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The US waives sanctions on Russian energy in order to support weaker nations

Russian energy in order to support weaker nations

The United States has granted another temporary extension allowing certain purchases of Russian seaborne oil, marking a significant policy shift as global energy markets remain under pressure from ongoing disruptions linked to the Iran conflict and the closure of the Strait of Hormuz.

U.S. Treasury Secretary Scott Bessent announced the decision on Monday, confirming a new 30-day sanctions waiver designed to support energy-vulnerable nations struggling with supply shortages and soaring fuel costs.

The move reverses earlier indications from Washington that no additional extensions would be issued.

According to Bessent, the temporary authorization will allow access to specific Russian oil cargoes already stranded on tankers without violating existing U.S. sanctions targeting Russia’s energy sector.

The measure is intended to help countries heavily dependent on imported fuel maintain energy supplies as geopolitical tensions continue to disrupt global trade routes.

Energy Security Concerns Drive Policy Shift

Sources familiar with the decision said several lower-income countries had requested the extension after losing access to Gulf energy shipments due to the impact of the U.S.-Israeli conflict with Iran and continued disruptions in the Strait of Hormuz.

The strategic waterway normally handles a significant share of global oil exports and remains one of the world’s most critical energy chokepoints.

Its disruption has tightened supply chains and triggered sharp increases in oil prices, placing additional pressure on nations already struggling with high import costs.

Bessent said the waiver would provide temporary flexibility while the U.S. works with affected countries on additional licensing arrangements.

“This measure helps ensure oil reaches the most energy-vulnerable countries and contributes to stabilising physical crude markets,” he said.

The Treasury chief argued that redirecting already available Russian supplies could ease competition for alternative oil shipments and prevent further disruptions.

Limited Scope of the Waiver

Despite its significance, the waiver remains narrowly defined.

The authorization applies only to Russian crude oil and petroleum products loaded onto vessels before a specified cut-off date and currently stranded at sea.

It does not allow access to newly produced Russian oil or expand broader exemptions to sanctions imposed on Moscow’s energy industry.

The sanctions framework targeting major Russian oil firms remains intact.

Washington introduced restrictions on companies including Rosneft and Lukoil as part of efforts to reduce revenue flowing to Moscow following Russia’s invasion of Ukraine.

The temporary waiver was first introduced earlier this year after oil markets reacted sharply to Middle East tensions and concerns over supply shortages.

Monday’s announcement marks the second occasion on which U.S. authorities allowed the exemption to expire before reinstating it.

Critics Warn of Unintended Benefits for Moscow

The decision immediately drew criticism from some U.S. lawmakers who argued that allowing additional Russian oil sales could strengthen Moscow financially.

Democratic Senators Jeanne Shaheen and Elizabeth Warren condemned the move, calling it an unnecessary concession that could undermine sanctions pressure.

The lawmakers argued that increased oil revenues would benefit the Kremlin at a time when Russia remains engaged in the war in Ukraine.

They also questioned whether the temporary relief was achieving its stated objective of lowering fuel prices or improving energy market stability.

“Additional revenue generated through these arrangements risks supporting Russia’s war effort,” they said in a joint statement.

Critics further argued that the policy sends mixed signals regarding Washington’s broader sanctions strategy.

Impact on Global Oil Markets Remains Uncertain

Energy analysts say the waiver may offer short-term relief for specific import-dependent countries but is unlikely to significantly influence global fuel prices.

Stephanie Connor, a former official at the Treasury Department’s sanctions office, noted that broader international restrictions remain in place.

European and British sanctions on Russian energy imports continue to limit overall market access.

As a result, the temporary U.S. exemption may have only modest effects on supply balances.

“It remains unclear whether these short-term authorizations have materially affected gasoline prices or market stability,” Connor said.

Analysts also noted that the waiver targets only limited existing cargoes rather than creating new export channels.

Oil Prices Continue Climbing

The announcement came as global crude prices surged amid ongoing uncertainty around Middle East supply routes.

Benchmark Brent crude rose more than 2% to finish above $112 per barrel as traders assessed continued supply risks linked to the Hormuz disruption.

Oil markets remain highly sensitive to developments involving Iran.

Prices briefly moved lower earlier in the trading session after reports suggested Washington was considering temporary sanctions relief on Iranian oil during negotiations.

However, those reports were later disputed, and uncertainty returned to markets.

President Donald Trump later stated that a planned military action against Iran had been paused to allow diplomatic efforts to continue.

The comments provided temporary relief but did little to ease broader supply concerns.

Russia May Gain Additional Revenue

Some experts believe the waiver could indirectly strengthen Russia’s energy earnings.

Charles Lichfield of the Atlantic Council’s GeoEconomics Center said higher global oil prices already favour Moscow and the additional exports could further offset losses caused by attacks on Russian energy infrastructure.

Ukraine has increasingly targeted refineries, ports and logistics facilities deep inside Russian territory, affecting oil production and exports.

Allowing stranded Russian cargoes to enter markets may soften those disruptions.

Lichfield argued that current economic pressures on Russia might otherwise have created an opportunity for stronger sanctions enforcement.

“Russia’s economy is showing signs of strain, and some analysts believe this could have been a moment to increase pressure rather than relax restrictions,” he said.

G7 Talks Focus on Iran and Energy Stability

Bessent announced the extension while attending meetings with finance leaders from the Group of Seven in Paris.

He used the occasion to urge allies to strengthen enforcement of sanctions against Iran.

The Treasury Secretary argued that coordinated international action remains necessary to limit financial networks supporting Tehran.

He called on partner nations to uphold sanctions frameworks and prevent illicit funding channels from expanding.

The comments underscore the delicate balancing act facing policymakers.

While Washington seeks to maintain pressure on both Russia and Iran, rising energy costs and supply disruptions are forcing governments to weigh geopolitical objectives against economic realities.

For now, the latest waiver highlights how global conflicts are increasingly reshaping energy policy, forcing temporary compromises as nations navigate one of the most volatile oil markets in recent years.

