interest

Last month, Atletico filed a complaint to FIFA over Barcelona allegedly tapping up the 26-year-old forward.

Atletico Madrid will not allow forward Julian Alvarez to leave the club during the current transfer window despite interest from Barcelona, coach Diego Simeone has said.

Last month, Atletico filed a complaint to FIFA over Barcelona allegedly tapping up Alvarez.

The Argentina international has also been linked with a possible move to Premier League champions Arsenal and was the subject of a rejected 150-million-euro ($173.4m) bid from Real Madrid in June.

“I think the situation is very clear. The club has made a decision that (CEO) Miguel Angel (Gil Marin) has explained very well,” Simeone told reporters on Saturday before a preseason friendly against Manchester City in Seoul.

“From a sporting perspective, we’re very happy to have a footballer like Julian…

“We will help him continue to grow, continue to improve and continue delivering the best – which has been a tremendous amount – that he has given us over the last two years.”

Alvarez is due to rejoin the Atletico squad in two days after taking a break following Argentina’s World Cup final loss to Spain.

While on World Cup duty, the 26-year-old said he “believed a transfer is best for everyone”, but did not confirm his preferred destination.

Alvarez has scored 49 goals for Atletico since signing from Manchester City two years ago.

“We don’t want to transfer him. We didn’t accept the 100-million-euro offer, nor will we accept one for 150 million or 200 million,” Gil Marin told the club’s in-house media channel.

“I have no doubt that Atletico is the right place for Julian and that Julian is the centre-forward for Atletico Madrid. We want to keep him.”

When asked about how Alvarez might be received by Atletico fans following the transfer speculation, Simeone pointed to Antoine Griezmann.

The Frenchman made a big-money move to Barcelona before returning to Atletico.

He was initially met with some hostility, but won the supporters back over and departed last season a club legend.

“We went through a period with Antoine in recent years where he had to leave, come back, and prove his quality and stature on the pitch,” said Simeone.

“I see no other path than focusing on the sporting side of things, doing our part and helping him [Alvarez], just as we have done over the last few years.”

Atletico get their La Liga campaign under way on August 19 with a home match against newly-promoted Malaga.

The capital club finished fourth last season, 25 points adrift of champions Barcelona.

The federal law enforcement probe into the financial affairs of the Dodgers’ controlling owner, Mark Walter, seems to focus on what looks like an obscure financial maneuver: related-party transactions.

They are deals between entities with business or personal ties, including loans, sales and other transactions, that can have legitimate reasons but pose potential conflicts of interest and typically require extra scrutiny.

Walter tapped insurers he controlled to provide most of the financing for the $2.15-billion acquisition of the Dodgers in 2012, The Times has reported — a deal later vetted by state insurance regulators.

Now, regulators reportedly are investigating whether billions of dollars’ worth of similar loans made by Walter’s companies were properly disclosed.

There are examples in which related-party transactions led to trouble, including the 2001 bankruptcy of Enron Corp., the largest at the time in Wall Street history. Bernie Madoff profited from his Ponzi scheme through related-party loans.

At issue with Walter is $21 billion in loans not disclosed to state insurance regulators that were made by two Delaware insurers he owns, according to ratings agency Fitch. The loans reportedly were made to companies with ties to Walter or his TWG Global holdings company.

The seriousness of the investigation has been highlighted by subpoenas served on the insurers and the reported seizure of Walter’s cellphone and laptop by federal authorities. Still, investigations by prosecutors and securities regulators can result in no action.

Here are more details on the risk presented by related-party transactions and why they require disclosure and extra regulatory scrutiny.

What do the investigations mean for his ownership of his sport teams?

The 66-year-old billionaire also took a majority stake in the Los Angeles Lakers last year and owns the Chelsea soccer team in the English Premier League. There is no indication yet that any of this has affected his ownership stakes, but the probe has yet to be completed.

What is the problem with related-party transactions?

Bruce Dubinsky, a forensic accountant who worked on the Enron and Madoff cases, says the issue comes down to the motivation of the parties and can be explained through an analogy.

Sell a car to a stranger and you both research its worth and come to an agreed “fair market value,” he said. Sell it to your brother, you might cut the price to “give him a deal,” and later even forgive the payments.

“That’s why, from an audit standpoint, there should be more scrutiny if you’re doing business with the left hand and the right hand, because it’s easier to manipulate things,” Dubinsky said. “Repayments can be delayed indefinitely. They are always more suspect to fraud.”

How does that play out in the insurance industry?

Insurance is one of the most regulated industries, since the companies hold premium dollars from policyholders for future claims payouts — and regulators want to ensure the money is there when it’s needed. Related-party transactions can threaten that.

“There is a conflict of interest between the policyholders’ interest in the company being profitable and the owner’s interest in getting the least expensive financing that is available,” said Jim Donelon, who served as Louisiana insurance commissioner for 18 years before stepping down in 2024.

“It potentially threatens the solvency of the company, which then threatens the welfare of the policyholders,” Donelon said.

The National Assn. of Insurance Commissioners, for whom Donelon served as president, provides guidance to regulators on how to review related-party transactions.

What are some of the most notable examples of related-party transactions turning into financial disasters?

The failure of Enron was a prime lesson in how related-party transactions can lead to a company’s downfall.

As the Houston energy trader struggled and racked up $30 billion in debt, chief financial officer Andrew Fastow thought he found a way to keep it off Enron’s books. He created off-balance sheet entities to unload the debt and took personal stakes in them, allowing him to sit on both sides of the negotiation and pocket millions.

They were “transactions with related parties that were not at arm’s length,” Dubinsky said.

The debacle was a driving force in the passage of the Sarbanes-Oxley Act of 2002, which tightened regulations over governance, accounting and related-party transactions.

What about the Madoff fraud?

The Madoff scandal, in which investors lost $17.5 billion in invested principal, operated like a typical Ponzi scheme with returns to older investors paid by money from new investors.

However, related-party transactions were key too, and some literally involved family members. Madoff’s brother, Peter, pleaded guilty to receiving $15.7 million in sham loans and giving $9.9 million in sham loans to family members. What’s more, the auditor was a related party.

“In Madoff, what were called ‘related‑party loans’ were just sham transactions — there was no real economic substance. It was simply Madoff taking money out of his own firm,” said Dubinsky, an expert witness for the government.

Is there anything comparable with the Walter probe?

The three situations appear entirely different, but the investigation into the related-party loans made by Walter’s Delaware Life and its affiliate, Clear Spring Life and Annuity, involves vast sums of money.

After receiving the subpoenas, the firms conducted internal investigations. They had reported having $1 billion in related-party loans but, after the review, they reclassified $21 billion worth of loans as related, including $4.6 billion held by Clear Spring, said Fitch analyst Jamie Tucker, senior director of North American insurance ratings.

Executives said they were unaware the loans were going to an affiliated company.

Is there any indication what the money was used for?

“Unclear at this stage,” Tucker said. “This a developing situation with ongoing investigations.”

One clue may be a report that Walter tapped insurers to fund more deals than the Dodgers acquisition. The Wall Street Journal said five insurers had provided more than $10 billion in deal funding since Walter’s financial services company, Guggenheim Partners, got into the insurance business after the 2008 financial crisis.

