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Getty Images Soars After Securing "Display Agreement" With OpenAI

Getty Images shares jumped 141% in New York premarket trading after the company announced a "display agreement" with OpenAI.

The timing could not have been better for Getty, whose stock had been languishing this year, down roughly 55% before the announcement.

For a company in need of a sentiment boost, the new partnership with OpenAI, which allows Getty content to be displayed in ChatGPT visual responses and gives users richer, higher-quality, properly licensed imagery, is reviving investor sentiment.

About 17% of Getty's float is short, with days to cover at around 4.6.

"The agreement enables the use of Getty Images' content for display within ChatGPT, enhancing the richness of visual responses," Getty wrote in a press release.

CEO Craig Peters stated, "High-quality, licensed visual content makes AI-powered search and discovery more useful and more trustworthy. This partnership with OpenAI reflects a shared recognition of that, and together we will deliver richer visual experiences to ChatGPT users."

Bloomberg noted, "Initially, Getty resisted the technology. It tried developing its own AI image generator and had sued Stability AI, a developer of another popular tool."

Getty's earnings in the first quarter fell short of sales expectations. The media company is still awaiting approval to acquire rival Shutterstock for $3.7 billion.

OpenAI has built a growing list of media and content deals, mostly around licensed content appearing in ChatGPT answers:

The OpenAI-Getty deal likely suggests that Sam Altman's chatbot company is trying to replace scraping/legal fights with paid licensing, attribution, and direct publisher integration.

Tyler Durden Mon, 06/22/2026 - 08:40

Stocks Drift As Chips Extend Gains, Oil Slides On Positive US-Iran Talks

Futures are modestly lower coming off the US holiday weekend, after equities finished higher last week with both Dow and Russell clocking new ATHs and SPX finishing in the green for the 11th time in the last 12 weeks.  As of 8:00am ET, S&P 500 futures edged down 0.1% while Nasdaq 100 contracts are higher by 0.1% with chips outperforming as usual while hyperscalers, aka "check payers" down as all Mag 7 are lower with TSLA (-1.4%) and GOOGL (-1.6%; Google’s DeepMind VP John Jumper is leaving the company to join Anthropic) being the biggest laggards. Overseas, Asian markets mostly higher overnight with China and Japan the big gainers, up over 1.5%. European markets higher, up ~0.3%. Big development over the weekend revolved around US-Iran talks in Switzerland, where both sides ultimately highlighted progress following some earlier headline noise. Donald Trump again threatened strikes on Iran if Hezbollah keeps attacking Israel, & US and Iran set up a communication line to avoid incidents and ensure safe passage of shipping through the Strait of Hormuz. In the UK, PM Keir Starmer announced his resignation outside 10 Downing Street. The pound erased losses after briefly touching a 2026 low, while gilts rallied as an orderly leadership transition took shape. Bond yields are 2-4bp higher, while the USD is largely unchanged. WTI crude fell $-0.58 to $75.27 reversing all earlier gains while Brent traded around $79. Gold and silver are higher as is bitcoin. There is little on the corporate calendar and scant macro data, leaving traders with little direction until Micron’s earnings due Wednesday and the Fed’s preferred inflation gauge on Thursday take center stage. Fed speaker slate includes Waller at 9am; Williams, Goolsbee, Kashkari and Barkin speak later this week

In premarket trading, SpaceX shares slid more than 5% in premarket trading, putting the stock on pace for a third straight loss. Meanwhile, the semi meltup continues: chipmakers including Intel rallied. Getty Images soared more than 300% after inking a display partnership with ChatGPT owner OpenAI. Here are the notable premarket movers: 

• Alphabet (GOOGL) -1.7%, Tesla (TSLA) -1.3%, Amazon (AMZN) -0.8%, Nvidia (NVDA) -0.2%, Meta Platforms (META) -0.9%, Apple (AAPL) -0.8%, Microsoft (MSFT) -0.4%
• Apogee Therapeutics (APGE) climbs 48% after AbbVie agreed to buy the company for $10.9 billion to bolster its anti-inflammatory portfolio amid growing competition for its best-selling drug.
• Arcosa (ACA) gains 7% after CRH said it has signed an agreement to acquire 100% of the provider of building materials in an all-cash transaction for $150 per share.
• Definium Therapeutics (DFTX) gains 32% after announcing positive topline results from a Phase 3 study evaluating a single dose of an orally disintegrating tablet in adults with major depressive disorder.
• Fervo Energy (FRVO) gains 8% after the geothermal-energy company agreed with Pacific Northwest National Laboratory and Nvidia to develop a digital twin platform for Enhanced Geothermal Systems technology.
• Getty Images (GETY) soars 156% after the company announced a display partnership With OpenAI.
• Regenxbio (RGNX) climbs 8% after the Wall Street Journal reported that the FDA has agreed to reverse the rejection of the firm’s rare-disease drug.
• SpaceX (SPCX) is down 5%, putting the stock on pace for a third straight loss.

A peppering of M&A and ECM news is spicing up an otherwise quiet Monday morning. Budget airline EasyJet has rejected three offers by US private credit giant Castlelake. AbbVie is closing in on a nearly $11 billion deal to buy inflammatory disease drug developer Apogee Therapeutics, according to the FT, which also reports that building materials group Arcosa could be close to a takeout by larger rival CRH. SpaceX kicked off its debut US dollar high-grade bond offering expected to be at least $25 billion.

The big geopolitical development over the weekend revolved around US-Iran talks in Switzerland, where both sides ultimately highlighted progress following some earlier headline noise. Oil traders took comfort from evidence of progress in Middle East talks even as President Donald Trump threatened to strike Iran if Hezbollah militants continue to attack Israel. Vance said the warring sides set up a mechanism to keep the Strait of Hormuz open, while Iran agreed to invite nuclear inspectors.

“Even during the midst of the conflict in the Middle East, equities still priced a positive outcome,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “It seems logical that markets don’t rally too hard on something which they had already priced to a fair degree.”

Traders also followed the latest developments in UK politics as Prime Minister Keir Starmer announced his resignation outside 10 Downing Street. The pound erased losses after briefly touching a 2026 low, while gilts rallied as an orderly leadership transition took shape. The departure of Starmer is putting Britain on course for its seventh premier in a decade and paving the way for Andy Burnham to replace him. The former mayor of Manchester announced his candidacy hours after Starmer’s resignation and received the backing of Wes Streeting, a potential rival. Starmer said nominations for a new Labour leader will open July 9 and that a contest will be finalized by Sept. 1. The question for investors is about the impact on the UK’s finances if Burnham were to become prime minister. A slew of all-but-forgotten niche option positions betting on an oil glut are coming back into play as crude cools.

“Markets would be watching for Burnham’s pick of Chancellor,” wrote Mohit Kumar at Jefferies. “The fear is that Burnham’s policies are left-leaning and if the new chancellor is not credible, it would raise concerns over deficits and borrowing.”

The AI trade still works and investors should keep it, say Goldman Sachs traders in charge of thematic investing, baskets and equity structuring.

In geopolitics, China has imposed export controls against US rare earth firms, in response to the Pentagon’s accusations against some of China’s biggest companies supporting the Chinese military.

Meanwhile, Trump’s administration is rolling out new tools with the same protectionist goals after the Supreme Court ruled his sweeping global tariffs to be illegal. The rising cost of living, and corruption, are shaping up to be major campaign battlefronts in races that will determine control of the US Congress. 

Bond traders, recently forced to reposition for the possibility of higher interest rates ahead, are looking to Thursday’s US personal consumption expenditures price index for a read on whether the market’s hawkish stance is warranted. Forecasters expect the index, the Federal Reserve’s favorite inflation gauge, to show acceleration on both a monthly and year-over-year basis in May. Fed Governor Christopher Waller is due to speak later on Monday. Bloomberg Economics’ head Anna Wong expects a hot PCE reading will likely reinforce the hawkish tilt by the Fed at its June meeting. 

Ahead of Micron’s earnings, a leveraged ETF linked to rival SK Hynix is lifting an option cap. Rising leverage is also showing up in FINRA’s margin debt statistics, and the Roundhill DRAM ETF has recorded 19 straight days of inflows and AUM surpassed $20 billion. Micron’s fiscal 3Q revenue may exceed consensus by about 13% and guidance by 18%, notes BI. 

European stocks struggled to derive much benefit with the Stoxx 600 down 0.1%, with construction and media stocks leading declines, while technology and energy shares are the biggest outperformers. Here are the biggest movers Monday:

• Infineon shares rise as much as 5.3%, after CFO Sven Schneider maintained his bullish stance on the chipmaker’s growth over the next few years, while Bernstein increased its price target for the stock
• EasyJet shares rise as much as 5.4% to the highest level in almost a year after the British budget carrier rejected a third takeover proposal from US investment firm Castlelake
• BioArctic jumps as much as 10%, the most in more than four months, after the Swedish biopharma company signed a research and collaboration agreement with Eli Lilly for its BrainTransporter technology
• LISI gains as much as 7.6%, reaching a record high, as Berenberg initiates on the component maker with a buy rating, citing entrenched positions in automotive and aerospace fasteners
• Sanofi shares slip as much as 2.1%, making them the biggest laggard by index points in the Stoxx 600’s healthcare subgroup on Monday morning
• Babcock shares fall as much as 5.7%, the most since February, as the defense contractor posts full-year results
• UBS shares are slide as much as 0.6%, falling for a second straight session after being downgraded at Zuercher Kantonalbank on valuation grounds, with the Swiss bank having hit a fresh 2008-high last Thursday

Asian stocks surged to a record as chipmakers and other artificial intelligence-linked firms rallied amid optimism surrounding US-Iran peace talks. The MSCI Asia Pacific Index rose as much as 1.1%, with information technology the top performing sector. Markets in Taiwan, mainland China and Japan led regional gains.  Continued interest in AI and semiconductor plays drove Taiwan’s benchmark to a record high. South Korea’s memory maker SK Hynix also rose to an all-time high on expectations over its planned ADR listing, helping to erase earlier losses in the Kospi gauge. Meanwhile, equities in Hong Kong underperformed, as weak consumption data weighed on sentiment and investors chased the AI rally elsewhere. A gauge of Chinese stocks listed in the city was headed for a bear market before trimming some losses. 

“We continue seeing liquidities leaving ‘old Techs’ in Hong Kong including Tencent, Alibaba and Baidu to chase AI-related stocks in Japan, Korea and Taiwan,” said Steven Leung, executive director at UOB Kay Hian.

In FX, the pound is down a handful of pips near its year-to-date low. The yen is the weakest of the G-10’s, falling 0.3% against the greenback.

In rates, treasuries decline, pushing US 10-year yields up 3 bps to 4.48% as trading resumes after Friday’s US cash-market holiday. US yields are 2bp-4bp higher on the day with losses led by front-end tenors, flattening 2s10s and 5s30s by 0.5bp and 1.5bp respectively. 10-year around 4.48% is cheaper by 3bp with bunds and gilts in the sector outperforming by 5bp and 6.5bp. European bonds outperform led by gilts after Wes Streeting backed Andy Burnham to be new UK Prime Minister, removing a key uncertainty after Keir Starmer’s resignation. Oil trades lower on signs of diplomatic headway between the US and Iran. IG dollar issuance slate includes a few items so far. Dealers forecast about $50 billion of US investment-grade bond sales this week, likely to include a jumbo bond offering from SpaceX. Treasury auctions resume Tuesday with $69 billion 2-year notes, followed by 5- and 7-year note sales Wednesday and Thursday

In commodities, Brent crude futures fall 1.6% after Iran said there had been “major progress” in all-night discussions with the US. WTI crude oil futures are down 0.8% near session lows after US Vice President Vance says Hormuz is open and talks with Iran have made progress. Precious metals advance, with spot silver rising 2%.

US event calendar: US economic data calendar empty for the session. Fed speaker slate includes Waller at 9am; Williams, Goolsbee, Kashkari and Barkin speak later this week

Market Snapshot

Top Overnight News

• The U.S. and Iran made progress during talks in Switzerland on Monday toward reaching a final deal within 60 days, including the agreement to establish a committee and a mechanism to end hostilities in Lebanon. CNBC
• The US and Iran set up a communication line to avoid incidents and ensure safe passage of shipping through the Strait of Hormuz. BBG
• UK PM Keir Starmer announced his resignation and outlined plans for a successor to take office by September. The move clears the way for Andy Burnham to become Britain’s seventh PM in a decade. Former Health Secretary Wes Streeting said he backed Burnham to become PM. The pound hovered near its weakest level of the year while gilts were little changed. BBG
• China announced on Monday that it will add 10 American firms to its export control list, including two rare earth firms, while also restricting 46 US firms from government procurement, signalling it would respond to Washington’s recent expansion of a military blacklist, even amid a broader stabilization of bilateral ties. SCMP
• South Korea’s exports jumped again in early June, thanks to AI fueling a sustained boom in the semiconductor sector. BBG
• Chevron signed a 20-year deal with Microsoft to supply natural-gas fired power to a planned West Texas data center that may become one of the largest in the US. BBG
• Semis are on pace to finish as the most net bought global subsector for a second straight year, with net allocations now at record highs. GS Prime Brokerage
• Major investors warned that Fed Chair Warsh’s push to axe the Fed’s guidance on the direction of monetary policy could increase volatility in the Treasury market and drive borrowing costs higher: FT.
• Hong Kong is in talks with Chinese authorities to expand cross-border investment channels and grant mainland buyers access to local IPOs. BBG
• Colombia elected Trump ally Abelardo de la Espriella president by a razor-thin margin. The preliminary result was immediately challenged by outgoing President Gustavo Petro, who backed rival candidate Senator Iván Cepeda. BBG
• US Secretary of State Rubio congratulates Colombia's presidential candidate De la Espriella who leads against leftist rival Cepeda following the Colombian election.
• Democrats are set to make corruption a major campaign battlefront in the midterms as polling suggests voters are eager to see lawmakers take on conflicts of interest and self-enrichment by leaders. BBG
• US Southern Command announces that Task Force Southern Spear has conducted a strike on a vessel operated by designated terrorist organisations in the Caribbean.
• US Secretary of State Rubio plans trip to the Middle East next week: Kuwait, UAE and Bahrain at the moment: Axios
• US President Trump told Axios that he doesn’t see Anthropic PBC as a national security threat, despite his administration recently taking steps to cut off foreign access to the tech company’s most advanced AI models. Furthermore, Trump said that it was seen as a threat last week, but relations have improved since with the AI giant.
• US Department of Agriculture announced three new cases of screwworm to take the total number of domestic detections to 15 cases.

