Economy

Tests confirm a migratory brown skua found in ‌Western ‌Australia had the virus.

Prime Minister Anthony Albanese says Australia will do “whatever we can” to curb H5N1 bird flu after the first mainland case was confirmed in a seabird, which means the virus has now spread to every continent.

Tests confirmed a migratory brown skua found in ‌Western ‌Australia’s Cape Le Grand National Park had the deadly virus, authorities said on Saturday, and a giant petrel found in the same area was also suspected to be infected.

“This is concerning,” Albanese told reporters in Sydney, adding his government would do “whatever we can to restrict any spread”.

Previously, Australia had been the only continent without a confirmed mainland case, although the virus was detected in late 2025 on Heard Island, a sub-Antarctic territory about 4,100km (2,550 miles) from the mainland.

Agriculture Minister Julie Collins said the virus had not yet been detected in Australia’s poultry or agriculture sector.

“We all knew we couldn’t be bird flu-free forever,” she said.

Human infections remain rare, but the highly pathogenic avian influenza has led to the culling of hundreds of millions of birds globally in recent years, disrupting food supplies and driving up prices.

WASHINGTON — Most Americans continue to disapprove of how President Trump is handling Iran, while his overall presidential approval holds steady, according to a new AP-NORC poll that was conducted as he suggested a deal with Iran had been reached.

The poll points to just how unpopular the war, which began Feb. 28, has been with Americans even as the Republican president turned abruptly from threatening Iran to reopening negotiations. Support for his handling of the war remains lopsidedly partisan. About two-thirds, 65%, of U.S. adults disapprove of how Trump is handling issues with Iran. But while the vast majority of Democrats and independents view Trump’s actions negatively, only 28% of Republicans are unhappy.

Americans’ views on how the president is handling Iran are roughly in line with his overall job approval, which stands at 37%, unchanged from an Associated Press-NORC Center for Public Affairs Research poll conducted in May.

The new survey was conducted June 11-17, just after Trump called off threats to escalate the war with Iran. The poll was fielded as Trump announced a deal with Iran and authorized an end to the U.S. naval blockade in the Strait of Hormuz, concluding just before the deal was signed Wednesday.

Approval of Trump’s actions on Iran has been low over the past few months. But in interviews, some Republicans also weren’t pleased with the outcome of this week’s agreement, which gives Iran an immediate benefit, allowing it to sell its oil freely again.

The deal also reopens the strait without tolls for two months, restarts talks between the U.S. and Iran over Tehran’s nuclear program and calls for Tehran to dilute its stockpile of highly enriched uranium.

David Farrington, a 79-year-old Republican-leaning independent in Fort Worth, Texas, “doesn’t have any love lost” for Iran, but he’s frustrated the agreement focused on the strait and didn’t deliver more on the country’s nuclear weapons program.

“Any agreement regarding the strait is hardly what I would consider a recognizable concession on the part of Iran,” Farrington said. “So, I consider that some fluff that attempts to make this agreement look better when it’s not.”

Trump’s approval on Iran remains flat

Only about one-third of U.S. adults approve of how Trump is handling Iran in the new poll, in line with May.

Donald McBride, a 28-year-old independent in Plano, Texas, is frustrated that Trump has not maintained his campaign promise to keep America out of foreign wars. McBride voted for Trump but he opposed going to war with Iran.

“I would like the war to end,” he said. “The original objective of the war was to end the Iranian regime, and that’s just not possible. I don’t really know why we’d continue fighting.”

The poll suggests most Americans want action in Iran to wrap up. Even with an agreement on the horizon, 53% of U.S. adults said American military action against Iran had “gone too far,” only a slight decline from 59% in March.

About 4 in 10 Republicans, though, said in the latest poll that action has been “about right,” and 37% said it had not gone far enough.

Joan Jones, a 64-year-old independent in northwest Florida, believes the United States’ actions in Iran have been necessary to address the threat Iran posed.

“Those attacks are ultimately to protect us from nuclear attacks,” Jones said. “I think we have to go through that … and eliminate that worry so we don’t have that hovering over us.”

Few approve of Trump’s approach on Israel

About one-third, 34%, of U.S. adults approve of how Trump is handling Israel.

Tensions have been rising between Israeli Prime Minister Benjamin Netanyahu and Trump as the president criticizes recent Israeli attacks in Lebanon, which jeopardized negotiations between Washington and Tehran.

James Huffman, a 69-year-old Republican in Medway, Ohio, thinks Trump is taking the wrong strategy when it comes to Netanyahu.

“Netanyahu is not going to do everything Trump wants. He’s going to do what he wants,” Huffman said. “I just don’t think it’s effective.”

Only about one-third approve on the economy

About one-third of U.S. adults approve of Trump’s approach to the economy. That’s in line with last month, and continues a challenging stretch for Trump on the issue.

Jones, the Florida independent, is more optimistic than most. She said she can hardly leave the house some hours without getting stuck in the traffic of tourists headed to the beach on vacation. She also spots lines around the block for Starbucks, McDonalds and Chick-fil-A in her community — all signs to her that the economy is doing well overall.

“I think President Trump’s policies are contributing to a better economy,” Jones said.

Other Republicans are more skeptical, a troubling sign for a president who prides himself on his business acumen. Only 69% of Republicans approve of how he’s handling the economy, slightly lower than the 78% who approve of how he’s handling the presidency overall.

Patricia Bailey, a 42-year-old Republican in Parkersburg, West Virginia, sees an economy where prices have gotten out of control. “I just said the other night, ordering pizza is for rich people,” she said. Bailey voted for Trump but added, “He’s kind of let me down a little bit.”

Even if high prices preceded Trump, Bailey doesn’t think he’s lived up to his pledge to improve the economy.

“I think he got so distracted with the war that he forgot some old promises,” she said.

Sanders and Thomson-Deveaux write for the Associated Press.

The AP-NORC poll of 3,040 adults was conducted June 11-17 using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for adults overall is plus or minus 2.8 percentage points.

United States President Donald Trump has taken to social media to boast about the state of the economy amid a looming peace deal between the US and Iran, which yesterday signed a memorandum of understanding (MoU) to end the US-Israel war on Iran.

In a post on his social media platform Truth Social, the president claimed that “OIL IS FLOWING” and added that “THE STOCK MARKETS ARE ROARING, JOBS ARE AT RECORDS, AND PRICES ARE DROPPING (AFFORDABILITY!)”

While some of his claims are accurate, others are misleading. Al Jazeera takes a look:

‘Stock Market Just Hit A RECORD High’

That is true specifically for the Dow Jones Industrial Average. That index hit a record high of 51,999.67 for its close on Tuesday amid the potential of a ceasefire and a rally for the newly listed SpaceX.

The Dow slipped from that high on Wednesday amid the US Federal Reserve’s announcement that it would maintain the benchmark interest rate in the target range of 3.5-3.75 percent, and closed down on Wednesday at 51,494.99. The Dow has since jumped 0.35 percent in midday trading on Thursday at 51,671.

The Nasdaq Composite Index and S&P 500 both slipped.

However, this may not directly impact the 38 percent of Americans who do not invest in the stock market.

“The idea that the stock market is doing well does not reflect people’s experiences. There’s a saying that the stock market is not the economy, and that’s an important thing to keep in mind,” Michael Klein, professor of international economic affairs at The Fletcher School at Tufts University, told Al Jazeera.

And that lived experience is at the petrol station and at the grocery store.

‘Prices are dropping’

Petrol prices have started to tumble in the last few days. The average price of a gallon of petrol (3.78 litres) on Thursday is at $3.99, according to the American Automobile Association (AAA), which tracks daily gas prices. That’s down from a high of $4.48 in May, but still well above $2.98, where prices were on February 28 when the US and Israel first struck Iran.

Despite the deal, experts believe that a petrol price decline will plateau for general consumers as the US strategic petroleum reserve, which earlier this week reached its lowest level since 1983, is refilled, all while oil extraction and shipping bottlenecks weigh on supply chains.

“The persistence of the price spikes is the key issue. Transportation, rerouting, insurance premiums, and manufacturing costs don’t normalise overnight, so even when oil stabilises, the cost base across the supply chain will stay elevated,” Tammy Kulesa, director of product marketing for supply chain execution at Blue Yonder, a supply chain management firm, said in remarks provided to Al Jazeera.

Mark Jones, professor of political science at Rice University in Houston, Texas, says prices will not return to prewar levels until the last quarter or close of 2027.

“Even once everybody believes the truce is going to hold [and] there’s no danger going through the Strait of Hormuz, those tankers take months to reach their final destination and come back,” Jones told Al Jazeera. “So the ability to replenish the stocks is going to take until, I think, the early fall [third quarter].”

Consumer inflation, which has jumped at the fastest pace in three years and is at 4.2 percent, has driven prices up on several key goods and has weighed on consumers. While energy prices have risen by nearly eight percent in the last two months alone, prices at the supermarket have jumped by 0.1 percent in May from the month prior after a 0.7 percent increase in April, with the highest increases in goods like bakery products, cereals, nonalcoholic beverages, as well as fruit and vegetables.

“There are real problems facing a lot of people. Prices are high, and wages have not kept up with prices. So people’s real purchasing power has fallen,” Klein said.

Supermarket chains have taken notice. Kroger, the largest supermarket chain in the US, said on Thursday that it will cut prices on thousands of products within its roughly 3,000 stores nationwide. This comes amid increased pressure from Costco and Walmart for value shoppers.

