have a voice. And for the people who are too scared to talk because their families are hostages in China, this is for them too,” she added.
The theatrical production debuts May 28 in Melbourne, where Cheng, 50, currently resides with her daughter Ava, 17, and son Alex, 15. Both children had been visiting family in Melbourne when China closed its borders due to the pandemic in early 2020, months before Cheng’s arrest.
The play’s publicist says the work reveals how the mind adapts, resists and even creates under pressure.
“In isolation, she built television programs in her head, devised memory games and found unexpected ways to connect with herself, others and even with her captors,” a press release says.
Cheng describes it more directly: her work focuses on emotions.
“It’s about how it feels to have everything taken away from you. How it feels to be with three other people all the time in the same little cell for three years, how it feels to be watched every minute of the day and how it feels to finally regain your freedom.”
Cheng hopes audiences will see past China’s assertions of being a just and orderly society that follows the rule of law, as Beijing positions itself as a more dependable international partner than the United States under President Donald Trump.
Stand-up comedy represents another new venture in Cheng’s post-imprisonment life. She initially performed on a Melbourne stage in June 2024 — eight months following her release — alongside China-born Australian activist and writer Vicky Xu.
“If you can’t joke about incarceration, then you have no sense of humor,” Cheng told the Australian Financial Review at the time. “Humor got me through much of it and brightened the cell for me and my cellmates.”
Cheng delivered a five-minute performance at the Melbourne International Comedy Festival’s RAW Competition for newcomers in February and eagerly anticipates additional opportunities. She joked with her audience that she’d need a longer slot to cover her story of imprisonment in China for so-called espionage.
“Life is a tragic comedy and we should mine it,” Cheng quipped. “I just have a bit more material than others.”
Samsung Electronics and its South Korean labor union will participate in fresh government-mediated negotiations Monday as they work to prevent a potential strike at the global technology company, which represents nearly 25% of South Korea’s total exports.
These discussions come after initial government-facilitated talks regarding compensation and bonus programs failed last week, with a planned work stoppage set to start Thursday at the world’s biggest memory chip manufacturer.
Government leaders in South Korea, including the prime minister and finance minister, have expressed alarm about the possibility of a strike, cautioning that such action could seriously threaten economic expansion, export performance, and financial market stability.
South Korean President Lee Jae Myung posted on social media Monday that business management authority should receive equal respect with worker rights within the nation’s free-market system.
“In South Korea, which has adopted a liberal democratic order and capitalist market economy, labour should be respected as much as businesses, and corporate management rights should be respected as much as labour rights,” Lee wrote on X.
He noted that employees deserve appropriate payment for their work, while investors who accept financial risks and potential losses through their investments also merit a portion of company profits.
South Korean Prime Minister Kim Min-seok announced Sunday that officials would explore every available option, including emergency arbitration measures, to stop a strike from occurring.
An emergency arbitration directive, which the labor minister can implement when officials determine a labor dispute may damage the economy or public welfare, instantly blocks workplace action for 30 days while the National Labor Relations Commission handles mediation and arbitration procedures.
The union stated Sunday it would resist arbitration pressure and reject any compensation agreement if the company presents a worse offer.
Following last week’s failed negotiations, leadership from Samsung’s semiconductor unit appealed to the union to avoid striking, referencing worries from important chip clients including Nvidia, media outlets reported.
The executives indicated some customers suggested they might briefly halt shipment acceptance during a strike due to quality assurance concerns, according to reports citing a meeting attendee.
Samsung chose not to provide comments on this issue.
Samsung Electronics’ stock price increased 0.7% during morning trading, while the benchmark KOSPI index dropped 2.5%.
Asian stock markets experienced declines Monday as new drone incidents in the Gulf region drove oil prices higher and affected bond markets, while investors await this week’s earnings report from tech giant Nvidia to gauge the sustainability of the artificial intelligence market surge.
A drone attack sparked a blaze at a nuclear facility in the United Arab Emirates, and Saudi Arabia confirmed stopping three drone attempts, as U.S. President Donald Trump cautioned that Iran needs to move “fast” to secure an agreement.
The crucial Strait of Hormuz continues to allow only minimal shipping traffic as Tehran works to establish formal authority over the passage that previously handled 20% of global oil commerce.
Capital Economics analysts cautioned that “The closure is draining global oil inventories fast,” predicting “Inventories could reach critical levels by end-June, setting the stage for Brent at $130-140pb, if not higher.”
They further warned, “If the strait is closed through year-end and oil stays around $150pb into 2027, that would push inflation to near 10% in the UK and euro zone, send rates back to their recent peaks and lead to global recession.”
Brent crude prices rose 1.2% to $110.63 per barrel, while U.S. crude increased 1.0% to $106.42 per barrel.
G7 finance ministers are meeting in Paris Monday to address the Strait of Hormuz situation and essential raw material supply chains, though political tensions may challenge the group’s unity.
Worries that elevated energy costs will persist and fuel inflation led to significant losses in global bond markets Friday.
U.S. 10-year Treasury yields reached 4.584%, climbing 23 basis points during the previous week, while 30-year bonds hit 5.109% after rising 18 basis points weekly.
Market participants now worry that central banks worldwide may need to implement tighter policies to prevent an inflation surge, with a Federal Reserve rate increase now viewed as having even odds this year.
The Fed’s latest meeting minutes, scheduled for release Wednesday, are expected to reveal the extent of committee pressure for adopting a neutral position rather than maintaining an easing preference.
Japan’s Nikkei dropped 0.4%, following a 2% weekly decline from record levels. South Korean markets fell 2.1% as the previously hot market cooled slightly after semiconductor demand had driven it to historic highs.
MSCI’s comprehensive Asia-Pacific index excluding Japan decreased 0.6%. Chinese markets reached four-year highs last week but face upcoming data releases on April retail sales and industrial production.