Iran Headlines: Latest News

• US and Iran talks opened in Switzerland on Sunday after US VP Vance arrived in Switzerland and the Iranian delegation led by chief negotiator Ghalibaf, which included Foreign Minister Araghchi, arrived on Saturday, while Pakistan’s Premier Sharif and military chief Munir travelled to Switzerland to join the US-Iran talks.
• Iran's delegation reportedly left the negotiation site in protest against statements by US President Trump, while Fars also reported that Iran halted talks with the US after Trump threatened strikes over Hezbollah’s actions in Lebanon. Iran said Trump’s threat is a blatant violation of the MoU and halted talks in Switzerland, while it is reviewing a response to Trump’s threats. However, sources cited by Al Hadath later stated that the Iranian delegation had not left the negotiation headquarters at the Burgenstock resort and the Iranian delegation head discussed a joint statement draft with mediators.
• US President Trump threatened to resume bombing and take over the Strait of Hormuz if a deal is not reached, while Trump said the US may take tolls if it has to and that he has a 60-day option, in which he can do whatever after it. Trump stated he spoke with Iranian officials and used expletive language in the call with Iranian officials on Hormuz, as well as threatened that they won’t have a country if Hormuz is closed, according to Fox.
• US President Trump posted that Iran must immediately stop their proxies in Lebanon from causing trouble, or else the US would hit Iran very hard again, “just like we did last week, only harder!!!” Trump separately commented that there will be no tolls in the Strait of Hormuz, unless they are imposed by the US.
• UKMTO reported an incident in which a cargo vessel was approached by a craft with six armed persons onboard 92 nautical miles southwest of Yemen’s Mukalla in the Gulf of Aden.
• Israeli army chief said the Lebanon ceasefire is fragile and forces remain ready for combat.
• Israeli military convoy reportedly entered southern Syria’s Quneitra region, near the Israeli-controlled Golan Heights.
• Qatar and Pakistan issue joint statement on conclusion of US-Iran talks in Switzerland, while Qatar said first session of the US-Iran high level talks has concluded and that talks were conducted in a positive, constructive atmosphere. said:. Technical talks are to continue for remainder of the week. US and Iran agreed to de-confliction cell over Lebanon. Encouraging progress has been made, including creation of a mechanism for further technical talks. Parties agree to establish high-level committee to provide political oversight on mediation. High-level committee agrees on roadmap to reach final deal within 60 days.
• "The negotiations of the main Iranian delegation in Switzerland have ended, however, experts are still in Switzerland and are following up on the implementation of the memorandum of understanding", Tasnim reported citing sources.
• Iranian negotiating team member said executive procedures about the release of Iranian frozen funds have taken place with the Qatari delegation and that a draft has been finalised regarding waivers of Iranian oil sanctions, which will be issued soon, although negotiations about other subjects will not take place if the war does not end in Lebanon.
• "No negotiations have taken place on the nuclear file so far", Tasnim reported citing a source.
• US diplomat said talks included robust discussions on a nuclear deal and enforcing the ceasefire in southern Lebanon, while talks also involved clarifying the messaging on the Strait of Hormuz. Furthermore, a US official involved in the negotiations told Al Jazeera that they held in-depth discussions on all elements of the nuclear agreement, and that mechanisms have been worked on to prevent escalation and ensure the strait remains fully open.
• Pakistani Army Chief said negotiating parties reached success stage, according to Al Arabiya.
• US official involved in the negotiations told Al Jazeera that they held in-depth discussions on all elements of the nuclear agreement, adds mechanisms have been worked on to prevent escalation and ensure the strait remains fully open.
• Sources cited by Al Arabiya said an anticipated statement will be issued by the Iranian and American negotiators and the mediators.
• Sources cited by Al Hadath stated that the Iranian delegation has not left the negotiation headquarters at the Bürgenstock resort and Iranian delegation head discusses joint statement draft with mediators. Tasnim reported Iranian delegation refused to return to negotiations but message exchanges continue through intermediaries.

Iranian Commentary:

• Iran's Foreign Minister Araghchi posted Pakistani and Qatari mediation delivered major progress to end Lebanon War, oil and petrochem exports are waived, blockade lifted, frozen assets released, and major reconstruction & development plan launched for Iran.
• Iran's Foreign Ministry said the technical team is to continue work, but negotiation delegation work has concluded, adds significant progress achieved in quadrilateral talks in Switzerland. Spokesman said groundwork for starting negotiations for the final agreement was discussed.
• Iranian Foreign Ministry Spokesperson Baghaei said Iran is working on safe passage mechanism for Hormuz and that Iran reported progress on oil sales and asset unfreezing, adds the war in all fronts, including Lebanon, must end.
• Iranian Supreme Leader adviser Rezaei said the US is responsible for Israel's actions in Lebanon and Iran will hold the US accountable in the event of a threat against Iran.
• Iranian Deputy Foreign Minister Gharibabadi to lead the technical team in Switzerland, Sky News Arabia reported.
• Iran resumed oil loading from Kharg Island after about a six-week halt, following the lifting of the US blockade of its ports.

Lebanon/Israel:

• Al Jadeed News cites Haaretz source stating the Israeli army will be forced to partially withdraw from the Blue Line in Lebanon.
• Israeli army will be forced to partially withdraw from the yellow line (buffer zone), Al Jazeera reported, citing Israel's Haaretz sources.
• Israeli Foreign Minister Saar told his New Zealand counterpart, "Israel will respect the ceasefire in Lebanon as long as it won’t be breached by Hezbollah.".
• Israeli political and security cabinet will convene on Thursday amid US-Iran talks, N12 reported.
• Israeli officials are dismissing reported of an agreement to withdraw from certain points in southern Lebanon, amid a lack of US pressure to do, Maariv's Barsky reported. Officials add, "because in Washington they understand the Israeli position: no partial withdrawal, no point-specific withdrawal, and no diplomatic 'gesture'.". And, "as long as the Hezbollah threat persists, there is no change in the deployment of forces and no intention to relinquish the security positions in southern Lebanon.".
• Lebanese presidency discussed the issue of consolidating the ceasefire in Lebanon, in a call with Qatari PM and US's Vance.

Other:

• Two South Korean vessels were said to have passed through the Strait of Hormuz after US and Iran signed a ceasefire MoU.
• Three India-linked supertankers re-emerged in the Gulf of Oman, which suggests an increase in traffic through the waterway.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed with price action choppy following the recent conflicting headlines concerning US-Iran negotiations in Switzerland, as the Iranian delegation was said to have walked out of talks following Trump's renewed threats to resume bombing them if a deal is not reached and if they don't stop their proxies in Lebanon from causing trouble. However, the reports that gradually followed were more encouraging as mediators stated that talks were conducted in a positive, constructive atmosphere and technical talks are to continue for the remainder of the week, with the US and Iran agreeing to a de-confliction cell over Lebanon. Furthermore, the parties agreed to establish high-level committee to provide political oversight on mediation and on a roadmap to reach final deal within 60 days, while Iran's Foreign Minister Araghchi confirmed that mediation delivered major progress to end the Lebanon war, as well as stated that oil and petrochem exports are waived, blockade is lifted, frozen assets released, and that a major reconstruction and development plan was launched for Iran. ASX 200 struggled for direction as strength in gold miners and financials was offset by weakness in tech, energy and defensives. Nikkei 225 extended on record highs and rallied firmly above the 72,000 level as exporters benefited from a weaker currency and a pullback in oil, although the index has pared some of the gains, but comfortably remained the outperformer. KOSPI swung between gains and losses amid a divergence between Samsung Electronics and SK Hynix, in which the latter took over the throne as South Korea’s largest Co. by market cap. Hang Seng and Shanghai Comp were mixed with sentiment not helped by trade frictions after China added 10 US firms to its export control list and announced to take relevant measures against 46 US companies in government procurement activities, while there was a lack of surprises from the announcement that the benchmark Loan Prime Rates were maintained for a 13th consecutive month.

Top Asian News

• The Japanese Government is reportedly planning to deploy JPY 68tln in public and private funding for the semiconductor sector by FY 2040, TV Asahi reported citing sources.
• Australia's Agricultural Minister said testing has confirmed H5 bird flu detected in a second bird found in Western Australia.
• China's Vice Premier Ding Xuexiang said risk of fragmented supply chains is growing and that some countries abuse use of export controls, adds China is anchor of stability and propeller of the global economy. said: Can work with all sides to build inclusive supply chains.
• Japanese Finance Minister Katayama ready to act suitably on currency fluctuations whenever necessary, but declines to comment on particular forex rates.

European bourses (STOXX 600 -0.2%) began the session on a muted footing, as markets digest the volatile geopolitical situation (see above). European sectors began the session mixed. Tech tops the pile with ASML +1.5% after it denied shipping EUV lithography machines, or any related component, to China, following US Commerce Secretary Lutnick’s accusations. Citi this morning wrote “we find it very hard to believe that they would jeopardise their position in the industry”. The sectoral laggard is Construction, one of its largest constituents Holcim -1.0% (9% weighting), after RBC downgraded Holcim’s PT, citing the completion of the acquisition of Xella and an update to Q2 results model

Top European News

• UK PM Starmer announces he will step down; nominations for Labour leader will open on 9th July, conclude by end-summer; will act as caretaker until new leader elected. Will fully support whoever takes over.
• UK PM's Chief of Staff resigns, New Statesman reported.
• UK Minister Smith said "I would have been very happy for him to continue", in reference to PM Starmer.
• UK Foreign Minister Cooper urges UK PM Starmer to resign, according to Sky News.
• Ireland said EU capital markets deal is possible by year end, according to FT.
• Italian PM Meloni called out US President Trump for “senseless”, “constant, unprovoked attacks”, while she said that Trump’s statements are completely made up and she doesn’t know why he behaves like this towards allies, after Trump told an Italian TV channel that Meloni begged him to take a picture with her and that he wouldn’t have taken it, but he felt sorry for her. Furthermore, Trump criticised Italy and its PM for not becoming involved with Iran and its nuclear threat.

FX

• DXY is firmer against all peers as it stabilises towards recent highs above 100. JPY is the underperformer after unsuccessful jawboning attempts, NOK holds on to gains after crude gapped higher at the re-open.
• USD-specific drivers are light, focus overnight was on geopolitics with US-Iran talks over the weekend whipsawing crude benchmarks. The main data point this week is PCE on Thursday, the session today sees remarks from Fed's Waller, aside from this, the session is likely to be quiet and driven by geopolitical moves in oil/yields. DXY gapped higher at the APAC re-open and rose throughout the European morning to a peak of 101.01. Since this peak, the index has slipped and now more towards the unchanged mark.
• UK PM Starmer announces he will step down, remaining as a caretaker until a new leader is elected (Nominations begin on 9th July). Burnham is overwhelmingly considered as the front-runner, with GBP and Gilts seeing underperformance in recent weeks. There was no reaction to the announcement from Starmer himself, as it had been widely touted in recent days/weeks, especially following Burnham's convincing victory in the Makerfield by-election. Given Burnham is nearly certain to become the next PM, focus is on his cabinet appointments, specifically his Chancellor pick. Over the weekend, the FT and Times made it clear that Miliband would be the least market friendly, citing comments from FTSE 100 executives; retaining Reeves would be the most market-friendly option, though the same outlets noted Burnham would likely want to remove the current Chancellor in a shift away from the last administration. GBP/USD -0.1% and tracking the stronger Buck. EUR/GBP +0.1%, gapped higher at the APAC re-open, but reversed most gains.
• JPY continues to underperform and moves further into intervention territory as USD/JPY looks towards 161.81 highs made last week. Japanese Finance Minister Katayama was on the wires overnight, said they were “ready to act suitably on currency fluctuations whenever necessary”; not sparking a move in the Yen. USD/JPY marked a session high of 161.78, looking to the aforementioned levels to the upside; awaiting further comments from Japanese officials.
• South African Parliamentary Speaker Didiza plans to support President Ramaphosa’s bid to halt his impeachment proceedings.

Central Banks

• Japan's PM Takaichi said expect BoJ to closely coordinate with the government and conduct a monetary policy appropriately to achieve the 2% price goal.
• BoJ Deputy Governor Himino said takes some time for policy to have an impact on the economy. said:. Pass-through from oil prices to downstream goods has progressed somewhat rapidly. Recent easing of Middle East tensions doesn't deviate much from their April outlook. Accommodative conditions are expected to continue. Risks of price overshoot could materialise if there is a delay in the necessary adjustment in the degree of monetary easing. Will closely monitor impacts that raising policy interest rates may have on businesses and households.
• ECB's Escriva warns that rising oil and commodity prices linked to the Middle East conflict are feeding into consumer prices and could cause wage spillovers. said energy cost increases are already transmitting through areas such as transport services. ECB must monitor possible second-round wage effects depending on inflation persistence.
• Chinese Loan Prime Rate 1Y (Jun) 3.0% vs. Exp. 3.0% (Prev. 3.0%).
• Chinese Loan Prime Rate 5Y (Jun) 3.5% vs. Exp. 3.5% (Prev. 3.5%).
• SNB adjusts remuneration of sight deposits; lowering threshold factor from 15 to 13.5; effective August 1st 2026.

Fixed Income

• Fixed benchmarks are mixed. USTs in the red by around 10 ticks, but off a 109-07 trough by another five.
• USTs lower as a function of catch-up from the holiday session on Friday, and as the complex acknowledged the gap higher in energy at the resumption of trade after Iran seemingly shut Hormuz transit amid ongoing conflict in Lebanon. However, the updates from negotiators thereafter and as technical talks take place this week in Switzerland, points that allowed energy to retreat and gave relief to EGBs. USTs look ahead to remarks from Fed’s Waller.
• Bunds, as above, benefited from the energy retreat in the second half of the APAC session and are firmer by around 10 ticks, but a similar amount shy of the 126.34 high. Specifics light for the complex, no move to ECB commentary thus far, and we now await text from Lagarde at the ECON hearing.
• Additionally, Germany digests reports into another meeting of the pensions committee today. The main point from it being that the retirement age will increase, though not at the pace some have been seeking. More broadly, Politico reports budget progress, however, tax reform remains the major outstanding point.
• Last but not least Gilts, lower by 10 ticks and a similar amount of the low in 88.30-72 confines after gapping higher by 24 ticks, seemingly taking relief from numerous reports that the team around Burnham no longer saw Miliband as the favourite for Chancellor.
• Since, PM Starmer has resigned. He will serve as caretaker during the process which begins in three weeks and will last for no more than one week, 9th-16th July. Burnham is the clear favourite. However, the three weeks between now and the start of that process could potentially see the odds around Burnham and theoretical rivals, i.e. Streeting, change notably.

