Month: June 2026

Gun owners may carry a weapon into stores, Supreme Court rules, rejecting a California law

Licensed gun owners have a right to carry a concealed firearm into stores and other private places unless the owner objects, the Supreme Court ruled Thursday.

The 6-3 decision extends gun rights and strikes down laws in Hawaii, California, New York, New Jersey and Maryland.

Those measures would prohibit carrying guns onto private property that is open to the public unless the owner has expressly authorized them.

“This regime hobbles what the 2nd Amendment protects: the right of Americans to carry arms for self-defense as they go about their daily lives. We hold that the law is unconstitutional,” Justice Samuel A. Alito Jr. said for the court.

The new laws, if upheld, would “impose severe restrictions on the daily activities of residents who have satisfied the state’s rigorous requirements for the issuance of a carry permit. When these permit holders leave home in the morning, … they may also be barred from entering many places that people routinely visit in the course of their daily routines, such as gas stations, convenience stores, restaurants, coffee shops, drug stores, grocery stores, ‘big box’ stores, home improvement stores, barber shops or hair salons, dry cleaners, and laundromats.”

The three liberals dissented, saying the law would protect property owners who don’t want guns in their stores.

“There is no constitutional right to enter private property without the owner’s permission, let alone with a firearm,” said Justice Ketanji Brown Jackson.

Trump administration lawyers had joined a coalition of Hawaii gun owners in urging the court to strike down these blue state laws in the case of Wolford vs. Lopez.

They said the laws, if enforced, would mean “a person carrying a handgun for self-defense commits a crime by entering a mall, a gas station, a convenience store, a supermarket, a restaurant or a coffee shop.”

This litigation is part of much broader debate over where guns may be permitted or prohibited.

Four years ago, the justices ruled that law-abiding persons had a right to obtain a permit to carry a concealed gun when they left home. They also agreed there are “sensitive places” where guns may be prohibited, such as schools, courts and other government buildings.

In response, lawmakers in California and Hawaii adopted their own lists of “sensitive places.” They imposed restrictions on concealed weapons at parks, beaches, playgrounds, places of worship and public transit as well as bars and restaurants that serve alcohol.

Gun owners sued but the 9th Circuit Court refused to block most of those restrictions in a single 83-page opinion covering Hawaii and California. Both states would prohibit carrying guns onto private property open to the public without the owner’s consent.

The 9th Circuit upheld that measure in principle but said California went too far by requiring the owner to post a prominent sign expressly authorizing guns.

“While today’s ruling in Wolford is disappointing, owners still have every right to decide whether firearms are allowed in their stores and businesses,” said Janet Carter, managing director of Second Amendment Litigation at Everytown Law. “The Supreme Court may have changed the default rule, but it cannot take away a private property owner’s authority over their own land.”

The Firearms Policy Coalition said the court had properly protected gun rights and barred states from carving out their “own regional version of the 2nd Amendment.”

“The historical record does not support forcing peaceable people to obtain advance permission before carrying for self-defense in places held open to them,” the group said.

Last week, the court upheld gun rights in a Texas case and said the government may not make it a crime for an “unlawful user” of a drug such as marijuana to own a gun.

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Firefighting plane crashes in northern Canada; 3 killed

June 25 (UPI) — Authorities in northern Canada on Thursday confirmed that three people are dead after a plane responding to forest fires in the Northwest Territories crashed the night prior.

NWT Fire said responders were able to access the crash site on Thursday and confirmed the fatalities.

“Our organization is grieving alongside the families, friends, colleagues and the broader wildfire community as we process this unthinkable loss,” it said in a statement.

“We will honor those who lost their lives in the line of duty at the appropriate time and in accordance with the wishes of their families.”

The bird dog aircraft, with three people aboard, crashed Wednesday evening near Fort Simpson where it was deployed along with an airtanker group to fight a nearby wildfire.

Though the identities of the victims have not been made public, Yellowknife-based Buffalo Airways confirmed one was an employee.

“It is with heavy hearts that we confirm the loss of one of our aerial firefighting pilots while actioning fire west of Fort Simpson,” Buffalo Airways said in a statement.

Buffalo Airways said the involved plane was a Turbo Commander 690 aircraft operating as a bird dog during the wildfire operations.

The Transportation Safety Board of Canada announced in a statement that it is deploying investigators to the scene.

“My thoughts are with the families of the pilot and two firefighters who died in the plane crash near Fort Simpson,” Prime Minister Mark Carney of Canada said in a statement.

“Protecting Canadians from wildfires requires profound sacrifice and courage. We owe them our deepest gratitude.”

Officials were responding to 19 forest fires throughout the territory Thursday.

The aircraft involved in the Wednesday evening crash was supporting wildfire suppression efforts on FS009-26, a lightning-caused fire located in the Marten Hills area.

Officials said Thursday night that the fire was about 100 hectares and responders were working to suppress its growth. It presented no risk to communities, infrastructure or buildings, they said.

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Oil prices climb after attack in Strait of Hormuz halts evacuation plan | US-Israel war on Iran

Brent crude rises after cargo ship comes under attack in key waterway.

Oil prices have jumped after the United Nations maritime agency called off its planned evacuation of ships stranded around the Strait of Hormuz following an attack on a cargo vessel in the waterway.

Brent crude, the international benchmark, rose as much as 4 percent on Thursday after the International Maritime Organization paused its evacuation plan amid renewed violence in the strait.

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Brent futures for August delivery stood at $74.89 per barrel as of 02:00 GMT, after earlier dropping below $72.48, their closing price the day before the United States and Israel launched their war on Iran.

After dropping sharply following the US and Iran’s signing of a memorandum of understanding on ending the war last week, the price of Brent currently stands at about 3 percent above its pre-war level.

Asian markets opened lower on Friday, with key indices in Japan, South Korea, Hong Kong and Taiwan seeing steep losses.

Tokyo’s Nikkei 225 and Seoul’s Kospi both fell more than 3 percent in morning trading, while the Taiex dropped about 1 percent.

In Hong Kong, the Hang Seng Index was down about 1 percent.

The latest attack in the strait, through which about one-fifth of global oil and liquified natural gas supplies transit in peacetime, dealt a blow to hopes for a return to normal shipping in the region after a recent resurgence in traffic.

On Wednesday, 70 vessels transited the waterway, a more than twofold increase from the previous day and the highest daily figure since March 1, according to ship tracking platforms MarineTraffic and Kpler.

The United Kingdom Maritime Trade Operations (UKMTO) centre said on Thursday that a cargo vessel reported being struck by an “unknown projectile” on its starboard side while attempting to cross the strait near the Omani coast.

Multiple media outlets, including The New York Times, CBS News and the Reuters news agency, cited unnamed US officials as saying the attack had been carried out by Iran.

