Shares in Gucci owner Kering jumped Monday over reports that the outgoing boss of French automaker Renault would take over as chief executive of the struggling luxury group.
Renault shares, however, fell following its announcement Sunday that Luca de Meo, 58, would step down on July 15 “to take on new challenges outside the automobile sector” after five years at the helm of the company.
Le Figaro newspaper reported that de Meo would take over at Kering, the French luxury group that owns Gucci, Yves Saint Laurent, Balenciaga and other premium brands.
Kering has struggled to turn things around at Gucci, the Italian fashion house famous for its handbags and which accounts for half of the group’s overall sales.
Previous reports have said the group’s chief executive Francois-Henri Pinault would stay on as chairman of the group in a management shake-up.
Kering shares rose more than six percent to 183 euros ($212) in morning deals at the Paris stock exchange.
Shares in Renault fell 6.7 percent to 40.10 euros.
Known as a skilled communicator and marketing expert, de Meo is credited with bringing stability to a company that was in turmoil when he took over in 2020.
The automaker was reeling from more than a year of crisis in the wake of the scandal involving Carlos Ghosn, the former head of the Nissan-Renault alliance who fled Japan to avoid trial.
De Meo accelerated the group’s shift to electric vehicles and pushed for an upmarket move in an effort to steer the company out of trouble. Renault also owns the Dacia, Alpine, and Lada brands.
In 2017, Allison Berger was excited to join Goldman Sachs’s 10-week summer internship program. Berger said she “worked on many important and complex problems” that summer, which helped her secure a full-time analyst position with Goldman’s investment banking division. Nearly a decade later, Berger is a Goldman vice president for global banking and markets.
“I’ve had amazing opportunities here. So many mentors here are women. My male colleagues have also always been incredibly supportive,” said Berger, adding that the skillset she gained early in her career gave her flexibility to thrive in different parts of the bank.
Berger’s experience is a common one at Goldman, which is considered one of the world’s leading investment banks. Every summer Goldman hires about 2,500 to 3,000 summer interns who are assigned to various divisions including investment banking, engineering, and sales. The Goldman internship is considered a feeder to getting a permanent job at the investment bank; a majority of summer interns typically get hired as full-time analysts.
Candidates, however, face lots of competition for the summer positions. For the 2025 internship class, the bank received more than 360,000 applications, a 15% increase from 2024’s program and up 300% since 2018 when David Solomon became CEO. In fact, it’s harder to snag a Goldman summer internship than it is to get into Harvard, one of the most selective universities. For the Class of 2025, Harvard accepted 2.58% of applicants, while candidates for Goldman’s 2025 summer internship class had a 0.7% chance at getting picked.
“We view the campus pipeline as a critical element of the future leadership of the firm. The Goldman Sachs internship provides students with the opportunity to roll up their sleeves and contribute directly to client projects, collaborate directly with global colleagues and develop the skills to build a successful and lasting career,” said Jacqueline Arthur, global head of human capital management and corporate & workplace solutions at Goldman.
Roughly one-third of Goldman’s most recent partner class started as summer interns. Some current powerful Goldman executives who began as interns include Marc Nachmann, global head of asset & wealth management; Kim Posnett, global co-head of investment banking; Kunal Shah, co-head of Goldman Sachs International and co-head of fixed income, currency and commodities or FICC; and Carey Halio, global treasurer and a member of GS’s management committee.
Having Goldman on a resume can also lead to impactful careers outside the bank in finance, private equity, or nearly any other field. Prominent examples include Amanda Baldwin, CEO of hair care brand Olaplex (Goldman intern class of 1999) and Red Lobster CEO Damola Adamolekun (2009 and 2010). Then there is Jon Winkelried, the CEO of private equity firm TPG, who also started off as a Goldman summer intern.
Goldman on college campuses
Goldman takes campus recruiting seriously. Throughout the school year, Goldman’s management committee, led by CEO David Solomon, typically visits colleges around the country to inform candidates about the opportunities. The investment bank hired from more than 475 schools for its 2024 internship class, down from over 500 colleges for the prior year.
Goldman targets Ivy League schools but also many other universities. Earlier this year, Solomon visited several schools in Texas including Southern Methodist University, Texas Christian University, The University of Texas at Dallas and Paul Quinn College.
This year’s crop of interns began working at Goldman earlier this month as part of the 2025 summer class. The investment bank is currently recruiting for the Class of 2026. Candidates typically apply in their sophomore year for internships that take place in the summer between their junior and senior years.
Notably, Goldman interns receive the same salary as junior analysts ($110,000 to $125,000 for investment research analysts in New York City), though that amount is prorated for the summer and there are no bonuses.
The competition for a Goldman internship is open to candidates around the world and, while it may seem that those with a major in finance or economics may have an edge, that’s not necessarily so, Arthur said. Goldman looks for qualities like great communicators or students with a diversity of experiences, she said. The investment bank seeks interns that are “open to evolving and making an impact” and who are also not afraid to fail, she said. “They should be able to take risks,” she said.
Berger recommends that candidates take the time to learn and understand investment banking and Goldman, and whether that “fits in with your personal career skills,” she said.
It also doesn’t hurt, of course, for applicants to have a sincere interest in being part of Goldman, Arthur said. “Have authentic passion,” she said.
In today’s CEO Daily: Diane Brady talks to General Mills CEO Jeff Harmening.
The big story: Israel-Iran conflict enters fourth day.
The markets: Oil is up and so are stocks.
Analyst notes from UBS on the conflict in the Middle East, Goldman Sachs on the Fed, Convera on international interest rates, and JPMorgan on the effect of tariffs.
Plus: All the news and watercooler chat from Fortune.
Good morning. When General Mills CEO Jeff Harmening thinks about sustainability, he looks at the millions of acres of farmland where his company sources wheat, oat, dairy, and other crops. “If we don’t do something different, in about 2050, 90% of topsoil will be in danger,” Harmening told me at a dinner that Fortune held in partnership with Deloitte for sustainability leaders in Minneapolis. The good news is that General Mills is more than 60% of the way to achieving its goal of advancing regenerative agriculture—farming practices that regenerate degraded soil—on a million acres of land by 2030. “We’re, frankly, ahead of where we thought we’d be.”
That’s cause for hope in otherwise challenging times for leaders who care about sustainability. At a global level, we’re on track to achieve only 17% of the UN’s sustainable development goals by 2030. Nationally, we’ve seen a rollback with the U.S. withdrawal from the Paris Climate Agreement, dismantling of key agencies, and the EPA decision to repeal limits on greenhouse gas emissions.
But the private sector is stepping up, with many of the leaders at our dinner giving examples of how sustainability initiatives not only protect but grow their businesses. As one attendee said: “Regulations move the laggards, not the leaders.” (The table conversation was under Chatham House rules.)
For Harmening, the key is focus: He reduced the number of company-wide initiatives from 70 to 10 when he became CEO, doubling down on three that are core to the business: regenerative agriculture, reducing greenhouse gas emissions, and recycling. “This is part of our strategy for how we win,” he said. “We don’t sell Cheerios in the morning and then think about sustainability in the afternoon.”
President Donald Trump would have unique influence over the operations of U.S. Steel under the terms of what the White House calls an “investment” being made by Japan-based Nippon Steel in the iconic American steelmaker.
Administration officials over the past few days provided additional insight into the “golden share” arrangement that the federal government made as a condition for supporting the deal.
The Pittsburgh-based steel maker and Nippon Steel plan $11 billion in new investments by 2028 after indicating that they plan to move forward with the deal under the terms of a national security agreement that has the White House’s approval.
The White House has described the deal as a “partnership” and an “investment” by Nippon Steel in U.S. Steel, although Nippon Steel has never backed off its stated intention of buying and controlling U.S. Steel as a wholly owned subsidiary in a nearly $15 billion offer it originally made in late 2023.
Commerce Secretary Howard Lutnick posted on social media on Saturday how the “golden share” to be held by the president would operate, revealing that the White House is willing to insert itself aggressively into a private company’s affairs even as it has simultaneously pledged to strip away government regulations so businesses can expand.
Under the government’s terms, it would be impossible without Trump’s consent to relocate U.S. Steel’s headquarters from Pittsburgh, change the name of the company, “transfer production or jobs outside the United States,” shutter factories, or reincorporate the business overseas, among other powers held by the president.
Lutnick also said it would require presidential approval to reduce or delay $14 billion in planned investments.
“The Golden Share held by the United States in U.S. Steel has powerful terms that directly benefit and protect America, Pennsylvania, the great steelworkers of U.S. Steel, and U.S. manufacturers that will have massively expanded access to domestically produced steel,” Lutnick posted on X.