What have been the implications for the insurers owned by Walters?

Fitch said the financial restatement increased the two insurers’ related-party loans from 2% to 40% of their portfolios, the highest exposure among life insurers it rates in North America.

Fitch, A.M. Best and S&P Global also downgraded Delaware Life’s outlook to negative, though they said the insurer maintain a high level of financial strength.

“Our capital position and liquidity remain strong, and our financial strength ratings are unchanged,” said Group 1001, the insurers’ parent company, in a statement.

What has Walter had to say about all this?

He has not publicly commented, but a TWG spokesperson stated that, “Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward. Nothing about these transactions was any different.”

The United States Federal Reserve is set to hold interest rates steady as inflationary pressures mount, driven by heightened fuel prices as tensions between the US and Iran continue.

The central bank said on Wednesday that it will maintain rates at 350-375 basis points during the second monetary policy decision under new Chairman Kevin Warsh.

“Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability,” the central bank said in a statement upon the release of its decision.

CME FedWatch, which tracks the likelihood of monetary policy decisions, forecast a 66.3 percent chance of maintaining rates, while there was a 33.7 percent chance that rates would increase to 375-400 basis points.

Of the 12, three members, Beth M Hammack, Neel Kashkari, and Lorie K Logan, voted to raise rates by 25 basis points.

“My colleagues and I considered the economic shocks of recent years, strained supply chains arising from the pandemic, military conflicts, energy supply disruptions, substantial increases in tariff rates, and yes, the surge in AI-related investment,” Warsh told reporters.

“We are not relying on any one individual piece of data as cover or as an excuse, or as validation. What I care about and what I think the Committee cares about is trends on the data.”

Monetary policy decisions have become more uncertain as Warsh has scrapped forward guidance, which typically helps financial institutions and journalists better understand upcoming policy choices.

Flying blind

That is putting pressure on analysts.

“With little guidance on the reaction function under the new chairman, markets are filling the void with speculation that Warsh may be eyeing a surprise hike to reinforce anti-inflation credibility,” Barclays economists said in a note.

Citadel Securities earlier this week forecast a rate hike. Meanwhile, analysts at S&P Global forecast that rates would hold steady.

At the last meeting, the central bank’s governors were evenly split on whether to raise interest rates this year, as the central bank maintained rates during its first meeting under Warsh.

Warsh had previously said that there was “no tolerance” for inflation as the central bank pushes to reach the Fed’s 2 percent target.

Market shifts

Financial pressures on the broader market eased last month, with consumer inflation moderating. The Consumer Price Index report released in July for the month of June by the US Labor Department’s Bureau of Labor Statistics showed a 0.4 percent decline in consumer inflation, marking the first monthly decline since April 2020 in the early days of the COVID-19 pandemic. However, that was a correction from the previous month, when the CPI rose by 0.5 percent.

The CPI remains elevated at 3.5 percent on an annual basis, according to the report, though that is still a slowdown from 4.2 percent in May. However, consumers are still feeling the pinch, especially at the petrol pump.

Prices are on the upswing. The average price for a gallon of petrol is $4.09 ($1.08 per litre), up 3 cents from this time last week, and up from $3.86 ($1.02 per litre) this time last month, according to the American Automobile Association (AAA), which tracks daily petrol prices. By comparison, daily petrol prices were $2.98 ($0.78 per litre) when the US and Israel first struck Iran on February 28.

Those pressures are echoed by a slump in consumer confidence for the third straight month, according to The Conference Board, which released its report on Tuesday.

“Consumers anticipate little improvement in business conditions over the next six months,” Dana M Peterson, chief economist at The Conference Board, said upon the report’s release.

Political flashpoint

The decision is overshadowed by pressure from the White House. Interest rates have been a point of contention between Trump and the central bank. Trump has long pushed the Fed to cut rates, putting former Chair Jerome Powell in the crosshairs and making him the subject of investigations by the US Department of Justice.

But Warsh has yet to become a target of Trump’s scorn. “Kevin is fantastic,” he told reporters on Monday on board Air Force One. “He’s got a board, and the board members are very political.”

Trump made those claims despite the central bank’s longstanding commitment to maintaining its independence from political pressure.

Singapore has started exploring whether to become involved in the Global Combat Air Program (GCAP), a new report suggests. While it doesn’t state that Singapore has decided to join or purchase the Tempest fighter at the center of that program, it is in line with the country’s approach to buying the F-35. At the very least, it would seem to indicate that Singapore is starting to look at the sixth-generation combat aircraft technologies that could follow the Joint Strike Fighter.

According to Janes, Singapore has begun early, informal discussions about possible participation in GCAP. These are described as exploratory, meaning Singapore is gathering information rather than negotiating membership of the program.

The report explicitly states that the Singapore government has not made any decision to become a participant in the program, which makes sense considering that the Republic of Singapore Air Force (RSAF) is still waiting to receive its first F-35s.

GCAP is a joint next-generation air combat program led by the United Kingdom, Japan, and Italy, aiming to field the Tempest sixth-generation combat jet and wider air combat system by around 2035. With the demise of the pan-European Future Combat Air System (FCAS), GCAP is the preeminent Western sixth-generation fighter effort outside of the United States.

GCAP is intended to include not only the Tempest crewed fighter but also an integrated ecosystem of AI-enabled systems, advanced sensors, networking, air-launched weapons, and autonomous ‘loyal wingman’ aircraft.

As for the RSAF, this is a notably modern and capable force, benefitting from considerable investment throughout the years.

It is currently spearheaded by a combat fleet of 40 F-15SGs, plus 49 F-16C/Ds, a combination of Block 52 and Block 52+ jets.

Next, the RSAF will receive eight conventional takeoff and landing (CTOL) F-35As and 12 short takeoff and vertical landing (STOVL) F-35B fighters. The F-35Bs will be the first to arrive, with deliveries due to start before the end of this year. These will initially be based at Ebbing Air National Guard Base in Arkansas for training, with the first F-35Bs scheduled to be stationed in Singapore from 2029.

In total, Singapore covers an area of less than 280 square miles, putting unique strains on the RSAF.

In preparation for the F-35B, the RSAF is extending the runway at Pulau Sudong, an offshore location, which will reduce the noise burden on more populated areas. The existing runway will be extended from around 6,500 feet to approximately 9,800 feet, with work to be completed by 2028. The growing demand for training capacity is something that has previously led the RSAF to look at having a detachment in Guam, but the reworked Pulau Sudong should help address the issue.

The RSAF has traditionally acquired the best available Western-made equipment to meet its combat aircraft needs. Looking at what is currently the only sixth-generation combat jet that is likely to be available to Singapore for the foreseeable future makes sense. However, as Roy Choo, a defense journalist and TWZ contributor, noted, deeper involvement in GCAP would be years away.

“From this news, it appears they may have identified a future requirement for a sixth-generation fighter, although this is unlikely to transition into a program of record for at least another two decades,” Choo explained. “As with most operators, Singapore engages with industry to stay informed about available market offerings all the time.”

