'Norway wealth fund excludes Caterpillar and five Israeli banks'

 Norway's $2 trillion wealth fund, the world's largest, said on Monday it has divested from U.S. construction equipment group Caterpillar as well as five Israeli banking groups on ethics grounds.

The five banks are Hapoalim , Bank Leumi , Mizrahi Tefahot Bank , First International Bank of Israel and FIBI Holdings, the fund said in a statement.

The groups were excluded "due to an unacceptable risk that the companies contribute to serious violations of the rights of individuals in situations of war and conflict", said the fund, which is operated by Norway's central bank.

Caterpillar did not immediately respond to a request for comment.

CATERPILLAR

The fund's ethics watchdog, called the Council on Ethics, said that "in the council's assessment, there is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law".

The violations were taking place both in Gaza and the West Bank, the council said, adding that "the company has also not implemented any measures to pre­vent such use".

"As deliveries of the relevant machinery to Israel are now set to resume, the Council considers there to be an unacceptable risk that Caterpillar is con­tributing to serious violations of individuals’ rights in war or conflict situations."

The Norwegian fund announced on August 18 it would divest from six companies as part of an ongoing ethics review over the war in Gaza and developments in the West Bank, but declined at the time to name any groups until the stakes were sold.

The fund's ethics watchdog, the Council on Ethics, had initially been scrutinising Israeli banks' practice of underwriting Israeli settlers' housebuilding commitments in the region.

https://finance.yahoo.com/news/norway-wealth-fund-divests-caterpillar-202319429.html

Trump Predicts Gaza War To Reach 'Conclusive Ending' In 2 Or 3 Weeks

 President Trump in remarks to reporters Monday predicted that the war in Gaza will come to a "conclusive ending" within the next two to three weeks. 

He said in the Oval Office that "I think within the next two to three weeks, you’re going to have a pretty good, conclusive - a conclusive ending." But the entirely difficult question of how this might come about was not addressed.

Trump hosted South Korean President Lee Jae Myung on Monday. AFP/Getty Images

But Trump also seemed to hedge his bet, chalking up the Gaza crisis to rampant and long-running instability in the region: "It’s a hard thing to say because they’ve been fighting for thousands of years. But I think we’re doing a very good job," he claimed.

He again reiterated, "But people can’t forget October 7" - identifying the initial Hamas attack as the cause of the ongoing war since 2023. On the question of admin efforts to achieve a peace settlement, Trump described that "There has been… a very serious diplomatic push."

Secretary of State Marco Rubio then chimed in during the Oval presser, saying, "We want it to end" - but "it has to end with no Hamas."

So clearly the White House is at this moment still fully backing a military solution, after earlier this month essentially giving a greenlight for the new Israeli military assault on Gaza City.

It appears that Trump is predicting it will take two to three weeks to completely conquer and pacify Gaza, but he downplayed or ignored the brutality of it, and daily soaring death toll:

"Right now, they’re talking about Gaza City. They’re always talking about something,” and added, “At some point, it’s going to get settled… You better get it settled soon."

He did say he's "not happy" when he hears news of civilians, journalists, and medical workers being killed.

Trump also seems to be signaling Netanyahu to wrap up these high death toll miliary operations 'soon' - but while not threatening anything serious like cutting off the US arms pipeline or billions of dollars sent to Tel Aviv.

Below: Trump's similar hawkish comments on Gaza in late July...

One eyewitness to Monday's deadly attacks which killed at least 5 journalists among 20 total people slain at Nasser hospital described seeing "bodies everywhere":

Saber al-Asmar, a doctor in the Intensive Care Unit at Nasser hospital who witnessed the attack this morning, says staff members were continuing to help wounded Palestinians with the few supplies they have when the air strikes shook the facility.

“Patients were freaked out, and everything looked dark…we called the civil defence [teams] to go to the place that was targeted and then another big airstrike happened,” al-Asmar told Al Jazeera.