Geopolitics

• A very busy geopolitical weekend, which initially saw the Iranians shut the Strait of Hormuz, and it suggested that the US and Israel broke the interim ceasefire agreement amid the continued military strikes on southern Lebanon. This led Brent Aug’26 to gap higher by c. USD 2/bbl, to a session peak of USD 82.30/bbl. Attention then turned to US-Iran talks in Switzerland.
• The outcome of the initial talks were positive. A Qatari and Pakistani joint statement stated that US and Iran agreed to set up a de-confliction cell over Lebanon and agreed to establish a high-level committee to provide political oversight on mediation. The high-level committee also agreed to a roadmap to reach a final deal within 60 days.
• Following the positive mood music from the talks, Brent Aug’26 gradually moved off best levels and turned negative; currently lower by c. 1.1%, and at the bottom end of a USD 78.58-82.30/bbl range. Attention remains on further developments on the negotiation process, which is expected to continue throughout the week. For now, the heads of the delegation team have headed back to Iran, while technical teams will remain in Switzerland to follow up the implementation of the MoU.
• Spot gold (+0.8%) is in the green, benefiting from the disinflationary implications of the positive geopolitical mood music. XAU/USD is currently holding within a USD 4136-4221/oz range. On analyst commentary: Goldman Sachs expects central bank Gold buying to slow slightly but remain a structural floor for prices. GS forecasts central bank buying at roughly 50T a month in 2026, then slowing to around 40T a month in 2027.
• Base metals are broadly firmer this morning vs a mostly negative APAC session. Focus overnight remained on China adding US firms to its export control list and decided to take relevant measures against 46 US companies in government procurement activities. 3M LME Copper currently resides within a USD 13,598.28-13,736.93/t range.
• "Confirmed crossings through the monitored Strait of Hormuz zone rose sharply over 19–21 June, with 71 total transits recorded", Kpler's Bakr reported.
• Goldman Sachs expects central bank Gold buying to slow slightly but remain a structural floor for prices. GS forecasts central bank buying at roughly 50 T a month in 2026, then slowing to around 40 T a month in 2027.
• US Department of Agriculture announces three new cases of screwworm to take total number of domestic detections to 15 cases.
• Iraq asked operators of five major oil fields to boost output to pre-war levels, targeting output of more than 3mln bpd, while it was separately reported that Iraq intends to gradually increase oil production to between 4.2mln-4.3mln bpd, according to the deputy oil minister for upstream affairs.
• Qatar’s Interior Ministry reported an internal explosion at a factory in the Ras Laffan Industrial Area, although no injuries or leaks were reported.
• A fire occurred in Marathon Petroleum’s Galveston Bay refinery (631k bpd) but was extinguished.
• Guinea’s President Doumbouya announced a ban on raw gold exports, in an effort to boost local processing of the metal and help the domestic economy.

Trade/Tariffs

• Iranian delegation is set to travel to Tehran after talks in Switzerland.
• India's Trade Minister said they intend to secure preferential market access via a trade agreement with the US. Signing of a US-India trade agreement will take longer than expected, because the US initially imposed 50% tariffs on Indian goods.
• China's MOFCOM issues action plan on strengthening foreign Investment; to support qualified key foreign firms listing on domestic exchanges.
• China added 10 US firms to its export control list including USA Rare Earths, while the Finance Ministry announcing to take relevant measures against 46 US companies in government procurement activities.
• USTR Greer is to travel to India and Uzbekistan, while he will discuss the US-India joint statement as part of bilateral trade agreement talks.

US Event Calendar

• 9:00 am: Fed’s Waller Delivers Opening Remarks

DB's Jim Reid concludes the overnight wrap

For those in Europe and parts of the US this week I hope you can cope with the expected extreme heat. The UK is certainly not ready for what's about to hit us. I'm looking to exploit this and set up my own AI company. Aircon Installations. Please enquire for the best prices and for the IPO launching soon!

Talking of extreme heat, the latest developments out of the Middle East have turned more constructive after a highly volatile start to the weekend. Encouraging progress in US–Iran talks in Switzerland, mediated by Qatar and Pakistan, has seen both sides agree overnight to a roadmap towards a potential deal within 60 days, alongside the creation of technical working groups, a de conflict mechanism covering Lebanon, and a direct communication line aimed at avoiding incidents and keeping the Strait of Hormuz open. This marks a notable shift from Saturday’s confusion, when Iran suggested the strait was now closed again after Israeli attacks in Lebanon, and briefly stepped back from talks following renewed threats from President Trump, who reiterated that the US would strike again if Iranian-backed proxies in Lebanon continue attacks on Israel. Despite that rhetoric, oil flows through Hormuz have continued and even picked up over the weekend, helping to calm markets, with Brent reversing earlier gains this morning before details of the talks came through. What the overall positive weekend has perhaps taught us is that the path to a durable resolution remains fragile.

However, for now Brent crude (-1.61%) is reversing its earlier gains, currently trading at $79.27 per barrel. Asian equities are not seeing a clear trend with the Nikkei (+1.56%) notably higher, but with the KOSPI fairly flat after being up +2% earlier in the session. The Shanghai Comp is +0.18%, while the Hang Seng is down -0.98%. China's central bank has maintained its benchmark lending rates for the 13th consecutive month overnight.

10-year USTs have increased by +3.2 bps, trading at 4.49% as cash trading has resumed following Friday's US holiday. 2yr yields are +4.7bps. US equity futures are down around half a percentage point but that's roughly where they were for a lot of Friday when the cash market was closed.

The main data highlights this week are the global flash PMIs tomorrow, and the US core PCE on Thursday. Elsewhere, other data of interest include the Ifo survey in Germany (Wednesday), Tokyo CPI in Japan (Friday), and CPI reports in Canada (today) and Australia (Wednesday). Note there is much speculation around whether UK Prime Minister Keir Starmer will resign this week after leadership rival Andy Burnham’s by-election win last week. The Observer newspaper yesterday reported that Starmer was preparing to set out a timetable for his departure, with an announcement possible today. If true it’s notable it's happening on the eve of the 10th anniversary of the Brexit vote tomorrow, something the UK still hasn’t come to terms with. Since then, the UK has revolved through six Prime Ministers which alongside Brexit, underlines the immense difficulties many incumbents have in the Western World today. Everyone arrives in the post with great hopes but then the lack of growth and the financial realities hit. Until you have stronger economic growth and are less constrained by debt it’s highly likely the conveyor belt of PMs will continue.

On this, the Deutsche Bank Research Institute will be pleased to welcome you to our London offices on Thursday (11:30 refreshments for a 12-1 presentation) for a look at “Brexit 10 years on: Whats’s worked, what hasn’t, what’s next?”. I’ll be introducing Sanjay Raja and Shreyas Gopal in what looks set to be a fascinating week for the UK. 

Moving over to the other side of the Atlantic, after a hawkish FOMC last week with a clear shift in style from new Fed Chair Kevin Warsh, our economists now have two 25bps hikes in their Fed forecast. They have warned that the US economy needed tighter policy but were waiting for the meeting to confirm the tightening view. The central scenario sees two rate increases this year, likely in September and December, taking the fed funds rate to around 4.1%, followed by a prolonged pause through 2027. Easing is then expected to resume in the first half of 2028, with around 50 basis points of cuts, potentially delivered in March and June, bringing policy back towards a neutral range of roughly 3.5–3.75%. See their piece explaining their view here.

In terms of the US week ahead, our economists expect appearances by Williams and Goolsbee on Thursday to be particularly informative. Williams, who also serves as Vice Chair of the FOMC, is seen as one of those not currently predicting a hike this year, while Goolsbee is viewed as leaning towards around 50 basis points of tightening.

Earlier that day, attention will centre on the data flow. US economists expect May personal income to rise by around 0.4% (from flat previously) and consumption to increase by 0.6% (from 0.5%). The core PCE deflator is projected to rise by around 0.37% month-on-month, up from 0.24%. On this basis, the year-on-year rate would move higher to approximately 3.44%, marking the strongest reading since October 2023 and reinforcing the narrative of persistent underlying inflation. The Fed will also release its bank stress test results on Wednesday and there is other second tier data.

Over in Europe, in addition to the PMIs, sentiment indicators in Germany will include the Ifo survey (Wednesday) and the July GfK consumer confidence print (Thursday). In France, there will be business confidence tomorrow and consumer confidence on Thursday. Finally, the ECB will release its May consumer expectations survey on Friday, with inflation expectations in focus. ECB speakers will include President Lagarde amongst others.

In Asia, inflation prints due include the Tokyo CPI for June on Friday in Japan (see our Chief Japan’s economist week-ahead here) and Australia’s May CPI due Wednesday (DB forecast for headline CPI is -0.4% MoM / 4.3% YoY). Other notable data features BoJ’s Summary of Opinions from its June meeting (Wednesday), Australia’s labour force survey (Thursday) and the 1-year and 5-year loan prime rates in China (Monday).

Finally, there will be a few notable earnings reports out next week, including FedEx, Cerebras and Carnival tomorrow as well as Micron and Jefferies on Wednesday. Micron is up around 830% over the last year and around 250% since the end of March with a market cap of nearly $1.3tn. So it’s becoming one to follow from the macro side.  

Recapping last week, oil prices kept falling as they reacted to the news that the US and Iran had reached an interim deal. So that meant Brent crude fell -7.74% last week (+0.90% Friday) to $80.57/bbl. So that considerably eased fears about a stagflationary shock to the global economy, particularly as data showed more traffic was starting to flow through the Strait of Hormuz again. Indeed, near-term inflation expectations plummeted, with the 1yr US inflation swap down -30.8bps last week to 2.44%, whilst the 1yr Euro inflation swap was down -23.7bps to 2.60%.  

But even as inflation expectations fell, the Fed’s latest decision on Wednesday led to a clear hawkish repricing for markets. Notably, 9 of the 18 officials in the dot plot signalled there should be a rate hike this year, although new Chair Kevin Warsh did not submit a dot himself. But Warsh did reiterate the Fed’s inflation target, pledging to return inflation to target after five years above. Meanwhile in Japan, the Bank of Japan delivered a 25bp rate hike, taking their policy rate to a post-1995 high of 1%.  

That backdrop meant markets brought forward their expectations for a Fed rate hike. So by the end of the week, 39bps of Fed hikes were priced in by December, up from 21bps at the start of the week. In turn, that led to a flattening in the Treasury yield curve, with the 2yr Treasury yield up +9.6bps to 4.18%, whilst the 10yr yield (-2.6bps) fell to 4.45%. A similar pattern was evident globally, with Germany’s 2yr yield (+2.7bps) up to 2.64%, whilst the 10yr yield (-1.0ps) fell to 2.98%.  

Whilst equities saw a pullback after the Fed decision, they still ended the week higher as concern about a stagflationary shock faded. So the S&P 500 was up +0.93%, Europe’s STOXX 600 was up +0.38%, and Japan’s Nikkei surged by +7.92%, marking its biggest weekly jump since August 2024. The moves were supported by the ongoing rebound in chip stocks, with the Philly semiconductor index up +7.26% to a new record.

Recapping last week now and oil prices kept falling as they reacted to the news that the US and Iran had reached an interim deal. So that meant Brent crude fell -7.74% last week (+0.90% Friday) to $80.57/bbl. So that considerably eased fears about a stagflationary shock to the global economy, particularly as data showed more traffic was starting to flow through the Strait of Hormuz again. Indeed, near-term inflation expectations plummeted, with the 1yr US inflation swap down -30.8bps last week to 2.44%, whilst the 1yr Euro inflation swap was down -23.7bps to 2.60%.

But even as inflation expectations fell, the Fed’s latest decision on Wednesday led to a clear hawkish repricing for markets. Notably, 9 of the 18 officials in the dot plot signalled there should be a rate hike this year, although new Chair Kevin Warsh did not submit a dot himself. But Warsh did reiterate the Fed’s inflation target, pledging to return inflation to target after five years above. Meanwhile in Japan, the Bank of Japan delivered a 25bp rate hike, taking their policy rate to a post-1995 high of 1%.  

That backdrop meant markets brought forward their expectations for a Fed rate hike. So by the end of the week, 39bps of Fed hikes were priced in by December, up from 21bps at the start of the week. In turn, that led to a flattening in the Treasury yield curve, with the 2yr Treasury yield up +9.6bps to 4.18%, whilst the 10yr yield (-2.6bps) fell to 4.45%. A similar pattern was evident globally, with Germany’s 2yr yield (+2.7bps) up to 2.64%, whilst the 10yr yield (-1.0ps) fell to 2.98%.

Whilst equities saw a pullback after the Fed decision, they still ended the week higher as concern about a stagflationary shock faded. So the S&P 500 was up +0.93%, Europe’s STOXX 600 was up +0.38%, and Japan’s Nikkei surged by +7.92%, marking its biggest weekly jump since August 2024. The moves were supported by the ongoing rebound in chip stocks, with the Philly semiconductor index up +7.26% to a new record.

Tyler Durden Mon, 06/22/2026 - 08:26

Alan Greenspan, Longtime Fed Chair And "Maestro" Of Markets, Dies At 100

Alan Greenspan, the former Federal Reserve chairman who led the central bank from 1987 to 2006, under four presidents, died at 100 from complications of Parkinson's disease, NBC News reported.

Greenspan became known as the "maestro" of monetary policy, spanning one of the longest and strongest economic expansions in U.S. history, marked by booming stocks, rising home prices, low unemployment, and confidence that he could steer markets through financial crises.

"Alan passed away at our home this morning at the age of 100 from complications of Parkinson's disease," stated his wife of 29 years, Andrea Mitchell, who is the chief Washington correspondent and chief foreign affairs correspondent for NBC News.

Mitchell said, "He was a giant of a man who helped shape the U.S. economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes."

"To me he was my husband, who shaped my life from our very first date in 1984. He had 'irrational exuberance' for baseball, the Washington Commanders, tennis, golf and music, especially jazz," Mitchell continued, adding, "He will be remembered for his brilliance and his kindness. Being his life partner was the joy of my life."

Greenspan's legacy came into question in the final years of his term. The maestro was reluctant to confront asset bubbles, and his hands-off approach to the mortgage and derivatives markets helped inflate the housing bubble leading up to the financial crisis of 2008.

Greenspan later acknowledged errors in his free-market assumptions...

"Those of us who have looked to the self- interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief," the maestro told lawmakers in 2008.

Greenspan also told lawmakers, "I was right 70% of the time, but I was wrong 30% of the time."

The Financial Crisis Inquiry Commission's final report stated:

"More than 30 years of deregulation and reliance on self-regulation by financial institutions, championed by former Federal Reserve Chairman Alan Greenspan and others, supported by successive administrations and Congresses, and actively pushed by the powerful financial industry at every turn, had stripped away key safeguards, which could have helped avoid catastrophe."

Greenspan's tenure was the second-longest for a Fed chief, right behind that of William McChesney Martin Jr. He was succeeded by Ben Bernanke, who eventually kept rates at the uncharted "zero lower bound" territory for several years to stimulate the economy after the GFC.

Tyler Durden Mon, 06/22/2026 - 08:10

Ship Traffic Through Hormuz Chokepoint Continues As Normalization Efforts Remain "Fragile"

U.S. and Iranian negotiators concluded a lengthy initial round of technical talks, backed by Qatar and Pakistan, with early progress reported. Still, the diplomatic road to a permanent peace deal remains fragile. For now, despite Tehran declaring on Sunday that the Strait was "closed," millions of barrels of crude continue to exit the Persian Gulf through the critical maritime chokepoint. 