Picture of George Mensah

George Mensah

George Mensah is a Senior Political & Conflict Correspondent at ClicxPost, covering global politics, international conflict, and economic developments. With five years of experience in breaking news and geopolitical reporting, he delivers fast, accurate analysis on major world events.

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Spain deadliest wildfire deaths

Spain’s deadliest wildfire in decades kills 11, leaves 19 missing near Almería

July 10, 2026 No Comments

A fast-moving wildfire near Los Gallardos, in the southern Spanish province of Almería, has killed 11 people, injured eight and left 19 others missing, in what officials are calling the region’s worst blaze in more than two decades.

Around 150 firefighters worked through the early hours of Friday, July 10, to contain the fire, according to local newspaper El País. The blaze broke out Thursday in a hamlet near the Sierra de los Filabres mountains, in a semi-arid stretch of Andalusia, and spread with unusual speed through wooded terrain toward the nearby village of Bédar.

Temperatures in the region have topped 100 degrees Fahrenheit, according to Spain’s State Meteorological Agency, known as AEMET. The agency issued a high-danger heat warning for parts of Almería on Thursday, with some areas reaching 105.8 degrees. The fire is unfolding during one of the most severe stretches of heat Europe has seen in years. More than 40 people died in France alone over a few days last month, and Western Europe just recorded its hottest June on record, according to the EU’s Copernicus Climate Change Service, which also found it was the second-warmest June ever recorded globally.

Victims caught fleeing by car and on foot

Antonio Sanz Cabello, Andalusia’s health and emergencies minister, described the fire as “truly tragic” during a Friday morning briefing and confirmed the 11 deaths occurred “across two separate situations.”

In one incident, four people believed to be British nationals died inside a vehicle after taking a route that diverged from the official evacuation path, Sanz Cabello said. In the second, seven people died after apparently abandoning their cars and attempting to escape on foot. Officials are still working to determine exactly what happened in that case. Local reports indicate some of those victims may have tried to flee along a dry riverbed that turned into what Sanz described as a death trap.

“All indications suggest the deceased were mostly or entirely foreign nationals, though this cannot be confirmed until formal identification is established,” Sanz Cabello said, according to a translation from Spanish. Four additional people sustained less serious injuries.

Emergency response mobilized across Andalusia

Sanz Cabello said Andalusia had activated its INFOCA wildfire protection plan, bringing in law enforcement, local councils and Spain’s Military Emergencies Unit to support firefighters on the ground. Roughly 220 soldiers from that unit have joined the roughly 150 firefighters already deployed.

He said the fire had moved with extreme speed through an area where many residents live, forcing evacuations of numerous homes while other residents were placed under shelter-in-place orders. About 1,000 residents and visitors have been moved out of threatened areas since the fire began, and 122 people, most from Bédar, have been relocated to a local theater and a sports center, Sanz Cabello said.

Regional president Juanma Moreno confirmed on Cadena Sur radio that 19 people remain missing and said he was concerned the death toll could still rise. Moreno also addressed the disaster in a public statement, calling it a tragedy and offering condolences to the families of those who died and support to the affected municipalities.

Spanish Prime Minister Pedro Sánchez expressed condolences as well, writing on social media that he felt profound sadness over the fire’s consequences for the province of Almería.

A cause still under investigation

Authorities have not officially confirmed what sparked the blaze, but the mayor of nearby Antas, Pedro Ridao, said it is believed a power cable came loose and fell onto dry scrubland, igniting the fire before it spread rapidly into surrounding woodland. Emergency calls reporting the fire’s outbreak pointed to the same cause, though a formal investigation is still underway.

More than 3,150 hectares of forest and agricultural land have burned so far. Ground crews have faced steep terrain, narrow access roads and unsafe conditions in parts of the affected area, forcing heavier reliance on aircraft and helicopters for water drops. Shifting winds have complicated containment efforts, requiring firefighters to continually adjust their approach as the fire’s direction changes.

A summer already marked by extreme heat

The wildfire adds to a summer already defined by dangerous heat across Spain and much of Western Europe. Spain logged more than 1,000 excess deaths linked to extreme temperatures in June alone, and the country recorded some of its hottest June days on record on June 23 and 24, with many locations topping 104 degrees, according to AEMET. Parts of Western Europe are now facing their third heatwave in six weeks.

Europe remains the world’s fastest-warming continent, with temperatures rising roughly twice as fast as the global average since the 1980s, according to Copernicus. Globally, 2025 ranked as the third-hottest year on record, a trend scientists say has intensified the frequency and severity of wildfires across the Mediterranean region in recent summers.

Almería province, a popular summer destination for both domestic and international travelers, has seen its tourism sector directly affected by the disaster. Hotels, holiday villas and rural rental properties in the area have been evacuated alongside residential communities, and consular assistance has been activated to help foreign visitors who left behind belongings and documents while fleeing the flames. Almería Airport remains operational, though wildfire activity has affected regional aviation coordination due to the ongoing helicopter water-bombing operations nearby.

Sudan civil war peace proposal

Sudan’s army demands full RSF withdrawal as condition for U.S. peace plan

July 10, 2026 No Comments

Sudan’s military has told Washington it will only fully embrace a U.S. peace proposal if the paramilitary Rapid Support Forces agree to pull out of every city they have seized since the war began, according to documents reviewed by Reuters and confirmed by senior Sudanese officials. The condition marks the latest sticking point in years of failed attempts to end a civil war that has killed hundreds of thousands of people and displaced millions more.

The documents show the U.S. proposal, put forward last month, called for both sides to accept an immediate 90-day humanitarian truce. That pause would create room to negotiate a permanent ceasefire and begin a transition toward a civilian-led government and elections.

The plan also outlined a United Nations-led mechanism to oversee limited RSF withdrawals, starting with North Darfur, where RSF fighters recently seized the city of al-Fashir in an assault marked by widespread violence, and North Kordofan, which the RSF has targeted with an ongoing drone campaign.