“Customers are being more deliberate with their spending and at times, shopping us selectively. We’re getting too many promotional trips and not enough of the full basket,” Kroger CEO Greg Foran said in a statement.

‘Jobs are at records’

Jobs are not at record levels, despite Trump’s assertions.

The US economy added 172,000 jobs in May. The highest during the second Trump term was 214,000, in March. By comparison, on average, 300,000 jobs were added monthly under his predecessor, former US President Joe Biden, a Democrat, with some months much higher – including July 2021, when the economy added 943,000 jobs, albeit that was on the back of the COVID-19 pandemic as businesses rushed to hire after massive layoffs.

Under Trump, there have been several months of limited job growth that have been hyper-focused on specific sectors like healthcare. On average, employers added only 15,000 jobs a month in 2025. Meanwhile, the US economy lost 92,000 jobs this year in February.

Layoffs are also on the upswing. Job cuts jumped 16 percent between April and May, marking the most layoffs since May 2020 during the height of the pandemic, according to Challenger, Gray and Christmas, with artificial intelligence (AI) as a driving force behind the cuts. Slightly more than 97,000 people lost their jobs in May.

‘Oil is flowing’

Overnight, 12.5 million barrels of crude oil travelled through the Strait of Hormuz, through which roughly a fifth of the world’s oil is normally shipped, according to US Vice President JD Vance. However, data from Kpler shows that travel through the strait is still low, with six verified crossings on June 17.

With the strait starting to open, oil prices tumbled to their lowest levels since the early days of the war as the temporary deal to end fighting and pull back sanctions elevated pressure on global supply.

Brent crude futures LCOc1 dropped $0.78 or one percent to $76.51 in midday trading.

Shipments of liquefied natural gas (LNG) have also ramped up, and a QatarEnergy LNG vessel has returned to Ras Laffan, where it has loaded more than 209,000 cubic metres, according to Kplr.

The value of Iran’s currency has risen by more than 15 percent against the US dollar, and its stock market has shattered records in the wake of the memorandum of understanding agreed between the United States and Iran on Sunday.

However, Iranians suffering for years from extremely high inflation and a plunging rial have found little economic relief as the prices of basic goods, such as food, remain high despite the diplomatic breakthrough.

The Iranian economy has suffered due to decades of US sanctions. The economic crisis was exacerbated after the US and Israel launched a war against Iran on February 28. As subsequent US naval blockade on Iranian ports further added to the misery of Iranians.

In Ferdowsi Street, the beating heart of Tehran’s foreign exchange market, the scene on Thursday was a stark departure from the panic of recent months. Exchange office boards flashed rapidly changing numbers as foreign currencies, led by the dollar, took a sharp dive.

“We closed our doors just hours before the official announcement of the US-Iran understanding at a rate of 1.8 million rials to the dollar,” Amir, a 35-year-old exchange office worker who asked to remain anonymous, told Al Jazeera. “Now it has fallen to 1.54 million rials, and we expect further declines.”

Amir noted a significant increase in sales volumes although buyers remained scarce as many anticipated the rial would strengthen further, potentially dropping to 1.4 million to the dollar or lower.

The recent gains mark a sharp turnaround. After the outbreak of the war, the exchange rate jumped to a historic peak of 1.9 million rials (190,000 tomans) to the dollar in March before settling at about 1.685 million just before recent attacks carried out despite a ceasefire.

A disconnect in the grocery aisles

Despite the rial’s recovery, a walk through Tehran’s grocery stores reveals a starkly different reality. For Iranians grappling with the economic fallout of crippling sanctions and the US naval blockade, the diplomatic thaw has yet to lower the cost of living.

Reza, a 42-year-old Tehran resident, told Al Jazeera that prices for daily staples like milk, cheese, cooking oil and flour remain unchanged. “They say the dollar dropped, but my shopping basket costs the same as last week,” he said. “This means the agreement hasn’t reached our pockets yet.”

From behind the cash register, 55-year-old shop owner Ramin echoed his customer’s frustration. He explained that while the government continues to distribute subsidised goods like bread, the fluctuations of the free-market dollar do not immediately impact basic food prices.

The value of the dollar on the free market varies from the official exchange rate.

Pointing to a shelf of imported goods, another shopkeeper named Karim noted that items like shampoo, toothpaste and laundry detergent are still locked at inflated prices.

“Distributors say they bought these goods two months ago at the old dollar rates,” Karim explained. “Prices will remain high until the old stock runs out and new goods enter at the lower exchange rates.” He estimated it would take at least two weeks for the market to adjust, meaning Iranians will continue to face compounding inflation in the interim.

Euphoria on the trading floor

While Main Street struggles, Tehran’s stock market is experiencing an unprecedented boom amid expectations of improved economic conditions. The trading floor has been awash in green since the initial leaks of the Washington-Tehran agreement emerged.

On Monday, the main index jumped by a record-breaking 161,000 points in a single session, marking the highest-ever influx of cash from individual investors.

By Tuesday, the market continued its staggering ascent, climbing another 112,000 points to cross the psychological barrier of 5 million, ultimately settling at a historic high of 5.1 million.

Saeed, a 40-year-old investor, called it a “historic day”. He noted that investors are rushing to buy shares in the energy and petrochemical sectors, betting heavily on the resumption of exports and the reopening of global markets.

However, Saeed remained cautiously optimistic. “The stock market is often driven by rumours,” he warned. “I don’t want to repeat the experience of the 2015 nuclear deal when the market soared and then collapsed after the US withdrawal.”

He was referring to US President Donald Trump’s 2018 withdrawal from the agreement, under which Iran agreed to restrictions on its nuclear programme in exchange for sanctions relief.

Stagnation in real estate and electronics

The wait-and-see approach in effect has paralysed other sectors of the economy. In central Tehran’s electronics hubs, 38-year-old shop owner Reza reported that while the prices of imported appliances have dropped in tandem with the dollar, sales have stalled because customers are holding out for steeper discounts.

A similar freeze has gripped the housing market. Nasrin, a 36-year-old real estate agent in northern Tehran, observed that a recent price surge that accompanied the initial truce has now given way to stagnation. Many property owners are clinging to inflated prices, seemingly unaware that the market dynamics have shifted, bringing property transactions to a virtual standstill.

‘Not a magic wand’

For macroeconomic experts, the mixed market signals are entirely expected. Hossein Selahvarzi, the former head of the Iran Chamber of Commerce, Industries, Mines and Agriculture, cautioned that the new agreement is “not a magic wand” capable of instantly fixing years of structural issues in the economy.

While the war severely damaged Iran’s infrastructure, Selahvarzi emphasised that the roots of the country’s economic malaise were firmly planted well before the bombing began.

“War is the enemy of investment, production, trade and public welfare,” Selahvarzi told Al Jazeera. He warned against the analytical mistake of believing that a peace memorandum alone would revive the economy.

“Ending the military confrontation does not necessarily mean the beginning of economic prosperity,” he said, stressing that restoring stability to the business environment remains the country’s most urgent priority.

“What we have before us is a limited and fragile opportunity to correct course and rebuild the economy, and this opportunity could be lost quickly if not managed correctly.”

For half a century, a handful of wealthy Western democracies wrote the rules of the global economy.

But the world order is becoming crowded, and even as the Group of Seven (G7) remains one of the world’s most influential clubs, a challenger has emerged.

BRICS has expanded, and says it wants a bigger voice for the Global South. This bloc of nations speaks for nearly half the world’s population – and accounts for a growing share of global output, energy and raw materials.

In the space between the two, a third force is gathering pace: the so-called middle powers, nations too big to ignore and unwilling to pick a side.

A controversial proposal to tax California billionaires to fund healthcare has tenatively qualified for the November ballot, setting the stage for a more intense and expensive battle over whether the state should squeeze the ultra-rich.

Supporters say the proposed tax is crucial to compensate for federal healthcare funding cuts, approved by President Trump and the Republican-controlled Congress, that will harm millions of the state’s most vulnerable residents.

In April, supporters of the billionaire tax submitted nearly 1.6 million signatures, roughly double the number needed to qualify. The California secretary of state’s office on Wednesday declared that enough valid signatures were submitted. The initiative will officially qualify for the Nov. 3 ballot on June 25 unless the proponents withdraw it beforehand.

The initiative would impose a one-time tax of up to 5% on taxpayers and trusts with assets valued at more than $1 billion, with some exceptions, such as property. The levy could be paid over five years. Ninety percent of the revenue would fund healthcare programs, and the remaining funds would be spent on food assistance and education programs. The proposal would cost the state’s richest residents about $100 billion if a majority of voters support it.

Opponents of the measure say the proposal is an ineffective attempt to address the long-term effects of the healthcare cuts and would destroy California’s economy and budget.

The state budget in California is already largely dependent on income taxes paid by its highest earners. Because of that, revenues are prone to volatility, hinging on capital gains from investments, bonuses to executives and windfalls from new stock offerings, and are notoriously difficult for the state to predict.

The proposal already triggered a fierce debate, accentuating the divide between the rich and poor in a state that’s expensive to live in.

The Service Employees International Union-United Healthcare Workers West and other supporters of the billionaire tax say that it would raise $100 billion, offsetting federal funding cuts to healthcare as well as funding education and state food assistance.

