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Top US spy agencies fight over turf and mission
People familiar with the situation say that the CIA has stopped contributing to certain intelligence assessments produced by the office nation's top spy, such as those regarding the Iran War. This is because disputes have erupted over intelligence sharing and areas of responsibility. A?U.S. official and three people with direct knowledge of the matter said that the infighting between the CIA (Central Intelligence Agency) and the Office of the Director of National Intelligence has been raging for over a year. This has disrupted collaboration on national intelligence analyses?onwhich presidents have long relied to navigate through complex foreign challenges. Officials and people who have direct knowledge of the issue. Sources spoke under condition of anonymity in order to discuss?sensitive internal?matters. Sources said that the core of the disagreements was a dispute over the task force created by Tulsi Gabrield, director of national intelligence in April 2025. Two people said that the CIA, under Director John Ratcliffe's leadership, believes that Gabbard’s Director’s Initiatives Group acted recklessly in circumventing declassification and intelligence sharing protocols. ODNI officials claim that the CIA has consistently denied the group access to intelligence. The collapse in intelligence agency collaboration comes at a dangerous time for the Trump Administration, as the U.S. is embroiled in a conflict with Iran and faces national security challenges from China's military expansion to Russia’s war in Ukraine. This also indicates that the reforms implemented after September 11, 2001, which created the director of national Intelligence to coordinate the 18 U.S. spy agencies, did not end the dysfunction. "ODNI should be the oil that keeps the arteries in the intelligence community flowing, and that removes any blockages," said Beth Sanner. She was a former assistant director of national Intelligence during the first term of President Donald Trump. If you don't do that, you risk intelligence failures because agencies will retreat into their stovepipes. The CIA can also reach the President and other policymakers through other channels, besides the?assessments prepared by ODNI. The intelligence is a major part of the Presidential Daily Brief - a highly classified compendium of daily intelligence reports for the President. Gabbard announced last week she would step down from her position as Trump's chief?spy by June 30. She cited the illness of her husband. Trump announced on Tuesday that he had appointed Bill Pulte, the chief of the Federal Housing Finance Agency as acting director for national intelligence. Olivia Coleman, a spokeswoman for the ODNI, stated that "the president and policymakers are receiving the best intelligence and analyses" from the intelligence services. She added that ODNI, and the agencies under its supervision, "communicate daily and collaborate with CIA counterparts on the full spectrum of intelligence operations and products." Coleman stated that the Director's Initiatives Group operated within ODNI oversight authorities, and supported President's Executive Orders. In February, it was reported that Gabbard has wound down her group and reassigned their personnel to other departments within her agency. This is due to congressional scrutiny of the group's activities. Liz Lyons, CIA's Director of Public Relations, said that under Director Ratcliffe the CIA moved quickly to meet President Trump's priorities. The agency became more aggressive and took smart risks in order to outmaneuver its adversaries. This gave the United States a decisive edge. Davis Ingle, a White House spokesperson, said that Trump's "peace-through-strength foreign policy" is a tried and true approach to keeping America safe and deterring global threats. Media efforts to sow division within the country would also fail. Ingle stated that "President Trump is confident in the entire team of exceptional national security experts." LESS COOPERATION IN INTELLIGENCE EVALUATIONS The mutual distrust between the agencies is evident in the CIA's decision to drastically reduce its contribution to Gabbard’s office's assessments. The National Intelligence Council, the leading U.S. intelligence analysis body, has relied heavily on the CIA to produce its reports. These reports are important, especially in times of war. Two sources who have direct knowledge of the issue said that the agency is no longer involved in regular assessments of Iran, where the U.S. Military has been fighting against since February. Sources said that the CIA and ODNI operate largely in two separate analytic operations. Sources said that at one point in the past year, due to friction between two agencies, the CIA stopped publishing NIC reports through the distribution service for the internal intelligence communities it controls. This temporarily limited the availability of analytical products. An official in the United States said that reports were withheld only for "a few" hours due to a "processing problem." Four sources claim that the interagency friction began soon after Gabbard took up her post in February 2025. Sources said that one of her first actions was to tighten up the production of the Presidential Daily