Iran’s Persian Gulf Strait Authority, which claims the right to regulate shipping in the strait, said after the attack that any vessel attempting to use routes outside its designated “framework” would not be guaranteed safe passage.

“The consequences arising from passage through unauthorized routes shall be the responsibility of the owner, operator, and vessel commander,” the authority said on X.

June Goh, a senior oil market analyst at Sparta in Singapore, said the attack was a reminder to markets of the fragility of peace in the strait amid the tenuous US-Iran ceasefire.

“There is a pressing need for tankers to enter and offload the high crude stocks from onshore tanks in order for normal production to resume again,” Goh told Al Jazeera.

“Thus, security of the passageway is paramount to recover the lost supply.”

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Emmerdale’s Charity confesses baby lie and exposes Dr Todd attack in shocking scenes

Emmerdale’s Charity Dingle has confessed all about her baby lie, Dr Todd’s blackmail and sexual assault to partner Mackenzie Boyd in dramatic scenes on the ITV soap

Emmerdale’s Charity Dingle confessed all to Mackenzie Boyd in the latest episode of the ITV soap. The Woolpack landlady, who has been played by Emma Atkins, certainly has had a lot to deal with in recent weeks and finally told her partner everything after weeks of hiding away and suffering a breakdown.

Last year, Charity tried become a surrogate for her granddaughter Sarah only to find out that she was naturally pregnant by Ross Barton. Still, she kept this all a secret and Sarah believed that all had gone to plan with the surrogacy.

Unfortunately, Dr Caitlin Todd, who had relentlessly bullied Sarah’s partner Jacob when she was in charge of him at the hospital, found out the truth and used it to blackmail Charity into handing over money. This all culminated in harrowing scenes where she sexually assaulted a drunken Charity.

Earlier this week, newcomer Serena Sugden, played by former Wicked star Casey Al-Shaqsy, made Charity see that she needed to expose Todd, even if that meant revealing everything to her family and on Thursday night’s episode, Charity bravely faced the music.

Having candidly informed Mack that Sarah’s baby was the product of a one night stand she had with Ross, Mack stormed out and looked set to tell all to Charity’s granddaughter. But when he returned home, he told Charity that he couldn’t do it.

It was then that Charity told Mack about Dr Todd’s blackmail against her after she discovered the truth about the child in question, and then disclosed that she had been the victim of rape at the hands of the retired medic.

Clearly taken aback by the shock revelation, on top of everything else he had heard that day, Mack (Lawrence Robb) calmly told Charity that the only thing they could do now was to go to the police – even after it seemed that Todd had got away with it all when she previously claimed that everything was consensual.

Charity told Mack: “The only way through this is telling the truth and facing the consequences of what I have done. No matter what.”

“I tell Sarah. And then I go back to the police. If I tell the police about the blackmail, it’s going to open a can of worms and that’s gonna drag Sarah into it. I think that girl Serena was right. I have to see this through.”

However, Mack told Charity that telling Sarah that she is not the mother of her baby might not be the best idea just yet, meaning that the secret could stay secret a little while longer – but he was absolutely convinced that she had to “fight” for justice above all else.

He said: “It’s gonna be a lot for everyone to deal with it, so maybe we cross that bridge when we come to it. What matters right now is that you go to the police.”

“I can be angry with you and still be there for you when you need me the most. Charity, I need you to listen to me for a second here because – Dr Todd is not karma. She’s a rapist who took advantage of you when you were vulnerable. So I need you to get out of that way of thinking because it lets her off the hook.

“You’re gonna fight back, you’re gonna go to the police, you’re gonna get them down here and you’re going to tell them absolutely everything.”

Emmerdale airs weeknights at 8pm on ITV1 and ITVX. * Follow Mirror Celebs and TV on TikTok, Snapchat, Instagram, Twitter, Facebook, YouTube and Threads .



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Newsom blesses Uber ballot truce; car crash lawsuit fight continues

Gov. Gavin Newsom signed a law Thursday to crack down on inflated profits stemming from car crash lawsuits, blessing a hard-fought compromise between Uber and the state’s trial attorneys that averts a November showdown between two of California’s most powerful and moneyed lobbying forces.

The deal, the fruit of months of negotiations, takes aim at the lucrative way doctors can charge for procedures on patients referred to them by personal injury lawyers.

If a law firm has a client who was hurt in a car accident, the lawyer will often send them to a doctor who will perform surgery on a “lien” basis, meaning the doctor will be paid from money that comes from a lawsuit settlement rather than through insurance.

Uber contends this arrangement has created an incentive for doctors and attorneys to collude to dramatically inflate medical bills. The more expensive the bill, they say, the bigger the resulting payout.

The law, SB 623, caps how much these doctors can charge when their patient is involved in a lawsuit against a ride-share company, which are frequent targets of litigation due to their top-of-the-line insurance policies. The new law will also require Uber to ramp up background checks of its drivers.

“We’re going to have a much safer state both for medical patients and passengers in Ubers,” said Nicholas Rowley, a prominent Texas attorney who helped bankroll the fight and took a leading role in the negotiations.

The law only applies to cases that involve ride-share accidents that take place after Jan. 1, 2027.

“This legislation puts meaningful guardrails in place to better protect accident victims, increase transparency and accountability in the medical lien system and strengthen safety,” said Ramona Prieto, Uber’s head of public policy for the Western U.S., in a statement.

For months, Uber and lawyers from across the state poured tens of millions into dueling ballot measures that threatened to devastate the profits of whichever side lost.

Uber fired the first shot with a ballot measure that sought to cap how much attorneys can earn in lawsuits involving auto accidents. The company argued attorneys were swindling their own clients, inflating medical bills of car crash victims to increase the value of the settlement and then pocketing a hefty chunk of the payouts.

The state’s trial attorneys countered that the fee cap would make small or difficult cases a money-losing endeavor and block scores of accident victims from the courts. They shot back with their own ballot measure that would increase legal liability for ride-share companies if a passenger or driver is sexually assaulted while on a ride, seizing on investigative reporting that highlighted assaults in Ubers.

“They were waiting for us to blink and we didn’t,” said Douglas Saeltzer, the head of the Consumer Attorneys of California, the lawyer trade group that pushed for the measure against Uber. “Their starting place, I don’t believe, was in the interest of protecting victims — it was in the interest of protecting Uber.”

With the passage of Thursday’s law, both sides have agreed to pull their respective measures from the November ballot, halting campaigns that had both parties amassing tens of millions in funding and blanketing the airwaves with ads.

“Now we can stop seeing all the commercials,” said Assemblymember Blanca Pancheo (D-Downey) at a Tuesday hearing.

