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Shares of Vedanta Ltd plunged as much as 8% intraday on July 9, before paring some losses, after US-based short seller Viceroy Research issued a scathing report on its parent Vedanta Resources.

The note called the group “financially unsustainable, operationally compromised, and resembling a Ponzi scheme.”

At the time of writing, Vedanta shares were trading 3.5% lower at ₹439.60 on the NSE, while Hindustan Zinc Ltd — another group company — was down 2.6% at ₹424.

Viceroy Research is known for its investigations into major corporate scandals, including Wirecard and Steinhoff.

Viceroy’s allegations on Vedanta

Viceroy’s central claim is that Vedanta Resources, the UK-based holding company controlled by Anil Agarwal, is “a parasite holding company with no significant operations of its own, propped up entirely by cash extracted from its dying host: Vedanta Ltd.”

“This creates a self-destructive feedback loop,” the report said, alleging that Vedanta Ltd’s equity — used as collateral for Vedanta Resources’ borrowings — is being compromised by the group’s financial practices.

“Vedanta Resources cannot meet its short-term financial obligations without looting Vedanta Ltd. This strategy resembles a Ponzi scheme,” it added.

Viceroy also accused the group of capitalising expenses across subsidiaries to artificially inflate profits and asset values — a practice it termed “material misrepresentation.”

The report raised concerns about rising interest expenses despite debt reduction.

Viceroy claimed Vedanta Resources’ effective interest rate has jumped from 6.4% to 15.8% since FY21, while generating no operating free cash flow.

Vedanta responds

In response, Vedanta dismissed the report as a “malicious combination of selective misinformation and baseless allegations.”

The group said Viceroy did not attempt to contact it before publishing the note.

“Viceroy Research report is a malicious combination of selective misinformation and baseless allegations to discredit the Group,” Vedanta said in a statement.

As of March 31, 2025, Vedanta Resources’ standalone net debt stood at $4.9 billion.

The company has previously announced a plan to reduce its debt by $3 billion over three years, starting June 2024.

The company added in the press release:

It only contains compilation of various information – which is already in the public domain, but the authors have tried to sensationalise the context to profiteer from market reaction.

The timing of the report is significant, coming amid Vedanta’s proposed restructuring into multiple listed entities — a move announced in 2023 following the failure of Agarwal’s 2020 attempt to privatize Vedanta Ltd.

The short seller further alleged that Hindustan Zinc Ltd (HZL) is “a legal and financial minefield” involving contract breaches, regulatory violations, and related-party deals meant to extract value at the cost of public shareholders.

“Any one of the multitude of risks we outline is sufficient to topple Vedanta’s already fragile, Ponzi-like structure,” Viceroy said, adding that the group showed “systematic governance failures” including questionable auditor appointments.

The post Vedanta shares slide upto 8% after US-based short seller labels Group a ‘Ponzi Scheme’ appeared first on Invezz

Chinese chain Luckin Coffee opened its first two U.S. locations this week, betting that mobile-only ordering and creative flavors can lure customers away from Starbucks.

Both new Luckin stores are based in Manhattan, and at the midtown location on Wednesday, Sam Liu took a sip of her jasmine cold brew.

“I’ve never tried anything like it,” she said.

I thought I just order at the counter, but I realized everyone was standing around looking at their phone.

Luckin Customer Sam Liu, New York City

Liu said she’d hoped for more seating — the small shop has only three tables — and was initially confused by Luckin’s in-app ordering system, which means customers can’t order directly from a barista.

“I thought I just order at the counter, but I realized everyone was standing around looking at their phone,” Liu said.

Luckin is China’s largest coffee chain, with more than twice as many locations as Starbucks there. Its two New York City stores are its first foray outside Asia, where it has over 24,000 locations across the region. By comparison, there are over 17,000 Starbucks in the United States.

Its CEO, Guo Jinyi, called the U.S. “a strategically important market” for the company’s expansion in a press release heralding the two new locations Wednesday. “We are excited to introduce a diverse and unique coffee experience to American consumers.”

The company, which didn’t respond to a request for comment, has touted its ambitions to expand globally but hasn’t publicly detailed its next moves in the U.S. or other markets.

The chain has gained success overseas through creative drinks like alcohol-infused coffees and fruit lattes, along with its smartphone-centric ordering model. The app-based approach makes it easier to track inventory, send personalized appeals to consumers and serve drinks quickly, said John Zolidis, an analyst who tracks Luckin and Starbucks at the brokerage firm he founded, Quo Vadis Capital.