That $14 billion figure is higher than what the companies disclosed on Friday when Trump created a pathway for the investment with an executive order based on the terms of the national security agreement being accepted.
Lawmakers from Pennsylvania say the higher figure includes the cost of an electric arc furnace — a more modern steel mill that melts down scrap — that Nippon Steel wants to build in the U.S., bringing the value of the deal to at least $28 billion.
The president has the authority to name one of the corporate board’s independent three directors and veto power over the other two choices, according to a person familiar with the terms of the agreement who insisted on anonymity to discuss them. The details of the board structure were first reported by The New York Times.
Details of the agreement emerged as Trump was traveling to Alberta in Canada for the Group of Seven summit.
Still, the full terms remain somewhat unclear. The companies have not made public the full terms of Nippon Steel’s acquisition of U.S. Steel or the national security agreement with the federal government.
On Sunday, the United Steelworkers, the labor union representing U.S. Steel employees, posted a letter raising questions about the deal forged by Trump, who during his run for the presidency had pledged to block Nippon Steel’s acquisition of U.S. Steel.
The union said it was “disappointed” that Trump “has reversed course” and raised basic questions about the ownership structure of U.S. Steel.
“Neither the government nor the companies have publicly identified what all the terms of the proposed transaction are,” the letter said. “Our labor agreement expires next year, on September 1, 2026, and the USW and its members are prepared to engage the new owners” of U.S. Steel “to obtain a fair contract.”
If Trump has as much control of U.S. Steel as he has claimed, that could put him in the delicate position of negotiating the salary and benefits of unionized steelworkers going into midterm elections.
As president, Joe Biden used his authority to block Nippon Steel’s acquisition of U.S. Steel on his way out of the White House after a review by the Committee on Foreign Investment in the United States.
After he was elected, Trump expressed openness to working out an arrangement and ordered another review by the committee. That’s when the idea of the “golden share” emerged as a way to resolve national security concerns and protect American interests in domestic steel production.
As it sought to win over American officials, Nippon Steel made a series of commitments.
It gradually increased the amount of money it was pledging to invest in U.S. Steel, promised to maintain U.S. Steel’s headquarters in Pittsburgh, put U.S. Steel under a board with a majority of American citizens and keep plants operating.
It also said it would protect the interests of U.S. Steel in trade matters and it wouldn’t import steel slabs that would compete with U.S. Steel’s blast furnaces in Pennsylvania and Indiana.
Germany’s economy will return to growth in 2025 after two years of contraction, according to analysts surveyed by Bloomberg who are a little more upbeat on the country’s near-term prospects than other forecasters.
Respondents see gross domestic product in Europe’s largest economy rising 0.2% this year — a rosier outlook than the stagnation they predicted in May’s poll. For 2026 and 2027, as sharply higher government outlays on infrastructure and defense kick in, they project expansion of 1.1% and 1.7%.
“Some measures in the new federal government’s emergency program do point in the right direction,” said Dennis Huchzermeier, senior economist at the Handelsblatt Research Institute. At the same time there are “significant burdens” such as the jump in the minimum wage and a “looming explosion” in social security contributions, he said.
Germany made a good start to 2025 with stronger-than-expected growth, though that was partly down to businesses and exporters attempting to get ahead of expected US tariffs. That could yet reverse.
The Bundesbank this month predicted stagnation for the year as a whole, downgrading its December call for a 0.2% increase in GDP as firms grapple with trade uncertainty. That view is in line with many national forecasters and global institutions, including the International Monetary Fund.
In a slightly more optimistic take, though, Bundesbank President Joachim Nagel said Monday that the recent upward revision to first-quarter output data could push the figure for 2025 above zero.
“A slight increase in overall economic output therefore seems quite possible on average,” he said in a speech in Frankfurt.
For 2026, Germany’s Ifo Institute last week raised its growth projection by 0.7 percentage point to 1.5%, citing more fiscal spending. The IfW in Kiel expects expansion of 1.6%.
Ifo President Clemens Fuest said Friday that 2% growth – a goal Chancellor Friedrich Merz has discussed – is achievable, so long as policymakers implement reforms.
“Money alone isn’t enough,” Fuest said. “There are too many stumbling blocks. Germany needs a willingness to reform in several areas.”
Former Commerce Secretary Wilbur Ross, a key architect of Trump’s first-term economic agenda, explains that the administration’s use of tight 90-day deadlines and tariff pauses is both a negotiation tactic and a way to fit the political calendar, particularly before Congress shifts focus to mid-term elections. Ross acknowledges that while these deadlines have been effective in speeding up trade talks and showcasing U.S. leverage, their repeated use may be losing impact as negotiating partners begin to expect extensions rather than serious penalties.
When it comes to renegotiating deals with foreign economic powers, time is of the essence for the Trump 2.0 team.
Not only will tight timelines keep pressure on negotiations to resolve quickly, it also shows voters that the White House has the entrepreneurial wherewithal to make things happen on a rapid timescale.
President Trump has wielded breaks in tariffs of approximately three months a number of times. Most notably, having announced his ‘Liberation Day’ tariffs in early April, a week later he announced all proposed rates would be cut back to 10% for 90 days.
The same has since been announced for China, with both Beijing and Washington D.C. agreeing to lower rates by 115% respectively while talks continue.
And a combination of external pressure, but more importantly internal optics, is precisely why the president has developed a penchant for 90-day pauses.
Secretary Ross was a key architect of Trump’s economic agenda in his first term, overseeing the introduction of tariffs on China and the renegotiation of trade with Canada and Mexico.
He told Fortune in an exclusive interview that while a deadline helps in trade talks, Trump is also likely eyeing his own political calendar.
He explained: “There’s nothing like a deadline to encourage people to negotiate seriously. I think it’s right that he did it.”
But further “it fits the congressional timetable”, Secretary Ross explained: “I think he felt that he had to get this out there and try to get it in place early, because by around September everybody in the Congress is mainly going to be focusing on the mid-terms and therefore, the chances of them doing anything controversial are small.
“In history the senators always had a big voice in tariffs—so far he hasn’t given them any voice, and there’s always the danger that they will suddenly start to exert a voice. So I think he wanted to get that out of the way.”
Secretary Ross added that with a bit of “slippage” on 90-day pauses, deadlines get “very close to September.”
Moreover, the banker-turned-Washington-power-player added the tactic of pauses is becoming less of an eleventh-hour reprieve and more of an expectation.
“It was a good tactic and a useful one,” Secretary Ross said. “It gets less useful … because people start to take it less seriously than they did in the beginning.
Of course, everything about Trump’s tariff timelines is unorthodox: Usually trade deals take years from proposal to sign-off, let alone inking an agreement in a matter of months.
That being said, the Trump team has been scrutinized for whether it could stick to its promises of deals being announced in rapid succession over the summer.
Indeed, analysts have grown increasingly uneasy with Treasury Secretary Scott Bessent’s claim that “first movers” would get better deals after the ‘Liberation Day’ tariffs—especially since agreements that were supposedly “done, done, done” have yet to materialize.
So far the framework of a deal has been reached with the U.K. while a truce with China has been declared, but more comprehensive agreements are yet to be revealed.
“When you consider the fact that historically it takes years, not weeks, to negotiate individual trade deals, these are going at lightning speed,” Secretary Ross said. “The very fact that he’s gotten this far is pretty amazing, especially because we don’t have that much bandwidth. The whole U.S. trade rep staff, the entire staff, counting the receptionist, there’s only about 200 people, and they have lots of other tasks to do [like] monitoring old agreements and such.
“Even Commerce has a limited number and so does Treasury, so the very fact that they’ve made as much progress as they have shows the basic power of the U.S. to get people to come around.”
The Universal live-action adaptation of the beloved animated franchise soared to a strong $83.7 million debut in North American theaters, according to Comscore estimates Sunday. The film, directed by franchise veteran Dean DeBlois, follows the unlikely friendship between a young Viking named Hiccup (Mason Thames) and a dragon called Toothless.
The reboot easily outpaced 2019’s “How to Train Your Dragon: The Hidden World,” which opened with $55 million. The latest film earned more than $114.1 million internationally, bringing the global total to $197.8 million.
“This is yet another example of a live-action remake really delivering on the promise of the marketing,” said Paul Dergarabedian, the senior media analyst for Comscore. “I think the longevity and playability of some of these films particularly in the summer has been nothing short of miraculous.”
“How to Train” also claimed the No. 1 spot ahead of Disney’s “Lilo & Stitch,” which slipped to second place after topping the charts for three weekends. That hybrid live-action remake added another $15 million, pushing its domestic total past $386.3 million.
