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Delta, United Suspend Flights to Tel Aviv After Iran Bombing

Delta, United Suspend Flights to Tel Aviv After Iran Bombing

Yahooa day ago

(Bloomberg) -- Delta Air Lines Inc. and United Airlines Holdings Inc. suspended flights to Tel Aviv following Israel's bombing of Iran and the closure of Israel's airspace.
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Delta has stopped flights through Aug. 31 from New York's John F. Kennedy International Airport, and will continue monitoring 'the evolving security environment in the area,' the Atlanta-based carrier said in a statement on Friday.
Delta issued a travel waiver offering rebooking options for those holding reservations to Tel Aviv from June 12 through Aug. 31.
United didn't say when flights between its hub at Newark Liberty International Airport in New Jersey and Tel Aviv might resume. It canceled one Newark outbound flight on Thursday, and another already in the air returned to the New Jersey airport.
The carrier also arranged for 26 crew members on a layover in Tel Aviv to fly out on an El Al Israel Airlines flight.
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Trump's tariffs and tax bill look like a 'Greek tragedy' that could tank the economy and stocks, former IMF official warns
Trump's tariffs and tax bill look like a 'Greek tragedy' that could tank the economy and stocks, former IMF official warns

Yahoo

time32 minutes ago

  • Yahoo

Trump's tariffs and tax bill look like a 'Greek tragedy' that could tank the economy and stocks, former IMF official warns

Trump's economic policies pose the risk of inflation and recession, says former IMF official Desmond Lachman. He is among a chorus of experts that have expressed concern over Trump's proposed tariffs and tax cuts. Rising inflation and bond yields as a result of these policies could hurt stocks, Lachman warns. Like a protagonist in a Greek tragedy, President Donald Trump is exhibiting a concerning level of hubris in his handling of the US economy, former IMF official Desmond Lachman worries. Despite warnings from credible sources — like Fed Chair Jerome Powell, JPMorgan CEO Jamie Dimon, and BlackRock CEO Larry Fink — about what tariffs would mean for inflation and growth, and what his tax cut bill would mean for bond yields and the US dollar, Trump is doubling down on these policies, Lachman said in a June 10 post for the American Enterprise Institute, where he is a senior fellow. Unless Trump changes course, Lachman said, he could end up reigniting inflation, pushing up long-term bond yields, further tanking the US dollar, and sending the US economy into recession. "To Trump, these warnings are like water off a duck's back. Instead of dialing back his tariff policy, Trump has recently raised the import tariff on all aluminum and steel imports to a staggering 50%," Lachman wrote. He continued: "At the same time, instead of coming up with belt-tightening revenue and spending measures to address the country's gaping budget deficit of 6.25% of GDP, Trump is making every effort to secure the passage of his budget-busting One Big Beautiful Bill." So far, inflation has been tame and the labor market has held up as businesses have started to digest tariffs. But Lachman said the US economy is not out of the woods yet. Since businesses stockpiled inventory to prepare for Trump's tariffs, their effects won't start to show up until the second half of the year, he told Business Insider on Friday. "The fact that you're not seeing it in the May, June, July data, it doesn't mean anything," Lachman said. Here's the US trade deficit showing a surge in foreign goods buying from US businesses in late 2024 and early 2025. But tariffs aren't the only inflationary factor potentially at play. Lachman said that if you add the implications of Trump's tax bill on the value of the US dollar as the the national debt and budget deficit grow, consumers could end up paying even higher prices. With the dollar's value down 10%, for example, it means foreign goods are more expensive in addition to the 10% tariffs, or more, already being paid. In an inflationary environment — and with no indication that the US government is looking to reduce its debt and budget deficit — foreign investors have started to flee, and could continue to do so. That could send long-term Treasury rates soaring, Lachman said, slowing the US economy as the cost of lending follows suit. All of this puts US stocks in danger with valuations elevated, Lachman said. For example, here's the Shiller cyclically-adjusted price-to-earnings ratio for the S&P 500, which measures current stock prices against a rolling average of earnings over the last 10 years. "Start with the fact that the stock market has got very high valuations, and then overlay that with the likelihood that you could have either a bond or a dollar crisis, and it would seem to me that stocks don't do very well," he said. The myth probably most associated with hubris and its sometimes disastrous consequences is the tale of Icarus. Looking to escape from a labyrinth, his father builds him wings made of wax. Icarus succeeds in getting off the ground, but in the end ignores his father's warnings and flies too close to the sun, melting his wings. Trump having imposed steep universal tariffs without sparking inflation or a recession has so far defied conventional wisdom and warnings from top economists. But with Trump's tax bill on the way, will his wings, along with the US economy and stock market, soon start to melt? Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Putin's Oil Empire Gets Double Boost
Putin's Oil Empire Gets Double Boost

