“Second quarter revenue, EBITDA, adjusted EPS and free cash flow were ahead of expectations,” and “contract value growth accelerated compared to the first quarter,” Eugene Hall said (CEO & Chairman Eugene Hall).
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CEO Christopher Marr said, “2026 marks a year of inflection as we returned to positive growth throughout the year,” adding, “Our base case expectation is for continued acceleration in revenues that will lead to
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The U.S. Air Force Reserve’s 442nd Fighter Wing is now set to transition to the F-15E Strike Eagle after retiring the last of its A-10 Warthog ground attack jets. This is an unexpected announcement and follows years of uncertainty about whether the 442nd would still have a tactical flying mission at all after its A-10s headed to the boneyard. The decision to give the wing F-15Es, rather than a newer type like the F-15EX Eagle II, is also notable, and there were hints this was coming. The jets will have to come from another unit, pointing to larger force structure changes on the horizon.
Representative Mark Alford, a Missouri Republican, announced the transition plan for the 442nd late yesterday. The Wing’s home station is Whiteman Air Force Base in Missouri, which is situated in Alford’s district. Whiteman is better known for being the home of the Air Force’s B-2 bomber fleet. The Missouri Army National Guard’s 1st Battalion, 135th Aviation Regiment, with its UH-60 Black Hawks, is also a tenant unit at the base.
A-10s assigned to the 442nd Fighter Wing seen at Truax Field in Madison, Wisconsin, during an exercise in 2025. USAF
The Department of the Air Force has approved “the enterprise definition, site survey criteria, and candidate location for the Air Force Reserve Command (AFRC) F-15E Strike Eagle basing action,” according to a press release from Alford’s office. “Based on the approved enterprise definition, Whiteman Air Force Base, Missouri, has been identified as the sole candidate location for the F-15E Strike Eagle mission – a decision that marks a critical step toward securing the future of the 442d Fighter Wing and continuing its decades-long tradition of excellence.”
“The Department of the Air Force’s decision supports its broader goal of increasing fighter capacity, modernizing the fighter force, and replacing aging aircraft with a capable and sustainable platform,” the release adds. “The planned transition will bring 24 F-15E Strike Eagles to Whiteman Air Force Base, preserving a critical Air Force Reserve combat-coded fighter unit and the experience of the 442d Fighter Wing.”
The current plan is for the first F-15Es to begin arriving at Whiteman in Fiscal Year 2031, the release also notes. This is in line with the new retirement schedule for the A-10 fleet that the U.S. Air Force announced earlier this year. The service had previously been aiming to divest the last of its Warthogs in 2029, but is now set to continue flying the type through 2030. The 442nd at Whiteman, as well as an active component squadron at Moody Air Force Base in Georgia, are now in line to be the last operational A-10 units. A second active duty unit at Moody will also keep flying the A-10 for an extra year, into 2029, under the new plan.
In consultation with @SecWar, we will EXTEND the A-10 “Warthog” platform to 2030. This preserves combat power as the Defense Industrial Base works to increase combat aircraft production.
— Office of the Secretary of the Air Force (@SecAFOfficial) April 20, 2026
TWZ has also reached out to the U.S. Air Force for more information in light of Alford’s announcement.
Most immediately, the decision to transition the 442nd to the F-15E is a major win for the unit and for Whiteman, preserving a tactical flying mission at the base for the future. The impending retirement of the A-10 has caused significant uncertainty for units flying Warthogs, especially in the Air Force Reserve and the Air National Guard. Members of Congress, as well as state politicians, on both sides of the political aisle have been pushing for years for new flying missions for existing A-10 units. A similar surprise announcement came in April 2025, when President Donald Trump announced that the Michigan Air National Guard’s 127th Wing would be trading its Warthogs for F-15EXs.
“I want to sincerely thank the leaders throughout the Department of the Air Force, Air Force Reserve Command, Governor [Mike] Kehoe for bringing this matter to President Trump’s attention, Missouri’s State Senators for their efforts, and the many Whiteman Air Force Base Airmen who took the time to give their concerns and help make this mission possible,” Rep. Alford said in a statement yesterday. “This outcome reflects what can happen when a community comes together, when our military leaders listen, and when we work toward a shared goal.”
