Trump's big bet on his $8 billion family fortune
President Donald Trump has made no secret of his love for the crypto industry in his second term, appointing friendly regulators, establishing a US digital asset stockpile, ending prosecutions and pardoning its criminals.
Those moves are set to hit even closer to home as the industry increasingly drives the fate of his family's personal fortune.
His sons Eric Trump and Donald Trump Jr. have hopscotched from one crypto conference to the next — Abu Dhabi in December, Washington in March, Dubai in May — rousing fans and drawing criticism about conflicts of interest along the way. They're getting top billing at a conference in Las Vegas this week, alongside Vice President JD Vance. A spokesperson for the Trump Organisation did not immediately reply to a request for comment.
Their appearances come just as the most valuable asset underpinning the president's $US5.2 billion ($8.1 billion) personal fortune is set to become increasingly tied to the price of bitcoin.
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Trump Media and Technology Group, the family's money-losing social media business, announced Tuesday it was raising $US2.5 billion to buy bitcoin — what chief executive officer Devin Nunes called an 'apex instrument of financial freedom.' The company's balance sheet of cash, cash equivalents and investments were worth $US759 million at the end of the first quarter, according to a filing on Tuesday.
It's among the highest-profile examples of what's become a familiar strategy: There are more than 30 public US companies that purchase bitcoin as part of their corporate treasury, according to CoinGecko. Bernstein analysts project bitcoin could see $US330 billion in inflows via corporate treasuries before 2030.
The token climbed above $US111,000 last week for the first time ever and has gained roughly 55 per cent since Trump's election win in November. Trump Media, by comparison, is down about 34 per cent over the same period.
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News.com.au
an hour ago
- News.com.au
OPEC+ announces sharp increase in July oil production
Saudi Arabia, Russia and six other key OPEC+ members announced on Saturday a huge increase in crude production for July. They will produce an additional 411,000 barrels a day -- the same target set for May and then June -- according to a statement, which is more than three times greater than the group had previously planned. In recent years the 22-nation group had agreed to daily reductions of 2.2 million barrels with the aim of boosting prices. But in early 2025, leading members of the group known as the "Voluntary Eight", or V8, decided on the gradual output increase and subsequently began to accelerate the pace. The moves have resulted in oil prices plummeting to around $60 per barrel, the lowest level in four years. - Trump pressure - OPEC+ "struck three times: (the output target for) May was a warning, June a confirmation and July a warning shot", Rystad Energy analyst Jorge Leon told AFP. "The scale of the production increase reflects more than just internal supply dynamics," he said. "This is a strategic adjustment with geopolitical aims: Saudi Arabia seems to be bowing to Donald Trump's requests." Shortly after taking office, the US president called on Riyadh to ramp up production in order to bring down oil prices, meaning cheaper prices at the pump for American consumers. Saturday's decision comes after a meeting of all OPEC ministers on Wednesday, where the alliance's collective production policy was reaffirmed. The decision is officially justified by "healthy market fundamentals" covering oil reserves and structural demand growth during coming months. - Riyadh 'angry' - But markets have met this view with scepticism amid concerns about demand and a trade war launched by the United States. Analysts see several possible motivations for the production hikes, one of them being Saudi Arabia and others penalising members for not keeping to their quotas under the cuts first agreed in 2022. The increase is all the more likely due to "the latest statements of Kazakh Energy Minister Yerlan Akkenzhenov, who has apparently already informed OPEC that his country will not reduce production," said Thu Lan Nguyen, an analyst at Commerzbank. "Saudi Arabia is angry with Kazakhstan", which is seen as one of the main laggards, and which "produced 300,000 barrels per day more than its quota," said Bjarne Schieldrop, an analyst at SEB. Analysts meanwhile do not foresee a plunge in oil prices when markets open Monday as the announcement was largely anticipated, instead resulting in a "moderate" reaction. On Friday, the benchmark Brent crude futures price had settled at $62.61 per barrel, while West Texas Intermediate was at $60.79.
