billion

Aug. 19 (UPI) — The Metropolitan Washington Airports Authority on Wednesday approved a $15.5 billion budget for Dulles International Airport, setting the stage for renovations proposed by President Donald Trump.

The board approved the proposal for the Revitalizing Washington Dulles International Airport Project, an initiative launched by the Department of Transportation in December.

The approval includes $3.75 billion for new underground tunnels which will replace the airport’s shuttle system, the renovation of Concourses C and D, and $6.2 million for the reconstruction of the main terminal.

The project is slated to begin in late 2027.

Trump said during a briefing at the White House last month that more than 5 million square feet will be either new or renovated space at the airport. He called the airport in its current state “a terrible place to be.”

The president said in July that the estimated cost of the project is more than $20 billion.

About $14.2 billion of the funding will come from new bond issuances, $200 million from grants and $1.1 billion in Passenger Facility Charges: fees that travelers pay for using the airport.

New expenditures included in the budget amount to about $48 million, MWAA’s report says.

Aug. 17 (UPI) — Nvidia announced on Monday that it will finance an OpenAI data center in Ohio for up to $105 billion.

The credit from Nvidia will fund the data center’s first 4.25 gigawatts in computing capacity with an option to bring 3.75 gigawatts more online. The center is slated to begin operating in Pike City, Ohio, in 2028.

The data center will be located at the PORTS-Pike Technology Campus in Pike City. It will be constructed and managed by SB Energy, a subsidiary of SoftBank Group.

Nvidia is also providing the compute power to the data center.

“This is the essential economic point: the [Load Power Supply] commitment secures a long-lived AI factory site, while the NVIDIA compute inside can be upgraded repeatedly,” NVIDIA said in a press release. “Each new generation can deliver greater production, more intelligence and better economics.”

SB Energy and SoftBank agree to build enough power supply for 10 gigawatts of energy and invest at least $4.2 billion into the regional power grid infrastructure. Nvidia has also agreed to invest $1.5 billion into SB Energy.

OpenAI said the data center will support 35,000 construction jobs through 2032. It will also support 2,500 long-term jobs.

OpenAI will pay the least on the data center as its tenant, Nvidia said.

David Ellison’s Paramount Skydance has asked a judge to force California Atty. Gen. Rob Bonta and his coalition of 11 other states to prepare to set aside as much as $1.9 billion as the Warner Bros. Discovery merger challenge heads into overtime.

In Monday’s court filing, Paramount requested the plaintiff states, including New York, Colorado, Oregon and Nevada, as well as the Writers Guild of America, post a bond that would cover the “ticking fees” Paramount promised to pay Warner shareholders should the deal stretch beyond its anticipated September close.

Ellison was confident his proposed Warner takeover would sail through its regulatory clearances. President Trump’s Justice Department approved the merger in June, as have dozens of other countries.

The states would not be required to pay the full $1.9 billion upfront. Instead, they would have to come up with a portion of that amount by Sept. 30. Should the Democrat state attorneys general and WGA lose their lawsuits, they would ultimately have to pay the full amount.

Monday’s court filing highlights Ellison’s frustrations and the financial pressures that deal delays will bring the media company. The filing also continues Paramount’s full-court political pressure campaign to get Bonta and the other states to abandon their antitrust lawsuit.

Paramount did not expect such a spirited challenge from Bonta and the 11 other Democratic state attorneys general who banded together with the WGA to try to block the $111-billion merger of two historic Hollywood studios.

Paramount’s 23-page filing, signed by former high profiile federal prosecutor Danielle Sassoon, was intended to rattle the states.

Paramount is trying to create divisions among the plaintiff states by prompting them to question their resolve in fighting a protracted and potentially expensive legal battle, according to a person familiar with Paramount’s strategy who was not authorized to speak publicly.

Because WGA has separately sued to unravel the deal, Paramount has asked the judge to have the union post a bond to cover some of the costs, too.

In its motion, Paramount cited the Clayton Antitrust Act, which is the foundation for Bonta’s lawsuit. The law carries a provision to require plaintiffs to post a bond to cover the potential financial harms of halting a transaction.

The bond gives a defendant, in this case Paramount, a way to recover lost funds should they ultimately prevail in court.

U.S. District Judge Araceli Martínez-Olguín will be asked to rule on the request during a Wednesday court hearing.

“We have satisfied all closing conditions under our merger agreement, having received regulatory clearances from 68 jurisdictions,” Paramount said in a statement. “These two lawsuits are the only barrier to closing this transaction.”

Paramount is incurring considerable legal fees and deal-related costs.

The company cited a potential eight-month merger delay because Martínez-Olguín scheduled the trial for March 2. If the case goes to trial, it might not be decided until next May.

At issue are the “ticking fees” that Paramount in February agreed pay to Warner investors should the merger be delayed . Paramount agreed to pay $.25 a share for every quarter until the acquisition finalizes.

The fees add up to $7 million a day, or $650 million per quarter.

Paramount is facing a June 4 deadline to close the deal. That’s when Warner Bros. Discovery can demand a $7-billion break-up fee.

Paramount wants to get the deal done as soon as possible, and with the approval of Mexican regulators last week, only Bonta and the states’ lawsuit stands in their way.

Paramount also is cognizant of shifting winds in Washington should Democrats regain control of Congress in November, which could bring fresh scrutiny to the merger .

Ticking fees weren’t the only costs of the extended timeline.

“There will be no integration and no ramped-up investment in content, production, and creative talent by the combined company,” Paramount said . “Employees of both Paramount and WBD are also harmed by the uncertainties caused by the delay.”

Last week, the Directors Guild of America and the International Alliance of Theatrical Stage Employees — which represent a combined 200,000 union members — waded into the clash over the merger, which continues to carve deep divisions throughout the industry.

“We remain confident that plaintiffs’ case is without merit and will defend our pro-competitive transaction in court,” Paramount said. “We look forward to closing this transaction and delivering its benefits to consumers and entertainment industry workers in California, the United States and around the world.”

Nvidia has recruited Wall Street to bankroll its own customers.

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The US chipmaker said last week it had signed memorandums of understanding with Wall Street’s largest asset managers, including Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR to raise upwards of half a trillion dollars for AI companies to borrow against, money that will buy its chips and build the servers that run them.

The six firms will set up what Nvidia calls “compute financing platforms,” drawing on institutional money, insurance funds and private credit. Borrowers can use the proceeds for the chips as well as servers, networking equipment, buildings and power supply.

Nvidia has the option to guarantee up to a quarter of any given deal, which lowers the interest rate its customers pay while leaving most of the credit risk with the lenders.

CEO Jensen Huang said he approached only these six companies and none refused.

Keeping that spending off their own books is precisely the point, and the fact that such a structure is needed at all tells investors a great deal about where the constraints in the AI boom now lie.

The financial engineering rests on a single reclassification. Graphics processing units (GPUs) have always been treated as equipment that loses value quickly, superseded whenever a faster generation arrives.

Nvidia is effectively asking lenders to treat them instead as long-lived infrastructure, closer to a toll road or a power plant, that can be borrowed against for years.

“These are revenue-generating assets now,” Huang said, describing them as productive, long-lived and transferable between customers.

Why the money had to come from somewhere else

The timing reflects a squeeze that has been building all year.

Microsoft, Amazon, Alphabet, Meta and other hyperscalers whose cloud platforms host most of the world’s AI workloads have together guided roughly $720 billion (€624bn) to $745 billion (€646bn) of capital spending in 2026, an increase of about 77% on last year.

What analysts expect the hyperscalers to spend in 2027 alone has more than doubled in the space of a year, from a consensus of $480 billion (€416bn) in August 2025 to $1.08 trillion (€943bn) this month, a rise of about 127%, according to Bank of America.

The pattern has repeated at every stage.

Analysts who already considered last year’s investment unsustainable then watched the hyperscalers guide higher at the start of 2026, revise those figures upward again through the year, and pencil in larger sums still for next year and 2028.

Moody’s has warned that spending on this scale is eating into free cash flow and pushing tech groups into heavier borrowing. Alphabet recorded negative free cash flow of $5.9 billion (€5.1bn) in a quarter when it spent $44.9 billion (€38.9bn) on projects.