In the next decade or so, the RSAF will likely remain focused on its F-35A/B program and on bringing these aircraft up to full operational capability.

Another upcoming program will be a midlife upgrade for the F-15SG, deliveries of which first began in 2008. Choo expects work on this to begin once the ongoing F-16 upgrade is finished. The F-16s are set to remain in service into the mid-2030s, according to Singapore Chief of Air Force Maj. General Kelvin Fan. The F-15SG will be around longer, giving considerable lead time for it to be replaced by a sixth-generation platform.

When it comes to a path to a potential Singapore Tempest acquisition, it is worth looking at the approach taken with the F-35.

Singapore joined the F-35 program as a Security Cooperative Participant (SCP) in 2003 when it identified the fifth-generation fighter as a potential replacement for its F-16s. At that time, Choo notes, Singapore was still receiving its F-16s and was yet to select a contender for its Next Fighter Replacement Program (NFRP) — it eventually chose the F-15SG in 2005.

Singapore placed an initial order for four F-35B in 2020, a full 17 years after joining the program as an SCP. This is very much an indication of the long-term view Singapore takes in its defense procurement.

If Singapore were to join GCAP, it would likely be part of a long-term view toward acquiring a sixth-generation fighter capability.

While Singapore has maintained generally good relations with Beijing, it is acutely aware of its economic vulnerability in the face of rising tensions in the South China Sea as China makes increasingly forceful moves to assert its claims in the region. With China preparing for potential contingencies in the South China Sea through the continued expansion of its anti-access and area-denial (A2/AD) capabilities in the region, the People’s Liberation Army Air Force — busy working on its own sixth-generation platforms — is very much the pacing threat.

Given Singapore’s prudent approach to defense procurement, it is unlikely to commit large sums of money to a program at such an early stage of development.

If pursued, a likely option would be for Singapore to join GCAP with observer status, something that Canada (another F-35 customer) recently signed up to do. “This would give greater visibility of GCAP’s governance and capabilities,” Choo added. “After all, Singapore doesn’t have the deep technological know-how as the other full-tier partners.”

“An observer status would fit with its cautious and non-committal approach to the program just as it did with the F-35 SCP membership.”

Potentially, GCAP could provide a platform for Singapore to build future relationships with other partners and secure a workshare arrangement involving supply chain and maintenance work. That would all be a long way off, however.

Logically speaking, the RSAF’s next procurement project will likely involve a collaborative combat aircraft (CCA) to build combat mass.

Interestingly, earlier this week, Singapore and Australia signed the Industrial Base Resiliency Arrangement (IBRA), which establishes a practical framework for closer defence industrial cooperation between the two nations.

The IBRA “allows both countries to engage in cross-sustainment of common defense platforms, examine priority delivery requests for defence orders, streamline equipment transfers, foster defence industry partnerships, and facilitate information exchanges to mitigate supply chain risk.”

When it comes to common defense platforms, it’s not hard to imagine that the MQ-28 Ghost Bat could be in the RSAF’s thoughts. At the same time, the F-35A and the P-8A maritime patrol aircraft will also offer commonality with Australia once they arrive in RSAF service.

Singapore has a history of studying major defense programs years before making procurement decisions. Whether it intends to buy the Tempest in the future or not, the report is the first known indication that Singapore is formally examining possible links to GCAP, and looking at sixth-generation combat aircraft more generally.

Contact the author: thomas@thewarzone.com

July 29 (UPI) — The stock market opened with the Dow falling 400 points on Wednesday ahead of the Federal Open Market Committee’s latest interest rate decision.

The committee will announce its decision on Wednesday afternoon with Federal Reserve Chairman Kevin Warsh making his second address since being appointed. Economic indicators point to the Fed holding interest rates at a target range of 3.5% to 3.75%.

“My colleagues and I recognize that high inflation has been an undue burden on American households and businesses,” Warsh said during a Senate Banking Committee hearing earlier this month. “The members of our committee have no tolerance for persistently elevated inflation and we share a resolute commitment to restore price stability.”

The war in Iran has increased economic pressure, driven by rising fuel costs as the United States and Iran use the crucial Strait of Hormuz as a point of negotiation. The annual inflation rate rose to 4.2% in May on the back of rising gas prices.

The Federal Reserve has maintained a target goal of 2% annual inflation rate.

The average fuel price in the United States is $4.09 per gallon for regular grade gasoline on Wednesday, AAA reports.

The Federal Reserve will announce its interest rate decision at 2 p.m. EDT, followed by an address by Warsh at 2:30 p.m. EDT.

President Trump’s $1.4-billion crypto windfall has become the biggest obstacle to passing his sweeping digital-asset legislation as Democrats demand tougher language to prevent the president from profiting off an industry his administration regulates.

Senate Republicans released a proposal this week intended to break a months-long impasse over the bill, known as the Clarity Act. But Democrats and consumer watchdog groups dismissed the terms almost immediately, complaining the bill would not stop Trump or his family from continuing to profit from his meme coin and other crypto ventures.

Trump needs the support of at least seven Senate Democrats to pass the legislation, which would set rules for digital assets. Ethics has emerged as the biggest, though not the only, sticking point.

“It’s the linchpin,” said Sen. Angela Alsobrooks, a Maryland Democrat and key negotiator who has been supportive of the crypto industry.

A spokesperson for the White House didn’t immediately respond to a request for comment. The White House has consistently asserted Trump is not involved in managing the family’s crypto ventures and has denied conflicts of interest.

Democrats have specifically taken issue with a provision that would leave Trump’s Justice Department as the primary enforcer of the new ethics regulations, preventing state attorneys general from acting as an independent check.

Another Democratic negotiator, Sen. Ruben Gallego of Arizona, and Republican Sen. Thom Tillis of North Carolina said they’re working on a compromise ethics proposal to send to the White House but didn’t provide details.

Senators in both parties said they see the negotiations in the coming week as key to whether a bill reaches Trump’s desk this year. But after the chilly initial reception to the latest White House offer, Senate Majority Leader John Thune (R-S.C.) said he didn’t think the Clarity Act would pass the chamber before the month-long August recess.

“We’ll see where the votes are,” Thune said.

Alsobrooks, Gallego and other crypto-friendly Democrats are demanding changes to other pieces of the massive bill, including consumer protection and illicit finance measures.

The bill has other issues, including opposition from banks intent on tightening restrictions on stablecoin rewards. Tillis and several other Republicans said they are considering backing changes to reflect banks’ concerns that their deposits could shift to stablecoin accounts, crimping their profits and customers’ access to credit.

Tillis has floated adding “circuit-breaker” language empowering the Federal Deposit Insurance Corp. or other regulators to step in if bank deposits drop — an idea opposed by GOP Sen. Cynthia Lummis of Wyoming, the crypto industry’s biggest backer in the chamber.

Porous provisions

Critics said the draft’s ethics protections are porous. It would let Trump divest a large stake in his crypto venture or move it into a blind trust for the rest of his term, but stops short of requiring him to sell.

“It’s going to allow him to keep making money the way he has in the past,” said Scott Greytak, deputy executive director of Transparency International US, an anti-corruption advocacy group.