S&P 500 futures declined 0.4% and Nasdaq futures lost 0.5% in early trading.
Despite Wall Street’s support from positive earnings, Citi analysts observed that half the earnings improvement came from temporary factors like tariff adjustments and asset revaluations. Both profit gains and overall index performance showed narrow foundations.
Analyst Scott Chronert noted, “We identify 20 stocks that contributed the majority of index earnings upside,” adding that “Forward guidance increases also show a similar narrow focus.”
He emphasized that “Broadening is a necessary condition for meaningful index upside from here,” which “will require a better line of sight to the Iran conflict wind-down.”
The critical artificial intelligence sector faces a key test with Nvidia’s Wednesday earnings announcement, where expectations are extremely high for the world’s most valuable corporation.
Nvidia stock has gained 36% since March lows, while the Philadelphia SE semiconductor index has jumped over 60%, driven by intense chip demand as technology companies invest heavily in AI infrastructure development.
This week also brings earnings from multiple retailers including Walmart, offering insights into consumer responses to elevated energy costs.
In currency trading, risk concerns have supported the dollar as the globe’s most liquid currency. The U.S. position as a net energy exporter provides advantages over Europe and most Asian regions.
The euro traded at $1.1620 after dropping 1.4% last week. The pound remained weak at $1.3318, having plunged 2.3% weekly as political uncertainty compounded existing pressure on the gilt market.
The dollar maintained strength against the yen at 158.64, with only the possibility of Japanese intervention preventing another speculative challenge to the 160.00 technical level.
In commodities, gold remained unchanged at $4,540 per ounce, showing limited appeal as either a safe haven or inflation protection.
Drivers traveling on northbound Interstate 95 should expect delays due to ongoing construction work that has shut down the left lane between 9th Street and the Brandywine River Bridge.
The lane closure is scheduled to remain in place until 5 AM, according to traffic officials. Motorists are advised to plan for extra travel time and use caution when driving through the work zone.
The construction activity is affecting traffic flow during overnight hours as crews work to complete necessary roadway improvements in the area.
The intersection of Hyett’s Corner Road and US Route 13 has been shut down following a vehicle collision, according to traffic officials.
Emergency responders are currently on scene managing the crash situation. Motorists are advised to seek alternate routes while crews work to clear the roadway.
No additional details about the accident or potential injuries have been released at this time. The duration of the road closure remains unknown as authorities continue their response efforts.
NEW YORK — Carson Benge reached first base and lifted both arms triumphantly after delivering the game-winning hit for the New York Mets in extra innings, marking his second walk-off RBI in just five days.
A collision between Yankees players Anthony Volpe and Max Schuemann behind the pitcher’s mound allowed Marcus Semien to score the deciding run on Benge’s two-hop grounder, as both defenders tumbled to the ground after Schuemann had fielded the ball.
“Once it went over the pitcher’s head I kind of knew,” Benge said.
The dramatic victory came after Tyrone Taylor launched a crucial three-run blast off All-Star closer David Bednar with two outs in the ninth inning, followed by Benge’s walk-off hit one frame later, as the Mets shocked the New York Yankees 7-6 on Sunday to capture two games of their three-game Subway Series at Citi Field.
“He’s like 20 years old, hitting a bunch of walk-offs,” the 32-year-old Taylor said as he walked by the 23-year-old Benge to address the postgame media scrum.
The comeback snapped a streak of 91 straight losses for the Mets when behind after eight innings, dating back to Pete Alonso’s three-run homer off Devin Williams that sparked their victory at Milwaukee in the deciding Game 3 of their 2024 NL Wild Card Series.
The injury-depleted Mets (20-26) reached 10-5 in May despite playing without injured regulars Francisco Lindor, Francisco Alvarez, Jorge Polanco and Luis Robert Jr., while the Yankees (28-19) finished a disappointing 2-7 road trip before returning home for seven games against AL champion Toronto and AL East-leading Tampa Bay.
“Guys are playing tough and making the plays they need to but just coming up a little bit short,” Yankees captain Aaron Judge said. “We’ve got to have a short memory, move on and get ready … because we’ve got a big division opponent coming in.”
Called up from the minors on Tuesday after shortstop José Caballero suffered a broken finger, Volpe contributed a go-ahead two-run single and drew a bases-loaded walk for his first RBIs this season. His production helped the Yankees establish leads of 5-1 in the sixth and 6-3 in the seventh, positioning them for what would have been their first series victory at Citi Field since 2018.
Benge and Bo Bichette opened the ninth with back-to-back singles against Bednar. After Juan Soto grounded into a forceout and Mark Vientos struck out, Taylor connected on a first-pitch hanging curveball that traveled 404 feet, barely staying fair inside the left-field foul pole.
“I didn’t know it was going to stay fair,” Taylor said. “I kind of waited there to see if it would.”
Taylor’s teammates surrounded him in the dugout celebration, as he beamed while still wearing his wraparound sunglasses and received the team’s ceremonial orange construction helmet and matching hi-visibility vest.
Earlier in the contest with the score tied 1-1 in the fifth, Taylor entered as a pinch hitter with two outs and runners on the corners but was denied by center fielder Trent Grisham, who made a spectacular diving catch. Taylor also lined out to Schuemann near the left-field warning track in the seventh.
Those near-misses convinced Benge that Taylor was destined for a clutch hit in the ninth.
“I kind of blacked out for him,” Benge said. “I had a feeling. I didn’t tell him but I had a feeling, and to be able to see that was so sick.”
Bednar suffered his second blown save in 12 opportunities and now carries a 4.95 ERA. He has surrendered runs in six of his past nine outings.