“This is incredible news for Whiteman Air Force Base, the 442d Fighter Wing, and our entire state. The F-15E Strike Eagle mission secures the future for the 442d, saving jobs and bringing continued opportunity to Missouri,” Gov. Kehoe wrote in a post on X yesterday. “This historic announcement would not have been possible without @RepMarkAlford’s [Rep. Alford’s] dedication to securing this mission alongside Whiteman leadership, @SenEricSchmitt [Senator Eric Schmitt], and @SenHawleyPress [Senator Josh Hawley].”
This is incredible news for Whiteman Air Force Base, the 442d Fighter Wing, and our entire state. The F-15E Strike Eagle mission secures the future for the 442d, saving jobs and bringing continued opportunity to Missouri.
“This is the first in several steps,” Alford also acknowledged during a press conference yesterday, as seen in the video below. “There’s a lot of planning that has to go into this, a lot of regulatory steps. But this is a first step that I’ve been waiting on for three and a half years: for the Air Force to give us a call and to email us with a detailed plan of how this is going to work out.”
LIVE: ALFORD ANNOUNCES MAJOR VICTORY FOR WHITEMAN AIR FORCE BASE
As mentioned, the more specific plan now to convert the 442nd into an F-15E squadron is interesting. The original Strike Eagle is long out of production, and the Air Force currently has some 212 of these jets in inventory.
So, to make the plan work, the F-15Es heading to Whiteman in Fiscal Year 2031 will have to come from somewhere else within the Air Force. Right now, there are six active-duty Strike Eagle squadrons spread across Seymour-Johnson Air Force Base in North Carolina, Mountain Home Air Force Base in Idaho, and RAF Lakenheath in the United Kingdom. There are a smaller number of Strike Eagles assigned to test and evaluation units, as well.
It’s also important to note here that there are roughly two halves to the F-15E fleet: older jets with Pratt & Whitney F100-PW-220 turbofan engines and ones with more powerful F100-PW-229 variants. The Strike Eagles with -229 engines are newer, with the final batch of 10 aircraft being delivered in the early 2000s.
The F-15Es are still some of the most heavily in-demand aircraft in the Air Force’s inventory today, offering a very flexible multi-mission tactical platform with impressive range and payload capacity. At the same time, the Strike Eagle fleet has been heavily strained by persistent operational demands for decades now. This has been recently compounded by the loss of four jets in the course of operations against Iran this year.
A heavily laden F-15E Strike Eagle on a combat mission somewhere in the Middle East. USAF
The Air Force has moved in recent years to retire its older F-100-PW-220-powered Strike Eagles, ostensibly to free up resources for new and improved capabilities as part of larger modernization efforts. Congress has pushed back against those plans, something we will come back to later on. More recently, the service also announced plans to roughly double the size of its fleet of F-15EX fleet, from 129 to 267 jets, explicitly to help “begin to recapitalize the aging F-15E fleet.”
TWZhas been highlighting the logic of replacing the F-15Es, or at least a substantial portion of that fleet, with new EXs, for years now. As we have previously noted, the current acquisition plan is large enough that it could also help fill gaps left by the retirement of the A-10 fleet and older F-16 Viper fighters.
We have also talked in the past about the potential value then of sending the resulting ‘surplus’ F-15Es to other Air Force units, especially in the reserve component and the Air National Guard. It would arguably make more sense in many cases to give active-duty squadrons newer F-15EXs while pushing older Strike Eagles to the Reserve and Guard. The more heavily air-to-ground-focused, two-seat F-15Es would be especially well positioned to carry on close air support, forward air control, and other missions currently performed by units transitioning from the A-10. The loss of this knowledge and specialization is among the biggest concerns with retiring the A-10.
An F-15EX Eagle II and an F-15E Strike Eagle, side by side, at Eglin Air Force Base in Florida. USAF
“For every one of these A-10 units that are going away, I’m looking at if there’s a means by which we can get an F-15 unit behind it, whether it’s a Strike Eagle or an EX,” Air Force Lt. Gen. John P. Healy, Chief of Air Force Reserve, said just this past February at the Air & Space Forces Association’s annual Warfare Symposium in February.
“I am optimistic that we’ve at least got people listening to the value that we provide, the combat capability we provide, the experience that we provide,” Healy also said at that time when asked directly by TWZ about the likelihood of F-15Es heading to Air Force Reserve units. “We’ve proven it over and over again. We’re efficient, we’re experienced, we’re 100 percent accessible as a reserve force, and we’re lethal in all these mission sets. I think our message is sounding in a positive way with senior leadership within the Air Force. I’m not going to cash the check yet, but I’m optimistic about our future in terms of recapitalizing some of our units.”