Newsweek

timean hour ago

  • Newsweek

Putin's Oil Empire Gets Double Boost

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The U.S. will not back an EU proposal to impose a price cap on Russian oil that seeks to curb revenues for Russian President Vladimir Putin's war machine, according to Bloomberg. Russia could also benefit from the spike in oil prices following Israel's attack on Iran, a major producer of the commodity. Newsweek has contacted the White House for comment. A fuel tank farm of Russian oil pipeline giant Transneft on December 13, 2023. A fuel tank farm of Russian oil pipeline giant Transneft on December 13, It Matters Revenues from fossil fuels form the core of Russia's fiscal planning. As well as targeting Russia's natural gas, the European Commission's 18th sanctions package proposed lowering the cap on seaborne Russian oil from $60 to $45. The EU measures, which also target Russian businesses and banking, requires the backing of all 27 members. The proposal on Russian oil would need the support of the G7, which meets later this month. Bloomberg's report that Washington will not back the move deals a blow to Western hopes of limiting Moscow's means to fund its aggression in Ukraine, especially after oil prices rose following hostilities between Israel and Iran. What To Know The G7 introduced the $60-a-barrel cap that restricts the price Russia can earn from its seaborne oil. But it has not been effective in curbing the Kremlin's revenues since coming into effect in February 2023, partly because of Moscow's sanctions-busting "shadow fleet" of older vessels and a slump in oil prices. The European Commission proposed this week to drop the cap to $45, with High Representative Kaja Kallas suggesting that because Russian oil mostly transits the Baltic and Black Seas, U.S. support for the measure is not essential. An accord involving all G7 nations would be more effective because of the strength of U.S. enforcement, but the U.S. opposes dropping the price cap, Bloomberg reported, citing unnamed sources. Russian President Vladimir Putin at the St. George's Hall of the Grand Kremlin Palace on June 12. Russian President Vladimir Putin at the St. George's Hall of the Grand Kremlin Palace on June 12. Oil prices surged following Israel's strikes against Iran, and West Texas Intermediate crude futures advanced by more than 7 percent to settle near $73 a barrel, the biggest one-day jump since March 2022. The Institute for the Study of War said on Friday that the oil price rise may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine, delivering a boost to Putin. The Washington, D.C., think tank said Moscow might be able to leverage sudden oil price rises to weather economic challenges and finance a protracted war in Ukraine. This is notable given the concerns Putin previously voiced that any reduction in the oil price would likely risk destabilizing Russia's economy. Nikos Tzabouras, a senior market analyst at told Newsweek that although prices are set to rise, sustained hikes would require disruption to supply chains, and the U.S.'s denial of involvement in Israel's strikes keeps hope alive for a contained conflict, keeping downward pressure on oil. A sustained upside would require actual disruptions to physical flows, such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint, Tzabouras added. What People Are Saying The Institute for the Study of War said in a report on Friday: "Oil price increases following Israeli strikes against Iran may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine." Nikos Tzabouras, a senior market analyst at told Newsweek: "The U.S. denial of involvement offers a possible off-ramp, keeping hopes alive for a contained conflict and continuation of nuclear talks, which could pressure oil." Allen Good, the director of equity research at Morningstar, told Newsweek: "We expect, absent a wider war, today's rise in prices will likely prove to be a sell-the-news event. Oil markets remain amply supplied with OPEC set on increasing production and demand soft." What Happens Next The G7 summit is expected to discuss the oil price cap proposal when it meets in Alberta, Canada, from Sunday. The EU may try to proceed with the measure even if the U.S. rejects the proposal. U.S. President Donald Trump and his officials will make the final decision, Bloomberg reported. Meanwhile, markets continued to eye the effects the hostilities between Iran and Israel are having on oil prices.