The Advertiser
2 hours ago
- The Advertiser
Softy, softly response to Trump's hard line on steel
Australia will not retaliate despite Donald Trump's "wrong" tariff hike decision on steel imports. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "This will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations," he told reporters on Saturday. Mr Farrell said the government would work with the US but reiterate the view that tariffs were "the wrong course of action" and "don't do what President Trump claims they will do". "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." Opposition trade spokesman Kevin Hogan said Mr Trump's call was concerning for Australian jobs. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," he said. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. The latest tariff hike comes after a US federal court blocked the president's Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia will not retaliate despite Donald Trump's "wrong" tariff hike decision on steel imports. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "This will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations," he told reporters on Saturday. Mr Farrell said the government would work with the US but reiterate the view that tariffs were "the wrong course of action" and "don't do what President Trump claims they will do". "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." Opposition trade spokesman Kevin Hogan said Mr Trump's call was concerning for Australian jobs. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," he said. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. The latest tariff hike comes after a US federal court blocked the president's Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia will not retaliate despite Donald Trump's "wrong" tariff hike decision on steel imports. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "This will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations," he told reporters on Saturday. Mr Farrell said the government would work with the US but reiterate the view that tariffs were "the wrong course of action" and "don't do what President Trump claims they will do". "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." Opposition trade spokesman Kevin Hogan said Mr Trump's call was concerning for Australian jobs. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," he said. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. The latest tariff hike comes after a US federal court blocked the president's Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia will not retaliate despite Donald Trump's "wrong" tariff hike decision on steel imports. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "This will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations," he told reporters on Saturday. Mr Farrell said the government would work with the US but reiterate the view that tariffs were "the wrong course of action" and "don't do what President Trump claims they will do". "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." Opposition trade spokesman Kevin Hogan said Mr Trump's call was concerning for Australian jobs. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," he said. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. The latest tariff hike comes after a US federal court blocked the president's Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency".
The Advertiser
2 hours ago
- The Advertiser
Hamas seeks amendments to US ceasefire proposal
Hamas has responded to the latest US ceasefire proposal for Gaza, and a senior official with the group says they are seeking some changes, as desperation rises inside Gaza from the aid blockade. Israeli officials have approved the US proposal for a temporary ceasefire in the nearly 20-month war. US President Donald Trump has said negotiators were nearing a deal. "There are some notes and amendments to some points, especially on the US guarantees, the timing of hostage release, the delivery of aid and the withdrawal of Israeli forces," the official said, speaking on condition of anonymity due to the sensitivity of the talks. A separate Hamas statement said the proposal aims for a permanent ceasefire, a comprehensive Israeli withdrawal from Gaza and an ensured flow of aid. It said 10 living hostages and the bodies of 18 others would be released " in exchange for an agreed-upon number of Palestinian prisoners". A ceasefire would pause the fighting for 60 days, release some of the 58 hostages still held in Gaza in exchange for Palestinian prisoners and much-needed food aid and other assistance, according to Hamas and Egyptian officials who spoke on condition of anonymity because they were not authorised to talk to the media. As hopes for a ceasefire ramp up, desperation rises inside Gaza. Palestinians in the Gaza Strip blocked and offloaded dozens of food trucks, the UN World Food Program says, as desperation mounts following Israel's months-long aid blockade while talks of a ceasefire inch forward. The World Food Program said 77 trucks carrying aid, mostly flour, were stopped by hungry people who took the food before the trucks could reach their destination. The nearly three-month Israeli aid blockade on Gaza has pushed the population of over two million to the brink of famine. The World Food Program said the fear of starvation in Gaza is high despite the aid that's entering now. "We need to flood communities with food for the next few days to calm anxieties and rebuild the trust with communities that more food is coming," it said in a statement, adding that it has over 140,000 metric tons of food, enough to feed Gazans for two months, ready to be brought in. Most people carried bags of flour. He said at one point a forklift was used to offload pallets. The UN says it has been unable to get enough aid in because of fighting. A new US and Israeli-backed foundation started operations in Gaza this week, distributing food at several sites in a chaotic rollout. Israel says the Gaza Humanitarian Foundation eventually will replace the aid