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Shares of GMS Inc. soared on Friday as the building-products distributor became the centre of a potential bidding war between two heavyweights in the construction supply industry: Home Depot and QXO.

The stock jumped 29% in pre-market trading, reaching $104.50, after The Wall Street Journal reported that Home Depot had submitted an offer to acquire the Georgia-based company.

The report followed QXO’s public $5 billion bid on Wednesday, which offered $95.20 per share in cash — a 27% premium to GMS’s 60-day average share price.

GMS, which operates over 320 distribution centers and nearly 100 tool sales and rental locations, confirmed it had received the unsolicited proposal from QXO.

In a statement Thursday, the company said its board would “carefully review and evaluate” the bid.

QXO pushes forward with firm offer

QXO, led by serial dealmaker Brad Jacobs, has made it clear it intends to pursue GMS aggressively.

The firm, which recently completed an $11 billion acquisition of Beacon Roofing Supply, said its offer for GMS required no financing condition.

In a letter to GMS CEO John Turner, Jacobs urged a response by June 24 or warned that the offer would be taken directly to shareholders.

“Our all-cash proposal to acquire GMS delivers immediate and certain value to GMS shareholders at a meaningful premium,” Jacobs said in a statement.

Jacobs is known for roll-up strategies and previously won over Beacon Roofing’s board after raising his offer.

Market watchers say a similar playbook could emerge here if GMS hesitates.

Home Depot’s interest signals broader sector ambition

Home Depot’s reported interest in acquiring GMS suggests the retail giant is looking to deepen its reach into the fragmented construction supply market.

With a market capitalization of approximately $345 billion, Home Depot has significant resources to compete against QXO, whose market value stands at about $13 billion.

A successful acquisition would expand Home Depot’s footprint with access to GMS’s established contractor customer base, which includes both residential and commercial builders.

The push toward consolidation is part of a broader trend, as companies look to gain market share and efficiency through scale and technology adoption.

Mixed earnings, but longer-term growth remains

GMS’s most recent earnings, released Wednesday, painted a mixed picture.

The company reported adjusted fourth-quarter earnings of $1.29 per share, down from $2.01 a year ago, but still above Wall Street expectations of $1.11.

Revenue fell to $1.33 billion from $1.41 billion, but also topped consensus forecasts.

CEO John Turner acknowledged macroeconomic headwinds, including high interest rates and broader market uncertainty, but struck an optimistic note.

“As we begin fiscal 2026, we are cautiously optimistic that we are nearing the bottom of this cycle and believe pent-up demand will materialize as the macro-environment improves,” Turner said.

Analysts raise price targets amid takeover buzz

The prospect of a bidding war and continued industry consolidation has sparked bullish sentiment among analysts.

Raymond James raised its price target on GMS to $90 from $80, maintaining an “outperform” rating.

The investment firm expressed a positive view on GMS shares for investors willing to wait through near-term housing headwinds, suggesting the company’s fundamentals remain strong despite current market challenges.

RBC went a step further, lifting its target to match QXO’s offer of $95.20 per share from $65 and reaffirming a “sector perform” rating.

Truist also adjusted the price target on GMS to $105 from $80 and maintained a Hold rating.

The average analyst price target now stands at $93.27, according to FactSet data, with the consensus rating skewing toward overweight.

With GMS’s response to QXO due by June 24, all eyes are on whether Home Depot will formally disclose its offer and possibly raise the stakes.

Both companies are betting on long-term trends — including housing demand, contractor loyalty, and supply chain modernization — to justify a major outlay.

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Japan’s rice prices are facing their most severe shock in more than half a century, with costs more than doubling over the past year.

The crisis is exposing structural flaws in the agricultural system and fueling voter unrest ahead of key elections.

Data from Japan’s statistics bureau show that rice prices in May soared 101.7% year-on-year, the sharpest annual rise in over 50 years.

The jump follows a 98.4% increase in April and a 92.1% spike in March, reflecting a steady deterioration in supply and intensifying demand pressure.

The soaring costs are placing a heavy burden on Japanese households.

According to the Lowy Institute, the average price for a five-kilogram bag of rice rose to ¥4,268 (US$29.90) in May, up from ¥2,228 (US$15.60) a year earlier.

For families consuming 20 kilograms per month, that translates into an additional annual outlay of nearly ¥98,000 (US$687).

This is a daunting figure in a country where over 30% of households earned less than ¥3 million (US$21,032) in 2022.

In recent months, the the government in Japan has tried to release rice from its emergency stockpile to tackle the doubling of prices.

Earlier this month, it said it will release another 200,000 metric tons of rice, but more structural issues seem to be at play here.

Why has rice become so costly in Japan?

Japan’s deepening rice crisis stems from multiple converging factors.

A record-breaking heatwave in 2023 diminished crop yields, and widespread stink bug damage further compromised quality and volume.

Meanwhile, an earthquake warning in August last year triggered panic buying and household stockpiling of rice, compounding scarcity in retail markets.

The situation is further complicated by a global wheat shortage linked to the ongoing Russia–Ukraine war.

With wheat prices surging, many consumers in Japan have turned to rice as a more affordable alternative, inadvertently driving up demand and further fueling the sharp rise in Japan’s rice prices

Simultaneously, fertilizer costs — also impacted by the conflict — have risen over 30% in the past five years, squeezing farmers already operating on narrow margins.

“One is panic buying due to rumours of a mega-earthquake,” Tim Harcourt, chief economist at the University of Technology Sydney told Al Jazeera.