To reiterate, sending F-15Es to any Air Force Reserve and/or Air National Guard squadron will require a redistribution of the existing Strike Eagle fleet. The comment in the press release from Rep. Alford’s office that Whiteman has been “identified as the sole candidate location for the F-15E Strike Eagle mission” raises further questions about exactly what the entire Strike Eagle force, and its disposition, will look like by the end of the decade. Seymour-Johnson is where the F-15E schoolhouse currently resides, and the base is also now the hub for F-15EX training.
The new plans for a larger fleet of F-15EXs will factor in the equation, as well. The Oregon Air National Guard’s 142nd Wing is currently the only operational unit flying Eagle IIs. The Air Force has announced that Air National Guard squadrons in California and Louisiana, as well as the aforementioned one in Michigan, will be receiving F-15EXs, too. Two active duty Eagle II squadrons are also set to be established at Kadena Air Base in Japan. There are currently expected to be nearly 120 aircraft assigned to these squadrons, as well as test and evaluation units, collectively. With the EX fleet now set to comprise 267 aircraft, there is then the question of where nearly 150 additional jets will be assigned. Recapitalizing frontline F-15E units with EXs would go a long way toward providing an answer, while also freeing up Strike Eagles for reassignment elsewhere.
A quartet of F-15EX Eagle IIs. USAF
The 442nd’s transition to the F-15E is still not expected to come for several more years. There is the possibility then that the plan, as well as other expected force structure changes, could evolve further due to a variety of factors. For one, Congress has already stepped in to block the Air Force from retiring any Strike Eagles through at least September 2027, and could do the same again next year. At the same time, this would not preclude the Air Force from reassigning those jets to new units as other aircraft enter service.
There is also the potential for A-10s to continue serving beyond 2030. Earlier this month, a bipartisan group of Congressmen introduced a bill that, if passed and signed into law, would require the Air Force to continue flying Warthogs through Fiscal Year 2033. This proposed legislation is named the BRRRRT Act (standing for Bolstering Recognition, Resurgence, Retention, and Remembrance of the Thunderbolt), a reference to the sound the A-10’s iconic 30mm GAU-8/A Avenger cannon makes when fired. This is on top of additional lifelines for the Warthog community contained in drafts of the annual defense policy bill, or National Defense Authorization Act (NDAA), for Fiscal Year 2027 that are now making their way through Congress.
An A-10 seen on a sortie in support of Operation Epic Fury against Iran earlier this year. CENTCOM
Though clearly an important development for the 442nd Fighter Wing, the transition plan that has been outlined now looks to be just the start of major changes for the Air Force’s F-15E fleet, especially as the new F-15EX continues to take center stage.
“Alphabet revenue grew 24% year-over-year” (CEO & Director Sundar Pichai). “We saw 17% revenue growth in Search and Other and YouTube ads grew 13%. Cloud revenue grew 82%… and Cloud backlog grew to $514 billion.”
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“Today, we issued second quarter results that included sales growth of 4.8%… and adjusted earnings per share of $1.31” (Executive Chairman, President & CEO Robert Ford), adding Abbott is “reaffirming our full year guidance for comparable sales growth of
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A steep NAV drop and a federal probe trigger a high-level departure at BlackRock.
The private credit market’s roughest stretch in years has claimed its first senior leader at a major asset manager.
BlackRock’s Phil Tseng is in the process of leaving his post as CEO of the firm’s publicly traded business development company, according to Bloomberg News.
The move comes amid a brutal year for BlackRock TCP Capital Corp. The firm marked down its net asset value twice in 2026 — by 19% in January and another 5% in May. Meanwhile, federal prosecutors in Manhattan have been reportedly probing the fund and questioning executives as part of the inquiry.
Tseng, an acqui-hire from BlackRock’s 2018 acquisition of Tennenbaum Capital Partners, remains employed for now with no set departure timeline.
Tseng’s exit echoes a pattern that emerged last fall when two auto-related borrowers collapsed and rattled private lenders. Cleveland-based First Brands filed for Chapter 11 in September after off-balance-sheet financing obscured leverage levels beyond what lenders had underwritten. Founder and CEO Patrick James resigned as the bankruptcy unfolded.