That is the pressure the structure of Nvidia’s Wall Street deal relieves.

Debt raised through these “compute financing platforms” sits with the financing vehicles rather than on a hyperscaler’s own accounts and also has Nvidia’s backing, which protects credit ratings and leaves room for conventional borrowing elsewhere.

For smaller operators the effect is larger still as companies such as CoreWeave and Nebius, which lack investment-grade ratings and pay dearly for credit, gain access to capital on terms previously reserved for the giants.

What the market actually read into it

The reaction was more ambivalent than the headline number suggests, and came weeks after a July selloff driven by doubts over whether AI spending will pay for itself.

Essentially, equity investors saw a bottleneck being cleared while credit investors saw something else: the cost of insuring Nvidia’s own debt against default rose after the news and has roughly doubled since late May.

Their doubt concentrates on the reclassification previously mentioned.

“Chips depreciate fast and lose value the moment a newer generation arrives,” warned Nigel Green of financial advisory firm deVere Group, noting that lending against them only works if the collateral holds its value.

Critics also point out that Nvidia is helping finance purchases of its own products, deepening the circularity that already worries the sector.

Goldman Sachs CEO David Solomon called it “a pivotal moment of a historic AI investment cycle.”

Whether it proves pivotal in the direction Solomon means depends on a question nobody can yet answer: what will the value of a current GPU be in five years?

After just six days in theaters, Sony Pictures’ “Spider-Man: Brand New Day” has now raked in more than $1 billion in global box office revenue.

The movie is the second-fastest film ever to reach the 10-figure milestone, bested only by Walt Disney Co. and Marvel Studios’ 2019 hit “Avengers: Endgame.”

“Brand New Day” has now earned $407 million in the U.S. and Canada, with an additional $645.8 million in international box office receipts for a global total of $1.05 billion, according to studio estimates. Its $360 million domestic opening last weekend now ranks as the highest ever.

The movie was produced by Sony-owned Columbia Pictures, as well as Marvel Studios and Pascal Pictures. The film’s production budget was about $225 million.

The filmmakers, as well as box office analysts, have credited the movie’s emotional storyline and focus on the web slinger’s internal conflict for connecting with audiences and giving a fresh take on a familiar franchise and genre. It also doesn’t hurt that its stars, Tom Holland and Zendaya, are two of the most popular actors in the business, both of whom are also fresh off appearances in Christopher Nolan’s “The Odyssey.”

Together, “Brand New Day” and Universal Pictures’ “The Odyssey” powered last weekend’s three-day domestic box office total to a new best with $436.5 million, according to data from Rentrak. The summer so far stands at $3.6 billion, up 16.7% compared to last year’s middling season and running just 0.7% behind the pre-pandemic summer of 2019, according to Rentrak.

The so far has given analysts hope that the domestic box office could finally reach $10 billion by the end of the year for the first time since the COVID-19 pandemic.

California Atty. Gen. Rob Bonta said Tuesday that his office has protected more than $200 billion in federal funding for the state, defended core civil rights and removed military forces from Los Angeles streets by suing the Trump administration about once a week.

“Since President Trump returned to office, California has been under attack — and has led the way in fighting back,” Bonta said.

Bonta said his office has filed 82 lawsuits against the administration since Trump’s inauguration last year, in addition to 122 amicus briefs supporting lawsuits against the administration by other parties and 112 comment letters in response to federal actions.

That work has saved the state an estimated $207.1 billion, Bonta said, including $168 billion — equal to a third of the state’s annual budget — that was threatened when the Trump administration tried to freeze trillions of dollars in federal funding to the states last year. Billions in threatened cuts to transportation, emergency preparedness, education and family assistance funding were also prevented, Bonta said.

The work has also protected birthright citizenship for the U.S.- born children of immigrants, ensured that National Guard troops are not deployed in major California cities against the wishes of local leaders, lifted multiple sets of tariffs driving up costs for American consumers and repeatedly blocked administration efforts to interfere in California’s elections, Bonta said.

“We’ve protected funding that keeps our communities safe, feeds hungry families, and ensures our kids get the education they deserve. We’ve gone all the way to the Supreme Court to defend constitutional rights — and won. We’ve protected our elections and stopped the militarization of our cities. We’ve defended our right to prioritize public safety over assisting with the President’s inhumane immigration agenda,” Bonta said.

As it has done in the past, the White House on Tuesday derided Bonta’s lawsuits as misguided.

“Instead of bragging about filing frivolous lawsuits against the Trump Administration, the California AG should focus on addressing problems in his own state — like the countless criminal illegal aliens the Newscum Administration allows to roam free and terrorize communities,” said White House spokeswoman Abigail Jackson in a statement to The Times.

The White House has previously said Trump is “trying to restore American Greatness” and that Californians would be “infinitely better off” if Bonta got out of the president’s way.

Bonta’s office is required to report annually to the state Legislature on its work fighting the Trump administration as part of a 2025 special session measure delivering it an extra $25 million to fund such litigation. His office published its latest report to lawmakers Tuesday.

The report said the office had received $19.2 million of the special session funding through July 30, which had “contributed to — but in no way has been sufficient to cover — the costs of the litigation.”

Bonta’s office has also received regular appropriations to fund such litigation in each of the state’s last two budgets, of $14.2 million last fiscal year and $23.9 million this fiscal year. The office’s overall budget is about $1.4 billion.

At a morning news conference with other state leaders, Bonta said his office has spent close to $30 million on its “federal accountability work” overall since Trump took office, and argued that investment has been “paying off in droves” given the billions saved.

Senate President Pro Tempore Monique Limón (D-Goleta) and Assembly Speaker Robert Rivas (D-Hollister), standing with Bonta, agreed.

Limón said she was proud to have worked with Bonta and Gov. Gavin Newsom to form a “collective backstop” against the Trump administration, while Rivas said the funding provided to Bonta’s office “may be one of the smartest investments that this legislature has ever made.”

Of the 82 lawsuits, 66 remain active, according to the report. Despite that, Bonta said his office has won 45 orders providing some early relief from the Trump administration’s actions, and 21 final orders in its favor. In eight cases, he said, the administration “backed down” in advance of a trial.

Bonta’s office has lost arguments made against the Trump administration, including on behalf of other litigants, particularly on issues related to transgender rights and the scope of Trump’s executive power to reshape government and federal immigration policy.

However, Bonta claimed his office has won in 83% of the court orders issued in cases brought by the state and praised his team for having “worked around the clock on behalf of Californians, pulling countless all-nighters along the way” to make it possible.

Bonta, who is up for reelection in November, is campaigning in part on his willingness to stand up to Trump — which polling and voting has suggested many Californians want their elected officials to do.

Xavier Becerra, the Democratic candidate for California governor, is running on a similar message. Before he was the U.S. Health and Human Services secretary, Becerra had Bonta’s job and sued the first Trump administration more than 120 times, often successfully.

Bonta said he expects Becerra will be an “incredible partner” in the fight moving forward.

Republicans Michael Gates, who is running against Bonta, and Steve Hilton, who is running against Becerra and is endorsed by Trump, have said they would work collaboratively with the Trump administration to ensure the needs of Californians are met, rather than fighting it at every turn.

“I would be wanting to work with the administration to help Californians,” Hilton has said. Gates has called Bonta’s campaign against Trump “out of touch.”

Many of the lawsuits Bonta’s office has brought against the administration have been filed as part of a multistate coalition of Democratic attorneys general. As presidents of both parties have flexed more executive power in recent decades, state attorneys general have become more collaborative and litigious in fighting back — and that has been especially true under Trump.

Bonta said Trump will be remembered in part for his “repeated attacks on California, on Californians, on our Constitution, and on our democracy,” but California will be remembered for fighting back.

“Are these trying times? 100%. Absolutely, yes,” Bonta said. “But we shouldn’t be helpless, because we’re not helpless.”

America’s war on Iran has already cost the US nearly $110 billion. Now, the Trump administration wants another $67 billion, even after declaring victory. Al Jazeera’s Emma Withrow breaks down the growing price tag.