“Luckin was able to develop an incredible muscle with regard to product innovation, and they have been very creative in China,” he said.

Drink orders ready for pickup or delivery inside one of the Manhattan Luckin shops on Monday.Anthony Behar / Sipa USA via AP

Zolidis said how Luckin fares on Starbucks’ home turf will depend on its ability to differentiate its menu from other major U.S. coffee chains and smaller, independent cafes. Its American lineup already includes distinctive drinks like blood orange cold brew and coconut lattes.

“These orange drinks, or one of their most successful, a coconut cloud latte — that’s how you get trial [customers] from the U.S.,” Zolidis said.

Luckin faced financial troubles during the pandemic. It was delisted from Nasdaq in 2020 after its stock plunged following an internal investigation that found an executive had falsified revenue reports. The company filed for bankruptcy in the U.S. the following year but emerged from proceedings in 2022 and its sales have soared since, reaching $4.7 billion worldwide in fiscal year 2024, a 38.4% increase from 2023.

Luckin was able to develop an incredible muscle with regard to product innovation, and they have been very creative in China.

John Zolidis, Founder, Quo Vadis Capital

Starbucks, by contrast, is struggling in both the U.S. and China. Its same-store sales in the U.S. declined 2% and its sales in China 8% in fiscal year 2024, and it reported in April that its quarterly profit was half of what it pulled in for the same period last year. The Seattle-based chain is reportedly looking to partially sell its business in China while revamping its U.S. strategy to focus on customer experience and human connection, in contrast with Luckin’s model.

“We veered away from, I think, owning the idea of the ‘third place,’ the coffeehouse experience, making sure that the customer was front and center,” Starbucks CEO Brian Niccol told NBC News in June.

A Starbucks spokesperson declined to comment.

Zolidis said that whereas Starbucks aims in both the U.S. and China to appeal to customers looking for higher-end coffee served in an inviting setting, Luckin has successfully positioned itself as the “everyman’s coffee” in China, with low prices and small, grab-and-go storefronts.

After taking the train in from Hoboken, New Jersey, to check out the new one in midtown, Samantha Coy said the trip was worth it. She had enjoyed Luckin in China previously and was eager to order one of its fruit drinks.

“I’m surprised Starbucks hasn’t tried to bring that over to the U.S.,” Coy said. “I hope they stay open.”

Zolidis said he thinks Luckin is well-positioned to gain a foothold in America.

“They’ve been able to operate and grow incredibly quickly in the Chinese market, much faster than I would have thought possible, and they’ve been able to sustain it and develop a strong financial model so they can fund their expansion in the U.S.,” Zolidis said. “They wouldn’t be coming here to try it if they didn’t think they had a shot of owning part of the market.”

This post appeared first on NBC NEWS

Former President Joe Biden’s persistent use of a teleprompter during public events, including during a fundraiser with just a couple dozen supporters, left donors complaining for months and dashed their expectations of hearing from the 46th president, a new book claims. 

‘For most of the campaign, Biden only ever spoke with the assistance of a teleprompter, even for small private audiences,’ a new book, ‘2024: How Trump Retook the White House and the Democrats Lost America,’ reported. ‘The presence of the machine made for extremely awkward interactions in intimate settings, and irked donors who had paid thousands of dollars for a personal view of the president, not expecting a canned speech they could see on TV.’ 

‘He once read from a teleprompter in front of thirty people in the open kitchen of a Palo Alto mansion,’ the book continued. ‘Donors complained for months about the president’s reliance on the machine. Aides defended the teleprompter as a tool to keep the famously garrulous president on schedule.’ 

‘2024: How Trump Retook the White House and the Democrats Lost America’ was released Tuesday and authored by Josh Dawsey of the Wall Street Journal, Tyler Pager of the New York Times and Isaac Arnsdorf of the Washington Post. It details the 2024 presidential campaign cycle, including Biden’s cratering health issues. 

The book detailed that just days after Biden’s disastrous June 2024 debate against President Donald Trump that opened the floodgates to typical Democrat supporters turning their backs on Biden ahead of the election, the president attended a campaign event at Virginia Democrat Rep. Dan Beyers’ house without a teleprompter. The book claims Biden only spoke for about six minutes.

‘At Beyer’s house, the campaign was eager to prove Biden could speak off the cuff. There was no teleprompter to be found. The president blamed his poor debate performance on a heavy travel schedule and said he ‘almost fell asleep onstage.’ He spoke for about six minutes,’ the book detailed. 