The restrictions also hinge on whether an official has a “direct interest” in a crypto asset — a threshold that may not apply to Trump.

The president is a significant owner of World Liberty Financial, the Trump family’s crypto venture, through an entity called DT Marks DEFI LLC, which holds about a 38% stake. Whether that counts as a direct interest “isn’t clear,” said Zach Everson, research director for Public Citizen’s Trump Accountability Project. “Does direct interest describe how he holds the crypto?”

Because the bill wouldn’t apply to the children of government officials, Donald Trump Jr. and Eric Trump could continue their own crypto business interests. And much of the family’s fortune has already been made: Trump and his affiliates have earned a huge windfall from meme coin and token ventures, income the legislation would not claw back.

Critics also decried a provision that would sunset the ethics requirements on Jan. 20, 2029, the day Trump’s successor would be inaugurated. That could prevent the next administration from holding Trump accountable.

The White House and Republicans argued that Trump had gone further in backing ethics restrictions in law than any previous president.

“History will remember this as the moment a president chose a higher standard of ethics than the law required of him,” Lummis, a key architect of the bill, said on X.

Democrats were skeptical even before the language was released. “Any meaningful ethics provision would be shot down by the White House,” Sen. Chris Murphy of Connecticut said.

The politics of crypto have long divided Democrats, and a bipartisan deal on the legislation risks provoking a backlash from progressives. Failure to reach a deal, however, could make the party the target of a torrent of crypto campaign cash.

Crypto group Fairshake and its two affiliated super PACs have raised $164 million for the midterm elections, Federal Election Commission filings show, and have spent $66.6 million so far.

It’s the kind of political arsenal that Senate Democratic leader Chuck Schumer of New York can ill afford to have aimed at his candidates as the party seeks to regain Senate control.

But others, like Murphy, have warned that blessing Trump’s big crypto bill would undermine Democrats’ midterm message.

A potential presidential candidate, Murphy said Wednesday while addressing the left-leaning Center for American Progress that the bill is before the Senate “because the industry paid for it” and urged Democrats to instead turn fighting crypto corruption into a potent campaign issue this fall.

Markets have grown less convinced a deal gets done. On Polymarket, the odds of the Clarity Act passing this year fell to about 1 chance in 3 earlier this week after Republicans released the new draft.

That’s about half the odds the prediction market gave passage after the Senate Banking Committee backed an earlier version of the bill on May 14.

Dennis and Patterson write for Bloomberg. Bloomberg writers Yash Roy, Lydia Beyoud, Aidan Williams, Bill Allison and Olga Kharif contributed to this report.

Israeli Finance Minister Bezalel Smotrich says Israel has “no interest” in joining the renewed US military campaign against Iran, arguing the current US-Iran conflict and sustained economic pressure on Tehran benefits Israel.

RICHARD Gere is spotted getting close with his 28-year-old co-star on the set of controversial romance movie.

The esteemed actor, 76, is currently in New York City and was seen filming scenes with the actress in a park.

The actor is back doing what he does best, and is gearing up for his new flick Asymmetry, which is adapted from Lisa Halliday’s same named novel. 

The film centres around an intense love affair between author Ezra (Gere) who is in his seventies and an aspiring writer called Alice.

The book itself had sparked massive controversy due to the character’s shocking more than four decade age-gap.

As filming began in New York City, Gere and actress Diana Silvers were snapped getting cosy on set.

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The Hollywood star embraced and held hands with his much younger co-star, with the two keeping things strictly professional off-screen.

The pair shot scenes on a bench in Central Park, which is a crucial scene where the two characters meet, before beginning a steamy romance.

The actor can be seen in a white shirt and jeans as he sits alongside Diana who’s styled in a floral mid length dress. 

Both stars were also seen walking around the park laughing and smiling together.

Oscar-winning producer Edward Zwick is directing and writing the film.

He said to People: “It’s about two people who discover that what the world calls asymmetry can in fact have another name: love.”

Pretty woman actor Gere, is happily married within his own age-gap marriage to his 43-year-old wife Alejandra Silva.

The couple have two children together, welcoming their latest baby on April 23, 2020.

He was previously married to Carey Lowell with whom he has a son, Homer – the pair split in 2013 after 11 years of marriage. 

From 1991-1995 he was also married to supermodel Cindy Crawford.

The star has starred in many blockbuster hits, but when he was 41 he was cast in Pretty Woman.

The film, which came out in 1990, saw him star alongside Julia Roberts – and told the story of a romance between a wealthy businessman and a Sunset Boulevard prostitute.

At the time he was already a famous face in Hollywood after the huge success of An Officer and a Gentleman in 1982.

In 2002 he appeared in the film version of the musical Chicago which won six Academy Awards including Best Picture in 2003.

July 8 (UPI) — New York Federal Judge Lewis Kaplan ordered that writer E. Jean Carrol be paid $5 million plus interest in damages owed to her after President Donald Trump was found liable for sexual abuse and defamation.

But Trump’s attorneys have already filed an appeal of Kaplan’s order with the 2nd Circuit U.S. Court of Appeals.

“The American People stand with President Trump as they demand an immediate end to all of the Witch Hunts, including the Democrat-funded travesty of the Carroll Hoaxes. President Trump will keep winning against Liberal Lawfare, as he continues to focus on his mission to Make America Great Again,” a spokesperson from the legal team told CNBC.

Trump and his attorneys filed a motion Tuesday to pause the payout, arguing there was still a case pending before the U.S. Supreme Court. They were arguing against Carrol’s motion to disburse the money from escrow filed on June 30.

Trump’s attorneys had argued that a “timely petition for rehearing remains pending before the Supreme Court.”

“Collection cannot begin while proceedings remain pending before the Supreme Court, which is currently the case,” lawyers Josh Halpern and Michael Madaio wrote in their response to Carroll’s petition.

In his order, Kaplan mentioned an agreement between Carroll and Trump that called for the money to be given to her if the Supreme Court denied his appeal.

The Court declined to hear Trump’s case on June 29. That means the verdict finding him liable stands.

Kaplan didn’t agree with lawyers’ arguments about the Supreme Court because Trump’s petition for reconsideration isn’t likely to succeed. The Court rarely grants those requests, CNBC reported.

Carroll was awarded the damages by a jury in 2023 after finding him liable for sexual abuse in a department store dressing room in the 1990s and for defaming her in 2019 after she came forward with the allegations. Trump denies the allegations.

In the defamation case, Carroll was awarded $83.3 million in damages.

“Surprisingly, the Supreme Court declined to ‘review’ a Fake Case brought against me by a woman I never met (Decades old celebrity photo line, standing with her husband, does not count!),” Trump wrote on Truth Social in late June. “I will continue the fight against this Weaponization and Lawfare Case against me, including the ridiculous claim of Defamation, with all of my power and strength.”

Trump’s lawyers claim that a petition for rehearing is “pending” before the Supreme Court, but records show it wasn’t accepted for filing this week, The Hill reported.

In the petition, the lawyers argue that Trump would have “unrecoverable loss” if the money were disbursed then overturned on appeal because Carroll has said she would donate all the money from the defamation suit.