That same month, subprime auto lender Tricolor Holdings began liquidating. Federal prosecutors later indicted founder and CEO Daniel Chu and chief operating officer David Goodgame, alleging the pair systematically misled lenders to keep credit lines open. Goodgame pleaded guilty in June to six counts, including bank fraud and conspiracy, and is now cooperating with prosecutors — a deal that could put him on the stand against Chu, who has pleaded not guilty. Chu had also abruptly resigned from Origin Bancorp’s board days before Tricolor’s implosion.
Industry executives have largely characterized the two collapses as isolated fraud cases rather than evidence of systemic rot. Blue Owl co-president Craig Packer told CNBC in October that the failures “weren’t private credit stories” at all.
BlackRock CEO Larry Fink struck a similarly confident tone. On an April earnings call, he told analysts that institutional demand for private credit was “accelerating.” Still, headlines around the sector aren’t reflecting what the firm’s own client and portfolio data showed.
Redemptions from business development companies, key lenders in the private credit market, are surging. Investors requested $20.8 billion in redemptions in the first quarter alone. In some cases, those redemptions exceeded the 5% cap set by BlackRock and its rivals: Apollo Global Management, Ares Management, Blackstone, Blue Owl Capital, and KKR.
Not all private credit funds appear troubled. Goldman Sachs’ private credit fund, for example, honored all redemption requests in Q2 because it reported relatively modest private credit fund redemption requests (3.2%). The same goes for Nuveen Churchill and Oaktree with withdrawals of 3.1% to 4.5%, respectively.
But with so many of the sector’s players posting losses, Tseng’s departure suggests the reckoning is reaching up the org chart.
The S&P Global Japan Manufacturing PMI was revised slightly lower to 54.8 in June 2026 from 54.9 in the preliminary estimate. However, the reading comfortably beat May’s 54.5 and marked the sixth consecutive month of expansion, driven by accelerating output and new orders.
Weekly insights and analysis on the latest developments in military technology, strategy, and foreign policy.
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 Defensereports that McGuinty confirmed he had spoken with Koizumi about the GCAP, which the Canadian official described as a “promising initiative.”
Japanese Defense Minister Shinjiro Koizumi and Canadian Defense Minister David McGuinty before an earlier meeting in Tokyo, Japan, on February 6, 2026. Photo by David Mareuil/Anadolu via Getty Images Anadolu
“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.
An official artist’s concept of a potential Tempest configuration, with Mount Fuji in the background. MHI
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.
A pair of Gripen Es. Saab Linus Svensson @Saab
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.
An infographic showing Canadian industrial participation in the F-35 program. Lockheed Martin
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.
Infographic outlining the key features of Canada’s future F-35As. RCAF
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.
A rendering of a pair of Tempests of the latest configuration overflying the U.K. coastline. BAE Systems
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.
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.
Mark Murphy (Executive VP & CFO) tied capital returns to cash durability, saying: “We’re really pleased with the financial trajectory of the business… we are delivering record cash flow numbers.” He added that after maintaining “appropriate excess
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EVIAN-LES-BAINS, France — The United States could soon reimpose sanctions on Russian oil shipments after President Trump and fellow leaders at the Group of Seven summit of major industrialized democracies moved Tuesday to put the war in Ukraine back on top of their agenda, more than four years after Russia launched its full-scale invasion.
The Iran war has recently overshadowed Ukraine, but Trump said he wants to shift the focus following the announcement of an agreement to end the 3½-month-old conflict in the Gulf.
Trump said Iran will soon be “back in the rearview mirror.”
Trump said the sanctions on Russia that were eased during the Iran war to help lower oil prices can go back in place as more oil moves through the Strait of Hormuz.
“Soon we’ll be able to do that because the oil is now flowing,” Trump told reporters in Evian, the French spa town close to the Swiss border that is hosting the summit. “We’re in a position to do that soon.”
The U.S. in March temporarily eased some sanctions on some Russian oil shipments as crude prices sharply increased. The waiver has been extended.
Zelensky joins G7 leaders for talks
Ukrainian President Volodymyr Zelensky joined the G7 leaders for talks on the war in his country. They wrapped quickly, after just 75 minutes.
Zelensky said Ukraine is serious about peace while Russia toys with world leaders. “The entire ‘Seven’ supports Ukraine unanimously today,” he said.
