Messing: Pro-Iranian groups target U.S. from small businesses to critical infrastructure
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38 minutes ago
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Israelis hope for potential economic 'peace dividend' after war with Iran
By Steven Scheer JERUSALEM (Reuters) -Israel's 12-day war with Iran last month has dented its economy but investors and Israelis are hopeful that a U.S.-brokered halt to hostilities could bring an economic "peace dividend" with the country's neighbours that has been a dream for decades. Such hopes are fuelled by setbacks to Iran's nuclear programme and the weakening of Iranian allies in Lebanon, Syria and Gaza - despite the still-raging war in the Palestinian enclave. The optimism could be boosted further after U.S. President Donald Trump said Israel has agreed to the conditions needed to finalise a 60-day ceasefire in Gaza. There was no immediate official comment by either Israel or Hamas to Trump's statement. Tel Aviv share indexes have surged by double digits to reach all-time highs since June 15, just two days into the war with Iran, while the shekel has appreciated 8% since June 13, hitting a more than two-year peak. Israel's risk premium, the cost of insuring government debt against default, has declined sharply, sparking talk of interest rate cuts as soon as August. The relaxation of credit default swap levels means markets are no longer pricing in the risk that Israel could lose its investment grade credit rating, something that had been unthinkable before the Gaza war. Gil Dotan of the IBI Investment House said investors are anticipating "new opportunities that may arise with Israel's neighbours". Underlying the optimism for the economy is what some analysts see as a reshaped Middle East that could ultimately lead to more peace deals with longtime enemies, such as Syria. In 2020 the United Arab Emirates and Bahrain established official diplomatic relations with Israel, later joined by Morocco, under the U.S.-brokered Abraham Accords. Hopes have been raised for the prospect of more countries joining. Shmuel Abramzon, chief economist at the Finance Ministry, said: "We are witnessing an extensive situation of de-risking. We are removing an existential threat and also an economic threat, as well as geopolitical risks." HIT TO THE ECONOMY The war with Iran will have a sharp short-term impact on the economy. The ministry is reassessing its 2025 growth forecast of 3.6% due to the estimated 8 billion shekels ($2.37 billion) in economic damage from the war, while J.P. Morgan has already lowered its growth projection to 2% from 3.2%. Iranian missiles killed 28 people and damaged many buildings, according to Israeli authorities. Iranian authorities said more than 600 people were killed in Israel's attacks on nuclear and security targets. Israel's labour market has been robust but faces strain as many workers have been called into military reserve duty - ever since Israel mounted its offensive in Gaza after the deadly attack by Palestinian militant group Hamas on Israel on October 7, 2023. The Iran war disrupted key industries and Israel's Statistics Bureau said 35% of businesses reported an expected hit of more than 50% on their company's revenue in June. Restaurant owner Tzvi Maller likened the brief war to a re-run of the COVID pandemic, saying he limited his business - Mojo's in the heart of Jerusalem - to deliveries and takeout before reopening. In fact his business has been hit since the October 7 attacks, he said, adding that since then, "we have all been suffering" with the lack of tourists. Local customers and his own additional investment had kept his business alive, Maller said, adding he trusted it would survive somehow. The Holmes Place fitness chain of 74 gyms closed during the war but when it ended attendance and new memberships surged, said CEO Keren Shtevy, as people sought a return to normal life. Israel's Oil Refineries was hit by an Iranian missile and was forced to close temporarily. The offshore Leviathan natural gas field was shut during the war, losing some $12 million in export revenue from neighbours Egypt and Jordan. Despite widespread business closures, 95% of Israeli factories stayed open during the 12 days, according to Ron Tomer, head of Israel's Manufacturers' Association, who said exporters had carried on serving international clients. Bank of Israel head of research Adi Brender said defence spending could fall in coming years. "The need for a very intensive defence expenditure, which is targeted towards Iran, would no longer be required in the coming years," he told Reuters. RESILIENT ECONOMY Karnit Flug, a former Bank of Israel Governor and now a senior fellow at the Israel Democracy Institute, said: "Before this episode with Iran we were generally positively surprised with the resilience of the economy given the very long war with Gaza." The economy grew an annualised 3.7% in the first quarter. Israel's economy still has lingering issues such as the high cost of living and the non-participation of ultra-Orthodox Jewish men in the workforce, Flug said. "These long-term challenges have not gone away," she said. The 20 months of conflict in Gaza have constrained growth, pushed up prices and sharply boosted defence and other spending as well as the debt burden. However, the country's main economic driver, its high-tech sector that accounts for 20% of activity, has been booming. Startup Nation Central said on Monday that tech firms raised more than $9 billion in the first half of 2025, the sector's best six-month period since 2021 and up 54% over the second half of 2024. Startups raised $12 billion in all of 2024. Jon Medved, chief executive of investment firm OurCrowd, said foreign investors remain committed to Israel, particularly in sectors like artificial intelligence and cybersecurity, and that could surge if Iran's nuclear programme were dismantled. ($1 = 3.3738 shekels)