The word ‘teleprompter’ appears in the new book a dozen times, mostly referencing the president’s reliance on the machine, as well as concern among some staffers that using a teleprompter was crucial to the president avoiding the unexpected as his health deteriorated. 

‘The officials who planned events at the White House tried to avoid any surprises or unpredictable situations. If the president was going to speak, he would go to the podium, deliver remarks from a teleprompter, and leave. There was no room for creativity or spontaneity,’ the book states in a section on how Biden had fallen during a commencement in 2023 and staff devised plans to prevent another public fall in the future. 

‘Everyone could see the president was aging. He sometimes failed to recognize former staff at functions. Still, current aides insisted his decline was strictly physical, and even then they acknowledged it only by trying to Bubble Wrap the president and avoid any more catastrophes. Staff limited direct access to the president, keeping meetings with him small,’ the book continued.

Biden entered his 2024 reelection cycle already racked by claims and concerns that his mental acuity had slipped and he was not mentally fit to continue serving as president, which was underscored by special counsel Robert Hur’s report in February 2024 that rejected criminal charges against Biden for possessing classified materials, citing he was ‘a sympathetic, well-meaning, elderly man with a poor memory.’ Fox News has been reporting on Biden’s apparent health decline since at least 2020. 

Biden brushed off the claims throughout 2024, until his debate against Trump in June of that year, when he was seen tripping over his words, speaking in a far more subdued tenor than during his vice presidency, and losing his train of thought at times. The debate opened the floodgates to criticism among Democrats that Biden should step aside and pass the mantle to a younger generation of Democrats. 

After weeks of the White House and campaign staffers vowing Biden would stay in the race and to ‘keep the faith,’ Biden announced in a social media post on a Sunday afternoon in July 2024 that he dropped out of the race. He endorsed then-Vice President Kamala Harris to run for the Oval Office, giving her just over 100 days to launch her own campaign that failed to rally enough support when up against Trump. 

Fox News Digital reached out to Biden’s office regarding the claims in the new book, but did not immediately receive a reply.

This post appeared first on FOX NEWS

Shein has confidentially submitted plans for an initial public offering in Hong Kong as the fast-fashion giant looks to speed up its prolonged listing efforts and push UK regulators to approve a potential London debut, the Financial Times has reported.

The Singapore-headquartered company, originally founded in China, submitted a draft prospectus to the Hong Kong Stock Exchange last week, according to two people familiar with the matter cited by FT.

It has also sought clearance from the China Securities Regulatory Commission (CSRC), which has become increasingly strict about how companies describe the political and business risks of operating in China.

The move is seen by those close to the matter as a strategic attempt to pressure the UK’s Financial Conduct Authority (FCA) into accepting a compromise on disclosures related to Shein’s China-based supply chain, especially its ties to the contentious Xinjiang region.

Regulatory impasse over Xinjiang disclosure continues

Shein’s proposed London IPO has been held up for more than 18 months due to disagreements between UK and Chinese regulators over the language used in its risk disclosures.

The FCA had approved a version of the prospectus earlier this year, but it was rejected by the CSRC, particularly over how the company’s links to Xinjiang were described.

China has faced global scrutiny for alleged human rights abuses in Xinjiang, where Uyghur Muslims are reportedly subjected to forced labour.

Shein has denied sourcing cotton from the region, but questions persist.

In January, Liam Byrne, chair of the UK’s business and trade committee, raised concerns with the FCA about the transparency of Shein’s supply chain after a senior company official declined to confirm whether any of its products contained Xinjiang cotton.

Shein still considers London its preferred listing destination, thanks to the city’s global investor base.

But the gulf between regulatory expectations in London and Beijing remains wide.

A dual or secondary listing may still be on the table if the FCA eventually agrees to a CSRC-sanctioned prospectus.

Hong Kong a more accommodating option amid geopolitical headwinds

Beijing has recently encouraged companies looking to list overseas to favour Hong Kong over New York or London, particularly amid heightened scrutiny of Chinese businesses in Western markets.

According to the people familiar with Shein’s plans, HKEX is expected to show more flexibility in allowing Chinese companies to describe political risks in a way acceptable to Beijing.

Shein’s drawn-out IPO efforts have been hampered by geopolitical friction from the start.

Its earlier attempt to float in the US was blocked in 2023 after it failed to secure approval from the Securities and Exchange Commission.

Despite having about $12 billion in cash reserves and no immediate need to raise funds, Shein’s investors and advisers are keen to push forward.

