US sanctions network helping to get weapons for Houthis
The United States sanctioned an alleged network of financial facilitators, procurement operatives and companies on Wednesday that are getting weapons, dual-use materials and stolen Ukrainian grain to Iran-backed Houthis in Yemen, the Treasury Department announced on Wednesday.
Two operatives — brothers who are based in Russia — Afghani businessmen Hushang Ghairat and Sohrab Ghairat, have assisted Sa'id al-Jamal, a senior Houthi financial operative who is backed by the Iran Islamic Revolutionary Guard Corps, in securing commercial shipments in Russia, including arms transfer, the Treasury Department said.
'The Houthis remain reliant on Sa'id al-Jamal and his network to procure critical goods to supply the group's terrorist war machine,' Treasury Secretary Scott Bessent said in a statement. 'Today's action underscores our commitment to degrading the Houthis' ability to threaten the region through their destabilizing activities.'
Hushang and Sohrab were able to facilitate at least two shipments, at the request of al-Jamal, of stolen Ukrainian grain from the Crimean Peninsula to Yemen last summer and fall, according to the Treasury Department.
Treasury's Office of Foreign Assets Control (OFAC) sanctioned the network. In the process, the OFAC identified a minimum of eight digital asset wallets that are used by Houthis, a U.S.- designated terrorist organization, to transfer funds related to the network's efforts.
'The United States is committed to eliminating the Iran-backed Houthis' capabilities and resources to conduct attacks on our servicemembers and naval assets, while ending their ability to threaten the security of the United States and our partners,' State Department's spokesperson Tammy Bruce said in a statement on Wednesday.
Sohrab Ghairat is the general director of three companies that are based in Russia: LLC Sky Frame, LLC Edison, and LLC Kolibri Group, according to the Treasury Department.
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Trump tariffs live updates: Bessent suggests pause extension, US-China trade framework takes shape
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"China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. 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A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 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Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Treasury Secretary Scott Bessent told House lawmakers on Wednesday that the Trump administration may extend the 90-day tariff pause on some countries in order to continue trade negotiations. When asked if Americans should prepare for another "Liberation Day" on July 9, when the tariff pause ends for most countries, Bessent said that the administration may choose to move the deadline on 18 of the most important trading partners, so long as they make an effort to come to the negotiating table. "We are working toward deals on those, and it is highly likely that [for] those countries — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the day forward to continue good faith negotiations," Bessent said (see video below). "If someone is not negotiating, then we will not." A recent report on the drastic decline of US ocean imports serves as an example of how President Trump's increased tariffs on China affected supply chains and several industries as ttalks continue. Reuters reports: Read more here. The Treasury Department says that the US government is successfully using tariffs to decrease the budget deficit by more than $30 billion, largely due to increased customs receipts. Reuters reports: Read more here. China will ease curbs on exports of rare earth minerals for six months as part of a new trade understanding with the US, according to The Wall Street Journal. The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up. From the report: In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions. Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal. "A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee. When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that." "We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive." The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant. Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs. Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls. He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us." May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases. The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain. Yahoo Finance's Allie Canal reports: Read more here. I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below). Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place. Trump posted on Truth Social: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. A federal appeals could said on Tuesday that President Trump's sweeping tariffs can continue for now. This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Sign in to access your portfolio