“Two is the shortage of wheat due to the Russia-Ukraine war causing a substitute of wheat for rice. And three, is the revival in tourism to Japan and a booming hospitality sector increasing demand for rice,” he said.

Small-scale farming structure under pressure

Japan’s rice production model has long relied on small-scale farmers.

As of 2024, nearly two-thirds of rice farmers cultivate less than one hectare of land, according to agricultural census data.

Yet large-scale farmers are needed to sustain production.

In 2020, for example, 16% of rice farmers cultivated more than three hectares, accounting for 70% of the total cultivated area.

Efforts to expand farmland consolidation have had limited success.

Between 2010 and 2020, the number of farmers cultivating over 15 hectares grew by 83%, from 6,654 to 12,194.

But experts say this remains insufficient to secure stable long-term supply.

The Mitsubishi Research Institute has urged a policy overhaul.

“Scaling up of rice farmers through farmland accumulation has begun to reach its limits,” the institute noted, adding that creating sustainable economic incentives for rice farming is essential amid growing climate volatility.

Broader inflation woes compound the crisis

Japan’s broader inflationary pressures are compounding the crisis.

The country’s core inflation rate — which excludes fresh food — climbed to 3.7% in May, its highest since January 2023 and above economists’ expectations.

Despite Japan’s long-standing policy of shielding its rice market with high import tariffs, the spike in domestic prices has forced some consumers and restaurants to turn to imported rice.

This shift, while gradual, has raised concerns about the country’s food self-sufficiency and the long-term viability of its protected agricultural market.

Will the rice crisis become a political crisis for Ishiba?

For Ishiba’s government, the crisis could not have come at a worse time.

A parliamentary upper house election is due next month, and public support for his administration has already sunk to its lowest level since he took office in October.

The surge in food costs — especially for something as symbolically and culturally significant as rice — risks eroding voter trust.

“We don’t know why we haven’t been able to push prices lower,” Ishiba told parliament in May.

“We first will figure out exactly how much rice there is and where it is.”

Grassroots pressure is building. Advocacy groups like Save the Children Japan have reported that nearly a third of low-income families surveyed are reducing rice consumption due to affordability issues.

“Rice is the cherished staple in Japan, so an economic crisis automatically becomes a political one,” Harcourt said.

Uncertain path

While policymakers have acknowledged the seriousness of the issue, clear solutions remain elusive.

Market interventions to stabilize prices would need to be paired with long-term reforms in agricultural structure, climate adaptation, and production incentives.

In the meantime, households are cutting back, restaurants are adapting menus, and imports are quietly rising — all signs of a fundamental shift in how Japan may approach its most essential food in the years ahead.

If left unaddressed, the “rice crisis” may become not just an economic and agricultural challenge, but a defining political issue in the months to come.

The post Japan’s rice price surge: what’s driving it and why it could spark a political crisis appeared first on Invezz

Taiwan’s Foxconn and U.S. chipmaker Nvidia are in advanced discussions to deploy humanoid robots at a new Foxconn facility in Houston, Texas, reported Reuters.

The new facility is where the company will manufacture Nvidia’s GB300 artificial intelligence (AI) servers, the report said, citing sources.

If finalized, this will mark the first time Nvidia’s AI server products are produced with the help of humanoid robots.

It will also be the first Foxconn factory to introduce such technology on its production lines.

Robots in Foxconn

The planned deployment of humanoid robots is expected to be concluded within the coming months, with the robots set to begin operations by the first quarter of next year.

Production at the Houston facility is scheduled to commence around the same time.

The specific models or capabilities of the humanoid robots to be used remain unclear.

However, Foxconn has previously conducted trials using humanoid robots from Chinese firm UBTech and is concurrently developing its own versions in collaboration with Nvidia.

According to a May company presentation, Foxconn has trained these robots to perform tasks such as picking and placing objects, inserting cables, and assembling components—activities typical of electronics production environments.

The report said the Houston facility is well-suited for deploying humanoid robots due to its new design and larger floor space, offering greater flexibility for automation integration compared to older sites.

Leo Guo, General Manager of Foxconn Industrial Internet’s robotics division, shared during a Taipei industry event in May that the company plans to unveil two humanoid robot models at its annual technology event in November.

One will have bipedal mobility, while the other will use a more cost-effective wheeled autonomous mobile robot (AMR) base.

Foxconn Industrial Internet (FII), a subsidiary of Foxconn, leads the company’s AI server and robotics initiatives.

The company’s ongoing robot development reflects its long-term strategy to enhance efficiency and lower labor dependence in high-precision manufacturing.

Nvidia’s expanding AI infrastructure push

Nvidia, whose AI chips power most of today’s generative AI systems, announced in April that it would partner with Foxconn in Houston and Wistron in Dallas to build AI-focused supercomputer manufacturing hubs.

Both sites are expected to become operational in the next 12 to 15 months.

The partnership with Foxconn further reflects Nvidia’s deepening involvement in humanoid robotics.

The company already provides hardware and software platforms—such as its Jetson computing modules—for humanoid robot developers worldwide.

In March, Nvidia CEO Jensen Huang stated that humanoid robots would become commonplace in factories within five years, citing significant strides in robotic intelligence, mobility, and perception.

A broader industry trend toward humanoids

Foxconn and Nvidia’s move is part of a broader industry trend.

Automakers such as Mercedes-Benz and BMW have piloted humanoid robots on their assembly lines, and Tesla is developing its own robot named “Optimus.”