But supporters face strong opposition from billionaires with deep pockets. Tech executives and other business leaders oppose the idea and have threatened to move to other states. Opponents say taxing billionaires would harm California’s economy while not addressing underlying financial issues.

The proposal also has divided politicians within the Democratic Party. California Gov. Gavin Newsom spoke out against the billionaire tax, expressing fears that billionaires would move out of the state. But U.S. lawmakers such as California Rep. Ro Khanna and Vermont Sen. Bernie Sanders have backed a billionaire tax, saying the rich should pay their fair share to fund essential services.

Business executives have already poured millions of dollars into groups that oppose the billionaire tax or are promoting alternative solutions to wealth inequality.

Tech executives, venture capitalists and business leaders have donated roughly $118 million to a nonprofit called Building a Better California, according to data on the secretary of state’s website. Most of the funding comes from Google co-founder Sergey Brin, who has given more than $82 million to the group. Executives from DoorDash, Ripple, Stripe and other companies also have contributed.

The group says it supports policies such as expanding access to affordable housing, protecting innovation, requiring government transparency and securing more stable education funding.

PayPal and Palantir co-founder Peter Thiel has contributed $3 million to the California Business Roundtable, which opposes the tax. Former Google Chief Executive Eric Schmidt donated $1 million to that group as well.

California would probably collect tens of billions of dollars from the wealth tax if it passed, but it could also lose other tax revenue, a December letter from the state legislative analyst’s office said. The office also mentioned that it’s tough to predict the exact amount the state would collect because of factors that can affect a billionaire’s wealth such as fluctuating stock prices.

California billionaires who were residents of the state as of Jan. 1 would be affected by the ballot measure if it passes. Some wealthy residents announced plans to moves out of state. On Dec. 31, venture capitalist David Sacks announced that he was opening an office in Austin, Texas, the same day Thiel publicized his firm had opened a new office in Miami.

Brent crude drops as much as 1.6 percent, while key stock indices in Japan, South Korea and Taiwan climb.

Oil prices have dropped following the United States and Iran’s signing of an interim peace agreement, resuming a slide interrupted by US President Donald Trump’s warning that he could restart his military campaign.

Brent crude fell as much as 1.6 percent on Thursday morning in Asia, returning the international benchmark to almost exactly where it was 24 hours previously.

Brent futures for delivery in August stood at $78.23 as of 04:00 GMT, only about 7 percent higher than before the US and Israel launched their war on Iran on February 28.

After several days of declines, Brent briefly spiked above $81 a barrel on Wednesday after Trump warned that the US could “go right back to dropping bombs” on Iran if it doesn’t “behave”.

Asian stock markets rallied on Thursday on renewed optimism for an end to nearly four months of disruption to global energy supply chains.

Japan’s benchmark Nikkei 225 and South Korea’s Kospi both hit all-time highs, gaining 1.8 percent and 1.4 percent, respectively.

Taiwan’s Taiex rose as much as 1.3 percent.

Hong Kong’s Hang Seng Index bucked the trend, dropping 1.7 percent.

US stock futures, which are traded outside of regular market hours and often foreshadow the next day’s performance, climbed, with those tied to the benchmark S&P 500 and the tech-heavy Nasdaq Composite climbing about 0.8 percent and 1.3 percent, respectively.

Pakistani Prime Minister Shehbaz Sharif, who mediated the negotiations between Washington and Tehran, said on Wednesday that the US-Iran memorandum of understanding (MoU) had entered into force with “immediate effect”.

Sharif said Iran would “instantly reopen” the Strait of Hormuz and the US would “immediately” lift its naval blockade of Iranian ports, though it was not immediately clear if the announcement had any effect on boosting maritime traffic in the critical waterway.

Shipping in the strait has been reduced to a fraction of peacetime levels due to the threat of Iranian missiles, drones and mines, as well as the US blockade.

While more than 500 vessels are estimated to be waiting to exit the Gulf through the strait, shipping companies have expressed concern about the lack of clarity on how to ensure the safety of their vessels and crews in the channel.

In a statement earlier this week, the Baltic and International Maritime Council (BIMCO), one of the world’s largest associations for shipowners, said the US and Iran had yet to provide information about “key aspects such as timings and safe routes”.

“Due to lack of details and a history of overly optimistic reassurances, we believe the security situation for the shipping industry remains volatile, and we still consider it very risky for ships to commence transits at this point,” Jakob Larsen, chief safety and security officer at BIMCO, said in a statement on Monday, responding to the initial announcement of the MoU.

“We advise shipowners to continue doing thorough risk assessments and appeal to all parties to put the safety of seafarers first.”

Brent crude drops to lowest price since early March before signing of framework deal to end US-Israel war on Iran.

Oil prices are continuing to drop, as hopes rise for a return to stability in global energy markets before the signing of a framework agreement on ending the United States-Israel war on Iran.

Futures for Brent crude due for delivery in August dipped nearly 1 percent on Wednesday, extending declines of about 5 percent on each of the previous two days.

The international benchmark stood at $78.24 a barrel as of 08:00 GMT, the lowest price since March 3, three days after the start of the war.

After rising more than 50 percent during the conflict, the price of crude on Wednesday afternoon in Asia was only about 7 percent higher than before the US and Israel launched attacks on Iran on February 28.

“The immediate prognosis, it seems, is optimistic and assumes no significant setbacks,” Tamas Varga, an analyst at PVM Oil Associates in London, said in a commentary.

“Over the last four trading sessions, Brent, for example, has fallen by $17 [per barrel], a discernible vote of confidence that the worst, at least as far as supply disruptions are concerned, is behind us,” Varga said.

Vandana Hari, the founder of the Singapore-based oil market analysis provider Vanda Insights, said that while the announcement of the US and Iran’s memorandum of understanding (MoU) has brought relief to markets, the “hardest part, on delivering the pledges and promises, is yet to come”.

“Crude’s slide is entirely sentiment-driven,” Hari told Al Jazeera.

“The market is front-running the prospective reopening of the Strait of Hormuz and likely pricing in the best-case scenario for the normalisation of flows, which means the potential hiccups from logistics to renewed geopolitical tensions are not being adequately factored in,” Hari said.

While many details of the MoU due to be signed on Friday remain unclear, Iran is expected to end its near-total closure of the Strait of Hormuz in exchange for the US lifting its blockade of Iranian ports, among other concessions.

The full reopening of the strait would be a crucial step towards restoring confidence in energy supply chains, after nearly four months of turmoil arising from the war.

Maritime traffic in the strait, which flows between Iran and Oman, has been reduced to a trickle due to the threat of Iranian missiles, drones and mines, reducing the global oil supply by an estimated 14 million barrels each day.

Even if the war does end, global energy flows are expected to take months to fully recover.

More than 500 vessels are estimated to be waiting to exit the Gulf through the strait, while the process of ensuring the channel is free of naval mines is likely to take weeks at a minimum.

Stephen Cotton, the general-secretary of the International Transport Workers’ Federation, said the signing ceremony scheduled to take place in Geneva, Switzerland, would be “at best the beginning” of a process of normalisation.

“The backlog of stranded vessels and the need for crew changes and rest mean a realistic return to normal shipping patterns is weeks, if not months, away,” Cotton said in a statement on Monday.

US Department of Justice claims NAACP lawsuit threatens ‘national, economic, and energy security’.

The United States government has intervened on the side of Elon Musk’s xAI in a legal dispute over a $20bn data centre, claiming that efforts to block a related power project threaten national security.

In a court motion filed this week, the Department of Justice requested the dismissal of a lawsuit accusing xAI of illegally operating dozens of natural gas turbines erected to power the Colossus 2 data center in Memphis, Tennessee.

The National Association for the Advancement of Colored People (NAACP), the largest civil rights group for African Americans, filed the lawsuit in April under the 1963 Clean Air Act, which allows citizens to seek injunctions and civil penalties against alleged polluters.

The NAACP alleges that xAI built the turbines, located in nearby Southaven, Mississippi, without obtaining the necessary permits, exposing hundreds of thousands of residents to harmful pollutants linked to “increases in asthma, respiratory diseases, heart problems, and certain cancers”.

The lawsuit notes that a “much larger share” of residents are Black compared with the US general population.

In its motion, filed in a US District Court on Monday, the Justice Department accused the NAACP of threatening “national, economic, and energy security by seeking to shut off the power supply for artificial intelligence innovation that supports the Department of War’s military operations”.

The motion also claims that the US Constitution vests the power to seek civil penalties “conclusively and preclusively” in the executive branch, including the “discretion to decide when such an enforcement action is unwarranted or inconsistent with federal enforcement priorities”.

Adam Gustafson, the top prosecutor at the Justice Department’s environment and natural resources division, said in a statement that the government would “not sit idly by while private organisations use environmental laws to undermine our national security”.

xAI, which is a subsidiary of Musk’s SpaceX, did not immediately respond to a request for comment.

Earthjustice, an advocacy group representing the NAACP in the lawsuit, condemned the intervention as a “massive power grab” by President Donald Trump’s administration.

“Trump’s Justice Department wants to shield Elon Musk’s data center company, xAI, from being held accountable for its illegal pollution – and it’s attempting to grab power from impacted communities, the courts, and Congress to do so,” Laura Thoms, director of enforcement for Earthjustice, said in a statement.

“There is no moral or legal precedent for this.”