operation that the UN and others have carried out during nearly 20 months of war. It says the new mechanism is necessary, accusing Hamas of siphoning off large amounts of aid. The UN denies that a significant diversion takes place. The Gaza Humanitarian Foundation works with armed contractors, which it says are needed to distribute food safely. Aid groups have accused the foundation of militarising aid. Israel continued its military campaign across Gaza, saying it struck dozens of targets over the past day. Gaza's Health Ministry said at least 60 people were killed by Israeli strikes in the past 24 hours. The war began when Hamas attacked Israel on October 7, 2023, killing around 1200 people, most of them civilians, and taking 250 hostages. Of those taken captive, 58 remain in Gaza. Israel believes 35 are dead and Prime Minister Benjamin Netanyahu has said there are doubts about the fate of several others. Israeli strikes have killed more than 54,000 Gaza residents, mostly women and children, according to Gaza's Health Ministry, which does not distinguish between civilians and combatants in its tally. Hamas has responded to the latest US ceasefire proposal for Gaza, and a senior official with the group says they are seeking some changes, as desperation rises inside Gaza from the aid blockade. Israeli officials have approved the US proposal for a temporary ceasefire in the nearly 20-month war. US President Donald Trump has said negotiators were nearing a deal. "There are some notes and amendments to some points, especially on the US guarantees, the timing of hostage release, the delivery of aid and the withdrawal of Israeli forces," the official said, speaking on condition of anonymity due to the sensitivity of the talks. A separate Hamas statement said the proposal aims for a permanent ceasefire, a comprehensive Israeli withdrawal from Gaza and an ensured flow of aid. It said 10 living hostages and the bodies of 18 others would be released " in exchange for an agreed-upon number of Palestinian prisoners". A ceasefire would pause the fighting for 60 days, release some of the 58 hostages still held in Gaza in exchange for Palestinian prisoners and much-needed food aid and other assistance, according to Hamas and Egyptian officials who spoke on condition of anonymity because they were not authorised to talk to the media. As hopes for a ceasefire ramp up, desperation rises inside Gaza. Palestinians in the Gaza Strip blocked and offloaded dozens of food trucks, the UN World Food Program says, as desperation mounts following Israel's months-long aid blockade while talks of a ceasefire inch forward. The World Food Program said 77 trucks carrying aid, mostly flour, were stopped by hungry people who took the food before the trucks could reach their destination. The nearly three-month Israeli aid blockade on Gaza has pushed the population of over two million to the brink of famine. The World Food Program said the fear of starvation in Gaza is high despite the aid that's entering now. "We need to flood communities with food for the next few days to calm anxieties and rebuild the trust with communities that more food is coming," it said in a statement, adding that it has over 140,000 metric tons of food, enough to feed Gazans for two months, ready to be brought in. Most people carried bags of flour. He said at one point a forklift was used to offload pallets. The UN says it has been unable to get enough aid in because of fighting. A new US and Israeli-backed foundation started operations in Gaza this week, distributing food at several sites in a chaotic rollout. Israel says the Gaza Humanitarian Foundation eventually will replace the aid operation that the UN and others have carried out during nearly 20 months of war. It says the new mechanism is necessary, accusing Hamas of siphoning off large amounts of aid. The UN denies that a significant diversion takes place. The Gaza Humanitarian Foundation works with armed contractors, which it says are needed to distribute food safely. Aid groups have accused the foundation of militarising aid. Israel continued its military campaign across Gaza, saying it struck dozens of targets over the past day. Gaza's Health Ministry said at least 60 people were killed by Israeli strikes in the past 24 hours. The war began when Hamas attacked Israel on October 7, 2023, killing around 1200 people, most of them civilians, and taking 250 hostages. Of those taken captive, 58 remain in Gaza. Israel believes 35 are dead and Prime Minister Benjamin Netanyahu has said there are doubts about the fate of several others. Israeli strikes have killed more than 54,000 Gaza residents, mostly women and children, according to Gaza's Health Ministry, which does not distinguish between civilians and combatants in its tally. Hamas has responded to the latest US ceasefire proposal for Gaza, and a senior official with the group says they are seeking some changes, as desperation rises inside Gaza from the aid blockade. Israeli officials have approved the US proposal for a temporary ceasefire in the nearly 20-month war. US President Donald Trump has said negotiators were nearing a deal. "There are some notes and amendments to some points, especially on the US guarantees, the timing of hostage release, the delivery of aid and the withdrawal of Israeli forces," the official said, speaking on condition of anonymity due to the sensitivity of the talks. A separate Hamas statement said the proposal aims for a permanent ceasefire, a comprehensive Israeli withdrawal from Gaza and an ensured flow of aid. It said 10 living hostages and the bodies of 18 others would be released " in exchange for an agreed-upon number of Palestinian prisoners". A ceasefire would pause the fighting for 60 days, release some of the 58 hostages still held in Gaza in exchange for Palestinian prisoners and much-needed food aid and other assistance, according to Hamas and Egyptian officials who spoke on condition of anonymity because they were not authorised to talk to the media. As hopes for a ceasefire ramp up, desperation