Sudan’s army-backed government accepted most of the U.S. plan but rejected the idea of a partial pullback. The documents show Sudanese officials insisted the agreement must require the RSF to withdraw “from all the cities it has occupied since May 11, 2023,” the date fighting broke out between the two forces. That demand for a complete withdrawal has derailed previous rounds of negotiation, and its return here signals the same obstacle remains unresolved.

Neither the U.S. State Department nor Sudan’s Foreign Ministry responded to requests for comment.

A broader plan for disarmament and civilian rule

Beyond the truce and withdrawal terms, the U.S. proposal calls for merging Sudan’s fighting forces into a single national army, paired with a formal disarmament, demobilization and reintegration process for former combatants. It also lays out a civilian-led political transition that would exclude both the Muslim Brotherhood and militia groups accused of committing atrocities during the war.

The diplomatic picture around the proposal has been muddled. U.S. Senior Adviser for Arab and African Affairs Massad Boulos initially told the UN Security Council that Sudan had rejected the plan. Days later, Boulos posted on social media that he was pleased to learn Sudanese army chief General Abdel Fattah al-Burhan had, in his words, “apparently accepted — rather than rejected” the proposal. The shift left the actual state of negotiations unclear even as both sides continued discussing terms.

A senior RSF official told Reuters the paramilitary group had received the proposal, welcomed it and submitted a written response, though the official did not disclose what that response contained. The RSF has a history of publicly welcoming peace offers while continuing military operations on the ground, a pattern that has fed skepticism about how seriously either side is committed to a full stop in fighting.

Fighting continues in Kordofan

Even as the diplomatic exchanges play out, the RSF is running a drone-driven offensive in the Kordofan region, the area separating Darfur from the eastern half of Sudan that remains under army control. The continued military pressure there complicates any near-term truce, since the region sits at the boundary between territory each side is fighting to hold or retake.

The RSF’s position in Darfur has grown more entrenched since it captured al-Fashir. UN experts have accused the group of committing genocide in the region, an area roughly the size of France where the RSF now exercises control and has begun setting up its own parallel governing structures separate from the internationally recognized government in Port Sudan. The RSF denies deliberately targeting civilians.

A war rooted in a failed integration plan

The conflict began in April 2023 after negotiations broke down between the army and the RSF over how to merge the paramilitary force into the national military as part of a planned transition to civilian democratic rule. What started as a power struggle between Burhan and RSF commander Mohamed Hamdan Dagalo, known widely as Hemedti, escalated into a nationwide war that has since drawn in various militias and regional actors.

The war has produced one of the world’s largest displacement crises, pushing millions of Sudanese from their homes, both within the country and across borders into neighboring states such as Chad, Egypt and South Sudan. Estimates of the death toll vary widely depending on the source, with figures reaching into the hundreds of thousands when accounting for deaths from violence, disease and starvation tied to the collapse of health and food systems in affected regions.

Washington has led multiple prior mediation efforts aimed at ending the fighting, including earlier rounds of talks that produced short-lived truces before collapsing amid renewed offensives from one side or the other. The repeated failure of these efforts has left both Sudanese civilians and international observers wary of how durable any new agreement might prove, particularly given that the core disagreement over troop withdrawals from occupied territory remains as unresolved now as it was earlier in the conflict.

Whether the latest proposal fares differently may hinge on details neither side has made public: how the UN would enforce phased or full RSF withdrawals from cities like al-Fashir, and what guarantees either side would accept that the other will not use a truce period to regroup and resume fighting once the 90 days expire. For now, both the army and the RSF have signaled openness to negotiation while continuing to jockey for position on the ground, a dynamic that has defined much of the war’s diplomatic history since it began three years ago.

Senegal Constitutional Court ruling

Senegal’s top court strikes down constitutional reform that curbed presidential power

July 10, 2026 No Comments

Senegal’s newly created Constitutional Court struck down a constitutional amendment on Thursday that would have shifted significant authority away from the presidency, delivering a setback to the parliamentary majority behind the change and deepening a political rift at the top of the West African country’s government.

The court ruled that the amendment, adopted by the National Assembly on June 29, violated the constitution. Lawmakers had passed the measure by an overwhelming majority, but President Bassirou Diomaye Faye asked the court to examine the procedures used to pass it, a review that ultimately found grounds to invalidate the reform.

A break between former allies

The amendment was the product of a rupture between Faye and Ousmane Sonko, once his closest political partner and the man who helped bring him to power. Faye removed Sonko as prime minister in May, and Sonko was quickly elected speaker of the National Assembly, a body Sonko’s Pastef party controls with a commanding majority of 130 out of 165 seats.

From his new post, Sonko pushed the constitutional changes through parliament. The reform would have expanded the powers of the National Assembly and the office of prime minister while narrowing those of the presidency. It also included a provision barring a sitting president from simultaneously leading a political party, a restriction that would have directly affected Faye, who said last week he intends to form his own party.

Opponents of the amendment, including figures within Faye’s own presidential coalition, characterized it as retaliation by Sonko following his dismissal. Aminata Toure, a leader within the presidential coalition, said at a briefing that parliament was being used to weaken the president. Critics outside government made similar arguments, framing the push as an attempt by Sonko to consolidate influence through the legislature after losing his position in the executive branch.

The measure also proposed replacing Senegal’s Constitutional Council with a new, larger Constitutional Court made up of nine members instead of seven, along with new limits on the president’s ability to dissolve the National Assembly and new restrictions on executive decisions made in the period between a presidential election and the official announcement of results.

Protests and a promised referendum

The amendment’s passage in late June triggered street demonstrations in Dakar. Opponents gathered outside the National Assembly building chanting slogans in defense of the existing constitution, and police used tear gas to disperse the crowd. Inside the chamber, opposition lawmakers boycotted the vote, and the session grew heated enough that security personnel removed at least one lawmaker by force.

Faye initially responded by declining to sign the bill outright and instead announcing plans for a national referendum, saying voters themselves should decide on changes that would reshape the balance of power between the presidency and parliament. His government did not set a date for that vote before the Constitutional Court intervened.