“We still can’t comprehend what happened now or next. The situation is horrible. We have seen bodies everywhere…they [Israeli forces] targeted the floor where the operating rooms are,” he added.

Meanwhile, the US Ambassador to Israel...

Monday's events could see European nations impose harsher, punishing measures on Israel. Some governments are actually talking sanctions on Israel for the first time - but most European capitals remain deeply divided on the matter of what's next, other than purely symbolic actions like acknowledging a 'state of Palestine'.

https://www.zerohedge.com/markets/trump-predicts-gaza-war-reach-conclusive-ending-2-or-3-weeks

Gasoline Prices Spike in Midwest After Outage at Major Refinery

 

An outage at the largest inland US refinery has raised gasoline prices in the Midwest ahead of the Labor Day holiday, the final major travel weekend of the country’s peak driving season.

Pump prices in Ohio, Wisconsin and Michigan on Monday were as much as 27 cents higher than a week ago, according to American Automobile Association data. The jump came after BP Plc’s 435,000 barrel-a-day refinery in Whiting, Indiana, shut processing units Tuesday due to rainstorms and flooding in the region. The nationwide US gasoline price rose just 2 cents in the same stretch.

https://www.bloomberg.com/news/articles/2025-08-25/gasoline-prices-spike-in-midwest-after-major-refinery-outage

Trump signals Intel deal could be one of 'many more cases' in broader investment push

 President Trump and his team offered multiple signals Monday that last week’s deal to take a share of Intel (INTC) could be just the beginning of what they hope is a new wave of government dealmaking.

Speaking in the Oval Office Monday morning, Trump said he wanted to see "many more cases" like Intel, and that part of his recent pitch to the company’s CEO was that if they agreed to the deal, then "you have the United States as a partner."

“I want them to do well,” the president said of the chipmaker, adding that it was true before but saying, “I want them to do well in particular now.”

Trump's comments came after a post on Monday touting the deal, where the president promised, "I will make deals like that for our Country all day long."

This latest wave of White House commentary came after the business world spent the weekend digesting the novel agreement, which saw the US government take a 9.9% stake in Intel after buying 433.3 million shares in the chipmaker at a price of $20.47 per share.

President Donald Trump speaks to the press after signing executive orders in the Oval Office on August 25. (MANDEL NGAN/AFP via Getty Images) · MANDEL NGAN via Getty Images

It raised immediate questions about how closely the government would be involved in Intel's operations — as well as those of other companies that might agree to similar future deals.

The investment in Intel will technically be passive ownership, with the government getting no board representation or other governance or information rights.

One Trump aide promised that the government would not be in the business of Intel's day-to-day operations. "The government is going to stay out of it," White House economic adviser Kevin Hassett said of Intel’s operations during a CNBC appearance Monday. Hassett also suggested additional similar deals could be in the offing

Hassett called Intel a “very special case” and gave a sign of the Trump team's overall goal — calling last week's deal a “down payment on a sovereign wealth fund.”

"The president has made it clear all the way back to the campaign that he thinks that, in the end, it would be great if the US could start to build up a sovereign wealth fund. And so I'm sure that at some point there'll be more transactions, if not in this industry in other industries," Hassett added.

The Intel deal was funded by billions initially promised as government grants under the 2022 CHIPS and Science Act that former President Joe Biden signed into law.

Trump renegotiated these as an equity stake from $2.2 billion in CHIPS Act grants already received by Intel, and future investment plans are expected to total $11.1 billion.

But Trump’s comments suggesting his additional interest in Intel's success may further inflame corporate fears of Oval Office interference in business decisions. The president has had few qualms during his term so far about weighing in on individual company decisions.

On tariffs, Trump has regularly threatened companies that have been critical of his tariff plans, telling them to “eat” the additional costs. As the president told Walmart (WMT) at one point: "I'll be watching."