Brief. Sources said that the CIA had long played a leading role in compiling this brief. Sources say that the relationship soured even more with the creation of a Director's Initiatives Group to "root out", alleged politicization in the intelligence community. The group also investigated the origins and security of COVID-19, as well the security of voting machines. Some critics, including former intelligence officials claim that the group was created to exact revenge against Trump's perceived political enemies. Two people familiar with the situation say that task force members pressed the CIA at various points to share the intelligence and materials required to complete ODNI assigned probes. However, they felt not enough was shared. CIA OFFICERS OUTTERED Gabbard removed two of the top CIA officials who headed the NIC in May 2025. A government official, who spoke on condition of anonymity, said that the ODNI had removed the two because "they created a toxic workplace, as documented by a survey of the workforce, and they had a long history of politicizing the intelligence." The official failed to provide any evidence that would support these claims. Gabbard then stripped security clearances from 37 current and ex-officials in 'August', revealing in the meanwhile the identity of a CIA agent working undercover overseas. Gabbard claimed that the 37 had politicized intelligence and leaked it, but did not provide proof. Former officials and other people charged that this move was partly in response to a 2017 intelligence assessment which found that Russia used an extensive influence campaign to sway 2016 presidential votes to Trump. Last month, tensions between the CIA and ODNI became public when a CIA agent assigned to the Director’s Initiatives Group told a Senate panel the agency had denied the group access to intelligence about the origins COVID-19. Two people familiar with the investigation said that the dispute triggered an inquiry by the Inspector General's Office, an independent watchdog located at ODNI. Could not determine the scope. (Reporting and editing by Don Durfee, Daniel Wallay and Errin Banco)
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IAEA offers technical support to UAE following attack on nuclear plant
IAEA Chief Rafael 'Grossi announced on Tuesday that the agency is providing technical and moral support to the United Arab Emirates after visiting the site of a nuclear plant which was attacked by a drone last month. Grossi stated that Emirati authorities reacted quickly to the attack on the Barakah Nuclear Power Plant, shutting down one reactor due to the loss of external power. Last month, the plant, which is the first commercial nuclear power plant in the Arab World, was attacked by a drone that the Gulf state claimed had been launched from Iraq. According to Emirati officials, the drone that breached the UAE defences struck an electric generator located outside the inner perimeter. According to the UAE defense ministry, only two drones were intercepted. The IAEA director said that a number activities will be undertaken to complete the repairs at this plant. He said that the plant could be repaired in "a matter of weeks". Grossi stated that there was a requirement for both physical repairs and maintenance of an external powerline. He said, "The repairs have already begun." The UAE's Federal Authority for Nuclear Regulation (FAN) said that the plant was safe, and that there had been no release of radioactive materials as a result of the drone attack. Although hostilities are mostly quiet since the ceasefire came into effect in April of this year, Iraq has launched drones towards Gulf countries including Saudi Arabia and Kuwait. Iraq has a number of powerful Iranian-backed militias that have claimed attacks on "enemy base in Iraq and the area" during the U.S./Israeli war against Iran. Reporting by Yousef SABA; Writing by Menna A. Alaa El Din; Editing and Gareth Jones, Cynthia Osterman.
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Gunvor claims it is not the target of Swiss Prosecutor in bribery investigation
Global commodity trading company Gunvor confirmed on Tuesday that its Geneva office was searched by Swiss prosecutors in May. However, it said in a press release that they were not the subject of the investigation. The Office of the Attorney General of Switzerland stated that the search was part of an?investigation into the bribery of officials abroad by unknown persons. The prosecutor stated that it could not provide any further information?on a ongoing investigation. Gunvor stated in its statement that it had reported "issues" to the Swiss authorities over a year ago. It stated that it was cooperating with the authorities and did not know about the Swiss investigation, except for the fact that the company was not the target. Public?Eye, a Swiss news outlet, first reported the search of Gunvor’s Geneva office as part of an investigation into Gunvor's operations?in Gabon. Gunvor stated in its statement that it had conducted an internal investigation of its business in Gabon. Gunvor claimed that it had identified a total of $2 million in fraudulent activity over a period of five years. Gunvor also accused an 'unnamed maritime service provider, and an unnamed former employee, as perpetrators. Reporting by Robert Harvey in LONDON and Shadia Nasralla; editing by David Goodman, Alexander Smith