“Materialists,” a modern-day New York love story starring Dakota Johnson, Pedro Pascal, and Chris Evans, rounded out the top three films of the week with a $12 million debut. The romantic dramedy features Johnson as a savvy matchmaker caught between two suitors: a broke, struggling actor who happens to be her ex, and a wealthy “unicorn” who seems too good to be true.
The John Wick spinoff “Ballerina” fell to fifth place with $9.4 million, despite strong reviews from both critics and audiences. Directed by Len Wiseman, the action film stars Ana de Armas and features Keanu Reeves reprising his role in a supporting turn.
Dergarabedian said “Ballerina” could have a surge later down the line similar to 2014’s “John Wick.”
“It took a while for that franchise to really catch on,” he said. “You saw a huge outpouring of interest for the first ‘John Wick’ when it hit home video or streaming, I should say, and I think the same will happen here.”
In sixth place, “Karate Kid: Legends” earned $5 million followed by “Final Destination: Bloodlines” at seventh with $3.9 million. Wes Anderson’s latest “The Phoenician Scheme” brought in $3 million eighth place. “The Life of Chuck,” based on a Stephen King story, placed ninth with $2.1 million.
Rounding out the top 10 was “Sinners.” The Ryan Coogler film starring Michael B. Jordan, drew $1.4 million – which is impressive since the movie is available to watch at home through online and digital platforms after being released two months ago.
Overall, the box office is up 23% from this point in 2024.
Dergarabedian said he’s looking forward to films in the coming weeks that could have a positive presence at the box office, such as “Eilo,” “F1,” “Superman” and “28 Days Later.”
Top 10 movies by domestic box office
With final domestic figures being released Monday, this list factors in the estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore:
1. “How to Train Your Dragon,” $83.7 million
2. “Lilo and Stitch,” $15.5 million.
3. “Materialists,” $12 million.
4. “Mission: Impossible – The Final Reckoning,” $10.3 million.
5. “From the World of John Wick: Ballerina,” $9.4 million.
When U.S. President Donald Trump last came to Canada for a Group of Seven summit, the enduring image was of him seated with his arms folded defiantly as then-German Chancellor Angela Merkel stared daggers at him.
If there is a shared mission at this year’s G7 summit, which begins Monday in Canada’s Rocky Mountains, it is a desire to minimize any fireworks at a moment of combustible tensions.
The 2018 summit ended with Trump assailing his Canadian hosts on social media as he departed on Air Force One, saying he had instructed the U.S. officials who remained in Quebec to oppose the G7 joint statement endorsed by the leaders of Japan, France, the United Kingdom, Italy, Germany and, of course, Canada.
“I have instructed our U.S. Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S. Market!” Trump posted on the site then known as Twitter.
This time, Trump already has hit several dozen nations with severe tariffs that risk a global economic slowdown. There is little progress on settling the wars in Ukraine and Gaza and now a new and escalating conflict between Israel and Iran over Tehran’s nuclear program.
Add to all of that the problems of climate change, immigration, drug trafficking, new technologies such as artificial intelligence and China’s continued manufacturing superiority and chokehold on key supply chains.
Asked if he planned to announce any trade agreements at the G7 as he left the White House on Sunday, Trump said: “We have our trade deals. All we have to do is send a letter, ‘This is what you’re going to have to pay.’ But I think we’ll have a few, few new trade deals.”
At stake might be the survival of the G7 itself at a time when the Trump administration has sent mixed signals about whether the president will attend the November Group of 20 summit in South Africa.
What Trump opposed at the 2018 summit in Quebec wasn’t just tariffs, but a focus on having alliances with a shared set of standards seeking to shape policies.
“The big dispute in Quebec were the references to the rules-based international order and that’s where that famous photo comes from,” said Peter Boehm, Canada’s counselor at the 2018 G7 summit in Quebec and a veteran of six G7 summits. “I think it gave everyone the idea that G7s were maybe not business as usual.”
The German, U.K., Japanese and Italian governments have each signaled a belief that a friendly relationship with Trump this year can reduce the likelihood of outbursts.
“Well, I have got a good relationship with President Trump, and that’s important,” U.K. Prime Minister Keir Starmer said Saturday as he flew to Canada.
There is no plan for a joint statement this year from the G7, a sign that the Trump administration sees no need to build a shared consensus with fellow democracies if it views such a statement as contrary to its goals of new tariffs, more fossil fuel production and a Europe that is less dependent on the U.S. military.
“The Trump administration almost certainly believes that no deal is better than a bad deal,” said Caitlin Welsh, a director at the Center for Strategic and International Studies think tank who was part of Trump’s team for the G7 in Trump’s first term.
The White House has stayed decidedly mum about its goals for the G7, which originated as a 1973 finance ministers’ meeting to address the oil crisis and steadily evolved into a yearly summit that is meant to foster personal relationships among world leaders and address global problems.
The G7 even briefly expanded to the G8 with Russia as a member, only for Russia to be expelled in 2014 after annexing Crimea and taking a foothold in Ukraine that preceded its aggressive 2022 invasion of that nation.
Trump will have at least three scheduled bilateral meetings during the summit with other world leaders while in Canada, staring on Monday morning with Canadian Prime Minister Mark Carney. The U.S. president is also expected to have bilateral meetings with Mexican President Claudia Sheinbaum and Ukrainian President Volodymyr Zelenskyy, according to an administration official.
The U.S. president has imposed 25% tariffs on steel, aluminum and autos, all of which have disproportionately hit Japan. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire.
The United Kingdom reached a trade framework with the U.S. that included quotas to protect against some tariffs, but the 10% baseline would remain as the Trump administration is banking on tariff revenues to help cover the cost of its income tax cuts.
Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, through some products are still protected under the 2020 U.S.-Mexico-Canada Agreement signed during Trump’s first term.
The Trump administration has insisted that its broad tariffs will produce trade agreements that box out China, though it’s unclear how antagonizing trade partners would make them want to strengthen their reliance on the U.S. Carney, the Canadian leader, has been outspoken in saying his country can no longer look to the U.S. as an enduring friend.
That might leave Trump with the awkward task of wanting to keep his tariffs in place while also trying to convince other countries that they’re better off siding with the U.S. than China.
“Trump will try to coordinate the group against China’s economic coercion,” Josh Lipsky, chair of international economics at the Atlantic Council, wrote in an analysis. “But the rest of the leaders may turn back to Trump and say that this kind of coordination, which is at the heart of why the G7 works, would be easier if he weren’t imposing tariffs on his allies.”
US President Donald Trump (2L) is greeted by Steven Crowchild of the Tsuut'ina First Nation (2R) and others upon arrival at Calgary International Airport, before the start of the G7 summit, in Calgary, Alberta, Canada, June 15, 2025.
The man suspected of killing a Minnesota lawmaker and wounding another has been taken into custody, two law enforcement officials said, bringing an end to a nearly two-day search that put the state on edge.
Vance Boelter was arrested Sunday evening. The arrest was confirmed to The Associated Press by law enforcement officials were who were not authorized to publicly discuss details of the ongoing investigation and spoke to AP on condition of anonymity. Former Democratic House Speaker Melissa Hortman and her husband, Mark, were killed in their Brooklyn Park home early Saturday in the northern Minneapolis suburbs. Sen. John Hoffman, also a Democrat, and his wife, Yvette, were injured at their Champlin home, about 9 miles (about 15 kilometers) away.
Boelter was captured in Minnesota, though officials didn’t immediately say where.
A criminal complaint unsealed Sunday night says Boelter faces two counts of second-degree murder and two counts of attempted second-degree murder in the deaths of the Hortmans and the wounding of Hoffman and his wife.
The Hoffmans were attacked first at their home in Champin early Saturday. After police in nearby Brooklyn Park learned of that shooting, they sent patrol officers to check on the Hortmans’ home.
Brooklyn Park police officers arrived just in time to see Boelter shoot Mark Hortman through the open door of the home, the complaint says. It says they exchanged gunfire with Boelter, who fled inside the home before escaping the scene.
The complaint indicates the shooting at the Hoffmans’ home was called in by their adult daughter.
This photo made available by the Ramsey County Sheriff’s Office shows Vance Luther Boelter, the man accused of assassinating the top Democrat in the Minnesota House, as he was arrested late Sunday.
Ramsey County Sheriff’s Office via AP
A massive search
Earlier Drew Evans, superintendent of the Bureau of Criminal Apprehension, said authorities found a car very early Sunday they believed Boelter was using, a few miles from his home in Green Isle, in the farm country about an hour west of Minneapolis. He also said they found evidence in the car that was relevant to the investigation, but did not provide details.