The government also allowed Nvidia (NVDA) to sell its H20 chips to China, on the condition that the government would get a 15% cut of sales. AMD (AMD) also agreed to the same deal for its own chips sold to China.

Trump’s team also acquired a "golden share" with key veto rights as part of the recent Nippon Steel purchase of US Steel.

"It's called business," Trump added Monday, saying Intel was willing to give up a stake in its company.

As for other possible deals the government might strike, Trump was clear: "I want to try and get as much as I can."

https://finance.yahoo.com/news/trump-signals-intel-deal-could-be-one-of-many-more-cases-as-white-house-explores-broader-investment-push-171838802.html

'Data Centers to Propel Infra Securitizations Past $110 Billion by 2026 End: B of A'

 

The market for securities backed by various digital infrastructure — including data centers — could grow about 46% by the end of next year to roughly $115 billion, according to Bank of America.

Data centers account for 61% of the current $79 billion market for digital-infrastructure securitizations, according to BofA’s note. Fiber infrastructure makes up another 20% while cell towers are at 18%. The estimates take into account both asset-backed securities and commercial mortgage-backed securities.

https://www.bloomberg.com/news/articles/2025-08-25/data-centers-to-propel-infra-securitizations-past-110-billion-by-2026-end

France sets vote of confidence over austerity budget on Sept 8

 French Prime Minister François Bayrou will seek a high-stakes confidence vote in parliament on September 8 over unpopular plans to clean up France’s public finances.

Bayrou’s move will gauge whether he has enough support in a fragmented parliament for his €44 billion ($51.5 billion) budget squeeze as he tries to tame a budget deficit that hit 5.8 percent of gross domestic product last year, nearly double the official EU limit of 3 percent.

If he loses the confidence vote, Bayrou’s minority government will fall.

Both the hard-left La France Insoumise (France Unbowed or LFI) and far-right Rassemblement National (National Rally or RN) party said they would use the vote to try to oust the centrist government.

The votes of Socialist lawmakers will be decisive for Bayrou's fate because if they join other left-wing parties and the far right in voting against the government, there will likely be enough votes to oust it.

National Rally leader Jordan Bardella immediately said his party would not back Bayrou’s planned cuts.

“François Bayrou has just announced the end of his government, undermined by its complacent inaction,” Bardella said, in a social media post.

“The RN will never vote in favour of a government whose choices cause suffering to the French people. Our fellow citizens are waiting for a change and a return to the ballot box: we are ready.”

The head of the French Socialist Party Olivier Faure told French daily Le Monde that it was "inconceivable" that French Socialists would back Bayrou in a confidence vote.

Bayrou does not have a majority in parliament’s lower house, the National Assembly, and the upcoming vote underscores the fragility of his position.

"Yes it's risky, but it's even riskier not to do anything," Bayrou told a press conference, referring to what he said was the major danger the country faced due to its huge debt pile.

In mid-July, Bayrou presented 2026 budget proposals, saying he wanted to reduce the number of public holidays in France as part of a bid to tackle what he called the “curse” of the country’s debt.

After years of overspending, France is on notice to control its public deficit and cut its sprawling debt, as required under EU rules.

The confidence vote will take place just two days before planned protests, which have been called for on social media and backed by leftist parties and some unions.

https://www.france24.com/en/france/20250825-french-pm-bayrou-vote-of-confidence-austerity-budget-september-8

Big Beautiful Bill Brings Big Changes For Taxpayers

 by Sandra Block via Kiplinger's Perosnal Finance,

The One Big Beautiful Bill Act, signed by President Trump on July 4, includes tax breaks for an expansive range of taxpayers, while scrapping credits for energy-saving vehicles and home improvements.

More broadly, the legislation makes the tax cuts in the 2017 Tax Cuts and Jobs Act permanent, which means tax rates won’t increase after 2025. Here’s a look at how other provisions in the bill could affect your taxes.