“Overall it’s unacceptable, especially in that spot,” Bednar said. “It’s just very frustrating.”
Williams (3-1), now pitching for the Mets, induced Austin Wells to ground into an inning-ending double play in the 10th.
Tim Hill (0-1) took over for Bednar to start the bottom half, and A.J. Ewing advanced Semien, the automatic runner, to third base with the first sacrifice bunt of his professional career. The Yankees positioned Schuemann from left field to create a five-man infield, and Luis Torrens — whose pinch-hit two-run double had narrowed the gap in the sixth — was struck by a pitch.
Benge’s chopper hit off home plate and bounced high before settling between the mound and second base. Schuemann, stationed to the right of second, caught the ball on a short hop and prepared to throw to catcher Austin Wells when Volpe crashed into his right shoulder, sending Schuemann stumbling.
“A no-man’s land there,” Volpe said. “We’re both just trying to make a play on the ball.”
Semien had reached the halfway point to home when Schuemann secured the ball. Once Schuemann regained his footing, throwing home was futile.
“With Timmy on the mound, it’s more than likely going to be a ground ball in that situation,” Schuemann said. “It’s just one of those things that we’re both going to be aggressive to that baseball no matter what. We both want to make a play.”
The Mets claimed their second consecutive victory despite committing a costly fielding error that allowed a run to score. Bichette moved over from shortstop but let Grisham’s sixth-inning popup in shallow left field bounce off his glove, one day after Benge dropped Cody Bellinger’s fly ball for his second defensive mistake in right field during the homestand.
“We get down. We get punched in the face. We get back up,” Mets manager Carlos Mendoza said. “Today was a perfect example when, like I said, we didn’t play our best game and we still are able to shake hands at the end.”
Three white rats jumped from small containers into a large enclosure on Sunday while other rodents explored temporary tunnels and ate applesauce provided by their caretaker at an indoor venue in Buenos Aires, Argentina.
The scene was part of Ratapalooza, a yearly event in the Argentine capital that encourages people to adopt laboratory rodents that are no longer needed for research or have become excess inventory at animal facilities.
Team Ratas, which means rats in Spanish, hosts events like Ratapalooza to connect these animals with adoptive families. Argentine law permits keeping rats or mice as companions, provided they are not wild animals.
The event resembles a community fair, featuring booths that sell keychains, cups, stickers and hair accessories shaped like rats and mice. Proceeds support veterinary care and food costs for the rodents, which volunteers care for in their homes before finding permanent placements.
María Gabriela Aponte worked at one booth, holding Camamberto, one of three rats she has taken in, while selling plant-based food, mouse-shaped pins and stickers.
She explained that all the animals came from laboratories, specifically from vivariums where research animals live under carefully regulated conditions.
“People don’t really know, or they have a very specific perception of, what a pet is,” Aponte told The Associated Press. “Rats are very intelligent and sweet.”
Dominique Verdier, a Team Ratas representative, explains that potential adopters must have access to a veterinarian who specializes in exotic animals, provide a large cage with plenty of enrichment items, and commit to spending at least one hour daily with their new pets.
Team Ratas leads efforts in Argentina and Latin America to relocate laboratory rats and mice that would face euthanasia without foster placement.
The program began in 2016 when Verdier took in two rats after learning from a friend that the university where they had been used for studies no longer required them.
She established a rescue network with 90 foster families in Buenos Aires and surrounding communities, caring for hundreds of animals from 11 research facilities and laboratories. Over the past decade, she has saved more than 8,000 animals and successfully placed approximately 3,000 in homes.
Her organization has gained more than 60,000 Instagram followers.
Contact with rats and mice may raise health concerns given the current fatal hantavirus outbreak on the cruise ship MV Hondius after it docked in Argentina this month.
Hantavirus typically spreads through inhaling particles from infected wild rodent waste, with these animals commonly found in Patagonia in southern Argentina.
Verdier, who cares for most of the 37 rodents in her own home, emphasizes that laboratory rats pose no health risks.
“They do not transmit diseases because they have not had contact with the street nor are they inoculated with viruses and bacteria,” she said.
The laboratories that have worked with Team Ratas for years only provide animals that have never been exposed to viruses or bacteria.
“Several laboratories prefer to euthanize the animals, while others tell me, ‘Take them away, we don’t want to sacrifice them’,” she added.
Veterinarian Silvina Diaz from the University of Buenos Aires conducts research on rat and mouse nervous systems in an experimental laboratory.
She endorses finding new homes for the rodents after their research work concludes.
“It is great that they’re doing this work of rehoming animals in families that can give them a good life,” said Diaz, who serves as a contact between veterinary technicians and Team Ratas.
Verdier, who remains committed to placing these small animals in loving homes, says she has grown accustomed to social media criticism.
“If people see a dog shelter, they might admire it, but when I mention Ratapalooza they say, ‘What you’re doing is silly’,” she said. “And I say that I’ve been doing this for 10 years and it keeps growing.”
Motorists are being advised to avoid the intersection of Hyett’s Corner Road and US Route 13 following a vehicle collision that has shut down the roadway.
Traffic officials have completely closed the area to allow emergency responders to work at the crash site. No timeline has been provided for when the intersection will reopen to normal traffic flow.
Drivers are encouraged to seek alternate routes until the roadway closure is lifted and normal traffic patterns resume.
Finance ministers from the world’s leading economies are meeting in Paris this week to address mounting global economic tensions and work toward better coordination on essential raw material supplies, though political disagreements may challenge the group’s ability to reach consensus.
The gathering spans two days and comes on the heels of a recent summit between the U.S. President and Chinese President that produced limited economic progress, while underlying tensions over Taiwan and trade remained despite outward diplomatic politeness.