Ann Carlson, a professor of environmental law at  UCLA School of Law, described the Trump administration’s argument as a “brazen attempt” to limit enforcement of the Clean Air Act.

“It’s based on a radical notion that the executive branch can dismiss lawsuits brought by citizen groups that Congress has authorised based on no rationale at all,” Carlson told Al Jazeera, adding that the Justice Department’s position would let “polluters off the hook even for blatant violations of the law.”

“This motion is also just one of many ways in which the administration is undermining efforts to protect air quality,” Carlson said.

The Trump administration has cultivated close ties with Musk, the world’s richest man, tapping the tech titan as a temporary cost-cutting tsar and using xAI’s flagship model Grok in the Pentagon’s drive to become an “AI-enabled fighting force”.

In testimony in support of Monday’s motion, Cameron Stanley, the Pentagon’s top official for AI, said that Grok had been used to launch more than 2,000 munitions at 2,000 targets within the first 96 hours of the US-Israel war on Iran.

If Grok cannot be deployed and upgraded due to “limitations in energy supply or limited reserve compute capability”, numerous tools used by the Pentagon would be “severely impacted”, Stanley said in a declaration made under oath.

WASHINGTON — Ever since Kevin Warsh was nominated by President Trump in late January to lead the Federal Reserve, a question has lingered: Will he seek to raise interest rates to tame inflation or cut them as Trump has long demanded?

On Wednesday, Warsh may provide the first hints of an answer when he oversees his first Fed policy meeting as chair and holds a news conference afterward. Bond markets, which can swing sharply on a chair’s pronouncements, will be watching particularly closely for any signs of which way he leans.

“We expect the press conference to be pivotal,” Jonathan Pingle, an economist at investment bank UBS, wrote in a note. “This will be Kevin Warsh’s first public appearance as Chair. … We do not really know what his policy views are.”

Economists say Warsh will likely aim for a neutral approach, largely because he is taking over the Fed at a challenging time. Rising inflation has made it all but impossible for the Fed to cut interest rates anytime soon, which could stimulate growth and further raise prices. Hiring has improved noticeably since the beginning of the year, removing another key rationale for rate cuts. And the other 11 policymakers on the Fed’s rate-setting committee — including Warsh’s predecessor, former chair Jerome Powell — are split on whether an increase in the Fed’s key rate will be needed or if it can stay unchanged.

High inflation puts Fed in tough spot

Oil prices have fallen sharply on news that the U.S. and Iran have reached an initial deal to end their war, which could eventually cool inflation. Yet it’s unclear whether a permanent agreement can be reached.

“The right thing to do now is wait and see,” said William English, an economist at the Yale School of Management and a former top Fed economist.

Inflation has jumped to a three-year high of 4.2%, the government said last week, mostly because of higher gas prices. Even Trump has backed off a bit from his relentless demands for lower rates, and instead has argued that rate hikes — which the Fed undertakes to cool the economy and slow inflation — aren’t necessary.

In an interview earlier this month on NBC’s “Meet the Press,” Trump said, “Kevin is fantastic and I want him to do whatever he wants,” but added, “there’s no reason to raise rates.”

On Wednesday, the Fed is widely expected to keep its key rate at about 3.6%, where it has remained since last December. When the Fed reduces its rate, over time it can lower other borrowing costs for things like mortgages, auto loans, and business loans.

Changes likely to dash hopes for those seeking lower rates

Still, some changes are expected, which will disappoint those hoping for lower borrowing costs: The Fed is likely to drop language that suggests its next move will be a rate cut, and instead adopt wording that is more neutral. Several Fed policymakers in recent weeks have said that the Fed’s most likely next move is a hike, rather than a cut.

The central bank is also scheduled to release its quarterly economic projections, which include forecasts for how the Fed’s key rate will change over the next three years, on Wednesday. In March, those projections suggested the Fed would cut its rate once this year. Yet on Wednesday they will likely show no change in 2026, with maybe one or two cuts next year, economists say.

Warsh has criticized the projections for providing too much “forward guidance” to financial markets and leading Fed officials to stand by their forecasts for too long, even as the economy changes. Fed watchers will look closely to see if Warsh participates in the quarterly projections. If he doesn’t submit his own forecasts, it could be a sign he will seek to get rid of them entirely in the coming months.

Warsh to bring a new approach to Fed leadership

Outside of policy, Warsh is expected to bring a different style to the Fed than Powell, according to people who’ve worked with him. He wants Fed policymakers to give fewer speeches, have more debates behind closed doors and will likely avoid commenting on the daily ups and downs of the economy. Powell was relatively plainspoken and straightforward, while Warsh has suggested he sees the famously oracular Alan Greenspan, the Fed’s chair from 1987 to 2005, as a model.

“He’s just going to say less, because he doesn’t find that stuff very helpful,” said Robert Tetlow, a former senior policy adviser at the Fed.

Randall Kroszner, an economist at the University of Chicago who served on the Fed’s governing board from 2006 to 2009, when Warsh was also a governor, said the new chair would likely focus on bigger-picture questions, such as how AI will impact the economy. He will avoid thornier issues, such as whether tariffs raise inflation, which Powell was willing to address.

By avoiding such hot-button issues, the Fed could attract less negative attention from the White House, Kroszner said.

“He’s going to stay away from those,” Kroszner added. “If the Fed is to maintain its independence, it needs to maintain its focus.”

While seeking Trump’s nomination, Warsh called for “regime change” at the Fed and criticized the central bank for not preventing the 2021-22 inflation surge, when prices jumped 9.1% in a year, the biggest spike in four decades.

Yet Kroszner said Warsh will likely to seek to build consensus around changing things like the Fed’s communications policies, rather than imposing them. So far, former Fed officials say he hasn’t sought to fire top staff.

“He’s not there to break things,” Kroszner said.

During his Senate confirmation hearing in April, Warsh said he would focus on quelling inflation.

“Inflation is a choice, and the Fed must take responsibility for it,” he said then.

If he acts on that sentiment by keeping rates unchanged — or even raising them — Trump could end up disappointed in another Fed chair. He often threatened to fire Powell, whom he also appointed, for not cutting rates deeply enough.

“There’s at least a risk here that six months down the road, Trump is fulminating about how he didn’t get what he wanted from Warsh, and he’d like to fire Warsh,” English said.

Rugaber writes for The Associated Press.

BEIRUT, Lebanon, June 16 (UPI) — Lebanon’s economy, shattered by the 2019 financial collapse, has suffered another major shock from the Israel-Hezbollah war, which has disrupted recent recovery efforts and hit the tourism sector — the country’s main revenue generator — particularly hard.

The war, which began in October 2023 when Hezbollah opened a support front for Gaza, escalated as Israel intensified its attacks and the Iran-backed regime resumed fighting in solidarity with Iran last March after 15 months of inactivity. It further deepened Lebanon’s economic crisis and left the country grappling with its repercussions.

Direct and indirect losses are initially estimated at $20-30 billion, reflecting extensive destruction and mass displacement caused by the conflict, along with severe disruptions to economic activity. Inflationary pressures have also intensified due to the closure of the Strait of Hormuz.

Nearly every sector of the economy has been affected.

The escalation in March dramatically expanded the scale of destruction, with more than 70 villages in southern Lebanon reduced to ruins by advancing Israeli troops. Entire neighborhoods were leveled, while businesses, public infrastructure, schools, hospitals, and roads suffered extensive damage.

Beirut’s southern suburbs and parts of the Bekaa Valley in eastern Lebanon were also heavily targeted by Israeli airstrikes, resulting in similar devastation.

Beyond the heavy casualty toll of 3,826 killed and 11,851 injured since March 2, the widespread physical destruction, and the displacement of 1.2 million people forced to flee their homes and villages under Israeli evacuation orders, the war has also resulted in significant indirect losses.

Unemployment rose as job losses mounted, while recession and inflation eroded household purchasing power, making people poorer.

The tourism sector was also badly hit, and the economy is expected to contract by between 7% and 10% in 2026 if the war continues, according to estimates by Finance Minister Yassine Jaber.

More critically, the recent escalation came as the reform-minded government of Prime Minister Nawaf Salam had begun putting the country on a path to recovery, and the economy was starting to pick up.

Despite the war — largely concentrated in southern Lebanon at that time — 2025 ended on a positive note, with the World Bank reporting modest GDP growth of 3.5 percent and a rebound in tourism.

A key highlight was a visit by Pope Leo XIV, which raised hopes and called for peace, alongside approximately 1.63 million visitors; an increase of 44.6% compared with the previous year.

“That showed that demand for Lebanon was returning… The escalation in March interrupted that momentum,” Tourism Minister Laura Khazen Lahoud told UPI.

Lahoud explained that the collapse became visible in cancellations, empty restaurants, very low hotel occupancy, and travel agencies shifting from selling trips to managing cancellations.

According to figures released by the relevant syndicates, travel and tourism activity declined by around 80%, while hotel occupancy in Beirut fell to roughly 7-10%, occasionally reaching 12%.

Tourism activity became concentrated in “a very small number of spots,” where hotels sought to attract displaced people seeking refuge in safer areas, according to Lahoud.

Charles Arbid, President of Lebanese Economic Social and Environmental Council, explained that the country was in “a state of stagflation,” with little economic activity or production, inflation reaching 20%, and businesses closing down or partially operating.