Meanwhile, China has also committed to accelerating the development of humanoid robotics, with expectations that they will eventually take on repetitive or hazardous factory tasks.

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US equity markets advanced on Friday after Federal Reserve Governor Christopher Waller said inflation was low enough to justify a potential rate cut as soon as next month, offering a more dovish outlook than Fed Chair Jerome Powell had earlier in the week.

The Dow Jones Industrial Average rose by 150 points, or 0.4%, while the S&P 500 climbed 0.5%. The Nasdaq Composite led gains with a 0.6% rise.

The move higher came as traders responded positively to Waller’s comments and as oil prices retreated, easing concerns over escalating tensions in the Middle East.

Despite the geopolitical backdrop, all three major indices are set to end the week with gains.

The S&P 500 is up 0.6% so far this week. The Dow has risen 0.4%, and the Nasdaq has posted a stronger 1.5% gain, supported by strength in technology shares and easing inflation concerns.

Waller gives hope for July rate cut

Appearing on CNBC’s Squawk Box, Waller said the Federal Reserve may be in a position to begin cutting rates as early as July, citing what he described as a sufficient cooling in inflationary pressures.

“I think we’re in the position that we could do this and as early as July,” Waller said. “That would be my view, whether the committee would go along with it or not.”

His remarks contrasted with those made by Chair Powell on Wednesday, who said the Fed was in “no hurry” to reduce rates and would remain dependent on incoming economic data, especially given uncertainty around the economic impact of President Donald Trump’s newly imposed tariffs.

Stocks had closed slightly lower following Powell’s comments, as markets interpreted the Fed’s stance as cautious in the face of economic and geopolitical crosscurrents.

Iran-Israel tensions simmer

Adding to Friday’s positive sentiment was a pullback in oil prices. Brent crude, the international benchmark, dropped more than 3%, while US. crude futures fell 0.2%.

The declines followed comments from Trump that he would delay a decision on whether the US would launch a military strike on Iran.

“There’s a substantial chance for negotiations,” Trump said Thursday, signaling he would decide on a response to Iran “within the next two weeks.”

The easing in oil prices comes as traders weigh the implications of possible US military involvement in response to recent hostilities.

According to reports, Israeli Prime Minister Benjamin Netanyahu has directed the country’s military to prepare strikes on “strategic” and “government” targets in Iran.

The White House has said Trump is weighing direct involvement in a strike on Tehran.

Iran’s Supreme Leader Ayatollah Ali Khamenei dismissed Trump’s prior call for “complete surrender,” calling it “threatening and ridiculous.”

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One of Britain’s most delayed and expensive infrastructure projects, the Hinkley Point C nuclear plant, is receiving a crucial financial lifeline.

US asset manager Apollo Global Management is reportedly preparing to lend £4.5 billion to plug a funding gap for the site in Somerset.

This move signals a broader shift in the UK’s energy funding model, where large-scale public infrastructure is increasingly being supported by private investment capital.

The Financial Times reported the deal on June 20, and two anonymous sources later confirmed key details to CNBC, highlighting Apollo’s role in providing unsecured, investment-grade debt at a sub-7% interest rate.

Hinkley Point C faces fresh cost pressures

The Hinkley Point C project, owned by France’s EDF, has been plagued by rising costs and repeated delays.

As of early 2024, the estimated cost of completing the twin-reactor station has ballooned past £40 billion, making it the most expensive nuclear development in the country’s history.

EDF had been left to bear this financial burden alone after China General Nuclear Power Corp (CGN) withdrew its support in late 2023.

CGN’s exit followed the UK government’s decision to push the Chinese firm out of another nuclear development at Sizewell, raising geopolitical concerns over China’s access to critical infrastructure.

In response, EDF began searching for private capital to help shore up the project. Apollo’s involvement fills a crucial gap created by CGN’s exit, allowing construction to continue without immediate state financing.

Despite setbacks, the first reactor at Hinkley is now expected to begin generating electricity by 2029.

When complete, it is projected to supply energy to six million homes across the UK.

Private equity sees long-term gains in UK infrastructure

Apollo’s decision to back Hinkley Point C with billions in unsecured debt underscores growing confidence among private equity players in the UK’s infrastructure sector.

The deal also reflects a broader trend: institutional investors are increasingly looking to put capital into long-horizon, capital-intensive assets like energy, transport, and housing.

Earlier this month, Apollo President Jim Zelter told investors that the firm sees scope to deploy $100 billion across Europe in the next decade, including in Germany, where energy and data centre projects are expected to expand rapidly.

The Hinkley loan, if finalised, would mark one of the largest private investments in a UK energy project with national significance.

Energy strategy pivots amid political and financial risks

Hinkley Point C is the UK’s first new nuclear power station in decades and forms a key part of the government’s long-term energy strategy.

Nuclear remains a politically sensitive topic in Europe, but the current administration has pushed ahead with plans to approve more domestic projects to reduce reliance on fossil fuels and imported energy.

The recent financial strain at Hinkley has also exposed the risks of relying on foreign partners, particularly amid rising geopolitical tensions.

CGN’s removal from UK nuclear plans was partly due to security concerns, prompting a policy shift towards Western capital for funding strategic assets.

Despite its long gestation and cost overruns, Hinkley Point C is seen as essential to the UK’s net-zero ambitions.

Once operational, it is expected to generate around 3.2GW of electricity, helping stabilise the country’s grid during the transition to renewables.

