Category: Business Wires

DUBAI, United Arab Emirates — The U.S. military launched a series of strikes against Iran early Wednesday, hours after three merchant ships were struck in the waters off Oman in the Strait of Hormuz.

The renewed attacks from both sides threaten the interim deal reached last month, with the U.S. and Iran both saying the strikes violate that initial agreement. The fresh assaults will add to the difficulty of the negotiations aimed at fully reopening the strait, rolling back Tehran’s disputed nuclear program, and reaching a permanent end to the war launched Feb. 28.

In a statement posted to social media, U.S. Central Command said American forces launched the strikes “to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.”

“Iran’s demonstrated aggression was unwarranted, dangerous, and a clear violation of the ceasefire,” the command said in their statement.

The latest exchange followed a similar spate of Iranian attacks on shipping and U.S. retaliation that occurred late last month.

Hours after the three tankers were struck by projectiles, the United States revoked a license that had authorized the sale of Iranian oil as part of the interim deal to end the fighting between the U.S. and Iran.

The new assaults in the fuel-shipping waterway were the most in a single day since late April, according to the U.N. International Maritime Organization. The fresh attacks threatened to choke off the flow of traffic in the strait just as countries hoped to restore normal shipping practices and ease the global economic strain of the war.

A U.S. official said the license was revoked because Iran’s actions in the strait were unacceptable and needed to be met with consequences. The official spoke with the Associated Press on the condition of anonymity to share insight into the reasoning behind the move.

The Iranian mission to the United Nations did not immediately respond to a request for comment.

One tanker caught fire after getting hit

One tanker was traveling off the coast of Oman when it was hit and caught fire, the United Kingdom Maritime Trade Operations center said. Iranian state television said the liquefied natural gas tanker came under attack after ignoring warnings but did not directly claim the assault.

The other two ships sustained some damage, but no one was injured, and both continued on their way, the U.K. maritime agency said.

Tehran, which has repeatedly declared that only its approved route through the strait is safe, is suspected of attacking other ships that have used another route close to the Omani shore.

Location details provided by the U.K. agency showed that all three attacks occurred off the coast of Oman or the neighboring United Arab Emirates, making it likely that the ships were using the route near Oman.

Talks between U.S. and Iran are on hold

The U.S. is eager to press ahead with negotiations with Iran aimed at fully reopening the strait, rolling back Tehran’s disputed nuclear program and reaching a permanent end to the war launched Feb. 28.

Previous attacks in the strait have sparked retaliatory strikes by the U.S. Iran then attacked Gulf Arab states.

In peacetime, a fifth of all traded oil and natural gas passed through the channel.

The license issued by the U.S. authorized the production, delivery and sale of Iranian oil through Aug. 21. U.S. Vice President JD Vance said at the time that lengthy talks with senior Iranian officials in Switzerland created a “good foundation for a successful final deal” to end the war.

U.S. sanctions on the purchase of Iranian oil had been in place since the 1979 Iranian Revolution. After the U.S. and Israel launched the war, and after the closure of the strait, the U.S. had authorized the temporary sale of Iranian oil at least twice as an incentive toward a deal.

Meanwhile, talks between Iran and the U.S. appeared to be on hold until after the burial of Iran’s Supreme Leader Ayatollah Ali Khamenei, who was killed at the beginning of the war.

Qatar calls attack a violation of international law

One tanker was carrying liquid natural gas south through the strait near Limah, Oman, when a projectile hit the left-side engine room and sparked a fire, the U.K. Maritime Trade Operations center said.

Majed Al-Ansari, a spokesperson for the Qatari Foreign Ministry, said the Qatari tanker Al Rekayyat was targeted in an “unacceptable attack” on international navigation and global energy security. He called it a “serious and explicit violation” of international law.

In a post on X, he said Qatar holds Iran “fully legally responsible.”

Later Tuesday, the U.K. maritime agency reported that an oil tanker was hit on its left side as it exited the strait near the Omani-Emirati border. A third tanker was struck by a drone off Oman, the agency said.

The Joint Maritime Information Center, a multinational body overseen by the U.S. Navy, told shippers Monday that the route around Oman “has been expanded and remains available for all traffic.”