Goldman Sachs, Morgan Stanley, and JPMorgan—leading banks on the IPO—are eager to complete the transaction after years of effort across three continents.

Shein’s financials under pressure

While Shein’s 2024 sales rose 19% to $38 billion, net profit fell nearly 40% to $1 billion, raising questions over its valuation.

The company had previously been valued at $66 billion in private markets, but the recent dip in profitability may temper investor expectations.

Still, sources say Shein’s profitability has improved recently, helped by the withdrawal of rival Temu from the US fast fashion market due to increased tariffs.

US sales, which make up around a third of Shein’s revenue, have been more resilient than anticipated despite the end of certain tariff exemptions.

HKEX, the FCA, and Shein declined to comment on the filing or the prospects of a dual listing.

The post Shein files for Hong Kong IPO in bid to revive stalled London listing: report appeared first on Invezz

Here’s a quick recap of the crypto landscape for Monday (July 7) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) is priced at US$108,159, a 0.3 percent decline in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$107,591 and a high of US$108,551.

Bitcoin price performance, July 7, 2025.

Chart via TradingView.

Bitcoin hovered near US$109,000 at the start of the day as investors shifted from equities to crypto in response to tariff-related uncertainty under US President Donald Trump.

Meanwhile, MicroStrategy’s (NASDAQ:MSTR) paused its weekly Bitcoin purchases for the first time since March, signaling a strategic reassessment amid recent volatility. Together, macro pressures and institutional moves helped support Bitcoin’s price.

Ethereum (ETH) is priced at US$2,546.07, up by 0.2 percent over the past 24 hours. Its lowest valuation as of Monday was US$2,521, and its highest was US$2,553.

Altcoin price update

  • Solana (SOL) was priced at US$149.11, down by 1.3 percent over 24 hours. Its lowest valuation as of Monday was US$149.21, and its highest was US$153.06.
  • XRP was trading for US$2.30, up 1.6 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$2.28, and its highest was US$2.30.
  • Sui (SUI) is trading at US$2.87, down by 0.7 percent over the past 24 hours. Its lowest valuation was US$2.84 and its highest was US$2.92.
  • Cardano (ADA) is priced at US$0.5847, down by 0.4 percent in the last 24 hours. Its lowest valuation as of Monday was US$0.5764, and its highest was US$0.589.

Today’s crypto news to know

CoreWeave to acquire Core Scientific for US$9 billion

CoreWeave (NASDAQ:CRWV) signed a definitive agreement to acquire Core Scientific (NASDAQ:CORZ) in an all-stock deal valued at US$9 billion, the company announced today. Core Scientific’s shareholders will receive 0.1235 shares of CoreWeave Class A common stock for each share of Core Scientific, representing a 66 percent premium over Core Scientific’s June 25 closing price of US$12.30.

The deal had been in the works for over a year. A US$1 billion bid made by CoreWeave in 2024 was initially rejected as too low, but the Wall Street Journal reported in June 2025 that discussions between the two companies had resumed.

“This acquisition accelerates our strategy to deploy AI and (high-performance computing) workloads at scale,” said Michael Intrator, CoreWeave’s CEO, Chair and co-founder. “Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion.”

Bit Digital shifts corporate treasury from Bitcoin to Ether

Digital asset firm Bit Digital (NASDAQ:BTBT) has shifted its corporate treasury from Bitcoin to Ether, according to an announcement made by the company on Monday.

The change was punctuated by a purchase of more than 75,000 ETH tokens, funded by the sale of 280 Bitcoin and proceeds raised during a recent public offering that brought in US$172 million.

According to the announcement, Bit Digital held 24,434 ETH prior to the offering, and the additional ETH acquisition has brought the company’s total to approximately 100,603 ETH. This move establishes Bit Digital as the second-largest corporate holder of ETH after Coinbase Global, according to CoinGecko data.

Following this news, Bit Digital’s stock closed over 18 percent higher, and its market capitalization temporarily rose above US$1 billion.

The Blockchain Group and Smarter Web Company expand Bitcoin holdings

On the other hand, France’s The Blockchain Group (EPA:ALTBG) and the United Kingdom’s Smarter Web Company (AQSE:SWE) expanded their Bitcoin holdings today.

In a Monday announcement, The Blockchain Group said it acquired 116 BTC for about 10.7 million euros, bringing its total holdings to 1,904 BTC.

The Smarter Web Company announced its purchase of 226.42 BTC for 17.9 million pounds, bringing the company’s total to 1,000 BTC.