The law, put forward by Assemblymember Diane Papan (D-San Mateo) and Sen. Thomas Umberg (D-Santa Ana), also caps the amount that can be earned by third-party investors who buy out a doctor’s lien in a personal injury case. These companies will purchase a doctor’s stake in the case at a reduced rate, then pocket a share of the payout if the case settles.

“Private equity and hedge funds buy them at a steep discount, then turn around and collect the full inflated amount,” Saeltzer said at a Tuesday hearing on the bill. “That’s money flowing to Wall Street investors, not patients.”

The law will require annual background checks for ride-share drivers and expand the list of offenses that disqualify someone from the job.

In addition to the ballot battle, has Uber sued two of LA’s most well-known personal injury firms — the Law Offices of Jacob Emrani and Downtown L.A. Law Group — accusing them of inflating medical bills and forcing clients to undergo needless and expensive surgeries to inflate the value of the claim. The firms asked the judge to dismiss the case Wednesday, arguing Uber had failed to prove fraud. Both firms have vehemently denied wrongdoing.

The lawsuit, filed last year, has put the plaintiff lawyers in the unusual position of playing defense. Listening in the audience at Wednesday’s hearings were the partners of Downtown L.A. Law Group and Jacob Emrani.

“Let’s be clear about what this Uber case really is,” said John Hueston, outside counsel for Emrani. “It’s brought by a $150 billion dollar company … to intimidate the plaintiff’s bar, exhaust its resources and chill the suits that hold Uber accountable.”

Michael Huston, one of the lawyers who represents Uber, countered that the case is “not an attack on the plaintiff’s bar.”

“We have brought suit against the two in this state … that are engaged in naked fraud,” he said.

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Toronto’s Marina Mabrey ties WNBA scoring record in rout of Sparks

Marina Mabrey matched the WNBA scoring record with 53 points to help the Toronto Tempo rout the Sparks 125-97 on Thursday night.

Mabrey tied the mark set by Liz Cambage for Dallas against New York on July 17, 2018, and by A’ja Wilson for Las Vegas at Atlanta on Aug. 22, 2023.

Mabrey was 17 of 28 from the field, hitting nine of 18 three-pointers, and made 10 of 12 free throws.

The Tempo opened a nine-game homestand.

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Vessel struck transiting Hormuz; U.N. pauses evacuation operation

June 25 (UPI) — A cargo vessel in the Strait of Hormuz was attacked Thursday, prompting officials to halt the evacuation of sailors stranded in the chokepoint by the war.

It was unclear who attacked the cargo ship. According to the British navy’s United Kingdom Maritime Trade Operations office, the vessel was struck on its starboard side by an unknown projectile at about 5:40 p.m. local time. It was about 7 1/2 nautical miles southeast of Dahit, Oman, when it was attacked, it said.

The vessel’s bridge sustained damage, but no casualties or environmental impact were reported.

Following the attack, the United Nations’ International Maritime Organization paused its evacuation operation in the Strait of Hormuz.

“I have decided to temporarily pause its implementation in order to reconfirm that the necessary safety guarantees continue to be in place for the ships on our evacuation list and all those in the region,” IMO Secretary-General Arsenio Dominguez said in a statement.

The war, which began Feb. 28, left some 11,000 sailors stranded in and around the Strait of Hormuz, a vital energy shipping route. The IMO announced the evacuation operation Tuesday, after the United States and Iran agreed to a Memorandum of Understanding that seeks to pave a path to ending the war.

Under the U.N. plan, a number of vessels have already been evacuated.

The vessel struck Thursday was not transiting the Hormuz under the IMO’s evacuation framework, the U.N. agency said.

Though it unclear who was responsible for the attack, the Iran’s U.S.-sanctioned Persian Gulf Strait Authority, newly created by Tehran to oversee and manage the strait, issued an advisory Thursday, stating it is not responsible for the protection of vessels transiting “outside designated routes.”

“Any consequences arising from unauthorized routing shall be the sole responsibility of the vessel owner, charterer and master,” it said.

Control of the strait has been a focus of ongoing U.S. efforts to end the war.

Iran effectively closed the strait after being attacked Feb. 28, causing energy prices to surge and threatened nations with worsening energy crises.

Since then, Iran has attempted to maintain control of the strait and has sought to impose fees on ships that transit it.

The United States is seeking to secure free maritime travel through the strait as part of the MOU. U.S. Secretary of State Marco Rubio is currently in the Middle East trying to sell the MOU to allied nations.

However, the Institute for the Study of War said in a report Thursday night that Iran’s alleged attacks and threats directed at vessels in the strait “advance its objective of establishing control over the waterway” as well as “undermine international efforts to guarantee safe passage through the Strait of Hormuz.”

“Iran is using military threats and economic incentives to try to convince Gulf states to support its efforts to control the strait, but the Gulf states appear to be resisting Iranian pressure at present,” it said.

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Ivory Coast coach Fae saddened by Schweinsteiger’s ‘African football’ jab | World Cup 2026

Former German player’s comments that ‘African football’ is ‘a bit unorthodox sometimes, a bit wild’ sparked controversy.

Even in one of the most joyous moments in his country’s footballing history, Ivory Coast manager Emerse Fae found himself managing sadness over the remarks of a former role model that have sparked debate about potential racist connotations.

Nicolas Pepe’s brace guided the Ivory Coast to a 2-0 win over Curacao and took his nation to their first-ever World Cup knockout phase on Thursday.

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But afterwards, Fae was asked to respond to analysis given by former German midfielder Bastian Schweinsteiger on German public TV ahead of Germany’s 2-1 win over the Ivorians in both teams’ second Group E match in Toronto.

Here is how DW.com characterised what Schweinsteiger said: “Ahead of the Group E clash in Toronto, which Germany won 2-1, Schweinsteiger said in his role as a pundit for German public broadcaster ARD that the Ivorians played ‘African football’, which he characterised as ‘a bit unorthodox sometimes, a bit wild, not quite as tactical.’”

In his response, Fae noted how he once admired the former Bayern Munich man so much that he sometimes was called “Bastian” by his friends.

“I think it’s sad,” said the 42-year-old Fae, who is only several months older than the 41-year-old Schweinsteiger. “He was a very, very good player; a great player.

“I’ve always loved him, personally. As a midfielder, I’ve always liked the way he played, the way he understood football. … So when I heard his comments, I was disappointed, disappointed in the man.

“Because when you know football the way he knows it, it’s odd that you would speak that way, which we could call racist if we were calling a spade a spade, but that’s the way it is.”

Schweinsteiger played parts of 13 seasons for Bayern Munich, helping the German club giants win eight league titles and one UEFA Champions League crown. Internationally, he was a key contributor to Germany’s 2014 World Cup-winning squad.