Authorities named Boelter, 57, as a suspect, saying he wore a mask as he posed as a police officer, even allegedly altering a vehicle to make it look like a police car.
Evens confirmed that investigators found a cowboy hat near the vehicle and believe it belonged to Boelter. The superintendent also said authorities interviewed Boelter’s wife and other family members in connection with Saturday’s shootings. He said they were cooperative and were not in custody.
The FBI had issued a reward of up to $50,000 for information leading to his arrest and conviction.
More than 100 law enforcement officers including SWAT teams were searching the area, including nearby homes, Evans said. He also said they had received more than 400 tips from the public.
The earlier search happened in rural Sibley County, roughly 50 miles (80 kilometers) southwest of Minneapolis, where Boelter had a home with his wife and five children. Residents in the area received an emergency alert about the located vehicle that warned them to lock their doors and cars.
Brightly colored flowers and small American flags were placed Sunday on the gray marbled stone of the Minnesota State Capitol along with a photo of the Hortmans. People scrawled messages on small notes including, “You were our leader through the hardest of times. Rest in Power.”
Pam Stein came with flowers and kneeled by the memorial. An emotional Stein called Hortman an “absolute powerhouse” and “the real unsung hero of Minnesota government.”
No details on motive
Authorities have not yet given details on a motive.
A list of about 70 names was found in writings recovered from the fake police vehicle that was left at the crime scene, the officials said. The writings and list of names included prominent state and federal lawmakers and community leaders, along with abortion rights advocates and information about healthcare facilities, according to the officials.
Evans clarified that while he described the materials on Saturday as a “manifesto,” the papers were not a political or ideological treatise. He said it was more of a notebook, listing lawmakers and other people, with various thoughts mixed in. He declined to give details.
A Minnesota official told AP lawmakers who had been outspoken in favor of abortion rights were on the list. The official spoke on the condition of anonymity because the investigation was ongoing.
The attacks prompted warnings to other state elected officials and the cancellation of planned “No Kings” demonstrations against President Donald Trump, though some went ahead anyway, including one that drew tens of thousands to the State Capitol in St. Paul. Authorities said the suspect had “No Kings” flyers in his car.
Boelter is a former political appointee who served on the same state workforce development board as Hoffman, records show, though it was not clear if or how well they knew each other.
Around 6 a.m. Saturday, Boelter texted friends to apologize for his actions, though he didn’t say what he had done.
“I’m going to be gone for a while. May be dead shortly, so I just want to let you know I love you guys both and I wish it hadn’t gone this way. … I’m sorry for all the trouble this has caused,” he wrote in messages viewed by AP.
Two Democrats targeted
On Sunday evening, U.S. Sen. Amy Klobuchar shared a statement from Yvette Hoffman expressing appreciation for the outpouring of public support.
“John is enduring many surgeries right now and is closer every hour to being out of the woods,” Yvette Hoffman said in a text that Klobuchar posted on social media. “He took 9 bullet hits. I took 8 and we are both incredibly lucky to be alive. We are gutted and devastated by the loss of Melissa and Mark.”
On social media, Gov. Tim Walz remembered Hortman on Sunday as, “The most consequential Speaker in state history.”
Hortman, 55, had been the top Democratic leader in the state House since 2017. She led Democrats in a three-week walkout at the beginning of this year’s session in a power struggle with Republicans. Under a power-sharing agreement, she turned the gavel over to Republican Rep. Lisa Demuth and assumed the title speaker emerita.
Hortman used her position as speaker in 2023 to champion expanded protections for abortion rights, including legislation to solidify Minnesota’s status as a refuge for patients from restrictive states who travel to the state to seek abortions — and to protect providers who serve them.
The couple had an adult son and an adult daughter.
Hoffman, 60, was first elected in 2012 and was chair of the Senate Human Services Committee, which oversees one of the biggest parts of the state budget. He and his wife have one adult daughter.
Stock futures were higher on Sunday as investors weighed the impact of the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead. Oil prices rallied after Israel attacked key areas of Iran’s energy infrastructure over the weekend, while Tehran said closing off the Strait of Hormuz was under serious consideration. Fed policymakers will meet in the coming week.
U.S. stocks signaled a rebounded Sunday night as futures rose amid the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead.
Stocks sold off sharply on Friday after Israel launched an air campaign that struck Iran’s top military leadership, nuclear facilities, and bases around the country.
Over the weekend, both sides continued their bombardments with key areas of Iran’s energy infrastructure increasingly targeted. That includes oil refineries, fuel depots, and a massive natural gas field.
Futures for the Dow Jones Industrial Average reversed higher, rising 44 points, or 0.1%. S&P 500 futures were up 0.14%, and Nasdaq futures rose 0.20%.
U.S. oil prices pared earlier gains, climbing 1.1% to $73.79 per barrel, and Brent crude rose 1% to $74.94. That’s after oil soared 7% on Friday as markets reacted to the early stages of the Israel-Iran conflict.
An Iranian lawmaker said over the weekend that closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait.
In a note on Saturday, George Saravelos, head of FX research at Deutsche Bank, estimated that the worst-case scenario of a complete disruption to Iranian oil supplies and a closure of the Strait of Hormuz could send oil price above $120 per barrel.
The yield on the 10-year Treasury slipped 0.9 basis point to 4.415%. The dollar fell 0.17% against the euro and 0.17% against the yen. Gold rose 0.2% to $3,459.90 per ounce.
Surging oil prices reignited inflation fears, just as consumer price data was showing more signs that President Donald Trump’s tariffs were having minimal impact so far.
That put upward pressure on the 10-year yield on Friday as hopes for rate cuts from the Federal Reserve later this year dimmed.
Inflation, tariffs, and the volatile geopolitical landscape will be top of mind when Fed policymakers are due to meet this Tuesday and Wednesday.
While they aren’t expected to adjust rates, they will release a fresh set of forecasts for future rates and economic indicators. Chairman Jerome Powell will also hold a press briefing on Wednesday afternoon.
With Federal Reserve officials signaling an extended hold on interest rates, investors and economists will look to Chair Jerome Powell this week for clues on what might eventually prompt the central bank to make a move, and when.
A fourth straight meeting without a cut could provoke another tirade from President Donald Trump. But policymakers have been clear: Before they can make a move they need the White House to resolve the big question marks around tariffs, immigration and taxes. Israel’s attacks on Iranian nuclear sites have also introduced another element of uncertainty for the global economy.
At the same time, the generally healthy, if slowly cooling, US economy has few expecting a rate move any time soon. Investors are betting the central bank won’t lower borrowing costs until September at the earliest, according to pricing in futures contracts.
“The safest path to take in that situation, when there is no urgency to cut rates right now, is to just sit on your hands,” said Seema Shah, chief global strategist at Principal Asset Management.
Policymakers gather June 17-18. They’ll release a statement at 2:00 PM Washington time, and Powell is scheduled to take questions from reporters 30 minutes later.
Difficult Choices
The president’s tariffs are widely expected to raise prices and slow growth, risks that officials flagged in their last post-meeting statement. That could eventually force the Fed to make a difficult choice as the economy pulls them in opposite directions.
“I don’t think at this point there’s anything to be alarmed about,” said David Hoag, fixed income portfolio manager at Capital Group. “But the longer we have uncertainty — for the consumer, for companies in terms of planning — the more concerned I’ll get about the fundamentals of the economy deteriorating.”
So far, however, the economy isn’t flashing warning signs that would prompt the Fed to intervene.
The unemployment rate has held steady for three months even as job growth has slowed, in part because a sharp decline in immigration is also lowering the supply of workers. The longer the jobless rate remains stable, the longer the Fed can hold rates as a defense against potentially higher inflation.
Yet price data has also provided little to worry about. Underlying inflation rose by less than expected in May for the fourth straight month. Treasuries rose last week on the news, bolstered by wagers on more than one rate cut this year. The yield on two-year notes, most sensitive to the Fed’s policy, declined by more than seven basis points on the week to 3.96%.
Still, officials are likely to wait for additional months of data to understand how much of the tariffs are being passed on to consumers. Israel’s airstrikes on Iran will raise additional questions. Fed officials traditionally look through energy price moves, but an oil price shock could affect inflation expectations.
Fresh Projections
Fresh economic forecasts and rate projections this week could provide helpful guidance to how officials are thinking. They’ll be the first since Trump’s “Liberation Day” announcement of sweeping tariffs on April 2.
As analysts ponder the results, the range of possibilities is unusually large.