The post Apollo backs £4.5bn loan for delayed Hinkley Point C nuclear plant appeared first on Invezz

Army Gen. Michael ‘Erik’ Kurilla is no stranger to conflict, especially in the Middle East. 

Two decades ago as a lieutenant colonel, he was at the front lines of combat fighting off insurgents in Mosul, Iraq, while leading the 1st Battalion, 24th Infantry Regiment. The battalion’s mission was to conduct security patrols and coordinate offensive attacks against anti-Iraqi insurgents targeting Iraqi security forces and Iraqi police stations. 

During Kurilla’s tenure leading the battalion, more than 150 soldiers earned the Purple Heart for injuries, and the battalion lost at least a dozen soldiers, The New York Times reported in August 2005. 

‘There will always be somebody willing (to) pick up an AK-47 and shoot Americans,’ Kurilla told The New York Times in August 2005. 

Kurilla did not complete that deployment unscathed. Later, in August 2005, Kurilla found himself caught in a Mosul, Iraq, firefight, where he sustained multiple gunshot wounds, earning him a Bronze Star with valor and one of his two Purple Heart awards. 

Now, Kurilla is facing another battle as the commander of U.S. Central Command, or CENTCOM, serving as the top military officer overseeing U.S. military forces based in the Middle East.

That means Kurilla, who attended the U.S. Military Academy at West Point, is at the forefront of military operations as President Donald Trump contemplates whether to engage in military strikes against Iran’s nuclear sites. 

CENTCOM is one of the U.S. military’s 11 combatant commands and encompasses 21 nations in the Middle East in its area of operations, including Iraq and Afghanistan. 

Those familiar with Kurilla claim he’s the perfect person for the job, and Secretary of Defense Pete Hegseth described Kurilla as an uplifting leader. 

‘General Kurilla is a bold, dynamic, and inspiring leader who strikes fear into the hearts of America’s enemies,’ Hegseth said in a statement Thursday to Fox News Digital. ‘He’s a warrior through and through who always puts his country, mission, and troops first. It has been an honor to serve alongside him in defense of our great nation.’

Retired Army Gen. Mark Milley, the former chairman of the Joint Chiefs of Staff, said in 2022 when Biden nominated Kurilla for the role that Kurilla is the ideal CENTCOM leader. 

‘If there ever was some way to feed into a machine the requirements for the perfect leader of CENTCOM — the character traits, the attributes, the experiences, the knowledge and the personality that would be ideal — that machine would spit out Erik Kurilla,’ Milley said in 2022, according to the Defense Department. ‘Erik’s got vast experience in combat (and) on staffs.

‘He’s a visionary, he’s a thinker and he’s a doer,’ Milley said. ‘He understands both the physical and human terrain and is able to identify root causes of problems and develop systems. He’s not at all a linear thinker. He’s actually a very gifted problem-solver.’

Retired Marine Corps Gen. Frank McKenzie, Kurilla’s CENTCOM predecessor, voiced similar sentiments. 

‘I can’t think of anybody better qualified to lead CENTCOM’s next chapter than Erik Kurilla,’ McKenzie said in 2022, according to the Pentagon. ‘He’s no stranger to the CENTCOM (area of operations). He’s no stranger to the headquarters.’

Notable figures who’ve previously filled the job leading CENTCOM include former defense secretaries, retired Gen. Jim Mattis, who served during Trump’s first term, and retired Gen. Lloyd Austin, who served during former President Joe Biden’s administration.

Fox News Digital reached out to CENTCOM, McKenzie and Milley for comment and did not get a response by the time of publication. 

The region is familiar territory for Kurilla. The general spent a decade between 2004 and 2014 overseeing conventional and special operations forces during consecutive tours in the Middle East that fell under the CENTCOM purview. 

Additionally, Kurilla has served in key CENTCOM staff and leadership positions, including serving as the command’s chief of staff from August 2018 to September 2019. Prior to leading CENTCOM, the general also commanded the 2nd Ranger Battalion, the 75th Ranger Regiment, the 82nd Airborne Division and the XVIII Airborne Corps, according to his official bio. 

In addition to deploying to Iraq as part of Operation Iraqi Freedom and Operation Inherent Resolve, he deployed to Afghanistan with Operation Enduring Freedom. Other awards he’s earned include the Combat Infantryman Badge, awarded to Army infantry or special forces officers who’ve encountered active ground combat. 

Kurilla, who the Senate confirmed to lead CENTCOM in February 2022 and will exit the role later in 2025, told lawmakers on the House Armed Services Committee June 10 that, since October 2023, when Hamas first attacked Israel, American service members have faced increased threats in the region. 

Specifically, he said, U.S. troops have come under direct fire by nearly 400 unmanned aerial systems, 350 rockets, 50 ballistic missiles and 30 cruise missiles launched by Iranian-backed groups. 

He said CENTCOM has encountered the ‘most highly kinetic period than at any other time in the past decade.’

‘We have been at the brink of regional war several times with the first state-on-state attacks between Iran and Israel in their history,’ Kurilla told lawmakers. ‘In the Red Sea, Houthi attempts to kill Americans operating in the Red Sea necessitated an aggressive response to protect our sailors and mariners and restore freedom of navigation. This is while Tehran is continuing to progress towards a nuclear weapons program — threatening catastrophic ramifications across the region and beyond.’ 

As a result, Kurilla said CENTCOM is prepared to use military force to prevent Iran from becoming a nuclear-armed state. Kurilla said he has provided Trump and Secretary of Defense Pete Hegseth a host of options to employ to eliminate the threat of a nuclear Iran. 