“Plaintiff has repeatedly stated that she intends to give away all funds that she collects from him, and once those funds are distributed to third parties, they likely cannot be recovered,” lawyers Josh Halpern and Michael Madaio wrote in the filing.

Carroll’s attorneys argued that Trump is trying to unjustly delay the payment.

“This is the end of the line,” they wrote in a June 30 filing. “After four years of litigation across every level of the federal court system, it is time for this case to end.”

Bournemouth have rejected an enquiry from Arsenal for Alex Scott and say the midfielder is not for sale this summer.

The Premier League champions want to sign a new central midfielder, with the 22-year-old understood to be one of their targets.

Scott is also attracting serious interest from other Premier League clubs, including Manchester City, Manchester United, Tottenham and Chelsea.

But Bournemouth have communicated their intention to keep the former Bristol City player and are keen to agree an extension to his current contract, which has two years left to run.

Scott was selected in his first England squad last November and was then called up into Thomas Tuchel’s extended pre-World Cup training camp in Florida, though he did not make an appearance.

Arsenal have also explored moves for Newcastle pair Bruno Guimaraes and Sandro Tonali in their search for a new midfielder.

A move for Guimaraes is currently rated more likely with Tonali’s price believed to be a stumbling block.

North London rivals Tottenham are advancing in their efforts for a move for Tonali and are growing in confidence of securing a move for the Italy midfielder.

West Ham‘s Mateus Fernandes and Lille’s Ayyoub Bouaddi have also been monitored by Arsenal.

In the latest twist in Canada’s long-running saga to field a new fighter, the country’s defense minister has said that Ottawa is “interested in learning more about” the Global Combat Air Program (GCAP) next-generation fighter. GCAP is currently a trinational effort, led by the United Kingdom and involving Italy and Japan. Its centerpiece is the Tempest crewed fighter. A demonstrator for this jet is currently taking shape with BAE Systems in the United Kingdom.

David McGuinty, the Minister of National Defense of Canada, made the remarks after a meeting in Tokyo with his Japanese counterpart, Shinjiro Koizumi. Breaking Defense reports that McGuinty confirmed he had spoken with Koizumi about the GCAP, which the Canadian official described as a “promising initiative.”

“We are interested in learning more about it. I’ll take it back to my team and see what it looks ‌like,” McGuinty told Reuters.

Until now, no senior Canadian official appears to have spoken publicly about interest in GCAP. However, the development comes as Ottawa weighs up the option of a split fighter buy, which would involve acquiring the U.S.-made F-35 and one other type. This thinking has been driven by a growing rift between Ottawa and Washington.

However, the possibility of Canada coming on board GCAP as an ‘observer’ had been raised in March of this year. According to The Asahi Shimbun, a Japanese daily newspaper, unnamed Japanese officials disclosed that, during a previous meeting, McGuinty and Koizumi discussed such an arrangement.

Canada’s joining GCAP with observer status would provide it access to information on the program and could be a stepping-stone to deeper involvement.

Earlier this week, Italian Defense Minister Guido Crosetto raised the possibility of other nations joining GCAP, noting that, were that to happen, “we would be completely willing, because the more there are, the greater the chances of creating something and bringing down costs.”

Crosetto then identified Canada as “the country most interested [in GCAP] at the moment.” He said he would be “fully open” to Canada joining as an observer.

For Canada, however, GCAP would require a rethink of Canada’s potential pursuit of a split-buy approach to its new fighter.

Until now, the Saab Gripen E had been identified as the most likely candidate to be bought alongside the F-35.

Sweden has made a strong push to sell Gripen to Ottawa, and Saab offered to build the jet in Canada, in an effort to secure support for its previous bid, which it lost to Lockheed Martin. Since then, Saab has also emerged as the preferred candidate to supply Canada with its future airborne early warning and control (AEW&C) via its GlobalEye.

In April of this year, McGuinty confirmed that Ottawa was still reviewing its earlier plan to buy 88 F-35s.

“The review of the purchase of the F-35s is continuing… We are taking the necessary time to study very, very closely the question of the fighter fleet,” McGuinty told the Senate’s defense committee.

The split-buy option emerged since Canada has already made a firm commitment to buy 16 F-35As to start replacing its aging CF-18 Hornets. Canada’s industry also has a significant degree of involvement in the Joint Strike Fighter program.

Canada currently has around 75 CF-18A/B+ jets and has also added 18 upgraded former Royal Australian Air Force (RAAF) F/A-18A/Bs, plus seven more as spares, to help bolster its fleet.

Of Canada’s first 16 F-35s, four have already been paid for in full, while parts for eight others have also been purchased. The first Canadian F-35s were expected to be delivered for training at Luke Air Force Base, Arizona, in 2026.

Back in 2023, Canada’s Liberal government announced plans to buy 88 F-35s, a decision that appeared to bring closure to what had already been a very protracted process. You can read about this here.

However, amid growing trade tensions and a war of words with the United States, Liberal Prime Minister Mark Carney launched a review of the F-35 program shortly after taking office in the spring of 2025.

There are other arguments for a split buy, too. Back in 2019, the cost of buying the planned 88 F-35s was put at $19 billion. Now it has rocketed to $27.7 billion, not including weapons and infrastructure.

Bill Blair, who was Canada’s defense minister when the review of the F-35 buy was launched last year, pointed to the advantages of a mixed fleet, saying it would give the RCAF more options to handle different types of threats.

“What happens if you have to persist in that space for months and months and years? The tool that you use, is it the right tool to do that job?” Blair said. “We need to have a whole wide range of capability sets to deal with all the eventualities that we could face.”

Were Canada to procure the Tempest, it would surely have to wait longer than 2035 — the prospect of GCAP’s fighter entering service at this date, as planned, is highly unlikely. Canada would be fourth in line behind the three core partners. Ottawa would need to buy more F-35s, perhaps around two thirds of its original intended number, or around 60 aircraft, and also keep the best of its CF-18s in service for longer, if that’s even possible. The Hornets are getting very old and disappearing from service abroad. Supporting them will become increasingly problematic. When the Tempest finally arrived, it would provide a flipped high-low fighter mix. This is essentially the same approach that the United Kingdom, Italy, and Japan — all current F-35 operators — are taking.

However, the Tempest does appear to be especially well-suited to Canada’s fighter requirement.

The design of the jet will stress extreme range and a large payload — roughly twice that of the F-35A. Senior GCAP officials have said the jet could potentially carry enough internal fuel to fly across the Atlantic without refueling.

While these attributes are optimized for a future conflict in the Indo-Pacific region, they are equally applicable to dealing with the ‘tyranny of distance’ and the increasing Russian threat posed around Canada’s enormous land mass, which extends far into the highly strategic Arctic region.

“Both China and Russia have fifth-generation fighter aircraft and fifth-generation missiles that are able to go at much greater speeds and with much more that are holding Western allies at risk at this moment in time,” the commander of the Royal Canadian Air Force (RCAF), Lt. Gen. Jamie Speiser-Blanchet, said in the past.