French Finance Minister Roland Lescure, who is hosting the discussions, has identified fundamental global economic imbalances as a central focus of the Paris meetings. These imbalances are creating trade disputes and could potentially lead to volatile unwinding in financial markets.
“The way the global economy has been developing for the past 10 years or so is clearly unsustainable,” he said, pointing to a pattern in which China under-consumes, the United States over-consumes and Europe under-invests.
Lescure emphasized that the G7 provides a venue for honest conversations among allies during a period of growing tensions with Washington.
“These discussions are not easy. I’m not going to tell you that we agree on everything, including, of course, first and foremost with our American friends,” he told journalists ahead of the meeting.
The finance ministers will seek updates on relations between the U.S. and China following the recent leadership summit, as well as the latest American initiatives to reopen the Strait of Hormuz, particularly after the administration ended a sanctions waiver on Russian seaborne oil over the weekend.
French officials involved in planning the meeting indicated that simply getting all parties to acknowledge their role in trade and capital flow imbalances would represent progress, though American representatives may resist such acknowledgment.
Philip Luck, director of the economics program at Washington’s Center for Strategic and International Studies, expressed skepticism about U.S. cooperation on this front.
“I’d be shocked if they’re going to sign on to the idea this is the U.S.’s fault in some way,” said Luck.
The agenda also includes examining economic consequences from the Middle East conflict and instability in global bond markets, which particularly concerns Japan.
Britain’s finance ministry announced that Rachel Reeves would “press for coordinated action to limit inflation and supply chain pressures, and restore freedom of navigation through the Strait of Hormuz” during the meetings, while also reinforcing the government’s goal to reduce trade barriers between Britain and the European Union.
Internal disagreements within the G7 are making it more difficult to present a united front as ministers prepare for a leaders summit scheduled for June 15-17 in the spa town of Evian.
A major secondary focus involves critical minerals and rare earth elements, where G7 governments are working to coordinate efforts aimed at reducing dependence on China, which controls supply chains essential for electric vehicles, renewable energy systems, and defense technologies.
Lescure stated the G7 would advocate for enhanced coordination to monitor markets, predict disruptions, and develop alternative supply sources through joint projects across allied nations. The objective is ensuring that “no country can ever again have a monopoly” over such materials, according to his remarks.
G7 nations are attempting to establish a shared set of tools to stabilize markets and promote domestic investment, potentially including price floors for producers, collective purchasing arrangements, and tariffs.
However, Luck, who previously worked on this issue in the Biden administration, cautioned that the initiative represents a long-term effort unlikely to produce immediate results from the finance ministers’ gathering.
“We are in the very early innings of figuring this out,” he said. “I don’t think there’s agreement on a strategy even within the U.S. government, let alone being able to articulate that in a convincing way to our partners in order to get them to sign on.”
A luxury cruise vessel struck by a deadly hantavirus outbreak reached Rotterdam Monday morning, where Dutch officials had arranged quarantine protocols for the 27 people still aboard the MV Hondius.
Local officials confirmed they established isolation facilities for some international crew members, though uncertainty remains about whether they will complete the full 42-day recommended quarantine period.
The Dutch-registered vessel was transporting approximately 150 passengers and crew from 23 nations when health authorities first notified the World Health Organization about a cluster of serious respiratory cases on May 2.
The outbreak has claimed three lives — a Dutch couple and a German citizen — since it began.
Oceanwide Expeditions operates the ship, which became stranded near Cape Verde this month when local authorities refused to allow passengers ashore because of the health emergency. Following WHO and EU requests, Spain coordinated an evacuation at the Canary Islands, after which the vessel headed to Rotterdam with minimal crew and two additional medical personnel.
The virus spreads mainly through rodents but can occasionally transmit between humans during extended, close contact. The incubation period can extend up to six weeks.
Crew members, passengers who previously departed the vessel, and their contacts have been placed in quarantine across multiple countries worldwide.
This outbreak involves the Andes virus strain, which has been present in Argentina and Chile for many years. The European Centre for Disease Prevention and Control reports that ship samples show no significant virus mutations.
The WHO updated its case total Friday to 10 from 11 after an uncertain U.S. case came back negative. As of May 15, there were 10 WHO-documented cases — eight confirmed and two probable — including the three fatalities.
British Columbia’s government announced Saturday that one Canadian former passenger of the Hondius had tested positive for hantavirus. The WHO stated Sunday it awaits official confirmation but noted this would bring the total to 11 cases.
Health officials indicated earlier this month that additional cases were anticipated but emphasized the situation differs completely from COVID and does not represent a pandemic threat.
Because of the extended incubation period, the search for new cases may persist for months, challenging authorities’ post-COVID communication strategies.
The WHO advises monitoring and quarantining high-risk contacts for 42 days following exposure, while recommending low-risk contacts monitor themselves and seek medical attention if symptoms appear.
Some Rotterdam residents voiced mild concerns about the MV Hondius’s arrival, worrying people might not comply with quarantine requirements, but told reporters they don’t anticipate a new pandemic.
“What is concerning to me is how well will people … stay in quarantine,” said 35-year-old Rotterdam resident Claudia Eduardo. “Because we know during the pandemic a lot of people didn’t abide to the rules.”
Eighteen-year-old Aleks Mladenovic said hearing about the hantavirus outbreak initially frightened him, but research helped calm his fears. “It’s not a new thing. We’ll probably figure something out and get on top of it again,” he said. “I am not worried at all.”
Russian officials claim their forces shot down more than 3,100 Ukrainian drones during the previous seven days, according to state media reports citing military data.
The RIA news agency compiled figures showing the highest number of drone interceptions occurred on two specific dates – May 13 and May 17 – when Russian forces allegedly destroyed 572 and 1,054 aircraft respectively. Most of the reported shootdowns took place over areas within European Russia, according to the compiled information.
