UK Vows to Spend 5% of GDP on Security by 2035 to Hit NATO Goal
UK Prime Minister Keir Starmer will vow to spend 5% of British economic output on security by 2035, embracing an ambitious NATO target sought by President Donald Trump without providing a path on how to get there.
After weeks of refusing to be drawn on the matter, the premier will make the new commitment on Tuesday at the North Atlantic Treaty Organization's summit in The Hague, The Netherlands, according to a statement from his office. There, leaders are due to adopt the alliance's new 5% goal, up from 2% currently, which includes 3.5% to be spent on core defense and 1.5% on related security expenditure.
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Hamilton Spectator
12 minutes ago
- Hamilton Spectator
Trump claims ceasefire between Iran and Israel after Iran's missile attack on US base in Qatar
DUBAI, United Arab Emirates (AP) — U.S. President Donald Trump said that Israel and Iran had agreed to a 'complete and total ceasefire' soon after Iran launched a limited missile attack Monday on a U.S. military base in Qatar, retaliating for the American bombing of its nuclear sites. Iran said that as long as Israel stopped its attacks early Tuesday morning, it would halt theirs. Israel did not immediately acknowledge any ceasefire, but there were no reports of Israeli strikes in Iran after 4 a.m. local. Heavy Israeli strikes continued in Tehran and other cities until shortly before that time. 'As of now, there is NO 'agreement' on any ceasefire or cessation of military operations,' Iranian Foreign Minister Abbas Araghchi wrote in a post on X. 'However, provided that the Israeli regime stops its illegal aggression against the Iranian people no later than 4 am Tehran time, we have no intention to continue our response afterwards.' His message was posted at 4:16 a.m. Tehran time. Araghchi added: 'The final decision on the cessation of our military operations will be made later.' Trump posted on Truth Social that the 24-hour phased-in ceasefire will begin about midnight Tuesday Eastern time. He said it would bring an 'Official END' to the war. The Israeli military declined to comment on Trump's statement and the office of Israeli Prime Minister Benjamin Netanyahu did not immediately respond to a message seeking comment. Speaking on Iranian state television, an overnight anchor repeatedly referred to a 'Trump-claimed' ceasefire, without saying whether Tehran accepted it. The anchor noted: 'Simultaneously with Trump's claim of a ceasefire, the Zionist enemy targeted several points in the cities of Tehran, Urmia and Rasht, including a residential area in the capital.' Israel's military put out a warning earlier that District 6 in Tehran could be struck. Early Tuesday, Iran, mirroring the language and maps of the Israeli military, put out a warning telling people in Ramat Gan it would target 'military infrastructure' there. Iran's attack Monday indicated it was prepared to step back from escalating tensions in the volatile region. The U.S. was warned by Iran in advance, and there were no casualties, said Trump, who dismissed the attack as a 'very weak response.' Qatar condemned the attack on Al Udeid Air Base as 'a flagrant violation' of its sovereignty, airspace and international law. Qatar said it intercepted all but one missile, though it was not clear if that missile caused any damage. Iran said the volley matched the number of bombs dropped by the United States on Iranian nuclear sites over the weekend. Iran also said it targeted the base because it was outside of populated areas. Those comments, made immediately after the attack, suggested Iran wanted to de-escalate with the United States, something Trump himself said after the strikes early Sunday on Iran. Qatar Maj. Gen. Shayeq Al Hajri said 19 missiles were fired at the base that is home to the Combined Air Operations Center, which provides command and control of air power across the region, as well as the 379th Air Expeditionary Wing, the largest such wing in the world. Trump said 14 missiles were fired, 13 were knocked down and one was 'set free' because it posed no threat. Iran announced the attack on state television, with a caption calling it 'a mighty and successful response' to 'America's aggression.' Just before the explosions, Iranian President Masoud Pezeshkian wrote on the social platform X: 'We neither initiated the war nor seeking it. But we will not leave invasion to the great Iran without answer.' Earlier reports that a missile was launched at a base housing American forces in Iraq were a false alarm, a senior U.S. military official said. The official, who spoke on condition of anonymity because he was not authorized to comment publicly, said debris from a malfunctioning Iranian missile targeting Israel had triggered an alert of an impending attack on the Ain al-Assad base. Israel expands war to include symbolic targets On the 11th day of the conflict, Israel and Iran traded airstrikes that have become a reality for civilians in both countries since Israel started the war to target Tehran's rapidly advancing nuclear program. Iran struck Israel with a barrage of missiles and drones while Israel said it attacked 'regime targets and government repression bodies in the heart of Tehran.' But Israeli officials insisted they did not seek the overthrow of Iran's government, their archenemy since the country's 1979 Islamic Revolution. The latest strikes unfolded only hours after Trump himself mentioned the possibility of regime change a day after inserting America into the war with its stealth-bomber strike on three Iranian nuclear sites. 