July 23 (UPI) — A group of non-governmental organizations shared with world leaders a plan for the reconstruction of Gaza with an estimated cost of $71.4 billion, according to a report released Thursday.

Oxfam, an international coalition of non-governmental organizations, said in its report that the cost to rebuild Gaza is seven times the cost of every other reconstruction effort there over the past 20 years.

The report, “Building Gaza Anew,” shares a “blueprint” of what that construction will look like. It draws from the analyses of World Bank, European Union and United Nations assessments following military offensives by Israel in Gaza in 2008, 2009, 2014 and 2021.

The U.N., EU and World Bank’s Rapid Damage and Needs Assessment for the Gaza Strip published in April estimates that the region has suffered about $57.9 billion in damage and economic losses. It will require $71.4 billion for recovery and reconstruction over the course of the next decade.

“Gaza has never been allowed to finish rebuilding,” Amitabh Behar, Oxfam International executive director, said in a statement. “A decade after Israel’s 2014 offensive on Gaza, families were still waiting for homes that never came, and then the bombs returned. This is not fate. It is Israel’s illegal occupation and blockade, and the impunity producing the same result, war after war. Every government that funds the rubble but never the reckoning is complicit in it.”

Oxfam called on the U.N. General Assembly and President Donald Trump‘s Board of Peace to lead a charge in funding reconstruction.

The press release from Oxfam said more than 73,000 Palestinians have been killed and another 173,000 have been injured. About 1.9 million people have been displaced by the Israeli military.

While the cost of reconstruction lays out the costs associated with rebuilding infrastructure, buildings and homes, the Oxfam report said human development in Gaza has been set back 77 years. This stems from the destruction of institutions of health, education, religion and culture.

“Nearly all schools are destroyed or damaged, universities levelled, thousands of teachers, professors and researchers have been killed, and libraries and archives of Palestinian history lost,” the report said.

“What was destroyed in Gaza was not merely steel and concrete,” Mohammad Skaik, Gaza program manager for PalTrade, said in a statement. “Israel eradicated an entire social and economic world, built up over generations, and only Palestinians can rebuild it.”

The non-governmental organizations have set out a five-year framework for reconstruction “underpinned by rights-based principles and a single national vision linking Gaza, the West Bank and East Jerusalem.” They argue that models for reconstruction “imposed from the outside will fail.”

In February 2025, President Donald Trump proposed the Gaza Reconstitution, Economic Acceleration and Transformation Trust. The plan proposes further displacing the inhabitants of the Gaza Strip through voluntary relocation to neighboring countries while the United States takes over the strip. The U.S. government would then govern over the strip for 10 years, developing the region with outside investments.

After blowback from leaders in the Middle East, Trump walked back his proposal, referring to it as a recommendation.

“Reconstruction is not only a humanitarian task; it is a political one,” Misyef Jamil, senior researcher at the Palestine Economic Policy Research Institute, said in a statement. “A plan designed in foreign capitals, however well-funded, would be a cosmetic exercise — simply another form of control over Palestinian land and lives. Our consultations across Gaza carried one unmistakable message: nothing about our future without us.”

This beach is a marvel of engineering that is totally free to cross.

The world’s widest bridge is a Guinness World Record holder that cost billions of pounds to build. The Rod El Farag Axis Bridge, also known as the Tahya Misr Bridge is a cable-stayed bridge that spans the Nile River through Cairo, Egypt.

The bridge has a whopping width of 67.3 metres, making it the widest bridge in the world. It has six lanes in each direction and is also a big tourist attraction. Pedestrian visitors to the bridge can cross it using the walkway which offers panoramic views out over the Nile.

This walkway is interspersed with glass panels so that it feels as if you are hovering above the rushing river below.

As it is a public road, you can cross it free of charge and enjoy the spectacular views out over Cairo.

The construction of the bridge was implemented by the Armed Forces Engineering Authority (AFEA) in cooperation with a number of national companies.

It took four years, finishing in 2019.

According to Ihab Alphar, the chairman of the AFEA, the basic cost of the project reached an eye-watering £7.43billion.

The bridge is 540 metres long, with 92 metre high suspension towers and has seven different entry and exit ramps.

In order to build the bridge, 4,000 workers, including engineers, technicians and labourers, worked tirelessly to finish the project.

Chief executive officer and chairman of Arab Contractors Company, Mohsen Salah, said: “The engineering crews responsible for the implementation of the bridge faced many difficulties that were overcome with Egyptian engineering innovations.”

He said one of the major issues faced in building the bridge was moving 226.8 tonnes of metal beams to the assembly area.

During the peak of construction, there were 200 cranes deployed at the site to get the bridge up and running.

Builders also had to construct two custom ferry boats that were strong enough to move 544.3 tonnes of equipment to assembly zones

July 21 (UPI) — U.S. Secretary of Defense Pete Hegseth told a Senate committee Tuesday that the financial cost of the Iran war has now reached about $37.5 billion according to Defense Department estimates.

Lawmakers questioned Hegseth and Joint Chiefs of Staff Chair Gen. Dan Caine during a Senate Appropriations Committee meeting as the Pentagon and President Donald Trump are seeking up to $70 billion in emergency military funds.

This is in addition to the $1.5 trillion the Pentagon has requested in the upcoming defense budget. Trump has also asked for about $18 billion more in emergency funds for unrelated programs, including $11 billion for agriculture. Agriculture Secretary Brooke Rollins was also present at the hearing, although the focus remained on military spending.

Some Senate lawmakers, both Democrats and some Republicans, questioned the need for the money on top of the defense request and the roughly $150 billion in additional funding the military received through Trump’s so-called Big Beautiful Bill.

Sen. Patty Murray, D-Wash., the committee’s top Democrat, said the request for emergency funds “may be better understood as an attempt toskirt the normal appropriations process.”

“The problem is not a lack of money, but poor planning,”Murray said. “So I’ll be blunt. The truth is, your request does not make a lotof sense.”

Hegseth, in response, blamed “gross negligence and neglect”by the Biden administration.

Some asked about Iran’s military capabilities and theobjectives of the war, as Hegseth and Trump have both previously said that the war had been won. The defense secretary also said in the early days of the war that Iran’s military had already been “destroyed and made combat-ineffective.”

Hegseth said that he never meant that Iran would be unable to launch any attack. He said he meant Iran “can lob missiles, but it’s not an effective military.”

Sen. Lisa Murkowski, R-Ala., asked Hegseth if the Trump administration believes it does not need authorization from Congress to continue the war. Hegseth replied that the administration believes it already has the authority it needs.

The hearing lasted more than three hours and ended in a shouting match between Hegseth and Sen. Gary Peters, D-Mich., who questioned the war’s objectives, called Hegseth a “failure” and said the Trump administration has created another “forever war.”

Hegseth responded by telling Peters “shame on you” and saying he has “Trump derangement syndrome.”

WASHINGTON — The Department of Homeland Security bought two of the largest immigrant detention facilities in California for $1.5 billion, according to the private prison company that sold them.

The purchase comes as the department — flush with cash after Trump’s One Big Beautiful Bill Act infused the agency with $170 billion — has moved to scale up its capacity to detain immigrants without relying as heavily on private prison corporations.

In announcement Monday, the Tennessee-based CoreCivic said the sale of the 2,560-bed California City Detention Facility and the 1,994-bed Otay Mesa Detention Center in San Diego closed on July 2.

The company said it expects net proceeds of about $1.1 billion after income taxes and transaction expenses.

Ryan Gustin, public affairs director for CoreCivic, said such sales are not uncommon and that “the process was marked with rigor and integrity.” He added that the valuations were established through the federal government’s required appraisal process, using independent appraisers, who determined objective fair market value.

The sale doesn’t immediately change anything at the facilities — CoreCivic expects to continue managing them under existing contracts with U.S. Immigration and Customs Enforcement, according to the company and a filing with the Securities and Exchange Commission.

But the terms of those contracts could be modified given the change in ownership, the filing states. The California City facility contract expires in August 2027 and the Otay Mesa facility contract expires in December 2029, with the option to extend for another five years.