SEC’s crypto ETF guidance signals mainstream shift

The US Securities and Exchange Commission took a major step toward regulating crypto exchange-traded products with its first formal guidance on crypto ETP disclosures, according to a Reuters analysis.

Issued last week, the 12 page document issues new guidance, stating firms should describe risks and custody arrangements in “plain English.” The document could speed up approval of dozens of new crypto ETFs tied to a variety of coins, including Solana, XRP and even Trump’s meme coin, Reuters states.

Anonymous insiders told Reuters the SEC is also developing a more standardized listing rule to replace the case-by-case exemptions that currently delay launches. That change could shrink approval timelines from 240 days to as little as 75.

Musk’s America Party goes all-in on Bitcoin, calls fiat ‘hopeless’

Elon Musk confirmed that his newly formed America Party will officially embrace Bitcoin after declaring that “fiat is hopeless” in a post on X.

The move follows Musk’s earlier hints at increasing his own Bitcoin exposure and praising Bitcoin as a hedge against traditional currency.

Musk was a significant figure in Trump’s reelection campaign and even headed the Department of Government Efficiency before splitting with Trump over his budget bill and creating the America Party.

The shift could inject more digital asset discussions into US politics as Musk tries to build a third-party movement.

Despite hype from Dogecoin supporters, no plans for DOGE adoption were announced.

Metaplanet boosts Bitcoin stash past 15,500 BTC

Japan’s Metaplanet (OTCQX:MTPLF,TSE:3350) disclosed this week that it purchased another 2,205 BTC at an average price of 15.64 million yen per coin, spending around US$213 million.

This purchase brings the firm’s total bitcoin holdings to 15,555 BTC, making Metaplanet one of the world’s largest corporate holders of the asset.

The company tracks a proprietary metric called BTC Yield, measuring the effect of share dilution on per-share bitcoin value.

For the second quarter, Metaplanet reported a BTC yield of 95.6 percent, down from 309.8 percent the previous quarter, but still strong enough to highlight aggressive growth.

Metaplanet’s total BTC investment now tops US$1.38 billion.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

In a year when the U.S. consumer has been weighed down by economic uncertainty, geopolitical tensions and inflation, Black entrepreneurs are eager to get to the Essence Festival of Culture to connect with their core customers.

“Essence Fest is like my Black Friday,” said Rochelle Ivory, owner of beauty brand On the Edge Baby Hair. “It is my biggest sales weekend of the year. It’s where I make all the capital I reinvest in my business.”

Essence Fest kicks off on Friday, with roughly 500,000 people attending the event in New Orleans. It generates around $1 billion in economic activity, according to organizers.

“It’s the cannot-miss event for us,” said Brittney Adams, owner of eyewear brand Focus and Frame. She said this year Essence Fest is even more important because she’s seen Black consumers pulling back on spending.

“I would say the uncertainty of just the economic and political climate — that’s giving people a little bit of hesitancy. Should they save the money? Should they buy the things they want?” Adams said.

Ivory said her sales are down roughly 30% year over year, but she’s hopeful people come to New Orleans looking to spend their time and money in the festival marketplace.

“This could make or break some of us,” she said. “It’s one of the few places where Black women, Black founders can really come together and be seen.”

The Global Black Economic Forum aims to bring visibility and create solutions for Black business owners at Essence Fest. This year speakers include Supreme Court Justice Ketanji Brown-Jackson and Maryland Gov. Wes Moore. Last year, then-Vice President Kamala Harris spoke.

“We intentionally curate a space that allows leaders to preserve, build and reimagine how we can collectively increase economic opportunity to thrive,” said Alphonso David, CEO of the GBEF.

While many Black Americans express economic anxiety, the data is less clear.

In the first quarter of this year, according to Federal Reserve data, the median weekly salary for Black workers was $1,192 a 5% increase year over year. Black unemployment stood at 6% in the most recent jobs report, a historically low number, but still higher than the national average of 4.2%.

However, the data doesn’t appear to fully reflect the sentiment for many Black Americans who are concerned about the political, cultural and economic shifts that have taken place since President Donald Trump’s election.

“Never let a good crisis go to waste,” said John Hope Bryant, founder and CEO of Operation Hope, one of the nation’s largest non-profits focused on financial education and empowerment.

Bryant said he sees the concerns of Black Americans as an opportunity in the second half of 2025.

“This president has done something that hasn’t been done since the 1960s, which is unify Black America. Wealth was created in the early 20th century because Blacks were forced to work together. But instead of Black Lives Matter, let’s make Black capitalist matter,” he said.