Bloomberg reports that five laden oil tankers carrying a combined 8 million barrels were seen entering or moving through the strait along the southern part of the Hormuz near Oman's coast before switching off their transponders. One tanker reappeared hours later in the Gulf of Oman, marking a safe passage.

The transits suggest CENTCOM's claim that U.S. forces can keep the Omani-side corridor of the maritime chokepoint open, despite Iran's assertion that only the northern, Tehran-approved route is permitted.

 Safe passage through the international waterway remained intact today as 55 merchant ships transited, moving large amounts of cargo and more than 17 million barrels of oil to global markets," CENTCOM wrote on X on Saturday morning.

Kpler: 

Hormuz uptick remains fragile

Strait of Hormuz crossings rebounded sharply over 19–21 June, with 71 confirmed transits and a weekend peak of 35 on 20 June, supported by the blockade lift and renewed free-passage signals. Commercial crossings recovered with AIS transponder ons,… pic.twitter.com/2YnT6kTnU3

— Kpler (@Kpler) June 22, 2026

Windward:

🚨 Strait of Hormuz Status Update | June 22

Windward tracked 25 vessel transits through the Strait of Hormuz over the past 12 hours: 10 inbound and 15 outbound.

Notable traffic:
→ Multiple OFAC-sanctioned tankers linked to Iran's sanctions program transiting outbound,… pic.twitter.com/D4Czk5ygVl

— Windward (@WindwardAI) June 22, 2026

Several India-linked tankers carrying roughly 6 million barrels of Iraqi and Kuwaiti crude appeared to have used the Iran-approved northern route near Qeshm Island, possibly before Iran's latest closure announcement on Sunday.

A separate report from Bloomberg says four liquefied natural gas tankers - either owned or chartered by Qatar - transited the narrow waterway as the restart of Ras Laffan, the world's biggest LNG export plant, begins to ramp up.

Even Iran has ramped up oil exports, as three US-sanctioned supertankers (Elva, Virgo, and Vigor) entered the Hormuz chokepoint earlier this morning. Those tankers are destined for Singapore, with likely ship-to-ship transfers slated for the end delivery in China. This comes as the US lifts the blockade on the waterway against Iran.

Bloomberg data shows that total ship transits (using AIS data) in the maritime chokepoint, whether east-west or west-east, have steadily increased since an interim peace deal between the US and Iran was signed earlier last week.

Citi analyst Luis Costa told clients earlier that "the dominant global macro driver remains the US-Iran conflict and its partial resolution. Announcement of the interim Hormuz MOU last week set off a cascading repricing across oil, EM FX, inflation expectations, and rate paths."

Brent crude futures traded in the $79 a barrel range early Monday, while WTI futures were around $75.

Talk on Hormuz normalization this morning comes from Piper Sandler analyst Jan Stuart: "The 14-point 'peace-in-our-time MoU' unblocks some 150+ million barrels of stranded crude oil, now available for immediate sale."

Related:

• Asian Refiners Swamped, Brace For Over 60 Million Barrels Of Oil Ready To Exit Hormuz

On Friday, Daan Struyven, Goldman Sachs' co-head of Global Commodities Research, told clients, "We now assume that Persian Gulf exports normalize to pre- war levels by the end of July."

Tyler Durden Mon, 06/22/2026 - 07:45

Russian Drone Strike Sets Turkish Cargo Ship Ablaze In Black Sea, Killing One

An international cargo vessel traversing the Black Sea erupted in flames when it was struck by a Russian drone attack early Monday morning, killing one crew member.

The Turkish-owned bulk carrier VICTRESS, which sails under a Panamanian flag, suffered severe damage, the Ukrainian Navy and the Ukrainian Sea Ports Authority (USPA) confirmed in the aftermath.

Ukrainian naval image of Turkish vessel up in flames.

A maritime rescue operation ensued fairly quickly, with most of the crew evacuated safely to a life raft; however, a 58-year old crew member perished.

“Sadly, a member of the crew died. We extend our sincere condolences to his family and loved ones. The remaining eight sailors were evacuated on a life raft,” the USPA said.

Such Black Sea deadly drone incidents against foreign vessels off Ukraine are on the uptick. For example just a couple days ago regional sources reported:

Ukrainian officials reported that Russian drones targeted two civilian merchant vessels in the Black Sea, one flying Panama’s flag and the other St. Kitts and Nevis’. A sailor aboard the Panama-flagged ship was killed, two were injured—one critically—while three crew on the St. Kitts and Nevis vessel sustained minor injuries. Both ships resumed their voyages after receiving assistance, but the incident underscores the vulnerability of civilian shipping in contested waters.

 Black Sea transit continues to be a dangerous prospect, also with naval mines long being a feature of the 4+ year long war.

Because of this, international reports have frequently noted at various moments of the last couple years, "War insurance costs for ships sailing to the Black Sea have spiked again, with insurers reviewing policies daily as the conflict in Ukraine spills into sea lanes."

But the attacks have gone the other way too, with Ukraine's Navy at various times having intercepted or attacked vessels deemed part of Russia's sanctions-evading 'dark fleet'.

⚡️ Russian drones struck civilian vessels bound for Ukrainian ports in the Black Sea

According to Ukrainian Deputy Prime Minister Oleksii Kuleba, a drone attack set a Panama-flagged cargo ship on fire. A 58-year-old Egyptian cook was killed, while eight crew members, including… pic.twitter.com/6Y0fy6M8rj

— NEXTA (@nexta_tv) June 22, 2026

After some of these recent attacks on Russia-importing or exporting vessels, President Putin vowed to step up punishing aerial attacks on Ukraine. The two sides are still locked in a devastating tit-for-tat aerial war.

Tyler Durden Mon, 06/22/2026 - 06:55

Is The AI Spending Boom Creating A Depreciation Time Bomb?

Via City AM,

• Big Tech's AI spending has exploded, with Google, Microsoft, Amazon, and Meta collectively investing hundreds of billions of dollars in infrastructure.

• Rapid technological change may shorten the economic life of AI servers and GPUs, increasing depreciation and replacement costs.

• The long-term profitability of AI will depend not only on demand growth but also on whether companies can justify the enormous ongoing capital requirements.

The eye-watering capital expenditure plans of Big Tech has been one of the year’s biggest stories. 

Google, Meta, Amazon, and Microsoft have all splurged to secure a podium spot in the race to build out the infrastructure that will run the artificial intelligence (AI) revolution.

Total capex by these four firms is expected to reach $750bn (£560bn) this year, around half the annual spending of the entire UK government. It is much higher than this high-tech quartet has budgeted for before. And it is expected to be even higher next year.

Shareholders are on board with the plan, up to a point.

Since 2023, the average share price across the four firms has doubled. But that hasn’t kept pace with the average quarterly capex budgets, which have roughly quadrupled over the same period.

These trillion-dollar businesses can’t be too far away from hitting a ceiling on growing their computing power. 

Firstly, because of physical constraints – things like the supply of chips and the availability of power and water infrastructure – with the latter beginning to come under genuine constraint in some parts of the developed world.

Secondly, because of the sheer build cost, given that most AI projects are far from hitting profitability, and there isn’t enough cash flow elsewhere to fill the hole.

Alphabet, Google’s parent company, has raised $85bn on its own in debt over the past year. It plans to raise another $80bn in equity over the coming months – an unprecedented fundraise and not something it can keep doing forever.

Getting older faster

Most of the focus has been on data centre build-out. But there is also another major factor, and one in danger of being overlooked: maintenance.

The cost of keeping AI running once the infrastructure is in place will be vital. 

Data centre servers tend to last in the region of three to six years before they have to be replaced.  Given the speed of innovation and intensity of compute needed for AI, you can expect that to skew towards the lower end of the range for the hyperscalers. 

The kit inside AI data centres accounts for as much as two-thirds of the build cost. Add replacement costs onto the capex projections over the next few years, and things start to look scarily expensive.

Annual depreciation of property and equipment across the four firms has almost doubled over the past two years to $116bn.  You can expect that to accelerate, given how much equipment has been added to their balance sheets over the past 18 months.

Last year, Amazon cut the expected useful life of its data centre assets from six years to five, a move which it said was “due to the increased pace of technology development, particularly in the area of artificial intelligence and machine learning.” 

So far, Meta, Microsoft, and Alphabet have yet to follow suit, sticking with six years, but it seems like only a matter of time before they capitulate and cut this back, pushing up depreciation costs even further.

Something has got to give – sooner or later. Or am I missing something?

Tyler Durden Mon, 06/22/2026 - 06:30

UK Government Plans To Force Social Media Giants To Boost BBC Content To 'Fight Disinformation'

Authored by Steve Watson via Modernity News,

The UK government, under the apparently outgoing Prime Minister Keir Starmer, is advancing proposals that would require platforms like Facebook, YouTube and others to make BBC and other public service broadcaster content more prominent in users' feeds.

Officials frame the move as essential to combat 'disinformation,' citing Ofcom data that social media serves as the main news source for 51% of adults and 75% of 16- to 24-year-olds.

Yes, they want to turn social media into a literal Ministry of Truth.

Under plans to further restrict private media firms, news from public service broadcasters would be given priority to fight "disinformation".

The proposals will set Sir Keir Starmer on a collision course with tech giants already frustrated by his under-16s social media ban … pic.twitter.com/uOw4Tb9Ybq

— The Telegraph (@Telegraph) June 20, 2026

The plans form part of wider efforts to further restrict private media firms and follow directly on the heels of the controversial under-16s social media ban that has already strained relations with tech companies.

Public reaction has been swift and scathing. Journalist Allison Pearson did not hold back on the BBC's own record:

During Covid, @BBCNews was the main purveyor of "misinformation".'
Pure propaganda which led to children being denied school for months and a mass epidemic of mental health problems that has injured a generation many of whom have still not come out of their bedrooms.
So, no. https://t.co/FdWZy5nj6s

— Allison Pearson (@AllisonPearson) June 21, 2026

Author and commentator Bernie drew a pointed historical parallel:

"In 1933, Goebbels argued that Germans needed protection from false information and dangerous ideas. In 2026, Starmer says that British people need protection from 'disinformation' and that social media platforms should prioritise BBC and state approved broadcaster content. The comparison is NOT that Britain is Nazi Germany. That is a lazy argument. The comparison is that Starmer's government is pushing for more control over what citizens read, watch and think and that they claim it's for our own good. You are not free if the State decided what news you are allowed to view. This is not the work of a government supporting democracy but one that Doesn't trust its citizens to keep them in power."

I do not make historical comparisons lightly.

Your government, in line with UN priorities. is moving to crush all information not sanctioned by them.

In 1933, Goebbels argued that Germans needed protection from false information and dangerous ideas.

In 2026, Starmer says… pic.twitter.com/W51yStWzXM

— Bernie (@Artemisfornow) June 20, 2026

Reform UK supporter Chris Rose highlighted the core irony:

Labour plan to force social media platforms to prioritise content from the BBC in our news feeds to fight disinformation.

Ironically, social media has helped to combat a lot of disinformation from the BBC. https://t.co/tXKG70saVJ

— Chris Rose (@ArchRose90) June 20, 2026

This UK initiative does not stand alone. Similar moves are advancing in lockstep across the continent as governments seek greater leverage over information flows.

Germany has pursued measures to force social media platforms to boost state-aligned content and sideline dissenting material under the banner of 'public value.'

The EU's Democracy Shield framework has drawn sharp criticism as a vehicle for mass censorship that effectively ends open discourse under the guise of protecting democracy.

In France, President Macron has pushed aggressive censorship proposals widely described as a Ministry of Truth power grab.

The pattern is unmistakable: governments leveraging regulatory power to privilege official or state-funded sources while algorithmically demoting alternatives.

The BBC prioritization scheme fits into a rapid succession of UK measures that collectively tighten state influence over digital space and public narrative.

The under-16s social media ban has been exposed as a monumental pretext for total digital surveillance infrastructure.

Telegram founder Pavel Durov warned that the policy represents the digital iceberg that could sink the free internet.

Separate reporting revealed the UK government maintains a dedicated 'thought police' unit aimed at controlling the mass migration narrative.

Further proposals would empower authorities to block 'false information' during crisis events, creating an official Ministry of Truth mechanism.

London Mayor Sadiq Khan has separately called for a government social media disinformation unit, adding another layer of official narrative enforcement.

Advocates insist elevating BBC content will help users encounter more 'reliable' information. The claim collapses under even cursory examination of the broadcaster's recent track record.

The BBC has repeatedly been accused of sinking to new lows on accuracy and impartiality.

Its former news director stated that trans bias and progressive orthodoxy drove her departure.

Additional controversies include a high-profile fake news editing scandal that prompted a $10 billion lawsuit from President Trump.

Further examples involve portrayals of Islamic child slavery in Afghanistan as somehow necessary, biased handling of Islamist issues in Britain, and presenter conduct that drew sharp rebukes from figures like John Cleese.

Public sentiment on X reflects deep skepticism that the state broadcaster represents a credible bulwark against disinformation.

Wanting media that can be censored by the state to be broadcast on the internet that will be ID locked by the state.

So this is how democracy dies. With a bunch of terrible parents going "it's about time". https://t.co/rvsGBa27zh

— Christina Tasty (@ChristinaTasty) June 21, 2026

I hope people can wake up and see what this is really about: controlling access to information. The internet democratized access to news and information, and people in power do not want that! https://t.co/xXTeQ96NTT

— Taylor Lorenz (@TaylorLorenz) June 19, 2026

Citizens will be told the same thing, will believe the same thing …

Starmer will demand BBC truth is given priority. So we are fed a consistent narrative.

Anything else is disinformation. Which isn't authoritarian at all pic.twitter.com/7P9ujzGI8w

— Bernie (@Artemisfornow) June 20, 2026

Another Starmer poisoned legacy in his censorious war with Big Tech: undermine any claims for BBC impartiality. Surely if state declares BBC & public service broadcasters are one & only truth (in face of a slew of contrary evidence), won't this undermine trust even further? https://t.co/zSKupBpgwK

— Claire Fox (@Fox_Claire) June 20, 2026

For now, there is a simple solution.

Keir Starmer's government is preparing plans to force social media and video platforms to give preferential treatment to content from the BBC, ITV and Channel 4.

Let's all block them.

Problem solved.

— Benjamin (@UKFREEDOMUNITE) June 21, 2026

The government wants to fill our timelines with state funded propaganda.

Block the BBC, ITV and Channel 4.

They can't fill your feed if you've blocked them.

Simple problems require simple solutions. https://t.co/na6g61rm2e pic.twitter.com/U98ACQvhtY

— Ben Graham (@BenGrahamUK) June 20, 2026

Of course, the government could, via it's regulator Ofcom, simply mandate that these sources cannot be blocked and must be injected into people's feeds. They could also employ a more subtle manipulation of the algorithm to ensure it happens, regardless of any blocking.