“We are pleased with the sales of these two mission-critical facilities for the Company’s government partner, which demonstrates the value of the Company’s underlying real estate portfolio, while reflecting our role as a long-term, flexible solutions provider to government,” CoreCivic CEO Patrick Swindle said in the announcement.

The Department of Homeland Security did not immediately respond to a request for comment.

During a quarterly earnings call in May, George Zoley, CEO of the GEO Group, another major private prison corporation, said that the company had been in discussions with ICE “regarding the potential sale of multiple facilities.”

Critics of the purchases of detention facilities say the Trump administration is simply looking to avoid state and local oversight by bringing them under federal ownership. That issue was raised during the GEO Group earnings call when a participant later asked why the federal government wants to own the facilities instead of contracting with third parties.

If the facilities are federally owned, Zoley replied, there are “more protections from unwarranted litigation that infringes upon the activities of the ICE processing centers.”

Zoley said federal ownership would bolster the legal defense of the facilities and the argument that “states can only have very limited involvement.”

“There’s been litigation regarding overseeing medical services, food services, general cleanliness, etc.,” Zoley continued. “It’s really unprecedented and I believe it’s fundamentally unconstitutional. As some blue states are considering more active involvement in oversight of facilities, I think the logical solution to much of that is federal ownership of the facilities.”

California tried to kick private detention operators out of the state, but the 2020 law was overturned in the Ninth Circuit Court of Appeals. Since then, state leaders have established oversight mechanisms through laws that allow for monitoring and investigation of detention centers by the California Department of Justice and local health authorities.

Asked to comment about the sale, Sen. Alex Padilla (D-Calif.) said his congressional oversight visits to facilities operated by CoreCivic have shown that immigrants who pose no public safety threat are being held in “unacceptable conditions.”

“Whether these facilities are operated by a private contractor or owned by the federal government, my expectations remain the same,” he said. “I will continue demanding transparency, accountability, and humane conditions that respect the dignity and rights of every person in immigration detention.”

Eight ICE detention facilities now operate in California, with a combined capacity to hold nearly 9,000 people.

The California City and Otay Mesa facilities have both been the subject of lawsuits by detainees alleging detainee mistreatment. CoreCivic calls such allegations unfounded and says it complies with all regulations concerning the treatment of detainees.

In its announcement on Monday, CoreCivic said the company is in discussions with ICE about potentially selling additional detention facilities, though it said those talks are in various stages and it’s unclear whether the sales will go through.

ANKARA, Turkey — President Trump said on Tuesday that the U.S. will lift sanctions on Turkey that were issued after Ankara purchased a Russian missile defense system that led to the country being kicked out of the F-35 fighter jet program.

There are still a number of legal hurdles before Turkey could be fully admitted back to the U.S. program, but the removal of the sanctions — issued under the Countering America’s Adversaries Through Sanctions Act — would help ease the process for Ankara to regain access to the F-35s, a top goal of Turkish President Recep Tayyip Erdogan and one that Trump has predicted for some time would occur.

“We’re going to be taking the sanctions off, OK?” Trump said in response to a question during a meeting with Erdogan at the presidential palace in Ankara. He said Cabinet officials were working on the matter. Earlier in the meeting, he said the possibility of selling the F-35s to Turkey is “certainly something we will consider.”

Trump and Erdogan repeatedly underscored their warm relationship as they met soon after the U.S. president arrived in Ankara for the NATO summit. Erdogan greeted the U.S. president with an elaborate welcome ceremony involving cannons, military officials on horseback and jets flying overhead emitting red, white and blue smoke.

“Sometimes you get along with the toughest people, like him,” Trump said, gesturing to Erdogan. The U.S. president repeatedly praised Turkey for its loyalty to the U.S., particularly during the war in Iran.

Trump, who has often upended NATO gatherings with complaints that European allies did not spend enough on defense, had said he would not have attended this year’s summit had it not been for his close ties with Erdogan.

‘Moment of great pride’

Earlier in the day, NATO showcased a series of military projects worth billions of dollars — an investment that the alliance’s secretary-general, Mark Rutte, called “money well spent.”

An energized Rutte was speaking to government ministers and defense industry officials at a forum billed as NATO’s “big reveal,” to the thrum of techno music and a slick video display.

NATO as an organization does not own any weapons — these are the property of the 32 member countries — but it does have a fleet of 14 AWACS early warning radar surveillance planes that are about 50 years old, along with some newer surveillance drones.

A deal to replace the aging planes was announced Tuesday. Swedish manufacturer Saab will be supplying up to 10 new GlobalEye surveillance aircraft for a 10-nation consortium, Swedish Prime Minister Ulf Kristersson announced.

“It’s a moment of great pride,” he said, noting that the twin-engine aircraft would be “made within the alliance for all the alliance.”

Some of the projects will be paid for with funds from a system of cheap loans for defense purposes set up by the European Union, comprising up to $170 billion raised on capital markets.

“We need to ensure that we are translating our economic might into military capabilities, putting the cash to work from defense plans to drones, from money to missiles and interceptors,” Rutte said.

Trump has branded NATO a “paper tiger” that would cease to function without American arms and leadership. At the forum on Tuesday, Michael Duffy, a U.S. undersecretary of defense, said “the reality is that we need production increases across the board.”

“We will be looking to increase our exports to those who are looking to buy our equipment, and we’ll also be looking to partner with the expansion of production capacity here in Europe,” he said.

Defense sales announced

Representatives from 15 nations shook hands and patted shoulders on a vast podium under the NATO logo as they announced a multinational effort to buy air-to-air refueling and transport planes from Airbus.

Then Rutte announced a four-country effort to purchase as many as five new Triton surveillance drones to add to NATO’s small fleet.

“It is genuinely made in NATO, and creating jobs on both sides of the Atlantic,” he said.

Rutte told reporters on the eve of the military alliance’s two-day summit in Turkey that “we will announce tens of billions in new contracts that will provide the crucial kit we need to deter and defend.”

However, at Tuesday’s event, no dollar figures were given and the display included some projects long since agreed.

The defense industry splash comes a few weeks after Rutte tried to ease U.S. concerns about military spending at NATO with a new pitch using a chart labeled “The Trump Trillion” — showing $1.2 trillion in spending by European allies and Canada since 2017.

Trump appeared unmoved, saying he was still disappointed at some NATO allies’ refusal to join the Iran war, which he had launched alongside Israel without consulting them.

“We don’t need their money — we don’t need anything,” Trump said. “I just want loyalty.”

Debate over jet sales to Turkey

The summit is being held in Erdogan’s sprawling palace compound in Ankara, and Trump has suggested he would come bearing gifts for the Turkish leader.

Turkey was barred from the F-35 fighter jet program in 2019 after it purchased Russian-made S-400 missile defense systems. When asked about the fate of Turkey’s return to the F-35 system, Trump said as he sat next to Erdogan that “it’s certainly something we will consider.

Speaking Monday on the morning show “Fox & Friends,” Israeli Prime Minister Benjamin Netanyahu urged the U.S. not to sell F-35 fighter jets to Turkey, saying that Erdogan “calls openly for the annihilation of Israel.”

Turkey and Israel have acrimonious relations. Erdogan frequently accuses Israel of committing genocide in its war in Gaza, triggered by the deadly Oct. 7, 2023, Hamas-led attack on southern Israel.

Netanyahu said selling Turkey F-35s would “upset the power balance in the Middle East, which is ultimately guaranteed by Israeli air superiority and also, I think, by America’s posture in the Middle East.”

Turkey beefed up security and banned protests in Ankara during the summit, but a small group of demonstrators gathered on Tuesday in the capital. They were quickly surrounded by police, and a legal association said 22 students affiliated with the leftist Turkish Workers Party and three lawyers had been detained.

Seeking a stronger Europe for a stronger NATO

The Pentagon wants a reboot and is promoting what it calls “NATO 3.0,” a vision of the alliance in which Europe assumes greater responsibility for its own defense, freeing the U.S. to concentrate on other priorities.