If officials predict that unemployment will rise this year meaningfully above the 4.4% they forecast in March, that would suggest policymakers may cut rates before the fourth quarter, said Shah.
Some Fed officials, including Governor Christopher Waller, have already signaled an openness to cutting because they believe policymakers can view the expected impact of tariffs on consumer prices as temporary — as long as inflation expectations remain anchored. That aligns with market-based measures suggesting traders also believe the tariff price bump will be short-lived.
But should officials raise their expectations for inflation, that could reduce the number of cuts they project this year to one, from the two seen in March, said Matthew Luzzetti, chief US economist for Deutsche Bank. Strategists at Barclays warned of just such a “hawkish” surprise in a note to clients.
Officials might also consider the substantial uncertainty over the final state of Trump’s policies and simply leave their projections unchanged.
“I’d be surprised if the dots move much,” said Zachary Griffiths head of investment-grade and macroeconomic strategy at CreditSights. “It’s been a roller-coaster ride” since the Fed last released projections in March. “On net, I think we’re probably in a somewhat similar situation,” he said.
Late Support
Some economists say the timing of the Fed’s next moves will eventually come down to how long it takes for Trump’s policies to show up in the economic data — and how strongly that raises concerns about a downturn.
In a Bloomberg survey of economists conducted June 6-11, 42% of respondents predicted the Fed will hold rates steady until there’s more concrete weakness in the economy.
Julia Coronado, founder of the research firm MacroPolicy Perspectives and a former Fed economist, said she expects rate cuts beginning in October or December in response to the more notable labor-market slowdown she estimates will materialize by then.
Melissa Hortman’s influence at the Minnesota Capitol and her power as a Democratic leader to shape the course of a deeply divided Legislature were a far cry from her job as a teenager making chili-cheese burritos and overshadowed her volunteer work training service dogs for veterans.
She was a lifelong Minneapolis-area resident who went to college in Boston and then returned home for law school and, with degree fresh in hand, worked as a volunteer lawyer for a group fighting housing discrimination. Elected to the Minnesota House in 2004, she helped pass liberal initiatives like free lunches for pubic school students in 2023 as the chamber’s speaker. With the House split 67-67 between Democrats and Republicans this year, she helped break a budget impasse threatening to shut down state government.
Tributes from friends and colleagues in both parties poured in after Hortman and her husband were shot to death early Saturday in their suburban Brooklyn Park home in what authorities called an act of targeted political violence. Helping Paws, which trains service dogs, posted a message on its Facebook page, along with a 2022 photo of a smiling Hortman with her arm around Gilbert, a friendly-looking golden retriever trained to be a service dog and adopted by her family.
“Melissa Hortman was a woman that I wish everyone around the country knew,” U.S. Sen. Amy Klobuchar, a longtime friend and Democratic ally, said Sunday on ABC’s “This Week.”
Klobuchar added: “She was a true leader and loved her work, but was always so grounded and such a decent person. I think that’s probably the best word to describe her. You look at her pictures and you know what she was about.”
In this photo from 2022, provided by Helping Paws of Eden Prairie, Minn., state Rep. Melissa Hortman, DFL-Brooklyn Park, poses with Gilbert, a golden retriever trained to be a service dog but eventually adopted by the Hortman family.
Helping Paws via AP
The shootings followed a big Democratic dinner
The killings of Hortman and her husband early Saturday followed the shootings and wounding of another prominent Minnesota lawmaker, state Sen. John Hoffman, and his wife, at their home in Champlin, another Minneapolis suburb. Hoffman is chair of the Senate committee overseeing human resources spending. A nephew posted Sunday on Facebook that the Hoffmans were out of surgery and recovering from multiple gunshot wounds.
The Hortmans, the Hoffmans and other top Democrats had gathered at a downtown Minneapolis hotel Friday night for their party’s annual Humphrey-Mondale dinner. It’s named for two Minnesota liberal icons who served both as U.S. senators and vice presidents, Hubert Humphrey and Walter Mondale.
Minnesota Democrat and U.S. Sen. Tina Smith said she saw both lawmakers at the dinner.
“So it feels so personal, because we’re all very good friends, of course, to have that have happened so shortly after we were all together,” Smith said on CNN’s “Inside Politics Sunday.”
Outside the state Capitol in St. Paul, a memorial to Hortman and her husband included flowers, candles, small American flags and a photo of the couple. Visitors left messages on Post-It notes commending Hortman’s legislative work, including, “You changed countless lives.”
Hortman supplied a key vote for a budget deal Democrats disliked
Legislative colleagues described Hortman as funny, savvy and fiercely committed to liberal causes. When lawmakers convened in January with a vacancy in a Democratic seat in the House giving the GOP a temporary advantage, Hortman led a boycott of daily sessions for more than three weeks to force Republicans into a power-sharing arrangement.
Republicans were intent this year on ending state health coverage for adult immigrants who entered the U.S. illegally, authorized in 2023 as part of a sweeping liberal program. Democrats wanted to keep it, and lawmakers began June — the last month of the 2025 budget year — without having passed a 2026-27 spending blueprint.
Hortman helped negotiate a package that included a bill ending the state health coverage for adult immigrants on Jan. 1, 2026. She was the only House Democrat to vote for it last week— the 68th vote it needed to pass the chamber.
She told reporters afterward that Republicans insisted on the bill, and Minnesota voters who gave the House an even partisan split expect the parties to compromise. But she acknowledged she worries about people who will lose their health insurance.
“I know that people will be hurt by that vote,” she said, choking up briefly before regaining her composure. “We worked very hard to get a budget deal that wouldn’t include that provision.”
Tacos, auto parts, physics and Habitat for Humanity
Hortman’s earliest jobs didn’t suggest that she’d become a power in Minnesota politics. The earliest job listed on her LinkedIn.com profile, when she was 16, was as a cook and cashier at a restaurant, where she made tacos and, “most importantly, chili cheese burritos.” She also worked for caterers and was a runner at an auto parts store, putting inventory away and retrieving items for customers.
Her husband, Mark, earned a physics degree from the University of North Carolina and later, a master’s of business administration. He was the chief operating officer of an auto parts company for 10 years before co-founding a business consulting firm. He was active in Helping Paws and worked with homebuilding nonprofit Habitat for Humanity.
Melissa Hortman earned a degree in philosophy and political science from Boston University, where she also worked as a residence assistant in one of its dormitories. She earned her law degree from the University of Minnesota, but also a master’s of public administration from Harvard University.
She served a decade on the board of a local nonprofit providing transportation and car repairs for low-income residents. She also was part of a committee in 2005 considering whether Minneapolis should submit a bid to host the Summer Olympics.
“We remember Melissa for her kindness, compassion, and unwavering commitment to making the world better,” Helping Paws said in its Facebook message.
Amid Israel’s punishing air strikes, Iranians clogged roads and highways on Sunday to leave Tehran, according to reports. That came as fresh attacks targeted Iran’s energy infrastructure, including fuel supplies and a top natural gas field. Reduced electricity supplies could worsen an energy crisis that had already been hitting Iranians for months.
Israel’s sustained air campaign against Iran, including on Tehran, prompted residents of the capital to flee, clogging roads and highways.
There were traffic jams on roads leading out of the city while others trying to flee were hailing taxis as they held suitcases, according to the New York Times.
One resident of Tehran who gave his name only as Alireza told the Washington Post that they left the capital Sunday for Iran’s northern Gilan province after a building near his home was hit by an air strike.
“We were lucky to leave very early,” he said. “Right after us the roads got really crowded.”
The Post and Times also reported that long lines were forming as gas stations, some of which had to resort to rationing, as Iranians rushed to fill up.
The rush to Tehran’s gas stations came as Israel also struck critical pieces of Iran’s energy infrastructure, including oil refineries and fuel depots.
Motorists line up at a gas station in Tehran on Sunday.
Atta Kenare—AFP via Getty Images
Meanwhile, a separate attack on the Pars South gas field, considered to the world’s largest reservoir of natural gas, is also set to worsen an energy crisis that has slammed Iranians for months.
The Pars field is critical to Iran’s domestic energy production, and more than 90% of Iran’s electricity is generated by gas-powered plants, according to the Institute for the Study of War in an assessment on Sunday.
Even before Israel’s bombardment, Iran had been suffering through an energy crisis for months, due to sanctions, mismanagement, old infrastructure, over-consumption, and earlier Israeli attacks.
That forced Iran to impose regular blackouts to conserve energy, leaving universities, shops and factories in the dark.
“Disruptions to Iran’s natural gas production will likely worsen the country’s ongoing energy crisis and lead to more widespread electricity blackouts, however,” ISW said on Sunday. “Iranians have previously protested against the regime in response to energy shortages. Demonstrations over the rising gas prices in 2017 and 2018 escalated into broader challenges for the regime’s stability.”
