annual

House votes to adopt Department of War renaming in annual defense bill

The House on Wednesday passed a defense policy bill that incorporates President Trump’s request for a historic $1.15 trillion in spending for national security and would designate the Department of Defense as the Department of War.

It also would provide for a pay raise next year ranging from 5% to 7% for service members, depending upon their rank.

The National Defense Authorization Act is generally one of the more bipartisan bills that Congress takes up on an annual basis. That’s not the case this year. The vote was 216-212.

Democrats took issue with steep spending increases for the Pentagon as Republicans attempted to cut numerous non-defense programs through other bills. They also opposed some of the conservative social policy riders that were included.

For example, the bill includes a prohibition on gender-related medical care under the military health program known as TRICARE. It also eases hurdles for service members to carry a privately owned firearm on base, following Defense Secretary Pete Hegseth’s lead on the issue.

Republican leaders’ decision to attach Trump’s elections overhaul bill to the defense bill upon its passing also amplified the partisan divide. Speaker Mike Johnson is working to accommodate Republican lawmakers who are angry that the Senate won’t pass the SAVE America Act and are insisting that it be included in must-pass bills until the Senate relents.

House bill tests a normally bipartisan process

Rep. Mike Rogers of Alabama, the Republican chairman of the House Armed Services Committee, said he knows there were areas of disagreement, but emphasized that Wednesday’s vote was a step in a long process. He promised to work in a bipartisan manner on a final product that can pass both chambers and be signed into law.

Rogers said the United States needs to reverse decades of underinvestment and neglect in the nation’s armed forces and defense industrial base.

“This bill will do that and much more,” he said. “It will build the ready, capable and lethal fighting force we need to deter China and other adversaries.”

Rep. Adam Smith of Washington, the ranking Democratic lawmaker on the Armed Services Committee, said the defense spending the administration has asked for this year is approaching $1.6 trillion including separate efforts to pay for the war in Iran and boost weapons stockpiles.

“The American people are struggling to pay their bills and we’re going to put $1.6 trillion into the defense budget. It’s not a reasonable thing to ask,” Smith said.

Smith also expressed concern about the war with Iran and that in supporting the defense bill, lawmakers are “de facto supporting this war with no end in sight.”

“We are in an incredibly, incredibly dangerous time,” Smith said. “I want to maintain the bipartisan nature of this bill. I do. And I know that the chairman does. But if we’re going to do this, we’re going to need some Republicans to stand up to the president of the United States and say, ‘No. No, we’re not going to get you $1.6 trillion. No, we’re not just going to give you a blank check for a war that is totally out of control.‘”

White House backs parts of the legislation

The spending increases authorized in the bill would not take effect until Congress follows up with a separate defense appropriations bill. The Senate has not yet approved its version of the defense measure. It’s possible a final product won’t be ready until after the midterm elections.

The White House applauded the spending levels authorized in the House bill and the Department of War designation that it says recognizes the “willingness to fight and win wars on behalf of our nation.”

The president issued an executive order last year renaming the Defense Department, but it’s up to Congress to make the change official. The Congressional Budget Office has projected that the renaming could cost taxpayers as much as $125 million.

The White House’s statement also said that the administration has a number of concerns with certain provisions in the bill and would work with Congress before a final bill is presented to the president. Among those concerns was a section of the bill it said would limit or undermine the president’s ability to name military installations and property.

In 2023, during a national reckoning on issues of race in America, seven Army bases’ names were changed because they honored Confederate leaders. Last year, those bases reverted to their original names, but with different namesakes who share Confederate surnames. The Army found other service members with the same last names to honor.

Freking writes for the Associated Press.

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Lucas Museum to give free annual passes to South L.A. neighbors

The Lucas Museum of Narrative Art, which is moving at light speed toward its Sept. 22 opening, announced Thursday that it will give free annual passes to its South L.A. neighbors living in the 90037 ZIP Code. The 300,000-square-foot, $1-billion museum located in Exposition Park will also host a special community preview day on Sept. 13, more than a week before the general public gets to step inside.