But hiking defense spending means increasing taxes or diverting resources from other priorities. U.K. Defense Secretary John Healey unexpectedly quit last month, saying the British government was not willing to spend at a time of rising threats.

Separately on Tuesday, Ukrainian President Volodymyr Zelensky made a fresh appeal for his country to be allowed to join the alliance, saying its armed forces are highly experienced and resilient would only boost the alliance’s defense capabilities.

He highlighted Ukraine’s adaptability and its ability to strike deep inside Russia, hit oil refineries and other energy targets. He said that Ukraine’s armed forces are “eliminating” on average 30,000 Russian troops every month.

“Frankly we take no pride in this,” Zelensky said, noting that the war with Russia — now in its fifth year — is “a war we did not seek but one we are forced to fight.”

Concern is mounting among some northern and central eastern countries that Russia might be preparing a hybrid attack — a combination of conventional warfare with tactics like cyberattacks — on the continent as Russian President Vladimir Putin struggles to secure victory in Ukraine.

Cook, Fraser, Sewell and Kim write for the Associated Press. AP writers Jill Lawless in London and Andy Wilks in Istanbul contributed to this report.

PHOENIX — For decades, all that separated the U.S. from Mexico was barbed wire.

Now, after a massive infusion of cash from Congress, President Trump’s administration is swiftly building what it has dubbed a “smart wall,” a combination of 30-foot-tall steel fencing and an array of sophisticated technology like sensors, cameras and towers allowing Border Patrol to surveil the territory.

The wall is under heavy scrutiny for the billions of dollars being dedicated to it when border crossings are at their lowest in decades. Critics say the U.S. is militarizing the border as it increasingly deploys sophisticated surveillance technology to the area, impacting local communities.

“We are seeing a massive expansion of surveillance and surveillance technology across the borderlands,” said Ricky Garza, border policy counsel at the Southern Border Communities Coalition, an advocacy group. “The wall in all its forms is harmful to communities.”

Officials say the technology is complementary to the physical wall and frees up agents for other tasks.

“It’s a smart wall. It’s not just a barrier,” Customs and Border Protection Commissioner Rodney Scott said during recent congressional testimony. “It maximizes the use of our most valuable resource, which is our agents.”

Contracts for hundreds of miles of wall already inked

The wall has been a top priority for Trump, a Republican, since he first ran for president.

During the administration of President Joe Biden, a Democrat, the border emerged as a flashpoint, with thousands of people seeking to cross into the country each day. Those numbers started to taper off shortly before Trump returned to office last year and then slowed to a trickle, with his broader immigration crackdown serving as a deterrent for would-be migrants.

Flush with $46 billion to finish the wall after an infusion by Congress for immigration enforcement, CBP is inking tens of billions of dollars in contracts to build the wall and push along the president’s signature project.

Homeland Security Secretary Markwayne Mullin said recently that a preliminary part of the wall will be finished by “this time next year.” Scott said his agency is putting up 6 miles of wall a week.

Hundreds of miles had already been built before Trump returned to office. As of mid-June 2026, CBP has erected another 74 miles and aims to build hundreds more. There is no wall planned for roughly 535 miles of the roughly 2,000-mile-long border, because rugged terrain already serves as a barrier. Ground sensors and towers will be used instead.

CBP is also going back to hundreds of miles of already built wall and adding more technology, lights and roads. Along the long stretches of river in Texas that mark the border with Mexico, they’re deploying 12- to 15-foot-long cylinder-shaped buoys meant to keep migrants or smugglers from crossing the border.

More technology being deployed on the border

Technology is playing a greater role in the Trump administration’s effort to make illegal crossings along the border more difficult, part of a broader transformation of CBP in the years since Sept. 11, 2001, into an intelligence operation with a mass surveillance network whose reach extends far beyond the nation’s frontiers, according to reporting by The Associated Press.

And critics say the border technology poses a threat.

The Southern Border Communities Coalition says surveillance technologies can push migrants into more dangerous routes to avoid being detected.

Garza, the group’s policy counsel, warned that surveillance technology infringes on the privacy rights of border residents and that locals have found ground sensors used to detect smuggler or migrant traffic placed on their property without their consent.

Nayda Alvarez and her relatives own land along the Rio Grande roughly 125 miles inland from the Gulf of Mexico. She has found cameras placed on her family’s land, and just last week she spotted a surveillance tower about a quarter of a mile down the river from her house.

“Are we expecting a war or something?” she said. “It doesn’t make me feel safer.”

Dave Maass, director of investigations for the Electronic Frontier Foundation, a nonprofit that focuses on civil liberties related to digital technology, said the technology has made the border area “a hostile environment” for locals and would-be migrants.

The foundation has published a guide on the various types of surveillance towers in use along the southern border designed to help local residents.

These can range from fixed towers with video, infrared and radar technologies that have a range of roughly 8 miles to remote video surveillance systems that have cameras and a spotlight fixed on top. Some are mounted on the backs of trucks so agents can drive them to different parts of the border.

Increasingly, these towers are autonomous. They can scan an area, analyze what they’re seeing using artificial intelligence and alert Border Patrol agents to something suspicious. Proponents say this helps keep Border Patrol agents out in the field instead of sitting in front of computer screens watching for activity. But it also increases AI decision-making along the border when experts have warned about the technology’s potential for bias or other problems.

The big GOP tax cuts and spending bill passed by Congress last summer requires that CBP buys only the autonomous towers, and the department is deploying an additional 95.

Underground, buried fiberoptic cables can sense movement, capturing data that is also then analyzed by AI.

“We follow the contour of the land. We go through trees. We go down into the river banks. We can go absolutely everywhere,” said Magnus McEwen-King, CEO of Sintela, which has a contract with CBP to install the cables. He spoke at a recent border security expo in Phoenix, where some of the technology was on display.

CBP also uses ground sensors and trail cameras to detect smuggling routes.

Concerns over cost and future plans

The nonpartisan watchdog group Taxpayers for Common Sense has questioned both the huge amounts of money for the wall-building and whether taxpayers are getting their money’s worth.

In 2011, under Democratic President Obama, Homeland Security Secretary Janet Napolitano pulled the plug on a project to build a “virtual wall” of integrated technology like radars, sensors and cameras across the entire border after it ran over budget, faced technological glitches and was behind schedule.

Josh Sewell, director of research and policy at Taxpayers for Common Sense, said the organization would like to see more “robust evaluation” of the technologies being used to avoid similar scenarios. And he criticized the Trump administration for lack of oversight on how the money is being spent, a charge CBP has denied, citing “oversight mechanism.”

In the Big Bend area of southern Texas, opposition to the department’s wall-building plans gathered strong bipartisan support especially in the most sensitive areas that run through a state and national park and a wildlife area.

CBP now says it is not planning to build a 30-foot-high bollard wall in those areas. Its recently announced plans include installing patrol roads and some barriers designed to stop cars and using detection technologies.

Clara Benson, who is one of the founders of the No Big Bend Wall coalition, says bright lights in the area designed to illuminate the border could pollute the skies in an area renowned for having some of the best views of the stars. Even without a 30-foot-tall steel wall running through the land, there is concern about CBP’s plans.

“There’s still a lot of fear and dread that the plan is still going to be quite damaging,” she said.

Santana writes for the Associated Press.

Ethics experts sounded the alarm Wednesday after new financial disclosure reports revealed that President Trump’s income ballooned to $2.2 billion in 2025, with $1.4 billion coming from various new cryptocurrency-related businesses.

“It’s bribery. It’s graft. It’s exploitation of public power for private financial gain,” said Kathleen Clark, a law professor at Washington University and an expert in government ethics. “Trump has — with the acquiescence of a somnolent, GOP-controlled Congress and the active assistance of John Roberts’ Supreme Court — transformed the presidency into a massive corruption racket.”

Trump reported income of over $600 million in 2024. But after he entered the White House in 2025, he reported that his income had soared to more than $2.2 billion.

The 2025 annual disclosure report filed with the Office of Government Ethics shows that Trump ramped up his real estate business in countries across the globe, particularly in the Middle East, at a time when his government was negotiating over vital issues of military aid and economic tariffs. The president also expanded his dealings in the relatively new realm of cryptocurrency.