Yahoo
an hour ago
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Elon Musk's Wild Warning in Megabill Rage-Posting Spree
Elon Musk joined senators in staying up all night on Monday talking about President Donald Trump's megabill. As senators went on a marathon voting session to meet a July 4 deadline to pass the measure, Musk spent the day on an X posting spree threatening any lawmaker who votes in favor of Trump's so-called 'big, beautiful bill.' The world's richest man warned lawmakers that he would put up a fight in next year's primary elections if they support the administration's signature legislation. 'Anyone who campaigned on the PROMISE of REDUCING SPENDING, but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year,' he said, along with a graphic of the character Pinocchio with the word 'LIAR' plastered on top. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' he said earlier in the day. 'And they will lose their primary next year if it is the last thing I do on this Earth.' Musk also said it was time for a new political party to enter the arena. 'It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!' he said. 'Time for a new political party that actually cares about the people.' The former DOGE cost cutter-in-chief has long been a vocal critic of the megabill, which would raise the debt ceiling by $5 trillion—the largest increase in U.S. history—and hike the deficit by $3 trillion, according to the nonpartisan Congressional Budget Office. 'How can you call yourself the Freedom Caucus if you vote for a DEBT SLAVERY bill with the biggest debt ceiling increase in history?' Musk said in another post, tagging Reps. Chip Roy and Andy Harris. 'If this insane spending bill passes, the America Party will be formed the next day,' he warned. 'Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE.' Musk also vowed to support Kentucky Rep. Thomas Massie, who was excommunicated from MAGAworld by Trump for staunchly opposing the bill and the administration's strikes on Iranian nuclear facilities. In a separate post, Musk boosted a speech against the bill delivered by Sen. Rand Paul, another Kentucky lawmaker who defected from the GOP to vote against the measure. The billionaire tech mogul was the largest donor in the 2024 polls, funneling nearly $300 million into the Trump campaign. Federal Election Commission filings show that Musk's America PAC also backed Republican candidates Randy Fine and Jimmy Patronis, who won in Florida's special elections in March. In April, however, Musk's millions and personal appearance at a Wisconsin rally were not enough to secure a seat for Republican bet Brad Schimel on the state's Supreme Court. He slowly grew more distant from Trump until departing from DOGE in May. The former first buddies have since been at odds, mostly over Musk's opposition to Trump's bill. Tensions between them reached a fever pitch earlier this month when Musk had a public meltdown, accusing the president of ties to sex offender Jeffrey Epstein. Asked about his relationship with Musk, Trump told Fox News on Sunday that he has 'not spoken to him much.' Trump also told NBC News that Musk should tread with caution on funding Democratic candidates. 'If he does, he'll have to pay the consequences for that,' he said. 'He'll have to pay very serious consequences if he does that.' Philip Low, a former Silicon Valley friend of Musk, told Fox News that his old pal has likely been 'humiliated' by his bitter and highly publicized fallout with the president. 'Knowing Elon the way I know him, I do think he's going to do everything to damage the president,' Low said. 'Elon has wooed enough of Trump's supporters to be an actual threat politically.' But Musk was quick to dismiss the claim as 'fake news.' 'Philip Low is not a friend of mine in any way, shape or form,' he wrote. Across the aisle, Musk's trashing of Trump's cornerstone legislation has earned him some unlikely friends. 'Hard to believe I'm siding with the guy who spent $300 million to get Trump elected, but he's not wrong,' Democratic Sen. Elizabeth Warren said. 'Republicans' plan to run up the national debt to hand out giant tax breaks to billionaires will be an economic disaster.' But the Massachusetts lawmaker also took a swipe at Musk in an interview with CNN's The Source with Kaitlan Collins on Monday night. 'The idea of borrowing $3.5 trillion on the nation's credit card in order to be able to give tax breaks to the likes of Elon Musk and Jeff Bezos and Mark Zuckerberg is financially nuts,' she said. 'No one is clamoring for that except a handful of billionaires who made big contributions to Donald Trump's inauguration and got to settle themselves in the front row.'