Plans to arm the Tempest with larger air-to-air missiles offering a longer range than those currently used by any of the three GCAP partner countries have also been revealed, as you can read about here.

If Canada decides it wants a sixth-generation combat aircraft to tackle current and emerging threats from China and Russia, the GCAP might be the only realistic choice. The rival pan-European Future Combat Air System (FCAS) has collapsed, and there is little chance of Canada getting its hand on the Boeing F-47.

But any kind of split buy “would duplicate a certain amount of infrastructure and training,” Speiser-Blanchet admitted.

In some cases, however, there could be cost-benefit arguments in having a mixed fighter fleet, as well as the important factor of not relying entirely upon one source of this type of combat equipment.

There is also the question of how feasible it would be for Canada to join GCAP at this point, at least in terms of industrial participation and steering requirements. The latter point seems next to impossible, with national requirements already set, and most of the workshare agreement has also been divided up between the three partners.

The same applies to India, which has also looked at joining GCAP in the past.

There has been talk of Saudi Arabia possibly joining GCAP in some capacity, and, more recently, Poland has been reported as being interested in buying the aircraft, too.

With that in mind, Canada’s best shot might be to buy the jet ‘off the shelf,’ rather than hope for industrial windfalls.

At the same time, Canada and the United Kingdom are partners on some other key military programs, including the Royal Canadian Navy’s future River class Canadian Surface Combatants, derived from BAE Systems’ Type 26 design for the U.K. Royal Navy. 

Meet The River-Class Destroyer – State-of-the-art WARSHIP!

Returning to the Tempest, the broader GCAP program still has to survive considerable challenges, both technical and political, that lie ahead.

As we have explained many times in the past, the process of creating an all-new fighter, especially one incorporating stealth technologies, brings very lengthy development times and high costs.

At this point, BAE Systems is in the process of building a demonstrator as part of the GCAP program, with a first flight planned by the end of 2027.

The latest rendering of that demonstrator appears at the top of the story. Notably, it retains the Typhoon’s EJ200 turbofan engines, with non-stealthy nozzles. The Tempest will have an all-new powerplant.

As we have argued in the past, the more time that passes, and the more deeply intertwined with the F-35 Canada becomes, the arguments in favor of a split fighter buy become harder to justify. Buying the Tempest would certainly not be the cheapest option, and would force a rethink of timelines, but it does underscore the fact that Canadian officials are casting their net wider, looking at very high-end capabilities, and seeking to build deeper strategic relationships outside of the United States.

Contact the author: thomas@thewarzone.com

Published on 18/06/2026 – 13:20 GMT+2•Updated
13:35

The Bank of England left its benchmark interest rate unchanged at 3.75% on Thursday, extending a pause that began in December 2025, as policymakers weighed the inflationary fallout from the Iran war against signs of resilience elsewhere in the economy.

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Governor Andrew Bailey and fellow Monetary Policy Committee members were widely expected to keep rates on hold and maintain a broadly neutral stance on future policy moves.

The decision came a day after official figures showed UK inflation holding steady. Consumer prices rose 2.8% year-on-year in May, unchanged from April and below economists’ expectations of 3.0%, leaving the headline rate at its lowest level since early 2025.

However, the stable reading masked diverging trends beneath the surface. Transport costs accelerated sharply to 6.8%, driven by higher fuel prices and rising air fares, while food inflation eased to 2.2% and housing costs continued to moderate.

Though inflation remains above the bank’s target of 2%, the figure raised hopes that the upward pressure on prices emanating from the spike in oil and gas prices after the start of the Iran war on 28 February may have been less than anticipated.

Andrew Bailey, the bank’s governor, said the recent fall in oil prices has been “encouraging” while noting they are still higher than before the war.

“Whatever happens in the future, the higher energy prices of the past four months mean there’s already some inflationary pressure in the pipeline,” he said. “The Bank’s job is to make sure that doesn’t turn into sustained inflation above our 2% target.”

Analysts also cautioned that inflation could still accelerate later this year, as higher household energy bills feed through to prices. Lindsay James, investment strategist at Quilter, said: “Whilst inflation was below expectations in May and currently under 3%, it is still likely to jump closer to 4% later in the year due to the coming impact of a higher energy price cap.”

James added that while oil prices have retreated from recent highs, they remain above last year’s levels, suggesting underlying inflation pressures have not fully disappeared.

The decision to hold the key interest rate was not unanimous, with two of the nine Monetary Policy Committee members voting for a quarter-point rate increase, reflecting concerns that higher energy costs could still feed through into broader inflation pressures.

A labour market losing momentum

Thursday’s labour market release painted a mixed picture.

The unemployment rate dipped unexpectedly to 4.9% in the three months to April, down from 5.0% in the first quarter, yet payrolled employee numbers fell over the period, pointing to an underlying loss of momentum even as the headline jobless rate improved.

Wage growth, a metric the Bank of England watches closely for signs of persistent price pressure, held firm, with regular pay excluding bonuses rising 3.4% on the year.

“The labour market is still continuing to lose momentum, with the latest figures showing a further cooling,” stated Richard Carter, head of fixed interest research at Quilter Cheviot.

Sanjay Raja, chief UK economist at Deutsche Bank, struck a similar note, cautioning that “it’s clear that the labour market is not out of the woods yet,” though he added that the mixed data buys the committee more time to wait and see how the economy evolves.

The combination of cooling headline inflation, a softening jobs market and still-robust pay growth underscores the bind facing the committee. Strong earnings keep alive the risk of so-called second-round effects, where higher wages feed back into prices, even as hiring loses steam.

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.

Published on
16/06/2026 – 8:30 GMT+2

The central bank’s increase in the uncollateralised overnight rate, by a quarter of a percentage point from 0.75%, puts it at a three-decade high.

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The Bank of Japan has been trying to normalise monetary policy lately after decades of keeping interest rates near or below zero. It adopted ultralow rates to try to encourage more borrowing and spending to counter deflation and pull the economy out of the doldrums.

Inflationary pressures because of the war in Iran, which has sent oil prices soaring in recent months, have hit Japan hard since it imports almost all its oil and gas.

Low interest rates had added to pressures on the Japanese yen, which has fallen lately to about 160 yen to the US dollar.

BOJ Gov. Kazuo Ueda, who has been hospitalised recently, did not attend Tuesday’s policy board meeting. Deputy Gov. Shinichi Uchida was expected to take his place at the news conference set for later in the day.

Before the BOJ decision, Tokyo’s benchmark Nikkei 225 index briefly topped 70,000 early Tuesday before giving up some of those early gains.

Additional sources • AP

Yesterday, TWZ published an analysis of a thermal image purportedly showing a previously unseen advanced aircraft design, which appears to be a precursor to the U.S. Air Force’s forthcoming F-47 fighter from Boeing. The image, which went viral online and is from a video that has now been released, is said to have been captured near the U.S. military’s secretive Groom Lake test base, better known as Area 51. It turns out, as a number of our readers have pointed out, there may be some interesting similarities between this secret aircraft and a “Christmas tree” fighter design concept crafted decades ago by Darold Cummings, one of the top minds behind Northrop’s YF-23 Black Widow.