According to the 927-page report, Trump made $635 million in royalties from Celebration Coins and more than $500 million from his World Liberty Financial crypto firm. He drew in millions from a raft of Trump-branded merchandise including God Bless the USA Bibles and sneakers depicting him with his hand raised in a fist. He also brought in $10.4 million from a property in the United Arab Emirates and $9 million from a property in Saudi Arabia.

Noah Bookbinder, an ethics expert and former president of Citizens for Responsibility and Ethics, a nonprofit watchdog group in Washington, described Trump’s business dealings while in the White House as “entirely unprecedented, certainly in modern history, but I think by most ways of measuring, in all of American history.”

“This is corruption,” Bookbinder said. “You have a president who has been quite transparently using the presidency in ways that benefit his business interests and intertwining the presidency and business interests.”

But the president and the White House brushed aside ethics concerns about the money Trump is making.

Trump told reporters Wednesday that he made a lot of money before he came to the White House, he had “big institutions” run his money, and that he had benefited, like every other American, as the stock market went up.

“We’re all profiting,” he said. “I’m profiting because I have a lot of money and a lot of cash.”

In a statement, White House spokesperson Anna Kelly said: “Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest. … All actions by President Trump and his administration are taken in the best interest of the American people.”

Although the report does not show exactly how much Trump is earning — it provides details of revenue, rather than profit — the scale of the president’s cryptocurrency dealings elevated ethics watchdogs’ long-standing concerns.

Jordan Libowitz, a vice president at Citizens for Responsibility and Ethics, said the most concerning detail of the new report is the hundreds of millions of dollars coming in from various crypto ventures partnered with companies that the American public knows little about.

“At a time when his own administration itself is setting regulation for these types of companies,” Libowitz said, “there’s just this massive opportunity for corruption when foreign governments and foreign nationals can pour tens of millions of dollars into the president’s pocket.”

As a real estate mogul, Trump has long invested in hotels, condominiums and golf courses. But cryptocurrency, Libowitz said, offers vastly more potential for corruption.

“There’s only so many hotel rooms you can book, so many rounds of golf, but there’s no limit with crypto,” Libowitz said. “You can just buy his meme coin and he gets a cut, so you kind of take out the middleman, but also the cap or the amount of money you can funnel to the president.”

Libowitz said it was also problematic for Trump to expand his real estate empire in foreign countries, particularly the Middle East.

“Now it seems that almost all his new developments are in foreign countries, and that opens up, if you’re building this giant resort, you’re going to need help from the local government, whether it’s tax breaks or utility issues, or building a road, or speeding up permits,” Libowitz said. “These are ways that foreign governments can do favors for the American president.”

In the half a century before Trump was elected, ethics experts say, presidents from Nixon to Obama publicly released their tax returns, sold properties or put the proceeds in a blind trust managed by someone they did not know.

“They weren’t doing it because they legally had to, but because they thought it was the right thing to do,” Libowitz said.

Ever since Trump was first elected in 2016 and opted to not sell his businesses or put them in blind trusts, ethics experts have urged Congress to impose more aggressive financial oversight over money in politics.

“Congress needs to update the law, and basically, mandate blind trusts and sale of assets and disclosure of tax returns,” Libowitz said.

Noting that the Constitution’s Emoluments Clause explicitly states that the president cannot accept things of value from foreign or domestic governments, ethics experts say Trump is flouting the law and Congress has chosen to not enforce it.

Richard Painter, a law professor at the University of Minnesota and former White House ethics lawyer under President George W. Bush, said Congress needed to close loopholes that exempt presidents from federal conflict of interest laws as well as enforce the Foreign Emoluments Clause.

“Nobody holding a position of trust with the United States government can accept emoluments, profits and benefits from foreign governments, and that is flatly prohibited under the United States Constitution,” Painter said. “Now, if the United Arab Emirates put money into Liberty Financial, as I understand they did … and then Trump makes money off Liberty Financial, that’s a Foreign Emoluments Clause problem.”

Congress, he said, should empower an independent prosecutor to investigate such conflicts.

“The problem with the Foreign Emoluments Clause is how do we enforce it?” Painter said. “The founders and head of the Congress enforced it by impeaching anybody who took a bunch of foreign government money, but I guess that system’s not working. That’s a serious problem.”

The White House submitted a 927-page financial disclosure to the US Office of Government Ethics on Tuesday, offering the fullest picture yet of how US President Donald Trump’s fortune has grown since he returned to office in January 2025.

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Barely established when he was sworn in, Trump’s crypto businesses now generate more revenue than large parts of the property empire he spent decades assembling with his family, earning the US president more than $1.2 billion (€1.05bn) last year.

Two ventures account for the bulk of the crypto windfall.

World Liberty Financial, the firm launched in 2024 by Trump’s sons and business partners, brought in more than $500 million (€438mn) from selling new crypto products, among them so-called governance tokens, which grant holders voting rights in certain company decisions but no ownership stake.

A separate business tied to the $TRUMP “meme” coin, a cryptocurrency bearing the US president’s face and name, generated a further $635 million (€557mn) from token sales.

Trump’s crypto activities appear to be a major driver of the near tripling of his personal fortune, which Forbes estimates rose from $2.3 billion (€2bn) to $6.5 billion (€5.7bn) between 2024 and 2026.

For many buyers, the story has been far less lucrative.

The $TRUMP coin, which briefly traded above $74 in the days after its launch, has since collapsed to under $2, while World Liberty’s tokens have shed around 80% of their value since they began trading last September.

Since the disclosure lists only revenue and not profit, the true scale of Trump’s personal gains cannot be known. However, the filing shows that the US president and his family collected fees and royalties up front, while many investors have seen the value of their holdings fall sharply.

Among those investors was Chinese-born crypto billionaire Justin Sun, who poured $75 million (€65.7mn) into the governance tokens and $200 million (€175.3mn) into both $TRUMP and $MELANIA meme coins.

A US fraud case against him was later paused before being resolved with a $10 million (€8.7mn) settlement. Sun has denied any connection between his spending and the outcome of his legal troubles.

After the release of the filing, the White House also rejected suggestions of any ethical concerns.

“Neither the President nor his family has ever engaged, or will ever engage, in conflicts of interest,” Principal Deputy US Press Secretary Anna Kelly said in a statement to AFP.

Kelly said US President Donald Trump had “proudly made the United States the crypto capital of the world.”

“All actions by President Trump and his administration are taken in the best interest of the American people, and any so-called ‘reporters’ pushing otherwise are recycling the same, tired, false narrative that Democrats and the legacy media have been pushing for a decade,” Kelly added.

Beyond crypto: Trump’s wider business empire

The filing also details an aggressive international expansion, with new hotel, resort and condominium agreements generating millions of dollars in countries that were negotiating with Washington over trade and security at the same time.

A development in the United Arab Emirates earned the Trump business around $10.4 million (€9.1mn) last year, one in Saudi Arabia roughly $9 million (€7.9mn), and projects in Qatar, Romania and Vietnam were $5 million (€4.3mn) apiece.

Closer to home, the US president’s established businesses boomed alongside all the new ventures.

Mar-a-Lago, Trump’s private club in Florida, generated around $77 million (€67.5mn), a jump of roughly 50% on the previous year, as heads of state and executives flocked to the property during his new term.

The disclosure also reveals the wide range of ways the Trump brand is now monetised.

The US president earned millions from a sprawling range of branded goods, from sneakers and watches to bumper stickers, with Trump-branded watches alone bringing in $4.7 million (€4.1mn), and more than $200,000 (€175,300) coming from the “God Bless the USA” Bible, a branded edition promoted with country singer Lee Greenwood.

Branded merchandise of this kind, sold by a sitting US president, has no precedent.

A 1978 law requires the president and vice president of the United States to declare their income as well as their assets.

First Lady Melania Trump’s income is also set out in her husband’s financial disclosure, including more than $10 million (€8.7mn) tied to a biographical Amazon documentary and over $500,000 (€438,250) from her memoir.