He has not publicly commented on the remarks in the days since.

On Thursday, Fae’s side got the better of one of the game’s most famous managers, the 78-year-old Dick Advocaat, who, in guiding Curacao, was managing in his third World Cup.

Fae’s group also earned a 1-0 victory to open the tournament against Ecuador, a team that came into this World Cup unbeaten in 19 matches and hailed for its defensive solidity.

“I can’t change the way he talks,” Fae said of Schweinsteiger.

“But all I can do is show on the pitch that Africa is not just the physical game. We are very technical as well, very tactical. And all I can hope is that this was just a clumsy statement, that it wasn’t particularly reflective of what’s in his mind.”

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Coronation Street’s Sarah Platt confesses to Theo’s murder as bombshell truth ‘exposed’

Coronation Street’s Sarah Platt has confessed to Todd that she killed Theo but a short time later she was the one who had to deal with a shock truth that came her way

Sarah Platt confessed to Todd Grimshaw that she killed Theo on the latest episode of Coronation Street. The legendary Weatherfield resident, who has been played by Tina O’Brien since 1999, hit the evil scaffolder over the head with a pipe during a confrontation above the builder’s yard – seemingly sending him plunging to his death.

For months, viewers were left guessing as to who had killed Theo, who spent almost a year abusing partner Todd Grimshaw, but Sarah was never one of the official suspects and is yet to even be a person of interest to police, most likely thanks to the fact that on the night in question, she was knocked unconscious in the living room of number eight.

Viewers are aware that Jodie Ramsey (Olivia Frances-Brown) was the mystery attacker who hit her over the head with an ornament that night, but no one else is. Via the medium of a flashback, viewers learned earlier this week that Sarah had killed Theo (James Cartwright) after he insulted her, Todd and the baby they had together more than 20 years ago who died shortly after his birth.

Sarah is currently dating, and looks set to get engaged to DC Kit Green (Jacob Roberts), so she felt it was unwise to involve him. Instead, she roped Gary Windass (Mikey North) into the whole sorry mess, who has been helping her keep the whole thing secret, much to the chagrin of his wife Maria (Samia Longchambon), who thought they had been having an affair.

To make matters even worse, DS Lisa Swain (Vicky Myers), who has a habit of putting innocent people in prison, charged Todd’s adoptive daughter Summer (Harriet Bibby) with murder and, although she was recently released, Sarah said nothing and allowed her to be put behind bars.

Having had enough of Todd constantly blaming Gary for the murder, Sarah finally confessed all to her best friend in Thursday night’s instalment of the world’s longest-running TV soap.

Through tears, Sarah said: “It was me. I knocked Theo off the scaffolding.” as he looked on in shock. “You’re wrong and I’m not even gonna let you think it. He is not corrupt – he wants to marry me!

“Afterwards. I was in shock and…Theo was…dead. And I couldn’t ring Kit, I couldn’t. I didn’t know who else to turn to. “

“He was talking like he’d killed you, and I believed him because why wouldn’t I? You thought he was capable. That’s why you ran.

“Don’t look down your nose at me, Theo ruined your life and then you brought him into mine. I didn’t have the option to run – not when I was 20ft up, on scaffolding on a plank that wide with a psycho waving a bottle in my face. A psycho who was ten times stronger than me and two times the size of me.

“He got in my face and I pushed him away and then he came back at me. All the time, he had this little white fleck in the corner of his mouth when he was ripping into me and I couldn’t take my eyes off it. That I was a sl*g, a w***e, three different kids to three different men and no wonder our baby died because it was an abomination.

“Those were the words he said about an innocent, newborn child. There was a pole. It was just instinct, I closed my eyes and swung and he crumpled.”

Later on, Sarah presumed Todd was going to go to the police but when she found him in the Rovers Return later on, he admitted he just couldn’t do it – even though he angrily told Sarah she had robbed him of the chance to make sure Theo got justice for all the abuse he had subjected him to.

He added: “The most annoying thing about all of it is the fact that I love you…so much. And I can’t see you go to prison.” Todd and Sarah were teenage sweethearts amid the programme’s first coming out story in 2004 and, even after Todd came out as gay, the pair have remained close.

Initially, Sarah threw her arms around Todd as she thanked him, but he then dealt the final blow as he vowed to cut her out for good.

He said: “Listen to me Sarah, this is it, for you and me. We’re done. I don’t want you in my life anymore,” leading Sarah to march back into the pub and continue to drink as she she stumbled round to Whitney Houston’s I Wanna Dance With Somebody before her family escorted her out.

But there was another twist in store back at number eight when Sarah, sat stroking David the dog, was having a conversation with Jodie. Without realising what she was saying, Jodie said: “It’s not easy to get over an attack like that – it takes time. Maybe this wasn’t the best place to bring you to, it must be triggering.”

As Jodie stroked the dog, she said: “At least you’re not barking your head off, this time, eh?” and Sarah immediately began to put two and two together as she said: “How did you know he was barking that night?”

Jodie tried to play the whole thing down but the cogs were already turning for Sarah, who has seemingly worked out that it was Shona’s mysterious long-lost sister all along.

Coronation Street airs Monday to Friday at 8:30pm on ITV1 and is available to stream from 7am on ITV X.

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FedEx Freight expects $605M-$645M in adjusted operating income on 4%-6% revenue growth through Dec. 31, 2026 (NYSE:FDXF)

Earnings Call Insights: FedEx Freight Holding Company, Inc. (FDXF) Q4 fiscal 2026

Management View

  • “We successfully launched as a stand-alone LTL carrier,” and “on June 1, we proudly rang the opening bell at the New York Stock Exchange, officially marking our debut as a

Seeking Alpha’s Disclaimer: This article was automatically generated by an AI tool based on content available on the Seeking Alpha website, and has not been curated or reviewed by humans. Due to inherent limitations in using AI-based tools, the accuracy, completeness, or timeliness of such articles cannot be guaranteed. This article is intended for informational purposes only. Seeking Alpha does not take account of your objectives or your financial situation and does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.

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Controversial billionaire tax will appear on November ballot

Proponents of a tax on California billionaires vowed on Thursday to move forward with their November ballot measure despite mounting opposition from many of the state’s most powerful political forces.

A labor union spent $31 million gathering signatures to qualify the measure for the ballot in an effort to offset federal healthcare funding cuts that will affect millions of California’s most vulnerable residents. A representative for the campaign supporting the ballot measure pushed back at opposition to the effort as self-entitled wealthy Californians and entrenched Sacramento interests.