You can find our full initial assessment of what we may be seeing in the viral image, first posted online by the Project Fear YouTube channel earlier this week, here. What we saw initially, as shown below, appeared to feature what could be described as a “double arrowhead” profile to its forward fuselage. This is a very distinct design cue, but it could also be a result of the low quality of the image and the artifacts that come with consumer-grade thermal imagers, which was what the aircraft was recorded with.

Project Fear has now released the full video it says it captured near Area 51, seen below, and it underscores the aforementioned points about image quality. So, it is possible the aircraft has a more traditional low-observable ‘shovel nose,’ instead. Nonetheless, the Christmas tree fighter is an interesting trip down lesser-known fighter development memory lane that is worth examining, in particular what such a unique nose configuration would provide an advanced fighter aircraft.

The full clip of the mysterious aircraft passing by starts at around 49:34 in the runtime of the video below if it does not automatically start playing at that point.

​We Filmed a Top Secret Craft Flying at Area 51

In a post on LinkedIn around the end of last year, Darold Cummings shared an intriguing blueprint of a relevant-looking advanced fighter concept, along with additional details about the design and its genesis. Cummings is currently the founder and president of ForzAero, but has an extensive resume in the aviation industry dating back decades. As noted, he was a key figure at Northrop in the development of the YF-23, which ultimately lost out to what became Lockheed’s F-22 Raptor. He also led the team at Boeing that developed the X-40A Space Maneuver Vehicle, which was used as a testbed in support of work on what evolved into the X-37B reusable spaceplane. He was Chief Engineer/Chief Designer of Rockwell’s Ranger 2000 Jet Trainer, as well.

“I was hired by Bob Sandusky in 1982 to be the Chief Configurator for the Northrop ATF [Advanced Tactical Fighter] program (YF-23). In early 1983 Bob said that Northrop had tried to develop a ‘4-spike’ (like the B-2) fighter, but it couldn’t be done, since a flying wing fighter was not possible,” Cummings wrote in his post on LinkedIn. “I told him I could design one, and he said to give it a try. The only way to accomplish this was with a series of highly swept (55 degree) surfaces over the entire length of the aircraft. The result was the DP-21, created in June of 1983.”

“4-spike” here essentially refers to the total number of radar cross-section hot-spots and where they are located, each pointing in a different direction in azimuth. The fewer ‘spikes’ a low-observable (stealthy) aircraft has, the easier it is to manage its radar signature, and to make it harder to detect and lock onto, but it’s also where those spikes are located that matter.

A four-spike design like the B-2 critically has nothing from the head-on aspect, as well as from the rear, which helps immensely with survivability. These are the most critical signature areas, especially the front as the aircraft is heading into hostile territory. Also, because these are located along the path of flight, these spikes can stay consistent on a threat radar as the aircraft moves directly toward or away from the sensor, and are not fleeting in nature like those from the side. So a four spike aircraft would be very attractive for a tactical fighter meant to persist in contested territory.

“I never considered this to be a serious contender for the ATF program, as the aircraft was unstable beyond 10 degrees angle of attack!” he also noted.

“Back in 1983, the ‘Christmas Tree’ DP-21 would have been difficult to fly. However, with modern flight control systems, this design could be controlled, even at high angle of attack,” Cummings told TWZ directly today after we reached out for more information. “Low observability is always better served with long edges on the design, so the small arrow-shaped foreplane is not ideal, but it still has low RCS characteristics, just not the optimum.”

“Wing shaping is always a trade-off for maximizing LO. Most of the trades have to do with the leading edge contour, which is a large contributor to signature,” he continued. “The canard has to be designed to be ‘ported’ during penetration, as this minimizes the signature. On the YF-23, the V-Tail was ‘ported’ in penetration for the same reason. This is certainly possible with modern flight control systems.”

“Ported” in this instance refers to keeping the control surface locked in the same geometric plane as the wing while cruising.

We also asked Cummings directly whether it was possible his DP-21 concept had an influence on what is seen in the viral thermal image, assuming it is authentic. And we asked for his take on what impacts Boeing’s experimental X-36 and Bird of Prey designs may have had on the F-47, as well.

“My DP-21 aircraft image has been available publicly for quite some time, so it is possible it had some influence, but that is only speculation on my part,” he told us. “I believe the X-36 and Bird of Prey have both influenced the F-47 design. I have always been impressed by the X-36, as it seemed to be ahead of its time.”

“The Groom Lake images are truly intriguing,” he also noted. “It is a viable concept.”

“I think the main thing to remember is that NO ONE thought a 4-spike design (like the B-2) was possible, and my DP-21 was an example of how it was possible,” he added. “A 4-spike design for the F-47 would truly be impressive!”

As TWZ already wrote yesterday, based on what is visible in the image:

“The image shows an exotic design by any interpretation. The aft-set lambda-type wings appear to have a camber and wingtip droop, as on the Boeing Bird of Prey demonstrator. There are very large canard foreplanes — a feature that appears prominently on F-47 renderings and which we have written in detail about in the past. The broad nose, too, is something that has been included in depictions of the F-47, although we have really no idea to what degree these are based in reality. It’s worth noting that in this new thermal image, it has a distinctive double-arrowhead shape, tapering in again in front of the canards. Even the canards themselves may have more than one plane, with the outer tips being drooped, matching similar architecture as the wing. The fuselage then tapers down in the center before the wing roots begin.”

“The aircraft is very likely to be tailless, a feature common to most sixth-generation concepts seen so far. However, since it’s seen from below, we cannot be sure about this aspect of its configuration.”

“As for the powerplant, it is most likely a twin-engine design, like the F-47, a theory reinforced by the sawtooth-type trailing edge. There is no obvious suggestion of any exhaust plumes, which seems odd, but that could be the result of the sensor being used in combination with the aircraft’s power setting at the time of recording, as well as general thermal signature reduction capabilities that are part of the design.”

“Soon after Boeing won the contract for the F-47, we looked at how it might have been influenced by the Phantom Works X-36, also a tailless-canard design.”

As mentioned earlier, the full video Project Fear released today does raise new questions about the exact profile of the front of the design seen in the footage. The idea of using a shovel nose profile on a stealthy aircraft dates back to Northrop’s Tacit Blue demonstrator, and it was found in its modern form the YF-23. It has since become common to see on low-observable (stealthy) designs, and has been notably present in official renders of the F-47 released to date.

Beyond the nose end, there are still some very broad similarities in the shaping of the wing and main body of the aircraft seen in the footage and Cummings’ DP-21 concept.

To date, there are no indications that an F-47 EMD prototype has flown. Air Force officials have said on multiple occasions now that first flight of the service’s new sixth-generation fighter is expected to come in 2028.

We do know that Boeing and Lockheed built flying demonstrator designs that fed into the Next Generation Air Dominance (NGAD) initiative, under which initial development of what has become the F-47 was carried out. Past reports have raised the possibility that there was a third NGAD demonstrator, which might have been built by Northrop Grumman. That company voluntarily dropped out of the NGAD combat jet competition around 2023, and is said to have been on the verge of being cut at the time.