The 90037 ZIP Code has a population of more than 65,000 and is bordered roughly by the 110 Freeway to the west, Slauson Avenue to the south, Central Avenue to the east and Martin Luther King Jr. Boulevard to the north. Residents can register for passes at lucasmuseum.org/lm37 and will be alerted in August when the program launches. Pass holders can reserve tickets for themselves and one guest.

Tickets for non-pass holders go on sale July 21. They cost $25 for adults and $21 for seniors. Kids 17 and under are free.

“Storytelling has the power to bring people together and create a sense of community,” said Lucas Museum Chief Executive Tracey Bates in a news release about the program. “Through LM37, we are inviting our South Los Angeles neighbors to make the museum part of their lives and take their own path of discovery through the art, programs and experiences that will help shape this new cultural hub for Los Angeles.”

The community preview day is designed to give local business owners, community partners, civic leaders and registered LM37 pass holders a sneak peak of the 10,000 square feet of exhibition space, as well as the expansive gardens with 11 acres of park space.

The opening programming, curated by co-founder George Lucas, features 20 inaugural exhibitions across more than 30 galleries, including one titled “Star Wars in Motion,” containing vehicle designs, high-speed racers, flying vessels, props, costumes and illustrations from the first six films in the beloved franchise.

More than 1,200 objects will be on display from Lucas’ personal collection of narrative art. Highlights include work by Norman Rockwell and Dorothea Lange, as well as a variety of manga, children’s book illustrations and comics.

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Global oil demand set for first annual drop since the COVID-19 pandemic, IEA says

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Global oil demand will fall by one million barrels a day in 2026, the IEA said on Friday, making it the first annual contraction since 2020, when Covid lockdowns grounded aviation and shuttered industry.


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The comparison flatters this year’s decline in one respect, since demand collapsed by around eight million barrels a day at the height of the pandemic, but it underlines how severely the closure of the Strait of Hormuz has damaged the global economy.

The contraction is “highly skewed in both product and regional terms”, the agency noted in its monthly report.

Earlier IEA analysis traced the sharpest losses to Asia’s import-dependent economies and to petrochemical feedstocks such as naphtha and liquefied petroleum gas, whose supply chains run through the Strait of Hormuz.

At the time of writing, the front month contract on Brent crude, the international benchmark, was trading at around $76 a barrel, roughly 6% higher than before the US and Israel launched strikes on Iran in late February, and far below the peaks near $120 reached in March at the height of the conflict.

The US benchmark, WTI, was trading lower at around $72 a barrel.

June’s fragile rebound

Supply improved sharply last month, if from a desperately low base.

Global production jumped by 4.1 million barrels a day in June to 98.8 million as the partial reopening of the Strait of Hormuz allowed Gulf producers to restart shut-in wells, though output was still running 9.4 million barrels a day beneath its pre-war level.

Gulf exports, counting cargoes rerouted around the strait, climbed by 6.5 million barrels a day to 16.1 million. Before the fighting began in late February, the region shipped an average of 24 million barrels.

Global oil inventories grew for the first time since US and Israeli strikes on Iran ignited the conflict, halting months of record drawdowns, although stockpiles in the wealthiest economies shrank further as buyers held back from importing.

The truce unravels

The IEA’s forecasts rest on an assumption now under visible strain which is that a ceasefire holds and the Strait of Hormuz gradually reopens.

On that basis, global supply would contract by 3.7 million barrels a day this year, leaving production 860,000 barrels a day short of demand, before expanding by 7.5 million next year and tipping the market into surplus.

Stronger output elsewhere and weaker demand than expected before the war could still restore a surplus by the end of the year, allowing countries to rebuild depleted reserves, the IEA noted.

This week brought the second and far larger breach of last month’s truce.

After Iranian forces struck three commercial vessels on Monday and Tuesday, US Central Command hit more than 80 targets across Iran, including air defences, coastal radar and over 60 Revolutionary Guard small boats, while Washington revoked the licence permitting Iranian oil exports.