Justice Minister Moussa Sarr had told parliament ahead of the amendment’s passage that the president wanted the text put directly to the public rather than settled through the legislature alone. Pastef defended the reform as a rebalancing of power among Senegal’s executive, legislative and judicial branches, arguing the country’s presidential system had concentrated too much authority in one office.

A widening political rift

Thursday’s ruling represents a win for Faye in his escalating standoff with Sonko, though the two men led the coalition that won Senegal’s 2024 presidential election together and built their political movement on a shared platform. Their split has played out largely through institutions, with Sonko using his position atop the legislature to advance changes that would constrain the presidency he no longer occupies.

Sonko responded to the court’s decision on the social media platform X, saying he respected the ruling. The measured response suggests Pastef may pursue other paths to revive elements of the reform rather than directly challenge the court, though the party retains its large legislative majority and the ability to bring similar measures back for another vote.

The Constitutional Court said Faye had specifically asked it to examine the procedures lawmakers followed in passing the amendment, a review aimed at identifying violations serious enough to invalidate the entire text. That procedural focus, rather than a ruling on the substance of shifting power from the presidency to parliament, leaves open the possibility that a revised version of the reform could return through proper channels.

Complications for an ongoing debt crisis

The power struggle between Faye and Sonko carries consequences beyond domestic politics. Senegal has spent the past two years working to resolve a financial crisis that emerged after the government disclosed in 2024 that previous administrations had misreported the country’s debt levels, an admission that shook investor confidence and complicated the country’s relationships with international lenders.

Faye and Sonko came to power promising greater transparency in how the country manages its finances, and the debt disclosure became an early test of that pledge. A protracted rift between the president and the parliamentary leader who commands a supermajority in the Assembly threatens to slow the coordinated response Senegal needs to rebuild trust with creditors and stabilize its finances.

With the Constitutional Court’s ruling now in place, attention shifts to whether Sonko and Pastef attempt to bring a revised amendment back to parliament, and whether Faye proceeds with plans to launch his own political party now that the provision barring him from doing so has been struck down. Neither side has signaled a retreat from the broader fight over how power should be distributed among Senegal’s presidency, parliament and courts.

Trump housing affordability bill

Trump refuses to sign bipartisan housing bill, but it becomes law anyway

July 10, 2026 No Comments

President Donald Trump said Friday he will not put his signature on a bipartisan housing affordability bill, even though it can still take effect without him. Trump had already dismissed the measure as “a big yawn” back on June 29.

In a social media post, Trump said he was withholding his signature “in PROTEST over the fact that the United States Senate is not capable of passing THE SAVE AMERICA ACT.” He tied his refusal directly to a separate, unrelated piece of voting legislation that has stalled in the Senate.

The housing bill passed both chambers of Congress with support from both parties, a rare outcome in a Congress that has struggled to agree on most major legislation this term. Its central provisions waive or speed up environmental reviews for new home construction and cap how many existing single-family homes large Wall Street investment firms can buy up and hold as rentals.

Because Congress already passed the bill, Trump’s signature isn’t required for it to become law. Once a president receives a bill, he has 10 days to sign it or veto it. If he does neither, the legislation becomes law automatically. Trump appears set to let that clock run out rather than formally reject a bill that cleared Congress with bipartisan votes.

A signing ceremony scrapped over an unrelated bill

Trump had originally planned to sign the housing bill at a ceremony on June 24, but he canceled it at the last minute. His stated goal was to pressure congressional Republicans into passing the SAVE America Act, a separate bill that would require voters to prove citizenship before registering and would create a national database of voter records pulled from state systems.

Trump has repeatedly claimed, without evidence, that voter fraud is widespread in U.S. elections. He has pushed that argument through much of his second term, using it to justify a series of proposed changes to how states run their elections, including the citizenship-verification requirement at the center of the SAVE America Act.

By linking his signature on the housing bill to unrelated voting legislation, Trump effectively used a popular, bipartisan measure as leverage over senators who have not moved the SAVE America Act forward. The strategy did not work. The Senate has not passed the voting bill, and Trump is now declining to sign the housing measure anyway, even as it becomes law regardless of his decision.

What the housing bill does

The bill’s environmental review provisions target one of the most commonly cited obstacles to new home construction: lengthy federal reviews required before builders can break ground on many projects. Waiving or accelerating those reviews is intended to let developers move faster on new housing supply in areas facing shortages.

The cap on institutional ownership of single-family homes addresses a different concern that has drawn attention from lawmakers in both parties: large investment firms buying up existing homes in bulk and renting them out, which critics argue drives up purchase prices and shrinks the supply available to individual buyers. The bill sets a limit on how many already-built single-family homes these large investors can own going forward.

Housing affordability has remained a persistent problem for households across income levels, with home prices and rents both outpacing wage growth in many parts of the country over the past several years. The bipartisan agreement on this bill reflected shared concern in Congress over that trend, even as lawmakers remain divided on most other fronts.

Trump’s decision to withhold his signature, despite the bill becoming law anyway, leaves him on record opposing a measure that passed with support from members of his own party. It also underscores how he has used procedural leverage, including canceled ceremonies and withheld signatures, to try to advance the voting legislation he has prioritized since returning to office.

Election Assistance Commission Trump fires

Trump fires final three election assistance commissioners ahead of midterms

July 10, 2026 No Comments

President Donald Trump removed the last three sitting members of the Election Assistance Commission on Thursday, leaving the federal body that supports election administration across the country without any commissioners just months before the midterm elections. The White House confirmed the move after Reuters first reported it.

The four-member commission is designed to split evenly between the two parties. All four seats are now empty. The lone Republican appointee resigned, while the two Democratic appointees were fired through an email from the White House Presidential Personnel Office, according to one person familiar with the matter and two others briefed on the decision. A fourth commissioner had already left the post in April.

The termination email sent to the commissioners and reviewed by Reuters read: “On behalf of President Donald J. Trump, I am writing to inform you that your position as Commissioner of the Election Assistance Commission is terminated, effective immediately. Thank you for your service.”