Older Adults

Larger Standard Deduction

Starting in the 2025 tax year, those who are 65 or older will be eligible for an additional standard deduction of $6,000. The bonus deduction comes on top of an existing increase in the standard deduction of $2,000 for single filers who are 65 or older; for married couples who file jointly, it’s $1,600 for each spouse 65 or older.

The expanded deduction means an eligible taxpayer with a filing status of single will be able to deduct up to $23,750 from taxable income, while a married couple will qualify for a deduction of up to $46,700, assuming both are 65 or older.

The deduction starts to phase out for couples with modified adjusted gross income of more than $150,000 and is fully phased out at MAGI of $250,000 ($75,000 and $175,000 for single filers). This new deduction is available for 2025 through 2028.

The legislation won’t eliminate taxes on Social Security benefits. But by lowering taxable income, it will reduce the number of beneficiaries who pay the taxes from 36 percent to 12 percent, according to the White House Council of Economic Advisers.

Estate Tax Exemption

As a result of the legislation, the vast majority of taxpayers won’t have to worry about paying federal estate taxes. The law increases the estate tax exemption, which is $13.99 million per person in 2025, to $15 million per person, or $30 million for a married couple, in 2026. The exemption will then be adjusted annually for inflation. Without congressional action, the exemption would have dropped to about $7 million after 2025.

Homeowners

Property Tax Deduction

Homeowners will be able to deduct up to $40,000 in state and local taxes, up from a cap of $10,000. The higher cap takes effect for 2025 and lasts through 2029, and it will be increased by one percentage point each year until returning to the $10,000 cap in 2030. The higher cap phases out for homeowners with MAGI above $500,000 ($250,000 for a married individual filing separately). Taxpayers with MAGI of $600,000 or more will be ineligible for the increase. You must itemize to claim this deduction.

Credit for Energy-Efficient Home Improvements

Planning to install rooftop solar panels? Get busy, because a tax credit for these improvements will expire at the end of 2025. The Residential Clean Energy Credit, which provides a 30 percent tax credit toward the cost of buying and installing solar panels, solar water heaters, or other energy-saving measures, was previously scheduled to phase out in 2033. To claim the credit on your 2025 tax return, you’ll need to start work by the end of the year.

Families

Extension of the Child Tax Credit

The bill permanently extends the child tax credit and increases the amount of the credit to $2,200 per child, up from $2,000.

Savings Accounts for Kids

The law creates a new tax-advantaged savings account for children. Until the child turns 18, parents, grandparents and others can contribute up to $5,000 a year to the account, where the money is invested in a fund that tracks a stock index and grows tax-deferred. Parents of children born between January 1, 2025, and December 31, 2028, will be eligible to receive $1,000 in federal seed money to start the account.

Car Buyers

Deduction on Car Loan Interest

Taxpayers will be eligible to deduct up to $10,000 in interest on loans for cars purchased between 2025 and 2028. You don’t have to itemize to claim this deduction, but it’s available only for loans taken out to buy new cars assembled in the United States. The deduction phases out for individuals earning more than $100,000 or married couples making over $200,000.

Credit for Electric Vehicles (EVs) and Charging Stations

The $7,500 tax credit to buy or lease qualified EVs, along with the $4,000 credit for eligible used EVs, will end September 30, 2025.

Workers

Tip Income

Eligible tipped workers will be able to deduct up to $25,000 in tips a year from 2025 through 2028. The tax break will decrease by $100 for every $1,000 of MAGI over $150,000 for single filers and $300,000 for joint filers. You don’t need to itemize to claim this deduction.

Overtime Pay

From 2025 through 2028, workers will be allowed to deduct up to $12,500 a year in overtime pay, or $25,000 if they’re married and file jointly. This phases out for single filers with MAGI of more than $150,000 and joint filers with MAGI over $300,000.

©2025 The Kiplinger Washington Editors, Inc. Distributed by Tribune Content Agency, LLC.

https://www.zerohedge.com/political/big-beautiful-bill-brings-big-changes-taxpayers