Iran fired drones and missiles at Bahrain and Kuwait, causing no major damage, and US President Donald Trump has since declared the ceasefire over.

Tehran insists the only safe passage is the route it sets in the Strait of Hormuz as traffic fell to 13 tankers on Wednesday, against an average of 33 a day the previous week, according to shipping data from Kpler.

Additional sources • AFP

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Educational Development outlines $1.2M+ annual expense savings as brand partner count rises above 5,200 (NASDAQ:EDUC)

Earnings Call Insights: Educational Development Corporation (EDUC) Q1 fiscal 2027

Management View

  • “During March, we ran a recruiting special surrounding our March 14 Pi Day, which yielded better-than-expected results. We added over 1,300 new brand partners, which brought our Active Brand Partner numbers above

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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Rutte attempts to ease Trump-NATO rift over Iran ahead of annual summit | US-Israel war on Iran

NewsFeed

NATO chief Mark Rutte visited the White House to ease tensions with US President Trump ahead of next month’s NATO summit. Trump has said NATO isn’t doing enough, ordering a review of US forces in Europe after saying allies did not support the US war on Iran.

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UK’s largest theme park with new rollercoaster drops annual pass to just 19p a day

People enjoying a ride on the Galactica roller coaster at Alton Towers, upside down on a loop.

THE UK’s largest theme park with over 40 rides and attractions has launched an annual pass costing less than a Cadbury Fudge bar a day.

Alton Towers in Staffordshire has dropped a new annual pass costing £64 per person – or just 19p per day you visit (several pence less than a Fudge bar).

People enjoying a ride on the Galactica roller coaster at Alton Towers, upside down on a loop.
Alton Towers has launched a new annual pass that costs 19p a day Credit: Alamy

The pass gets you access to the theme park for 339 days of the year.

During that time, passholders can visit as many times as they like.

The theme park is usually open between March and November and hosts a number of seasonal events as well.

Each passholder will be sent their pass digitally and it is ready to use as soon as it lands in their email inbox.

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The pass is also only required for visitors who are 90cm and taller.

Once you have your pass and wish to visit the theme park, you’ll need to book online beforehand which can be done via the Passholder Pre-Book Portal.

In addition to all the rollercoasters, Alton Towers recently opened a new attraction – Bluey The Ride: Here Come the Grannies – which is the world’s first Bluey junior coaster.

Travel writer Madalyn Bielfeld recently visited and tried out the park and said: “The rollercoaster whisks you up and down over gentle dips, and around turns amid a fun, interactive setting of Bluey’s back garden.

“It’s filled with fun references to the various episodes – including as the name suggests when the characters dress up as their Grannies.

“The ride is the perfect mix of gentle and exciting and went down a storm on the day of opening.”



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Merlin annual pass sale gives unlimited theme park access for less than Netflix subscription

Parents who are wondering how to fill the six week holidays should take a look at this offer on Merlin passes, which not only offer unlimited park visits, but also other passholder perks

Merlin has launched a summer sale that slashes the cost of annual passes and monthly memberships in time for the six-week school holidays.

The sale, launched today by the owner of a number of theme parks and attractions across the UK, means theme park fans can enjoy discounts on both Gold and Platinum passes, as well as monthly memberships, giving them unlimited access to over 20 UK attractions. These include Thorpe Park, Alton Towers, LEGOLAND, and Chessington.

Best of all, if you opt for a Gold membership at the discounted price of £16.99 a month, this works out cheaper than a monthly Netflix Premium subscription, which costs £18.99 a month. So, you can enjoy lots of days out with the kids and screen-free time over the summer without worrying about entry fees.

You can currently buy an annual pass at Gold or Platinum level with £50 off the total price. This brings Gold membership down from £239 to £189 a year, and Platinum down from £299 to £249. If you prefer to pay monthly, the sale has slashed Gold from £19.99 a month to £16.99, and Platinum from £24.99 to £20.99.