A White House official defended the firings in a statement, pointing to a recent Supreme Court ruling that expanded the president’s authority to remove members of independent agencies. “The President, and head of the Executive Branch, reserves the right to remove individuals that may not be totally aligned with the important task of securing America’s elections and ensuring every legal vote is counted,” the official said. The official added that the administration has been coordinating with other agencies and local partners to guard against election fraud and to build up infrastructure ahead of the midterms.

The commission, created by Congress through the 2002 Help America Vote Act, functions as a clearinghouse for information on how elections are run. It accredits labs that test voting equipment, certifies voting systems used by states, and maintains the national mail voter registration form required under the 1993 National Voter Registration Act.

The three ousted commissioners, Thomas Hicks, Benjamin Hovland and Christy McCormick, were each confirmed unanimously by the Senate. Under the 2002 law, the president can name replacements, but the White House has not said when or how it plans to refill the commission.

Pressure on mail voting and 2020 claims

The firings follow months of pressure from Trump and administration officials to tighten vote-by-mail rules before the midterms, along with continued efforts to revisit the outcome of the 2020 election, which Trump lost to Democrat Joe Biden. Trump has repeated unproven claims throughout his second term that the 2020 race was rigged against him.

Election administration has traditionally been left to individual states, which set their own rules for registration, mail ballots and polling procedures. Trump has pushed for a larger federal role in that process as Republicans and Democrats prepare for the November midterms.

Senator Mark Warner, a Virginia Democrat, criticized the firings in a social media post Thursday, saying the move “should concern every American, regardless of party.” He called the removal of every remaining commissioner months before the midterms “an extraordinary step that demands an immediate explanation from the administration and raises profound concerns about political interference in the institutions that support our elections.”

The administration’s justification traces back to a Supreme Court decision that gave the president wider latitude to remove officials at independent agencies, a ruling the White House cited directly in defending Thursday’s terminations. Commissioners at agencies like the EAC were historically seen as insulated from removal by ordinary political disagreement, given the requirement that the panel split evenly between the parties. That structure was meant to keep election administration support out of partisan hands.

With the commission now empty, its day-to-day functions, including certifying voting systems and accrediting testing labs ahead of the midterms, fall into question. The agency’s website describes its role as a resource for state and local election officials rather than a body that runs elections directly, but the certification and accreditation work touches equipment used across much of the country.

It remains unclear whether Trump will move quickly to name four new commissioners or leave the seats vacant heading into the midterms. Senate confirmation would be required for any replacements, a process that can take months even when the White House prioritizes it.

The firings add to a string of moves by the Trump administration affecting independent federal bodies since the Supreme Court ruling on removal power. Officials at other agencies have faced similar terminations, part of a broader effort by the administration to bring agencies historically shielded from direct presidential control more closely under White House direction.

Democrats have raised concerns that emptying the commission just before a major election cycle could slow down certification of new voting equipment or leave state officials without federal guidance during a period when several states are considering changes to their voting procedures. Republicans have generally supported the administration’s push for stricter election security measures, including tighter mail-ballot verification.

The EAC’s remaining staff, separate from the commissioners themselves, continue to operate the agency day to day, but major decisions such as certifying new voting systems typically require sign-off from the commission. Without confirmed commissioners in place, that process could stall unless the White House moves quickly to nominate and the Senate moves quickly to confirm replacements.

Hicks, Hovland and McCormick had each served on the commission for multiple years and were seen as experienced hands on election administration policy, according to people familiar with the commission’s work. Their unanimous Senate confirmations reflected the bipartisan structure Congress built into the agency when it was created in 2002 in response to the disputed 2000 presidential election.

The commission was one of several reforms that emerged from that period, alongside changes to voting equipment standards and provisional ballot rules, aimed at rebuilding public confidence in how U.S. elections are run and counted.

Trump stock market presidency

Trump makes the stock market his scoreboard, but many Americans aren’t even in the game

July 10, 2026 No Comments

President Donald Trump opened the trading week from an unusual spot: the Oval Office, ringing the New York Stock Exchange’s opening bell by remote hookup. The moment fit a pattern he has built through the first year and a half of his second term. He treats rising stock prices as the clearest scorecard of his presidency, even as many households still struggle with the cost of groceries, rent and gas.

Roughly four in 10 Americans hold no stock investments at all, according to Gallup polling. That gap has some economists warning that Trump’s preferred yardstick tells only part of the story. He has pointed to equity gains as vindication for decisions ranging from the U.S. strike on Iran to sweeping global tariffs and his signature tax and spending law, all while pushing more households to buy in and tying the federal government’s fortunes directly to a handful of major companies.

White House officials describe the strategy as part of a longer-term push to widen stock ownership across the country. Investors have largely welcomed it, saying it signals a president who tracks market conditions closely and reacts fast.

Trump brings up the market constantly. He has raised it in meetings with foreign leaders, at campaign-style rallies and even during formal military ceremonies. In June, moments before presenting three service members with the Medal of Honor, the nation’s highest military decoration, he told the room: “The stock market just hit a new all-time high, the 401(k)s are at a new all-time high, and oil is dropping like a rock.”

His policy agenda has followed the same logic. The $4.1 trillion tax and spending package Republicans passed, which Trump has branded the “One Big Beautiful Bill,” created government-funded investment accounts for newborns, dubbed “Trump accounts.” In February, he proposed matching up to $1,000 in 401(k) contributions for workers who sign up for a related “Trump IRA” program.

The administration has also taken direct financial positions in private companies, something past presidents largely avoided. It holds an equity stake in Intel and a “golden share” in U.S. Steel, and has struck revenue-sharing arrangements with chipmakers Nvidia and AMD. Trump frames those deals as evidence of a strong economy rather than what several economists call an unusually direct government hand in corporate America.

A market split by income

Roughly 40% of Americans hold no stock, and the wealthiest 1% control more than half of all capital market investments in the country, according to Gallup. Economists have started calling the result a “K-shaped economy”: affluent households keep spending and investing while middle- and lower-income families pull back on both.