“While a few morally bankrupt billionaires and their buddies in Sacramento want to see California’s hospitals close, and tax breaks for billionaires protected — I assure you, the vast majority of voters do not,” said Debru Carthan, a spokesperson for the Billionaire Tax Now Coalition, which is funded by the Service Employees International Union-United Healthcare Workers West, the sponsor of the proposal.

The California secretary of state is expected to officially certify the measure for the Nov. 3 ballot on Thursday evening.

Carthan said their effort has support in public opinion polls, and from lawmakers, unions, community organizations and volunteers across the state, “something the billionaires and their buddies will never have.”

However, a coalition of healthcare, education, public safety, housing, business and labor leaders opposed to the proposal warned that it would make the state’s notoriously unstable budget even more unpredictable.

“The dangerous wealth tax directly threatens vital funding for education and schools, healthcare and clinics, public safety, and infrastructure projects by making California’s revenue even more volatile,” the leaders of the California Medical Assn., the California Primary Care Assn. and the California School Boards Assn. said in a statement. “That’s why so many leaders – both Democrats and Republicans – are joining us and saying NO. We look forward to ensuring voters have the facts, know the stakes, and resoundingly reject this reckless experiment in November.”

Supporters of the one-time proposed 5% tax on the assets of the state’s wealthiest residents pitched the effort as a stop-gap measure to offset devastating federal healthcare funding cuts passed by the GOP-led Congress and signed by President Trump nearly one year ago. The federal legislation is expected to result in $100 billion in cuts that would affect California’s most vulnerable residents.

The proposed tax, which would be retroactive to billionaires who lived in the state as of Jan. 1, drew predictable opposition from the wealthy, notably Silicon Valley tech leaders.

But it notably divided liberals. While Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Fremont) supported the proposal, Gov. Gavin Newsom was among the Democrats who opposed it because of fears about the potential impact on the state’s volatile budget.

Despite being the fourth largest economy in the world — the home of Hollywood and Silicon Valley — California’s budget is extremely dependent on the state’s most prosperous residents.

Newsom and others who generally support increasing taxes on the wealthiest Americans also argued that the proposed billionaire tax in California was poorly crafted and that any such levies ought to be enacted nationally, because varying state policies would be ineffective.

Opponents also argued that the political priority in the 2026 midterm election should be squarely focused on efforts to make sure Democrats regain control of Congress to serve as a counter balance during the final two years of Trump’s presidency.

“It’s disappointing. This is a critical election where we need to concentrate on flipping the house and undoing the damage that was done” by Trump’s legislation that led to the healthcare funding cuts, said Jodi Hicks, chief executive and president of Planned Parenthood Affiliates of California. The wealth tax “is short term and doesn’t address what is the long-term problem. And I’m not even sure the policy is a viable solution. It’s so critical to be sending the right message — holding Congress accountable and how we need to find long-term solutions to make sure Californians have access to healthcare.”

Rob Lapsley, co-chair of Californians Against Tax Increases and president of the California Business Roundtable, argued that the proposed wealth tax would ultimately affect every Californian.

“Strip away the spin, and this measure forces every California taxpayer, not just billionaires, to file a sworn declaration of their net worth with the Franchise Tax Board under penalty of perjury,” Lapsley said in a statement. “And it hands the Legislature the power to extend the wealth tax to all Californians and every kind of property, including home equity, retirement savings without ever returning to the voters – effectively gutting” voter-approved caps on property tax increases.

Supporters of the tax submitted nearly 1.6 million signatures in April to qualify the proposal for the ballot, roughly double the number required. However, support for the effort has grown increasingly shaky. Newsom’s team created a broad coalition of opponents, including healthcare and education activists, that undercut the foundational argument for the tax.

The union that crafted the proposal responded last week by proposing a legislative alternative that would create a 2% tax on billionaire’s assets. It was flatly refused by the Newsom administration. No deal was reached by the Thursday evening deadline for the union to withdraw the proposal from the November ballot.

Two efforts that were crafted to sink the proposed billionaire tax — dubbed as poison pills — also qualified for the Nov. 3 ballot, according to the California Secretary of State’s office. One would bar new state taxes on personal property, while the other prohibits any new taxes being exempted from existing state spending rules and to be regularly audited. If the billionaire tax proposal is approved by voters but either of the other proposals receives more votes, the tax measure would be voided.

The proposed billionaire tax would apply to more than 200 Californians, some of whom proactively left the state or moved their companies out of California because of the proposal.

The prospect of the wealthy fleeing the state is among the reasons that prominent Democrats such as Newsom opposed it, given California’s budget being so reliant on the state’s most prosperous residents.

Sergey Brin, a co-founder of Google, is among the billionaires who have reportedly moved out of California because of the tax proposal. He donated at least $82 million to an organization that is funding efforts to invalidate the proposed billionaire tax.

Ballot measure proponents had a Thursday evening deadline to withdraw their proposals.

Other policy proposals that will appear on the Nov. 3 ballot include:

  • Requiring government-issued voter identification to cast ballots in elections.
  • Reforming the California Environmental Quality Act, once a third-rail in Democratic politics that has become increasingly scrutinized in the rebuilding in the aftermath of the Palisades and Eaton wildfire.
  • Creating a $11.3-billion affordable housing bond.

Two notable proposals were pulled off the ballot after negotiations between the California Hospital Assn. and labor unions:

  • An effort to limit healthcare executives’ compensation.
  • A union proposal by the same union backing the billionaire tax that would have required many healthcare clinics to spend 90% of their revenue to serve low-income and underserved residents.

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Shohei Ohtani is the first Dodger to be named 2026 All-Star

Shohei Ohtani was the first Dodger to be named a 2026 All-Star, after leading the majors in Phase 1 voting for the All-Star game on July 14 in Philadelphia. Six other Dodgers were finalists through the fan ballot, giving them a chance to claim starting spots in Phase 2 of voting.

Ohtani locked down the starting DH spot for the National League squad, with 3,341,257 votes. The top vote-getters in each league bypass Phase 2. Second baseman Ernie Clement of the Toronto Blue Jays was the top vote-getter in the Amlerican League, with 3,232,932 votes.

Ohtani was the expected choice, despite a slow offensive start. His red-hot June boosted him up the leaderboards. He entered Thursday with the second-highest OPS in the National League (.963), barely trailing Mets outfielder Juan Soto (.965).

Pitchers aren’t chosen through the fan vote — hurlers and reserves have to wait for the player ballot (which includes votes from players, coaches and managers) and commissioners picks. But Ohtani has been just as impressive on the mound this year.

He has a 1.58 ERA, the fourth-best mark among NL pitchers who have thrown at least 50 innings this season.