Gold memberships, whether annual or monthly, include 364 days’ entry to over 20 Merlin attractions, free parking, and 20% off food, drinks, and shopping. Platinum members get these perks with no exclusion dates, four bring-a-friend passes, a free one-shot Fastrack per visit, and other extras.

While it’s not included in the sale, there’s also the cheapest Merlin Essentials pass for £139 a year, which offers unlimited access for 339 days of the year. However, parents should note that exclusion dates include Saturdays in August, at the peak of the school holidays.

Merlin’s parks are set to be popular with families this summer thanks to the addition of some major new rides aimed at the younger crowd. The brand-new World of PAW Patrol at Chessington World of Adventures Resort opened in early May, and includes four pup-themed rides, play areas, and meet and greets. Over at Alton Towers, CBeebies Land also recently opened Bluey the Ride: Here Come The Grannies!, a must-visit for fans of the Heeler family.

In addition to its well-known theme parks, Merlin also operates a range of family-friendly attractions that make perfect school holiday days out. These include the London Eye, SEA LIFE centres, Madame Tussauds, and Cadbury World, meaning it’s easy to make the most out of your pass.

For comparison, booking a day ticket to Alton Towers starts at £34, so if you live near a Merlin theme park or visit a lot, you could soon get your money’s worth.

If you’re planning a one-off visit, then Cadbury is currently running a promotion on selected packs offering half-price tickets. Simply pick up an eligible product and visit fun.cadbury.co.uk to enter your barcode to receive a discount code and a link to book your tickets at 50% off.

The Merlin Pass Summer Sale ends June 28. For more information or to purchase, visit the Merlin website.

Have a story you want to share? Email us at webtravel@reachplc.com

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Trump to undergo annual medical evaluations May 26

President Donald Trump gestures during a law enforcement leaders dinner in the Rose Garden at the White House in Washington, D.C., on Monday, the same day the White House announced his annual medical evaluations have been scheduled for May 26. Photo by Aaron Schwartz/UPI | License Photo

May 11 (UPI) — President Donald Trump‘s annual dental and medical evaluations are scheduled for May 26, the White House announced on Monday evening.

At 79, Trump is the second-oldest person to serve as president and was the oldest to be sworn into a new term. Questions about his health and mental fitness that surfaced during his first administration have intensified since he returned to the White House last year amid reports and images that appear to show him falling asleep during public events, as well as makeup covering apparent bruises on his hands.

The evaluations are to be conducted at Walter Reed National Military Medical Center in Maryland, the White House said, stating it is part of Trump’s “regular preventive healthcare.”

Trump frequently boasts about his physical health and mental acuity amid questions about whether his age could affect his ability to carry out the duties of his office.

In October, Trump underwent what administration officials initially described as “a routine yearly check-up,” which would have been his second in six months.

After the examination, Navy Capt. Sean Barbabella, physician to the president, said Trump “remains in exceptional health” following what he called “a scheduled follow-up evaluation.”

The White House said that while in Maryland for the annual evaluations, Trump will “spend time with service members and staff at Walter Reed in recognition of their service, professionalism and dedication to the nation.”

President Donald Trump delivers remarks at an event he is hosting for a group that includes Gold Star Mothers and Angel Mothers in honor of Mother’s Day in the Rose Garden of the White House on Friday. Photo by Aaron Schwartz/UPI | License Photo

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Lufthansa posts record revenue but warns Iran war fuel costs will hit annual profit

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The surge in jet fuel prices has become a primary concern for the European travel industry, with Lufthansa finding itself at the centre of this crisis.


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According to Lufthansa’s latest earnings report, the airline expects an additional €1.7 billion ($2bn) fuel cost burden in 2026 as soaring jet fuel prices continue to weigh on the industry.

The need to avoid certain airspaces has led to longer flight times, which naturally increases consumption. These adjusted routes also require more staff hours and higher maintenance cycles, adding layers of complexity to an already strained global supply chain.