rises inside Gaza. Palestinians in the Gaza Strip blocked and offloaded dozens of food trucks, the UN World Food Program says, as desperation mounts following Israel's months-long aid blockade while talks of a ceasefire inch forward. The World Food Program said 77 trucks carrying aid, mostly flour, were stopped by hungry people who took the food before the trucks could reach their destination. The nearly three-month Israeli aid blockade on Gaza has pushed the population of over two million to the brink of famine. The World Food Program said the fear of starvation in Gaza is high despite the aid that's entering now. "We need to flood communities with food for the next few days to calm anxieties and rebuild the trust with communities that more food is coming," it said in a statement, adding that it has over 140,000 metric tons of food, enough to feed Gazans for two months, ready to be brought in. Most people carried bags of flour. He said at one point a forklift was used to offload pallets. The UN says it has been unable to get enough aid in because of fighting. A new US and Israeli-backed foundation started operations in Gaza this week, distributing food at several sites in a chaotic rollout. Israel says the Gaza Humanitarian Foundation eventually will replace the aid operation that the UN and others have carried out during nearly 20 months of war. It says the new mechanism is necessary, accusing Hamas of siphoning off large amounts of aid. The UN denies that a significant diversion takes place. The Gaza Humanitarian Foundation works with armed contractors, which it says are needed to distribute food safely. Aid groups have accused the foundation of militarising aid. Israel continued its military campaign across Gaza, saying it struck dozens of targets over the past day. Gaza's Health Ministry said at least 60 people were killed by Israeli strikes in the past 24 hours. The war began when Hamas attacked Israel on October 7, 2023, killing around 1200 people, most of them civilians, and taking 250 hostages. Of those taken captive, 58 remain in Gaza. Israel believes 35 are dead and Prime Minister Benjamin Netanyahu has said there are doubts about the fate of several others. Israeli strikes have killed more than 54,000 Gaza residents, mostly women and children, according to Gaza's Health Ministry, which does not distinguish between civilians and combatants in its tally. Hamas has responded to the latest US ceasefire proposal for Gaza, and a senior official with the group says they are seeking some changes, as desperation rises inside Gaza from the aid blockade. Israeli officials have approved the US proposal for a temporary ceasefire in the nearly 20-month war. US President Donald Trump has said negotiators were nearing a deal. "There are some notes and amendments to some points, especially on the US guarantees, the timing of hostage release, the delivery of aid and the withdrawal of Israeli forces," the official said, speaking on condition of anonymity due to the sensitivity of the talks. A separate Hamas statement said the proposal aims for a permanent ceasefire, a comprehensive Israeli withdrawal from Gaza and an ensured flow of aid. It said 10 living hostages and the bodies of 18 others would be released " in exchange for an agreed-upon number of Palestinian prisoners". A ceasefire would pause the fighting for 60 days, release some of the 58 hostages still held in Gaza in exchange for Palestinian prisoners and much-needed food aid and other assistance, according to Hamas and Egyptian officials who spoke on condition of anonymity because they were not authorised to talk to the media. As hopes for a ceasefire ramp up, desperation rises inside Gaza. Palestinians in the Gaza Strip blocked and offloaded dozens of food trucks, the UN World Food Program says, as desperation mounts following Israel's months-long aid blockade while talks of a ceasefire inch forward. The World Food Program said 77 trucks carrying aid, mostly flour, were stopped by hungry people who took the food before the trucks could reach their destination. The nearly three-month Israeli aid blockade on Gaza has pushed the population of over two million to the brink of famine. The World Food Program said the fear of starvation in Gaza is high despite the aid that's entering now. "We need to flood communities with food for the next few days to calm anxieties and rebuild the trust with communities that more food is coming," it said in a statement, adding that it has over 140,000 metric tons of food, enough to feed Gazans for two months, ready to be brought in. Most people carried bags of flour. He said at one point a forklift was used to offload pallets. The UN says it has been unable to get enough aid in because of fighting. A new US and Israeli-backed foundation started operations in Gaza this week, distributing food at several sites in a chaotic rollout. Israel says the Gaza Humanitarian Foundation eventually will replace the aid operation that the UN and others have carried out during nearly 20 months of war. It says the new mechanism is necessary, accusing Hamas of siphoning off large amounts of aid. The UN denies that a significant diversion takes place. The Gaza Humanitarian Foundation works with armed contractors, which it says are needed to distribute food safely. Aid groups have accused the foundation of militarising aid. Israel continued its military campaign across Gaza, saying it struck dozens of targets over the past day. Gaza's Health Ministry said at least 60 people were killed by Israeli strikes in the past 24 hours. The war began when Hamas attacked Israel on October 7, 2023, killing around 1200 people, most of them civilians, and taking 250 hostages. Of those taken captive, 58 remain in Gaza. Israel believes 35 are dead and Prime Minister Benjamin Netanyahu has said there are doubts about the fate of several others. Israeli strikes have killed more than 54,000 Gaza residents, mostly women and children, according to Gaza's Health Ministry, which does not distinguish between civilians and combatants in its tally.