Stocks have added $15 trillion in value since Trump returned to the White House, a gain of about 25%, and now make up roughly a third of total household wealth in the U.S. But that wealth sits overwhelmingly with people who already had money in the market. For the bottom half of American households, savings tend to sit in home equity and durable goods like cars and appliances, not stock portfolios, so market swings barely touch their day-to-day finances.

The broader economy is holding up reasonably well. Growth remains solid and unemployment is low. But inflation has ticked up in recent months, driven partly by the fallout from the Iran conflict, and that has soured public sentiment even as headline market numbers climb.

White House spokesman Kush Desai said in a statement that Trump wants “every American” to hold “their own piece of the pie” as the economy expands.

A metric with limits

Trump has direct personal exposure to market swings. His financial disclosures show his investment accounts made 3,600 stock trades worth between $212 million and $695 million in the first three months of 2026 alone. “You know why I’m profiting? Because the stock market’s going up, everybody’s profiting,” he said last week.

Even some of his closest allies concede the stock market is an incomplete gauge of the economy. “It’s not a perfect correlation. There are other measures of how businesses are doing,” said Stephen Moore, a conservative economist who advises Trump and White House officials periodically. “But a valuation of their stock is an important indication.”

Critics say the president has let market reactions steer major policy calls. He rolled back large parts of his tariff plan after stocks sold off sharply following the initial announcement. He has also weighed market reaction while managing the Iran conflict, mindful of comparisons to President Herbert Hoover, who was in office during the 1929 crash. At the Group of Seven summit in June, Trump said he noticed that “every time we talked about the possibility of peace, the stock market shot up like a rocket ship.”

“This is the way that people can get his attention or society can get his attention,” said Alex Jacquez, chief of policy and advocacy at the left-leaning Groundwork Collaborative. “Where it’s dangerous is that it only seems to assert itself when corporate or financial interests are at stake.”

Jacquez said measuring the economy through stock performance leaves out younger Americans who hold little equity, along with women and minority groups who remain underrepresented among stock owners. The approach also skips over small businesses, which employ a large share of American workers, and privately held companies that never trade on public markets.

Many economists instead track gross domestic product and wage growth to judge economic health. U.S. GDP grew 2.1% in 2025, and average hourly wages rose 3.5%, a gain that outpaced last year’s inflation but has not kept up with the recent uptick in prices.

Some investors argue that a president fixated on stock performance works in their favor, cutting the odds of a “black swan” event, a term for sudden, severe shocks that catch markets off guard. Administration officials have made similar arguments, though some on Wall Street doubt any president can fully insulate markets from a downturn.

“Having President Trump always focused on the market helps investors sleep well at night,” said Dan Ives, global head of technology research at Wedbush Securities. “It almost creates some natural guardrails.”

trump ties his presidency to stock gains even as 4 in 10 americans own no stock

SpaceX IPO millionaires

New spacex millionaires splurge on meteorites, fire trucks and watches

July 9, 2026 No Comments

Chip, a former data scientist at Elon Musk’s SpaceX, is sitting on roughly $3.5 million in company shares. He recently spent it on $10,000 worth of meteorites and a $5,000 fire truck.

The 50-year-old isn’t entirely sure what he’ll do with the truck, maybe use it as an attraction at his 3-year-old’s birthday party. But his new wealth, tied to SpaceX’s initial public offering in June, has given him room to buy what he calls “silly” things, he told Reuters.

Chip, who asked to use only his first name to discuss his finances, has also been eyeing a TAG Heuer Carrera Calibre 1887 SpaceX Chronograph watch priced around $8,000, a piece inspired by NASA astronaut John Glenn’s 1962 orbital mission.

Whether the roughly 440,000 new U.S. millionaires created by last year’s stock market gains and this year’s wave of AI company listings will fuel a new boom for the global luxury goods sector remains an open question. “This industry is competing more and more with other industries and with other buckets of possible expenditures and purchases,” said Federica Levato, a partner at the consultancy Bain & Company.

Fashion brands, already dealing with weak demand in China and cautious consumers worldwide, are hoping tech’s newest millionaires can offer some relief. The personal luxury goods market, valued at €358 billion, or $406 billion, in 2025, has shrunk over the past two years, according to a Bain study released last month.

Still, North America was among the fastest-growing markets in the quarter ending March 31 for luxury groups LVMH, Richemont, Hermès and Kering’s Gucci. Richemont CEO Nicolas Bos told analysts in May that strong sales in the region reflected a high level of consumer confidence in America.

A different kind of buyer

Brands courting tech’s newly wealthy face a different set of tastes and competing priorities that pull attention away from traditional luxury goods. Zack Kass, an AI strategist who led OpenAI’s go-to-market unit until 2023 and holds an undisclosed stake in SpaceX, said his own spending reflects a background in athletics rather than fashion. “I played volleyball in high school and college,” he said. “I literally took my OpenAI winnings and bought a professional sports team,” referring to a volleyball franchise.

Tech employees are gravitating instead toward experiences and wellness, including smartwatches that track steps and calories, said Harrison Colcord, founder of Harrison Lifestyle Concierge.

Robert, a former SpaceX engineer whose shares are worth roughly $4 million, said he and his wife recently bought new Apple Watches as part of a renewed focus on fitness. The couple, who also asked to use only his first name, plans to reinvest most of their new wealth after taking a cruise around Alaska.

Traditional luxury watchmakers still have an opening, though, partly because brands like Rolex and Richemont’s Cartier often carry resale values above retail price, giving them investment appeal beyond status. “You’re not wearing your smartwatch with your tux or your suit,” Colcord said.

The U.S. was the top destination for Swiss watch exports in 2025, accounting for 17% of the global total despite disruption from import tariffs, according to the Federation of the Swiss Watch Industry. Rolex declined to comment, and Richemont did not respond to a request for comment.