Since Kurilla’s testimony, tensions have escalated even further in the Middle East after Israel kicked off massive airstrikes against Iran’s nuclear sites that Israel claims have killed several high-ranking military leaders. Likewise, Iran also launched strikes against Israel as the two ramp up military campaigns against one another.

Trump is still navigating whether the U.S. will conduct direct strikes against Iran. Trump told reporters he may order strikes targeting Iranian nuclear sites and that the ‘next week is going to be very big.’

‘Yes, I may do it. I may not do it. I mean, nobody knows what I’m going to do,’ Trump said. ‘I can tell you this, that Iran’s got a lot of trouble, and they want to negotiate.’ 

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President Donald Trump came back into office promising no new wars. So far, he’s kept that promise. But he’s also left much of Washington — and many of America’s allies — confused by a series of rapid, unexpected moves across the Middle East. 

In just a few months, Trump has reopened backchannels with Iran, then turned around and threatened its regime with collapse. He’s kept Israel at arm’s length — skipping it on his regional tour — before signaling support once again. He lifted U.S. sanctions on Syria’s Islamist leader, a figure long treated as untouchable in Washington. And he made headlines by hosting Pakistan’s top general at the White House, even as India publicly objected. 

For those watching closely, it’s been hard to pin down a clear doctrine. Critics see improvisation — sometimes even contradiction. But step back, and a pattern begins to emerge. It’s not about ideology, democracy promotion, or traditional alliances. It’s about access. Geography. Trade. 

More specifically, it may be about restarting a long-stalled infrastructure project meant to bypass China — and put the United States back at the center of a strategic economic corridor stretching from India to Europe. 

The project is called the India–Middle East–Europe Corridor, or IMEC. Most Americans have never heard of it. It was launched in 2023 at the G20 summit in New Delhi, as a joint initiative among the U.S., India, Saudi Arabia, the UAE and the European Union. Its goal? To build a modern infrastructure link connecting South Asia to Europe — without passing through Chinese territory or relying on Chinese capital. 

IMEC’s vision is bold but simple: Indian goods would travel west via rail and ports through the Gulf, across Israel, and on to European markets. Along the way, the corridor would connect not just trade routes, but energy pipelines, digital cables, and logistics hubs. It would be the first serious alternative to China’s Belt and Road Initiative — a way for the U.S. and its partners to build influence without boots on the ground. 

But before construction could begin, war broke out in Gaza. 

The October 2023 Hamas attacks and Israel’s military response sent the region into crisis. Normalization talks between Saudi Arabia and Israel fell apart. The Red Sea became a warzone for shipping. And Gulf capital flows paused. The corridor — and the broader idea of using infrastructure to tie the region together — was quietly shelved.

That’s the backdrop for Trump’s current moves. Taken individually, they seem scattered. Taken together, they align with the logic of clearing obstacles to infrastructure. Trump may not be drawing maps in the Situation Room. But his instincts — for leverage, dealmaking and unpredictability — are removing the very roadblocks that halted IMEC in the first place. 

His approach to Iran is a prime example. In April, backchannels were reopened on the nuclear front. In May, a Yemen truce was brokered — reducing attacks on Gulf shipping. In June, after Israeli strikes inside Iran, Trump escalated rhetorically, calling for Iran’s ‘unconditional surrender.’ That combination of engagement and pressure may sound erratic. But it mirrors the approach that cleared a diplomatic path with North Korea: soften the edges, then apply public pressure. 

Meanwhile, Trump’s temporary distancing from Israel is harder to miss. He skipped it on his regional tour and avoided aligning with Prime Minister Netanyahu’s continued hard-line approach to Gaza. Instead, he praised Qatar — a U.S. military partner and quiet mediator in the Gaza talks — and signaled support for Gulf-led reconstruction plans. The message: if Israel refuses to engage in regional stabilization, it won’t control the map. 

Trump also made the unexpected decision to lift U.S. sanctions on Syria’s new leader, President Ahmad al-Sharaa — a figure with a past in Islamist groups, now leading a transitional government backed by the UAE. Critics saw the move as legitimizing extremism. But in practice, it unlocked regional financing and access to transit corridors once blocked by U.S. policy. 

Even the outreach to Pakistan — which angered India — fits a broader infrastructure lens. Pakistan borders Iran, influences Taliban-controlled Afghanistan, and maintains ties with Gulf militaries. Welcoming Pakistan’s military chief was less about loyalty, and more about leverage. In corridor politics, geography often trumps alliances. 

None of this means Trump has a master plan. There’s no confirmed strategy memo that links these moves to IMEC. And the region remains volatile. Iran’s internal stability is far from guaranteed. The Gaza conflict could reignite. Saudi and Qatari interests don’t always align. But there’s a growing logic underneath the diplomacy: de-escalate just enough conflict to make capital flow again — and make corridors investable. 

That logic may not be ideologically pure. It certainly isn’t about spreading democracy. But it reflects a real shift in U.S. foreign policy. Call it infrastructure-first geopolitics — where trade routes, ports and pipelines matter more than treaties and summits. 

To be clear, the United States isn’t the only player thinking this way. China’s Belt and Road Initiative has been advancing the same model for over a decade. Turkey, Iran and Russia are also exploring new logistics and energy corridors. But what sets IMEC apart — and what makes Trump’s recent moves notable — is that it offers an opening for the U.S. to compete without large-scale military deployments or decades-long aid packages. 