Dodgers first baseman Freddie Freeman (2,666,008 votes), third baseman Max Muncy (2,890,181) and outfielder Andy Pages (2,158,664) also led their respective NL position groups in voting. Other Dodgers finalists, who advance to voting Phase 2, include catcher Will Smith (1,871,805), shortstop Mookie Betts (1,762,343 ) and outfielder Teoscar Hernandez (1,569,932).

The vote totals reset for Phase 2, which runs from next Monday through Thursday. The remainder of the All-Star starters are set to be announced on July 4 on Fox Sports.

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South Korean court again rejects bid to preserve ballots

Court personnel leave a senior citizens’ center at Woosung Apartments in Jamsil, Seoul, after completing an on-site inspection on June 10 under a partially granted evidence-preservation request filed by the Reform Party. Photo by Asia Today

June 25 (Asia Today) — A South Korean court has again rejected a request to preserve ballots, ballot boxes and other election materials kept at a counting center in Seoul’s Songpa District.

The First Civil Division of the Seoul Eastern District Court, led by Presiding Judge Joo Jin-am, dismissed an appeal Tuesday filed by the Freedom and Innovation party against the chair of the Songpa District Election Commission.

The materials were stored at a counting center inside the Olympic Park Handball Gymnasium.

The court rejected the party’s initial evidence-preservation request on June 12, prompting the party to appeal.

Freedom and Innovation claimed that ballot-paper shortages, the transportation of ballot boxes and other alleged irregularities during the June 3 nationwide local elections could have affected the voting and counting results.

The party sought court preservation of ballots, ballot boxes and related materials for possible use in future litigation.

The court, however, found that the application failed to satisfy legal requirements including relevance and necessity.

Judges said there was no sufficient connection between the ballot shortages and the requested preservation of ballots and ballot boxes from polling places where voting had been completed normally.

The court also determined that obtaining the materials would not help establish the disputed issues in an underlying lawsuit.

It said a separate preservation order was unnecessary because election law already requires the materials to be retained.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260625010009154

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Plan To Move Ships Through Strait Of Hormuz Paused After Iran Strikes Cargo Vessel

The U.N. International Maritime Organization (IMO) paused its plan to evacuate hundreds of ships stuck in the Persian Gulf after a vessel was attacked in the Strait of Hormuz on Thursday. A U.S. official told us the attack was carried out by an Iranian drone, which was confirmed by Iranian officials.

The evacuation plan, which IMO developed with Oman, was designed to provide safe passage to vessels in the Persian Gulf that are still unable to transit the Strait, which has been largely closed since Iran was attacked by the U.S. and Israel. The announcement came as traffic was beginning to move through the Strait again amid ongoing, albeit tense peace talks between the U.S. and Iran. However, these transits represent a tiny fraction of what took place before the war.

The IMO decision today also came after a warning earlier on Thursday by the Islamic Revolutionary Guard Corps Navy (IRGC-N) that safe passage through the Strait was limited to routes designated by Tehran and that other routes were “unacceptable and completely dangerous,” according to The Washington Post. The publication cited Iranian state-run media. The IRGC-N also claimed it turned back several ships trying to transit the Strait through the southern route suggested by IMO. There is also a northern route, near the Iranian coastline while concerns remain about mines in the main route, down the middle of the Strait.

IMO said it is pausing its evacuation plan even though the ship that was attacked was not taking part in that nascent effort.

“Following the launch of the IMO’s evacuation plan, through which several vessels have already been successfully evacuated, I have decided to temporarily pause its implementation in order to reconfirm that the necessary safety guarantees continue to be in place for the ships on our evacuation list and all those in the region,” IMO Secretary-General Mr. Arsenio Dominguez said in a statement. “I have been informed of an attack today in the Gulf of Oman on a vessel which passed through the Strait of Hormuz. This vessel did not transit under IMO’s evacuation framework. I have always reiterated that the safety of the seafarers remains paramount. Therefore, to ensure a coordinated approach and navigational safety, the evacuation plan will be paused until further clarity is obtained.”

“Today marks the Day of the Seafarer, underlining the importance of ensuring that the continued evacuation of the thousands of seafarers stranded in the Persian Gulf can proceed without the risk of them becoming collateral victims in this geopolitical conflict,” Dominguez added.

A maritime security official told us the ship that was attacked was the Ever Lovely, a Singapore-flagged cargo ship, according to MarineTraffic. The incident occurred about 7.5 nautical miles southeast of Dahit, Oman, according to the United Kingdom Maritime Trade Operations (UKMTO) center.

“A cargo vessel has been hit on the starboard side by an unknown projectile, causing damage to the bridge,” UKMTO stated on X. “Master has reported no casualties and no environmental impact. Authorities are investigating. Vessels are advised to transit with caution and report any suspicious activity to UKMTO.”

As we reported yesterday, IMO along with Oman devised a plan to allow vessels to leave the Persian Gulf through a southern route along the Omani coastline. The southern route is clear of mines and is the preferred route, according to the Joint Maritime Information Center.

A second route, to the north along the Iranian coastline, is controlled by the Islamic Republic.

In its initial unveiling of the evacuation plan, IMO said “this large-scale operation will be carried out in close cooperation with Iran, Oman, all other coastal States in the region, the United States and the maritime industry.”

We reached out to IMO for more information given that the IRGC-N is apparently not cooperating.

As we noted earlier in this story, there has been a spike in traffic through the Strait since last week’s signing of the Memorandum of Understanding (MoU) between Washington and Tehran.

However, the IRGC-N’s new stance “marks a reversal in the normalization trajectory building since the MoU signing,” the Windward maritime intelligence firm warned on Thursday. 

“The IRGC published a claim on its official Telegram channel that three tankers transiting the southern corridor had been ordered to turn back. Windward identified five vessels exhibiting behavior consistent with that claim, with a sixth losing AIS signal during the incident,” the intelligence firm noted.

“A VHF Channel 16 broadcast warned all vessels that transit without AIS or IRGC permission would be at their own risk,” Windward added. “The southern corridor, previously described as not requiring Iranian approval, is now subject to active IRGC enforcement, eliminating the only route operators believed to be free of Iranian control.”

It remains to be seen how or if this latest turn of events will alter what has been a positive trajectory for commercial shipping in the Strait. Simmering frictions between the IRGC and Iranian government that have emerged in recent months make it difficult to assess just who is in control in Iran and who has the final say in operations on this strategic waterway. Regardless, a pause in the evacuation plan and a new kinetic strike on shipping are not good omens.

Contact the author: howard@twz.com

Howard is a Senior Staff Writer for TWZ. He writes frequently about conflict, focusing heavily on the Middle East and Ukraine, and interviews with military and intelligence officials and industry leaders from around the globe. He lives near Tampa, Florida, home of U.S. Central Command, U.S. Special Operations Command.