Ships going to the north on the Iranian route must register with Tehran. Those going south work with Oman and the U.S.

Iran and the United States agreed as part of an interim deal to allow ships to pass without paying charges for 60 days. But Tehran insisted it must control the vessels’ routes and later charge fees for passage, which would upend decades of practice in the waterway.

The U.S. and many Gulf Arab states say they will not agree to Iran charging for passage through the strait.

The data firm Kpler reported that at least 108 ships crossed through the strait last weekend using various routes.

Mourners gather in Qom for Khamenei’s funeral

Authorities flew Khamenei’s body to the Shiite seminary city of Qom, where mourners honored him Tuesday.

Iranian state television aired live images of hundreds of thousands of people walking toward Jamkaran Mosque, just south of Qom, for the funeral service. Shiites believe the mosque once hosted Muhammad al-Mahdi, the 12th and last Shiite imam, who disappeared in the 9th century and is supposed to one day reappear to bring justice to the world.

Khamenei’s son, Iran’s new Supreme Leader Ayatollah Mojtaba Khamenei, has yet to make an appearance at the ceremonies, which began Saturday in Tehran. He is believed to be in hiding after reportedly being wounded in the airstrike that killed his father.

Khamenei’s body arrived late Tuesday in Najaf, Iraq, where it was received by senior officials from both countries. Processions are planned for Wednesday in Najaf and Karbala, the two holy cities of Iraqi Shiism. Iraq has a sizable Shiite population and is home to major Shiite religious sites and centers of learning.

Khamenei, who was 86, will then be returned to Iran to be buried Thursday at the Imam Reza shrine in Mashhad, his birthplace.

BRUSSELS — Dozens of diamonds spell out two giant letter T’s next to the Stars and Stripes and “1776” and “2026.” Dozens more frame the numbers 45 and 47 in the shape of Superman’s logo. A diamond-winged eagle carries a ruby shield and clutches an olive branch of emeralds, below a radiant “250” and atop the phrase “250 YEARS USA” etched in 18-karat gold.

All told, 321 diamonds, 56 sapphires, 13 emeralds and six rubies encrust the watch-sized gold ring presented this week to Bill White, the U.S. ambassador to Belgium, to give to President Donald Trump.

“A very special thank you to my friends from Antwerp for the magnificent Freedom 250 ring,” Trump said in a prerecorded video message during an event marking America’s 250th birthday in Brussels.

Isidore Mörsel, president of the Antwerp World Diamond Center, or AWDC, gifted the ring on behalf of the centuries-old diamond community in the Belgian port city, a central node in the worldwide trade of the precious stones that found itself struggling last year under the weight of Trump’s sweeping trade war.

“May this ring serve as a lasting reminder that true partnership like the finest natural diamonds are formed under pressure, endure the test of time, and shine brightest when built on trust,” Mörsel said. The ring’s interior is engraved with the phrase “Crafted in Antwerp for Donald John Trump.”

In dollar terms, the ring’s value pales beside gifts like the $400 million plane donated by Qatar that Trump ordered converted into a new Air Force One. But it’s a glitzy window into the role that ostentatious – and almost always gilded — gifts are playing for those seeking to curry favor with the U.S. president.

A White House official, speaking on the condition of anonymity to discuss the matter, said Thursday that the ring has not been presented to Trump yet.

Ring is latest in Trump’s break with White House custom

The gift comes months after Belgium’s diamond industry won the removal of U.S. tariffs on diamond imports. In September, AWDC said it had “succeeded in securing a zero percent import tariff” on Antwerp’s annual export of more than $2 billion of polished diamonds to the U.S. A spokesperson for the group said on Thursday that the AWDC provided “input” to the European Commission as it negotiated with Trump on a broad deal on tariffs in 2025, but did not itself lobby the administration.

U.S. presidents have considerable discretion to accept gifts from domestic and foreign sources and may determine themselves whether a gift was meant for them personally or the nation. The exception is those from foreign governments, which are prohibited by the foreign emoluments clause of the Constitution without congressional assent, though presidents could use personal funds to reimburse the Treasury for the full value of an official gift if they wish to retain it.