The claims follow Ukraine’s most significant nighttime drone assault on Moscow in more than 12 months, which resulted in the deaths of at least four individuals, local authorities reported Sunday. Three of those fatalities occurred in the Moscow region during the large-scale attack.
NEWTOWN SQUARE, Pennsylvania, May 17 – Aaron Rai of England secured his inaugural major championship victory on Sunday, capturing the PGA Championship with a three-stroke margin over Jon Rahm of LIV Golf and Alex Smalley at Aronimink Golf Club.
The tournament marked Rai’s first major title triumph in professional golf.
Drivers traveling on southbound DuPont Parkway should plan for potential delays as construction work has forced the closure of the right lane at Boyds Corner Road.
The lane restriction is currently in place and is expected to continue until 5:30 AM, according to traffic officials.
Motorists are advised to use caution when traveling through the construction zone and allow extra time for their commute.
Military personnel are recovering after two aircraft crashed following a collision during an air show performance at an air force base in Idaho.
The incident occurred during the aerial demonstration when the two jets appeared to make contact with each other before going down. The flight crews were able to eject from their aircraft before the crash.
According to officials from the base, all aircrew members involved in the accident are currently in stable condition. The military installation confirmed the condition of the personnel following the incident.
The collision happened during the scheduled air show performance at the Idaho military facility, which was hosting the aviation event featuring various military aircraft demonstrations.
Houston Astros star Jose Altuve is heading to the injured list following a Grade 2 left oblique strain he sustained during Saturday’s contest, team manager Joe Espada announced to media on Sunday.
The veteran second baseman received an MRI examination Sunday morning after being pulled from the game before the final inning. Altuve showed visible discomfort during his plate appearance in the eighth inning when he made contact on a ground ball to third base, choosing not to run to first and instead returning to the dugout while clearly in pain.
Espada declined to provide a specific recovery timeframe for Altuve’s return to action.
“Obviously just not what we wanted to hear,” Espada said. “But we find ourselves having to fight through this one here. So these young players are going to continue to get opportunities.”
Houston’s roster challenges continue to mount with third baseman Carlos Correa already out for the remainder of the season following ankle surgery, while Jeremy Pena has been unavailable since April 11 due to a hamstring injury, though he may return as early as Monday when the team travels to Minnesota.
The 36-year-old Altuve is batting .245 this season with four home runs and 12 RBIs across 42 games. The nine-time All-Star has spent his entire 16-season major league career in Houston, compiling a .302 lifetime batting average along with 259 home runs and 901 RBIs.
The Seattle Mariners have promoted their top prospect, infielder Colt Emerson, from Triple-A Tacoma ahead of Sunday’s matchup with the San Diego Padres.
To create space on the roster, Seattle moved infielder/outfielder Brendan Donovan to the 10-day injured list due to a groin injury. The roster move dates back to May 16.
The 20-year-old Emerson is preparing for his first major league appearance, starting at third base and hitting ninth in the batting order against San Diego.
MLB Pipeline ranks Emerson as Seattle’s top prospect and sixth-best overall across all of baseball.
The Mariners noted that at 20 years and 301 days old, Emerson will become the youngest player to make his Seattle debut since right-hander Felix Hernandez, who was 19 years and 118 days old when he debuted on Aug. 4, 2005.
Among all players making their major league debuts this season, Emerson ranks as the second-youngest behind Pittsburgh Pirates shortstop Konnor Griffin, who is 19.
The left-handed batter has compiled a .255 average with seven home runs and 26 RBIs across 38 games at Triple-A Tacoma this year. Seattle selected him in the first round of the 2023 draft, taking him 22nd overall.
Emerson secured his future with the organization on March 31, agreeing to an eight-year contract worth $95 million that runs through 2033, with Seattle holding an option for 2034.
The injured Donovan, 29, has posted a .274 batting average with three homers and eight RBIs in 25 games this season. Seattle acquired him from the St. Louis Cardinals during the offseason.
Standard Chartered announced Monday that Manus Costello will serve as the bank’s new permanent chief financial officer, taking over from Diego De Giorgi, who stepped down in February following almost three years at the financial institution.
The bank had previously appointed Peter Burrill to fill the CFO position on an interim basis in early February after De Giorgi’s sudden departure. De Giorgi left the Asia- and Africa-focused banking institution to take a leadership role at Apollo, where he will oversee the EMEA region.
The loss of De Giorgi was considered a significant setback for the bank, given that he was regarded as a potential successor to Standard Chartered Chief Executive Bill Winters, who holds the distinction of being the longest-tenured banking leader among major British financial institutions.
According to Standard Chartered, Costello will assume the role of interim group chief financial officer with immediate effect and will become a member of the board as an executive director, pending regulatory approval.
Costello became part of the banking organization in 2024 when he took on the position of global head of investor relations, bringing with him a quarter-century of expertise in equity research, the bank noted.
The new CFO will work from London and will report directly to Winters.
Crude oil markets saw significant increases Monday following a drone strike on a nuclear facility in the United Arab Emirates, while diplomatic efforts to resolve U.S.-Israeli tensions with Iran have reached an impasse.
By 2202 GMT, Brent crude futures had jumped $1.36 to reach $110.62 per barrel, marking a 1.24% increase. Meanwhile, U.S. West Texas Intermediate crude rose $1.84 to $107.26 per barrel, representing a 1.75% gain.
The price surge comes as U.S. President Donald Trump is anticipated to review potential military responses regarding Iran, adding to market uncertainty in the region.
Multiple American citizens currently in the Democratic Republic of Congo are believed to have come into contact with suspected Ebola cases during the nation’s recent outbreak, according to a report published Sunday by STAT News. Several of these exposures are considered high-risk situations.
The report indicates that at least one person among this group may have shown signs of illness.