As we noted yesterday, what is seen in the viral thermal image could be unrelated entirely to the F-47. The Navy has also been pursuing a carrier-based sixth-generation fighter, commonly referred to as F/A-XX, in recent years. There has been at least some crossover between F/A-XX and the Air Force’s NGAD effort. A rendering Boeing has shared of its proposed F/A-XX design looks very much in line with what has been shown of F-47 to date. Northrop Grumman is the other company currently competing to build the Navy’s sixth-generation carrier fighter, and has released its own renderings.

In addition, it should be said that official F-47 and F/A-XX renderings released to date will have been carefully manipulated to maximize security of the programs, both of which remain highly classified, and to provide disinformation to adversaries.

As an aside, Darold Cummings also shared his take on a prospective navalized version of the F-47 in a separate post on LinkedIn last year. At that time he wrote:

“I received a DM asking if I had envisioned a Navy version of my recent F-47 fighter concept,  such as  the F-35A to F-35C approach. I recently completed my F-47 Navy version, which I call the F-47N. However, the approach I took was somewhat different: The F-35C used a larger wing for low speed lift, whereas I used my original F-47 wing planform, and added a canard for more low speed lift and control. The canard design (inspired by the X-36), coupled with the Multi-Axis Thrust Vectoring (inspired by the X-44), provided a very reasonable first cut at a Navy version. In general, a canard layout has been treated as adding more radar signature to a fighter. However, on the YF-23 we found that if the all-moving surface (it was a V-tail on the YF-23) was kept “ported”, in this case aligned with the wing plane during cruise, the impact on LO was not a large impediment to signature reduction. The ability to keep the canard ported is achievable using thrust vectoring for trim in cruise and penetration modes.”

Cummings’ interpretation of the F-47 design at that time notably did not reflect his previous DP-21 concept. The X-44 design he mentioned is also known as the Multi-Axis No-Tail Aircraft (MANTA), and was derived from F-22. At least to our knowledge, the MANTA never came to be. The designation was recycled for an entirely unrelated flying wing-type drone, the existence of which was first reported by TWZ.

It’s also worth noting that the design in the newly emerged thermal video could be tied to one of many other programs, including uncrewed ones. Still, it is very much in line with what we would expect to see from a design related to the F-47 and it seems very likely this is the Boeing NGAD demonstrator, if the video is indeed authentic, which it appears to be.

It would be nice to say that we will have to wait and see whether this aircraft turns out to have a more traditional shovel-shaped nose, or even a mild Christmas tree-like design, but we may never see it again. Hopefully that is not the case, especially after the F-47 goes public, but the final design will have significant differences from its technology demonstrator forebears.

Special thanks to @ElectroFluidSys on X for bringing Darold Cummings’ posts on LinkedIn to our attention.

Contact the author: joe@twz.com

Shakira’s long tax-fraud nightmare has ended with the government of Spain on the hook to refund nearly $70 million to the Colombian-born singer after prosecutors failed to prove she spent enough time in that country to owe it a chunk of her earnings.

Since 2018, the singer has been accused of defrauding the Spanish government in three cases, for the tax years 2011, 2012-2014 and 2018. Over the years, deals were offered, rejected and accepted; charges were dropped, other charges were filed; and an eight-year prison sentence was threatened.

Shakira maintained her innocence, saying in 2022 that “Spanish tax authorities saw that I was dating a Spanish citizen and started to salivate,” referring to her relationship with Barcelona-born footballer Gerard Piqué, the father of their sons Milan and Sasha. Piqué and the singer, who met in 2010 when she did “Waka Waka,” the official song of that year’s FIFA World Cup, separated in 2022.

A representative for the singer, whose full name is Shakira Isabel Mebarak Ripoll, did not respond immediately to The Times’ request for comment on the court decision.

However, despite there being no fraud, Shakira told People on Monday in a statement that “for nearly a decade, I was treated as guilty. Every step of the process was leaked, distorted, and amplified, using my name and public image to send a threatening message to the rest of the taxpayers.”

She added, “Today, that narrative crumbles, and it does so with the full force of a court ruling.”

Everything revolved around how many days Shakira spent in Spain in the years in question. With her legal residence in the Bahamas before she declared Spain her fiscal home in 2014, she had to spend more than half the year outside of her beau’s home country to avoid paying taxes there.

“They knew I wasn’t in Spain the required time, that Spain wasn’t my place of work or my source of income, but they still came after me, with their eyes on the prize,” Shakira told Elle in 2022, adding that she was confident that justice would prevail in her favor at trial. “I have enough proof.”

The amount the Spanish government owes her includes fines and interest in addition to the money she handed over, despite having no legal obligation to pay it.

In other Shakira news, she and Burna Boy just released the 2026 FIFA World Cup song, titled “Dai Dai.”

Gracie Cochrane won’t be enrolling in Hogwarts this fall.

HBO announced that Cochrane will depart the upcoming “Harry Potter” series ahead of Season 2. Cochrane played Ron Weasley’s (Alastair Stout) younger sister, Ginny, in “Harry Potter and the Philosopher’s Stone.” Cochrane and her family attributed the “challenging decision” to “unforeseen circumstances.”

“Her time as part of the ‘Harry Potter’ world has been truly wonderful, and she is deeply grateful to [casting director] Lucy Bevan and the entire production team for creating such an unforgettable experience,” the Cochrane family said in a statement. “Gracie is very excited about the opportunities her future holds.”

HBO said they “wish Gracie and her family the best.”

“We support Gracie Cochrane and her family’s decision not to return for the next season of HBO’s ‘Harry Potter’ series, and we are grateful for her work on season one of the show,” HBO wrote in a statement.

Tristan Harland, Gabriel Harland, Ruari Spooner, Gracie Cochrane and Alastair Stout.

(HBO)

The HBO series was greenlit for a second season in early May, months ahead of its Christmas Day premiere later this year. If the sophomore season follows J.K. Rowling’s second book, “Harry Potter and the Chamber of Secrets” (the first season is adapted from the first novel), Ginny will begin her first year at Hogwarts in Season 2.

Cochrane was cast following a massive undertaking by HBO to find young actors for the show. HBO reviewed more than 32,000 auditions before selecting Dominic McLaughlin to play the boy who lived. The cast was filled out with West End performers, like Arabella Stanton (Hermione Granger), first-time actors like Amos Kitson (Dudley Dursley) and longtime stars including John Lithgow, who will play Albus Dumbledore.

HBO Chairman Casey Bloys explained that they expected a lot of “interest” in the cast because of the cultural prominence of the “Harry Potter” franchise.

“Interest can tip over into more unpleasant and aggressive behavior,” Bloys told Deadline, alluding to racist backlash over the casting of Paapa Essiedu as Professor Snape. “We talked to them about what to expect … but any kind of security that’s needed is an unfortunate aspect of doing IP shows. We just try to be mindful and monitor it.”

In March, HBO released its first trailer for the show, which included a peek at the redheaded Weasley family saying goodbye to Ron at Platform 9¾ before he boarded the Hogwarts Express. The trailer also teased Harry’s acceptance letter from Hogwarts and his wand and Nimbus broom.