Personal gifts are also supposed to be registered on the president’s annual financial disclosure. Trump’s 2025 disclosure, released this week, revealed a $250,000 gift of a sculpture depicting his triumphal gesture after surviving a 2024 assassination attempt at a campaign rally in Butler, Pa., and tickets to 10 sporting events, including 10 to the upcoming World Cup final in New Jersey from FIFA’s Gianni Infantino, valued at a collective $15,000.

Four U.S. ethics experts told the Associated Press that Trump has broken with decades-old custom in the White House to avoid accepting such gifts.

Ring’s value estimated at $25,000-$35,000

To forge the ring, the AWDC turned to David Gotlib, an Antwerp-based high-end jeweler whose cufflinks can sell for more than 15,000 euros ($17,000).

Neither AWDC nor Gotlib would provide a valuation of the ring, but two independent jewelers told AP they estimated the value between $25,000 and $35,000.

Paris- and London-based jewelry consultant Alexander Levinson calculated the cost at $25,928, while David Saad, a third-generation luxury jeweler in Canada, priced the ring between $33,000 and $35,000. Both said half the cost was in materials, half in labor.

After the ring was presented on a star-spangled stage in Brussels, musician Alexis Wilkins, the girlfriend of FBI Director Kash Patel, sang the U.S. national anthem to more than 8,000 people drinking Budweiser and bourbon from Tennessee and Kentucky.

White said he raised more than $5.5 million for the 250th anniversary event from corporate sponsors like defense industry titans Lockheed Martin and Northrop Grumman and tech firms like Intel, Google, and Meta, as well as the European chocolate companies Leonidas and Ferrero. AWDC said it contributed funds, too.

“The media was asking, ‘Why does it have to be so big?’” White said of the event. “Because we are the United States of America!”

Meanwhile, the fate of the ring is not currently clear.

On Wednesday, White posted a photo online of himself wearing the ring and giving a thumbs-up. The post has since been deleted.

WASHINGTON — The Trump administration proposed a new rule on Thursday to keep hospitals from charging markups on discounted drugs for Medicare patients and says that could save consumers $1.1 billion next year, according to estimates obtained by the Associated Press.

The rule would apply to hospitals that serve low-income patients under what is known as the 340B program, which lets hospitals buy outpatient prescription drugs at discounted prices. But in many cases, hospitals can bill insurers at rates that exceed those costs, allowing hospitals to keep the difference and resulting in higher costs to patients.

Under the proposed rule, the Centers for Medicare & Medicaid Services would change the formula for what hospitals participating in the program can get reimbursed, in an effort to cut costs for patients.

The Republican administration has sought to show during an election year that it is tackling the challenges of affordability for U.S. families at a time when rising healthcare costs are driving financial strains for households and the government alike. While the administration has taken several steps it says will save money on medical treatment, it is unclear how much savings might ultimately materialize based on the complexity of the country’s healthcare system.

The American Hospital Association said the proposed rule would compound the financial pressures its members face.

“These proposals will undermine the ability of hospitals to maintain essential services and protect affordable access to care for those who depend on the 340B program,” said Ashley Thompson, the group’s senior vice president for public policy analysis and development.

There is the risk that hospital systems could see their revenues decrease, which could have consequences in the communities they serve. The 340B program was initially designed as a way for healthcare providers to stretch scarce federal resources to better serve more patients. But it has long been at the center of a lobbying battle between hospitals and pharmaceutical companies, with each side attempting to enlist lawmakers in maintaining or changing the benefit.

The agency estimates that the average older adult with Medicare Part B coverage who is administered one of these drugs would save $800 a year in co-payments. That would work out to a total savings of $1.1 billion for everyone with that coverage.

The savings over 10 years could total about $20 billion, according to a White House official who requested anonymity to discuss the rule before the official announcement. The official said the proposed rule was not previewed for hospital groups before the release.

In a policy draft of the rule, the administration gave a specific example of how the current system works for the prostate cancer drug Lupron Depot. Hospitals under the 340B program can acquire a dose for roughly $700, but they can receive about $4,000 in Medicare reimbursement for administering it and an additional $1,000 from the patient co-payment.

The proposed rule would cut by roughly 40% that amount that hospitals in the discounted drug program could be paid through Medicare programs. If approved, the rule would go into effect at the start of next year.