“This is a catastrophic economic situation, following a prolonged period of weak growth and the accumulation of structural economic problems,” Arbid said in an interview with UPI, referring to the drop in government revenues due to the inability to pay taxes and the complete halt of economic activity in southern Lebanon.

He was particularly concerned about the impact of the war on the population, as many were losing their jobs and depleting their remaining savings to cope with the spiraling inflation.

He said Lebanon is facing “a social and societal crisis,” exacerbated by the massive displacement, and would need a “Marshall Plan” for reconstruction, rehabilitation of its crumbling infrastructure, securing the return of the displaced to their villages, and supporting economic recovery.

In the meantime, many are struggling to keep their businesses afloat and secure an income.

Mohammad Farid, who has been displaced three times with his wife and son from their home in Beirut’s southern suburbs since 2024, has not given up despite suffering heavy losses: $250,000 after an Israeli strike destroyed a solar panel project he had co-partnered in the village of Ansar in southern Lebanon, and about $100,000 from two shops badly damaged in Israeli strikes in Beirut’s southern suburbs.

Farid and his wife, Malak, had started a new business, Oilganic, specializing in cold-pressed organic oils shortly before the 2023 war erupted, importing oil press machines from China and renting their first shop.

Their business began to flourish, expanding into online sales and building a strong reputation.

“That came to a halt when the war extended to our area, forcing us to leave and then return after a truce was reached, rent a new shop, and see it destroyed again months later,” Farid told UPI.

They were again displaced, taking refuge at their friends’ house in the mountains, where they resumed production on a smaller scale using small oil-press machines.

“We are doing our best so as not to lose our clients,” Farid said, determined to grow his business and relocate to his native border village of Naqoura in southern Lebanon after the war ends. “I want to go back to the south, rebuild our house, and continue my oil business there. This is our land, and we will never give it up.”

A glimmer of hope for ending the longest and most devastating war between Israel and Hezbollah emerged after the United States and Iran reached a memorandum of understanding, which was due to be signed in Geneva on Friday.

The agreement includes a full ceasefire in Lebanon, which has not yet been fully observed by either side.

A cessation of hostilities, or even a durable de-escalation, could bring much-needed relief, starting with salvaging part of the summer tourism season, largely relying on Lebanese expatriates and the diaspora.

Lahoud said the diaspora would help sustain the sector but noted that a very large segment of the diaspora, whether in West Africa or northern Europe, originates from southern Lebanon and would be less likely to visit this year.

She explained that the tourism sector has survived repeated shocks, but emphasized that “businesses cannot absorb losses indefinitely,” with hotels, restaurants, travel agencies, transport companies, event organizers, and seasonal workers remaining under real pressure.

As the region is being reshaped by major developments, Lebanon is looking to close the chapter of war and move into a period of peace, engaging in U.S.-mediated direct negotiations with Israel for the first time.

Arbid appeared confident that Lebanon “is heading into a better phase,” one that would require a new political understanding and security stability.

“That would pave the way for reconstruction and recovery… It will be a long journey, but we will make it in the end,” he said.

Benchmark S&P 500 rises 1.7 percent, while tech-heavy Nasdaq jumps 3.1 percent.

US stocks have rallied on hopes that the tentative deal to end the US-Israel war on Iran will restore stability to energy supply chains roiled by months of disruption in the Strait of Hormuz.

The S&P 500 rose 1.7 percent on Monday, taking the benchmark index within touching distance of its all-time high.

The tech-focused Nasdaq Composite jumped 3.1 percent, aided by a 19.6 percent gain by SpaceX, which on Friday made the biggest market debut in history and minted the world’s first trillionaire in Elon Musk.

The blue-chip Dow Jones Industrial Average climbed 0.9 percent, closing at a record high.

Brent crude futures, the primary benchmark for global oil prices, fell nearly 5 percent to just above $83 a barrel, the lowest price since the first week of the conflict.

Asian stock markets were largely flat on Monday morning, after surging the previous day on the back of US President Donald Trump’s announcement of his deal with Tehran.

As of 01:30 GMT, Japan’s benchmark Nikkei 225 was 0.01 percent lower, while South Korea’s Kospi, the best-performing major index this year, was down 0.06 percent.

In Taiwan, the TAIEX was up 0.2 percent.

Hong Kong’s Hang Seng Index was down 0.07 percent.

Jay Goldberg, a senior analyst for tech-related equities at the Chicago-based Seaport Research Partners, said the announcement of the US-Iran deal had tilted investors’ risk balancing act towards buying into the market.

“To oversimplify, the debate has been: AI spending is strong, but there’s a war going on,” Goldberg told Al Jazeera.

“The war is over, it seems, so that side of the argument falls away. Investors are now feeling better about taking on more risk,” Goldberg said.

While Washington and Tehran’s framework has raised hopes for a return to stability in global energy markets, it is expected to take months before energy flows fully return to normal, due to the massive backlog of vessels around the Strait of Hormuz and the need to ensure the waterway is safe from Iranian naval mines.

According to the International Shipping Chamber, about 500 ships are still waiting to pass through the strait, which normally carries about one-fifth of global supplies of oil and liquefied natural gas.

The preliminary deal to end US-Israel war on Iran has sent oil prices tumbling to a three-month low amid hopes that the Strait of Hormuz will reopen.

But it could be months before American consumers see major relief at the petrol pump.

The closure of the strategic chokepoint disrupted global energy markets for more than three months, cutting off a major shipping route through which roughly one-fifth of the world’s oil and liquefied natural gas normally passes.

On Sunday, US President Donald Trump said prices would “drop like a rock” once the strait reopens, a claim he has made multiple times in the past few weeks.

However, experts caution that a major decline in prices is unlikely to happen as quickly as Trump suggests.

While Asian markets rely more heavily on oil shipped through the Strait of Hormuz than North American markets, tighter supply and steady demand have pushed prices higher worldwide.

On Monday, petrol prices in the US remained above $4 per gallon (3.78 litres), averaging $4.06 nationwide, according to the American Automobile Association (AAA). This was a dip from a high in early May of $4.48 per gallon.

By comparison, prices stood at $2.98 per gallon on February 28, when the US and Israel first struck Iran, triggering a ripple effect across global energy markets.

Energy prices have risen sharply in the US in recent months, increasing 7.7 percent over the last two months alone, and are up 40 percent from a year ago, according to last week’s inflation report from the Labor Department’s Bureau of Labor Statistics,

However, prices are beginning to fall, a dip that began as Washington and Tehran entered negotiations.

“The potential deal that the US and Iran agreed to over the weekend certainly could pave the way for even lower prices… in the next two to three days by what we saw over the weekend,” Patrick De Haan, head of petroleum analysis at GasBuddy, which tracks petrol prices, told Al Jazeera.

But De Haan expects a plateau and says that consumers may not see gas prices at pre-war levels until 2027, even if the ceasefire holds.

“It may take many months, if not beyond a year, for global oil inventories to recover to pre-war levels,” De Haan said.

Amid strains on the supply chain, producers will also need time to ramp up output, while port bottlenecks and heightened demand during the busy summer travel season could delay any substantial relief for everyday consumers.

“There are some mitigating factors that are going to slow the decline in prices. There are a lot of organisations and companies that have to re-up their stockpiles [like the US’s strategic petroleum reserve] and fulfil contracts that have been on hold for the last few months,” John Deal, managing director of capital markets at the Post Oak Group investment bank, said.

Supply chain strains

Fixing kinks in the supply chain takes time.

Oil production slumped amid the war. More than 14 million barrels per day, or 14 percent of the world’s demand, has been shut, according to the International Energy Agency.

Deal said it would take time to get oil production back online.

“My sense is that there’s going to be sustained high demand through the summertime, and we probably won’t get back to pre-war levels [on petrol prices] until after the summer, maybe September or October,” Deal said.

Mark Jones, a professor of political science at Rice University, said that producers might be reluctant to bring full operations back online until they can see the ceasefire hold.

The agreement opening the blockade is for a 60-day negotiation period between the two countries.

“Many [producers] may be reluctant to restart production until they are convinced that the peace will hold, because the last thing they want to do is carry out the costly effort to restart production only to see the conflict revived and then have to shut it down once again,” Jones told Al Jazeera.

Getting production back online is also dependent on the impact individual producers have faced throughout the war.

Refineries that were shut as a precaution could reach as much as 95 percent capacity within 40-60 days, Vitol Bahrain’s head of research, Bader Nooruddin, told the Reuters news agency. Those damaged in the fighting could take much longer.

But bottlenecks at ports could be the biggest hurdle, according to Deal.

“There’s a lag time with shipping capacity. Shipping capacity is perhaps the most significant constraint,” Deal said.

This is because there are more than 500 ships still awaiting passage, according to shipping data from Kpler.

With the ships headed all over the world, it will take them weeks to reach their destinations, dock, and unload at the ports.

That also means a wave of empty ships is waiting in limbo for spots at ports to load cargo and ramp back up to normal operations.

Major shipping giants are in a holding pattern.

Norway’s Wallenius Wilhelmsen and Denmark’s Maersk both told Reuters that they have not changed their Middle East operations in the wake of the announcement.

During the war, there was limited passage through the Strait of Hormuz, with an average of 10 ships a day passing through, compared with 135 that normally transit the waterway, according to an analysis by Bloomberg.