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Dangote refinery could be a global jet fuel supplier: CEO
David Bird, the chief executive of Nigeria's Dangote oil refining company that produces 650,000 barrels per day (bpd), said the refinery had a large surplus of jet fuel and could supply it to anywhere in the world. The refinery is able to export a surplus because the demand for oil on the African continent is lower than in other regions. Bird stated at the S&P Global Energy Middle East Petroleum and Gas Conference held in London, "We are very grateful to be viewed as a dependable, high-quality and reliable supplier capable of landing our product competitively throughout the world." Jet fuel was one of the fuels that has been most 'affected by the Iran War and the closure of the Strait of Hormuz. This has given refiners outside of the Gulf region the chance to supply the global market, including Dangote. Bird stated that the refinery was currently operating at full capacity. Bird said the refinery was planning a "ruthless replica" project to double its capacity. Bird stated that the company will be able to bring 700,000 barrels of complex refining capacity online by the end of 2028. He added that the company has already purchased long-lead products and is currently awarding construction contracts. Bird stated that the group would then be able to increase its refining capacity by 2.1 million barrels per day with an additional refinery in East Africa. This would help it become a major player in 'crude and refined product shipments. Bird stated that Nigeria has moved from a fuel shortage to a fuel surplus since the Dangote Refinery was put into operation. (Reporting and editing by David Goodman in London; Shadia Nasralla, London)
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Gold prices continue to rise as attention is focused on Middle East developments and US economic data
Market participants were focused on the Middle East and upcoming U.S. data to gauge its impact on monetary policy. Spot gold was unchanged at $4,486.32 an ounce by 2:11 pm EDT (1811 GMT), after dropping as much as 2 percent on Monday. U.S. Gold Futures closed 0.3% higher, at $4,519.90. Fawad Rasaqzada is a market analyst for Forex.com. He said that the gold market's trajectory depends on the direction oil prices, the yields of bonds, and the U.S. Dollar. All of this, in turn, are tied to the Middle East situation. For me to become bullish on gold again, I need to see at the very least some renewed upward momentum that indicates buyers are returning. The market is currently a bit directionless. Participants are largely waiting on cues from the Middle East. Iran has been reviewing a proposed deal with the U.S. in order to end the war, but it hasn't contacted Washington for the past few days, according to Iranian media, following the announcement by Donald Trump that negotiations were still ongoing. Gold has been under pressure since the beginning of the war as the rise in energy prices has raised inflation fears and expectations for higher interest rates. Gold is often viewed as an inflation hedge, but it loses its appeal when interest rates rise. This week, the ADP Employment Report on Wednesday and the Friday employment report are due. The markets will be looking at the data to get a sense of the Federal Reserve's future policy. The data showed that U.S. jobs?openings were higher than expected in April, despite hiring declining. This is likely due to the lingering uncertainty of the economy. Commerzbank has lowered its forecast of $5,000 to $4,800 for gold per troy-ounce by the year's end. It kept its forecast at $5,200 by the end of 2027. Commerzbank said that, in addition to a lower?gold forecast, a weaker industrial demand?for silver?also indicates a slightly reduced silver price. Spot silver increased 0.5% to $75.17 an ounce. Palladium rose 0.6%, to $1370.16, while platinum gained 0.5%, to $1933.07. Ashitha Shivprasad reported from Bengaluru, and Nick Zieminski edited the story with Hugh Lawson, Nia Williams and Nick Zieminski.
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The world stock market rallies on AI optimism, but concerns about Iran continue
The global stock market rallied Tuesday on the back of AI optimism. Oil prices also rose amid growing uncertainty about a possible agreement to end the U.S. - Iran war. U.S. president?Donald??Trump stated that talks with Iran continue. Iran has been reviewing an agreement to end their war with the U.S. but hasn't communicated with Washington in a few days. Brent crude futures increased by nearly 1%, to about $96 per barrel. AI ENTHUSIASM Anthropic announced on Monday that it had filed a confidential application for a U.S. Initial Public Offering, edging out rival OpenAI in a closely-watched race to reach the public markets. Alphabet, the parent company of Google, is also looking to raise $80 Billion in equity to expand its AI infrastructure. This is a clear indication of the enormous sums required to keep up with the AI arms race. Russ Mould said that it represents a major shift from a period where there was a lot of free cash to a time when the markets were tapped to fund its expansion. According to Labor Department data released on Tuesday, U.S. jobs