Pastor Jamal Bryant of New Birth Missionary Baptist Church has galvanized Black consumers with an organized boycott of Target that began in February in response to the retailer’s decision to roll back diversity, equity and inclusion initiatives.

Bryant said he is in discussions with Target but is ready to organize a longer-term boycott if the retailer does not fulfill the promises it made to the Black community after the killing of George Floyd. He is urging Black Americans to use the estimated $2.1 trillion dollars in spending power forecast by 2026 to drive economic and political change.

“I would dare say that ‘pocketbook protests’ are a revolutionary activity,” said Bryant.

“I think we have to be very selective in light of the ‘Big Ugly Bill’ that just passed and how it will adversely affect our community,” he said, referencing Trump’s megabill that passed through Congress this week.

Invest Fest, an event that blends commerce and culture created by financially focused media company Earn Your Leisure kicks off in Atlanta in August.

Co-CEOs Rashad Bilal and Troy Millings said the event will remain focused on financial literacy, but this year they are emphasizing the urgent need for education and entrepreneurship in technology.

“It’s definitely now or never, the time is now,” said Bilal.

“The important thing this year is the way technology is going to disrupt a lot of career paths and the businesses, and we have to prepare for that, which is why AI is at the forefront of the conversation, crypto is at the forefront of the conversations, real estate as always and entrepreneurship,” said Millings.

New this year is a partnership with venture capital firm Open Opportunity and a pitch competition where an entrepreneur can win $125,000 in funding to scale their business.

“We need more businesses that can reach $100 million valuation to a $1 billion valuation, get on the stock market. The pathway to that 9 times out of 10 is technology,” Bilal said.

The National Black MBA Association Conference in Houston in September will have a similar tone. The event is known for its career fair where the nation’s largest companies recruit as well as for networking and vibrant social activities.

This year, interim CEO Orlando Ashford is working to establish artificial intelligence education and financial literacy as pillars of the event.

“Doing business as usual is not an option,” Ashford told CNBC. “AI is something I literally refer to as a tsunami of change that’s on its way. All of us will be forced to pivot in some ways as it relates to AI. Those of us that are out in front, that embrace it and leverage it actually can turn it into a tremendous and powerful opportunity. Those that wait and ignore it will be overtaken by the wave.”

This post appeared first on NBC NEWS

The Trump administration revoked the terrorist designation for Hay’at Tahrir al-Sham, the militant group who overthrew President Bashar al’Assad and assumed control of the Syrian government. 

The group was formed as Syria’s al-Qaeda branch. In an astounding turnaround, the group’s interim leader Ahmed al-Sharaa went from a $10 million U.S. bounty on his head to the de facto leader of Syria who scored a meeting with President Donald Trump in June. 

Al-Sharaa had been campaigning hard for a relationship with Washington and sanctions relief: He offered to build a Trump Tower in Damascus, ease hostilities with Israel, and give U.S. access to Syria’s oil and gas. He worked to soften the image of Hay’at Tahrir al-Sham and promised an inclusive governing structure. 

‘In consultation with the Attorney General and the Secretary of the Treasury, I hereby revoke the designation of al-Nusrah Front, also known as Hay’at Tahrir al-Sham (and other aliases) as a Foreign Terrorist Organization,’ Secretary of State Marco Rubio wrote in a memo made public Monday. 

The move comes a week after Trump signed an executive order ending sanctions imposed on Syria. Trump said he’d lift the sanctions on Syria to give the nation, ravaged by decades of civil war, a chance at economic development. 

Treasury Secretary Scott Bessent said that lifting sanctions would help Syria ‘reestablish ties to global commerce and build international confidence,’ while continuing to prevent ‘Assad, his cronies, terrorists, and other illicit actors from attempting to destabilize Syria and the region.’ 

HTS, a Sunni Islamist group, emerged out of Jabhat al-Nusra, Syria’s former al-Qaeda affiliate. The State Department under Trump in 2018 added HTS to the existing al-Nusra foreign terrorist designation.

Some sanctions still will need to be lifted by Congress. In a bipartisan pairing from opposite sides of the political spectrum, Reps. Ilhan Omar, D-Minn., and Anna Paulina Luna, R-Fla., recently introduced legislation to lift sanctions on Syria. 

U.S. sanctions have included financial penalties on any foreign individual or company that provided material support to the Syrian government and prohibited anyone in the U.S. from dealing in any Syrian entity, including oil and gas. Syrian banks also were effectively cut off from global financial systems. 