For comparison, US Vice President JD Vance reported between $1 million (€876,500) and $5 million (€4.4mn) in royalties from his 2016 book “Hillbilly Elegy”.

Critics have long argued that such arrangements blur the line between public office and private profit. The White House rejects the charge outright.

SACRAMENTO — Gov. Gavin Newsom on Monday signed his final state budget as governor, a $351.7-billion spending plan that seeks to uplift the poorest Californians through a tax system reliant on the stock market gains of the wealthy.

In a video message, Newsom extolled free school meals, universal transitional kindergarten, 130,000 subsidized childcare slots and other accomplishments in his tenure at the state Capitol, a period in state history marked by a dramatic expansion of state government and over $100 billion in increased spending.

“Over the past eight years, we built great things for the people of California — some of the boldest actions any government in this country has taken in a generation,” Newsom said. “And we did this without breaking the bank. We did this by design.”

The agreement ends weeks of lobbying by outside interests and negotiations among lawmakers and the governor at the state Capitol about how to handle a surge of income tax collected on stock market gains related to artificial intelligence.

Economists have warned that the revenue bump is potentially temporary and analysts say the growth in state spending could leave California in a challenging position if the economy declines.

Assemblymember David Tangipa (R-Fresno) agreed with Democrats that the budget is “compassionate.”

“My fear is that it’s not too much of a competent budget, and the budget continues a pattern that Californians know all too well: Spend now, justify it later, and hope somebody else pays the bill,” he said during a floor debate Monday.

Here’s what you need to know about the spending plan, which takes effect July 1.

Who decides the state budget?

The simplest answer is: Democrats. California voters have elected Democrats to represent 30 of the 40 seats in the Senate and 60 seats of the 80 seats in the Assembly. The budget was passed through a majority vote in each house of the Legislature and signed by Gov. Gavin Newsom, also a Democrat.

A more complex answer is that the budget is a product of dozens of legislative hearings, millions of dollars spent on lobbying by outside interests, talks among lawmakers and the governor and ultimately subject to the same political dynamics that rule the Democratic party.

Senate President Pro Tem Monique Limón (D-Goleta) and Assembly Speaker Robert Rivas (D-Hollister), in consultation with the chairs of the budget committees, represent their Democratic caucuses and reach a final agreement on the details of the spending plan with Newsom. In reality, staff members for the three parties handle most, if not all, of the back of forth negotiations to get there.

Union leaders seeking better pay, working conditions, benefits for workers and opportunities to expand their ranks are often brought in to consult or hammer out thorny deals as business groups try to fight off more regulations, taxes and costs, and support policies that increase their financial performance.

Democrats are spending more than ever before. How is that possible?

The Legislative Analyst’s Office, the nonpartisan fiscal advisor for lawmakers, recently examined the increase in state spending since 2019-20, Newsom’s first full year in office.

Between the budget approved that year and the spending proposal Newsom unveiled in January, spending from the state’s main operating fund had grown by over $100 billion, or 70%. That was largely by a 60% increase in revenue during that time. California typically operates with a spending deficit because Democrats spend more money than the state brings in.

The LAO found that the increase in spending stemmed from the growing cost of sustaining programs and services that were already in place when Newsom took office. About 30% of the remaining spending growth was categorized as new, either by newly created programs or the expansion of existing services.

Among the report’s conclusions: California could not afford the programs that predated Newsom and the ones he and the Legislature adopted.

To balance the budget over the last few years, Newsom and lawmakers have dipped into the state’s reserves at a time when California is experiencing strong revenue growth, which the LAO has cautioned against. Democrats have also increased taxes on businesses, paid for programs out of other funds and suspended reserve deposits among other solutions.

This year, the state budget places $6.4 billion in higher than expected revenue into a temporary holding account to knock down a deficit and balance the budget through 2027-28.

Democrats are pursuing a change to the state constitution on the November ballot that would allow them to set aside more money in years of good revenue growth to prevent cuts in future downturns.

Where is the money going?

Education and Medi-Cal are the two largest costs for the state.

Medi-Cal is the state’s version of subsidized health insurance for low-income Californians and provides medical, dental and vision care for an estimated 14.5 million people, or about one-third of the state population.

The federal government pays for more than half of the cost of the program. California is expected to spend about $50 billion from the general fund next year out of a total estimated at more than $220 billion in costs shared between the state and federal government, according to the LAO. State taxes and fees on providers also help fund Medi-Cal.

Overall, Medi-Cal costs more than any other state program and takes up about 40% of total spending, including federal funds the state receives, according to the LAO.

Spending on Medi-Cal has more than doubled over the last 10 years, which the LAO attributes to an increase in costs per enrollee, more enrollees and a greater share of seniors seeking care, among other factors.

Under Newsom, California has expanded Medi-Cal, including offering coverage to include all immigrants regardless of their immigration status, which the governor said has dropped the state’s uninsured rate down to 5.9%

The cost of Medi-Cal has grown beyond what Democrats expected and resulted in Newsom suggesting spending cuts.

The final budget agreement rejects a call by Newsom to lower the asset limit to $2,000 now and instead lowers it to $21,000 in 2027-28 to be eligible for Medi-Cal. The Legislature also delayed the governor’s proposal to reduce dental coverage and shift asylum seekers and other immigrants to restricted scope Medi-Cal, according to Jason Sisney, the lead budget advisor for the Assembly who posts about the budget on Substack.

The budget includes Newsom’s proposal to shift enrollees with unsatisfactory immigration status, a term that includes undocumented immigrants and others, from managed care to fee-for-service to save costs.

Under Proposition 98, approved by voters in 1988, California has a minimum funding guarantee for schools and community colleges and dedicates roughly 40% of general fund revenue to education.

Sisney said the budget increases the Local Control Funding Formula by $2.2 billion and provides historic general fund per pupil spending of $21,148. Support for special education also grew by $1.8 billion.

The California Community Schools Partnership Program received a $1-billion boost and Democrats directed $2.8 million in additional funding to the program that provides free meals for school children.

The budget also establishes 22,770 new slots for free or reduced childcare, which Newsom had proposed decreasing.

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

June 25 (UPI) — The European Union released $3.6 billion in funds of the Ukraine Support Loan for budget and defense needs, the bloc said Thursday.

The funds were released at the Ukraine Recovery Conference, where European Commission President Ursula Von der Leyen announced the funding, which is the first instalment of the new macro-financial assistance. The MFA is a segment of the Ukraine Support Loan, under which $102 billion will be offered to Ukraine in 2026 and 2027.

“As a country at war, Ukraine’s capaicty to defend its territory depends on the rapid availability of critical products in the required quantities and within very short timeframes,” a press release said. “The first instalment of the [$6.8] billion defense package to support drone procurement will be disbursed in the coming days.”

“This is indeed solidarity in action,” Von der Leyen said. “It shows Europe’s support for Ukraine is here to stay.”

The original plan in December was to use Russia’s frozen assets to fund the loan, but the Russian Central Bank sued a Belgian bank over the plan, so the EU had to find a new way to finance the loan.

Instead, they agreed to create the loan through joint debt. Hungary, Slovakia and the Czech Republic negotiated an exemption.

The payments are conditional on Kyiv’s reforms. If Ukraine reverses its ongoing fight against corruption, the EU could suspend the funds, Euro News reported.

The loan also requires Ukraine to buy weapons and ammunition made in Europe, with some exceptions depending on availability.

“Ukraine has the opportunity to analyze the situation on the battlefield and identify the range of products that they need, and then they have to inform us in the form of product schedules,” a Commission spokesperson told Euro News. “The priority remains to make purchases within the EU and Ukraine.”

“We continue to call on all our partners to maintain their support, because a strong and independent Ukraine is in all our interests,” Von der Leyen said Thursday. “Our ambition is not only to help Ukraine endure, it is also to help Ukraine grow and prosper as a free and European country.”

The United States is not expected to contribute funds to the loan.

WASHINGTON — The Pentagon has told senators it needs roughly $80 billion, mostly to cover the cost of the U.S. war against Iran, adding to what is already a sizable military spending boost being sought by President Trump.