Yahoo
23 minutes ago
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How major US stock indexes fared Wednesday, 6/11/2025
Wall Street's rally stalled after stocks climbed back within 2% of their all-time high. The S&P 500 slipped 0.3% Wednesday, marking its first drop in four days. The Dow Jones Industrial Average ended little changed, and the Nasdaq composite lost 0.5%. The action was stronger in the bond market, where Treasury yields eased after a report showed inflation ticked up by less last month than economists expected. That raised expectations for the Federal Reserve to cut interest rates later this year. Markets didn't react much to the conclusion of two days of trade talks between the U.S. and China. On Wednesday: The S&P 500 fell 16.57 points, or 0.3%, to 6,022.24. The Dow Jones Industrial Average fell 1.10 points, or less than 0.1%, to 42,865.77. The Nasdaq composite fell 99.11 points, or 0.5%, to 19,615.88. The Russell 2000 index of smaller companies fell 8.17 points, or 0.4%, to 2,148.23. For the week: The S&P 500 is up 21.88 points, or 0.4%. The Dow is up 102.90 points, or 0.2%. The Nasdaq is up 85.92 points, or 0.4%. The Russell 2000 is up 15.99 points, or 0.7%. For the year: The S&P 500 is up 140.61 points, or 2.4%. The Dow is up 321.55 points, or 0.8%. The Nasdaq is up 305.08 points, or 1.6%. The Russell 2000 is down 81.92 points, or 3.7%. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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Russia sends its most valuable planes as far away from Ukraine as possible
Russia has scattered its most valuable warplanes to a remote airbase in the far east of the country, after a surprise Ukrainian drone attack devastated its strategic bomber fleet last Sunday. Two Tupolev Tu-160 planes have been moved 4,000 miles from the front lines to the remote Anadyr airbase, which can only be accessed by air and sea, satellite imagery showed. Located on the desolate Chukotka Peninsula, the airfield is around 410 miles from Alaska and was set up during the Cold War to defend Russia from potential US attacks. The supersonic Tu-160 bombers can carry nuclear weapons and are by far the most expensive in Russia's inventory, with a price tag of around $500 million per unit. By comparison, the B-52 Stratofortress, the mainstay of the US's bomber fleet, has an estimated value of roughly $94 million. In addition to being expensive, Tu-160s are rare. Russia is thought to have only 16 operational airframes, and Ukraine said it damaged some in last Sunday's attacks. Prof Justin Bronk, a senior research fellow for air power at the Royal United Services Institute, told the i newspaper that imagery from the Anadyr base could suggest Moscow was trying to reduce the risk of more drone attacks. Dubbed 'Operation Spider's Web', the June 1 strikes were the result of 18 months of meticulous planning by Ukraine's security service (SBU), which on Wednesday released a video detailing how the strikes played out. Agents smuggled 'cheap drones' into Russia, 'right under the nose' of the Russian security agency, captions from the video read. These drones were placed inside modified wooden cabins mounted on the back of lorries, then driven to locations near their targets by drivers who were seemingly unaware of their cargo. Once near the airbases, the cabins released the drones to attack aircraft on the bases. 'Everything was planned down to the second,' the video explained. 'It happened simultaneously in three different time zones, involving 117 drones.' 'The SBU's web was to entangle all of Russia,' it said. The SBU planned to attack five airfields, although only four were hit, as drones exploded prematurely while en route to a base in Russia's far east. Admiral Pierre Vandier, Nato's Supreme Allied Commander Transformation, lauded the operation, saying it was a reinvention of the 'Trojan horse method', with new 'technical and industrial creativity'. Sergei Ryabkov, Russia's deputy foreign minister, on Wednesday said Moscow's nuclear deterrence 'has not suffered significant damage', and that the affected equipment 'can and will be restored'. Experts, however, said it would take years for Russia to recover from the assault, which Ukrainian officials estimated caused $7 billion worth of damage. Several Tu-95 and Tu-22 bombers are believed to have been destroyed in the operation. Kyiv said last week that Russia had used a Tu-160 to launch a cruise strike against Ukraine. It claimed this indicated a shortage of Tu-95s and Tu-22s, as Moscow usually uses these older models for strikes rather than the more expensive and scarce Tu-160. Both the Tu-95 and Tu-22 are no longer produced. Russia does assemble new Tu-160s, however only two are thought to have been completed since 2022. Though the Tu-160 is a Soviet-era design, in 2018 the Russian ministry of defence ordered 10 new airframes at a cost of 160 billion roubles. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