openings, which are a measure for labor demand, rose more than expected, reaching the highest level since nearly two years. This came after data on Monday showed that U.S. Manufacturing had surpassed expectations and reached a 'four-year high. Gerry Sparrow is the chief investment officer of Sparrow Capital Management. He said that "the jobs data was higher than expected. You would have thought it would have increased rates, but they did not go up." "Employment levels are high, which is good for consumer spending." "I think the market is in good shape because of the employment data." Wall Street's three major indexes are trading higher, after initially losing ground. The Dow Jones Industrial Average rose by 0.23%. The S&P 500 increased by 0.13%. And the Nasdaq Composite gained 0.07%. The STOXX 600 index in Europe was up by 0.66% as the strong forecasts from STMicroelectronics boosted technology stocks. MSCI's global stock index was up by 0.38%, after reaching a new record high. Nvidia's CEO Jensen Huang said in?Taipei that the company has enough supply to support a strong growth of central processing units and graphics processing unit (GPUs), although he acknowledged that supply constraints remain a concern. The dollar has slipped a little bit on the currency markets. The euro fell 0.02% to $1.1628 on the day. The Japanese yen fell 0.17% to 159.91 dollars per dollar. The pound rose 0.09%, to $1.3463. The euro zone core inflation rate was 2.5% in May, which is higher than the 2.4% expected and the 2.1% for April. Money?markets are pricing in a quarter point rate increase by the European Central Bank this month. At least one additional hike is expected before year's end. The yield on benchmark U.S. 10 year notes dropped 1.6 basis points, to 4.461%. The yield on benchmark German Bunds 10-years dropped 4 basis points to 2,973%. Gold increased by 0.15%, to $4.490.16 per ounce.
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The world stock market rallies on AI optimism, but concerns about Iran continue
The global stock market rallied Tuesday on the back of AI optimism. Oil prices and bond yields also fell, as renewed hope grew for a U.S. Iran deal. Brent crude futures dropped 0.1% to?just under $95 per barrel, erasing sharp gains from the previous session, after U.S. president Donald Trump stated that talks with Iran continue. His remarks came despite reports that Tehran had suspended indirect talks with Washington for the end of hostilities. This has kept investors on edge about the efforts to end the war, which lasted three months. It also highlights the fragility and inadequacy of the ongoing ceasefire. AI ENTHUSIASM Anthropic announced on Monday that it had filed a confidential application for an initial public offering in the United States, beating rival OpenAI to public markets. Alphabet, the parent company of Google, is also looking to raise $80 Billion in equity to expand its AI infrastructure. This is a testament to the enormous sums required to keep pace with the AI arms race. Russ Mould said that it represents a major shift from a period where there was a lot of free cash to a time when the market is being asked to fund AI expansion. According to Labor Department figures released on Tuesday, U.S. jobs openings, which are a measure for labor demand, rose?more that expected in April and reached the highest level since nearly two years. This came after data showed that U.S. Manufacturing beat expectations to reach a four-year-high, likely due to firms front-loading their orders amid rising prices as well as supply concerns related to the U.S. and Israeli war on Iran. Gerry Sparrow is the chief investment officer of Sparrow Capital Management. He said that "the jobs data was higher than expected. You would have thought it would have increased rates, but they did not go up." "Employment levels are high, which is good for consumer spending." "I think the market is in good shape because of the employment data." Wall Street's three major indexes are trading higher, after initially losing ground. The Dow Jones Industrial Average grew by 0.30%. The S&P 500 grew by 0.24%. And the Nasdaq Composite climbed by 0.28%. STMicroelectronics' strong forecast boosted technology stocks, resulting in a 0.71% gain for Europe's STOXX 600. MSCI's global stock index was up by 0.48%, after reaching a new record high. Nvidia's?CEO Jensen Huang told reporters in Taipei that the company had enough supplies to support a strong growth of central processing units and graphics processing unit (GPUs), though he acknowledged that supply constraints were still a concern. The dollar has been slipping on the currency markets. The euro, which is still 1.5% below the level it was at the beginning of World War II, rose 0.04% in the last trading session to $1.16365. The Japanese yen fell 0.14% to 159.85 dollars. The pound rose 0.19% to $1.3477. The euro zone core inflation rate was 2.5% in May, which is higher than the 2.4% expected and April's 2.1%. Money markets are pricing in a quarter point?European Central Bank interest rate hike this week, and at least one more by the end of the year. The yield on benchmark U.S. 10 year notes dropped 3 basis points to 4,447%. The yield on benchmark German Bunds for 10-years dropped 4 basis points to 2,973%. Gold increased by 0.46%, to $4,504,09 per ounce.