Real estate and cars over apparel

Apparel brands face a tougher path, competing with industries well outside traditional luxury for a share of this new spending. Newly wealthy buyers spend about a third less on tailored clothing and leather goods than clients with generational wealth, said Filippo Bianchi, who leads the global luxury team at Boston Consulting Group. Their top priority instead tends to be durable assets like real estate, yachts and cars, he said.

Even so, logo-forward brands like Chanel and Hermès still carry appeal among affluent tech clients, said Mary Gonsalves Kinney, a California-based stylist who works with tech executives.

Chip said he has no plans to buy luxury apparel, aside from a possible upgrade to his outdoor gear. His last jacket purchase came from Goodwill. “I’ve been in T-shirts and shorts for years,” he said. “That’s what I’m comfortable in. I don’t see that changing.”

Trump voter fraud claims

Judge revives republican states’ access to immigration database for voter checks

July 9, 2026 No Comments

A federal judge in Florida has ordered the U.S. Department of Homeland Security to restore four Republican-led states’ access to an immigration database used to check the citizenship status of people on their voter rolls, setting up a direct conflict with another judge who had already blocked the database’s nationwide use.

U.S. District Judge T. Kent Wetherell II, sitting in Pensacola, issued the ruling Tuesday. He acknowledged Washington, D.C.-based U.S. District Judge Sparkle Sooknanan’s June 22 decision halting use of the revamped database, which stores Social Security numbers, citizenship status and other personal data on people nationwide.

Wetherell, appointed by Republican President Donald Trump, said DHS had violated an earlier settlement with Florida, Ohio, Iowa and Indiana when it disabled the states’ access to key database features in order to comply with Sooknanan’s order. “The fact that Defendants disabled those features to comply with Judge Sooknanan’s order does not change the fact that they violated the agreement,” he wrote.

Sooknanan, appointed by Democratic President Joe Biden, had sided with voting rights and privacy advocates who argued the overhaul of the system, known as SAVE, made it less accurate and put eligible voters at risk of losing their registration. Wetherell said he disagreed with her conclusion that the revamp was unlawful or that it violated privacy statutes governing federal disclosure of Social Security numbers.

Wetherell said that when he approved the Trump administration’s settlement of a Biden-era lawsuit Florida filed in 2024 over SAVE’s earlier implementation, he had already found, implicitly, that the changes required by the deal complied with federal law.

He acknowledged the bind his ruling created for DHS. “One from this Court requiring them to include certain features in the SAVE system and one from Judge Sooknanan prohibiting them from doing so,” he wrote, describing the two contradictory orders the agency now faces. “One of the orders has to give, and not surprisingly, the Court is not persuaded by Defendants’ (and the amici’s) arguments that its order is the one that should give,” he added.

Sooknanan responded in a separate order Wednesday, saying Wetherell’s ruling has no bearing on the case in front of her. She also rejected the Trump administration’s request to pause her ruling while it pursues an appeal. She wrote that Wetherell “erred in significant ways” and effectively issued an advisory opinion, arguing he “had no authority to make merits determinations about the legality of SAVE, either implicitly or explicitly.”

DHS did not immediately respond to a request for comment.

Election administration in the U.S. falls to individual states. Trump and his allies have repeatedly claimed states aren’t doing enough to stop voter fraud, despite audits and academic research showing it is uncommon. Trump has also falsely claimed his 2020 election loss resulted from fraud.

His administration’s push to expand federal control over elections has run into repeated resistance in the courts. Judges have separately blocked Trump’s executive orders that would have required proof of citizenship for voter registration and restricted how mail ballots are counted.

Last year’s overhaul of SAVE let users search multiple records simultaneously and gave them access to individuals’ Social Security numbers. Since then, several Republican-led states have run their voter rolls against the database and canceled the registrations of voters flagged as noncitizens.

Voting rights groups, including the League of Women Voters, say the database can return outdated results, sometimes mislabeling naturalized citizens, who are legally eligible to vote, as noncitizens.

Trump Erdogan NATO summit

Turkey rolls out red carpet for Trump at Nato summit, seeks to boost us ties

July 9, 2026 No Comments

Turkey rolled out a red-white-and-blue air show and named a new airport building after President Donald Trump, working to elevate its relationship with the U.S. at a NATO summit in Ankara, even as the American leader clashed with other members of the alliance.

Turkish President Recep Tayyip Erdogan met Trump at the airport on Tuesday and walked arm-in-arm with him. Trump later pledged to drop sanctions he himself had imposed on Turkey during his first term, six years earlier, in what had been one of the lowest points in U.S.-Turkish relations.

The warmth continued through the two-day summit, which closed Wednesday. Trump said he was willing to sell Turkey F-35 fighter jets, though he later added he had not fully made up his mind. He praised Erdogan repeatedly throughout the visit, and the two leaders exchanged smiles, laughter and embraces as they communicated through translators.

Trump says he attended because of Erdogan

For many diplomats, Turkey’s biggest challenge going into the summit was simply making sure Trump would show up. He has attended every NATO summit since taking office, but has also long argued that member countries are not contributing enough to the alliance. Trump said this time he only attended because Erdogan was hosting, a comment that itself amounted to a diplomatic win for Turkey, which has sought to raise its profile within NATO while working through longstanding friction with Washington.

“It was valuable that Trump emphasised the importance he places on myself and our friendship,” Erdogan said as the summit wrapped up. “I thank my dear friend once again.”

A day after his cordial meeting with Erdogan, Trump upended the broader summit on Wednesday, demanding that the U.S. cut trade ties with Spain and repeating his claims on Greenland, a move that angered NATO ally Denmark. He later said the leaders’ meeting had been marked by “a lot of unity,” offering some reassurance to a trans-Atlantic alliance uneasy about a U.S. president who has repeatedly questioned its value.

Seated next to NATO Secretary General Mark Rutte, Trump also defended Erdogan against criticism from Israeli Prime Minister Benjamin Netanyahu, who had warned earlier in the week against selling F-35 jets to Turkey.