President Donald Trump rejected a plan presented by Israel to the U.S. to kill Iran’s Supreme Leader Ayatollah Ali Khamenei, according to a U.S. official familiar with the matter.
The Israelis informed the Trump administration in recent days that they had developed a credible plan to kill Khamenei.
After being briefed on the plan, the White House made clear to Israeli officials that Trump was opposed to the Israelis making the move, according to the official who was not authorized to comment on the sensitive matter and spoke on the condition of anonymity.
The Trump administration is desperate to keep Israel’s military operation aimed at decapitating Iran’s nuclear program from exploding into an even more expansive conflict and saw the plan to kill Khamenei as a move that would enflame the conflict and potentially destabilize the region.
Asked about the plan during an interview on Fox News Channel’s “Special Report with Bret Baier,” Israeli Prime Minister Benjamin Netanyahu did not directly address whether the White House rejected the plan.
“But I can tell you, I think that we do what we need to do, we’ll do what we need to do. And I think the United States knows what is good for the United States,” Netanyahu said.
Netanyahu spokesperson Omer Dostri later called reports about the Israeli plan to kill Khamenei “fake.”
Netanyahu in the Fox interview also said regime change “could certainly be the result” of the conflict “because the Iranian regime is very weak.”
Trump’s rejection of the proposal was first reported by Reuters.
Meanwhile, Trump on Sunday issued a stark warning to Iran against retaliating on U.S. targets in the Middle East while also predicting Israel and Iran would “soon” make a deal to end their escalating conflict.
Trump in an early morning social media posting said the United States “had nothing to do with the attack on Iran” as Israel and Iran traded missile attacksfor the third straight day. Iran, however, has said that it would hold the U.S.—which has provided Israel with much of its deep arsenal of weaponry—for its backing of Israel.
“If we are attacked in any way, shape or form by Iran, the full strength and might of the U.S. Armed Forces will come down on you at levels never seen before,” Trump said.
Hours later Trump took to social media again to predict “Iran and Israel should make a deal, and will make a deal.”
The U.S. president said he has a track record for de-escalating conflicts, and that he would get Israel and Iran to cease hostilities “just like I got India and Pakistan to make” after the two countries’ recent cross-border confrontation.
India struck targets inside Pakistan after militants in April massacred 26 tourists in Indian-controlled Kashmir. Pakistan has denied any links to the attackers. Following India’s strikes in Pakistan, the two sides exchanged heavy fire along their de facto borders, followed by missile and drone strikes into each other’s territories, mainly targeting military installations and airbases.
It was the most serious confrontation in decades between the countries. Trump on Sunday repeated his claim, disputed by India, that the two sides agreed to a ceasefire after he had offered to help both nations with trade if they agreed to de-escalate.
Trump also pointed to efforts by his administration during his first term to mediate disputes between Serbia and Kosovo and Egypt and Ethiopia.
“Likewise, we will have PEACE, soon, between Israel and Iran!” Trump said. “Many calls and meetings now taking place. I do a lot, and never get credit for anything, but that’s OK, the PEOPLE understand. MAKE THE MIDDLE EAST GREAT AGAIN!”
Trump is set to travel later Sunday to Canada for Group of Seven leaders summit where the Mideast crisis will loom large over his talks with the leaders of Britain, Canada, France, Germany, Italy, and Japan and the European Union.
There’s a divide in Trump world about how far the president should go in backing Israel.
Rep. Marjorie Taylor Greene, R-Ga., Turning Point USA founder Charlie Kirk, former Fox News host Tucker Carlson are among the prominent backers of Trump who have argued voters backed Trump because he would not involve the nation in foreign conflicts.
GOP Kentucky Sen. Rand Paul praised Trump for having shown restraint and said he hoped the president’s “instincts will prevail.”
“So, I think it’s going to be very hard to come out of this and have a negotiated settlement,” Paul said in an appearance on NBC’s “Meet the Press.” ”I see more war and more carnage. And it’s not the U.S.’s job to be involved in this war.”
In an interview aired on CBS’ “Face the Nation” GOP South Carolina Sen. Lindsey Graham said he preferred diplomatic efforts, but if diplomacy doesn’t work Trump should “go all in” on destroying Iran’s nuclear program.
“If that means providing bombs, provide bombs,” he said. “If that means flying with Israel, fly with Israel.”
Iran has launched hundreds of missiles at Israel in response to its expansive air strikes, though not as many as expected. Meanwhile, Israel has targeted Iran’s missiles as well as its ability to launch them. The Institute for the Study of War said Iran’s rate of attack is already slowing down from its initial barrages.
The conflict between Israel and Iran escalated over the weekend as both sides appeared to expand their range of targets, including energy infrastructure.
But despite Israel’s aggressive air strikes and even suggestions that they are aimed at the regime itself, Iran has not responded in kind, launching fewer missiles than expected and at a declining rate.
That’s because Israel has targeted Iran’s stockpile of missiles as well as its ability to launch them, according to the Institute for the Study of War.
“The frequency of Iran’s missile barrages targeting Israel has decreased since the start of the Israeli air campaign on June 12, which suggests that Israeli strikes are impacting the rate at which Iran can launch missiles at Israel,” ISW researchers wrote in an assessment on Sunday.
On Friday and Saturday, Iran conducted six waves of attacks using 100-200 missiles, ISW estimated. But since Saturday, Iran has only conducted two waves of attacks using 35-40 missiles each.
Using the high end of each ISW estimate, that means the initial waves averaged about 33 missiles each, while the subsequent waves have averaged 20 missiles.
On Saturday, ISW’s analysis of the Israel-Iran conflict noted that Tehran had reportedly planned to launch 1,000 ballistic missiles at Israel in response to Israeli attacks. But ISW’s tally at the time put the total at just 200.
“Iran has used significantly fewer munitions in its response to Israel than originally planned because the IDF destroyed and damaged missile launchers and silos that Iran planned to use to retaliate against Israel,” ISW wrote.
Before the current conflict started, U.S. and Israeli estimates put Iran’s stockpile of missiles at about 2,000, but not all of them have enough range to reach Israel, according to ISW.
If that number is accurate, then Iran’s current rate of missile launches at Israel may not be sustainable for much longer.
Israel’s ‘Iron Dome’ air defense system responds to incoming Iranian ballistic missiles as seen from Hebron on Sunday.
Amer Shallodi—Anadolu via Getty Images
To be sure, Iran has inflicted significant damage and caused fatalities, but Israel’s Iron Dome missile-defense system has been intercepting many attacks, limiting the effectiveness of Iran’s retaliation.
Other analysts have previously noted that Iran has few viable military options, and its overall capabilities have been severely degraded by Israel.
That could force Tehran to look for ways to retaliate in ways that don’t involve launching missiles. An Iranian lawmaker said Saturday that the closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait.
Meanwhile, Israel is continuing its own barrage and expanding its targets to include Iran’s energy infrastructure. After wiping out much of Tehran’s top military leadership as well as pummeling nuclear and military facilities, Israel has hit fuel supplies and the Pars South gas field, considered to the world’s largest reservoir of natural gas.
The Pars field is critical to Iran’s domestic energy production, and more than 90% of Iran’s electricity is generated by gas-powered plants, according to ISW.
“Disruptions to Iran’s natural gas production will likely worsen the country’s ongoing energy crisis and lead to more widespread electricity blackouts, however,” ISW said on Sunday. “Iranians have previously protested against the regime in response to energy shortages. Demonstrations over the rising gas prices in 2017 and 2018 escalated into broader challenges for the regime’s stability.”
The man that authorities say is a suspect in the shooting of two Minnesota lawmakers on Saturday had a complex financial and professional history. While he signaled he was open to job opportunities in the food industry, he reportedly worked at a funeral home while also served as director of security patrols at a private-security firm.
Vance Boelter, who was named as a suspect in the shooting of two Minnesota lawmakers on Saturday, left behind a complex financial and professional history.
He remains on the run with a manhunt underway. State Rep. Melissa Hortman, 55 years old, and her husband were shot and killed in their Brooklyn Park home. Elsewhere in Champlin, state Sen. John Hoffman, 60, and his wife were also shot at home and are recovering after undergoing surgery. Gov. Tim Walz described the shooting as “an act of targeted political violence.”
He worked for an eye donation center, according to David Carlson, who shared a house in Minneapolis with Boelter and told Reuters he’s known him since fourth grade.
Carlson also said Boelter was working at a funeral home while experiencing financial and mental health challenges, according to the New York Times.