This post appeared first on FOX NEWS

With the passage of Donald Trump’s “One Big Beautiful Bill Act” (OBBBA), the US has chosen to pile more debt onto an already overloaded balance sheet. 

The federal debt now stands at $37 trillion. Interest payments will soon exceed $1 trillion per year. That’s more than the entire US defense budget

Yet bond markets remain strangely calm. Yields are rising, but not panicking. Perhaps investors haven’t fully grasped what’s coming.

This is no longer about theoretical debt ceilings or abstract fiscal debates. The numbers are visible, the risks are multiplying, and the market reaction is lagging behind reality.

How big is the damage?

According to the Congressional Budget Office, the new bill will add at least $3.4 trillion to the deficit over the next decade. Other estimates go further. 

The Committee for a Responsible Federal Budget (CRFB) puts the number closer to $4 trillion, with a longer-term range of $15 to $31 trillion if the tax cuts in the bill are made permanent.

This comes on top of an existing debt load that already equals 124% of GDP, up from 104% in 2017. 

Source: TradingEconomics

The US hasn’t seen debt levels like this since World War II. But back then, the country had high post-war growth, a rising labor force, and fewer structural liabilities.

Today, the picture is different. The US population is aging. Entitlement spending is rising. The cost of servicing debt is getting more expensive, not less.

Why aren’t bond markets screaming?

Investors are beginning to respond, but only slowly. In the second quarter of 2025, long-term bond funds saw $11 billion in outflows, the fastest pace since the COVID shock in 2020.

Source: FT

Meanwhile, $39 billion flowed into short-duration bonds, a clear shift toward safety.

But the broader bond market hasn’t fully priced in the risks. The 10-year Treasury yield has risen, but only moderately. 

The assumption is that the Fed will intervene if things get worse. But that assumption is now questionable.

Unlike in the past, the Fed no longer has the same room to maneuver. In the 2008 financial crisis, quantitative easing suppressed yields. 

During World War II, yield curve control helped finance spending without sparking inflation. Neither strategy is easy to repeat today.

Inflation is still above target. Interest rates are already at 4% to 5%. Reintroducing yield suppression now could trigger another inflation cycle. The Fed is caught between rising debt costs and the need to maintain price stability.

The risk is no longer just fiscal. It’s political

What makes this moment different is the lack of political willingness to reverse course. In theory, fiscal consolidation is possible. In practice, there is no appetite for it.

Source: Carbon Finance

The OBBBA’s central feature is a sweeping tax cut. Most of the benefits go to the wealthiest Americans. 

Even with cuts to Medicaid, energy programs, and food assistance, the revenue loss is not offset. The bill assumes future spending cuts will kick in, but history suggests otherwise. Temporary tax cuts often become permanent. Future austerity is always pushed off.

The administration defends the bill by arguing it will spur growth and reduce deficits. But the evidence is weak. 

Trump’s 2017 tax cuts slightly boosted investment, but only offset about 2% of the revenue loss, according to research by Chodorow-Reich and Zidar (2024). There is no reason to expect better results this time.

Behind the scenes, some economists suspect the bill’s true goal is political: to deliver short-term gains before the 2026 midterms, win back high-income donors, and distract voters with culture war messaging. 

Long-term solvency is not part of the strategy.

What does this mean for investors?

The US has entered a structural debt phase. That means borrowing is no longer tied to one-off events like wars or recessions. It’s embedded in the system. 

If interest costs continue to rise and GDP growth slows, the government will need to borrow just to pay interest.

This is the beginning of a debt spiral. And it matters for everyone holding US assets. Not just bonds, but stocks and US dollars too.

Foreign demand for Treasuries is softening. The Fed is slowing its balance sheet runoff, but it remains hesitant to re-expand. 

If market confidence in the US fiscal position slips, whether due to inflation expectations, default risk, or sheer exhaustion, bond yields could spike rapidly.

Higher yields mean lower stock valuations, tighter lending, and falling investment. The scenario resembles the early 1980s but without Paul Volcker’s credibility or the same margin for error.

And right now, the market heavily hinges on the idea that interest rates are about to come down soon. That’s far from guaranteed. 

No one knows when the tipping point comes. But the logic is clear. If debt grows faster than GDP, and interest costs grow faster than revenues, markets will eventually respond.

Markets are still calm. But history shows that confidence unravels slowly, then suddenly. For now, the world is still buying Treasuries. 

But eventually, someone asks whether the US can pay the bill. When that question gets asked loudly enough, the answer won’t come from press briefings. It will come from yields.