As reported by Euronews, global airlines have already cancelled approximately 13,000 flights this May, while Lufthansa alone has axed 20,000 short-haul flights through to October in a bid to cut fuel consumption.

This reduction in capacity is a direct response to the unsustainable cost of operating older, less fuel-efficient aircraft during price peaks.

While Lufthansa has managed to stay profitable, the jet fuel price spikes have forced the firm to advise passengers to book their holidays as early as possible to avoid further surcharges.

The company is currently investing heavily in its “fleet modernisation” programme to mitigate these risks in the long term, though the immediate impact of fuel volatility continues to weigh on the balance sheet.

Lufthansa remains committed to its financial targets, but the volatility of the global oil market remains the largest variable in its 2026 outlook.

“We are satisfied with the first quarter […] at the same time, the current situation compels us to rigorously examine every lever available to reduce costs, improve efficiency and mitigate risks in order to maintain our ability to act decisively. Our annual profit will likely be lower than originally anticipated,” CFO Till Streichert stated.

The Lufthansa Group has announced a landmark financial performance, revealing that it generated the highest revenue in its history in 2025. Revenue rose by 5% compared with the previous year to €39.6 billion.

According to the latest figures, the airline group also saw its operating profit grow by 20% compared with 2024, highlighting a robust recovery in passenger demand.

In the first quarter of 2026, year-on-year revenue climbed 8% despite challenges linked to the conflict involving Iran, including €1.7 billion in additional costs caused by volatile jet fuel prices and the suspension of dozens of routes.

The firm kept its capacity broadly stable with slight growth in long-haul traffic compensating for capacity reductions in short and medium-haul segments.

Lufthansa Technik and Lufthansa Cargo also significantly contributed to earnings with demand for maintenance, repair and overhaul services increasing, as well as through the marketing of ITA Airways’ cargo space.

Global demand for air travel remains high and continues to prove resilient even in times of crisis, as Lufthansa Group again expects a strong summer travel season.

“In the first quarter, we significantly improved on the previous year’s financial results […] but the ongoing crisis in the Middle East, combined with rising fuel costs and operational constraints, poses enormous challenges for the world as a whole, for global air travel and for our company as well,” CEO Carsten Spohr stated.

“However, we are resilient in our ability to absorb these impacts. This applies both to our above-average hedging against fuel price fluctuations and to our multi-hub, multi-airline strategy, which provides us with greater flexibility in our route network and fleet development,” Spohr added.

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NATO considers ending its annual summits to avoid tensions with Trump

NATO is considering stopping its annual summits, a decision influenced by the potential tension with U. S. President Donald Trump in his last year in office. Trump’s administration has frequently criticized NATO’s 31 member countries, recently highlighting their lack of support for U. S. military operations against Iran. While NATO leaders have met every summer since 2021, they will gather this year in Ankara on July 7 and 8. Some member countries desire to reduce the number of summits, according to a senior European official and five diplomats.

The 2027 summit is planned for Albania, but discussions suggest there may be no summit in 2028, the year of the U. S. presidential election and Trump’s final full year in office. Some countries advocate for holding summits every two years instead. NATO Secretary-General Mark Rutte will have the final decision on this matter. In response to inquiries, a NATO official stated that regular meetings of Heads of State and Government would continue, along with ongoing consultations about security.

Sources indicated that while Trump is a factor, broader issues are influencing the decision. Some diplomats argue that annual summits push for attention-getting results that detract from longer-term planning. One diplomat noted, “Better to have fewer summits than bad summits. ” The strength of the alliance, they believe, is measured by the quality of discussions and decisions made.

Phyllis Berry from the Atlantic Council highlighted that reducing the frequency of high-profile summits could aid NATO in focusing on its work while lessening drama from transatlantic encounters. Historical context shows that NATO held fewer summits during the Cold War. Trump’s earlier summits were marked by his complaints over defense spending, with last year’s summit viewed as successful due to its lack of major conflict. This year’s meeting is expected to be tense, especially after NATO allies did not provide the support he wanted related to the Iran conflict.

With information from Reuters

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