
Trump Tariffs 'Not Good' for South Africa, Nedbank Says
Tariffs imposed by President Trump "may not be good" for South Africa, one of the country's biggest banks warns. Nedbank CEO Jason Quinn spoke to Bloomberg's Jennifer Zabasajja on Horizons Middle East & Africa. (Source: Bloomberg)

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Judge Orders J&J Subsidiary to Pay $442 Million in Antitrust Lawsuit
Johnson & Johnson (NYSE:JNJ) is one of the best Dow stocks to invest in. Recently, a federal judge ruled that a Johnson & Johnson subsidiary must pay $442 million in damages after a jury concluded last month that the company had broken antitrust laws by withholding support from hospitals that used reprocessed catheters. U.S. District Judge James Selna ordered the company to pay three times the $147 million in damages awarded by the jury, as permitted under antitrust regulations. This sum does not include legal fees or other related costs. Daniel Vukelich, CEO of the Association of Medical Device Reprocessors, described the decision as 'a seismic result.' In response, a Johnson & Johnson (NYSE:JNJ) spokesperson said the company intends to appeal the verdict but will comply with the court's decision and any required relief for now. The spokesperson added, 'We strongly disagree with the jury's verdict and believe it will not withstand appellate review.' Innovative Health sued Johnson & Johnson (NYSE:JNJ)'s Biosense Webster in 2019, claiming the company used its market power to block hospitals from using reprocessed heart-mapping catheters by tying support for its Carto 3 system to purchases of its own products. A jury found Johnson & Johnson (NYSE:JNJ) violated antitrust laws by withholding support for the reprocessed devices. AMDR's CEO said the ruling signals that anti-competitive tactics against reprocessing won't be tolerated. The case was heard in the U.S. District Court for the Central District of California. While we acknowledge the potential of JNJ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None.

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Trump is under water on some of his top issues — including immigration, poll shows
President Donald Trump is under water on some of his most favorable issues — immigration and the economy — according to a new Quinnipiac University poll released Wednesday. The poll shows Trump's approval rating at 38 percent among registered voters, a three point drop from April. He's also losing support on subjects that were crucial to his November victory. On immigration — an issue that the president hammered on the campaign trail — Trump's approval rating dropped five points from April, to 43 percent. His already low approval rating on the economy did not budge, remaining at 40 percent. The results show a majority of voters, 54 percent, disapprove of Trump's handling of the issue. The poll surveyed 1,265 self-identified registered voters from June 5-9, and has a margin of error of plus or minus 2.8 percent. The results come as Trump's approval has been steadily picking up since it dropped significantly in April, according to RealClearPolitics' polling average. The negative polling did not stop at the president himself. A majority of the voters polled also had objections to his premier piece of legislation, the 'big, beautiful bill' making its way through Congress. Fifty-three percent of the voters polled did not support the legislation. Divided among party lines, 67 percent of Republicans supported, while 89 percent of Democrats and 57 percent of independents opposed it. On Medicaid funding, an issue that has become Democratic messaging priority, 47 percent of those surveyed thought funding should increase, while 40 percent think it should stay about the same, and just 10 percent think federal funding should decrease. The bill as passed by the House is estimated to end Medicaid coverage for millions of people. Quinnipiac also asked voters what they think of billionaire Elon Musk, and his approval rating is crashing among Republicans following his very public breakup with Trump. Among Republicans, 62 percent had a favorable view of Musk, a 16 point drop from April. But while Trump's approval languishes, it's not clear Democrats will be able to take advantage of it. A vast majority of voters — 70 percent — disapprove of the way Democrats in Congress are doing their jobs, while 20 percent approved. That's 12 points lower than how voters viewed Republicans in the survey.