In 2018 during President Donald Trump’s first term, his administration tried to enact this same type of rule to reduce Medicare payments to hospitals. But the Supreme Court ruled in 2022 that the government could not provide a separate reimbursement plan for 340B hospitals.

The president signed an executive order in April 2025 to survey how much hospitals spend to buy drugs. The result of that survey led to the proposed rule, which would cap Medicare reimbursement for participating hospitals at the average sales prices, minus 33.4%. The reason that the average reimbursement rate would be cut is because the hospitals acquired the drugs at discounted prices.

CAPE CANAVERAL, Fla. — NASA is racing to save an aging telescope from falling back to Earth with a daring rescue mission.

The $30 million salvage operation gets underway as soon as this week with the planned launch of a robotic lifesaver.

NASA hired startup Katalyst Space Technologies to boost the Swift Observatory to a higher orbit where it can continue hunting for some of the universe’s biggest explosions. A three-armed spacecraft built by Katalyst will chase after Swift once it takes off from an atoll in the Pacific’s Marshall Islands aboard an airplane-launched Pegasus rocket. Liftoff could occur as early as Tuesday.

Scanning the cosmos since its launch in 2004, Swift has been sinking faster and faster because of recent intense solar activity. It needs to get to a higher, more stable orbit as soon as possible to survive.

NASA’s Hubble Space Telescope — also at risk — could be next.

Like Swift, Hubble is losing altitude as the sun erupts with one flare after another. Katalyst Space CEO Ghonhee Lee said his company’s next-generation robot, still in development, could save the day for the much bigger Hubble in a couple years.

Only China has attempted a mission like the upcoming one, successfully boosting a satellite into a higher graveyard orbit four years ago.

“This is the first American space robot to go up and do anything like this,” Lee told the Associated Press. “NASA has all these big senior observatories … all of them can benefit from a service like this. So what we’re proving with this mission is this is a new play in the playbook that’s available.”

It will take Katalyst’s autonomous spacecraft, named Link, about a month to rendezvous with Swift and catch it, and another couple of months to raise its orbit from the current 224 miles to the desired 373 miles.

The 1.6-ton gamma ray observatory must be above 185 miles for the rescue to work. It’s expected to reach that point of no return in October, according to the latest estimates.

Roughly the size of a small kitchen refrigerator with a 40-foot solar wingspan, Link sports three arms with a reach of just over 3 feet. Each arm has two fingerlike pinching grippers that resemble the hands of a Lego mini figure.

If all goes well, Swift could be back in business by September, according to Lee.

Worth hundreds of millions of dollars, Swift was never designed to be repaired, let alone retrieved by hands — human or otherwise. That’s what makes this so challenging, according to company officials, who stress there is no guarantee it will work.

NASA signed a contract with Katalyst last September with only two requests: It has to be a rush job, but please don’t make things worse. Nine months later, the company is ready to rumble.

“I have to be honest. No one thought it was going to be possible. No one thought we would get as far as we’ve already gotten today,” said Shawn Domagal-Goldman, NASA’s astrophysics director.

NASA has bought a little more time for Swift, turning off all scientific instruments to slow its descent. Observations ceased in February.

NASA’s science mission chief Nicky Fox said it’s worth the effort.

“If we let Swift reenter, we would lose that telescope. We would lose a lot of capability,” she said. “We don’t currently have the budget to build another one to replace that.”

While not everything can be saved in space, Swift is special, said Domagal-Goldman.

True to its name, Swift is designed to pivot quickly to capture late-breaking astronomical events such as gamma ray bursts and exploding stars. With more discoveries expected by the Webb Space Telescope and soon-to-launch Roman Space Telescope, Swift, if saved, would be busier than ever as “NASA’s first responder.”

Katalyst sees Swift as the jumping-off point for a new repair business in space. The company’s next-generation robotic rescuer, scheduled to fly next year, will tackle satellites as high as 22,300 miles up. Lee envisions hundreds of robots in orbit one day, not only fixing and hoisting satellites but also refueling them and building solar farms, data centers, and other platforms.

Hubble, which is 36 years old and received repeat servicing by spacewalking astronauts during the shuttle era, could follow in 2028 with a life-extending Katalyst boost.

“It’s a national treasure,” Fox said. “People love Hubble.”