'If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change???' he asked on his Truth Social website. White House press secretary Karoline Leavitt later described Trump as 'simply raising a question.' The U.S. strikes over the weekend prompted fears of a wider regional conflict. Iran said the U.S. had crossed 'a very big red line' with its risky gambit to strike with missiles and 30,000-pound bunker-buster bombs . Israel aims to wind down the war in the coming days, but that will depend on the Iranians, an Israeli official said on condition of anonymity to discuss high-level internal deliberations. The official spoke before Trump's announcement about a ceasefire. Israel's preferred outcome is for Iran to agree to a ceasefire and reenter negotiations with the U.S. over its nuclear program, the official said. But Israel is prepared for the possibility of an extended low-intensity war of attrition or period of 'quiet for quiet,' in which it would closely monitor Iran's activities and strike if it identifies new threats. Tehran strikes open new chapter of war Before the ceasefire announcement, the Israeli military warned Iranians it would continue to attack military sites around Tehran as its focus shifted to include symbolic targets. The military issued the warning on the social platform X, though Iranians are struggling to access the outside world due to an internet shutdown. In Tehran, Israel hit the headquarters of the military force that suppressed recent protests and blew open a gate at Evin prison. That facility is known for holding political activists. Iranian state television shared black-and-white surveillance footage of the strike at the facility known for holding dual nationals and Westerners often used by Iran as bargaining chips in negotiations with the West. Evin also has specialized units for political prisoners run by the paramilitary, all-volunteer Revolutionary Guard, which answers only to Supreme Leader Ayatollah Ali Khamenei. The facility is the target of both U.S. and European Union sanctions. There were no immediate reports of casualties in Iran or significant damage. Iranian state television aired footage it said was shot inside Evin, with prisoners under control. However, the Washington-based Abdorrahman Boroumand Center for Human Rights in Iran said many families of detainees 'have expressed deep concern about the safety and condition of their loved ones' in the prison. According to an Israeli official familiar with the government's strategy, Israel is targeting these sites to put pressure on the Iranian administration but is not actively seeking to topple it. The official spoke on condition of anonymity to discuss internal government deliberations. The Israeli military also confirmed it struck roads around Iran's Fordo enrichment facility to obstruct access to the site. The underground site was one of those hit in Sunday's attack by the United States. The Israeli military did not elaborate. In Vienna, the head of the United Nations nuclear watchdog said he expected there to be heavy damage at the Fordo facility following Sunday's U.S. airstrike there with sophisticated bunker-buster bombs. Several Iranian officials, including Atomic Energy Organization of Iran spokesman Behrouz Kamalvandi, have claimed Iran removed nuclear material from targeted sites ahead of time. Iran presses on attacking Israel Iran said its Monday attacks targeted the Israeli cities of Haifa and Tel Aviv, according to Iranian state television. Explosions were also heard in Jerusalem, possibly from air defense systems in action, and Israel's Magen David Adom emergency rescue service said there had been no reports of injuries. In Israel, at least 24 people have been killed and more than 1,000 wounded in the war. Israeli strikes on Iran have killed at least 974 people and wounded 3,458 others, according to the Washington-based group Human Rights Activists. The group, which has provided detailed casualty figures from Iranian unrest such as the protests surrounding the death of Mahsa Amini in 2022, said of those killed, it identified 387 civilians and 268 security force personnel. The U.S. has evacuated some 250 American citizens and their immediate family members from Israel by government, military and charter flights that began over the weekend, a State Department official said. There are roughly 700,000 American citizens, most of them dual U.S.-Israeli citizens, believed to be in Israel. Russian President Vladimir Putin, who leads one of Iran's closest allies, said Monday after meeting in Moscow with the Iranian foreign minister that they had explored 'how we can get out of today's situation.' Putin called the Israeli and American attacks on Iran an 'absolutely unprovoked aggression.' ___ Lidman reported from Tel Aviv, Israel. Associated Press writers Josef Federman in Jerusalem, Qassim Abdul-Zahra in Baghdad, Abby Sewell in Beirut, Elise Morton in London, Geir Moulson in Berlin, Ella Joyner in Brussels, Edith M. Lederer at the United Nations and Stephanie Liechtenstein in Vienna contributed to this report. Error! 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CNBC
12 minutes ago
- CNBC
CNBC Daily Open: The strange times of missiles-led 'peace'