Reuters was unable to immediately confirm these details.
The World Health Organisation has designated the Ebola outbreak affecting the Democratic Republic of Congo and Uganda as a public health emergency of international concern. The outbreak has resulted in 80 suspected fatalities.
The president and several administration officials spoke at a conservative Christian prayer gathering held on the National Mall over the weekend.
The religious event was put together by Freedom 250, a public-private organization that is working alongside the White House to coordinate celebrations for America’s upcoming 250th birthday celebration this summer.
The gathering drew worshippers who participated in Christian music and prayer as part of what organizers called a dedication ceremony in honor of the nation’s milestone anniversary.
Motorists traveling southbound on Interstate 95 should expect delays due to construction work that has closed two right lanes overnight.
The lane restrictions are in effect along the stretch of highway from the Delaware Christina River Bridge to the Newark Toll Plaza, with lanes expected to reopen by 7 AM.
Drivers are advised to allow extra travel time and use caution when navigating through the construction zone during the morning commute.
BOISE, Idaho — Four Navy aviators are in stable condition after successfully ejecting from two military aircraft that collided during a weekend air show performance at Mountain Home Air Force Base in western Idaho, military officials confirmed Sunday.
The mid-air collision occurred between a pair of U.S. Navy EA18-G Growlers assigned to Electronic Attack Squadron 129 stationed at Whidbey Island, Washington, according to Cmdr. Amelia Umayam, spokesperson for Naval Air Forces, U.S. Pacific Fleet.
Umayam confirmed in a statement that the aircraft were conducting an aerial demonstration when the incident occurred. All four aviators from both jets managed to eject safely, and military officials have launched an investigation into the crash.
Base personnel reported that the crew members are currently in stable condition following the incident.
No individuals on the ground at the military installation were injured during the crash, according to Kim Sykes, marketing director with Silver Wings of Idaho, which assisted in organizing the air show.
“Everyone is safe and I think that’s the most important thing,” Sykes stated.
Military base officials announced on social media that the facility was immediately secured following the incident, and organizers canceled the remaining air show activities.
Spectator footage shared on social media captured four parachutes deploying as the aircraft descended toward the ground near the base, located approximately 50 miles south of Boise.
The EA-18G Growler represents a specialized version of the F/A-18 Super Hornet fighter aircraft equipped with advanced electronic warfare capabilities.
Witness Shane Ogden was recording the two aircraft as they performed their maneuver when the collision occurred. His footage shows the jets making contact before spinning together while crew members ejected and their parachutes deployed. The aircraft then fell in tandem, creating a large explosion upon ground impact as the aviators descended safely nearby.
“I was just filming thinking they were going to split apart and that happened and I filmed the rest,” Ogden explained in a text message. He departed shortly after the incident to avoid interfering with emergency response teams.
Event organizers described the well-attended air show, featuring flight demonstrations and parachute exhibitions, as both a tribute to aviation heritage and a showcase of contemporary military technology. The U.S. Air Force Thunderbirds demonstration squadron served as the featured performers for both days of the event.
Weather conditions at the time included clear visibility with wind gusts reaching 29 mph, according to the National Weather Service.
Aviation safety specialist John Cox, who serves as CEO of Safety Operating Systems, noted that air show performers represent elite pilots operating with minimal margin for error.
“Air show flying is demanding. It has very little tolerance,” Cox explained. “The people who do it are very good and it’s a small margin for error. I’m glad everybody was able to get out.”
This year’s Gunfighter Skies event marked the first air show at the facility since 2018, when a hang glider pilot was killed during a performance crash.
A previous incident in 2003 involved a Thunderbirds aircraft that crashed during a maneuver attempt. The uninjured pilot successfully directed the aircraft away from spectators and ejected moments before ground impact.
The air show community has focused on enhancing safety measures across approximately 200 annual events throughout the United States. The most recent fatal air show incident occurred in 2022 when two historic military aircraft collided during a Dallas event, resulting in six fatalities.
John Cudahy, president and CEO of the International Council of Air Shows, reported that historical averages showed about two annual deaths at U.S. air shows, but the past decade has seen that number drop to approximately one death per year. No air show fatalities occurred in 2024 or 2025, and no spectator has been killed at an air show since 1952.
“Safety wise we’ve enjoyed really an unprecedented term of few accidents,” Cudahy stated.
The survival of both aircraft crews may enable investigators to quickly determine the cause of Sunday’s collision, as the aviators will be able to provide firsthand accounts of their observations and experiences leading up to the incident.
Military conflicts have resulted in the cancellation of approximately 10 air shows this year at installations where units are deployed for combat operations. However, the majority of scheduled air shows have proceeded as planned.
A major energy company acquisition could be announced within days, according to a weekend report from Bloomberg News. NextEra Energy is reportedly in negotiations to purchase Dominion Energy through a primarily stock-based transaction valued at roughly $66 billion.
The proposed deal would price Dominion shares at approximately $76 each, with NextEra offering roughly 0.8 shares of its own stock for every Dominion share currently outstanding, according to the Bloomberg report. The transaction could potentially be revealed as soon as Monday.
The acquisition would involve NextEra, a U.S. power company, taking over the smaller Virginia-based utility company. Reuters was unable to independently confirm the Bloomberg report at this time.
North Korean leader Kim Jong Un has directed military officials to bolster border forces and other key military divisions as part of efforts to “more thoroughly deter war,” according to state media reports from Monday.
The North Korean leader delivered these instructions during a Sunday gathering with army division and brigade commanders, state media KCNA reported.
Kim urged military leaders to revamp training programs and increase hands-on exercises to address evolving modern combat tactics and North Korea’s advancing military capabilities, KCNA stated.