Zelensky added that G7 leaders supported Ukraine’s need for more Patriot missiles and discussed how to increase production by licensing production. Patriot missiles are able to counter Russian ballistic missile attacks on Ukraine’s power grid and cities.
As the U.S. under Trump has cut back aid to Ukraine, France and its European allies are now the biggest providers of military and financial support to Kyiv.
Trump downplayed the impact of the Russia-Ukraine war on the U.S. but lamented the death toll.
“The whole thing is ridiculous,” Trump said. “So, yeah, I’m going to do whatever I can.”
Meanwhile, the U.K. announced new sanctions targeting the “shadow fleet ” Russia uses to ship oil and gas, and the finance networks used by Moscow to evade Western sanctions. The ships targeted include several recently purchased by Russia to transport liquefied natural gas from its sanctioned Arctic LNG 2 project.
Russia fires again at Ukraine’s biggest cities
Hours before the summit began Monday, Russia fired hundreds of drones and dozens of missiles at Ukraine’s biggest cities in a barrage that killed 11 people and set fire to a religious landmark.
The attacks came after Zelensky and Putin spoke separately by phone with Trump on Sunday, the U.S. leader’s 80th birthday.
While campaigning in 2024 for a return to the White House, Trump claimed he could end the Russia-Ukraine war within 24 hours of taking office. However, negotiations have faltered and Trump has acknowledged it has proved much harder than he thought.
Ukraine on Monday officially started European Union membership negotiations, launching a process that will require its government to commit to years of political reforms even as it fights the Russian invasion.
Ukraine sees EU membership as a security guarantee for a stable future once the war ends. Its best guarantee would be membership in the NATO military alliance, but the Trump administration insists that cannot happen, and others are wary of Ukraine joining while the war continues.
Trump says he may send Iran deal to Congress
The U.S.-Iran ceasefire deal got plenty of attention at Tuesday’s sessions, with Trump voicing his openness to sending the deal to Congress for review. The text has not been made public.
“I like the idea, send it to Congress please,” Trump said at the start of a meeting with United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan on the summit’s sidelines. He added, “I mean who wouldn’t approve it?”
Republicans on Capitol Hill say they want Trump to provide more information about the agreement, with some expressing skepticism that the deal can deter Iran from pursuing a nuclear weapon.
Trump also met with the Emir of Qatar, Sheikh Tamim bin Hamad al-Thani. The Gulf nations are not part of the G7, but French President Emmanuel Macron extended invitations to their leaders at a fraught moment for their region.
Trump also expressed frustration over Israel’s continued hostilities with the Iranian-backed militia Hezbollah in Lebanon, telling reporters he’s “not happy with the way Israel has handled themselves with Lebanon and with Hezbollah.”
Trump said Israeli operations to target Hezbollah “should have been able to deal with them faster,” adding: “It just goes on forever. And when that happens, it throws a negative light on the big deal. And that’s the deal with Iran.”
Macron said France and other Western partners are “ready to take action very quickly” to help reopen the Strait of Hormuz peacefully to ease the economic impact of rising oil prices. France and the U.K. have championed a mission to restore maritime security there as soon as conditions allow.
The G7 comprises France, the United States, Canada, Germany, Italy, Japan and the United Kingdom. Other guest nations, including Brazil, India, Kenya and South Korea, were invited to participate in some discussions.
Superville, Corbet and Madhani write for the Associated Press. Madhani reported from Geneva. AP writers Jill Lawless and Samuel Petrequin in London, Collin Binkley in Washington and Illia Novikov in Kyiv contributed to this report.
Japan’s stock market surges to record high on hopes of an end to US-Israel war on Iran.
Published On 25 May 202625 May 2026
Oil prices have fallen sharply amid tentative hopes for a deal to end the US-Israel war on Iran.
Brent crude, the primary benchmark for global oil prices, fell about 5 percent on Sunday as US President Donald Trump gave mixed signals on the prospects for a permanent end to the conflict.
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Brent futures for July stood at $98.47 a barrel as of 01:05 GMT, down about 9 percent from a month ago but still up by more than a third compared with before the start of the war.
Japan’s benchmark stock index, the Nikkei 225, surged more than 3 percent in morning trading, hitting an all-time high after closing at a record peak on Friday.
Trump said in a social media post on Sunday that negotiations with Tehran were proceeding in an “orderly and constructive manner”, but he had instructed officials “not to rush into a deal”.