Were Boise homeowners illegally taxed? Idaho Supreme Court to weigh in
Were Boise homeowners illegally taxed? Idaho Supreme Court to weigh in

Yahoo

timean hour ago

  • Yahoo

Were Boise homeowners illegally taxed? Idaho Supreme Court to weigh in

The curtains are closing on a long-running legal battle over Boise's Harris Ranch neighborhood. Since 2021, residents have gathered and fought the area's Boise-based developer and the city of Boise over a special taxing district they say is unlawful and unfair. Both sides presented oral arguments June 9 to the Idaho Supreme Court and now await a decision that could come in weeks. Or, more likely, months. The homeowners say the special taxing district, called a community infrastructure district, forced them to unfairly foot the bill for $22 million in payments to the developer of Harris Ranch in October 2021. Barber Valley Development, which is building the Boise neighborhood on behalf of the Harris Family Limited Partnership, rejected the claims that the payments were illegal and argued that they have followed the rules outlined by the Idaho Legislature. The Legislature permitted community infrastructure districts in 2008 with the hope that they could help make growth pay for itself. In such a district, homeowners pay extra taxes for local public improvements like roads and roundabouts. In theory, this means that a resident of the Boise Bench or North End wouldn't be forced to pay higher taxes for things they wouldn't need or use such as sewer lines. Led by residents Larry Crowley and Bill Doyle, the homeowners with the Harris Ranch CID Taxpayers Association say the district made them pay up to 40% higher taxes than those outside the district — including homes across their street that were intentionally cut out of the district boundaries. An Ada County judge threw out all 16 of the homeowners' arguments in April 2023. The homeowners appealed to the state's highest court almost five months later. 'It's been a lengthy effort,' Crowley said by phone after Monday's oral arguments. 'We've done our part, now it's in their court.' Crowley said that they were hopeful that there could be some relief coming for homeowners, but that he was proud of the work the community had done. 'It's been in many ways a very humbling experience,' Crowley said. 'We're just really thankful for the opportunity to get to this point.' Doug Fowler, the president of Barber Valley Development, said that he was looking forward to putting the legal issues behind him and continuing to build out the neighborhood, some of which has been paused amid the court battle. After chiding both sides for using confidential information from an accidental email in their arguments, the Supreme Court justices grilled lawyers representing the homeowners, the city and Barber Valley Development. They poked holes in arguments, seemed to cast doubt on both sides and tested the boundaries of an issue that has never been litigated before. Though the lawyers and justices touched on several topics on the sprawling lawsuit's one-hour oral argument, possibly the most poignant was whether the district was formed correctly in 2010 and whether that issue could be used in arguments. Nicholas Warden, the attorney for the neighbors, argued that the district was created by the vote of a single resident on land outside the district who would never need to pay the extra taxes. No one who would eventually pay the taxes took part in the vote. This, Warden said, should invalidate the $22 million payment in 2021 because the creation of the bonds required approval by a supermajority of residents. 'Our position is that an assent of a supermajority requires at least one person, in other words more than none, of the people who are going to pay the tax to vote on it,' Warden said. 'That could easily have occurred in this place.' Justice Greg Moeller said there are plenty of cases where people may buy a house, move in and need to pay into something like a school bond or mosquito abatement district even if they hadn't voted for it. The homeowners, he said, bought their homes knowing of the district. 'I understand why they're unhappy with this,' Moeller said. 'But it's not unusual for people to buy land in a district with restrictions that they're helpless to change by the time they move in.' Melodie McQuade, an attorney with Boise's Givens Pursley law firm representing the infrastructure district, said there was no evidence that the vote was illegal, and the creation of the district wasn't up for debate in the case. 'The plaintiffs want to challenge the formation of the district and then multiple decisions that have been made over the past several years,' McQuade said. 'You can't reach back that far.' A key moment came when Moeller asked McQuade if the infrastructure district could be considered a legal form of taxation without representation — an argument that Crowley and Doyle have made since they first sued. 'I don't believe so,' McQuade said. 'I believe this is a mechanism for infrastructure to be paid for in perhaps a slightly different way than if the developer baked it into the lot costs.' Moeller said that it seemed as if it could be a way to hide who voted for tax increases and would prevent them from being able to hold anybody accountable. 'My best answer to that, conceptually, is that it shouldn't be disqualifying that a small group of people would vote to create the district,' McQuade said. 'It's not surprising that these big pieces of land would have very few voters, because they're all owned by maybe even one family.' A new law was supposed to help emergency services handle growth. It isn't working As Boise builds up, Eagle tees up density restrictions with little public input Boise to welcome 'crown jewel' of hotels on Grove Street. What's coming? A Christian college wants to build apartments in Garden City. Neighbors are mad

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