The leader also emphasized that upcoming initiatives should reshape operational strategies to align with the rapid advancement of military technology and equipment, implementing these changes in unit combat preparation.
According to KCNA, Kim highlighted the importance of ideological commitment and remaining alert against the “arch enemy,” language North Korea commonly uses when referring to South Korea.
All four crew members aboard two Navy aircraft that crashed during an air show demonstration in Idaho on Sunday successfully ejected to safety, according to U.S. Navy officials.
The collision occurred when two E/A-18G Growler aircraft struck each other while performing an aerial display approximately 2 miles from Mountain Home Air Force Base during the Gunfighter Skies Air Show, according to Cmdr. Amelia Umayam, a spokesperson for Naval Air Forces, U.S. Pacific Fleet.
The crash happened at approximately 12:10 p.m. MDT as the aircraft were conducting their demonstration flight during the weekend air show event, Umayam reported.
“The incident is under investigation. More information will be released as it becomes available,” Umayam said.
Following the accident, Mountain Home Air Force Base implemented security lockdown procedures, as announced on the base’s official Facebook page.
The aircraft that collided belonged to Electronic Attack Squadron 129, stationed at Whidbey Island, Washington, according to Umayam. The jets were part of the U.S. Navy’s E/A-18G “Vikings” Growler Demo Team, which was listed among the scheduled performers for the air show.
This weekend’s event represented the first Gunfighter Skies Air Show held in eight years. The previous show in 2018 was marred by tragedy when a hang glider pilot was killed in a crash.
Local emergency response agencies, including the Mountain Home Fire Department, Mountain Home Police Department and Elmore County emergency management coordinator, have not yet provided statements regarding the incident.
A beloved figure in the peace movement and counterculture community celebrated a major milestone as Wavy Gravy marked his 90th year. The well-known philanthropist and activist was honored with a large-scale birthday celebration organized by the city of San Francisco.
Motorists traveling on westbound Capitol Trail should expect delays overnight as construction crews conduct work requiring intermittent lane restrictions.
The lane closures are occurring between Redmill Road and Brewster Drive, with work scheduled to continue until 5 AM.
Drivers are advised to plan alternate routes or allow extra travel time when using this section of roadway during the overnight hours.
Two American soccer players who are vying for spots on the United States Men’s National Team suffered injuries during Sunday’s matches, raising concerns about their availability for the upcoming World Cup.
Brenden Aaronson, an attacking midfielder, sustained a left leg injury while competing for Leeds United, though early reports suggest the injury may not threaten his World Cup participation.
Chris Richards, a defender hoping to make the national team roster, also suffered an injury on Sunday when he twisted his left ankle during Crystal Palace’s match. The substitute player briefly left the field but returned after about a minute and finished the game.
Aaronson’s injury occurred in the 58th minute of Leeds United’s Premier League contest against Brighton & Hove Albion. The 25-year-old player from Medford, New Jersey, was seen holding his left leg as the medical staff rushed onto the field. He hobbled off the pitch and was substituted in what became a 1-0 win for Leeds.
Richards, age 26, hails from Alabama and developed through FC Dallas’s youth system before transferring to Bayern Munich’s academy in Germany in 2018. The defender spent two seasons in Germany’s top league before transferring to Crystal Palace in 2022.
National team coach Mauricio Pochettino is scheduled to announce his 26-player World Cup roster on May 26 during a public ceremony in New York.
This season, Aaronson leads Leeds United with five assists while contributing four goals, appearing in 35 of the team’s 37 matches.
Aaronson joined Leeds on a five-year contract in 2022. Following the club’s relegation, he spent the 2023-24 season on loan with FC Union Berlin in the German Bundesliga before returning to the English club in West Yorkshire.
The midfielder received his initial national team invitation in October 2019, made his debut in 2020, and participated in all three United States matches during the 2022 World Cup.
Richards has made 36 appearances for the national team since 2020, netting three goals, but was left off the 2022 World Cup squad. This season, he has featured in 33 Premier League matches for Crystal Palace, scoring once.
OKLAHOMA CITY (AP) — While this Western Conference finals showdown isn’t unprecedented, it certainly carries the weight and excitement typically reserved for championship games.
The stage is set for an extraordinary battle: Shai Gilgeous-Alexander leading the title-defending Oklahoma City Thunder, who captured 64 victories during the regular season, against Victor Wembanyama and the San Antonio Spurs, who secured 62 wins this season — including four victories over Oklahoma City. The Western Conference finals begin Monday night in Oklahoma City.
“Just the words — ‘conference finals’ — is crazy,” Wembanyama said. “It’s something I heard my whole life and now being in it is just special.”
NBA history shows this level of excellence rarely collides in playoff competition. Only six previous playoff series have featured teams with 62 or more wins (or equivalent .756 winning percentage during seasons with fewer than 82 games). The most recent occurrence was the Chicago vs. Utah matchup in the 1998 NBA Finals.
Previous elite matchups include: Chicago-Utah in 1997’s finals, Chicago-Seattle in 1996’s finals, Boston-Los Angeles Lakers in 1985’s finals, Boston-Philadelphia in 1981’s Eastern Conference finals, and Lakers-Milwaukee in 1972’s West finals.
While the initial four high-caliber matchups determined NBA champions since they occurred in the finals, the previous conference finals battles between similarly dominant teams also produced championship results, with Boston claiming the 1981 title and the Lakers capturing 1972’s crown.
“It’s fitting because both teams earned their way here,” Thunder coach Mark Daigneault said Sunday. “I mean, that’s how it works. You’ve got to win four games to advance and then you’ve got to win four games again — and if you do that, you’re in the Western Conference finals. And that’s what makes it fitting. It is a team we have a ton of respect for. We know what they’re capable of. It’s an opponent that is incredibly worthy and that we’re going to need to be our best to beat and we understand that.”