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Elon Musk and the SEC defend a 'compromise settlement' over Twitter purchases
Elon Musk, the U.S. The Securities and Exchange Commission (SEC) defended its?settlement regarding Elon Musk's purchase of Twitter shares by saying that it reflected compromises and wasn't tainted with collusion after the judge over the case stated the accord raised "red-flags." Musk described the settlement as a fair, reasonable and adequate resolution in which "each party gave up something and gained something," according a filing made Monday night at the Washington, D.C. federal court. The SEC said in a separate filing that Musk could publicly deny the accusations. This reflects a recent policy change governing defendants who resolve enforcement actions. A trust registered in Musk's name will be required to pay a civil penalty of $1.5 million to settle SEC allegations that the world's richest person took 11 too many days to disclose his Twitter share purchases in March and April 2020, which allowed him to buy shares at low prices before investors caught on. Musk claimed that the delay had been an accident. Musk paid $44 billion in October 2022 for Twitter and renamed the company X. His businesses include Tesla and SpaceX. U.S. district judge Sparkle Sooknanan stated at a hearing on May 13 that she couldn't "rubber-stamp" the settlement. She questioned why the SEC had fined the trust and not Musk, and was only able to recover 1% of Musk's $150 million in alleged ill gotten gains. She said that she would also consider whether or not the settlement was in the public's interest and if it had been tainted with collusion or corrupt practices. SEC SAYS SETTLEMENT BENEFITS PUBLIC Musk and SEC both said that the settlement was not the result of "improper collusion" and was the result of negotiations conducted at arms' length. The SEC said that the $1.5m penalty was the highest of its kind, surpassing the $950,000 previous high. And settling with the Trust mirrored recent practices by the regulator. The SEC stated that the public would benefit from the injunction, which has the effect of binding Musk when he uses the Revocable Trust as an investment vehicle to manage his wealth. Musk said that he would have won a trial over the issue of whether an SEC with a political agenda?singled out him for enforcement? and targeted his right to free speech. He compared the fine to the $500,000 penalty that was imposed on billionaire Carl Icahn in 2024 for "far worse" conduct. Carl Icahn waited more than three year to disclose he had pledged a large majority of his Icahn Enterprises stock to obtain personal margin loans worth billions of dollar. Icahn Enterprises paid a separate $1.5 million penalty. Musk stated that "accepting a certain civil penalty, which is immediate and unprecedented, in exchange for the release of a legal doubtful claim, is a paradigmatic bilateral compromis." Musk was a former adviser for Republican President Donald Trump. The SEC filed a lawsuit against Musk six days before Democratic president?Joe Biden departed the White House. Paul Atkins, SEC chair, has refocused priorities as the Trump administration reduces corporate enforcement. Margaret Ryan, the former SEC enforcement head who left abruptly after only six months in March due to clashes over enforcement with SEC leadership. Reporting by Jonathan Stempel, New York; editing by Stephen Coates and Chizu nomiyama
Goldman CEO: High oil prices could change consumer behavior in the second half of 2026
Goldman Sachs CEO David Solomon believes that consumer behavior will change in 2026, as inflation rises due to higher oil prices.
Solomon, speaking at the Economic Club of New York's?event, said that "you will see more changes in consumer behavior."
The U.S. Inflation rate increased in April at the fastest rate in three years, largely due to higher energy prices resulting from the Iran War. This has led economists to believe that the Federal Reserve is likely to keep interest rates the same well into next. He said that he could see economic data over the next six-months that would change the sentiment. "But at the moment, it's not happening."
Solomon said that he has a lot of confidence in the Federal Reserve, its Governors and Kevin Warsh.
He said that "there is enough capital at this time to cover what we are talking about."
SpaceX, Elon Musk’s rocket and satellite firm, is planning to aim for a $1.75 trillion valuation in its massive initial public offering. Two people familiar with this matter said on Tuesday.
The listing will kick-start a "wave" of mega-IPOs. SpaceX, OpenAI, and Anthropic are all poised to add almost $4 trillion in market capitalization and increase competition for investors.
Solomon noted that history has shown that the market's exuberance can last for a long time. He said that we are in a time where 'greed' is more prevalent than fear.
Solomon said his meeting with New York Mayor Zohran?Mamdani was productive. I'm hopeful that as the mayor transitions from campaigning into governing, he will talk about, communicate with, and support the entire business community. (Reporting by Saeed Azhar in New York and Manya Saini in Bengaluru; Editing by Arun Koyyur)
(source: Reuters)