On Friday, Boelter gave Carlson four months of rent in advance, or about $900 total. A federal law enforcement official told the Times that Boelter emptied a bank account before the shooting.
Despite his various jobs, Boelter’s LinkedIn profile picture carries the green “#opentowork” banner. His professional history includes a stint as a 7-Eleven general manager as well as various positions at food companies like Greencore, Del Monte, Johnsonville Sausage, and Nestle.
“Hi everyone! I’m looking to get back into the U.S. Food Industry and I’m pretty open to positions,” he posted a month ago. “Other Leadership positions outside of the Food Industry I’m willing to hear about as well.”
The LinkedIn profile also says Boelter is CEO of Red Lion Group in the Democratic Republic of Congo, where he has delivered sermons as a pastor, according on online videos.
In addition, he and his wife once led a Christian nonprofit called Revoformation Ministries, according to the Times, which cited an archived version of a website that said Boelter previously traveled to the Gaza Strip and West Bank where he “sought out militant Islamists in order to share the gospel and tell them that violence wasn’t the answer.”
Boelter is also listed on federal tax forms as the president of a Minnesota-based nonprofit called You Give Them Something to Eat, though there’s no indication of any spending or income, according to the Washington Post.
His housemate Carlson said Boelter was against abortion and voted for President Donald Trump but generally avoided talking about politics.
He shared with local media text messages he got from Boelter before the shooting that suggested something dire was about to happen.
“I made some choices, and you guys don’t know anything about this, but I’m going to be gone for a while. May be dead shortly, so I just want to let you know I love you guys both and I wish it hadn’t gone this way.”
President Donald Trump said that it’s possible the US could become involved in the Israel-Iran conflict.
“It’s possible we could get involved,” Trump said in an interview with ABC News on Sunday. He noted that the US is “not at this moment involved.”
The US has jet fighters, ships and ground-based air-defense systems positioned near the warring countries to help counter any Iranian attack on American assets or people. It has not yet openly assisted Israel in its strikes, but has helped the country defend itself.
In a separate post on Truth Social, Trump said that many calls were taking place and that “we will have PEACE, soon, between Israel and Iran!”
Referring to a phone call between Trump and Vladimir Putin on Saturday, the president told ABC he would be “open” to having the Russian president mediate the conflict.
“He is ready. He called me about it. We had a long talk about it,” Trump said.
Russia is a strategic ally of Iran. The two nations worked against the US in wars in Syria and Iraq.
President Donald Trump earned $57.7 million from token sales by the crypto firm he and his sons helped launch last year, according to his required federal financial disclosure forms.
The financial disclosure, released Friday by the Office of Government Ethics, provided details on his sprawling empire, including hundreds of millions of dollars in income from his hotels, golf resorts and cryptocurrency ventures.
The $57.7 million came from sales by World Liberty Financial, the crypto firm launched last year before the election. Trump and his three sons, Donald Trump Jr., Eric Trump and Barron Trump, are among the company’s founders, according to its website.
That haul wasn’t the largest source of the president’s income from private holdings. Trump Endeavor 12 LLC, a Miami-based company that owns golf courses and a resort, produced $110 million. His Mar-a-Lago Club generated more than $50 million in resort-related revenue.
Trump, who’s worth an estimated $4.8 billion according to the Bloomberg Billionaires Index, valued 22 assets at more than $50 million, including Mar-a-Lago, his Turnberry, Scotland, golf resort and his stakes in World Liberty Financial and Trump Media & Technology Group Corp., which owns his Truth Social platform. Officials disclose the values of their holdings in broad ranges with “over $50 million” the highest, which means that they can’t be used to calculate an individual’s net worth. Trump Media, for example, is currently worth $2.2 billion.
Fight Fight Fight LLC, which sells Trump’s meme coin, was launched in January and wasn’t included in the disclosure, which covers 2024. The company hosted a dinner that Trump attended for the 220 largest holders of the $TRUMP coin in May. The event, when announced in April, caused the coin’s price to shoot up 56%.
CIC Digital LLC, the entity that earns money through licensing Trump’s image on nonfungible tokens, produced income of $1.1 million in 2024. It also holds a wallet holding Etherium worth at least $1 million.
The 234-page disclosure also lists hundreds of trademarks Trump owns across the world, including in China, Taiwan, South Korea, Venezuela and other countries, and details his personal investments that aren’t part of his business empire, as well as first lady Melania Trump’s holdings.
Trump listed 11 outstanding debts on the form, including two judgments against him won by author E. Jean Carroll involving allegations of sexual assault and defamation and one owed from the criminal fraud case for which he was convicted of 34 felonies. Those debts were stayed pending the outcome of appeals Trump has filed.
He did not list any outstanding debt to lawyers or law firms stemming from the criminal and civil cases. Save America, his leadership political action committee, has paid most of those fees.
Trump had seven outstanding real estate loans, including mortgages in amounts of more than $50 million on Trump Tower, Trump National Doral and 40 Wall Street. He also listed debt on his American Express credit card of at least $15,000.
Vice President JD Vance also disclosed assets for him and his wife, Usha Vance, worth at least $6.5 million.
Israel launched an expanded assault on Iran on Sunday, targeting its energy industry and Defense Ministry headquarters, while Tehran unleashed a fresh barrage of deadly strikes.
New explosions boomed across Tehran as Iranian missiles entered Israel’s skies in attacks that Israeli emergency officials said caused deaths around the country, including four in an apartment building in the Galilee region. A strike in central Israel killed an 80-year-old woman, a 69-year-old woman and a 10-year-old boy, officials said.
Casualty figures weren’t immediately available in Iran, where Israel targeted its Defense Ministry headquarters in Tehran as well as sites that it alleged were associated with the country’s nuclear program. Iran’s paramilitary Revolutionary Guard claimed that Iranian missiles targeted fuel production facilities for Israeli fighter jets, something not acknowledged by Israel.
Amid the continued conflict, planned negotiations between Iran and the United States over Tehran’s nuclear program were cancelled, throwing into question when and how an end to the fighting could come.
“Tehran is burning,” Israeli Defense Minister Israel Katz said on social media.
Both Israel’s military and Iran state television announced the latest round of Iranian missiles as explosions were heard near midnight, while the Israeli security cabinet met.
Israel’s ongoing strikes across Iran have left the country’s surviving leadership with the difficult decision of whether to plunge deeper into conflict with Israel’s more powerful forces or seek a diplomatic route.
Urgent calls to deescalate
World leaders made urgent calls to deescalate and avoid all-out war. The attack on nuclear sites set a “dangerous precedent,” China’s foreign minister said. The region is already on edge as Israel makes a new push to eliminate the Iranian-backed militant group Hamas in Gaza after 20 months of fighting.
Israel — widely believed to be the only nuclear-armed state in the Middle East — said its hundreds of strikes on Iran over the past two days have killed a number of top generals, nine senior scientists and experts involved in Iran’s nuclear program. Iran’s U.N. ambassador has said 78 people were killed and more than 320 wounded.
U.S. intelligence agencies and the International Atomic Energy Agency have repeatedly said Iran was not pursuing a nuclear weapon before Israel unleashed its campaign of airstrikes targeting Iran beginning Friday. But Iran’s uranium enrichment has reached near weapons-grade levels, and on Thursday the U.N.’s atomic watchdog censured Iran for not complying with obligations meant to prevent it from developing a nuclear weapon.
Prime Minister Benjamin Netanyahu, who has made the destruction of Iran’s nuclear program his top priority, said Israel’s strikes so far are “nothing compared to what they will feel under the sway of our forces in the coming days.”
In what could be another escalation if confirmed, semiofficial Iranian news agencies reported an Israeli drone struck and caused a “strong explosion” at an Iranian natural-gas processing plant. It would be the first Israeli attack on Iran’s oil and natural gas industry. Israel’s military did not immediately comment.
The extent of damage at the South Pars natural gas field was not immediately clear. Such sites have air defense systems around them, which Israel has been targeting.
Iran calls nuclear talks ‘unjustifiable’
The sixth round of U.S.-Iran indirect talks on Sunday over Iran ’s nuclear program will not take place, mediator Oman said. “We remain committed to talks and hope the Iranians will come to the table soon,” said a senior U.S. official, speaking on condition of anonymity to discuss diplomacy.
Iran’s top diplomat said Saturday the nuclear talks were “unjustifiable” after Israel’s strikes. Abbas Araghchi’s comments came during a call with Kaja Kallas, the European Union’s top diplomat.
The Israeli airstrikes were the “result of the direct support by Washington,” Araghchi said in a statement carried by the state-run IRNA news agency. The U.S. has said it isn’t part of the strikes.