Mandating algorithmic favoritism for any single outlet, especially one with the BBC's baggage, will not restore trust. Alternative platforms continue to grow, and Community Notes-style transparency tools already expose manipulation faster than official gatekeepers can suppress it.

Governments that distrust citizens to navigate information without state curation reveal more about their own insecurities than about any genuine disinformation crisis.

The free exchange of ideas, even uncomfortable ones, remains the only proven defense against real propaganda.

These latest European and British maneuvers represent the opposite impulse: centralized narrative control dressed up as public protection.

Citizens on both sides of the Atlantic have seen this playbook before and are increasingly unwilling to play along.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

 

Tyler Durden Mon, 06/22/2026 - 05:00

Iran's Araghchi Says Talks Delivered "Major Progress" To End Lebanon War, Will Continue For Rest Of Week Summary

• Round 1 ends: The US and Iran made “encouraging progress” in talks on a peace deal and will continue technical-level discussions this week, mediators
• Iran defiant, sees itself in strong position: Ghalibaf rejects US threats and links talks to a Lebanon ceasefire.
• Trump raises stakes via some typical Truth Social lashing out: Warns on Hormuz, Lebanon, and keeps military options on the table.
• Nuclear progress?: Some reports say not addressed, others suggest framework already being worked on.

//--> //--> //--> Israel withdraws from Lebanon by July 31, 2026?
Yes 12% · No 88%
View full market & trade on Polymarket

*  *  *

US and Iran Make “Encouraging Progress” In Talks On Peace Deal, Will Continue Technical-Level Discussions This Week

Contrary to earlier reports from Iran media that US and Iran talks had concluded hours earlier, Bloomberg reported that the US and Iran made “encouraging progress” in talks on a peace deal and will continue technical-level discussions this week, mediators said, even as President Donald Trump again threatened strikes if Hezbollah keeps attacking Israel.

“Encouraging progress has been made including the creation of a mechanism for further technical talks,” mediators Qatar and Pakistan said in a joint statement. The parties agreed on a roadmap toward reaching a final deal within 60 days.

The sides also established a communication line to avoid incidents and miscalculation, with the aim of ensuring safe passage for commercial vessels through the Strait of Hormuz, the mediators said. They also agreed to create a “de-confliction cell” involving the parties and Lebanon to help ensure adherence to the cessation of military operations there.

After rising in early trading following reports that Iran (almost but not really) had walked out on talks, crude oil turned lower and US stock-index futures pared losses after the statement.

Pakistani and Qatari mediation delivered major progress to end the Lebanon war, Iranian Foreign Minister Abbas Araghchi said in a post on X: "Tireless Pakistani and Qatari mediation has delivered major progress to end Lebanon War. Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and major reconstruction & development plan launched for Iran. 1st real test: Lebanon deconfliction cell" the post said.

Tireless Pakistani and Qatari mediation has delivered major progress to end Lebanon War. Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and major reconstruction & development plan launched for Iran.

1st real test: Lebanon deconfliction cell https://t.co/q0okD2qwSO

— Seyed Abbas Araghchi (@araghchi) June 22, 2026

Things got off to a confusing start Sunday when Iranian media reported that Iran halted talks over Trump’s latest threat. As the meetings got underway, Trump said in a social media post that he would strike Iran again if it doesn’t “immediately stop their highly paid PROXIES in Lebanon from causing trouble.”

He also warned Iran that the US might start collecting tolls if there’s no deal. Speaking Sunday to Fox News, Trump said he told Iranian leaders directly that if they close Hormuz, “You won’t even make it back” to Iran, using an expletive.

Some Fireworks

Al Jazeera is reporting that talks have 'concluded' - but is this in actuality a premature conclusion given all the tension and heated issues of disagreement which came to the forefront?

• GHALIBAF: THEY'D BE BETTER OFF BEING CAREFUL W/ THEIR REMARKS
• IRAN'S GHALIBAF: WE DON'T ATTACH ANY SIGNIFICANCE TO US THREATS
• IRAN PARLIAMENT SPEAKER GHALIBAF COMMENTS ON X
• IRAN WILL END TALKS W/ US IF ISRAEL WON'T LEAVE LEBANON: TASNIM
• IRAN SAYS TRUMP'S THREAT IS A 'BLATANT VIOLATION' OF MOU

Below is a machine translation of what Iran's lead negotiator just issued on X as the day in Switzerland came to an end (also, another translation)...

"Do they not realize that if their threats actually worked, they wouldn't find themselves in today's position of desperation? We don't take American threats seriously.

They should be careful about what they say. Our armed forces stand ready to answer them in other ways. They can keep talking—it's we who take action."

This is immediately on the heels of Trump playing 'bad cop' to Vance's good cop, who has expressed some cautious optimism on Sunday from Switzerland. Bloomberg is reporting that the nuclear file was not dealt with in today's engagement.

The fact that the Swiss event happened at all can be called advancement on some level at least...

This is historic!

Not because US and Iranian diplomats haven't met face to face before. Or that they haven't been on camera before (they were regularly during the JCPOA talks)

But never at the Vice President level!

You can see both Aragchi and JD Vance in this clip. pic.twitter.com/jeNBPeQmgr

— Trita Parsi (@tparsi) June 21, 2026

Rumors of Iranians already calling it quits are false, reports Axios:

A diplomat attending the talks in Switzerland claims the Iranian delegation hasn't left and talks between the U.S. and Iran are still ongoing https://t.co/oQ1UkXwqYv

— Barak Ravid (@BarakRavid) June 21, 2026

 

Trump Reminds Iran Of 'Harder' Military Options On Table

With Vance and Witkoff in Switzerland, President Trump is still issuing some US redlines via Truth Social, and via apparent 'official leaks' - and quite quickly - through the press.

Trump is warning the Iranians on the sticking points of Hormuz closure and the Lebanon crisis. He has newly threatened on Sunday to hit Iran again if it can't constrain its proxies, namely Hezbollah, in Lebanon. In parallel, Tehran is demanding that Washington reign in Israel. A fresh Sunday Truth Social... brief but firm:

And more on some fresh reported warnings and pressure coming from Trump:

"You close it and you won't have a country." President Trump said he told Iranian officials about the Strait of Hormuz. "You won't even make it back to your fu*king country."

"We may take over the Strait, if we have to," Trump said. "If they don't make a deal, we'll collect… pic.twitter.com/cErvdjCJmK

— Trey Yingst (@TreyYingst) June 21, 2026

As the American delegation continues the high-stakes negotiations in Switzerland aimed at de-escalating, the White House is projecting cautious optimism while simultaneously reminding Tehran that military options remain firmly on the table.

Speaking as talks entered a critical phase, Vice President JD Vance said Sunday from Switzerland Washington has "made great progress over the last few hours" and expects "additional progress in the coming hours," describing the negotiations as an opportunity to "turn over a new leaf" in US-Iran relations. Vance emphasized that the administration's preference is not to return to the cycle of confrontation, adding that the US is willing to fundamentally transform ties with Iran if Tehran permanently abandons its nuclear ambitions.

"The question is how much more we can achieve in the Middle East," Vance said, while expressing confidence regarding the Lebanon front and signaling satisfaction with ongoing efforts to contain broader regional escalation.

"Better Watch His Mouth": Trump to Iran President via Media

Yet Trump has just delivered a stark reminder of the consequences should negotiations fail. According to Fox News, Trump warned Iranian officials that closing the Strait of Hormuz would be an existential mistake, reportedly telling Tehran that it "won't have a country" if it attempts to choke off global energy flows, in the segment above. Trump also issued a personal warning to Iranian President Masoud Pezeshkian, saying he "better watch his mouth," while reports indicated the president used unusually blunt language during discussions with Iranian intermediaries over the strategic waterway.

President Trump spoke with the Iranians overnight warning them not to close the Strait.

"You close it and you won't have a country," Trump said he told Iranian officials. "You won't even make it back to your fu*king country."

— Trey Yingst (@TreyYingst) June 21, 2026

Perhaps most notably, Trump reiterated that he retains a "60-day option" and can "do whatever" he deems necessary after that period expires, a statement widely interpreted as preserving the possibility of renewed military action. The president also reportedly threatened additional strikes against Iran should Tehran's regional proxies in Lebanon resume attacks or undermine the emerging diplomatic framework.

The result is a familiar carrot-and-stick approach as talks are unfolding under the shadow of explicit US military threats and a rapidly approaching deadline that could determine whether the region moves toward détente or another round of escalation. But Iran has also made known that it is ready of a long war, but will Trump be willing to risk enduring the political and economic fallout?

Qatari, Pakistani Top Leaders Present, Optimistic Initial Statements

Qatar's Foreign Ministry has formally confirmed the launch of the talks between the United States and Iran with the mediation of Qatar and Pakistan in Switzerland, with the Iranian delegation headed by Parliament Speaker Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araghchi.

US Vice President JD Vance is leading the American side along with envoy Steve Witkoff. Also gathered at the Buergenstock Resort Lake Lucerne, near Stansstad, are Pakistan's Chief of Army Staff Field Marshal Asim Munir, and Pakistan's Prime Minister Shehbaz Sharif.

Qatar has expressed "its aspiration that these meetings will lead to the conclusion of a comprehensive and permanent agreement addressing all aspects covered in the Memorandum of Understanding." Iran has reiterated it wants a comprehensive settlement and final end to the war. But it also demands a final Lebanon-Israel peace settlement be linked in. Already there could be an inkling of progress on the nuclear front:

• PAKISTAN:US, IRAN AGREED ON REDUCTION OF ENRICHED URANIUM LEVEL
• PAKISTAN:IRAN'S ENRICHED URANIUM TO BE REDUCED FROM 60% TO 0.7%
• IRAN PRESIDENT SAYS QATAR TO RELEASE $6B AS TALKS START: IRNA

Screengrab via Government of Pakistan footage

The last time Vance sat physically across from Iran's lead negotiator Ghalibaf was a full ten weeks ago, in mid-April. Interactions appear to initially be only through intermediaries, which will build up to face-to-face meetings, as happened in prior failed rounds. 

What to Expect in 1st Round Format

Qatar's foreign ministry has previewed the following planned format to the opening of the talks as follows:

• The ministry statement says “specialized technical and expert groups have been formed to negotiate the terms of the final agreement, which will cover all aspects of the Memorandum of Understanding” between the US and Iran.
• “Additionally, follow-up groups have been established to oversee the implementation of the Memorandum, monitor progress achieved, and work toward the conclusion of the final agreement,” it added.
• “This reflects the commitment of all parties to moving forward in the negotiation process in good faith, with the aim of reaching a comprehensive and sustainable agreement.”

Of course, in terms of "implementation" of just the MoU itself, things are not quite there yet, as sporadic fighting and Israeli aerial attacks continue in Lebanon, which could serve to derail the Switzerland process at any moment.

After roughly 45 min, the bilateral meeting between FM @araghchi and his Swiss counterpart @ignaziocassis came to a close at Bürgenstock Hotel. Quadrilateral talks between Iran, the US, Pakistan, and Qatar are expected to commence shortly at another venue on the same premises. pic.twitter.com/hOmovguWFs

— IRNA News Agency ☫ (@IrnaEnglish) June 21, 2026

Additionally, Iran has declared it has 'closed' the Strait of Hormuz just this weekend, but which the US military has been denying is a reality. VP Vance in media appearances has also been downplaying it.

The Lebanon situation seems the bigger, more pressing threat to the peace process - at least from Tehran's point of view. Dozens of people in Lebanon have been killed while at least six Israeli soldiers have been slain, with 20 wounded over past days of Hezbollah rocket and drone attacks.

Trump Between a Rock & A Hard Place Where Escalation is Concerned

As a reminder, President Trump doesn't want to oversee an economic catastrophe driven by a worldwide energy crisis. It seems he's ready to anything to not let it happen under his watch:

President Donald Trump said Wednesday that he was motivated to finalize the memorandum of understanding (MOU) with Iran to prevent “economic catastrophe” if the war was not resolved soon.

“So rather than possibly going into a depression, rather than having your favorite president be Herbert Hoover, he was always the one I didn’t want to be,” Trump said of the 31st president whose policies are often blamed for starting the Great Depression.

“I didn’t want to see economic catastrophe. If you kept this going, that could have happened. But all I know is, every time we talked about the possibility of peace, the stock market shot up like a rocket ship,” Trump said during a press conference Wednesday on the sidelines of the G7 Summit in Évian, France.

And so judging by this and other of recent Trump admissions, Iran clearly enters Switzerland in very strong negotiation position. Its current rhetoric regarding the Strait of Hormuz also reveals this.

JD Vance met with Pakistan's Prime Minister Shehbaz Sharif and Army Chief Asim Munir in Switzerland.pic.twitter.com/5bteI1Vtyu

— Clash Report (@clashreport) June 21, 2026

Tehran has accused the US of a "clear breach of its commitments" and announced Saturday that "the Strait of Hormuz will be closed to the passage of vessels," according to state broadcaster IRIB.

More Details on Format

For more on the details of the format, CNN has reported some further information in the following:

• When and where do the talks start? US and Iranian negotiators will begin their meeting at around 1 p.m local time (7 a.m. ET) at the Swiss mountain resort of Bürgenstock, an Iranian source told CNN.
• Who will be there? Both the United States and Iran have sent high-level officials to Switzerland. Vice President JD Vance is heading up the US side, while Iran’s lead negotiator, Mohammad Bagher Ghalibaf, will lead Tehran’s delegation, Iranian media outlet Saberin News reported Saturday.
• What format will they take? Iran’s Foreign Ministry spokesman, Esmail Baghaei, who is part of the Iranian team, earlier told state media “the Iran-US talks will be held in a quadrilateral format, with the presence of Pakistani and Qatari delegations.”
• What will be discussed? Lebanon is likely set to top the agenda after clashes between Israel and Hezbollah threatened the nascent agreement between the US and Iran. Vance says he hoped he would make advancements on negotiations surrounding the handling of Iran’s nuclear materials.

Long Road Ahead

To put things in perspective about the long road ahead, analyst and reporter James Bayes - who is on the ground for the talks in Switzerland, has offered the following: "This is a very different deal from the Iran nuclear deal that was done by [former US] President Barack Obama … things have changed completely. But I think it’s worth looking at that deal for one reason, which is the timeline – how long these things take."

Iranian Foreign Minister Seyyed Abbas Araghchi, center, arrives at the Buergenstock resort in Obbuergen, near Lucerne. Pool via AP

"Because when they did an interim deal then, in November 2013 until the final deal in 2015, it took 597 days," the correspondent added. "So, even though the circumstances have changed – it’s a very different deal and they’ve got the knowledge of that deal as well which is helpful – it’s a lot to do in just 60 days."

Tyler Durden Mon, 06/22/2026 - 05:00

Israelis Are Livid Over Trump Ending War, Overwhelmingly Believe Iran Won: Poll

After roping President Trump into breaking a core campaign promise, watching the United States expend resources and risk American lives to attack Iran, and then watching Trump take steps to end the war via MOU - Israelis are livid because the US didn't commit to full-on decimation to celebrate America's 250th, and say Iran came out ahead. 