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Iran is preparing its next step in what one security expert warns remains its chief objective: developing a nuclear weapon.

‘Repair, reconstitute and rebuild is going to be the modus operandi of the Islamic Republic of Iran,’ Behnam Ben Taleblu, Senior Director of the Foundation for Defense of Democracies’ Iran Program told Fox News Digital. ‘It just depends on how are they going to be doing it? While flirting with the international community? Are they going to go dark totally altogether?

‘All of this remains to be seen,’ he added.

Spokesman for the regime, Fatemeh Mohajerani, confirmed this week that the Fordow, Isfahan and Natanz nuclear sites had been ‘seriously damaged’ following the U.S. and Israeli strikes on Iran’s nuclear program last month. 

Questions remain over the extent of damage that was incurred, as well as skepticism over whether Iran was able to move any enriched uranium or centrifuges away from the heavily guarded sites prior to the strikes. 

Though the Trump administration said on Wednesday that it had ‘obliterated’ the three facilities it struck, and has fervently rejected reports suggesting that Iranian officials may have been able to transfer some elements of the regime’s coveted nuclear program, Israeli officials confirmed this week that they are continuing to monitor the situation closely.

Experts in the U.S. and Israel have said they believe Iran is still assessing the extent of the damage from the ‘bunker busting’ bombs, and that the regime will look to recover and repair what it can — meaning it may be looking to buy time.

‘No doubt, the regime will still have a diplomatic strategy designed to rope-a-dope anybody, and to find as much time as possible for this government to do that,’ Ben Taleblu said.

The Iranian regime this week suggested it remained open to negotiations with the U.S. after President Donald Trump signaled that the talks could begin as soon as next week, though multiple Iranian officials said that that timeframe was overly ambitious. 

‘I don’t think negotiations will restart as quickly as that,’ Iranian Foreign Minister Abbas Araghchi said in a CBS News interview. ‘The doors of diplomacy will never slam shut.’ 

But the regime also took steps to further hinder the UN nuclear watchdog — which is tasked with tracking all nation’s nuclear programs — and suspended all interaction with the International Atomic Energy Agency (IAEA) on Wednesday. 

That same day, the State Department condemned the move, and spokesperson Tammy Bruce said it was ‘unacceptable that Iran chose to suspend cooperation with the IAEA at a time when it has a window of opportunity to reverse course and choose a path of peace and prosperity.’

Iran has limited IAEA access in the past and Ben Taleblu argued Tehran will likely look to do this again as it attempts to hold on to any bargaining chip it can.

‘The Islamic Republic of Iran’s next step, and likely most dangerous capability right now, is its diplomatic capability,’ the Iranian security expert argued. ‘This is the capability of the regime to either enter negotiations with a weak hand and leave with a strong hand, or try to prevent a military victory of its adversaries from becoming a political victory. 

‘If negotiations do take place between the U.S. and the Iranians, be they direct or indirect, the Iranians are going to be dangling IAEA access. This is already their most important weapon,’ he added. 

Ben Taleblu explained that using the IAEA as a bargaining chip not only enables Iran to play for time as it looks to re-establish its nuclear program, but to sow division in the U.S. by creating uncertainty. 

‘By diminishing the monitoring and by circumscribing and even cutting IAEA access to these facilities, the regime is trying to make America have to rely on intelligence alone,’ he said. ‘And as you see from the very politicized debates over the battle damage assessment, relying on intelligence alone without sources on the ground inspecting the sites, inspecting the facilities, documenting the fissile material, can lead to drastically different conclusions being taken by similar but not the same intelligence organizations or representatives.’

Ultimately, Iran is not going to give up on its nuclear ambitions, Ben Taleblu warned, noting that Tehran’s security apparatus completely changed during its war with Iraq in the 1980s. 

‘Everything that we face from the regime that is a security threat was started then — the ballistic missile program, the drone program, the maritime aggression, the transnational terrorist apparatus and the nuclear program all have their origins in the 1980s,’ he said.  ‘By resurrecting this nuclear program, the Islamic Republic was not engaging in a science fair experiment. 

‘The Islamic Republic was seeking an ultimate deterrent,’ Ben Taleblu continued. ‘It was seeking an ultimate deterrence because it had a vision for what the region and the world should look like, and it was willing to put foreign policy muscle and the resources of its state behind that vision.’

The expert on the Iranian regime warned that Iran’s 40-year ‘obsession’ with developing its nuclear program to achieve its geopolitical aims is not going to change because of U.S. military intervention. 

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