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E-2 Hawkeye Replaces USAF E-3 Sentry, E-7 Cancelled In New Budget
A seismic shift has occurred in the Trump administration's new defense spending plan that is just emerging when it comes to the USAF's airborne early warning and control (AEW&C) predicament. The service's E-3 Sentry Airborne Warning and Control System (AWACS) aircraft are dwindling in number and rapidly aging into unsupportability. The proven and in-production E-7 Wedgetail, based on the Boeing 737 and serving with multiple allies, was supposed to bridge the gap between the E-3's retirement and pushing the sending part of the mission to space-based distributed satellite constellations. You can read all about this here. Now, if the administration gets its wish, that won't happen. The E-7 will be cancelled and the E-2D Hawkeye, currently flown by the U.S. Navy, will step in to fill the gap. This major turn of events came to light today as Secretary of Defense Pete Hegseth, Chairman of the Joint Chiefs of Staff U.S. Air Force Gen. John Caine, and Bryn Woollacott MacDonnell testified before the Senate Appropriations Committee. MacDonnell is Special Assistant to the Secretary of Defense and is currently performing the duties of the Under Secretary of Defense (Comptroller) and the Pentagon's Chief Financial Officer. In 2023, the USAF announced its intention to purchase E-7s, potentially as many as 26 of them, as replacements for a portion of the E-3 fleet. At the hearing today, the question of the current future of the USAF AEW&C force came from Sen. Lisa Murkowski late in the hearing. Murkowski is a Republican from Alaska, where fighters, tankers, and E-3 Sentry jets launch regularly to intercept foreign planes, primarily Russian fighters, bombers, and surveillance aircraft, over the vast arctic wilderness. Chinese H-6 missile carrier aircraft also appeared off Alaska last year for the first time, as part of a joint mission with Russia. Chinese air and naval presence in the region is only expected to grow in the future. China and Russia conduct joint air strategic patrol over Bering Sea on July 25. This marks the eighth air strategic patrol organized by the two militaries since from China PLA Air Force Weibo accounthttps:// — Ryan Chan 陳家翹 (@ryankakiuchan) July 25, 2024 With this in mind, just how big of an issue the age of the E-3 fleet has become was central to Murkowski's question. 'I have been concerned. We have E-3 capability up north, of course, but we were all counting on the E-7 Wedgetail coming our way. We're kind of limping along up north right now, which is unfortunate. And the budget proposes terminating the program. Again, the E-3 fleet [is] barely operational now, and I understand the intent to shift towards the space-based – you call it the 'air moving target indicators' – but my concern is that you've got a situation where you're not going to be able to use more duct tape to hold things together until you put this system in place. And, so, how we maintain that level of operational readiness and coverage, I'm not sure how you make it.' 'You know, the E-3 and the E-3 community have been really important to us for a long, long time, and I'll defer to the Comptroller, but I you know the Department has a bridging strategy through investing in some additional airborne platforms in order to gap fill while the space-based capabilities come online,' Kane replied in response to the senator's question. This is where the E-2D comes in. MacDonnell then added, 'Ma'am, we do have in the budget $150 million in FY26 [Fiscal Year 2026] for a joint expeditionary E-2D unit with five dedicated E-2Ds, and the budget also funds for additional E-2Ds to fill the near-term gap at $1.4 billion.' Currently, the only branch of the U.S. military that operates the E-2D is the U.S. Navy. The Alaskan senator then inquired, 'Can you tell me, will that have implications for what we're seeing up north in Alaska?' 'The answer is yes. I would. I would file this entire discussion under difficult choices that we have to make. But you know, the E-7, in particular, is sort of late, more expensive and 'gold plated,' and so filling the gap, and then shifting to space-based ISR [intelligence, surveillance, and reconnaissance] is a portion of how we think we can do it best, considering all the challenges,' Hegseth responded. At a separate hearing before the House Appropriations Committee yesterday, Hegsteth had also described the Wedgetail as an example of a capability that is 'not survivable in the modern battlefield' and mentioned broad plans 'to fund existing platforms that are there more robustly and make sure they're modernized.' An annual assessment of high-profile U.S. military procurement programs from the Government Accountability Office (GAO), a Congressional watchdog, which was released today, offers additional insight into issues with the USAF's effort to acquire E-7s. The original plan was to acquire a pair of production representative prototype (or RP) aircraft ahead of production of examples in a finalized configuration, starting this year. The service had then expected to reach initial operational capability with the Wedgetail in 2027. 'Air Force officials said that they now plan to begin production by the second quarter of fiscal year 2026 before completing the E-7A RP MTA [Middle Tier Acquisition] rapid prototyping effort by initiating a separate, concurrent program on the major capability acquisition pathway,' according to GAO. 'They said that it was necessary to begin production concurrently with the E-7A RP rapid prototyping effort to offset the lead time associated with the build and subsequent modification of the aircraft.' 'The program definitized its contract with Boeing since our last assessment. After the contract was definitized, Boeing delayed the first flight test by 9 months to May 2027,' the report adds. 'According to Air Force officials, the delay was due to a late-breaking, required critical security architecture change that affected the procurement of parts, qualification testing, and modification of the airframe.' 