U.S. signals plan to drop sanctions

At an earlier meeting in front of reporters, Trump drew a thumbs-up from Erdogan after saying he would lift U.S. sanctions tied to Turkey’s 2019 purchase of Russian S-400 missile defense systems. He also signaled openness to selling the F-35 jets that had been blocked under those same sanctions and related U.S. laws.

Turkey had pushed for this outcome for years while continuing to defend its decision to buy the S-400s, a purchase that had angered Washington and other NATO members and damaged trust within the alliance at the time. Trump’s pledge is still likely to run into resistance in Congress, where existing law bars sanctions relief while Turkey retains the S-400 systems. It could also complicate matters for Ankara with Moscow, given end-user obligations tied to the original purchase agreement.

The diplomatic progress, even if largely symbolic so far, comes just weeks after a U.S. court closed out a yearslong criminal case against Turkish state lender Halkbank, a case Erdogan had long described as unjust.

Western governments stay quiet on rights concerns

The warmer ties could give Erdogan, who has led Turkey for 23 years, a boost at home, where polls show his popularity being tested by a sweeping legal crackdown on the country’s main opposition party. Critics view the crackdown as a broader test of Turkey’s democratic institutions.

Asked about a wave of arrests in the run-up to the summit, including of journalists and a well-known comedian, Rutte said democracy requires more than free elections. It also depends, he said, on the right to protest and a free press.

“Never before in our history has there been a government so deeply dependent on the U.S. administration,” said Ozgur Ozel, leader of the ousted main opposition Republican People’s Party, on Tuesday.

Trump’s predecessor, Joe Biden, had kept some distance from Erdogan, largely over concerns about human rights and civil liberties in Turkey. Since then, Western governments have grown quieter on those concerns as Turkey has expanded its defense manufacturing industry and positioned itself as a counterweight to Russian influence on NATO’s southeastern flank.

That military identity was on full display when Trump arrived at Turkey’s 1,100-room presidential palace in Ankara on Tuesday. He was escorted by 100 horsemen and greeted by the ceremonial guard, along with guardsmen dressed as historical Ottoman soldiers, a first for the palace. As Trump and Erdogan walked together, Turkish jets flew overhead trailing red, white and blue contrails.

Iran war economic impact

Gulf companies face earnings test as iran war reshapes regional economy

July 9, 2026 No Comments

Gulf companies begin reporting second-quarter earnings this week, offering the first detailed look at how four months of war with Iran have reshaped the region’s economy.

Banks and real estate face the steepest exposure, worsened by the conflict’s effect on inflation and interest rates. Telecoms have fared better, protected by long-term contracts and steady demand. Energy companies dealt with supply disruptions from the war but also saw potential gains from price swings tied to the closure of the Strait of Hormuz.

“The second quarter is going to reveal the real impact of the war,” said Tariq Qaqish, deputy CEO at advisory firm FH Capital. He noted that the first quarter, only partly affected by a conflict that began at the end of February, showed just the initial hit to sectors like tourism and aviation.

Geography determines winners and losers

Regional economies built around hydrocarbons are diverging sharply based on how dependent they are on the Strait of Hormuz, the only sea route into the Gulf.

Saudi Arabia, which also operates oil terminals on the Red Sea, is projected to grow 2.1% this year, according to HSBC forecasts. Oman’s stock index, sitting outside the strait, has outperformed regional peers. The UAE, Qatar and Kuwait, all reliant on the shipping channel, are set to contract.

Salman Ahmed, Fidelity International’s global head of macro and strategic asset allocation, said the region’s risk premium is likely to persist as a peace deal comes under renewed threat from fresh strikes, pointing to Iran’s leverage over the strait. On Wednesday, President Donald Trump said an interim agreement to end the war was over after Iran carried out new attacks on U.S. bases in the Gulf.

“A further confidence shock would exacerbate risk for companies exposed to consumer and service demand,” S&P Global Ratings analysts said.

Energy and telecoms hold steady

Oil and gas earnings are expected to stay strong, with elevated prices partly offsetting volumes lost to damage and disruption. HSBC raised its Brent forecast to $95 a barrel for 2026 and now estimates second-quarter average prices of $114.

Saudi Arabia kept exports flowing through the Red Sea, but the UAE’s gas sector took a hit. ADNOC Gas forecast a roughly 19% year-on-year decline in domestic gas sales, tied to an incident at one of its plants.

Regional telecom operators have proved resilient, including Saudi Arabia’s STC and Mobily and the UAE’s e&.

The consumer sector, spanning retail and tourism, has shown clear signs of disruption, though increased at-home spending has offset some losses. Shares in Dubai food delivery firm Talabat have climbed more than 60% over the past three months. Gulf airline flight volumes have returned to near-normal levels.

Banks and real estate under pressure

Gulf banks are expected to post single-digit declines in second-quarter profits compared with the prior three months, said Elena Sanchez-Cabezudo, head of financials equity research at EFG Hermes. She pointed to weaker fee income from reduced trade finance activity and lower credit card spending on international travel.

Sanchez-Cabezudo said part of the decline reflects a strong January and February, before a full quarter of war weighed on the second-quarter numbers. She added that lenders have remained resilient thanks to abundant sector liquidity.

S&P Global Ratings described regional lenders as having stable funding profiles, but said war-related uncertainty is likely to slow their growth. Some UAE banks have raised interest rates for new savers in an effort to attract deposits.

UAE property markets, after years of growth, are now showing strain. Analysts have flagged risks to expatriate inflows and tourism-linked demand if tensions continue. Some developers have cut or delayed dividend payouts to preserve liquidity.

Citi said in a note that Dubai residential sales in the second quarter fell significantly below pre-conflict levels, with a milder decline in Abu Dhabi. Major developers in the region include Emaar Properties and Aldar Properties.

Francesc Balcells, chief investment officer for emerging market debt at FIM Partners, struck a more optimistic tone. He said some real estate developers are lagging, but regional credit spreads, the premiums investors demand to hold bonds, have returned close to normal levels. “It is just an issue of balance sheets,” he said. “These guys have very strong balance sheets, so they can withstand big shocks like this.”

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