According to a survey conducted by the Hebrew University of Jerusalem in partnership with the Agam Institute, 92.1% of Israelis believe Iran came out ahead in the conflict and the US-brokered deal that followed.

Even among voters loyal to Prime Minister Benjamin Netanyahu's conservative bloc, 93.1% said Iran won. 82.9% of respondents said the six-week military campaign against Iran left Israel's long-term security weaker, not stronger. Another 86% hold a negative view of both the way the fighting ended and the way Washington negotiated the subsequent deal without meaningful Israeli input. Nearly 88% of Israelis believe their country either fell short of its war aims entirely or achieved only partial success, despite the stated objectives being nothing less than dismantling Iran's nuclear program, neutering its missile arsenal, and toppling the regime in Tehran. Those were the goals. None of them, by the public's own assessment, were fully met.

Netanyahu has tried to project confidence in the signing of the Memorandum of Understanding anyway. At a press conference Monday, he insisted Iran will never possess nuclear weapons "as long as I am prime minister of Israel." As we noted on Tuesday, hardline Israeli politicians are livid over the Iran deal, and want Netanyahu out so they can do 'real regime change.'

(Abir Sultan/POOL/AFP via Getty Images)

"With an agreement or without an agreement, Iran will not have nuclear weapons - not today and not tomorrow," he said, calling the mission his "life's mission." He has also maintained that the nuclear threat from Iran was an "immediate danger" that Israel removed "together with our American friends."

Either way, Israelis aren't buying it. 72.5% of respondents reject Netanyahu's claim that Israel secured major gains and eliminated an existential threat. Only 26.5% rate his handling of the war as "good" or "excellent," while 56.4% call it "failed" or "poor." His personal approval as prime minister has collapsed from 40.5% in early March to 29.4% in June, a fifteen-point swing in roughly three months.

And of course, there's Trump... with 69.1% of respondents rated his handling of the war and the resulting deal as "failed" or "poor," against just 10.8% who called it "good" or "excellent." Quite the change in sentiment from his 2024 election win...

A billboard showing U.S. President-elect Donald Trump is projected a day after the U.S. election in Tel Aviv, Israel, Nov. 6, 2024. (Oded Balilty/AP)

Despite the widespread belief that the Iran campaign backfired, 48.2% of Israelis say their country should renew major military action against Hezbollah, including strikes in Beirut, even if that means clashing with Trump, who has made clear he wants the fighting in Lebanon to stop. Only 20.9% oppose that course, with the remaining 30.9% undecided. Israelis appear simultaneously convinced the last war was mishandled and eager for the next one. 

Just 12.2% of respondents believe Israel achieved most of the stated goals against Hamas and Hezbollah following the October 7, 2023 attacks while 61.3% say Israel achieved none of them, and 26.5% say only some were met.

Across the Atlantic, the reception looks entirely different. A Quantus national poll of 1,000 likely US voters found 43% strongly approve and another 13% somewhat approve of the preliminary US-Iran Memorandum of Understanding. Combined disapproval sits at just 13%.

The Trump administration has been trying to respond to criticism of the deal, while Israeli cabinet members are talking mad shit about Trump - to the point where VP JD Vance came very close to asking if they've even said 'pwease' or 'thank you.' 

Vance defended the MOU during Thursday's White House briefing, pushing back on what he said was misleading media coverage. “The simple fact is that the only way the Iranians get any of those resources - not a single penny, by the way, from the United States of America under any circumstances - but the only way that they would ever get any benefit of the bargain is if they comply fully, and change their behavior," Vance said of Iran, adding that Tehran's military and nuclear program "is still destroyed" if Iran refuses to change course. He also said that compliance would bring "a transformative relationship with the Middle East."

🚨 WOW! JD Vance is DIRECTLY calling out Israeli cabinet members for their personal attacks on President Trump

"Donald J. Trump is the ONLY head of state in the ENTIRE WORLD who is sympathetic to the nation of Israel at this moment in time, and he happens to be the head of state… pic.twitter.com/0H9yGH8ubL

— Nick Sortor (@nicksortor) June 18, 2026

The Hebrew University-Agam Institute survey was conducted June 17–20, using a weighted sample of 3,644 Israelis aged 17 and over, designed to reflect the broader population, and has a maximum sampling error of just 2.2% at a 99% confidence level. 

Maybe they'll just keep attacking Lebanon to scuttle the peace deal? 

🇮🇱🇱🇧 Israeli Minister Ben-Gvir:

"We cannot stop destroying houses in southern Lebanon. We cannot stop, period.

We cannot allow the population of southern Lebanon to return. ... We must continue to control the territory even if Trump disagrees."

PSYCHO.

Writer: Samuel… https://t.co/uilzuQcgTV

— Mario Nawfal (@MarioNawfal) June 17, 2026 Tyler Durden Mon, 06/22/2026 - 04:15

Massive 2,000-Year-Old Luxurious Roman Bathhouse Uncovered In The Netherlands

Authored by Maria Mocerino via Interesting Engineering,

The largest Roman bathhouse complex ever discovered in the Netherlands has surfaced, shedding new light on the wealth and importance of the ancient Roman city of Ulpia Noviomagus.

Roman bathhouse complex.Nijmegen

Researchers from the archaeological firms RAAP and BAAC were conducting routine investigations in Nijmegen's Waalfront district, a site slated for new residential development. The excavation, which began in September of last year and will conclude in July, uncovered a public bathhouse, residential blocks, luxury townhouses, streets, and a tower dating back nearly 2,000 years.

"For years, the traces of the Roman past at this location were invisible, hidden deep underground. Now that we are realizing a new living environment here, the past has become visible," said Joost Mulder, BPD's Regional Director for the North-East & Central region, in a press release.

The bathhouse complex, or thermae, covered at least 4,900 square meters, making it the second-largest excavated Roman public bath complex in the Netherlands. Despite centuries of stone removal and reuse following the Roman period, parts of the structure remain exceptionally well-preserved.

Roman history unearthed

The size of the complex reflects the importance of Ulpia Noviomagus - the Roman city that once stood here - which is believed to have received its official status from Emperor Trajan around 100 AD. The discoveries suggest that this area of the city remained active well into the third century AD.

The bathhouse was richly decorated. Its interior walls were clad in marble. The floors were laid with black-and-white limestone tiles. Other rooms featured colorful, painted plaster. Decorative limestone and sandstone moldings adorned the building's facades, while columns made from the same materials enhanced its splendor.

Archaeologists also uncovered extensive drainage systems, flooring, and a hypocaust - a sophisticated Roman underfloor heating system supported by brick pillars. This technology circulated hot air beneath a raised floor, as per Archaeology News. Two stone foundations survive to a height of nearly two meters, making them some of the best-preserved examples of Roman masonry in Nijmegen.

Tens of thousands of artifacts recovered from the site point to the affluent lifestyle that residents enjoyed during the second and third centuries AD.

Among the discoveries are bronze statue fragments, signet rings, a necklace with a gold clasp, coins, and hundreds of bone hairpins used in elaborate Roman hairstyles. Notably, two of the hairpins featured remarkable carvings of cats - one seated and one standing.

However, a bronze bust depicting Bacchus, the Roman god of wine, stood out the most to archaeologists. They believe the object originally formed part of a pitcher or a piece of furniture before later being adapted for use on a weighing scale.

Archaeologists also recovered numerous coins from the reign of Emperor Postumus, who ruled between 260 and 269 AD, providing rare evidence of continued occupation during a relatively poorly documented period.

Integrating the past into the future

Developers and city officials plan to integrate the site's Roman heritage into the future neighborhood, added Archaeology News.

"The link to the past will remain visible in the future as well. For instance, a number of residential buildings will feature a covered walking area with rows of columns. A colonnade just like in Roman times. And developers plan to call the green square in the heart of the area, inspired by the floor plan of the bathhouse complex, Thermenplein. A direct reference to the Roman meeting place that was here some 2,000 years ago," concludes the press release.

Roman bone hairpins found in Nijmegen. Credit: Municipality of Nijmegen / BAAC / RAAP Tyler Durden Mon, 06/22/2026 - 03:30

Fuel Sales Abruptly Halted For Crimean Population As Ukrainian Drones Wreak Havoc

A wave of relentless Sunday drone attacks out of Ukraine on Crimea has resulted in a regional cut off to civilian access to fuel, in another sign that UAV attacks on Russian territory are having serious effect.

Four people were killed in the series of drone strikes on energy and transport infrastructure in the Russian-controlled peninsula, including attacks near Kerch, a key eastern Crimean port city which is a major energy logistics hub.

Reuters/BBC: "Cars queue at a petrol station on the peninsula in early June amid already restricted fuel sales."

"As a result of the enemy's drone attack on the Kerch Peninsula, unfortunately, there are casualties among the civilian population," Crimean Governor Sergey Aksyonov announced.

"According to the latest information, four people were killed, 28 were wounded," he added.

And he also confirmed the fuel crisis for the whole region, saying, "Today, June 21, starting from 09:00 am, fuel sales at Crimean petrol stations have been suspended" - though he added that fuel would only be sold to state enterprises.

He made clear in a Telegram post that starting Sunday morning local time gas stations across the peninsula would stop selling fuel to individuals and businesses. All cash, card and fuel coupons were immediately halted.

Ukraine's President Zelensky boasted of the attacks, stating on social media that "Facilities on both sides of the Crimean Bridge were hit: maritime logistics used to transport oil in the Krasnodar region and an oil depot in temporarily occupied Kerch."

"In addition, military logistics facilities were successfully struck, along with four radar stations belonging to S-400 systems and two Pantsir systems," he wrote.

Crimean governor Aksyonov had also announced that "Further decisions regarding the current situation in the republic's fuel market will be announced at a later date."

Last night, our long-range sanctions targeted the occupiers’ military logistics, oil industry, and air defense. All of this is a just response to Russia’s brutal attacks against our people. I thank the warriors of the Security Service of Ukraine, the Unmanned Systems Forces, the… pic.twitter.com/90APquETQT

— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) June 21, 2026

BBC has separately reported that Kiev "hit a logistics facility for oil transportation in Russia's Krasnodar region, which lies adjacent to Crimea across the Kerch Strait. Local authorities said one person had been killed on a passenger ferry."

Saturday saw a long-range Ukrainian drone attack on an oil refinery in Russia's Tyumen region, which lies over 1,200 miles from the front lines of fighting - a significant reach and first of the war. It demonstrates that Russian anti-air defenses have struggled to intercept small, low-flying UAVs. Hundreds were sent against Crimea on Sunday.

Tyler Durden Mon, 06/22/2026 - 02:45

This Is The Funniest Thing Ever...

Authored by Steve Watson via Modernity News,

Leftists in the EU who spent years blocking real border enforcement are now whining about a victory party after conservatives pushed through a motion to create powerful tools to remove illegal migrants.

The chamber could not stop laughing. A 'Renew Europe' MEP aligned with French President Emmanuel Macron stood up and demanded punishment for conservative MEPs who gathered on the European Parliament roof, drank heavily, and celebrated the passage of the bloc's toughest-ever deportation reforms.

The presiding officer brushed it off and The room roared with amusement.

Laughter erupts in the European Parliament after Macron's MEP Fabienne Keller tries to get conservative MEPs punished for serious breeches of the rules

She says they met on the Parliament's roof & "drank a lot, a lot" to celebrate passing new laws for deporting illegal migrants pic.twitter.com/2gzLCdcKZT

— Visegrád 24 (@visegrad24) June 20, 2026

This outburst came days after the European Parliament voted 418 to 218, with 30 abstentions, to approve the new Return Regulation.

Conservative and sovereignist MEPs from the EPP, ECR, Patriots for Europe, and Europe of Sovereign Nations groups supplied the decisive majority.

The measure updates the hopelessly outdated 2008 rules and gives member states real power to enforce removals.

In our earlier video we highlighted the immediate leftist reaction inside the chamber: chants of 'Shame on you' from leftists with chants of 'Send them back' in response from conservatives.

Now they are complaining about a rooftop toast. The contrast could not be clearer. One side delivers results for citizens who have endured years of unchecked arrivals, crime, and welfare strain. The other side throws procedural tantrums and pretends a private celebration violates parliamentary decorum.

They still think they're in Harry Potter fighting Voldemort.

"The era of resistance begins"
How about you slobs start the era of not letting your shirts hang out of your trousers first. Pathetic. https://t.co/IchmcEbTw9

— European Propagandist (@EuropaAdAstra) June 19, 2026

The regulation makes deportation orders issued in one member state valid across the entire EU.

It extends maximum detention periods for those who refuse to leave, removes automatic suspensive effect on appeals in many cases, doubles entry bans to ten years (lifetime for security threats), and allows member states to conclude agreements with third countries for 'return hubs' where rejected migrants can be processed and removed without remaining inside EU territory.

Non-cooperating origin countries face visa restrictions, aid cuts, and trade measures - the same leverage the Trump administration successfully deployed.

Italian Prime Minister Giorgia Meloni welcomed the outcome as validation of the model she pioneered with Albania.

'We promised Italians we would change Europe, and we did it, with courage, patience, and determination,' she said.

Meloni added, 'This innovative solution has been resisted at every turn by the Italian and European left, but thanks to this government, it has now become a tool available to the whole of Europe.'

MEP Marieke Ehlers of the Patriots for Europe group stated 'This regulation puts the obligation exactly where it belongs: on the illegal migrant... The days of pampering are over. You have no right to stay, which means you have one simple obligation: pack your bags and leave our territory.'

She added that the text hands real power back to national capitals: 'We are taking back control... Almost all provisions give Member States the freedom to go further.'

French EPP negotiator François-Xavier Bellamy called it the end of decades of failure. 'After decades of failure and years of deadlock, Europe is ending its powerlessness in the face of illegal immigration. No one can claim any longer that Europe has no tools to act. The rules are now in place. The responsibility lies with governments to use them.'

In a landmark 418-218 vote, the European Parliament just passed the strictest migration and deportation law in EU history.
When the results were announced, MEPs began chanting "Send them back!" inside the chamber.
The new rules include:
• Deportation orders valid across all… pic.twitter.com/r4zwulNkz7

— Make Europe Great Again – M.E.G.A (@ScaryEurope) June 20, 2026

French President Emmanuel Macron quickly distanced himself at the EU summit in Brussels. He declared that France would neither participate in nor fund third-country return hubs, calling the approach ineffective and contrary to French principles.

French President Emmanuel Macron firmly rejected the creation of migrant "return hubs" in third countries, stating that France will not participate in or support the funding of such outsourcing initiatives.
Speaking in Brussels at the conclusion of a two-day EU summit, Macron… pic.twitter.com/6yU5zjFAms

— Don. Tesman Irabor (@TvslEspana) June 20, 2026

The same Macron who lectures others on European values now refuses to use the very instruments his own parliament helped create. The gap between rhetoric and reality on migration has never been wider.