Meanwhile, the Senate for the first time approved a war powers resolution Tuesday seeking to block U.S. military action against Iran, as lawmakers warily watch President Trump’s efforts to resolve a conflict that the administration launched on its own and now needs Congress to fund.

It was the 10th time the Senate has tried to stop the war, and the outcome, on a vote of 50-48, was a stunning turnaround from past efforts. Although the resolution is largely symbolic, and does not fully carry the force of law, it reflects the growing concerns from a number of Republican lawmakers in the House and Senate over the war and the deal Trump struck with Iran to end it. The House approved the resolution earlier this month.

The White House Office of Management and Budget has yet to make a formal request to Congress for more money for the war. But Defense Secretary Pete Hegseth has been making the rounds on Capitol Hill, including Monday evening. A top deputy Defense secretary told senators about the Iran funding request last week, according to two people familiar with the situation but not authorized to discuss it publicly.

The Wall Street Journal first reported on the developments.

The push for billions of dollars in Iran war funding comes at a fraught political moment. Lawmakers are not only skeptical of the deal Trump struck with Iran to bring an end to the war, but also wary of next steps. The White House has requested a remarkable $1.5 trillion for the Pentagon — a nearly 50% increase over the current fiscal year’s funding levels.

Senate Majority Leader John Thune said he’s expecting a supplemental spending request from the administration for the war, and when it arrives, “we’ll work through it and see where the votes are.”

“We need to make sure we’re doing everything we can to replenish, resupply a lot our munitions that have been depleted — not only just with what’s happening with Iran, but prior to that,” said Thune (R-S.D.).

Deputy Defense Secretary Stephen Feinberg spoke to several senators about the proposal in calls last week and he notified congressional committees that the $80-billion request had been sent to the Office of Management and Budget. The Pentagon did not immediately respond to a request for comment.

However, the funding package will almost certainly run into trouble from lawmakers who refuse to support Trump’s decision to go to war and are reluctant to give the Pentagon more money at a time of high costs of living for Americans at home.

“You’re spending families’ hard-earned tax dollars on a war that many strongly oppose,” Democratic Sen. Patty Murray of Washington told Hegseth in a hearing last month.

In addition to the Iran funding, Republicans hope to secure about $1.1 trillion through the regular appropriations process, which typically requires support from both parties for approval. Then, they hope to secure an additional $350 billion through a mostly party-line vote later this summer.

The amount being sought by the Pentagon is far higher than the $29-billion estimate of war costs that Hegseth gave Congress during his testimony last month. The bulk of that amount was related to replacing munitions and repairing equipment but also included operational costs to keep forces deployed. That estimate did not include the cost to repair or rebuild U.S. military sites damaged in the region.

It’s also far lower than the initial $200 billion the Pentagon floated as the costs at the start of the war. An early estimate put the cost of the first week of the war at $11.3 billion.

Sen. Brian Schatz of Hawaii, a member of Democratic party leadership, said he expects the actual price tag could be much higher than the $80 billion being proposed.

Schatz said he hasn’t done any counting of Democrats about whether there is support for an Iran-focused bill, “but I haven’t found anyone who wants to do this.”

But Republican Sen. Jim Banks of Indiana said, “To me it’s less about the war, it’s more about the stockpiles.”

Banks said, “I would sell it to my state as an investment in our defense industrial base, reshoring defense production to Indiana.”

Sen. Jack Reed of Rhode Island, the top Democrat on the Senate Armed Services Committee, said funding for an Iran supplemental can’t be done in isolation. It has to be done after lawmakers from both parties have agreed to a total spending amount for both defense and non-defense programs, “then the rest of this would follow pretty quickly,” Reed said.

And Sen. John Hoeven of North Dakota, a member of the Appropriations subcommittee on Defense, said he has been working with the administration to broaden the package to include funds for disaster aid for California, Hawaii and other states hard hit by fires and weather problems, as well as agricultural aid for farmers.

“I think that’s the kind of combination that could pass,” Hoeven said.

Hegseth declined to answer questions from reporters late Monday as he strode around the Capitol.

But on the issue of the cost of the war, Hegseth responded rhetorically during a Senate hearing last month, asking, “What is the cost of Iran obtaining a nuclear weapon?”

He acknowledged the president’s decision to confront the threat of a nuclear Iran “comes with cost — and we recognize that.”

Freking and Mascaro write for the Associated Press. AP writers Konstantin Toropin and Ben Finley contributed to this report.

SEOUL, June 23 (UPI) — South Korea’s LG Chem said Tuesday it will invest nearly $10 billion over the next decade to foster futuristic industries powered by the artificial intelligence boom.

The Seoul-based company plans to spend $9.7 billion on research and development through 2035, concentrating on advanced materials for semiconductors, mobility, robotics and anticancer drugs.

LG Chem said that the initiative comes as profitability in its traditional petrochemical business dipped because of global oversupply and fierce competition.

Through the investment, the chemical giant vowed to achieve a double-digit operating profit margin by the end of the decade.

To complement its organic growth strategy, LG Chem said it will pursue external growth opportunities, including mergers and acquisitions. It recently established an organization dedicated to that goal.

LG Chem unveiled the long-term strategy during a town hall meeting Monday, where CEO Kim Dong-chun stressed the need to strengthen both existing businesses and future growth engines.

“While strengthening the competitiveness of our existing businesses, we will focus our capabilities on future growth pillars to leap forward as a technology-driven converting company,” Kim said.

LG Chem defines a “tech-driven converting company” as an enterprise that leverages its accumulated technological expertise to create high-value-added products and differentiated profit streams.

The share price of LG Chem plunged 9.75% on the Seoul bourse on Monday, while the benchmark KOSPI plummeted 9.99%. LG Chem is a major subsidiary of LG Group, whose businesses also include LG Electronics, LG Display and LG Uplus.

Published on
23/06/2026 – 10:53 GMT+2

SpaceX shares closed at $154.63 on Monday, down around 16% on the day. That leaves them within touching distance of the $150 at which the shares first changed hands when public trading opened, the level set once underwriters finished building the order book, though still some way above the $135 price at which the IPO itself was struck.

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The slide has erased more than $600 billion (€524.2bn) in market value over three trading days, dragging the company down from a peak that had lifted it past Amazon and, fleetingly, Microsoft, in terms of market capitalisation.

Its valuation now sits just above $2 trillion (€1.74tn), below Taiwan Semiconductor Manufacturing Company (TSMC), making it the seventh most valuable company in the world.

The retreat unwinds a remarkable opening run.

After the open at around $150 on 12 June, shares climbed to almost $226 by 16 June, a gain of roughly two-thirds before the company had published a single set of results as a public firm.

Currently, SpaceX is trading over 30% lower than the intraday high of around $226 and only 3% higher than the opening price.

That rally always rested on a thin pool of freely traded shares and lofty expectations for its AI ambitions, leaving it exposed to a sharp reversal once sentiment turned.

Tapping debt to fund the AI push

The latest leg down on Monday coincided with SpaceX’s first move into the corporate debt market.

The company announced an inaugural offering of senior unsecured notes, with people familiar with the plans reportedly putting the target at around $20 billion (€17.4bn).

The proceeds are earmarked chiefly to repay a bridge loan taken on during its merger with Elon Musk’s AI venture xAI earlier this year, with the remainder going to general corporate purposes.

The debut bond sale follows the investment-grade credit ratings awarded last Friday by all three major agencies, Moody’s at Baa1, Fitch at BBB+ and S&P Global at BBB, which open the door to cheaper borrowing and a wider pool of institutional lenders.

In documents tied to the offering, SpaceX also disclosed a cash position of roughly $100.8 billion (€88bn) as of 19 June, much of it raised in the IPO, alongside $29.1 billion (€25.4bn) of long-term debt.

That mix of vast cash reserves and fresh borrowing so soon after a record flotation has unsettled some investors, who see the rapid fundraising as a sign of heavy spending ahead as SpaceX scales its AI and data centre plans.

Opting for debt rather than new shares does, however, spare existing shareholders further dilution, preserving their economic stake while the company funds its expansion.