“Tankers take months to reach their final destination and then come back again. So the ability to replenish the stocks is going to take until, I think, the early fall, just from a shipping perspective, to get back to the status quo that was in place before the conflict started,” Jones said, referring to the preferred term for the months of September through November in North America.

At the same time, US strategic reserves are running low, at their lowest levels since 1983. Reserves have tumbled by 18 percent since the war began.

“Demand might keep prices high through the summer as strategic reserves get refilled,” Deal added.

Jet fuel demand will also put pressure on consumers amid the normally busy JuneAugust travel season in the US.

“The war has really affected airlines and their ability to schedule and anticipate how the summer months are going to go,” Deal added.

In April, United Airlines CEO Scott Kirby said that airfares for the carrier may have to jump as much as 20 percent on higher fuel prices.

Grocery woes

The increase in prices is also hitting food budgets.

The most recent consumer price index report showed US inflation ticked up by 4.2 percent compared with this time last year. While inflationary pressures were mostly driven by fuel prices, the impact has still been felt at the grocery store.

Almost half of the world’s urea, which is used in fertiliser, is produced in the Gulf region and passes through the Strait of Hormuz. For American farmers, that means access to fertilisers for the next crop season is more expensive.

Tomato prices, already driven up by Trump’s tariffs on Mexico, have surged 40 percent in the last year amid rising transportation costs.

Lettuce prices rose by more than 16 percent in May, and the price of ground beef increased by about 12 percent compared with this time last year.

Jones warned that food prices may not go down.

“Many retailers, wholesalers, and producers will keep them where they are or only reduce them if forced to from a sales perspective. Unlike petrol, which tends to ebb and flow with the price of oil, prices for many other goods that have been adversely affected by all of this are much less likely to return to where they were prior to the start of the conflict,” Jones said.

“For groceries, for manufacturing goods, for anything that has gone up during the conflict, the price that is there now often becomes the new baseline from which prices move in the future.”

This can be compared with the COVID-19 pandemic period. When the pandemic stalled supply chains, producers increased prices. A 2024 investigation by the Federal Trade Commission found that retail grocers kept prices elevated after supply chain constraints brought on by the pandemic had eased.

“Some in the grocery retail industry seem to have used rising costs as an opportunity to further raise prices to increase their profits,” the report said.

The lawsuit originally filed in September focused on broader alleged misappropriation of confidential information.

A United States federal judge has dismissed a lawsuit by Elon Musk’s artificial intelligence company xAI that accused rival Sam Altman’s OpenAI of stealing trade secrets for chatbots.

US District Judge Rita Lin in San Francisco said on Monday that xAI failed to show that OpenAI induced former xAI senior engineer Xuechen Li to divulge confidential information related to its Grok chatbot, or that OpenAI engineers knew Li might have disclosed any.

Lin dismissed the lawsuit with prejudice, saying it would be “futile” to continue. She dismissed an earlier version in February. The lawsuit originally filed last September focused on broader alleged misappropriation of confidential information, including source code, by xAI employees who left for jobs at OpenAI.

Monday’s decision is Musk’s second legal loss against OpenAI in four weeks.

On May 18, a federal jury ruled against Musk, the world’s richest person, in his $150bn lawsuit accusing OpenAI and Altman of “stealing a charity” by betraying the company’s original mission as a nonprofit to enrich themselves.

The xAI business is part of Musk’s rocket, satellite and AI company SpaceX.

Lawyers for xAI did not immediately respond to requests for comment. OpenAI and its lawyers did not immediately respond to similar requests.

Discussing past work

The amended complaint focused on a presentation that Li gave while OpenAI was recruiting him.

Musk’s company said OpenAI wanted secrets related to the July 2025 release of Grok 4, knowing its forthcoming update to ChatGPT “could not compete” on complex reasoning, and because OpenAI was “lagging” in reinforcement learning and post-training techniques that Li understood.

But the judge said asking job candidates to discuss their prior work was routine, and one could not infer that OpenAI pushed Li to leak anything confidential.

“To hold otherwise would potentially expose employers to liability any time they inquire about a candidate’s past work,” Lin wrote.

OpenAI has said Li never worked for the company and that it never acquired xAI secrets.

In seeking dismissal, lawyers for OpenAI wrote: “OpenAI does not need or want anyone’s trade secrets, especially not from xAI, which is failing in the marketplace and hemorrhaging talent.”

Li is being sued separately by xAI and has denied wrongdoing.

SpaceX lands on public markets as the sixth largest US company by market value.

SpaceX has debuted on US markets with a market valuation of more than $2 trillion, minting CEO Elon Musk as the world’s first trillionaire.

Shares are set to open on Friday at $150 per share, marking a 6.6 percent increase from the initial public offering (IPO) price, valuing the company at $1.96 trillion putting the aerospace company on track to become the sixth-largest company in the United States.

The company sold $75bn in shares, immediately valuing it at $1.77 trillion. The IPO was oversubscribed four times higher than was otherwise expected, according to the Reuters news agency.

Of the institutional investors allocated, according to Bloomberg News, as much as 70 percent went to what are called long-only investments — a strategy in which holders buy assets based on the expectation that their value will grow over time — and sovereign wealth funds, including those from Saudi Arabia and Kuwait as well.

SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnsen rang the Nasdaq MarketSite in New York City opening bell at 9:30am local time as US markets opened.

On Thursday, protesters gathered outside the MarketSite to protest the IPO amid continued allegations that Grok, part of xAI, a subsidiary of SpaceX, allowed users to create non-consensual deepfake sexualised images before the IPO debut.

Shares of SpaceX did not trade until the middle of the trading day as the exchange collected buy and sell orders and underwriters delayed trading until supply and demand were balanced.

“We would expect SpaceX to see an immediate pop in trading due to the hype around the deal, north of 20 percent perhaps,” said Samuel Kerr, global head of equity capital markets at Mergermarket. “Anything lower would actually make me nervous.”

Exchanges and trading firms are eager to avoid the technical mishaps that marred Meta’s 2012 debut. With SpaceX widely viewed as a dress rehearsal for a new generation of mega-listings, market participants will also be watching for signals on investor appetite in advance of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.

The landmark listing cemented Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the world’s most valuable companies — even though the firm posted a loss of nearly $5bn last year and generated only a fraction of the revenue brought in by similarly valued tech giants.

The surge comes amid growth driven by its Starlink subsidiary, which drives as much as 80 percent of its revenue.

On Friday, SpaceX launched its Falcon 9 rocket with 29 satellites into space from Cape Canaveral in Florida.

Wall Street and Asian markets rally on hopes for an end to the US-Israel war on Iran.

Stock markets have surged following US President Donald Trump’s announcement that he called off planned strikes against Iran and a peace deal with Tehran is imminent.

Wall Street’s benchmark S&P500 index finished nearly 1.8 percent higher on Thursday, ending a three-day streak of losses for the biggest single-day gain since April.

The tech-focused Nasdaq Composite jumped 2.5 percent, while the older, blue-chip Dow Jones Industrial Average gained about 1.9 percent.

The rally continued in the Asia Pacific on Friday, with markets in Japan, South Korea, Taiwan, Hong Kong, and Australia racking up gains.

South Korea’s Kospi, the best-performing major index this year, surged more than 8 percent in morning trading, while Japan’s benchmark Nikkei 225 rose as much as 4 percent.

Taiwan’s TAIEX gained about 2.4 percent, and Australia’s ASX 200 rose about 1.8 percent.

In Hong Kong, the Hang Seng Index was up more than 1 percent.

Brent crude, the primary international benchmark for oil prices, fell about 1 percent to below $89.50 a barrel on hopes for a return to normality in the Strait of Hormuz, which in peacetime carries about one-fifth of global energy supplies.

The market rebound came after Trump on Thursday suggested that a deal to end the war on Iran could be signed as soon as this weekend.

“We just made a great settlement of the war with Iran… subject to finalisation of documents,” Trump told reporters in the Oval Office of the White House.

Iran has not publicly confirmed Trump’s claims, but a Ministry of Foreign Affairs spokesman told reporters a memorandum of understanding with the US is “under consideration”.

“For the rally to be sustained, investors will want to not only see the actual deal being signed, but a complete reopening of the Strait of Hormuz,” Khoon Goh, head of Asia research for ANZ Bank, told Al Jazeera.

“Only then will we see the gains extend.”

Fabien Yip, a market analyst at the online broker IG Group in Sydney, Australia, said the rally reflected a “meaningful easing of geopolitical risk”, as well as anticipation over Friday’s market debut of SpaceX, set to be the largest of its kind in history.

“The broader read on today’s Asian follow-through is that dip-buying interest remains genuine,” Yip told Al Jazeera.

“That matters for how you characterise what’s happened over the past week.

“This looks less like a structural break in the bull market and more like a healthy reset after a rapid, near-straight-line advance, the kind of consolidation that can potentially extend a rally’s longevity.”

The Washington institution cut its global growth forecast by 0.4 percentage points to 2.5 percent, citing surging energy prices, inflation and borrowing costs.

The conflict in the Middle East is set to bring global economic growth to its slowest since the COVID-19 pandemic, the World Bank has warned.

In its latest Global Economic Prospects report, published on Thursday, the Washington-based institution cut its global growth forecast for 2026 to 2.5 percent from the 2.9 percent it had predicted in January, citing surging energy prices, rising inflation and higher borrowing costs.

The report highlights the significant economic costs of the conflict, which is at risk of flaring up again, as the fragile ceasefire between the United States and Iran is tested on both sides.