Globalist pushback has already been initiated as the United Nations voiced concerns that the new return hubs could violate human rights standards.

Critics on the left and in international organisations frame any effective removal policy as inherently cruel, even as European cities continue to absorb the costs of failed integration and repeated criminal acts by rejected or illegal migrants.

The UN warns that new EU migrant rules could violate human rights. Plans to outsource deportation of rejected asylum seekers raise serious concerns. https://t.co/TmYNvesrOx

— The Brussels Times (@BrusselsTimes) June 20, 2026

For years globalist voices insisted that mass low-skilled migration was inevitable, economically necessary, and morally superior.

They dismantled internal borders, expanded asylum loopholes, and attacked any leader who tried to enforce existing law. Return rates stayed dismal. Criminal networks thrived. Public trust collapsed.

Conservative MEPs simply used their growing numbers to force an update that reflects what citizens have demanded for a decade.

The left's response - procedural complaints, accusations of misconduct over a private celebration, and renewed warnings from the UN - reveals the same refusal to accept democratic outcomes that has defined the migration debate from the start.

The laughter in the chamber was not just amusement at a thin-skinned complaint. It was recognition that the excuses have run out.

Europe now possesses the legal tools to remove those with no right to remain. Whether national governments use them remains to be seen, but the parliamentary majority has shifted decisively toward enforcement.

The same forces that once sneered at 'Send them back' as fringe bigotry are watching their own colleagues chant it on the floor. The Overton window did not shift incidentally. It moved because voters across the continent grew tired of policies that prioritised arrivals over safety and sovereignty.

'What happened to multiculturalism preached by European globalists? 'Send Them Back': EU Parliament Passes Major Deportation Reforms, Including Third Country Return Hubs https://t.co/lXulis0ZfS

— Silvio Picardi (@sil37839) June 20, 2026

Europe's conservative MEPs just proved that when they coordinate, they can deliver. The left can keep filing ethics complaints about rooftop drinks. The rest of the continent is focused on results.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Mon, 06/22/2026 - 02:00

Peter Thiel's Secret Society Leak Creates A Perfect Target List For Espionage, Influence Operations, And Blackmail

Authored by Pierluigi Paganini via Security Affairs,

Dialog, a private invitation-only organization cofounded in 2006 by billionaire tech investor Peter Thiel, has spent two decades refusing to disclose its membership.

That position became harder to maintain last week when Swiss hacktivist maia arson crimew, known for exposing the US government's No Fly List, found an open directory embedded in the source code of dialog.org that was visible to anyone who viewed the page. WIRED independently verified the contents and obtained the registration list for Dialog's 2026 retreat, scheduled for August 12-16 near Dublin, Ireland.

"A trove of internal records from a secret society for powerful figures in US politics, finance, and tech was left exposed online, WIRED has confirmed, naming participants in its events and revealing sensitive personal details they were assured would stay private," reported Wired. "The group, called Dialog, is a private, invitation-only organization cofounded in 2006 by the billionaire tech investor Peter Thiel. It convenes US officials, foreign government figures, and Silicon Valley executives at off-the-record annual retreats."

The 2026 list names 222 registrants, 87 of them first-time attendees. Others have histories stretching back more than a decade, a handful to the founding itself. None used a government email address, placing their attendance outside public records laws.

The roster is not a list of adjacent power. It's power in direct regulatory relationship with itself. Treasury Secretary Scott Bessent appears alongside Auren Hoffman, Dialog's chairman, who founded location-data broker SafeGraph and identity-resolution firm LiveRamp. Senator Ted Cruz, who chairs the committee overseeing the FTC and its data-privacy authority, is listed in the same directory. Palantir cofounder Joe Lonsdale, whose software runs case management for ICE and data fusion for the Pentagon, appears alongside Army Secretary Dan Driscoll and Representative Jim Himes, ranking member of the House Intelligence Committee, which oversees agencies Palantir contracts with.

Forbes confirmed additional members including investor Marc Andreessen and investor and former Facebook board member Jim Breyer.

General Alexus Grynkewich, NATO's supreme allied commander Europe and head of US European Command, is recorded as having attended Dialog gatherings since 2021.

The session agenda for the 2026 retreat includes "Navigating WWIII," "Battlefield Technologies," "Bring Back Nuclear," and "Build-a-Cult," the last moderated by the founder of the Christian networking site Pray.com. There's also "How's Your Sex Life?" which presumably has a different moderator.

"The website directory names sitting Trump administration officials, two US senators, six members of the Paypal Mafia, a former Middle East chief of intelligence, and a sitting ambassador to the United States, along with the founders and directors of many of the country's largest surveillance, data-broker, and advertising-data companies." Wired continues.

The leaked registration list adds names not in the public directory of 113: Randy Kroszner, former Federal Reserve governor now on the Bank of England's Financial Policy Committee; Jonathan Greenblatt, CEO of the Anti-Defamation League; Ryan Stowers, executive director of the Charles Koch Foundation; Roger Myerson, Nobel laureate economist; and a cluster of Google and Google DeepMind executives including Tom Lue, who leads global affairs for the frontier AI division.

The data breach is structurally embarrassing because it was entirely avoidable. The directory was served to any visitor who viewed the page's source code. A separate Dialog page at app.dialog.org presents a sign-in screen with no terms of service, no indication the application is restricted, and no invitation requirement. The records sat in Airtable, a commercial database, and included for each participant their membership status, every retreat attended, biography, home city, and a private access token functioning as a login credential.

Dialog also runs a matchmaking service. Its registration form asks whether participants are "looking for love" and offers to include single respondents in "future matchmaking." A separate site at dating.dialog.org hosts an app pitched as "meaningful connections for exceptional people." The form also collects each registrant's political leaning, which Dialog promised would never be shared.

"That data, and the matchmaking responses, were exposed in the leak." concludes Wired.

The data collected by Dialog could be valuable for criminals or intelligence agencies because it reveals personal vulnerabilities, relationship status, political views, and access to influential networks. Such information can support targeted phishing, social engineering, honey-trap operations, blackmail, or influence campaigns. The risk is amplified because participants are often members of the global elite, making them attractive intelligence targets. Many may be highly accomplished in their fields but still willing to share sensitive personal details in trusted environments, creating opportunities for manipulation and exploitation.

An internal guide for event moderators, also found in the exposed directory, instructs them to remind participants that everything is off the record, keep comments concise and "nonobvious," and model brief introductions to "avoid status signaling" in a room full of senators, dignitaries, and tycoons. The discipline imposed on members apparently didn't extend to basic website security.

Tyler Durden Sun, 06/21/2026 - 23:20

USAF Seeks 'Dronebuster' Anti-Jammer Gun To Protect Nuclear-Strike Base

Whether it's data centers, critical infrastructure, stadiums, corporate headquarters, or even military bases, the U.S. remains largely unprepared to combat one-way attack drones, including Category 1 through 3 drones, because a critical layer of cheap, scalable counter-UAS technology is missing.

The proliferation of low-cost drones across Eurasian war zones, from the Ukraine-Russia war to the US-Iran conflict in the Middle East, has permanently changed the course of modern warfare. 

One-way attack drones and FPVs have exposed a missing layer of affordable air defense around high-value assets, including military bases, energy infrastructure, data centers, ports, stadiums, and corporate headquarters. This startling development has been a major wake-up call for Western leaders and suggests only one conclusion: a massive procurement wave for counter-UAS technology is likely just ahead.

Last week, Piper Sandler analyst Clarke Jeffries arrived at the same conclusion we have been highlighting:

We anticipate one of the biggest lessons of the 2020s will be how affordable drone technology fundamentally reshaped the modern combat environment and set the stage for a reevaluation of the procurement, organization and strategy of ~$3T in annual global military expenditures.

While drones have existed in the modern military apparatus for decades at this point, it was the Ukraine war (as one of the first near-peer conflicts in recent memory) which provided demonstrable evidence of how specifically lightweight and affordable systems could change the paradigm of combat.

The race to secure high-value assets against drones was seen last week when the U.S. Air Force moved to expand counter-drone defenses at one of America's most sensitive nuclear missile bases by issuing a solicitation to purchase a batch of handheld counter-drone electronic warfare guns.

According to Defense Blog, the 5th Contracting Squadron at Minot Air Force Base in North Dakota issued a June 18 solicitation to purchase DZYNE Technologies' Dronebuster Block 4 for the 91st Security Forces Group.

The Dronebuster is a rifle-shaped anti-drone jammer that an operator points at an unauthorized drone to disrupt it, rather than shooting it down with a projectile.

"Quotes from vendors are due no later than June 26, 2026, giving the defense industry less than two weeks to respond to a requirement the Air Force has formally described as an operational necessity," Defense Blog wrote in the report.

Why Minot Air Force Base seeks Dronebusters likely hinges on the need for security forces to protect B-52H Stratofortress bombers, nuclear missile infrastructure, and other high-value assets from small drones. Lessons from the US-Iran conflict show how low-cost drones can threaten +$100 million jets, or a multi-million-dollar radar or communications system.

We suspect the procurement cycle for drones and counter-UAS technology is only in its early stages. We detailed how readers can profit from "The Asymmetric Warfare Boom" in a note on Saturday, found here.

Related:

• JPM Call With Axon Reveals Race To Fortify U.S. Data Centers Against Kamikaze Drone Swarms

Dronebuster can be useful against standard FPVs, GPS-dependent drones, and drones with radio links. But against an emerging fiber-optic FPV drone with no RF command link and no GPS dependency, a handheld jammer is useless, suggesting the need for kinetic interceptors. 

Tyler Durden Sun, 06/21/2026 - 22:45

Syria 'Unwilling, Unprepared' To Attack Lebanon & Deal With Hezbollah Despite US Pressure

Via The Cradle

Syrian President and former Al-Qaeda chief Ahmad al-Sharaa is "unprepared and unwilling" to launch a military offensive against Lebanon despite growing US pressure, Israel’s Broadcasting Corporation (KAN) reported days ago. 

KAN cited an informed Syrian source who said that Sharaa is "concerned" that an attack by Damascus against Hezbollah will be seen across the region as "serving" Israel's interests.

This could negatively impact Damascus’s "legitimacy." For now, the self-appointed Syrian president is ruling out an attack against Lebanon and its resistance forces unless Israel decides to pull its forces out of Syria, the report states. 

Israel has rejected withdrawal from both Syria and Lebanon. KAN also said that Turkey – a longtime backer of Sharaa since his days as Abu Muhammad al-Julani, founder and leader of Al-Qaeda’s Nusra Front – has urged Damascus against such an incursion. 

Ankara is reportedly concerned that a Syrian assault on Lebanon would "embolden" Tel Aviv and "strengthen" its position. 

"Trump proposed a framework in which the Syrian military would play a central role in a future effort to disarm Hezbollah," i24 reported on Wednesday.

Lebanese authorities reportedly felt uneasy about the idea during recent US-backed direct talks with Israeli officials, which have taken place despite Lebanon’s legal restrictions.

Additionally, Israeli authorities are reportedly concerned about the effectiveness of a Syrian attack on Hezbollah. 

"Some of the arrangements currently under discussion could ultimately strengthen Hezbollah politically and militarily rather than diminish its influence,” i24 reported.

Sharaa said earlier this week that talk of a Syrian incursion into Lebanon was a “rumor.” “Syria's approach aims to end the war in Lebanon, not to expand it or get involved,” he stressed. 

US President Donald Trump has repeatedly called on Syria to attack Hezbollah.

Iraqi resistance groups allied with Hezbollah have cautioned the Syrian government and its forces that they will act if Damascus initiates an attack on Lebanon. 

Syria experienced a significant geopolitical change following the fall of former President Bashar al-Assad in December 2024, as Sharaa’s government aligned with Washington and engaged in discussions with Israel. 

The US has largely lifted sanctions on Syria and called Damascus a “partner” in the global fight against ISIS — overlooking Sharaa’s past as an Al-Qaeda leader and earlier as deputy to ISIS founder Abu Bakr al-Baghdadi.

Hezbollah fought in Syria for years with the former government, helping recapture areas from extremist groups like Al-Qaeda’s Nusra Front, Ahrar al-Sham, and others considered by the west as the “Syrian opposition.”

The Nusra Front, led by Sharaa, was rebranded into Hayat Tahrir al-Sham (HTS) and ended up toppling Assad’s government in 2024. HTS and other extremist factions with links to ISIS currently dominate what has become the new Syrian Defense Ministry and military.

ISIS vs. Hezbollah sectarian war 2.0?...

Trump told Fox News that he is close to *empowering* Jolani (Ahmad al Sharaa) to fight the Hezbollah in Lebanon.

This aligns with a string of other recent remarks by Trump that Syria will be ordered to attack Lebanon on behalf of Israeli and US interests. pic.twitter.com/epuq2xMKRu

— Scharo Bajalan (@ScharoBajalan) June 21, 2026

Tom Barrack, US special envoy to Syria and Iraq, threatened Lebanon last year with a Syrian incursion, and said Damascus would “actively assist us in confronting and dismantling … Hezbollah.”

He also said Syria viewed Lebanon as its “beach resort” and would carry out an assault against the country unless Hezbollah is disarmed.

Tyler Durden Sun, 06/21/2026 - 22:10

Let's Hear It For The Dads

Authored by Silvio Canto via American Thinker,

It’s another Fathers’ Day, and let me say a cheer for our fathers.

I was blessed with a wonderful father, who led by example and taught me all the right values.  He passed away back in late 2015, but I still remember having a little Cuban coffee and enjoying a game on TV.  I would love to have another of those Sunday afternoons back, because I miss them dearly.  We spoke about so much in those moments.

I remember the time that we were watching a news story about people breaking into stores and stealing things.  He looked at me with a very serious face and said, ”Where are their fathers?  No fathers means young men who don’t respect order.”

There is more to fathers than remembering what my father thought of young men acting wild.  

We do have a “father crisis” in many communities in the U.S.

Years ago, Juan Williams, author and Fox News contributor, wrote “The Tragedy of America’s Disappearing Fathers”:

The extent of the problem is clear.

The nation’s out-of-wedlock birth rate is 38%.

Among white children, 28% are now born to a single mother; among Hispanic children it is 50% and reaches a chilling, disorienting peak of 71% for black children.

According to the National Center for Health Statistics, nearly a quarter of America’s white children (22%) do not have any male in their homes; nearly a third (31%) of Hispanic children and over half of black children (56%) are fatherless.

This represents a dramatic shift in American life.

In the early 1960s, only 2.3% of white children and 24% of black children were born to a single mom.

Having a dad, in short, is now a privilege, a ticket to middle-class status on par with getting into a good college.

Fathers’ Day is here. 

 Let’s remember a simple truth: We need men to be responsible fathers now more than ever.

