Iran-Israel ceasefire lifts US stocks
Trump has been outspoken in ridiculing Powell's decisions thus far, referring to the Fed chair in a social media post Tuesday as a "dumb, hardheaded person."
Wall Street stocks jumped Tuesday as an Iran-Israel ceasefire appeared to hold through its first day and oil prices continued their retreat.
Major indices spent the entire day in positive territory with both Iran and Israel refraining from new attacks after a barrage of last-minute strikes.
With the "deescalation, the market seems to be doing better," said Art Hogan, chief market strategist of B. Riley Wealth, who also described Federal Reserve Chair Jerome Powell's testimony before Congress as constructive for equities.
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eNCA
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Ceasefire in place between Israel and Iran
PRETORIA - Iran officials say US airstrikes didn't damage the counrtry's nuclear sites. A ceasefire is now in place between the two countries with the hope that the protracted hostilities are truly over. READ | Trump says Iran-Israel truce holds after berating both countries Professor André Thomashausen, Professor Emeritus of International Law at Unisa spoke to eNCA.
IOL News
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Donald Trump claims 'win' as NATO agrees to massive spending hike
US Secretary of State Marco Rubio (right), flanked by US President Donald Trump, speaks at a NATO press conference on June 25. Image: John Thys / AFP NATO countries agreed on Wednesday to massively ramp up their defence spending to satisfy US President Donald Trump, who hailed it as a "monumental win" for America - and reaffirmed his country's commitment to protect its European allies. Trump cut a jubilant figure after NATO's 32 countries agreed to his headline target of five percent of GDP on defence spending following two days of talks in The Hague. Taking credit for a "fantastic" outcome that "no one really thought possible", Trump described the spending hike as "a monumental win for the United States". "They said you did it, sir," he told a news conference. "Well I don't know if I did it - but I think I did." In a reassuring move for European allies worried over the threat from Russia, Trump signed off on a final leaders' declaration confirming "our ironclad commitment" to NATO's collective defence pledge that an attack on one is an attack on all. NATO allies backed the spending increase to help counter a growing threat from Russia but also - crucially - to keep Trump engaged, with the US leader repeatedly suggesting Washington could withhold protection from lower-paying allies in Europe. The deal appeared - for now at least - to have laid those gripes to rest. The compromise hatched by NATO sees countries promise to dedicate 3.5 percent of GDP to core military spending by 2035, and a further 1.5 to broader security-related areas such as infrastructure. While signing off on the target on paper, Spain has said it thinks it can fulfil NATO's demands while spending less - earning a fresh rebuke Wednesday from Trump, who threatened to hit its trade interests in response. But the pledge endorsed in The Hague allows Trump to claim triumph, while in practice providing some wiggle room for cash-strapped governments in Europe. Diplomats said that behind closed doors Trump had given strong assurances of Washington's commitment as an ally and urged others to spend some of the new money on US weaponry. 'Couldn't have been nicer' Everything was choreographed at the gathering in The Hague to keep the volatile US president on board: from chopping back the official part of the meeting to putting him up overnight in the royal palace. Underpinning the leaders' discussions on defence was Moscow's invasion of Ukraine, and in another sop to the demands of allies the United States allowed NATO to refer to the "long-term threat posed by Russia to Euro-Atlantic security" in the communique. Though its language was watered down from previous years, the declaration also said allies would continue to support Ukraine "whose security contributes to ours" and could use money from the new spending pledge to fund military aid for Kyiv. Ukraine's Volodymyr Zelensky played a less central role here than at previous summits -- with leaders wary of any bust-up after his infamous Oval Office shouting match with Trump. But the US president did meet the war-torn country's leader on the summit sidelines, declaring afterwards the encounter "couldn't have been nicer" and Zelensky hailed a "substantive" meeting. Trump also said he was talking to Russian President Vladimir Putin about the war, saying: "I think progress is being made." That said, despite the insistence by NATO chief Mark Rutte that Ukraine's bid for membership remains "irreversible", the summit statement avoided any mention of Kyiv's push to join after Trump ruled it out. 'Not a rip-off' Trump had rattled allies on the summit's eve by appearing to cast some doubt on the validity of NATO's mutual defence clause - known as Article Five of the alliance treaty. But the pledge was reaffirmed unequivocally in the summit's final statement - and Trump drove the point home at his closing press conference. "I came here because it was something I'm supposed to be doing," Trump said in closing remarks to the press, when pressed on the mutual defence clause known as Article Five. "But I left here a little bit differently," said the US leader - who was visibly delighted at the red carpet welcome and the praise lavished on him by NATO's Rutte among others. "Without the United States, they couldn't really have NATO. Wouldn't work," Trump said. "It will in the future, because now they're paying much more money." AFP
IOL News
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United Nations condemns Israel's 'weaponisation of food' in Gaza
The humanitarian situation in Gaza remains dire despite aid beginning to trickle back into the territory after a more than two-month Israeli blockade. Image: Omar AL-Qattaa / AFP The United Nations on Tuesday condemned what it said was Israel's "weaponisation of food" in Gaza and called it a war crime, urging its military to "stop shooting at people trying to get food". The head of the UN agency supporting Palestinian refugees also called a new US- and Israel-backed food-distribution system in the Gaza Strip an "abomination". The Gaza Humanitarian Foundation began handing out food in Gaza on May 26 after Israel completely cut off supplies into the occupied Palestinian territory for more than two months, sparking warnings of mass famine. The UN and major aid groups have refused to cooperate with the GHF - an officially private effort with opaque funding - over concerns it was designed to cater to Israeli military objectives. 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Kheetan pointed to reports that "over 410 Palestinians have been killed as a result, (while) at least 93 others have also been reportedly killed by the Israeli army while attempting to approach the very few aid convoys of the UN and other humanitarian organisations". Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ He said those figures came from the health ministry in the Hamas-run Gaza Strip and from other sources, including NGOs. Kheetan said the UN human rights office was in the process of verifying the figures - and in both cases, further people may have been killed from other sources of fire - something his office cannot confirm. "At least 3,000 Palestinians have been injured in these incidents," he added. "Each of these killings must be promptly and impartially investigated, and those responsible must be held to account." Kheetan cautioned that the system "endangers civilians and contributes to the catastrophic humanitarian situation in Gaza". The UN said in May that "100 percent of the population" of the besieged territory were "at risk of famine". "Humanitarian assistance must never be used as a bargaining chip in any conflict," he said. The UN rights office demanded immediate action to rectify the situation. "The Israeli military must stop shooting at people trying to get food," said Kheetan. 'Abomination' Meanwhile Philippe Lazzarini, the head of the UN agency for Palestinian refugees UNRWA, slammed GHF as "an abomination that humiliates and degrades desperate people". "It is a death trap costing more lives than it saves," he told a press conference in Berlin. Israel has accused UNRWA of providing cover for Hamas militants and earlier this year banned the agency from operating on Israeli soil or contacting officials. Lazzarini called for UNRWA to regain access to the Palestinian territory and restart its aid efforts. "The humanitarian community, including UNRWA, has the expertise and must be allowed to do their job and provide assistance with respect and dignity," he said. "There is no other alternative to address the challenges of spreading hunger in the Gaza Strip." GHF said Monday it had distributed roughly 680,000 food boxes so far. "GHF workers continue to provide meals safely and securely," said the foundation's interim chief John Acree, adding: "Our system is working, and we will press on." AFP