These franchises haven’t met in postseason play since 2016, when Oklahoma City eliminated San Antonio in six games during the Western Conference semifinals. Just five players from that series — Kevin Durant, Steven Adams, Russell Westbrook, Kyle Anderson and Kawhi Leonard — continue playing in the NBA, though none remain with either franchise.
San Antonio dominated the season series 4-1, capturing three of those victories by double-digit margins. No other NBA teams combined managed more than six such decisive wins against Oklahoma City this season.
“You could take a bit from it,” Spurs guard De’Aaron Fox said. “But the playoffs is a different story, obviously.”
Oklahoma City holds a significant advantage in deep playoff experience.
San Antonio’s roster includes just five players with conference finals or NBA Finals scoring experience — yet only one of those five, Luke Kornet, averages double-digit minutes during this postseason. Harrison Barnes contributes 9.8 minutes per contest, while Kelly Olynyk, Mason Plumlee and Bismack Biyombo rarely see action in the regular rotation.
Conversely, Oklahoma City features 12 players who have scored during Rounds 3 or 4 of playoff competition, with most gaining that experience during last season’s championship run.
Dating back to Game 7 of last season’s playoffs, the Thunder have captured nine straight playoff victories — maintaining perfection at 8-0 this postseason.
Monday’s victory would place this Oklahoma City squad among just 11 NBA teams to achieve 10-game postseason winning streaks. The Thunder could also join eight teams that started playoff runs with 9-0 records.
“Everything that we’ve done so far is behind us,” Gilgeous-Alexander said. “We still haven’t reached our goal. We have two more series to win until we reach our ultimate goal and that’s what we’re focusing on.”
Oklahoma City’s presence was anticipated: defending champions returning their entire roster, heavy preseason favorites for this year’s title.
San Antonio’s arrival, however, was unexpected.
Preseason predictions placed the Spurs’ win total at 44.5 games. With 66-1 championship odds, San Antonio ranked 17th among 30 teams entering the season.
Now the Spurs stand among the NBA’s final four teams, suggesting they’ve exceeded expectations.
“Ahead of schedule what?” asked Spurs coach Mitch Johnson. “I understand the general expectations of what we were supposed to do in October aren’t necessarily aligned with where we’re at right now. So, if that’s your question, I would guess by general consensus then we’re ahead of that schedule. But we never talked about what we were going to be or what we were going to do. We just knew that we had a lot of potential and we were going to try to be the best team we can be.”
Former UFC champion Ronda Rousey delivered a remarkable conclusion to her mixed martial arts journey Saturday evening, defeating Gina Carano by submission in just 17 seconds.
The following day, the 39-year-old fighter disclosed the message she delivered to Carano moments before their brief encounter in the ring.
“I told her, ‘I respect you and I’m breaking your arm,’” Rousey said. “No contradiction there. I was hoping to come out as unscathed as possible. I didn’t really want to hurt her. It was beautiful. It felt like the magic was back.”
Following her victory, Rousey declared her intention to retire once again. She quickly brought Carano to the ground, defended against a guillotine choke attempt, delivered several strikes from a dominant position, and secured her trademark submission hold.
The Rousey-Carano bout served as the main event for Netflix’s inaugural MMA broadcast. Both fighters, the former inaugural UFC bantamweight champion and the 44-year-old Carano, were returning to competition after extended breaks from the sport. Rousey claimed victory with her signature armbar technique in the featherweight contest held in Inglewood, California, marking Most Valuable Promotions’ first mixed martial arts event.
The victory marked Rousey’s fourth win achieved in less than 35 seconds, bringing her professional record to 13-2-0 while earning her 10th submission victory.
“There’s no way I could’ve ended it better than this,” Rousey added. “This is a storybook ending if this is the end of my book as a fighter. I never thought I would come back. It didn’t cross my mind at all. But getting back into it reminded me of the joy that it gave me from the very beginning.
“Gina brought me into this sport, and she brought me back to it. We both needed to reclaim our bodily identity and rewrite our own ending together. It lifted a huge weight off my shoulders. I feel like I got the closure I needed.”
The Texas Rangers’ star shortstop Corey Seager missed Sunday’s game and has been scheduled for an MRI to examine his troublesome back injury.
Back problems forced Seager to sit out Saturday’s 4-1 defeat to the Houston Astros on their home field. The veteran player had been rested during Friday’s contest and developed back discomfort Saturday morning.
Speaking with reporters Sunday, Seager explained that his back remained too stiff for him to take the field.
Despite his condition, he had attempted to convince Texas manager Skip Schumaker to include him in the starting roster.
“He was in here before I got here,” Schumaker said. “I got here early, and he was here before me trying to get in the lineup.”
The 32-year-old is currently experiencing offensive struggles, posting a .179 batting average this season while enduring a career-high 27 straight at-bats without a hit. Through 42 games, he has recorded seven home runs and 20 RBIs.
This marks Seager’s fifth campaign with Texas, following his World Series MVP performance in 2023 when the Rangers defeated the Arizona Diamondbacks in a five-game series. That same year, he finished second in regular-season MVP voting behind Shohei Ohtani of the Los Angeles Angels.
Seager previously earned World Series MVP honors with the Los Angeles Dodgers in 2020 and has been selected to five All-Star games throughout his career.
Saudi Arabia’s military forces stopped three unmanned aircraft on Sunday after the drones crossed into the kingdom’s territory from Iraq, according to officials.
The country’s defense ministry stated it will implement appropriate operational responses to counter any efforts to breach the nation’s sovereignty and security.
Although tensions related to the Iran conflict have mostly decreased following a ceasefire that began in April, unmanned aircraft have continued to be sent from Iraq toward Gulf nations, including Saudi Arabia and Kuwait.