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BBC The Other Bennet Sister star ‘scared’ to return as festive special confirmed

The Other Bennet Sister is returning for a three-part special this Christmas, with Ella Bruccoleri reprising her role.

Star of The Other Bennet Sister Ella Bruccoleri has revealed her fears for the hit period drama to return.

The Call the Midwife actress played Mary Bennet the BBC series, the over-looked middle sister of Pride and Prejudice.

Based on Janice Hadlow’s novel, The Other Bennet Sister followed Mary living a different life to her sisters, as she left Longbourn behind and travelled to London with her aunt and uncle.

After being forgotten in the original Jane Austen novel, this time, she stepped into her own story on her journey of self-discovery.

The Other Bennet Sister captured hearts of fans and proved to be the biggest launch of a new drama in the UK in a year, and is now set to return with a three-part Christmas special following its success.

However, just before the BBC confirmed its return, Ella admitted her nerves over the possibility of a second season.

She told Variety: “When something has felt really perfect and is being received in a lovely way, I’m a bit scared of touching it again.”

Following the season finale, which saw Mary receive her happy ending and getting married, she revealed her plans for her character.

Ella told the publication: “I can see them having this beautiful, equitable, quite progressive relationship for the time, where they both make decisions equally, and prioritize each other’s happiness. And I can see Mary continuing with her governessing.”

She continued: “It felt really important to me that Mary wanted to pass something on that she’d learned being a young woman, so I think she would want to pass that on in some way. I could see them being happy together and living a kind of bohemian London life.”

The Other Bennet Sister is now set for its return this Christmas, with the BBC having teased: “The final episode of the series saw Mary agreeing to wed Tom Hayward, but fans will be keen to know what challenges the future holds for the happy couple…”

In the announcement, Jane Tranter, Executive Producer and CEO of Bad Wolf, said: “We always hoped audiences would fall in love with Mary Bennet’s story, but the response to The Other Bennet Sister has exceeded even our most optimistic expectations.

“These Christmas specials give us the chance to spend a little more time with characters audiences have taken to their hearts, and to explore what happens after the wedding bells fade and real life begins.

“Returning to the world of Mary Bennet with our brilliant partners at the BBC and BritBox feels like the perfect way to celebrate the success of the series and give viewers a treat this Christmas.”

Lindsay Salt, Director of BBC Drama also said: “It’s been incredibly exciting to see Mary Bennet cause such a sensation in 2026, and we could not be happier to announce this new three-part Christmas gift to her millions of fans.

“Marriage was just the beginning for the no-longer-so-overlooked Bennet sister, and it’s a joy to be working with Sarah, Janice and the Bad Wolf team to let viewers discover what comes next.”

Jess O’Riordan, Commissioning Executive of BritBox North America, added: “We know how much audiences have fallen in love with Mary Bennet, and we’re thrilled that her story isn’t over yet.

“We are so pleased Mary’s story will continue for three more chapters and to welcome audiences back into the world of The Other Bennet Sister this holiday season.”

The Other Bennet Sister is available to watch on BBC iPlayer.

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Friday 26 June Armed Forces Day in Azerbaijan

In May 1918 Azerbaijan had declared its independence from the Transcaucasian Democratic Federative Republic after the collapse of the Russian Empire, forming the Azerbaijan Democratic Republic.

To protect the new nation, on June 26th 1918, a Muslim Corps, established by a decision of the Special Transcaucasian Committee, was renamed to the Detached Corps of Azerbaijan. 

The Military Ministry was established in August 1918, but the renaming of the soldiers is seen as the birth of the Azerbaijani Armed Forces.

Around 25,000 soldiers were recruited and the government allocated 24% of the state budget for military purposes. By August 1 of the same year, the newly established Military Ministry took over the armed forces. The first solemn parade of the national army took place in 1919.

In April 1920, the ADR was occupied by the Bolshevik forces, and Azerbaijan was later incorporated into the Soviet Union. After the collapse of the Soviet Union in 1991, Azerbaijan formed its independent national army once again.

With the collapse of the Soviet Union in 1991, the Armed Forces of Azerbaijan were re-established according to the Law of the Republic of Azerbaijan and this day was recognised when the Supreme Soviet of Azerbaijan passed a law “On the Establishment of the Armed Forces of Azerbaijan”.

In May 1998 according to Decree No. 707 issued by Heydar Aliyev, the President of the Republic of Azerbaijan, June 26th was declared a non-working holiday, the Day of the Armed Forces of Azerbaijan.

The modern armed forces of the Republic of Azerbaijan comprise the Land Forces, the Air and Air Defense Forces, and the Navy. The National Guard, the State Border Service, and the Internal Troops of Azerbaijan are considered associated forces.

Thursday 25 June Ashura around the world


The provided text serves as an informative overview of Ashura, a significant day observed by various religious communities on the tenth day of Muharram. The source explains that while the date is rooted in ancient Judaic traditions involving Moses and Noah, it is primarily recognized today by Muslims as a time to honor the martyrdom of Hussain ibn Ali. The article details specific cultural customs, such as the preparation and sharing of Asure, a traditional Turkish dessert also known as Noah’s pudding. Beyond religious history, the text provides a snapshot of global news and financial data from June 2026, including currency exchange rates and current events. This comprehensive digest connects theological origins with contemporary … 



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Lithium producers warm to demand for battery storage as focus shifts from EVs (LIT:NYSEARCA)

Jun 25, 2026, 8:15 PM ETGlobal X Lithium & Battery Tech ETF (LIT), ALB Stock, , , , , , By: Carl Surran, SA News Editor
Lithium abstract concept

Olemedia/E+ via Getty Images

The lithium industry is growing more optimistic about a market recovery as accelerating demand for battery storage systems helps offset a slowdown in electric vehicles, leading producers said this week at a key industry conference, Reuters reported.

“The period of market overcorrection is over. Energy

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Federal judge halts Trump’s election executive order seeking to create a federal voter list

A federal judge on Thursday halted President Trump’s executive order that sought to create a federal voter list and limit who can receive a mail ballot.

U.S. District Court Judge Indira Talwani, who was nominated by Democratic President Obama, sided with a coalition of nearly two dozen states that challenged the Republican president’s order in granting a summary judgment. Her ruling applies to this year’s midterm election cycle.

Plaintiffs argued in two lawsuits, both filed in federal court in Boston, that Trump’s order should be found unconstitutional because the states and Congress, not the president, have the power to set election rules. The judge agreed, noting in her ruling that the provisions of Trump’s order “unconstitutionally violate the separation of powers.”

It was the second ruling in as many days against executive orders Trump has signed seeking oversight of the nation’s elections. A separate ruling Wednesday prohibited an executive order he had signed last year that would have required people to show documents proving their citizenship when registering to vote.