The analysis warns that the outlook could decline further if supply disruptions worsen. Iran’s closure of the Strait of Hormuz – a vital passageway for oil and gas transit – in response to the hostilities launched by the US and Israel has put huge stress upon global energy and other supply chains.

The World Bank estimates that Brent crude prices — the international oil benchmark — will average $94 a barrel this year, 36 percent above last year’s average. Fertiliser prices are forecast to increase significantly this year, with knock-on effects for food prices.

Overall, the closure of the strategic waterway will help to push global inflation to 4 percent this year, a substantial increase from last year’s rate of 3.3 percent.

However, the World Bank cautions that global growth could plummet to as low as 1.3 percent this year, should energy supply disruptions worsen, with inflation pushing to 4.4 percent.

The World Bank report also cautions that developing countries are on the front line of the potential impact.

In its report, the institution has downgraded its growth forecasts for two-thirds of countries since January. Global growth is expected to improve to 2.8 percent in 2027, but will remain 0.4 percentage points below the average during the 2010s, during which the world economy was recovering from the global financial crisis.

Excluding China and India, the report worries that developing countries have made little progress towards narrowing their per capita income gap with wealthy nations over the past decade.

“Developing countries have faced a series of challenges over the last decade,” said Ajay Banga, president of the World Bank Group. “The impact differs by country, but the basic test is the same: protect people and preserve stability today, without giving up on growth and jobs tomorrow.”

The World Bank is pledging to assist any developing country experiencing the economic fallout of the Middle East conflict. The organisation says it has set aside up to $60bn to help. It added that if the conflict persists, it can increase its support to $100bn.

Monduli, Tanzania – When drought wiped out most of her family’s livestock, 30-year-old Nesirkar Loongidong’i, a Maasai mother of four from Selela village in northern Tanzania, found herself with very few options. The dry season had already killed most of their animals.

Today, she makes a living growing and selling drought-resistant livestock fodder.

“Before I planted fodder, I lost most of our goats. Now, people come from other villages to buy grass, and I can support my children. I don’t fear drought anymore,” Loongidong’i told Al Jazeera.

With the income, she has built a house and bought five goats.

Loongidong’i’s story is part of a much larger and fast-growing shift. Across northern Tanzania, Maasai women, part of a community of about 430,000 people, are turning fodder production from a survival tactic into a climate-adaptation business. The work is coordinated by the Pastoral Women’s Council (PWC) and is spreading across pastoral districts.

The PWC is a women-led membership organisation working across three northeastern districts, covering more than 28,000 square kilometres (10,810 square miles) and serving about 456,000 people, most of them Maasai pastoralists. Founded in 1997, it now counts around 6,500 members in 90 villages, with years of work focused on land rights, economic empowerment, and girls’ education.

For Loongidong’i, it all comes down to growing pasture grass without irrigation. Because demand remains steady, so does her income, and with it, her household’s stability. Today, she lives in a home with a metal roof, and nearby, her goats graze in a fenced area as their numbers slowly grow again.

According to Tanzania’s Ministry of Livestock and Fisheries, at least 306,358 animals, including cattle, goats, sheep, and donkeys, died between September 2021 and January 2022 due to prolonged drought. In Simanjiro district alone, 92,047 livestock were lost, wiping out livelihoods across pastoral communities.

In response, the PWC established 10 major grass seed banks across eight villages in Monduli and Longido districts. Today, about 75 hectares (185 acres) are under fodder production, with another 37 hectares (90 acres) expected to be added in the 2025-2026 season. Around 250 women directly manage these farms, while thousands of herders now depend on them for feed during dry seasons.

The impact is already visible. In 2025, a single seed bank earned 6.6 million Tanzanian shillings (about $2,500) from seed sales, along with 1,111 hay bales sold at 6,000 shillings ($2.30) each. For many women, this has shifted their role from dependents to economic providers.

Backed by organisations such as the Global Fund for Women and Oxfam, the PWC is now seen as offering a replicable model for protecting a livestock economy worth millions of dollars.

This shift is no longer limited to survival. Across northern Tanzania, it is becoming a quiet but steady form of enterprise, reshaping daily life in pastoral communities.

From survival to business

In Longido and Monduli, deep in northern Tanzania, Maasai life has been slowly changing. As traditional grazing patterns weaken under worsening droughts, women are increasingly taking on roles once tied only to herding, now growing pasture for income on open communal land.

Loongidong’i explains that what began as a way to survive dry years has now become a reliable source of income for many women. In the past, planting hardy grasses such as Cenchrus ciliaris was simply about keeping livestock alive. Today, it is also a business.

To respond to declining rainfall, women grow resilient species such as Rhodes grass (Chloris gayana) and Masai love grass (Eragrostis superba) on designated community plots. These grasses stay green longer than natural pasture during dry periods. Once harvested, they are bundled and sold to local herders as animal feed.

“Seeds are also saved and traded later when demand rises,” Loongidong’i says, adding that this cycle now supports many households across arid areas.

Herding families also benefit during drought periods, when natural grazing disappears and these managed plots become a lifeline for livestock.

The seed bank project, managed by Naisho, the group Loongidong’i works with under the PWC, generated about 6.6 million Tanzanian shillings ($2,514) from seed sales, alongside more than 1,000 bales of grass. Small in scale, but steady in output, it has proven what organised local production can achieve.

For the Maasai, cattle are more than livestock; they are the centre of daily life, economy, and identity. When rains fail, the impact is immediate: animals weaken, and families struggle.

As in many pastoral communities, women carry much of the responsibility for daily survival, from food preparation to fetching water and caring for children. Now, alongside those roles, they are also becoming earners.

“Women who once depended entirely on their husbands now have their own income,” says Rachel Letiety, a founding member of the PWC. “Families are becoming more stable. Men are beginning to value women’s contributions, especially during droughts.”

Ongoing challenges

Still, the progress comes with challenges.

Loongidong’i says some farms are affected when weeds take over and when fences break, allowing livestock, and sometimes wild animals, to destroy carefully cultivated plots.

“I have seen invasive plants ruin large parts of our farms,” she says. “And sometimes animals enter and destroy what we have worked on for months. It is not easy to guard these fields every day.”

She also points to tensions within groups, where disagreements sometimes arise over responsibilities and how income is shared.

At present, with support from organisations such as Justdiggit, Trees for the Future, and Swissaid, around 200 women are directly involved in the project. Many more benefit indirectly, especially during drought periods when pasture becomes scarce.

“This work prevents our cattle from dying and keeps them healthy,” says Nairiyamu Laizer, a mother of three and secretary of the Naisho group. “It also helps sustain the bulls we raise.”

“If all women take up this opportunity, these projects can lift our economy,” she adds.

“We harvest the grass and sell it; some buyers use it for cattle feed, others for thatching houses. We also grind some of it into animal feed,” she says.

For Loongidong’i and many Maasai women, growing fodder is no longer just about surviving difficult seasons. It has become a new beginning, reshaping livelihoods and the place of women in pastoral life.

“Now women help bring money into their homes,” she says, “and families are becoming more stable.”

This article is published in collaboration with Egab.

Former airline captain charged with fraud after allegedly commanding more than 900 flights without required credentials.

A former airline pilot in Canada has been arrested for allegedly flying hundreds of flights without a proper licence for nearly 17 years.

Police in Peel, Ontario, said on Tuesday that they had charged former Air Canada captain Geoffrey Wall with fraud and other charges following a four-month investigation.

The Peel Regional Police said Wall, 59, had used fraudulent pilot licences to command more than 900 domestic and international flights between 2009 and 2025.

Police said they obtained evidence to suggest that Wall had deceived both Air Canada and civil aviation authorities about his credentials before his retirement in 2025.

While Wall did hold a valid commercial pilot licence, he did not have an airline transport pilot licence, the highest level of pilot certification required to captain commercial aircraft, police said.

Wall faces one count of fraud, two counts of uttering forged documents, three counts of possessing a counterfeit trademark, and one count of public mischief.

Al Jazeera was unable to locate Wall’s legal representatives for comment.

“This case is deeply concerning and strikes at the heart of public trust and safety, as the accused is alleged to have put hundreds of thousands of passengers at risk across more than 900 domestic and international flights,” Peel Regional Police Chief Nishan Duraiappah said in a statement.

Air Canada said that while it viewed the pilot’s alleged actions with “utmost seriousness”, passenger safety had not been compromised, as all pilots undergo mandatory training every six months to assess their competency, in addition to an annual flight check with a certified pilot.

The airline said that Wall had “successfully met or exceeded” his training requirements and demonstrated “a high level of competency to safely operate large aircraft”.

The Canadian flag carrier also said it had found no other instances of non-compliance with licensing requirements following an audit of its pilots.

“Immediately upon Air Canada’s discovery of this, the individual was removed from active duty, and the company voluntarily reported the matter to Transport Canada,” the airline said in a statement.

Hassan Shahidi, a licensed pilot who heads the US-based Flight Safety Foundation nonprofit, described the charges against Wall as an “exceptionally rare case”.

“If the allegations are proven, the key issue isn’t that an untrained person was flying airliners, but that this pilot bypassed a fundamental regulatory requirement for many years,” Shahidi told Al Jazeera.

“The case could point to weaknesses in licence verification and oversight processes, particularly if fraudulent credentials were able to evade detection for so long.”