9 hours ago
Lindsey Graham gets GOP primary challenge from André Bauer, South Carolina's former lieutenant gov
CHAPIN, S.C. -- Former South Carolina Lt. Gov. André Bauer is mounting a GOP primary challenge to Sen. Lindsey Graham, arguing the incumbent isn't conservative enough to represent the state. Bauer, a wealthy developer, is a longtime backer of President Donald Trump. His candidacy sets up a midterm grudge match with Graham, a four-term senator whose relationship with Trump has undulated through the years, but who has Trump's endorsement for reelection. Bauer has described himself as 'a real, America First conservative' intent on representing what he sees as South Carolina conservatives' true values. 'I think Graham's been there too long, and he votes like it,' Bauer told The Associated Press Tuesday night. 'I'm guaranteed, I'm conservative, and I don't think he is." Republicans dominate South Carolina's statewide-elected positions, meaning that the most intense political competition takes place in GOP primaries. Graham has faced previous primary challenges from the right, with opponents accusing him of kowtowing to Democrats on issues from immigration to climate change. But he also hews to Republican priorities on national security; ahead of last month's U.S. strike on Iranian facilities, Graham called for Trump to 'go all-in' in backing Israel and destroying Iran's nuclear program. Graham kicked off his reelection campaign in February, and at least one other Republican has also announced a primary challenge. He has already secured Trump's endorsement. This week, Graham's campaign announced that Chris LaCivita, a co-campaign manager of Trump's 2024 bid, would serve as a senior adviser. On Tuesday, Abby Zilch, spokeswoman for Graham's campaign, noted that the senator had earned Trump's 'complete and total endorsement,' adding that Bauer 'has spent his career chasing titles to feed his ego.' Bauer said he understood Trump's need to use Capitol Hill relationships to advance his legislative priorities, like the tax cuts and spending bill that came before the Senate Budget Committee — which Graham chairs — before passing the chamber earlier Tuesday. 'Trump's got to work and get his bills passed,' Bauer said. 'Lindsey's chairman of a major committee. ... I get what you have to do." Bauer has backed Trump since before his win in South Carolina's 2016 GOP primary. At his 2024 campaign's South Carolina launch event, Trump called Bauer — who served on his state leadership committee — 'a friend of mine, somebody that could I think run for almost any office and win.' Bauer served in the South Carolina legislature before, at 33, he was elected the youngest lieutenant governor in the country in 2002. After two terms, he mounted an unsuccessful 2010 gubernatorial bid, finishing last in a four-way GOP primary ultimately won by Nikki Haley. Two years later, Bauer ran for Congress, losing a GOP runoff to eventual Rep. Tom Rice in South Carolina's newly created 7th District. Asked how much of his own money he would commit, Bauer declined to give a figure, saying he would 'put skin in the campaign' and looked forward to returning to the trail. 'I'm going to cover this state like the dew covers Dixie,' Bauer said. 'I think you're going to see a movement.'