Even the outreach to Pakistan — which angered India — fits a broader infrastructure lens. Pakistan borders Iran, influences Taliban-controlled Afghanistan, and maintains ties with Gulf militaries.

For all his unpredictability, Trump has always had a sense for economic leverage. That may be what we’re seeing here: less a doctrine than a direction. Less about grand visions, and more about unlocking chokepoints. 

There’s no guarantee it will work. The region could turn on a dime. And the corridor could remain, as it is now, a partially built concept waiting on political will. But Trump’s moves suggest he’s trying to build the conditions for it to restart — not by talking about peace, but by making peace a condition for investment. 

In a region long shaped by wars over ideology and territory, that may be its own kind of strategy. 

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After a week of intense speculation about whether President Donald Trump will launch a strike on Iran in support of Israel’s efforts to eliminate the country’s nuclear weapons program, White House press secretary Karoline Leavitt announced there is a ‘substantial chance’ for renewed negotiations.

This comes as Iranian Foreign Minister Abbas Araghchi is reportedly scheduled to meet with European leaders in Geneva Friday.

Speaking with reporters in the White House press briefing room Thursday, Leavitt confirmed U.S. and Iranian officials have engaged in six rounds of direct and indirect negotiations during the conflict with Israel, which broke out June 13.

Leavitt, however, did not say whether U.S. Special Envoy Steve Witkoff, who has been leading the president’s negotiations with Iran, would be present for the meetings in Geneva.

Asked by Fox News Senior White House Correspondent Jacqui Heinrich whether the fact that Iranian officials had found a way to get to Geneva meant they could also get to the White House to engage in negotiations, Leavitt responded: ‘I am not going to get into hypotheticals, but as you heard from the president yesterday, they have expressed interest in doing so.’

Addressing the possibility of the U.S. becoming directly involved in the conflict, Leavitt read a message from the president saying, ‘Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks.’

While she said Trump is hoping to find a diplomatic solution to the conflict, she said he has simultaneously been very ‘direct and clear’ that the terms of any deal with the country must include no enrichment of uranium, which would contribute to the Iranian nuclear program the president has long opposed.

She stressed the U.S. faces a serious threat due to Iran’s nuclear program, saying, ‘Iran has never been closer to obtaining a nuclear weapon.’ 

‘Iran has all that it needs to achieve a nuclear weapon. All they need is a decision from the supreme leader to do that,’ said Leavitt. ‘And it would take a couple of weeks to complete the production of that weapon, which would, of course, pose an existential threat not just to Israel, but to the United States and to the entire world.’

Nonetheless, Leavitt said, ‘Iran is absolutely not able to achieve a nuclear weapon. The president has been very clear about that. And, by the way, the deal that Special Envoy Witkoff proposed to the Iranians was both realistic and acceptable within its terms, and that’s why the president sent that deal to them.’

Leavitt emphasized Trump’s stance that Iran ‘can and should make a deal’ to end the conflict or ‘they will face grave consequences.’

‘Iran is in a very weak and vulnerable position because of the strikes and the attacks from Israel,’ she said. ‘We sent a deal to them that was practical, that was realistic.’

According to French outlet RFI, the talks Friday with the Iranians will include French Foreign Minister Jean-Noël Barrot, U.K. Foreign Secretary David Lammy, German Foreign Minister Johann Wadephul and European Union foreign policy chief Kaja Kallas.

The outlet reported Barrot saying, ‘France, Britain and Germany stand ready to bring our competence and experience on this matter’ and ‘we are ready to take part in negotiations aimed at obtaining from Iran a lasting rollback of its nuclear and ballistic missile programs.’

U.S. Secretary of State Marco Rubio met with Lammy Thursday. According to a statement by State Department spokesperson Tammy Bruce, the two discussed the Israeli-Iran conflict and ‘agreed Iran can never develop or acquire a nuclear weapon.

In response to additional questions about potential U.S. negotiations with Iran, a representative for the White House directed Fox News Digital to Leavitt’s comments in the briefing room.

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President Donald Trump came back into office promising no new wars. So far, he’s kept that promise. But he’s also left much of Washington — and many of America’s allies — confused by a series of rapid, unexpected moves across the Middle East. 

In just a few months, Trump has reopened backchannels with Iran, then turned around and threatened its regime with collapse. He’s kept Israel at arm’s length — skipping it on his regional tour — before signaling support once again. He lifted U.S. sanctions on Syria’s Islamist leader, a figure long treated as untouchable in Washington. And he made headlines by hosting Pakistan’s top general at the White House, even as India publicly objected. 

For those watching closely, it’s been hard to pin down a clear doctrine. Critics see improvisation — sometimes even contradiction. But step back, and a pattern begins to emerge. It’s not about ideology, democracy promotion, or traditional alliances. It’s about access. Geography. Trade. 

More specifically, it may be about restarting a long-stalled infrastructure project meant to bypass China — and put the United States back at the center of a strategic economic corridor stretching from India to Europe. 

The project is called the India–Middle East–Europe Corridor, or IMEC. Most Americans have never heard of it. It was launched in 2023 at the G20 summit in New Delhi, as a joint initiative among the U.S., India, Saudi Arabia, the UAE and the European Union. Its goal? To build a modern infrastructure link connecting South Asia to Europe — without passing through Chinese territory or relying on Chinese capital. 

IMEC’s vision is bold but simple: Indian goods would travel west via rail and ports through the Gulf, across Israel, and on to European markets. Along the way, the corridor would connect not just trade routes, but energy pipelines, digital cables, and logistics hubs. It would be the first serious alternative to China’s Belt and Road Initiative — a way for the U.S. and its partners to build influence without boots on the ground. 