Shahidi said that Wall’s alleged actions did not appear to have exposed passengers to the same level of risk that they would have faced if an untrained pilot were at the controls.

“The larger concern is the apparent failure of a regulatory safeguard that is supposed to ensure trust in the system,” he said.

Caracas, June 9, 2026 (venezuelanalysis.com) – Venezuela has registered the lowest month-to-month inflation figure since October 2024.

According to the Venezuelan Central Bank (BCV), consumer prices went up by 6.3 percent in May. Inflation has fallen for four consecutive months after hitting 32.6 percent in January, following the US military attack and kidnapping of President Nicolás Maduro.

Overall, prices have more than doubled in the first five months of 2026, and accumulated 12-month inflation currently stands at 525 percent. 

Despite the widespread use of the US dollar in cost structures, prices have likewise gone up by 12.5 percent over the last year when measured in USD, meaning a loss of purchasing power even for those with incomes pegged to the official exchange rate.

Venezuela’s inflation remains heavily correlated with currency instability. Despite the Central Bank devaluing the USD-bolívar exchange rate by more than 30 percent since March and providing significantly increased volumes offoreign currency to the private sector, a 30-40 percent gap remains between the official and parallel market rates.

Since January, the BCV has directed over US $5.5 billion in foreign currency via bank-run exchange tables, at more than double the rate of 2025, according to figures from Banca y Negocios. However, the chasmbetween official and parallel rates has persisted.

Many economists have identified the stabilization of the foreign exchange market as a necessary step for macroeconomic recovery, but critics have pointed to a lack of regulation and accountability in forex allocation as fueling currency speculation.

Caracas’ monetary and fiscal policy is presently subject to US control. Since January, the Trump administration has mandated that Venezuelan export revenues, principally oil sales, be deposited in US Treasury accounts. Washington returns an undisclosed portion of the proceeds at a time of its choosing.

The White House has likewise imposed that disbursed funds be channeled directly to the private sector via foreign exchange auctions, as well as outside auditing of Central Bank accounts by consulting giant Deloitte. Secretary of State Marco Rubio indicated in January that the Venezuelan government headed by Acting President Delcy Rodríguez would need to submit a “budget request” before accessing its own resources.

For its part, the Rodríguez administration has fast-tracked a series of pro-business reforms tailored to attract foreign investment, including in the oil, mining, and electricity sectors. 

As part of efforts to court US investors, Economic Vice President Calixto Ortega reportedly took part in a closed-door meeting with US officials and corporate representatives hosted by the Atlantic Council, a hawkish Washington-based think tank funded by the US government, its allies, and major corporations.

The opening to foreign investment has seen Western business executives flock to Caracas in recent weeks, often escorted by White House officials, to explore opportunities. Pro-Trump tech billionaires such as Fred Ehrsam have made repeated visits, while Peter Thiel’s Erebor Bank struck a corresponding banking agreement with Venezuela’s largest public bank.

Javier Kulesz, a strategist from investment bank Jefferies, relayed optimism after a visit to the South American country and forecast an imminent “stream of announcements” related to the country’s debt restructuring and investments in key economic sectors.

Edited by Lucas Koerner in Caracas.

The National Aeronautics and Space Administration, better known as NASA, has unveiled the crew for its upcoming Artemis III spaceflight, a preparatory mission as the United States plans to return to the Moon.

On Tuesday, it was revealed that astronauts Andre Douglas, Frank Rubio, Luca Parmitano and Randy Bresnik will be leading the flight. Serving as a backup is veteran test pilot Bob Heintz, who is able to substitute into any role.

Their two-week mission will focus on collecting research and practising in-space docking procedures in preparation for a future Moon landing.

While no women were named to the Artemis III flight, the newly announced crew represents a range of experiences and backgrounds.

Making his first spaceflight is Florida-born engineer Douglas, 40, who was a backup crew member for NASA’s last major spaceflight, Artemis II, which flew a loop around the Moon.

Douglas will serve as mission specialist on Artemis III, and his presence on the flight will make him one of roughly two dozen African American people to travel to space, out of a population of hundreds of space travellers so far.

Also serving as mission specialist will be Rubio, a 50-year-old Salvadoran American physician who used to pilot Black Hawk helicopters for the US Army. He currently holds the record for the longest single-duration spaceflight by a US astronaut, at 371 days.

The oldest member of the four-man crew is its 58-year-old commander, Bresnik. A former US Navy test pilot and Marine, Bresnik is the only Artemis III crew member to have participated in a space shuttle mission, back in 2009. That programme has since been retired.

More recently, in 2017, Bresnik served as the commander for the International Space Station.

The fourth and final member of the Artemis III mission is its pilot, Parmitano, 49. He will be the only astronaut on the mission who is not a US citizen.

Born in Paterno, Italy, Parmitano has a background in his country’s air force. In 2019, he too served as commander on board the International Space Station, becoming the first Italian to do so.

“ Each of you possess a unique background,” said NASA administrator Jared Isaacman, who introduced the astronauts. “Your vast experience and unwavering dedication to NASA’s mission enables you to help make us and take this next great step in space exploration.”

The Artemis III mission will be a public-private partnership. Three rockets will blast off as part of the initiative.

One will carry the four-man crew into orbit around Earth in an Orion spacecraft. Another two rockets will bear aloft Moon lander models from Blue Origin and SpaceX, private firms owned respectively by tech entrepreneurs Jeff Bezos and Elon Musk.

The Orion spacecraft will then practice rendezvous procedures with each of the two landers, in preparation for similar manoeuvres during future Moon missions. The Artemis III flight is set to take off before the end of 2027.

“Artemis III will be an extraordinary demonstration of what is possible when the greatest aerospace companies across the United States, alongside our European partners, come together to showcase the technological might and ambition of the free world,” said Isaacman, a Trump appointee who has experience commanding private space flights for SpaceX.

Explosion prompts concern

The mood at Tuesday’s unveiling ceremony was celebratory, as each newly announced astronaut took the stage to soaring music and standing ovations.

But looming over the event were concerns related to the explosion of an uncrewed Blue Origin New Glenn rocket in Florida on May 28.

That blast sent a mushroom cloud billowing above the city of Cape Canaveral, and it caused severe damage to a launchpad complex where the takeoff was scheduled.

Representatives from both NASA and Blue Origin, however, took the stage to wave aside any concerns.

“While we recognise there are questions about how Blue Origin’s recent anomaly impacts our plans, setbacks are a learning opportunity,” said Jeremy Parsons, NASA’s acting deputy administrator.

He added that NASA was taking an “active role” with its partners to “ensure the right outcomes are achieved”. The private firms, in turn, were granted “unparalleled access” to NASA experts, technology and test facilities.

“We are confident that New Glenn will be ready for Artemis III, together with Blue Origin,” Parsons said.

John Couluris, a representative for Blue Origin, likewise described the May 28 explosion as an “anomaly”.

“We’ve redoubled our efforts and are moving forward,” Couluris said, describing Blue Origin’s factories as “running around-the-clock shifts” to be ready for the Artemis III launch.

“We will measure ourselves not only by our successes but how we respond to setbacks.”

Race to the Moon

The race to beat China’s space programme was another theme that cropped up during Monday’s ceremony.

Several speakers alluded to China’s growing lunar landing programme, a rival to NASA’s efforts.

Earlier this year, the China Manned Space Agency announced its intentions to place a person on the Moon by 2030. Already, in 2024, China became the first country to retrieve soil samples from the far side of the Moon using robotics.

But lunar missions have been a point of pride for the US, which holds the distinction of completing the first crewed mission to the Moon in 1969.

Last April, the Artemis II flight marked the US’s return to lunar travel. For the first time since 1972, a crewed capsule flew beyond low Earth orbit, and it broke records for the farthest crewed flight into space.

Next year’s Artemis III mission is set to build on that effort. The administration of US President Donald Trump has signalled it would like to see astronauts land on the Moon before the Republican leader’s term ends in January 2029.

NASA officials have also described the Artemis programme as a stepping stone to establishing a permanent base on the Moon. Various speakers on Monday highlighted that vision.

Couluris, the Blue Origin representative, called the Moon an “eighth continent” for humans to explore.

NASA scientist Nicky Fox, meanwhile, described the Artemis III mission as part of the preparatory work that would enable the US “to plant astronaut boots back on the lunar surface — to stay”.

But the US’s lunar programme has faced numerous setbacks, as NASA engineers work to address technical issues that could otherwise cause life-threatening situations in deep space.

Originally, Artemis III was supposed to mark the US’s return to the Moon, bearing a crew to the lunar surface. But in February, that plan was scrapped in favour of the present-day project, which focuses on conducting practice drills in low Earth orbit.

“We will use this mission to reduce risk for our future crewed Moon missions with lander test articles from both Blue Origin and SpaceX, to ensure we will beat China back to the Moon,” Parsons said on Tuesday.

“This mission is deliberately designed to take calculated risks so that future crews will be safer and ultimately successful when we put boots on the lunar surface.”

Still, officials applauded Artemis III as a major step towards human beings reaching the Moon once more.

In a recorded statement, Senator Ted Cruz suggested that the Artemis III mission would also put the US a step ahead of China.

“At a time of growing competition with China in space, this mission will strengthen America’s leadership, expand our economy, and help secure a lasting American lunar presence,” he said.

“When America commits to a mission, we lead and we succeed.”