'The program stated that the Air Force definitized the MTA rapid prototyping effort contract in August 2024 to deliver two operationally capable E-7A prototype aircraft in fiscal year 2028,' GAO's new assessment further notes. 'The program added that the total acquisition cost increase of 33 percent resulted from updated methodologies to include additional scope related to non-recurring engineering, with the primary drivers being software and air vehicle subsystems.' Last year, the Air Force had been very open about the difficulties it was having finalizing a contract with Boeing for the RP jets. The two parties ended up agreeing on a deal valued at nearly $2.6 billion. A contracting notice the service put out earlier this year also pointed to significant expected differences between the RP aircraft and the full production examples, including the possibility of a new radar. Existing versions of the E-7 in service elsewhere globally today are equipped with Northrop Grumman's Multi-Role Electronically Scanned Array (MESA) radar. The USAF's move to drop the E-7 and leverage the E-2D, which is already in the Pentagon's stable, prompts many questions. For instance, just how many of these aircraft will the USAF end up with? As of 2024, the USAF's E-3 fleet stood at 16 aircraft. Above all else, there are major capability trades here. The Hawkeye is a much smaller aircraft than both the Sentry and the Wedgetail. It is extremely capable, but it is also optimized to exist within the confines of carrier operations. The crew size is just five individuals. This limits the amount of shear manpower to perform highly complex operations and other tasks beyond traditional AEW&C. The E-2 also has less range and is far slower than both the E-3 and E-7. This means longer transit times, and the aircraft doesn't fit in as seamlessly with the jet-centric operations for the counter-air mission the service currently enjoys. The E-2D's AN/APY-9 radar from Lockheed Martin is hugely capable, but many of its other advanced data fusion and relay systems are unique to the Navy. These systems would either be stripped or just left unused for USAF-focused operations. It's also possible that other systems will replace them, but this will cost money and take time to integrate and field. Hawkeyes, being turboprop aircraft, also operate at lower altitudes, giving their radar, radio systems, and electronic surveillance suites reduced line-of-sight, limiting their range and fidelity at distance for some targets and surveillance application, in some cases. Then there is the aerial refueling issue. The E-2D has gained this ability relatively recently, which expands its endurance. Typical missions can now last over seven hours. However, the aircraft uses the Navy-preferred probe-and-drogue refueling method, not the boom and receptacle one favored by the USAF. The USAF's KC-46 tankers do have a hose and drogue system and some of the service's KC-135Rs have podded hose and drogue systems. Otherwise, they require a basket attachment to their boom, often called the 'Iron Maiden' or 'Wrecking Ball,' due to its rigid metal frame and potential to smack into and damage airframes. This system makes the KC-135R useless for refueling receptacle-equipped aircraft when it is fitted. The E-2D also refuels lower-and-slower than jet aircraft. All these issues are not 'show-stoppers,' but they are ones that will impact operational planning and flexibility. The E-2D, being already a highly upgraded and a much smaller airframe, also lacks the same capacity for future expansion compared to the E-7. This could include adding more personnel for various non-traditional functions, including using its advanced radar to scan the surface more extensively or for unique battle management needs, such as controlling future drone swarms, or even for more extensive passive intelligence collection and exploitation and data fusion operations. High-bandwidth datalinks can possibly make up for some of the manpower differentials, allowing folks on the ground to execute critical functions in near real time as part of a distributed crew arrangement, but there are downfalls to this concept, as well. On the other hand, having commonality with the Navy's AEW&C aircraft should help reduce costs for both services and accelerate the type's entry into USAF service. It could also benefit the future evolution of the E-2D as more money will be flowing into the program. It's also a very capable and well-proven platform, lowering risk. Above all else, joint service E-2Ds could be absolutely critical to the USAF's Agile Combat Employment (ACE) combat doctrine that will see its forces distributed to remote forward locales and constantly in motion. The E-2D's turboprop performance, robust landing gear, and arrested landing capabilities mean it can be pushed far forward to very austere operating locations with limited runway length. And it can do this without sacrificing the quality of the data it collects or the efficacy of its use as a battle manager. This is something a 707 or 737 platform simply cannot match and could prove decisive in a major peer-state contingency. TWZ highlighted these exact benefits after U.S. Central Command (CENTCOM) released a video last year showing a Navy Hawkeye refueling from a USAF HC-130J Combat King II combat search and rescue aircraft, which can act as a probe-and-drogue tanker, primarily for helicopters and Osprey tiltrotors. A @USNavy E-2D refuels inflight from an @usairforce HC-130 over the U.S. Central Command area of responsibility. — U.S. Central Command (@CENTCOM) August 6, 2024 While the USAF's move away from the E-7 is certainly surprising, and it will result in shortfalls in some areas, it also unlocks new capabilities, some of which are arguably more applicable to tomorrow's wars. It also buys down additional risk, which is looming very large as it isn't clear at this time, at least publicly, how far along the Pentagon's persistent space-based aircraft sensing constellation development actually is. All of this still has to make it through congressional approval, which could be a challenge considering the special interests involved. But as it sits now, the flying service is pivoting big once again when it comes to its increasingly dire AEW&C needs. Contact the author: Tyler@