But before construction could begin, war broke out in Gaza. 

The October 2023 Hamas attacks and Israel’s military response sent the region into crisis. Normalization talks between Saudi Arabia and Israel fell apart. The Red Sea became a warzone for shipping. And Gulf capital flows paused. The corridor — and the broader idea of using infrastructure to tie the region together — was quietly shelved.

That’s the backdrop for Trump’s current moves. Taken individually, they seem scattered. Taken together, they align with the logic of clearing obstacles to infrastructure. Trump may not be drawing maps in the Situation Room. But his instincts — for leverage, dealmaking and unpredictability — are removing the very roadblocks that halted IMEC in the first place. 

His approach to Iran is a prime example. In April, backchannels were reopened on the nuclear front. In May, a Yemen truce was brokered — reducing attacks on Gulf shipping. In June, after Israeli strikes inside Iran, Trump escalated rhetorically, calling for Iran’s ‘unconditional surrender.’ That combination of engagement and pressure may sound erratic. But it mirrors the approach that cleared a diplomatic path with North Korea: soften the edges, then apply public pressure. 

Meanwhile, Trump’s temporary distancing from Israel is harder to miss. He skipped it on his regional tour and avoided aligning with Prime Minister Netanyahu’s continued hard-line approach to Gaza. Instead, he praised Qatar — a U.S. military partner and quiet mediator in the Gaza talks — and signaled support for Gulf-led reconstruction plans. The message: if Israel refuses to engage in regional stabilization, it won’t control the map. 

Trump also made the unexpected decision to lift U.S. sanctions on Syria’s new leader, President Ahmad al-Sharaa — a figure with a past in Islamist groups, now leading a transitional government backed by the UAE. Critics saw the move as legitimizing extremism. But in practice, it unlocked regional financing and access to transit corridors once blocked by U.S. policy. 

Even the outreach to Pakistan — which angered India — fits a broader infrastructure lens. Pakistan borders Iran, influences Taliban-controlled Afghanistan, and maintains ties with Gulf militaries. Welcoming Pakistan’s military chief was less about loyalty, and more about leverage. In corridor politics, geography often trumps alliances. 

None of this means Trump has a master plan. There’s no confirmed strategy memo that links these moves to IMEC. And the region remains volatile. Iran’s internal stability is far from guaranteed. The Gaza conflict could reignite. Saudi and Qatari interests don’t always align. But there’s a growing logic underneath the diplomacy: de-escalate just enough conflict to make capital flow again — and make corridors investable. 

That logic may not be ideologically pure. It certainly isn’t about spreading democracy. But it reflects a real shift in U.S. foreign policy. Call it infrastructure-first geopolitics — where trade routes, ports and pipelines matter more than treaties and summits. 

To be clear, the United States isn’t the only player thinking this way. China’s Belt and Road Initiative has been advancing the same model for over a decade. Turkey, Iran and Russia are also exploring new logistics and energy corridors. But what sets IMEC apart — and what makes Trump’s recent moves notable — is that it offers an opening for the U.S. to compete without large-scale military deployments or decades-long aid packages. 

Even the outreach to Pakistan — which angered India — fits a broader infrastructure lens. Pakistan borders Iran, influences Taliban-controlled Afghanistan, and maintains ties with Gulf militaries.

For all his unpredictability, Trump has always had a sense for economic leverage. That may be what we’re seeing here: less a doctrine than a direction. Less about grand visions, and more about unlocking chokepoints. 

There’s no guarantee it will work. The region could turn on a dime. And the corridor could remain, as it is now, a partially built concept waiting on political will. But Trump’s moves suggest he’s trying to build the conditions for it to restart — not by talking about peace, but by making peace a condition for investment. 

In a region long shaped by wars over ideology and territory, that may be its own kind of strategy. 

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Democrats in Washington, D.C., are misrepresenting major criticisms of President Trump’s ‘big beautiful bill’ with incorrect facts, according to an expert who spoke to Fox News Digital this week as Trump’s budget reconciliation package is debated in Congress. 

‘The bill doesn’t cut benefits for anyone who has income below the poverty line, anyone who is working at least 20 hours a week and not caring for a child, and people who are Americans,’ Jim Agresti, president and cofounder of Just Facts, told Fox News Digital in response to criticisms from Democrats and a handful of Republicans, including Sen. Josh Hawley, that Trump’s bill will cut Medicaid and disproportionately hurt the poor. 

‘In other words, it cuts out illegal immigrants who are not Americans and fraudsters. So that narrative has no basis in reality. See, what’s been going on since the Medicaid program was started? Is that it’s been expanded and expanded and extended. You know, it got its start in 1966. And since that time, the poverty rate has stayed roughly level around 11% to 15%. While the portion of people in the United States on Medicaid has skyrocketed from 3% to 29%. Right now, 2.5 times more people are on Medicaid than are in poverty.’

Medicaid cuts and reform have been a major sticking point with Democrats, who have merged data from two new reports from the nonpartisan Congressional Budget Office (CBO) to back up claims that nearly 14 million would lose coverage. The White House and Republicans have objected, as not all the policy proposals evaluated were actually included in Republicans’ legislation, and far fewer people would actually face insurance loss. 

Instead, Republicans argue that their proposed reforms to implement work requirements, strengthen eligibility checks and crack down on Medicaid for illegal immigrants preserve the program for those who really need it. 