The administration, in its motions to dismiss the lawsuits challenging the order seeking to establish a federal voter list, argued that the motions are premature and that plaintiffs lacked the legal basis to bring their claim based on the Administrative Procedure Act, which governs how federal agencies develop and issue regulations.

But in an interim order before Thursday’s ruling, Talwani said the motions pertaining to this year’s election cycle were relevant: “In light of the EO’s specific deadlines over the next three months, and the reality that elections will be occurring throughout this period with the November 3, 2026 midterm occurring in just five months, postponing judicial review is impracticable and may inflict significant hardship on Plaintiffs,” she wrote. That order denied the Trump administration’s motion to dismiss the challenges.

Trump’s executive order, the second one aimed at elections during his second term, comes as he continues to raise the specter of widespread voting by noncitizens as a reason to change election rules. But states already have detailed processes aimed at keeping their voter rolls accurate, and voting by noncitizens has been shown to be rare. It also is a felony that can be punishable by deportation.

Trump issued his second order in March after a bill he supported to overhaul voting stalled in Congress. The order would have had the federal government create a list of eligible voters and then directed the U.S. Postal Service to deliver mail ballots only to those on the list. Election officials argued that it was ripe for abuse and could cause chaos, and the postal union has objected to the idea of mail carriers policing ballots.

The Postal Service has published a proposed rule required by Trump’s executive order in the Federal Register. Among other things, the rule would not apply to primary elections or overseas ballots.

The lawsuit seeking summary judgment was filed by Democratic attorneys general representing 22 states and the District of Columbia. Also signing on were attorneys representing Democratic Gov. Josh Shapiro of Pennsylvania, which has a Republican attorney general.

The states also told the court that the move imposes a costly burden on election officials to comply and would spread fear about the possibility of prosecution. Stephen Pezzi, a lawyer for the Trump administration, had argued that no one would be prosecuted for violating the order.

In a separate lawsuit filed against the executive order, a federal judge in Washington, D.C., in May agreed with the Trump administration that it was too early to block the order because it had yet to be implemented. That lawsuit was brought by Democratic and civil rights groups, who have appealed.

Since his 2020 presidential election loss to Democrat Joe Biden, Trump has groundlessly claimed mail voting is rife with fraud and has launched a federal investigation into that year’s vote, even though repeated audits and investigations, including ones run by Republicans, found it was free of widespread fraud. Trump also has said he wants to “take over” election administration in Democratic areas.

Casey writes for the Associated Press.

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South Korea launches $150 billion U.S. shipbuilding investment push

South Korean Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol and representatives of government agencies, policy-finance institutions and major shipbuilders attend a signing ceremony for a Korea-U.S. shipbuilding cooperation investment agreement at the Export-Import Bank of Korea in Seoul on Thursday. Photo from the Ministry of Trade, Industry and Resources, used under KOGL Type 1.

June 25 (Asia Today) — South Korea launched a policy-finance framework Thursday to support $150 billion in shipbuilding cooperation with the United States, seeking to share early-stage investment risks with domestic companies expanding into the U.S. market.

The Korea-U.S. Strategic Investment Corporation, four state-backed financial institutions and three major South Korean shipbuilders signed a memorandum of understanding at the Export-Import Bank of Korea headquarters in Seoul.

The agreement is the first institutional step toward implementing the $150 billion shipbuilding cooperation package included in a bilateral strategic investment memorandum signed in November 2025.

The participating financial institutions are the Export-Import Bank of Korea, Korea Development Bank, Korea Trade Insurance Corp. and Korea Ocean Business Corp.

The three shipbuilders are HD Hyundai Heavy Industries, Samsung Heavy Industries and Hanwha Ocean.

Under the agreement, the participants will establish a Korea-U.S. Shipbuilding Cooperation Investment Council to identify U.S. investment projects, coordinate policy financing and jointly monitor their implementation.

The Export-Import Bank of Korea will serve as the council’s secretariat, coordinating communication among the institutions and overseeing the progress of individual projects.

South Korean Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol said shipbuilding cooperation is one of the two main pillars of strategic investment between South Korea and the United States.

Koo urged the investment corporation and policy lenders to develop financing measures that can provide companies with sufficient funding when it is needed.

“The government and policy-finance institutions must actively seek ways to share the risks and uncertainty of initial investments that individual companies cannot bear alone,” Koo said.

He said the initiative should help South Korean shipbuilders support the rebuilding of the U.S. shipbuilding industry while creating new contracts and markets across South Korea’s domestic shipbuilding supply chain.

The benefits should extend beyond large shipbuilders to small and midsize shipyards and marine equipment suppliers, he said.

“We must create a path for small and midsize shipbuilders and equipment suppliers to participate together as Team Korea,” Koo said.

The government plans to use the council to develop financing for investments in U.S. shipyards, naval vessel construction, maintenance, repair and overhaul services and commercial shipbuilding.

The policy-finance structure is intended to help companies manage the large capital requirements and financial risks associated with entering the U.S. market.

Financial Services Commission Vice Chairman Kwon Dae-young described the initiative as an opportunity for South Korea’s shipbuilding industry to demonstrate its capabilities in the global market.

“We will actively support the necessary financing through close cooperation among the newly established Korea-U.S. Strategic Investment Corporation, policy-finance institutions and private financial companies,” Kwon said.

Park Dong-il, deputy minister for industrial policy at the Ministry of Trade, Industry and Resources, said the Make American Shipbuilding Great Again initiative, or MASGA, represents the first strategic overseas expansion project in the history of South Korea’s shipbuilding industry.

Park said encouraging signs were emerging in the United States, including potential orders for South Korean companies.

He called on policy lenders to coordinate closely so shipbuilders can enter the U.S. market without delays.

“The signing ceremony is expected to provide initial momentum for the MASGA project and create a new opportunity for South Korea’s shipbuilding industry to advance,” Park said.

Shipbuilding companies also pledged to identify commercially viable projects with government financial support.

HD Hyundai Heavy Industries CEO Lee Sang-kyun said producing tangible results from the bilateral cooperation was the most important objective.

“This cooperation should develop into a system that simultaneously supports the growth of South Korea’s shipbuilding industry and the rebuilding of the U.S. shipbuilding base,” Lee said.

South Korean shipbuilders will identify investment opportunities that offer profitability and can be carried out effectively using their advanced technology, he said.

Lee also urged the government to prepare a broad range of support measures to help create a turning point in bilateral shipbuilding cooperation.

The government said it will use the agreement to begin full cooperation among the investment corporation, policy-finance institutions and shipbuilders.

It also plans to expand the Team Korea framework so small and midsize shipyards and marine equipment suppliers can participate in projects entering the U.S. market.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260625010008910

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