On Friday, U.S. President Donald Trump urged Iran to reach a deal with the U.S. on its nuclear program, adding that “Iran must make a deal, before there is nothing left.”
US helps to shoot down Iranian missiles
Iran launched its first waves of missiles at Israel late Friday and early Saturday. The attacks killed at least three people and wounded 174, two of them seriously, Israel said. The military said seven soldiers were lightly wounded when a missile hit central Israel, without specifying where.
U.S. ground-based air defense systems in the region were helping to shoot down Iranian missiles, said a U.S. official who spoke on condition of anonymity to discuss the measures.
Israel’s main international airport said it will remain closed until further notice.
First responders were looking for survivors and clearing the remnants of a missile that fell on a neighborhood outside of Tel Aviv early Sunday morning.
An Associated Press reporter saw streets lined with damaged and destroyed buildings, bombed out cars and shards of glass.
Responders used a drone at points to look for survivors in some of the areas that were too hard to access. Some people were fleeing the area with their belongings in suitcases.
‘More than a few weeks’ to repair nuclear facilities
Israel attacked Iran’s main nuclear enrichment facility in Natanz. Satellite photos analyzed by AP show extensive damage there. The images shot Saturday by Planet Labs PBC show multiple buildings damaged or destroyed. The structures hit include buildings identified by experts as supplying power to the facility.
U.N. nuclear chief Rafael Grossi told the Security Council that the above-ground section of the Natanz facility was destroyed. The main centrifuge facility underground did not appear to have been hit, but the loss of power could have damaged infrastructure there, he said.
Israel said it also struck a nuclear research facility in Isfahan, including “infrastructure for enriched uranium conversion,” and said it destroyed dozens of radar installations and surface-to-air missile launchers in western Iran. Iran confirmed the strike at Isfahan.
The International Atomic Energy Agency said four “critical buildings” at the Isfahan site were damaged, including its uranium conversion facility. “As in Natanz, no increase in off-site radiation expected,” it added.
An Israeli military official, speaking on condition of anonymity in line with official procedures, said that according to the army’s initial assessment “it will take much more than a few weeks” for Iran to repair the damage to the Natanz and Isfahan nuclear sites. The official said the army had “concrete intelligence that production in Isfahan was for military purposes.”
Israel denied it had struck the nuclear enrichment facility in Fordo, about 100 kilometers (60 miles) southeast of Tehran.
Among those killed were three of Iran’s top military leaders: one who oversaw the entire armed forces, Gen. Mohammad Bagheri; one who led the paramilitary Revolutionary Guard, Gen. Hossein Salami; and the head of the Guard’s aerospace division, which oversees its arsenal of ballistic missile program, Gen. Amir Ali Hajizadeh. On Saturday, Khamenei named a new leader for the Revolutionary Guard’s aerospace division: Gen. Majid Mousavi.
The secondary market for private equity stakes is booming as buyers are eager to snap up assets being shed by investors. There’s reason to believe Harvard, Yale, and other elite institutions might be getting a good deal, even as they sell their holdings at a discount to current valuations.
Some of the country’s most elite institutions are offloading parts of their private equity portfolios. As funds take longer to return money to investors, Harvard and Yale are selling at a discount with endowments looking for more liquidity and flexibility amid economic turbulence.
But both sides of such deals can make surprising gains.
This portfolio maintenance doesn’t appear linked to President Donald Trump’s attack on university finances, including a possible tax hike on endowments. Industry skeptics think these sales, however, highlight growing concerns that returns in the opaque world of private equity aren’t always all they’re cracked up to be.
“With elite universities’ private equity investments on the auction block, the big reveal is coming,” Nir Kaissar, founder of asset management firm Unison Advisors, wrote in a Bloomberg opinion column on Thursday.
University endowments typically make for ideal investors in alternative assets—with virtually infinite investment horizons, they can ride out wild gyrations in the public markets by locking up billions of dollars over several years.
On its face, that move has been a no-brainer. As Kaissar noted, Bloomberg’sweighted index of U.S. PE funds returned 9.4% year over year from 2007 to 2024. The index’s annualized standard deviation, a common measure of volatility, was just 7.2%.
The S&P 500 gained 10.5% in that span with a standard deviation of 16.8%, a much worse return on a risk-adjusted basis.
These numbers, however, may not reflect the underlying picture. Unlike stocks trading on public exchanges, the prices of private assets don’t change based on the whims of investors day-to-day.
Instead, valuations of most private companies, real estate properties, and other assets PE firms hold are typically based on subjective assumptions that don’t fluctuate like public equity markets do, Tim McGlinn, an investment veteran and former adjunct finance professor at Seton Hall, told Fortune.
“There’s nothing intrinsically wrong with that,” said McGlinn, who blogs about the alternatives industry at TheAltView.net.
But when investors or prospective investors believe the holdings can actually be sold at those prices, “that’s when things become problematic.”
Ultimately, private equity firms make money for investors by exiting their investments, when they attempt to turn notional valuations on paper into cash. Therefore, there must be some correlation between the performance of public and private assets, said Jason Reed, a finance professor at the University of Notre Dame.
“If the market’s doing really well broadly, well then you’re going to have lots of opportunities for businesses to buy your company, other private equity companies to buy your company, to take them public and IPO them,” he told Fortune. “But if the economy is not doing great, businesses are struggling, then you’re not going to have as many opportunities overall to sell.”
Harvard and Yale sell PE stakes
Billionaire hedge fund owner Bill Ackman, a Harvard alumnus, has claimed his alma mater’s $53 billion endowment, almost 40% of which is allocated to private equity, is significantly overstated.
“I believe that a substantial part of the reason why many private assets remain private despite the stock market near all-time highs is that the public market will value private assets at lower values than they are being carried at privately,” Ackman, the CEO of Pershing Square Capital, wrote in a social media post last month.
The Harvard Management Company, which oversees the university’s endowment, declined to comment. It recently agreed to sell roughly $1 billion of its PE stakes, following a similar move in the summer of 2021. That came at a time of “significant ebullience,” the university noted in its 2022 financial report, allowing the school to avoid discounts the funds would have faced just over a year later.
Yale, meanwhile, is negotiating a nearly $3 billion sale of private equity holdings at a discount of less than 10%, a spokesperson for the Yale Investments Office told the school’s newspaper. The university pioneered the institutional push into alternative assets, with 95% of its $41 billion endowment allocated to growth-oriented assets like PE, venture capital, real assets, and global equities.
“Following a months-long review, the University is in process to sell select private equity fund interests,” Yale said in a statement to Fortune. “Private equity remains a core element of our investment strategy, and we continue to commit significant capital to our existing world-class partners, while pursuing new private equity opportunities to support the long-term growth of the Endowment.”
This doesn’t appear to be a distressed sale, McGlinn said, but the deal is otherwise hard to evaluate. More mature funds trade very differently than newer ones, and various positions are typically packaged together in these types of transactions.
“Yale being Yale, you can assume they’re getting the best price they can,” McGlinn said.
Buyers juice returns with ‘NAV squeezing’
Still, investors in PE funds, known as “limited partners,” sold their stakes at an average discount of 11% compared to the net asset value, or NAV, of these holdings on their balance sheets, according to Jeffries.
It may seem odd that universities are looking to sell when valuations are likely down across the board this year as borrowing costs remain elevated. But demand in the secondary market is booming. Secondary sales increased 45% to $162 billion last year, per Jeffries.
As a result, Yale, Harvard, and other universities could take much less of a haircut than they might have feared while also booking gains on their initial stakes.
That’s because there is reason to believe many buyers are willing to overpay, McGlinn said. Regardless of what secondary funds dish out to acquire these stakes, he explained, they are allowed to then mark these investments up to the old net asset value.
McGlinn calls this process “NAV squeezing.” As The Wall Street Journal reported last year, it can result in one-day windfalls of 1,000% or more, gains that McGlinn said secondary funds report as real returns.
“It makes your brain melt,” he said.
Comparing NAV squeezing to a Ponzi scheme might go too far, said Jeffrey Hooke, a senior lecturer in finance at Johns Hopkins Carey Business School and a longtime critic of PE. But he agrees it looks quite shaky, even if the technique is permissible according to generally accepted accounting principles, or GAAP.
“It’s almost like a full wash and rinse cycle,” said Hooke, formerly the principal investment officer of the World Bank’s International Finance Corporation.
Universities, of course, get to be on the other side of these deals. Even though they are selling their PE stakes at a discount to NAV, they could be getting more than the capital they had committed to those investments up until this point.
In other words, endowments might still be escaping with a profit.
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