“Both sides must take their time and get it right. There can be no mistakes!” Trump wrote on Truth Social.
Trump’s remarks came after he raised hopes for a breakthrough on Saturday by announcing that a deal had been “largely negotiated,” with the terms including the reopening of the Strait of Hormuz.
“Fundamentally, there is no change to the underlying picture, where 10-11 million barrels per day of crude oil continue to be shut-in for every day the Strait of Hormuz remains shut,” June Goh, a senior oil market analyst at Sparta in Singapore, told Al Jazeera.
“However, markets are expecting a gush of 100 million barrels of crude oil from the stranded ships to flow out once the deal is in place.”
Goh said markets are likely to remain on edge for some time after any deal is finalised.
“Sparta estimates still about three to six months required to get everything back to status quo, including time to bring production and refineries back online,” Goh said.
Iran has effectively blockaded the strait since the start of the war in late February, disrupting about one-fifth of the global oil trade.
The US has imposed its own blockade of Iranian ports since mid-April, further disrupting commercial shipping in the waterway.
In his Truth Social post on Sunday, Trump said the US blockade would remain “in full force and effect until an agreement is reached, certified, and signed”.
Iran’s Foreign Minister Abbas Araghchi speaks at a press conference after attending the BRICS Foreign Ministers’ Meeting at the Embassy of the Islamic Republic of Iran in New Delhi, India, Friday. Araghchi signaled a willingness to negotiate with the United States. Photo by Rajat Gupta/EPA
May 15 (UPI) — President Donald Trump told reporters Friday that the first sentence of Iran’s peace proposal was “unacceptable” and accused the country of backtracking on its nuclear policy, but Iran signaled it’s still ready to negotiate.
Trump said the first sentence was an “unacceptable sentence, because they have fully agreed no nuclear, and if they have any nuclear of any form, I don’t read the rest,” CNN reported he said. He added that he is unsatisfied with the “level of guarantee from them.”
Trump said Iran had agreed to give up its enriched uranium, which he calls “nuclear dust.” But “then they took it back,” he said.
But Iranian Foreign Minister Abbas Araghchi said Friday that discussion about uranium enrichment “is currently not on the agenda of discussions or negotiations,” but the country is willing to talk about it later in negotiations, according to Iran’s news agency Tasnim.
Iran has said it doesn’t plan to build a nuclear weapon but has refused to give up its uranium.
Trump’s comments were on his trip from Beijing after meeting with Chinese President Xi Jinping.
When reporters asked if Xi had agreed to pressure Iran to reopen the Strait of Hormuz, the president replied, “We don’t need favors,” but that “we may have to do a little cleanup work,” without clarifying what he meant.
“We had a little monthlong cease-fire, I guess you’d call it, but we have a blockade that’s so effective, that’s why we did the cease-fire.”
China appears hesitant to get involved in the conflict, Al Jazeera reported.
Trump said the United States and China agree that the strait must be opened and the war must end. About half of China’s crude oil comes through the strait.
Araghchi said Iran would welcome Chinese diplomacy to help defuse the war with the United States.
“Any effort made by the Chinese to support diplomacy will be welcomed by the Islamic Republic of Iran,” he said at a press conference in New Delhi, India. He was attending the BRICS foreign ministers’ meeting.
But he also said that Iran considers itself as the protector of the strait.
Araghchi said on X that with Indian Foreign Minister Subrahmanyam Jaishankar, he “clarified that Iran will always carry out [its] historical duty as protector of security” in the Strait of Hormuz.
He added that “all friendly nations” can “rely on safety of commerce.”
Following his visit with Xi, Trump also said he is considering removing sanctions on Chinese companies that have been buying Iranian oil as the war and high gas prices linger.
“I’m going to make a decision over the next few days. We did talk about that,” Trump said on Friday.
“I suspect we’ll see a growth in their oil imports from the United States,” Wright said.
“But ultimately, the world needs to get the Persian Gulf open. Iran’s attempt to hold the whole world hostage, people know it’s temporary.
“One way or the other, we will see an end to the Iranian nuclear program and we will see free flow of traffic through the Strait of Hormuz. That can happen relatively rapidly with an agreement with Iran,” he said.
A missile identified as “Khorramshahr-4” was on display during a public rally in Tehran’s Enghelab Square on April 21, 2026. Photo by Behnam Tofighi/UPI | License Photo