Tyler Durden Sun, 06/21/2026 - 21:00

Downtown Seattle Lost 30,000 Jobs Since 2020 Payroll Tax: Report

Authored by Dylan Morgan via The Epoch Times,

A new report from the Downtown Seattle Association published June 15 stated that downtown Seattle has lost around 30,000 jobs since 2020, when city leaders passed the “JumpStart” business tax, while neighboring Bellevue has become more attractive for businesses.

“What we have seen in downtown Seattle is not a ‘jump start,’ but instead, a slowdown,” the report stated.

“Seattle has become a tax outlier in the region, and it’s costing the city jobs and tax revenue, while shifting the property tax burden to residents and small businesses, worsening overall affordability in the city.”

The nonprofit membership organization said it conducted an audit comparing the city’s tax environment and business climate with that of Bellevue.

In 2020, the City Council said the “JumpStart Tax,” which currently taxes Seattle businesses that pay more than $9,074,409 on payroll expenses with at least one employee making over $194,452, was to address COVID-19 economic impacts as well as to support existing city services and new affordable housing.

“We are in the midst of a health and economic crisis that even a strong economy like Seattle may not be able to recover from quickly,” Councilmember Teresa Mosqueda said in 2020.

“JumpStart Seattle will ... jump start our recovery with a relief plan that centers workers, small businesses and our most vulnerable community members.”

The report found the tax costs Seattle businesses between $1,450 and $9,390 per employee.

In 2026, the JumpStart tax is projected to bring in $410 million.

Bellevue has no such tax.

The report also showed that Seattle property tax compared to property value had increased nearly 48 percent from $3.79 per $1,000 in 2019, to $5.60 in 2026.

In that same time, Bellevue property tax decreased from $3.72 per $1,000 to $3.12, an approximately 19 percent drop.

It said that downtown Seattle’s office properties have fallen 48 percent in value between 2020 and 2025, while downtown Bellevue’s had increased 7 percent during that same period.

It added that Seattle’s Central Business District had an office vacancy rate of 6.7 percent in 2019, which climbed to 32 percent in 2025, while Bellevue’s rose from 2.5 percent to 24 percent in that period.

“When comparing business tax burdens and broader tax trends in Seattle and Bellevue, the contrast is clear: Bellevue’s more favorable tax climate has made it increasingly attractive to employers and investment relative to Seattle,” the report said.

The Epoch Times reached out to the Seattle City Council but did not receive a response by publication.

Amazon, which is headquartered in Seattle, has been gradually increasing its footprint in Bellevue, as the company said it became the city’s largest employer, growing from 450 employees in 2017 to more than 15,000 this year.

The company’s footprint expansion in Bellevue has also come with significant investment outside of office space. It committed $100 million to fund affordable housing initiatives in Bellevue and $22.6 million for local transportation projects.

Tyler Durden Sun, 06/21/2026 - 19:50

Meet Steak 'n Shake's First MAHA Officer

Authored by Jeff Louderback via The Epoch Times,

DALLAS—Lunch at Steak ‘n Shake is served for Michael Boes. The plate in front of him has a grass-fed burger and beef tallow fries. He washes it down with cane sugar Coca-Cola.

“Fast food doesn’t have to mean processed, complicated, or artificial. It used to mean real, simple, and delicious - and it can again,” Boes said.

Michael Boes, Steak 'n Shake's chief Make America Healthy Again (MAHA) officer, in Irving, Texas, on June 15, 2026. Bobby Sanchez/The Epoch Times

Founded in Normal, Illinois, in 1934, Steak ‘n Shake was most known for its steakburgers and hand-dipped milkshakes for decades. Almost a century later, the chain is building its brand around the Make America Healthy Again (MAHA) movement.

The heart of Steak ‘n Shake’s transformation is a bold pledge: to eliminate industrial seed oils from its menu items and shift to cleaner ingredients.

Leading the transformation is Boes, one of the forces behind the 2025–2030 Dietary Guidelines for Americans. In April, he was named the restaurant chain’s first chief MAHA officer.

A former senior adviser within the Department of Health and Human Services (HHS) Office of the Assistant Secretary of Health, Boes holds a position described by the company as “a new executive role dedicated to advancing nutritional integrity, ingredient transparency, and the long-term health of Steak ‘n Shake customers.”

Sardar Biglari is the chairman and CEO of Biglari Holdings, the owner of Steak ‘n Shake. When announcing the hiring of Boes, Biglari called the position “a sign of our continued commitment to make Steak ‘n Shake the great differentiator in fast food.”

“Michael is ideally suited for such a role, with his deep understanding of nutrition and his experience at the highest level of health policymaking,” Biglari said. “To put it simply, good-tasting food should also be good for you.”

The company announced in May that it would make the switch to “100 percent grass-fed and grass-finished” beef. In March last year, the company announced the switch from seed oils to beef tallow. In February 2026, it said it would remove all microwaves from franchise locations by April, writing in an online post that “quality restaurants don’t need microwaves.”

Steak ‘n Shake prepares fries, tater tots, onion rings, and chicken tenders in 100 percent beef tallow with “no additives, preservatives, or chemicals.”

On its website, the company explained that it has worked with its manufacturer of fries and tots to completely eliminate the vegetable oil formerly used to fry the product before freezing and shipping it to the restaurants. As a result, Steak ‘n Shake’s beef tallow fries and tots are not yet completely free of seed oils, according to the website.

“Transitioning away from seed oils is a journey, and we continue to work with our other suppliers to achieve our goal,” the company said on its website.

The chain uses 100 percent Grade A Wisconsin butter sourced from a family farm and it serves cane sugar Coke rather than drinks that have high fructose corn syrup. Last December, Steak ‘n Shake switched to A2 Milk, which is “100 percent real milk from cows that naturally produce only the A2 protein and no A1,” which may help with digestion, according to A2 Milk’s website.

Boes noted that Steak and Shake is still early in its transformation.

“We took the bold step to say we’re going to drive the demand side in order to impact the supply side,” Boes said.

“The website is a prime example of the transparency and messaging, saying up front that we are making this transformation, but it’s not going to be complete overnight, so please stick with us.”

Boes, who grew up in the Dallas area, earned a bachelor’s degree from Texas Christian University followed by an MBA from Southern Methodist University.

He worked in healthcare technology with a focus on commercial growth for 15 years before joining HHS. He developed expertise in nutrition after addressing personal health challenges.

“I had gut and skin issues, I had trouble putting weight on, and I was on medication for ADD. I didn’t feel healthy,” he said.

Positive changes happened, Boes explained, when he eliminated processed foods and started eating whole foods. In a matter of months, he gained “healthy weight,” added muscle, and felt more energetic.

From that point, he became immersed in reading articles and listening to podcasts about biohacking, which is a do-it-yourself form of personal improvement in which people focus on changing their biology to improve their overall health and well-being.

“The chronic disease epidemic and mental health crisis are tied to what we put into our bodies. I wanted to be a part of influencing positive change in those areas,” Boes said.

After attending President Donald Trump’s inauguration, Boes was driven to work with the new administration, he said.

He made cold calls and sent emails to figures such as Stefanie Spear, who served as the press secretary for Health Secretary Robert F. Kennedy Jr.’s presidential campaign and is now Kennedy’s chief of staff. HHS expressed interest, Boes said. After a phone call and two interviews, and learning that they sought private sector professionals, he joined the agency and helped develop the new dietary guidelines.

Boes’s career path evolved once again after a chance meeting with Biglari at the wedding of Alex Bruesewitz, a political consultant and an adviser to Trump.

Biglari told Boes that he wanted to align Steak ‘n Shake with the growing movement of health-conscious consumers.

“I had my opportunity to impact the regulatory side. Now I have this opportunity to prove that not only is there a regulation component to this, but also MAHA can be the cornerstone of a brand,” Boes said.

“That is a powerful story that can impact people and shape the industry,” he added.

Boes said that in his previous role with HHS, he talked to multiple restaurant companies and asked them if there was a way they could work collaboratively with the agency and reform the food environment.

A Steak 'n Shake restaurant in Middletown, Del., on July 26, 2019. The fast food chain in April hired a chief MAHA officer, an industry first. Jim Watson/AFP/Getty Images Tyler Durden Sun, 06/21/2026 - 18:40

Explosion At Qatar's Ras Laffan Industrial Area Due To "Technical Incident"

A massive explosion rocked Qatar's giant Ras Laffan energy complex. 

BREAKING: HUGE EXPLOSION AT RAS LAFFAN INDUSTRIAL CITY IN QATAR’S LARGEST GAS FACILITY

The blast was so strong it was heard in Bahrain and reportedly felt like an earthquake. pic.twitter.com/4bdCH0eeWd

— Sulaiman Ahmed (@ShaykhSulaiman) June 21, 2026

According to Qatar's interior ​ministry, an explosion ‌resulting from a "technical accident" occurred on Sunday at a factory ​in Ras Laffan, an ​industrial city north of the ⁠capital Doha and site of ​the country's core LNG ​processing operations. It said several injuries were reported but no leak that "threatens safety".

Unverified footage circulating on social media shows an explosion at a factory in Ras Laffan Industrial area, located in Qatar. pic.twitter.com/AiqqTxfV6l

— Joe Truzman (@JoeTruzman) June 21, 2026

The ​ministry did not give ​the exact location of the explosion, ‌but ⁠a source with knowledge of the matter said it occurred at the Barzan gas ​plant ​in ⁠Ras Laffan and was due to an "operational error".

In a post on X, Qatar Energy confirmed that in the evening hours of Sunday 21 June 2026, there was an operational incident during the start-up of operations at Ras Laffan Industrial City which resulted in an explosion and fire at Barzan local gas supply facility. It added that emergency response teams were deployed immediately to contain the fire, which is now under control.

Operational Incident at Ras Laffan Industrial City

QatarEnergy confirms that there was an operational incident during the start-up of operations at Ras Laffan Industrial City which resulted in an explosion and fire at Barzan local gas supply facility in the evening hours of…

— QatarEnergy (@qatarenergy) June 21, 2026

Shortly after the start of the war, Iranian attacks on the Ras Laffan complex crippled some of the most important LNG facilities prompting Qatar to predict that it would take as much as 5 years for the country's LNG production to come back fully online. 

Tyler Durden Sun, 06/21/2026 - 17:30

What History Teaches Us About Why So Many Eventually Flee Socialism

Authored by Armstrong Williams via The Epoch Times,

History is filled with political movements born from noble promises. Few have been more appealing in theory than socialism. At its heart, socialism promises greater equality, economic fairness, and protection for those who struggle in a competitive marketplace. It speaks to the desire for justice and the belief that no person should be left behind.

Yet history also teaches a sobering lesson: While millions have voted for socialism, millions more have ultimately fled from it.

Why?

The answer is not found in campaign slogans or academic theories. It is found in the lived experiences of ordinary people across generations and continents.

Throughout the 20th century, socialist governments emerged across Eastern Europe, Asia, Africa, and Latin America. Many came to power promising to eliminate poverty, reduce inequality, and place the needs of the people above the interests of the wealthy. In the beginning, those promises often generated enormous enthusiasm. Citizens were told that government planning would be more efficient than free markets, that collective ownership would create fairness, and that centralized control would produce prosperity for all.

The results, however, frequently fell short of the promises.

One recurring problem was the concentration of power. When governments assume responsibility for directing large portions of the economy, political leaders inevitably gain greater control over employment, investment, production, and distribution. Over time, this concentration of authority often extends beyond economics into other aspects of society.

History shows that when governments acquire greater power, citizens frequently lose a measure of independence. Economic freedom and political freedom are often more closely connected than many realize. When a person’s livelihood depends heavily upon the state, dissent becomes more difficult and individual choice becomes more limited.

Another lesson history teaches is that incentives matter.

Human beings respond to rewards, risks, and opportunities. Free-market systems are far from perfect, but they have consistently demonstrated a remarkable ability to encourage innovation, entrepreneurship, and productivity. When individuals are allowed to benefit from their hard work, creativity, and investment, economies tend to grow.

By contrast, heavily centralized systems often struggle to generate the same level of innovation and efficiency. Bureaucracies can become slow, inflexible, and disconnected from local realities. Over time, shortages, inefficiencies, and declining productivity have plagued many state-controlled economies.

This does not mean capitalism is without flaws. It clearly is not. Free markets can produce inequality, abuse, and economic dislocation. They require regulation, accountability, and moral responsibility. But history suggests that replacing markets with extensive government control often creates a different set of problems—problems that can be even more difficult to solve.

Perhaps the most powerful evidence comes from migration patterns.

Throughout modern history, people have overwhelmingly moved toward societies that offered greater economic freedom rather than away from them. From East Germans risking their lives to cross the Berlin Wall to Cubans crossing dangerous waters to Venezuelans fleeing economic collapse, countless individuals have voted with their feet.

This reality deserves careful consideration.

People rarely abandon their homes, families, language, and culture without compelling reasons. When citizens repeatedly leave countries governed by socialist systems in search of opportunity elsewhere, it raises important questions about the long-term sustainability of those systems.

The lesson is not that every policy associated with socialism is inherently wrong. Many democratic societies incorporate social safety nets, public health care programs, retirement systems, and other forms of government support while maintaining market economies and strong democratic institutions.

The real lesson is about balance.

Successful societies tend to recognize both the strengths and limitations of government. They understand that government has an important role in protecting the vulnerable, enforcing the rule of law, and providing essential public services. At the same time, they recognize that prosperity is often driven by individual initiative, private enterprise, innovation, and economic freedom.

As younger generations debate the merits of socialism, they should do so with an appreciation for history rather than romanticized visions of what might be. Good intentions alone do not guarantee good outcomes. Policies must ultimately be judged not by their promises but by their results.

History’s verdict is neither simple nor ideological. It is practical. Again and again, people have demonstrated through their actions that they value freedom, opportunity, and the ability to shape their own destinies. When those things become scarce, many eventually seek them elsewhere.

That is perhaps the most enduring lesson history offers: People may be attracted by promises of equality, but they are often willing to travel great distances—and endure great hardship—in pursuit of liberty.

Today, these lessons are becoming part of the American political conversation. With socialist candidates gaining influence in major cities—two examples being the rise of Councilwoman Janeese Lewis George in Washington, D.C., and the growing prominence of Mayor Zohran Mamdani in New York City—voters are once again debating the proper balance between government intervention and individual enterprise.

Supporters see these movements as a response to rising costs, housing shortages, and economic inequality. Critics see warning signs that history has presented before. Whatever one’s political perspective, the debate should not be driven by slogans or emotion alone. It should be informed by the experiences of nations that have already traveled this road.

The harsh lessons of history are not that compassion is dangerous or that government has no role to play. Rather, they remind us that concentrated power, diminished economic freedom, and excessive dependence on the state often carry consequences that emerge only over time.

America’s future will not be determined by labels such as “capitalist” or “socialist.” It will be determined by whether we preserve the freedom, opportunity, innovation, and personal responsibility that have long defined the nation’s success while ensuring that those who struggle are not left behind.

History remains our greatest teacher. The question is whether we are willing to learn from it.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sun, 06/21/2026 - 17:30