‘I agree,’ Dem. Rep. Jasmine Crockett said in response to a claim on CNN that Republicans ‘want poor people to die’ with Medicaid cuts. 

Agresti told Fox News Digital that the Medicaid cuts are aimed at bringing people out of poverty and waste. 

‘It’s putting some criteria down to say, ‘Hey, if you want this, and you’re not in poverty, you need to work,” Agresti said. ‘You need to do something to better your situation, which is what these programs are supposed to be, lifting people out of poverty, not sticking them there for eternity. So the whole idea is to get people working, give them an incentive. Hey, if you want to do better in life, and you want this Medicaid coverage, then you have to earn it.’

Independent Sen. Bernie Sanders has claimed the bill is a ‘death sentence for the working class,’ because it raises health insurance ‘copayments for poor people.’

Agresti called that claim ‘outlandish.’

‘First of all, the Big Beautiful Bill does not raise copayments on anyone who’s below the poverty line,’ he explained. ‘Now, for people who are above the poverty line, it requires states to at least charge some sort of copayment, and it also reduces, actually, the max copayment from $100 per visit to $35 per visit.’

Agresti went on to explain that under the current system, ‘people have basically free rein to just go to a doctor or an emergency room or any other place without any co-payment, and they’re not in poverty.’

‘What ends up happening is they waste a ton of money,’ Agresti said. ‘This has been proven through randomized control trials, which are the gold standard for social science analysis, where you have people in a lottery system, some people get the benefit, and some people don’t, and what you end up seeing is that people who don’t have to have skin in the game, abuse emergency rooms, they go there for a stuffy nose, rack up all this money, and it does nothing to improve their health. It’s just wasteful.’

In a statement to Fox News Digital, Sanders Communications Director Anna Bahr said, ‘Mr. Agresti’s facts here are simply incorrect.’

Sanders’ office added that ‘nearly half of all enrollees on the ACA exchanges are Republicans’ and pointed to the House-passed reconciliation bill that Sanders’ office argues ‘says that if a worker can’t navigate the maze of paperwork that the bill creates for Medicaid enrollees, they are barred from receiving ACA tax credits as well.’

‘But workers must earn at least $15,650 per year to qualify for tax credits on the ACA marketplaces – approximately equal to the annual income for a full-time worker earning the federal minimum wage.’

Sanders’ office also pointed to ‘CBO estimates that 16 million people will lose insurance as a result of the House-passed bill and the Republicans ending the ACA’s enhanced premium tax credits.’

Sanders’ office also reiterated that the House-passed bill makes a ‘fundamental change’ to copay for Medicaid beneficiaries, shifting from optional to mandatory.

‘While claiming that I’m ‘incorrect,’ Sanders’ staff fails to provide a single fact that shows the BBB cuts health care for poor working Americans,’ Agresti responded. 

‘It’s especially laughable that they cite expanded Obamacare subsidies in this context, because people in poverty aren’t even eligible for them,’ Agresti continued. ‘After this ‘temporary’ Covid-era handout expires, people with incomes up to 400% of the federal poverty level — or $150,600 for a family of five — will still be eligible for this welfare program, although they will receive less.’

Agresti argued that the claim a ‘max $35 copay (for people who are not poor) ‘hurts working families’’ is not supported by research ‘which makes generalizations and merely cites ‘associations.”

‘As commonly taught in high school math, association doesn’t prove causation,’ Agresti said. 

Sanders’ office told Fox News Digital, ‘Mr. Agresti seems to believe that a working family of four earning only $32,150 per year doesn’t deserve help affording their health care. Health care in the United States is more expensive than anywhere in the world. Terminating health care coverage for 16 million Americans and increasing health care costs for millions will make it harder for working people to afford the health care they need, even if Mr. Agresti doesn’t agree.’

Agresti also took issue with the narrative that cuts cannot be made to Medicaid without cutting benefits to people who are entitled to them.

‘The Government Accountability Office has put out figures that are astonishing, hundreds of billions of dollars a year are going to waste,’ Agresti said. ‘So, yeah, some criteria to make sure that doesn’t happen is a wise idea. Unfortunately, there is a ton of white-collar crime in this country, and this kind of crime is a white-collar crime. It’s not committed with a gun, or by robbing or punching someone, it’s committed by fraud, and there’s an enormous amount of it. 

‘And the big, beautiful bill, again, seeks to rein that in by putting a criteria to make sure we’re checking people’s income, we’re checking their assets. A lot of these federal programs, government health care programs, they’ve stopped checking assets. So you could be a lottery winner sitting on $3 million in cash and have very little income. And still get children’s health insurance program benefits for your kids.’

Hawley said on Monday that he did not have a problem with some of the marquee changes to Medicaid that his House Republican counterparts wanted, including stricter work requirements, booting illegal immigrants from benefit rolls and rooting out waste, fraud and abuse in the program that serves tens of millions of Americans.

However, he noted that about 1.3 million Missourians rely on Medicaid and the Children’s Health Insurance Program (CHIP), and contended that most were working.

‘These are not people who are sitting around, these are people who are working,’ he said. ‘They’re on Medicaid because they cannot afford private health insurance, and they don’t get it on the job.’

‘And I just think it’s wrong to go to those people and say, ‘Well, you know, we know you’re doing the best, we know that you’re working hard, but we’re going to take away your health care access,’’ he continued. 

Fox News Digital’s Diana Stancy and Alex Miller contributed to this report.

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