It's a strange thought that launching attacks on other countries could lead to peace, but that seems to be the logic behind the abrupt escalation in conflict in the Middle East beginning Saturday. And now there's talk of a ceasefire soon. Here's a quick recap. On Saturday, U.S. President Donald Trump authorized air strikes on Iranian nuclear sites, pushing America into Israel's war with Tehran. On Sunday, Iran's Foreign Minister Abbas Araghchi said Tehran "reserves all options to defend its sovereignty, interest, and people." On Monday, Iran launched a retaliatory strike against America, targeting a U.S. military base in Qatar. And on Monday evening stateside, Trump announced a ceasefire. Trump said on Truth Social that Israel and Iran had agreed to a "Complete and Total CEASEFIRE" that will, in effect mark "an Official END to THE 12 DAY WAR" — which began when Israel attacked Iran on June 12. There are signs this isn't the usual empty rhetoric. Iran gave the U.S. "early notice" of its attack on the military base in Qatar, according to Trump. It was a "retaliation that was expected," Republican House Speaker Mike Johnson said. Qatar also received advanced warning from Iran, according to The New York Times, which cited three Iranian officials familiar with the matter. Iran's national security council said its missile strike "posed no threat whatsoever to our friendly and brotherly nation, Qatar, or its honorable people." This, essentially, is "the peace through strength strategy," Helima Croft, head of global commodity strategy at RBC Capital Markets, told CNBC. In other words, there's a small chance tensions in the Middle East might cool down following a carefully calibrated and symbolic exchange of strikes that projects strength from all parties, while also providing Iran an off-ramp to de-escalate tension. Judging by the U.S. stock and oil markets — which rose and fell, respectively — investors are indeed hopeful the strategy of missile-led peace would work. Trump announces an Israel-Iran ceasefireU.S. President Donald Trump announced on Truth Social that Israel and Iran had agreed to a "Complete and Total CEASEFIRE" that will begin around midnight Tuesday stateside. However, neither Iran nor Israel has publicly confirmed they have accepted Trump's ceasefire timeline. Read CNBC's live coverage of the latest developments on the Israel-Iran war here. Iran strikes U.S. military base in QatarIran on Monday launched what its armed forces called a "powerful and destructive missile strike on the United States' Al-Udeid military base in Qatar." The Al-Udeid Air Base is the largest American military installation in the Middle East, with around 10,000 service members. Qatar's Defense Ministry said its air defense had intercepted the missile attack on Al-Udeid, and that there were no reported deaths or injuries. Prices of oil post a huge dropOil prices fell sharply Monday after Iran's strike on Qatar had no reported casualties. U.S. crude oil fell 7.22%, to close at $68.51 per barrel, while global benchmark Brent shed 7.18% to $71.48 during U.S. trading. Trump on Monday demanded that "everyone" keep oil prices down or they would play "into the hands of the enemy." Trump didn't specify who he was referring to, but he seemed to be addressing U.S. oil producers. Markets in U.S. rise on de-escalation hopesU.S. stocks rose Monday as investors seemed hopeful of de-escalation in the Israel-Iran war. The S&P 500 climbed 0.96%, the Dow Jones Industrial Average added 0.89% and the Nasdaq Composite gained 0.94%. Tesla shares popped 8.2% after the company launched its robotaxis in Austin, Texas, on Sunday— but regulators are looking into reports of robotaxis driving erratically. Europe's Stoxx 600 index fell 0.28%. [PRO] Wall Street's thoughts on robotaxisWall Street closely watched Tesla's robotaxi launch in Texas over the weekend. Analyst outlooks on the event vary widely. While Wedbush's Dan Ives, who rode in the robotaxis over the weekend, said it "exceeded our expectations," Guggenheim's Ronald Jewsikow called the event "baby steps." Here's what analysts think about what the robotaxis mean for Tesla's stock. Airlines divert, cancel more Middle East flights after Iran attacks U.S. military base Airlines diverted more Middle East flights on Monday after Iran's armed forces said the country launched a missile strike on a U.S. military base in Qatar, as the region's military conflict continued to disrupt airlines' operations. Dubai-based Emirates said that some of its aircraft rerouted on Monday and told customers that delays or longer flights were possible as it would take "flight paths well distanced from conflict areas," while operating its schedule as planned. Air India said it had halted all flights in and out of the region and to and from the east coast of North America and Europe "until further notice." Earlier, major international airlines including Air France, Iberia, Finnair and others announced they would pause or further postpone a resumption of service to some destinations in the Middle East.
Bloomberg
15 minutes ago
- Bloomberg
China Expands Its Coal Exports and Shrinks Imports Due to Glut
China's coal glut is resulting in an increasing number of unwanted cargoes being offered abroad. About 2.5 million tons were exported in the first five months of 2025, according to the latest customs data, which is 13% more than the same period last year. Japan, Indonesia and South Korea were the top destinations, although some cargoes were sent as far afield as the Netherlands.
